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A portfolio manager at an endowment fund expects inflation to increase over the intermediate to long term. How should the return objective of the investment policy statement reflect these expectations? A. An exclusive income oriented approach should be adopted so that spending requirements can be met in the impending inflationary environment. B. A total return objective should be pursued so that spending requirements are met, while at the same time purchasing power of fund assets is maintained. C. An exclusive capital gain oriented approach should be followed so that purchasing power is preserved, while at the same time spending requirements must be reduced. |