26 percent / 26%

Unit test 10

BDCDB

(1)individual (2) owned (3) managed (4) invest (5) ownership (6) shareholders (7) investors

(8) shareholders are often able to own a greater and more diverse number of stocks than if they invested directly in the stock market

(9) the investment management company sponsoring the fund issues new shares to investors and buys back shares from investors wishing to leave the fund

(10) The sponsor does not buy back or issue shares after a closed-end fund is launched, so the investor must trade them through a broker CDCAA BCADB CDADB

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