The annual returns in the bar chart will be calculated in the same way that total return is calculated when included in the financial highlights table. The average annual total return information in the profile must be as of the most recent calendar quarter and must be updated quarterly. A single bar chart may include information for more than one fund, if the funds decide that such a presentation is clear and understandable. Special rules govern how information about multiple classes of shares offered in the same prospectus is to be presented. The table comparing average annual total return to an index may include information for periods longer than 10 years, if the fund chooses.
Special rules apply to money funds.
The profile must contain the fee table from the prospectus. The new N-1A rules make a few changes to the fee table, which carry over to the profile. The most important is that the fee table will have to disclose operating expenses not giving effect to expense reimbursement or waiver arrangements. In effect, the information now in the fee table and its footnote will be reversed. This may have the effect of requiring in the fee table in a fund's early years of operation information that significantly overstates the expenses that any investor has, or will, pay.