2009 Investment Company Fact Book


A Letter From ICI's Chief Economist

ICI Research: Staff and Publications

Section 1: Overview of U.S.-Registered Investment Companies

Investment Company Assets in 2008

Americans' Continued Reliance on Investment Companies Continues

Role of Investment Companies in Financial Markets

Number of Investment Companies and Types of Intermediaries

Investment Company Employment

Section 2: Recent Mutual Fund Trends

U.S. Mutual Fund Assets

Developments in Mutual Fund Flows

Demand for Long-Term Mutual Funds

Demand for Money Market Mutual Funds

Section 3: Exchange-Traded Funds

What Is an ETF?

Creation of an ETF

ETFs and Mutual Funds

How ETFs Trade

Demand for ETFs

Section 4: Closed-End Funds

Assets in Closed-End Funds

Number of Closed-End Funds

Closed-End Fund Preferred Shares

Closed-End Fund Auction Market Preferred Stock

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

Factors Infuencing Mutual Fund Fees and Expenses

Rule 12b-1 Fees

Section 6: Characteristics of Mutual Fund Owners

Individual and Household Ownership

Where Individuals Purchase and Own Mutual Funds

Shareholders’ Use of the Internet

Institutional Ownership

Section 7: The Role of Mutual Funds in Retirement and Education Savings

The U.S. Retirement Market

Individual Retirement Accounts

Defined Contribution Plans

Distributions from Defined Contribution Plans and IRAs

Mutual Funds’ Role in Households’ Retirement Savings

Mutual Funds’ Role in Households’ Education Savings

Data Tables

Section 1: U.S. Mutual Fund Totals

Section 2: Closed-End Funds, Exchange-Traded Funds, and Unit Investment Trusts

Section 3: U.S. Long-Term Mutual Funds

Section 4: U.S. Money Market Mutual Funds

Section 5: Additional Categories of U.S. Mutual Funds

Section 6: Institutional Investors in the U.S. Mutual Fund Industry

Section 7: 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

Tax Features of Funds

Appendix B: ICI Statistical Releases and Research Publications

ICI Statistical Releases

ICI Research

Appendix C: Significant Events in Fund History


timeline: Significant Events for Funds in the Financial Crisis

Copyright 2009 by Investment Company Institute