On November 21, the Securities and Exchange Commission proposed a new abbreviated mutual fund summary prospectus and reduced mutual fund prospectus delivery obligations. Under the proposal, investors would receive a summary prospectus with the more detailed statutory prospectus available either online, by e-mail or in traditional paper form.

The summary prospectus, which would be mandated by a revised Form N-1A, would contain graphic presentations and abbreviated text discussions of (i) investment objectives, (ii) costs, (iii) principal investment strategies, risks and performance, (iv) top ten portfolio holdings, (v) investment advisers and portfolio managers, (vi) purchase, sale and tax information, and (vii) financial intermediary compensation. Under proposed rules, mutual fund prospectus delivery obligations would be met by a summary prospectus and providing the summary prospectus, statutory prospectus, shareholder reports and other information over the Internet, or, upon request, by e-mail or in paper. Related information in the Internet versions of the summary prospectus and the statutory prospectus would be linked to allow a layered analysis. Comments to these proposals should be submitted on or before February 28, 2008.