1. Which of the following strategies violate all three forms of the Efficient Market Hypothesis?

   [I] Shorting companies with non-English names and buying companies with English names consistently generates abnormal profits for investors.

   [II] Shorting companies that announce negative accounting profits and buying companies that announce positive accounting profits consistently generates abnormal profits for investors.

   		I only
   		II only
   		I and II
   		Neither

2. Johnny has $25,000 in savings that he wishes to invest in the NCT Growth Fund. The fund has a 0% front-end load and a 4% back-end load. With the entire $25,000, he is able to buy 1,000 shares of the fund. What is the current NAV of the fund?

		$24
		$25
		$26
		None of the above

3. The KDL Fund has a front-end load of 3%, a back-end load of 2% and an expense ratio of 1%. NAV of the fund at the beginning of the year (t=0) is $20. During the year, the fund paid out dividend distributions of $0.60 to investors. Assume the stocks in the KDL Fund went down by 10% during the year. What is the NAV at year end (at t=1)?

1. 		$17.22
   		$17.82
   		$18.00
   		$18.42
   		None of the above

4. The Winwin Growth Fund has a beginning-of-year NAV of $23. During the year, the assets of the fund grew by 5.5%. The fund has a 2.5% expense ratio and 0.5% 12b-1 fee. What is the end-of-year NAV of this fund?

		$23.54
		$23.66
		$25.35
		$24.27
		None of the above