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2011 Annual Report TO MEMBERS

Since the advent of the financial crisis in the summer of 2007, each year has brought new challenges to financial markets, the fund industry, and ICI. For us, 2011 will be remembered as an inflection point: a period when the Institute engaged with more U.S., foreign, and multinational policymakers on more issues of greater consequence for our members than at any time before. Working closely with our members, we dealt with an unprec- edented level of regulatory activity: implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act; ongoing e orts to make money market funds more resilient; continuing close scrutiny of. | O INVESTMENT COMPANY INSTITUTE 2011I Annual ReportlTO MEMBERS Who Does ICI Represent More than 13 000 funds Number of investment companies by type 8 480 Mutual funds TOTAL 13 758 FUNDS With more than 13 trillion in assets Investment company assets billions of dollars 12 047 Mutual funds 225 Closed-end funds 812 Exchange-traded funds 41 Unit investment trusts TOTAL 13 125 BILLION Serving more than 92 million shareholders Ownership of funds offered by investment companies 2011 45.0 percent OF U.S. HOUSEHOLDS OWN FUNDS 53.4 million U.S. HOUSEHOLDS OWN FUNDS 92.3 million INDIVIDUALS OWN FUNDS Data for mutual funds closed-end funds and exchange-traded funds are as of June 2011. Data for unit investment trusts are as of December 2010. Source Investment Company Institute Contents To Our Members Letter from Paul Schott Stevens ICI President and CEO.2 Question Answer With Edward C. Bernard ICI Chairman 2010-2011.4 Roundtable Dodd-Frank Wall Street Reform and Consumer Protection Act.8 Preserving Money Market Funds.12 ICI Research Illuminates Issues Facing Money Market Funds.16 Case Study Improving the Tax Treatment of Fund Investors.18 Impact of International Developments for Funds.20 Roundtable Addressing the Benefits and Challenges of Social Media.24 Risk Management IDC and ICI Lead the Way in an Evolving Landscape.28 Ruling Highlights Need for Robust Economic Analysis.30 Strength of the Defined Contribution Plan System.32 Question Answer With James E. Ross Chair ICI ETFs Committee.36 ICI Advocacy on Markets and Trading.40 ICI s Political Program The Chairman s Council.44 53rd Annual General Membership Meeting The Way Forward With Fund Investors.46 ICI Education Foundation Promoting Financial Education in the National Capital Region.48 Appendices.50 Organization and Finances.50 ICI Board of Governors.54 Governing Council of the Independent Directors Council.55 ICI Standing Committees and Chairs.55 ICI Staff.56 Publications and Releases.57 ICI and IDC Events.59 ICI Mutual .