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The Rule On January 26, 2009, the SEC made final rule amendments that would affect the way Open-end Mutual Fund companies prepare their prospectuses. The amendments require key information to appear in plain English, in a standardized order, at the front of every mutual fund's statutory prospectus, in place of the current risk/return summary and it is referred to as the summary section. Each fund in a prospectus must have its own separate summary section. Additionally, the amendments permit a fund to satisfy its prospectus delivery obligation under Section 5(b)(2) of the Securities Act by providing investors with a "Summary Prospectus" containing the same key information, and making additional information, including the statutory prospectus, available on the Internet and in paper upon request. Plain English Mandatory: summary section. Effective March 31, 2009, every fund that has been or will be registered using form N-1A will have to update their prospectus to include the "New" summary section. Voluntary: Summary prospectus. These funds will be allowed to send a shorter version summary prospectus, instead of the full statutory prospectus, as their annual update to investors. The Summary Prospectus must be posted to a website and Investors must be able to request printed or electronic versions of the statutory prospectus, SAI and annual and semiannual shareholder reports free of charge. The statutory prospectus and SAI must still file as 485BPOS. The summary prospectus must be filed as a 497K on the first date of use. Please click here to access frequently asked questions about the summary prospectus. The RR Donnelley Solution RR Donnelley offers an end-to-end solution that addresses all aspects of the summary prospectus final rule from initial document creation to results tracking and analysis. | | |||||||||||||
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