The Summary Prospectus: the most significant change to mutual fund disclosure since the Investment Company Act of 1940.

Purpose -- The purpose of this paper is to discuss the SEC's Proposed Release 33-8861 of November 21, 2007, "Enhanced disclosure and new prospectus delivery option for registered open-end management investment companies." Design/methodology/approach -- The paper provides an overview of the proposed rule. It then discusses its impact on the industry, investors, and the environment; and how the summary prospectus could impact retirement plans. The paper answers some frequently asked questions; and provides an implementation timeline. Findings -- The paper finds that the SEC has proposed a rule for a shorter, simpler, standardized prospectus that would tell investors what they need to know within three to four pages and provide web access to more detailed information if desired. The stated goal is provide the average investor with clear, succinct information and also to standardize information to facilitate fund-to-fund comparisons. The summary prospectus also offers a significant opportunity to reduce publishing and mailing costs and may provide the mutual fund industry with the impetus to migrate from paper-based to electronic disclosure. Originality/value -- The paper provides insight from a financial disclosure systems provider. [ABSTRACT FROM AUTHOR]