NYSE Pilot Program to List Eligible Closed-End Funds

Washington, DC, February 8, 1999 - The Securities and Exchange Commission has published for comment, and at the same time has granted accelerated approval to a portion of, a proposed rule change filed by the New York Stock Exchange. The approved portion institutes a pilot program relating to the listing eligibility criteria for closed-end funds. The program will expire on April 29, 1999, or at an earlier time if the SEC approves the NYSE's request for permanent approval of the program before that date. Comments on this proposal are due to the SEC no later than February 24, 1999.

Under the pilot program, if a fund has at least $60 million in net assets, as evidenced by a firm underwriting commitment, the NYSE will generally authorize the listing of the fund. Any fund with less than $60 million in net assets will not be considered for listing.