Of the following financial intermediaries,which holds the least liquid assets?

Question

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Life insurance companies typically hold the least liquid assets since their investments are intended to be held for a long duration to match the liabilities of their policies. These assets include long-term bonds, real estate, and private equity investments. Property and casualty insurance companies hold a mix of liquid and illiquid assets, including stocks, bonds, and property. Money market mutual funds invest in short-term, highly liquid securities such as government Treasury bills and commercial paper. Commercial banks hold a variety of assets, including loans, securities, and cash, but they also have access to liquidity from the central bank.

Of the Following Financial Intermediaries,which Holds the Least Liquid Assets