Though the investor base for mutual fund fee-backed securities is broadening, the sector's growth could not have happened without its core investors willing to learn about the asset class a few years back.

Still willing to explore new products, SunAmerica Corporate Finance, which has been purchasing 12b-1-backed securities since 1997, is looking into a lottery-backed deal that should come to market within the next 60 days, said Sam Tillinghast, an executive vice president with the company.

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