SECURITIES

Survey Shows Confusion Over Mutual Fund Risks: SEC Chairman Arthur Levitt Jr., in testimony before a Senate subcommittee, said Americans fed up with low rates on bank deposits are continuing to pour money into mutual funds--but many are mistaken about the safety of their investments. A government survey of 1,000 households, 47% of which owned mutual funds, showed that two-thirds of those who purchased mutual funds from a bank believed their investments were federally insured. “Clearly, many investors are confused,” Levitt said. The amount of money invested in mutual funds has mushroomed from $135 billion at the beginning of the last decade to $1.9 trillion now, Levitt said.