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Fund Ownership Hits Record, Survey Says

September 06, 2000|Reuters

The number of U.S. households owning mutual funds has edged up to a record this year, rising 4.5% to 50.6 million as the popular investment vehicles continue to attract new money, the Investment Company Institute said Tuesday.

With the increase, about 49% of U.S. households now own mutual funds, the ICI estimated. A year ago, the figure was 47.4%.

"In spite of the chaotic markets of the last 12 months, the reach of mutual funds continues to expand," said Louis Harvey, president of fund research firm Dalbar.

The ICI ownership study was based on a survey of 3,000 randomly selected households. The percentage of U.S. households owning stock funds has risen to 35% from 31% in 1999, while ownership of money market funds rose to 24% of households from 21% and ownership of bond funds rose to 16% from 15%, ICI said.

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