美国先锋公募基金表格(完全版)
美股代码的缩写
美股代码的缩写【篇一：美股代码的缩写】美股d就是adfn的缩写，是对所有暗盘通道的缩写表示。
除了ntpm的外，剩下的基本都用d表示了。
主要有以下一些：nasd（t或者q，nasdaq显示q，nyse显示t）arca（p）nyse（n）bats（z）edgx（k）edga（j）nqbx（b）amex（a)byx（y）cboe（w)本回答专业性由经济金融分类达人成微认证【篇二：美股代码的缩写】share, equity, stock、股权bond, debenture, debtsnegotiable share可流通股份convertible bond可转换债券treasury/government bond国库券/政府债券corporate bond企业债券closed-end securities investment fund 封闭式证券投资基金open-end securities investment fund 开放式证券投资基金fund manager基金经理/管理公司fund custodian bank 基金托管银行market capitalization 市值p/e ratio 市盈率(price/earning)mark-to-market逐日盯市payment versus delivery 银券交付clearing and settlement 清算/结算commodity/financial derivatives 商品/金融衍生产品put / call option 看跌/看涨期权margins, collateral 保证金rights issue/offering 配股bonus share 红股p>adr美国存托凭证/存股证(american depository receipt) gdr全球存托凭证/存股证(global depository receipt) retail/private investor 个人投资者/散户institutional investor机构投资者broker/dealer 券商proprietary trading 自营insider trading/dealing 内幕交易market manipulation 市场操纵prospectus招股说明书ipo 新股/初始公开发行(initial public offering)merger and acquisition收购兼并all ordinaries index （澳大利亚）股市指数amex(american stock exchange) 美国股票交易所amortize 摊提，分期偿还债务annuity 年金享受权asking price 卖主的开叫价assess 对（财产等）进行估价，确定（款项）的金额back 拖欠的bad loan 呆账，坏账bailout 帮助……摆脱困境balloon （分期付款中）最后数目特大的一笔barometer 晴雨表，[喻]标记，指标basis point 基点（一个百分点的百分之一）bear markets 熊市blue-chip （股票等）热门的，（在同行中）最赚钱的forex foreign exchangebond 债券，公债bourse 交易所，证券交易所bull marketsbullish 牛市的bunji-change 快速的大幅度变化cac-40 index （法国）股市指数cd(certificate-of-deposit) 大额存款单chicago mercantile exchange 芝加哥商业交易所consumer price index 消费者价格指数contagion 蔓延correction 调整coupon rate 券根利率cta(commodities trading advisor) 农矿产品交易顾问currency board 货币委员会dax index （法兰克福）德国股市指数dead loandelist 从上市证券表中除名derivatives 衍生金融商品（由利率或债券、外汇或汇率以及股票或股价指数等现货市场衍生出来，主要有期货futures、期权option trading与掉期swap三种类型，品种多达100余种。
美国公募基金行业报告单
美国公募基金行业报告单美国公募基金行业报告单。
公募基金是一种由投资者购买的一种投资工具，它是一种由专业基金经理管理的投资组合。
公募基金的投资组合通常包括股票、债券、货币市场工具和其他投资工具。
公募基金的投资者可以通过购买基金份额来参与投资。
公募基金行业是一个庞大而复杂的市场，涵盖了各种不同类型的基金和投资策略。
在美国，公募基金行业是一个重要的金融市场。
根据美国证券交易委员会（SEC）的数据，截至2021年底，美国的公募基金市场规模约为20万亿美元。
公募基金行业在美国经济中扮演着重要的角色，为投资者提供了多样化的投资选择，同时也为企业提供了融资渠道。
公募基金行业报告单是对公募基金行业的市场状况、发展趋势、投资策略等方面进行综合分析和评估的报告。
这些报告通常由金融机构、投资研究机构或政府部门发布，旨在为投资者、监管机构和行业从业者提供有益的信息和数据。
在公募基金行业报告单中，通常会包括以下内容：1. 公募基金市场概况，报告会对公募基金市场的规模、结构、参与者等方面进行概述，以便读者对市场有一个整体的了解。
2. 行业发展趋势分析，报告会对公募基金行业的发展趋势进行分析，包括市场增长速度、投资偏好、产品创新等方面的变化。
3. 投资策略与绩效评估，报告会对不同类型的公募基金的投资策略进行分析，并评估它们的绩效表现，以帮助投资者选择合适的基金。
4. 风险管理与监管政策，报告会对公募基金行业的风险管理机制和监管政策进行评估，以确保市场的稳定和健康发展。
5. 市场前景展望，报告会对未来公募基金市场的发展前景进行展望，为投资者和行业从业者提供决策参考。
公募基金行业报告单对投资者、监管机构和行业从业者具有重要的参考价值。
投资者可以通过阅读这些报告了解市场的最新动态和趋势，从而做出更明智的投资决策。
监管机构可以通过这些报告了解市场的运行状况，及时采取必要的监管措施。
行业从业者可以通过这些报告了解市场的发展趋势和竞争状况，为自己的业务发展制定合理的策略。
基于TM-FF3模型的基金择时、选股能力及投资风格分析
整。但他们进一步研究还认为，这只是最理想的状况，不切合实际情形。而只有在弧线的状 态下，即基金经理能根据市场的变化形势逐渐调整基金的证券投资组合，才是比较接近现实 的状况。由此，特雷诺和玛泽进一步认为，在基金绩效评估中应当再加入一个二次项
( ) R m ,t − R f ,t 2 后，即可准确评估投资基金的择时能力和选股能力。此时 T-M 模型即为： ( ) ( ) Rp,t − Rf ,t = α + β1 Rm,t − Rf ,t + β2 Rm,t − Rf ,t 2 + ε p,t 。其中，α 为选股能力指标；β2 为
股收益率之差来衡量， hml 为价值因素，用高面值/市值股票与低面值/市值股票收益率之差
表示。
第二部分：实证分析
本文采用基于 Fama-French 三因素模型的 T-M 模型对我国股票型基金在不同市场环境
中的择时、选股能力进行研究。三因素 T-M 模型同时也考虑了市场的规模效应和价值效应，
我们还可以利用该模型实现对样本基金投资风格的考察。TM-FF3 模型的基本形式为：
1966 年，美国著名财务学者特雷诺和玛泽第一次创新地对证券投资基金的选股择时能 力提出独特的研究模型并进行相应的计量实证分析。他们认为，假设证券投资基金具备择时 能力，将产生两种情形的特征线，如图 1.1 所示：
图 1：T-M 模型
Rp − Rf
0
Rm − R f
在折线情形下，基金经理能准确预测市场走势的拐折点，并同时进行相应的组合风险调
R f ,t
t 时刻无风险收益率
R f ,t 以一年期定期存款利率统计
R m,t
参照市场 t 时刻收益率
R m,t 以 0.8*新华富时 A600 指数收益率+0.2*新
FOF基金报告11
FOF基金报告一、什么是FOF基金FOF基金是以是以基金为投资标的。
它通过专业机构对基金进行筛选，帮助投资者优化基金投资效果。
FOF基金主要有三个优点：第一是投资的专业性。
截止2015年底，国内公募基金数量是2689只，曾一度超过沪深A股上市公司总和（数据来源天相投顾）；备案的私募基金管理人数量是25755家，备案的私募基金产品数量是27163只（数据来源基金业协会公示信息）。
公私募基金数量繁多鱼龙混杂，普通投资者挑选一只适合自己的基金如同大海捞针，困难远超挑选一只股票。
而FOF 基金管理人专业从事基金研究，以科学的投资策略和严谨的投资流程，帮投资者筛选出最适宜投资的基金产品。
第二是风险的分散性。
虽然市场上基金投资类型多样，但单只基金的投资类型相对固定，无法避免系统性风险。
2014年下半年，私募基金方兴之时，以无风险绝对收益为标榜的对冲基金在12月份遭遇黑天鹅，当月回撤超过10%甚至清盘的对冲基金达200多只；2015年下半年爆发股灾，致使年度清盘的股票型私募基金达1589只，其中不乏资深机构和私募大佬；2016年股灾3.0，截止1月24日股票型私募基金净值跌破0.8的达670只，清盘的330只。
（数据来源格上理财）通过以上血淋淋的数据我们可以看到，单只基金根本无法避免系统性风险。
而FOF基金同时持有多只基金产品，包含不同的投资类型，能适应多变的市场，有效降低波动率，分散了各种风险。
第三是规模的优越性。
市场上很多优秀的基金产品只对机构投资者开放，或者有很高的申购门槛。
个人投资者纵然心向往之，也无法参与其中。
FOF基金作为一个渠道，可以将募集到的个人投资者资金以机构投资者的身份进行投资，因此可以投资到非常稀缺优秀的基金产品。
二、FOF基金在国外的发展状况1985年3月，美国市场第一只真正意义上的FOF由先锋基金率先推出。
该基金70%的资产投资于股票，30%投资于债券，且均投资于公司旗下基金。
