1. Closed-end funds generally invest in securities and financial instruments that are rela- tively illiquid, whereas most mutual funds invest in widely traded stocks and bonds. Ex- plain the difference between closed-end and open-end funds and why this liquidity distinction matters.
2. What is the difference between a load fund and a no-load fund?
3. Should you care about how well a mutual fund is diversified? Why or why not?
4. As an investigator evaluating how well mutual fund managers select undervalued stocks or project market returns, discuss whether net or gross returns are more relevant.