Interactive mutual fund disclosure may be a step closer to a reality. The Investment Company Institute issued a draft of taxonomy for eXtensible Business Reporting Language (XBRL) data tagging, which will be on the ICI's website for public review for 45 days.

The ICI developed an XBRL taxonomy that can be used to "tag" data in the risk/return summary that is included in every mutual fund prospectus. The summary includes the most important and relevant information investors want to know, such as a fund's investment objectives, principal investment strategies, principal risks and fund performance history.

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