STATEMENT OF ADDITIONAL
INFORMATION
February 29, 2016, as amended March 9, 2016
ABERDEEN FUNDS
Aberdeen Equity Long-Short Fund
Class A — MLSAX ¾ Class C — MLSCX ¾ Class R — GLSRX ¾ Institutional Class — GGUIX ¾ Institutional Service Class — AELSX
Aberdeen Global Natural Resources Fund
Class A — GGNAX ¾ Class C — GGNCX ¾ Class R — GGNRX ¾ Institutional Class — GGNIX ¾ Institutional Service Class — GGNSX
Aberdeen U.S. Small Cap Equity Fund (formerly, Aberdeen Small Cap Fund)
Class A — GSXAX ¾ Class C —GSXCX ¾ Class R — GNSRX ¾ Institutional Class — GSCIX ¾ Institutional Service Class — GSXIX
Aberdeen China Opportunities Fund
Class A — GOPAX ¾ Class C — GOPCX ¾ Class R — GOPRX ¾ Institutional Class — GOPIX ¾ Institutional Service Class — GOPSX
Aberdeen International Equity Fund
Class A — GIGAX ¾ Class C — GIGCX ¾ Class R — GIRRX ¾ Institutional Class — GIGIX ¾ Institutional Service Class — GIGSX
Aberdeen Global Equity Fund
Class A — GLLAX ¾ Class C — GLLCX ¾ Class R — GWLRX ¾ Institutional Class — GWLIX ¾ Institutional Service Class — GLLSX
Aberdeen Diversified Income Fund
Class A — GMAAX ¾ Class C — GMACX ¾ Class R — GMRRX ¾ Institutional Class — GMAIX ¾ Institutional Service Class — GAMSX
Aberdeen Dynamic Allocation Fund
Class A — GMMAX ¾ Class C — GMMCX ¾ Class R — GAGRX ¾ Institutional Class — GMMIX ¾ Institutional Service Class — GAASX
Aberdeen Diversified Alternatives Fund
Class A — GASAX ¾ Class C — GAMCX ¾ Class R — GASRX ¾ Institutional Class — GASIX ¾ Institutional Service Class — GAISX
Aberdeen Asia Bond Fund
Class A — AEEAX ¾ Class C — AEECX ¾ Class R — AEERX ¾ Institutional Class — CSABX ¾ Institutional Service Class — ABISX
Aberdeen Asia-Pacific (ex-Japan) Equity Fund
Class A — APJAX ¾ Class C — APJCX ¾ Class R — APJRX ¾ Institutional Class — AAPIX ¾ Institutional Service Class — AAPEX
Aberdeen Asia-Pacific Smaller Companies Fund
Class A — APCAX ¾ Class C — APCCX ¾ Class R — APCRX ¾ Institutional Class — APCIX ¾ Institutional Service Class — APCSX
Aberdeen Emerging Markets Fund
Class A — GEGAX ¾ Class C — GEGCX ¾ Class R — GEMRX ¾ Institutional Class — ABEMX ¾ Institutional Service Class — AEMSX
Aberdeen Emerging Markets Debt Fund
Class A — AKFAX ¾ Class C — AKFCX ¾ Class R — AKFRX ¾ Institutional Class — AKFIX ¾ Institutional Service Class — AKFSX
Aberdeen Emerging Markets Debt Local Currency Fund
Class A — ADLAX ¾ Class C — ADLCX ¾ Class R — AECRX ¾ Institutional Class — AEDSX ¾ Institutional Service Class — AEDIX
Aberdeen Global Fixed Income Fund
Class A — CUGAX ¾ Class C — CGBCX ¾ Class R — AGCRX ¾ Institutional Class — AGCIX ¾ Institutional Service Class — CGFIX
Aberdeen International Small Cap Fund (formerly, Aberdeen Global Small Cap Fund)
Class A — WVCCX ¾ Class C — CPVCX ¾ Class R — WPVAX ¾ Institutional Class — ABNIX ¾ Institutional Service Class — AGISX
Aberdeen Tax-Free Income Fund
Class A — NTFAX ¾ Class C — GTICX ¾ Class R — ABERX ¾ Institutional Class — ABEIX ¾ Institutional Service Class — ABESX
Aberdeen Ultra-Short Duration Bond Fund
Class A — AUDAX ¾ Class C — AUSCX ¾ Class R — AUSRX ¾ Institutional Class — AUDIX ¾ Institutional Service Class — AUSIX
Aberdeen U.S. Multi-Cap Equity Fund (formerly, Aberdeen U.S. Equity Fund)
Class A — GXXAX ¾ Class C — GXXCX ¾ Class R — GGLRX ¾ Institutional Class — GGLIX ¾ Institutional Service Class — GXXIX
Aberdeen European Equity Fund
Class A — AEUAX ¾ Class C — AEUCX ¾ Class R — AERUX ¾ Institutional Class — AEUIX ¾ Institutional Service Class — AEUSX
Aberdeen Latin American Equity Fund
Class A — ALEAX ¾ Class C — ALECX ¾ Class R — ALREX ¾ Institutional Class — ALIEX ¾ Institutional Service Class — ALESX
Aberdeen Japanese Equities Fund
Class A — AJEAX ¾ Class C — AJECX ¾ Class R — AJERX ¾ Institutional Class — AJEIX ¾ Institutional Service Class — AJESX
Aberdeen U.S. Mid Cap Equity Fund
Class A — GUEAX ¾ Class C — GUECX¾ Class R — GUERX ¾ Institutional Class — GUEIX ¾ Institutional Service Class — GUESX
Aberdeen Funds (the “Trust”) is a registered open-end investment company consisting of 25 series as of the date hereof. This Statement of Additional Information (“SAI”) relates to the series of the Trust listed above (each, a “Fund” and collectively, the “Funds”). This SAI is not a prospectus but is incorporated by reference into the Prospectus for the Funds. It contains information in addition to and more detailed than that set forth in the Prospectus and should be read in conjunction with the Prospectus for the Funds dated February 29, 2016, as amended March 9, 2016. The Trust has an additional series, the Aberdeen Multi-Manager Alternative Strategies Fund II, which is contained in a separate SAI.
