The investment that would not be considered a fixed income investment among the options provided is "stock."
1. **Government bond:** Government bonds are fixed income securities issued by a government to raise capital. Investors who purchase government bonds are essentially lending money to the government in exchange for periodic interest payments and the return of the bond's face value when it matures. Government bonds are considered fixed income investments because they provide a predictable stream of income through interest payments.
2. **Treasury bill (T-bill):** Treasury bills are short-term debt securities issued by the U.S. Department of the Treasury to finance the national debt. They are considered one of the safest forms of investment because they are backed by the U.S. government. Treasury bills are also fixed income investments as they pay a fixed rate of interest until maturity.
3. **Stock:** Unlike government bonds and Treasury bills, stocks represent ownership in a company. When you buy a stock, you become a partial owner of that company and may benefit from its profits through capital appreciation and dividends. Stocks are not considered fixed income investments because they do not provide a guaranteed income stream like bonds or Treasury bills do. The returns from stocks are more variable and dependent on the company's performance in the stock market.
In summary, while government bonds and Treasury bills are examples of fixed income investments, stocks do not fall into this category as they represent ownership in a company rather than a fixed income security.
