A client redeems their mutual fund units after holding them for only 6 months under a deferred sales charge (DSC) schedule. What is the likely outcome?
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A
No redemption fee applies since the holding period exceeds 90 days
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B
A redemption fee is charged based on the DSC schedule, typically highest in early years
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C
The fund company waives fees for redemptions under $5,000
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D
The client receives a full refund including all previously paid MER