Terms not defined in this SAI have the meanings assigned to them in the Prospectus. You can order copies of the Prospectus without charge by writing to Boston Financial Data Services (“BFDS”) at 30 Dan Road, Canton, MA 02021 or calling (toll-free) 866-667-9231.
The Funds’ audited financial statements for the fiscal year ended October 31, 2015, and the related report of KPMG LLP (“KPMG”), independent registered public accounting firm for the Funds, which are contained in the Funds’ October 31, 2015 Annual Report (except for the Aberdeen Japanese Equities Fund and the Aberdeen U.S. Mid Cap Equity Fund, which had not commenced operations as of October 31, 2015 and therefore did not issue an annual report), are incorporated herein by reference in the section “Financial Statements.” No other parts of the Annual Report are incorporated by reference herein. A copy of the Annual Report may be obtained upon request and without charge by writing to or by calling 866-667-9231.
TABLE OF CONTENTS
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ADDITIONAL INFORMATION ON PORTFOLIO INSTRUMENTS AND INVESTMENT POLICIES |
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A-1 | |
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B-1 | |
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C-1 |
The Trust is an open-end management investment company formed as a statutory trust under the laws of the state of Delaware by a Certificate of Trust filed on September 27, 2007. The Trust currently consists of 25 separate series, each with its own investment objective.
Certain Funds in this SAI were created to acquire the assets and liabilities of the corresponding Fund of the Nationwide Mutual Funds (each, a “Nationwide Predecessor Fund,” collectively, the “Nationwide Predecessor Funds”) as shown in the chart below.
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Fund |
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Corresponding Predecessor Fund |
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Aberdeen Global Equity Fund (“Global Equity Fund”) |
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Nationwide Worldwide Leaders Fund |
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Aberdeen China Opportunities Fund (“China Opportunities Fund”) |
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Nationwide China Opportunities Fund |
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Aberdeen International Equity Fund (“International Equity Fund”) |
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Nationwide International Growth Fund |
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Aberdeen Equity Long-Short Fund (“Equity Long-Short Fund”) |
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Nationwide U.S. Growth Leaders Long-Short Fund |
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Aberdeen Global Natural Resources Fund (“Global Natural Resources Fund”) |
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Nationwide Natural Resources Fund |
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Aberdeen Dynamic Allocation Fund (“Dynamic Allocation Fund”) |
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Nationwide Optimal Allocations Fund: Moderate Growth |
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Aberdeen Diversified Income Fund (“Diversified Income Fund”) |
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Nationwide Optimal Allocations Fund: Moderate |
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Aberdeen Diversified Alternatives Fund (“Diversified Alternatives Fund”) |
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Nationwide Optimal Allocations Fund: Specialty |
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Aberdeen U.S. Small Cap Equity Fund (formerly, Aberdeen Small Cap Fund) |
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Nationwide Small Cap Fund |
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Aberdeen Tax-Free Income Fund (“Tax-Free Income Fund”) |
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Nationwide Tax-Free Income Fund |
Prior to February 29, 2016, the Aberdeen U.S. Small Cap Equity Fund (“U.S. Small Cap Equity Fund”) was known as the Aberdeen Small Cap Fund. The Nationwide Predecessor Funds, for purposes of the relevant reorganization, are considered the accounting survivors and accordingly, certain financial history of the Nationwide Predecessor Funds is included in this SAI.
