13. Why might the investment objective of a portfolio manager of a life insurance company be different from that of a mutual fund manager? a. A major difference is that life insurance companies are not allowed to purchase bonds, while mutual funds can purchase bonds, stocks, and options. b. A major difference is that life insurance companies are more likely to be focused on cash flows and liabilities, while mutual fund managers are more likely to be actively attempting to beat a performance benchmark. c. A major difference is that life insurance companies do not engage in "buy and hold" behavior within their bond portfolios, while mutual fund investment portfolios often utilize a long-term investment focus which includes strategically holding securities until maturity. d. All of the above are true