TAILIEUCHUNG - Trends in the Fees and expenses of Mutual Funds, 2010

We identified 39 funds for which direct support was provided and a no-action letter was not requested. We also noted numerous funds for which a no-action request was made but no support was subsequently disclosed. By reviewing the financial statements, we obtain additional information on the nature and amount of support on an ex post basis. Finally, as previously noted, our data set focuses only on direct support to . prime MMMFs and includes the review of SEC filings for an extended time period covering support events occurring as late as fiscal years ended October 31, 2011, which. | ICI RESEARCH PERSPECTIVE 1401 H STREET NW SUITE 1200 WASHINGTON DC 20005 202 326-5800 MARCH 2011 VOL. 17 NO. 2 WHAT S INSIDE 2 Mutual Fund Fees and Expenses Have Declined by More Than Half Since 1990 2 How ICI Measures Average Mutual Fund Fees and Expenses 4 Stock Funds 10 Bond Funds 10 Money Market Funds 13 Funds of Funds 16 Notes 16 References Michael Breuer ICI Assistant Economist and Sean Collins ICI Senior Director of Industry and Financial Analysis prepared this report. Suggested citation Breuer Michael and Sean Collins. 2011. Trends in the Fees and Expenses of Mutual Funds 2010. ICI Research Perspective 17 no. 2 March . Trends in the Fees and Expenses of Mutual Funds 2010 KEY FINDINGS On average fees and expenses incurred by investors in long-term mutual funds declined in 2010. Stock fund investors in 2010 paid an average of 95 basis points percent in fees and expenses down 3 basis points from 2009. Fees and expenses of bond funds declined 1 basis point to 72 basis points. Expense ratios of stock funds declined in 2010 while expense ratios of bond funds were unchanged. The average expense ratio of stock funds fell 2 basis points to 84 basis points after having risen the previous year. Bond fund expense ratios remained unchanged at 64 basis points. The decline in fees and expenses of long-term funds was aided by a decline in load fee payments by investors. In 2010 the maximum sales load on stock funds offered to investors averaged percent. But the average sales load investors actually paid was only percent owing to load fee discounts on large purchases and fee waivers such as those on purchases through 401 k plans. The average fees and expenses of money market funds declined sharply in 2010. The average expense ratio on money market funds fell 7 basis points from 33 basis points in 2009 to 26 basis points in 2010. Expense ratios on money market funds fell sharply in 2010 because the great majority of funds waived expenses to ensure .

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