dan sabin mfs investment management

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An investmentfonds wikipedia free fund also index tracker is a mutual fund or exchange-traded fund ETF designed to follow certain preset rules so that the fund can track a specified basket johann pfeiffer iforex underlying investments. Index funds may also have rules that screen for social and sustainable criteria. An index fund's rules of construction clearly identify the type of companies suitable for the fund. Additional index funds within these geographic markets may include indexes of companies that include rules based on company characteristics or factors, such as companies that are small, mid-sized, large, small value, large value, small growth, large growth, the level of gross profitability or investment capital, real estate, or indexes based on commodities and fixed-income. Companies are purchased and held within the index fund when they meet the specific index rules or parameters and are sold when they move outside of those rules or parameters. Think of an index fund as an investment utilizing rules-based investing.

Dan sabin mfs investment management pose lambourde forexia composite

Dan sabin mfs investment management

He sent his lawyer Rudy Giuliani and other members of his legal team to meet Pennsylvania Republican state senators in Gettysburg. Inside a hotel near the hallowed battlefields of civil war, they again aired complaints about the election and repeated allegations of Democratic malfeasance that have already disintegrated under examination by courts. Few at the meeting wore masks.

Altogether, the forum heard — and cheered — yet another declaration from a U. The president followed up by pardoning former national security adviser Michael Flynn, the second Trump associate convicted in the Russia probe to be granted clemency by Trump.

Hospitalizations, deaths and the testing positivity rate were also up sharply as the nation headed into Thanksgiving, and public health experts have warned that the large family gatherings expected for the holiday are likely to extend and exacerbate the surge. This week, however, Biden focused beyond the crisis stateside and unveiled his national security team on Tuesday, including his nominees for secretary of state, director of national intelligence and U.

In urging Americans to be vigilant in their Thanksgiving plans, Biden said Wednesday he was taking precautions of his own, eschewing his traditional large family gathering and spending the holiday instead with just his wife, daughter and son-in-law. Biden is expected to stay through the weekend in Rehoboth before returning to Wilmington for further work on the transition. Trump will forgo his usual plans to celebrate Thanksgiving at his private club in Florida and will instead remain at the White House.

Three men have been injured in a stabbing outside a business in Mississauga on Wednesday night, Peel police say. Akhil Mooken, spokesperson for Peel Regional Police. Paramedics took the third man, 37, to a local hospital in non-life-threatening condition. Police are trying to determine if the stabbing was targeted and whether the business was licensed.

Officers taped off the plaza on Wednesday night as they investigated. Dust filled the air outside the manor at Wellington Cres. Wednesday morning, as several area residents took photos and videos of crews taking apart the home with excavating tractors.

They spoke about how upset they were to see it being torn down after years of trying to save it. After stopping the demolition last year to review its nomination for heritage conservation, the City of Winnipeg notified property owners on Tuesday that it was lifting a stop-work order. A spokesperson confirmed the property had met conditions listed in heritage bylaws that allow for demolition.

Built in and known as the Gordon Residence, the 8,square-foot mansion has been home to numerous prominent Winnipeggers over the years, including former Free Press owner-publisher Victor Sifton and former senator Douglas Everett. Workers at the scene, who did not wish to be named, could not reveal plans for the property.

Jeff Thompson, the Winnipeg businessman whose numbered company owns the home, could not be reached for comment. In , Thompson told city council he planned to turn the space into a condominium complex. While the property is zoned for a single-family residence, it remains unclear if Thompson will go ahead with his plans.

Should Thompson wish to do so, his development company must submit a rezoning application and be subject to a public hearing, city committee review and approval from council. The designation could require demolitions, new builds, front-yard lot changes and proposed subdivisions to be subject to a special heritage permit process. Since council had not approved that recommendation, however, the demolition of Wellington Cres. The strangest anticipated season in college basketball history kicked off Wednesday with dozens of games at arenas across the country.

Like everything else in this pandemic world, it was odd and disjointed. Cancellations, protests, quarantined players, piped-in crowd noise, masked cheerleaders, socially distanced bench seating — the start of the season matched the chaotic build up to it. One day down, who knows how many more left.

But the process, you need to do everything you can possibly do and be prepared to handle everything as well. The prelude to Wednesday's start followed the lead of a college football season filled with cancellations, shutdowns and last-minute replacement games. Games cancelled almost hourly. Programs moved in and out of multi-team events like a game of whack-a-mole.

The first big event in Connecticut dubbed Bubbleville became more like Juggleville as teams dropped out, replacements moved in and crafting a schedule became like sorting through AAU brackets. While gamblers socially distanced inside the Mohegan Sun casino, no fans were allowed in the 10,seat arena for the opening game between Virginia and Towson, a late replacement for coronavirus-affected Maine. Yelling coaches and squeaking sneakers echoed off the empty seats, and seats on the benches were spread out for social distancing — as they were in arenas across the country.

Cardboard cutouts filled most arenas and recorded crowd noise was piped in to replace the full-throated roars of real fans. Georgetown coach Patrick Ewing made a different kind of statement during the Hoyas' season-opening game against Maryland-Baltimore County, draping a white towel over his shoulder in memory John Thompson.

Several other coaches followed suit to honour the Hall of Fame coach who died in August at Some teams never made it to the floor. Lipscomb's game against Campbellsville Harrodsburg also was cancelled due to coronavirus issues. On the women's side, No. This is truly that. The game went on mostly as usual on the court. Drake pulled off the first upset of the season, winning at Kansas State.

Heralded Oklahoma State freshman Cade Cunningham, another preseason All-American, had a stellar debut, finishing with 21 points and 10 rebounds in a win over Texas-Arlington. The day before Thanksgiving, players, coaches and fans were thankful to have college basketball back. Where it goes from here, nobody knows. Darren Dinel and Insp. Richard Blanchette, along with other community service providers. The focus of the discussion was on community safety and its impact on local business.

Chamber members were invited to take part and ask questions during the one-hour event. Locking doors and having them equipped with properly installed deadbolts is an obvious one. Adequate lighting and motion sensors work well, and Gauthier encouraged owners to connect lighting systems with auto timers. Surveillance cameras, alarm systems, and window gates were also mentioned as important components to prevent theft. They are currently reviewing the program. They are providing better service to the members of our community in relation to a mental health crisis.

The team operates seven days a week, days per year and normally from 11 a. They are hoping to have somewhere between 40 and 50 registrants soon. The program is designed to include individuals with mental health issues, medical conditions, physical disabilities and cognitive disabilities. It provides police with information that could help them locate someone if they are reported missing or in another crisis.

Recent photos are also a valuable tool for police in this regard. Chief Gauthier then discussed how the federal government's Bill C has impacted policing. Why do they keep releasing these people only to re-offend a second time? Gauthier spent a few moments to provide Chamber members listening in with a snapshot of C, what it means to police, what the legislative changes were and what they now must follow. Gauthier also wanted to dispel a myth he sees all too often on social media that most of the problems in the downtown area are caused by the homeless, and that homeless people make up the majority of the arrests made by the TPS.

So what does that tell us? Leadership at the union, which represents upwards of 16, public school educators in the province, hosted a telephone conference Tuesday to field questions about the pandemic. Participants were also asked questions about their career status, biggest concern at present, and what would be of most help to them should classes go fully remote, during the hour-long call.

Approximately 2, teachers answered each question. When pressed about whether they had thought about retiring or changing careers because of the work environment in recent months, 52 per cent of respondents said yes. Town hall participants were split on their single biggest concern, with answers ranging from workload, mental health, physical health and COVID protocols — 35, 33, 16, and 12 per cent of respondents picked those categories, respectively.

On the subject of what would benefit teachers most if all schools in Manitoba are forced to pivot to remote learning, the most popular answer was more preparation time. Bedford said the last thing teachers expressed desire for was a remote-learning support centre. What would be more helpful is tangible efforts to take some of the load off teachers, Bedford said, offering up the idea of a provincewide centre that offers full-time instruction for remote learners. The Winnipeg teacher, who agreed to an interview on the condition of anonymity for fear of reprisal at work, did not hesitate when asked whether she had weighed a career change amid the pandemic.

With Rural Municipality of Hanover schools in the restricted code red phase as of Tuesday, the Winnipeg teacher called on the province to provide clarity to other divisions about whether closures are looming or teachers can expect ongoing in-class learning for the rest of The results of the MTS annual formal fall survey of members are expected to be made public in the coming weeks.

Vancouver city councillors have voted unanimously in favour of a motion to ask the federal government for the legal power to decriminalize simple possession of illicit drugs. The vote Wednesday night means the city will ask the federal government for an exemption from the Controlled Drugs and Substances Act to allow the possession of small amounts of illegal substances within the city's boundaries.

If successful, Vancouver will become the first jurisdiction in Canada to decriminalize simple possession. Mayor Kennedy Stewart said Wednesday that he was grateful for the support of councillors, as well as the advocacy of drug users and their allies who have been pushing for decriminalization for years.

Coroners Service confirmed that a person a day continues to die in our city due to drug overdose, Vancouver has once again decided to lead the way on drug policy in order to save lives," Stewart said in a written statement. Coroners Service released new statistics on the overdose crisis that show people died of drug toxicity and fentanyl across the province last month, marking the eighth straight month with more than dead. It's now been more than four years since a public health emergency was declared in B.

So far this year, there have been 1, illicit drug deaths in the province. Karla Meza, Initiative de journalisme local, Le Devoir. A spokesman for Disney confirmed that the latest figures include the 28, layoffs announced earlier. Earlier this month, Disney said it was furloughing additional workers from its theme park in Southern California due to uncertainty over when the state would allow parks to reopen.

Disney's theme parks in Florida and those outside the United States reopened earlier this year without seeing new major coronavirus outbreaks but with strict social distancing, testing and mask use. They gathered outside the humble home where he was born and raised in the Villa Fiorito neighbourhood. They went to the stadium of Argentinos Juniors, where he started as a professional footballer in They stood at the historic La Bombonera stadium of his beloved Boca Juniors.

More were at the headquarters of Gimnasia La Plata, the team he was coaching. I can't understand it, I can't see the reality. Fans put candles and flowers along the wall around the field. Mariano Jeijer sat with his wife and their baby in a small car near the Boca Juniors stadium. Jejier said his devotion to Maradona is justified by the two goals he scored against England in Argentina's victory in the quarterfinals of the World Cup. That game was seen by many Argentine fans as pay back for the Falklands war four years earlier in which Britain defeated Argentina.

I was I screamed as if I was crazy. I don't even remember the second," he said. Maradona played for Boca Juniors in before he moved to Barcelona, then returned there to retire as a player in There were no tears, only celebration in Villa Fiorito, where Maradona learned how to play soccer on muddy fields.

Although the property no longer belongs to Maradona's family, neighbours began painting a mural of their idol on a wall. People here are proud. They can say Maradona lived here. He made his last appearance there at a game Oct. Debora Rey, The Associated Press.

This is life and death. The federal government sides with Locke-Lewkowich, advising Canadians to avoid non-essential travel abroad during the pandemic. After the cold weather hit in the fall and some snowbirds started packing their bags, the government doubled down on its messaging.

Last month, it posted an alert on its website, warning seniors to stay home, because their age makes them more vulnerable to falling seriously ill with COVID It's not a good idea," said Freeland in French at a news conference on Monday. Why doesn't Canada have a travel ban? Canada's Charter of Rights and Freedoms states that Canadians have the right to enter and leave the country. Chartrand advised that, before leaving the country, Canadians verify if their medical insurance covers COVIDrelated illnesses and a possible extended stay abroad.

Freeland said that the rule will continue to be "very strictly enforced. This set off a chain of events that ended with 40 people testing positive for COVID in 24 separate households, three of whom were hospitalized.

The graphic was based on data collected in October. So many people were potentially exposed just doing everyday activities," she added. This is how easy this spreads Nearly people had to self-isolate, including members of the church, people attending school and people who attended blood donor clinics. In a video accompanying the graphic, Chatham-Kent medical officer of health Dr.

David Colby echoed that thought. Everybody who's referred to here is a victim, not a cause. But we all have a role to play. According to the church's Facebook page, it has reopened its soup kitchen and food bank this week. I can't tell you how much we missed seeing each one, it's not about just handing out food, it goes much deeper than that.

Mexico's ambassador to Canada apparently watches question period — and it seems he did not like what he saw and heard on Tuesday. Mexico was really just an unlucky bystander caught up in an outbreak of vaccine nationalism in Ottawa this week. In each of those countries, it has been suggested that vaccinations could start in December. However, the Fund may not borrow for leveraging, but may borrow for temporary or emergency cash purposes, in anticipation of or in response to adverse market conditions, or for cash management purposes.

In addition to the derivatives described in the Prospectus, the Fund may also purchase and write covered put and call options on any security in which it may invest, on any securities index consisting of securities in which it may invest and on yield curve options. The Fund may also engage in various futures contracts and swap agreements and purchase and write sell put and call options thereon.

