Dec. 17, 2003 — Standard & Poor’s has released updated data on closed mutual funds still charging 12b-1 fees to investors.

According to S&P data, of more than 15,000 domestic mutual funds, 605 were listed as being closed to new investments, as of December 8. Of those, 153 funds (with a total of 274 share classes) were listed as charging an average 12b-1 fee of 0.64% to investors. In addition, 94 of these funds were imposing the SEC-enforced maximum rate of 1% of the fund’s net assets annually.

Equity funds continue to represent the highest percentage of closed funds still charging a 12b-1 fee, with 196 charging an average of 0.65%. Fixed income funds were a distant second with 24 imposing an average 12b-1 of 0.54%.

S&P’s data also shows that 306 mutual funds do not charge a 12b-1 fee as their prospectuses state that the fund does not allow it. Additionally, 15 closed funds have opted not to charge its investors a 12b-1 fee even though their prospectuses state that they can.