Which one of the following statements is correct concerning an open-end mutual fund which charges a front-end load?

A. The NAV is lower than the offering price

B. If an investor wishes to sell their shares, they must do by selling to another investor

C. Investors receive the offering price when shares are sold

D. The load is expressed as a percentage of the NAV

E. The number of shares outstanding was fixed at the time the fund was created