WASHINGTON D.C. - The prevailing industry stance that more frequent disclosure of fund holdings would only confuse investors is hurting the industry's reputation, according to several analysts and industry executives who spoke at a conference here last week on fund disclosure.

"It seems to me that there is an underlying assumption that stock investors have rights and are capable of intelligent interpretation of information, but fund investors need to be protected and can't be trusted to use information wisely," said Don Phillips, CEO of Morningstar of Chicago. Phillips spoke at the conference,"Towards Truth in Mutual Fund Investing Syposium" sponsored by Fund Democracy, a fund activist group in Chevy Chase, Md. The symposium addressed fund disclosure and included a panel with Paul Roye, director of the SEC's division of investment management.

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