Certain Funds in this SAI were created to acquire the assets and liabilities of the corresponding Fund of the Credit Suisse Funds (each a “Credit Suisse Predecessor Fund,” collectively, the “Credit Suisse Predecessor Funds”) as shown in the chart below.
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Fund |
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Corresponding Predecessor Fund |
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Aberdeen Asia Bond Fund (“Asia Bond Fund”) |
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Asia Bond Portfolio, a series of Credit Suisse Institutional Fund, Inc. |
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Aberdeen Global Fixed Income Fund (“Global Fixed Income Fund”) |
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Credit Suisse Global Fixed Income Fund |
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Aberdeen International Small Cap Fund (formerly, Aberdeen Global Small Cap Fund) |
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Credit Suisse Global Small Cap Fund |
Prior to February 29, 2016, the Aberdeen International Small Cap Fund (“International Small Cap Fund”) was known as the Aberdeen Global Small Cap Fund. The Credit Suisse Predecessor Funds, for purposes of the relevant reorganization, are considered the accounting survivors and accordingly, certain financial history of the Credit Suisse Predecessor Funds is included in this SAI.
Certain Funds in this SAI acquired the assets and liabilities of the corresponding Fund, of the Pacific Capital Funds (each a “Pacific Capital Predecessor Fund,” collectively, the “Pacific Capital Predecessor Funds”), as shown in the chart below.
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Surviving Fund |
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Acquired Fund |
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Aberdeen Asia-Pacific (ex-Japan) Equity Fund (“Asia-Pacific (ex-Japan) Equity Fund”) |
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Pacific Capital New Asia Growth Fund |
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Institutional Service
Class Shares |
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Class A, B and C Shares |
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Aberdeen U.S. Small Cap Equity Fund |
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Pacific Capital Small Cap Fund |
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Class A Shares |
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Class A and B Shares |
The Aberdeen Ultra-Short Duration Bond Fund (“Ultra-Short Duration Bond Fund”) commenced operations on November 30, 2010.
The Aberdeen Emerging Markets Fund (“Emerging Markets Fund”) was created to acquire the assets and liabilities of a former Aberdeen Emerging Markets Fund, which was a series of The Advisors’ Inner Circle Fund II (the “Emerging Markets Predecessor Fund”). On May 21, 2012, the Emerging Markets Fund acquired the assets of the Aberdeen Emerging Markets Fund (the “Acquired Fund”), another series of the Trust, which had Class A, C and R Shares. The Emerging Markets Predecessor Fund, for purposes of the reorganization, is considered the accounting survivor and accordingly, certain financial history of the Emerging Markets Predecessor Fund is included in this SAI.
The Aberdeen Emerging Markets Debt Fund (“Emerging Markets Debt Fund”) commenced operations on November 1, 2012.
The Aberdeen Emerging Markets Debt Local Currency Fund (“Emerging Markets Debt Local Currency Fund”) commenced operations on May 2, 2011.
The Aberdeen Asia-Pacific Smaller Companies Fund (“Asia-Pacific Smaller Companies Fund”) commenced operations on June 28, 2011.
Prior to October 31, 2015, the Aberdeen U.S. Multi-Cap Equity Fund (“U.S. Multi-Cap Equity Fund”) was known as the Aberdeen U.S. Equity Fund. The Aberdeen U.S. Equity Fund (“U.S. Equity Fund”) was created to acquire the assets and liabilities of the Credit Suisse Large Cap Blend Fund, Inc., a Maryland corporation, and a former series of the Trust with a U.S. equity strategy (“Aberdeen U.S. Equity Predecessor Fund”). The Aberdeen U.S. Equity Predecessor Fund, for purposes of the reorganization, is considered the accounting survivor and accordingly, certain financial history of the Aberdeen U.S. Equity Predecessor Fund is included in this SAI. On February 25, 2013, the U.S. Equity Fund acquired the assets of the Aberdeen U.S. Equity II Fund, another series of the Trust, which offered Class A, Class C, Class R, Institutional Class and Institutional Service Class Shares. The U.S. Equity Fund, for purposes of the reorganization, is considered the accounting survivor.
