SEC Proposes Amendments to Disclosure of Executive and Director Compensation

Washington, DC, February 14, 2006 - The SEC has proposed amendments to the disclosure requirements for executive and director compensation, related party transactions, director independence, and other corporate governance matters and security ownership of officers and directors. The amendments are designed to make proxy statements, reports, and registration statements easier to understand and provide investors, including investment companies, with a clearer picture of the compensation structure for the company's primary executive officer, principal financial officer, and highest paid executive officers along with members of its board of directors.

The amendments would apply to disclosure in proxy and information statements, periodic reports, current reports, and other filings under the Securities Exchange Act of 1934 and to registration statements under the Exchange Act and Securities Act of 1933.

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