The SEC reported that several mutual funds have begun providing risk/return information using interactive data. On June 20, 2007, the SEC voted to adopt final rule amendments that enable mutual funds to submit risk/return summary information from their prospectuses using interactive data. The risk/return summary at the front of every mutual fund prospectus includes information about a fund's investment objectives and strategies, risks, costs, and historical performance. All of the new, interactive mutual fund data will be made available to the public on the SEC's online database, named EDGAR, and to subscribers of EDGAR's high-speed data dissemination service.
Interactive data is powered by XBRL, a computer software language that labels companies' financial and other data with codes from standard lists so that investors and analysts can more easily locate and analyze desired information. The SEC commenced its XBRL Voluntary Financial Reporting Program in April 2005, allowing public companies to voluntarily submit interactive data documents as exhibits to periodic reports and other filings.
Among the first mutual fund filers to participate in the expanded voluntary program are the Allegiant Advantage Fund, American Funds' Europacific Growth Fund, Muhlenkamp Fund, and Vanguard 500 Index Fund.
Please click http://www.sec.gov/news/press/2007/2007-167.htm to access a copy of the press release about the interactive data.