12. Which of the following investment strategies or tactics will likely consume the greatest amount of resources, time and effort when implementing an active investment policy? a. Market timing b. Asset allocation c. Security selection d. Tax strategy e. Both a and c f. None of the above 13. Which of the following money market securities is the most liquid ? a. U.S. Treasury bills b. Bank certificates of deposit c.Corporate commercial paper d. Municipal money market debt e. Both b and c f. Both c and d Which mutual fund type will most likely incur the greatest overall risk levels for its investors? 14. a. b. c. d. e. f. Large-cap index fund Insured municipal bond fund Money market mutual fund Small-cap growth fund Both b and c All of the above 15. Which of the following is most true of a closed-end investment company? a. b. c. d. e. f. The fund's share price is usually greater than net asset value The fund's share price is set equal to net asset value Fund shares outstanding vary with purchases and redemptions by shareholders Fund shares outstanding are fixed at the issue date Both a and c None of the above