问一道题：NO.PZ2016031101000025 [ CFA III ]

回答您的评论。

讲义和handbook中的原文是 "For periods ending on or after 1 January 2011, FIRMS MUST present, as of each annual period end, the three-year annualized ex-post standard deviation." 

注意"as of each annual period end". 现在2011-01-01之后只有1个quarter的数据，而且return是不能annualized的。所以这个时候不需要present three-year annualized ex-post standard deviation of composite.

three-year annualized ex-post standard deviation of composite 是在2011年以后才需要披露，而且是在年末。本题中最新的日期是2011年1st quarter, 所以three-year annualized ex-post standard deviation of composite这一项不是必须的。