Which of the Following Is Not an Advantage of a Mutual

Which of the following is not an advantage of a mutual fund versus a variable annuity?

A) Favorable capital gains rates on equity fund,appreciation and dividends
B) Higher total expense ratios and a redemption charge for annuities
C) Limitation on investment choice for annuities
D) All of the above are advantages of a mutual fund versus a variable annuity
E) None of the above is an advantage of a mutual fund versus a variable annuity