The Commission is adopting a new rule under the Securities Act of 1933 to permit issuers and broker-dealers to satisfy the Act's prospectus delivery requirements, with respect to two or more investors sharing the same address, by sending a single prospectus, subject to certain conditions. We are adopting similar amendments to the rules under the Securities Exchange Act of 1934 and the Investment Company Act of 1940 that require the delivery of shareholder reports. The rules will provide greater convenience for investors and cost savings for issuers by reducing the number of duplicate documents that investors receive.