2013 Investment Company Fact Book (pdf)

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2013 Investment Company Fact Book A Review of Trends and Activities in the U.S. Investment Company Industry

53rd edition WWW.ICIFACTBOOK.ORG

2012 Facts at a Glance Total worldwide assets invested in mutual funds

$26.8 trillion

U.S. investment company total net assets*

$14.7 trillion

Mutual funds

$13.0 trillion

Exchange-traded funds

$1.3 trillion

Closed-end funds

$265 billion

Unit investment trusts

$72 billion

U.S. investment companies’ share of: U.S. corporate equity

28%

U.S. municipal securities

28%

Commercial paper

42%

U.S. government securities

12%

U.S. household ownership of mutual funds Number of households owning mutual funds

53.8 million

Number of individuals owning mutual funds

92.4 million

Percentage of households owning mutual funds Median mutual fund assets of fund-owning households Median number of mutual funds owned

44.4% $100,000 4

U.S. retirement market Total retirement market assets Percentage of households with tax-advantaged retirement savings IRA and DC plan assets invested in mutual funds * Components do not add to the total because of rounding.

$19.5 trillion 68% $5.3 trillion

2013 Investment Company Fact Book

2013 Investment Company Fact Book A Review of Trends and Activities in the U.S. Investment Company Industry

53rd edition WWW.ICIFACTBOOK.ORG

The Investment Company Institute (ICI) is the national association of U.S. investment companies. ICI seeks to encourage adherence to high ethical standards, promote public understanding, and otherwise advance the interests of funds, their shareholders, directors, and advisers. As of December 2012, members of ICI managed total assets of $14.2 trillion and served more than 90 million shareholders. Although information or data provided by independent sources is believed to be reliable, ICI is not responsible for its accuracy, completeness, or timeliness. Opinions expressed by independent sources are not necessarily those of the Institute. If you have questions or comments about this material, please contact the source directly. Fifty-third edition ISBN 1-878731-53-X Copyright © 2013 by the Investment Company Institute. All rights reserved.

Contents Letter from the Chief Economist . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . vii ICI Research Staff and Publications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xi

Part 1: Analysis and Statistics List of Figures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Chapter 1: Overview of U.S.-Registered Investment Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Chapter 2: Recent Mutual Fund Trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23 Chapter 3: Exchange-Traded Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .45 Chapter 4: Closed-End Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61 Chapter 5: Mutual Fund Expenses and Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71 Chapter 6: Characteristics of Mutual Fund Owners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .89 Chapter 7: Retirem