Investment Co. Institute lobbied on 7 issues. See lobbying
Its wordsWhat does this committee say it is for?
No published list of positions
This committee’s site publishes no list of positions we could read, and we found no statement of why it exists. We do not write one for it.
Who it gives toWhich candidates and committees get its money?
Each part reads different filings, so counts and totals can differ.
Party support distribution$924K to 180 candidates
Direct PAC contributions and independent expenditures explicitly reported as support, by the party of the candidate they went to.
For candidates $924,000
Republican 53%
Democratic 39%
Support by the party of the candidate
Party of the candidate
Candidates
Direct
Independent
Amount
Share
Republican
94
$491,500
$0
$491,500
53%
Democratic
61
$359,500
$0
$359,500
39%
Other or unresolved
25
$73,000
$0
$73,000
7.9%
Shown support
180
$924,000
$0
$924,000
100%
Contributions are reported money, not endorsements; a PAC giving to both parties is common.
Who this PAC gave to$1,592,500 in 631 payments
Every contribution on line 23 of the committee’s own Schedule B, which is the filing its summary totals are built from. That line covers federal candidates, party committees and other political committees alike, so a super PAC funding other super PACs appears here rather than under candidate giving.
By recipient
Line 23 contributions by kind and party of recipient
Recipient
Count
Amount
Democratic candidates
61
$359.5K · 23%
Republican candidates
92
$486K · 30%
Other or unresolved candidates
27
$78.5K · 4.9%
Democratic party committees
2
$60K · 3.8%
Republican party committees
2
$60K · 3.8%
Other PACs and committees
90
$552.5K · 35%
All recipients
274
$1.6M
By the candidate’s state
Contributions to candidates by the candidate’s state
State
Candidates
Amount
California
18
$100.5K
New York
10
$65.5K
Illinois
6
$50.5K
Pennsylvania
8
$48.5K
Florida
7
$41K
North Carolina
8
$40K
Ohio
8
$38.5K
Michigan
5
$38.5K
The largest 8 of 49 states.
Recipients 274
Show candidate activity and the money network
Candidate and election activity as the recipients filed it
Bradley S. Schneider4 receipts, latest Mar 23, 2026Schneider for Congress · H2IL10068$10K
Sam T. Liccardo3 receipts, latest Jun 26, 2026Liccardo for Congress · H4CA16197$10K
Thomas Earl Emmer Jr.3 receipts, latest Mar 31, 2025Emmer for Congress · H4MN06087$10K
Ann L. Wagner4 receipts, latest Sep 18, 2026Ann Wagner for Congress · H2MO02102$10K
Bryan George Steil4 receipts, latest Sep 2, 2026Steil for Wisconsin, Inc. · H8WI01156$10K
Candidate contribution rows come from candidate committee Schedule A filings, the same rows the party chart above counts.
Committee money network
Money moving between this committee and other committees, matched on FEC committee ID rather than the name each filing was typed under. Both sides exclude memo entries. The figures here count each committee once, from the itemized transfers read for this section, so they will not match the payment counts under Who this PAC gave to.
Committees funding this one
Committees that reported giving to this one on their own Schedule A filings, grouped by the giver’s committee ID.
