Prospectus Quick Links Order literature Mutual funds prices performance Financial Products Mutual Funds Product Detail Invesco Limited Term Municipal Income Fund Fixed Income US Fixed Income Overview Portfolio Commentary Documents Objective Strategy The fund seeks monthly income exempt from federal income tax by investing primarily in shortintermediate municipal securities that are investment grade at the time of purchase The fund does not currently invest in securities which are subject to the federal alternative minimum tax as of 11302018 Morningstar Rating Overall Rating Muni National Short Category As of 11302018 the Fund had an overall rating of 5 stars out of 180 funds and was rated 4 stars out of 180 funds 5 stars out of 160 funds and 5 stars out of 103 funds for the 3 5 and 10 year periods respectively Morningstar details Morningstar Inc Ratings are based on a riskadjusted return measure that accounts for variation in a funds monthly performance placing more emphasis on downward variations and rewarding consistent performance Openend mutual funds and exchangetraded funds are considered a single population for comparison purposes Ratings are calculated for funds with at least a three year history The overall rating is derived from a weighted average of three five and 10year rating metrics as applicable excluding sales charges and including fees and expenses 2018 Morningstar Inc All rights reserved The information contained herein is proprietary to Morningstar andor its content providers It Management team Mark Paris Senior Portfolio Manager 52 KB Jack Connelly Senior Portfolio Manager 120 KB Tim OReilly Senior Portfolio Manager 57 KB James Phillips Senior Portfolio Manager 67 KB John Schorle CPA Portfolio Manager 51 KB Julius Williams Senior Portfolio Manager 64 KB as of 11302018 Top FixedIncome Holdings Holding Name Coupon Bond Maturity Date of Total Assets New Mexico Municipal Energy Acquisition Authority 2290 11012039 106 University of North Carolina at Chapel Hill 1940 12012041 097 City of Whiting IN 1850 06012044 096 Katy Independent School District 2100 08152036 085 Metropolitan Transportation Authority 2270 11152041 082 May not equal 100 due to rounding Holdings are subject to change and are not buysell recommendations About risk Changing Fixed Income Market Conditions Risk The current low interest rate environment was created in part by the Federal Reserve Board FRB and certain foreign central banks keeping the federal funds and equivalent foreign rates at or near zero Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments particularly those with longer maturities In addition decreases in fixed income dealer marketmaking capacity may persist in the future potentially leading to heightened volatility and reduced liquidity in the fixed income markets As a result the value of the Funds investments and Debt Securities Risk The prices of debt securities held by the Fund will be affected by changes in interest rates the creditworthiness of the issuer and other factors An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longerduration debt securities and higher quality debt securities Falling interest rates will cause the Fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates Falling interest rates may also reduce the Funds distributable income because interest payments on floating rate debt instruments held Derivatives Risk A derivative is an instrument whose value depends largely on and is derived from the value of an underlying security currency commodity interest rate index or other asset each referred to as an underlying asset In addition to risks relating to the underlying assets the use of derivatives may include other possibly greater risks which are described below Counterparty Risk Certain derivatives do not trade on an established exchange referred to as overthecounter OTC derivatives and are simply financial contracts between the Fund and a counterparty When the Fund is owed money on an OTC derivative the Fund is dependent on the counterparty to pay or in some cases deliver the underlying asset unless the Fund can otherwise sell its derivative contract to a third party prior to its expiration Many counterparties are financial institutions such as banks and brokerdealers and their creditworthiness and ability to pay or perform may be negatively impacted by factors affecting financial institutions generally In Leverage Risk Many derivatives do not require a payment up front equal to the economic exposure created by owning the derivative which creates a form of leverage As a result an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative Leverage may therefore make the Funds returns more volatile and increase the risk of loss The Fund segregates or earmarks liquid assets with a value at least equal to the amount that the Fund owes the derivative counterparty each day if any or Liquidity Risk There is a smaller pool of buyers and sellers for certain derivatives particularly OTC derivatives than more traditional investments such as stocks These buyers and sellers are often financial institutions that may be unable or unwilling to buy or sell derivatives during times of financial or market stress Derivative instruments may therefore be less liquid than more traditional investments and the Fund may be unable to sell or exit its derivative positions at a desirable time or price This risk may be more acute under adverse market conditions during which the Fund may be most in need of liquidating its Other Risks Compared to other types of investments derivatives may be harder to value and may also be less tax efficient as described under the Taxes section of the prospectus In addition changes in government regulation of derivative instruments could affect the character timing and amount of the Funds taxable income or gains and may limit or prevent the Fund from using certain types of derivative instruments as a part of its investment strategy which could make the investment strategy more costly to implement or require the Fund to change its investment strategy To the extent that the Fund uses derivatives for High Yield Debt Securities Junk Bond Risk The Funds investments in high yield debt securities commonly referred to as junk bonds and other lowerrated securities will subject the Fund to substantial risk of loss These securities are considered to be speculative with respect to the issuers ability to pay interest and principal when due and are more susceptible to default or decline in market value due to adverse economic regulatory political or company developments than higher rated or investment grade securities Prices of high yield debt securities tend to be very volatile These securities are less liquid than investment grade debt securities and may be