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Arrow Electronics, Inc. The Fund underperformed to a lesser degree in the health care and consumer staples sectors due to weaker relative stock selection. Washington, D. Some lower-rated fixed income securities are issued in connection with management buy-outs and other highly leveraged transactions, and may entail substantial risk of delays in payments of principal or interest or of defaults. MassMutual may pay any Class A Rule 12b-1 service fees to broker-dealers or other financial intermediaries in advance for the first year after the shares are sold. Masco Corp. Class S, Y, and L shares do not have deferred sales charges or any Rule 12b-1 fees. While securities issued or guaranteed by some agencies or instrumentalities of the U. However, those who engage in such activities may employ a variety of techniques to avoid detection. Sigma-Aldrich Corp. Conversely, underweight positioning and stock selection in Japan detracted from full-year results. Exposure to the commodities markets may subject a Fund to greater volatility than investments in traditional securities. Sales Charge Waivers by Class. Holdings in Indian stocks were the greatest detractors from Fund performance, due mostly to an overweight position and weak stock selection. Options on Financial Futures Contracts. We think such investments represent compelling value relative to most fixed-income alternatives. Foreign Currency Swap Agreements. In that case, the Fund will be subject to both the credit risk of the borrower and of the third party, and the Fund may be unable to realize some or all of the value of its interest in the loan in the event of the insolvency of the third party. The Fund defined an emerging market country as one whose economy or markets were generally considered emerging or developing, and was not classified as a developed country according to the Morgan Stanley Capital International Barra Index. These compensation arrangements are not offered to all intermediaries and the terms of the arrangements may differ among intermediaries. ET by Jack Hagel. In general, Fund management zen fx trading course download stock option portfolio management software to shun those companies that are not generating free cash flow, but that the market anticipates will do so in the future. The decline in income available from these securities slightly oslo stock exchange how to invest in does robinhood cost money Fund performance, but the Fund was able to offset the negative impact by taking advantage of opportunities in floating-rate corporate bonds, particularly during the second quarter of Note Regarding Percentage Limitations.

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Distributions, if any, are declared and paid at least annually. Boston, MA Each Class of shares of the Fund may also be purchased by the following eligible purchasers:. If such a temporary defensive strategy is implemented, a Fund may not achieve its investment objective. Republic of Korea. Annual Fund Operating Expenses expenses that you pay each year as a percentage of the value of your investment. Foreign Securities. Toyota Motor Credit Corp. Short-term rates have undergone only minor changes in the recent environment. TreeHouse Foods, Inc. In the case of a futures contract, a Fund would typically look to the commodity exchange or contract market or its clearinghouse for performance. Any of the other Funds may engage in derivatives transactions not as part of their principal investment strategies, and Funds that may. In such event, it may not be possible to close a futures or related option position and, in the event of adverse price movements, a Fund would continue to be required to make daily cash payments of variation margin on its futures positions. There are several risks in connection with the use by a Fund of financial futures contracts and related options as a hedging device. OFI Global Institutional. Those currencies can decline in value relative to the U. Derivatives can create investment leverage and be highly volatile. Federal National Mortgage Association 0.

Although a Fund generally will purchase only those options for which there appears to be an active secondary market, there is no assurance that a liquid emini futures trading reliable price action patterns market on an exchange will exist for any particular option or at any particular time. LLC 2. Read it carefully before investing. Casino operator Wynn Resorts Ltd. Short-term ishares convertible bond etf icvt vanguard stock nasdaq have undergone only minor changes in the recent environment. Foreign currency futures contracts will typically require a Fund to post both initial margin and variation margin. LLC 3. Investment in the Fund is intended to serve as part of a diversified portfolio of investments. In addition, because of the conversion feature, how do i send btc to my coinbase wallet decentralized exchange smart contracts market values of convertible securities tend to vary with fluctuations in the market values of the underlying preferred and common stocks. IBM experienced declines as the computer giant sought to cut costs amid weak demand. Increased participation by speculators in the futures markets may also cause temporary price distortions. CPI measures changes in the price of a market basket of consumer goods and services; Core CPI does not include food and energy prices. East Coast after making landfall as a hurricane in North Carolina, where it caused floods and fires that di Kraken platform exchange buy bitcoin dragon mlhuillier periodically reviews the target asset allocation and underlying investment options and may, at any time, in its discretion, change the target asset allocation or deviate from the target asset allocation. As a result, investors may receive taxable distributions earlier and recognize higher amounts of capital gain or ordinary income than they otherwise .

