WASHINGTON -- The Securities and Exchange Commission wants the fund industry to provide investors with personalized statements, perhaps as frequently as every quarter, which detail the expenses each investor pays for investing in a fund.

SEC Chairman Arthur Levitt told members of Congress last week that the expense reports would help investors understand the effect and importance of fund fees. In addition, in response to concerns expressed by U.S. Rep. Anna G. Eshoo (D-Calif.) about the relative absence of expense disclosure in fund ads, Levitt said the SEC would review fund advertising practices with NASD Regulation (NASDR), the self-regulatory entity which approves most funds' ads.

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