The AICPA Investment Companies Expert Panel developed a revised illustrative report on internal control required by the SEC under Form N-SAR that incorporates the definitional changes to material weakness and deficiency as described in Public Company Accounting Oversight Board (PCAOB) Auditing Standard No. 5, An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of Financial Statements. The revised illustrative report will replace the illustrative report in paragraph 11.19 of the AICPA Audit and Accounting Guide Investment Companies as part of 2008 conforming changes. Consistent with the effective date of Auditing Standard No. 5, the revised illustrative report is effective for audits of fiscal years ending on or after November 15, 2007, with immediate adoption permitted.