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Free CFA Asset Allocation Practice Questions & Answers
500 exam-style Asset Allocation questions. Pick your answer, hit Check answer, and see the worked solution — free to start, no signup.
100% free · No login to startQuestion 211
An investment committee proposes combining 'domestic large-cap equities' and 'domestic small-cap equities' into a single asset class labeled 'domestic equities.' What criterion for proper asset class specification does this MOST likely violate?
Select an option first.
Correct answer: B — Assets within an asset class should have similar statistical and descriptive attributes — large-cap and small-cap have meaningfully different risk/return characteristics and should be treated separately for precise SAA
Explanation: B is correct: Assets within an asset class should share similar descriptive and statistical properties. Large-cap and small-cap equities have historically different return profiles, volatilities, and factor exposures (large-cap vs. small-cap premium). Combining them loses the ability to manage these differences deliberately in the SAA. A is wrong: Combining classes actually reduces coverage breadth. C is wrong: Large-cap and small-cap are correlated with each other — the issue is their internal differences, not cross-class correlation. D is wrong: Both are highly liquid, so liquidity is not the specification concern here.
Question 212
A portfolio manager notices that her domestic equity and domestic fixed income allocations both have significant exposure to changes in domestic currency value. She considers this when setting asset allocation weights. What concept is she applying?
Select an option first.
Correct answer: B — Risk factor analysis — identifying overlapping risk factor exposures across asset classes to better understand hidden correlations and true diversification
Explanation: B is correct: Risk factor analysis reveals that different asset classes often share exposure to the same underlying risk factors. Both domestic equity and domestic bonds are affected by domestic currency movements — a shared risk factor. By identifying this overlap, the manager understands that the portfolio may have less true diversification than the different asset class labels suggest. A is wrong: This is a structural analysis of factor overlaps, not a short-term tactical decision. C is wrong: Currency exposure within asset classes is not a balance sheet liability. D is wrong: No rebalancing trigger is described.
Question 213
Which of the following investments best illustrates a 'store-of-value' super asset class?
Select an option first.
Correct answer: B — Gold, which holds value over time and can be exchanged for purchasing power when needed
Explanation: B is correct: Store-of-value assets provide value when exchanged or sold — they store wealth over time. Gold is the classic example: it generates no cash flow but retains value as a medium of exchange and store of wealth. A is wrong: A government bond is a capital asset — it provides a continuous flow of income (coupons). C is wrong: Wheat is a consumable/transformable asset — it can be consumed or converted into food products. D is wrong: A dividend-paying stock is a capital asset — it provides a continuous stream of income.
Question 214
A pension fund's investment consultant recommends treating private equity, domestic equity, and global equity as three separate asset classes in the SAA. A board member argues they are too similar and should be combined. What is the BEST argument for keeping them separate?
Select an option first.
Correct answer: B — Treating them separately allows the committee to explicitly manage the different risk and return characteristics — private equity has illiquidity premium, EM has higher risk and growth potential — leading to more precise risk control
Explanation: B is correct: Keeping asset classes separate allows for deliberate management of their distinct risk-return profiles. Private equity has an illiquidity premium and different return dynamics; global equity has currency exposure; domestic equity has home-market characteristics. Combining them loses the ability to explicitly allocate to these different risk sources. A is wrong: There is no universal regulatory requirement specifying asset class granularity. C is wrong: The number of managers is an operational consideration, not an asset specification argument. D is wrong: Combining or separating asset classes does not affect the MVO constraint structure.
Question 215
Factor-based asset allocation identifies risk factors such as market beta, value, momentum, and size. What is one key LIMITATION of this approach compared to traditional asset class-based allocation?
Select an option first.
Correct answer: B — Investors may not be able to directly invest in all risk factors — some factors require spread positions (long/short) or derivatives that are not accessible to all investors
Explanation: B is correct: While factor-based allocation offers superior insights into true diversification, a key practical limitation is investability. Pure factor portfolios (e.g., long small-caps, short large-caps) require the ability to short-sell and use derivatives, which is not available to all investors. Traditional asset classes like 'domestic equity ETF' are directly investable by virtually all investors. A is wrong: Factors can absolutely be combined — combining them is the whole point of factor-based allocation. C is wrong: Factor approaches don't systematically generate lower returns; outcomes depend on factor premia realization. D is wrong: Well-designed factors are specifically chosen to have low correlations with each other.
