答案和详解如下： Q1. With regard to diversification, which of the following statements best summarizes a manager’s fiduciary responsibility under the Prudent Investor Rule (PIR)? A) The manager always has a duty to diversify in a way that no more than 5% of the client’s assets are in the securities of a single issuer, with the exception of sovereign debt such as U.S. government securities. B) The manager always has a duty to diversify in a way that no more than 5% of the client’s assets are in the securities of a single issuer. C) The manager has a duty to diversify client assets unless it is in the client’s best interests not to diversify. Correct answer is C) The PIR requires the manager to diversify unless it is in the client’s interest not to diversify. For example, the client may have a small business exposure that he seeks to offset by going short in a set of securities that are concentrated in a specific industry. This would be permissible if the lack of diversification were deemed to be in the best interest of the client. Q2. Which of the following fiduciary standards is carried over from the old Prudent Man Rule to the new Prudent Investor Rule?
A) Partiality. B) Professionalism. C) Loyalty. Correct answer is C) Loyalty is the only term listed that is included. Loyalty means the absence of conflicts of interest and acting in the best interest of beneficiaries. Q3. Xavier Newsome, CFA, serves as trustee for the Block Corporation's trust. Newsome is 31 years old. The trust requires a certain amount of current income to support Mr. Block's widow. After her death, the trust proceeds will go to the Block grandchildren. Newsome is a member of a running club as are several of the Block grandchildren. As part of his duties as trustee, Newsome makes portfolio decisions that favor growth of the principal and puts the current income at risk. Has he violated any fiduciary standards? A) No, because he acted impartially. B) Yes, because he did not use caution. C) Yes, because he did not act impartially. Correct answer is C) Newsome was not impartial with respect to the current income beneficiary relative to the remaindermen interests. (Remaindermen referes to the group that is to receive the remainder of the trust once its term is complete. Of course, some trusts never expire so not every trust has remaindermen.) This could also be perceived as a loyalty violation in that he did not act in the best interest of all beneficiaries. Caution deals with the investment decisions of the portfolio. Q4. The Standard on portfolio investment recommendation and actions requires a degree of diligence and expertise that is closest to the: A) Prudence Man Rule. B) New Prudent Investor Rule. C) Diligent Person Rule. Correct answer is B) The Standard requires elements of portfolio theory and expertise that are foundations of the New Prudent Investor Rule. Q5. When we describe fiduciary duty as being process-oriented and dynamic this means that the fiduciary responsibility will be properly discharged if the manager: A) implements a process that views asset risk in isolation and updates these risk estimates on a regular basis. B) develops an investment policy statement that is suitable for the client and reviews the client's situation on a regular basis. C) implements a process that yields returns that are above average on a risk-return basis and updates the process over time. Correct answer is B) Process-oriented means that there is a focus on the investment process, and that this is embodied in an investment policy statement that considers the client’s circumstances and risk-tolerance. Dynamic means that the investment process should change over time to take into account changes in the client’s circumstances. A review of the client’s circumstances is mandated to occur no less frequently than annually–more often if there is a major change in circumstances. | 
发表于 2009-1-8 11:31
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