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Abstract

This report contains an overview of the entire mutual funds market, with developing trends and a detailed breakdown of specific market drivers at both macro and micro levels. Where appropriate, data is broken down by region for even more targeted analysis.

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Table of Contents

Introduction and Abbreviations

Introduction

Other relevant reports

Scope of the report

Abbreviations and terms

Abbreviations

Terms

Executive Summary

Maturing, but still the elephant in the room

Some mutual fund segments are growing

Alternative investments -- are they a threat?

Competition in the mutual fund marketplace

What does the consumer think?

What now?

Market Drivers

Mutual Funds: A maturing marketplace?

• Figure 1: Total number of mutual funds,excluding money market funds, 1999-2004

Growth in assets of mutual funds

• Figure 2: Total assets and growth inmutual funds excluding money market funds, 1999-2004
• Figure 3: Total assets and growth inequity mutual funds vs. S&P 500, 1999-2004
• Figure 4: Total net new cash flows inequity mutual funds, 1999-2004

Impact of market declines

• Figure 5: Assets of load & no-loadmutual funds (equity, hybrid, and bond funds) 1999-2004
• Figure 6: Index mutual funds, percentageof all mutual funds and percentage of no-load funds, 1999-2004

One growth segment--lifecycle funds

• Figure 7: Growth in total assets in lifecycle funds and fund of funds, and percentage of all mutual funds,1999-2004

Socially responsible funds

• Figure 8: Socially responsible fundproducts, total assets and percentage of all mutual funds, 1999-2004

Growth in alternative investments

• Figure 9: Assets in mutual funds(excluding money market funds), ETFs, SMAs and hedge funds, 2003 and2005

ETFs--are they taking share from mutual funds?

• Figure 10: ETF assets and compound averagegrowth rate versus mutual funds, 1999-2004
• Figure 11: Net cash Inflows to mutualfunds & ETFs, 1999 through 2004

SMA Growth: Not much of a challenge yet

• Figure 12: SMA and mutual fund assets,1999-2004

Impact of Hedge Funds and similar alternatives

• Figure 13: Hedge Fund Growth, 1999-2004

Hedge Funds and Pension Plans

Structured notes

Intermediaries and institutional accounts

Competition to lure advisors

Mutual funds in the retirement marketplace

• Figure 14: Mutual fund assets in IRAs anddefined contribution plans, and percentage of total assets, 1999-2004

Defined contribution plans growing

Retirement plan investors seek advice

Managed accounts within 401(k) plans

401(k)s: Competition from annuities

• Figure 15: Mutual funds and annuities as apercentage of total U.S. Retirement market assets, 1999-2004

Educational and health savings accounts

• Figure 16: Mutual fund assets in healthsavings and educational savings accounts, 1999-2004

Pressure on 529 fees

New on the Market: Health Savings Accounts (HSAs)

HSAs in the Marketplace

New SEC rules for mutual funds

Market Size and Segmentation

Total size of the mutual fund market

• Figure 17: Total U.S. mutual fundholdings, 1999-2004
• Figure 18: Graph: Growth in mutual fundassets: 1990-2004, current dollars
• Figure 19: U.S. Mutual fund assets,accounts, & average account balances, 1999-2004
• Figure 20: Average mutual fund accountbalances, 1999-2004

Mutual fund market segmentation

Mutual funds in retirement accounts

• Figure 21: U.S. non-retirement andretirement mutual fund holdings, 1999-2004
• Figure 22: U.S. Non-retirement andretirement mutual fund holdings annual % increases, 1999-2004
• Figure 23: U.S. Mutual fund assets by fundcategory, 1999-2004
• Figure 24: U.S. mutual fund assets by fundcategory as % of total assets, 1999-2004

The retirement segment

• Figure 25: Retirement mutual fundholdings, 1999 - 2004
• Figure 26: Retirement mutual fund holdingsby retirement plan, 1999 - 2004
• Figure 27: Retirement mutual fund holdingsby retirement plan as a % of total retirement holdings, 1999 - 2004
• Figure 28: Retirement mutual fund assetsby fund category, 1999-2004

The non-retirement segment

• Figure 29: U.S. non-retirement mutual fundassets and CAGR, 1999 - 2004
• Figure 30: Non-retirement mutual fundassets by fund category, 1999 - 2004
• Figure 31: Non-retirement mutual fundassets by fund category, 1999-2004
• Figure 32: Non-retirement mutual fundassets by fund category annual % increase, 1999-2004

Mutual fund companies and ETFs

• Figure 33: Mutual fund company issuedETFs, 2005

Competitive Landscape

Mutual fund providers

The largest mutual fund groups

• Figure 34: The 10 largest mutual fundgroups, by assets, 2001-05

Company profiles

The Vanguard Group, Inc

American Funds

Fidelity Investments

Franklin Templeton Investments

PIMCO Funds

T. Rowe Price Investment Service

Barclays Global Investors

Oppenheimer Funds Inc

Putnam Investments

Dodge & Cox

Mutual fund distribution channels

• Figure 35: Principal features of mutualfund distribution channels

Primary purchase channel

• Figure 36: Mutual fund ownership, bypurchase channel, 2001 and 2004
• Figure 37: Channels used to purchasemutual funds, 2001 and 2004

