Other popping the hood VI findings

American Century ranked with a top grade again; American Century One Choice Portfolios have received a top grade in every report since "Popping the Hood II."
JPMorgan SmartRetirement and MFS were also top performers, receiving an overall 5 for the third straight year.
In 2012, 34 out of 48 (71 percent) fund series had an overlay fee in 2012. Similarly, 34 out of 50 (68 percent) fund series had an overlay fee in 2011.
In 2012, 28 out of 48 (58 percent) fund series had a closed architecture in 2012, while 34 out of 50 (68 percent) had a closed architecture in 2011.
Some fees have dropped since the last study: DWS reduced fees from an average of 0.98 percent to 0.86 percent. Franklin Templeton reduced fees from an average of 0.97 percent to 0.88 percent. MassMutual reduced fees from an average of 0.95 percent to 0.83 percent.
Some fund families increased their average fees from Hood V: BlackRock LifePath Active (formerly BlackRock Lifecycle Prepared) increased fees from an average of 0.72 percent to 0.82 percent. Invesco increased fees from an average of 0.74 percent to 0.81 percent.
"The standard to be a truly low-cost, index TDF fund series," says the report, "is now under 20 basis points thanks to Vanguard (0.18 percent), TIAA-CREF Lifecycle Index (0.18 percent) and Fidelity Freedom Index (0.19 percent). BlackRock LifePath Index (0.27 percent) and iShares (0.31 percent) are close behind."
"Fees as a whole are still high," according to the report, which notes that 70 basis points is the average institutional TDF fund, although that has dropped 2 bp since last year.

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