Greek debt relief closer than ever but creditors must act, Greek


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Greek debt relief ‘closer than ever’ but creditors must act, Greek prime minister says

ATHENS Greek Prime Minister Alexis Tsipras kept up his demand for debt relief from international lenders on Tuesday, saying Athens was close to securing a solution to ease its debt mountain but that creditors must meet there commitments.

Greece wants to wrap up negotiations with the lenders — the European Union and International Monetary Find — on reforms and on debt relief this month.

It needs another tranche of bailout money, wants to qualify for inclusion in the European Central Bank’s bond-buying program, and seeks to return to bond markets immediately afterwards.

“We are closer than ever to a substantial solution on debt relief,” said Tsipras reiterating that Greece had already agreed to apply more austerity after its current bailout expires and it was its lenders’ turn to fulfill their promises of discussions about debt relief.

“Τhe ball is no longer in our court,” he told reporters referring to lenders’ statements on debt relief in past years.

Despite Greece’s recent statements and a bailout review agreement at staff level, sources close to the lenders have been less optimistic seeing talks on debt relief lasting longer than May.

This is because of sharp differences between the IMF and Germany, Europe’s paymaster, over the Greece’s fiscal targets. The former says Greece’s target and debt are unsustainable; the latter, with an election coming, is less willing to drop its hard line.

After six months of tense talks, Athens and the lenders reached a deal last week on a set of additional reforms the country needs to implement in 2019-20, two years after its current, 86-billion euro bailout program expires.

Greece wants euro zone finance ministers to approve the reforms’ deal at a scheduled Eurogroup meeting on May 22 — a key condition for unlocking vital loans — but also agree on a formula to make its debt sustainable in the medium-term and long term.

Debt sustainability is key for the European Central Bank and the Washington-based IMF, which participated financially in the country’s first two rescue packages, but has yet to announce whether it will join Greece’s current program, the third since 2010.

Greek lawmakers are expected to vote on the new austerity package by May 18, before euro zone finance ministers assess the country’s progress.

Tsipras, who is sagging in opinion polls and whose term expires in 2019, controls 153 lawmakers in the 300-seat parliament and he is expected to pass the bill.

But the delays in the negotiations have slowed projected economic growth and have exacerbated reform fatigue after seven years of austerity hurting the government’s popularity further.

Asked whether he was considering a cabinet reshuffle, Tsipras ruled it out.

“We are not considering it. Our aim now is to speed up work as much as we can,” he said during a visit at the education ministry, where he announced a planned education reform.

(Additional reporting Angeliki Koutantou Editing by Jeremy Gaunt)

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03/11/2017

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Best UK Equity and Bond Funds #oeics, #unit #trusts, #fund #prices,


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24/09/2017

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Maryland Automobile Dealers Association #maryland #automobile #insurance #fund


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Who We Are:

Maryland Automobile Dealers Association (MADA) is a statewide association of new car and truck dealers managed by a Board of Directors, which consists of members representing districts throughout the State. Individuals in related businesses are eligible and encouraged to join as associate members.

In 2010, MADA celebrated its 100th Anniversary. We are proud to have served Maryland dealers and our communties for over 100 years and look forward to entering a new century of service.

Our Mission

MADA was founded in 1910 as a non-profit trade association for the purpose of: “facilitating the exchange of ideas among its members; to encourage sound business policies; to foster constructive motor vehicle legislation; to discourage destructive motor vehicle legislation, and to promote confidence, respect and good fellowship among all who are directly or indirectly engaged in the motor vehicle industry.”

The Dealers’ Voice in Annapolis:

MADA has developed a strong working relationship with members of the Maryland General Assembly, the Motor Vehicle Administration, the Department of the Environment and numerous other state agencies.

Every year the Association analyzes hundreds of legislative and regulatory proposals and evaluates their impact on the new vehicle industry. Positions on specific legislative and regulatory issues are developed by the Association in cooperation with the dealer members and are presented as a collective view. MADA strives to minimize the impact of government regulations on its dealer members. The Maryland New Car and Truck Dealers Association Political Action Committee (MNCTDA/PAC) plays a significant role in the Association’s legislative program, working to elect candidates whose views most closely mirror those of the new car and truck dealers. In the years ahead, the Association will continue to recommend and support legislation that furthers the interest of the industry that is so vital to the state’s economic well being.

Public Relations

Your local new car and truck dealer is a vibrant part of the community in which he/she conducts business. Dealers are civic leaders, philanthropists, sports coaches, and they serve in other valuable roles in their community.

In addition to the good work dealers� and their employees conduct every year, MADA contributes to a number of charities on the dealers behalf as well. Maryland’s Shock Trauma Center in Baltimore is one of the top recipients of MADA charitable funds. Each year, shock trauma administrators are presented with a check at MADA’s annual press preview for the Baltimore International Auto Show.

MADA is also a proud sponsor of the Maryland State Teacher of the Year. MADA annually awards the winning teacher with a free vehicle. The teacher of the year is also invited to speak to MADA members at the Annual Meeting and Legislative Reception.


20/09/2017

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TEMPLETON GLOBAL BOND FUND A (MDIS) USD Fonds Kurs, 971663, LU0029871042,


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Templeton Global Bond Fund A (Mdis) USD WKN: 971663 / ISIN: LU0029871042

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Der Templeton Global Bond Fund A (Mdis) USD gehört zur Kategorie “Rentenfonds internationale Währungen”.

