答案和详解如下： 6、A given client has specified that her primary concern is preservation of principal. Last year the value of this client’s account has declined by 8 percent. Which of the following statements is TRUE? This: A) constitutes a violation of the manager's fiduciary responsibility regardless of whether the manager deviated from a properly constructed investment policy for this account. B) constitutes a violation of the manager's fiduciary responsibility only if the manager deviated from a properly constructed investment policy for this account. C) constitutes a violation of the manager's fiduciary responsibility regardless of whether or not there is a stated investment policy for this account. D) does not constitute a violation of the manager's fiduciary responsibility, regardless of the nature of the investment policy statement for the account. The correct answer was B) The key concept is that the portfolio investment decision must be process-oriented. The nature of the process is a function of the client’s specific situation and tolerance for risk, and this is embodied in an investment policy statement. So long as the investment policy statement is properly conceived and is adhered to by the manager, there is no violation of fiduciary responsibility. 7、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 yields returns that are above average on a risk-return basis and updates the process over time. B) implements a process that focuses on loss-avoidance in a dynamic manner. C) develops an investment policy statement that is suitable for the client and reviews the client's situation on a regular basis. D) implements a process that views asset risk in isolation and updates these risk estimates on a regular basis. The correct answer was C) 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. 8、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) Client Interst's Rule. C) Diligent Person Rule. D) New Prudent Investor Rule. The correct answer was The Standard requires elements of portfolio theory and expertise that are foundations of the New Prudent Investor Rule. 9、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) Yes, because he did not use caution. B) No, because he acted impartially. C) Yes, because he did not act impartially. D) No, because he acted with loyalty. The correct answer was 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. 10、Which of the following fiduciary standards is carried over from the old Prudent Man Rule to the new Prudent Investor Rule? A) Partiality. B) Timeliness. C) Loyalty. D) Professionalism. The correct answer was 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. | 
发表于 2008-5-20 16:00
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