Mutual fund companies have until December 1999 to create simplified prospectuses so they and the SEC's Division of Investment Management have their hands full with that task until at least then.

But the mutual fund industry should start thinking about simplified annual reports, even though they currently are at the bottom of the SEC's "To Do" list, according to Dorothy John, a consultant on shareholder communications for the mutual fund industry. John predicts that simplified annual reports could receive approval within the next two years.

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