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Question 216
The global market portfolio represents all investable risky assets weighted by their total market values. In the context of capital market theory, what property makes it the theoretically ideal starting point for asset allocation?
Select an option first.
Correct answer: B — It minimizes diversifiable (idiosyncratic) risk because it is the most broadly diversified portfolio possible, leaving only systematic risk
Explanation: B is correct: By including all risky assets in proportion to their market values, the global market portfolio eliminates all firm-specific and asset-class-specific risks through maximum diversification. Only systematic (undiversifiable) risk remains. This makes it the theoretically optimal baseline portfolio — any deviation from it means either accepting unnecessary diversifiable risk or making an active bet. A is wrong: The highest return portfolio would be 100% in the highest-expected-return single asset — not the market portfolio. C is wrong: The global market portfolio has correlations with other portfolios. D is wrong: This describes the CAPM security market line relationship, not the portfolio's specific return level.
Question 217
A large institutional investor wants to implement the global market portfolio but finds it impractical to hold private equity, farmland, and private real estate directly. What is the most practical solution?
Select an option first.
Correct answer: B — Use a diversified portfolio of exchange-traded funds (ETFs) covering global equities, bonds, REITs, and commodity ETFs as a reasonable proxy for the global market portfolio
Explanation: B is correct: Since investing in illiquid private asset classes is impractical for most investors, a diversified ETF portfolio covering the major investable segments of the global market (equities across regions, bonds, REITs, commodities) serves as a practical proxy. It achieves broad diversification across accessible asset classes while approximating the global market portfolio's composition. A is wrong: Excluding alternatives loses the diversification benefit of uncorrelated asset classes. C is wrong: Equal weighting ignores the actual market-value-based composition of the global portfolio. D is wrong: A single equity ETF omits bonds, real estate, and other major asset classes.
Question 218
A portfolio manager uses long-term capital market expectations to set a 60% equity / 40% bond target allocation for a client. A separate analyst on the same team uses relative-value models to identify that domestic equities appear 15% overvalued based on current P/E ratios and temporarily shifts the allocation to 50% equity / 50% bonds. What are these two approaches called, respectively?
Select an option first.
Correct answer: B — Strategic asset allocation and tactical asset allocation
Explanation: B is correct: Setting a long-term target allocation based on capital market expectations is strategic asset allocation (SAA). Temporarily deviating from the SAA target based on short-term market views (relative valuation, business cycle) is tactical asset allocation (TAA). SAA is long-term and based on fundamentals; TAA is short-term and based on exploiting perceived mispricings. A is wrong: Dynamic allocation refers to multiperiod adjustments based on changing wealth levels, not short-term tilts. C is wrong: Goals-based and liability-relative are overarching approaches, not the specific distinction described. D is wrong: Both managers are making active decisions.
Question 219
What is the key tradeoff associated with implementing tactical asset allocation (TAA) on top of a strategic asset allocation?
Select an option first.
Correct answer: B — TAA offers the potential for alpha (outperformance) if the manager has skill, but introduces tracking error relative to the SAA benchmark and incurs additional transaction costs and monitoring expenses
Explanation: B is correct: TAA creates a deliberate mismatch between the actual portfolio and the strategic benchmark. If the manager's short-term views are correct, this produces alpha. But if wrong, it produces underperformance (negative alpha). Either way, the deviation from the SAA creates tracking error. Additional transaction costs (more frequent trading) and monitoring costs are also incurred. A is wrong: TAA increases, not reduces, transaction costs. C is wrong: TAA doesn't change the risk classification of the underlying assets. D is wrong: Short-term market timing is not reliably accurate.
Question 220
An investor believes that asset prices will mean-revert to their historical averages over time. How should this belief affect the width of rebalancing corridors for her portfolio?
Select an option first.
Correct answer: B — Narrower corridors — because when prices have moved away from fair value, mean reversion suggests they will return, so rebalancing sooner captures this opportunity and reduces drift risk
Explanation: B is correct: A belief in mean reversion means that when asset prices move far from their equilibrium values, they are expected to return. Tighter corridors trigger more frequent rebalancing, which effectively forces the portfolio to 'sell high and buy low' — capitalizing on the mean-reversion tendency. This is the opposite of a momentum investor (who would use wider corridors to 'let winners run'). C is wrong: Beliefs about market behavior are explicitly listed as factors affecting corridor width. D is wrong: Mean reversion actually strengthens the case for rebalancing — eliminating corridors would mean never rebalancing.
