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A Letter From ICI’s
Chief
Economist
ICI Research: Staff
and
Publications
SECTION ONE:
Overview of
U.S.-Registered
Investment Companies
SECTION TWO:
Recent Mutual Fund
Trends
SECTION THREE:
Exchange-Traded Funds
SECTION FOUR:
Closed-End Funds
SECTION FIVE:
Mutual Fund Fees and
Expenses
SECTION SIX:
Mutual Fund Owners:
Who Are They and
Where Do They
Purchase Fund Shares?
SECTION SEVEN:
The Role of Mutual Funds
in Retirement and
Education Savings
APPENDIX A:
How Mutual Funds and
Investment Companies
Operate
section 1: Overview of U.S.-Registered Investment Companies
Sources of Investment Company Growth in 2005
Number of Investment Companies and Types of Intermediaries
Role of U.S. Investment Companies in Financial Markets
section 2: Recent Mutual Fund Trends
Developments in Mutual Fund Flows
Demand for Long-Term Mutual Funds
Demand for Money Market Mutual Funds
section 3: Exchange-Traded Funds
Demand for ETFs and Index Investments
Characteristics of Closed-End Fund Investors
Section 5: Mutual Fund Fees and Expenses
Trends in Mutual Fund Fees and Expenses
Shareholder Demand for Lower-Cost Funds
Financial Adviser Compensation
section 6: Mutual Fund Owners: Who Are They and Where Do They Purchase Fund Shares?
Individual and Household Ownership
Characteristics of Individuals and Households Owning Mutual Funds
Where Individuals Own Mutual Funds
SECTION 7: The Role of Mutual Funds in Retirement and Education Savings
Mutual Funds’ Role in Retirement Savings
Retirement Investor Characteristics
Mutual Funds’ Role in Households’ Education Savings
Section 1: U.S. Mutual Fund Totals
Section 2: Other U.S. Investment Companies
Section 3: U.S. Long-Term Mutual Funds
Section 4: U.S. Short-Term Mutual Funds
Section 5: Institutional Investors in the U.S. Mutual Fund Industry
Section 6: Worldwide Mutual Fund Totals
Appendix A: How mutual Funds and investment companies Operate
The Origins of Pooled Investing
The Different Types of U.S. Investment Companies
The Organization of a Mutual Fund
Fund Entities and Service Providers
Fund Pricing: Net Asset Value and the Pricing Process
