DOCSLIB.ORG

Franklin Investors Securities Trust

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Franklin Investors Securities Trust STATEMENT OF ADDITIONAL INFORMATION FRANKLIN INVESTORS SECURITIES TRUST March 1, 2021 Class Contents A A1 C R R6 Advisor Franklin Adjustable U.S. Goals, Strategies and Risks ........... 2 Government Securities Fund FISAX FAUGX FCSCX — FAURX FAUZX Officers and Trustees ................ 59 Franklin Floating Rate Daily Access Fund FAFRX — FCFRX — FFRDX FDAAX Fair Valuation. 65 Franklin Low Duration Total Proxy Voting Policies and Procedures .... 65 Return Fund FLDAX — FLDCX FLDRX FLRRX FLDZX Management and Other Services ....... 69 Franklin Total Return Fund FKBAX — FCTLX FTRRX FRERX FBDAX Portfolio Transactions ................ 74 Distributions and Taxes ............... 75 This Statement of Additional Information (SAI) is not a prospectus. It contains infor- Organization, Voting Rights and mation in addition to the information in the Funds’ (hereafter “the Fund”) prospectus. Principal Holders .................... 86 The Fund’s prospectus, dated March 1, 2021, which we may amend from time to Buying and Selling Shares. 89 time, contains the basic information you should know before investing in the Fund. The Underwriter ..................... 96 You should read this SAI together with the Fund’s prospectus. Performance ....................... 98 The audited financial statements and Report of Independent Registered PublicAc - Miscellaneous Information .............101 counting Firm in the Fund’s Annual Report to shareholders, for the fiscal year ended Description of Ratings ................101 October 31, 2020, are incorporated by reference (are legally a part of this SAI). For a free copy of the current prospectus or annual report, contact your investment representative or call (800) DIAL BEN/342-5236. Mutual funds, annuities, and other investment products: • are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government; • are not deposits or obligations of, or guaranteed or endorsed by, any bank; and • are subject to investment risks, including the possible loss of principal. P.O. Box 997151 ® 1 Sacramento, CA 95899-7151 (800) DIAL BEN /342-5236 FIST2 SAI 03/21 GOF SA9 05/21 SUPPLEMENT DATED MAY 14, 2021 TO THE CURRENTLY EFFECTIVE STATEMENTS OF ADDITIONAL INFORMATION OF EACH OF THE FUNDS LISTED BELOW Franklin Alternative Strategies Funds Franklin International Growth Fund Franklin Massachusetts Tax-Free Income Franklin K2 Alternative Strategies Fund Franklin International Small Cap Fund Fund Franklin K2 Long Short Credit Fund Franklin Gold and Precious Metals Fund Franklin New Jersey Tax-Free Income Fund Franklin California Tax-Free Income Fund Franklin Alabama Tax-Free Income Fund Franklin High Income Trust Franklin Florida Tax-Free Income Fund Franklin California Tax-Free Trust Franklin High Income Fund Franklin Georgia Tax-Free Income Fund Franklin California Intermediate-Term Tax- Franklin Investors Securities Trust Franklin Kentucky Tax-Free Income Fund Free Income Fund Franklin Adjustable U.S. Government Franklin Louisiana Tax-Free Income Fund Franklin Custodian Funds Securities Fund Franklin Maryland Tax-Free Income Fund Franklin DynaTech Fund Franklin Convertible Securities Fund Franklin Missouri Tax-Free Income Fund Franklin Focused Growth Fund Franklin Equity Income Fund Franklin Municipal Green Bond Fund Franklin Growth Fund Franklin Floating Rate Daily Access Fund Franklin North Carolina Tax-Free Income Franklin Income Fund Franklin Low Duration Total Return Fund Fund Franklin U.S. Government Securities Fund Franklin Managed Income Fund Franklin Virginia Tax-Free Income Fund Franklin Utilities Fund Franklin Total Return Fund Franklin Arizona Tax-Free Income Fund Franklin ETF Trust Franklin Managed Trust Franklin Colorado Tax-Free Income Fund Franklin Equity Portfolio Fund Franklin Rising Dividends Fund Franklin Connecticut Tax-Free Income Fund Franklin Michigan Tax-Free Income Fund Franklin Fixed Income Portfolio Fund Franklin Municipal Securities Trust Franklin Minnesota Tax-Free Income Fund Franklin California High Yield Municipal Franklin Federal Tax-Free Income Fund Franklin Ohio Tax-Free Income Fund Fund Franklin Fund Allocator Series Franklin Oregon Tax-Free Income Fund Franklin Tennessee Municipal Bond Fund Franklin Corefolio Allocation Fund Franklin Pennsylvania Tax-Free Income Franklin Global Allocation Fund Franklin Mutual Series Funds Fund Franklin LifeSmart™ Retirement Income