LAKE BUENA VISTA, Florida - Mutual fund boards are grappling with their increasingly expanding roles as risk overseers, management coaches and shareholder advocates as the Securities and Exchange Commission continues to add new rules and raise its expectations, including the creation last week of the Division of Risk, Strategy and Financial Innovation.

"It seems like the rules are always changing, as are the expectations laid out by the SEC," said Joseph Carrier, director of strategic initiatives at Legg Mason, at the Investment Company Institute's annual Tax and Accounting Conference here.

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