difficult to Inverse Floating Rate Obligations Risk Inverse floating rate obligations inverse floaters represent interests in bonds with interest rates that vary inversely to changes in shortterm rates As shortterm rates rise inverse floaters produce less income and as shortterm rates decline inverse floaters produce more income As a result the price of inverse floaters is expected to decline when interest rates rise and generally will decline further than the price of a bond with a similar maturity The price of inverse floaters is typically more volatile than the price of bonds with similar maturities Interest rate risk and price volatility of inverse floaters can be particularly Liquidity Risk The Fund may be unable to sell illiquid investments at the time or price it desires and as a result could lose its entire investment in such investments An investment may be illiquid due to a lack of trading volume in the investment or if the investment is privately placed and not traded in any public market or is otherwise restricted from trading Certain restricted securities require special registration and pose valuation difficulties Liquid securities can become illiquid during periods of market stress If a significant amount of the Funds securities become illiquid the Fund may not be able to Management Risk The Fund is actively managed and depends heavily on the Advisers judgment about markets interest rates or the attractiveness relative values liquidity or potential appreciation of particular investments made for the Funds portfolio The Fund could experience losses if these judgments prove to be incorrect There can be no guarantee that the Advisers investment techniques or investment decisions will produce the desired results Additionally legislative regulatory or tax developments may affect the investments or investment strategies available to the investment manager in connection with managing the Fund which may also adversely affect the ability of the Fund to achieve its Market Risk The market values of the Funds investments and therefore the value of the Funds shares will go up and down sometimes rapidly or unpredictably Market risk may affect a single issuer industry or section of the economy or it may affect the market as a whole The value of the Funds investments may go up or down due to general market conditions which are not specifically related to the particular issuer such as real or perceived adverse economic conditions changes in the general outlook for revenues or corporate earnings changes in interest or currency rates regional or global instability or Medium and LowerGrade Municipal Securities Risk Securities which are in the medium and lowergrade categories generally offer higher yields than are offered by highergrade securities of similar maturity but they also generally involve more volatility and greater risks such as greater credit risk market risk liquidity risk and management risk Furthermore many issuers of medium and lowergrade securities choose not to have a rating assigned to their obligations by any nationally recognized statistical rating organization As such the Funds portfolio may consist of a higher portion of unrated securities as compared with an investment company that invests solely in highergrade securities Unrated securities may not be Municipal Issuer Focus Risk The municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects such as hospitals airports utility systems and housing finance agencies This may make the Funds investments more susceptible to similar social economic political or regulatory occurrences making the Fund more susceptible to experience a drop in its share price than if the Fund had been more diversified across issuers that did not have similar characteristics From time to time the Funds investments may include securities that alone or together with securities held by Municipal Securities Risk The risk of a municipal obligation generally depends on the financial and credit status of the issuer Constitutional amendments legislative enactments executive orders administrative regulations voter initiatives and the issuers regional economic conditions may affect the municipal securitys value interest payments repayment of principal and the Funds ability to sell the security Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress Municipal securities structured as revenue bonds are generally not backed by the taxing power of the issuing municipality but rather the revenue from the particular project or entity for which VariableRate Demand Notes Risk The absence of an active secondary market for certain variable and floating rate notes could make it difficult to dispose of these instruments and a portfolio could suffer a loss if the issuer defaults during periods in which a portfolio is not entitled to exercise its demand rights WhenIssued Delayed Delivery and Forward Commitment Risks Whenissued and delayed delivery transactions are subject to market risk as the value or yield of a security at delivery may be more or less than the purchase price or the yield generally available on securities when delivery occurs In addition the Fund is subject to counterparty risk because it relies on the buyer or seller as the case may be to consummate the transaction and failure by the counterparty to complete the transaction may result in the Fund missing the opportunity of obtaining a price or yield considered to be advantageous These transactions have a leveraging effect on the Zero Coupon or PayInKind Securities Risk Zero coupon and payinkind securities may be subject to greater fluctuation in value and less liquidity in the event of adverse market conditions than comparably rated securities paying cash interest at regular interest payment periods Prices on noncashpaying instruments may be more sensitive to changes in the issuers financial condition fluctuation in interest rates and market demandsupply imbalances than cashpaying securities with similar credit ratings and thus may be more speculative Investors may purchase zero coupon and payinkind securities at a price below the amount payable at maturity Because such securities do not entitle the holder to any periodic payments as of 12272018 ATFAX NAV Change 1118 000 NAs may appear until data is available Data is usually updated between 3 and 6 pm CST as of 12272018 Yield Distribution Yield with Sales Charge 211 Distribution Yield without Sales Charge 217 SEC 30Day Yield 182 Unsub 30day yield NA Fund Details Distribution Frequency Monthly NASDAQ ATFAX WSJ Abrev TF Int CUSIP 001419803 Fund Type Fixed Income Geography Type Domestic Inception Date 10312002 Fiscal Year End 0228 Min Initial Investment 1000 Subsequent Investment 50 Min Initial IRA Investment 250 Fund Number 4920 Tax ID 766035958

