Assertion: fund | /r/CapableOf | enter into an underwriting agreement
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text: Most closed-end funds offer shares to the public through an underwriting syndicate.2 Immediately prior to the effective date of the fund's registration statement under the Securities Act, the fund and the final group of syndicate members enter into an underwriting agreement at which time the syndicate members become principal underwriters of the fund.3 Underwriting syndicates typically consist of 10 to 50 participants, and pursuant to the underwriting agreement agree to purchase from the fund a fixed number of shares at a fixed price.