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Roach, Cornelius, chairman, Association of Mutual Fund Plan Sponsors,
Inc..

Rothing, Frank, senior vice president, Midwest Stock Exchange--
Samuelson, Paul A., institute professor, Massachusetts Institute of Tech-
nology.

Simpson, Murray L., executive vice president and general counsel, William
Jennings & Co., Inc.-.

Soukup, Father Gervase J., professor of economics, St John's University,
Collegeville, Minn.

Page

372

642

347

791, 794

269

872

892

642

Steadman, Charles W., chairman of the board and president, Steadman
Security Corp----

Tyrone, Anthony R., president, Hamilton Management Corp-
Weithers, John G., vice president and secretary, Midwest Stock Exchange.
Welch, Joseph E, executive committee and chairman of Federal Legisla-
tive Committee, Investment Company Institute...

186, 295

Williams, Francis S., chairman, Board of Governors, Investment Company
Institute..

MISCELLANEOUS, STATEMENTS, LETTERS AND DATA
Ackley, Gardner, Chairman, Council of Economic Advisers, letter to
Senator Sparkman giving views on S. 1659__.

186, 277

673

Arizona Corporation Commission, letter to the Association of Mutual
Fund Plan Sponsors, Inc. -

535

Arkansas State Bank Department, letter to the Association of Mutual
Fund Plan Sponsors, Inc..

536

Arthur D. Little, Inc., letter from Robert J. Fahey to Senator Sparkman
commenting on the testimony of Prof. Irwin Friend...
Association of Mutual Fund Sponsors, Inc.:

334

Arkin, Herbert:

Paper entitled "Analysis of a Survey of Early Redeemers of
Mutual Fund Contractual Plans".

488

Paper entitled "Analysis of Survey Data in Report of Special
Study of Securities Markets".

492

Paper entitled, "Payment Persistency in Mutual Fund Payment
Plans".

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Georgia, State of, Office of the Secretary of State...

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Washington, State of, Division of Professional Licensing.

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Letter to SEC giving outline of proposals made in response to various criticism of contractual plans...

101

Pamphlet entitled, “The Origin and History of the Contractual Plan, submitted for the record__.

405

Polakoff, Murray E., prepared statement of..

539

Questions submitted by Senator Bennett.

395

Questions submitted by Senator Sparkman and the answers received
by letter from Mr. Cornelius Roach____

398

Association of Mutual Fund Sponsors, Inc.-Continued

Report entitled "Survey of Mutual Fund Shareholders-January
1966," by Benson & Benson_.

Report entitled "Survey of Early Redeemers of Mutual Fund Con-
tractual Plans"-February 1967 (with sample letters and ques-
tionnaires)__

Roach, Cornelius:

Letter from J. F. Stephens.

Letter to Senator Bennett.

Page

457

483

1059

395

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Survey of Mutual Fund Shareholders-January 1966, by Benson

& Benson, Inc.

457

Association of Stock Exchange Firms, statement of

959

Bache & Co., Inc., letters and statement on proposed mutual fund legislation_

962

Baum, Daniel Jay, professor, Indiana University, School of Law, submitted statement..

966

B. C. Morton Fund, Inc., letter to Senator Bennett, from James F. Coogan, president

1129

Benson & Benson, Survey of Mutual Fund Shareholders-January 1966__
Boston Stock Exchange, statement of Frederick Moss, president___
Boucher, William H.:

457

658

Article submitted from Denver Post entitled "Professors Organize to
Back Reform”.

Letter to Donald E. Schwartz, associate professor of law, Georgetown
University...

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California, University of, Law School, letter from Professor Jennings to
Senator Sparkman...

1028

Chamber of Commerce of the United States, statement of Harry W.
Besse..

808

Channing Co., Inc.:

Letter to Senator Aiken.......

976

Letter to Senator McIntyre from Thomas Martin correcting testi-
mony.

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Clark, Dodge & Co., letter to Congressman Ludlow Ashley..

985

Colorado, State of, Division of Securities, letter to the Association of
Mutual Fund Plan Sponsors, Inc.

536

Columbia Journal of Law and Social Problems, article entitled "Manage-
ment Compensation: The SEC Mutual Funds Report".
Conley, Hiram E., letter to Senator Gruening__

234

985

Conwill, Allan F., article entitled "Something Other Than Mutual Fund," observations on "Public Policy Implications of Investment Company Growth"

256

Council of Economic Advisers, letter to Senator Sparkman, giving views on S. 1659.

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Distributors Group, Inc., letter to Senator Bennett, from Herbert R.
Anderson, chairman__.

