单选题 In the marketing brochure, TBC Asset Manager presents the performance of several composite portfolios managed according to similar investment strategies. In constructing composites, the firm excludes individual portfolios with less than $1 million in assets, excludes terminated portfolios, and includes simulated results. TBC includes the following disclosure in the brochure: "Past performance is no guarantee of future results. Composites exclude portfolios under $1 million in assets and include results from simulated model portfolios with similar strategies." TBC's brochure:

A. does not violate the Code and Standards.
B. violate the Code and Standards by excluding portfolios under $1 million from the composite performance presentation.
C. violate the Code and Standards by failing to include terminated portfolios in the performance presentation.

【正确答案】 C

【答案解析】[解析] 本题主要涉及执业操守标准Ⅲ(D)(业绩表述)的相关规定。将已终止的投资组合排除在复合投资组合的业绩表述之外，将导致对外公布的复合投资组合的业绩情况好于其实际情况，从而形成对投资者的误导。执业操守标准Ⅲ(D)规定，禁止会员对其以往的业绩和对未来业绩的合理预期作虚假描述，而TBC公司在宣传手册中并未针对上述情况向投资者进行必要的披露，因而该公司违反了执业操守标准Ⅲ(D)的相关规定。