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Question:

Chip Jergen, CFA, is an asset manager who wishes to allocate a percentage of his portfolio to alternative investments. Jergen invests in a security that represents a proportional claim to cash flows from a pool of loans. In which category of alternative investments has Jergen most likely invested?

A Real estate.
Explaination

One of the ways to invest in real estate is by purchasing residential or commercial mortgage-backed securities.