Which of the following statements is the best description of whether a portfolio should be included in a composite? A)
| All actual, fee-paying portfolios should be included in a composite. |
| B)
| All discretionary portfolios must be included in a composite. |
| C)
| Non-fee-paying portfolios may be included in a composite if they are discretionary. |
|
All actual, fee-paying, discretionary portfolios must be included in at least one composite. Non-fee-paying discretionary portfolios may be included in a composite, but non-discretionary portfolios may not be included. |