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Ballard , refused to wait. Oliver recovered after four days, and was one of the lucky ones—his brother later estimated that one in ten of those who took the Trail perished during the journey. Ezra Meeker remembered meeting one wagon train, slowly moving east against the flow of traffic. That group had made it as far as Fort Laramie today in Wyoming before losing the last of its menfolk, and the women and children turned back, hoping to regain their homes in the East. He never learned if they made it.
They encountered Native Americans , who would sometimes demand provisions for passage, but none were given and none of the incidents ended with violence. The travelers' stores were supplemented by shooting bison , which roamed the Great Plains in huge numbers. Despite being a source of food, the bison were a danger as their stampedes could destroy property and kill irreplaceable stock. In southeastern Idaho, the California Trail separated from the Oregon, and Buck and some of the rest of the party split off there; they settled in California and remained friends with Meeker until their deaths.
The section is filled with mountains and deserts, and there was little chance of supplementing stores. Others shed baggage brought across half a continent, saving only provisions. Parties who feared this part of the journey sometimes tried to float down the Snake and Columbia Rivers ; many were wrecked in the rapids and died.
At The Dalles, where river passage was available to Portland , the Meeker party found a motley crowd of emigrants. With the money earned at the ferry, they booked passage downriver. Oliver Meeker brought the livestock ahead overland, and met Ezra and his family on their arrival in Portland on October 1, , where they slept inside a house for the first time since leaving Iowa. All but one of the livestock completed the trip—a cow was lost while crossing the Missouri River.
Meeker's first employment in the Pacific Northwest was unloading a ship that had docked at Portland. He moved to the nearby town of St. Helens , where construction of a wharf in competition with Portland's was under way—Oliver rented a house to lodge workers in, and Ezra went to help his brother. By this time, Ezra Meeker and his wife were determined to fulfill their original plan to farm, and when work was abandoned on the wharf, he went to find land which could be cultivated.
There, he built a log cabin and began his first farm. He did not build close to the water, which proved fortunate as there was a major flood on the Columbia soon after he claimed the land. Instead, he profited from the incident, selling logs the river left on his claim, together with trees he chopped down, for lumber. In April , Meeker heard that the lands north of the Columbia would become a separate territory named Washington Territory , with its capital on Puget Sound , an inlet of the Pacific.
He decided to travel north with his brother to scout for lands to claim around the waterway. There were as yet only about European-descended inhabitants in the Puget Sound region, of which were in the village of Olympia , which would become the territorial and later state capital. Despite there only being a few settlers, there was considerable activity in the area—the lumber of Puget Sound fueled San Francisco's building boom.
Nevertheless, they pressed on, building a skiff to travel by water. They were met by friendly Indians, who sold them clams and taught them how to cook the shellfish. Engaging one of the Native Americans as guide, they explored the area, looking for good, well-located farmland. At one point, they entered the Puyallup River , in a region where no white settlers lived, and camped on the present site of Puyallup , but were deterred by the large number of huge trees, which would make it difficult to clear land for farming.
They decided on tracts on McNeil Island , not far from the thriving town of Steilacoom , where the farm's produce could be sold. Oliver remained on the island to build a cabin while his brother went back to fetch family and possessions, and sell their old claims at Kalama. He returned to a cabin in which they installed a glass window that looked over the water to Steilacoom, with a view of Mount Rainier. Later in , Ezra and Oliver Meeker received a three-month-old letter from their father, stating that he and other family members wanted to emigrate, and would do so if Oliver Meeker could return to assist them.
They immediately responded that Oliver would return to Indiana by early the following year, and put their plans on hold to prepare for and finance his journey by steamship and rail. In August , Ezra Meeker received word that his relatives were en route, but were delayed and short on provisions. He quickly went to their aid, intending to guide them through the Naches Pass into the Puget Sound area. When he found his family's party close to the first Fort Walla Walla near Richland, Washington , he learned that his mother and a younger brother had died along the Trail.
He guided the survivors through the pass and to his claim on McNeil Island. Jacob Meeker saw only limited prospects on the island, and the family took claims near Tacoma , where they operated a general store in Steilacoom. He began to improve the land, planting a garden and an orchard. Pursuant to the Treaty of Medicine Creek , settlers purchased lands from the Indians. The agreement, signed under duress, restricted the Native Americans to inadequate reservations, and in , the Puget Sound War broke out, bringing unrest to the region over the following two years.
Ezra Meeker had maintained good relations with the Native Americans, and did not fight in the conflict, though he accompanied one expedition to recover possessions captured by the Indians. A controversial aspect of the war was the trials and hanging of Chief Leschi , deemed responsible for killing during the conflict.
Meeker sat on the jury in the first trial, which resulted in a hung jury , with Meeker and another man holding out for acquittal on the grounds that Leschi was a combatant in wartime. A second trial convicted Leschi, and he was hanged. Meeker described the execution as wrongful, and in later years wrote of the incident.
In , Meeker chartered a special train to bring whites to Leschi's reburial on tribal land, and in the Washington State Senate passed a resolution that Leschi had been unjustly treated; a special historical tribunal made up of past and present justices of the Washington Supreme Court also exonerated Leschi as both he and the man he was said to have killed were combatants.
Ezra Meeker's farm at Swamp Place was not a success as the land was too poor to grow crops. On January 5, , Oliver Meeker drowned while returning from a buying trip to San Francisco, when his ship, the Northerner , sank off the California coast. The Meekers had borrowed to finance the trip, and the losses from this disaster reduced Ezra Meeker to near penury.
He secured the squatter's claim of Jerry Stilly on land in the Puyallup Valley, and moved his wife and children there in While clearing his own holdings, he earned money by helping to clear the land of others. In , Olympia brewer Isaac Wood imported some hop roots from the United Kingdom, hopeful that they would do well in the Pacific Northwest. As hops , used to flavor beer, were not then grown locally, the cost of transport from Britain or New York made his beer expensive, and he hoped Puget Sound-area farmers would grow hops and supply him.
He was a friend of Jacob Meeker, and gave him the roots to grow. Jacob passed some of them on to Ezra. Such a sum was rarely seen in the Puyallup Valley at that time, and a hop-growing boom promptly began. He also built one of the first hop-drying kilns in the valley. The fertile soil and temperate climate of the valley proved ideal for hops.
Not only did the plants thrive, farmers were able to obtain four or five times the usual yield. Meeker, never one to miss an opportunity, formed his own hop brokerage business. He took ship for San Francisco, then journeyed east by the new transcontinental railroad, hoping to get the railroads to expand to his region. He met with newspaper editor Horace Greeley known for his famous advice, " Go West, young man " and with railroad mogul Jay Cooke as part of his promotional blitz. Cooke, who was building the Northern Pacific Railway to cross the northern tier of the country, not only bought up Meeker's pamphlets to give away to potential investors, but hired Meeker to drum up interest in his railroad.
