Which of the following is a type of indirect security?

Direct securities are those where investors hold claims directly on the underlying assets (shares, debentures, preference shares). Indirect securities are investment vehicles where investors hold claims on a portfolio that is managed by an intermediary. Mutual funds are the classic example of indirect securities - investors own units of the mutual fund, which in turn holds a portfolio of direct securities. The investor's exposure is indirect through the fund's holdings, not direct to the underlying assets.