Which type of fund typically includes resources held for the benefit of specific individuals?

The correct choice is the private-purpose trust fund, as this type of fund is specifically designed to manage resources that are held for the benefit of specific individuals or groups, rather than for general public purposes or governmental services.

Private-purpose trust funds are established when the government holds resources in a trust for a specific purpose that benefits private individuals. Examples might include funds for scholarships, burial plots, or other services where the benefits are directed to specific persons rather than the broader public. The governance of such funds usually outlines how the resources can be applied to fulfill these specific purposes.

In contrast, other types of funds serve different objectives. An investment trust fund generally focuses on pooling resources for investment purposes, aiming at achieving returns on those investments, and does not specify the benefits for particular individuals. An agency fund, on the other hand, involves assets held by one governmental unit for another unit or person, without any discretion in deciding how the assets should be used or distributed. Finally, a capital project fund is used for the acquisition or construction of major capital facilities and does not cater to benefits for individuals.

Thus, the defining characteristic of private-purpose trust funds is their allocation of resources for specific individuals, clarifying why this is the most appropriate choice.