1996年美国证券市场改善法案(National Securities Markets Improvement Act of 1996)推动基金公司大量发行FOF。
2018年先锋基金公司调研分析报告
2018年先锋基金公司调研分析报告报告编号：3目录第一节美国先锋基金——全球最大的公募基金 (5)一、简介 (5)二、发展历程 (6)三、公司理念 (7)第二节先锋基金旗下共同基金和ETF产品介绍 (8)一、按基金类型划分 (9)二、按资产类型划分 (14)三、按地域划分 (16)四、按是否为指数型基金划分 (19)第三节立足于服务的产品线 (22)一、一站式基金 (23)1、退休储蓄基金 (23)2、退休金管理基金 (26)3、生活策略基金 (28)4、入学储蓄基金 (29)二、先锋基金精选系列 (31)第四节总结与讨论 (32)第五节风险提示 (33)图表目录图表1：先锋基金Logo (5)图表2：10年累计成本对比 (7)图表3：累计成本的时间序列对比 (8)图表4：基金类型:数量和规模对比（2018.3） (9)图表5：基金类型:数量和规模占比对比（2018.3） (9)图表6：基金类型:数量占比变化 (10)图表7：基金类型:新发基金的数量变化 (11)图表8：基金类型:规模变化（亿美元） (11)图表9：基金类型:规模占比变化 (12)图表10：基金类型:费率变化 (14)图表11：资产类型:数量和规模对比（2018.3） (14)图表12：资产类型：数量和规模占比对比（2018.3） (15)图表13：资产类型:规模占比变化 (15)图表14：资产类型:数量占比变化 (16)图表15：地域:数量和规模对比（2018.3） (17)图表16：地域:数量和规模占比对比（2018.3） (17)图表17：地域:数量占比变化 (17)图表18：地域:新基金发行的数量变化 (18)图表19：指数/非指数:数量和规模对比（2018.3） (19)图表20：指数/非指数：数量和规模占比对比（2018.3） (19)图表21：指数/非指数：规模变化 (20)图表22：指数/非指数：规模占比变化 (21)图表23：指数/非指数：数量占比变化 (21)图表24：指数/非指数：新基金发行的数量变化 (22)图表25：先锋目标退休基金系列的资产配置变化图 (24)图表27：退休金管理基金的发放金额（美元） (26)图表28：退休金管理基金的资产配置比例（2018.4） (27)。
什么是FOF基金
一、FOF是什么？FOF英文FUND OF FUND首字母的缩写，意思是基金中的基金。
我们买基金相当于从所有的股票里挑选出一组好股票买入，FOF基金就是再从所有基金中挑选一组好基金买入。
也就是说一堆股票组成了一只基金，一堆基金组成了FOF。
FOF基金并不直接投资股票或债券，其投资范围仅限于其他基金。
举个例子：市场上现在有300多个基金，可能是股票基金，混合基金，货币基金，ETF基金等，我现在从这300多个基金当中优选出20个基金，按照一定的比例，就可以组成一个FOF！那我们已经通过购买基金参与到股票市场了,为什么要买这个基金中的基金呢?市场上几千只基金，对于普通投资者来讲，面临最难的一个问题就是挑选哪一只买入，对于初级投资者来讲挑选的难度甚至不亚于挑选一只股票，即使你买入了今年市场上的一只大牛基，收益高出市场平均很多，但是有可能在第二年它的收益就下降了，你反而亏钱了。
可远观而不可亵玩焉，这是大多数基民都会面临的问题。
所以这个FOF基金就帮助我们在一堆基金中去挑选一组基金买入，打包成组合。
讲到这里大家就能清楚了解这个FOF到底是干什么的了。
股票型基金，主要买股票；债券型基金，主要买债券；而FOF基金，就是购买不同类型的基金，相当于买到了一个基金组合，帮助投资者二次分散风险。
那接下来最重要的问题就是这个FOF有什么优势,我们是否有必要去买这种基金组合。
我们来来看一下FOF的身世和历史表现：第一支公募FOF基金是1985年由美国的先锋基金推出，旗下的经典目标日期FOF基金是当前全球市场上最大的FOF基金,是美国市场上的代表产品。
还有第二大富达基金，属于“一站式”的退休储蓄计划，会把退休资金配置在富达旗下21只基金组成的一揽子资产，如股票、债券和现金中。
在投资策略方面,随着投资者退休日期的临近，富达逐渐改变资产配置方向，把资产从高风险股票资产转向低风险的固定收益类中，也就是离你退休的日子越近，资产组合中的投资标的就会风险越低。
量化投资ppt课件
50% 40% 30% 20% 10%
0% -10% -20% -30% -40% -50%
收益曲线比较：股票 vs Straddle
股票价格变化
股票 Straddle
量化投资策略
Renaissance Technology, 管理资产超过150亿 美元，总部位于纽约长岛，主基金Medallion， 17年年化收益35%
主要市场参与者与产品
几个著名的量化对冲基金产品表现
第21页
国内市场现状
规模占管理资产不到2%
公募15支量化基金，超过200亿管理资产 券商集合理财10支 私募量化基金20多支
需要借助复杂的数学模型。特征过于复杂，不够透明 ，难以被普通投资者理解。
实际应用：
• 期权、奇异期权 • 信用衍生品(CDS等) • 利率掉期(IRS)、货币互换(Swap) • 结构性产品(ABS、CDO)
量化投资策略
一个例子，使用期权组合构造收益
资本收益 -40% -37% -34% -31% -28% -25% -22% -19% -16% -13% -10%
Litterman、Rosenberg Barra、李祥林(David Li)
什么是量化投资
和量化投资有关的故事
量化投资策略
常见的量化投资策略
套利 多因子模型 高频交易 统计套利 衍生品、结构性产品 事件驱动
量化投资策略
套利类策略
利用价格与真实价值之间暂时的背离获取收益 理论上无风险，实际中风险很低，收益取决于套利机
量化投资关注的领域
Term Sheet模板(美国基金募集)
Term SheetSet forth below is a summary of certain significant provisions of the Limited Partnership Agreement of New Private Equity Fund, L.P. (the “Partnership”) and other related agreements governing the Partnership. The following summary does not purport to be complete and is subject to the detailed provisions of the Limited Partnership Agreement, the Subscription Agreement and the Management Agreement. These doc-uments should be read in their entirety by investors and are available upon request from the General Partner, who is also available to re-spond to investors' inquiries and requests for further information con-cerning the Partnership.The Partnership: New Private Equity Fund, L.P. (the "Part-nership") is a limited partnership organizedunder the laws of Delaware for the purposeof making equity and equity-related in-vestments (“Portfolio Investments”) activein [describe investment sector].Size of the Offering: The Partnership is offering $ million of limited partnership interests (the "Inter-ests"). However, the General Partner may increase or decrease the size of the offering. The minimum size of the Partnership shall be $ million.Purchasers of Interests are referred to col-lectively herein as the "Limited Partners," and together with the General Partner as the "Partners."Minimum Limited Partner Commitment: The minimum subscription by a Limited Partner will be $ million, subject to re-duction at the discretion of the General Partner, which also has discretion to reject the offer of a subscription for any reason.General Partner: The General Partner (the "General Partner")is New Private Equity Fund General Part-ner, LLC, a Delaware limited liability com-pany.Manager: The General Partner will engage New Pri-vate Equity Fund Management, LLC, a De-laware