With respect to shareholder reports, fund firms are looking to the SEC both to make some critical changes and to leave well enough alone. While fund companies would welcome the elimination of the requirement to mail out entire schedules of portfolio holdings, they are strongly opposed to an increase in the frequency of such disclosure.

Reforming shareholder reports is an important item on the agenda of the SEC's division of investment management, and the division will likely soon make recommendations. The topic was discussed by industry executives last week at the 2002 Mutual Funds and Investment Management Conference in Orlando co-sponsored by the Investment Company Institute and the Federal Bar Association.

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