c为什么是对的呀？

问题如下：

Which of the following statement is least appropriate according to the GIPS standards?

选项：

Non-fee-paying discretionary portfolio may be included in a composite.

All actual, fee-paying, discretionary portfolio must be included in one and only one composite.

Non-discretionary portfolio must not be included in a firm’s composites.

解释：

B is correct.

考点：条款3.A.1

解析：条款3.A.1 All actual, fee-paying, discretionary portfolios must be included in at least one composite. Although non-fee-paying discretionary portfolios may be included in a composite (with appropriate disclosure), non-discretionary portfolios must not be included in a firm’s composites. 如果一个基金组合是付费的并且也是基金公司自由支配的，那么它应当至少被归入一个composite中。对于公司不能自由支配的基金组合，则禁止将其归入任何一个composite中。对于那些公司可以自由支配但是没有付费的基金组合，公司可以将其放入composite之中，也可以不把它们放入composite中，但是放与不放都要进行如实的披露。

B选项one and only one错。