2020年CFA考试《CFA三级》考试共题，分为。小编为您整理Portfolio Management for Institutional Investors5道练习题，附答案解析，供您备考练习。

1、MF is most likely a(n):【单选题】

A.operating foundation.

B.independent foundation.

C.community foundation.

正确答案:B

答案解析:MF is an independent foundation. An independent (or private) foundation is a grant-making organization established to aid social, educational, charitable, or religious activities. The decision-making authority lies with the donor, members of the donor's family, or independent trustees. At least 5% of the 12-month average asset value constitutes an annual spending requirement. Independent foundations generally do not engage in fund raising campaigns and may not receive any new contributions from the donor nor receive any public support.

2、An appropriate element of the investment policy statement for CHM Corporation’s pension plan is most likely a specification of:【单选题】

A.investment alternatives.

B.return objectives.

C.strategic asset allocation.

正确答案:A

答案解析:For participant-directed defined contribution pension plans, such as the one offered by CHM Corporation, the investment policy statement describes the investment alternatives offered. It does not describe risk and return objectives, constraints, or strategic asset allocation; those decisions are made by the plan participants.

3、Regarding the comparison of the CYE and MF portfolios, which of Kuzmych conclusions is most likely?:【单选题】

A.Conclusion II

B.Conclusion I

C.Conclusion III

正确答案:C

答案解析:The only correct conclusion is that both the foundation and endowment portfolios have long time horizons. The foundation has no obligation to balance the needs of current and future beneficiaries. CYE has a high tolerance for risk with its long time horizon and ability to replenish itself through donations.

4、【单选题】

A.liquidity requirements.

B.time horizon.

C.risk tolerance.

正确答案:A

答案解析:Foundations have lower liquidity requirements than banks because they mostly consist of anticipated grant needs. Foundations also have higher return objectives and tolerance for risk than banks, as well as much longer time horizons.

5、When comparing investment objectives and constraints, Alpha and Omega most likely have similar:【单选题】

A.return objectives.

B.risk tolerances.

C.legal and regulatory constraints.

正确答案:C

答案解析:Both Alpha and Omega are mutual funds, a type of investment company. They would share similar legal and regulatory constraints, such as a need to describe their objectives, constraints, and costs in legally prescribed formats (e.g., a prospectus). However, they would have different risk and return objectives that would match different needs in investor portfolios.