In addition to the investment policies and techniques described in the Prospectus, the Fund may invest in: debt securities; repurchase agreements; reverse repurchase agreements; U. The Fund may engage in short sales against the box. ADRs and Canadian issuers are excluded for purposes of this limitation. Table of Contents The Fund may also invest in U.

The Fund limits its investments in bank obligations to U. The Fund may enter into forward currency contracts and foreign currency transactions and may purchase and write put and call options on foreign currencies. The Fund may also purchase and write covered put and call options on securities and on securities indexes.

The Fund may invest in futures contracts on securities, stock indexes, currencies, and interest rates, and options thereon. The Fund may also invest in swaps, caps, floors and collars. The Fund may also invest in U. The Fund may also hold cash in U. Securities which may be held for defensive purposes include nonconvertible preferred stock, debt securities, government securities issued by U. The Fund may also invest in obligations of foreign banks including U.

The Fund may also purchase and sell financial futures contracts, stock index futures contracts, and foreign currency futures contracts and options thereon. The Fund may trade futures contracts and options on futures contracts not only on U. The Fund may purchase and write put and call options on stock indexes and may invest in U.

The Fund may also engage in foreign currency transactions and forward foreign currency contracts. Investors should understand that the expense ratio of the Fund can be expected to be higher than investment companies investing in domestic securities since the cost of maintaining the custody of foreign securities and the rate of advisory fees paid by the Fund is higher. Investing in the securities of foreign issuers involves special risks and considerations not typically associated with investing in U.

In addition to the investment policies and techniques described in the Prospectus, the Fund may invest in: short-term instruments; commercial paper; open-end and closed-end funds; U. The Fund may engage in the purchase and writing of put and call options on foreign currencies, securities and stock indexes. The Fund may also engage in futures contracts on foreign currencies; securities; stock indexes; and may purchase and sell put and call options thereon. The Fund may also enter into forward contracts.

The Fund may invest in, but is not currently anticipated to use corporate asset-backed securities; mortgage-related securities including collateralized mortgage obligations, mortgage-backed securities, stripped mortgage-backed securities, pass-through securities ; municipal bonds; indexed securities; structured products; inverse floating rate obligations and dollar-denominated foreign debt securities.

In addition, the Fund may invest in, but is not currently anticipated to use Brady bonds; reverse repurchase agreements; reset options; yield curve options; swaps and related derivative instruments. In addition to its investments in inflation-indexed bonds and fixed income securities as described in the Prospectus, the Fund may invest in the following: corporate debt securities of domestic issuers including U.

Delayed delivery purchases and forward commitments involve a risk of loss if the value of the securities declines prior to the settlement date. The Fund may also: purchase and write put and call options on securities; purchase and sell spread transactions with securities dealers; enter into interest rate, interest rate index, currency exchange rate swap agreements and purchase and write credit default swaps, and purchase and sell options thereon; engage in forward.

Table of Contents currency contracts, foreign currency transactions, options on foreign currencies, and foreign currency futures and options thereon; and purchase and sell interest rate futures contracts and options thereon.

The Fund may engage in short sales and short sales against the box. The Fund may also use foreign currency options and forward contracts to increase exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one country to another.

This limit does not apply to dollar-denominated foreign securities including ADRs. In addition to the investment policies and techniques described in the Prospectus, the Fund may also invest in: obligations issued or guaranteed by the U. The Fund may invest in U. In the event that a security owned by the Fund is downgraded to below a B rating, the Fund may nonetheless retain the security. In pursuing its investment objective, the Fund may purchase and write put and call options on securities; purchase and sell spread transactions with securities dealers; purchase and sell interest rate futures contracts and options thereon; and enter into interest rate, interest rate index, currency exchange rate swap agreements, and purchase and write credit default swaps, and purchase and sell options thereon.

Furthermore, the Fund may engage in foreign currency transactions and forward currency contracts; options on foreign currencies; and foreign currency futures and options thereon, in anticipation of or to protect itself against fluctuations in currency exchange rates with respect to investments in securities of foreign issuers. The Fund may invest only in U. In addition, the Fund is subject to diversification and portfolio maturity standards applicable to money market funds under SEC rules.

The quality of securities subject to guarantees may be determined based solely on the quality of the guarantee. Additional eligibility restrictions apply with respect to guarantees and demand features. In addition, securities subject to guarantees not issued by a person in a control relationship with the issuer of such securities are not subject to the preceding diversification requirements.

In the event that an instrument acquired by the Fund is downgraded or otherwise ceases to be of the quality that is eligible for the Fund, the Adviser, under procedures approved by the Board of Trustees shall promptly reassess whether such security presents minimal credit risk and determine whether or not to retain the instrument.

In addition to the securities and investment techniques described in the Prospectus, the Fund may also invest in: firm commitment agreements; when-issued securities; short-term corporate debt securities including U. The Fund may not engage in futures contracts and options on futures contracts or purchase, write, or sell options on securities. In addition to the investment policies and techniques described in the Prospectus, the Fund may also invest in: commercial paper; bank obligations; repurchase agreements; or other short-term debt obligations; fixed income securities, such as inverse floating obligations, premium securities, interest-only or principal-only classes of mortgage-backed securities; zero coupon and PIK bonds; loan participations; floating rate and variable rate demand notes; mortgage-backed and asset-backed securities, such as CMOs; hybrid instruments; swap agreements; structured investments; securities of other investment companies; municipal securities; stand-by commitments; municipal leases; warrants and rights; convertible securities; and private placement and restricted securities.

ADRs are excluded for purposes of this limitation. For more information on the risks of such. In addition to the derivatives activities described in the Prospectus, the Fund may purchase securities on margin and may purchase and sell futures contracts on securities, interest rates, indices, and foreign currencies, and options thereon. The Fund may engage without limit in foreign currency exchange transactions, such as foreign currency options, foreign currency forward contracts, and foreign currency futures contracts.

The Fund may also engage in the purchase and writing of put and call options on securities that are traded on U. The Fund may purchase and write options on the same types of securities that the Fund may purchase directly. In addition to the investment policies and techniques described in the Prospectus, the Fund may invest a portion of its assets in: short-term fixed income securities, such as repurchase agreements, commercial paper, U.

The Fund is classified as a non-diversified fund. Table of Contents caps and floors on either an asset-based or a liability-based basis. The Fund may engage in forward contracts, forward foreign currency contracts and foreign currency transactions and purchase and write options on foreign currencies. The Fund may engage in the purchase and writing of put and call options on foreign currencies; securities and stock indexes.

The Fund may also engage in futures contracts on foreign currencies; securities; and stock indexes, and may purchase and sell put and call options thereon. The Fund may invest in, but is not currently anticipated to use corporate asset-backed securities; mortgage-related securities including CMOs, mortgage-backed securities, stripped mortgage-backed securities, pass-through securities ; municipal bonds; indexed securities; structured products; inverse floating rate obligations and dollar-denominated foreign debt securities.

In addition, the Fund may not invest in brady bonds; reverse repurchase agreements; reset options; yield curve options; swaps and related derivative instruments. Unless otherwise stated in the Prospectus, many investment techniques, including various hedging techniques and techniques which may be used to help add incremental income, are discretionary. That means Managers may elect to engage or not to engage in the various techniques at their sole discretion.

Hedging may not be cost-effective or Managers may simply elect not to engage in hedging and have a Fund assume full risk of the investments. Investors should not assume that any Fund will be hedged at all times or that it will be hedged at all; nor should investors assume that any particular discretionary investment technique or strategy will be employed at all times, or ever employed.

The investment techniques described below may be pursued directly by the Underlying Funds. As a general matter, the Portfolio Optimization Funds do not invest directly in securities. However, the Portfolio Optimization Funds are subject to the risks described below indirectly through their investment in the Underlying Funds. All Funds may invest in U.

Treasury bills, notes, and bonds are direct obligations of the U. Treasury and they differ with respect to certain items such as coupons, maturities, and dates of issue. Treasury bills have a maturity of one year or less. Treasury notes have maturities of one to ten years and Treasury bonds generally have a maturity of greater than ten years. Securities guaranteed by the U. In guaranteed securities, the payment of principal and interest is unconditionally guaranteed by the U.

Such direct obligations or guaranteed securities are subject to variations in market value due to fluctuations in interest rates, but, if held to maturity, the U. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation.

Two structures are common. The U. Treasury and some other issuers use a structure that accrues inflation into the principal value of the bond. Although inflation-indexed bonds may be somewhat less liquid than Treasury Securities, they are generally as liquid as most other government securities.

Inflation-indexed securities issued by the U. Treasury have maturities of five, ten or thirty years, although it is possible that securities with other maturities will be issued in the future. Treasury securities pay interest on a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount. If the Periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities calculated with respect to a smaller principal amount will be reduced.

Repayment of the original bond principal upon maturity as adjusted for inflation is guaranteed in the case of U. Treasury inflation-indexed bonds, even during a period of deflation. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates.

Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds.

While these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. Equity REITs invest a majority of their assets directly in real property and derive their income primarily from rents and capital gains from appreciation realized through property sales. Equity REITs are further categorized according to the types of real estate securities they own, e.

Mortgage REITs invest a majority of their assets in real estate mortgages and derive their income primarily from income payments. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, and may be subject to changes in the value of their underlying properties, defaults by borrowers, and. Table of Contents self-liquidations. Some REITs may have limited diversification and may be subject to risks inherent in investments in a limited number of properties, in a narrow geographic area, or in a single property type.

Equity REITs may be affected by changes in underlying property values. Mortgage REITs may be affected by the quality of the credit extended. REITs are dependent upon specialized management skills and incur management expenses. In addition, the performance of a REIT may be affected by its failure to qualify for tax-free pass-through of income under the Internal Revenue Code of , as amended, or its failure to maintain an exemption from registration under the Act.

REITs also involve risks such as refinancing, changes in interest rates, changes in property values, general or specific economic risk on the real estate industry, dependency on management skills, and other risks similar to small company investing.

Although a Fund is not allowed to invest in real estate directly, it may acquire real estate as a result of a default on the REIT securities it owns. A Fund, therefore, may be subject to certain risks associated with the direct ownership of real estate including difficulties in valuing and trading real estate, declines in the value of real estate, risks related to general and local economic conditions, adverse changes in the climate for real estate, environmental liability risks, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, limitation on rents, changes in neighborhood values, the appeal of properties to tenants and increases in interest rates.

Mortgage-related securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage banks, commercial banks, and others. Pools of mortgage loans are assembled as securities for sale to investors by various governmental, government-related, and private organizations.

Subject to its investment policies, a fund may invest in mortgage-related securities as well as debt securities which are secured with collateral consisting of mortgage-related securities, and in other types of mortgage-related securities. Early repayment of principal on mortgage pass-through securities arising from prepayments of principal due to sale of the underlying property, refinancing, or foreclosure, net of fees and costs which may be incurred may expose a Fund to a lower rate of return upon reinvestment of principal.

Payment of principal and interest on some mortgage pass-through securities may be guaranteed by the full faith and credit of the U. Mortgage pass-through securities created by nongovernmental issuers such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers, and other secondary market issuers may be supported by various forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit, which may be issued by governmental entities, private insurers, or the mortgage poolers.

GNMA certificates are mortgage-backed securities representing part ownership of a pool of mortgage loans on which timely payment of interest and principal is guaranteed by the full faith and credit of the U. GNMA is a wholly-owned U. GNMA is authorized to guarantee, with the full faith and credit of the U. GNMA certificates differ from typical bonds because principal is repaid monthly over the term of the loan rather than returned in a lump sum at maturity. Interests in pools of mortgage-related securities differ from other forms of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates.

Instead, these securities provide a periodic payment which consists of both interest and principal payments. Additional payments are caused by repayments of principal resulting from the sale of the underlying residential property, refinancing or foreclosure, net of fees or costs which may be incurred. These securities entitle the holder to receive all interest and principal payments owed on the mortgage pool, net of certain fees, at the scheduled payment dates regardless of whether or not the mortgagor actually makes the payment.

Expected payments may be delayed due to the delays in registering the newly traded paper securities. Although the mortgage loans in the pool will have maturities of up to 30 years, the actual average life of the GNMA certificates typically will be substantially less because the mortgages will be subject to normal principal amortization and may be prepaid prior to maturity.

Early repayments of principal on the underlying mortgages may expose a Fund to a lower rate of return upon reinvestment of principal. Prepayment rates vary widely and may be affected by changes in market interest rates. In periods of falling interest rates, the rate of prepayment tends to increase, thereby shortening the actual average life of the GNMA certificates. Conversely, when interest rates are rising, the rate of prepayment tends to decrease, thereby lengthening the actual average life of the GNMA certificates.

