Choose the most correct answer to fill in the blank in the final sentence. A feature of closed-end funds is that units cannot be created or redeemed after the initial offering. In order to liquidate a holding in a closed-end fund, investors must therefore trade on the secondary exchange, as opposed to redeeming directly from the fund. As a result, all else equal, closed-end funds' liquidity requirements are reduced relative to open-end funds since there is not the same liquidity provision required for redemptions. This reduced liquidity requirement may assist in understanding why the underlying portfolios of closed-end funds __________________________ . Select one: a. Are less levered relative to open-end funds b. Have a higher allocation to cash investments relative to open-end funds c. Have a higher allocation to international common equities relative to open-end funds d. Have a lower allocation to alternative investments relative to open-end funds e. Have a higher allocation to alternative investments relative to open-end funds