1.   Fund investors should have large concerns about the liquidity of their investments and the associated risk.

2.   American offers its fund investors frequent-flier miles as a bonus.

3.   And the higher expenses are picked up by all fund investors, whether or not they buy from supermarkets.

4.   And while in this instance the difference worked to the benefit of fund investors, it has worked the other way.

5.   As the rally in stock and bond prices in April and May helped fund investors to grow more bullish, mutual fund portfolio managers reacted more slowly.

6.   Bond fund investors also earned money, though most gains were a fraction of the increases registered by equity funds.

7.   Bond fund investors have not exactly run for cover, but they have grown much more nervous as rates have risen and prices fallen.

8.   Bond fund investors, however, are another story.

9.   A longer view, too, shows that American fund investors, like their Japanese counterparts, have abandoned an entire asset class when performance lagged.

10.   After all, fund investors are sitting on some of the most impressive gains ever.