Which of the following statements are true of open-end mutual funds (OEFs)?

I. OEFs are regulated under the Investment Company Act of 1940

II. OEFs are pass-through vehicles that distribute most income and realized capital gains to shareholders

III. OEFs provide diversification and professional management

IV. OEF shares trade on secondary markets

Select one:

1. a. II, III, and IV
2. b. I, III, and IV
3. c. I, II, and III
4. d. All of the above