1. Advantages of investment companies to investors include all but which one of the following? (a) Professional management (b) Record keeping and administration (c) Guaranteed rates of return (d) Low-cost diversification 2. The NAV of which funds is fixed at $1 per share? (a) Equity funds (b) Money market funds (c) Fixed-income (Bond) funds (d) Balanced funds 3. Investors who want to liquidate their holdings in a unit investment trust may (a) sell their shares back to the fund trustee at net asset value (b) sell their shares on the open market (c) sell their shares back to the fund trustee at greater than net asset value (d) sell their shares to an external broker at net asset value