2020年CFA考试《CFA三级》考试共240题，分为单选题。小编为您整理Fixed-Income Portfolio Management (1)5道练习题，附答案解析，供您备考练习。

1、【单选题】

A.Portfolio 1

B.Portfolio 2

C.Portfolio 3

正确答案:B

答案解析:B is correct. In the case of a single liability, immunization is achieved by matching the bond portfolio’s 

2、Is Perreaux correct with respect to key features of cash flow matching?【单选题】

A.Yes.

B.No, only Feature 1 is correct.

C.No, only Feature 2 is correct.

正确答案:B

答案解析:B is correct. Cash flow matching has no yield curve or interest rate assumptions. With this 

3、Is Monts’s Statement 4 most likely correct?【单选题】

A.No, because callable bonds would underperform

B.No, because putable bonds would not provide protection

C.Yes

正确答案:A

答案解析:Callable bonds significantly underperform non-callable bonds when interest rates decline because of their negative convexity. When the bond market rallies, callable structures do not fully participate given the upper boundary imposed by call.

4、【单选题】

A.full replication.

B.active management.

C.an enhanced indexing strategy.

正确答案:C

答案解析:C is correct. Under an enhanced indexing strategy, the index is replicated with fewer than the full set of 

5、【单选题】

A.Bullet portfolio

B.Barbell portfolio

C.Laddered portfolio

正确答案:C

答案解析:C is correct. The laddered approach provides both diversification over time and liquidity. Diversification