Pioneer Fund is an international equity fund with a focus on European companies. Pioneer has a net asset value of $21.62 and is offered for sale by the pioneer family of funds for $23.00. Which of the following is least likely to be accurate?

a. Pioneer is a front-loaded equity fund.

b. Pioneer is likely to exclude companies headquartered in the U.S.

c. Pioneer shareholders can reasonably expect to receive dividends and capital gains distributions.

d. Pioneer is a closed-end fund selling at a discount.