The Aberdeen European Equity Fund (“European Equity Fund”) commenced operations on March 25, 2013.
The Aberdeen Latin American Equity Fund (“Latin American Equity Fund”) commenced operations on March 25, 2013.
The Aberdeen Japanese Equities Fund (“Japanese Equities Fund”) commenced operations on November 30, 2015.
The Aberdeen U.S. Mid Cap Equity Fund (“Mid Cap Equity Fund”) is expected to commence operations on February 29, 2016.
Each of the Funds, except the Asia Bond Fund, the Emerging Markets Debt Local Currency Fund, the Emerging Markets Debt Fund, the European Equity Fund and the Latin American Equity Fund, is a diversified open-end management investment company as defined in the Investment Company Act of 1940, as amended (the “1940 Act”). Each of the Asia Bond Fund, the Emerging Markets Debt Local Currency Fund, the Emerging Markets Debt Fund, the European Equity Fund and the Latin American Equity Fund is a non-diversified open-end management investment company as defined in the 1940 Act.
ADDITIONAL INFORMATION ON PORTFOLIO INSTRUMENTS AND INVESTMENT POLICIES
The Funds invest in a variety of securities and employ a number of investment techniques that involve certain risks. The Prospectus for the Funds highlights the principal investment strategies, investment techniques and risks. This SAI contains additional information regarding both the principal and non-principal investment strategies of the Funds. The following tables set forth additional information concerning permissible investments and techniques for each of the Funds. A “·” in the table indicates that the Fund may invest in the corresponding instrument or technique. An empty box indicates that the Fund does not intend to invest in the corresponding instrument or follow the corresponding technique.
With respect to the Aberdeen Diversified Income Fund, Aberdeen Dynamic Allocation Fund and Aberdeen Diversified Alternatives Fund (the “Funds-of-Funds”), this SAI, like the Prospectus, uses the term “Fund” to include the underlying funds in which each of the Funds-of-Funds will invest (the “Underlying Funds”). A “·” in the table for the Funds-of-Funds indicates an investment strategy for an Underlying Fund.
Please review the discussions in the Prospectus for further information regarding the investment objective and policies of each Fund.
References to the “Adviser” in this section also include the subadviser(s), as applicable.
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TYPES OF |
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U.S. |
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GLOBAL |
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CHINA |
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EQUITY |
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GLOBAL |
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U.S. |
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EMERGING |
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EUROPEAN |
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LATIN |
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Adjustable, Floating and Variable Rate Instruments |
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· |
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· |
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Asset-Backed Securities |
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· |
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Bank Obligations |
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· |
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Borrowing |
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· |
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· |
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· |
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· |
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· |
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· |
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· |
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· |
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Brady Bonds |
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· |
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CFTC Exclusion |
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· |
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· |
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Common Stock |
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· |
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· |
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· |
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· |
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· |
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· |
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· |
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Convertible Securities |
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· |
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· |
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· |
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· |
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· |
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· |
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· |
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Currency Transactions |
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· |
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Cyber Security Risk |
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· |
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Debt Securities |
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· |
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· |
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· |
