On July 21, the Securities and Exchange Commission published a rulemaking proposal that would alter the way mutual funds impose 12b-1 fees and sales loads. The marketing and selling costs involved with running a mutual fund are commonly referred to as a mutual fund’s distribution costs. To cover these costs, mutual funds are permitted to charge fees known as 12b-1 fees that are paid from the mutual fund’s assets. These fees are deducted from a mutual fund to compensate securities professionals for sales efforts and services provided to the mutual fund’s investors. The rule proposal would...