Choice "B" is correct. Under Rule 101 of the Code of Professional Conduct regarding independence, the concept is the amount of control or the appearance of control that a member can exert over the investment that can impair independence. While it is still not desirable to even own shares in a nonclient regulated mutual fund that has investments in the client company, this answer choice is the best given the choices. The member does not control which stocks the mutual fund is investing in.
Choices "a", "c", and "d" are incorrect. The member can exert control upon which investments are purchased by the investment club or by the trustees in trusts that could be revocable.