The mutual fund industry has been slow to adopt the summary or "profile" prospectus in part because of a desire to make salespeople indispensable.

The SEC approved new rules, which went into effect in July, that permit companies to use profile prospectuses. Through last month, however, it appeared that only about 150 out of more than 10,000 funds have filed plans with the SEC to use profile prospectuses, according to the SEC.

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