All of the following are advantages to buying shares in bond funds rather than investing directly in bondsexcept

a. bond funds are more liquid.

b. the tax treatment is more lenient when you invest in bond funds.

c. bond funds offer a cost-effective way of achieving a high degree of diversification in an otherwise expensive investment.

d. bond funds will automatically reinvest interest and other income, allowing the investor to earn fully compounded rates of return.