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Closed-end fund shares historically have traded at a premium to their NAV. True O False QUESTION 21 In a Best Effort underwriting, the investment bank

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Closed-end fund shares historically have traded at a premium to their NAV. True O False QUESTION 21 In a "Best Effort" underwriting, the investment bank purchases the securities from the issuing company (thereby guaranteeing a specific price to the issuer) and then seeks its "best effort" to sell the securities to institutional investors. True False

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