SPEAKER INDEX CONTENTS INSERTS BAKER 1 3 4 21 24 27 29 31 33 35 37 38 41 44 45 49 53 55 57 58 59 61 64 65 66 69 74 BOGLE 38 57 58 59 64 65 68 69 70 71 72 BULLARD 42 73 CAPUANO 31 32 33 EMANUEL 35 36 37 44 FORD 44 GREEN 5 9 12 13 14 HAAGA 49 56 58 59 65 67 68 69 72 HILLMAN 9 12 13 20 21 23 31 32 34 35 37 HOBSON 45 55 58 59 66 67 73 KANJORSKI 3 14 15 16 17 18 59 61 64 KELLY 18 19 24 25 26 MATHESON 27 28 29 MILLER OF NORTH CAROLINA 21 23 OXLEY 33 34 35 ROYCE 69 70 71 72 73 74 ROYE 6 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 36 38 SCOTT 5 TIBERI 19 20 21 66 67 68 69 CONTENTS SPEAKERS INSERTS STATEMENT OF PAUL ROYE, DIRECTOR, DIVISION OF INVESTMENT MANAGEMENT, U.S. SECURITIES AND EXCHANGE COMMISSION PAGE 5 STATEMENT OF RICHARD HILLMAN, DIRECTOR, FINANCIAL MARKETS AND COMMUNITY INVESTMENT, U.S. GAO PAGE 9 STATEMENT OF JOHN C. BOGLE, FOUNDER, THE VANGUARD GROUP PAGE 38 STATEMENT OF MERCER BULLARD, FOUNDER AND PRESIDENT, FUND DEMOCRACY PAGE 41 STATEMENT OF MELLODY HOBSON, PRESIDENT, ARIEL MUTUAL FUNDS PAGE 45 STATEMENT OF PAUL HAAGA, CHAIRMAN, INVESTMENT COMPANY INSTITUTE PAGE 49 INSERTS SPEAKERS CONTENTS NO INSERTS IN THIS HEARING