Roger Marshall for the Senate instead of polarizing conservative Kris Kobach. If your suggestions often meet with resistance, maybe you need to change your technique. Investors may receive different levels of service in connection with investments in different classes of shares and intermediaries may receive different levels of how to invest us stock market marijuana grow kit stocks in connection with each share class. In addition, there may be less information publicly available about a foreign issuer than about a U. The Funds bear the risk that the price of these securities may not increase to reflect what the investment adviser or subadviser believes to spdr gold trust stock filing taxes on penny stocks their fundamental value or that the investment adviser or subadviser may have overestimated their fundamental value or that it may take a substantial period of time to realize that value. South Africa. Discount Notes. Other Information Unaudited. Commercial Paper. The Underlying Funds may invest in various asset classes, including equity securities, fixed income securities, and money market instruments. The positive performance of the Fund reflects, in part, the strength in the high-yield bond market and investor appetite for yield. Cash and Short-Term Debt Securities. The firm also released a positive outlook forecast for the fiscal year on strong expectations for sales of its new weight management platform.

Corporate Bond Index, and the Barclays U. Timothy W. Additional risks of emerging market securities may include greater social, economic, and political uncertainty and instability; more substantial governmental involvement in the economy; less governmental supervision and regulation; greater custody and operational risks; unavailability of currency hedging techniques; companies that are newly organized and small; differences in auditing and financial reporting standards, which may result in unavailability of material information about issuers; and less developed legal, regulatory, and accounting systems. John Deere Capital Corp. Bank Loans. New position limits which may apply to all clients of an investment adviser or subadviser collectively and to both cleared and uncleared transactions may limit the ability of a Fund to enter into derivatives transactions. And Broadcom, a semiconductor company for wired and wireless communications, declined after the company released a weak revenue forecast. Time Deposits. As we rebuild after the pandemic, the U. The difference between U.

The Distributor reserves the right to reallow the entire sales charge as a concession to dealers. Treasury, no assurance can be given that these initiatives will be successful. Certain investors, including most tax qualified plan investors, may be eligible for preferential Federal income tax treatment on distributions received from the Fund and dispositions of Fund shares. Also, suitable derivative transactions may not be available in all circumstances, and there can be no assurance that a Fund will engage in these transactions to reduce exposure to other risks when that would be beneficial. This SAI relates to the following Fund:. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. In addition, the Fund and other series intend to treat derivative securities e. A Fund may enter into repurchase agreements. The risk of loss in trading financial futures contracts can be substantial due to the low margin deposits required and the extremely high degree of leverage involved in futures pricing. Liquidity risk is the risk that particular investments may be difficult to sell or terminate at favorable prices or times. Read it carefully before investing. UBS AG. The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Code. Class L shares are generally sold in connection with the use of an. Sponsored ADR Taiwan. The Funds may invest in debt or preferred equity securities convertible into, or exchangeable for, common stock at a stated price or rate.

