Multiple Choice

Which type of fund generally has the lowest average expense ratio?

(A) actively managed bond funds

(B) hedge funds

(C) indexed funds

(D) actively managed international funds

A is a private investment pool open only to wealthy or institutional investors that is exempt from SEC regulation and can therefore pursue more speculative policies than mutual funds.

(A) commingled pool

(B) unit trust

(C) hedge fund

(D) money market fund