QUESTION 8 HAS ONE PART FOR A TOTAL OF 12 MINUTES.
　　Matthews Advisors， an active sector rotation fixed income manager for the Windsor Foundation，
　　claims compliance with the Global Investment Performance Standards (GIPS？). In its annual performance report to the Investment Committee of Windsor， Matthews made the following five
　　statements：
　　1. “Matthews Advisors does not include benchmark returns in its performance report.”
　　2. “To show performance returns since our inception， Matthews Advisors has linked non-GIPS-compliant performance to our five years of GIPS-compliant returns.”
　　3. “Matthews Advisors manages the fixed income portion of its employee pension plan using an active sector rotation strategy and includes the account in the composite shown. This account does not pay a management fee.”
　　4. “Matthews Advisors uses swap instruments to enhance returns in fixed income portfolios under management.”
　　5. “All the portfolio managers from the fixed income investment advisor Mayer， Garcia and Nicks (MGN) joined Matthews Advisors in May 2001. The MGN performance record has been linked to the performance record of Matthews Advisors.”
　　Explain one additional requirement that Matthews Advisors must satisfy for each of Matthews‘
　　statements 2 through 5 to be in compliance with the Global Investment Performance Standards
　　(GIPS).
　　Note： Statement 1 in the Template for Question 8 is completed as an example.
　　Answer Question 8 in the Template provided on pages 49 and 50.
　　(12 minutes)
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