Which statement(s) is(are) true about mutual fund capital gain distributions? I. They are paid every 3 months (quarterly capital gains distributions). II. Many investors are surprised by this tax effect because they have not actually received any capital gains since the money is reinvested by the professional money manager. III. Difficult for a mutual fund investor to plan for as there is a lack of control over when the investments inside the mutual fund will be sold, leading to a potential unexpected tax liability.

Points: 1

1. II and III
2. I and III
3. All the responses
4. II