Insured Municipal Bonds May Offer Added Security for Investors
|
|
- Lynn Quinn
- 6 years ago
- Views:
Transcription
1 Insured Municipal Bonds May Offer Added Security for Investors March 6, 2017 by Greg Rawls of Invesco If an issuer defaults, insurance firms can make sure your payments don t stop Puerto Rico s recent history of municipal bond defaults has highlighted the potential benefits of a niche part of the municipal (muni) bond market insured municipal bonds. Insured munis have accounted for only around 6% of all municipal issuances in the past three years,1 but we believe they can play a role for investors who want assurance that their bonds interest and principal will be paid on time even if the issuer defaults. What are insured muni bonds? Municipal bond insurance companies issue insurance policies on muni bonds, which guarantee that the insurance company will make timely interest and principal payments on those bonds in the event that the issuer defaults. The cost of the policy is reflected in the bonds yields an insured bond will Page 1, 2018 Advisor Perspectives, Inc. All rights reserved.
2 typically have a somewhat lower yield than an identical uninsured bond. However, the true value of the policy can be seen when an issuer gets into financial trouble. The chart below shows pricing for two Puerto Rico general obligation bonds with identical terms but one is uninsured and the other is insured by Assured Guaranty. The insured bonds performed over 35 points better than the uninsured bonds following Puerto Rico s defaults. Who insures muni bonds? A key concern for investors, of course, is that these insurance companies are financially stable. Even after the Puerto Rico defaults, their credit ratings indicate that they are. Two municipal bond insurers with exposure to Puerto Rico Assured Guaranty (AA/stable) and National Public Finance Guarantee (AA-/stable) had their ratings affirmed by Standard & Poor s (S&P) in Build America Mutual (AA/stable), a municipal bond insurer with no exposure to Puerto Rico, also had its ratings affirmed by S&P in Page 2, 2018 Advisor Perspectives, Inc. All rights reserved.
3 How does the insurance process work? Bonds can be insured when they are issued, or they can become insured after they are issued. At Invesco Unit Trusts, we carefully assess the fundamentals of bonds that are already insured, and we also seek to leverage our strong relationships with broker-dealers and municipal bond insurance firms to create unique and attractive opportunities for muni bond investors. How? We work with broker-dealers to identify attractive, favorably priced bonds that are not insured. We identify insurance companies that are willing to insure that specific bond, and seek to negotiate the best price possible for the policy. We then purchase the new insured bond from the broker-dealer. Talk to your advisor Interested in the security that insured municipal bonds can provide? Talk to your financial advisor and explore the Insured Municipals Income Trust, a diversified portfolio of insured muni bonds that provides investors with professional bond selection and ongoing active surveillance based on the underlying credit quality of each municipal issuer. 1 Source: CreditSights, Bond Insurance: 2016 Market Share Rankings, Feb. 15, 2017 Greg Rawls, CFA, CAIA Investment Research Analyst Greg Rawls is an Investment Research Analyst on the Unit Trust Investment Research Team, responsible for investment recommendations, surveillance and research. Mr. Rawls has seven years of industry experience, including equity and corporate debt research. He has a diverse knowledge base with experience in equity, private equity and corporate fixed income securities. Mr. Rawls earned a BS degree in finance from Marquette University, where he was a member of the Applied Investment Management Program, and is currently pursuing an MS degree in finance from the University of Notre Dame. He is a CFA charterholder and a CAIA charterholder. Page 3, 2018 Advisor Perspectives, Inc. All rights reserved.
4 Important information Blog header image: Oil and Gas Photographer/Shutterstock.com Coupon is the annual interest rate paid on a bond, expressed as a percentage of the face value. Municipal securities are subject to the risk that legislative or economic conditions could affect an issuer s ability to make payments of principal and/or interest. Puerto Rico s economic problems increase the risks associated with investing in Puerto Rican municipal obligations, including the risk of potential issuer default, and heighten the risk that the prices of Puerto Rican municipal obligations, and the fund s net asset value, will experience greater volatility. See the prospectus for more information. There is no assurance that a unit investment trust will achieve its investment objective. An investment in this unit trust is subject to market risk, which is the possibility that the market values of securities owned by the trust will decline and that the value of trust units may therefore be less than what you paid for them. This trust is unmanaged. Accordingly, you can lose money investing in this trust. An investment in a trust should be made with an understanding of the risks associated therewith, such as the inability of the issuer or an insurer to pay the principal of or interest on a bond when due, volatile interest rates, early call provisions and changes to the tax status of the bonds. As interest rates rise, bond prices fall. The value of the bonds will generally fall if interest rates, in general, rise. Given the historically low interest rate environment in the US, risks associated with rising rates are heightened. The negative impact on fixed income securities from any interest rate increases could be swift and significant. No one can predict whether interest rates will rise or fall in the future. A bond issuer may cease to be rated or its ratings may be downgraded. Such action may adversely affect the value of the bonds in the trust and the value of the units. The insurance provides coverage for the bonds held by the trust, not on units of the trust. Ratings are based on S&P. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. If securities are rated differently by the rating agencies, the higher rating is applied. Credit ratings are based largely on the rating agency s investment analysis at the time of rating, and the rating assigned to any particular security is not necessarily a reflection of the issuer s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security s market value or of the liquidity of an investment in the security. For more information on the rating methodology, please visit Page 4, 2018 Advisor Perspectives, Inc. All rights reserved.
