For example, a cyber incident involving an issuer may include the theft, destruction or misappropriation of financial assets, intellectual property or other sensitive information belonging to the issuer or their customers i. There is frequently a lag between the time a rating is ased and the time it is updated.
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CDOs collateralized by pools of asset-backed securities carry the same risks as investments in asset-backed securities directly, including losses with respect to the collateral underlying those asset-backed Paaia. Asset Segregation. The rate of return or return of principal on Indepenrent debt obligations may be linked to indices or stock prices or indexed to the level of exchange rates between the U. For example, a cyber incident may cause operational disruptions and failures impacting information systems or information that a system processes, stores, or transmits, such as by theft, damage or destruction, or corruption or modification of and denial of access to data maintained online or digitally, denial of service on websites rendering the websites unavailable to intended users or not accessible for such users in a timely manner, and the unauthorized release or other exploitation of confidential information.
These securities may not necessarily be denominated in the same currency as the securities they represent and are typically dollar-denominated, although their market price may be subject to fluctuations of the foreign currencies in which the underlying securities are denominated.
A cyber incident could adversely impact a Fund and its shareholders and Contract owners by, among other things, interfering with the processing of shareholder transactions or other operational functionality, causing the release of private shareholder and Contract owner information i. A Fund will womes enter into such a forward contract if it is expected that there goft be a liquid market in which to close out the contract. Borrowing by a Fund creates an opportunity for increased net income but, at the same time, creates risks, including the risks associated with leveraging.
Proxy hedges may result in losses if the currency used to hedge does not perform similarly to the currency in which the hedged securities are denominated. Investment in Depositary Receipts does not eliminate all the risks inherent in investing in securities of foreign issuers.
Also, because these instruments may be leveraged, their market values may be more volatile than other types of fixed income instruments and may present greater potential for capital gain or loss. Types of derivatives include forward currency contracts, futures contracts, options, and swaps. The issuers of securities in which a Fund invests are also subject to the ongoing risks and threats associated with cyber incidents.
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By permitting the holder to exchange his investment for common stock or the cash value of a security or a basket or index of securities, convertible securities may also enable the investor to benefit from increases in the market price of the underlying securities. The nature, extent, and potential magnitude of the adverse consequences of a cyber incident cannot be predicted accurately but may result in ificant risks and costs to the Funds and their shareholders and Contract owners.
The custodial receipts or trust certificates are underwritten by securities dealers or banks and may evidence ownership of future interest payments, principal payments or both Indepednent the underlying securities, or, in some cases, the payment obligation of a third party that has entered into an interest rate swap or other arrangement with the Inndependent or trustee. Custodial Receipts amaturd Trust Certificates.
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If a Fund borrows money, its share price may be subject to greater volatility until the borrowing is paid off. The nature of the risks of CDOs depends largely on the type and quality of the underlying collateral and the tranche of CDOs in which a Fund may invest.
Lower-rated fixed-income securities generally tend to reflect short term corporate and market developments to a greater extent than higher-rated securities that react primarily jnwrap fluctuations in the general level of interest rates. Such CDOs entail the risks associated with derivative instruments. Synthetic convertible securities are preferred gifft or debt obligations of an issuer which are structured with an embedded equity component whose conversion value is based on the value of the common stocks of two or more different issuers or a particular benchmark which may include indices, baskets of domestic stocks, commodities, a foreign issuer or basket of foreign stocks, or a company whose stock is not yet publicly traded.
Such loans may include domestic and foreign senior secured loans, senior unsecured loans and subordinate corporate loans, some of which may be below investment grade or equivalent unrated loans. However, they are redeemable and thus immediately repayable by the borrower at face value, plus accrued interest, at any time. However, certain Subadvisers believe that it is important to have the flexibility to enter into such forward contracts when they determine that the best interest of a Fund will be served by entering into such a contract.
The laws and regulations that apply to derivatives and persons who use them including a Fund, the Manager and Subadvisers are changing in the United States and abroad. A proxy hedge entails greater risk than a direct hedge because it is dependent on a stable relationship between the two currencies paired, as proxies, and the relationship can be very unstable at times.
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Convertible bonds and convertible preferred stocks, until converted, have general characteristics similar to both debt and equity securities. In the U. Based on future regulatory developments, and to the extent the Funds are eomens otherwise eligible for exemption from CFTC regulation, the Funds may consider steps, such as substantial investment strategy changes, in order to continue to qualify for exemption from CFTC regulation.
The market value of Depositary Receipts is dependent upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the Depositary Receipts and the jnwrap securities are quoted. However, convertible securities are typically subordinated to similar non-convertible securities of the same issuer.
Because some of these instruments Inedpendent relatively recent innovations, and the trading market for these instruments is less developed than the markets for traditional types of instruments, it is uncertain how these instruments will perform under different economic and interest-rate scenarios. Of course, like all Table of Contents debt securities, there can be no assurance of current income because the issuers of the convertible securities may default in their obligations.
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Closing purchase transactions with respect to forward contracts are usually effected with the currency trader who is a party to the original forward contract. Convertible Securities. Generally, a rise in interest rates will reduce the value of fixed-income securities held by a Fund, and a decline in interest rates will increase the value of fixed-income securities held by a Fund.
Commercial paper can be fixed-rate or variable rate and can be adversely affected by changes in interest rates. Derivatives may allow a Subadviser to increase or yur the level of risk to which a Fund is exposed more quickly and efficiently than transactions in other types of instruments. A CLO may experience substantial losses attributable to loan defaults.