20.Don Smith, a CFA candidate employed by Hunter Investment Counselors, Inc., provides investment advice to the board of trustees of a private university endowment fund. The trustees have given Smith the fund's financial information, including planned expenditures. Smith received a phone call on Friday afternoon from Mark Murdock, a prominent alumnus, requesting that Smith fax to him comprehensive financial information about the fund. According to Murdock, he has a potential contributor but needs the information today to close the deal and cannot contact any of the trustees. Based on CFA Institute Standards of Professional Conduct, Smith may:

a.send Murdock the information because disclosure would benefit the client.

b.send Murdock the information because it is not material nonpublic information.

c.not send Murdock the information because Smith must preserve confidentiality.

d.send Murdock the information provided Smith promptly notifies the trustees.