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You are a financial adviser, and you manage the portfolios of your clients. Your clientele is mostly comprised of retirees. These clients have significant funds available for investment but draw income streams from their portfolios in order to meet their living needs. Their portfolios are diversified across asset classes, including a large exposure to Australian equities and fixed-income investments. To ensure that the portfolios can meet the ongoing liquidity needs, following a period of strong Australian equity returns relative to the other asset classes in the portfolio, which of the following should you do as part of the re-balancing step? Choose the most correct answer. Select one: O a. Use the gains from Australian equities to purchase more Australian stocks to exploit the momentum effect O b. Buy more Australian equities and use the profits to increase cash holdings O c. Sell the weight in Australian equities that is in excess of the target weight and re-distribute the funds in accordance with the strategic asset allocation O d. Sell the weight in Australian equities that is in excess of the target weight and hold the funds in cash O e. Sell the weight in international equities that is in excess of the target weight and re-distribute the funds in accordance with the tactical asset allocation