Which of the following is true of 12b-1 charges?

		Investors are explicitly billed for 12b-1 charges.
		These include administrative expenses and advisory fees paid to the investment manager.
		The charges are limited to 8.5% of a fund's average net assets per year.
		The charges are deducted from the assets of the fund.

An open-end fund has a net asset value of $13.40 per share. The fund is sold with a front-end load of 4%. What is the offering price?

$12.88

$12.86

$13.96

$13.94

A closed-end fund has a portfolio currently worth $350 million. The fund has liabilities of $5 million and 17 million shares outstanding. What is the net asset value of the fund?

		$20.59
		$20.88
		$20.29
		$29.17