NO.PZ2016031101000019
问题如下：
A fixed-income portfolio is most likely to be considered non-discretionary if the client’s investment policy states that:
选项：
A.securities held at a gain must not be sold.
B.the average credit quality must be investment grade.
C.securities held in the portfolio must be issued in developed markets.
解释：
A is correct.
Such a restriction would most likely alter portfolio structure and would also be likely client specific. The restrictions in B and C are not necessarily client specific and could already be part of the investment strategy of the manager. (See Section 3.7 of the reading.)
对于债券等级、投向等均有要求，为什么BC就不是对基金经理的限制呢？
