During a financial crisis, spread sensitivity to withdrawals from funds specializing in high-yield securities will most likely: increase. decrease. remain the same. Question 11 In segments where active management adds little value, fixed-income portfolio managers would most likely improve portfolio liquidity by adding: an equity for fixed-income asset swap. liquid alternatives to individual bond trades. o longer-maturity, illiquid bonds to capture the illiquidity premium. Question 12 Portfolio managers most likely measure and attempt to manage tail risk based on: value at risk (VaR). incremental value at risk (IVAR). analysis of how portfolios behave during historical and user-defined scenarios. Question 13 A credit default swap (CDS) model would be most likely to discount future payments based on the: hazard rate multiplied by the swap zero curve rate. non-Bayesian probability of default multiplied by the MRR curve rate. non-Bayesian probability of default multiplied by the swap zero curve rate