401(k)/404© plan SPD contains a listing of investment funds and it looks out of place to me for some reason. Is it advisable to list the available funds as long as the SPD notes that the funds are subject to change w/notice, or should just general information about specifying/changing investments be included.

This does not appear to be an attempt at a 404© notice. Is it ok to try and use the SPD to satisfy the 404© notice disclosure?

The preamble to the final 404© regulations states that the SPD can be used to meet the required disclosures and that if the information is in the SPD it does not have to be disclosed again (except for the requirement to furnish the most recent prospectus immediately before or after investing in the fund for the first time). I just reviewed an SPD for a publically traded company this morning that included a paragraph about each of the investment alternatives available under the plan. If the funds are changed over time an SMM would need o be prepared.