单选题

For periods beginning on or after 1 January 2011, the aggregate fair value of total firm assets most likely includes all:

A、 fee-paying discretionary accounts.
B、 fee- and non-fee-paying discretionary accounts.
C、 fee- and non-fee-paying discretionary and non-discretionary accounts.

【正确答案】 C

【答案解析】

C is correct because for periods beginning on or after 1 January 2011, total firm assets must include the aggregate fair value of all discretionary and nondiscretionary assets managed by the firm. This includes both fee-paying and non-fee-paying portfolios (0.A. 13).