What one of the following descriptions is not true?
A. Cash-flow matching requires a relatively conservative rate of return assumption for short-term cash and cash balances may be occasionally substantial
B. Cash-flow matching is essentially fully invested at the remaining horizon duration
C. Funds from a cash-flow matched portfolio must be available when each liability is due because of the difficulty in perfect matching
D. Because the reinvestment assumption for excess cash for cash-flow matching extends many years into the future, a conservative interest rate assumption is appropriate