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5. Which of the following is not true while managing an endowment fund? A. Endowment funds run like perpetuity to keep generating cash flows B.

5. Which of the following is not true while managing an endowment fund? A. Endowment funds run like perpetuity to keep generating cash flows B. Endowment funds are tax-exempt C. Usually has below-average risk tolerance due to its very long time horizon D. Asset/fiability management (ALM) approach is often used for its strategic asset allocation E. The regulatory constraint for endowment fund is usually very little

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