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\author{Stephany21}
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  /Title (series-6.pdf)
  /Creator (Cheatography)
  /Author (Stephany21)
  /Subject (SERIES 6 Cheat Sheet)
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        \hspace*{-6pt}\includegraphics[width=5.8cm]{/web/www.cheatography.com/public/images/cheatography_logo.pdf}}
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    \vspace{-2pt}\large{\bf{\textcolor{DarkBackground}{\textrm{SERIES 6 Cheat Sheet}}}} \\
    \normalsize{by \textcolor{DarkBackground}{Stephany21} via \textcolor{DarkBackground}{\uline{cheatography.com/168654/cs/35277/}}}
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  \mymulticolumn{2}{p{5.377cm}}{\bf\textcolor{white}{Cheatographer}}  \\
  \vspace{-2pt}Stephany21 \\
  \uline{cheatography.com/stephany21} \\
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  \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Cheat Sheet}}  \\
   \vspace{-2pt}Not Yet Published.\\
   Updated 7th November, 2022.\\
   Page {\thepage} of \pageref{LastPage}.
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  \vspace{-5pt}
  %\includegraphics[width=48px,height=48px]{dave.jpeg}
  Measure your website readability!\\
  www.readability-score.com
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\begin{tabularx}{3.833cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{2.1 Investment Company Securities}}  \tn
\SetRowColor{white}
\mymulticolumn{1}{x{3.833cm}}{Three categories of investment companies are defined by the Investment Company Act of 1940: \newline % Row Count 2 (+ 2)
1. Face-amount certificate companies \newline % Row Count 3 (+ 1)
2. Unit investment trusts (UITs) \newline % Row Count 4 (+ 1)
3. Management companies (which include both closed-end funds and open-end funds)% Row Count 6 (+ 2)
} \tn 
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\SetRowColor{LightBackground}
\mymulticolumn{1}{x{3.833cm}}{main objectives are to: \newline ◆Protect investors from the activities of insiders \newline ◆Prevent mismanagement of the investment company and unsound investment practices \newline ◆Prevent misleading methods of computing asset value and earnings \newline ◆Protect investor rights to disclosure, accuracy of information, and voting}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
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\begin{tabularx}{3.833cm}{x{1.03122 cm} x{1.00089 cm} x{1.00089 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{3}{x{3.833cm}}{\bf\textcolor{white}{Mutual Funds}}  \tn
% Row 0
\SetRowColor{LightBackground}
Mutual funds pool money from investors to purchase securities such as stocks and bonds. & All mutual funds are required by law to have a board of directors. The board oversees the management  and  operations  of  the  fund & The  1940  Act  also  requires  that  at  least  40\%  of  the  directors  be  independent, \tn 
% Row Count 11 (+ 11)
% Row 1
\SetRowColor{white}
The board of directors hires an investment adviser; \seqsplit{Responsibilities} include, Investing the cash and securities held in the fund's portfolio \& Managing day-to-day trading of the portfolio. & The investment adviser earns an annual management fee paid from the fund's net assets. & The custodian is an institution that acts as the caretaker of the fund's securities. Mutual  funds  contract  a  transfer  agent  to  handle  transactions  with  customers. \tn 
% Row Count 26 (+ 15)
% Row 2
\SetRowColor{LightBackground}
The fund contracts a sponsor, also called a distributor or an underwriter, to sell its shares. & A  fund  is  classified  as  a  {\bf{diversified  investment  company}}  if  it  follows  the  {\bf{75–5–10  rule}} & ◆75\% of the total assets must be invested in securities issued by companies other than the investment company or its \seqsplit{affiliates.◆Within} the 75\%, no more than 5\% of the fund's total assets can be invested in the securities of any one issuer, and◆Within the 75\%, the fund can own no more than 10\% of the outstanding voting securities of any single issuer. \tn 
% Row Count 54 (+ 28)
\end{tabularx}
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\vfill
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\begin{tabularx}{3.833cm}{x{1.03122 cm} x{1.00089 cm} x{1.00089 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{3}{x{3.833cm}}{\bf\textcolor{white}{Mutual Funds (cont)}}  \tn
% Row 3
\SetRowColor{LightBackground}
Mutual funds are required to disclose their investment policies and objectives to investors when  shares  are  initially  sold  and,  subsequently,  on  a  regular  basis  through  the  annually  updated prospectus. & The fund contracts a sponsor, also called a distributor or an underwriter, to sell its shares & Net asset value is simply the value of the fund's assets, minus all fund liabilities, divided by the number of shares. \tn 
% Row Count 17 (+ 17)
% Row 4
\SetRowColor{white}
