题干翻译和答案是不是矛盾了。

问题如下：

A mutual fund invests in fixed-income securities primarily. This fixed-income securities are appropriate for the investment goal of the fund. Which of the following statements is correct?

选项：

Warrants are least likely to be a part of the mutual fund.

Commercial paper is least likely to be a part of the mutual fund.

Repurchase agreements are least likely to be a part of the mutual fund.

解释：

A is correct.

Warrant gives its holders a right to buy the common stock of the issuer. Therefore, warrants are least likely to be a part of the mutual fund and are typically classified as equity. Repurchase agreements and commercial paper are likely to be a part of a fixed-income mutual fund, they are classified as short-term fixed-income securities.

考点：金融资产的分类

这道题说有一只专注于投资固定收益类资产的公募基金，问选项ABC哪一个说法不正确即哪一个不属于固定收益产品（债券）。A warrant(认股权证不是债券)是由股份有限公司发行的可认购其股票的一种买入期权。它赋予持有者在一定期限内以事先约定的价格购买发行公司一定股份的权利。而B商业票据（银行发行的）和C回购协议，都类似短期借款协议，所以都是固定收益产品。

如下为原版书原文中提到的典型固定收益类产品：

Bonds, notes, bills, certifcates of deposit, commercial paper, repurchase agreements,loan agreements, and mortgages are examples of promises to repay money in the future.