WASHINGTON - Underscoring the theme of enhancing shareholder value, Investment Company Institute President Paul Schott Stevens encouraged the money management industry last week to leverage its innovative past and join efforts to enhance mutual fund disclosure and reinvent the defined contribution space for the next generation of retirees.

As he recounted how the mutual fund industry has grown from its modest, "Dutch fund" beginnings in 1774 to a manufacturer of products that today meets nearly every investor's needs and desires, Stevens said it is incumbent upon the industry to embrace and shape future disclosure in a way that similarly serves fund shareholders.

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