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 the__

Select one:

a.

volatility of the underlying portfolio of the fund

b.

return objective of the fund

c.

liquidity requirements of the fund

d.

leverage of the fund

e.

risk tolerance of the fund