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Investment Company Institute (ICI). The Investment Company Institute is an association of US mutual fund companies. ICI membership is open to all US open- and closed-end investment companies, as well as their investment advisers and underwriters. Each year, ICI publishes the Fact Book, a comprehensive review of the mutual fund industry. ICI's goals are to maintain ethical standards in the fund industry, advance the interests of funds and their shareholders, and educate the public about mutual funds and other investment companies.