The purpose of this research is to provide readers with an initial understanding of the $12.0 trillion mutual funds industry. The research addresses the market’s history and growth, as well as trends in product development (e.g., target date funds, socially responsible funds, mutual funds with hedge fund strategies), pricing parameters (e.g., share classes, mutual fund wrap programs, performance fees), and distribution channels (e.g., wirehouses, mutual fund supermarkets, fee-based financial advisors, independent reps, international markets).