ICI Supports AMEX Closed-End Fund Listing Program

Washington, DC, December 6, 2002 - The Institute supports a proposed rule change recently filed by the American Stock Exchange (AMEX) that would permit the listing of a closed-end fund with a market value of publicly held shares or net assets of at least $20 million. In a recent comment letter, the Institute notes that the proposal would facilitate the listing of closed-end funds on AMEX, particularly for listings of a group of closed-end funds from a single fund family. In addition, the proposal takes into account that closed-end funds are structured and regulated differently from regular operating companies by applying different financial standards to closed-end funds and regular operating companies.

Amex has instituted a pilot program implementing the revised listing standards. The pilot program has been approved by the SEC for a five-month period ending on April 7, 2003.