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With regard to diversification, which of the following statements best summarizes a manager’s fiduciary responsibility under the Prudent Investor Rule (PIR)? A. The manager always has a duty to diversify in a way that no more than 5% of the client’s assets are in the securities of a single issuer, with the exception of sovereign debt such as U.S. government securities. B. The manager always has a duty to diversify in a way that no more than 5% of the client’s assets are in the securities of a single issuer. C. The manager has a duty to diversify client assets unless it is in the client’s best interests not to diversify. |