Exhibit 25 -Refer to Exhibit 25

question 54

Multiple Choice

Exhibit 25.10
Use the Information Below for the Following Problem(S)
Consider the following information for a portfolio manager:
$$\begin{array} { l c c c c } & \text { Policy } & \text { Actuial } & \text { Index } & \text { Astual } \\& \text { Weieht } & \text { Weieht } & \text { Returns } & \text { Returns } \\\hline \text { Stacks } & 0.65 & 0.7 & 0.11 & 0.12 \\\text { Bonds } & 0.3 & 0.25 & 0.07 & 0.08 \\\text { Cash } & 0.05 & 0.05 & 0.03 & 0.025\end{array}$$
-Refer to Exhibit 25.10.Calculate the percentage return that can be attributed to the asset allocation decision.

• A) 0.105%
• B) 0.925%
• C) 0.20%
• D) 0.96%
• E) 0.94%

---

Definitions:

Income Statement

A financial report showing the company’s revenues, expenses, and profits over a specific period of time.

Administrative Expense

Costs related to the general operation of a business that are not directly tied to producing goods or services, such as salaries of office staff and utilities.

Other Expense

Expenses that cannot be traced directly to operations.

Unusual Item

An uncommon or rare event that affects a company's financial statements, not expected to recur frequently.