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Three of Nagy’s four statements were correct, for a score of 75%. Statement 1 is correct – a bank’s portfolio is concerned with funding liabilities, and therefore requires more fixed income instruments, while an insurance company’s surplus portfolio is focused on growth. Statement 2 is also correct – the portfolio that funds an insurance company’s fixed annuities is likely to rely more on fixed income securities, while the endowment has more of a total return focus. Statement 3 is incorrect – an insurance company’s surplus portfolio is very aggressive and should therefore have more emerging market equities than an endowment that likely spends a portion of its portfolio each year. Statement 4 is correct – the private foundation has an annual spending requirement and therefore is likely to have higher liquidity needs than a pension fund with a small number of retired employees relative to working employees.