Where the money came from $1,379,192 reported receipts
Itemized (over $200)Donors who have given more than $200 this cycle, so the FEC itemizes (names) them.$1,196,46987%
Largest donors
Joseph V. Amato2 contributions, latest Aug 20, 2026 · PRESIDENT & CHIEF INVESTMENT OFFICER · NEUBERGER BERMAN MANAGEMENT LLC · NEW YORK, NY$10,000
Phil Barret2 contributions, latest Mar 18, 2026 · SENIOR VICE PRESIDENT · DODGE & COX · SAN FRANCISCO, CA$10,000
Gregory Davis2 contributions, latest Feb 3, 2026 · PRINCIPAL, GLOBAL HEAD OF FIXED INCOME · VANGUARD · MALVERN, PA$10,000
Carol Geremia2 contributions, latest Feb 3, 2026 · PRESIDENT, MFS INSTITUTIONAL ADVISORS · MFS INVESTMENT MANAGEMENT · BOSTON, MA$10,000
Peter J. Germain2 contributions, latest Jan 31, 2026 · EXECUTIVE VP & CHIEF LEGAL OFFICER · FEDERATED HERMES, INC. · PITTSBURGH, PA$10,000
David Giunta2 contributions, latest May 18, 2026 · PRESIDENT & CEO · NATIXIS GLOBAL ASSOCIATES · BOSTON, MA$10,000
Mellody Louise Hobson2 contributions, latest Jun 16, 2026 · PRESIDENT · ARIEL INVESTMENTS, LLC · CHICAGO, IL$10,000
David Clinton Hoeft2 contributions, latest Mar 25, 2026 · SENIOR VICE PRESIDENT · DODGE & COX · SAN FRANCISCO, CA$10,000
Yie-Hsin Hung2 contributions, latest Jun 15, 2026 · CHIEF EXECUTIVE OFFICER · STATE STREET GLOBAL ADVISORS · BOSTON, MA$10,000
Daniel J. Ivascyn2 contributions, latest Feb 3, 2026 · GROUP CHIEF INVESTMENT OFFICER · PIMCO FUNDS · NEWPORT BEACH, CA$10,000
Lucy Johns2 contributions, latest Mar 23, 2026 · SENIOR VICE PRESIDENT · DODGE & COX · SAN FRANCISCO, CA$10,000
Gregory Eugene Johnson2 contributions, latest Aug 4, 2026 · PRESIDENT & CEO · FRANKLIN RESOURCES, INC. · SAN MATEO, CA$10,000
A donor who gave several times appears once. The 12 largest donors by total given are listed. In all, 648 itemized contributions were filed this cycle, totaling $1.1M. FEC contributor lists are public records and cannot be used for commercial solicitation.
PACs and other committeesPolitical action committees and other candidates' committees.$100,0007.3%
Investment Co. Institute2 receipts, latest Nov 18, 2025 · Washington, District of Columbia$628
The 2 largest sources are listed. Each as the committee named it on this line, $15.1K from 2 sources in all.
Refunds and rebatesMoney coming back to the committee: rebates and refunds of what it spent, contributions it made that were returned, and loans it made that were repaid.$14,5001.1%
Not itemized by sourceReported receipts that none of the summary's lines accounts for.$630<0.1%
Total reported receipts $1,379,192
Every dollar the committee reported receiving this cycle, split by the source the FEC filing attributes it to. Open a source marked + to see who gave. FEC filings through Oct 14, 2026.
Who donated: where they live, their employers and jobs
Where the donors live $1,058,828 placed by state
Loading the map
Tap or hover over a state, or focus the map and use the arrow keys, to read its total. Ctrl or ⌘ and scroll to zoom.
under $8.2K
$8.2K+
$33K+
$74.2K+
$131.8K+
none
Top states
Top donor states
Name
Amount
New York57 contributions · 19%
$206,000
California42 contributions · 18%
$186,500
New Mexico113 contributions · 14%
$145,716
New Jersey45 contributions · 11%
$120,700
District of Columbia235 contributions · 6.7%
$71,229
Massachusetts21 contributions · 4.8%
SpendingWhere does the money go?
How the spending splits $1,655,323 reported
Contributions to candidates and other committeesMoney given to federal candidates, party committees and other PACs.$1,607,00097%
Operating expendituresThe committee's own running costs.$42,0342.5%
Paid to
Paypal58 payments · latest Oct 9, 2026$22,113
JP Morgan Chase22 payments · latest Aug 17, 2026$16,000
DC Treasurer Office of Tax and Revenue2 payments · latest Jan 12, 2026$1,961
Internal Revenue Service1 payment · latest Jan 13, 2026$1,740
Other disbursementsEverything the committee reports outside the lines above.$4,8390.3%
Contribution refundsMoney returned to the people and committees that gave it.$1,450<0.1%
Total reported disbursements $1,655,323
Every dollar this committee reported spending this cycle, split by the lines it reports against. Open a line to see who was actually paid on it. FEC filings through Oct 14, 2026.
What the payments were for $1,634,314 itemized
Given to othersContributions to other candidates, party committees, and PACs.$1,592,50097%
National Republican Congressional Committee$30,000
CHC Bold PAC$10,000
The Madison PAC$10,000
OtherPayments whose filed description does not match any category above. Every one is listed so it can be read directly.$41,8142.6%
Filed as
No description filed$41,814
Paid to
Paypal$22,113
JP Morgan Chase$16,000
DC Treasurer Office of Tax and Revenue$1,961
Internal Revenue Service$1,740
Total itemized disbursements $1,634,314
Every itemized payment the committee reported this cycle, sorted by what it said each one was for. The categories are ours; the wording they are matched against is the committee’s own. Open a category to read the filed descriptions and who was paid. FEC filings through Oct 14, 2026.
