Holding Company Depository Receipts (HOLDRs) are
I. traded on exchanges in round lots
II. redeemable by the issuer, just as mutual funds shares are redeemable by an investment company
III. investments that will distribute the cash dividends of the companies held in the portfolio directly to the investor
IV. investments that allow no flexibility in managing the tax consequences related to holding shares of the companies within the portfolio
Answer: I and III