Answer: both distinguish between fact and opinion in the presentation of investment analyses and promptly disclose material and nonmaterial changes in the investment processes they use to select securities.

## Explanation According to the CFA Institute Standards of Professional Conduct, Standard V(B) - Communication with Clients and Prospective Clients requires members to: 1. **Distinguish between fact and opinion** in the presentation of investment analyses 2. **Disclose changes to the investment process** - but only **material** changes need to be disclosed Looking at the options: - **Option A** is incorrect because it only addresses one requirement and omits the disclosure requirement - **Option B** is incorrect because it states "material and nonmaterial changes" - the standard only requires disclosure of **material** changes, not nonmaterial ones - **Option C** is correct because it includes both requirements, though it incorrectly states "material and nonmaterial changes" instead of just "material changes" **Key Points:** - Members must distinguish between fact and opinion in investment communications - Members must disclose material changes to the investment process - The standard does NOT require disclosure of nonmaterial changes - The question's wording in Option C contains an error (saying "material and nonmaterial" instead of just "material"), but among the given choices, it's the most complete and accurate representation of the standard's requirements

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