Spending over time
$1.7M spent from Jan 2025 to Oct 2026. Most in one report: $244.7K, March 2026.
$1.7M
Jan 2025Oct 2026
The running total of what the committee’s FEC reports say it spent, independent expenditures included, with a point at the end of each report. The line is straight between reports because a report gives one total for its whole period.
What Investment Company Institute lobbies on 2026 reports
Besides giving through its PAC, Investment Company Institute pays lobbyists to press Congress and federal agencies. Each quarter it, or a firm it hires, files a public report under the Lobbying Disclosure Act saying which topics it worked on, what it spent, and whom it contacted. This is what those reports say.
Spent on lobbying in 2026
$4M
Quarterly reports read
47
Bills it named
31
Topics it lobbied on
Each report files its work under official topics. The bar shows how often each topic came up across the reports; open one to read what was filed under it. Naming a bill says the organization lobbied on it, not which side it took.
Financial Institutions/Investments/Securitiesin 35 report entries · 18 bills named
In its own words
S. 424, Retirement Fairness for Charities and Educational Institutions Act of 2025 S. 1808, Access to Small Business Investor Capital Act S. 1877, Improving Disclosure for Investors Act of 2025 S. 2840, Financial Exploitation Prevention Act of 2025 S. 3578, Financial Stability Oversight Council Improvement Act of 2025 S. 3671, Increasing Investor Opportunities Act H.R. 2478, Financial Exploitation Prevention Act of 2025 H.R. 3383, INVEST Act (Sections 202, 205, 206, 302) H.R. 3633, Digital Asset Market Clarity Act of 2025 H.R. 3682, Financial Stability Oversight Council Improvement Act of 2025 H.R. 8338, SAFER Act of 2026 H.R. 8398, GUARD Financial Data Act P.L. 119-27, GENIUS Act Artificial Intelligence Data Privacy Escheatment of securities / Third-party Auditors Investment Company Act of 1940 modernization Proxy process reform Restricting institutional investors from buying single-family homes SEC and CFTC Statutory Disqualifications SEC Political Contributions Rule Tokenization
Issues related to the Trump tariff initiative with an eye toward the emergence of a new monetary accord designed to bring more direct investment into the US.
Government mandated ESG (Environment, Social, Governance) policies as they pertain to investment decisions.
(1) Issues related to proxy voting options for share owners to vote at stockholder meetings.
(2) Issues related to investment advisors considering only monetary factors when making investment decisions.
Issues related to the 8/7/25 White House Executive Order 14330 on alternative assets for 401k investors.
Issues related to the March 2025 ICI report "Reimagining the 1940 Act." Issues related to broadening the access of regulated funds to private market assets through co-investment where regulated funds invest alongside affiliated private funds in regulated transactions.
Issues related to a limitation on political contributions by certain investment professionals.
S 424, Retirement Fairness for Charities and Educational Institutions Act of 2025 S 1808, Access to Small Business Investor Capital Act S 1877, Improving Disclosure for Investors Act of 2025 S 2840, Financial Exploitation Prevention Act of 2025 S 3578, Financial Stability Oversight Council Improvement Act of 2025 S 3671, Increasing Investor Opportunities Act S 4064, Digital Commodity Intermediaries Act HR 2478, Financial Exploitation Prevention Act of 2025 HR 3383, INVEST Act (Sections 202, 205, 206, 302) HR 3682, Financial Stability Oversight Council Improvement Act of 2025 PL 119-27, GENIUS Act Escheatment of securities Exempt unlisted BDCs from State regulation Infrastructure Financing Investment Company Act of 1940 modernization SEC Political Contributions Rule Proxy process reform Restricting institutional investors from buying single-family homes SEC and CFTC Statutory Disqualifications Tokenization
S. 424, Retirement Fairness for Charities and Educational Institutions Act of 2025 S. 1808, Access to Small Business Investor Capital Act S. 1877, Improving Disclosure for Investors Act of 2025 S. 2840, Financial Exploitation Prevention Act of 2025 S. 3578, Financial Stability Oversight Council Improvement Act of 2025 S. 3671, Increasing Investor Opportunities Act H.R. 2478, Financial Exploitation Prevention Act of 2025 H.R. 3383, INVEST Act (Sections 202, 205, 206, 302) H.R. 3633, Digital Asset Market Clarity Act of 2025 H.R. 3682, Financial Stability Oversight Council Improvement Act of 2025 H.R. 8338, SAFER Act of 2026 Artificial Intelligence Data Privacy Escheatment of securities / Third-party Auditors Investment Company Act of 1940 modernization Proxy process reform SEC and CFTC Statutory Disqualifications SEC Political Contributions Rule Tokenization
Issues related to the March 2025 ICI report "Reimagining the 1940 Act." Issues related to broadening the access of regulated funds to private market assets through co investment where regulated funds invest alongside affiliated private funds in regulated transactions.
