Andrew Donohue, Director of the SEC's Division of Investment Management, testified on "Improving Disclosure for Workers Investing for Retirement" before the House Ways and Means Committee. He stated that last year the SEC launched a "Seniors Initiative" to address senior issues from a number of angles -- from investor education, to targeted examinations, to aggressive enforcement efforts. The hallmarks of this initiative according to Mr. Donohue have been partnerships with other agencies such as the Department of Labor, which assists us in connection with our ongoing examination of the adequacy of disclosures available to investors concerning mutual funds and other investment vehicles.

He also testified about the SEC examining ways to reform the mutual fund disclosure framework. The goal of this examination is to find the best way to get investors a concise summary document containing key information about a fund described in plain English and in a standardized order. The key information contained in a concise mutual fund summary potentially could include a fund's fees and investment objectives and strategies, risks, and performance.

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