Luxembourg Will Implement Amended UCITS Directive

Washington, DC, January 21, 3002 - Luxembourg has adopted a new law implementing the amended UCITS Directive, which became effective on January 1, 2003.

The law implements amendments to the UCITS Directive that:

• provide UCITS funds with greater flexibility in the types of investments that they may make, and
• require UCITS funds to use a simplified prospectus, impose requirements on management companies of UCITS funds, and provide a limited “passport” for management companies to operate throughout the European Union.

The UCITS Directive will supersede the existing law governing UCITS on February 13, 2007. From January 1, 2003 until February 13, 2007, the two laws relating to UCITS funds will coexist. The parallel regime permits existing UCITS funds and certain UCITS funds created before February 13, 2004 to benefit from the European passport established under a 1998 law until those funds take advantage of the new European passport under the amended UCITS Directive. The UCITS Directive includes transitional provisions for both UCITS funds and management companies.