There are two main types of mutual funds: actively managed funds and index funds & Index  mutual  funds  are  passively  managed  and  operate with limited trading activity. & Fiduciary duty further requires portfolio managers to meet best execution \seqsplit{responsibilities} \tn 
% Row Count 24 (+ 7)
\hhline{>{\arrayrulecolor{DarkBackground}}---}
\SetRowColor{LightBackground}
\mymulticolumn{3}{x{3.833cm}}{Mutual funds are gener-ally {\bf{prohibited}} from engaging in the following: \newline ◆Selling securities short \newline ◆Buying securities on margin \newline ◆Participating in joint investment or trading accounts \newline ◆Distributing their own securities, except through a sponsor \newline Mutual funds are also limited to issuing a single type of equity shares.  \newline {\bf{They can issue com-mon shares only, not senior securities such as preferred stock or bonds}}.}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}---}
\end{tabularx}
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\begin{tabularx}{3.833cm}{X}
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\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Permitted Activities for S6 Reps}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{3.833cm}}{•UIT} \tn 
% Row Count 1 (+ 1)
% Row 1
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\mymulticolumn{1}{x{3.833cm}}{•Mutual fund shares} \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{3.833cm}}{•Variable life products ({\bf{ONLY IF INSURANCE-LICENSED}})} \tn 
% Row Count 4 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{3.833cm}}{•Municipal fund Securities} \tn 
% Row Count 5 (+ 1)
% Row 4
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\mymulticolumn{1}{x{3.833cm}}{•Variable annuity products ({\bf{ONLY IF INSURANCE-LICENSED}})} \tn 
% Row Count 7 (+ 2)
% Row 5
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\mymulticolumn{1}{x{3.833cm}}{•{\bf{NEW}} issues of close-end company shares ({\bf{NOT IN SECONDARY MARKET}})} \tn 
% Row Count 9 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
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\begin{tabularx}{3.833cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Prohibited Securities for S6 Rep}}  \tn
% Row 0
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\mymulticolumn{1}{x{3.833cm}}{• Stocks} \tn 
% Row Count 1 (+ 1)
% Row 1
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\mymulticolumn{1}{x{3.833cm}}{• Bonds} \tn 
% Row Count 2 (+ 1)
% Row 2
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\mymulticolumn{1}{x{3.833cm}}{• ETF} \tn 
% Row Count 3 (+ 1)
% Row 3
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\mymulticolumn{1}{x{3.833cm}}{• REITs} \tn 
% Row Count 4 (+ 1)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{3.833cm}}{• DPPs (including limited partnerships)} \tn 
% Row Count 5 (+ 1)
% Row 5
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\mymulticolumn{1}{x{3.833cm}}{• Options} \tn 
% Row Count 6 (+ 1)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{3.833cm}}{• Commodities ( \textasciicircum{}Ex\textasciicircum{} agriculture, energy, and metals)} \tn 
% Row Count 8 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
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\begin{tabularx}{3.833cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Rights}}  \tn
\SetRowColor{white}
\mymulticolumn{1}{x{3.833cm}}{{\bf{Rights}}, also called {\emph{"Pre-emptive rights"}} or {\emph{"subscription rights"}} . They are offered to existing shareholders by corporations that want to raise additional capital. Benefit of this is to give shareholders the first chance to buy new issued shares before sold to public ;can buy at a lower rate than current market price.% Row Count 7 (+ 7)
} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{3.833cm}}{{\emph{If exercised , the shareholder prevents dilution/ reduction of ownership interest.}}}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
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\begin{tabularx}{3.833cm}{x{1.7165 cm} x{1.7165 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{3.833cm}}{\bf\textcolor{white}{Money Market Securities}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{Commercial Paper}}- (CP) Negotiable, unsecured debt instrument issued by a corporation to finance short-term expenses and working capital needs. Most issued in a form of a {\emph{promissory note}} . Issued at a discount to their maturity value, discount representing interest that will be paid at maturity. To be exempt from SEC registration \textasciicircum{}33'ACT\textasciicircum{} maturities may not exceed 270days. & Benefits; Safety, Liquidity, Minimal interest rate risk, Low inflation risk \tn 
% Row Count 19 (+ 19)
% Row 1
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{\bf{Negotiable CDs}} - Deposit accounts or promissory notes with " fixed" maturities that are issued by banks. Pay interest through their maturity date, may have limited \seqsplit{liquidity/withdrawal} penalties if redeemed prior to maturity. (CD of \$100,000 or more is called a {\emph{"Jumbo CD"}}) & Risks; Low return, \tn 
% Row Count 33 (+ 14)
\end{tabularx}
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\vfill
