A Review of Trends and Activities in the U.S. Investment Company Industry
56th edition



Contents：
Letter from the Chief Economist . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .viii
ICI Research Staff and Publications . . . . . . . . . . . . . . . . . . . . .  . . . . . . . . . . . . . . . . . . . x
PART 1: ANALYSIS AND STATISTICS
List of Figures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Chapter 1: U.S.-Registered Investment Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Chapter 2: Recent Mutual Fund Trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Chapter 3: Exchange-Traded Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56
Chapter 4: Closed-End Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . 76
Chapter 5: Mutual Fund Expenses and Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88
Chapter 6: Characteristics of Mutual Fund Owners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110
Chapter 7: Retirement and Education Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130
PART 2: DATA TABLES
List of Data Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .170
Section 1: Mutual Fund Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172
Section 2: Closed-End Funds, Exchange-Traded Funds, and Unit Investment Trusts . . . . . . . . . ...........180
Section 3: Long-Term Mutual Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186
Section 4: Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .206
Section 5: Additional Categories of Mutual Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .213
Section 6: Institutional Investors in Mutual Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .231
Section 7: Retirement Account Investing in Mutual Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . .234
Section 8: Worldwide Regulated Open-End Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...236
Appendix A: How U.S.-Registered Investment Companies Operate and the Core Principles
  Underlying Their Regulation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ......242
Appendix B: Significant Events in Fund History . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .266
Glossary . . . . . . .. . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .269
Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285