O O O O O B I O O O O B I O O B I B I I I O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B I O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O

invesco limited
term municipal income fund
mutual funds


Personal Finance Debt Fighting Back Against Collection Lawsuits FACEBOOK TWITTER LINKEDIN By Ana Gonzalez Ribeiro Updated Dec 23 2017 A collection lawsuit occurs when a creditor files a petition with the court to begin a lawsuit against a consumer who owes them money Collection lawsuits can be expensive and timeconsuming Most creditors will opt not to go this route when trying to collect an alleged debt repayment If there are other options available creditors will tend to go with another Most of the time a creditor will choose the quickest way to get their payment by repossessing your car home or terminating your utilities Collection lawsuits are rarely issued for debts under 1000 In cases where a customer is making small payments even if these payments Credit And Debt Management Debt Collection And Bankruptcy More aggressive collection agencies will threaten to garnish employee wages as payment for debt However the creditor can not take control of your wages unless they have obtained a court judgment A credit counselor can help clarify credit issues before a lawsuit issue arises but make sure you are dealing with qualified counselors If your problem is housing debt look for Department of Housing and Urban Development HUD approved agencies The Consumer Credit Counseling Service CCCS is a good choice for credit card issues and other debt problems See also How to Find a Credit Counselor Before a Lawsuit Trying to negotiate a workout agreement with the creditor might help at this point but it wont be easy Robert J Hobbs from the National Consumer Law Center and lead author of Fair Debt Collection the 1100page authoritative treatise on debt collection law says To negotiate the consumer needs something to give up The consumer could offer a lump sum settlement if they have savings but most people would not be in that position if they did Some collectors would require 100 a debt buyer may accept 50 Some credit card companies will demand 100 plus 25 attorney fees If the consumer finds a lawyer with some experience in the area the lawyer may find a legal defense say the statute of limitations that provides greater negotiating leverage Could Declaring Bankruptcy Help Telling creditors you might have to declare bankruptcy can help minimize their threats Most creditors prefer to get paid some of the debt versus none at all If they realize the consumer will go bankrupt they might be more receptive to working out a plan This might be a good idea Hobbs says It could be if the consumer had talked to a bankruptcy attorney and therefore could be convincing to the debt collector Defending Yourself You might be able to defend your case if you never received the good or service stated in the lawsuit the good was defective the contract for the service was legally canceled or the contract was illegal to begin with Also make sure the information the collector has about the debt you owe is correct and ask for documentation backing up the claim Once a lawsuit has been issued against you read and follow the summons instructions carefully appear in all required court appearances and provide all the documentation that can help defend you In some cases a creditor will drop a lawsuit if it appears that you are not just giving up The creditor is spending money on lawyer fees and court appearances pursuing this lawsuit and the longer you put up a fight the better your chances can be of getting the lawsuit dismissed However consult your lawyer on the appropriate steps you need to take in defending your specific case If you need a lawyer for legal advice on how to handle your particular case there are resources available for those with limited income The Legal Services Corp LSC provides programs in each state that can help Local organizations such as your library community center or senior citizens center might also be a good provider of information for free or lowcost legal advice Your state or county bar association can be another option They often provide referrals for fee lawyers who deal with consumer credit issues Organizations like the National Association of Consumer Bankruptcy Attorneys NACBA or the National Association After a lawsuit is initiated Hobbs suggests going to the National Association of Consumer Advocates as a resource It has a directory of good attorneys It is too late for credit counselors at that point According to the book Solve Your Money Troubles by Robin Leonard John Lamb when looking for ways to defend your case ask yourself the following questions Did the seller use false advertising to entice you to buy their product or service Were you pressured into buying Were highpressure tactics used Was key information about the transaction or agreement hidden and only surfaced after you had already signed the agreement Did the seller give you a right to cancel form This document gives you the right to cancel a sale within three days for any reason Was the product you bought defective or didnt work at all and the seller refused to repair or replace it Did the product not work like you were told it would Was the service you paid for not provided or was it only partially provided Did the seller not comply with the warranty agreements Were there deceptive terms in the loan you signed Was the car you bought a lemon costing you hundreds or thousands of dollars in repairs Were payments made to the creditor not properly credited to your account The Bottom Line There are a number ways to defend yourself when a collection lawsuit has been launched against you Just remember that there are resources available to you if this ever occurs If youre unsure of what to do its always best to consult a lawyer The best thing is to find a lawyer who recognizes that they have a defense that will allow him to represent you for a low fee or a fee that will be paid by the debt collector says Hobbs See also How To Pick The Right Lawyer

O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O


Retirement IRAs Common IRA Rollover Mistakes FACEBOOK TWITTER LINKEDIN By Mary Hall Updated Mar 29 2018 Have you thought about rolling your traditional IRAs from one financial institution to another Maybe youre looking for higher returns more investment selections or better service If you roll over your traditional IRA there are some common mistakes you should avoid IRA rules can be tricky and some have even changed over the years so you need to be careful otherwise you could pay income tax and penalties says Dan Stewart CFA president Revere Asset Management Inc in Dallas Texas In this article well give you an overview of IRA rollover rules and discuss how to avoid breaking them The 60Day Rule After you receive the funds from your IRA you have 60 days to complete the rollover to another IRA Thats 60 days not two months Ive seen mistakes happen says Marguerita M Cheng CFP CEO Blue Ocean Global Wealth Gaithersburg Maryland If you do not complete the rollover within the time allowedor do not receive a waiver or extension of the 60day period from the Internal Revenue Service IRSthe amount will be treated as ordinary income by the IRS That means you must include the amount as income on your tax return and any taxable amounts will be taxed at your current ordinary income tax rate Plus if you were not 595 years old when the distribution occurred youll face a 10 penalty on the withdrawal For more see Exceptions to the 60Day Retirement Account Rollover Rule OneYear Waiting Rule For one year after you distribute assets from your IRA and roll over any part of that amount you can not make another taxfree rollover of any IRA The downside to this is some banks may charge to issue a check to another bank of custodian when you are moving your IRA This limit on IRAtoIRA rollovers does not apply to eligible rollover distributions from an employer plan Therefore you can roll over more than one distribution from the same qualified plan 403b or 457b account within a year This oneyear limit also does not apply to rollovers from Traditional IRAs to Roth IRAs ie Roth conversions Common IRA Rollover Mistakes RMDs Not Eligible for Rollover You are allowed to make taxfree rollovers from your IRAs at any age but if you are 705 or older you can not roll over your annual required minimum distribution RMD because it would be considered an excess contribution To read more see How to Correct Ineligible Excess IRA Contributions If you are required to take an RMD each year be sure to remove the current years RMD amount from your IRA before implementing the rollover Same Property Rule Your rollover from one IRA to another IRA must consist of the same property This means you can not take cash distributions from your IRA purchase other assets with the cash then roll over those assets into a new or the same IRA Should this occur the IRS would consider the cash distribution from the IRA as ordinary income Here is a hypothetical example of how someone might violate the same property rule An entrepreneur aged 57 has decided to roll over her IRA from one financial institution to another However she wants to use her IRA assets to purchase shares of a certain companys stock She takes a portion of the funds she received from her IRA buys the shares and places the remaining cash in a new IRA Then she deposits the shares of the stock she purchased into the same IRA to receive taxdeferred treatment The IRS would deem the portion of the distribution used to purchase the stock as ordinary income therefore the entrepreneur would owe taxes at her current ordinary income tax rate on any taxable portion of the stocks that were rolled over And because she is younger than 595 the IRS would assess a 10 penalty on any taxable portion of the amount used to purchase the stocks Caution When Not to Use a Rollover If you are simply moving your IRA from one financial institution to another and you do not need to use the funds you should consider using the transfer method instead of a rollover A transfer is nonreportable and can be done an unlimited number of times during any period A transfer removes the withdrawal process of the rollover which ensures the assets go directly to their end account and investors remove the risk associated with the 60day rule says Mark Hebner founder and president of Index Fund Advisors Inc in Irvine California and author of The 12Step Recovery Program for Active Investors In my opinion a direct transfer is the most optimal solution to move funds from one IRA to another says Carlos Dias Jr wealth manager Excel Tax Wealth Group Lake Mary Florida Additional Points You can roll over funds from any of your own traditional IRAs but you can also roll over funds to your traditional IRA from the following retirement plans A traditional IRA you inherit from your deceased spouse A qualified plan A taxsheltered annuity plan or A government deferredcompensation plan section 457 plan If rollover eligible amounts from qualified plans 403b plans or governmental 457 plans are paid to you instead of processed as a direct rollover to an eligible retirement plan the payor must withhold 20 of the amount distributed to you Of course you will receive credit for the taxes that were withheld However if you decide to roll over the total distribution you will need to make up the 20 out of pocket If you want to avoid the withholding and the associated reporting requirements a direct rollover is the method that should be used to effectuate your rollover from your qualified plan 403b plan or governmental 457 plan account A direct rollover is reportable but not taxable Plus there is no 60day window to worry about Be sure to check with your plan administrator and IRA custodian regarding their documentation and operational requirements for processing a direct rollover on your behalf You might be able to move funds in the other direction too That is you may be able to take a distribution from your IRA and roll it into a qualified plan Your employer is not required to accept such rollovers so check with your plans administrator before you distribute the assets from your IRA Certain amounts such as nontaxable amounts and RMDs can not be rolled from an IRA to a qualified plan For related reading see Tips for Moving Retirement Plan Assets

