If near term liquidity were the only objective for a client, which of the following pairs of investments would represent the most/least liquid?

A) Variable annuity (VA)/direct participation programs
B) Exchange listed equities/direct participation program (DPP)
C) Variable annuity (VA)/money market mutual funds
D) 10-year corporate bonds/U.S. T-bills

Ans: B) Exchange listed equities/direct participation program (DPP)