5 and select Understanding Ratings under Ratings Resources on the home page. The information provided is for educational purposes only and does not constitute a recommendation of the suitability of any investment strategy for a particular investor. Invesco does not provide tax advice. The tax information contained herein is general and is not exhaustive by nature. Federal and state tax laws are complex and constantly changing. Investors should always consult their own legal or tax professional for information concerning their individual situation. The opinions expressed are those of the authors, are based on current market conditions and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals. All data provided by Invesco unless otherwise noted. Invesco Distributors, Inc. is the US distributor for Invesco Ltd. s retail products and collective trust funds. Invesco Advisers, Inc. and other affiliated investment advisers mentioned provide investment advisory services and do not sell securities. Invesco Unit Investment Trusts are distributed by the sponsor, Invesco Capital Markets, Inc., and broker-dealers including Invesco Distributors, Inc. Each entity is an indirect, wholly owned subsidiary of Invesco Ltd. PowerShares is a registered trademark of Invesco PowerShares Capital Management LLC, investment adviser. Invesco PowerShares Capital Management LLC (PowerShares) and Invesco Distributors, Inc., ETF distributor, are indirect, wholly owned subsidiaries of Invesco Ltd Invesco Ltd. All rights reserved. Insured municipal bonds may offer added security for investors by Invesco Page 5, 2018 Advisor Perspectives, Inc. All rights reserved.
Concerned About Interest Rates Rising? Consider Convertibles
Concerned About Interest Rates Rising? Consider Convertibles August 4, 2015 by Sponsored Content from Invesco Over the past few months, several major companies involved in the automotive, telecommunications,
More informationInfrastructure Investing: From Concrete to Computer Chips
Infrastructure Investing: From Concrete to Computer Chips January 30, 2017 by Nick Clare of Invesco Learn why Invesco Unit Trusts views information technology as a critical part of the infrastructure category
More informationThe US Debt Ceiling Saga Returns
The US Debt Ceiling Saga Returns August 21, 2017 by Justin Mandeville of Invesco US short-term bond markets could be choppy as Congress seeks to resolve the looming issue Once again, the US debt ceiling
More informationSector Performance and Economic Cycles: When Do Sectors Have the Potential to Shine?
Sector Performance and Economic Cycles: When Do Sectors Have the Potential to Shine? June 4, 2018 by Nick Kalivas of Invesco Where we stand in the economic cycle can have a measurable effect on sector
More informationGetting Smart About Beta
Getting Smart About Beta December 1, 2015 by Sponsored Content from Invesco Due to its simplicity, market-cap weighting has long been a popular means of calculating the value of market indexes. But as
More informationInvesco Unit Trusts Fixed income. Celebrating 40+ years in unit trusts
Celebrating 40+ years in unit trusts Invesco Unit Trusts Fixed income Before investing, investors should carefully read the prospectus and consider the investment objectives, risks, charges and expenses.
More informationInvesco Equity Unit Trusts Dividend Sustainability Portfolio. Investor Guide
Invesco Equity Unit Trusts Dividend Sustainability Portfolio Investor Guide Before investing, investors should carefully read the prospectus and consider the investment objectives, risks, charges and expenses.
More informationAre You Prepared for Rising Interest Rates?
Are You Prepared for Rising Interest Rates? May 21, 2018 by Jason Bloom of Invesco Defined maturity bond funds ETFs may provide a compelling option for a rising interest rate environment Interest rates
More informationCity National Rochdale Municipal High Income Fund a series of City National Rochdale Funds
City National Rochdale Municipal High Income Fund a series of City National Rochdale Funds SUMMARY PROSPECTUS DATED JANUARY 31, 2018 Class: Servicing Class Class N Ticker: (CNRMX) (CNRNX) Before you invest,
More informationWhat May LIBOR's Phase-Out Mean for Investors?
What May LIBOR's Phase-Out Mean for Investors? October 1, 2018 by Justin Mandeville, Jacob Habibi of Invesco In the past few years, the London interbank offered rate (LIBOR) has faced well-publicized challenges.