While working from a Manhattan office, Meeker dressed like city dwellers, but did not entirely lose his frontier habits, often stirring a lump of butter into his coffee. In , Meeker filed a plat for a townsite to surround his cabin. He named the town Puyallup , using the local Indian words for generous people , according to Meeker.
The local post office had previously been called "Franklin", a common designation in the United States; Meeker, the town's first postmaster, stated that the new name was likely to remain unique. He later admitted that the pronunciation of Puyallup caused confusion when he visited England—it still remains difficult for non-locals. Meeker strove to improve life in the region, and donated land and money towards town buildings and parks, a theatre and a hotel while defraying the start-up costs of a wood products factory.
During those years, Mr. Meeker became a dynamic force in the community, and had a part in almost everything that happened in the valley. Restless, forceful, a natural leader, he became a prime mover, galvanizing the citizens of Puyallup into action on such vital problems as the building of streets, roads, homes, schools, and businesses and transforming the forest into one of the most progressive small communities in the state.
If he was not leading an undertaking, he was sure to be a busy member of some committee working on it. Hops made many farmers wealthy, including Meeker, who at one point claimed he had earned a half million dollars for his crop. Eliza Jane felt that the family should live in a better house than their original cabin,  and between and built what became known as the Meeker Mansion in Puyallup.
An Italian artist lived with the Meekers for a year, painting careful details on the ceilings. The Meekers moved in during , the same year Puyallup was formally incorporated under state law—they donated their old homesite to the town for a park. In , Meeker served as first mayor of Puyallup. In , a blight of hop aphids struck the hop-growing West Coast from British Columbia to California.
Meeker had advanced money to many growers, who were unable to repay him. The problems in the valley were made worse by the Panic of , a severe worldwide depression. Business after business in which Meeker had invested failed, such as the Puyallup Electric Light Company. He was overextended, and lost much of his fortune, and eventually his lands to foreclosure.
Meeker spent part of the winter of — in London, recouping what he could from his interests there. They found all the worthwhile claims had already been taken. Nevertheless, the Meeker family saw the finds as a possible road to financial recovery, and founded a company to buy and sell mining claims, though they knew little about the trade. In , Meeker and his sons journeyed to the Kootenay country of southeastern British Columbia, where gold had been found.
Despite the fact Meeker was aged 66, he undertook a full share of the labor. Both Meeker sons filed claims in Canada, but the mines required additional investment. Meeker raised money to travel to New York to speak with his old contacts, where he received more promises than cash. On the return leg he failed to raise money in visits in Illinois and Minneapolis and by July , he was back in the Kootenays, working the claim. When the gold discovery in the Klondike in northwestern Canada was publicized that year, Meeker saw that as a better opportunity, and sent his son Fred to investigate.
Fred Meeker returned with a report in November; the Meekers sought to finance a mining expedition to the Klondike, but failed to raise adequate money from investors. Despite his inability to raise funds for mining, Meeker was certain there was a way to make money from the gold rush. The year-old Meeker, with one business associate, climbed the steep Chilkoot Pass. With thousands of others in boats and on rafts, he floated down the Yukon River once the ice broke up in late May, and sold his vegetables in two weeks in Dawson City.
He returned to Puyallup in July, only to set out again with more supplies the following month. Meeker returned to the Yukon twice more, in and Most of the money earned through groceries was invested in gold mining, and was lost. When he departed the Klondike for the last time in April , he left behind him the body of his son Fred, dead of pneumonia in Dawson City on January 30, Meeker scholar Dennis M.
Larsen in his book on the pioneer's Klondike adventure suggests that a more likely reason was attempts by those who had lost money in Meeker's enterprises in the s to gain the family's remaining major asset, the Meeker Mansion. Ezra Meeker did not live there after his wife's death in , and the Osbornes sold the house in Eben Osborne died in , survived by his year-old father in law.
Meeker spent the years after the Klondike in Puyallup, where he wrote and served as president of the Washington State Historical Society ,  which he had helped to found in He was 71 years old. He had been an adventurer, laborer, surveyor, longshoreman, farmer, merchant, community leader, civic builder, richest man in the state, world traveler, miner and writer.
He had made and lost millions. He had made money, not so much to hoard, but to do things with—to develop, control forces, build and promote. But his money was gone. It was generally assumed that he had finally come home to stay and live out his days in peace and quiet in his beautiful valley. Not so.
He still had dreams. Meeker had long contemplated the idea of marking the Oregon Trail, over which he had traveled in , with granite monuments. Meeker viewed its preservation as an urgent matter because of this slow disappearance. He wanted the Trail properly marked, and monuments erected to honor the dead. Meeker came up with a scheme to travel along the Trail again by ox-drawn wagon, raising public awareness for his cause. He believed that public interest would provide enough money both to build markers and maintain himself along the way.
Though many hucksters traveled by wagon, selling patent nostrums , Meeker felt that he would stand out, as an authentic pioneer able to tell real stories of the Trail—especially if he used authentic gear. He felt that it was likely that once newspapers got wind of his travels, they would give him ample coverage.
Meeker did not have much money, so he raised it from friends. Ox-drawn wagons were not a common sight in the Puyallup of ; Meeker was unable to find an authentic complete wagon, and eventually used metal parts from the remains of three different ones. Meeker found a pair of oxen; even though one proved unsuitable, the owner insisted on him purchasing both.
The one Meeker kept, named Twist, was lodged at the stockyards in Tacoma as he sought another. Meeker fixed on a herd of steers which had been brought in from Montana. He decided on one which was particularly heavy, which he named Dave. Although Meeker had not had a dog in his wagon in , he knew that people liked them, and sought to add one to his crew. Meeker was impressed by the way Jim drove James' chickens out of the area where the family grew berries, by moving slowly.
Five dollars to one of James' children secured the purchase. Meeker had taken an ox team and wagon to Portland's Lewis and Clark Exposition in ; en route he had kept his eyes open for places to set up suitable monuments on the Cowlitz Trail , on which pioneers had journeyed from the Columbia River to Puget Sound.
He made arrangements with locals in towns along that trail to raise money to build monuments there. He gave lectures as a fundraiser, but raised little money. He took his team and wagon for daylong shakedown trips, despite the mocking of some who remembered him as Hop King. After several days camped on his lawn as practice for the trip, and then in other nearby locales, Meeker set out from Olympia on February 19, It's easy to assume Ezra Meeker's remarkable —08 expedition over the Oregon Trail was a well-oiled machine that worked as planned But it wasn't always an easy journey.
