Which of the following statements is (are) TRUE? I. Mutual funds provide better diversification opportunities to investors by giving access to a larger pool of assets across different markets and industries. II. Mutual funds and pension funds are very similar catering to the needs of predominantly short term investors who benefit from economies of scale in information and asset management. III. The banking system comprises the majority of lending to the non-financial private sector in the majority of countries including New Zealand. IV. Management of the nation's money supply is one of the major functions of financial intermediaries. V. A financial intermediary can often act as a lender of last resort. IV and V. All of the statements above. II, IV and V. I and III. I, II and