O O O B I I O O O O O O O O O O O O O O O O O O O O B I O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B I O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B I I O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B I O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B I O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O

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Investing Options How does implied volatility impact the pricing of options FACEBOOK TWITTER LINKEDIN By JB Maverick Updated Nov 19 2018 Implied volatility is an important aspect of the time value premium of an option As implied volatility increases call and put option prices go up When implied volatility decreases option prices go down Options are financial derivatives that represent a contract by a selling party or the option writer to a buying party or the option holder An option gives the holder the ability to buy with a call option or sell in the case of a put option a financial asset at an agreed price on a specified date or during a specified time period Holders of call options are looking to profit from an increase in the price of the underlying asset while holders of put options can generate profits from a price decline Options are versatile and can be used Volatility In relation to the options market volatility is a reference to the fluctuation level in the market price of the underlying asset Volatility is a metric for the speed and amount of movement for underlying asset prices Cognizance of volatility allows investors to better comprehend why option prices behave in certain ways Two common types of volatility affect option prices Historic volatility known also as statistical volatility measures the speed at which underlying asset prices have changed over a given time period Historical volatility is often calculated annually but because it constantly changes historical volatility can also be calculated daily and for shorter time frames It is important for investors to know the time period for which an options historical volatility is calculated Generally a higher historical volatility percentage translates to a higher option value Implied Volatility Implied volatility is a concept specific to options and is a prediction made by market participants of the degree to which underlying securities move in the future Implied volatility essentially is the realtime estimation of an assets price as it trades This provides the predicted volatility of an options underlying asset over the entire lifespan of the option using formulas that measure option market expectations When option markets experience a downtrend implied volatility generally increases Conversely market uptrends usually cause implied volatility to fall Higher implied volatility indicates that greater option price movement is expected in the future Option Skew Another dynamic to pricing options particularly relevant in more volatile markets is option skew The concept of option skew is somewhat complicated but the essential idea behind it is that options with varied strike prices and expiration dates trade at different implied volatilities the amount of volatility is uniform Rather levels of higher volatility are skewed toward occurring more often at certain strike prices or expiration dates Every option has an associated volatility risk and volatility risk profiles can vary dramatically between options Traders sometimes balance the risk of volatility by hedging one option with another

O O O O B I O O O O O O O O O O O O O O O B I O O O O O O O O O O O O O B I O O O O O O O O O B I O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B I B I O O O O O O O O O O O O O O O O O O O O O O O O O B I O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B I O O O O O O O B I O O O B I O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O


Investing Alternative Investments 3C1 Reviewed by James Chen Updated Jan 10 2018 What is 3C1 3C1 refers to a portion of the Investment Company Act of 1940 that allows private funds to avoid the requirements of the Securities and Exchange Commission SEC 3C1 is shorthand for the 3c1 exemption found in section 3 of the act It reads in part c Notwithstanding subsection a none of the following persons is an investment company within the meaning of this title 3 Any issuer whose outstanding securities other than shortterm paper are beneficially owned by not more than one hundred persons and which is not making and does not presently propose to make a public offering of its securities Funds that meet the terms of 3C1 are not considered investment companies This allows private funds with 100 or fewer investors and no plans for an initial public offering to sidestep SEC registration and other requirements like ongoing disclosure and restrictions on derivatives trading 3C1 funds are also referred to as 3C1 companies or 3c1 funds BREAKING DOWN 3C1 3C1 is often used by hedge fund companies to avoid the SEC scrutiny that other investment funds like mutual funds and other publicly traded funds are under That said the investors in 3C1 funds must be accredited investors meaning investors who have an annual income over 200000 or a net worth in excess of 1 million The Difference Between 3C1 Funds and 3C7 Funds Private equity funds are usually structured as 3C1 funds or 3C7 funds the latter being a reference to the 3c7 exemption Both 3C1 and 3C7 funds are exempt from SEC registration requirements under the Investment Company Act of 1940 but the nature of the exemption is slightly different Whereas the 3C1 exemption hinges on not exceeding 100 accredited investors a 3C7 fund must maintain a total of 2000 or fewer qualified purchasers Qualified purchasers must clear a higher bar with over 5 million in assets so a 3C7 fund is permitted to have more of these people or entities participating as investors Challenges for 3C1 Compliance Although 100 accredited investors sounds like an easy limit to watch out for this can be a tricky area for fund compliance Private funds are generally protected in the case of involuntary share transfers for example the death of a large investor results in shares being split up among family members They do however run into problems with shares given as employment incentives Knowledgeable employees including executives directors and partners do not count against the funds tally However if the employee leaves carrying the shares with him he will count against the 100 investor limit Because so much counts on

O O O B O O O O O O O O O O B B O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O B O O B O O O B B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O B O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O


