Which of the following is an example of a fixed-income security?  A. Equity shares  B. Preference shares  C. Debentures  D. Convertible bonds

C. Debentures

Here's why:

A. Equity shares are not fixed-income securities. They represent ownership in a company and their returns are not fixed, but depend on the company's performance.

B. Preference shares are also not fixed-income securities. While they do pay dividends, which can be seen as a form of fixed income, they are still a type of equity and their returns are not guaranteed.

C. Debentures are a type of debt instrument issued by a company. They pay a fixed rate of interest to the debenture holders, which makes them a fixed-income security.

D. Convertible bonds are a type of bond that can be converted into a predetermined amount of the company's equity at certain times during its life. While they do pay a fixed rate of interest until they are converted, the potential for conversion adds an element of variability to their returns. Therefore, they are not strictly a fixed-income security.