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Tony Calaveccio, CFA, is the manager of the TrustCo Small Cap Venture Fund in Toronto. He places trades for the fund with River City Brokerage. River City provides Calaveccio with soft dollars to purchase research. River City also deals in municipal bonds, some of which Calaveccio holds in his personal portfolio. He periodically uses the soft dollars to request research reports on various small cap stocks and also on the status of the municipal bond market and issues that he holds. These actions are: A. not in violation of the Code and Standards. B. in violation of his fiduciary duties regarding both the small cap research and the municipal bond research. C. in violation of his fiduciary duties regarding the municipal bond research but not so regarding the research on the small cap issues. |