QUESTION 11

1. 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.

QUESTION 12

1. A mutual fund raises capital over a thirty-day period and then prevents new shareholders from participating after the deadline. This mutual fund is most likely:

   		a. A loaded fund.
   		b. A non-load fund.
   		c. An open-end fund.
   		d. A closed-end fund.