GIPS补充资料：投资政策声明（打印版）.docx

Exhibit5SampleInvestmentPolicyStatementInvestmentPolicyStatementPreparedforDavidandAmeliaKingBackgroundandInvestmeritObjectivesThiSInvestmentPolicyStatement(IPS)isdesignedtoassistDavidandAmeliainmeetingtheirfinancialobjectives.Itcontainsasummationoftheirobjectivesandexpectations,setsforthaninvestmentstructureforattainingtheseobjectives,andoutlinesongoingresponsibilities.ThepurposeofthisportfolioistosupportthecontinuationofDavidandAmeliascurrentlifestyle,providefortheirfamily'sneeds,andfundtheirphilanthropicobjectives.Maintenanceoftheircurrentlifestyleistheirprimaryobjective,followedbysupportforfamilymembersandcharitableaspirations,inthatorder.Ibmeettheseobjectives,theyanticipateneedingapproximately$350,000peryearininflation-adjustedportfoliodistributions.Inaddition,theyintendtopurchaseasecondresidencewithinthenexttwoyears.TheyexpectthepurchasepriceforthesecondresidencetobeapproximatelyS1.5million.DavidandAmeliahavenotarticulatedaspecificdollaramountthattheyintendtoleavetotheirchildren,noraspecificdollaramountthattheywishtoleavetocharityattheirdeath.Thewealthmanagerwillcontinuetoworkwiththemtoquantifytheseobjectives.Inestablishingtheirassetallocation,DavidandAmeliahaveconsideredtheircurrentassetsandexpectedcashneeds,11>eyareseekingtoachieveahigherlongtermrateofreturnandarewillingtoa&sumetheassociatedportfoliovolatility.PortfOlioAccountsTaxablejointaccountforDavidandAmeliaTax-deferredaccountforDavidTax-deferredaccountforAmeliaCurrentCombinedMarketValue$12,250,000InvestmentParametersRiskToleranceThwealthmanagerhasdeterminedthatDavidandAmeliaareableandwillingtowithstandshort-andintermediate-termportfoliovolatility.Theyrecognizeandacknowledgetheanticipatedlevelofportfoliovolatilityassociatedwiththeirassetallocation(asillustratedintheModeledPortfolioBehaviorsectionoftheAppendix).InvestmeritTimeHorizonDavidandAmeliahaveaninvestmenttimehorizonthatexceeds15years.AssetClassPreferencesTheKingsandtheirwealthmanagerhaveselectedthefollowingassetclasses:Short-termdebtinvestmentsIntermediate-termbondsUSstocks(continued)Exhibit5(Continued)Non-USstocksGlobalrealestatesecuritiesOtherInvestmentPteferenCeSTheKingswishtomaintaintheirpositionsinAcmeManufacturing,Inc.,whichAmeliareceivedthroughinheritance,andArtfulPublishing,Ltd.,whichisherformeremployer.Neitherpositionrepresentssignificantconcentrationriskinthecontextoftheirbroaderportfolio.DavidhasaninterestinaprivaterealestatelimitedpartnershipthatinvestsprimarilyinofficebuildingsthroughoutAsia.1hewealthmanagerhastakenthisexposureintoconsiderationindesigningthebroaderassetallocation.1.iquidityPreferencesDavidandAmeliawishtomaintainwithintheirportfolioaminimumcashbalanceof$50,000.TheytypicallymaintainamoresizablecashbalanceattheirPrimarybank.ConstraintsAmelia'spositioninArtfulPublishing,Ltd.,hassignificantembeddedcapitalgains.PortfolioAssetAllocationLowerRebalancingLimitStrategicAllocationUPPErRebalancingLimitShorttermdebtinvestments8%10%12%Intermediate-termbonds16%20%24%USstocks30%35%40%Non-USstocks20%25%30%Globalrealestatesecurities8%10%12%GlobalReal Estate SecuritiesShot-Ti'mDebtInvest meritsPortfolioManagemeritDiscretionaryAuthorityThewealthmanagerwillimplementdiscretionaryportfoliochangesrelatedtorebalancingtheportfolio,investingnewdeposits,andgeneratingliquiditytomeetwithdrawalrequests.Thewealthmanagerwillreviewwiththeclient,priortoimplementation,theadditionofnewpositionsortheeliminationofexistingpositions.RebalancingThewealthmanagerwillreviewtheportfolioonatleastamonthlybasis.RebalancingwillbedeterminedbythelowerandupperassetclasslimitssetforthinthePortfolioAssetAllocationsectionoftheIPS.ImplementationTbimplementtheinvestmentstrategy,thewealthmanagerwillutilizethird-partymoneymanagersviamutualfunds,exchange-tradedfunds(ETFs),andseparateaccountsOfindividualsecurities.Thewealthmanagerconductsaquarterlyduediligenceprocesstoevaluaterecommendedmanagersaswellastheuniverseofotheravailablemanagers.ThiSprocessinvolvesquantitativeriskandreturncomparisonstoappropriateindexesandpeergroups,aswellasqualitativeassessmentsofotherfactorsthatmayimpactamanagersabilitytoperforminthefuture.Moreinformationaboutthisprocessisavailableattheclient'srequest.DutiesandResponsibilitiesWealthManagerResponsibihtiesThewealthmanagerisresponsibleforthefollowing：DevelopinganappropriateassetallocationSelectinginvestmentoptionsImplementingtheagreed-uponstrategyMonitoringtheassetallocationandrebalancingwhennecessaryMonitoringthecostsassociatedwithimplementingtheinvestmentStrategyMonitoringtheactivitiesofotherservicevendors(e.g.,custodians)DraftingandmaintainingtheIPSPerformancereportingTaxandAnancialaccountingreportingProxyvotingIPSReviewTheclientwillreviewthisIPSatleastannuallytodeterminewhethertheinvestmentobjectivesarestillaccurate.ThewealthmanagerwillreviewthisIPSatleastannuallytoevaluatethecontinuedfeasibilityofachievingtheclie