书上说 Presentations and reports to a single prospective or existing client are not considered advertisements despite the fact that a number of people may be in attendance, such as a board of trustees or the members of an investment committee.
那么就是说，如果投资公司正在管理pension fund, sponsor (应该是trustee?)就不算client。只有真正beneficiary才算client。 这样理解对吗？
