问题如下：
4. Are the performance reporting procedures described by the fund’s administrator consistent with the required disclosure standards of the Asset Manager Code?
选项：
A. Yes.
B. No, because the AMC requires firms to report performance to all clients on a monthly basis.
C. No, because the AMC requires firms to provide performance on a monthly basis when requested by clients.
解释：
A is correct.
The performance reporting procedures described by the administrator are consistent with the Asset Manager Code (AMC) which requires disclosing the "performance of clients’ investments on a regular and timely basis." The AMC recommends that "managers should report to clients at least quarterly, and when possible, such reporting should be provided within 30 days after the end of the quarter." The AMC also states that "at a minimum, Managers should provide clients with gross- and net-of¬fees returns." Because quarterly reporting is the recommended minimum, managers may choose to provide more timely performance to clients.
答案里说 要求gross of fee和net of fee都要披露（and） 但我记得GIPS里说的是披露一个就可以呀？需要两个都披露吗？
