4. Which of the following statements regarding fees associated with mutual funds are you most likely to agree with?

   1. a) Fees for money market and index funds tend to be lower than fees for equity funds.

   2. b) Management fees are generally not charged if the fund experiences a year of negative returns.

   3. c) The management fee includes all operating expenses like interest charges, audit fees, and taxes.

   4. d) The management expense ratio represents the total of all management and other fees, including trading costs.