The Investment Company Institute (ICI) Has Developed a Measure That

The Investment Company Institute (ICI) has developed a measure that combines a fund's annual expense ratio and the annualized sales charge investors pay for one-time sales loads. From 1980 to 2006, this measure declined. There were three reasons for this decline. Which of the below is NOT one of these?

A) Loads in general declined and investors have shifted to lower load funds.
B) The growth in no-load mutual funds have contributed to this decline.
C) Mutual fund expenses have declined due to economies of scale and intense competition in the mutual fund industry.
D) Investors have gotten wiser and avoided companies by understanding all costs even those hidden.