Liquidity is at the forefront of everyone’s mind today.

That’s right. The risk of liquidity is indeed creating some unique challenges in the marketplace. And at ReFlow, we are proud to meet those challenges head on by offering innovative and effective solutions.

We are also very proud of the fact that on September 20, 2007 Institutional Investor’s Operations Management recognized ReFlow’s leadership as an innovator in liquidity solutions for the mutual fund industry with an Award for Excellence in the 2007 Best Operations Innovation category.

In particular, ReFlow’s Redemption In-Kind (RIK) service was honored for the innovation that brings the transaction and tax efficiencies of ETFs into the mutual fund world to help funds achieve better after-tax returns for their investors. We are proud of what has been achieved and that our industry recognizes this true innovation.

And in the spirit of innovation and keeping the flow of dialogue moving, the Fall/Winter 2007 edition of Flow Matters serves up a rather potent sampling of topics and articles. You can read about the award winning Redemption In-Kind (RIK) service in this latest issue of Flow Matters along with a variety of other articles.

As always, Flow Matters remains a forum for discussion. And in that spirit, we invite you to send us your thoughts or comments. So take a moment to enjoy the latest edition and pass a copy along to a friend or colleague to enjoy.

Regards,
J. ALAN REID, JR.
President
ReFlow Management Co., LLC