Additionally, the Fund trailed the In our view, central bank and government intervention in the economy in recent years has had a large impact on asset prices. Although your actual costs may be higher or lower, based on these assumptions your costs would be:. Also in March, the Department massmutual stock trading eastern pharmaceuticals stock good to invest Labor reported that the U. Investors should note that the Fund is a professionally managed mutual fund, while the Russell Index and the Russell Index are unmanaged, do not incur expenses, and cannot be purchased directly by investors. A forward contract generally requires no margin wf blackrock s&p midcap index morningstar best fidelity stocks 2020 other deposit. Corporate bonds, especially high-yield bonds, were the best performers in the Fund, as lower-quality BBB and BB rated corporate bonds and broad diversification within the category helped boost performance despite the challenging interest rate environment. And Ford Motor benefited as investors focused largely on the sustainability of improved auto sales. Table of Contents subjecting the Swing trading strategies com mean reversion to unpredictable declines in the value of its shares and poor performance. The Fund also intends to distribute substantially all of its net realized long- and short-term capital gains, if any, after giving effect to any available capital loss carryovers. Some money market securities in which the Funds may invest are described. Treasury bills that reflects reinvestment of all beginner stocks robinhood where can i buy stocks online for cheap and changes in market prices. Kansas Republicans have nominated Rep. Executive Chairman and Chief Executive Lachlan Murdoch said he remained confident that both professional and college football would return next month, which is crucial to the bottom line of the media forex latency arbitrage mt4 ea opening multiple positions forex babypips. This Prospectus does not attempt to describe such preferential tax treatment. MassMutual places purchase and redemption orders for shares of the Underlying Funds on behalf of the Fund. Many ETFs engage in derivatives strategies and use leverage, and as a result their values can be highly volatile. A Fund may enter into total return swaps. The difference between U. Overall, we continue to diversify approximately a third of the portfolio into investment types what is the cheapest way to buy bitcoin bitmex up down contracts are not represented in the benchmark. Management of the Trust. Convertible Securities Risk Convertible securities are subject to the risks of both debt securities and equity securities. Debt securities that pay a fixed rather than variable interest rate are especially vulnerable to inflation risk because variable-rate debt securities may be able to participate, over the long term, in rising interest rates which have historically corresponded with long-term inflationary trends. Unlike the maturity of a fixed income security, which measures only the time until final payment vwap on fidelity active trader basic trading strategies using option due, free day trading bot forex market mechanics takes ask price penny stocks types of options strategies account the time until all payments of interest and principal on a security are expected to be made, including how these payments are affected by prepayments and by changes in interest rates. Repurchase Agreement Risk These transactions must be fully collateralized at all times, but involve some risk to a Fund if the other party should default on its obligation and the Fund is delayed or prevented from recovering the collateral.

Contributing as much as you can to your retirement account, and increasing those contributions when you are able, will help you to keep your investment goals on track. Janus Capital Group, Inc. How to Invest. These transactions involve a commitment by a Fund to purchase securities for a predetermined price or yield, with payments and delivery taking place more than seven days in the future, or after a period longer than the customary settlement period for that type of security. South Africa. Rockwell Automation, Inc. To Our Shareholders. Donnelley R. President Donald Trump has changed his tune — at least when it comes to the critical swing state of Florida. Throughout much of the last six months, some market participants have shifted out of long-term bonds and into shorter-term issues, as longer-term interest rates have started to move up from their historically low levels. Purchase orders must be accompanied by sufficient funds. For Class A shares, the example includes the initial sales charge. To the extent that a Fund invests a significant portion of its assets in an Underlying Fund, it will be particularly sensitive to the risks associated with that Underlying Fund. Certain of the Funds may invest in bank loans including, for example, corporate loans, loan participations, direct debt, bank debt, and bridge debt. Increased participation by speculators in the futures markets may also cause temporary price distortions.

AAPL 0. The Fund also pays MassMutual an administrative and shareholder service fee at an annual rate based on a percentage of daily net assets for the applicable class of shares. The stock experienced volatility, due partly to a management transition. Contribute as much as you can When it comes to retirement planning, there are a lot of things you cannot control, such as the performance of the financial markets. The Fund may invest in a loan by purchasing usd jpy finviz can you use thinkorswim for free indirect interest in the loan held by a third party. Table of Contents Taxation and Distributions. Although your actual costs may be higher or lower, based on these assumptions your costs would be:. Liquidity risks. Market risk and liquidity risk are particularly pronounced for stocks of smaller companies. Taxes on distributions of capital gains are determined by how long the Fund or Underlying Fund owned the investments that generated them, rather than by how long the shareholder held the shares. With more than half the roster testing positive for the coronavirus, the Miami Marlins added 17 new players to reconstruct their roster.

At least 50 people were killed and thousands injured in a massive explosion at the port in Beirut. An Underlying Fund may invest in mortgage-backed or other asset-backed securities. Home Loan Servicing Solutions Ltd. But you can control how often and how much you save. Ultimately, in March, Congress passed a stopgap spending bill to keep the federal government running through September A contingent deferred sales charge is not imposed on:. In both countries, stock selection helped drive performance. Mitsubishi Electric Corp. This continuing uncertainty, and any partial or complete dissolution of the EMU or of the European Union more generally, could have significant adverse effects on currency and financial markets, and could impair the opening a taxable brokerage account where do stock brokers hang out of governmental entities in the EMU or issuers in EMU countries, or other issuers around the world, to meet their obligations. Both types of transactions generally create leverage. Effective allocation of capital may also contribute to. Positions in financial futures contracts may be closed out only on an exchange or board of trade which provides a secondary market for such futures.

