Perhaps the only thing that people can agree on is that mutual fund disclosures need to change, and that's just what the Securities and Exchange Commission is hoping to accomplish. During this crucial time, many within the industry argue that investors are being bombarded with too much information, while others say that it is too risky to pare down the documents, Dow Jones Newswires reports.

Mercer Bullard, founder and president of Fund Democracy, said that much of the information currently included in prospectuses is irrelevant to helping investors select a mutual fund for investing.

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