What type of investment does not usually provide voting rights?

Preferred stock is a type of investment that generally does not offer voting rights to its holders. Unlike common stock, which typically grants shareholders the right to vote on important corporate matters such as board elections and other significant decisions, preferred stock is more like a hybrid instrument; it combines features of both equity and debt.

Preferred stockholders receive fixed dividends before common stockholders and have a higher claim on assets in the event of liquidation. However, because preferred stock is primarily designed for income generation rather than control or governance of the company, voting rights are usually not included. This emphasis on income rather than governance makes preferred stock an attractive option for investors looking for stability and regular income, rather than a voice in corporate affairs.

In contrast, common stock does typically come with voting rights, allowing shareholders to have a say in the company's direction. Mutual funds are investment vehicles that pool money from various investors and are managed by professionals, with rights typically assigned to investors in terms of shares but not in the same context as voting in individual companies. Treasury bonds are a form of government debt and do not provide any voting rights, as they are essentially loans to the government rather than ownership stakes in a company.