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、【单选题】

A.

B.

C.

正确答案:C

答案解析:C is correct. On the one hand, because the insurance company wants to minimize tracking errors 

2、【单选题】

A.Fund A.

B.Fund B.

C.Fund C.

正确答案:A

答案解析:A is correct. Use of a longer measurement interval will help to lower annualized volatility estimates; illiquid assets or stale prices 

3、Based on Exhibit 2, relative to Portfolio C, Portfolio B:【单选题】

A.has higher cash flow reinvestment risk.

B.is a more desirable portfolio for liquidity management.

C.provides less protection from yield curve shifts and twists.

正确答案:B

答案解析:B is correct. Portfolio B is a laddered portfolio with maturities spread more or less evenly over the yield 

4、【单选题】

A.

B.

C.

正确答案:C

答案解析:C is correct. Bid–offer spreads are larger for high-yield bonds than for investment-grade bonds of similar 

5、Southwest Capital Advisors LLC manages a fixed-income composite in accordance with an enhanced indexing strategy which makes strategic use of high-yield and emerging market bonds in addition to investment grade bonds issued in developed markets. The Merrimack Company, a family office, has a portfolio that is included in the firm’s fixed-income enhanced indexing composite. Merrimack informs Southwest in writing that, due to changes in its investment policy, the portfolio can no longer hold high-yield or emerging market bonds. In accordance with the GIPS standards, Southwest decides to switch the Merrimack portfolio to another composite. The historical performance of the portfolio must be:【单选题】

A.reflected in both composites.

B.switched to the new composite.

C.retained in the enhanced indexing composite.

正确答案:C

答案解析:C is correct. Provision I.3.A.7 states, “Portfolios must not be switched from one composite to another unless documented changes to a portfolio’s investment mandate, objective, or strategy or the redefinition of the composite makes it appropriate. The historical performance of the portfolio must remain with the original composite.”