Alert April 15, 2008

SEC Adds Mutual Fund Comparison Tool to Its Website

The SEC announced that its website now features a tool that allows users to compare investment objective and strategy, investment risk, performance and fee/expense information from registration statement filings for funds that have voluntarily submitted the risk/return summary information in their prospectuses using interactive data.  Twenty funds have participated in the voluntary program thus far.  Data tagging labels information in electronic filings using standardized definitions so that the information can be retrieved, searched and analyzed through automated means.  Use of data tagging is designed to increase the ability of investors, analysts and others to collect and use information in disclosure documents filed electronically with the SEC.  Public statements by SEC Chairman Cox and SEC officials have emphasized the importance the Commission places on the data tagging initiative.