When formulating an investment policy for a client, all of the following fall under "investor constraints," except ________.

When formulating an investment policy for a client, all of the following fall under "investor constraints," except ________.
A . liquidity needs
B . regulatory and legal circumstances
C . risk tolerance
D . tax considerations
E . expected cash flows
F . investable funds
G . investor preferences, circumstances and unique needs
H . none of these answers

Answer: C

Explanation:

Risk tolerance is considered under "investor objectives."