Which of the following guidelines are appropriate for inclusion in a portfolio management policy?

I. Diversify among different types of securities and across industry and geographic lines.

II$.$ Determine the risk level and financial situation of the individual investor.

III. Utilize beta to help align the portfolio to the risk level of the investor.

IV$.$ Minimize the standard deviation of each security in the portfolio.

I, II and IV only

II$,$ III and IV only

I, II and III only

I, II$,$ III and IV