Franklin Mutual Beacon Fund Franklin U.S. Government Money Fund Fund Franklin Mutual European Fund Franklin LifeSmart™ 2020 Retirement Franklin Mutual Financial Services Fund Franklin Value Investors Trust Target Fund Franklin Mutual Global Discovery Fund Franklin MicroCap Value Fund Franklin LifeSmart™ 2025 Retirement Franklin Mutual Quest Fund Franklin Mutual U.S. Value Fund Target Fund Franklin Mutual Shares Fund Franklin Small Cap Value Fund Franklin LifeSmart™ 2030 Retirement Franklin New York Tax-Free Income Fund Institutional Fiduciary Trust Target Fund Money Market Portfolio Franklin LifeSmart™ 2035 Retirement Franklin New York Tax-Free Trust Templeton China World Fund Target Fund Franklin New York Intermediate-Term Tax- Franklin LifeSmart™ 2040 Retirement Free Income Fund Templeton Developing Markets Trust Target Fund Franklin Real Estate Securities Trust Templeton Funds Franklin LifeSmart™ 2045 Retirement Franklin Real Estate Securities Fund Templeton Foreign Fund Target Fund Franklin Strategic Mortgage Portfolio Templeton World Fund Franklin LifeSmart™ 2050 Retirement Templeton International Climate Change Target Fund Franklin Strategic Series Fund Franklin Biotechnology Discovery Fund Franklin LifeSmart™ 2055 Retirement Franklin Growth Opportunities Fund Templeton Global Investment Trust Target Fund Franklin Natural Resources Fund Templeton Emerging Markets Small Cap Franklin LifeSmart™ 2060 Retirement Franklin Small Cap Growth Fund Fund Target Fund Franklin Small-Mid Cap Growth Fund Templeton Global Balanced Fund Franklin Conservative Allocation Fund Franklin Strategic Income Fund Franklin Moderate Allocation Fund Templeton Global Smaller Companies Franklin Templeton SMACS: Series E Franklin Growth Allocation Fund Fund Franklin Templeton SMACS: Series I Franklin Payout 2021 Fund Templeton Growth Fund, Inc. Franklin Templeton SMACS: Series CH Franklin Payout 2022 Fund Franklin Templeton SMACS: Series H Templeton Income Trust Franklin Payout 2023 Fund Templeton Emerging Markets Bond Fund Franklin International Core Equity (IU) Fund Franklin Tax-Free Trust Templeton Global Bond Fund Franklin U.S. Core Equity (IU) Fund Franklin Federal Intermediate-Term Tax- Templeton Global Total Return Fund Franklin Emerging Market Core Equity (IU) Free Income Fund Templeton International Bond Fund Fund Franklin Federal Limited-Term Tax-Free Income Fund Templeton Institutional Funds Franklin Global Trust Franklin High Yield Tax-Free Income Fund Foreign Smaller Companies Series Franklin Emerging Markets Debt International Equity Series Opportunities Fund The statement of additional information (SAI) is amended as follows: I. The Policies and Procedures Regarding the Release of Portfolio Holdings section in the SAI is replaced with the following: Policies and Procedures Regarding the Release of Portfolio Holdings The Fund's overall policy with respect to the release of portfolio holdings is to release such information consistent with applicable legal requirements and the fiduciary duties owed to shareholders. Subject to the limited exceptions described below, the Fund will not make available to anyone non-public information with respect to its portfolio holdings, until such time as the information is made available to all shareholders or the general public. For purposes of this policy, portfolio holdings information does not include aggregate, composite or descriptive information that, in the reasonable judgement of the Fund’s Chief Compliance Officer, does not present risks of dilution, arbitrage, market timing, insider trading or other inappropriate trading to the detriment of the Fund. Information excluded from the definition of portfolio holdings information generally includes, without limitation: (1) descriptions of allocations among asset classes, regions, countries or industries/sectors; (2) aggregated data such as average or median ratios, market capitalization, credit quality or duration; (3) performance attributions by industry, sector or country; or (4) aggregated risk statistics. Such information, if made available to anyone, will be made available to any person upon request, but, because such information is generally not material to investors, it may or may not be posted on the Fund's website. In addition, other information may also be deemed to not be portfolio holdings information if, in the reasonable belief of the Fund's Chief Compliance Officer (or his/her designee), the release of such information would not present risks of dilution, arbitrage, market timing, insider trading or other inappropriate trading for the Fund. Consistent with current law, the Fund releases complete portfolio holdings information each fiscal quarter through regulatory filings with no more than a 60-day lag. In addition, subject to the limited exceptions noted below, a complete list of the Fund's portfolio holdings is generally released no sooner than 20 calendar days after the end of each calendar month. Other portfolio holdings information, such as top 10 holdings, commentaries and other materials that may reference specific holdings information of the Fund as of the most
