Final answer:
The day-to-day business activities of a unit investment trust (UIT) are managed by the Trustee (A), who is responsible for the overall operations, including the custody of assets and processing of transactions.
Step-by-step explanation:
The day-to-day business activities of a unit investment trust (UIT) are the responsibility of the Trustee. A unit investment trust is a type of investment company that offers a fixed portfolio of stocks, bonds, or other securities. The Trustee manages the UIT and is charged with ensuring that the trust follows the specific investment objectives and policies.
Unlike other types of funds, such as mutual funds, a UIT does not have a board of directors, an investment adviser, or a distributor responsible for its daily operations. Instead, the trustee oversees all operational aspects, including the custody of the trust's assets, processing of investor purchases and redemptions, and distribution of dividends or interest earnings.