In the five years since the SEC enacted its Rule 498 to allow mutual funds to issue summary prospectuses, the majority have adopted it. Investors have benefitted from receiving four- or six-page documents in plain English, with links to the full information on their fund company's website, rather than long, jargon-filled traditional prospectuses.

Many firms manage the distribution of these summary prospectuses and upkeep of the related websites in-house via a painstaking manual process. However, these firms may not be aware of how much this effort is costing them and whether they are truly complying with Rule 498 and delivering a positive investor experience.

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