Select the most appropriate term from within the parentheses:

a. (High-grade utility bonds/Low-grade industrial bonds) generally have only light sinking-fund requirements.

b. Collateral trust bonds are often issued by (utilities/industrial holding companies).

c. (Utility bonds/Industrial bonds) are usually unsecured.

d. Equipment trust certificates are usually issued by (railroads/financial companies).

e. Mortgage pass-through certificates are an example of (an asset-backed security/project finance).

AppendixLO1