Palma de Cima College’s €10 million endowment fund is not allowed to spend any
contributed capital or any capital gains. The fund may only spend investment earnings. The fund is
expected to need between €500,000 and €1,000,000 to pay for new lab equipment for the
science building. Which of the following is/are true?
I. The fund should have a target rate of return of at least 10%.
II. The limitations on spending require the fund to limit its considerations to
growth stocks.
III. The requirement to spend money out of the fund this year provides a
liquidity constraint that may reduce the fund’s rate of return.
a) I only
b) II only
c) I and III only
d) I, II and II
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