Asset Classification Changes to Take Effect May 23
Closed-End Fund Association


May 12, 2008 -- On May 23, Lipper will make updates to its US Classification List. These updates will include the creation of three new asset classes and the integration of five current classifications into three broader classes. A summary of specific changes is listed below.

New Asset Class	Definition
Developed Market Funds (DM)	Funds that invest primarily in equity securities whose primary trading markets or operations are in countries (or a single country) outside of the U.S. that are generally considered developed.
Florida Insured Municipal Debt Funds (FLI)	Funds that invest primarily in those securities that are exempt from taxation in Florida and are insured as to timely payment.
Single-State Insured Municipal Debt Funds (SSIM)	Funds that limit assets to those securities that are exempt from taxation in a specified state (double tax-exempt) or city (triple tax-exempt) and are insured as to timely payment.

Asset Class to be Integrated	Destination Classification
General U.S. Government Funds (GUS)	Corporate Debt Funds BBB-Rated (BBB)
Latin American Funds (LT)	Emerging Markets Funds (EM)
Misc. Country/Region Funds (SF)	Emerging Markets Funds (EM) or Developed Market Funds (DM)
Pacific Region Funds (PC)	Emerging Markets Funds (EM) or Developed Market Funds (DM)
Western European Funds (WE)	Developed Market Funds (DM)

View Updated Asset Classification Definitions