Load more

Recommended publications
  • Model Risk Management: Quantitative and Qualitative Aspects
    Model Risk Management Quantitative and qualitative aspects Financial Institutions www.managementsolutions.com Design and Layout Marketing and Communication Department Management Solutions - Spain Photographs Photographic archive of Management Solutions Fotolia © Management Solutions 2014 All rights reserved. Cannot be reproduced, distributed, publicly disclosed, converted, totally or partially, freely or with a charge, in any way or procedure, without the express written authorisation of Management Solutions. The information contained in this publication is merely to be used as a guideline. Management Solutions shall not be held responsible for the use which could be made of this information by third parties. Nobody is entitled to use this material except by express authorisation of Management Solutions. Content Introduction 4 Executive summary 8 Model risk definition and regulations 12 Elements of an objective MRM framework 18 Model risk quantification 26 Bibliography 36 Glossary 37 4 Model Risk Management - Quantitative and qualitative aspects MANAGEMENT SOLUTIONS I n t r o d u c t i o n In recent years there has been a trend in financial institutions Also, customer onboarding, engagement and marketing towards greater use of models in decision making, driven in campaign models have become more prevalent. These models part by regulation but manifest in all areas of management. are used to automatically establish customer loyalty and engagement actions both in the first stage of the relationship In this regard, a high proportion of bank decisions are with the institution and at any time in the customer life cycle. automated through decision models (whether statistical Actions include the cross-selling of products and services that algorithms or sets of rules) 1.
    [Show full text]
  • EFAMA Response to ESMA Discussion Paper on UCITS OTC
    EFAMA Reply to ESMA’s Discussion Paper on the Calculation of counterparty risk by UCITS for OTC financial derivative transactions subject to clearing obligations (ESMA/2014/876) EFAMA is the representative association for the European investment management industry. EFAMA represents through its 27 member associations and 63 corporate members almost EUR 17 trillion in assets under management of which EUR 10.6 trillion managed by 55,000 investment funds at end June 2014. Just under 36,000 of these funds were UCITS (Undertakings for Collective Investments in Transferable Securities) funds. For more information about EFAMA, please visit www.efama.org Preliminary Remarks EFAMA welcomes the opportunity to respond to the ESMA Discussion paper on the Calculation of counterparty risk by UCITS for OTC financial derivative transactions subject to clearing obligations (ESMA/2014/876). We understand that the contributions sought will concur to refine the “working assumptions” presented in the discussion paper in view of a further consultation and possibly further recommendations to the European Commission for amendments to the relevant parts of the UCITS directive. Considering the clearing options potentially available to UCITS as “financial counterparties” under EMIR - i.e. (i) become a direct member of a CCP, (ii) become client to a Clearing Member (CM), and (iii) enter into an indirect clearing arrangement – and the prevailing market practices, we acknowledge that, at this stage, option (ii) is certainly the most viable one. Already in its revised Q&A on Risk Management and Calculation of Global Exposure and Counterparty Risk for UCITS in December 2013, we took note of ESMA’s choice to not be too prescriptive on the clearing model chosen by UCITS and the recent discussion paper further reflects this by well illustrating the pros and cons behind direct and indirect clearing arrangements.