Major participants in distribution channels

Retirement assets

• Figure 38: Retirement assets by majordistributors, 2004

Non-retirement assets

• Figure 39: Non-retirement assets by majordistributors, 2004

Alternative investments

Major players in the ETF market

• Figure 40: Major issuers of ETFs,November, 2005

Largest SMA providers are still the wire houses

• Figure 41: Top separate account programmanagers, assets and market share, 2004

Advertising and Promotion

Direct mail advertising by mutual funds

Mail volume, by mailer

• Figure 42: Mutual fund direct mailvolume*, top ten mailers, January 2004-September 2005

Mail volume, by mailer and by type

• Figure 43: Mutual fund direct mail volume,by mail type, January 2004-September 2005
• Figure 44: Mutual fund direct mail volume,top ten mailers, by mail type, January 2004-September 2005

Direct mail campaigns

• Figure 45: Number of direct mail mutualfund campaigns, top ten mailers, by mail type, January 2004-September2005

Other advertising

Performance-based advertising

Travel-based advertising

Other promotions and incentives

A boomer icon signs with Fidelity

The Consumer

Introduction

Types of accounts in which mutual funds are owned

• Figure 46: Mutual funds purchased by typesof account, December 2005
• Figure 47: Mutual funds purchased by typesof account, by age, December 2005
• Figure 48: Mutual funds purchased by typesof account, by income, December 2005

Types of mutual funds in retirement accounts vs. non-retirementaccounts

Mutual fund retirement accounts

• Figure 49: Types of mutual funds inconsumer retirement accounts, by age, December 2005
• Figure 50: Types of mutual funds inconsumer retirement accounts, by household income, December 2005

Mutual fund non-retirement accounts

• Figure 51: Types of mutual funds inconsumer non-retirement/retail accounts, by age, December 2005
• Figure 52: Types of mutual funds inconsumer non-retirement/retail accounts, by household income, December2005

Attributes and features important to determining mutual fund choice

Overview

• Figure 53: Mutual fund features andattributes, ranked by importance, December 2005

Past performance

• Figure 54: mutual fund past performance,ranked by importance, by age and income, December 2005

Reputation

• Figure 55: Importance of mutual fundcompany reputation, by age and income, December 2005
• Figure 56: Importance of mutual fundreputation, by age and income, December 2005

Sales charges

Third party advice

Internet website recommendation

Other investments currently held by mutual fund owners

• Figure 57: Other investment activity ofmutual fund holders, by age, December 2005
• Figure 58: Other Investments owned bymutual fund holders, by income, December 2005

Other investments mutual fund owners would consider

• Figure 59: Future investmentconsiderations of mutual fund holders, by age, December 2005
• Figure 60: Future investmentconsiderations of mutual fund holders, by income, December 2005

The female mutual fund investor

Management of accounts

• Figure 61: Management of financialaccounts, by age, February 2005

Opinions on investing

• Figure 62: Opinions on investing, by age,February 2005

Types of accounts held by mutual fund owners--overview

• Figure 63: Mutual funds purchased by typesof account, by gender, December 2005

Retirement accounts versus non-retirement accounts

• Figure 64: Types of mutual funds inconsumer retirement accounts, by gender, December 2005
• Figure 65: Types of mutual funds inconsumer non-retirement/retail accounts, by gender, December 2005

Important attributes when buying mutual funds

• Figure 66: Mutual fund features andattributes, ranked by importance, by gender, December 2005

Other investments held by mutual fund holders

• Figure 67: Other investment owned bymutual fund holders, by gender, December 2005

Other investments mutual fund holders would consider buying

• Figure 68: Future investmentconsiderations of mutual fund holders, by gender, December 2005

Summary

Future Trends

Mutual fund products --whats coming?

Lifecycle fund expansion

"Hedge like" mutual funds

Pricing pressures

Intermediaries and institutional accounts

Pending legislation for 401(k) plans

529 savings plans

Advisor fees and compensation

Opportunities to encourage higher 401(k) contributions

Managed account advice for retirement plan participants

Retirement income solutions gap for baby boomers

Focus on developing retirement income management services

Some retirees not retiring permanently

Managed account advice for retirement plan participants

New retirement option: Roth 401(k)

Alternative products -- will they be more competitive?

A variety of ETFs for retirement plan investors

ETF "customization" for different investor types

ETF managed accounts within the retirement plan

Unified accounts

Hedge funds for the mass market

The workplace as marketplace

Appendix: Trade Associations

Investment Company Institute

Employee Benefits Research Institute

The Profit Sharing 401(k) Council for America

Society of Professional Administrators and Recordkeepers (SPARK)

Money Management Institute

National Association of Securities Dealers

Appendix: Mailing pieces and print ads

T. Rowe Price

Janus

Legg Mason

FidelityBank

OneAmerican Express

Fidelity

BancOne Securities

Janus

Fidelity

Wachovia

Smith Barney

Fidelit

Bank of America