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.