If you're a regular reader of

TSC

you probably know to take mutual fund advertising claims with a grain of salt. But some less sophisticated investors could be misled by impressive-looking short-term results -- and an

Securities and Exchange Commission

rule is partly to blame.

In Saturday's Personal Finance Focus,

Mercer Bullard

, a former SEC assistant chief counsel and occasional

TSC

contributor, explains how SEC reporting requirements sometimes permit -- actually, require -- fund companies to advertise their latest 12-month returns, even when they might prove misleading.

Also coming Saturday:

  • Jim Cramer reveals the list of funds into which he promised last Saturday to sink $100,000 of his own money.
  • Ian McDonald turns up a collection of bargain-priced growth stocks favored by mutual fund managers in The Big Screen.
  • Tracy Byrnes explains whether Roth IRA distributions can count toward the alternative minimum tax in Tax Forum.
  • Ilana Polyak profiles a Web investing site that bundles free portfolio advice with its mutual funds.

We'll also have

Mark Ingebretsen's

Tools of the Trade column, Options Forum and more. See you Saturday.