limited liability company (the"Manager"), to provide certain advisoryand management services to the Partner-ship.Term: The Partnership's term will continue untilthe tenth anniversary of the Final Closing,unless terminated sooner upon the happen-ing of certain events as set forth in the Part-nership Agreement, subject to extension ofup to two additional one-year periods bythe General Partner in the discretion of theGeneral Partner.Closings: An initial closing (the "Initial Closing")will be held as soon as practicable. TheGeneral Partner is entitled, in its sole dis-cretion, to continue to accept subscriptionsand to hold one or more subsequent clos-ings (the last one of which is referred to asthe "Final Closing") until nine months afterthe Initial Closing.Effect of Subsequent Closings: Each Limited Partner that participates in a closing subsequent to the Initial Closing will be required to contribute its proportio-nate share of all prior drawdowns (other than those used to pay Management Fees) and pay a charge equivalent to interest thereon at the rate of prime plus 2% per annum from the respective funding dates thereof to the funding date specified for the new Limited Partner.The amounts so contributed will be distri-buted to those Partners who participated in prior closings in proportion to their contri-buted capital. Any amount distributed to a Partner, to the extent it represents a recov-ery of contributed capital, will cause a commensurate increase in the amount of its undrawn commitment and will be subject to subsequent drawdown.Each Limited Partner participating in a closing subsequent to the Initial Closing also will be required to contribute its share of the cumulative amount of the Manage-ment Fee to the Manager that would have paid if it had been a Limited Partner on the date of the Initial Closing, and pay a charge equivalent to interest thereon at the rate of prime plus 2% per annum from the Initial Closing date, and any other Management Fee payment dates, to the closing date in question. Amounts contributed in respect of Management Fees (and any related amount equivalent to interest) will be paid to the Manager.Investment Period: The investment period (the "Investment Period") of the Partnership will extend from the Initial Closing to the earlier of (i) the date on which the total committed capital of the Partnership has been invested or used to pay expenses and liabilities of the Part-nership, or formally reserved for such pur-poses or (ii) the fifth anniversary of the Fi-nal Closing.Up to 15% of the committed capital of the Partnership may be designated as reserved for the purpose of making follow-on in-vestments in existing Portfolio Companies after the end of the Investment Period. Af-ter the Investment Period, further draw-downs may be made only for the purposes of funding investments committed to prior to the end of the Investment Period and which close within six months of the end of the Investment Period, or for follow-on in-vestments as described above, or for meet-ing Partnership expenses.Alternative Investment Vehicles The General Partner will have the right in connection with any investment to direct the capital contributions of some or all of the Partners to be made through one or more alternative investment vehicles if, in the judgment of the General Partner, the use of such vehicle or vehicles would allow the Partnership to overcome legal or regula-tory constraints or invest in a more tax-efficient manner or would facilitate partici-pation in certain types of investments. Any alternative investment vehicle will contain terms and conditions substantially similar to those of the Partnership and will be ma-naged by the Manager or an affiliate the-reof.Reinvestment of Capital: Proceeds from the sale or other disposition of investments other than short-term in-vestments of excess cash generally will not be subject to reinvestment and, once distri-buted, generally will not be subject to re-call. However, proceeds constituting a re-turn of capital (but not income or gain) from the sale or other disposition of a Port-folio Investment within one year of the date such investment originally was made may be reinvested by the General Partner in Portfolio Investments (including follow-on investments). In addition, if