Faith in the whole enterprise, let alone encouragement, was in rather short supply. His own daughter told him that people would laugh at him if he went out on the trail with an old yoke of oxen The first stop after Olympia for "The Old Oregon Trail Monument Expedition" was Tenino, Washington , where Meeker went ahead by train on February 20, , to make arrangements for the first monument of the trip.
He still had no driver, and had his wagon pulled to Tenino by horses, with the oxen trailing behind. He appealed to a local quarry for a suitable stone, which was carved and was dedicated in Tenino at a ceremony on the 21st. The lack of enthusiasm about Meeker's mission continued in Portland, where the Unitarian church elders voted against allowing Meeker the use of the building to give a fundraising lecture, pledging to do nothing to "encourage that old man to go out on the Plains to die".
In Portland, Meeker lost his remaining helpers one refused to take a pay cut, the others for personal reasons. He remained with Meeker for the next three years. Meeker also installed an odometer on his wagon, calling The Dalles "Mile Zero" of his expedition. In The Dalles, Meeker engaged in activities which would set the pattern for his progress along the Trail: He showed off himself, his wagon and animals, to the public, and sold tickets for a lecture fifty cents for adults, half that for children he would give about the Oregon Trail, including images shown with a stereopticon.
He also met with members of civic committees to raise money for a local monument. Often these monuments were erected after Meeker passed: he would position a post to designate its location. When the curious procession got underway, not the least impressive part of it was Meeker himself, with his face framed by his flowing white hair and his patriarchal beard.
It was the 20th century, and Americans wanted a show. As he journeyed east from The Dalles, Meeker met with more enthusiasm than in his home state as he slowly passed through Oregon and Idaho. As word began to spread, he sometimes found the townsfolk prepared for him, or with a stone ordered or even ready. On the road, he camped as he had a half century before, but in towns most often took a hotel room, though who paid for this is uncertain.
The sight of Sweetwater River , twenty miles [32 km] out from South Pass, revived many pleasant memories and some that were sad. And now I saw the same channel, the same hills, and apparently the same waters swiftly passing. But where were the camp fires? Where was the herd of gaunt cattle? Where the sound of the din of bells?
Or the little groups off on the hillside to bury the dead? All were gone. Nebraska proved resistant to Meeker's sales pitch, and near Brady , the ox Twist died, possibly after eating a poisonous plant. Meeker had to wire home to supporters for money. He hired teams of horses to pull the wagon on a temporary basis, and an attempt with two cows was not successful. He was able to temporarily yoke Dave with a cow which proved more suitable.
He also arranged for the printing of a book about his trip, much of which he wrote during noontime halts on his trip. The funds from the sales of these items allowed him to meet expenses on the road. After a visit to Eddyville, Iowa , from where he had set out in , Meeker spent several weeks in Indianapolis, leaving on March 1, , when his permit to sell on the streets there expired.
With the Oregon Trail run completed, he proceeded east through Ohio, Pennsylvania, and New York State, seeking to both raise public awareness and earn some money for himself through sales of his merchandise. He often spent several days in a location, so long as sales of postcards and books flourished.
You may instruct us to deduct an amount from your previously authorized checking account or to exchange shares from your existing Fund account into another Fund in the Trust. For exchanges, the names and addresses on the accounts must be identical. Your initial investment in the new Fund must meet the minimum amount. Automatic Transaction Plans. Table of Contents The following transaction procedures do not apply to Plan accounts.
Redeem Shares. Exchange Shares. Send a letter of instruction that includes:. IRAs only: You must make all requests for redemptions in writing. If you have changed your address, there is a day waiting period before a withdrawal can be made by check. If you have previously authorized ACH or wire redemptions, you may still redeem shares during the waiting period.
The names and addresses on the accounts must be identical. Shares will be exchanged into the same class. You may redeem shares through our Web site. You will receive your redemption payment in the form you previously authorized: check or deposit to your bank account. Systematic Withdrawal Plan:. If the 25th does not fall on a business day, we will process the withdrawal on the previous business day. We reserve the right to charge you for each withdrawal. You must have all dividends and other distributions reinvested.
We will continue the withdrawals until your shares are gone or you cancel the plan. You may cancel or change your plan or redeem all your shares at any time. Table of Contents More Shareholder Information. How Share Price is Calculated. The Fund values its assets based on market quotations or official closing prices when such values are readily available. These prices normally are supplied by a pricing service.
Assets that are denominated in foreign currencies are valued daily in U. In certain cases, events that occur after certain markets have closed may render prices unreliable. Such events may include circumstances in which the value of the U. The Fund may also use these procedures to value securities that do not have a readily available current market value.
Using fair value methods to price securities may result in a value that is different from the prices used by other mutual funds to calculate their NAVs. The Fund is subject to the risk that it has valued certain of its securities at a higher price than it can sell them. Investments by the Fund in other open-end management investment companies are valued based upon the NAV of those investment companies which may use fair value pricing as discussed in their prospectuses.
Purchase of Shares. Fund shares are sold at NAV without a front-end sales load or a back-end sales load. Orders for the purchase of shares will be executed at the NAV per share next determined after an order has been received in good order. Your purchase will be made in full and fractional shares calculated to three decimal places. Certificates for shares are not issued.
If your purchase order fails to designate a Fund, the purchase will be invested in the Money Market Fund. If you invest through a Plan and your contribution order fails to designate a Fund, the contributions will be invested in the appropriate Date Target Fund of the Trust, which best matches your retirement age. The Fund reserves the right to suspend the offering of shares or to limit or reject any purchase or exchange order at any time, without notice.
The Fund also reserves the right to waive or change investment minimums at any time, without notice. The Fund also reserves the right to redeem shares in any account and return the proceeds to the investor. The Fund will not accept any third party or foreign checks. Table of Contents Redemption of Shares.
Redemption proceeds will ordinarily be sent on the next business day, but the Fund may take up to seven days to make payment. The Fund may stop selling its shares and postpone redemption payments at times when the NYSE is closed or has restricted trading or the SEC has determined an emergency condition exists.
Redemption proceeds will only be sent in the form that you previously authorized. If you have authorized payment by check, the check will be sent to the shareholder and address of record. All purchase, exchange and redemption requests must be received by the Fund or its transfer agent in good order. Written redemption requests also must include the Fund name, your account number and the dollar amount of the transaction.
These procedures may require additional days to process contributions, withdrawals and other transactions, to the extent permitted by law. Medallion Signature Guarantees. Redemptions where the proceeds are to be sent to someone other than the registered shareholder s and the registered address. Transfers into an account with a different registration including a different name, address, taxpayer identification number or account type. A notary public does not qualify as a medallion signature guarantee.
You may obtain a medallion signature guarantee from a domestic bank or trust company, broker, dealer, clearing agency, savings association or other participating financial institution. Signature guarantees from financial institutions that are not participating in one of these programs will not be accepted.
