Advantages related to investments in mutual funds include all of the following except（）
A. Mutual funds provide an investor with asset diversification as well as consistent risk-return preferences.
B. Mutual funds allow the investor to shift between alternative investment instruments easily while maintaining good records, dividend reinvestment and timely information for tax purposes.
C. Mutual funds provide investors with superior risk-adjusted returns.
参考答案：A, C, E
解析：
Mutual funds do not provide an investor with superior risk-adjusted rate of return. In fact, the returns on mutual funds often lag the returns on comparable indices due to management fees and other fund expenditures. However, all of the other advantages mentioned, hold true. Mutual funds provide the investor with asset diversification and consistent risk-return preferences.