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Ubs Global Asset Management (Us) Inc.




Ubs Global Asset Management is a member of NASD, the National Association of Securities Dealers. NASD is a self regulatory organization of the securities industry responsible for the operation and regulation of the NASDQ stock market and over the counter markets. It also administrates exams for the investments professionals, such as the series of 7 exams.
 
The Company is registered as an investment adviser under the Investment Advisers Act of 1940.  Global Asset Management was formerly a wholly owned subsidiary of PaineWebber Incorporated. Following the acquisition of PaineWebber Incorporated in 2000, the company became an indirect subsidiary of management and under common control with both PaineWebber and Warburg. Asset Management, or an affiliate, serves as each Fund's investment advisor, administrator and principal underwriter.
 
The Existing Orders permit the Funds to pay fees to PaineWebber for acting as securities lending agent with respect to securities lending transactions by the Funds, subject to specified conditions. They have been advised that PaineWebber now proposes to transfer its securities lending agency business, including acting as securities lending agent to the Funds, to Warburg. Following this transfer, Warburg would act as securities lending agent for the Funds.
 
As required by the 1997 Order, prior to Warburg's serving as lending agent for the Funds for compensation, based on a share of the revenue generated from securities lending transactions, the Boards of the Funds, including a majority of the directors who are not interested persons of the Funds, will determine that the contract with Warburg is in the best interests of the Funds and their shareholders, the services to be performed by Warburg are required by the Funds, the nature and quality of the services provided by  Warburg are at least equal to those provided by others offering the same or similar services, and the fees for Warburg's services are fair and reasonable in light of the usual and customary charges imposed by others for services of the same nature and quality. 

Accordingly, since the relevant facts upon which the Existing Orders were granted will not change and the terms and conditions of the Existing Orders will be met, they submit that the granting of this no action letter, like the granting of the Existing Orders, is in the public interest and consistent with the protection of investors.

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