The manager of an closed$-$end mutual fund with zero percent cash allocation

a$)$ needs to reinvest dividend income or else retain those funds in a cash

position

b$)$ always makes more than the manager of a closed$-$end mutual fund

c$)$ has to sell securities if the fund experiences share redemptions

d$)$ all of the above

e$)$ A and C only

f$)$ answer A only because closed end funds have a fixed number of shares and

don't redeem to shareholders. Shares are sold on an exchange to a

counterparty