If the PM lies about this to Morningstar, they are in violation of the law. Specifically, I believe that they would fall afoul of FINRA Rule 2210 [0] and SEC R

If the PM lies about this to Morningstar, they are in violation of the law. Specifically, I believe that they would fall afoul of FINRA Rule 2210 [0] and SEC Rule 34b-1 [1]. (I run a financial firm, but am not a lawyer, so they may target different rules specifically for the issue of bond duration.) [0] - https://www.finra.org/rules-guidance/rulebooks/finra-rules/2210 https://www.finra.org/rules-guidance/rulebooks/finra-rules/2... [1] - https://www.law.cornell.edu/cfr/text/17/270.34b-1 https://www.law.cornell.edu/cfr/text/17/270.34b-1