Alert February 17, 2009

SEC Issues Adopting Release for Rules Requiring Mutual Funds to Provide Risk/Return Summary Information in Interactive Data Format

The SEC published the formal release for rules adopted at its December 17, 2008 open meeting that will require registered open-end investment companies (“funds”) to provide the risk/return summary information in their prospectuses as an exhibit in interactive data format to registration statements and to definitive filings under Rule 497(c) and (e) under the Securities Act of 1933 that contain risk/return summary information that differs from that in the registration statement.  The risk/return summary in fund prospectuses provides information about a fund’s investment objectives and strategies, costs, risks, and past performance.  The new requirements, which do not alter the risk/return summary disclosure requirements for fund prospectuses, will supplement risk/return summary information provided in traditional electronic format.  The requirements for registration statements will apply beginning with initial statements and post-effective amendments that are annual updates to effective registration statements and that become effective after January 1, 2011.  The requirement to submit a risk/return summary exhibit in interactive data format with any form of prospectus filed pursuant to Rule 497(c) or (e) will not apply until a fund has first submitted an exhibit to its registration statement with risk/return summary information in interactive data format.  The final release is available on the SEC website at  A more detailed discussion of the new requirements will appear in a future edition of the Alert.