Which of the Following Fees and Expenses Are Most Important

Multiple Choice

Which of the following fees and expenses are most important for long-term investors?
I. Management fees.
II. Front-end loads.
III. Deferred sales charges.
IV. Annual administrative fees.

A) I only.
B) I and IV only.
C) II and III only.
D) II and IV only.
E) III and IV only.