1093

Ebert, Lloyd M., letter to Senator Sparkman_.

1095

Edward D. Jones & Co.:

Letter to James F. Burns, Jr., New York Stock Exchange_
Letter to Senator Sparkman__.

Ehli & Hughes, Inc., Billings, Mont., letters to Senator Mansfield_
Ernest Kosek & Co., statement of Ernest Kosek, president...
Equitable Securities Corp., letter to Senator Sparkman, from Gus G.
Halliburton, vice president...

Page

1030

1030

997

787

1095

Federated Investors, Inc., letter to Senator Bennett, from John F. Donahue president...

1095

Fidelity Management and Research Co., statement of Edward C. Johnson 2d, president....

1120

Financial Analysts Journal, article entitled "What's Happening to Mutual
Fund Management Companies?".

1169

Financial Planning Services, Inc., letter to Senator Mansfield_

998

First Alabama Securities Inc., letter to Senator Sparkman, from Philip
A. Sellers____

1096

First Investors Corp., letter to Carl A. Harris, from Joseph M. O'Brien, vice president...

372

First Multifund of America Inc., prepared statement of Milton Mound, president.

885

Folk, Ernest L., III, professor of law, University of North Carolina:
Letter to Senator Sparkman_.

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Franklin Custodian Funds, Inc., letter to Senator Bennett, from Philip
A. Russell, president.

1097

Franklin Distributors Inc., letter to Senator Bennett, from Charles B.
Johnson...

1098

Friend, Dr. Irwin, prepared statement of

682

Friendly, Henry J., Circuit Judge, United States Court of Appeals,
Second Circuit:

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Georgia, Secretary of State, letter to the Association of Mutual Fund
Plan Sponsors, Inc...

537

Georgetown University Law Center, letter to Senator Sparkman from
Prof. Donald E. Schwartz__.

1017

Greater Washington Industrial Investments, Inc., letter to Senator
Sparkman

1018

Greenwood, Philip D., statement of.

1111

Hale, Delos, W., Pocatello, Idaho, letter to Senator Church___.
Hamilton Management Corp.:

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Hayden, Miller & Co., Cleveland, Ohio, letter to the committee_
Herbert, Thomas J., letter to Senator Sparkman__

1021

1115

Herman, Edward, professor, University of Pennsylvania, prepared state

ment..

722

Hubshman Fund, Inc.:

Article from New York Times entitled "Market Place: A Mutual
Fund That Is Unusual" submitted for the record__

1026

Letter to the committee.

1023

Indiana University, School of Law, submitted statement of Prof. Daniel
Jay Baum...

966

Industrial Engineering College, letter to Senator Sparkman..
Insurance Securities Trust Fund, letter to Senator Sparkman, from
Howard Compton, sales representative...

1027

1116

Investment Bankers Association, prepared statement of Mr. H. Lawrence
Bogert, president___
Investment Company Institute:

Augenblick, Robert L., president:

Article by Allan F. Conwill entitled "Something Other Than
Mutual Fun," observations on "Public Policy Implication of
Investment Company Growth" additional data submitted for
the record__.

Article in the Columbia Journal of Law and Social Problems
entitled "Management Compensation, the SEC Mutual
Funds Report", additional data submitted for the record____
Letter and opinion of Gaston, Snow, Motley and Holt of Boston
and Cromwell of New York which describes generally the
corporate law as it applies to conflicts-of-interest problems,
submitted to Senator Sparkman..

Page

621

256

234

323, 324

Letter and memorandum submitted to Senator Sparkman re-
garding section 22(d) of the Investment Company Act of 1940_
Letter and outline of proposed amendments to the Investment
Company Act of 1940 with respect to management contracts,
submitted to the SEC..

Letter and suggestions for amendment to section 15 of the
Investment Company Act of 1940, submitted to the SEC.
Letter statement to Senator Sparkman, regarding a study of
executive compensation in advisory organizations of externally
managed investment companies..

Letter to Senator McIntyre..

Paper by Sidney Robbins entitled "Implications of the Rate-
Making Proposals of the SEC in the Mutual Fund Industry",
additional data submitted for the record__

320

98

100

327

211

248

Position of Investment Company Institute with regard to certain
amendments to the Investment Company Act of 1940 and the
Investment Advisers Act of 1940 proposed in S. 1659_.
Prepared statement of....

311

307

Demmler Ralph H., statement of

337

Fahey, Robert J.:

Letter to Senator Sparkman commenting on testimony of Prof.
Irwin Friend..

