According to the presentation in class, "The Mutual Fund Industry 60 Years Later: For Better or Worse?" which of the following statements are correct? 1. In terms of investment management, "investment committee of the past is giving way to "single portfolio manager" as the latter becomes the industry standard. II. The portfolio turnover rates have been increasing. It was only 24% back in 1945, but increased to 112% in 2004. III. The mutual fund ownership of U.S. stocks also significantly increased from 1.4% in 1945 to 24.9% in 2004. IV. The direct cost of fund ownership is decreasing over time. The average annual expense dropped from 1.56% in 1945 to 0.76% in 2004 as the funds reaped the benefits of the economy of scale. V. In 1955, fund redemption rate (liquidations of fund shares) averaged 6% of assets, which means that the average fund investors held his/her fund shares for 16 years. In 2002, the redemption rate was at 41% which made the average holding period less than 3 years. Select one: O a. L. II, III, and v O b. 1. I, IV, and V DV Time left 1:57:30