This study serves as a reference source for investment management firms to understand the changing dynamics of the key distribution channels with regard to mutual fund sales. In this study, FRC provides its latest model of the fund distribution landscape, and forward-looking projections for mutual fund sales and assets under management, as well as analyst commentary explaining the trends and business activities shaping these projections. FRC also provides a detailed cross-channel analysis of gross sales, redemptions, net sales, assets, and growth rates for national broker/dealers("wirehouses"), regional broker/dealers, independent broker/dealers, banks, insurance companies, and RIAs. Forecasts are also provided for sales and assets for the other "macro" channels, direct-to-investor and retirement/institutional.