Company Insights Deliverables Reviewed by James Chen Updated Dec 28 2017 What are Deliverables Deliverables is a project management term for the quantifiable goods or services that will be provided upon the completion of a project Deliverables can be tangible or intangible parts of the development process and they often are specified functions or characteristics of the project For example in a project meant to upgrade a firms technology a deliverable may be a dozen new computers while a software project may have a deliverable specifying that the computer program must be able to compute a companys accounts receivable Deliverables BREAKING DOWN Deliverables Deliverables can be a software program a system that is a component of a larger software package a new or improved design or the components of a new movie Training programs are also a common type of deliverable such as classes that are presented in person or software designed to teach large numbers of offsite personnel Deliverables can also be design samples for products to be manufactured The deliverables may or may not comprise everything that is to be completed by the end of a project In some cases deliverable samples or software are accompanied by a report or instruction Documentation The deliverables are usually specified in a contract or other agreement This agreement can be between related parties within a company such as when one department requires another to design or modify software or between a client and a consultant or a developer The documentation sets out the precise description of what is to delivered the payment if any to be made and the timeline to be met Milestones Many large projects include milestones which are goals and targets that must be achieved by stipulated points in time A portion of the deliverables may be required on each of the dates or the milestone may be only a requirement for a progress report Meeting the milestones may include payments if the work is being done by a consultant or it may be critical to an employees performance review Film Deliverables In film production deliverables refer to the range of audio visual and paperwork files that a producer must give to a distributor Audio and visual materials generally include stereo and Dolby 51 sound mixes music and sound effects on separate files and the full movie in a specified format Among the paperwork to be included are licensing agreements for all music performance releases for everyone who appears in the movie a list of the credit block that will appear in all artwork and advertising location artwork and logo releases

O O B O O O O O O O O O O B B O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O B B O O O B I O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O


Markets Economy ISM Manufacturing Index Reviewed by Will Kenton Updated Apr 19 2018 What is the term ISM Manufacturing Index The ISM Manufacturing Index is based on surveys of more than 300 manufacturing firms by the Institute for Supply Management ISM The ISM Manufacturing Index monitors employment production inventories new orders and supplier deliveries A composite diffusion index monitors conditions in national manufacturing and is based on the data from these surveys BREAKING DOWN ISM Manufacturing Index Why Investors Care The ISM Manufacturing Index is one of the first investor news announcements released each month and can greatly influence the tone of investor and business confidence The index is also a survey of purchasing managers who are at the forefront of their companies supply chains Manufacturers must respond quickly to changes in demand and they ramp up or scale back purchases of inputs to match demand Purchasing managers are in the best position to assess the ebb and flow of business conditions By monitoring the ISM Manufacturing Index investors can better understand national economic conditions When the index is rising investors can assume a bullish stock market because of higher corporate profits The opposite can be thought of the bond markets which may decrease as the ISM Manufacturing Index increases because of sensitivity to potential inflation How the Index is Constructed The ISM Manufacturing Index is based on data compiled from a nationwide survey of purchasing and supply management executives The survey is broadly diversified across industries based on the North American Industry Classification System NAICS which is weighted by each industrys share of US gross domestic product GDP Survey responses are delineated into 17 NAICS codes including sectors such as chemical products computer and electronic products and transportation equipment Survey respondents are asked whether activities in their organizations are increasing decreasing or stagnant The activities include new orders production employment supplier deliveries inventories customers inventories commodity prices order backlog new export orders and imports For each of the 19 categories a diffusion index is calculated by adding the percentage of respondents reporting an increase to half of the percentage of respondents reporting no change A composite manufacturing index is calculated by taking an equal 20 weighting for five categories devised from the 10 survey questions new orders production employment supplier deliveries and inventories For the subindices and composite index

O O B I I O O O O O O O O O O O O B I I O B I I O O O O O O O O O O O O O O O O O O B I I O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B I I O O O O B I I O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B I I O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B I I O O O O O O O O O O O O O B I I O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O


Investing Bonds Fixed Income Medium Term Note MTN Reviewed by James Chen Updated Feb 9 2018 What is a Medium Term Note MTN A medium term note MTN is a note that usually matures in five to 10 years A corporate MTN can be continuously offered by a company to investors through a with investors being able to choose from differing maturities ranging from nine months to 30 years though most MTNs range in maturity from one to 10 years BREAKING DOWN Medium Term Note MTN By knowing that a note is medium term investors have an idea of what its maturity will be when they compare its price to that of other fixedincome securities All else being equal the coupon rate on an MTN will be higher than those achieved on shortterm notes For corporate MTNs this type of debt program is used by a company so it can have constant cash flows coming in from its debt issuance it allows a company to tailor its debt issuance to meet its financing needs Mediumterm notes allow a company to register with the Securities and Exchange Commission SEC only once instead of every time for differing maturities Benefits of Medium Term Notes MTNs offer investors an option between traditionally shortterm and longterm investments This can be ideal for situations where the investors goals fall into a time frame beyond those offered by certain municipal bonds or shortterm bank notes without having to commit to the longterm note options Businesses can benefit from MTNs based on their ability to provide a consistent cash flow from investors Additionally businesses can choose to offer MTNs with or without call options While the rates associated with call options are often higher the business maintains the right to retire or call the bond within a specified period of time before the bond reaches maturity This allows businesses to take advantage of lower rates should they occur before a bond series has reached maturity by calling in the bond issue and then issuing new bonds at the lower rate Noncallable options do not have the same level of risk regarding the duration of the investment which leads them to be offered at lower rates Options Available in Medium Term Notes Investors looking to participate in the MTN market often have options regarding the exact nature of the investment This can include a variety of maturity dates as well as dollar amount requirements Since the term involved in an MTN is longer than those associated with shortterm investment options the coupon rate will often be higher on an MTN while being lower than the rates offered on some longer term securities

O O O O B I I O O O O O O O O O O O O B I I O O B I I O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B I I O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O


