问题如下：
1 Of the three attribution approaches referenced by Tolmach, the method requested by the committee:
选项：
A.is the least accurate.
uses the underlying holdings of the actual portfolio.
is the most difficult and time consuming to implement.
解释：
A is correct.
The committee described a return-based attribution, which is the least accurate of the three approaches (the return-based, holdings-based, transaction-based approaches). Return-based attribution uses only the total portfolio returns over a period to identify the components of the investment process that have generated the returns.
这一题committe要求： (1) apply the attribution method that uses only each fund’s total portfolio returns over the last 12 months to identify return-generating components of the investment process and (2) include the impact of specific active investment decisions and the attribution effects of allocation and security selection in the report。第一点看出来是return-based，第二点specific active investment decisions不是指transaction-based attribution吗？这个点在哪里呢，回去看讲义也没有找到
