Which of the following transactions are exempt?
I. XYZ Corp., a local manufacturing firm, offers its common stock to Investment Company Advisers, Inc., on an infrequent or isolated basis.
II. Joe Smith, an agent with ABC Securities, Inc., sells XYZ Corporation's 5-year fixed income securities, rated AAA by Standard & Poor's, on a daily basis.
III. Joe Smith, an agent with ABC Securities, Inc., sells XYZ Corporation's securities to a client on an unsolicited basis.
IV. Joe Smith had his sizable portfolio of stocks and bonds sold by the administrator of his estate upon his death.
A) I and II.
B) III and IV.
C) II and III.
D) I and IV.
Answer: III and IV.