Fixed Income Securities. A Sub-Fund, where stated in Annex A, may invest in bonds or other fixed income securities, including, without limitation, commercial paper and "higher yielding" (including non-investment grade) (and, therefore, higher risk) debt securities. A Sub-Fund may therefore be subject to credit, liquidity and interest rate risks. Higher-yielding debt securities are generally unsecured and may be subordinated to certain other outstanding securities and obligations of the issuer, which may be secured on substantially all of the issuer's assets. The lower rating of debt obligations in the higher-yielding sector reflects a greater probability that adverse changes in the financial condition of the issuer or in general economic conditions or both may impair the ability of the issuer to make payments of principal and interest. Non-investment grade debt securities may not be protected by financial covenants or limitations on additional indebtedness. In addition, evaluating credit risk for debt securities involves uncertainty because credit rating agencies throughout the world have different standards, making comparison across countries difficult. Also, the market for credit spreads is often inefficient and illiquid, making it difficult to accurately calculate discounting spreads for valuing financial instruments. It is likely that a major economic recession could disrupt severely the market for such securities and may have an adverse impact on the value of such securities. In addition, it is likely that any such economic downturn could adversely affect the ability of the issuers of such securities to repay principal and pay interest thereon and increase the incidence of default for such securities. Inflation Risk. Inflation may reduce the asset value of the investment. The purchasing power of the invested capital is reduced if the inflation rate is higher than the income generated by the investments. Leverage. Investments in a Sub-Fund may comprise elements of leverage through the use of derivative instruments which may potentially magnify losses and may result in losses greater than the amount invested in the derivative itself. Hedging. Hedging strategies in general are usually intended to limit or reduce investment risk, but they can also be expected to involve transaction costs, involve a risk of loss, may give rise to liquidity problems or may inherently limit or reduce the potential for profit. Currency Hedging. A Sub-Fund may enter into foreign currency forward contr...
Fixed Income Securities. All fixed income products, have their own official statements and other disclosure materials from the issuer, which are avail- able from your Financial Advisor or Stifel. The three most com- mon categories of bonds are municipal bonds, U.S. Treasury securities, and corporate bonds. Fixed income securities are priced by a computerized pricing ser- vice or, for less actively traded issues, by utilizing a yield-based matrix system taking various factors into consideration to arrive at an estimated market value. Prices shown should only be used as a general guide to portfolio value and cannot be guaranteed. For an actual quote, speak to your Financial Advisor.
Fixed Income Securities. Bonds or other fixed income securities, including, without limitation, bonds, notes and debentures issued by corporations, debt securities issued or guaranteed by the federal, state or provincial government in the United States or Canada or a governmental agency, and commercial paper pay fixed, variable or floating rates of interest. The value of fixed income securities will change in response to fluctuations in interest rates. In addition, the value of certain fixed-income securities can fluctuate in response to perceptions of credit worthiness, political stability or soundness of economic policies. Fixed income securities are subject to the risk of the issuer's inability to meet principal and interest payments on its obligations (i.e., credit risk) and are subject to price volatility due to such factors as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity (i.e., market risk). If fixed income investments are not held to maturity, the value of your Portfolio may suffer a loss at the time of sale of such securities.
Fixed Income Securities. Georgian Government Treasury Bills per executed trade up to 0.3% of the trade amount (Minimum GEL 20.00) exact commission rate is agreed between parties in advance and indicated in the respective trade order Other sovereign securities and Corporate bonds per executed trade up to 0.5% of the trade amount exact commission rate is agreed between parties in advance and indicated in the respective trade order. Interest Payment on securities is taxed by Income Tax as determined by the law. Other securities Per executed trade exact commission rate is agreed between parties in advance and indicated in the respective trade order.