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\begin{tabularx}{3.833cm}{x{1.7165 cm} x{1.7165 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{3.833cm}}{\bf\textcolor{white}{Money Market Securities (cont)}}  \tn
% Row 2
\SetRowColor{LightBackground}
{\bf{Brokered CD}} - Offered to either individual or institutions by a 3rd party non bank provider, such as a brokerage firm. Offer longer maturities = higher yields than traditional negotiable CDs. Cant be redeemed early with the issuing bank( like Negotiable CDs, they can trade to other investors in Secondary Market) & Suitibility; investors with lower risk tolerance and an investment horizon of up to one year. \tn 
% Row Count 16 (+ 16)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{3.833cm}}{{\bf{Banker's Acceptance}} - (BA) Short-term negotiable debt instrument issued by a borrower and a guaranteed by a commercial bank. Technically a time draft, that promises future payment.  Maturities between 30-180 days} \tn 
% Row Count 21 (+ 5)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{3.833cm}}{{\bf{Treasury bills}} , which are the MOST liquid US treasury security, are money market instruments B/C they mature in 1 year or less. \newline  \newline  {\bf{Treasury Notes}} that are within 1 year of their maturity date are also classified as Money Market.}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
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\begin{tabularx}{3.833cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Hedge Funds}}  \tn
\SetRowColor{white}
\mymulticolumn{1}{x{3.833cm}}{A {\bf{hedge fund}} is simply an investment partnership set up by a money manager. Its legal form is typically a limited liability company, a limited partnership, or an offshore corporation.  if the company goes bankrupt, the creditors cannot go after the investors for more money than they've invested into the hedge fund. \newline % Row Count 7 (+ 7)
Hedge  funds  pool  money  from  investors  and  invest  in  securities  or  other  types  of  invest-ments with the goal of earning positive returns.  \newline % Row Count 11 (+ 4)
Hedge funds may operate as blind pools. \newline % Row Count 12 (+ 1)
inappropriate for retail investors \newline % Row Count 13 (+ 1)
 hedge funds often require investors to commit to periods of illiquidity, called lock-up periods \newline % Row Count 15 (+ 2)
{\bf{They are exempt from the Investment Company Act of 1940 \& Securities Act of 1933}} \newline % Row Count 17 (+ 2)
Sold only through private placements to institutions and accredited investors \newline % Row Count 19 (+ 2)
hedge funds are {\bf{not appropriate}} for an investor needing short-term liquidity, for example, an individual trying to purchase a home. Their lack of liquidity, high-risk investments, and aggressive management make them most appropriate for sophisticated investors with a high net worth.% Row Count 25 (+ 6)
} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
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\begin{tabularx}{3.833cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Soft Dollars}}  \tn
\SetRowColor{white}
\mymulticolumn{1}{x{3.833cm}}{Soft dollar payments that fall within the safe harbor include those for: \newline % Row Count 2 (+ 2)
◆Research services provided by the broker-dealer \newline % Row Count 4 (+ 2)
◆Educational or research seminars and meetings \newline % Row Count 5 (+ 1)
 {\bf{(excluding travel, hotel, meal, and entertainment expenses associated with the meeting)}} \newline % Row Count 7 (+ 2)
Federal  securities  laws  require  maintaining  adequate  books  and  records  concerning  soft  dollar allocations, along with disclosure of soft dollar compensation to investors.% Row Count 11 (+ 4)
} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
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\begin{tabularx}{3.833cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Shareholder Rights}}  \tn
% Row 0
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\mymulticolumn{1}{x{3.833cm}}{{\bf{Limited liability}} -Shareholders cannot lose more than their original investment} \tn 
% Row Count 2 (+ 2)
% Row 1
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\mymulticolumn{1}{x{3.833cm}}{{\bf{Voting Rights}}- Each share has 1 vote. Shareholders elect the BOD and vote on significant policy matters} \tn 
% Row Count 5 (+ 3)
% Row 2
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\mymulticolumn{1}{x{3.833cm}}{{\bf{Financial Reports/ Company Info}} - Shareholders have the right to access certain Financial Reports. ( filed with SEC) and audited reports} \tn 
% Row Count 8 (+ 3)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{3.833cm}}{{\bf{Claim to company Assets/Earnings}}- In event of Liquidation (aka Bankruptcy) Common Shareholders have rights to company assets. Last to be paid - if any} \tn 
% Row Count 12 (+ 4)
% Row 4
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\mymulticolumn{1}{x{3.833cm}}{{\bf{Dividends}}-  (If declared by BOD) common shareholders have the right to receive dividend. Typically paid quarterly.} \tn 
