National Fund is a closed-end fund with a cash balance of $80 million. American Fund is an open-end fund with a cash balance of $300 million. Both National and American have $2 billion in market value of assets. National has less cash most likely because it:

a. Invests in less liquid assets than American.

b. Does not permit investors to redeem shares at any time.

c. Has less access to capital than American.

d, Has greater management fees than American.