答案和详解如下： 1、Adequate investment policy disclosure typically means clearly identifying the policy in: A) a tombstone advertisement in the Wall Street Journal or Financial Times. B) the annual report. C) the prospectus. D) an annual letter to all fund shareholders. The correct answer was C) Adequate disclosure is typically accomplished by clearly stating the policy in the prospectus. 2、BlueRock Fund uses a proprietary asset selection model that it believes gives the firm a competitive advantage. The model is applied to a universe of all small-cap domestic equities and all publicly-traded corporate bonds. The asset allocations generated by this model range from +200 percent in small-cap equities/-100 percent in bonds to +200 percent in bonds/-100 percent in small-cap equities. Since the fund can invest in both equities and bonds, it is classified as a balanced fund. In the prospectus BlueRock describes the fund’s investment policy as “a balanced fund, with 50 percent of the assets invested in bonds and 50 percent in equities, on average.” On this basis, BlueRock is: A) not in violation of any CFA Institute Standard. B) in violation of CFA Institute Standards since it has failed to distinguish between facts and opinions. C) in violation of CFA Institute Standards concerning the disclosure of security selection and portfolio construction processes. D) in violation of the CFA Institute Standard concerning Fiduciary Duty. The correct answer was C) Clearly, the risk profile of this fund is much different from a typical balanced fund. In fact, it could be effectively described as a hedge fund if +200/-100 allocations are typical. BlueRock is in violation of the Standard concerning disclosure of security selection and portfolio construction processes.
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发表于 2008-5-20 09:55
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