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本章小结
共同基金行业发展的历史始终包括一些以牺牲个人投资者收益为代价来维持共同基金公司利润的案例。当投资者的信托责任与企业对利润的渴望矛盾时，盈利动机一定会胜出。
投资者和基金管理公司之间的利益冲突关系同时以透明和不太透明的形式存在。高到无法承受的前端费用、递延销售费用、过高的年度管理费用、不恰当的营销费用以及过高的投资组合成交量使投资者望而却步。表面上看，投资者遭受了经纪人的私下销售行为、剥削性的滞后价格交易活动以及可耻的软美元费用。
对绝大多数共同基金投资者而言，前景看似暗淡无光。监管机构发现滥用行为，从表面上处理了最受人关注的问题，然后基金公司开始转向其他事项。与此同时，共同基金行业找到了将利润置于投资者利益之上的新方法——即使SEC严禁付费才能入围来分享收益、强制实施公允价值定价机制，以及禁止软美元付费。从1924年开始，共同基金行业就采用其无穷无尽的创造力，以找到透明的或隐蔽的手段来占个人投资者的便宜。
注释
[1] Gretchen Morgenson，“A Years Debacles，from Comic to Epic，” New York Times，28 December 2003.
[2] Staff Reporter，“Haaga Eats His Words on Scandal，” Institutional Investor，December 2003：12.
[3]Laura Johannes and John Hechinger，“Conflicting Interests：Why a Brokerage Giant Pushes Some Mediocre Mutual Funds；Jones & Co.Gets Payments from ‘Preferred’Vendors，” Wall Street Journal，9 January 2004.
[4]Edward Jones，“Mutual Funds，” http：//www.edwardjones.com/cgi/getHTML.cgi？page=/ CAN/products/mutual_funds.html.
[5]Johannes and Hechinger，“Conflicting Interests.”
[6]“NASD Considering a Fine for Edward D.Jones，” New York Times，31 March 2004.
[7]Johannes and Hechinger，“Conflicting Interests.”
[8]Johannes and Hechinger，“Conflicting Interests.”
[9]Edward D.Jones，advertisement，New York Times，6 November 2000：A12.
[10]The Vanguard Group，Statement of Additional Information for Vanguard Index Funds，28 April 2003：B-26.
[11]2003年，资本集团停止了使用直接的佣金费用来奖励经纪人销售其基金的做法。2005年3月25日，《华尔街日报》称，资本集团使用基金资产作为交易佣金来补偿销售其基金的经纪公司，对于美国证券交易委员会的执法行动，资本集团对其罚款提出异议。此外，根据《华尔街日报》在2005年4月1日的报道，SEC正在调查资本集团是否完整执行了特定经纪人补偿其他经销商进行产品安置的交易。该公司正在配合SEC的调查。
[12]Fidelity Investments，Statement of Additional Information for Fidelity Magellan Fund，21 May 2003：12.
[13]“S.E.C.Orders Mutual Funds to Cease Incentive Pay，”Bloomberg News，19 August 2004.
[14]John Poirier，“SEC Bars Mutual Fund Payoffs to Brokers，”Reuters，18 August 2004.
[15]Investment Company Institute，press release，“ICI Supports SEC Action on Directed Brokerage，Portfolio Manager Disclosures，” 18 August 2004.
[16]Sec.gov，William H.Donaldson，“Speech by SEC Chairman：Opening Statement on Final Amendments to Rule 12b-1 at Open Commission Meeting，” （Washington DC，18 August 2004），http：// www.sec.gov/news/speech/spch081804whd.htm.
[17] Tom Lauricella and Deborah Solomon，“SEC Defended Fund-Broker Compacts in Past，” Wall Street Journal，22 January 2004.
[18]Lynn OShaughnessy，“A 401（k） Picks a Mutual Fund.Who Gets a Perk？” New York Times，15 February 2004.
[*]前身为马萨诸塞州金融服务公司（MFS）。——译者注
[20]Securities and Exchange Commission，Division of Investment Management，Investment Trusts and Investment Companies，Part 3 ，Abuses and Deficiencies In the Organization and Operation of Investment Trusts and Investment Companies （Washington，DC：GPO，1940），860.
[21]Ibid.