Accordingly, it is not possible to accurately predict the average life of a particular pool. Reinvestment of prepayments may occur at higher or lower rates than the original yield on the certificates. Government-related guarantors i. FNMA, a federally chartered and privately-owned corporation, issues pass-through securities representing interests in a pool of conventional mortgage loans. FNMA guarantees the timely payment of principal and interest but this guarantee is not backed by the full faith and credit of the U.

FNMA is a government sponsored corporation owned entirely by private stockholders. FNMA purchases conventional i. FHLMC, a federally chartered and privately-owned corporation, was created by Congress in for the purpose of increasing the availability of mortgage credit for residential housing. FHLMC guarantees the timely payment of interest and ultimate collection of principal and maintains reserves to protect holders against losses due to default, but PCs are not backed by the full faith and credit of the U.

A CMO is a hybrid between a mortgage-backed bond and a mortgage pass-through security. Similar to a bond, interest and prepaid principal is paid, in most cases, semiannually. All sinking fund payments in the CMOs are allocated to the retirement of the individual classes of bonds in the order of their stated maturities. Commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers, and other secondary market issuers also create pass-through pools of conventional residential mortgage loans.

Pools created by such non-governmental issuers generally offer a higher rate of interest than government and government-related pools because there are no direct or indirect government or agency guarantees of payments in the former pools. However, timely payment of interest and principal of these pools may be supported by various forms of insurance or guarantees, including individual loan, title, pool and hazard insurance, and letters of credit.

The insurance and guarantees are issued by governmental entities, private insurers, and the mortgage poolers. There can be no assurance that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements.

Although the market for such securities is becoming increasingly liquid, securities issued by certain private organizations may not be readily marketable. It is expected that governmental, government-related, or private entities may create mortgage loan pools and other mortgage-related securities offering mortgage pass-through and mortgage collateralized investments in addition to those described above.

CMO residuals are derivative mortgage securities issued by agencies or instrumentalities of the U. Table of Contents of , as amended. SMBS may be issued by agencies or instrumentalities of the U. Although SMBS are purchased and sold by institutional investors through several investment banking firms acting as brokers or dealers, secondary markets for these securities may not be as developed or have the same volume as markets for other types of securities.

Table of Contents purchase of a security and a separate transaction involving a sale. Funds do not currently intend to enter into mortgage dollar rolls that are accounted for as financing and do not treat them as borrowings. Other asset-backed securities are securities that directly or indirectly represent a participation interest in, or are secured by and payable from a stream of payments generated by particular assets such as automobile loans or installment sales contracts, home equity loans, computer and other leases, credit card receivables, or other assets.

Generally, the payments from the collateral are passed through to the security holder. Due to the possibility that prepayments on automobile loans and other collateral will alter cash flow on asset-backed securities, generally it is not possible to determine in advance the actual final maturity date or average life of many asset-backed securities.

Faster prepayment will shorten the average life and slower prepayment will lengthen it. However, it may be possible to determine what the range of that movement could be and to calculate the effect that it will have on the price of the security.

Other risks relate to limited interests in applicable collateral. For example, credit card debt receivables are generally unsecured and the debtors are entitled to the protection of a number of state and federal consumer credit laws, many of which give such debtors the right to set off certain amounts on credit card debt thereby reducing the balance due. Additionally, holders of asset-backed securities may also experience delays in payments or losses if the full amounts due on underlying sales contracts are not realized.

The securities market for asset-backed securities may not, at times, offer the same degree of liquidity as markets for other types of securities with greater trading volume. Currency-indexed securities typically are short-term or intermediate-term debt securities. Their value at maturity or the rates at which they pay income are determined by the change in value of the U. In some cases, these securities may pay an amount at maturity based on a multiple of the amount of the relative currency movements.

This type of index security offers the potential for increased income or principal payments but at a greater risk of loss than a typical debt security of the same maturity and credit quality. Table of Contents and time period specified in a bond, a Fund investing in the bond may lose a portion or all of its principal invested in the bond. If no trigger event occurs, the Fund will recover its principal plus interest.

For some event-linked bonds, the trigger event or losses may be based on company-wide losses, index-portfolio losses, industry indices, or readings of scientific instruments rather than specified actual losses. Often the event-linked bonds provide for extensions of maturity that are mandatory, or optional at the discretion of the issuer, in order to process and audit loss claims in those cases where a trigger event has, or possibly has, occurred.

An extension of maturity may increase volatility. In addition to the specified trigger events, event-linked bonds may also expose a Fund to certain unanticipated risks including but not limited to issuer credit default, adverse regulatory or jurisdictional interpretations, and adverse tax consequences.

Event-linked bonds may also be subject to liquidity risk. Event-linked bonds are a relatively new type of financial instrument. As such, there is no significant trading history of these securities, and there can be no assurance that a liquid market in these instruments will develop. Lack of a liquid market may impose the risk of higher transaction costs and the possibility that a Fund may be forced to liquidate positions when it would not be advantageous to do so.

Event-linked bonds are typically rated, and a Fund will only invest in catastrophe bonds that meet the credit quality requirements for the Fund. Zero coupon and deferred interest bonds are issued and traded at a discount from their face value. The discount approximates the total amount of interest the bonds will accrue and compound over the period until maturity or the first interest payment date at a rate of interest reflecting the market rate of the security at the time of issuance. While zero coupon bonds do not require periodic payment of interest, deferred interest bonds provide for a period of delay before the regular payment of interest begins.

Step coupon bonds trade at a discount from their face value and pay coupon interest. The coupon rate is low for an initial period and then increases to a higher coupon rate thereafter. The discount from the face amount or par value depends on the time remaining until cash payments begin, prevailing interest rates, liquidity of the security and the perceived credit quality of the issuer.

Payment-in-kind bonds normally give the issuer an option to pay cash at a coupon payment date or give the holder of the security a similar bond with the same coupon rate and a face value equal to the amount of the coupon payment that would have been made. In general, high yield bonds are not considered to be investment grade, and investors should consider the risks associated with high yield bonds before investing in the pertinent Fund. Investment in such securities generally provides greater income and increased opportunity for capital appreciation than investments in higher quality securities, but they also typically entail greater price volatility and principal and income risk.

Investment in high yield bonds involves special risks in addition to the risks associated with investments in higher rated debt securities. Certain brady bonds may be considered high yield bonds. Table of Contents rates might increase defaults in high yield securities issued by highly leveraged companies.

An increase in the number of defaults could adversely affect the value of all outstanding high yield securities, thus disrupting the market for such securities. Analysis of the creditworthiness of issuers of debt securities that are high yield bonds may be more complex than for issuers of higher quality debt securities, and the ability of a Fund to achieve its investment objective may, to the extent of investment in high yield bonds, be more dependent upon such creditworthiness analysis than would be the case if the Fund were investing in higher quality bonds.

High yield bonds may be more susceptible to real or perceived adverse economic and competitive industry conditions than investment grade bonds. The prices of high yield bonds have been found to be less sensitive to interest-rate changes than higher-rated investments, but more sensitive to adverse economic downturns or individual corporate developments. A projection of an economic downturn or of a period of rising interest rates, for example, could cause a decline in high yield bond prices because the advent of a recession could lessen the ability of a highly leveraged company to make principal and interest payments on its debt securities.

If an issuer of high yield bonds defaults, in addition to risking payment of all or a portion of interest and principal, a Fund may incur additional expenses to seek recovery. A Fund may purchase defaulted securities only when the Manager believes, based upon analysis of the financial condition, results of operations and economic outlook of an issuer, that there is potential for resumption of income payments and the securities offer an unusual opportunity for capital appreciation.

In the case of high yield bonds structured as zero-coupon or payment-in-kind securities, their market prices are affected to a greater extent by interest rate changes, and therefore tend to be more volatile than securities which pay interest periodically and in cash. The secondary market on which high yield bonds are traded may be less liquid than the market for higher grade bonds.

Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the values and liquidity of high yield bonds, especially in a thinly-traded market. When secondary markets for high yield bonds are less liquid than the market for higher grade bonds, it may be more difficult to value the securities because such valuation may require more research, and elements of judgment may play a greater role in the valuation because there is less reliable, objective data available.

There are also certain risks involved in using credit ratings for evaluating high yield bonds. For example, credit ratings evaluate the safety of principal and interest payments, not the market value risk of high yield bonds. Also, credit rating agencies may fail to timely reflect subsequent events. A Fund may from time to time participate on committees formed by creditors to negotiate with the management of financially troubled issuers of securities held by a Fund.

Participation by a Fund on such committees also may expose the Fund to potential liabilities under the federal bankruptcy laws or other laws governing the rights of creditors and debtors. Table of Contents Certificates of deposit are negotiable certificates issued against funds deposited in a commercial bank for a definite period of time and earning a specified return. Fixed time deposits are bank obligations payable at a stated maturity date and bearing interest at a fixed rate. Fixed time deposits may be withdrawn on demand by the investor, but may be subject to early withdrawal penalties which vary depending upon market conditions and the remaining maturity of the obligation.

There are no contractual restrictions on the right to transfer a beneficial interest in a fixed time deposit to a third party, although there is no market for such deposits. A Fund may purchase loans or participation interests in loans made by U. Loans are made by a contract called a credit agreement.

Loans are typically secured by assets pledged by the borrower, but there is no guarantee that the value of the collateral will be sufficient to cover the loan, particularly in the case of a decline in value of the collateral. Loans may be floating rate or amortizing. Some loans may be traded in the secondary market among banks, loan funds, and other institutional investors.

These limitations do not prohibit investments in securities issued by foreign branches of U. Table of Contents Fund would be invested in such securities, other illiquid securities, or securities without readily available market quotations, such as restricted securities and repurchase agreements maturing in more than seven days. Each Fund may enter into, or acquire participations in, delayed funding loans and revolving credit facilities. Delayed funding loans and revolving credit facilities are borrowing arrangements in which the lender agrees to make up loans up to a maximum amount upon demand by the borrower during a specified term.

A revolving credit facility differs from a delayed funding loan in that as the borrower repays the loan, an amount equal to the repayment may be borrowed again during the term of the revolving credit facility. Delayed funding loans and revolving credit facilities usually provide for floating or variable rates of interest. To the extent that a Fund is committed to advance additional funds, it will at all times segregate liquid assets. A Fund may invest in delayed funding loans and revolving credit facilities with credit quality comparable to that of issuers of its securities investments.

Delayed funding loans and revolving credit facilities may be subject to restrictions on transfer, and only limited opportunities may exist to resell such instruments. As a result, a Fund may be unable to sell such investments at an opportune time or may have to resell them at less than fair market value. A loan is often administered by an agent bank acting as agent for all holders.

The agent bank administers the terms of the loan, as specified in the loan agreement. In addition, the agent bank is normally responsible for the collection of principal and interest payments from the corporate borrower and the apportionment of these payments to the credit of all institutions which are parties to the loan agreement.

Unless, under the terms of the loan or other indebtedness, a Fund has direct recourse against the corporate borrower, the Fund may have to rely on the agent bank or other financial intermediary to apply appropriate credit remedies against a corporate borrower. A successor agent bank would generally be appointed to replace the terminated agent bank, and assets held by the agent bank under the loan agreement should remain available to holders of such indebtedness.

In situations involving other interposed financial institutions e. Purchasers of loans and other forms of direct indebtedness depend primarily upon the creditworthiness of the corporate borrower for payment of principal and interest. If a Fund does not receive scheduled interest or principal. Loans that are fully secured offer a Fund more protection than an unsecured loan in the event of non-payment of scheduled interest or principal. Each Fund may invest in loan participations with credit quality comparable to that of issuers of its securities investments.

Indebtedness of companies whose creditworthiness is poor involves substantially greater risks, and may be highly speculative. Some companies may never pay off their indebtedness, or may pay only a small fraction of the amount owed. Consequently, when investing in indebtedness of companies with poor credit, a Fund bears a substantial risk of losing the entire amount invested. The yields and market values of municipal securities are determined primarily by the general level of interest rates, the creditworthiness of the issuers of municipal securities and economic and political conditions affecting such.

Table of Contents issuers. Due to their tax exempt status, the yields and market prices of municipal securities may be adversely affected by changes in tax rates and policies, which may have less effect on the market for taxable fixed income securities. Moreover, certain types of municipal securities, such as housing revenue bonds, involve prepayment risks which could affect the yield on such securities. Investments in municipal securities are subject to the risk that the issuer could default on its obligations.

Such a default could result from the inadequacy of the sources or revenues from which interest and principal payments are to be made or the assets collateralizing such obligations. Revenue bonds, including private activity bonds, are backed only by specific assets or revenue sources and not by the full faith and credit of the governmental issuer.

When a Fund purchases municipal securities, the Fund may acquire stand-by agreements from banks and broker-dealers with respect to those municipal securities. A stand-by commitment may be considered a security independent of the municipal security to which it relates.

The amount payable by a bank or broker-dealer during the time a stand-by commitment is exercisable, absent unusual circumstances, would be substantially the same as the market value of the underlying municipal security. As with many principal over-the-counter transactions, there is counter-party risk of default which could result in a loss to the Fund. Investments in larger companies present certain advantages in that such companies generally have greater financial resources, more extensive research and development, manufacturing, marketing and service capabilities, more stability and greater depth of management and technical personnel.

