Foreword by Edward C. Bernard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .ix
Letter from the Chief Economist . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .xi
Research: Staff and Publications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xiii
Part 1: Analysis and Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
List of Figures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3
Chapter 1: Overview of U.S.-Registered Investment Companies .. .7
Chapter 2: Recent Mutual Fund Trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Chapter 3: Exchange-Traded Funds 39
Chapter 4: Closed-End Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
Chapter 5: Mutual Fund Fees and Expenses .. 63
Chapter 6: Characteristics of Mutual Fund Owners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79
Chapter 7: The Role of Mutual Funds in Retirement and Education Savings 95
Part 2: Data Tables .. 121
List of Data Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122
Section 1: U.S. Mutual Fund Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124
Section 2: Closed-End Funds, Exchange-Traded Funds, and Unit Investment Trusts .. 134
Section 3: U.S. Long-Term Mutual Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140
Section 4: U.S. Money Market Funds .. 160
Section 5: Additional Categories of U.S. Mutual Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167
Section 6: Institutional Investors in the U.S. Mutual Fund Industry .. 179
Section 7: Worldwide Mutual Fund Totals 182
Appendix A: How Mutual Funds and Investment Companies Operate .. 185
Appendix B: Core Principles Underlying the Regulation of Mutual Funds and Other Registered Investment Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200
Appendix C: Statistical Releases and Research Publications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 208
Appendix D: Significant Events in Fund History .. 210
Glossary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 213
Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 221