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Means a company including a Bank that the Management Company shall appoint for performing the Registrar Function.

Short-term debt instruments issued by governments for a year or less. They are issued at a discount and mature at face value. The difference between the purchase price and the maturity value is considered interest income.

Trust

A legal entity created by a grantor for the benefit of designated beneficiaries, under the laws of the jurisdiction and the valid trust instrument.

Trust Deed

Legal document that includes the conditions under which a fund is issued. It includes the face value, maturity date, coupon rate and any other terms and/ or features.

Trustee

In the case of a mutual fund established as a trust, an individual or person responsible for representing the interests of the unit holders.

Underwriter

An investment dealer that assists corporations or governments to issue new securities to the public. The investment dealer may purchase the security directly from the issuer for resale to the public or may sell the securities to the public on its behalf.

Underwriter

Unit

Part of ownership in a mutual fund, when it is established as a trust.

Unit Holder

Owner of one or more units in a mutual fund.

Unlisted Security

A security not listed on a stock exchange.

Volatility

Measures the amount of change in the price and the returns of a security over a period of time. A measure of the relative volatility of a stock to the overall market is its beta.

Withholding Tax

(1) Deductions by an employer from employees' salaries for the payment of federal and provincial income taxes. (2) Withholding by corporations and financial institutions of interest and dividend payments due to investors.

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Yield

Also known as return. It is the amount of interest paid on a bond or dividend paid on the current market price of the security, expressed as a percentage.

Yield-Curve

A curve formed when plotting yield against maturity over a given period.

Negative Yield Curve: Shorter-term interest rates are higher than longer-term interest rates. It occurs in periods of a "tight" credit environment. Also called inverted yield curve.
Normal Yield Curve: Shorter-term interest rates are lower than longer-term interest rates. It occurs in periods of a "loose" credit environment. Also called positive yield curve.

Yield-to-Maturity

The yield an investor of a bond or debenture would earn if the security were held to maturity. It factors in the price paid for the security (price discount or price premium), the coupon rate, the period remaining to maturity and the face value.

Zero Coupon Bond or Strip Bond

Bonds issued by the government, are purchased by investment dealers, who create zero coupon or strip bonds. They separate or "strip" the face value from its coupon, and then sell them separately as strip bonds. The stripped portion of the principal, and the coupons, is sold separately at discounts in the market.

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Glossary attachment