Foreword by Don Phillips.
Preface.
Acknowledgments.
Section I: An Investor's Guide to Mutual Funds.
Chapter 1: Investing Through Mutual Funds.
Advantages and Disadvantages of Mutual Funds.
History and Growth.
Regulators and Industry Associations.
Chapter Summary.
Chapter 2: How Mutual Funds Work.
Buying and Selling Fund Shares.
The Pass-Through Tax Status of Mutual Funds.
A Virtual Corporation.
Ethical Standards.
Alternatives to Mutual Funds.
Chapter Summary.
Chapter 3: Researching Funds: The User Guides.
Mutual Funds and Disclosure.
The Summary Prospectus.
Beyond the Summary Prospectus.
Using the User Guides.
Chapter Summary.
Chapter 4: Comparing Mutual Funds.
Delineating Your Own Investment Objectives.
Evaluating Performance.
The Taxonomy of Mutual Funds.
Chapter Summary.
Section II: Mutual Fund Portfolio Management.
Chapter 5: Portfolio Management of Stock Funds.
Stock Research.
Putting It All Together: Managing a Stock Fund.
Chapter Summary.
Chapter 6: Portfolio Management of Bond Funds.
Bond Fund Holdings.
Putting it All Together: Managing a Bond Fund.
Chapter Summary.
Appendix to Chapter 6: Bond Basics.
Defining Characteristics of Bonds.
Key Analytical Measures.
Risks of Bond Investments.
Chapter 7: Portfolio Management of Money Market Funds.
How – Exactly – the $1.00 NAV Works.
Money Market Fund Holdings.
Putting It All Together: Managing a Money Market Fund.
Money Market Funds and the Financial System.
Chapter Summary.
Chapter 8: Implementing Portfolio Decisions: Buying and Selling Investments.
The Importance of Trading.
The Evolution of the U.S. Stock Markets.
The Role of the Mutual Fund Trader.
Trading in Bond Funds.
Chapter Summary.
Chapter 9: Mutual Funds as Institutional Investors.
Mutual Funds as Stockholders and the Proxy Voting Process.
Proxy Voting by Mutual Funds.
Activism and Mutual Funds.
Mutual Funds and Social Change.
Proxy Voting Outside the United States.
Chapter Summary.
Section III: Selling Investment Funds.
Chapter 10: Retail Sales.
What Sells Mutual Funds?
The Intermediary Channel.
The Direct Channel: No-Load Firms and Fund Supermarkets.
Cross Channel Trends.
Chapter Summary.
Chapter 11: Retirement Plans and Mutual Funds.
The Tax Benefits of Qualified Retirement Plans.
401(k) Plans.
Individual Retirement Accounts.
The Future of Retirement Planning in the U.S.
Distribution Planning.
Chapter Summary.
Chapter 12: The Competition from Exchange-Traded Funds and Hedge Funds.
Exchange-Traded Funds.
Hedge Funds.
Chapter Summary.
Section IV: Operations and Finance.
Chapter 13: Customer Service.
The Role of the Transfer Agent.
Technology and Shareholder Servicing.
Transfer Agents as an Industry.
Chapter Summary.
Chapter 14: Portfolio Recordkeeping and Valuation.
A Day in the Life of the Fund Accountant.
Valuation of Portfolio Holdings.
Keeping Track of Portfolio Securities: The Custodian
A Critical Link: Investment Operations.
Behind the Scenes: The Independent Auditor.
Chapter Summary.
Chapter 15: The Financial Dynamics of the Fund Management Industry.
Expenses for Fund Investors.
Management Fee Revenue: The Debate.
Mergers and Acquisitions Involving Fund Sponsors.
Chapter Summary.
Section V: The Internationalization of Mutual Funds.
Chapter 16: Cross-Border Investing.
The Growth in Cross-Border Investing.
Advantages and Risks of Investing Overseas.
Operational Challenges of Investing Overseas.
Putting It All Together: Managing a Global or International Fund.
Chapter Summary.
Chapter 17: Cross-Border Asset Gathering.
The Global Market for Investment Funds.
Models for a Global Fund Business.
The UCITS Model.
European Pension Pooling.
Chapter Summary.
Chapter 18: The Market for Investment Funds: Beyond the United States and Europe.
Asia.
The Americas ex U.S.
Chapter Summary.
Notes.
About the Authors.
Index.
