With regard to the past performance of U$.$S$.-$based closed$-$end country funds:

A$)$most investors who can invest directly in foreign markets without incurring excessive costs are advised to do so$.$

B$)$NAVs offer superior diversification opportunities compared to the CECFs.

C$)$most investors who can invest directly in foreign markets without incurring excessive costs are advised to do so$,$ and NAVs offer superior diversification opportunities compared to the CECFs.

D$)$none of the options