2020年CFA考試《CFA三級(jí)》考試共題，分為。小編為您整理Fixed-Income Portfolio Management (1)5道練習(xí)題，附答案解析，供您備考練習(xí)。

1、Which of Hudgens’s reasons for choosing bond mutual funds as an investment 【單選題】

A.Reason 1

B.Reason 2

C.Reason 3

正確答案:B

答案解析:B is correct. Although a significant spread between the market price of the underlying fixed-income 

2、Based on the data in Exhibit 2, Mont’s positioning of the portfolio would suggest that the sector that poses the most tracking error relative to the benchmark is:【單選題】

A.Treasuries.

B.corporate bullets.

C.MBS.

正確答案:B

答案解析:Contribution to spread duration is the key measure that provides the relative sensitivity to movements in spreads for a particular sector. The portfolio has an overweight to Treasuries on a contribution to overall duration but it is not a spread sector; a neutral position in mortgages and an underweight in corporate bonds (2.13 years in the portfolio versus 2.37 years in the benchmark). The equal weight on a nominal basis in corporate bonds implies the duration of those bonds in the portfolio is shorter than the bonds in the index, which will be less sensitive to changes in spread movement.

3、【單選題】

A.minimizes tracking error.

B.requires less risk analysis.

C.is more appropriate for socially responsible investors.

正確答案:C

答案解析:

4、【單選題】

A.Characteristic 1

B.Characteristic 2

C.Characteristic 3

正確答案:B

答案解析:B is correct. The use of an index as a widely accepted benchmark requires clear, transparent rules for 

5、Which of Olamide's comments on rolling yield is least accurate?【單選題】

A.

B.The definition of income yield.

C.The definition of rolldown return.

正確答案:C

答案解析:Rolling yield = income yield + rolldown return