QUESTION 3 HAS TWO PARTS (A， B) FOR A TOTAL OF 6 MINUTES.
　　Sarah Cole， in addition to serving as Trustee for the Hale Health Foundation， is a board member of the Glover Scholastic Aid Foundation. Glover， a community foundation with $40 million in assets， was established to provide financial assistance to students attending a regional school for the learning disabled. Glover‘s investment policy statement， written eight years ago， is as follows：“The purpose of the Glover Scholastic Aid Foundation is to provide ongoing assistance to students of the school. Investments should focus on maximizing income while avoiding any losses. The Board of Directors has a duty to preserve Glover’s assets and tax-exempt position while maximizing its ability to support the school.” Glover has a current spending rate equal to 80 percent of interest and dividend income. Presently， the Glover portfolio‘s asset allocation is 85 percent to U.S. government bonds， 10 percent to U.S. equities， and 5 percent to a U.S. money market fund. The long-term expected total annual return of the portfolio is 4.0 percent， which includes a 3.5 percent income contribution. Education costs are expected to increase by 2.0 percent annually over the long term， and the school is committed to maintaining its current size. Since joining Glover’s board， Cole has been *uating Glover‘s current risk tolerance， spending
　　policy， and asset allocation， given its mandate， current funding， and long-term goals.
　　答案：A.
        解析：Judge whether Glover or Hale has the greater ability to take risk. Justify your response with one reference each to：
　　i. Glover’s ability to take risk
　　ii. Hale‘s ability to take risk
　　(3 minutes)
　　答案：B.
        解析：Judge whether Glover is likely to achieve intergenerational neutrality with respect to current students and future students of the regional school. Justify your response with one reference each to：
　　i. Glover’s spending policy
　　ii. The Glover portfolio‘s asset allocation
　　(3 minutes)
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