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Index
Cover
Title Page
Copyright
Foreword
Preface
Acknowledgments
Section One: 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 Two: 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 Three: 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 UNITED STATES
CHAPTER SUMMARY
Chapter 12: The Competition from Exchange-Traded Funds and Hedge Funds
EXCHANGE-TRADED FUNDS
HEDGE FUNDS
CHAPTER SUMMARY
Section Four: 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 Five: 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
ROBERT POZEN
THERESA HAMACHER, CFA
Index
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