The annual prospectus update with every edit tied to its trigger, and no stale number filed
Every 485(b) change traced to its trigger and source, and no stale number filed.
See one case, screen by screen ↓An annual prospectus update is the yearly refresh of a fund's registration statement — the statutory prospectus, summary prospectuses and statement of additional information (SAI) — filed with the SEC as a post-effective amendment, usually under Rule 485(b), before the prospectus's financial information is 16 months old. Annual Prospectus Update is the solution that does that work with seven agents: they find every reason to change, draft the blackline, check every number against its newest source and test each edit under Rule 485(b), while fund counsel approves each change and the Chief Legal Officer signs.
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Every open-end fund that keeps offering its shares must update its registration statement before the financial information in its prospectus is more than 16 months old. For a complex of 116 funds in seven registration statements, each Rule 485(b) post-effective amendment means hundreds of edits: the fee table and expense example from the fiscal-year close, the bar chart and average annual total returns from the performance system, fee waivers and renames from the board minutes, rule-driven disclosures such as the Names Rule definitions, portfolio manager changes — some announced by a sub-adviser in Japanese or German — and every 497 supplement filed during the year.
The work runs on last year's Word file, a tracker spreadsheet, email and rounds of typesetter proofs. Analysts check the numbers they change; nobody re-checks the ones they don't, so a hand-typed return that lost its feed, or a waiver date the board extended but the footnote never caught, can reach the SEC and investors and then needs a 497 supplement. Whether each edit still belongs in a 485(b) rather than a 485(a) is a judgment made in someone's head, yet counsel must represent it under Rule 485(b)(4).
Estimated split for one registration statement's annual update, by hand and with the solution.
Seven agents find every trigger, draft the blackline and check every number; counsel approves, the CLO signs.
Quillfield Municipal Funds Trust — 14 funds in Class A, C and I shares — files Post-Effective Amendment No. 71 on October 26, to be effective October 28, 2026; the financials in its current prospectus go stale after October 31. Here is the week, screen by screen, in the working solution.
Priya's home screen shows the filing timeline for all seven registration statements and four numbers: 71 changes waiting for her (64 ready, 7 stale numbers), 7 stale numbers caught out of 3,184 checked overnight, 2 questions with the Chief Legal Officer, and the Municipal Series filing in 6 days. Under Needs you, the first item is the National Muni Fund: a stale return and a waiver extension.
Stale-Data agent, 6:04 a.m.: “Checked 3,184 numbers in the Municipal Series against their newest sources. 7 are stale.”
The Trigger agent read seven systems — the board portal, fund accounting, the performance system, the legal rule tracker, the investment team roster, the sub-adviser portal and the 497 supplements on EDGAR — and found 140 triggers, each matched to the passages it changes in last year's filing, PEA No. 70. Daniel Okafor approved the routing plan on September 2; nothing was drafted before that. One source is late in the Funds Trust, and the agent re-checks it every 2 hours.
“Every reason a document must change, found by the agents in the systems of record and routed to a drafter. Nothing is drafted without a trigger.”
The prospectus opens in blackline: last year's text struck, new text underlined, a numbered marker in the margin for every edit. The rail on the left counts the triggers by kind — 42 fee table and fund data, 56 performance, 9 board actions, 23 rule-driven disclosures, 4 portfolio manager changes, 6 supplements. She opens marker 4, the fee waiver footnote, and types “Can the waiver stay in the fee table?” The Drafting agent answers in the change's thread, with its citations.
Drafting agent: “Form N-1A lets the table show a waiver only if it runs at least a year past the October 28, 2026 effective date, so without the extension the 0.07% waiver line would have to come out.”
The source opens on the Board of Trustees' resolutions of September 12, 2026, resolution 2026-09-07 on page 6, certified by the Secretary of the Trust: the expense limitation agreement for the National Muni Fund is extended through April 30, 2028, at 0.75%, 1.50% and 0.45% for Class A, C and I. The Package agent has already added Amendment No. 4 to Part C as exhibit (h)(7).
“The highlighted passage is what the agent used. The original file is kept unchanged with its fingerprint.”
The Stale-Data agent read every number in the 204-page prospectus, the 14 summary prospectuses and the 148-page SAI and checked each against its newest signed-off source: 3,174 current, 7 stale, 3 rounding differences for a person to confirm. Each stale one says why it was missed — Sustainable Muni turnover carried from the June 12 supplement, Short-Term Muni advisory fees paid from the preliminary July close, a trustee count of 112 portfolios where the complex now has 116.
“I never edit the document or clear my own flag; you decide each one.”
The National Muni Fund's Class I one-year return still reads 3.42%, the calendar 2024 figure from last year's filing. The performance system says 4.17% for calendar 2025, signed off January 14, 2026. The 5- and 10-year cells were updated; this one was not, because it was typed over by hand on October 21, 2025, which cut its link to the feed. The Drafting agent proposes 4.17% and restores the link, so next year it updates on its own.