334

Statement on behalf of the Investment Company Institute.___. Haire, John E., statement of___.

328

302

Markham, Jesse, professor of antitrust economics, Princeton Uni-
versity, statement on behalf of the Investment Company Institute..
Welch, Joseph E., prepared statement of
Williams, Francis S., chairman, board of governors:
Complete prepared statement..

336

295

277

Letter and additional information submitted for the record at
the request of various members of the committee..
Attachment A-Expense ratios-internally managed versus
externally managed investment companies, requested
by Senator Mondale...

283

285

Attachment B-Range of investment performance for 169
mutual funds, requested by Senator Percy.

285

Attachment C-Number of funds with net sales or net
redemptions of own shares in latest fiscal year, requested
by Senator McIntyre--

286

Attachment D-Amended chart showing investment per-
formance of 169 mutual funds....

287

Attachment E-Charts showing results of investment for
the small investor after making allowance for the sales
commission charge, requested by Senator Proxmire___
Attachment F-Exhibit 6 to the written statement of
Joseph E. Welch...

288

294

Letter to Senator Proxmire, correcting error that appeared in
oral testimony..

295

Investment Company of America, prepared statement of James D.
Fullerton, vice president..

830

Prepared statement..

Investment Counsel Sponsored No-load Funds:

Page

Additional statement of Ronald T. Lyman, Jr..

871

Attachment to statement of Mr. Ronald T. Lyman, Jr..
Statement of Ronald T. Lyman, Jr.----

870

863

Investment Trust of Boston, letter to Senator Bennett, from Ralph S.
Henry..

Investors Diversified Services, Inc., prepared statement of Robert M.
Loeffler, vice president. -

1116

771, 1180

Jackson H. Welch Investments, letter to Manuel F. Cohen, Chairman,
SEC.

Jennings, Richard W., professor of law, University of California, at Berkeley:
Letter to Senator Sparkman..

1117

718

719

Keesling, Mrs. Chet, letter to Senator Sparkman..

1125

Kelly & Morey, Inc., letter to Senator Moss--

1032

Keystone Custodian Funds, Inc., prepared statement of Wilfred Godfrey, chairman and president..

860

K. N. Rink Co., statement with exhibits to the committee.

1041

Kurtz, Godfrey H., president, Industrial Engineering College, letter to
Senator Sparkman...

1027

Levy, Leon, article entitled "Has the SEC Forgotten Its Economics?".
Kyle, John K., prepared statement_.

1131

1032

Letter from Ray Christensen..

Ludcke, G. L., article entitled "The Human Side of the SEC Mutual
Funds Debate," reprinted from the Investment Dealers' Digest_-----
Livingston, J.A.:

Newspaper article with tables concerning mutual funds..

Lishan, John M., associate professor of finance, USC, letter to Senator
Sparkman

McIntyre, Thomas J., U.S. Senator from the State of New Hampshire,
statement and charts__

Manhattan Fund, Inc., letter to Senator Bennett, from Gerald Tsai, Jr.--
Markham, Jesse, professor of antitrust economics, Princeton University,
statement on behalf of the Investment Company Institute_-
Massachusetts Institute of Technology, statement of Prof. Paul A. Sam-
uelson...

Massachusetts Investors Trust, letter to Senator Sparkman from John
Barnard, Jr., general counsel__

1110

977

979

1053

803

1125

186

347

1126

Measures of advisory fees rates, memorandum submitted by the SEC...
Merriam, Frederick S., letter to Senator Sparkman-

1129

Midwest Stock Exchange, prepared statement of James E. Day, president..
Murphy, George, U.S. Senator from the State of California, letter from
Randall M. Young-.

654

1163

Mutual Funds Advisory, Inc., statement of Victor H. Polk, executive vice president..

784

Mutual funds from the investors viewpoint, by Stuart B. Mead, additional data submitted by the SEC.

177

Mutual fund investment results compared to the results achieved from investments in the common stocks favored by small investors, additional data submitted by the SEC...

175

Naisby Associates:

Article from Investment Sales Monthly, October 1966 entitled "Lessen the Load With Service".

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Memorandum commenting upon the suggestion that section 22(d) be
repealed...

600

NASD history, organizational background and functions...
Report to the Board of Governors on Economic Consequences for the
Securities Business of Proposals of the SEC in its Report to Congress
entitled "Public Policy Implications of Investment Company
Growth".

577

578

National Association of Small Business Investment Companies, letter to
Senator Sparkman.......

1039

New Mexico, State of, Department of Banking, letter to the Association of
Mutual Fund Plan Sponsors, Inc.--.

537

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