问题
单项选择题
Which of the following is NOT considered a constraint when preparing an investment policy statement（）
A. Liquidity needs.
B. Time horizon.
C. Risk tolerance.
答案
参考答案：C
解析：
The constraints are: liquidity needs, time horizon, taxes, legal and regulatory factors, and unique needs and preferences. Risk tolerance is included in the investment objectives of the policy statement, not in the constraints.