The least conservative investments are low-quality common stocks. In decreasing order of aggressiveness, the next two investments are
medium-quality preferred stock and high-grade corporate bonds.
commercial paper and lower-quality common stocks.
junk bonds and medium-quality preferred stocks.
commercial paper and medium-quality preferred stocks.
junk bonds and high-quality cyclical common stocks.

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The Answer of The least conservative investments are low-quality common stocks. In decreasing order of aggressiveness, the next two investments are
medium-quality preferred stock and high-grade corporate bonds.
commercial paper and lower-quality common stocks.
junk bonds and medium-quality preferred stocks.
commercial paper and medium-quality preferred stocks.
junk bonds and high-quality cyclical common stocks.

The Least Conservative Investments Are Low-Quality Common Stocks