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· |
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· |
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· |
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· |
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· |
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Depositary Receipts |
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Derivatives |
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Emerging Markets Securities |
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Exchange-Traded Funds |
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Foreign Commercial Paper |
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TYPES OF |
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U.S. |
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GLOBAL |
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CHINA |
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EQUITY |
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GLOBAL |
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U.S. |
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EMERGING |
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EUROPEAN |
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LATIN |
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Foreign Currencies |
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· |
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· |
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· |
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Foreign Government Securities |
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Foreign Securities (including Developing Countries) |
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Futures |
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Illiquid Securities Risk |
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Impact of Large Redemptions and Purchases of Fund Shares |
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Indexed Securities |
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Initial Public Offerings |
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Interests in Publicly Traded Limited Partnerships |
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Lending of Portfolio Securities |
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Loan Participations and Assignments |
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Market Events Risk |
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Medium Company, Small Company and Emerging Growth Stocks |
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Money Market Instruments |
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TYPES OF |
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U.S. |
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GLOBAL |
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CHINA |
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EQUITY |
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GLOBAL |
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U.S. |
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EMERGING |
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EUROPEAN |
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LATIN |
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Natural Resources Industries |
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Options |
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Preferred Stock |
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· |
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· |
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· |
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· |
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· |
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Real Estate Investment Trusts |
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Real Estate Related Securities |
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Repurchase Agreements |
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Restricted Securities |
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· |
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· |
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· |
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Reverse Repurchase Agreements |
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· |
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· |
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Rights Issues and Warrants |
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Securities Backed by Guarantees |
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Securities of Investment Companies |
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Short Sales |
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Special Situation Companies |
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Strategic Transactions, Derivatives and Synthetic Investments |
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Swaps, Caps, Floors and Collars |
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· |
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TYPES OF |
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U.S. |
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GLOBAL |
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CHINA |
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EQUITY |
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GLOBAL |
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U.S. |
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EMERGING |
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EUROPEAN |
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LATIN |