More informationCity National Rochdale Municipal High Income Fund a series of City National Rochdale Funds
City National Rochdale Municipal High Income Fund a series of City National Rochdale Funds SUMMARY PROSPECTUS DATED JANUARY 31, 2019 Class: Servicing Class Class N Ticker: (CNRMX) (CNRNX) Before you invest,
More informationThree Reasons to Consider Bank Stocks
Three Reasons to Consider Bank Stocks July 3, 207 by Nick Kalivas of Invesco Valuations and regulations are among the trends that we re watching in this industry Bank stocks have spun their wheels for
More informationInterest Rate Outlook: Above-Trend Growth Could Cause Us Inflation Later in 2018
Interest Rate Outlook: Above-Trend Growth Could Cause Us Inflation Later in 2018 February 12, 2018 by Rob Waldner of Invesco Invesco Fixed Income shares its views on rates around the world US: We expect
More informationThe Q2 Factor Winner? Small Cap.
The Q2 Factor Winner? Small Cap. July 23, 2018 by Nick Kalivas of Invesco As global risks grow, factor diversification may help investors stay prepared With fears of a trade war looming over global large-cap
More informationFederated Municipal Bond Fund, Inc.
Summary Prospectus May 31, 2018 The information contained herein relates to all classes of the Fund s Shares, as listed below, unless otherwise noted. Share Class Ticker A LMSFX B LMSBX C LMSCX F LMFFX
More informationA guide to investing in mutual funds
A guide to investing in mutual funds What you should know before you buy Wells Fargo Advisors wants to ensure that you are investing in the mutual funds and the share classes that best suit your investment
More informationThis supplement makes the following amendments to disclosures in the Fund s Summary Prospectus and Prospectus dated December 28, 2017:
Filed pursuant to Rule 497(e) Registration Nos. 333-62298; 811-10401 Supplement dated March 20, 2018 to the PMC Core Fixed Income Fund (the Fund ) Summary Prospectus and Prospectus dated December 28, 2017
More informationFederated Ohio Municipal Income Fund
Summary Prospectus October 31, 2017 The information contained herein relates to all classes of the Fund s Shares, as listed below, unless otherwise noted. Share Class Ticker A OMIAX F OMIFX Federated Ohio
More informationFixed-Income Insights
Fixed-Income Insights The Appeal of Short Duration Credit in Strategic Cash Management Yields more than compensate cash managers for taking on minimal credit risk. by Joseph Graham, CFA, Investment Strategist
More informationMarket Linked Certificates of Deposit
Market Linked Certificates of Deposit This material was prepared by Wells Fargo Securities, LLC, a registered brokerdealer and separate non-bank affiliate of Wells Fargo & Company. This material is not
More informationMunicipal Bonds v. U.S. Treasury & Corporate Bonds December 3, 2018 JR Rieger (516) straighttalkaboutbonds.
Municipal Bonds v. U.S. Treasury & Corporate Bonds JR Rieger JR@RiegerReport.com (516) 524-1110 straighttalkaboutbonds.com November 2018: Municipal Bonds Show Their Strength Month end results: Investment
More informationThe Strength of Global Diversification
The Strength of Global Diversification Invesco Aim Risk Tolerance Analysis Finding the level of investment risk that works for you With travel, the journey is as important as the destination. With investing,
More information(each, a Fund and collectively, the Funds )
BlackRock Bond Fund, Inc. BlackRock Total Return Fund BlackRock EuroFund BlackRock Focus Growth Fund, Inc. BlackRock Funds II BlackRock International Bond Portfolio BlackRock Multi-State Municipal Series
More informationMorgan Stanley Finance LLC
June 2016 Preliminary Pricing Supplement No. 956 Registration Statement Nos. 333-200365; 333-200365-12 Dated June 3, 2016 Filed pursuant to Rule 424(b)(2) STRUCTURED INVESTMENTS Opportunities in U.S. Equities
More informationMorgan Stanley Finance LLC
February 2019 Preliminary Pricing Supplement No. 1,576 Registration Statement Nos. 333-221595; 333-221595-01 Dated February 1, 2019 Filed pursuant to Rule 424(b)(2) STRUCTURED INVESTMENTS Opportunities
More informationA guide to investing in exchange-traded products
A guide to investing in exchange-traded products What you should know before you buy Before you make an investment decision, it is important to review your financial situation, investment objectives, risk
More informationFirst Investors California Tax Exempt Fund Ticker Symbols Summary Prospectus May 1, 2018 Class A: FICAX
First Investors California Tax Exempt Fund Ticker Symbols Summary Prospectus May 1, 2018 Class A: FICAX Advisor Class: FICJX Institutional Class: FICLX Supplemented as of April 1, 2019 Before you invest,
