Mutual funds stand to gain greater market share from other investment choices if they were to fully disclose their fees, revenues, expenses and profits, John Bogle, the senior chairman of Vanguard, recently told a gathering at the New York University Center for Law and Business. Bogle said mutual funds should spell out advisory fees, service fees, distribution charges, sales commissions and investment management and research costs.

This will tell "shareholders exactly how, and to what avail, their money is being spent," said Bogle, who estimated that investors spent $55 billion for mutual fund services last year.

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