# kaal:claim:2811729-040

**Claim.** The absence of any current requirement to present unconstrained portfolio risks in detail raises the question whether unconstrained mutual fund prospectuses provide the adequate, accurate, and explicit information required by Section 1(b)(1) of the Company Act.

**Type.** failure  **Support.** argued

**Holds when.**

- unconstrained mutual fund prospectuses under existing disclosure requirements

**Source quote.**

> seems to raise the question of whether UMF prospectuses at present provide "adequate, accurate, and explicit information, fairly presented, concerning the character of [mutual fund] securities," as required by Section 1(b)(1) of the Company Act.

**From.** Wulf A. Kaal, *Unconstrained Mutual Funds and Retail Investor Protection* (2016), VI. Conclusion, footnote 217, page 55

**Cite as.** Wulf A. Kaal, Unconstrained Mutual Funds and Retail Investor Protection (2016). SSRN: https://ssrn.com/abstract=2811729

**Verify.** sha256 of source PDF `0877b0a076f2614559cb0b1a736f73401cecbee7cfe014da6e36709208e92a74` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Anderson%20-%202016%20-%20Unconstrained%20Mutual%20Funds%20and%20Retail%20Investor%20Protection.pdf

**Failure mode.** Prospectus may not meet the statutory adequacy standard  (family: disclosure-ineffectiveness)

**Topics.** securities-law, disclosure

**Keywords.** prospectus, disclosure-adequacy, investment-company-act, statutory-standard

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