Jack Watkins purchased 50 shares in the New York High Performance Mutual Fund. He paid no commission charges to buy the fund, and there are no redemption fees. Which of the following terms describes this mutual fund?

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A "no-load" mutual fund is a fund that does not charge any fees or commissions when shares are bought or sold. This means that Jack Watkins did not pay any commission charges to buy the fund and there are no redemption fees, making the New York High Performance Mutual Fund a no-load mutual fund. Closed-end funds, on the other hand, issue a fixed number of shares and trade on an exchange like stocks, typically at a price that is either above or below their net asset value (NAV). Income and load are not relevant terms in this context. Open-end funds are traditional mutual funds that continuously issue new shares and redeem existing ones at the NAV, but they may charge commission fees.

Jack Watkins Purchased 50 Shares in the New York High