and to the ex-tent that any such proceeds are distributed, they will be added to unfunded capital commitments and again be available for drawdowns throughout the term of the Partnership to the extent otherwise permit-ted.Management Fee: The Manager will receive an annual man-agement fee (the "Management Fee"), pay-able quarterly in advance by the Partner-ship, of 2% per year based on the total capi-tal committed to the Partnership for the In-vestment Period and 2% per year basedupon unreturned capital contributions to thePartnership thereafter. Fifty percent of theaggregate amount of any fees (net of anyrelated expenses) received by the Manager,the General Partner, the Principals or anyaffiliate of any Principal from PortfolioCompanies or potential portfolio compa-nies, including directors fees, managementfees, advisory fees, consulting fees, moni-toring fees, brokers' and finders' fees, trans-action fees, investment banking fees andnet break-up fees and litigation payments, ifany, from broken deals, shall be applied toreduce the amount of future ManagementFees.The contribution of amounts applied to thepayment of the Management Fee will notreduce the capital commitment of any Part-ner.Expenses: Each Partner will be responsible for its prorata share of the organizational expenses ofthe Partnership up to a limit not to exceed$ , the payment of which will notreduce such Partner's capital commitment.The General Partner will bear the economicburden of any offering, start-up or organi-zational expenses in excess of the abovespecified amount, although the GeneralPartner may elect to have such excess ex-penses advanced by the Partnership inwhich case there will be a correspondingreduction will be made to ManagementFees amortized over the term of the Part-nership.Each Limited Partner will be solely respon-sible for its own legal and tax counsel ex-penses and any out-of-pocket expenses in-curred in connection with the organizationof, its admission to, or the maintenance ofits Interest in, the Partnership.The Manager will be responsible for all ofits own normal and recurring routine oper-ating expenses, such as compensation of itsprofessional staff and the cost of officespace, office equipment, communications,utilities and other such normal overheadexpenses. Legal, accounting or other spe-cialized consulting or professional servicesthat the Manager would not normally beexpected to render with its own profession-al staff shall not be considered normal op-erating expenses.The Partnership will be responsible for allother expenses of the Partnership including,but not limited to, the following:(i)All expenses incurred in connectionwith Partnership operations, includ-ing the purchase, holding, sale orproposed sale of any Partnership in-vestments (including legal and ac-counting fees) unless paid for by thecompany which is the subject of theinvestment and including Manage-ment Fees;(ii) Costs and fees relating to the prepa-ration of financial and tax reports,portfolio valuations and tax returnsof the Partnership;(iii) The costs of prosecuting or defend-ing any legal action for or against thePartnership, the General Partner, theManager or their affiliates;(iv) All costs related to the Partnership's indemnification of the General Part-ner, the Manager, the Principals,their affiliates and the members ofthe Advisory Committee;(v) Interest on and fees and expenses arising out of all permitted borrow-ings made by the Partnership; (vi) The costs of any litigation, director and officer liability or other insur-ance and indemnification or extraor-dinary expense or liability relating tothe affairs of the Partnership; (vii) All unreimbursed out-of-pocket costs relating to investment or di-vestment transactions that are notconsummated, including legal, ac-counting and consulting fees, and allextraordinary professional fees in-curred in connection with the busi-ness or management of the Partner-ship;(viii) All expenses of liquidating the Part-nership; and(ix) Any taxes, fees or other governmen-tal charges levied against the Part-nership and all expenses incurred inconnection with any tax audit, inves-tigation, settlement or review of thePartnership.Incurrence of Indebtedness: The Partnership may not incur any indeb-tedness other than to pay expenses or short-term