An annual survey by Investment Company Institute found that more than 50 million U.S. households owned mutual funds this year. 
 
In addition, three million households reported owning exchange-traded funds and 1.8 million households reported owning closed-end funds.    
 
“Mutual funds continue to be a key investment vehicle for millions of Americans who are saving for retirement or education costs, or building personal savings for emergency reserves,” said Sarah Holden, ICI Senior Director of Retirement and Investor Research.
 
The ICI survey was conducted in May, when the S&P 500 index averaged 900, well below its average of 1,400 a year earlier, and shareholder sentiment towards mutual funds fell with the market. Mutual fund favorability tumbled 64%, down from 73% in 2008.
 
The survey revealed that three out of five households owning mutual funds had incomes between $25,000 and $99,999, and two-thirds were individuals between 35 and 64, according to the ICI. Younger mutual fund investors had a more favorable view of the funds than older investors.
 
The survey results were based on phone interviews with 4,201 U.S. households selected by random dialing, of which 43%, or 1,805 households, owned mutual funds.