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Temporary Investments |
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· |
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· |
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U.S. Government Securities |
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· |
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· |
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· |
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· |
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· |
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When-Issued Securities and Delayed-Delivery |
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· |
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· |
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· |
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· |
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· |
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· |
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· |
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TYPES OF |
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DYNAMIC |
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DIVERSIFIED |
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DIVERSIFIED |
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TAX-FREE |
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EMERGING |
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EMERGING |
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ULTRA- |
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Adjustable, Floating and Variable Rate Instruments |
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· |
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· |
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· |
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· |
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· |
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· |
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Advance Refunded Bonds |
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· |
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Asset-Backed Securities |
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· |
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· |
|
|
|
|
|
· |
|
Bank Loans |
|
· |
|
· |
|
· |
|
|
|
|
|
|
|
|
|
Bank Obligations |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
Bonds with Warrants Attached |
|
· |
|
· |
|
· |
|
|
|
|
|
|
|
|
|
Borrowing |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
Brady Bonds |
|
· |
|
· |
|
· |
|
|
|
|
|
|
|
· |
|
Catastrophe Bond |
|
· |
|
· |
|
· |
|
· |
|
|
|
|
|
· |
|
CFTC Exclusion |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
Collateralized Mortgage Obligations |
|
· |
|
· |
|
· |
|
· |
|
|
|
|
|
· |
|
Common Stock |
|
· |
|
· |
|
· |
|
|
|
|
|
|
|
|
|
Convertible Securities |
|
· |
|
· |
|
· |
|
|
|
|
|
|
|
|
|
Corporate Obligations |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
Credit Linked Notes |
|
· |
|
· |
|
· |
|
|
|
· |
|
· |
|
|
|
TYPES OF |
|
DYNAMIC |
|
DIVERSIFIED |
|
DIVERSIFIED |
|
TAX-FREE |
|
EMERGING |
|
EMERGING |
|
ULTRA- |
|
Currency Transactions |
|
· |
|
· |
|
· |
|
|
|
· |
|
· |
|
|
|
Cyber Security Risk |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
Debt Securities |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
Delayed Funding Loans and Revolving Credit Facilities |
|
· |
|
· |
|
· |
|
|
|
|
|
|
|
|
|
Depositary Receipts |
|
· |
|
· |
|
· |
|
|
|
· |
|
|
|
|
|
Derivatives |
|
· |
|
· |
|
· |
|
|
|
· |
|
· |
|
· |
|
Direct Debt Instruments |
|
· |
|
· |
|
· |
|
|
|
|
|
|
|
|
|
Dollar Roll Transactions |
|
· |
|
· |
|
· |
|
|
|
|
|
|
|
· |
|
Emerging Markets Securities |
|
· |
|
· |
|
· |
|
|
|
· |
|
· |
|
|
|
Eurodollar Instruments |
|
· |
|
· |
|
· |
|
|
|
|
|
|
|
· |
|
European Sovereign Debt |
|
· |
|
· |
|
· |
|
|
|
|
|
|
|
|
|
Exchange-Traded Funds |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
External Debt |
|
· |
|
· |
|
· |
|
|
|
· |
|
· |
|
· |
|
Foreign Commercial Paper |
|
· |
|
· |
|
· |
|
|
|
· |
|
· |
|
· |
|
Foreign Currencies |
|
· |
|
· |
|
· |
|
|
|
· |
|
· |
|
|
|
Foreign Fixed Income Securities |
|
· |
|
· |
|
· |
|
|
|
· |
|
· |
|
· |
|
Foreign Government Securities |
|
· |
|
· |
|
· |
|
|
|
· |
|
· |
|
|
|
TYPES OF |
|
DYNAMIC |
|
DIVERSIFIED |
|
DIVERSIFIED |
|
TAX-FREE |
|
EMERGING |
|
EMERGING |
|
ULTRA- |
|
Foreign Securities (including Developing Countries) |
|
· |
|
· |
|
· |
|
|
|
· |
|
· |
|
· |
|
Futures |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
Illiquid Securities Risk |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· (Rule 144A Securities only) |
|
Impact of Large Redemptions and Purchases of Fund Shares |
|
· |
|
· |
|
· |
|
|
|
· |
|
· |
|
|
|
Income Deposit Securities |
|
· |
|
· |
|
· |
|
|
|
|
|
|
|
|
|
Indexed Securities |
|
· |
|
· |
|
· |
|
|
|
· |
|
· |
|
|
|
Initial Public Offerings |
|
· |
|
· |
|
· |
|
|
|
· |
|
· |
|
|
|
Interests in Publicly Traded Limited Partnerships |
|
· |
|
· |
|
· |
|
|
|
|
|
|
|
|
|
Inverse Floating Rate Instruments |
|
· |
|
· |
|
· |
|
|
|
|
|
|
|
|
|
Lending of Portfolio Securities |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
Loan Participations and Assignments |
|
· |
|
· |
|
· |
|
· |
|
|
|
|
|
|
|
Loans |
|
· |
|
· |
|
· |
|
|
|
|
|
|
|
|
|
Market Events Risk |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
Medium Company, Small Company and Emerging Growth Stocks |
|
· |
|
· |
|
· |
|
|
|
|
|
|
|
|
|
TYPES OF |
|
DYNAMIC |
|
DIVERSIFIED |
|
DIVERSIFIED |
|
TAX-FREE |
|
EMERGING |
|
EMERGING |
|
ULTRA- |
|
Money Market Instruments |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
Mortgage-Related Securities |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
