New York (Aug. 14, 2003) -- Some domestic mutual funds currently closed to new investments are continuing to charge 12b-1 fees to investors even though there’s no longer a need to market the fund, Standard & Poor’s funds research reported.

As of July, S&P said 139 funds with a total of 232 share classes were charging an average 12b-1 fee -- fees paid out of the fund’s assets to cover distribution expenses and shareholder service expenses -- of 0.62 percent. Seventy-four funds were charging the maximum rate of 1 percent of the fund’s net assets annually, S&P said.

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