13. A closed-end investment company initially:

Select one:

a. sells its shares to government to obtain cash to invest and then operates with a fixed number of shares outstanding.

b. sells its shares to the public to obtain cash to invest and then operates with a fixed number of shares outstanding.

c. sells its shares to commercial banks to obtain cash to invest and then operates with a fixed number of shares outstanding.

d. sells its shares to investment banks to obtain cash to invest and then operates with a fixed number of shares outstanding.