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§ 4:3 MUTUAL FUND REGULATIONan investor (which arguably includes all information in the documentsincorporated by reference into the summary prospectus) contains amaterial misstatement or omits a statement necessary to make thedisclosure not materially misleading.§ 4:3 Form N-1AForm N-1A is organized in three parts. Part A contains therequirements for the prospectus which will meet the requirements ofsection 10(a) of the 1933 Act and which must be delivered to allpurchasers of a fund’s shares (referred to as the “statutory prospectus”).Part B contains the requirements for a Statement of AdditionalInformation (SAI), which expands on the information in the prospectusand which a fund must provide to investors upon their request.Part C contains requirements for exhibits and other information (suchas the names and addresses of persons who have physical possession ofa fund’s books and accounts, a fund’s undertakings to the SEC, andinformation about the officers and directors of a fund’s investmentadviser and distributor), which the fund is not required to provide toinvestors but is publicly available from the Commission’s files.Effective January 1, 2010, the Commission adopted revisions toForm N-1A that in effect reorganized the form into four parts. A portionof Part A is designated as a “summary prospectus” that, at the option ofthe fund, can be delivered to all purchasers of a fund’s shares in lieu ofthe full Part A“statutory prospectus,” so long as the statutory prospectusis available on the Internet and in paper form upon request.For those responsible for preparing fund registration documents,there is no substitute for carefully reading Form N-1A from start tofinish. In most cases, the Form relatively clearly indicates the substanceof the required disclosures. The discussion below focuses onlyon those portions of the Form where emphasis or supplementalinformation may be helpful.§ 4:3.1 General InstructionsThe introductory material in Form N-1A is a set of GeneralInstructions with helpful detail about a variety of nitty-gritty details.[A] Registration FeesA fund is not required to pay a fee to file the Form with theCommission. Rule 24f-2 under the 1940 Act establishes a system ofannual fees that are paid by registered funds within ninety daysafter the end of each fiscal year, based on net sales of shares duringthe year.4–14