borrowings to fund Limited Partners' capital contributions on an expedited basis. If a Limited Partner's capital contributions are "bridged" by such short-term borrow-ings, the Limited Partners whose capital contributions were so "bridged" shall be responsible for the costs of such borrow-ings.Distributions: The General Partner will distributeproceeds realized from dispositions of in-vestments, plus any dividends or interestincome received at least annually; however,the General Partner may retain amounts itconsiders prudent reserves to meet futureexpenses and liabilities of the Partnership.Distributions will be made in cash and inU.S. dollars or in marketable securities atthe sole discretion of the General Partner(distributions of other property may bemade only with the consent of a majority ininterest of the Limited Partners).Distributions attributable to any PortfolioInvestment will be initially apportionedamong the Partners in proportion to theirrespective percentage interests relating tosuch investment. The amount apportionedto the Limited Partners will then be imme-diately reapportioned as between the Li-mited Partners and the General Partner asfollows:(i) Return of Contributed Capital:100% to the Limited Partners in pro-portion to their contributed capital un-til they have received distributionsequal to their capital contributionsand the pro rata expenses of the Part-nership with respect to all realized in-vestments;(ii) Preferred Return:100% to the Li-mited Partners in proportion to theircontributed capital until they have re-ceived distributions equal to an 8%per annum cumulative return, com-pounded annually (the “Preferred R e-turn”) as calculated on the ir capitalcontributions and the pro rata ex-penses of Partnership with respect toall realized investments;(iii) Carried Interest Catch-up: 100% to the General Partner as an incentivedistribution (the “Carried Interest”)until the General Partner has receivedcumulative distributions of 20% ofthe net profits on all realized invest-ments; and(iv) Carried Interest:thereafter, 80% to the Limited Partners in proportion totheir contributed capital and 20% tothe General Partner as additional Car-ried Interest.Allocation of Income, Expenses, Gainand Loss: Income, expense, gain and loss of the Part-nership will generally be allocated to the Partners in a manner consistent with the distribution of proceeds from investments as described above.Co-Investment by Limited Partners: When the General Partner deems it appro-priate and consistent with the interests of the Partnership, it may provide Limited Partners with additional co-investment op-portunities. Such opportunities may take the form of senior debt, subordinated debt, equity or equity-related investments.Investment Guidelines: The Partnership will invest no more than 20% of aggregate commitments in any sin-gle Portfolio Company without the express consent of Limited Partners representing 66-2/3% of the capital of the Partnership. The Partnership will invest no more than 20% of aggregate commitments in Portfolio Companies organized outside the United States.Drawdowns: Commitments generally will be drawndown as necessary to fund investments andto meet Partnership expenses. A minimumof ten calendar days written notice (a"Funding Notice") will be given by theGeneral Partner. Each Funding Notice willspecify the funding date, amount and pro-posed use of proceeds for each drawdown,as well as provide appropriate payment in-structions.Defaulting Partners: Any Limited Partner that fails to contribute the full amount specified in a Funding No-tice within five business days of the speci-fied due date or any other payment required to be made by it to the General Partner, the Manager or the Partnership may be deemed a defaulting partner (a "Defaulting Part-ner") at the discretion of the General Part-ner. The General Partner in its sole discre-tion may waive or permit the cure of the condition causing such default subject to such conditions upon which the General Partner and such Limited Partner may agree.A Defaulting Partner will not be entitled to participate in any vote, consent or decision to be made by the Limited Partners of the Partnership or be permitted to make any further capital contributions to the Partner-ship.A Defaulting Partner