Question 221
A taxable investor and a tax-exempt pension fund both have the same 50% equity target with a ±5% corridor. Should these investors use the same corridor, and why?
Select an option first.
Correct answer: B — No — the taxable investor should use a wider corridor because selling appreciated equities to rebalance triggers capital gains taxes, making frequent rebalancing more costly
Explanation: B is correct: Taxes are a major cost of rebalancing for taxable investors. Each time they sell an appreciated asset to bring the portfolio back to target, they realize a taxable capital gain. A tax-exempt pension fund faces no such cost and can rebalance more aggressively. Therefore, taxable investors should use wider corridors to reduce the frequency (and therefore tax cost) of rebalancing. A is wrong: Tax status is explicitly listed as a factor affecting optimal corridor width. C is wrong: Portfolio size is not a primary driver of corridor width. D is wrong: Both investors face market risk but have very different rebalancing cost structures.
Question 222
A portfolio's equity allocation has drifted from its 40% target to 47% due to strong equity performance. The rebalancing corridor is 40% ± 6%. What should the portfolio manager do?
Select an option first.
Correct answer: D — Rebalance — the 47% equity weight has exceeded the 46% upper corridor boundary
Explanation: D is correct: The corridor is 40% ± 6%, meaning the allowable range is 34% to 46%. With equity at 47%, the upper boundary of 46% has been exceeded by 1 percentage point. A range-based rebalancing policy requires action when the corridor is breached. A is wrong: Not all drift triggers rebalancing under a corridor-based policy — only breaches of the defined band. B is wrong: The upper limit is 46%, not 47%; the corridor has been breached. C is wrong: Waiting for 50% would ignore the defined rebalancing policy.
Question 223
Why are derivatives sometimes used to implement portfolio rebalancing instead of selling underlying assets?
Select an option first.
Correct answer: B — Derivatives allow synthetic rebalancing at lower transaction costs, faster execution, and potentially lower tax consequences compared to selling the underlying assets
Explanation: B is correct: Using futures or swaps to synthetically adjust a portfolio's exposure is typically faster, cheaper (lower bid-ask spreads than trading large blocks of stock), and tax-efficient (no capital gains are realized since the underlying assets are not sold). The tradeoff is that derivatives introduce counterparty risk and require ongoing risk management. A is wrong: There is no universal regulatory requirement to use derivatives for rebalancing. C is wrong: Derivatives reduce certain costs but do not eliminate rebalancing risk. D is wrong: Derivatives track but do not systematically outperform their underlying assets.
Question 224
Higher correlations between asset classes in a portfolio argue for which rebalancing corridor adjustment, and why?
Select an option first.
Correct answer: B — Wider corridors — when assets move together, relative weights change more slowly, so the portfolio drifts less from target, making frequent rebalancing less necessary
Explanation: B is correct: When asset classes are highly correlated, they tend to move in the same direction simultaneously, meaning their relative portfolio weights stay more stable even when markets move. If both equities and bonds both increase 20%, their relative weights barely change. This reduces the likelihood of corridor breaches, so wider corridors are appropriate — they reduce unnecessary rebalancing costs without allowing dangerous risk drift. A is wrong: Low, not high, correlation causes more dramatic relative weight shifts. C is wrong: Correlation is explicitly listed as a key corridor width determinant. D is wrong: Even correlated assets can diverge significantly in returns over time.
Question 225
A portfolio manager decides to use a calendar-based rebalancing approach, reviewing and rebalancing the portfolio at the start of each quarter regardless of how much the allocations have drifted. What is the PRIMARY advantage and disadvantage of this approach?
Select an option first.
Correct answer: B — Advantage: provides discipline with minimal monitoring burden since no daily tracking of weights is needed; Disadvantage: the portfolio can drift significantly between rebalancing dates
Explanation: B is correct: Calendar rebalancing's key benefit is simplicity — the manager only needs to check and trade at predefined intervals (e.g., quarterly), removing the need for continuous monitoring. The main drawback is that between review dates, the portfolio may drift materially from its targets — especially during volatile markets — without triggering any action. A is wrong: Calendar rebalancing doesn't respond immediately to large moves; range-based rebalancing does. C is wrong: Calendar rebalancing still incurs transaction costs; it may just generate them less frequently. D is wrong: Calendar rebalancing does not maintain exact target weights between review dates.
