Multiple Choice, Please give explanation

RE investors with most conservative risk averse appetites would likely invest in:

a. C rated corporate bonds and unrated CMBS debt

b. Investment Grade corporate bonds and B piece CMBS debt

c. Low per cent LTV first mortgage secured real estate loans and investment grade CMBS securities

d. A core RE Fund and a non-investment grade REIT high yield bond

e. An RE opportunistic fund and non-investment grade CMBS securities