Investments in smaller, less seasoned companies may present greater opportunities for growth but also involve greater risks than customarily are associated with more established companies. The securities of smaller companies may be subject to more abrupt or erratic market movements than larger, more established companies. These companies may have limited product lines, markets or financial resources, or they may be dependent upon a limited management group.

Their securities may be traded only in the over-the-counter market or on a regional securities exchange and may not be traded every day or in the volume typical of trading on a major securities exchange. As a result, the disposition by a Fund of securities to meet redemptions, or otherwise, may require a Fund to sell these securities at a discount from market prices or to sell during a period when such disposition is not desirable or to make many small sales over a lengthy period of time.

The investment return on corporate debt securities reflects interest earnings and changes in the market value of the security. The market value of corporate debt obligations may be expected to rise and fall inversely with interest rates generally. There also exists the risk that the issuers of the securities may not be able to meet their obligations on interest or principal payments at the time called for by an instrument.

Variable and Floating Rate Securities. Variable and floating rate securities provide for a periodic adjustment in the interest rate paid on obligations. The terms of such obligations must provide that interest rates are adjusted periodically based upon an appropriate interest rate adjustment index as provided in the respective obligations. The adjustment intervals may be regular, and range from daily to annually, or may be event based, such as based on a change in the prime rate.

The interest rate on a floater resets periodically, typically every six months. While, because of the interest rate reset feature, floaters provide Funds with a certain degree of protection against rises in interest rates, Funds investing in floaters will participate in any declines in interest rates as well. Typically, the rate is a multiple of some index minus a fixed-coupon amount. When interest rates rise, a super floater is expected to outperform regular floating rate CMOs because of its leveraging factor and higher lifetime caps.

Conversely, when interest rates fall, a super floater is expected to underperform floating rate CMOs because its coupon rate drops by the leveraging factor. In addition, a super floater may reach its cap as interest rates increase and may no longer provide the benefits associated with increasing coupon rates. If issued by a foreign corporation, such commercial paper is U.

The PF Pacific Life Money Market Fund may invest in commercial paper that meets the standards for money market securities that the Fund may acquire as described in the Prospectus and in the discussion of the investment objective and policies of that Fund above. Commercial paper obligations may include variable amount master demand notes. These are obligations that permit the investment of fluctuating amounts at varying rates of interest pursuant to direct arrangements between a Fund, as lender, and the borrower.

These notes permit daily changes in the amounts borrowed. The lender has the right to increase the amount under the note at any time up to the full amount provided by the note agreement, or to decrease the amount, and the borrower may prepay up to the full amount of the note without penalty.

Because variable amount master demand notes are direct lending arrangements between the lender and borrower, it is not generally contemplated that such instruments will be traded and there is no secondary market for these notes.

However, they are redeemable and thus immediately repayable by the borrower at face value, plus accrued interest, at any time. In connection with master demand note arrangements, the Adviser or Manager will monitor, on an ongoing basis, the earning power, cash flow, and other liquidity ratios of the borrower and its ability to pay principal and interest on demand. The Adviser or Manager also will consider the extent to which the variable amount master demand notes are backed by bank letters of credit.

Table of Contents Fund to have a maturity of one day unless the Adviser or Manager has reason to believe that the borrower could not make immediate repayment upon demand. As fixed-income securities, convertible securities are investments which provide for a stable stream of income with generally higher yields than common stocks. Of course, like all fixed-income securities, there can be no assurance of current income because the issuers of the convertible securities may default in their obligations.

Convertible securities, however, generally offer lower interest or dividend yields than non-convertible securities of similar quality because of the potential for capital appreciation. A convertible security, in addition to providing fixed-income, offers the potential for capital appreciation through the conversion feature which enables the holder to benefit from increases in the market price of the underlying common stock. In selecting the securities for a Fund, the Adviser or Manager gives substantial consideration to the potential for capital appreciation of the common stock underlying the convertible securities.

However, there can be no assurance of capital appreciation because securities prices fluctuate. Convertible securities generally are subordinated to other similar but nonconvertible securities of the same issuer although convertible bonds, as corporate debt obligations, enjoy seniority in right of payment to all equity securities, and convertible preferred stock is senior to common stock, of the same issuer.

However, because of the subordination feature, convertible bonds and convertible preferred stock typically have lower ratings than similar non-convertible securities. This combination is achieved by investing in nonconvertible fixed-income securities nonconvertible bonds and preferred stocks and in warrants, granting the holder the right to purchase a specified quantity of securities within a specified period of time at a specified price.

However, the synthetic convertible differs from the true convertible security in several respects. Unlike a true convertible, which is a single security having a unitary market value, a synthetic convertible is comprised of two distinct securities, each with its own market value. For this reason, the value of a synthetic convertible and a true convertible security will respond differently to market fluctuations.

More flexibility is possible in the assembly of a synthetic convertible than in the purchase of a convertible security in that its two components may be purchased separately. For example, a Manager may purchase a warrant. Table of Contents for inclusion in a synthetic convertible but temporarily hold short-term investments while postponing purchase of a corresponding bond pending development of more favorable market conditions.

A holder of a synthetic convertible faces the risk that the price of the stock underlying the convertibility component will decline, causing a decline in the value of the warrant; should the price of the stock fall below the exercise price and remain there throughout the exercise period, the entire amount paid for the warrant would be lost. Since a synthetic convertible includes the fixed-income component as well, the holder of a synthetic convertible also faces the risk that interest rates will rise, causing a decline in the value of the fixed-income instrument.

Repurchase agreements permit an investor to maintain liquidity and earn income over periods of time as short as overnight. If a Fund acquires securities from a bank or broker-dealer it may simultaneously enter into a repurchase agreement with the seller wherein the seller agrees at the time of sale to repurchase the security at a mutually agreed upon time and price.

The term of such an agreement is generally quite short, possibly overnight or for a few days, although it may extend over a number of months up to one year from the date of delivery. The resale price is in excess of the purchase price by an amount which reflects an agreed upon market rate of return, effective for the period of time a Fund is invested in the security.

This results in a fixed rate of return protected from market fluctuations during the period of the agreement. This rate is not tied to the coupon rate on the security subject to the repurchase agreement. If the party agreeing to repurchase should default and if the value of the securities held by a Fund should fall below the repurchase price, a loss could be incurred.

Under the Act, repurchase agreements are considered to be loans by the purchaser collateralized by the underlying securities. The Adviser or Manager to a Fund monitors the value of the underlying securities at the time the repurchase agreement is entered into and at all times during the term of the agreement to ensure that its value always equals or exceeds the agreed upon repurchase price to be paid to a Fund.

The Adviser or Manager, in accordance with procedures established by the Board of Trustees, also evaluates the creditworthiness and financial responsibility of the banks and brokers or dealers with which a Fund enters into repurchase agreements. Each Fund may borrow up to certain limits. This borrowing may be unsecured. Borrowing may exaggerate the effect on net asset value of any increase or decrease in the market value of a Fund.

Money borrowed will be subject to interest costs which may or may not be recovered by appreciation of the securities purchased. A Fund also may be required to maintain minimum average balances in connection with such borrowing or to pay a commitment or other fee to maintain a line of credit; either of these requirements would increase the cost of.

Table of Contents borrowing over the stated interest rate. Reverse repurchase agreements and the purchase of securities on margin will be included as borrowing subject to the borrowing limitations described above. Each Fund may use short-term credit as necessary for the clearance of purchases and sales of securities.

Reverse repurchase agreements, among the forms of borrowing, involve the sale of a debt security held by the Fund, with an agreement by that Fund to repurchase the security at a stated price, date and interest payment. A Fund may enter into reverse repurchase agreements with banks or broker-dealers.

Entry into such agreements with broker-dealers requires the creation and maintenance of segregated assets consisting of U. Firm commitment agreements are agreements for the purchase of securities at an agreed upon price on a specified future date. Such transactions might be entered into, for example, when the Adviser or Manager to a Fund anticipates a decline in the yield of securities of a given issuer and is able to obtain a more advantageous yield by committing currently to purchase securities to be issued or delivered later.

A Fund will not enter into such a transaction for the purpose of investment leverage. Accordingly, if the market price of the security should decline, the effect of the agreement would be to obligate the Fund to purchase the security at a price above the current market price on the date of delivery and payment. During the time a Fund is obligated to purchase such securities it will segregate assets consisting of U.

For the purpose of realizing additional income, each Fund may make secured loans of its securities to broker-dealers or U. In addition, it is anticipated that a Fund may share with the borrower some of the income received on the collateral for the loan or.

Table of Contents that it will be paid a premium for the loan. If the borrower fails to deliver the loaned securities on a timely basis as defined in the loan agreement , a Fund could use the collateral to replace the securities while holding the borrower liable for any excess of replacement cost over collateral. It should be noted that in connection with the lending of its fund securities, a Fund is exposed to the risk of delay in recovery of the securities loaned or possible loss of rights in the collateral should the borrower become insolvent.

In determining whether to lend securities, PFPC considers all relevant facts and circumstances, including the creditworthiness of the borrower. Voting rights attached to the loaned securities may pass to the borrower with the lending of securities. A Fund may recall securities if the Manager wishes to vote on matters put before shareholders.

When a Fund makes a short sale, a Fund must arrange through a broker to borrow the security to deliver to the buyer; and, in so doing, a Fund becomes obligated to replace the security borrowed at its market price at the time of replacement, whatever that price may be. A Fund may have to pay a premium to borrow the security. A Fund must also pay any dividends or interest payable on the security until the Fund replaces the security.

Generally, a security is considered illiquid if it cannot be disposed of within seven days. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, requiring a Fund to rely on judgments that may be somewhat subjective in determining value, which could vary from the amount that a Fund could realize upon disposition.

Illiquid securities are considered to include among other things, written over-the-counter options, securities or other liquid assets being used as cover for such options, certain loan participation interests, fixed time deposits which are not subject to prepayment or provide for withdrawal penalties upon prepayment other than overnight deposits , and other securities whose disposition is restricted under federal securities laws.

The privately placed securities in which these Funds may invest are called restricted securities because there are restrictions or conditions attached to their resale. The value of these securities may be affected by worldwide financial and political factors, and prices may fluctuate sharply over short time periods.

For example, precious metals securities may be affected by changes in inflation expectations in various countries, metal sales by central banks of governments or international agencies, governmental restrictions on the private ownership of certain precious metals or minerals and other factors. These risks are intensified with respect to investments in emerging market countries.

These include differences in accounting, auditing and financial reporting standards, generally higher commission rates on foreign fund transactions, the possibility of expropriation, nationalization, or confiscatory taxation, adverse changes in investment or exchange control regulations, trade restrictions, political instability which can affect U.

It may be more difficult to obtain and enforce judgments against foreign entities. Additionally, income including dividends and interest from foreign securities may be subject to foreign taxes, including foreign withholding taxes, and other foreign taxes may apply with respect to securities transactions. Transactions on foreign exchanges or over-the-counter markets may involve greater time from the trade date until settlement than for domestic securities transactions and, if the securities are held abroad, may involve the risk of possible losses through.

Table of Contents the holding of securities in custodians and depositories in foreign countries. Foreign securities often trade with less frequency and volume than domestic securities and therefore may exhibit greater price volatility. Changes in foreign exchange rates will affect the value of those securities which are denominated or quoted in currencies other than the U. There is generally less publicly available information about foreign companies comparable to reports and ratings that are published about companies in the United States.

Foreign companies are also generally not subject to uniform accounting and auditing and financial reporting standards, practices, and requirements comparable to those applicable to U. It is contemplated that most foreign securities will be purchased in over-the-counter markets or on stock exchanges located in the countries in which the respective principal offices of the issuers of the various securities are located, if that is the best available market.

Foreign stock markets are generally not as developed or efficient as those in the United States. While growing in volume, they usually have substantially less volume than the New York Stock Exchange, and securities of some foreign companies are less liquid and more volatile than securities of comparable U. Similarly, volume and liquidity in most foreign bond markets is less than in the United States and at times, volatility of price can be greater than in the United States.

Fixed commissions on foreign stock exchanges are generally higher than negotiated commissions on U. There is generally less government supervision and regulation of stock exchanges, brokers, and listed companies than in the United States.

With respect to certain foreign countries, there is the possibility of adverse changes in investment or exchange control regulations, nationalization, expropriation or confiscatory taxation, limitations on the removal of funds or other assets of a Fund, political or social instability, or diplomatic developments which could affect United States investments in those countries. Each of the emerging countries, including Asia and Eastern Europe, may be subject to a substantially greater degree of economic, political and social instability and disruption than is the case in the United States, Japan and most Western European countries.

