SEC Order Provides Temporary Investment Company Act Relief, September 2001

Washington, DC, September 14, 2001 - The Securities and Exchange Commission has issued an order providing temporary exemptive relief under the Investment Company Act in light of the recent events affecting the financial markets. The order provides relief in the following areas:

in-person meetings and voting of directors;
the ability of a registered open-end investment company or insurance company separate account to borrow from an affiliated person;
the ability of a registered open-end investment company to borrow from entities other than banks;
interfund lending arrangements; and
the ability of a registered open-end investment company to deviate from its fundamental policy with respect to borrowing.