A significant number of individuals who own mutual funds don’t understand the improper trading once practiced by some fund managers and aren’t particularly concerned about the matter.

Some 44% of the investors surveyed by Spectrem Group admit they have little or no knowledge of the short-term and late-day trading in some funds that led to widespread investigations and calls for greater oversight of the mutual fund industry. Only 22% of those surveyed consider themselves knowledgeable about the issue.

Many of those with the greatest concern also are the least knowledgeable about the issue. Conversely, the most knowledgeable are the least worried.

Among the most knowledgeable investors are some pronounced demographic differences. For example, men are twice as likely as women to know a lot about improper trading in mutual funds; middle age investors are more informed than younger or older investors; and those who earn the most money are more knowledgeable than those who earn lesser amounts.

The relative lack of concern among investors is surprising given their level of commitment to mutual funds. Seven out of 10 investors own mutual funds, with a mean balance of $713,000.

The survey findings indicate mutual fund investors don’t see a direct connection between the industry wrongdoing and their account balances. In fact, 18% said they don’t care about the scandals as long as their investment returns are high.

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