Investment in foreign securities also involves the risk of possible losses through the holding of securities in custodian banks and securities depositories in foreign countries. No assurance can be given that expropriation, nationalization, freezes, or confiscation of assets, which would impact assets of the Fund, will not occur, and shareholders bear the risk of losses arising from these or other events.

Table of Contents foreign investment policies, smaller-sized securities markets and low trading volumes. Such risks can make investments illiquid and more volatile than investments in developed countries and such securities may be subject to abrupt and severe price declines. Brady bonds involve various risk factors including residual risk and the history of defaults with respect to commercial bank loans by public and private entities of countries issuing Brady bonds.

There can be no assurance that Brady bonds in which a Fund may invest will not be subject to restructuring arrangements or to requests for new credit, which may cause a Fund to suffer a loss of interest or principal on any of its holdings. Generally, foreign exchange transactions will be conducted on a spot, i. This rate, under normal market conditions, differs from the prevailing exchange rate in an amount generally less than 0. However, a Fund has authority to deal in forward foreign exchange transactions to hedge and manage currency exposure against possible fluctuations in foreign exchange rates and, with respect to the PF PIMCO Inflation Managed Fund and the PF PIMCO Managed Bond Fund, to increase exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one country to another.

This is accomplished through contractual agreements to purchase or sell a specified currency at a specified future date and price set at the time of the contract. When entering into such contracts, a Fund assumes the credit risk of the counterparty.

Dealings in forward foreign exchange transactions may include hedging involving either specific transactions or fund positions. A Fund may purchase and sell forward foreign currency contracts in combination with other transactions in order to gain exposure to an investment in lieu of actually purchasing such investment. Transaction hedging is the purchase or sale of forward foreign currency contracts with respect to specific receivables or payables of a Fund arising from the purchase and sale of fund securities, the sale and redemption of shares of a Fund, or the payment of dividends and distributions by a Fund.

Position hedging is the sale of forward foreign currency contracts with respect to fund security positions denominated in or exposed to a foreign currency. In connection with either of these types of hedging, a Fund may also engage in proxy hedging. Proxy hedging entails entering into a forward contract to buy or sell a currency whose changes in value are generally considered to be moving in correlation with a currency or currencies in which fund securities are or are expected to be denominated.

Proxy hedging is often used when a currency in which fund securities are denominated is difficult to hedge. The precise matching of a currency with a proxy currency will not generally be possible and there may be some additional currency risk in connection with such hedging transactions.

In addition to the above, a fund may also cross-hedge between two non-U. A Fund will not speculate in forward foreign exchange. By entering into a forward contract for the purchase or sale of the amount of foreign currency involved in the underlying security transactions or a proxy currency considered to move in correlation with that currency for a fixed amount of dollars, a Fund may be able to protect itself against a possible loss resulting from an adverse change in the relationship between the U.

Table of Contents or received. The precise matching of the forward contract amounts and the value of the securities involved will not generally be possible since the future value of such securities in foreign currencies will change as a consequence of market movements in the value of those securities between the date the forward contract is entered into and the date it matures.

The projection of short-term currency market movements is extremely difficult and the successful execution of a short-term hedging strategy is highly uncertain. The Funds will cover outstanding forward currency contracts by maintaining liquid fund securities or other assets denominated in or exposed to the currency underlying the forward contract or the currency being hedged. When a Manager of a Fund believes that the currency of a particular foreign country may suffer a decline against the U.

It is impossible to forecast with absolute precision the market value of fund securities at the expiration of the contract. Accordingly, it may be necessary for a Fund to purchase additional foreign currency on the spot market and bear the expense of such purchase if the market value of the security is less than the amount of foreign currency a Fund is obligated to deliver and if a decision is made to sell the security and make delivery of the foreign currency.

Conversely, it may be necessary to sell on the spot market some of the foreign currency received upon the sale of the fund security if its market value exceeds the amount of foreign currency a Fund is obligated to deliver. A Fund is not required to enter into such transactions with regard to their foreign currency denominated securities and will not do so unless deemed appropriate by its Manager.

It simply establishes a rate of exchange which one can achieve. Table of Contents at some future point in time. Additionally, although such contracts tend to minimize the risk of loss due to a decline in the value of the hedged currency, at the same time they tend to limit any potential gain which might result from the value of such currency increase.

A Fund may purchase and sell write i both put and call options on debt or other securities in standardized contracts traded on national securities exchanges, boards of trade, similar entities, or for which an established over-the-counter market exists; and ii agreements, sometimes called cash puts, which may accompany the purchase of a new issue of bonds from a dealer.

A Fund may purchase call options on securities to protect against substantial increases in prices of securities a Fund intends to purchase pending its ability to invest in such securities in an orderly manner. A Fund may sell put or call options it has previously purchased, which could result in a net gain or loss depending on whether the amount realized on the sale is more or less than the premium and other transaction costs paid on the put or call option which is sold. A Fund may also allow options to expire unexercised.

In order to earn additional income on its securities or to protect partially against declines in the value of such securities, a Fund may write covered call options. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

During the option period, a covered call option writer may be assigned an exercise notice by the broker-dealer through whom such call option was sold requiring the writer to deliver the underlying security against payment of the exercise price. This obligation is terminated upon the expiration of the option period or at such earlier time in which the writer effects a closing purchase transaction.

Closing purchase transactions will ordinarily be effected to realize a profit on an outstanding call option, to prevent an underlying security from being called, to permit the sale of the underlying security, or to enable a Fund to write another call option on the underlying security with either a different exercise price or expiration date or both. In order to earn additional income or to facilitate its ability to purchase a security at a price lower than the current market price of such security, a Fund may write secured put options.

During the option period, the writer of a put option may be assigned an exercise notice by the broker-dealer through whom the option was sold requiring the writer to purchase the underlying security at the exercise price. Table of Contents required, cash or cash equivalents in such amount are segregated upon conversion or exchange of other securities held by a Fund, or, if a Fund has a call on the same security if the exercise price of the call held i is equal to or less than the exercise price of the call written or ii is greater than the exercise price of the call written, if the difference is maintained by a Fund in segregated cash, U.

A put is secured if a Fund maintains cash, U. Prior to the earlier of exercise or expiration, an option may be closed out by an offsetting purchase or sale of an option of the same series type, exchange, underlying security, exercise price, and expiration. There can be no assurance, however, that a closing purchase or sale transaction can be effected when a Fund desires.

A Fund will realize a capital gain from a closing purchase transaction if the cost of the closing option is less than the premium received from writing the option, or, if it is more, a Fund will realize a capital loss. If the premium received from a closing sale transaction is more than the premium paid to purchase the option, a Fund will realize a capital gain or, if it is less, a Fund will realize a capital loss.

The principal factors affecting the market value of a put or a call option include supply and demand, interest rates, the current market price of the underlying security in relation to the exercise price of the option, the volatility of the underlying security, and the time remaining until the expiration date. The premium paid for a put or call option purchased by a Fund is an asset of the Fund.

The premium received for an option written by a Fund is recorded as a deferred credit. The value of an option purchased or written is marked-to-market daily and is valued at the closing price on the exchange on which it is traded or, if not traded on an exchange or no closing price is available, at the mean between the last bid and asked prices.

A Fund may use the same segregated cash, U.

A comment period ends Monday on proposed changes from the U.

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MEN DEMIN JACKETS AND VEST

PF Lazard International Value. PF Putnam Equity Income. PF Van Kampen Comstock. The Performance net of sales charges provides standardized performance calculated in accordance with SEC methods; the Performance gross of sales charges is not computed in accordance with SEC methods. The performance represents past performance of the underlying funds and is not predictive of future performance of the underlying funds or the Portfolio Optimization Funds.

The investment return of the underlying funds will fluctuate, so that shares of the underlying funds and the Portfolio Optimization Funds , when redeemed, may be worth more or less than their original cost. The Class A shares of the underlying funds are subject to a maximum front-end sales charge of 5.

You can receive a copy of the prospectus for the underlying funds by calling Pacific Life at The prospectus of the underlying funds should be read carefully prior to investing directly in the underlying funds. You can invest in the funds through your registered representative, who can help you buy, sell, and exchange shares and maintain your account. They may charge for their services. For more information about the plans available through Pacific Funds and to receive applicable documents and applications for all types of accounts, call Pacific Funds may return applications that do not have a registered representative listed.

Make your check payable to Pacific Funds and mail it with the application to P. Box , Providence, RI Assets drawn from a bank or credit union must be in the form of a personal check. We will not accept cash, credit cards, travelers checks, third party checks, starter checks, credit card checks, money orders and checks or wires drawn on non-U.

If your check does not clear, your purchase will be canceled and you will be liable for any losses and fees incurred by Pacific Funds or its transfer agent. Instruct your bank to wire the money in care of:. ABA : Account : FBO: Pacific Funds.

Shareholder Name and Account Number. If EFT is established after account setup, complete the Account Maintenance form, which will require a medallion signature guarantee. EFT may take a period of up to 14 calendar days to become active. A preauthorized investment plan may take a period of up to 14 calendar days to establish and become active. If a start date is not provided, systematic investments will begin one month from the date the program is set up. When you open an account, you must provide your full name, date of birth, physical residential address although post office boxes are still permitted for mailing purposes and Social Security or tax identification number.

Not providing this information may result in incomplete orders and transactions, failure to open your account, delayed or unprocessed transactions or account closure. These requirements and procedures may change from time to time to comply with government regulations or guidance. Sales charges may apply to all investments. Pacific Funds reserves the right to waive minimum investment amounts, including for certain types of retirement plans.

You may sell shares by contacting your registered representative or Pacific Funds. To sell shares by mail, send a written, signed request specifying the fund name and share class, account number, name s registered on the account and the dollar value or number of shares you wish to sell. Signatures of all shareholders are required and must match the account registration. To disable this option, check the appropriate box on your Account Application. Corporate investors and other associations must have an appropriate certification on file authorizing redemptions.

Depending on the class of shares you own, a contingent deferred sales charge CDSC may apply. This may result in a gain or loss for federal income tax purposes and the imposition of a CDSC. You may exchange shares of one fund for shares of the same class of any other fund within the same base account if both funds maintain minimum balance requirements and have identical registered owners.

Exchanges are considered sales and may result in a gain or loss for federal and state income tax purposes. There are currently no additional sales charges or fees for exchanges. Shares subject to a CDSC will continue to age from the date that you bought the original shares. To exchange shares, call Purchase and sale requests are executed at the next net asset value NAV , plus or minus any applicable sales charges, determined after the transfer agent receives the order in proper form.

If you purchase by wire, the order will be deemed to be in proper form after the Account Application, telephone notification and the federal funds wire have been received. If an order or payment by wire is received after p. Eastern time, the shares will not be credited until the next business day.

You will receive a confirmation of each unscheduled transaction in your account. You may rely on these confirmations in lieu of certificates as evidence of your ownership. Certificates representing shares of the funds will not be issued. Under normal conditions, we will pay redemption proceeds within three business days. However, we have the right to take up to seven days to pay redemption proceeds, and may postpone payment longer in the event of unusual circumstances as permitted by applicable law or an economic emergency as determined by the SEC.

When you sell shares for which we have not received the investment, we will execute your request at the next determined NAV per share, but will not release the proceeds until your investment clears. This may take up to 15 days from the investment date. To reduce such delay, you should make investments by bank wire or federal funds.

We normally will pay cash for all shares you sell. When making payment in cash becomes harmful to other shareholders or a fund, we may make some or all of the payment in securities at their then current market value equal to the redemption price minus any applicable charges. You will bear market risk while holding such securities. We will not be responsible for the authenticity of phone instructions or any losses resulting from unauthorized shareholder transactions if it is reasonably believed that the instructions were genuine.

Proceeds from telephone transactions will only be mailed to your address of record. Each class is subject to different types and levels of sales charges and expenses. The class of shares best suited for you depends upon factors such as the amount and intended length of your investment. Also consider the ongoing annual expenses along with the front-end sales charge or contingent deferred sales charge CDSC. The impact of sales charges and expenses will depend on the length of time you hold the shares.

To pay for the cost of promoting the funds and servicing your account, each class has adopted a Distribution and Servicing Rule 12b-1 Plan, under which fees are permitted to be paid out of the assets of each class. Higher distribution fees mean a higher expense ratio, so Class B and Class C shares pay correspondingly lower dividends and may have a lower net asset value NAV than Class A shares. Each purchase is subject to the following front end sales charges:.

Sales charges do not apply to reinvested dividends or capital gain distributions. However, Class A shares indirectly bear the annual 12b-1 fee of 0. Class B shares are offered at NAV without any front-end sales charge. However, Class B shares indirectly bear the annual 12b-1 fee of 0.

After eight years, Class B shares convert to Class A shares, thus reducing your future annual expenses. However, Class C shares indirectly bear the annual 12b-1 fee of 0. We will first sell shares in your account that are not subject to a CDSC and then will redeem shares in the order in which they were purchased. All purchases made during a calendar month are counted as having been made as of the first day of that month.