[22]Securities and Exchange Commission，Division of Investment Management，Investment Trusts and Investment Companies，Part 3 ，Abuses and Deficiencies In the Organization and Operation of Investment Trusts and Investment Companies （Washington，DC：GPO，1940），860.
[23]Ibid.，867.
[24]Securities and Exchange Commission，Division of Investment Management，Investment Trusts and Investment Companies，Part 3 ，Abuses and Deficiencies In the Organization and Operation of Investment Trusts and Investment Companies （Washington，DC：GPO，1940），870.
[*]原文中向后定价为“backward pricing”，滞后定价为“stale pricing”。——译者注
[26] Securities and Exchange Commission，Release No.5519.“Adoption of Rule 22c-1 Under the Investment Company Act of 1940 Prescribing the Time of Pricing Redeemable Securities for Distribution，Redemption，and Repurchase，” 16 October 1968.
[27]Tom Lauricella，“Quarterly Mutual Funds Review；Scandal Reaches Far and High；It Took Many Bad Apples to Taint Fund Industrys Reputation Amid Continuing Probes of Share-Trading Abuses，”Wall Street Journal，8 January 2004.
[28]Ibid.
[29]Tom Lauricella，“Quarterly Mutual Funds Review；Scandal Reaches Far and High；It Took Many Bad Apples to Taint Fund Industrys Reputation Amid Continuing Probes of Share-Trading Abuses，”Wall Street Journal，8 January 2004.
[30]Tom Lauricella，“Alliance Officials Knew of Timing；Vice Chairman Included E-Mails About Details of Market-Timing Account，” Wall Street Journal，17 December 2003.
[31]Lauricella，“Quarterly Mutual Funds Review.”
[32]Securities and Exchange Commission v.Daniel Calugar and Security Brokerage，Inc.，United States District Court for the District of Nevada，Case No.CV-03-1600-RCJ-RJJ （2003）：3，6.http：// www.sec.gov/litigation/complaints/comp18524.pdf.
[33]Lauricella，“Quarterly Mutual Funds Review.”
[34]John Hechinger，“Putnam Is Fining Nine More Workers for Improper Trades，” Wall Street Journal，17 December 2003.
[35]Deborah Solomon，John Hechinger，and Tom Lauricella，“Milestone for ‘Timing Scandal；Putnam Is First Mutual-Fund Firm to Face a Regulatory Complaint，” Wall Street Journal，29 October 2003.
[36]Staff Reporter，“Richard Strong Quit as Chairman and CEO of Strong Financial，” Wall Street Journal，3 December 2003.
[37]Christopher Oster，“A Fund Moguls Costly Apology；Strong Agrees to Pay $60 Million and to a Lifetime Industry Ban as Part of Rapid-Trading Deal，” Wall Street Journal，21 May 2004.
[38]Ibid.
[39] Warren E.Buffett，Berkshire Hathaway，Annual Letter to Shareholders，27 February 2004：8.
[40]Tom Lauricella，“Pilgrim and Baxter Face Charges；Mutual-Fund Firms Founders Are Accused of Breach of Duty，Civil Fraud by SEC and Spitzer，” Wall Street Journal，21 November 2003.
[41]Ian McDonald，“Moving the Market：Pilgrim Baxter Settles for $100 Million，” Wall Street Journal，22 June 2004.
[42]Editorial，“The Price of Mutual Funds，”Wall Street Journal，19 November 2003.
[43] T.Rowe Price，Statement of Additional Information，1 March 2004：90-91.
[44] Securities and Exchange Commission，Office of Compliance，Inspections and Examinations，Inspection Report on the Soft Dollar Practices of Broker-Dealers，Investment Advisers and Mutual Funds （Washington，DC：GPO，1998），9.
[45]Securities and Exchange Commission，Office of Compliance，Inspections and Examinations，Inspection Report on the Soft Dollar Practices of Broker-Dealers，Investment Advisers and Mutual Funds （Washington，DC：GPO，1998），3-4.
[46]Ibid.，30.
[47]Laura Johannes and Christopher Oster，“Commissions on Fund Sales Draw Scrutiny，” Wall Street Journal，15 December 2003.
[48]资本研究管理公司和美国基金（American Funds）都隶属于资本集团。资本集团支付费用的合作伙伴名单参见表9.2。
[49]Paul G.Haaga，“Mutual Integrity，Mutual Trust，” Wall Street Journal，15 December 2003.