TAILIEUCHUNG - Trends in the Expenses and Fees of Mutual Funds, 2011

Given all of these challenges, Figure 1 includes the highest AUM figure for each fund over the reporting year per both SEC annual and semiannual filings and voluntary filings by the fund with iMoneyNet, as applicable. Using the highest available AUM figures provides the most conservative view of the relative magnitude of each identified instance of direct support. For 28 instances covering 18 funds for which iMoneyNet data were not available, the AUM data on Figure 1 represent the highest of the beginning, semiannual, or ending AUM figures for the year when the support occurred, as disclosed in the. | ICI RESEARCH PERSPECTIVE 1401 H STREET NW SUITE 1200 WASHINGTON DC 20005 202-326-5800 APRIL 2012 VOL. 18 NO. 2 WHAT S INSIDE 2 Mutual Fund Expense Ratios Continue to Decline 2 Equity Funds 4 Hybrid Funds 5 Bond Funds 6 Index Funds 9 Money Market Funds 11 Funds of Funds 13 Mutual Fund Load Fees 18 Conclusion 19 Notes 20 References Sean Collins ICI Senior Director of Industry and Financial Analysis and Emily Gallagher ICI Research Associate prepared this report. Suggested citation Collins Sean and Emily Gallagher 2012. Trends in the Expenses and Fees of Mutual Funds 2011. ICI Research Perspective 18 no. 2 April . O INVESTMENT COMPANY INSTITUTE Trends in the Expenses and Fees of Mutual Funds 2011 KEY FINDINGS On average expense ratios incurred by investors in long-term mutual funds declined in 2011 equity fund investors on average paid 79 basis points percent in expenses down 4 basis points from 2010. Expenses of bond funds declined 2 basis points to 62 basis points. Expense ratios of money market funds fell in 2011 following a sharp decline in 2010. The asset-weighted average expense ratio of money market funds was 21 basis points in 2011 a drop of 3 basis points from 2010. Expense ratios on money market funds have fallen sharply in the past few years as the great majority of funds waived expenses to ensure that net returns to investors remained positive in the current low interest rate environment. In 2011 the average expense ratio paid by investors in funds of funds mutual funds that invest in other mutual funds declined 4 basis points to 83 basis points. The total expense ratio of funds of funds includes the expenses that a fund pays directly out of its assets as well as the expense ratios of the underlying funds in which it invests. Since 2005 the average expense ratio for investing in funds of funds has fallen 18 basis points. The average expense ratio investors paid to hold either index or actively managed funds declined in 2011. Since 1997 the

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