Which of the following statements best describes the characteristics of an open-end mutual fund?

A. Funds may sell as many shares as they wish, the size of the fund is dependent on the buying and selling of the shareholders but not the NAV, and the fund may be closed to new investors at any time.
B. Funds may sell as many shares as they wish, the size of the fund is dependent on the buying and selling of the shareholders as is the NAV, and the fund may never be closed to new investors.
C. Funds may sell a limited number of shares, the size of the fund is dependent on the buying and selling of the shareholders but not the NAV, and the fund may be closed to new investors at any time.
D. Funds may sell as many shares as they wish, the size of the fund is fixed when it is initially opened so investor demand will drive the NAV, and the fund may be closed to new investors at any time.