ABOUT THIS BOOK
SECTION ONE:
Overview of Registered Investment Companies
SECTION TWO:
Recent Mutual Fund Trends
SECTION THREE:
Mutual Fund Fees and Expenses
SECTION FOUR:
Who Owns Mutual Funds?
SECTION FIVE:
Mutual Funds in the Retirement and Education Savings Markets
SECTION SIX:
Where Investors Purchase Fund Shares
The Investment Company Institute publishes this Fact Book as part of its mission to promote public understanding of funds, fund investing, and fund investors.
This marks the 45th year that ICI has published this annual review summarizing its research and analysis on investment companies and their shareholders. When the first Fact Book was published in 1961, open-end investment companies managed $23 billion in assets. Most of these companies were stock funds that provided services to individuals investing through brokers and other financial advisers. Today, mutual funds, closed-end funds, exchange-traded funds, and unit investment trusts are entrusted with more than $8.6 trillion, and provide investment management services to shareholders ranging from first-time investors setting aside savings to prepare for retirement to multinational corporations seeking management of their cash reserves.
The Fact Book, like investment companies themselves, has undergone many changes since 1961. Nevertheless, its core mission remains the same. To that end, this book contains a broad range of information about investment companies and their shareholders including investment-company statistics, shareholder demographic data, analysis of the economics of investment companies, and the role of mutual funds in the $13 trillion retirement market.
I hope you find this year’s edition a helpful overview of U.S. investment companies and a convenient introduction to the large body of statistics and research that ICI produces each year. To order printed copies of the Fact Book, contact the Institute's Library Services at 202/326-5872 or scoleman@ici.org.
Brian Reid
Chief Economist
Investment Company Institute
May 2005
Contributors:
Brian Reid, Chief Economist
Sean Collins, Senior
Economist, Industry and Financial Analysis
Sarah Holden, Senior Economist,
Retirement, Tax, and International Research
Judy Steenstra, Assistant
Vice President, Statistical Research
Sandy West, Assistant Vice President,
Market Policy Research
Michael Budzinski, Editorial Director
Janet Zavistovich,
Design Director