More informationInvestment Objective. Expense Example
The Gabelli ABC Fund A series of Gabelli Investor Funds, Inc. SUMMARY PROSPECTUS April 30, 2018 Class AAA (GABCX), Advisor Class (GADVX) Before you invest, you may want to review the Fund s Prospectus
More informationBond insurers and then there were two
Asset Management Municipal Insights Bond insurers and then there were two In late June, Standard & Poor s completed its review of the bond insurance industry, affirming the financial strength ratings for
More informationVanguard Tax-Exempt Bond ETF Summary Prospectus
Vanguard Tax-Exempt Bond ETF Summary Prospectus February 23, 2018 Exchange-traded fund shares that are not individually redeemable and are listed on NYSE Arca Vanguard Tax-Exempt Bond Index Fund ETF Shares
More informationInvestment case: municipal bonds
March 2018 Investment case: municipal bonds ETF disclosure This material does not constitute an offer to sell or solicitation to buy any security, including shares of any Fund. An offer or solicitation
More informationHSBC USA Inc. Leveraged Buffered Uncapped Market Participation SecuritiesTM
Filed Pursuant to Rule 433 Registration No. 333-202524 July 1, 2016 FREE WRITING PROSPECTUS (To Prospectus dated March 5, 2015, Prospectus Supplement dated March 5, 2015 and ETF Underlying Supplement dated
More informationThe Municipal Bond Market Has Changed. Has your portfolio adapted?
The Municipal Bond Market Has Changed Has your portfolio adapted? 2017 1 Investing in municipal bonds has become more complicated since the financial crisis. Understanding the current environment may help
More informationPreliminary Pricing Supplement No. 731 Registration Statement No Dated December 29, 2015 Filed pursuant to Rule 424(b)(2) January 2016
January 2016 Preliminary Pricing Supplement No. 731 Registration Statement No. 333-200365 Dated December 29, 2015 Filed pursuant to Rule 424(b)(2) STRUCTURED INVESTMENTS Opportunities in U.S. Equities
More informationA guide to investing in unit investment trusts
A guide to investing in unit investment trusts What you should know before you buy Wells Fargo Advisors wants to ensure that you are investing in the products that best suit your financial situation, investment
More informationAberdeen Standard Investments ETFs Aberdeen Standard Bloomberg All Commodity Strategy K-1 Free ETF (NYSE Arca: BCI) (the Fund )
Aberdeen Standard Investments ETFs Aberdeen Standard Bloomberg All Commodity Strategy K-1 Free ETF (NYSE Arca: BCI) (the Fund ) Supplement dated December 13, 2018 (the Supplement ) to the Statutory Prospectus
More informationFederated Muni and Stock Advantage Fund
Summary Prospectus December 31, 2018 The information contained herein relates to all classes of the Fund s Shares, as listed below, unless otherwise noted. Share Class Ticker A FMUAX B FMNBX C FMUCX F
More informationFederated Muni and Stock Advantage Fund
Summary Prospectus December 31, 2017 The information contained herein relates to all classes of the Fund s Shares, as listed below, unless otherwise noted. Share Class Ticker A FMUAX B FMNBX C FMUCX F
More informationLegg Mason Opportunity Trust
Legg Mason Opportunity Trust Class A Class C Class R Financial Intermediary Class Institutional Class Prospectus February 1, 2009 The shares offered by this Prospectus are subject to various fees and expenses,
More informationSUMMARY PROSPECTUS SEPTEMBER 28, 2018
SEPTEMBER 28, 2018 SUMMARY PROSPECTUS BlackRock Multi-State Municipal Series Trust Investor and Institutional BlackRock New Jersey Municipal Bond Fund Investor A: MENJX Investor C: MFNJX Institutional:
More informationLincoln Variable Insurance Products Trust
Lincoln Variable Insurance Products Trust LVIP Vanguard Domestic Equity ETF Fund Standard and Service Class 1300 South Clinton Street Fort Wayne, Indiana 46802 Prospectus May 1, 2018 LVIP Vanguard Domestic
More informationq merrill edge guided investing strategy profile CIO Moderately Conservative ETF Core Tax Aware
Overview This Strategy seeks to provide diversified exposure among three major asset classes for a client's account with a moderately conservative target asset allocation. In normal market conditions,
More informationHow are you adapting to a changing muni landscape?
EATON VANCE FEBRUARY 2018 CORNERSTONES OF TAX-SMART INVESTING How are you adapting to a changing muni landscape? A professionally managed, laddered approach to municipal bonds may make sense now. SUMMARY
More informationPOPULAR HIGH GRADE FIXED-INCOME FUND, INC.