Filing-Path agent: “485(b) eligible: Rule 485(b)(1)(i): bringing the registration statement up to date.”
Hannah checked the stale return against the performance system export and the footnote against the certified resolution and the signed amendment, and proposed both for approval. When she views the change, Approve and Reject are locked. A reviewer's own edit goes to a second reviewer, Owen Brooks.
“A person who drafted or proposed a change can never approve it, even when they also hold the reviewer role.”
Priya approves the waiver footnote with reason code A3, “Matches the board's resolution or source”, and the stale return with S1, “Source is newer: use it”. Each decision is written to the audit trail with its reason and evidence. The National Muni Fund's change log closes.
“National Muni Fund: change log closed · 32 of 32 approved, each cited.”
The Sustainable Muni Fund's Names Rule definition of “sustainable” adds a thermal-coal revenue screen of more than 10% that is not in the June 12 supplement. The Filing-Path agent is 78% sure it is a clarification — below the 90% threshold — so it sent the question to Marcus. Grace Liu, the Fund CCO, adds that compliance testing has applied the screen since July 1. Marcus records the filing path with a reason code, a note and his signature.
Filing-Path agent: “If that narrows what the Fund may buy, it is a material change and needs a 485(a).”
The package has 11 parts: the facing sheet, the clean and blackline prospectus, 14 summary prospectuses, the SAI, Inline XBRL for 14 series and 42 classes with 0 errors, exhibits (h)(7), (i) and (j), powers of attorney, counsel's Rule 485(b)(4) representation drafted from the recorded decisions, and the cited change log. Daniel assembles but cannot sign; signing opens for Marcus only when every change is decided. Then Daniel sends it to the filing agent, EDGAR accepts it, and the Package agent makes the 497(k) filing of the 14 summary prospectuses and posts the documents online.
Package agent: “I never sign; Marcus Achebe signs, then Daniel Okafor sends.”
The same 485(b) post-effective amendment, seen by five of the people who carry it — what the season looked like, and what it looks like now.
Seven agents find every trigger, draft the blackline and check every number; counsel approves, the CLO signs.
Finds every reason the documents must change since the last filing — in fund accounting, the performance system, board minutes, the rule tracker, the roster, sub-adviser notices in their own language and the year's 497 supplements — matches each to the passages it affects and proposes a routing plan.
Drafts each change in house style, recomputes dependent tables such as the expense example and after-tax returns, and updates every cross-reference.
Checks every number in the prospectus, summary prospectuses and SAI against its newest signed-off source each night, and explains why each stale one was missed.
Maps rule changes — the Names Rule, tailored shareholder reports, intermediary sales-charge waivers, state tax, SAI policies — to the disclosures they require, with their dates and approved wording.
Compares every shared passage across the funds of a series, proposes one wording for one approval, shows each exception side by side and proposes the approved sentence to the next registration statement.
Tests each change under Rule 485(b)(1) as it is drafted, escalates to the Chief Legal Officer below the confidence threshold or on the always-material list, and drafts counsel's Rule 485(b)(4) representation from the recorded decisions.
Assembles the clean and blackline documents, Inline XBRL, Part C exhibits and the cited change log; once the CLO has signed and the filing manager has sent the 485(b) filing, files the summary prospectuses under Rule 497(k) and posts the documents online.
Approve, decide, sign. The agents propose; a named person decides.
Every screen has an ask box beside the agent that did the work. Ask about a fund, a number, a board action, a rule or the package — or tell the agents what to do. Every answer cites its source.
Why is the National Muni Fund's return flagged?
The Class I one-year return on prospectus p. 7 still reads 3.42%, the calendar 2024 figure. The performance system says 4.17% for calendar 2025. The cell was typed over by hand last October, which cut its link to the feed. It is open for your decision.
Which changes might need a 485(a) instead?
Two of 380, both with Marcus Achebe: the Sustainable Muni Fund's definition of “sustainable”, which adds a thermal-coal screen not in the June 12 supplement (78% sure it stays 485(b)), and the Municipal Income Fund rename (84%). Everything else is eligible under Rule 485(b)(1).
What did the board approve on September 12?
Eight actions change the Municipal Series: expense limitations extended to April 30, 2028 for three funds, the High-Yield Muni fee cut to 0.47%, the Municipal Income Fund rename, Elena Vasquez as co-portfolio manager, Class C conversion after 7 years and revised valuation procedures. Each is a trigger with its changes linked.
Draft the Japan Equity Fund manager change from Hoshizora's notice
Hoshizora's notice is in Japanese: Aoi Nakamura replaces Ken Sato from November 1, 2026. Draft: “Effective November 1, 2026, Aoi Nakamura, Senior Portfolio Manager of Hoshizora Asset Management Co., Ltd., will manage the Fund.” Filing path: Rule 485(b)(1)(iv). The original sits beside the English for Priya's approval.
13 screens from the working solution, on its sample data. Pick one to see it large.