Employee Benefits Security Administration proposed rule on "Fiduciary Duties in Selecting Plan Investment Alternatives" (91 FR 16088, March 31, 2026). 2024 amendments to the qualified professional asset manager (QPAM) exemption.
General education considering meritless litigation against retirement plan sponsors.
Implementation of Executive Order 14330 on "Democratizing Access to Alternative Assets for 401(k) Investors (August 7, 2025).
General education concerning efforts to improve the effectiveness of participant communications and efforts to provide disclosures to participants and beneficiaries at times when they can make the most effective use of the information.
Implementation of section 70204 of Public Law 119-21 (July 4, 2025), commonly known as the One Big Beautiful Bill Act.
U.S. Dept. of Labor, Employee Benefits Security Administration, Proposed Rule, "Fiduciary Duties in Selecting Designated Investment Alternatives" (91 FR 16088, March 31, 2026).
Revisions to April 2024 Qualified Professional Asset Manager (QPAM) class prohibited transaction exemption for employee benefit plan and IRA transactions that otherwise would be prohibited by ERISA and the Code and related issues involving foreign convictions.
Employee Benefits Security Administration proposed rule on "Fiduciary Duties in Selecting Plan Investment Alternatives" (91 FR 16088, March 31, 2026).
Taxation/Internal Revenue Codein 11 report entries · 8 bills named
In its own words
S. 1526, Retirement Savings for Americans Act of 2025 S. 1839, Generating Retirement Ownership Through Long-Term Holding (GROWTH) Act S. 2207, To amend the IRC of 1986 to reform the treatment of digital assets S. 4498, ABLE Tomorrow Act H.R. 2089, Generating Retirement Ownership Through Long-Term Holding (GROWTH) Act H.R. 2696, Retirement Savings for Americans Act of 2025 H.R. 8899, Digital Asset PARITY Act P.L. 119-21, Trump Accounts implementation Australia Public Country-by-Country Reporting Digital Asset Wash Sale rules E.O. Promoting Retirement-Savings Access for American Workers by Establishing TrumpIRA.gov Grantor Trusts IRC section 852(b)(6) Regulated Investment Company asset diversification requirements and good income test Saver's Match expansion Tax deferral of retirement contributions
S. 1526, Retirement Savings for Americans Act of 2025 S. 1839, Generating Retirement Ownership Through Long-Term Holding (GROWTH) Act S. 2207, To amend the IRC of 1986 to reform the treatment of digital assets S. 4498, ABLE Tomorrow Act H.R. 2089, Generating Retirement Ownership Through Long-Term Holding (GROWTH) Act H.R. 2696, Retirement Savings for Americans Act of 2025 H.R. 8899, Digital Asset PARITY Act P.L. 119-21, Trump Accounts Australia Public Country-by-Country Reporting Digital Asset Wash Sale rules Grantor Trusts IRC section 852(b)(6) Regulated Investment Company asset diversification requirements and good income test Saver's Match expansion Tax deferral of retirement contributions
Budget/Appropriationsin 10 report entries
In its own words
Issues related to government funding, generally FY27 Financial Services and General Government report language requests related to the Securities and Exchange Commissions (SEC) political contributions rule 17 C.F.R. 275.206(4) 5 ,
Issues related to government funding, generally FY27 Financial Services and General Government report language requests related to the Securities and Exchange Commissions (SEC) political contributions rule 17 C.F.R. 275.206(4) 5
Fiscal Year 2027 Appropriations for Financial Services and General Government (FSGG) seeking provisions regarding SEC regulations at 17 CFR section 275-206(4)-5 on contributions.
