Letter from the
Staff and Publications
Overview of U.S.-Registered Investment Companies
Recent Mutual Fund Trends
Mutual Fund Fees and Expenses
Characteristics of Mutual Fund Owners
Retirement and Education Savings
How U.S.-Registered Investment Companies Operate and the Core Principles Underlying Their Regulation
Significant Events in Fund History
Fact Book Archive
ICI Senior Research Staff
Brian Reid leads the Institute’s Research Department. The department serves as a source for statistical data on the investment company industry and conducts public policy research on fund industry trends, shareholder demographics, the industry’s role in U.S. and foreign financial markets, and the retirement market. Prior to joining ICI in 1996, Reid served as an economist at the Federal Reserve Board of Governors. He has a PhD in economics from the University of Michigan and a BS in economics from the University of Wisconsin–Madison.
Industry and Financial Analysis
Sean Collins, Senior Director of Industry and Financial Analysis, heads ICI’s research on the structure of the mutual fund industry, industry trends, and the broader financial markets. Collins, who joined ICI in 2000, is responsible for conducting and overseeing research on the flows, assets, and fees of mutual funds, as well as a major research initiative to better understand the costs and benefits of laws and regulations governing mutual funds. Prior to joining ICI, Collins was a staff economist at the Federal Reserve Board of Governors and at the Reserve Bank of New Zealand. He has a PhD in economics from the University of California, Santa Barbara, and a BA in economics from Claremont McKenna College.
Retirement and Investor Research
Sarah Holden, Senior Director of Retirement and Investor Research, leads the Institute’s research efforts on investor demographics and behavior, retirement and tax policy, and international issues. Holden, who joined ICI in 1999, heads efforts to track trends in household retirement saving activity and ownership of funds and other investments inside and outside retirement accounts. Prior to joining ICI, Holden served as an economist at the Federal Reserve Board of Governors. She has a PhD in economics from the University of Michigan and a BA in mathematics and economics from Smith College.
Judy Steenstra, Senior Director of Statistical Research, oversees the collection and publication of weekly, monthly, quarterly, and annual data on open-end mutual funds, as well as data on closed-end funds, exchange-traded funds, unit investment trusts, and the worldwide mutual fund industry. Steenstra joined ICI in 1987 and was appointed Director of Statistical Research in 2000. She has a BS in marketing from The Pennsylvania State University.
ICI Research Department Staff
The ICI Research Department consists of 41 staff members, including economists, research assistants, policy analysts, and data assistants. This staff collected and disseminated data for all types of registered investment companies, offering detailed analyses of fund shareholders, the economics of investment companies, and the retirement and education savings markets.
2010 Research Publications and Statistical Releases
ICI is the primary source of analysis and statistical information on the investment company industry. In 2010, the Institute’s Research Department released almost 150 statistical reports examining the broader investment company industry as well as specific segments of the industry: money market funds, closed-end funds, exchange-traded funds, and unit investment trusts. In addition to the annual Investment Company Fact Book, ICI published 20 research and policy reports in 2010, examining the industry, its shareholders, and industry issues. ICI also regularly compiles and releases specialized statistical reports that measure mutual funds in the retirement, institutional, and worldwide markets.
Industry and Financial Analysis Research Publications
- “Trends in the Fees and Expenses of Mutual Funds, 2009” Fundamentals, April 2010
- “Trends in Proxy Voting by Registered Investment Companies, 2007–2009,” Perspective, November 2010
Investor Research Publications
- Enduring Confidence in the 401(k) System: Investor Attitudes and Actions, January 2010
- Profile of Mutual Fund Shareholders, 2009, February 2010
- “The Closed-End Fund Market, 2009,” Fundamentals, June 2010
- The IRA Investor Profile: Traditional IRA Investors’ Contribution Activity, 2007 and 2008, June 2010
- “Ownership of Mutual Funds, Shareholder Sentiment, and Use of the Internet, 2010,” Fundamentals, September 2010
- “Characteristics of Mutual Fund Investors, 2010,” Fundamentals, September 2010
- The IRA Investor Profile: Traditional IRA Investors’ Rollover Activity, 2007 and 2008, December 2010
Retirement Research Publications
- “The U.S. Retirement Market, Third Quarter 2009,” Fundamentals, January 2010
- “The Role of IRAs in U.S. Households’ Saving for Retirement, 2009,” Fundamentals, January 2010
- “The U.S. Retirement Market, 2009,” Fundamentals, May 2010
- “The U.S. Retirement Market, First Quarter 2010,” Fundamentals, August 2010
- Defined Contribution Plan Participants’ Activities: First Quarter 2010, August 2010
- “The Economics of Providing 401(k) Plans: Services, Fees, and Expenses, 2009,” Fundamentals, September 2010
- “The U.S. Retirement Market, Second Quarter 2010,” Fundamentals, October 2010
- Defined Contribution Plan Participants’ Activities: First Half 2010, October 2010
- “A Look at Retirement Income After ERISA” Perspective, November 2010
- “401(k) Plan Asset Allocation, Account Balances, and Loan Activity in 2009” Perspective, November 2010
- “The Role of IRAs in U.S. Households’ Saving for Retirement, 2010,” Fundamentals, December 2010
A complete, updated list of ICI research publications is available on the Institute’s website at
Trends in Mutual Fund Investing
A monthly report that includes mutual fund sales, redemptions, assets, cash positions, exchange activity, and portfolio transactions for the period.
Long-Term Mutual Fund Flows
A weekly report on aggregate estimates of net new cash flows to equity, hybrid, and bond funds.
Money Market Fund Assets
A weekly report on money market fund assets by type of fund.
Mutual Fund Assets in Retirement Accounts
A quarterly report that includes individual retirement account and defined contribution plan assets and estimates of net new cash flows to mutual funds from retirement accounts.
Closed-End Fund Statistics
A quarterly report on closed-end fund assets, number of funds, issuance, and number of shareholders.
A monthly report on ETF assets, number of funds, issuance, and redemptions of ETFs.
Unit Investment Trusts
A monthly report on UIT value and number of deposits of new trusts by type and maturity.
Worldwide Mutual Fund Market
A quarterly report that includes assets, number of funds, and net sales of mutual funds in countries worldwide.
To find ICI research, visit our website at www.ici.org/research. The most recent ICI statistics and an archive of statistical releases are available at www.ici.org/research#statistics. To subscribe to ICI’s statistical releases, visit www.ici.org/pdf/stats_subs_order.pdf.
Publication of the 2011 Investment Company Fact Book was directed by Rochelle Antoniewicz, Senior Economist, and Judy Steenstra, Senior Director of Statistical Research, working with Miriam Moore, Senior Editor, and Jodi Weakland, Design Director.