(4) In securities markets, there should be a risk-return trade-off with higher-risk assets having expected returns than lower-risk assets. A higher B. lower C. the same D. The answer cannot be determined from the information given. (5) Advantages of investment companies to investors include all but which one of the following? A record keeping and administration B. guaranteed rates of return C. low-cost diversification D. professional management (6) portfolio management calls for holding diversified portfolios without spending effort or resources attempting to improve investment performance through security analysis. A Passive B. Active C. Momentum D. Market-timing