If you are redeeming shares that you recently purchased by check, the Fund may delay sending your redemption proceeds until your check has cleared. This may take up to fifteen calendar days after your check is received. To avoid this delay, pay for your shares by federal funds wire transfer. The Fund reserves the right to pay part or all of your redemption proceeds in securities rather than cash.
If payment is made in securities, you may incur brokerage commissions if you elect to sell the securities for cash. Account Statements. If your Fund shares are held by a nominee or Plan, the nominee or Plan decides whether the statement will be sent to you. In general, the same policies that apply to purchases and sales apply to exchanges. Exchanges also have the same tax consequences as ordinary sales and purchases.
An exchange is a taxable transaction on which you may recognize a gain or loss, unless you are investing through a tax-deferred account, such as a Plan account or an IRA. If you are invested through a Plan, you may exchange shares of one Fund for shares in one or more of the other Funds provided exchanges are permitted under the Plan.
These procedures reflect criteria that have been developed to identify frequent trading and that are applied for monitoring transactions in Fund shares. Table of Contents the exchange limits for that Fund. Exchanges out of the Money Market Fund are not restricted. Purchases of any Fund shares by exchange or otherwise are not restricted. Exchanges do not include redemptions from a Fund made as cash withdrawals by shareholders.
The exchange limits will be applied on an individual account basis; except that defined contribution retirement plan accounts e. Each GuideStone Financial Resources directed asset account such as reserve accounts related to endowment, health care, post-retirement benefit obligations and defined benefit and other payments based on life or life expectancy will be treated as a distinct account for the purpose of the exchange limits.
The Adviser may modify or make exceptions to the exchange limits, provided that any exceptions are applied uniformly to all shareholders. The Fund reserves the right to terminate or limit the telephone or online redemption privilege at any time, without prior notice. If you experience difficulty reaching us by telephone or through our Web site, during periods of unusual market activity, contact us by regular or express mail.
Table of Contents Distributions. Net investment income generally consists of interest and dividends a Fund earns on its investments less accrued expenses. Distributions are payable to shareholders of record at the time they are declared. Shareholders of record include holders of shares being purchased, but exclude holders of shares being redeemed, on the record date. Your distributions will automatically be reinvested in additional Fund shares, unless you elect to receive your distributions in cash.
You may not elect cash distributions for a Plan account or IRA, since cash distributions would result in significant, negative tax consequences to the holder of such an account. This section only summarizes some important federal income tax considerations that may affect your investment in the Fund. You are urged to consult your tax adviser regarding the effects of an investment on your tax situation. The Fund will notify you following the end of each calendar year of the amount of dividends and other distributions paid that year.
Unless you are investing through a Tax-Deferred Account, you should be aware that if you purchase Fund shares shortly before the record date for any dividend or other distribution, you will pay the full price for the shares and will receive some portion of the price back as a taxable distribution.
You can avoid this situation by waiting to invest until after the record date for the distribution. A redemption or exchange of your Fund shares is a taxable event for you. Depending on the redemption price of the shares you redeem or exchange, you may have a taxable gain or loss on the transaction. You are responsible for any tax liability generated by your transactions.
The exception, once again, is a Tax-Deferred Account. State and Local Income Taxes: You should consult a tax adviser concerning state and local tax laws, which may produce different consequences from those under the federal income tax law.
Table of Contents Shareholder Servicing Arrangements. Under its Service Plan, the Fund is authorized to pay shareholder servicing and recordkeeping fees of 0. Shareholder servicing and recordkeeping fees are paid to parties that provide services for, and maintain records for, shareholder accounts.
Service fees are deducted from fund assets to pay for recordkeeping and other services in connection with maintaining shareholder accounts. Table of Contents Financial Highlights. There are no financial highlights for the Fund because it commenced operations on or after the date of this Prospectus.
Table of Contents Glossary. The calculation is based on a day period ending on the last of the previous month. It is computed by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period.
It is the opposite of passive management, where the portfolio manager oversees a static portfolio structured to match the performance of a selected part of the market or index. ADRs are denominated in U. The accounting method is used for the Money Market Fund. The expression of a rate of return over periods other than one year converted to annual terms. The maturity of commercial paper is typically less than days. Bonds issued and backed by the federal government are of the highest quality and are considered superior to bonds rated AAA, which is the highest possible rating a corporate bond can receive.
Refers to the profit or loss attributable to the difference between the purchase and sale price. Risk associated with exposure to a certain currency that declines in value. Changes in currency exchange rates relative to the U. Investing in emerging markets involves even greater risks than investing in more developed foreign markets because, among other things, emerging markets often have more political and economic instability.
Synonymous with stock. Usually refers to government, corporate or municipal bonds, which pay a fixed-rate of interest until the bonds mature, and to preferred stock, paying a fixed dividend. Inflation-protected bonds are also known as inflation-indexed bonds.
When interest rates rise, the market value of fixed-income contracts such as bonds declines. Similarly, when interest rates decline, the market value of fixed-income contracts increases. Among other quality requirements, a money market instrument must mature in days or less. Best Company, Inc.
For the Funds, this value is net of all expenses. The NAV is calculated after the close of the exchanges and markets each day by taking the closing market value of all securities owned plus all other assets such as cash, subtracting liabilities, then dividing the result total net assets by the total number of shares outstanding. An owner of a call put option has the right to purchase sell the underlying security at a specified price, and this right lasts until a specified date.
In pure index funds, no judgments are made about future market movements, although more sophisticated managers usually offer tilted portfolios. Political risks tend to be greater in emerging markets relative to developed markets.
Prepayments of certain fixed-income securities, such as mortgage-backed securities, are subject to prepayment risk. Prepayments generally increase when interest rates fall, resulting in a risk that principal is re-invested at lower interest rates. The laws administered by the SEC relate in general to the field of securities and finance and seek to provide protection for investors and the public in their securities transactions.
Eleven 6 equity, 4 fixed-income and one money market separate Select Funds are offered through GuideStone Funds. The majority of the Select Funds use a multi-manager approach by combining different investment management firms Sub-Advisers within a single Select Fund. Investors use the standard deviation of historical performance to try to predict the most likely range of returns.
When a fund has a high standard deviation, the predicted range of performance is wide, implying greater volatility. Two basic types of swaps are interest rate swaps and currency swaps. It shows the relationship between bond yields and maturity lengths. A normal or positive yield curve signifies higher interest rates for long-term investment, while a negative or downward curve indicates higher short-term rates.
You can learn more about the Fund by requesting the following free documents:. The SAI is legally considered a part of this Prospectus. If you have questions or need information about your Plan account, contact your employer, your plan administrator or GuideStone Financial Resources at GUIDE 7 a.
Central time Monday through Friday. To request these free documents or for other information, you may call us at GUIDE 7 a. Central time Monday through Friday or contact us in writing at:. You may also get free copies by:.
