Portfolio A has a higher total risk but lower total return than the market portfolio. which of the following is least likely?

	A.	Portfolio has a beta that is lower than 1.
	B.	Portfolio A has a relatively high unsystematic risk.
	C.	Portfolio A cannot possibly lie on the SML (security market line).

Martha Stevens, CFA, is an investment manager who uses her friend, Robert James, exclusively for her clients' brokerage transactions. James provides better services than other brokers in return for a slightly higher price, which Stevens believes is justified. Which of the following statements is most accurate?

	A.	Stevens is in violation of Standard III (A): Loyalty, Prudence, and Care.
	B.	Stevens is in violation of Standard III (B): Fair Dealing.
	C.	Steven has not violated any standard.