New accounting pronouncement

In June 2006, FASB issued Interpretation No. 48, Accounting for
Uncertainty in Income Taxes (the Interpretation). The
Interpretation prescribes a minimum threshold for financial
statement recognition of the benefit of a tax position taken or
expected to be taken by a filer in the filers tax return. The
Interpretation will become effective for fiscal years beginning
after December 15, 2006 but will also apply to tax positions
reflected in the funds financial statements as of that date. No
determination has been made whether the adoption of the
Interpretation will require the fund to make any adjustments to
its net assets or have any other effect on the funds financial
statements.