Which of the following terms refers to the financial obligations a fund has?

The term that refers to the financial obligations a fund has is liabilities. Liabilities represent what a fund owes to others; these can include debt, accounts payable, or any other obligations that require the fund to disburse resources in the future. Understanding liabilities is crucial because they can impact a fund's overall financial health and its ability to meet future obligations. A high level of liabilities compared to assets may indicate financial risk, as it could suggest that the fund may struggle to cover its obligations if its asset base declines.

In contrast, equities represent ownership interests in a company; assets encompass everything that a fund owns that has value, while derivatives are financial instruments whose value is derived from the performance of an underlying asset. Each of these terms serves a different purpose within the context of finance and investing, highlighting the significance of understanding the specific meaning and application of liabilities when analyzing a fund's financial situation.