SEC Adopts Revised Disclosure And Delivery Requirements For Mutual Funds

On January 13, 2009, the Securities and Exchange Commission (the "SEC") adopted amendments to the Form N-1A used by open-end management investment companies commonly known as mutual funds. The Form N-1A is used by mutual funds to register under the Investment Company Act of 1940, and to offer and sell their securities under the Securities Act of 1933 (the "Securities Act"). The SEC amended the Form N-1A to require enhanced disclosure and permit a mutual fund to satisfy its prospectus delivery obligations by providing investors with a "Summary Prospectus," which contains key information about the mutual fund. The amendments are intended to make mutual fund disclosure information more accessible to investors while allowing investors to compare key information essential to making informed investment decisions.