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What are mutual fund shareholder fees?

The price at which mutual fund shares are sold to the public is its public offering price (POP), it including the sales charge plus the NAV for funds with loads.  For no-load funds…


What are mutual fund share classes?

All investment funds have costs that lower the total return on fund investments and that vary from fund to fund.  Many mutual funds offer more than one class of shares, where each…


What are municipal GO and revenue bonds?

A municipal bond that is either backed by dedicated taxes on property or payable from general funds is a general obligation (GO) bond.  While “general obligation” can mean that the…


What are municipal bonds and notes?

A municipal bond is an intermediate- to long-term bond issued by any local government authority other than the national government, such as a city, county and state government and…


What are money market funds?

A money market fund is an investment fund comprising a portfolio of high-quality, short-term securities, such as treasury bills and commercial paper, and that pays dividends that n…


What are issuer and issue ratings?

An issuer rating is the assessment and provision of an opinion on an issuer’s overall capacity to pay its long or short-term financial obligations, it focusing on the issuer’s abil…


What are investment funds?

An investment fund is a financial vehicle used for the purpose of investing the collective funds of numerous separate and unrelated investors in a portfolio of securities based on…


What are investment companies?

An investment company is an organization – corporation, business trust, partnership or limited liability company – that engages solely in the business of investing, reinvesting and…


What are holding period yield (HPY) and money market yield (MMY)?

Holding period yield (HPY) is the unannualized percentage return on an asset or portfolio of assets from purchase date to its maturity or sale equaling the sum of increase (decreas…


What are GSE agencies?

A government-sponsored enterprise (GSE) is a publicly traded corporation established by the US Congress to finance activities for public purposes by originating or purchasing loans…


What are government agency securities?

Although most government activity is financed directly through taxes and the issuance of government debt instruments, a large amount is financed in other ways.  To satisfy addition…


What are fund management strategies?

A passively managed fund is an investment fund that is constructed to passively achieve returns that closely correspond to its reference market index, such as the S&P 500, DAX…


What are fund dividends?

Fund dividends are the pro rata payout to fund shareholders of cash dividends and/or capital gains the investment fund has earned minus disclosed expenses as specified in the fund’…


What are Euronotes?

A Euronote is an underwritten, fully negotiable, unsecured, unsubordinated promissory note of a high-quality corporate, financial or sovereign borrower, issued in the Euromarket in…


What are Eurocurrency deposits and Euro-certificates of deposit (ECDs)?

A deposit in a currency foreign to the bank’s domestic currency is a Eurocurrency deposit.  Banks take Eurocurrency deposits either in the interbank market or from nonbank deposito…


What are dividend rights?

A dividend is a distribution made by a company to its shareholders in the form of cash, the company’s own shares, or other assets in proportion to the number of shares owned.  Thei…


What are discount yield and bond equivalent yield?

The discount yield – the term used by the US Treasury (USDT) for bank discount yield (BDY) – is the yield quoted on US T-bills on a simple interest basis (i.e., without compounding…


What are depositary receipts (DRs)?

A depositary receipt is a negotiable certificate (receipt) issued by a domestic depository bank for equity or debt instruments of a foreign-based corporation that are held on depos…


What are default rights and remedies?

The actions permitted by a contract and applicable law that a party may take to protect and recover its property interests in the event of default of another party to the contract…


What are debentures?

A debenture is a corporate bond that is not secured by a claim on a specific asset or group of assets, instead it is backed only by the general credit and reputation of the issuer…


What are covered bonds?

A covered bond is a generally fixed-rate capital market debt instrument issued directly by a financial institution that is liable for the security’s repayment and backed by a speci…


What are corporate bonds?

A corporate bond is any secured or unsecured, interest‑bearing or discount capital market debt instrument issued by a corporation, regardless of its maturity, as opposed to a bond…


What are convertible and exchangeable bonds?

An embedded option in a corporate bond, usually subordinated debentures, granting holders the right to convert the security into a predetermined number of shares of a certain class…


What are closed-end funds, UITs and face-amount certificate companies?

A closed-end investment company (CEF) is any management company other than an open-end company that issues a fixed number of shares through a registered broker-dealer in a single u…


What are closed-end funds, UITs and FAC companies?

A closed-end investment company (CEF) is any management company other than an open-end company that issues a fixed number of shares through a registered broker-dealer in a single u…


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