Choose the most correct answer to complete the sentence.

Units in closed-end funds are unable to be redeemed directly from the fund. Instead, investors must liquidate their holdings in closed-end funds by trading on the secondary market. From the closed-end fund manager's perspective, all else equal, this reduces

lect one:

a.leverage of the fund

b.return objective of the fund

c.liquidity requirements of the fund

d.volatility of the underlying portfolio of the fund

e.risk tolerance of the fund