The Securities and Exchange Commission (the “SEC”) on May 10, 2011 proposed amendments to Rule 205-3 under the Investment Advisers Act of 1940 (the “Advisers Act”) that will increase the client net worth and assets under management requirements applicable to U.S.-registered investment advisers that rely on the rule to charge performance fees. If adopted as proposed, the amendments will significantly impact the types of client accounts that may be subject to performance fees assessed by registered investment advisers in the future. The comment period with respect to the proposed amendments ends July 11, 2011.