To learn more or to in­vest in the fund, con­tact your fi­nan­cial ad­vi­sor.

Investment Executive - - COMMENT & INSIGHT -

Fed­er­ated In­vestors Canada ULC (“Fed­er­ated” or the “man­ager”), as man­ager of the fund, re­ceives an an­nual man­age­ment fee of up to 2.0% per year of the se­ries A net as­set value and up to 0.95% of the se­ries F net as­set value, each cal­cu­lated and ac­crued daily and paid monthly in ar­rears, plus ap­pli­ca­ble taxes. The man­ager may vol­un­tar­ily un­der­take to re­duce or waive its man­age­ment fee or to make other ar­range­ments to re­duce ex­penses of the fund. Other fees and charges in­clude short-term trad­ing fees, switch fees, trail­ing com­mis­sions (se­ries A only) and cer­tain other ad­min­is­tra­tive fees and ex­penses.

This ma­te­rial is solely for in­for­ma­tional pur­poses and shall not con­sti­tute an of­fer to sell or the so­lic­i­ta­tion to buy se­cu­ri­ties. The fund is not avail­able for in­vest­ment by U.S. per­sons or cit­i­zens or res­i­dents of the Euro­pean Union. Th­ese se­cu­ri­ties shall not be of­fered or sold in any ju­ris­dic­tion in which such of­fer, so­lic­i­ta­tion or sale would be un­law­ful un­til the re­quire­ments of the laws of such ju­ris­dic­tion have been sat­is­fied. Noth­ing con­tained herein con­sti­tutes in­vest­ment, le­gal, tax or other ad­vice nor is it to be re­lied on in mak­ing an in­vest­ment or other de­ci­sion. Nei­ther Fed­er­ated nor its af­fil­i­ates have any le­gal obli­ga­tion to pro­vide fi­nan­cial sup­port to the fund, and you should not ex­pect that any such sup­port will be pro­vided to the fund at any time.

Views are as of the date above and are sub­ject to change based on mar­ket con­di­tions and other fac­tors. Th­ese views should not be con­strued as a rec­om­men­da­tion for any spe­cific se­cu­rity or sec­tor.

Div­i­dend pay­out ra­tio rep­re­sents the per­cent­age of earn­ings paid to share­hold­ers in div­i­dends. Stan­dard de­vi­a­tion is the mea­sure­ment of the spread or vari­abil­ity of a prob­a­bil­ity dis­tri­bu­tion; the square root of vari­ance. It is a sim­ple, sym­met­ri­cal dis­tri­bu­tion where 66% of all out­comes fall within +/-1 stan­dard de­vi­a­tion of the mean, 95% of all out­comes fall within +/-2 stan­dard de­vi­a­tions, and 99% of all out­comes fall within 2.5 stan­dard de­vi­a­tions. Stan­dard de­vi­a­tion is widely used as a mea­sure of risk for the port­fo­lio in­vest­ments.

The div­i­dend yield rep­re­sents the av­er­age yield of the un­der­ly­ing se­cu­ri­ties within the port­fo­lio.

There are no guar­an­tees that div­i­dend-pay­ing stocks will con­tinue to pay div­i­dends. In ad­di­tion, div­i­dend-pay­ing stocks may not ex­pe­ri­ence the same cap­i­tal ap­pre­ci­a­tion po­ten­tial as non-div­i­dend-pay­ing stocks.

Past per­for­mance is no guar­an­tee of fu­ture re­sults.

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