Fees and expenses incurred by investors who buy mutual funds have been declining since 1980, and that continued into 2004, according to a new report from the Investment Company Institute of Washington.

Last year, fees and expenses on equity funds decreased by four basis points. From 1980 to 2004, these fees and expenses have decreased by 113 basis points, from 2.32% to 1.19%, a 49% decline, the ICI said.

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