The least likely reason for constructing an investment policy statement is that it ______

A. minimizes the costs of portfolio construction.
B. helps investors create realistic investment goals.
C. establishes a performance benchmark to judge manager performance.

Correct Answer: A

This is not a reason for constructing an investment policy statement. The two reasons are: 1) it helps investors create realistic investment goals, and 2) it identifies a benchmark portfolio that will be used to judge the performance of the portfolio manager.