Average expense ratios continued their precipitous decline during 2012 much to the delight of mutual fund investors, according to an annual Investment Company Institute report on fund expenses and fees.

Specifically, target date mutual funds in 2012 incurred an asset-weighted average expense ratio of 58 basis points, compared to 61 bps in 2011. The expenses of these funds have fallen 13% since 2008, when they were 67 bps.

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