For each of the following statements, indicate whether the statement applies to an open-end mutual fund, a closed-end mutual fund, both, or neither.

Statement	Answer
Allows an individual investor to effectively own hundreds of different stocks or bonds with a relatively small investment.
An investor who wants to acquire shares must buy them from another investor on the open market.
Buy and sell orders are filled only at the end of the trading day, not during the trading day.
Consistently perform better than the market as measured by a benchmark.
Purchasing shares in the fund gives you partial ownership in a portfolio of securities.
The purchase price of the fund is the funds net asset value.
The purchase price of the fund may be at a premium or discount to the net asset value.
When an investor sends cash to the fund, new shares are created by the fund for that investor.
When buying shares through a broker, you pay a standard commission just as you would with a stock.
When purchasing shares in the fund, you may pay a substantial commission called a load.