The AGRO Mutual Fund Invests in Aggressive Growth Stocks of Midcap

The AGRO Mutual Fund invests in aggressive growth stocks of midcap corporations. The fund is running an advertisement on the radio that informs the listeners that AGRO earned a 22% return last year while the S&P 500 Index returned only 10%.The ad also contains information regarding how an interested investor can contain a fund prospectus. Has AGRO violated any securities laws with this advertisement?

A) No. This would be considered a generic advertisement and not an offer to sell.
B) No. In addition to providing the listeners with its own return last year, AGRO appropriately provided the listeners with a benchmark return; thus there has been no violation of any laws.
C) Yes. Although AGRO provided the return on the S&P 500 as well as its own return, the S&P 500 Index is comprised of average risk stocks and is not an appropriate benchmark for AGRO to use.
D) Yes. AGRO is required to provide information on the specific investments it made to earn that 22% return, given that the return is unusually high.