Summary statistics for front-end loads
appear in Panel B of Table 2.
Though the front-end load
is smaller than that of Fund B, the recurring nature of the 12b-1 fee is amplified through a compounding effect.
For many years, most loads were front-end loads
- that is, the commission was collected at the time of the initial sale.
In the United Kingdom, mutual funds organized as corporations charge significantly lower front-end loads
than mutual funds not organized as corporations, after controlling for other factors.
In all cases, those that did not impose a front-end load
imposed a surrender charge.
In 1993, in an effort to limit marketing deception relating to fund costs, the NASD issued a rule (125) barring sales representatives or their firms from representing a mutual fund as ""no load' or as having "no sales charge' if the" fund imposes a front-end load
, a redemption fee or a CDSC, or a 12b-1 fee exceeding 0.
Our partnership also delivers intelligent front-end load
balancing for NetBackup users, which maximizes backend capacity optimization.
The self-assessment required firms that sold front-end load
mutual funds to review their compliance in providing breakpoint discounts to customers during 2001 and 2002 and report those results to FINRA.
Using the FINRA Fund Analyzer, investors can search and compare up to three funds at once for fund analysis and information about fees and potential breakpoints (volume discounts applied to sales charges for investors who purchase front-end load
mutual fund shares).
FINRA's (then NASD) initial request to Oppenheimer for a breakpoint assessment was made in March 2003 as part of a review of approximately 2,000 broker-dealers that sold front-end load
mutual funds in 2001 and 2002.
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