POPULAR HIGH GRADE FIXED-INCOME FUND, INC. The Fund is a non-diversified, open-end Puerto Rico investment company, commonly referred to as a mutual fund, available exclusively to residents of Puerto Rico.
More informationInvesco Unit Trusts Closed-end strategies
Invesco Unit Trusts Closed-end strategies Celebrating 40 years in unit trusts About risk There is no assurance that a unit investment trust will achieve its investment objective. An investment in a unit
More informationOptions for Your Cash Portfolio
Options for Your Cash Portfolio As regulatory reform has been implemented in the US and is being discussed in Europe, investors must now evaluate their cash investments. Offering liquidity solutions for
More informationEXCHANGE TRADED CONCEPTS TRUST. REX VolMAXX TM Long VIX Futures Strategy ETF. Summary Prospectus March 30, 2018, as revised April 25, 2018
EXCHANGE TRADED CONCEPTS TRUST REX VolMAXX TM Long VIX Futures Strategy ETF Summary Prospectus March 30, 2018, as revised April 25, 2018 Principal Listing Exchange for the Fund: Cboe BZX Exchange, Inc.
More informationHIGH YIELD MARKET UPDATE
HIGH YIELD MARKET UPDATE Falling Oil Prices: Risks and Opportunities D E C E MBER 11, 2 0 1 4 Copyright 2014 by Lord, Abbett & Co. LLC. All rights reserved. Lord Abbett mutual fund shares are distributed
More informationFixed Income Investing
Fixed Income Investing Understanding how fixed income can fit into an investment portfolio. Contents 1 Understanding fixed income 2 Navigating the bond markets 3 How to evaluate bonds 4 Bonds in a rising
More informationRockefeller Intermediate Tax Exempt New York Bond Fund
Rockefeller Intermediate Tax Exempt New York Bond Fund Trading Symbol: Institutional Class Shares (Symbol: RCNYX) Advisor Class Shares (Symbol: RCNEX) Summary Prospectus March 30, 2018 www.rockefellerfunds.com
More informationSUPPLEMENT DATED MAY 4, 2018 TO THE SUMMARY PROSPECTUSES FOR: FIRST INVESTORS GOVERNMENT FUND DATED JANUARY 31, 2018
SUPPLEMENT DATED MAY 4, 2018 TO THE SUMMARY PROSPECTUSES FOR: FIRST INVESTORS GOVERNMENT FUND DATED JANUARY 31, 2018 FIRST INVESTORS BALANCED INCOME FUND DATED JANUARY 31, 2018, AS SUPPLEMENTED AND FIRST
More informationSemper MBS Total Return Fund. Semper Short Duration Fund. Prospectus March 30, 2018
Semper MBS Total Return Fund Class A Institutional Class Investor Class SEMOX SEMMX SEMPX Semper Short Duration Fund Institutional Class Investor Class SEMIX SEMRX (Each a Fund, together the Funds ) Each
More informationSHENKMAN FLOATING RATE HIGH INCOME FUND SHENKMAN SHORT DURATION HIGH INCOME FUND
September 19, 2018 SHENKMAN FLOATING RATE HIGH INCOME FUND Class A Class C Class F Institutional Class SFHAX SFHCX SFHFX SFHIX SHENKMAN SHORT DURATION HIGH INCOME FUND Class A Class C Class F Institutional
More informationAutocallable Yield Notes
Filed Pursuant to Rule 433 Registration No. 333-223208 April 30, 2018 FREE WRITING PROSPECTUS (To Prospectus dated February 26, 2018, Prospectus Supplement dated February 26, 2018 and Equity Index Underlying
More informationPowerShares Income ETFs
Invesco PowerShares Leading the Intelligent ETF Revolution PowerShares Income ETFs 1 P-BROOKS-PPT-1I 08.12 FOR US INSTITUTIONAL USE ONLY NOT FOR USE WITH THE PUBLIC Fixed Income ETFs: Significant growth
More informationCLAYMORE EXCHANGE-TRADED FUND TRUST. Guggenheim BRIC ETF Guggenheim Raymond James SB-1 Equity ETF Wilshire US REIT ETF
5/3/2018 Document 497 1 claymoreetftrust12512018497.htm 497 CLAYMORE EXCHANGE-TRADED FUND TRUST Guggenheim BulletShares 2025 High Yield Corporate Bond ETF Guggenheim BRIC ETF Guggenheim Raymond James SB-1
More informationSHENKMAN SHORT DURATION HIGH INCOME FUND Summary Prospectus January 28, 2018, as revised February 16, 2018
SHENKMAN SHORT DURATION HIGH INCOME FUND Summary Prospectus January 28, 2018, as revised February 16, 2018 Class A: SCFAX Class C: SCFCX Class F: SCFFX Institutional Class: SCFIX Before you invest, you
More informationVanguard Variable Insurance Fund Moderate Allocation Portfolio Summary Prospectus
Vanguard Variable Insurance Fund Moderate Allocation Portfolio Summary Prospectus April 28, 2017 The Fund s statutory Prospectus and Statement of Additional Information dated April 28, 2017, as may be
More informationPrincipal Listing Exchange for each Fund: Cboe BZX Exchange, Inc.
