New York Attorney General Schneiderman Releases New Report On Mutual Fund Fees, Announces Agreement By 13 Major Firms To Make New And Enhanced Disclosures To Retail Investors Following Industry-Wide Investigation - Disclosures Will Affect 400 Actively Managed Mutual Funds- U.S. Mutual Funds Currently Manage Over $16 Trillion In Net Assets Nationwide - A Releases Report Finding Mutual Fund Firms Gave Unequal Access To Important Information About Actively Managed Funds; Firms Commended For Agreeing To Publish The Information For All Investors - AG Schneiderman: Firms Must Ensure That All Investors Have The Same Access To Information About Their Investment Options

Attorney General Eric T. Schneiderman announced that after an industry-wide investigation into mutual fund disclosures and fees, 13 major mutual fund firms—including those run by some of the largest players in the mutual fund industry—have agreed to voluntarily publish important information about their mutual funds to all retail investors. Under the agreements announced today, the firms will disclose new information that can help retail investors determine whether a higher-cost, actively managed mutual fund fits their investment goals better than another, lower-cost alternative.