NO.PZ2016032801000016
问题如下：
Grey recommends the purchase of a mutual fund that invests solely in long-term US Treasury bonds. He makes the following statements to his clients:
I. "The payment of the bonds is guaranteed by the US government; therefore, the default risk of the bonds is virtually zero."
II. "If you invest in the mutual fund, you will earn a 10% rate of return each year for the next several years based on historical performance of the market."
Did Grey’s statements violate the CFA Institute Code and Standards?
选项：
A.Neither statement violated the Code and Standards.
B.Only statement I violated the Code and Standards.
C.Only statement II violated the Code and Standards.
解释：
C is correct.
This question involves Standard I(C) –Misrepresentation. Statement I is a factual statement that discloses to clients and prospects accurate information about the terms of the investment instrument. Statement II, which guarantees a specific rate of return for a mutual fund, is an opinion stated as a fact and, therefore, violates Standard I(C). If statement II were rephrased to include a qualifying statement, such as "in my opinion, investors may earn . . . ," it would not be in violation of the Standards.
在题干已经叙述，mutual fund只投资在美国国债，为什么不可以保证每年10%的收益率。美国国债的收益率不应该是问很稳定的，甚至可以是predicated？
