【正确答案】 A

【答案解析】Limiting the tax liability may be a wise move depending on an investor"s circumstances, but it should not be the primary objective of the portfolio management process. Satisfying the investor"s risk, return, liquidity, and other constraints are primary objectives. Addressing the tax liability should be addressed after the primary objectives have been satisfied. Rebalancing the portfolio is part of the "monitor and update" step. Allocating assets is part of the "implement the plan" step. Identifying goals and restraints is part of the "write a policy statement" step.