The purpose of making prospectus data available is to provide information about trends within the prospectus regime in terms of general approval and passporting activity as well as the structure of approved prospectuses
and the types of securities they cover.
In addition, the prospectuses
themselves will have to be overhauled to provide clearer disclosure in plain English of mutual fund risks, fees charged to investors, and investment strategies and performance.
The current meaty prospectus layout has been required since 1933, when the SEC sought to make stock prospectuses
To accomplish its goal of getting more people to read the disclosure documents, Levitt said the SEC would propose the inclusion of a new risk-return summary at the beginning of all prospectuses
, a narrative description of risks, a bar chart illustrating a fund's returns over the last 10 years and a table comparing the fund's performance with that of a broad market index.
These risks and uncertainties are described in the supplemental prospectuses
described above, as filed with the Securities and Exchange Commission, and the documents included or incorporated by reference therein.
The approximately 150 variable annuities comprising 95% of all sales were updated by May 31, with all 509 open contracts completely updated as of July 1, including the addition of all May 1 electronic prospectuses
to VARDS Prospectus, as the new product is known.
Putnam will disclose in all fund prospectuses
and on its
For a discussion of these and other factors that might result in different outcomes, see "Risk Factors" in SangStat's 2000 Annual Report on Form 10-K, its 2001 quarterly reports on Form 10-Q and other documents (including registration statements and related prospectuses
on Form S-3) filed with the Securities and Exchange Commission.
The fulfillment service equips brokerage firms with an electronic database of investor information and print-on-demand (POD) capabilities--enabling them to print and e-mail annual reports, prospectuses
and similar information from the database on an "as needed" and customized basis, or to deliver all information electronically.