Immunization Through Duration Matching of Assets and Liabilities May Be

Immunization through duration matching of assets and liabilities may be ineffective or inappropriate because

A) conventional duration strategies assume a flat yield curve.
B) duration matching can only immunize portfolios from parallel shifts in the yield curve.
C) immunization only protects the nominal value of terminal liabilities and does not allow for inflation adjustment.
D) both A and C are true.
E) all of the above are true.