$(10$ pts$)$ Determine how a portfolio manager might use solely financial futures to hedge risk in each of the following circumstances.

$5$A$.$ You own a large position in a relatively illiquid bond that you want to sell.

$5$B$.$ You have a large gain in your bond portfolio and expect interest rates to increase.

$5$C$.$ As a portfolio manager, you expect to receive a large amount of money from your client, in about two months, who would like to invest it in the stock market. Meanwhile, you expect the general level of the stock market to be much higher than what it is at this time.