    [Show full text]
  • Development of Risk Management for Power Generating Companies in Developing Countries
    Sustainable Development and Planning VII 859 Development of risk management for power generating companies in developing countries A. Domnikov, G. Chebotareva & M. Khodorovsky Academic Department of Banking and Investment Management, Ural Federal University named after the first President of Russia B.N. Yeltsin, Russia Abstract One of the facets in the development process of power generating companies is to achieve a high level of investment potential. Taking into account the unstable development of the world economy and world-wide transformations in the global power sector, one of the lines aimed at the solution of the problem set is to improve the corporate management system for the sectorial, including investment-related, risk. This article presents a comparative analysis of alternative proprietary approaches to the assessment of risks specific for power generating companies in developing countries, which are characterised by elevated level of inflation, dearness of credit, and volatility of primary commodity markets. During the performed study, specific requirements were developed relating to the up-to-date sectorial risk management system for power generating companies in developing countries under the conditions characterised by multi-criteria nature and uncertainty of factors in business conduct. Keywords: electric power industry, developing countries, power generating company, business competitiveness, investor attractiveness, sectorial risks, risk expert assessment, statistical distribution. 1 Introduction It is common knowledge that electric power industry, one of the most important sectors of economy in any country, exerts versatile and profound effect on the operation of both industrial and non-industrial outfits. The power sector appears for a factor of global corporate competitiveness enhancement and an economic development driver (Domnikov et al.
    [Show full text]
  • Developing the Risk Appetite Framework of a General Insurance Business
    DEVELOPING THE RISK APPETITE FRAMEWORK OF A GENERAL INSURANCE BUSINESS Prepared by the Risk Appetite for General Insurance Working Party David Koob, James Basman, Stephen Britt, Andy Cohen, Ben Cooper, Darryl Ferreira, Angela Tartarow, Andy White This paper has been prepared for the Actuaries Institute. This paper has been prepared for the Actuaries Institute. The Institute Council wishes it to be understood that opinions put forward herein are not necessarily those of the Institute and the Council is not responsible for those opinions. 2016 Actuaries Institute The Institute will ensure that all reproductions of the paper acknowledge the Author/s as the author/s, and include the above copyright statement. Institute of Actuaries of Australia ABN 69 000 423 656 Level 2, 50 Carrington Street, Sydney NSW Australia 2000 t +61 (0) 2 9239 6100 f +61 (0) 2 9239 6170 e [email protected] w www.actuaries.asn.au 1 CONTENTS 1 INTRODUCTION ............................................................................................................................... 4 1.1 Purpose of paper ..................................................................................................................... 4 1.2 Historical Context .................................................................................................................... 4 1.3 Risk Appetite in Enterprise Risk Management ........................................................................ 5 1.4 APRA’s expectations in CPS 220 ..........................................................................................