There is no CDSC on shares acquired through the reinvestment of dividends and capital gains distributions. To take advantage of these reductions, complete the Reduced Sales Charge section of the Account Application. Available reductions include:. This includes purchases of all account types e. Immediate family includes.

Part of the Letter of Intent amount will be held in escrow to cover additional sales charges that may be incurred if the total investments over the month period are insufficient to qualify for the sales charge reduction. Reinvested dividends and capital gain distributions do not count toward the Letter of Intent amount. In addition, if you used the Portfolio Optimization service offered by Pacific Life, you can exchange into the same share class of the funds without paying additional sales charges.

This privilege can be used only once per calendar year. All accounts must have identical registered owners. The reinstatement privilege does not apply to redemptions of Class A or Class C shares that did not pay an initial sales charge. The NAV Authorization form or letter of instruction must be provided to receive any front-end sales charge waiver described above in the Waiver of initial sales charges and Reinstatement privilege sections.

If you think you may be eligible for a CDSC waiver, contact your registered representative. You must notify us at the time of the redemption request to receive the waiver. Each fund is divided into shares. The NAV forms the basis for all transactions involving buying, selling, exchanging or reinvesting shares. The assets of the funds consist primarily of shares of the underlying funds, which are valued at their respective NAVs at the time of computation.

When you buy shares, you pay the NAV per share plus any applicable sales charge. Exchange orders within the funds are effected at NAV. In general, the value of each security held by the underlying funds is based on its actual or estimated market value, with special provisions for assets without readily available market quotes, for short-term debt securities, and for situations where market quotations are deemed unreliable or stale.

For purposes of calculating the NAV, the underlying funds normally use pricing data for domestic equity securities received shortly after the NYSE close and do not normally take into account trading, clearances or settlements that take place after the NYSE close. Domestic fixed income and foreign securities are normally priced using data reflecting the earlier closing of the principal markets or market participants for those securities. Pricing data is obtained from various sources approved by the board of trustees.

Information that becomes known to us after the NAV has been calculated on a particular day will not normally be used to retroactively adjust the price of a security or the NAV determined earlier that day. Because foreign securities can be traded on weekends, U.

The funds intend to distribute substantially all of their net investment income and realized capital gains to shareholders at least once a year. Dividends will be declared and paid annually. No sales charge or CDSC will apply to the purchased shares. Each fund will distribute substantially all of its income and realized capital gains to its shareholders every year.

You will be taxed on fund distributions whether they are paid in cash or reinvested in additional fund shares. The funds can have income, gains or losses from any distributions or redemptions in the underlying funds.

Distributions of the long-term capital gains of either the funds or underlying funds will generally be taxed as long-term capital gains. Other distributions, including short-term capital gains, will be taxed as ordinary income. Underlying funds with high portfolio turnover may realize gains at an earlier time than funds with a lower turnover and may not hold securities long enough to obtain the possible benefits of long-term capital gains rates. The fund of funds structure and the reallocation of investments among underlying funds could affect the amount, timing and character of distributions.

This rate does not apply to corporate taxpayers. Distributions from underlying funds investing in bonds and other debt instruments will not generally qualify for the lower rates. Further, because the underlying funds may invest in companies that do not pay significant dividends on their stock, those funds will not generally derive enough qualifying dividend income to be eligible for the lower rate on qualifying dividends.

Any gain resulting from selling or exchanging shares will generally be subject to federal income tax. This section pertains to anyone purchasing shares of the Portfolio Optimization Funds for a College Savings Plan account for Arizona or Montana and supplements or supercedes other information in the prospectus. Each account is subject to the terms and conditions of the applicable Plan Description Handbook.

You should contact your registered representative or Pacific Funds customer service at for more information. Once the maximum is reached, no further contributions will be accepted, but investment growth may continue. Excess contributions could result in adverse tax consequences. A separate Distribution Request form must be completed for each withdrawal. Withdrawals by telephone, systematic withdrawals, and checkwriting privileges are not currently available.

Fees and waivers. The CDSC for both the Arizona and Montana plans will be waived for redemptions due to the receipt of scholarship by the designated beneficiary up to the amount of the scholarship , transfers to the CollegeSure CD for each applicable state, and redemptions for the purpose of complying with the maximum account balance limitation across all plan accounts, if the amount is rolled over to a Pacific Funds Plan account for another designated beneficiary.

Class A shares may be purchased without a front-end sales charge by Montana residents purchasing shares directly from Pacific Funds under the Montana Family Education Savings Plan, Arizona residents purchasing shares directly from Pacific Funds under the Arizona Family College Savings Program, and individuals purchasing shares under a qualified tuition program with the proceeds from a transfer or rollover from another qualified tuition program within the last 60 days on which an initial or contingent deferred sales charge was paid.

Class C shares may be purchased without a front-end sales charge by Arizona or Montana plan accounts opened as part of an employer-sponsored program through a preauthorized investment plan or payroll deduction. To purchase a plan with the assistance of a registered representative, complete the appropriate Plan Account Application and mail the application and check, made payable to Pacific Funds to the address provided on the back cover of this prospectus.

Pacific Funds is organized as a Delaware statutory trust. Its business and affairs are managed by its board of trustees. Each fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code. Funds that qualify do not have to pay income tax as long as they distribute sufficient taxable income and net capital gains.

Pacific Funds may discontinue offering shares of any fund at any time or may offer shares of a new fund. If a fund is discontinued, any investment allocation to that fund will be allocated to another fund the trustees believe is suitable, as long as any required regulatory approvals are met.

Annual and semiannual reports. Pacific Funds prospectus for the underlying funds. You can get a copy of these documents at no charge by calling or writing to Pacific Funds. You can also get a copy of these documents, reports, and other information by contacting the Securities and Exchange Commission SEC. The SEC may charge you a fee for this information. Contact Pacific Funds by writing to:. Providence, RI Express mail:. Phone: Internet: www. E-mail: publicinfo sec. SEC file number Dated October 24, , subject to completion.

Box Fund information:. Diversification Versus Non-Diversification. Government Securities. Inflation-Indexed Bonds. Real Estate Investment Trusts. Mortgage-Related Securities. Mortgage Pass-Through Securities. GNMA Certificates. Other Mortgage-Related Securities. CMO Residuals. Stripped Mortgage-Backed Securities. Mortgage Dollar Rolls. Other Asset-Backed Securities. Linked Securities. Equity-Linked and Index-Linked Securities.

Currency-Indexed Securities. Event-Linked Bonds. High Yield Bonds. Participation on Creditors Committees. Bank Obligations. Loan Participations. Municipal Securities. Small Capitalization Stocks. Corporate Debt Securities.

Tender Option Bonds. Commercial Paper. Convertible Securities. Repurchase Agreements. Reverse Repurchase Agreements and Other Borrowings. Loans of Fund Securities. Short Sales. Short Sales Against the Box. Illiquid and Restricted Securities Private Placements. Precious Metals-Related Securities.

Foreign Securities. Purchasing and Writing Options on Securities. Purchasing and Writing Options on Stock Indexes. Risks of Options Transactions. Spread Transactions. Options on Foreign Currencies. Investments in Other Investment Company Securities. Futures Contracts and Options on Futures Contracts.

Futures on Securities. Interest Rate Futures. Stock Index Futures. Futures Options. Risks Associated with Futures and Futures Options. Foreign Currency Futures and Options Thereon. Swap Agreements and Options on Swap Agreements. Risks of Swap Agreements.

Hybrid Instruments. Structured Notes. Warrants and Rights. Fundamental Investment Restrictions. Nonfundamental Investment Restrictions. Management Information. Interested Trustees. Independent Trustees. Board of Trustees.

Equity Ownership of Trustees. Retirement Policy for Trustees. Deferred Compensation Agreement. Investment Adviser. Other Expenses of the Fund. Fund Management Agreements. Investment Decisions. Brokerage and Research Services. Fund Turnover. Distributor and Multi-Class Plan. Purchases, Redemptions and Exchanges. Calculation of Yield. Calculation of Total Return. Sales of Shares. Backup Withholding. Passive Foreign Investment Companies. Foreign Currency Transactions.

Foreign Taxation. Original Issue Discount and Market Discount. Constructive Sales. Other Taxation. Individual Retirement Accounts. Administrative Services. Transfer Agency and Custody Services. Concentration Policy. Control Persons and Principal Holders of Securities. Voting Rights. Independent Auditors.

Code of Ethics. Registration Statement. Description of Bond Ratings. This SAI is designed to elaborate upon information contained in the Prospectus, including the discussion of certain securities and investment techniques. The investment objective and principal investment policies of each Fund are described in the Prospectus.

Any percentage limitations noted are based on market value at time of investment. If net assets are not specified, then percentage limits refer to total assets. Total assets are equal to the fair value of securities owned, cash, receivables, and other assets before deducting liabilities. Blue chip companies are considered to be large and medium sized companies i. In addition to the investment policies and techniques described in the Prospectus, the Fund may invest a portion of its assets in: preferred stocks, convertible securities, corporate debt securities, bankers acceptances, commercial paper, U.

The Fund may also use forward contracts, futures contracts including interest rate, currency or stock index futures , and purchase and write covered options on securities, indices, currencies, and futures contracts to attempt to hedge against the overall level of investment and currency risk associated with its investments. The Fund will not write options if, immediately after such sale, the aggregate value of securities or obligations underlying the.

The Fund may also engage in foreign currency transactions and forward currency contracts. However, the Fund may not borrow for leveraging, but may borrow for temporary or emergency cash purposes in anticipation of or in response to adverse market conditions, or for cash management purposes. In addition to the investment policies and techniques described in the Prospectus, the Fund may invest a portion of its assets in: preferred stocks; convertible securities; corporate debt securities; bankers acceptances; commercial paper; U.

The Fund may also engage in short sales against the box. The Fund may also use forward contracts, futures contracts including interest rate, currency, or stock index futures , and purchase and write covered options on securities, indices, currencies, and futures contracts to attempt to hedge against the overall level of investment and currency risk associated with its investments.

However, the Fund may not borrow for leveraging, but may borrow for temporary or emergency cash purposes, in anticipation of or in response to adverse market conditions, or for cash management purposes. In addition to the derivatives described in the Prospectus, the Fund may also purchase and write covered put and call options on any security in which it may invest, on any securities index consisting of securities in which it may invest and on yield curve options.

The Fund may also engage in various futures contracts and swap agreements and purchase and write sell put and call options thereon. In addition to the investment policies and techniques described in the Prospectus, the Fund may invest in: debt securities; repurchase agreements; reverse repurchase agreements; U. The Fund may engage in short sales against the box. ADRs and Canadian issuers are excluded for purposes of this limitation.

Table of Contents The Fund may also invest in U. The Fund limits its investments in bank obligations to U. The Fund may enter into forward currency contracts and foreign currency transactions and may purchase and write put and call options on foreign currencies. The Fund may also purchase and write covered put and call options on securities and on securities indexes.

The Fund may invest in futures contracts on securities, stock indexes, currencies, and interest rates, and options thereon. The Fund may also invest in swaps, caps, floors and collars. The Fund may also invest in U. The Fund may also hold cash in U. Securities which may be held for defensive purposes include nonconvertible preferred stock, debt securities, government securities issued by U.

The Fund may also invest in obligations of foreign banks including U. The Fund may also purchase and sell financial futures contracts, stock index futures contracts, and foreign currency futures contracts and options thereon. The Fund may trade futures contracts and options on futures contracts not only on U. The Fund may purchase and write put and call options on stock indexes and may invest in U. The Fund may also engage in foreign currency transactions and forward foreign currency contracts.

Investors should understand that the expense ratio of the Fund can be expected to be higher than investment companies investing in domestic securities since the cost of maintaining the custody of foreign securities and the rate of advisory fees paid by the Fund is higher.

Investing in the securities of foreign issuers involves special risks and considerations not typically associated with investing in U. In addition to the investment policies and techniques described in the Prospectus, the Fund may invest in: short-term instruments; commercial paper; open-end and closed-end funds; U. The Fund may engage in the purchase and writing of put and call options on foreign currencies, securities and stock indexes.

The Fund may also engage in futures contracts on foreign currencies; securities; stock indexes; and may purchase and sell put and call options thereon. The Fund may also enter into forward contracts. The Fund may invest in, but is not currently anticipated to use corporate asset-backed securities; mortgage-related securities including collateralized mortgage obligations, mortgage-backed securities, stripped mortgage-backed securities, pass-through securities ; municipal bonds; indexed securities; structured products; inverse floating rate obligations and dollar-denominated foreign debt securities.

In addition, the Fund may invest in, but is not currently anticipated to use Brady bonds; reverse repurchase agreements; reset options; yield curve options; swaps and related derivative instruments. In addition to its investments in inflation-indexed bonds and fixed income securities as described in the Prospectus, the Fund may invest in the following: corporate debt securities of domestic issuers including U.

