Consumer advocacy groups and the national media have accused the Investment Company Institute of failing shareholders by focusing too heavily on the investment advisors on whom they depend for fees. Recently, in light of the continuing mutual fund trading and sales abuse scandal, they've again levied this unfair charge.

Fees are an obvious, primary concern for all of the companies in our industry, the trade association that represents it notwithstanding, but the ICI's mission statement actually is "Putting America's Shareholders First."

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