Use the following information for Problems 1 and 2: Global Leveraged Equity Fund (GLEF) has three classes of shares, each holding the same portfolio of securities but having a different expense structure. The following table summarizes the expenses of these classes of shares. Expense

Expense Comparison for Four Classes of GLEF

Class A Class B ClassC

Sales charge (load) on purchases	5%	None	None
Deferred sales charge (load) on redemptions	None	4% in the first year declining by 1% each year thereafter	1% for the initial 2 years only
Annual expenses:
Distribution fee:	.25%	.5%	.5%
Management fee:	.5%	.5%	.5%
Other expenses	.5%	.5%	.5%

1.25% 1.50% 1.50% *Class B shares automatically convert to Class A shares 72 months (6 years) after purchase.

Assume that expense percentages given will be constant at the given values. Assume that the deferred sales charges are computed on the basis of NAV.

An investor is considering the purchase of GLEF shares. The investor expects equity investments with risk characteristics similar to GLEF to earn 9 percent per year. He decides to make his selection of fund share class based on an assumed 9 percent return each year, gross of any of the expenses given in the preceding table.

The following question is to be answered based on the information provided and it is a multiple choice question

1. Decide which class of shares of GLEF is best for the investor if he plans to liquidate his investment toward the end of a. Year 1

b. Year 3

c. Year 5

d. Year 15