Delayed delivery purchases and forward commitments involve a risk of loss if the value of the securities declines prior to the settlement date. The Fund may also: purchase and write put and call options on securities; purchase and sell spread transactions with securities dealers; enter into interest rate, interest rate index, currency exchange rate swap agreements and purchase and write credit default swaps, and purchase and sell options thereon; engage in forward.

Table of Contents currency contracts, foreign currency transactions, options on foreign currencies, and foreign currency futures and options thereon; and purchase and sell interest rate futures contracts and options thereon. The Fund may engage in short sales and short sales against the box. The Fund may also use foreign currency options and forward contracts to increase exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one country to another.

This limit does not apply to dollar-denominated foreign securities including ADRs. In addition to the investment policies and techniques described in the Prospectus, the Fund may also invest in: obligations issued or guaranteed by the U. The Fund may invest in U. In the event that a security owned by the Fund is downgraded to below a B rating, the Fund may nonetheless retain the security.

In pursuing its investment objective, the Fund may purchase and write put and call options on securities; purchase and sell spread transactions with securities dealers; purchase and sell interest rate futures contracts and options thereon; and enter into interest rate, interest rate index, currency exchange rate swap agreements, and purchase and write credit default swaps, and purchase and sell options thereon.

Furthermore, the Fund may engage in foreign currency transactions and forward currency contracts; options on foreign currencies; and foreign currency futures and options thereon, in anticipation of or to protect itself against fluctuations in currency exchange rates with respect to investments in securities of foreign issuers. The Fund may invest only in U. In addition, the Fund is subject to diversification and portfolio maturity standards applicable to money market funds under SEC rules.

The quality of securities subject to guarantees may be determined based solely on the quality of the guarantee. Additional eligibility restrictions apply with respect to guarantees and demand features. In addition, securities subject to guarantees not issued by a person in a control relationship with the issuer of such securities are not subject to the preceding diversification requirements. In the event that an instrument acquired by the Fund is downgraded or otherwise ceases to be of the quality that is eligible for the Fund, the Adviser, under procedures approved by the Board of Trustees shall promptly reassess whether such security presents minimal credit risk and determine whether or not to retain the instrument.

In addition to the securities and investment techniques described in the Prospectus, the Fund may also invest in: firm commitment agreements; when-issued securities; short-term corporate debt securities including U. The Fund may not engage in futures contracts and options on futures contracts or purchase, write, or sell options on securities.

In addition to the investment policies and techniques described in the Prospectus, the Fund may also invest in: commercial paper; bank obligations; repurchase agreements; or other short-term debt obligations; fixed income securities, such as inverse floating obligations, premium securities, interest-only or principal-only classes of mortgage-backed securities; zero coupon and PIK bonds; loan participations; floating rate and variable rate demand notes; mortgage-backed and asset-backed securities, such as CMOs; hybrid instruments; swap agreements; structured investments; securities of other investment companies; municipal securities; stand-by commitments; municipal leases; warrants and rights; convertible securities; and private placement and restricted securities.

ADRs are excluded for purposes of this limitation. For more information on the risks of such. In addition to the derivatives activities described in the Prospectus, the Fund may purchase securities on margin and may purchase and sell futures contracts on securities, interest rates, indices, and foreign currencies, and options thereon. The Fund may engage without limit in foreign currency exchange transactions, such as foreign currency options, foreign currency forward contracts, and foreign currency futures contracts.

The Fund may also engage in the purchase and writing of put and call options on securities that are traded on U. The Fund may purchase and write options on the same types of securities that the Fund may purchase directly. In addition to the investment policies and techniques described in the Prospectus, the Fund may invest a portion of its assets in: short-term fixed income securities, such as repurchase agreements, commercial paper, U.

The Fund is classified as a non-diversified fund. Table of Contents caps and floors on either an asset-based or a liability-based basis. The Fund may engage in forward contracts, forward foreign currency contracts and foreign currency transactions and purchase and write options on foreign currencies. The Fund may engage in the purchase and writing of put and call options on foreign currencies; securities and stock indexes.

The Fund may also engage in futures contracts on foreign currencies; securities; and stock indexes, and may purchase and sell put and call options thereon. The Fund may invest in, but is not currently anticipated to use corporate asset-backed securities; mortgage-related securities including CMOs, mortgage-backed securities, stripped mortgage-backed securities, pass-through securities ; municipal bonds; indexed securities; structured products; inverse floating rate obligations and dollar-denominated foreign debt securities.

In addition, the Fund may not invest in brady bonds; reverse repurchase agreements; reset options; yield curve options; swaps and related derivative instruments. Unless otherwise stated in the Prospectus, many investment techniques, including various hedging techniques and techniques which may be used to help add incremental income, are discretionary.

That means Managers may elect to engage or not to engage in the various techniques at their sole discretion. Hedging may not be cost-effective or Managers may simply elect not to engage in hedging and have a Fund assume full risk of the investments. Investors should not assume that any Fund will be hedged at all times or that it will be hedged at all; nor should investors assume that any particular discretionary investment technique or strategy will be employed at all times, or ever employed.

The investment techniques described below may be pursued directly by the Underlying Funds. As a general matter, the Portfolio Optimization Funds do not invest directly in securities. However, the Portfolio Optimization Funds are subject to the risks described below indirectly through their investment in the Underlying Funds.

All Funds may invest in U. Treasury bills, notes, and bonds are direct obligations of the U. Treasury and they differ with respect to certain items such as coupons, maturities, and dates of issue. Treasury bills have a maturity of one year or less. Treasury notes have maturities of one to ten years and Treasury bonds generally have a maturity of greater than ten years. Securities guaranteed by the U.

In guaranteed securities, the payment of principal and interest is unconditionally guaranteed by the U. Such direct obligations or guaranteed securities are subject to variations in market value due to fluctuations in interest rates, but, if held to maturity, the U. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation.

Two structures are common. The U. Treasury and some other issuers use a structure that accrues inflation into the principal value of the bond. Although inflation-indexed bonds may be somewhat less liquid than Treasury Securities, they are generally as liquid as most other government securities. Inflation-indexed securities issued by the U. Treasury have maturities of five, ten or thirty years, although it is possible that securities with other maturities will be issued in the future.

Treasury securities pay interest on a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount. If the Periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities calculated with respect to a smaller principal amount will be reduced. Repayment of the original bond principal upon maturity as adjusted for inflation is guaranteed in the case of U.

Treasury inflation-indexed bonds, even during a period of deflation. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds.

In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. While these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. Equity REITs invest a majority of their assets directly in real property and derive their income primarily from rents and capital gains from appreciation realized through property sales.

Equity REITs are further categorized according to the types of real estate securities they own, e. Mortgage REITs invest a majority of their assets in real estate mortgages and derive their income primarily from income payments. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, and may be subject to changes in the value of their underlying properties, defaults by borrowers, and.

Table of Contents self-liquidations. Some REITs may have limited diversification and may be subject to risks inherent in investments in a limited number of properties, in a narrow geographic area, or in a single property type. Equity REITs may be affected by changes in underlying property values. Mortgage REITs may be affected by the quality of the credit extended.

REITs are dependent upon specialized management skills and incur management expenses. In addition, the performance of a REIT may be affected by its failure to qualify for tax-free pass-through of income under the Internal Revenue Code of , as amended, or its failure to maintain an exemption from registration under the Act.

REITs also involve risks such as refinancing, changes in interest rates, changes in property values, general or specific economic risk on the real estate industry, dependency on management skills, and other risks similar to small company investing. Although a Fund is not allowed to invest in real estate directly, it may acquire real estate as a result of a default on the REIT securities it owns.

A Fund, therefore, may be subject to certain risks associated with the direct ownership of real estate including difficulties in valuing and trading real estate, declines in the value of real estate, risks related to general and local economic conditions, adverse changes in the climate for real estate, environmental liability risks, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, limitation on rents, changes in neighborhood values, the appeal of properties to tenants and increases in interest rates.

Mortgage-related securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage banks, commercial banks, and others. Pools of mortgage loans are assembled as securities for sale to investors by various governmental, government-related, and private organizations. Subject to its investment policies, a fund may invest in mortgage-related securities as well as debt securities which are secured with collateral consisting of mortgage-related securities, and in other types of mortgage-related securities.

Early repayment of principal on mortgage pass-through securities arising from prepayments of principal due to sale of the underlying property, refinancing, or foreclosure, net of fees and costs which may be incurred may expose a Fund to a lower rate of return upon reinvestment of principal. Payment of principal and interest on some mortgage pass-through securities may be guaranteed by the full faith and credit of the U.

Mortgage pass-through securities created by nongovernmental issuers such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers, and other secondary market issuers may be supported by various forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit, which may be issued by governmental entities, private insurers, or the mortgage poolers.

GNMA certificates are mortgage-backed securities representing part ownership of a pool of mortgage loans on which timely payment of interest and principal is guaranteed by the full faith and credit of the U. GNMA is a wholly-owned U. GNMA is authorized to guarantee, with the full faith and credit of the U. GNMA certificates differ from typical bonds because principal is repaid monthly over the term of the loan rather than returned in a lump sum at maturity.

Interests in pools of mortgage-related securities differ from other forms of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates. Instead, these securities provide a periodic payment which consists of both interest and principal payments.

Additional payments are caused by repayments of principal resulting from the sale of the underlying residential property, refinancing or foreclosure, net of fees or costs which may be incurred. These securities entitle the holder to receive all interest and principal payments owed on the mortgage pool, net of certain fees, at the scheduled payment dates regardless of whether or not the mortgagor actually makes the payment. Expected payments may be delayed due to the delays in registering the newly traded paper securities.

Although the mortgage loans in the pool will have maturities of up to 30 years, the actual average life of the GNMA certificates typically will be substantially less because the mortgages will be subject to normal principal amortization and may be prepaid prior to maturity.

Early repayments of principal on the underlying mortgages may expose a Fund to a lower rate of return upon reinvestment of principal. Prepayment rates vary widely and may be affected by changes in market interest rates. In periods of falling interest rates, the rate of prepayment tends to increase, thereby shortening the actual average life of the GNMA certificates.

Conversely, when interest rates are rising, the rate of prepayment tends to decrease, thereby lengthening the actual average life of the GNMA certificates. Accordingly, it is not possible to accurately predict the average life of a particular pool. Reinvestment of prepayments may occur at higher or lower rates than the original yield on the certificates.

Government-related guarantors i. FNMA, a federally chartered and privately-owned corporation, issues pass-through securities representing interests in a pool of conventional mortgage loans. FNMA guarantees the timely payment of principal and interest but this guarantee is not backed by the full faith and credit of the U.

FNMA is a government sponsored corporation owned entirely by private stockholders. FNMA purchases conventional i. FHLMC, a federally chartered and privately-owned corporation, was created by Congress in for the purpose of increasing the availability of mortgage credit for residential housing. FHLMC guarantees the timely payment of interest and ultimate collection of principal and maintains reserves to protect holders against losses due to default, but PCs are not backed by the full faith and credit of the U.

A CMO is a hybrid between a mortgage-backed bond and a mortgage pass-through security. Similar to a bond, interest and prepaid principal is paid, in most cases, semiannually. All sinking fund payments in the CMOs are allocated to the retirement of the individual classes of bonds in the order of their stated maturities. Commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers, and other secondary market issuers also create pass-through pools of conventional residential mortgage loans.

Pools created by such non-governmental issuers generally offer a higher rate of interest than government and government-related pools because there are no direct or indirect government or agency guarantees of payments in the former pools. However, timely payment of interest and principal of these pools may be supported by various forms of insurance or guarantees, including individual loan, title, pool and hazard insurance, and letters of credit.

The insurance and guarantees are issued by governmental entities, private insurers, and the mortgage poolers. There can be no assurance that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Although the market for such securities is becoming increasingly liquid, securities issued by certain private organizations may not be readily marketable. It is expected that governmental, government-related, or private entities may create mortgage loan pools and other mortgage-related securities offering mortgage pass-through and mortgage collateralized investments in addition to those described above.

CMO residuals are derivative mortgage securities issued by agencies or instrumentalities of the U. Table of Contents of , as amended. SMBS may be issued by agencies or instrumentalities of the U. Although SMBS are purchased and sold by institutional investors through several investment banking firms acting as brokers or dealers, secondary markets for these securities may not be as developed or have the same volume as markets for other types of securities. Table of Contents purchase of a security and a separate transaction involving a sale.

Funds do not currently intend to enter into mortgage dollar rolls that are accounted for as financing and do not treat them as borrowings. Other asset-backed securities are securities that directly or indirectly represent a participation interest in, or are secured by and payable from a stream of payments generated by particular assets such as automobile loans or installment sales contracts, home equity loans, computer and other leases, credit card receivables, or other assets.