Fixed Income Securities. A fixed income security is an investment that provides a return in the form of fixed periodic payments and eventual return of principal at maturity. The day the fixed income investment is to be paid back is called the maturity date. Fixed income investments that mature within a year are often referred to as money market instruments. Trades typically settle in one business day but settlement can be required for the same day depending on the issuer. GICs, Treasury Bills, Bonds, Debentures and Preferred Shares are examples of fixed income securities. Guaranteed Investment Certificates (GICs) - GICs are deposit instruments most commonly available from financial institutions, requiring a minimum investment at a pre-determined rate of interest, for a stated term. They are generally non-redeemable prior to maturity, but there can be exceptions. Treasury Bills - Treasury bills are short-term debt instruments issued by federal, provincial or municipal governments in large denominations and sold at a discount. Bonds & Debentures - A bond evidences the issuer's agreement to pay a specified rate of interest to the investor at intervals over a given period of time and to then repay the principal on the bond's maturity date. Bonds (other than government bonds) are secured with collateral, such as mortgages or future revenues. Debentures are similar to bonds, but are not backed by collateral. Instead, their security depends on the issuer’s creditworthiness. Your Portfolio Manager can explain these products to you, as well as how they work, their risks and possible returns, and whether they are appropriate for you. For more information, you can also read plain-language investment explanations in Investments at a Glance, a booklet prepared by the Canadian Securities Administrators for financial consumers like you (available on the Ontario Securities Commission website at xxx.xxx.xxx.xx.xx). In relation to your Account(s), CQ Correspondent Partners provides trade execution and other services. Your Account is managed by your Portfolio Manager. Your Portfolio Manager can provide you with more information regarding the services offered by your Portfolio Manager.
Fixed Income Securities. - Money market instruments including CDs, Commercial Paper, Bankers Acceptances, Time Deposits, Repurchase and Reverse-repurchase agreements, Floating rate instruments, US money market funds and bank STIFs - Securities issues by the US Treasury, government agencies and government sponsored enterprises - Corporate Bonds - Asset-Backed Securities - Mortgage-Backed fixed Income Securities including CMOs and CMBSs - US dollar-denominated securities issued by foreign governmental and corporate entities that meet the Fund's criteria for quality
Fixed Income Securities. This refers to all fixed income -------------------------------- securities which are (1) issued in a currency other than U.S. dollars, and (2) issued in a country outside the U.S. These securities must conform to the quality, concentration and other characteristics set forth by the guidelines. Manager generally will hedge at least 75% of its currency exposure.
Fixed Income Securities. CMAC Investment hereby agrees that during the Term of this Agreement, neither it nor CMAC will issue any fixed income securities (except for the preferred stock CMAC Investment intends to issue in connection with an initial public offering of its common stock) that would lower CMAC's financial strength rating from MOODX'X.
Fixed Income Securities. All fixed income products, have their own official statements and other disclosure materials from the issuer, which are avail- able from your Financial Advisor or Stifel. The three most com- mon categories of bonds are municipal bonds, U.S. Treasury securities, and corporate bonds.
Fixed Income Securities. The collateral can be from many different types of fixed income securities such as high-yield debt, residential privately-issued mortgage-related securities, commercial privately-issued mortgage-related securities, trust preferred securities and emerging market debt. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. CBOs, CLOs and other CDOs may charge management fees and administrative expenses. For CBOs, CLOs and CDOs, the cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the “equity” tranche which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since they are partially protected from defaults, senior tranches from a CBO trust, CLO trust or trust of another CDO typically have higher ratings and lower yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CBO, CLO or other CDO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class. The Fund may invest in any tranche, including the equity tranche, of a CBO, CLO or other CDO. The risks of an investment in a CBO, CLO or other CDO depend largely on the type of the collateral securities and the class of the instrument in which the Fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus are not registered under the securities laws. As a result, investments in CBOs, CLOs and other CDOs may be characterized by the Fund as illiquid investments; however, an active dealer market may exist for CBOs, CLOs and other CDOs allowing them to qualify for Rule 144A under the Securities Act. In addition to the normal risks associated with debt instruments discussed elsewhere in this prospectus and in the Statement of Additional Information (e.g., prepayment risk, credit risk, liquidity ris...
