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I. Results in greater tax liability for investors II. Results in greater trading costs for the fund, which investors have to pay for III. A

I. Results in greater tax liability for investors

II. Results in greater trading costs for the fund, which investors have to pay for

III. A higher beta as compared to your benchmark

a

I only
b

II only
c

I and II only
d

I and III only
e

I, II, and III

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