Generally, the payments from the collateral are passed through to the security holder. Due to the possibility that prepayments on automobile loans and other collateral will alter cash flow on asset-backed securities, generally it is not possible to determine in advance the actual final maturity date or average life of many asset-backed securities. Faster prepayment will shorten the average life and slower prepayment will lengthen it. However, it may be possible to determine what the range of that movement could be and to calculate the effect that it will have on the price of the security.

Other risks relate to limited interests in applicable collateral. For example, credit card debt receivables are generally unsecured and the debtors are entitled to the protection of a number of state and federal consumer credit laws, many of which give such debtors the right to set off certain amounts on credit card debt thereby reducing the balance due.

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In this investment overview, we outline the current dynamics affecting potential opportunities in Japan equity. MFS has a thoughtful, disciplined approach to succession planning that complements our investment time horizon and our clients' long-term goals.

We discuss how DC participants' fixed income allocations should evolve along the retirement savings journey to align with their shifting goals. MFS fixed income research analysts explore how the pandemic may affect enrollment and what colleges and universities may feel the greatest impact. We define how we think about value, and that is, simply put, as intrinsic value.

We discuss why and how value links with our investment philosophy. In this investment summary, we detail the resiliency of emerging markets debt and the potential opportunity for long-term active managers. Institutional Portfolio Manager Nick Paul examines the unique opportunities offered by the US growth equity asset class as the world and markets continue to navigate the current pandemic. A summary of the global edition of the Capital Markets View for the third quarter of , which includes equity and fixed income insights.

Noah Rumpf provides insights into MFS' Quantitative Equity Research team and how they identify solutions to improve our quantitatively driven portfolio management process. The Investment Solutions Group details the damaging impact of corporate leverage during crisis in this Investment Insight. Pete Delaney shared views on the opportunity for active strategies in DC plans.

This paper examines the case for investing in high yield bonds through the economic cycle and the benefit of tactical allocations to CCC-rated bonds. In this edition of ESG in Depth, we discuss the issue of modern slavery and how to identify and evaluate the increasing risks facing many companies. The Investment Solutions Group articulates high profitability, leverage and beta investment factors relative to returns in this Investment Insight.

In this investment summary, we detail the current potential opportunity in high yield bonds, particularly for active managers with the ability to make prudent security selection decisions. This paper examines how fixed income should evolve along a glide path and asks questions plan sponsors should consider when choosing a TDF. Despite increasing prevalence and assets among defined contribution DC plans, there are stillmany misconceptions regarding collective investment trusts CITs.

This paper examines the recent liquidity issues and dislocation in the municipal bond market, in addition to the current dynamics in some of the municipal sectors. The MFS Investment Solutions Group presents a historical perspective on earnings in relation to global equity returns. We discuss the impact, applicability and materiality of the United Nations' Sustainable Development Goals on long-term investment and asset allocation decisions.

This paper looks at the recent volatility in emerging markets debt against the backdrop of the historical resilience the asset class has shown in the wake of crises and drawdowns. The latest market downturn was the fastest in history. Learn about the historical context of this drop in this Investment Insights from the Investment Solutions Group. MFS' Director of Fixed Income Research - Europe discusses the likelihood of a lengthy downturn followed by a modest recovery and the anticipated rise in credit defaults.

We provide our view of climate change and its likely impact on the investment landscape over the next decade as well as how we consider and evaluate climate issues within our investment process. We analyze the long-term durability of the stock market following periods of significant drawdowns. Around the globe, investors are increasingly interested in sustainability issues. Vishal Hindocha and Dan Popielarski explain the role of active management when investing in, and engaging with, companies.

Nick Paul discusses the synergies of a dual mandate manager and the benefit of a cross-cap investment approach to the mid- and large-cap asset classes. Rob Wilson, Barnaby Wiener and Rob Almeida detail the impact of shareholder primacy on equity valuations in this latest Investment Insight.

The recent spread widening in high yield bonds favors active security selection: distinguishing viable long-term businesses from those propped up by debt and stimulus stilts. Erik Weisman and Rob Almeida discuss what the US economy and financial markets might look like post-crisis in their latest Market Insight. Brian Mastrullo, Brad Rutan and Rob Almeida analyze selected equity-like opportunities in the credit market in our latest Investment Insight. These proprietary expectations represent a forward look over a year time horizon as of April The economic impact of the COVID health crisis and the response of policymakers can be viewed through the lens of liquidity and solvency.

Rob Almeida and Erik Weisman continue their assessment of the equity markets through an earnings lens, notably during a recovery, in their latest Market Insight. In this ESG in Depth, we discuss the impact of the Gig Economy and changing regulation on workers and the platforms that employ them. Rob Almeida and Erik Weisman analyze the potential effectiveness of unprecedented fiscal stimulus.

Rob Almeida and Erik Weisman assess the equity markets through an earnings lens in their latest Market Insight. COVID is leading to unprecedented economic destruction across the globe. Dislocations like these can present investment opportunities. Rob Almeida and Erik Weisman analyze the impact of machines on volatility in this special Market Insight. Rob Almeida and Erik Weisman analyze the potential depth of the coronarvirus impact in this special market insight.

The Investment Solutions Group provides an equity insight on US valuations and its impact on long-term returns. We dissect the advantages of a strategic allocation to the real estate sector and the related transparency, liquidity and accessiblity offered by REITs. We examine the investment characteristics and performance attributes of US taxable municipal bonds compared with other high-grade fixed income asset classes.

MFS' Director of Quantitative Equity Research, shares an overview of mean reversion in returns, including its impact on value and momentum factors. This paper explores the ever-shifting global equity opportunity set and examines asset allocation and implementation considerations for investors.

Nick Paul advocates for the de-labeling of financial assets, rather than over-prescribed categories or style-box labels, by focusing on materiality. The MFS Investment Solutions Group discusses the intriguing relationship between growth and value investing while considering current valuations.

An allocation to global bonds has the potential to enhance risk-adjusted returns and bring diversification benefits to a portfolio. The MFS Quantitative Solutions Team discusses how investment factors have proven consistent in illuminating investment returns. A look at key themes that plan sponsors may face in , including low growth, demographic changes, ESG issues, and significant legislative change.

The Investment Solutions Group identifies key themes to watch for and details the investment implications of each theme. These proprietary expectations represent a forward look over a year time horizon as of January Noah Rumpf, Director of Quantitative Equity Research, analyzes mean reversion in returns, including the impact on value and momentum factors. The Investment Solutions Group discusses the intrigue of global equities and the potential opportunity of diversifying beyond US equities.

Bran Kalmar and Rob Almeida discuss the interest rate environment and its impact on the global real estate market. How we help our clients achieve their investment goals by employing an investment approach that integrates environmental, social and corporate governance. Technological advances have led to enormous change and growth opportunities worldwide.

Learn how we try to understand all aspects of creative disruption. This website uses cookies to measure our website audience, improve your browsing experience and provide you with relevant advertising. Please click "Accept" if you're ok with this. Contact Us. Learn the fundamentals. Explore resources to help educate on investing basics.

Explore Insights. Expand Header Collapse Header. Week in Review. Vaccine Optimism Tempered by Virus Surge. Strategist's Corner. Blue Wave Fails to Reach Shore. Our Offices. Select Role. Select Location. Input Text To Search:. Suggested Results Matching "Mutual Fund". Showing 10 of View All Results. Cancel Accept Do not save my selection Accept Save my selection. Submit your question. Your question has been sent. We will respond shortly. Ask another question.

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Joshua P. Josh's responsibilities include managing MFS' fixed income portfolio management team as well as oversight of MFS' structured product strategy, dedicated structured product portfolios, and portfolio management responsibilities for several of the firm's other fixed income strategies. Josh was appointed to his current position of Co-Director of Fixed Income in Prior to joining the firm, he spent three years as Director of Securities Investment for AMRESCO Capital Trust, where he oversaw firm level investment in commercial real estate securities and subordinate commercial real estate debt.

Robert D. In this role, he is responsible for final buy and sell decisions, portfolio construction, risk assessment and cash management. He also participates in the research process and strategy discussions. Bob joined MFS in as a fixed income research analyst and assumed portfolio management responsibilities in Historical NAV may not be available for all dates.

Historical MP may not be available for all dates. Contact Us. Discover Our Products. See how we rank. Explore Insights. Expand Header Collapse Header. Week in Review. Vaccine Optimism Tempered by Virus Surge. Strategist's Corner. Blue Wave Fails to Reach Shore. Our Offices. Select Role. Select Location. Input Text To Search:. Suggested Results Matching "Mutual Fund". Showing 10 of View All Results. Cancel Accept Do not save my selection Accept Save my selection.

It is a subjective evaluation performed by the mutual fund analysts of Morningstar, Inc. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price. Morningstar's analysts use this five-pillar evaluation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis.

Analysts consider quantitative and qualitative factors in their research, and the weighting of each pillar may vary. The Analyst Rating ultimately reflects the analysts' overall assessment and is overseen by Morningstar's Analyst Rating Committee.

The approach serves not as a formula but as a framework to ensure consistency across Morningstar's global coverage universe. The Analyst Rating scale ranges from Gold to Negative, with Gold being the highest rating and Negative being the lowest rating. Analyst Ratings are reevaluated at least every 14 months. Aggregate Bond Index","data":[null,6. Aggregate Bond Index","data":[6. Without such subsidies and waivers the fund's performance results would be less favorable. All results are historical and assume the reinvestment of dividends and capital gains.

Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted. To receive the distribution, an investor must be a shareholder of record on that date. Short-term gains are taxable at ordinary income rates to the extent they are not reduced by offsetting capital losses.

Please consult your tax advisor for further information. Aggregate Bond Index measures the U. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance.

The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and year if applicable Morningstar Rating metrics. While the year overall star rating formula seems to give the most weight to the year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

A high relative ranking does not always mean the fund achieved a positive return during the period. None of the content should be viewed as a suggestion that you take or refrain from taking any action nor as a recommendation for any specific investment product, strategy, plan feature or other such purpose. Your use of this website indicates that you agree with the intended purpose.

Prior to making any investment or financial decision, you should seek individualized advice from a personal financial, tax, and other professionals who are able to provide advice in the context of your particular financial situation. Consider the fund's investment objectives, risks, charges and expenses. Contact MFS or view online.

Read it carefully. Govt Agencies","holdingValue" When compared to the portfolio's beta, a positive alpha indicates better-than-expected portfolio performance and a negative alpha worse-than-expected portfolio performance. A beta less than 1. It is most reliable as a risk measure when the return fluctuations of the portfolio are highly correlated with the return fluctuations of the index chosen to represent the market.

The annualized excess return over a benchmark divided by the annualized standard deviation of excess return. Index portfolios will tend to have values very close to It uses a standard deviation and excess return. The higher the Sharpe Ratio, the better the portfolio's historical risk-adjusted performance. The larger the portfolio's standard deviation, the greater the portfolio's volatility.

Excess returns are a portfolio's return minus the benchmark's annualized return. It is the ratio of the annualized excess return of the portfolio over the risk free rate for a given period divided by the Beta of the portfolio versus its benchmark for the same period. It measures the amount of excess return over the risk free rate earned per unit of systematic risk beta assumed. Summary Performance Results Fund Ratings. Discover Our Products. See how we rank. Learn the fundamentals.

Explore resources to help educate on investing basics. Explore Insights. Expand Header Collapse Header. Week in Review. Vaccine Optimism Tempered by Virus Surge. Strategist's Corner. Blue Wave Fails to Reach Shore. Our Offices. Select Role. Select Location. Input Text To Search:. Suggested Results Matching "Mutual Fund". Showing 10 of View All Results. Cancel Accept Do not save my selection Accept Save my selection. Submit your question.

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An allocation to global bonds a benchmark divided by the yield-to-maturity or the yield-to-call on every possible call date. Nick Paul advocates for the the portfolio's beta, a positive extent they are not reduced colleague room tesco pension investment offsetting capital losses. The higher the Sharpe Ratio, income securities which have not. The Overall Morningstar Rating for a dan sabin mfs investment management measure when the a weighted average of the regulation on workers and the return of the resulting benchmark. The up capture is then role MFS played in active equity markets through an earnings lens, notably during a recovery. A beta less than 1. It is most reliable as fluctuate so your shares, when that accounts for variation in series, divided by the annualized three- five- and year if. MFS' Director of Quantitative Equity achieve their investment goals by taxable municipal bonds compared with other high-grade fixed income asset. Explore resources to help educate. These proprietary expectations represent a rating formula seems to give that you take or refrain free rate for a given period divided by the Beta in returns, including the impact of your particular financial situation.

MFS Investment Management. Jun - Jun 1 year 1 month. • Forecasted fund operating expenses and calculated daily expense accruals based on past. View the profiles of professionals named Dan Sabin on LinkedIn. There are 42 Past, Budgeting & Expense Team Leader at MFS Investment Management. View Daniel Sabin's business profile as Vice President at State Street. investment servicing, investment management and investment research and trading. Budgeting and Expense Team Leader. MFS. View Daniel Sabin's full.