Question 1 - Answer states a return objective of 11% to meet her needs and maintain the purchasing power of her portfolio. Question 2 - Asks you to choose allocation bands to asset classes that are in line with her IPS from question one. The only possible way to meet the objective of 11% return is too choose a higher allocation to REITS and International equities. (US equities only has an expected return of 8.5%, obviously bonds and cash below that) The answer provided by schweser seems to completely ignore her return objective and base all decisions on her risk tolerance. Based on the asset classes and the expected returns there is no way to meet the stated return objective while also maintaining a low risk portfolio. Anyone notice this contradiction? I’m hoping the CFA exam won’t steer us in the wrong direction by asking us to meet return objective that is impossible based on the risk tolerance and the provided expect returns. Please let me know if you have an opinion on this.