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中文摘要：
考虑淌费篮子价格部分可观察下通胀与红利支付对投资者最优消费投资的影响,利用HJB方程推导最优淌费投资策略,给出由三基金组成的修正的互助基金定理.在不变相对风险厌恶（CRRA）效用的特殊情形下,得到最优消费投资策略的显式解.
英文摘要：
This paper considers optimal consumption and portfolio investment problems of an investor who is interested in maximizing his utilities from consumption and terminal wealth subject to inflation and dividend in the case of partially observed consumption basket prices. By using HJB equation, the optimal policy is derived, and the modified Mutual Fund Theorem consisting of three funds is obtained. In the particular case of relative risk-aversion （CRRA） utility, an explicit solution of the optimal consumption and portfolio policy is provided.
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