单选题 With respect to the portfolio management process, a well-constructed investment policy statement is least likely to include:
A. investor constraints.
B. the return benchmark.
C. the specific securities that should be purchased.

【正确答案】 C

【答案解析】[解析] 投资策略说明书(IPS)中不包含购买特定证券的条款，但是对投资者的风险测评、投资目标、投资限制及收益率的基准等都有详细要求。