History of the Funds. Description of Investments and Risks. Investment Restrictions. Management of the Funds. Proxy Voting. Other Service Providers. Shares of Beneficial Interest. Shareholder Servicing Arrangements. Valuation of Shares. Portfolio Holding Information. Telephone Instructions.
Control Persons and Principal Holders of Securities. Calculation of Performance Data. Financial Statements. Table of Contents History of the Funds. Each Fund is a separate mutual fund with its own investment objective, strategies and risks. The Select Funds, in turn, invest directly in different types of fixed-income obligations, stocks or other investments to meet their investment objectives. You should understand that all investments involve risk and that there can be no guarantee against loss resulting from an investment in the Funds.
Unless otherwise indicated, all percentage limitations governing the investments of the Funds apply only at the time of a transaction. The greatest risk of investing in a mutual fund is that its returns will fluctuate and you could lose money. Recent events in the financial sector have resulted, and may continue to result, in an unusually high degree of volatility in the financial markets.
Both domestic and foreign equity markets could experience increased volatility and turmoil, with issuers that have exposure to the real estate, mortgage and credit markets particularly affected, and it is uncertain whether or for how long these conditions could continue. The U. In addition to the recent unprecedented turbulence in financial markets, the reduced liquidity in credit and fixed-income markets may also negatively affect many issuers worldwide.
Illiquidity in these markets may mean there is less money available to purchase raw materials, goods and services, which may, in turn, bring down the prices of these economic staples. It may also result in issuers having more difficulty obtaining financing and ultimately a decline in their stock prices.
These events and the potential for continuing market turbulence may have an adverse affect on each Fund. Table of Contents Federal, state and other governments, their regulatory agencies or self regulatory organizations may take actions that affect the regulation of the instruments in which the Funds invest or the issuers of such instruments, in ways that are unforeseeable.
Legislation or regulation may also change the way in which the Funds themselves are regulated. Unless otherwise defined in this SAI, the terms used herein have the respective meanings assigned to them in the Prospectus. The Funds do not invest in any company that is publicly recognized, as determined by GuideStone Financial Resources, as being in the liquor, tobacco, gambling, pornography or abortion industries or any company whose products, services or activities are publicly recognized as being incompatible with the moral and ethical posture of GuideStone Financial Resources.
The Funds may not be able to take advantage of certain investment opportunities due to these restrictions. Treasury futures contracts to gain exposure to the U. Treasury futures contracts short to reduce exposure. The foregoing percentage limitations on long positions shall not apply to any short activity. Any such investment will be made for cash management purposes and will seek to provide market exposure approximating the strategic asset allocation of the applicable Date Target Fund and Asset Allocation Fund.
Table of Contents If an asset-backed security is purchased at a premium, a prepayment rate that is faster than expected will reduce yield to maturity, while a prepayment rate that is slower than expected will have the opposite effect of increasing yield to maturity. Conversely, if an asset-backed security is purchased at a discount, faster than expected prepayments will increase yield to maturity, while slower than expected prepayments will decrease yield to maturity.
Prepayments on asset-backed securities generally increase with falling interest rates and decrease with rising interest rates; furthermore, prepayment rates are influenced by a variety of economic and social factors. In general, the collateral supporting non-mortgage asset-backed securities is of shorter maturity than mortgage loans and is less likely to experience substantial prepayments.
CMOs provide the holder with a specified interest in the cash flow of a pool of underlying mortgages or other mortgage-backed securities. CMOs are issued in multiple classes, each with a specified fixed or floating interest rate and a final distribution date. The relative payment rights of the various classes may be structured in a variety of ways. There are a number of important differences among the agencies, instrumentalities and government-sponsored enterprises of the U. GNMA is a wholly-owned U.
Treasury to make payments under its guarantee. Fannie Mae is a government-sponsored enterprise owned entirely by private stockholders. Fannie Maes are guaranteed as to timely payment of the principal and interest by Fannie Mae. Under the conservatorship, the management of Fannie Mae and Freddie Mac was replaced. Table of Contents The U.
Treasury, FHFA and the Federal Reserve acted in collaboration to take the following steps to support the conservatorship. First, the U. Treasury will receive senior preferred equity shares and warrants to ensure that Fannie Mae and Freddie Mac maintain a positive net worth. Second, the U. Treasury has established a new secured lending credit facility which will be available to Fannie Mae and Freddie Mac to assist the entities in funding their regular business activities in the capital markets, until December 31, Also, the U.
Treasury has initiated a program to purchase Fannie Mae and Freddie Mac mortgage-backed securities through December 31, , in order to aid mortgage affordability. Some, but not all, mortgage pass-through securities created by non-governmental issuers such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers may be supported in various forms of insurance or guarantees issued by governmental entities.
Commercial mortgage-backed securities issued by private issuers, whether or not such obligations are subject to guarantees by the private issuer, may entail greater risk than obligations directly or indirectly guaranteed by the U. The Select Funds may invest in such obligations issued by U. Certificates of deposit are negotiable certificates issued against funds deposited in a commercial bank for a definite period of time and earning a specified return.
Fixed time deposits are bank obligations payable at a stated maturity date and bearing interest at a fixed rate. Fixed time deposits may be withdrawn on demand by the investor but may be subject to early withdrawal penalties that vary depending upon market conditions and the remaining maturity of the obligation. There are no contractual restrictions on the right to transfer a beneficial interest in a fixed time deposit to a third party.
The Select Funds may invest in the obligations of foreign banks and foreign branches of domestic banks. The Money Market Fund may invest in such obligations only if they are denominated exclusively in U. Such obligations include Eurodollar certificates of deposit, which are U. Table of Contents Canadian time deposits, which are essentially the same as Eurodollar time deposits except they are issued by Canadian offices of major Canadian banks; Schedule Bs, which are obligations issued by Canadian branches of foreign or domestic banks; Yankee certificates of deposit, which are U.
Obligations of foreign banks involve somewhat different investment risks than those affecting obligations of U. Investments in Eurodollar and Yankeedollar obligations involve additional risks. Most notably, there generally is less publicly available information about foreign companies; there may be less governmental regulation and supervision; they may use different accounting and financial standards; and the adoption of foreign governmental restrictions may adversely affect the payment of principal and interest on foreign investments.
In addition, not all foreign branches of U. Bank Loans. The Bond Funds may invest in bank loans, which include senior secured and unsecured floating rate loans made by U. These loans generally will not be rated investment-grade by the rating agencies. Economic downturns generally lead to higher non-payment and default rates, and a senior loan could lose a substantial part of its value prior to a default. However, as compared to high yield or junk bonds, senior floating rate loans are typically senior in the capital structure and are often secured by collateral of the borrower.
