The Board of Directors of a Mutual Fund Is Responsible

The board of directors of a mutual fund is responsible for:
I. authorizing purchases and sales of securities made by the fund.
II. approving the fund's contract with its investment adviser.
III. ensuring that the fund complies with federal securities laws regarding such issues as 12b-1 fees.
IV. establishing the fund's dividend and capital gains policy.

A) I and IV only
B) I, II, and IV only
C) II, III, and IV only
D) I, II, III, and IV