% Row Count 15 (+ 3)
% Row 5
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\mymulticolumn{1}{x{3.833cm}}{{\bf{Transferability}} - ( liquidity ) Shareholders have the right to sell their stock; liquidate their positions.} \tn 
% Row Count 18 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{3.833cm}}{{\bf{As an owner of  the company's common stock, A shareholder is entitled to certain legal rights of ownership.}}}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
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\begin{tabularx}{3.833cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Warrants}}  \tn
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\mymulticolumn{1}{x{3.833cm}}{{\bf{Warrant}} entitles the holder to buy the issuer's stock at a specified price for a period of time. A warrant is a long-term instrument ( 5 years or more). The exercise price of the warrant is higher than stock price at the time of issue. Warrants only work if stock appreciates over time.% Row Count 6 (+ 6)
} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{3.833cm}}{Warrants are frequently attached to bonds or Preferred stock as a {\bf{sweetener}}. Like rights, They can trade separately on the open market.}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
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\begin{tabularx}{3.833cm}{x{1.7165 cm} x{1.7165 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{3.833cm}}{\bf\textcolor{white}{U.S Gov Securities}}  \tn
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U.S Gov Securities - Default risk is almost non-existent, as payment of principal and interest on these issues is guaranteed by the {\emph{Full faith and credit}} of the U.S Gov. Interest paid is taxable at the Federal level, but exempt from state and local level. & {\bf{Benefits}}: Safest investments; Steady stream of income. Highest safety of principle and interest. Liquidity. Inflation risk protection (TIPS ONLY) . Fixed maturity date \tn 
% Row Count 13 (+ 13)
% Row 1
\SetRowColor{white}
{\bf{T-Bills}} - Shortest term of 1 year or less. Like Zero-coupon bonds, they do not pay interest prior to maturity; sold at a discount and mature at par value. & {\bf{Risks}}; Inflationary risk, Purchasing power risk (except TIPS). Interest rate risk \tn 
% Row Count 21 (+ 8)
% Row 2
\SetRowColor{LightBackground}
{\bf{T-Notes}} - Pay interset every 6 months, and issued with maturities of 2,3,5,7 or 10 years, in denominations from \$100 to \$1,000,000. & {\bf{Suitibility}}; Income with capital appreciation \tn 
% Row Count 28 (+ 7)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{3.833cm}}{{\bf{Treasury-Bond}} - aka T-Bond, have the longest maturity of government securities. Pay interest every 6 months, currently issued with a maturity of 30years. ( Highly liquid in secondary market)} \tn 
% Row Count 32 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{3.833cm}}{{\emph{The longer the maturity the greater the investment risk, T-bonds are most affected because of their long maturity}}}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
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\begin{tabularx}{3.833cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{(REIT)}}  \tn
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\mymulticolumn{1}{x{3.833cm}}{A real estate investment trust (REIT) owns and operates income-producing real estate or real-estate-related assets.  \newline % Row Count 3 (+ 3)
REITs provide a way for individual investors to receive {\bf{diversification}} and a share of income produced from commercial real estate ownership without buying and holding properties. they receive a proportion-ate share of distributions from the pool of assets based on the amount of their ownership. \newline % Row Count 10 (+ 7)
minimum requirements on the investment of REIT assets and the pass-through of the income they generate:  \newline % Row Count 13 (+ 3)
At least 75\% of a REIT's total assets must be invested in real estate. \newline % Row Count 15 (+ 2)
◆At least 75\% of a REIT's gross income must be derived from rents or mortgage interest. \newline % Row Count 17 (+ 2)
◆95\% of a REIT's income must be derived from dividends, interest, and property income. \newline % Row Count 19 (+ 2)
 ◆On an annual basis, REITs must distribute at least 90\% of their taxable income to shareholders in the form of {\bf{dividends}} \newline % Row Count 22 (+ 3)
REITs cannot pass through losses.  \newline % Row Count 23 (+ 1)
 publicly traded REITs may be listed on exchanges. Their price is related to their net asset value (NAV) \newline % Row Count 26 (+ 3)
{\bf{Publicly  traded  REITs}}  trade  on  major  exchanges  and  offer  investors  the  liquidity  and  transparency  advantages  of  publicly  traded  stock.  \newline % Row Count 30 (+ 4)
} \tn 
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\vfill
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\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{(REIT) (cont)}}  \tn
\SetRowColor{white}
