New York (March 2, 2004) -- While improving mutual funds' disclosure requirements is a crucial step, it isn't enough -- funds must adopt a new reporting model that is more transparent, according to a white paper by PricewaterhouseCoopers' U.S. investment management industry group.

The paper, “Communicating the Value of Your Funds: A New Model for Transparency in Fund Reporting,” concludes that disclosure alone, although critical, isn't the answer to what investors need and doesn't constitute transparency.

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