Exhibit 20

question 17

Multiple Choice

Exhibit 20.10.SHY (NYSEARCA: SHY) is a 1-3 year Treasury bond fund which is considered to be a market neutral position.Using the S&P 500 as a benchmark and five years of monthly log-return data,the rank correlation coefficient of SHY with the S&P 500 is found to be . Refer to Exhibit 20.10.Since the sample size is greater than 10 and can be assumed to follow a normal distribution,the value of the test statistic is

• A)-2.20
• B)-2.18
• C)2.18
• D)2.20

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Definitions:

Inventory

The total amount of goods and materials held by a company to support production, fulfill orders, and maintain service levels.