WASHINGTON – The Securities and Exchange Commission recently approved rules that would require mutual fund advertisements to include past performance data to state "past performance doesn't guarantee future results." Ads would also have to state clearly that there are fees and other costs associated with the fund, and point out where that information can be found. The SEC will also introduce an additional rule that would require mutual funds to set up a toll-free numbers for investors to obtain updated information about a fund's return. If the SEC has its way, mutual funds would also have to provide returns that are current to the last day of the previous calendar month. Meanwhile, the SEC has until Oct. 1 to issue a progress report to the House Financial Services Committee on what the agency is doing to address a number of mutual fund problems including more details to investors on what a fund is investing in and fee and commission disclosures. The SEC also plans to ask for public comment on a rule that would require mutual funds that invest in other funds to disclose all costs and expenses associated with their investments. These "fund of funds" currently don't have to disclose that second level of fees and expenses.