Clarence - depending upon the type of account in which you purchased the shares or under certain qualifying conditions, the mutual fund may waive the front end load on A shares.
As Mr. Fuhrman stated this is probably a load waived share. Often time the "Ticker" will have a .lw behind it.
Clarence, If you bought these in your own self directed account without a broker, then this is likely the case. The 12b1 fee is another matter. In some 401(k) accounts the 12 b1 fees are refunded to the participant or the plan, otherwise your custodian is likely getting the 12 b1.
Hi Clarence, This phenomenon is quite common in 401k plans and I "wrap" (fee-based) accounts. Some mutual funds have an institutional share (such as an "I" share or an "R" share) that does not charge a load. Fidelity and American Funds are known for this. Some mutual fund families do not have such a share - but have a "Load Waived" share in which the front-load is waived.
Jon Castle http://www.WealthGuards.com
Clarence, it is possible to purchase “A” shares that are load waived. Also on 401(k) plans, some plans are structured as a ‘CIT’ or Collective Investment Trust, where they trade on parity with any variety of share classes, and loads are waived. Other plans can just invest in ‘A’ shares on an institutional level, and shares are waived
You did not mention specifically that this was in a 401(k). Inside 401(k) plans, unless it is a very small plan, loads are typically waived for one structural reason or another. If it is in an individual investment account, I am unable to explain no sales charge at all.
Clarence, all good answers above.
If this is a concern for you, I'd call the Mutual Fund Company and ask them. You should have contact information for them on your statements.
Best of Luck, Rod Miller