I The importance for commercial banks of non-interest income, such as income coming from off-balance-sheet activities, has been progressively increasing II The great majority of mutual funds are closed-end, i.e. investors can buy shares only at the fund's inception III Typical hedge funds' performance fees amount to some 1-3% of the NAV IV Nonlife insurance companies mostly invest in long-term assets as their liabilities are rather predictable, more so than Life insurances 1. (8 points) Which of the above statements are true? (a) I only (b) II only II and III only (d) I and IV only (e) IV only