Which of the following is/are characteristics of a municipal bond unit investment trust?

1.

Additional securities are not added to the trust.

2.

Shares may be sold at a premium or discount to net asset value.

3.

Shares are normally traded on the open market (exchanges.)

4.

The portfolio is self-liquidating.

a. 1 only.

b. 1 and 4.

c. 2 and 3)

d. 2 and 4.