When an investor reads that a mutual
fund charges 12(b)-1 fees, he/she should be aware
I. All investors in the fund pay these fees, based
on their assets, on a quarterly basis.
II. New investors pay these fees as Class "A"
III. 12(b)-1 fees are asset-based distribution fees
and may only be used to pay for costs of distributing
mutual fund shares and are characterized as "level
IV. The money collected from 12(b)-1 fees may be used
to pay for the fund's management expenses.
a) I, III
b) II, IV