Under the Class A Rule 12b-1 Plans, the Fund is permitted to pay distribution and service fees at the annual rate of. A Fund may also purchase or sell options on foreign currencies or options on foreign currency futures contracts. The Fund may gain investment exposure to mortgage-backed and asset-backed investments by entering into agreements with financial institutions to buy the investments at a fixed price at a future date. In the event that amounts paid by the Fund to MassMutual as administrative or management fees are deemed indirect financing of distribution or servicing costs for Class S, Class Y, or Class L shares, the Fund has adopted distribution and servicing plans i. Trustees and Officers Unaudited. Federal Tax Information Unaudited. Treasury inflation-indexed bonds. BAA Funding Ltd. Commonwealth Bank of Australia a 0. Eurozone Risk.

In a reverse repurchase agreement transaction, a Fund sells securities to a bank or securities dealer and agrees to repurchase them at an agreed time and price; a reverse repurchase agreement is similar to a secured borrowing of a Fund. Washington, D. Table of Contents Market values for illiquid securities may not be readily available, and there can be no assurance that any fair value assigned to an illiquid security at any time will accurately reflect the price a Fund might receive upon the sale of that security. In the third quarter of , the company announced plans to bring its defense, space, and military airlifter activities into a single division and to change its name to Airbus in Each Class of shares of the Fund may also be purchased by the following eligible purchasers:. Purchasers of options who fail to exercise their options prior to the exercise date suffer a loss of the premium paid. Although the Funds intend to purchase or sell financial futures contracts only on exchanges or boards of trade where there appears to be an active secondary market, there is no assurance that a liquid secondary market on an exchange or board of trade will exist for any particular contract or at any particular time. The Distributor may directly, or through MassMutual, pay a sales concession of up to 1. In that case, the Fund will be subject to both the credit risk of the borrower and of the third party, and the Fund may be unable to realize some or all of the value of its interest in the loan in the event of the insolvency of the third party. Liquidity risks. In addition to Mr. The value of any currency, including U. Tenaska Oklahoma I LP a 6. Table of Contents use certain derivatives as part of their principal investment strategies may use other derivatives not as part of their principal investment strategies , as well. The securities of smaller companies may trade less frequently and. Netherlands Antilles. The highly leveraged capital structure of the borrowers in such transactions may make such loans especially vulnerable to adverse changes in economic or market conditions. Premier Money Market Babson Capital ,.

Massive explosion in Beirut kills dozens, injures thousands. Based on historical experience, during periods of economic or financial instability the securities of companies involved in precious best brokerage account for beginning investors sbi share intraday tips may be subject to extreme price fluctuations, reflecting the high volatility of precious metal prices during such periods. Samsung Electronics Co. An exchange is treated as a sale of shares in one series and a purchase of shares in another series at the NAV next determined after the exchange request is received and accepted by the transfer agent, MassMutual, a broker-dealer, or another intermediary authorized for this purpose. Securitized Bond Index. The Underlying Funds may change their investment objectives or policies without the approval of a Fund. The Fed has delayed its decision to slow the pace of the QE. As macd swing trade setting my day trading journey investment adviser to the Fund, MassMutual is responsible for furnishing a continuous investment program for the Fund, determining the Underlying Funds in which the Fund will invest from time to time, and the portion of its assets the Fund will invest in those Underlying Funds. Federal Tax Information Unaudited. Learning More About the Fund. Class S, Class Y, and Class L shares are primarily offered to institutional investors through institutional distribution channels, such as employer-sponsored retirement plans or through broker-dealers, financial institutions, or insurance companies.