Investopedia Small Business Revolving Door Reviewed by Will Kenton Updated Apr 9 2018 What is a Revolving Door A revolving door is the movement of highlevel employees from public sector jobs to private sector jobs and vice versa The idea is that there is a revolving door between the two sectors as many legislators and regulators become lobbyists and consultants for the industries they once regulated and some private industry heads or lobbyists receive government appointments that relate to their former private posts Such instances have grown in democracies in recent years with increased lobbying efforts and has led to debate over the extent former government officials are allowed to utilize connections formed and knowledge attained in previous jobs in public service to enrich themselves or be overly influential on shaping or watering down pending legislation Breaking Down Revolving Door The revolving door phenomenon may be seen in various industries and numerous political affiliations While it is inevitable that workers switch between the public and private sectors the growing influence of money in politics has placed the revolving door phenomenon into the spotlight Between 1998 and 2017 the amount of money spent on lobbying in the United States more than doubled to 336 billion It has led to the concern that corporations and special interest groups are able to leverage their money to buy influence and access to key politicians The revolving door also may lead to conflicts of interest as the regulatory and legislative decisions made by politicians may directly benefit them soon after they leave office and begin their private sector career Revolving Door and Lobbyists Lobbyists who have participated in the revolving door say that they are cashing in on their expertise rather than their connections what you know being more important than who you know for example The argument for having a revolving door is that having specialists within private lobby groups and running public departments ensures a higher quality of information when making regulatory decisions One study that investigated this assertion found that when a US senator or representative leaves office the lobbyist that worked with them sees their earnings drop by an average of 20 This translates to 177000 per year and may go on for three years or longer proving that it is difficult for a lobbyist to offset the loss of a key political contact Revolving Door Rules Policies meant to prevent or limit revolving door practices are few and limited in effect in the worlds largest democracies In the United States there are detailed rules on how and how soon exgovernment officials may be employed in the private sector For example former governent officials who make decisions on contracts must either wait a year to take a job with a military contractor or move to a role or unit with no connection to their government work However this rule does not apply to policy makers they may join corporations and company boards immediately In France there is a threeyear waiting period after leaving public service to work in the private sector Japan which has made attempts to limit their own revolving door issues has a term for career public servants

O O O B I O O O O O O O O O O O B I O B I O O O O O O O O O O O O O O O O O O O O O O O O B I O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B I O B I O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B I O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B I O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B I O O O O O O O O B I O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B I O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B I O O O O O O O B I O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B I O O O O O O O O


VBS fallout extends to insurance industry Companies 14 October 2018 446pm Kabelo Khumalo JOHANNESBURG The fallout over the collapse of the VBS Mutual Bank extended to the shortterm insurance industry after insurance collector Insure Group found itself under curatorship after it deposited R250 million for an acquisition of a stake in the bank Insure was placed under voluntary curatorship last month following a review by the Financial Sector Conduct Authority FSCA of the regulatory solvency of Insure Group Managers IGM Insure collects from brokers and pays to insurance companies It is believed to control 75 percent of the countrys gross shortterm collections Pieter Bezuidenhout the curator appointed by the authority to take charge of Insure immediately suspended the companys chief executive Charl Cilliers who the SA Reserve Bank Sarb forensic inquiry on VBS fingered as one of the beneficiaries of the R19 billion looting of the bank Advocate Terry Motau said Cilliers unduly pocketed R12m from VBS Bezuidenhout said the regulatory solvency concerns raised by the FSCA resulted from the investment of funds by IGM into longterm and illiquid investment which funds are required to service shortterm obligations The curator is currently studying the report to the Sarb to assess the matter and will in due course decide on appropriate action to be taken if required Bezuidenhout said It needs to be noted that the allegation against Mr Cilliers is in his personal capacity and not related to any business conduct by IGM IGM was founded in 1991 and was until recently identified as a successfully operating operation The group said on its website that it was directly and indirectly responsible for the management of up to R175bn of premiums as at November 2016 Motaus report titled The Great Bank Heist details how R18bn was brazenly stolen from the mutual bank and was scathing about Cilliers conduct Cilliers is a chartered accountant His company IGM having received the proceeds of a manifest fraud now finds itself in an untenable position Motau said He further detailed how the R250m was squandered at an alarming speed Motau said once the money was fraudulently deposited IGM made numerous drawdowns on the account over the following months IGM in turn deposited R18m into the account and substantial interest accrued on the account As at the date of curatorship a credit balance of about R75m remained in the account It is clear to me that IGM received the proceeds of a crime Motau said Phophi Mukhodobwane the former VBS head of treasury confessed to investigators that VBS and Vele Investment chairperson Tshifhiwa Matodzi instructed him to create a deposit in favour of Insure in the amount of R250m through a suspense account Mukhodobwane said no money would be brought into VBS in order to fund the deposit of R250m which was to be made available to Insure Nor would a loan in that amount be made by VBS to Vele With the acquisition of the stake in IGM in the fraudulent manner described above large shortterm deposits were made by IGM to VBS The very first such deposit was in the amount of R80m on March 6 2017 That sum was almost immediately withdrawn by IGM Motau found BUSINESS REPORT

B I O O B I O O O O O O O O O O O O O O O O O O O O O O B I O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B I I I O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O

vbs fallout
insurance industry
financial sector conduct authority


Video leak sees public sympathy shift in favour of MalusiGigaba Politics 29 October 2018 234pm Quinton Mtyala Home Affairs Minister Malusi Gigaba Cape Town Scandalplagued Home Affairs Minister Malusi Gigaba has tapped into a well of public sympathy following his latest brush with controversy Of late Gigaba has become more known for his association with controversial Gupta family and his threats of legal action against media personality Redi Thlabi for one of her tweets claiming he had amended visa regulations for travelling with children because of a personal vendetta On Sunday morning Gigaba told his 136 000 followers on Twitter that he and his wife had learned with regret and sadness that a video containing material of a sexual nature meant for our eyes only which was stolen when my communication got illegally interceptedmy phone got hacked in 201617 is circulating among certain political figures Gigaba is one of the few cabinet ministers who is quite active on social media platforms like Twitter and Instagram alongside his wife Their presence has solicited scorn from the public but has also drawn admiration from young ANC supporters who view them as a hip couple Soon after the admission the video of Gigaba masturbating into a cellphone camera was leaked on the same social network South Africans were at first bemused Gigaba being the latest senior government official to be caught with his pants down but later rallied to his side Even one of Gigabas fiercest critics talk radio host Eusebius McKaiser was sympathetic to the minister saying that his privacy should be protected On SAfm callers to Stephen Grootes breakfast show said Gigabas privacy should be protected and that the video had no relation to his work as a senior government minister For the time being its unlikely that Gigaba will be forced to resign considering that many his cabinet colleague are hoarding their own smallanyana skeletons Political Bureau