The interest rates of bank loans reset frequently, and thus, bank loans are subject to interest rate risk. Most bank loans, like most investment-grade bonds, are not traded on any national securities exchange. Bank loans generally have less liquidity than investment-grade bonds, and there may be less public information available about them. The Bond Funds may participate in the primary syndicate for a loan, or they may also purchase loans from other lenders sometimes referred to as loan assignments.
Bond Funds. Although the Bond Funds invest mainly in fixed-income securities, they may invest in U. The Global Bond Fund may invest in U. The Bond Funds may also invest in preferred stock. Collateralized Debt Obligations. Assets called collateral usually. Table of Contents comprise loans or debt instruments. Investors bear the credit risk of the collateral.
Multiple tranches of securities are issued by the CDO, offering investors various maturity and credit risk characteristics. The ratings reflect both the credit quality of underlying collateral as well as how much protection a given tranche is afforded by tranches that are subordinated to it.
Commercial Paper. The Select Funds may invest in commercial paper which includes short-term unsecured promissory notes, variable rate demand notes and variable rate master demand notes issued by bank holding companies, corporations and financial institutions and similar taxable instruments issued by government agencies and instrumentalities. A Select Fund will only invest in commercial paper to the extent consistent with its investment policies, including its policies regarding credit quality and ratings.
Convertible Securities. The Equity Funds and Bond Funds may invest in convertible securities. Convertible securities entitle the holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the convertible securities mature or are redeemed, converted or exchanged. Prior to conversion, convertible securities have characteristics similar to ordinary debt securities in that they normally provide a stable stream of income with generally higher yields than those of common stock of the same or similar issuers.
The value of convertible securities is a function of their investment value determined by yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion privilege and their conversion value their worth, at market value, if converted into the underlying common stock. The investment value of convertible securities is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline, and by the credit standing of the issuer and other factors.
The conversion value of convertible securities is determined by the market price of the underlying common stock. If the conversion value is low relative to the investment value, the price of the convertible securities is governed principally by their investment value.
To the extent the market price of the underlying common stock approaches or exceeds the conversion price, the price of the convertible securities will be increasingly influenced by their conversion value. In addition, convertible securities generally sell at a premium over their conversion value determined by the extent to which investors place value on the right to acquire the underlying common stock while holding fixed-income securities.
Capital appreciation for a Fund may result from an improvement in the credit standing of an issuer whose securities are held in the Fund or from a general lowering of interest rates, or a combination of both. Conversely, a reduction in the credit standing of an issuer whose securities are held by a Fund or a general increase in interest rates may be expected to result in capital depreciation to the Fund. In general, investments in lower quality convertible securities are subject to a significant risk of a change in the credit rating or financial condition of the issuing entity.
Investments in convertible securities of medium or lower quality are also likely to be subject to greater market fluctuation and to greater risk of loss of income and principal due to default than investments of higher quality fixed-income securities. Such lower quality securities generally tend to reflect short-term corporate and market developments to a greater extent than higher quality securities, which react more to fluctuations in the general level of interest rates. A Fund will generally reduce risk to the investor by diversification, credit analysis and attention to current developments in trends of both the economy and financial markets.
However, while diversification reduces the effect on a Fund of any single investment, it does not reduce the overall risk of investing in lower quality securities. Table of Contents Depository Arrangements. ADRs are receipts typically issued by a U.
They are publicly traded on exchanges or over-the-counter in the United States. The Funds may invest in both sponsored and unsponsored ADR programs. There are certain risks associated with investments in unsponsored ADR programs. Because the non-U. The company issuing the stock underlying the ADR pays nothing to establish the unsponsored facility because fees for ADR issuance and cancellation are paid by brokers.
Investors directly bear the expenses associated with certificate transfer, custody and dividend payment. Investments in ADRs involve certain risks not typically involved in purely domestic investments. Foreign Currency. Table of Contents Although the Equity Funds and the Bond Funds may invest in securities and obligations denominated in foreign currencies as discussed herein, their portfolio securities and other assets are valued in U. Currency exchange rates can be affected unpredictably by the intervention or the failure to intervene by U.
They can also be affected by currency controls, or by political developments in the U. In addition, through the use of forward currency exchange contracts and other currency instruments as described below, the respective net currency positions of the Funds may expose them to risks independent of their securities positions. Although the net long and short foreign currency exposure of the Equity Funds and Bond Funds will not exceed their total asset value, to the extent a Fund is fully invested in foreign securities while also maintaining currency positions, it may be exposed to greater risk than it would have if it did not maintain the currency positions.
The Funds are also subject to the possible imposition of exchange control regulations or freezes on the convertibility of currency. The Equity Funds and the Bond Funds may enter into forward currency exchange contracts in order to hedge to the U. Each of these Funds also may use forward currency exchange contracts for non-hedging purposes, even if it does not own securities denominated in that currency. Forward currency exchange contracts represent an obligation to purchase or sell a specified currency at a future date at a price set at the time of the contract.
This allows a Fund to establish a rate of exchange for a future point in time. When one of these Funds owns securities denominated in a foreign currency that the Sub-Adviser anticipates may decline substantially relative to the U.
When a Fund creates a short position in a foreign currency, it may enter into a forward contract to buy, for a fixed amount, an amount of foreign currency approximating the short position. In addition, when entering into a contract for the purchase or sale of a security, one of these Funds may enter into a forward currency exchange contract for the amount of the purchase or sale price. This protects the Fund against variations, between the date the security is purchased or sold and the date on which payment is made or received, in the value of the foreign currency relative to the U.
Portfolio securities hedged by forward currency exchange contracts are still subject to fluctuations in market value. In addition, it will not generally be possible to match precisely the amount covered by a forward currency exchange contract. Additionally, the value of the securities involved will fluctuate based on market movements after the contract is entered into.
Such imperfect correlation may cause a Fund to sustain losses that will prevent it from achieving a complete hedge or expose it to risk of foreign exchange loss. A Fund will also incur costs in connection with forward currency exchange contracts and conversions of foreign currencies and U. Table of Contents specified at the maturity of a forward or futures contract or, prior to maturity, enter into a closing transaction involving the purchase or sale of an offsetting contract.
Closing transactions with respect to currency futures contracts are usually effected with the currency trader who is a party to the original futures contract. Trading options on currency futures is relatively new, and the ability to establish and close out positions on such options is subject to the maintenance of a liquid market which may not always be available. Buyers and sellers of currency futures and options thereon are subject to the same risks that apply to the use of futures generally.
A call option written by a Fund obligates it to sell specified currency to the holder of the option at a specified price at any time before the expiration date. A put option written by a Fund obligates it to purchase specified currency from the option holder at a specified time before the expiration date. The use of currency options is subject to the same risks that apply to options generally. The purchase of a call option would entitle a Fund to purchase specified currency at a specified price during the option period.
