2020年CFA考试《CFA三级》考试共题，分为。小编每天为您准备了5道每日一练题目（附答案解析），一步一步陪你备考，每一次练习的成功，都会淋漓尽致的反映在分数上。一起加油前行。

1、Are Gilchrist’s comments regarding portfolio valuation consistent with the Asset Manager Code of Professional Conduct?【单选题】

A.No, with regard to the process used to price illiquid securities

B.No, with regard to third-party pricing services

C.Yes

正确答案:C

答案解析:Section E, Performance and Valuation, of the Asset Manager Code calls for the use of fair market values sourced by third parties when available, and when such third-party prices are not available, the code calls for the use of “good faith” methods to determine fair value. Athena’s policy appears consistent with this requirement. In terms of client reporting, monthly valuation reports would be consistent with the call for timely reporting.

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、Miller heads the research department of a large brokerage firm. The firm has many analysts, some of whom are subject to the Code and Standards. If Miller delegates some supervisory duties, which statement best describes her responsibilities under the Code and Standards?【单选题】

A.Miller’s supervisory responsibilities do not apply to those subordinates who are not subject to the Code and Standards.

B.Miller no longer has supervisory responsibility for those duties delegated to her subordinates.

C.Miller retains supervisory responsibility for all subordinates despite her delegation of some duties.

正确答案:C

答案解析:The correct answer is C. Under Standard IV(C)—Responsibilities of Supervisors, members and candidates may delegate supervisory duties to subordinates but such delegation does not relieve members or candidates of their supervisory responsibilities. As a result, answer B is incorrect. Moreover, whether or not Miller’s subordinates are subject to the Code and Standards is irrelevant to her supervisory responsibilities. Therefore, answer A is incorrect.

4、Using dollar duration and the data in Exhibit 1, how much cash does Markov's client need to rebalance the portfolio, assuming new investments are in equal proportions of one-third of each bond?【单选题】

A.$7,993,335.

B.$28,618,000.

C.$8,098,245.

正确答案:A

答案解析:First calculate the dollar duration initially and after the shift in interest rates, as shown in the table below:

5、Which portfolio in Figure 3 should be selected to immunize the multiple liabilities scenario described by Olamide?【单选题】

A.Portfolio P.

B.Portfolio Q.

C.Portfolio R.

正确答案:B

答案解析:Portfolio Q is optimal.