Which of the following is NOT an allowable investment in a money market fund?

Money market funds are designed to provide investors with a safe and liquid investment option. These funds typically invest in short-term, low-risk securities, which helps maintain liquidity and capital preservation. Allowable investments in a money market fund generally include cash, government securities with maturities of one year or less, and time deposits, as they all carry relatively low risk and provide the stability and liquidity that money market funds aim to offer.

Stocks, in contrast, do not qualify as allowable investments within a money market fund due to their higher volatility and longer investment horizons. Stocks are considered riskier and can lead to significant fluctuations in value, which does not align with the primary objectives of a money market fund, which is to minimize risk while ensuring a stable and accessible investment option.

Thus, stocks are not an appropriate investment vehicle for money market funds, making this the correct identification in the context of allowable investments in such funds.