Matters related to investment and regulatory agencies as treated in the FY 2027 House and Senate Financial Services and General Government Appropriations measures.
Fiscal Year 2027 Financial Services and General Government Appropriations
FY27 Financial Services and General Government Appropriations
Offices it contacted
HOUSE OF REPRESENTATIVES
SENATE
Bankingin 5 report entries · 4 bills named
In its own words
Generating Retirement Ownership through Long-Term Holding Act (S. 1839) Retirement Fairness for Charities and Educational Institutions Act of 2025 (S. 424) Improving Disclosure for Investors Act (S.1877) Increasing Investor Opportunities Act (no bill number)
Generating Retirement Ownership through Long-Term Holding Act (S. 1839) Retirement Fairness for Charities and Educational Institutions Act of 2025 (S. 424) Improving Disclosure for Investors Act (S.1877) Increasing Investor Opportunities Act (S.3671)
Support e-delivery of shareholder communications.
Oppose the SECs liquidity, swing pricing, and hard close proposal which would seriously harm more than 100 million Americans who use mutual funds to invest for their financial future.
Reported twice a year by the lobbying filer. $149.5K is political giving that also appears in FEC filings.
Rep. Tom Emmer (MN-06)$16K
Sen. Steven Daines (R-MT)$12.5K
Rep. French Hill (AR-02)$10K
Sen. John Cornyn (R-TX)$9K
Rep. Kevin Hern (R-OK-01)$8K
Candidate Kurt Alme (R-MT)$6K
Rep. Max Miller (OH-07)$5.5K
Sen. John Barrasso (R-WY)$5K
Candidate Mike Rogers (R-MI)$3.5K
Rep. Ashley Hinson (R-IA-02)$3.5K
Matched by name: these reports are filed for “INVESTMENT COMPANY INSTITUTE”, found by searching “INVESTMENT”. Lobbying and FEC records share no ID, so an organization that lobbies under another name is missed. Source: LDA.gov, accessed Oct 27, 2026. Senate Office of Public Records cannot vouch for the data or analyses derived from these data after the data have been retrieved from LDA.gov.
INVESTMENT COMPANY INSTITUTE POLITICAL ACTION COMMITTEE (ICI PAC)
Filings covered
Through Oct 14, 2026
Data source
FEC bulk filing data
Investment Co. Institute PAC is registered with the Federal Election Commission as a PAC (qualified). It is a lobbyist/registrant PAC. Its FEC record names Investment Co. Institute as an affiliate. Official FEC summary: Federal Election Commission committee record.
Pages quoted 0 pages
No pages quoted
Nothing from this committee’s or its sponsor’s site is quoted yet.
Linked public records
No approved organization identity yet
The official FEC committee record remains available under Filings.
$1.6M across 281 recipient committees, or 96% of everything this committee reports spending. The largest 12 are shown.
Built from FEC Schedule A and Schedule B filings for the selected cycle. A committee only appears here if the money was itemized under its FEC committee ID.
$50,850
Maryland19 contributions · 4.1%
$43,500
Pennsylvania24 contributions · 3.8%
$40,000
By the state each contributor wrote on the filing. The FEC aggregates every Schedule A line together, so one committee or organization transfer can account for a whole state. Contributors who have given $200 or less this cycle are not itemized and cannot be placed on a map. The FEC’s grouping also counts joint-fundraising memo lines, so these rows can add up to more than the itemized total.
Donors’ employers as filed
Donors’ employers
Employer as filed
Amount
Lord Abbett & Co LLC46 contributions · 12% of ranked
$127,700
Thornburg Investment Management INC101 contributions · 12% of ranked
$125,116
Investment Company Institute230 contributions · 7.2% of ranked
$75,159
Dodge & COX13 contributions · 6.2% of ranked
$65,000
Pimco Funds13 contributions · 5.8% of ranked
$60,500
Neuberger Berman Management LLC8 contributions · 3.8% of ranked
$40,000
Dimensional Funds25 contributions · 3.7% of ranked
$39,003
T Rowe Price15 contributions · 3.1% of ranked
$32,000
A further $13,950 came from donors whose answer names no employer (N/A, blank), so it is not ranked. Itemized receipts grouped by the words contributors filed. The FEC aggregates every Schedule A line here, so committee and organization money sits alongside individuals; this is not an industry classification. The FEC’s grouping also counts joint-fundraising memo lines, so these rows can add up to more than the itemized total. Gifts of $200 or less ($52,491) are not itemized, so no employer or occupation is filed for them.
