PHOENIX, ARIZ. - Investment Company Institute President Paul Schott Stevens announced yesterday that his organization has launched an initiative that would eventually move mutual fund disclosure documents almost exclusively online.

Speaking at the 2006 Mutual Funds and Investment Management Conference, held here through Wednesday, Stevens said the initiative would develop an XBRL, or eXtensible Business Reporting Language, for mutual fund shareholders. The Securities and Exchange Commission has already been working extensively with XBRL, but its efforts have been focused primarily on financial data, which Stevens said isn't awfully investor-friendly.

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