B O O B O O O O O O O O O O O O O O O O B I O O O O O O B I O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O


Programs Courses Undergraduate Programs Core Curriculum Core Curriculum Credit Distribution Columba Cornerstone English Composition Humanities Requirements Social Science And Business Requirements STEM Requirements Diversity CrossCultural And Global Perspectives Written And Oral Intensives Course Requirements Integrated Core Themes Core Curriculum FAQs Core Student Learning Outcomes Contact Undergraduate Courses Graduate Programs Graduate Courses Internships Academic Civic Global Engagement Hynes Institute for Entrepreneurship Innovation Honors Program Institute for Thomas Paine Studies School of Arts Science LaPenta School of Business Winter Sessions Academic Events Accreditations Awards Registrar Faculty Accomplishments Libraries Academic Resources Advising Career Development Integrated Core Themes An Integrated Core Theme ICT is a set of four courses based on an interdisciplinary topic eg Violence The ICT consists of a Humanities Centerpiece course and three integrated courses The intentional connection of courses to a Humanities Centerpiece course is a unique feature of Ionas Core Curriculum As scheduling permits students will take the Humanities Centerpiece course of their chosen ICT in their freshman or sophomore year The Humanities Centerpiece course is developed and taught by the English History Philosophy Religious Studies and Foreign Language departments The course will introduce students to the big questions of the ICT and Integrated Core Themes ICT include Violence Identity Persons Societies and Cultures Innovation and the Creative Mind Feminist Interventions Stewardship of the Earth Scientific Reasoning Thomas Paine Violence ICT Humanities Centerpiece choose one Course Number Course Name HST 345 The History of Violence ENG 353 Narratives of Violence RST 318 Violence Peace and Social Justice Integrated courses choose three Course Number Course Name BIO 113 Biology of Poison BIO 120 Introduction to Forensics CHM 125 Criminalistics CHM 140 Chemistry of Emotions CS 315 Software Security CRJ 320 Corrections CRJ 325 Critical Issues in Policing CRJ 360 Terrorism CRJ 430 Victimology FPA 235 Music in Film and Video HST 312 Total War HST 315 Civil War and Reconstruction HST 335 The Development of American Foreign Relations HST 336 American Foreign Relations in the Modern Age HST 338 The Vietnam Wars HST 374 Revolution in the Modern World HST 385 The Modern Middle East HST 410 Seminar on the History of Modern Warfare 14952015 ITA 265 Dantes Divine Comedy I PHL 356 Social and Political Philosophy PHL 381 Philosophy of Law POL 317 Politics of Evil POL 323 Civil Liberties POL 333 Politics of Nonviolence POL 364 International Law POL 370 Human Rights PSY 222 The Psychology of the Criminal Mind PSY 342 Violence Against the Self RST 327 The Holocaust and the Churches RST 370 Creative Peacemaking SOC 306 The Sociology of Deviant Behavior SOW 3330 Violence Trauma Resilience Identity Persons Societies and Cultures ICT Humanities Centerpiece choose one Course Number Course Name ENG 352 Shifting Selves Identity Contact and Belonging RST 328 The Religious Imagination Integrated courses choose three Course Number Course Name BIO 108 Body Form and Function BUS 410 Business in Contemporary Society CHM 120 Medicine Demystified CHM 135 Science and Superheroes CHM 140 Chemistry of Emotions CRJ 320 Corrections CRJ 430 Victimology ECO 300 Comparative Economic Growth and Development ECO 416 International Economics EDU 202 Foundations of Educational Theory ENG 339 World Drama ENG 365 African American Literature ENG 372 Multicultural Writers of America ENG 384 Images of Women in Modern American Literature ENG 444 PostColonial Literature FLM 355 Independent Cinema FLM 362 International Film FPA 237 Music in World Cultures FPA 240 Introduction to World Dance Forms HST 337 The Immigrant Experience HST 411 Oral History ITA 261 Italian American Experience MCO 326 Race and Gender in Mass Communications MKT 301 Consumer Behavior PHL 321 Philosophy of Mind PHL 375 Aesthetics POL 316 Inequality in American Democracy POL 333 Politics of NonViolence POL 337 Gender and Politics POL 370 Human Rights POL 371 Politics of Global Health PSY 212 Child Psychology PSY 213 Adolescent Psychology PSY 221 Psychology of Human Sexuality PSY 338 Psychology of Learning PSY 339 Personality Theory PSY 412 Social Psychology PSY 441 Lifespan Development RST 215 Islam History Belief Practice RST 324 Christian Sexual Ethics RST 343 Sufism Traditions of Islamic Mysticism SOW 2240 Emerging Issues in Aging Innovation and the Creative Mind The purpose of the Integrated Core Theme ICT Innovation and the Creative Mind is to introduce students to the interdisciplinary nature of innovation creativity and entrepreneurial thinking This ICT has been developed by the Hynes Institute for Entrepreneurship Innovation Curriculum Committee and input from interdisciplinary faculty across the School of Arts and Science and the School of Business Students who wish to take this ICT select one of the four Humanities Centerpiece courses and add three more courses from the list of integrated courses The selection of courses should be based on students interpretation and exploration of the general ICT Humanities Centerpiece choose one Course Number Course Name ENG 354 Playing on the Edge Innovation and NonNormativity HST 304 From Hamilton to Mickey Mouse The Politics of Innovation in American History PHL 320 Philosophy of Knowledge RST 370 Creative Peacemaking Integrated Courses choose three but no more than two from the same disciplinedepart Course Number Course Name BIO 116 The Brain in Health and Disease BIO 406 Neurobiology BIO 440441 Research BIO 480 Molecular Biology CHM 441442 Research CS 142 Web Design CS 144 Intro to Game Development CS 146 Intro to Robotics CS 434 Game Development CS 436 Advanced Game Development CS 461 