may be subject to for-feitures of distributions that it otherwise would have received and may be subject to a 50% reduction in the balance of its capital account.A Defaulting Partner may also be required to sell its Interest in the Partnership to the other Partners or to a third party at its cost or another price determined to be fair and reasonable under the circumstances by the General Partner in its sole discretion.Withdrawal/ Transfer of Interests: Voluntary withdrawal by Limited Partners from the Partnership will not be permitted. In certain circumstances, however, a Li-mited Partner may be required to withdraw if its continued participation in the Partner-ship would result in a violation of ERISA or other laws or could otherwise be ex-pected to have a material adverse effect on the Partnership.The Interests will be subject to restrictions on resale designed to ensure that the Part-nership will not be required to register un-der the Investment Company Act, to ensure compliance with the laws regulating the sale of unregistered securities and to satisfy certain tax law considerations. All proposed transfers will be subject to the consent of the General Partner and proposed purchas-ers of Interests will be required, among other things, to demonstrate sufficient fi-nancial wherewithal to meet remaining drawdown obligations.Dedication of the Principals: In the event that a majority of the Principals ceases to be actively involved with the business of either the Manager or the Gen-eral Partner, Limited Partners representing 66-2/3% of the capital of the Partnership shall have the right to terminate their com-mitments (except as they relate to existing contracts of the Partnership) and to termi-nate the Partnership. The term "Principals" shall refer to and to any additional individuals who shall be ap-proved by Limited Partners representing 66-2/3% of the capital of the Partnership.Termination: Upon termination, the Partnership shall bedissolved and wound-up. The General Part-ner or, if there is no General Partner, a li-quidator or other representative (the "Rep-resentative") appointed by a majority in interest of the Limited Partners shall pro-ceed with the orderly sale or liquidation of the assets of the Partnership and shall apply and distribute the proceeds of such sale or liquidation in the following order of priori-ty, unless otherwise required by law:(i) first, to pay all expenses of liquida-tion;(ii) second, to pay all creditors of the Partnership (including Partners whoare creditors) in the order of priorityprovided by law or otherwise;(iii) third, to the establishment of any re-serve which the General Partner orthe Representative may deem neces-sary (such reserve may be paid overto an escrow agent); and(iv) fourth, to the Partners or their legal representatives.Upon dissolution, the General Partner or the Representative may in its sole and abso-lute discretion (a) liquidate all or a portion of the Partnership assets and apply the proceeds of such liquidation in the manner set forth above and/or (b) hire independent appraisers to appraise the value of Partner-ship assets not sold or otherwise disposed of or determine the fair market value of such assets, and allocate any unrealized gain or loss determined by such appraisal to the Partners as though the properties in question had been sold on the date of dis-tribution and, after giving effect to any such adjustment, distribute said assets in the manner set forth above, provided that the General Partner or the Representative shallin good faith attempt to liquidate sufficientPartnership assets to satisfy in cash thedebts and liabilities described above.If a Limited Partner shall, upon the adviceof counsel, determine that there is a reason-able likelihood that any distribution in kindof an asset would cause such Limited Part-ner to be in violation of any law, regulationor order, such Limited Partner and the Gen-eral Partner shall each use its best efforts tomake alternative arrangements for the saleor transfer into an escrow account of anysuch distribution on mutually agreeableterms.A reasonable amount of time shall be al-lowed for the orderly liquidation of the as-sets of the Partnership and the discharge ofliabilities to creditors so as to enable theGeneral Partner or the