\mymulticolumn{1}{x{3.833cm}}{{\bf{Non-traded REITs}} are distributed through broker-dealers. While potential returns may be very attractive, these are often illiquid and fees can be high.  \newline % Row Count 4 (+ 4)
{\bf{Private REITs}}, or private-placement REITs, are generally exempt from Securities Act registration. They can be sold only to accredited investors and institutional clients, and do not trade on exchanges.% Row Count 9 (+ 5)
} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{3.833cm}}{3types of REITs \newline  \newline 1. Equity -quity REITs—they generate income for shareholders by purchasing and operating income-producing commercial real estate.  \newline 2. Mortgage -invest in mortgages or mortgage-backed securities that are tied to com-mercial and residential properties. \newline  \newline 3.Hydrid- combine the investment strategies of equity REITs and mortgage REITs by investing in both real properties and debt instruments secured by mortgages on real estate.}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
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\begin{tabularx}{3.833cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Fund Share Class (A,B,C)}}  \tn
\SetRowColor{white}
\mymulticolumn{1}{x{3.833cm}}{{\bf{Class A shares}} normally have front-end sales charge.{\bf{lower 12b-1 fee}} than other share classes. ({\bf{Offer breakpoints}}, which are discounts off the sales charge based on the dollar amount invested). \textasciicircum{}Front-end loads may be beneficial for investors who intend to hold their shares for more than several years, as well as those making large purchases who want to benefit from breakpoints.\textasciicircum{} \newline % Row Count 8 (+ 8)
{\bf{Class B shares}} have a back-end or a {\bf{contingent deferred sales charge}} (CDSC) that is paid when investors redeem their shares within a specified number of years. HIGH 12b-1 fees. Class B shares {\bf{do not offer breakpoints}}. \textasciicircum{}These shares may be appropriate for investors with little investment cash and a long investment horizon\textasciicircum{} \newline % Row Count 15 (+ 7)
{\bf{Class C shares}} - {\bf{no upfront sales charge}}. They charge {\bf{high 12b-1 fees}}; highest annual expense charges of the share classes. (The high expense charge is often called a {\emph{level load}} ) They {\bf{do not offer breakpoints.}} \textasciicircum{}designed for people who want to make short-term mutual fund investments\textasciicircum{} \newline % Row Count 22 (+ 7)
{\bf{No-load funds}} are mutual funds that are sold at their NAV, without any sales charge added. In other words, the NAV and the POP are the same.% Row Count 25 (+ 3)
} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Sector Funds}}  \tn
\SetRowColor{white}
\mymulticolumn{1}{x{3.833cm}}{sector funds or specialty funds concentrate their assets in a single industry, such as technology or healthcare. present more risk than funds with greater sector diversification. They are most appropriate for investors who are interested in a particular industry like ECO-FRIENDLY companies% Row Count 6 (+ 6)
} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Common Stock Categories}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{3.833cm}}{{\bf{Blue Chip Stock}}- Large stable companies, steady earnings and dividends. Moderate growth potential} \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{3.833cm}}{{\bf{Income Stock}}-Stocks that produce income- In the form of consistent dividends for investors, \textasciicircum{}ex)\textasciicircum{} Utility stocks} \tn 
% Row Count 6 (+ 3)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{3.833cm}}{{\bf{Cyclical Stock}}- {\emph{Mirrors the economy}},strengthening when economy is growing - or declining in value when economy is weakens. \textasciicircum{}ex)\textasciicircum{} restaurants, hotel chains, airlines,and automobile manufacturers} \tn 
% Row Count 10 (+ 4)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{3.833cm}}{{\bf{Defensive Stock}}- These stocks {\emph{perform steadily}} regardless of economic cycles. ({\emph{the ups and downs}}) Satisfy basic consumer needs. \textasciicircum{}ex)\textasciicircum{} Utilities, food, gas, toilet paper} \tn 
% Row Count 14 (+ 4)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{3.833cm}}{{\bf{Growth Stocks}}- {\emph{HIGH}} potential for appreciation, grow faster in value in a strong market or decline faster in a poor market than others.  \textasciicircum{}ex)\textasciicircum{} Tech stocks, Pharmaceuticals, new companies .} \tn 
% Row Count 18 (+ 4)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{3.833cm}}{{\bf{Penny Stocks}}- {\emph{Unlisted}} Securities  (do not trade on national exchange) trade less than \$5. Investors seek penny stocks for goal of capital appreciation. (Risky, lack of liquidity)} \tn 
% Row Count 22 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{ADRs}}  \tn
\SetRowColor{white}
\mymulticolumn{1}{x{3.833cm}}{{\bf{American Depository Receipts}} ( ADRs) represent ownership in shares of {\emph{non-US companies}} that trade in the US. Made available thanks to the major commercial banks who buy a bulk of shares from foreign companies. They bundle the shares in groups and re-issue them to US exchange or OTC,% Row Count 6 (+ 6)
} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{3.833cm}}{{\bf{RISKS}}: Political risk, currency exchange risk.}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{x{1.7165 cm} x{1.7165 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{3.833cm}}{\bf\textcolor{white}{U.S Gov Agency Securities}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{Government Sponsored Enterprises}} - (GSEs) Are authorized to raise money through issuing debt securities & Benefits; Steady stream of income, very safe, higher coupon payments than treasury securities. \tn 
% Row Count 6 (+ 6)
% Row 1
\SetRowColor{white}
{\bf{Gennie Mae}} - (GNMA) The only Agency fully backed by the US GOV. & Risks; Inflationary risk, Interest Rate risk, Pre-payment ( for mbs) \tn 
% Row Count 10 (+ 4)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{3.833cm}}{{\bf{Freddie Mac}} - (FHLMC) Sponsored by the U.S Gov} \tn 
% Row Count 11 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{3.833cm}}{{\bf{Fannie Mae}} - (FNMA) Sponsored by the U.S Gov} \tn 
% Row Count 12 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Stock Fund}}  \tn
\SetRowColor{white}
\mymulticolumn{1}{x{3.833cm}}{stock fund or an equity fund is a mutual fund that invests in stocks of companies that align with its investment objective.% Row Count 3 (+ 3)
} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{UIT}}  \tn
\SetRowColor{white}
\mymulticolumn{1}{x{3.833cm}}{Unit investment trusts (UITs) are another type of investment company regulated under the {\bf{Investment Company Act of 1940}}. One of the main characteristics that distinguishes UITs from open-end and closed-end funds is that UITs are not actively managed. \newline % Row Count 6 (+ 6)
The creation of a UIT involves the drafting of an organization document, the {\bf{trust indenture}}, by the {\bf{fund's sponsor}}, which initiates the formation of the trust. In the indenture, the sponsor names a {\bf{trustee}}, which handles the administrative duties.  \newline % Row Count 12 (+ 6)
UITs do not have a board of directors; they have a sponsor. \newline % Row Count 14 (+ 2)
{\bf{termination date}} established at the inception of the trust. Because the portfolio is fixed, a buy-and-hold strategy is followed, and the securities are not actively traded.  UITs  are  often  substantially  cheaper  than  mutual fund shares because there is {\bf{no fee for active management}} \newline % Row Count 20 (+ 6)
An  advantage  of  a  {\bf{fixed  portfolio}}  is  that  it  allows  investors  to  know  what  securities  are  held within a UIT through the lifetime of the trust. The UIT is {\bf{dissolved}} and is no longer active when it reaches its termination date. \newline % Row Count 25 (+ 5)
payment includes either; \newline % Row Count 26 (+ 1)
◆Receive proceeds in cash—The trust will liquidate, and unit holders will receive a cash distribution of the trust's proceeds based on their ownership interest. \newline % Row Count 30 (+ 4)
} \tn 
\end{tabularx}
\par\addvspace{1.3em}

\vfill
\columnbreak
\begin{tabularx}{3.833cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{UIT (cont)}}  \tn
\SetRowColor{white}
\mymulticolumn{1}{x{3.833cm}}{ ◆Rollover at a reduced sales charge- trust sponsor may offer a new series of the same trust, or may have new UITs available for investment \newline % Row Count 3 (+ 3)
Has units, not shares.% Row Count 4 (+ 1)
} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{3.833cm}}{Generally  speaking,  unit  investment  trusts  may  not  be  appropriate  for  investors  seeking  capital preservation. The portfolios take on the risk of the underlying securities. There is no assurance that an individual UIT portfolio will meet its objective.}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Types of Stock Funds}}  \tn
\SetRowColor{white}
\mymulticolumn{1}{x{3.833cm}}{◆{\bf{Growth stock funds}}, also called growth stocks, invest in stocks of companies that are expected to grow at a rate faster than the market average. Mid-cap and small-cap stocks often represent strong growth potential and are held within the portfolios of growth stock funds. \newline % Row Count 6 (+ 6)
◆{\bf{Aggressive growth funds}} seek long-term growth by investing in stocks of small to midsized companies. Stocks of these companies tend to have greater upside potential than the overall market trend, but also greater risk and volatility. Stocks of these companies rarely pay dividends. Instead, corporate earnings are reinvested for further research and development. \newline % Row Count 14 (+ 8)
◆{\bf{Value stock funds}} invest in value stocks, which are the stocks of companies that investors or mutual fund managers believe are selling at a price lower than their market value. They are considered "cheap"  Value stocks commonly pay dividends to investors. \newline % Row Count 20 (+ 6)
◆{\bf{Blended stock funds}} attempt to achieve cost-effective returns and appreciation potential for investors by investing in both growth and value stocks \newline % Row Count 24 (+ 4)
