The SEC considered and unanimously voted to publish and adopt rule amendments intended to improve mutual fund disclosure during a November 19, 2008, open meeting.

Under the amendments, all mutual fund investors will receive a summary prospectus containing key information in plain English in a clear and concise format. More detailed information will be available to investors online, and investors who request hard copies of the full prospectus will receive them in the mail. The amendments were proposed in November 2007 in Release No. 33-8861, Enhanced Disclosure and New Prospectus Delivery Option for Registered Open-End Management Investment Companies.

Specifically, the Commission agreed to have fund companies:

• Present online materials in a user-friendly format that permits investors and other users to move back and forth between the summary prospectus and the statutory prospectus;
• Permit investors to download and retain an electronic version of the information; and
• Provide hard-copy versions of the prospectus and other information to investors who request them.