Which of the following is NOT considered a trust money investment?

In the context of trust money investments, options A, C, and D represent typical secure and low-risk investment vehicles that are considered appropriate for managing trust money. They are investment options that protect the principal while providing some level of return.

Banker acceptances are short-term debt instruments that are essentially promises to pay, typically used in international trade. They are widely seen as a secure investment choice. Guaranteed Investment Certificates (GICs) offer a fixed rate of return over a specified period, ensuring the safety of the principal amount invested. Treasury bills are government-issued securities with short maturities, also considered low-risk and a safe place to invest trust funds.

On the other hand, stocks and mutual funds carry higher risks due to their market-dependent nature and potential for volatility. Investments in these vehicles do not guarantee the protection of the principal amount, which is a critical requirement for trust money investments. Trust money, by its nature, needs to be safeguarded, thus investments should prioritize capital preservation and security over potential high returns. Therefore, stocks and mutual funds do not align with the fundamental characteristics of what constitutes a suitable trust money investment.