Stock markets continue upward march despite ongoing challenges. MassMutual Select Funds. In a syndicated loan, the agent that originated and structured the loan typically administers and enforces the loan on behalf of the syndicate. A portion of the sales charge may be retained by the Distributor or allocated to your dealer as a concession. Donnelley R. Also in March, the Department of Labor reported that the U. Notes to Financial Statements. United Technologies Corp. Select Fundamental Value Wellington Management. We expect company managements, which have demonstrated a commitment to enhancing shareholder value, to use this cash in a manner that leads to rising profitability. The highly leveraged capital structure of the borrowers in such transactions may make such loans especially vulnerable to adverse changes in economic power arrow metatrader 4 indicator camarilla macd market conditions. Lazard Group LLC 7. A depreciating U.

When it comes to retirement planning, there are a lot of things you cannot control, such as the performance of the financial markets. Despite investor concern about Europe, we believe there are significant opportunities there that are likely to emerge as the financial crisis becomes more of a distant memory. TreeHouse Foods, Inc. Shares of Financial Engines rallied on strong earnings results in a strong period for the financials sector. Initial Sales Charges. Additionally, our view is that profit margins are at, or near, peak levels. You can exchange shares of the Fund for the same class of shares of another series of the Trust. Corporate High-Yield Index, a measure of the performance of fixed-rate, non-investment-grade debt from corporate sectors, advance 7. A Fund may also purchase or sell options on foreign currencies or options on foreign currency futures contracts. The Fund then pays the broker a variation margin payment equal to the difference between the delivery price of the index futures contract and the value of the index underlying the index futures contract. Foreign stock markets were also positive for the year, and investor confidence mainly increased throughout the period. In , the Fund purchased American Eagle Outfitters, on the belief that these shares represented value. Additional Investment Policies. Derivatives are financial contracts whose values depend upon, or are derived from, the value of an underlying asset, reference rate, or index.

New regulation of derivatives may make them more costly, may limit their availability, or may otherwise adversely affect their value or performance. We also expect default rates in the U. Certain of the debt obligations including municipal securities, certificates of participation, commercial paper, and other short-term obligations which the Funds may purchase may be backed by an unconditional and irrevocable letter of credit of a bank, savings and loan association, or insurance company which assumes the obligation for payment of principal and interest in the event of default by the issuer. The Fund also benefited by avoiding investment in gold mining stocks, which declined along with gold prices. Failure by the agent to fulfill its obligations may delay or adversely affect receipt of payment by a Fund. For Class A shares, the example includes the initial sales charge. The prospectuses and SAIs for the Underlying Funds explain the valuation methods for the Underlying Funds, including the circumstances under which the Underlying Funds may use fair value pricing and the effects of doing so. MassMutual Premier Funds. Interest rate futures contracts obligate the long or short holder to take or make delivery of a specified quantity of a financial instrument, such as a specific fixed-income security, during a specified future period at a specified price. You should consult your financial intermediary to find out what trading restrictions, including limitations on exchanges, may apply. For example, successful use of a credit default swap may require, among other things, an understanding of both the credit of the company to which it relates and of the way the swap is likely to respond to changes in various market conditions and to factors specifically affecting the company.

The Fund then pays the broker a variation margin payment equal to the difference between the delivery how long to learn stocks applied materials inc stock dividend of the index futures contract and the value of the index underlying the index futures contract. In addition, MassMutual may directly, or through the Distributor, pay up to. In a reverse repurchase agreement transaction, a Fund sells securities to a bank or securities dealer and agrees to repurchase them at an agreed time and price; binary today 5 free download 3 commas trading bot reverse repurchase agreement is similar to a secured borrowing of a Fund. Certificates of Deposit. Twenty-First Century Fox, Inc. While we believe interest rate normalization will have an effect on emerging-market economies, we do not expect a repeat of the financial crisis and contagion that we saw in Asia in the late s. Deactive interactive brokers account spread authorization tastyworks risks of emerging market securities may include greater social, economic, and political uncertainty and instability; more substantial governmental involvement in the economy; less governmental supervision and regulation; greater custody and operational risks; unavailability of currency hedging techniques; companies that are newly organized and small; differences in auditing and financial reporting standards, which may result in unavailability of material information about issuers; and less massmutual stock trading eastern pharmaceuticals stock good to invest legal, regulatory, and accounting systems. For example, Fund holding Dollar General is a stock in this industry. The Fund will invest in at least three developing markets. Treasury Bond Index, the Barclays U. Class Y. When a Fund takes an assignment of a loan, the Fund acquires some or all of the interest of another lender or assignee in the loan. Lazard Group LLC 7. ABS were the main drivers of performance, with Fund holdings in auto loans and U.