.◆{\bf{Income stock funds}} invest in dividend-paying companies, stressing steady income over appreciation. These funds might include preferred stocks, blue chip stocks, and utility stocks.  \newline % Row Count 28 (+ 4)
◆{\bf{Growth and income funds}}, also known as combination funds, include some stocks for growth and others that pay high dividends% Row Count 31 (+ 3)
} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Preferred Stock}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{3.833cm}}{Preferred Stock - Another type of equity security issued by corporations. Acts like both stock and bond. ( sensitive to interest rates changing)} \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{3.833cm}}{Has {\bf{no}} voting rights} \tn 
% Row Count 4 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{3.833cm}}{Liquidation priority is higher than common stock, but lower than debt securities/ general creditors} \tn 
% Row Count 6 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{3.833cm}}{Dividend payments - while {\bf{not guaranteed}}, paid regularly on a quarterly basis. {\emph{Fixed}}; Based on the par value of the stock.} \tn 
% Row Count 9 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{3.833cm}}{{\emph{Even though it represents equity in a corporation, it trades on the market more like a debt security.}}}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Options}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{3.833cm}}{Portfolio managers buy puts to protect their portfolios \& Sell covered calls to generate income.} \tn 
% Row Count 2 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Types of Bonds + Main Objective}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{3.833cm}}{{\bf{Treasuries}} - Safety of principle (backed by U.S GOV)} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{3.833cm}}{{\bf{Muni bonds}}- Tax free interest income (Federally tax free, may be state/local tax free {\emph{\#tripletaxfree}})} \tn 
% Row Count 5 (+ 3)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{3.833cm}}{{\bf{Zero coupon Bond}} - Long-term savings} \tn 
% Row Count 6 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{3.833cm}}{{\bf{MBS}} - Mortgage backed securities - Monthly fluctuating income; diversification} \tn 
% Row Count 8 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{3.833cm}}{{\bf{Money Market}} -Liquidity; safety of principle} \tn 
% Row Count 9 (+ 1)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{3.833cm}}{{\bf{Corporate Bonds}}- Income (pay higher interest)} \tn 
% Row Count 10 (+ 1)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{3.833cm}}{{\bf{Convertible Bond}} - Equity opportunity to issuer (not income)} \tn 
% Row Count 12 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Suitability of Stock Funds}}  \tn
\SetRowColor{white}
\mymulticolumn{1}{x{3.833cm}}{Stock funds are {\bf{most appropriate}} for investors seeking long-term growth through capital appreciation,  although  dividends  and  capital  gains  may  also  supply  income  for  investors  that have an income objective.% Row Count 5 (+ 5)
} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{International Stock funds}}  \tn
\SetRowColor{white}
\mymulticolumn{1}{x{3.833cm}}{International  funds  and  global  stock  funds  invest  in  stocks  issued  by  companies located throughout the world. Global stock funds can also include stocks in the U.S. \newline % Row Count 4 (+ 4)
Stock funds can also invest in only a specific geo-graphic region, such as Europe or the Pacific rim.% Row Count 7 (+ 3)
} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Suitability of Stock Funds}}  \tn
\SetRowColor{white}
\mymulticolumn{1}{x{3.833cm}}{Stock funds are {\bf{most appropriate}} for investors seeking long-term growth through capital appreciation,  although  dividends  and  capital  gains  may  also  supply  income  for  investors  that have an income objective.% Row Count 5 (+ 5)
} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{p{0.3433 cm} p{0.3433 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{3.833cm}}{\bf\textcolor{white}{Sales charge}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{3.833cm}}{} \tn 
% Row Count 0 (+ 0)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{3.833cm}}{mutual funds may charge a maximum sales charge of 8.5\%. \newline  To qualify for this maximum sales charge, mutual funds must offer three features \newline  \newline 1. Breakpoints  \newline 2. Rights of accumulation \newline 3. Automatic reinvestment of dividends at NAV (no sales charge added)  \newline  \newline {\bf{Funds that do not offer these three features can charge a maximum sales charge of 6.25\%}}}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{p{0.3433 cm} p{0.3433 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{3.833cm}}{\bf\textcolor{white}{Calculating the POP}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{3.833cm}}{} \tn 
% Row Count 0 (+ 0)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{3.833cm}}{Public Offering Price=Net Asset Value/(100\% − Sales Charge)}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Risks of Equity Closed-End Funds}}  \tn
