Highlights:

Mutual funds outperformed by the S&P 500....................................8

Fees paid to highest paid fund directors..........................................9

The rising rate of mutual fund portfolio turnover.............................27

The rising rate of mutual fund closings...........................................35

The largest mutual funds: As assets grow, performance deteriorates..36

Mutual fund performance and capital gains taxes.............................59

The rising rate of individual turnover of mutual funds.......................62

The escalation of mutual fund expense ratios.................................63

The escalation of mutual fund management fees............................65

The escalation of mutual fund promotion fees................................67

The total return on initial investment in the stock market................72

The impact of taxes on mutual fund returns..................................74

The disclosure of American's first mutual fund................................81