Exemption for Open-End Management Investment Companies Issuing Multiple Classes of Shares; Disclosure by Multiple Class and Master- Feeder Funds; Class Voting on Distribution Plans

The Securities and Exchange Commission is adopting a rule under the Investment Company Act of 1940 ("Investment Company Act') to permit open-end management investment companies ("mutual funds') to issue multiple classes of voting stock representing interests in the same portfolio. The new rule will eliminate the need for funds seeking to issue multiple classes of their shares to apply for exemptions. The Commission also is adopting amendments to certain registration statement forms under the Investment Company Act and the Securities Act of 1933 ("Securities Act') and publishing a staff guide to one registration form. These amendments require that multiple class and master-feeder funds provide investors with certain disclosure. The disclosure will allow investors to obtain information about these funds and their structures.