Which of the Following Is Not a True Statement

Which of the following is not a true statement?

A) Professional management is an especially important factor for investors purchasing a mutual fund.
B) One of the many reasons why investors purchase mutual funds is diversification.
C) With mutual funds, an occasional loss in one security is often offset by gains in other securities.
D) Mutual funds are designed to appeal to conservative investors with long-term investment goals.
E) The individual investor is responsible for choosing the right mutual fund.