Which of the following statements are TRUE regarding a Standard and Poor's 500 Index fund?

I		The portfolio manager can decide to invest in any stock as long as it is included in the Standard and Poor's 500 Index
II		The portfolio manager must change the composition of the fund if the stocks included in the index are changed
III		The fund must weight its investments in the same manner as the Standard and Poor's 500 index is weighted
IV		The management fee for such a fund is typically lower than for an actively managed fund

A I and II only

B III and IV only

C II, III, IV

D I, II, III, IV