Which of the following is NOT a classification of debt investment?

Common stock is not classified as a debt investment because it represents an ownership interest in a company rather than a loan to the company. When investors buy common stock, they purchase a share of the company, allowing them to participate in its potential growth and earnings. This type of investment carries both the possibility of dividends and capital appreciation, but it also entails higher risks, including the potential loss of the invested capital if the company performs poorly.

In contrast, corporate bonds, U.S. government securities, and municipal securities are all forms of debt investment. They involve lending money to the issuer in exchange for interest payments and the return of principal at maturity. These debt instruments create a creditor-debtor relationship, characterized by fixed income returns, making them fundamentally different from equity investments like common stock. Thus, the classification of common stock as an equity investment distinctly separates it from the fixed-income nature of debt investments.