Which of the Following Statements,if Any,is (Are)true

Multiple Choice

Which of the following statements,if any,is (are) true?
I. Mutual funds never have runs.
II. Funds invested with insurers are as safe as deposits at a bank.
III. Pension funds generally have less liquidity risk than banks.

A) All three are true.
B) Only I is true.
C) Only II and III are true.
D) Only III is true.
E) None are true.