Assume a mutual fund is a pure no-load fund. Which of the following costs should an investor still expect to incur?

I. contingent deferred sales charge (i.e., back-end load)

II. management fee

III. trading costs

IV. redemption fee

• 1) 1, 2, 3, 4
• 2) Il and Ill only
• 3) |1. I, and IV only

4) 1, 11, and Ill only

O 5) none of the costs listed