Final answer:
Variable annuities must be sold with a prospectus, are close-end option (a) UITs, and can be sold with or without a sales charge. The prospectus provides essential investment information to investors.
Step-by-step explanation:
Variable annuities must be sold with a prospectus, are a close-end Unit Investment Trust (UIT), and can be sold with or without a sales charge. The correct answer to this question is A) A prospectus; closed-end; without. However, it is important to note that variable annuities are open-end investments, not closed-end, as they allow for continuous purchase and redemption of their units by investors.
The requirement of a prospectus is crucial because it provides investors with detailed information about the investment product, including its objectives, risks, charges, and expenses. Furthermore, variable annuities are not sold with a health insurance policy or real estate, nor are they considered a fixed income or a real estate investment.