Mutual fund companies have been shaping up in the past three years following the trading scandal, speakers at Morningstar's conference last week agreed, according to a report by MarketWatch. Lower fees, more active boards and attention to lowering transaction costs are just three of the recent trends benefiting investors, they said.

"Investors are increasingly seeing the long-term impact of fees," said Don Philips, managing director of Morningstar. "Fund fees coming down is proof that the system works, as investors and financial advisers are getting smarter and voting with their dollars."

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