One feature of a no-load mutual fund is that it invests only in stocks that pay regular dividends has zero operating expenses is a type that no longer exists commissions are waived if the fund does not reach a specified return is typically marketed directly to customers, charging no commission Question 8 1 pi Differently than open-end mutual funds, hedge funds are open to additional investments at any time funds declare all their investment strategies in the prospectus. funds require a much smaller initial investment funds invest in very limited set of securities funds' investors cannot sell shares back to the fund at any time they desire