    [Show full text]
  • Focus on Findings for the Energy and Utilities Sector 2 Contents
    Accenture 2013 Global Risk Management Study Focus on findings for the Energy and Utilities sector 2 Contents About the research 4 Executive summary 5 Key findings 7 Section 1 10 Current market pressures Section 2 12 Managing regulatory and compliance risks Section 3 14 Managing emerging and operational risks Section 4 20 Risk capability goals for 2015 Section 5 24 Four things to do differently Research and interviews were conducted by Accenture and Oxford Economics, who collaborated to write this report. 3 About the research This report on energy and utilities firms is a sector- specific supplement to the Accenture 2013 Global Risk Management Study.1 This report is based on a quantitative survey taken in 2013 of executives from 105 organizations in the energy and utilities industries. Respondents were C-level executives involved in risk management decisions. Organizations were split among Europe (30.5%), North America (27%), Latin America (12%), and Asia Pacific (30.5%). Just over half the companies had annual revenues between $1 billion and $5 billion, and 48%, had annual revenues over $5 billion. Respondents included Chief Risk Officers (CROs, 30%), Chief Executive Officers (CEOs, 17%), Chief Financial Officers (CFOs, 31%), and Chief Compliance Officers (CCOs, 22%). We also conducted in-depth interviews in 2013 with senior leaders at nine energy and utilities companies across regions. These provide supporting insights for our data- driven research, while presenting useful perspectives from companies in the sector. 4 Executive summary
    [Show full text]
  • Profiting with Iron Condor Option : Strategies from the Frontline For
    ptg PROFITING WITH IRON CONDOR OPTIONS STRATEGIES FROM THE FRONTLINE FOR TRADING IN UPOR DOWN MARKETS M I C H A E L H A N A N I A B E N K L I F A Vice President, Publisher: Tim Moore Associate Publisher and Director of Marketing: Amy Neidlinger Executive Editor: Jim Boyd Editorial Assistant: Pamela Boland Development Editor: Russ Hall Operations Manager: Gina Kanouse Senior Marketing Manager: Julie Phifer Publicity Manager: Laura Czaja Assistant Marketing Manager: Megan Colvin Cover Designer: Chuti Prasertsith Managing Editor: Kristy Hart Project Editor: Anne Goebel Copy Editor: Cheri Clark Proofreader: Linda Seifert Indexer: Lisa Stumpf Compositor: TnT Design, Inc. Manufacturing Buyer: Dan Uhrig © 2011 by Pearson Education, Inc. Publishing as FT Press Upper Saddle River, New Jersey 07458 This book is sold with the understanding that neither the author nor the publisher is engaged in rendering legal, accounting, or other professional services or advice by publishing this book. Each individual situation is unique. Thus, if legal or financial advice or other expert assistance is required in a specific situation, the services of a competent professional should be sought to ensure that the situation has been evaluated carefully and appropriately. The author and the publisher disclaim any liability, loss, or risk resulting directly or indirectly, from the use or application of any of the contents of this book. FT Press offers excellent discounts on this book when ordered in quantity for bulk purchases or special sales. For more information, please contact U.S. Corporate and Government Sales, 1-800-382-3419, [email protected].
    [Show full text]
  • ATAC (Toroso) 485B 2020
    ATAC Rotation Fund Investor Class (ATACX) Institutional Class (ATCIX) Statement of Additional Information December 28, 2020 This Statement of Additional Information (“SAI”) provides general information about the ATAC Rotation Fund (the “Fund”), a series of Managed Portfolio Series (the “Trust”). This SAI is not a prospectus and should be read in conjunction with the Fund’s current prospectus dated December 28, 2020 (the “Prospectus”), as supplemented and amended periodically. In addition, the Fund’s financial statements for the fiscal year ended August 31, 2020, are incorporated herein by reference to the Fund’s annual report dated August 31, 2020. To obtain a copy of the Prospectus and/or annual report, free of charge, please write or call the Fund at the address or toll-free telephone number below, or visit the Fund’s website at www.atacfunds.com. ATAC Rotation Fund c/o U.S. Bank Global Fund Services P.O. Box 701 Milwaukee, Wisconsin 53201-0701 855-ATACFUND (855-282-2386) TABLE OF CONTENTS The Trust and the Fund........................................................................................................................................ 1 Investment Policies, Investment Objective, Policies, Strategies and Associated Risks ............................. 2 Fundamental and Non-Fundamental Investment Limitations ..................................................................... 32 Management of the Fund....................................................................................................................................