Question 226
The nine-step strategic asset allocation process begins with 'Determine investor objectives' and ends with 'Repeat Step 7 until the optimal allocation is discovered.' What does Step 8 (Simulate results) add to the process?
Select an option first.
Correct answer: B — It tests candidate allocations under multiple simulated scenarios to verify that they meet the investor's objectives and risk tolerance across a range of market outcomes before finalizing
Explanation: B is correct: After developing candidate allocations (Step 7), Step 8 tests them by simulating how they would perform under various market conditions — including stress scenarios, different return environments, and different time horizons. This reveals whether the allocation truly meets the investor's stated objectives and risk tolerance before it is implemented, catching allocations that look good on paper but fail under adverse conditions. A is wrong: Monte Carlo simulation is a separate tool that can be used in Step 8 but is not made redundant. C is wrong: Sharpe ratio is one metric but Step 8 is a broader simulation exercise. D is wrong: Capital market expectations are inputs to the process, not replaced by simulation.
Question 227
Under a goals-based approach, an investor's overall portfolio is built by summing individual subportfolios designed for specific goals. What risk measure is most appropriate for each individual subportfolio?
Select an option first.
Correct answer: B — The probability of failing to achieve the specific goal that the subportfolio is designed to fund
Explanation: B is correct: In a goals-based framework, each subportfolio exists to achieve a specific goal with a required probability of success. The relevant risk for each subportfolio is therefore the probability that the goal is NOT achieved — i.e., shortfall risk. This directly measures whether the subportfolio is fulfilling its purpose. A is wrong: Total portfolio standard deviation is relevant for asset-only approaches, not individual goal subportfolios. C is wrong: Tracking error measures deviation from a benchmark, not goal achievement probability. D is wrong: Duration is a bond characteristic, not a goal-success risk measure.
Question 228
An investor with a very low risk tolerance needs her rebalancing corridor to be narrow. What characteristic of her portfolio justifies a narrow corridor independent of her risk preferences?
Select an option first.
Correct answer: B — The high volatility of her equity allocation means weights can drift quickly from targets, requiring tight corridors to prevent unacceptable risk buildup
Explanation: B is correct: Higher asset volatility means portfolio weights shift more rapidly. If equities are very volatile, a 5% weight drift from target can happen quickly, potentially exposing the investor to risk levels far outside what she can tolerate. Narrow corridors trigger more frequent rebalancing, keeping the portfolio closer to its target allocation and maintaining the intended risk level. A is wrong: A cash-only portfolio barely moves in value — narrow corridors would be irrelevant. C is wrong: A long horizon might reduce urgency but doesn't justify wider corridors for a low-risk-tolerance investor. D is wrong: Real estate's illiquidity actually argues for WIDER corridors due to high rebalancing costs.
Question 229
What does the 'surplus' measure in a liability-relative asset allocation framework, and what does it mean if the surplus is negative?
Select an option first.
Correct answer: B — Surplus = assets minus present value of liabilities; a negative surplus means assets are insufficient to cover obligations — the plan is underfunded
Explanation: B is correct: The surplus (or funding surplus) equals the market value of assets minus the present value of liabilities. A positive surplus means assets exceed liabilities — the plan is overfunded. A negative surplus (deficit) means liabilities exceed assets — the plan is underfunded and cannot fully meet its obligations at current values. This is the central risk measure in liability-relative investing. A is wrong: Surplus is the DIFFERENCE between assets and PV(liabilities), not their sum. C is wrong: That would be a return differential measure, not the surplus. D is wrong: Excess return is a performance measure, not the liability-relative surplus.
Question 230
In a liability-relative context, why is the standard deviation of the SURPLUS (not just the standard deviation of assets) the appropriate risk measure?
Select an option first.
