A mutual fund or regulated investment company invested in municipal funds or the like which reports interest and dividend income generally Select one: a. Creates taxable interest income to the fund participants. b. Has a direct pass-through for taxability sake as ordinary interest and dividends income to all fund participants. c. Creates long-term capital gains income to fund participants, but only is recognized when the participants' interest is disposed of. d. Creates tax-exempt interest and dividend income to the fund participants