Drop Boxes

1. closed-end, open-end

2. is, is not

3. are, are not

Open-End Fund Closed-End Fund Statement These funds do not issue new shares in response to demand. Transactions in this type of fund are usually carried out at a discount or premium to the underlying net asset value of the fund's portfolio. From the table, you can see that mutual funds can be broken down bridly according to the fund's organization. The term mutual fund usually refers funds, but, on a practical basis, it refers to both open and closed-end funds. Exchange-traded funds (ETFs) are a particular kind of mutual fund that has characteristics of open-end funds in that the number of shares fixed, but they are similar to closed-end funds because the shares publicly traded