EXCHANGE TRADED CONCEPTS TRUST Prospectus March 30, 2018 REX VolMAXX TM LONG VIX WEEKLY FUTURES STRATEGY ETF (VMAX) REX VolMAXX TM SHORT VIX WEEKLY FUTURES STRATEGY ETF (VMIN) Principal Listing Exchange
More informationTOPS Managed Risk Balanced ETF Portfolio TOPS Managed Risk Moderate Growth ETF Portfolio TOPS Managed Risk Growth ETF Portfolio
TOPS Managed Risk Balanced ETF Portfolio TOPS Managed Risk Moderate Growth ETF Portfolio TOPS Managed Risk Growth ETF Portfolio Class 3 shares Class 4 shares PROSPECTUS May 1, 2017 1-855-572-5945 This
More informationMunicipal Market Review
Redstone Advisors Municipal Market Review Municipal bonds had an up and down first quarter as the market was going through a discovery period and still digesting the impact of tax reform legislation that
More informationReality Shares DIVS ETF DIVY (NYSE Arca, Inc.)
Reality Shares DIVS ETF DIVY (NYSE Arca, Inc.) SUMMARY PROSPECTUS February 28, 2018 Before you invest in the Fund, as defined below, you may want to review the Fund s prospectus and statement of additional
More informationDiversified Managed Allocations
Diversified Managed Allocations Multi-strategy portfolios with a focus on flexibility Is this program right for you? DMA is designed for investors who: Want experienced, professional money managers to
More informationHSBC USA Inc. Autocallable Yield Notes
Filed Pursuant to Rule 433 Registration No. 333-202524 FREE WRITING PROSPECTUS Dated August 1, 2016 (To Prospectus dated March 5, 2015, Prospectus Supplement dated March 5, 2015 and Equity Index Underlying
More informationBlackRock Liquidity Funds Prospectus FEBRUARY 21, Cash Reserve Shares
BlackRock Liquidity Funds Prospectus FEBRUARY 21, 2006 Cash Reserve Shares The Securities and Exchange Commission has not approved or disapproved the Funds shares or determined if this prospectus is accurate
More informationMorgan Stanley Maturity date: October 30, 2020 Underlying indices:
October 2015 Preliminary Terms No. 597 Registration Statement No. 333-200365 Dated September 30, 2015 Filed pursuant to Rule 433 STRUCTURED INVESTMENTS Opportunities in U.S. Equities Trigger PLUS Based
More informationBank of Montreal S&P/TSX Composite Low Volatility Index Fixed Coupon Participation Principal At Risk Notes, Series 3 (CAD), Due October 31, 2022
A final base shelf prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in each of the provinces and
More informationBlackRock Liquidity Funds Prospectus FEBRUARY 21, Administration Shares
BlackRock Liquidity Funds Prospectus FEBRUARY 21, 2006 Administration Shares The Securities and Exchange Commission has not approved or disapproved the Fund s shares or determined if this prospectus is
More informationMunicipal Bond ETF Applications. Solomon Stewart, CFA ishares Fixed Income Strategy
Municipal Bond ETF Applications Solomon Stewart, CFA ishares Fixed Income Strategy Municipal Bond Market Update FOR FINANCIAL PROFESSIONAL USE ONLY - NOT FOR PUBLIC DISTRIBUTION. Jan-07 Jun-07 Nov-07 Apr-08
More informationInvesco model portfolios
Invesco model portfolios Innovative strategies for your life goals Celebrating 30+ years with Primerica Strategies to help meet your investment goals Your checklist of financial objectives No matter what
More informationSPDR S&P 1500 Value Tilt ETF SPDR S&P 1500 Momentum Tilt ETF SPDR S&P 500 Buyback ETF SPDR Wells Fargo Preferred Stock ETF (each a Fund )
SPDR SERIES TRUST SPDR S&P 1500 Value Tilt ETF SPDR S&P 1500 Momentum Tilt ETF SPDR S&P 500 Buyback ETF SPDR Wells Fargo Preferred Stock ETF (each a Fund ) Supplement dated December 28, 2016 to the currently
More informationHSBC Accelerated Market Participation Securities. Unlock the Potential for Enhanced Returns
HSBC Accelerated Market Participation Securities Unlock the Potential for Enhanced Returns Unlock the Potential for Enhanced Returns With the development of structured notes, today s investors can now
More informationA floating-rate portfolio that seeks to deliver attractive income
A floating-rate portfolio that seeks to deliver attractive income An investor should consider the investment objective, risks, and charges and expenses of the Fund carefully before investing. The prospectus
More informationSPDR Nuveen S&P High Yield Municipal Bond ETF
SPDR Nuveen S&P High Yield Municipal Bond ETF Summary Prospectus-October 31, 2018 HYMB (NYSE Ticker) Before you invest in the SPDR Nuveen S&P High Yield Municipal Bond ETF (the Fund ), you may want to
More informationSTRUCTURED INVESTMENTS Opportunities in U.S. and International Equities
October 2014 Preliminary Pricing Supplement No. 1,645 Registration Statement No. 333-178081 Dated September 30, 2014 Filed pursuant to Rule 424(b)(2) STRUCTURED INVESTMENTS Opportunities in U.S. and International
More informationPUERTO RICO SHORT TERM INVESTMENT FUND, INC.
