Four mutual funds were the first to submit XBRL-formatted risk/return summaries to the Securities and Exchange Commission on Tuesday. They are the Allegiant Advantage Fund, American Funds’ Europacific Growth Fund, the Muhlenkamp Fund and the Vanguard 500 Index Fund.Eric Falkeis, vice president of fund administration at U.S. Bancorp Fund Services, which prepared the XBRL report for Muhlenkamp Fund, told Wall Street & Technology that the four benefits of the new technology are: transparent data, more accurate reports by fund research and consulting companies that turn to the database for information, faster creation of mutual fund reports and greater trust among investors.

Falkeis also said the XBRL reports are not difficult to produce. His company used the QuickTag system from Confluence.

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