The thresholds, reason codes, house style and service levels every update runs on are settings. Changing one creates a new version; the CLO approves it before it applies, and the old version stays on the record.
| Setting | Default | Choose from |
|---|---|---|
| Filing-path confidence below which the CLO decides | 90% | Set by the administrator · a new version the CLO approves |
| Treat as material, always escalate | New or changed 80% policy · change of objective · new principal risk · new fund | Add or remove items · versioned |
| Stale-Data: flag any number whose source is newer and differs | On | On · Off |
| Rounding tolerance | 0.01 point or $1 | A person confirms each rounding difference (S2) |
| Batch approval sample | 10%, lowest confidence first | Each sampled change ticked · attested signature · own proposals excluded |
| Fold in every 497 supplement filed since the last update | On | On · Off |
| House style | Version 12, 41 rules | e.g. rule 3, “through April 30, 2028”, never “until”; rule 14, what every waiver footnote says |
| Service levels | First draft 1 business day · counsel review 2 · CLO question 1 | Escalate a registration statement 5 business days before filing with open changes |
Every figure is labelled: a target the solution is built to, an estimate, a typical published result, or a proven one.
“demo” = seen in the working solution, on its sample fund data · “target” = the design goal, measured in the live solution · “estimated” = our estimate · “typical” = published figures and rules (Securities Act section 10(a)(3) and Rule 485, 17 CFR 230.485 — the 16-month limit; Form N-1A, Item 3, Instruction 3(e) — a waiver in the fee table must run at least one year from the effective date; Form N-1A, Item 4(a)(1), Rule 498 and SEC Release 33-11368 on the Names Rule compliance dates; the four-day figure is a prospectus-software vendor's case study, a vendor claim). People, firms, funds, tickers and file numbers named on this page are fictional — characters and sample data in the working solution.
An annual prospectus update is the yearly refresh of a fund's registration statement — the statutory prospectus, summary prospectuses and statement of additional information (SAI) — filed with the SEC as a post-effective amendment, usually under Rule 485(b), before the prospectus's financial information is 16 months old. Annual Prospectus Update is the solution that does that work with seven agents: they find every reason to change, draft the blackline, check every number against its newest source and test each edit under Rule 485(b), while fund counsel approves each change and the Chief Legal Officer signs.
A 485(b) filing (EDGAR form type 485BPOS) is a post-effective amendment that becomes effective on filing or on a date up to 30 days later, for routine purposes such as bringing the registration statement up to date or making non-material changes. A material change needs a Rule 485(a) filing instead, which waits 60 days (75 for a new series). The Filing-Path agent tests every edit under Rule 485(b)(1) and sends doubtful ones — below the confidence threshold or on the always-material list — to the Chief Legal Officer to decide.
Under section 10(a)(3) of the Securities Act, a prospectus used more than nine months after its effective date may not carry information more than 16 months old, so each fund updates at least once a year. The filing calendar sets each registration statement's file and effective dates from that limit and escalates a filing 5 business days away with open changes.
Each night the Stale-Data agent reads every number, date and count in the documents — 3,184 in the sample series — and checks it against its newest signed-off source, including numbers nobody edited. Each stale one comes with the newer figure, its source and why it was missed. It never edits the document or clears its own flag; a person decides each one with a reason code.
Yes. The statutory prospectus is the full document; a summary prospectus is the short, fund-by-fund version of its key information under Rule 498, and the SAI carries the detail behind both. The blackline covers all three, a fix in the statutory prospectus flows to the fund's summary prospectus, and the Series Consistency agent keeps shared wording identical across the funds of a series. After effectiveness, each summary prospectus goes out as a 497(k) filing and is posted online under Rule 498.
The Rule agent maps each rule to the funds it touches with the date that matters — for the Names Rule, the compliance date of June 11, 2026 for fund groups of $1 billion or more — and drafts each fund's definition of the terms in its name. The Fund CCO confirms each definition against compliance testing, and a definition that might be a material change goes to the CLO.
Yes. The agents propose, explain and cite; they never approve a change, sign or send the filing. A drafter can never approve their own change, only the Chief Legal Officer decides a filing-path question and signs, the filing manager who assembles the package cannot sign it, and every decision is on the audit trail with its reason code.
The Agentic Solution Engine builds and deploys it from your requirements and documents — last year's filings, your house style, your roles and your systems of record — and it goes live once every quality gate has passed. Setup includes a dry run on last year's update: in the sample, the agents found 371 of 374 filed changes and 3 more stale numbers.
Every 15(c) answer cited and checked against last year, ready 10 days before the deadline.
1-min demoFee BenchmarkingEvery peer fee your board sees, cited to the peer’s own fee table and signed.
1-min demoFund Launch ManagementFirst NAV on the planned date: every slip caught early, re-planned and signed off.
1-min demoWe'll run Annual Prospectus Update on one of your registration statements, starting from last year's filing and this year's sources.