NO.PZ2015122802000058
问题如下：
Reconstitution of a security market index reduces:
选项：
A. portfolio turnover.
B. the need for rebalancing.
C. the likelihood that the index includes securities that are not representative of the target market.
解释：
C is correct.
Reconstitution is the process by which index providers review the constituent securities, reapply the initial criteria for inclusion in the index, and select which securities to retain, remove, or add. Constituent securities that no longer meet the criteria are replaced with securities that do. Thus, reconstitution reduces the likelihood that the index includes securities that are not representative of the target market.
考点：Reconstitution
定期调整成分股（即reconstitution）可以有效降低指数包含的成分股偏离它的目标市场的情况。打个比方小盘股指数中有一家公司慢慢发展成熟变成大公司，那么它就不再是小盘股了，此时指数要把它剔除，这一过程就是reconsitution.
答案C是什么意思？另外constituent securities 是什么意思