Representative tominimize the losses attendant upon suchliquidation.Clawback: To the extent that over the life of the Part-nership the General Partner has receiveddistributions in respect of the Carried Inter-est exceeding the stipulated share of aggre-gate gains from Portfolio Investments, theGeneral Partner will be liable to return theafter-tax amount of any such excess distri-butions received by it to the Partnership, fordistribution to the Partners, at the end of thePartnership's term.Other Funds: Neither the General Partner, the Principals,nor any affiliate of any Principal will or-ganize or be associated with another in-vestment fund with objectives substantiallyidentical to those of the Partnership withoutthe prior consent of the Limited Partnersrepresenting a majority of the aggregateCommitments until the earlier of the termi-nation of the Investment Period or the dateon which at least 75% of the aggregate cap-ital commitments has been drawn down oris committed to Portfolio Companies or isotherwise unavailable therefor. Indemnification: The Partnership will indemnify, to the max-imum extent permitted by law, the GeneralPartner, the Manager, each of their respec-tive directors, officers, partners, employees,affiliates and assigns and the AdvisoryCommittee, against liabilities, claims andrelated expenses including attorneys' fees,incurred by reason of any action performedor omitted in connection with the activitiesof the Partnership or in dealing with thirdparties on behalf of the Partnership if suchaction or decision not to act was taken ingood faith, and provided that such action ordecision not to act does not constitute grossnegligence, intentional misconduct, aknowing violation of law or an intentionaland material breach of the PartnershipAgreement or the Management Agreement.ERISA Considerations: Investment in the Partnership generally is open to sophisticated institutional investors, including pension and other funds subject to the United States Employee Retirement Income Security Act of 1974, as amended ("ERISA"). Investors subject to ERISA will be required to make certain customary re-presentations or provide assurances in order that the General Partner may determine compliance with ERISA's provisions.The Partnership may be managed in a man-ner intended to qualify it for the venture capital operating company exception from the ERISA plan asset rules. Alternatively, the General Partner may decide to limit theaggregate Interests held by investors sub-ject to ERISA to less than 25%. See "ERISA Considerations."Income Tax Considerations: The Partnership expects to be treated as a partnership for U.S. federal income tax purposes. Accordingly, each Partner will be allocated its allocable share of Partnership items of income, gain, loss, deduction and expense. See "U.S. Federal Income Tax Considerations" for a discussion of the U.S. tax consequences of an investment in the Partnership.The General Partner intends to operate the Partnership in a manner such that it will not be engaged in a trade or business for U.S. tax purposes. Further, the Partnership gen-erally will use its best efforts to avoid gene-rating income or allocating income in a manner that would cause an ERISA or oth-er investor exempt from tax in the United States to recognize "unrelated business tax-able income" or "unrelated debt-financed income" for U.S. tax purposes. See "U.S. Federal Income Tax Considerations."Risk Factors: An investment in the Partnership involvessignificant risk and should be consideredonly by sophisticated investors able to meetdrawdown obligations and assume the risksof loss and illiquidity inherent with an in-vestment in the Partnership. See "Risk Fac-tors."Financial Reporting: The General Partner will provide the Li-mited Partners with annual audited finan-cial statements of the Partnership within 120 days after the end of the fiscal year of the Partnership and quarterly unaudited financial statements within 90 days after the end of each fiscal quarter (except the last). Financial statements will be prepared in accordance with accounting principles generally accepted in the United States. The fiscal year end of the Partnership will be December 31.Annual Meeting: The Partnership will hold an annual meet-ing of the Partners.Legal: Skadden, Arps, Slate, Meagher & FlomLLP shall serve as legal counsel to thePartnership and the General Partner in con-nection with the organization of the Part-nership and the offer and sale of Interests. Auditors: _______________Placement Agent: _______________Advisory Committee: The General Partner will establish an Advi-sory Committee which will include repre-sentatives from the Limited Partners. The Advisory Committee will address, among other things, certain conflicts of interest.。
