WASHINGTON - The fees at pension funds and mutual funds are virtually identical once the two entities are compared as "apples and apples" and include sub-accounts, an Investment Company Institute economist said during a conference call last Tuesday.

The mutual fund industry's top lobby group released a report that ripped into a 2001 study published in Iowa's Journal of Corporation Law. That earlier report contended that pension funds fees were strikingly lower than those of mutual funds.

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