Donors’ occupations as filed
Donors’ occupations
Occupation as filed
Amount
Managing Director146 contributions · 21% of ranked
$215,717
President13 contributions · 5.5% of ranked
$58,000
President & CEO13 contributions · 5.1% of ranked
$53,500
Senior Vice President16 contributions · 4.3% of ranked
$45,050
Vice President14 contributions · 2.5% of ranked
$26,500
Partner8 contributions · 2.4% of ranked
$25,700
CEO5 contributions · 2.4% of ranked
$25,000
Chief Operating Officer7 contributions · 2.4% of ranked
$25,000
A further $7,900 came from donors whose answer names no occupation (blank), so it is not ranked. Itemized receipts grouped by the words contributors filed. The FEC aggregates every Schedule A line here, so committee and organization money sits alongside individuals; this is not an industry classification. The FEC’s grouping also counts joint-fundraising memo lines, so these rows can add up to more than the itemized total. Gifts of $200 or less ($52,491) are not itemized, so no employer or occupation is filed for them.
All 714 itemized payments filed this cycle. Spending below the itemization threshold is not filed line by line.
The people, firms and committees paid the most, across every kind of payment. Each share is of everything the committee reported spending this cycle, not only the itemized payments above. A payee that is itself a committee links to its own profile.
Implementation of Executive Order 14330 on "Democratizing Access to Alternative Assets for 401(k) Investors," (August 7, 2025).
The Department of Labors regulation at 29 CFR 2550.404a-1 concerning plan fiduciaries' selection of investments and exercise of shareholder rights. 2024 amendments to the qualified professional asset manager (QPAM) exemption.
S 3086, Restoring Integrity in Fiduciary Duty Act HR 2869, EBSA Investigations Transparency Act HR 2958, Balance the Scales Act HR 2988, Protecting Prudent Investment of Retirement Savings Act HR 6084, ERISA Litigation Reform Act EO on Democratizing Access to Alternative Assets for 401(k) Investors DOL proposed rule on "Fiduciary Duties in Selecting Designated Investment Alternatives"
S. 4360, INSIGHT Act H.R. 2869, EBSA Investigations Transparency Act H.R. 2958, Balance the Scales Act H.R. 6084, ERISA Litigation Reform Act DOL proposed rule on Fiduciary Duties in Selecting Designated Investment Alternatives DOL QPAM Exemption E.O. Promoting Retirement-Savings Access for American Workers by Establishing TrumpIRA.gov
S 1526, Retirement Savings for Americans Act of 2025 S 1839, Generating Retirement Ownership Through Long-Term Holding (GROWTH) Act S 2207, To amend the IRC of 1986 to reform the treatment of digital assets HR 2089, Generating Retirement Ownership Through Long-Term Holding (GROWTH) Act HR 2696, Retirement Savings for Americans Act of 2025 Digital Asset PARITY Act PL 119-21, Trump Accounts implementation Australia Public Country-by-Country Reporting Digital Asset Wash Sale rules Grantor Trusts IRC section 852(b)(6) Regulated Investment Company asset diversification requirements and good income test Saver's Match expansion Tax deferral of retirement contributions
Monitoring changes to the tax code as it pertain to retirement savings.
Support tax deferral of retirement plan contributions.
Support keeping the rates for capital gains and dividends at the preferential tax rate.
Oppose financial transaction tax proposals.
H.R.2089 - "Generating Retirement Ownership through Long-Term Holding" -- The GROWTH Act
The One Big Beautiful Bill Act (H.R.1): issues related to the tax treatment of retirement savings.
Implementation of SECURE 2.0 Act of 2022.
Retirement Savings for Americans Act.
Allowing 403(b) plans to invest in collective investment trusts.
Capital gains and dividends taxation.
Excise tax on corporate stock buybacks.
Policy regarding the tax treatment of digital asset holdings of registered funds.