    [Show full text]
  • Investment Association Camomile Court 25 Camomile Street London EC3A 7LL UNITED KINGDOM
    The Investment Association Camomile Court 25 Camomile Street London EC3A 7LL UNITED KINGDOM Secretary-General Financial Stability Board c/- Bank for International Settlements CH-4002, Basel SWITZERLAND Date: 17 October 2016 Dear Sir IA Response to the FSB Consultative Document “Essential Aspects of CCP Resolution Planning” dated 16 August 2016 The Investment Association is grateful for the opportunity to respond to your consultation paper “Essential Aspects of CCP Resolution Planning” (“the CP”). We would like, first, to commend the FSB for its work to tackle the risks to financial stability posed by a crisis at a CCP, in particular the work to elaborate the FSB’s “Key Attributes” and “FMI Annex” for CCP resolution. This response reflects our members’ views as informed by their fiduciary duties to their investors, who – as the counterparties to the derivatives agreements concerned – are directly impacted by the policy proposed in the CP. End-investors are individuals with savings and pensions and are also tax payers. They have a direct interest in ensuring an effective and fair regime for recovery and resolution of CCPs. They are also major users of CCPs. As fiduciaries of investors, our members have supported the post-crisis mandatory use of CCPs in the expectation that investors’ savings in turn are safeguarded by the infrastructure and their rights are protected. 1 An effective regime for central clearing can strengthen investor confidence. Investor confidence also underpins financial stability. A loss of confidence leads to reduced investment and investor flight which can exacerbate a crisis. We respectfully ask that the FSB take the end-investor interest fully into account in finalising the policy outlined in this CP.
    [Show full text]
  • Risk Management Strategies for Commodity Processors
    RISK MANAGEMENT STRATEGIES FOR COMMODITY PROCESSORS A Thesis Submitted to the Graduate Faculty of the North Dakota State University of Agriculture and Applied Science By Songjiao Chen In Partial Fulfillment for the Degree of MASTER OF SCIENCE Major Department: Agribusiness and Applied Economics May 2013 Fargo, North Dakota North Dakota State University Graduate School Title Risk Management Strategies for Commodity Processors By Songjiao Chen The Supervisory Committee certifies that this disquisition complies with North Dakota State University’s regulations and meets the accepted standards for the degree of MASTER OF SCIENCE SUPERVISORY COMMITTEE: William Wilson Chair Ryan Larsen Dragan Miljkovic Ruilin Tian Approved: 6/21/2013 William Nganje Date Department Chair ABSTRACT Recent years have witnessed an increase in agricultural commodity price volatilities. This thesis analyzes different models to derive optimal hedge strategies for commodity processors, with two components addressed. One is the dependence structure and joint distribution among inputs, outputs, and hedging instruments that impact hedging effectiveness. The second refers to different procurement and sales scenarios a processor may encounter. A domestic flour mill company is used to demonstrate alternative hedging strategies under different processing scenarios. Copula is a relatively new method used to capture flexible dependence structure and joint distribution among assets. The applications of copulas in the agricultural literature are recent. This thesis integrates the concept of copula and widely studied risk measurement Value at Risk (VaR) to derive the optimal risk management strategy. Mean-VaR with copula calculation is shown to be an efficient and confident approach to analyze empirical studies. iii ACKNOWLEDGMENTS I would like to take this opportunity to thank my adviser, Dr.
    [Show full text]
  • MARGIN-AT-RISK for AGRICULTURAL PROCESSORS: FLOUR MILLING SCENARIOS a Thesis Submitted to the Graduate Faculty of the North Dako
    MARGIN-AT-RISK FOR AGRICULTURAL PROCESSORS: FLOUR MILLING SCENARIOS A Thesis Submitted to the Graduate Faculty of the North Dakota State University of Agriculture and Applied Science By Daniel Vincent Oberholtzer In Partial Fulfillment of the Requirements for the Degree of MASTER OF SCIENCE Major Department: Agribusiness and Applied Economics February 2011 Fargo, North Dakota North Dakota State University Graduate School Title Margin-at-Risk for Agricultural Processors: Flour Milling Scenarios By Daniel V. Oberholtzer The Supervisory Committee certifies that this disquisition complies with North Dakota State University's regulations and meets the accepted standards for the degree of MASTER OF SCIENCE Approved by Department Chair: Date ABSTRACT Oberholtzer, Daniel Vincent, M.S., Department of Agribusiness and Applied Economics, College of Agriculture; Food Systems, and Natural Resources, North Dakota State University, February 2011. Margin-at-Risk for Agricultural Processors: Flour Milling Scenarios. Major Professor: Dr. William Wilson. Historic market volatility has made risk management decisions by firms in the agricultural supply chain more challenging. Market risk measurement methods, such as Value-at-Risk, were developed in the financial industry to objectively measure, and thus better comprehend, market risk's effect on positions. This thesis gives a thorough background of the issues involved with risk measurement. Different scenarios were then used to demonstrate how the risk measurement method can be applied to the agricultural . processmg margm. In this thesis, the flour milling margin was used to demonstrate how a firm can incorporate sophisticated risk analytics into its risk management decision making process. Multiple scenarios were developed to account for different situations faced by flour millers.