A Fund would ordinarily realize a gain if, during the option period, the value of the currency exceeded the sum of the exercise price, the premium paid and transaction costs; otherwise, a Fund would realize either no gain or a loss on the purchase of the call option. One of these Funds may, for example, purchase put options in anticipation of a decline in the dollar value of currency in which securities in its portfolio are denominated.
The purchase of a put option would entitle a Fund to sell specific currency at a specified price during the option period. This is meant to offset or hedge against a decline in the dollar value of such portfolio securities due to currency exchange rate fluctuations. A Fund would ordinarily realize a gain if, during the option period, the value of the underlying currency decreased below the exercise price sufficiently to more than cover the premium and transaction costs; otherwise, a Fund would realize either no gain or a loss on the purchase of the put option.
Gains and losses on the purchase of protective put options would tend to be offset by countervailing changes in the value of the underlying currency. TBAs may be considered securities in themselves and involve a risk of loss if the value of the security to be purchased declines prior to settlement date.
When these Funds engage in forward currency exchange contracts, currency futures contracts and options thereon, and currency put and call options, they will comply with guidelines established by the U. Table of Contents Equity Fund and the International Equity Fund may invest a portion of their assets in debt obligations issued by foreign issuers, including obligations not traded and settled on U. The Money Market Fund may invest in U.
These obligations may be issued by supranational entities, including international organizations, designed or supported by governmental entities to promote economic reconstruction or development and international banking institutions and related government agencies.
Investment in foreign securities and obligations involves special risks. These include market risk, interest rate risk and the risks of investing in securities of foreign issuers and of companies whose securities are principally traded outside the United States and in investments denominated in foreign currencies. Market risk involves the possibility that stock prices will decline over short or even extended periods. The stock markets tend to be cyclical, with periods of generally rising prices and periods of generally declining prices.
These cycles will affect the value of a Fund that invests in foreign stocks. The holdings of a Fund that invests in fixed-income securities will be sensitive to changes in interest rates and the interest rate environment. Generally, the prices of bonds and debt securities fluctuate inversely with interest rate changes.
Investment in foreign securities and obligations may involve higher costs than investment in U. Investors should understand that the expense ratios of the International Equity Fund generally can be expected to be higher than those of Funds investing primarily in domestic securities.
The costs attributable to investing abroad are usually higher for several reasons, such as the higher cost of investment research, higher costs of custody of foreign securities, higher commissions paid on comparable transactions in foreign markets, costs arising from delays in settlements of transactions and the imposition of additional taxes by foreign governments.
To the extent those taxes are not offset by credits or deductions allowed to investors under federal income tax law, they may reduce the net return to the shareholders. The International Equity Fund, Small Cap Equity Fund, the Money Market Fund and the Bond Funds may invest in foreign debt, including the securities of foreign governments and foreign corporations; provided, however, the Money Market Fund will invest in instruments denominated exclusively in U.
Several risks exist concerning such investments, including the risk that foreign issuers may default on their obligations, may not respect the integrity of such debt, may attempt to renegotiate the debt at a lower rate and may not honor investments by U.
To the extent consistent with their investment objectives, these Funds may also invest in obligations of the International Bank for Reconstruction and Development also known as the World Bank , which are supported by subscribed, but unpaid, commitments of its member countries. There is no assurance that these commitments will be undertaken or complied with in the future. In addition, the Equity Funds and the Bond Funds may invest their assets in countries with emerging economies or securities markets.
Political and economic structures in many of these countries may be undergoing significant evolution and rapid development, and these countries may lack the social,. Table of Contents political and economic stability characteristics of more developed countries. Some of these countries may have in the past failed to recognize private property rights and may have at times nationalized or expropriated the assets of private companies.
In general, the securities markets of these countries are less liquid, subject to greater price volatility, have smaller market capitalizations and have problems with securities registration and custody. As a result, the risks presented by investments in these countries are heightened. Settlement or registration problems may make it more difficult for a Fund to value its portfolio securities.
To the extent consistent with their respective investment objectives, each Select Fund may purchase securities on a when-issued basis or purchase or sell securities on a forward commitment sometimes called delayed delivery basis. These transactions involve a commitment by a Fund to purchase or sell securities at a future date. The price of the underlying securities usually expressed in terms of yield and the date when the securities will be delivered and paid for the settlement date are fixed at the time the transaction is negotiated.
When-issued purchases and forward commitment transactions are normally negotiated directly with the other party. When a Fund purchases securities on a when-issued basis or purchases or sells securities on a forward commitment basis, the Fund may complete the transaction and actually purchase or sell the securities.
However, if deemed advisable as a matter of investment strategy, a Fund may dispose of or negotiate a commitment after entering into it. A Fund also may sell securities it has committed to purchase before those securities are delivered to the Fund on the settlement date.
When a Fund purchases securities on a when-issued, delayed-delivery or forward commitment basis, it will segregate liquid assets having a value determined daily at least equal to the amount of its purchase commitments until three days prior to the settlement date, or it will otherwise cover its position. In the case of a forward commitment to sell securities, a Fund will segregate with its custodian actual securities or liquid assets that are unencumbered and daily marked-to-market, while the commitment is outstanding.
These procedures are designed to ensure that a Fund will maintain sufficient assets at all times to cover its obligations under when-issued purchases, forward commitments and delayed-delivery transactions. Futures and Options. The Equity Funds may enter into such futures transactions on domestic exchanges and, to the extent such transactions have been approved by the Commodities Futures Trading Commission for sale to customers in the United States, on foreign exchanges. In addition, the Equity Funds may invest and reinvest in long or short positions in any of the instruments contemplated in this section.
In addition, the Bond Funds and Small Cap Equity Fund may invest in long or short positions in any of the instruments contemplated in this section. Treasury securities, exchange-listed equity futures contracts and exchange-listed U. Treasury futures contracts in order to gain exposure to the U. The Equity Funds may sell short exchange-listed equity futures contracts to reduce market exposure. Treasury future contracts to reduce market exposure. A futures contract may generally be described as an agreement between two parties to buy and sell a specified quantity of a particular instrument, such as a.
Table of Contents security, currency or index, during a specified future period at a specified price. When interest rates are rising or securities prices are falling, a Fund can seek, through the sale of futures contracts, to offset a decline in the value of its current portfolio securities. When rates are falling or prices are rising, a Fund, through the purchase of futures contracts, can attempt to secure better rates or prices than might later be available in the market when they affect anticipated purchases.
Although futures contracts by their terms generally call for the actual delivery or acquisition of the underlying instrument or the cash value of the instrument, in most cases, the contractual obligation is fulfilled before the date of the contract without having to make or take such delivery. The contractual obligation is offset by buying or selling, as the case may be, on a commodities exchange an identical futures contract calling for delivery in the same period.
