Under the Investment Company Act of 1940, which of the following statements regarding the investment objective of a mutual fund are TRUE?
Only the board of directors needs to approve changes in the investment objective.
The majority of outstanding shares must vote to approve changes in the investment objective.
The SEC must approve all changes in the investment objective.
The investment adviser does not set, but tries to meet, the investment objective.
A) II and IV.
B) I and II.
C) I and III.
D) III and IV.
Answer: A) II and IV.