The Markets

	2004	1990- 2004	2004-2009 Estimates
Assets Available to Manage	Assets ( $B)	Annual Growth	Annual
		Rate	Growth
All Financial Assets	49,816.00	7.8	5.8
Households' Financial Assets	36,759.00	6.7	6
Households' Discretionary Financial Assets	24,429.00	6.5	6.3
Millionaires' Financial Assets	13,755.00	8.3	7.8

Pension And Retirement Assets
Defined Benefit Plans	4,109.00	6.80%	5.90%
401 (k) and Similar Plans	2,603.00	13.3	8
Other Defined-Contribution Plans	710	6.8	5
IRA Accounts	3,338.00	12.8	9.5
Retirement Total	10,760.00	10.20%	7.50%

Retail Assets
Retail Mutual Funds	3,296.00	12%	9%
Exchange Traded Funds	34	61	20
Variable Annuities	1,124.00	31.2	9
Separate Accounts	1,893.00	17	11
Bank Personal Trusts	959	4	4
Hedge Funds	500	25.5	7.5
Private Equity	585	15.8	9
Retail Total	8,391.00	14.50%	8.80%

Other Categories
Endowments	267	11.20%	10%
Foundations	520	9.7	9.5
Insurance Company Outsourcing	657	14	10
College Savings Plans	65	NM	15
Other Categories Total	1,509.00	11.40%	10.10%

Total Assets	20,660.00	12.10%	8.20%

Assets Managed for Household Directly	15,106	11.40%	8.60%
Sub-advised Assets	1663	20%	11%
Fund-of-Funds	225	26%	9%

Source: Empirical Research Partners

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