The Investment Company Institute has asked the SEC to make changes in its after-tax rule proposal that would reduce the quantity of data funds would be required to disclose and would mean funds have to include the data in prospectuses only, not in annual reports as well.

The SEC's proposed rule would require funds to report one-, five- and 10-year pre- and post-liquidation tax returns in their prospectuses and annual reports. Over the next few months, the SEC will review the ICI's comment letter, and more than 70 others that individual investors sent to the SEC overwhelmingly in support of the rule.

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