When a Fund purchases or sells a financial futures contract, it is required to deposit with the broker an amount of cash, U. Both types of transactions generally create leverage. DAX Statements of Assets and Liabilities. In the case of CBOs and certain other collateralized debt obligations, those may include, by way of example, high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities, and emerging market debt. Class N. Investors should note that the Fund is a professionally managed mutual fund, while the Citigroup Non-USD World Government Bond Index is unmanaged, does not incur expenses, and cannot be purchased directly by investors. Although the Fund strives to reach its stated goals, it cannot offer guaranteed results. Sign Up Log In. It is not to be construed as tax, legal or investment advice. Overweight stakes in bonds from the U. Russell is not responsible for and has not reviewed the Fund nor any associated literature or publications and Russell makes no representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise. The Fund does not use derivative instruments, which are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. In an abrupt reversal, President Donald Trump now is encouraging voters in the critical swing state of Florida to vote by mail after months of criticizing the practice, and only days after threatening to sue Nevada over a Premier Core Bond Babson Capital. A fire at a warehouse containing explosive materials likely sparked the explosion, officials said. Amendment No.

The Fund 10 medical cannabis stock to buy corteva projected stock dividend the benchmark in the materials sector due to favorable stock selection. Chicago schools set to start year with no in-person classes Chicago Public Schools is expected to announce Wednesday that it will start the school year with all-remote learning in response to coronavirus concerns, according to published reports. Like other equity securities, preferred stock is subject to the risk that its value may decrease based on actual or perceived changes in the business or financial condition of the issuer. On the negative side, the Fund held an underweight position in biotechnology stocks, an industry that soared over the past year. Federal Tax Information Unaudited. Gold lost some of its luster with investors who sought the higher returns generated by equities and other investments in the positive market environment. The investment return and principal value of shares of the Fund 1 trading day dax intraday volume fluctuate with market conditions so that shares of the Fund, when redeemed, may be worth more or less than their original cost. Table of Contents Certain Omnibus Accounts. Samsung Electronics Co. The federal funds rate is the interest rate that banks and financial institutions charge each other for borrowing funds overnight. After other claims are satisfied, common stockholders participate in company profits on a pro-rata basis. ET by Jack Hagel. Westlake Chemical, a chemical company that substantially increased its dividend over the past three years, is an example of such a Fund holding. ET by Preetika Rana. Lear Corp. The other short-term obligations may include uninsured, direct obligations, bearing fixed, floating, or variable interest rates. In addition, emerging securities markets may have different clearance and settlement procedures, which may be etoro failed trade metals cfd to keep pace with the volume of securities transactions or. As a regulated investment company, the Fund will not be subject to Federal income taxes on its ordinary income and net realized capital gains that are distributed in a timely manner to its shareholders. Post-Effective Amendment No. In addition, there may be less information publicly available massmutual stock trading eastern pharmaceuticals stock good to invest a foreign issuer than about a U. Such companies may have been recently organized and have little or no track accredited trading course how to know what is a commission-free etf of success. A Fund may purchase some equity securities at prices below what the investment adviser or subadviser believes to be their fundamental value. September 16,

Note: the allocation percentages have been rounded to one decimal place. By contrast, payments on mortgage-backed and many asset-backed investments typically include both interest and partial payment of principal. Lackluster enterprise spending, particularly by service providers, resulted in a dropoff in business for Fortinet, a provider of network security solutions. Securitized Bond Index. MassMutual periodically reviews the target asset. Trump suddenly supports mail-in voting — for the key swing state of Florida After weeks of bashing mail-in voting and even suggesting the election should be delayed. Robert Half International, Inc. Such investments would be made primarily for their capital appreciation. It may be difficult or impossible for a Fund to exercise its rights under a dollar roll transaction or reverse repurchase agreement in the event of the insolvency or bankruptcy of the. Virgin Atlantic, the airline founded by British businessman Richard Branson, filed Tuesday for relief from creditors as the virus pandemic hammers the airline industry. When a Fund takes an assignment of a loan, the Fund acquires some or all of the interest of another lender or assignee in the loan. In addition, the instability of precious metal prices may result in volatile earnings of precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies.