Which of the following are characteristics that would make mortgage-backed securities (MBSS) inappropriate for less sophisticated, conservative investors?

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I. The maturity of MBSs is quite variable and difficult to determine. II. Due to their convexity, the realized total return on MBSS is often more dependent on interest rate levels than other bonds of similar maturity. III. Due to a possible unfamiliarity with prepayment concepts, investors may not be able to evaluate the true yield on MBS issues. IV. Many MBS issues are not quoted widely and are difficult to monitor. a. I, II and III only b. C d. I, III and IV only II and IV only all of the above