A fund’s 12b-1 fees may not be used to pay which of the following?

A fund’s 12b-1 fees may not be used to pay the administrative expense of the fund’s investment

adviser. This would be part of the fund’s management fees. SEC rule 12b-1 authorizes a fund to pay

for distribution costs out of a fund’s assets only if the fund has adopted a 12b-1 plan. The SEC defines

these distribution costs to include the costs of marketing and selling the fund shares, including

compensating brokers who help to sell the shares, and printing and mailing prospectuses and sales

literature to existing and prospective customers.