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Fund Spy

Scary Fine Print in Fund Company Filings

What we dug up in the footnotes.

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Mutual fund SEC filings are rarely interesting and very few people read all of their funds filings. Funds aren't even required to send shareholders all their filings, so this requires quite a bit of perseverance.

In fact, it's a good bet that some fund companies are betting that certain fillings will fly under investors' radar, but our analysts have found some strange stuff when they delve deep into the filings. Today, I'll give a few of the more unusual footnotes a little airing out.

Sitcom Follies
Have you ever seen that Brady Bunch episode in which Peter Brady has two dates on the same night? It's classic sitcom shtick as he tries to keep the girls from finding out he's seeing them both at once. That's what I thought of when I saw the Statements of Additional Information (485bpos) for Evergreen and Phoenix Funds. Phoenix's SAI says that director Leroy Keith, Jr. oversees 68 Phoenix funds and an additional "6 Evergreen fund portfolios." Go to Evergreen's SAI, and you'll see that it says he oversees 90 Evergreen funds and 51 Phoenix funds.

Russel Kinnel does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.