Municipal Securities |
|
· |
|
· |
|
· |
|
· |
|
|
|
|
|
· |
|
Natural Resources Industries |
|
· |
|
· |
|
· |
|
|
|
|
|
|
|
|
|
Non-Deliverable Forwards |
|
· |
|
· |
|
· |
|
|
|
· |
|
· |
|
|
|
Options |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
|
|
Participation Interests |
|
· |
|
· |
|
· |
|
|
|
|
|
|
|
|
|
Pay-In-Kind Bonds and Deferred Payment Securities |
|
· |
|
· |
|
· |
|
|
|
· |
|
· |
|
|
|
Preferred Stock |
|
· |
|
· |
|
· |
|
|
|
|
|
|
|
|
|
Privatization Vouchers |
|
· |
|
· |
|
· |
|
|
|
|
|
|
|
|
|
Put Bonds |
|
· |
|
· |
|
· |
|
· |
|
|
|
|
|
· |
|
Real Estate Investment Trusts |
|
· |
|
· |
|
· |
|
|
|
|
|
|
|
· |
|
Real Estate Related Securities |
|
· |
|
· |
|
· |
|
|
|
|
|
|
|
|
|
Repurchase Agreements |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
Restricted Securities |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· (Rule 144A Securities only) |
|
Reverse Repurchase Agreements |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
TYPES OF |
|
DYNAMIC |
|
DIVERSIFIED |
|
DIVERSIFIED |
|
TAX-FREE |
|
EMERGING |
|
EMERGING |
|
ULTRA- |
|
Rights Issues and Warrants |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
|
|
Securities Backed by Guarantees |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
Securities of Investment Companies |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
Short Sales |
|
· |
|
· |
|
· |
|
|
|
|
|
|
|
|
|
Special Situation Companies |
|
· |
|
· |
|
· |
|
|
|
|
|
|
|
|
|
Standby Commitment Agreements |
|
· |
|
· |
|
· |
|
|
|
|
|
|
|
|
|
Strategic Transactions, Derivatives and Synthetic Investments |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
|
|
Strip Bonds |
|
· |
|
· |
|
· |
|
|
|
|
|
|
|
|
|
Stripped Mortgage Securities |
|
· |
|
· |
|
· |
|
|
|
|
|
|
|
|
|
Stripped Zero Coupon Securities/Custodial Receipts |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
Structured Notes |
|
· |
|
· |
|
· |
|
|
|
· |
|
· |
|
|
|
Structured Securities |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
Supranational Entities |
|
· |
|
· |
|
· |
|
|
|
· |
|
· |
|
· |
|
Swaps, Caps, Floors and Collars |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
|
|
Temporary Investments |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
To-Be-Announced Instruments |
|
· |
|
· |
|
· |
|
|
|
|
|
|
|
· |
|
TYPES OF |
|
DYNAMIC |
|
DIVERSIFIED |
|
DIVERSIFIED |
|
TAX-FREE |
|
EMERGING |
|
EMERGING |
|
ULTRA- |
|
Trust Preferred Securities |
|
· |
|
· |
|
· |
|
|
|
|
|
|
|
|
|
U.S. Government Securities |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
Variable Rate Instruments |
|
· |
|
· |
|
· |
|
|
|
|
|
|
|
|
|
When-Issued Securities and Delayed-Delivery |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
TYPES OF INVESTMENT OR |
|
ASIA |
|
GLOBAL |
|
INTERNATIONAL |
|
INTERNATIONAL |
|
ASIA- |
|
ASIA- |
|
JAPANESE |
|
U.S. MID CAP |
|
Adjustable, Floating and Variable Rate Instruments |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
Advance Refunded Bonds |
|
· |
|
· |
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset-Backed Securities |
|
· |
|
· |
|
· |
|
|
|
|
|
|
|
|
|
|
|
Bank Loans |
|
|
|
· |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank Obligations |
|
· |
|
· |
|
|
|
· |
|
· |
|
· |
|
· |
|
|
|
Bonds with Warrants Attached |
|
· |
|
· |
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowing |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
Brady Bonds |
|
· |
|
· |
|
· |
|
· |
|
|
|
|
|
|
|
|
|
Catastrophe Bond |
|
· |
|
· |
|
|
|
|
|
|
|
|
|
|
|
|
|
CFTC Exclusion |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
|
|
Collateralized Mortgage Obligations |
|
· |
|
· |
|
· |
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
|
|
· |
|
Convertible Securities |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
Corporate Obligations |
|
· |
|
· |
|
· |
|
|
|
· |
|
· |
|
|
|
|
|
Credit Linked Notes |
|
· |
|
· |
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency Transactions |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
|
|
Cyber Security Risk |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
TYPES OF INVESTMENT OR |
|
ASIA |
|
GLOBAL |
|
INTERNATIONAL |
|
INTERNATIONAL |
|
ASIA- |
|
ASIA- |
|
JAPANESE |
|
U.S. MID CAP |
|
Debt Securities |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
Delayed Funding Loans and Revolving Credit Facilities |
|
|
|
· |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depositary Receipts |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
Derivatives |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
Direct Debt Instruments |
|
· |
|
· |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dollar Roll Transactions |
|
· |
|
· |
|
· |
|
|
|
|
|
|
|
|
|
|
|
Emerging Markets Securities |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
|
|
Eurodollar Instruments |
|
· |
|
· |
|
· |
|
|
|
|
|
|
|
|
|
|
|
European Sovereign Debt |
|
|
|
· |
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange-Traded Funds |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
External Debt |
|
· |
|
· |
|
· |
|
|
|
|
|
|
|
|
|
|
|
Foreign Commercial Paper |
|
· |
|
· |
|
|
|
· |
|
· |
|
· |
|
|
|
|
|
Foreign Currencies |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
Foreign Fixed Income Securities |
|
· |
|
· |
|
· |
|
|
|
· |
|
· |
|
|
|
|
|
Foreign Government Securities |
|
· |
|
· |
|
|
|
· |
|
|
|
|
|
· |
|
|
|
Foreign Securities (including Developing Countries) |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
Futures |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
· |
|
TYPES OF INVESTMENT OR |
|
ASIA |
|
GLOBAL |
|
INTERNATIONAL |
|
INTERNATIONAL |
|
ASIA- |
|
ASIA- |
|
JAPANESE |
|
U.S. MID CAP |
|
Illiquid Securities Risk |
|
· |
|
· |
|
· |
|
· |
|