"The mutual funds industry is in the midst of a quiet, yet critical, evolution in the economics of its distribution. The deferred sales charge format that dominated the industry during its biggest growth spurt is slowly giving way to front-end loads, often set at 0%. Why do we consider this shift critical? Because it gives investors and their assets substantial, if not maximum, mobility. History has shown that redemption fees discourage dissatisfied or just plain bored investors from selling funds and leaving advisors. There is no such exit barrier when a fund is bought with a front-end load, especially if that load is set at 0%. This is particularly important in today’s maturing market, where asset retention is just as important as new sales, if not more so."