Consider a mutual fund with $$220$ million in assets at the start of the year and with $10$ million shares outstanding. The fund invests in a portfolio of stocks that provides dividend income at the end of the year of $$3$ million. The stocks included in the fund's portfolio increase in price by $9\%,$ but no securities are sold, and there are no capital gains distributions. The fund charges $12$b$-1$ fees of $1\mathrm{.}00\%,$ which are deducted from portfolio assets at year$-$end.