Periodic reporting is critical to improving the transparency of financial products and enhancing investor protection. The purpose of this discussion paper is to obtain comments and suggestions from CFA Institute members and investment industry participants on the following:
·          Existing regulatory requirements and practices regarding periodic disclosures for investment funds targeting  retail investors; and
·          Improved disclosure in these periodic reports of relevant information and fund performance.

We’ve identified five areas of disclosure for discussion in this paper, including:
·          frequency of disclosures;
·          fund fees and charges;
·          fund performance and returns;
·          fund holdings and asset allocation; and
·          conflicts of interest and management discussion 

We welcome suggestions on other areas where disclosure could help retail investors better assess investment products.