Читать книгу Form 1041 - Stephen Brooks - Страница 20

Sometimes the trust document will provide specifically how the trust principal is to be invested (for example, only in “triple A-rated bonds”). However, most of the time, the document will not specifically direct the trustee as to how to make investments; instead, the manner in which they are made is controlled by the trustee's fiduciary duty and the terms of the Uniform Prudent Investor Act (UPIA). Under the terms of the UPIA, the trustee is not restricted to one type of investment but may invest in a manner which is prudent and consistent with the trust purpose. Under the UPIA, the trustee's performance will be judged not on the basis of a single investment but rather on the basis of total return of the entire trust portfolio. The underlying premise of this approach is to allow trustees to use modern portfolio theory in analyzing risk versus return.