Margaret is considering an investment in the BCD mutual fund. She noticed in her research that the Net Asset Value (NAV) of BCD has risen from $16.50 per share to $21.25 per share over the past three months.The possible reason(s) for this increase in NAV of the BCD mutual fund are:

I. Higher stock prices of the underlying securities

II. Greater number of shares outstanding

III. Increase in liabilities of the mutual fund

IV. Decrease in liabilities of the mutual fund

Group of answer choices

I only

II only

IV only

I and IV

I, II, and III