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4.80%
Target Retirement 2040
4.78%
Target Retirement 2045
4.82%
Target Retirement 2050
4.75%
Target Retirement 2055
4.76%
Target Retirement 2060
—
Managed Payout
Fund total net assets $25.4 billion $5.7 billion $39.6 billion $6.4 billion
Fund total net assets $39.3 billion $17.4 billion $15.7 billion $17.7 billion $6.5 billion $110.9 billion
4.04%
Capital Opportunity Inv
3.32%
Domestic Stock - Sector-Specific
名称
YTD Returns
Energy Fund Investor
–5.36%
Health Care Fund Inv
7.51%
Precious Metals & Mining
1.94%
OH Tax-Exempt Money Mkt
0.03%
2.49%
PA Tax-Exempt Money Mkt
0.02%
2.76%
Tax-Exempt Money Mkt
0.03%
3.45%
Bond Funds（债券型基金）
Taxable Short-Term Bond（应税短期债券）
名称
4.44%
Target Retirement 2010
4.77%
Target Retirement 2015
4.72%
Target Retirement 2020
4.70%
Target Retirement 2025
4.73%
Target Retirement 2030
4.78%
Target Retirement 2035
YTD Returns
500 Index Fund Inv
7.60%
Diversified Equity Inv
6.97%
Dividend Apprec Idx Inv
4.08%
Dividend Growth Fund
4.80%
Equity Income Fund Inv
6.11%
FTSE Social Index Inv
$613.0 million $2.5 billion $16.8 billion
Inception date 03/01/1994 12/31/1987 10/29/1982 10/28/1991
Inception date 06/27/1980 12/27/1978 03/01/1994 11/01/1993 10/28/1991 12/11/1986
Inception date 06/29/2000
Inception date 03/01/1994 07/09/1973 05/19/1986
Inception date 08/31/1987 09/01/1977
Inception date 03/04/1994 09/01/1977
Inception date 04/07/1986 09/01/1992 12/27/1978 09/01/1977
名称
YTD Returns
Mngd Payout Dist Focus
4.82%
Mngd Payout Growth & Dist
5.12%
Mngd Payout Growth Focus
5.35%
Balanced Funds （平衡型基金）
Total 7.82% 8.18% 9.48% 10.17% 8.15%
5.68%
6.95%
I-T Investment-Grade Inv
6.56%
6.45%
Inter-Term Treasury Inv
2.90%
6.93%
Total Bond Mkt Index Inv
3.74%
6.80%
Inflation-Indexed Securities（通胀保值证券）
名称
YTD Returns
Total 8.20% 8.85% 6.95% 6.45% 6.93% 6.80%
Total 7.59%
Total 8.33% 8.83% 8.70%
Total 4.69% 4.40%
Total 5.24% 5.81%
Total 6.35% 6.00% 6.93% 6.20%
Inception date 12/14/1992 07/13/1981 06/04/1975
Long-Term Treasury Inv
8.86%
8.70%
Tax-Exempt Short-Term Bond （免税短期债券）
名称
YTD Returns
Total
Ltd-Term Tax-Exempt Inv
1.26%
4.69%
Short-Term Tax-Exempt Inv
0.67%
4.40%
Total
Inflation-Protect Sec Inv
5.72%
7.59%
Taxable Long-Term Bond（应税长期债券）
名称
YTD Returns
Total
Long-Term Bond Index
10.13%
8.33%
Long-Term Invest-Gr Inv
11.64%
8.83%
名称
YTD Returns
Total
CA LT Tax-Exempt Investor
6.58%
6.35%
FL Foc LT Tax-Ex Investor
5.71%
6.00%
High-Yield Tax-Exempt Inv
6.96%
6.93%
Long-Term Tax-Exempt Inv
6.10%
–24.01%
REIT Index Fund Inv
14.49%
International/Global Stock
名称
YTD Returns
Developed Markets Idx Inv
–0.94%
Emrg Mkts Select Stk Fund
2.37%
FFTTSSEE AAWllx-UWSorSlmd-Cepx-IUdSx IInnvv Gbl ex-US Real Est Ix Inv
Tax-Exempt Intermediate-Term Bond（免税中期债券）
名称
YTD Returns
Total
CA IT Tax-Exempt Investor
4.82%
5.24%
Inter-Term Tax-Exempt Inv
4.25%
5.81%
Tax-Exempt Long-Term Bond （免税长期债券）
6.20%
MA Tax-Exempt Fund NJ LT Tax-Exempt Investor NY LT Tax-Exempt Investor
OH LT Tax-Exempt Fund PA LT Tax-Exempt Investor
5.22% 5.54% 5.37% 5.42% 5.28%
6.47%
Life-Cycle
名称
YTD Returns
LifeStrategy Consrv Grwth
4.39%
LifeStrategy Growth Fund
4.76%
LifeStrategy Income Fund
4.15%
LifeStrategy Mod Growth
4.59%
Target Retirement Income
Total 7.12% 7.43% 6.88% 7.46% 5.50% 5.18% 5.56% 4.46% 5.37% 3.76% 5.49% 3.45% 5.85% 3.53% 10.44% 2.50%
Total 1.99% 1.46% 0.48%
Domestic Stock - General
名称
–0.77% 0.47% 16.49%
International Growth Inv
0.92%
International Value Fund
–0.71%
10.12% 10.34% 6.60% 9.10% 12.81% 1.20% 3.27% 10.34%
Total 12.29% 16.36% 6.59% 10.94%
Taxable Intermediate-Term Bond（应税中期债券）
名称
YTD Returns
Total
GNMA Fund Investor Shares
2.17%
8.20%
High-Yield Corp Fund Inv
8.07%
8.85%
Inter-Term Bond Index Inv
Total 1.39% –12.70% –2.15% 16.61% –0.92% 10.50% 8.98%
货币型基金）
Total 3.16% 4.99% 5.75%
Total 2.73% 2.71% 1.94% 2.49% 2.76% 3.45%