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　　1.Immunization is the process of offsetting the effects of interest-rate changes on the value of assets and liabilities. Coverage of liabilities with significant convexity may be more effectively matched with a:
　　A. Bullet portfolio with little convexity.
　　B. Callable bond portfolio, especially in a declining-ratc environment.
　　C. Mortgage portfolio, especially in a highly volatile rate environment.
　　D. Barbell portfolio with positive convexity.
　　2.Compared to traditional ways to invest, hedge funds general1y are, as a vehicle for investment:
　　A. More risky, because they are smaller and less diversified.
　　B. Less risky, because they are managed by small, more efficient teams.
　　C. More risky, because they are more leveraged.
　　D. Less risky, because they hedge their positions.
　　3.ln many instances securitization can offer a company significant bcnefits. In assessing the risk of investing in the stock of a bank that regularly sccuritizcs assets in a highly commoditized market versus one that does not securitize assets,which ofthe following statements is most accurate:
　　A. The effect of the accounting treatment given the securitization by the securitizer might cause misleading *uations when comparing the financial statements of the two banks.
　　B. Most securitizers provide only minimal credit supp0l1 for their securitization.
　　C. The commoditization of the underlying market reduces your risk of investment in the bank that securitizes the assets.
　　D. The selling of the securitized assets results in a high level of risk transference allowing you to increase your risk-adjusted position allocation to the bank that regularly securitizes assets.
　　Answer:
　　1.D
　　Barbell portfolios usually contain substantial convexity, which can be used to offset changes in liabilities not met with duration matches.
　　2.C
　　It is true that hedge funds are more highly leveraged than traditional managed portfolios, which makes them more risky.
　　3.A
　　A is the most accurate. The accounting treatment of a securitized asset can dramatica!ly alter the look of an income statement and balance sheet.
　　B is not accurate. Most securitizers retain a material amount ofrisk either directly or indirectly through the support they give to the securitization.
　　C is not accurate. Commoditization of an asset only decreases the risks inherent in that particular investment, but would increase the risk of a bank's business model as the market becomes more securitized by reducing margins resulting in increased corporate risks.
　　D is not accurate. The size ofthe risk transfer depends on the amount ofrisk retained by the bank.
　　As stated above, most securitizers retain a material amount of risk either directly or indirectly through the support they give to the securitization.