\SetRowColor{white}
\mymulticolumn{1}{x{3.833cm}}{Each equity fund has its own unique risks. Some major risks associated with equity funds include: \newline % Row Count 2 (+ 2)
◆Market risk, which is the risk that downturns in the marketplace will negatively impact a specific investment  \newline % Row Count 5 (+ 3)
◆Business risk, which is the concern that the management of a specific company will not be able to meet operating expectations \newline % Row Count 8 (+ 3)
Equity funds that include foreign securities also might incur:  \newline % Row Count 10 (+ 2)
◆Political risk, which is the risk that investments in a foreign security will be impacted adversely by unfavorable political developments \newline % Row Count 13 (+ 3)
◆Currency risk, which is the risk that investments denominated in foreign currencies will lose value as exchange rates fluctuate% Row Count 16 (+ 3)
} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{3.833cm}}{\bf\textcolor{white}{Exchange-traded funds (ETFs)}}  \tn
\SetRowColor{white}
\mymulticolumn{1}{x{3.833cm}}{{\bf{ETFs}} are designed to closely track the performance of a specific sector, market benchmark, or index. \newline % Row Count 3 (+ 3)
It is important to note that ETFs, like UITs, are {\bf{passive investment vehicles}}; they are not actively managed to outperform the current market. One advantage of this passive strategy is that ETFs are typically a lower-cost option for investors because there are no management fees.  \newline % Row Count 9 (+ 6)
{\emph{Investors who want exposure to indices in a tax-efficient manner and without incurring management fees or high trading costs should consider ETFs}} \newline % Row Count 12 (+ 3)
 ETFs, like closed-end funds, are exchange-traded.  \newline % Row Count 14 (+ 2)
investors must still {\bf{pay commissions}} when purchasing these shares \newline % Row Count 16 (+ 2)
The fact that the shares are extremely liquid might lead investors to overtrade their positions, creating {\bf{timing risk}} and increased commission charges.% Row Count 20 (+ 4)
} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{x{1.7165 cm} x{1.7165 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{3.833cm}}{\bf\textcolor{white}{Variable Insurance Products and Regulation}}  \tn
% Row 0
\SetRowColor{LightBackground}
nsurance companies offer products that include a unique feature unavailable through other investments: a guarantee. Life insurance products guarantee a payment to survivors in the event of the death of the insured. The annuity products insurance companies offer can guarantee income that cannot be outlived. & he  purchasers  of  the  coverage are called policy owners or contract owners \tn 
% Row Count 16 (+ 16)
% Row 1
\SetRowColor{white}
Life insurance helps protect against the risk of dying too soon. It promises to pay a death benefit to named beneficiaries when the insured dies, provided premiums have been paid to cover the cost of coverage as agreed to in the contract & Persons that purchase life insurance products are usually subject to medical underwriting \tn 
% Row Count 28 (+ 12)
% Row 2
\SetRowColor{LightBackground}
The two major categories of life insurance products are fixed and variable & Fixed life insurance products promise a specified death benefit in return for payment of the agreed premiums. \tn 
% Row Count 34 (+ 6)
\end{tabularx}
\par\addvspace{1.3em}

\vfill
\columnbreak
\begin{tabularx}{3.833cm}{x{1.7165 cm} x{1.7165 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{3.833cm}}{\bf\textcolor{white}{Variable Insurance Products and Regulation (cont)}}  \tn
% Row 3
\SetRowColor{LightBackground}
Premium  payments  for  fixed  products  are  invested  in  the  insurance  company's  general account & Moody's, and Fitch actively monitor insurance company per-formance and ability to meet contractual obligations. Another rating organization is A.M. Best. \tn 
% Row Count 8 (+ 8)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{3.833cm}}{nsurance companies are primarily subject to state regulation.  \newline  \newline  variable products they offer are classified as securities, and become subject to the same regulations that apply to other security products, including \newline :◆The Securities Act of 1933 \newline ◆The Securities Exchange Act of 1934 \newline ◆The Investment Company Act of 1940 \newline ◆The Investment Advisers Act of 1940}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{p{0.3433 cm} p{0.3433 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{3.833cm}}{\bf\textcolor{white}{2.2 Management Investment Companies}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{3.833cm}}{} \tn 
% Row Count 0 (+ 0)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{3.833cm}}{Two  types  of  management  companies,  closed-end  and  open-end.  Open-end investment company securities are more commonly called mutual funds} \tn 
% Row Count 3 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}


% That's all folks
\end{multicols*}

\end{document}