The average expense ratio of stock funds rose slightly in 2009, by two basis points to 86 BPS, but total fees and expenses, including load fees paid by investors remained largely unchanged on an asset-weighted basis in 2009, the Investment Company Institute said.

Rising expense ratios of stock funds, attributable in significant part to the effects of the stock market downturn, were offset by a decline in sales loads. In 2009, sales loads averaged 5.3%; however, investors actually paid only 1%, thanks to discounts and fee waivers.

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