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Which of the following statements is false regarding closed-end funds? a. There are far fewer closed-end funds than there are open-end funds. b. Closed-end funds

Which of the following statements is false regarding closed-end funds?

a. There are far fewer closed-end funds than there are open-end funds.

b. Closed-end funds always trade at their net asset value.

c. Closed-end funds may trade on organized exchanges or in the over-the-counter market.

d. Closed-end funds have a fixed number of shares.

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