PUERTO RICO SHORT TERM INVESTMENT FUND, INC. PROSPECTUS December 2, 2008 The Fund is NOT a money market fund as defined in the rules under the Investment Company Act of 1940 ( the Act ), and, among other
More informationMINT An actively managed alternative to low money market yields and short-duration index ETFs
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (MINT) PIMCO ETFs MINT An actively managed alternative to low money market yields and short-duration index ETFs Putting Cash to Work for Greater
More informationHSBC USA Inc. Digital Dual Directional Barrier Securities Linked to the Least Performing of the S&P 500 Index and the Russell 2000 Index
Filed Pursuant to Rule 433 Registration No. 333-223208 April 30, 2018 FREE WRITING PROSPECTUS (To Prospectus dated February 26, 2018, Prospectus Supplement dated February 26, 2018 and Equity Index Underlying
More informationFranklin Flexible Alpha Bond Fund. Advisor Class
Franklin Flexible Alpha Bond Fund Advisor Class Absolute Return Fixed Income Product Profile Product Details 1 Fund Assets $416,313,682.95 Fund Inception Date 08/03/2015 Number of 406 Including Cash NASDAQ
More informationScharf Alpha Opportunity Fund Retail Class HEDJX Institutional Class Not available for purchase
Scharf Alpha Opportunity Fund Retail Class HEDJX Institutional Class Not available for purchase SUMMARY PROSPECTUS January 28, 2017 Before you invest, you may want to review the Scharf Alpha Opportunity
More informationULTRA SHORT BOND FUND
ULTRA SHORT BOND FUND S E P T E M B E R 3 0, 2 0 1 7 Copyright 2017 by Lord, Abbett & Co. LLC. All rights reserved. Lord Abbett mutual fund shares are distributed by Lord Abbett Distributor LLC. Lord,
More informationBerwyn Income Fund (BERIX)
Berwyn Income Fund (BERIX) Summary Prospectus March 1, 2018 Before you invest, you may want to review the Fund s prospectus, which contains more information about the Fund and its risks. You can find the
More information1.00% % None None
Link to Prospectus Link to Statement of Additional Information First Investors Tax Exempt Income Fund Ticker Symbols Summary Prospectus May 1, 2018 Class A: FITAX Class B: FITCX Advisor Class: FITDX Institutional
More informationPuerto Rico GNMA & U.S. Government Target Maturity Fund, Inc.
OFFERING CIRCULAR Puerto Rico GNMA & U.S. Government Target Maturity Fund, Inc. Tax-Free Secured Obligations The Tax-Free Secured Obligations (the "Notes") are offered by Puerto Rico GNMA & U.S. Government
More informationALPS ETF TRUST RIVERFRONT DYNAMIC CORE INCOME ETF (NYSE ARCA: RFCI) RIVERFRONT DYNAMIC UNCONSTRAINED INCOME ETF (NYSE ARCA: RFUN) (THE FUNDS )
ALPS ETF TRUST RIVERFRONT DYNAMIC CORE INCOME ETF (NYSE ARCA: RFCI) RIVERFRONT DYNAMIC UNCONSTRAINED INCOME ETF (NYSE ARCA: RFUN) (THE FUNDS ) SUPPLEMENT DATED JANUARY 12, 2018 TO THE SUMMARY PROSPECTUSES
More informationTax-free Investing It s Not What You Make, It s What You Keep
Tax-free Investing It s Not What You Make, It s What You Keep www.edwardjones.com Member SIPC 5 HOW CAN I STAY ON TRACK? 4 HOW DO I GET THERE? 1 WHERE AM I TODAY? MY FINANCIAL NEEDS 3 CAN I GET THERE?