Such a transaction, which is executed through a member of an exchange, cancels the obligation to make or take delivery of the instrument or the cash value of the instrument underlying the contractual obligations. Such offsetting transactions may result in a profit or loss, and a Fund may incur brokerage fees when it purchases or sells futures contracts. Options may relate to particular securities, foreign and domestic securities indices, financial instruments, foreign currencies or the yield differential between two securities.
Such options may or may not be listed on a domestic or foreign securities exchange and may or may not be issued by the Options Clearing Corporation. A call option for a particular security gives the purchaser of the option the right to buy, and a writer the obligation to sell, the underlying security at the stated exercise price before the expiration of the option, regardless of the market price of the security. A premium is paid to the writer by the purchaser in consideration for undertaking the obligation under the option contract.
A put option for a particular security gives the purchaser the right to sell and a writer the obligation to buy the security at the stated exercise price before the expiration date of the option, regardless of the market price of the security.
Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options may be more volatile than the underlying instruments and, therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves.
This means that a Fund buys on an exchange an option of the same series i. Such a purchase does not result in the ownership of an option. A closing purchase transaction will ordinarily be effected to realize a profit on an outstanding option, to prevent an underlying instrument from being called, to permit the sale of the underlying instrument or to permit the writing of a new option containing different terms on such underlying instrument.
The cost of such a closing purchase plus related transaction costs may be greater than the premium received upon the original option, in which event the Fund will experience a loss. There is no assurance that a liquid secondary market will exist for any particular option.
A Fund that has written an option and is unable to effect a closing purchase transaction will not be able to sell the underlying instrument in the case of a covered call option or liquidate the segregated assets in the case of a secured put option until the option expires or the optioned instrument is delivered upon exercise.
The Fund will be subject to the risk of market decline or appreciation in the instrument during such period. Options purchased are recorded as an asset and written options are recorded as liabilities to the extent of premiums paid or received. The amount of this asset or liability will be subsequently marked-to-market to reflect the current value of the option purchased or written. The current value of the traded option is the last sale price or, in the absence of a sale, the current bid price.
If an option purchased by a Fund expires unexercised, the Fund will realize a loss equal to the premium paid. If a Fund enters into a closing sale transaction on an option purchased by it, the Fund will realize a gain if the premium received by the Fund on. Table of Contents the closing transaction is more than the premium paid to purchase the option, or a loss if it is less.
If an option written by a Fund expires on the stipulated expiration date or if a Fund enters into a closing purchase transaction, it will realize a gain or loss if the cost of a closing purchase transaction exceeds the net premium received when the option is sold , and the liability related to such option will be eliminated. If an option written by a Fund is exercised, the proceeds of the sale will be increased by the net premium originally received and the Fund will realize a gain or loss.
There are several other risks associated with options. For example, there are significant differences among the securities, currency and options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve its objectives. The Bond Funds, the Small Cap Equity Fund, the Date Target Funds and the Asset Allocation Funds may buy and sell futures contracts based on an index of debt securities and options on such futures contracts to the extent they currently exist and, in the future, may be developed.
The Funds reserve the right to conduct futures and options transactions based on an index that may be developed in the future to correlate with price movements in certain categories of debt securities. The Funds may also buy and write put and call options on such index futures and enter into closing transactions with respect to such options.
Interest rate futures contracts are a type of financial futures contracts that call for the future delivery of U. The value of these instruments changes in response to changes in the value of the underlying security or index, which depends primarily on prevailing interest rates. A Fund may, for example, enter into interest rate futures contracts in order to protect its portfolio securities from fluctuations in interest rates without necessarily buying or selling the underlying fixed-income securities.
For example, if a Fund owns bonds and interest rates are expected to increase, it might sell futures contracts on debt securities having characteristics similar to those held in the portfolio. Such a sale would have much the same effect as selling an equivalent value of the bonds owned by the Fund. If interest rates did increase, the value of the debt securities in the portfolio would decline, but the value of the futures contract to the Fund would increase at approximately the same rate, thereby keeping the NAV of the Fund from declining as much as it otherwise would have.
A stock index futures contract is a type of financial futures contract that obligates the seller to deliver and the purchaser to buy an amount of cash equal to a. Table of Contents specific dollar amount times the difference between the value of a specific stock index at the close of the last trading day of the contract and the price at which the agreement was made. No physical delivery of the underlying stocks in the index is made in the future.
For example, an Equity Fund, Date Target Fund or Asset Allocation Fund may sell stock index futures contracts in anticipation of or during a market decline to attempt to offset the decrease in market value of its equity securities that might otherwise result. When a Fund is not fully invested in stocks and it anticipates a significant market advance, it may buy stock index futures in order to gain rapid market exposure that may in part or entirely offset increases in the cost of stocks that it intends to buy.
Options on indexes and yield curve options provide the holder with the right to make or receive a cash settlement upon exercise of the option. With respect to options on indexes, the amount of the settlement will equal the difference between the closing price of the index at the time of exercise and the exercise price of the option expressed in dollars, times a specified multiple.
With respect to yield curve options, the amount of the settlement will equal the difference between the yields of designated securities. Yield curve options are traded over-the-counter, and because they have been only recently introduced, established trading markets for these securities have not yet developed. The acquisition of put and call options on futures contracts will give a Fund the right, but not the obligation, to sell or to purchase, respectively, the underlying futures contract for a specified price at any time during the option period.
As the purchaser of an option on a futures contract, a Fund obtains the benefit of the futures position if prices move in a favorable direction but limits its risk of loss in the event of an unfavorable price movement to the loss of the premium and transaction costs. Call and put options on stock index futures are similar to options on securities except that, rather than the right to buy stock at a specified price, options on stock index futures give the holder the right to receive cash.
If an option is exercised on the last trading day prior to the expiration date of the option, the settlement will be made entirely in cash equal to the difference between the exercise price of the option and the closing price of the futures contract on the expiration date. The Funds will comply with SEC guidelines for covering future commitments that result from certain investment strategies such as futures contracts and options thereon, put and call options and forward currency exchange contracts.
A Fund cannot sell or close out securities, currencies or other options or futures contracts used for cover while these strategies are outstanding, unless the Fund replaces them with similar assets. As a result, if a Fund sets aside a large percentage of its assets to cover such obligations, it runs the risk that portfolio management will be impeded or that it will not be able to meet redemption requests or other current obligations.
If the market or fair value of the assets used for cover declines, a Fund will segregate daily additional liquid assets so that the value of the segregated assets will equal the amount of such commitments by the Fund. To the extent a Fund enters into a futures contract, it will deposit in a segregated account with its custodian or the futures commission merchant, cash or U.
Treasury obligations equal to a specified percentage of the value of the futures contract, as required by the relevant contract market and futures commission merchant.
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