Artificial Intelligence CS 481 Software Project Development Design CS 482 Software Project Development Implementation ENG 451 Creative Writing Poetry ENG 452 Creative Writing Fiction ENG 454 Living Reading and Writing in the Digital Age ENT 200 Introduction to Entrepreneurship Innovation Practice Mindset FLM 450 Scriptwriting FPA 202 Music Appreciation FPA 211 Introduction to Sculpture FPA 220 Dance Appreciation FPA 230 Introduction to Acting FPA 245 Introduction to Choreography FPA 359 Music Theory FPA 391 Play Production Theory and Application IS 320 Applications Development with Visual Basic IS 431 Building Mobile Business Applications ITA 260 Italian Civilization MCO 317 Public Opinion Dynamics MCO 350 Writing for the Screen MCO 403 Advertising Campaigns MCO 413 Public Relations and New Media Campaigns MCO 430 The Producers Craft MKT 301 Consumer Behavior MKT 330 Market Research MNG 330 EntrepreneurshipSmall Business Management MNG 360 Service Learning Management for Sustainable Development PHL 218 Markets and Morals PHL 321 Philosophy of Mind PHL 360 Ethics and Business PHL 361 Ethical Issues in Science and Technology PHL 365 Philosophy of Science PHY 441442 Research PSY 338 Psychology of Learning RST 340 Creation Masters Series SCS 205 Interpersonal Communication SCS 305 Business and Professional Speaking SCS 370 Small Group Communication SPA 255 Conducting Business in Hispanic Cultures Feminist Interventions Rereading Canons Rethinking Traditions Reimagining Futures ICT Humanities Centerpiece choose one Course Number Course Name ENG 384 Images of Women in Modern American Literature PHL 354 Feminist Philosophy RST 330 Women Gender and Religion Integrated courses choose three Course Number Course Name CRJ 430 Victimology FPA 209 Women in Music PHL 337 Philosophy and Culture PHL 381 Philosophy of Law POL 337 Gender and Politics PSY 221 Psychology of Human Sexuality RST 324 Christian Sexual Ethics SCS 334 Gender differences in Human Communication SOC 306 Deviant Behavior SOC 324 Sex and Gender Roles in Modern Society SOW 3330 Violence Trauma Resilience Stewardship of the Earth ICT Humanities Centerpiece choose one Course Number Course Name RST 341 The Story of the Universe Foundational Cosmology and Earth History Integrated courses choose three Course Number Course Name BIO 125 Environmental Science I BIO 201 Ecology Evolution and Diversity BIO 225 Environmental Science II CHM 115 Chemistry and the Environment ECO 370 Environmental Economics and Sustainable Development ENG 470 Literature of Environmentalism FIN 438 Sustainable Finance MCO 210 Introduction to Advertising MKT 385 Global Green Marketing POL 203 Introduction to Global Politics POL 372 Environmental Law POL 373 Global Cities and the Environment RST 213 Religion and the Natural World RST 339 Spirituality for an Ecological Age RST 340 Creation Masters Series RST 370 Creative Peacemaking RST 404 Catholic Creation Theology RST 412 Environmental Ethics and Religion SOW 2200 SL Sustainability and Community An Environmental Justice Perspective Scientific Reasoning ICT Humanities Centerpiece choose one Course Number Course Name PHL 365 Philosophy of Science Integrated courses choose three Course Number Course Name BIO 101 General Biology BIO 125 Environmental Science I BIO 225 Environmental Science II BUS 210 Statistics CHM 109 General Chemistry CS 142 Website Design CS 144 Introduction to Game Development CS 146 Introduction to Robotics CS 201 Computer Science I CS 434 Game Development CS 436 Advanced Game Development CS 461 Artificial Intelligence CS 465 Data Mining CS 464 Parallel and Scientific Computing ECO 309 Statistics for Economists ECO 310 Econometrics ECO 370 Environmental Economics and Sustainable Development ECO 380 Health Economics EDU 202 Foundations of Educational Theory EDU 373 Instruction and Assessment Strategies for Learning Mathematics EDU 384 Instruction and Assessment Strategies HST 351 Europe 16481815 Age of Reason and Revolution IS 301 Applied Statistical Analysis IS 415 Big Data Analytics and Business Innovations IS 432 Application Of Information Systems Analysis to Business IS 435 Risk Analysis and Decision Technology MKT 330 Marketing Research MTH 270 Statistics MTH 432 Probability and Statistics MTH 231 Calculus I MTH 236 Introduction to Proofs MTH 310 Discrete Mathematics PHL 361 Ethical Issues in Science and Technology PHL 356 Political Philosophy PHL 366 Problems in Medical Ethics PHY 101 General Physics POL 201 Introduction to Politics POL 302 Research Methods in Political Science POL 305 Social Statistics POL 372 Environmental Law PSY 201 General Psychology I PSY 202 General Psychology II PSY 323 Quantitative Research Methods for Behavioral Science I PSY 324 Quantitative Research Methods for Behavioral Science II PSY 336 Psychological Tests and Measures PSY 390 Experimental Psychology I RST 213 Religion and the Natural World RST 341 Stories of the Universe RST 339 Spirituality in Ecological Age RST 406 Biomedical Ethics SOC 101 Introduction to Sociology Thomas Paine ICT Humanities Centerpiece choose one Course Number Course Name ENG 423 EighteenthCentury Literature Integrated courses choose three Course Number Course Name FPA 233 Music in the Time of Thomas Paine HST 410 Seminar on Thomas Paine PHL 355 Thomas Paine and the Revolutionary Tradition POL 391 Thomas Paine and the Struggle for Democracy Take the Next Step Request Information Fast Fact Many ICTs have more than 20 course choices and 17 departments are participating in the ICTs

O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B I I O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B I I O O O O O O O O O O O O O O O O O O O O O O O B I I O O O O O O O O O O O B I I O O O O O O O O O O O O O O O B I I O O O O O O O O O O O B I I O O O O O O O O O O O O B I O O O O O O O O O O O O O O B I I O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O

integrated core themes
humanities centerpiece course
foreign language