Correct answer: B — Because the investor's true risk is running out of money to pay liabilities — a situation captured by surplus variability, not asset variability alone, since both assets AND liabilities can change in value
Explanation: B is correct: In a liability-relative framework, both assets and liabilities move over time, often driven by common factors (like interest rates). If interest rates fall, both bond prices and pension liabilities rise — so the surplus may be stable even though both asset and liability values changed. Using only asset volatility ignores the offsetting movements of liabilities. Surplus volatility captures the net risk that matters: whether assets will remain sufficient relative to liabilities. A is wrong: Surplus volatility can be higher or lower than asset volatility depending on asset-liability correlations. C is wrong: While regulators may reference funding ratios, the conceptual argument stands independently. D is wrong: Asset volatility is observable for pension funds.
Question 231
A pension fund has a funding ratio of 1.15. What does this mean, and what is the implication for investment strategy?
Select an option first.
Correct answer: B — Assets are 115% of liabilities; the fund is overfunded, providing a buffer that may allow a more conservative strategy to protect the surplus
Explanation: B is correct: Funding ratio = Assets / PV(Liabilities). A ratio of 1.15 means assets are 115% of liabilities — the fund is overfunded by 15%. An overfunded plan can afford to invest more conservatively (reducing the risk that the surplus erodes) or can selectively take additional risk since it has a buffer. A is wrong: A ratio of 1.15 means assets EXCEED liabilities. C is wrong: Funding ratio is not a return measure. D is wrong: Equity/bond split is a portfolio composition measure, not a funding ratio.
Question 232
Which of the following BEST describes the difference between calendar-based and range-based rebalancing approaches?
Select an option first.
Correct answer: B — Calendar rebalancing triggers on set dates regardless of drift; range rebalancing triggers when asset class weights breach defined corridor boundaries
Explanation: B is correct: The fundamental difference is the trigger mechanism. Calendar rebalancing is time-based — the portfolio is reviewed and rebalanced on a predetermined schedule (monthly, quarterly) regardless of whether weights have drifted. Range-based rebalancing is value-based — the trigger is a breach of a predefined tolerance band around the target weight. A is wrong: The size of adjustment depends on drift, not the rebalancing method type. C is wrong: Both approaches apply to all asset classes. D is wrong: Both approaches can use underlying assets or derivatives for implementation.
Question 233
The risk concept in a goals-based framework is described as the 'probability of not achieving the stated financial goal.' How does this differ from the risk concept in the asset-only framework?
Select an option first.
Correct answer: B — Asset-only risk focuses on portfolio return variability (standard deviation), which is symmetric and market-driven; goals-based risk focuses on the probability of failing to meet specific future cash flow needs, which is goal-specific and path-dependent
Explanation: B is correct: The asset-only framework measures risk as the standard deviation of portfolio returns — a symmetric, market-driven measure that treats all return variability equally. The goals-based framework asks a fundamentally different question: what is the probability of falling short of a specific future target? This focuses on the left tail of the distribution relative to a goal, not on symmetric variability. The same portfolio could have identical standard deviations but very different probabilities of meeting specific goals. A is wrong: Both can be expressed in either dollars or percentages. C is wrong: Goals-based risk can be lower or higher depending on the goal's specifics. D is wrong: They measure fundamentally different aspects of risk.
Question 234
An investor who holds mostly equities in her financial portfolio has a highly volatile income stream from being a self-employed consultant — sometimes earning very high fees, sometimes earning very little. How should this affect how her human capital is modeled in the economic balance sheet?
Select an option first.
Correct answer: B — Model it as a mix of equities and bonds, reflecting the higher uncertainty and cyclicality of consulting income compared to stable employment
Explanation: B is correct: The material states that for individuals with volatile and uncertain future wages (like commission-based or consulting income), human capital should be modeled as a mix of equities and bonds — the equity component reflects the business/income risk, and the bond component reflects the stable portion of expected earnings. This is more risk-appropriate than treating unpredictable income like a bond. A is wrong: A fixed-rate bond model implies stable, predictable income — inappropriate for volatile consulting income. C is wrong: While valuation is difficult, ignoring a significant economic asset leads to suboptimal allocation decisions. D is wrong: Real estate is a physical asset with specific characteristics, not an income volatility model.
Question 235
A pension fund wants to ensure it can always pay its retirees. It splits its investment portfolio into two parts: one portion exactly matched to meet the pension cash flows with certainty, and the rest managed aggressively for growth. Which liability-relative approach is this?
Select an option first.
Correct answer: C — Two-portfolio (hedging/return-seeking) approach
Explanation: C is correct: The two-portfolio approach (also called hedging/return-seeking) explicitly divides assets into: (1) a hedging portfolio designed to match (immunize) the liability cash flows with high certainty, and (2) a return-seeking portfolio managed independently for growth. This approach is most common for insurance companies and overfunded pension plans wanting to lock in funding while still pursuing upside. A is wrong: Surplus optimization uses a single modified MVO across all assets relative to liabilities, not a split structure. B is wrong: The integrated approach jointly optimizes both sides of the balance sheet simultaneously. D is wrong: Goals-based is for individual investors with personal goals, not institutional pension liabilities.
Question 236
What is the primary advantage of using Monte Carlo simulation to complement mean-variance optimization in asset allocation?
Select an option first.
Correct answer: B — It extends MVO's single-period framework to a multiperiod context, capturing the effects of rebalancing, interim cash flows, and taxes that a single-period model cannot account for
Explanation: B is correct: MVO is a single-period model — it identifies the optimal allocation at one point in time but cannot account for what happens over time: rebalancing costs and taxes, contributions and withdrawals, and how today's performance affects tomorrow's required return. Monte Carlo simulation generates thousands of potential future paths, showing how the portfolio might behave over multiple periods under varying conditions. It complements MVO rather than replacing it. A is wrong: Monte Carlo simulation complements MVO, not replaces it. C is wrong: Simulation does not improve the quality of input estimates. D is wrong: MCS explores a range of outcomes; it doesn't necessarily confirm the MVO optimal point.
Question 237
A portfolio has target weights: 55% equity, 30% bonds, 15% alternatives. Equity corridor: ±7%. After a market rally, equity weight rises to 63%. Has the corridor been breached?
Select an option first.
Correct answer: B — Yes — equity at 63% exceeds the upper corridor of 62%
Explanation: B is correct: Upper corridor = 55% + 7% = 62%. With equity at 63%, it has breached the upper boundary of 62% by 1 percentage point. Range-based rebalancing requires action when a corridor is breached. A is wrong: The upper limit is 55+7=62%, not beyond. C is wrong: Corridor breaches require action regardless of how 'normal' the drift appears. D is wrong: Only corridor breaches (not all drift) trigger range-based rebalancing.
Question 238
A pension fund has assets of $850 million and a present value of liabilities of $800 million. What is the surplus and the funding ratio?
Select an option first.
Correct answer: C — Surplus = $50M; Funding ratio = 1.0625
Explanation: C is correct: Surplus = Assets - PV(Liabilities) = $850M - $800M = $50M (positive, so overfunded). Funding ratio = Assets / PV(Liabilities) = $850M / $800M = 1.0625. The fund is 106.25% funded. A is wrong: 0.94 would be the funding ratio if liabilities exceeded assets. B is wrong: A negative surplus would mean the fund is underfunded. D is wrong: 1.06 rounds down from the precise 1.0625.
Question 239
A portfolio uses range-based rebalancing. Target allocation: 40% equity, 60% bonds. Corridor: ±5%. After a market sell-off, equity falls to 34%. What action is required?
Select an option first.
Correct answer: B — Rebalance — equity at 34% has breached the lower corridor of 35%
Explanation: B is correct: Lower corridor = 40% - 5% = 35%. With equity at 34%, it has breached the lower boundary of 35%. Range-based policy requires rebalancing — buy equities and sell bonds to return equity to the target range. A is wrong: 34% is BELOW the lower limit of 35%. C is wrong: The lower limit is 35%, not 40%. D is wrong: Both upper and lower corridor breaches require rebalancing.
Question 240
A pension fund has assets of $1.2 billion and liabilities with a present value of $1.5 billion. What is the funding ratio and what does this imply?
Select an option first.
Correct answer: B — 0.80 — the fund is underfunded; assets cover only 80% of obligations
Explanation: B is correct: Funding ratio = $1.2B / $1.5B = 0.80. A ratio below 1.0 means assets are insufficient to cover liabilities — the plan is underfunded. The fund has a $300M shortfall. An underfunded plan typically needs higher expected returns, higher contributions, or benefit adjustments. A is wrong: A ratio of 0.80 means underfunded, not overfunded. C is wrong: 1.25 would require assets of $1.875B. D is wrong: Fully funded requires assets = liabilities (ratio = 1.0).
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