    [Show full text]
  • American Benefits Council and the Committee on the Investment of Employee Benefit Assets
    September 20, 2010 Mr. David A. Stawick Secretary Commodity Futures Trading Commission Three Lafayette Centre 1155 21st Street, N.W. Washington, DC 20581 Ms. Elizabeth M. Murphy Secretary Securities and Exchange Commission 100 F Street, N.E. Washington, DC 20549-1090 Re: File Number S7--16-10 / Definitions of major swap participant and major security-based swap participant Dear Mr. Stawick and Ms. Murphy: The American Benefits Council (the “Council”) and the Committee on the Investment of Employee Benefit Assets (“CIEBA”) appreciate this opportunity to provide comments to the Commodity Futures Trading Commission (the "CFTC") and the Securities and Exchange Commission (the "SEC," and collectively, the "Commissions") regarding the definitions of the terms “major swap participant” and “major security-based swap participant” in the Wall Street Transparency and Accountability Act of 2010 (the "Act" or "WSTAA"). The Council is a public policy organization principally representing Fortune 500 companies and other organizations that assist employers of all sizes in providing benefits to employees. Collectively, the Council's members either sponsor directly or provide services to retirement and health plans that cover more than 100 million Americans. CIEBA represents more than 100 of the country’s largest pension funds. Its members manage more than $1 trillion of defined benefit and defined contribution plan assets, on behalf of 15 million plan participants and beneficiaries. CIEBA members are the senior corporate financial officers who individually manage and administer ERISA-governed corporate retirement plan assets. Swaps and security-based swaps play a critical role for our members' plans. If plans were considered to be major swap participants or major security-based swap participants ("major participants"), plans would have to set aside capital that could otherwise be paid out to retirees and beneficiaries or that could be invested in higher expected return assets such as stocks or bonds.
    [Show full text]
  • USQ Core Real Estate Fund Shares of Beneficial Interest Class I Shares (USQIX) & Class IS Shares (USQSX)
    USQ Core Real Estate Fund Shares of Beneficial Interest Class I Shares (USQIX) & Class IS Shares (USQSX) Statement of Additional Information July 29, 2020 This Statement of Additional Information (“SAI”) provides general information about the USQ Core Real Estate Fund (the “Fund”). This SAI is not a prospectus and should be read in conjunction with the Fund’s current Prospectus (the “Prospectus”) dated July 29, 2020, as further supplemented and amended from time to time. This SAI is incorporated by reference into the Prospectus. Capitalized terms used but not defined in this SAI have the meanings given to them in the Prospectus. You should obtain and read the Prospectus and any related Prospectus supplement prior to purchasing any of the Fund’s securities. A copy of the Prospectus may be obtained without charge by calling the Fund toll-free at (833) USQ-FUND, or by visiting http://www.USQFunds.com. Information on this website is not incorporated herein by reference. The Fund’s registration statement, of which the Prospectus is a part, and other filings with the SEC are also available to the public on the SEC’s Internet web site at www.sec.gov. Copies of these filings may be obtained, after paying a duplicating fee, by electronic request at the following email address: [email protected]. USQ Core Real Estate Fund 235 Whitehorse Lane, Suite 200 Kennett Square, PA 19348 (833) 877-3863 TABLE OF CONTENTS GENERAL INFORMATION ABOUT THE FUND 1 DIVERSIFICATION OF THE FUND 1 NON-FUNDAMENTAL INVESTMENT OBJECTIVE 1 ADDITIONAL INVESTMENT POLICIES
    [Show full text]