Jupiter Unit Trust Managers Limited has announced the conversion of its range of unit trusts to COLL and the implementation of various changes with effect from 17 July 2006.

As part of the move to COLL, the FSA's new rulebook for UK collective investment schemes, Jupiter will be reclassifying each fund within its range either as UCITS Schemes or non-UCITS Retail Schemes.

The vast majority of Jupiter's unit trusts will convert to the new rules as UCITS schemes* and will not be seeking any material extension of their investment powers. The four Jupiter Merlin Portfolios will, however, be reclassified as non-UCITS Retail Schemes, and, subject to unitholder approval**, will extend their investment powers.

Under the reclassification, the maximum investment in any one collective investment scheme increases from 20% to 35%. The Jupiter Independent Funds Team will also gain the possibility of investing in a wider range of funds, such as exchange traded funds (ETFs). If unitholders approve the extension of investment powers, the investment policies of the funds will be amended accordingly.

However, the Jupiter Independent Funds Team initially intends to make only limited use of these additional powers, so as not to prejudice the eligibility of the funds as investments for unit-linked funds of insurance companies under the FSA's permitted link rules.***

John Chatfeild-Roberts, head of the Jupiter Independent Funds Team, said: "We believe it is prudent for us to convert to the new COLL rules, widen the potential investment powers and update the funds' documentation in one co-ordinated exercise. This does not, however, mean we will be utilising all the powers we will have available to us. Indeed, we plan to only make limited use of them, at least in the short term."

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Notes to Editors:
 
* The Jupiter Japan Income Fund, which was launched in September 2005, already operates under the COLL regime as a UCITS fund.

** Circulars detailing the proposed changes were circulated to unitholders on 15 May 2006. The unitholder meeting will take place on 2 June 2006.

*** The FSA's permitted link rules, restrict the types of collective investment schemes that unit-linked funds are able to invest in. It is hoped that the FSA will review these rules early in 2007 and will subsequently allow investment in schemes with wider powers than are currently permitted.