• Mutual fund assets have continued moving to cleaner share class structures over the last 1- and 3-year periods
• Clean/no payment shares have experienced rapid growth through third-party channels and 401(k) platforms
• Funds with loads and 12b-1 fees have seen their assets fall over these same periods

Notes:

Open-End Funds excluding Money Market and Fund-of-Funds

Institutional (no payment): institutional designation; minimums $1M+; no 3rd-party payments

Institutional: institutional designation; minimums <$1M; limited 3rd-party payments

No Load (no 12b-1): retail channel (minimums <$10K); no 12b-1 but ability to support moderate 3rd-party payments

No Load (w/ 12b-1): retail channel (minimums <$10K); 12b-1 and ability to support moderate 3rd-party payments

Retirement (no payment): retirement designation; no 12b-1, service, of sub-TA fees; typically R6

Retirement (High, Mod, Low): retirement designation; 12b-1 and other payments – High: >75bps, Mod: 25-50 bps, Low: <25 bps