Which of the following statements about Real Estate Investment Trusts is true?

Pinnacle Fund had year-end assets of \$825,000,000 and liabilities of

\$25,000,000. If Pinnacle's NAV was \$32.18, how many shares must have been held in the fund?

The Profitability Fund had NAV per share of \$17.50 on January 1, 2009. On December 31 of the same year the fund's NAV was \$19.47. Income distributions were \$0.75 and the fund had capital gain distributions of \$1.00. Without considering taxes and transactions costs, what rate of return did an investor receive on the Profitability fund last year?

You purchased shares of a mutual fund at a price of \$20 per share at the beginning of the year and paid a front-end load of 5.75%. If the securities in which the fund invested increased in value by 11% during the year, and the fund's expense ratio was 1.25%, your return if you sold the fund at the end of the year would be______%.

Assume that you purchased shares of a mutual fund at a net asset value of \$14.50 per share. During the year you received dividend income distributions of \$0.27 per share and capital gains distributions of \$0.65 per share. At the end of the year the shares had a net asset value of \$13.74 per share. What was your rate of return on this investment?

Which one of the following statements regarding open-end mutual funds is false?

You purchased shares of a mutual fund at a price of \$12 per share at the beginning of the year and paid a front-end load of 4.75%. If the securities in which the fund invested increased in value by 9% during the year, and the fund's expense ratio was 1.5%, your return if you sold the fund at the end of the year would be_____%.

Investors in closed-end funds who wish to liquidate their positions must