More informationVanguard Short-Term Inflation-Protected Securities ETF Summary Prospectus
Vanguard Short-Term Inflation-Protected Securities ETF Summary Prospectus January 26, 2018 Exchange-traded fund shares that are not individually redeemable and are listed on Nasdaq Vanguard Short-Term
More informationNOTICE TO INVESTORS: THE NOTES ARE SIGNIFICANTLY RISKIER THAN CONVENTIONAL DEBT INSTRUMENTS.
PRICING SUPPLEMENT Filed Pursuant to Rule 424(b)(2) Registration Statement No. 333-208507 Dated January 27, 2017 Royal Bank of Canada Trigger Autocallable Contingent Yield Notes $3,556,500 Notes Linked
More informationVenture Forth in Emerging Markets, but Be Cautious on Funding Risks
Venture Forth in Emerging Markets, but Be Cautious on Funding Risks November 26, 2018 by Rashique Rahman of Invesco A tightening of financial conditions, led by US Federal Reserve (Fed) rate hikes and
More information2018 SUMMARY PROSPECTUS
JUNE 29, 2018 2018 SUMMARY PROSPECTUS ishares California Muni Bond ETF CMF NYSE ARCA Before you invest, you may want to review the Fund s prospectus, which contains more information about the Fund and
More informationHSBC USA Inc. Buffered Accelerated Market Participation Securities TM ( Buffered AMPS )
Filed Pursuant to Rule 433 Registration No. 333-180289 February 27, 2015 FREE WRITING PROSPECTUS (To Prospectus dated March 22, 2012, Prospectus Supplement dated March 22, 2012 and Equity Index Underlying
More informationShare Buyback. Background
Share Buyback Ford Equity Research 11722 Sorrento Valley Road, Suite I San Diego, CA 92121 800.842.0207 (USA) 858.455.6316 Fax www.fordequity.com Background In 1995, Ford Equity Research documented the
More informationFWP 1 tv509804_fwp.htm FREE WRITING PROSPECTUS
FWP 1 tv509804_fwp.htm FREE WRITING PROSPECTUS Filed Pursuant to Rule 433 Registration No. 333-223208 December 24, 2018 FREE WRITING PROSPECTUS (To Prospectus dated February 26, 2018, Prospectus Supplement
More informationBank of Montreal Covered Call Canadian High Dividend Callable Equity Income Principal At Risk Notes, Series 500 (CAD), Due January 31, 2025
A final base shelf prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in each of the provinces and
More informationFebruary 22, You should read this prospectus and retain it for future reference.
Closed-End Strategy: Master Municipal Income Portfolio California Series 2018-1 Closed-End Strategy: Master Municipal Income Portfolio New York Series 2018-1 The unit investment trusts named above (the
More informationSTRUCTURED INVESTMENTS Opportunities in U.S. and International Equities
January 2016 Preliminary Pricing Supplement No. 727 Registration Statement No. 333-200365 Dated December 29, 2015 Filed pursuant to Rule 424(b)(2) STRUCTURED INVESTMENTS Opportunities in U.S. and International
More informationGOVERNMENT & HIGH QUALITY BOND FUND PROFILE
Principal Funds, Inc. (formerly known as Principal Investors Fund, Inc.) GOVERNMENT & HIGH QUALITY BOND FUND PROFILE Class R-2 (formerly known as Advisors Select) The date of this profile is August 8,
More informationCITY NATIONAL ROCHDALE FUNDS. CITY NATIONAL ROCHDALE MUNICIPAL HIGH INCOME FUND Servicing Class (CNRMX) Class N (CNRNX)
CITY NATIONAL ROCHDALE FUNDS CITY NATIONAL ROCHDALE MUNICIPAL HIGH INCOME FUND Servicing Class (CNRMX) Class N (CNRNX) Supplement dated April 21, 2016, to the Summary Prospectus dated January 31, 2016
More informationThe Gabelli Dividend Growth Fund
The Gabelli Dividend Growth Fund SUMMARY PROSPECTUS April 30, 2018 Class AAA (GABBX), A (GBCAX), C (GBCCX), I (GBCIX) Before you invest, you may want to review the Fund s Prospectus and Statement of Additional
More information2018 SUMMARY PROSPECTUS
JUNE 29, 2018 2018 SUMMARY PROSPECTUS ishares National Muni Bond ETF MUB NYSE ARCA Before you invest, you may want to review the Fund s prospectus, which contains more information about the Fund and its
More information