QUESTION 9

1. Which type of mutual fund is most likely to have the lowest investment management fees?

   		a. A bond fund.
   		b. An index fund.
   		c. A small cap fund.
   		d. An equity growth fund.

QUESTION 10

1. A closed-end fund invests in German, Finland, and Swiss equity securities with a market value of 120 million. The fund has 4 million outstanding shares, and trades at a 5% discount from its net asset value. The price per share is closest to:

   		a. 28.50.
   		b. 29.50.
   		c. 29.85.
   		d. 30.00.