NO.PZ202301190100003103
问题如下：
With respect to gross-of-fees returns, Note 4 is least likely compliant with GIPS required standards in its treatment of:选项：
A.month-end account value.
B.trading expenses.
C.performance fees.
解释：
SolutionB is correct. Only direct trading expenses should be deducted in calculating gross-of-fees returns. Custodial fees cannot be considered a component of direct trading expenses.
A is incorrect because month-end account value may be used to calculate fees.
C is incorrect because performance fees are a component of the investment management fee and must not be considered part of the gross-of-fees return.
如题。原描述说的太笼统，没有明确提及direct所以错了，对吗？
