TAILIEUCHUNG - ENHANCED DISCLOSURE AND NEW PROSPECTUS DELIVERY OPTION FOR REGISTERED OPEN-END MANAGEMENT INVESTMENT COMPANIES

In 2008 and 2009, the policy challenge was all about putting out fires. It was a call to action to address a lot of issues, and ICI was deeply involved with regulators and other market participants to sort things out. This year and last, we’ve been in a di erent phase. It’s not uncommon after any financial crisis to have a regulatory response, and this one has been broad and deep. Essentially, the sprint of 2008 has turned into a marathon. You have to call on di erent skills and di erent muscles. So now, perseverance is the order of the day. And what. | SECURITIES AND EXCHANGE COMMISSION 17 CFR Parts 230 232 239 and 274 Release Nos. 33-8998 IC-28584 File No. S7-28-07 RIN 3235-AJ44 ENHANCED DISCLOSURE AND NEW PROSPECTUS DELIVERY OPTION FOR REGISTERED OPEN-END MANAGEMENT INVESTMENT COMPANIES AGENCY Securities and Exchange Commission. ACTION Final rule. SUMMARY The Securities and Exchange Commission is adopting amendments to the form used by mutual funds to register under the Investment Company Act of 1940 and to offer their securities under the Securities Act of 1933 in order to enhance the disclosures that are provided to mutual fund investors. The amendments require key information to appear in plain English in a standardized order at the front of the mutual fund statutory prospectus. The Commission is also adopting rule amendments that permit a person to satisfy its mutual fund prospectus delivery obligations under Section 5 b 2 of the Securities Act by sending or giving the key information directly to investors in the form of a summary prospectus and providing the statutory prospectus on an Internet Web site. Upon an investor s request mutual funds are also required to send the statutory prospectus to the investor. These amendments are intended to improve mutual fund disclosure by providing investors with key information in plain English in a clear and concise format while enhancing the means of delivering more detailed information to investors. Finally the Commission is adopting additional amendments that are intended to result in the disclosure of more useful information to investors who purchase shares of exchange-traded funds on national securities exchanges. DATES Effective date March 31 2009. Compliance Date See Part . of this release for information on compliance dates. FOR FURTHER INFORMATION CONTACT Kieran G. Brown Senior Counsel Sanjay Lamba Senior Counsel Devin F. Sullivan Attorney or Mark T. Uyeda Assistant Director Office of Disclosure Regulation at 202 551-6784 or with respect to .

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