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18/09/2017

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Dartmouth College Endowment Fund #dartmouth #college #fund


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Name. Dartmouth College Investment Office

Assets Under Management: $4.5 Billion (Source: Valley News Staff Writer on 6/30/2014)

Portfolio Insights: We are pleased to report that the Endowment portfolio earned an investment return of 5.8% for the fiscal year ended June 30, 2012. The total market value of the Endowment, which stood at $3.49 billion at June 30, 2012, rose by $73 million over the course of the fiscal year, including investment gains as well as gifts and transfers ($58.5mm), and net of distributions for spending ($182.9mm). The fiscal year 2012 investment return contributes to a strong long-term performance record, relative to the broad equity and fixed income markets, resulting in meaningful financial support to Dartmouth over time.

Over the 10-year period ending June 30, 2012, the Endowment produced an annualized 8.2% investment return net of fees, outperforming a 60/40 blended stock/bond benchmark return of 6.1% per annum and higher education inflation of 3.3% per annum. This long-term return also places Dartmouth in the top-quartile of relevant peer universes. The chart below shows the growth of $100 invested at the Endowment rate of return. (Source )

Our team, the Endowment Fund Association (EFA) and Endowments.com is the #1 community and most visited website dedicated to endowment fund professionals. We provide endowment funds with buy-side co-investment and direct investment deal origination services, outsourced chief investment officer selection help, and also provide Endowment 500 research and Endowment Database Solutions .

Top Dartmouth College Endowment Fund (Dartmouth College Investment Office) Headlines :

1) Dartmouth’s endowment reported investment gains of 19.2 percent for fiscal year 2014, which ended on June 30, 2014. The endowment now stands at $4.5 billion, up $735 million from a year earlier, after $778 million in investment gains, $146 million in gifts and transfers, and $189 million in distributions. Over 20 percent of the College’s operating budget is funded by the endowment.

The endowment outperformed a general 60 percent equity/40 percent bond benchmark, which gained 15.3 percent, and Wilshire Associates’ one-year median of 15.6 percent for foundations and endowments. In addition, the endowment reported higher investment gains than last year, when it netted a 12.1 percent gain, and fiscal year 2012, when it netted 5.8 percent.

Over the past 20 years, the endowment has returned an average of 11.7 percent annualized, beating the 9.8 percent return of the S P 500 and the 7.1 percent return of the 60 percent equity/40 percent bond benchmark. The fund’s performance ranks within Wilshire’s top quartile of endowments and foundations. (Source )

2) Dartmouth College says its endowment earned an investment return of 19 percent during the past fiscal year. That s a $735 million gain leaving the Ivy League school with $4.5 billion in its endowment fund. (Source )

3) Kelsey Morgan joined the Dartmouth College Investment Office in 2012 as a Managing Director for Marketable and Hedged Strategies. Prior to Dartmouth, Kelsey was the Associate Director at Willett Advisors where he assisted with manager selection and portfolio construction for the group s fixed income and public equity portfolios. Previously, Kelsey held positions with Investor Group Services in Boston, MA and Nautic Partners in Providence, RI. Kelsey graduated from Dartmouth College with a Bachelor of Arts degree in 2002, and earned an MBA from The Tuck School of Business at Dartmouth College in 2008 where he was a Tuck Scholar. (Source )

4) Dartmouth College Endowment engages in the following alternative investment strategies: buyouts/corporate finance, distressed debt/turnarounds, energy/oil gas, hedge funds, international private equity, limited partnership secondaries, mezzanine, real estate, and venture capital. Dartmouth College Endowment will commit from $2 million to $10 million per partnership and has a net internal rate of return target of 20%. The fund allocates 5% to 18% of its assets to alternative investments. Dartmouth College Endowment was formed in 1978 and is based in Hanover, New Hampshire. (Source )

5) It’s not hard to see what Dartmouth College’s wealthy alumni have given to the 244-year-old Ivy League school, nestled among pine trees in Hanover, New Hampshire.

A 9-foot-tall (2.7-meter-tall) bronze spider sculpted by Louise Bourgeois is the latest arrival. It teeters menacingly on long legs in front of the Black Family Visual Arts Center, built with $48 million from buyout billionaire Leon Black, who graduated in 1973. Other contemporary buildings have sprouted up among the rows of brick Greek- and Georgian-style buildings on the Dartmouth campus in recent years, financed by hedge-fund manager Stephen Mandel (class of ’78) and private-equity investor Russ Carson (class of ’65), Bloomberg Markets will report in its February issue. (Source )

About Richard C. Wilson


08/09/2017

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What are Mutual Funds #define #mutual #fund, #types #of #mutual #funds,


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What is a Mutual Fund. Types of Mutual Funds in India – Latest NAV and Market Risks

What are Mutual Funds? Define Mutual Fund / Definition of Mutual Funds ( MF ) in India

Mutual funds are in the form of Trust (usually called Asset Management Company) that manages the pool of money collected from various investors for investment in various classes of assets to achieve certain financial goals. We can say that Mutual Fund is trusts which pool the savings of large number of investors and then reinvests those funds for earning profits and then distribute the dividend among the investors. In return for such services, Asset Management Companies charge small fees. Every Mutual Fund / launches different schemes, each with a specific objective. Investors who share the same objectives invests in that particular Scheme. Each Mutual Fund Scheme is managed by a Fund Manager with the help of his team of professionals (One Fund Manage may be managing more than one scheme also).

Where does Mutual Funds usually invest their funds :

The Mutual Funds usually invest their funds in equities, bonds, debentures, call money etc. depending on the objectives and terms of scheme floated by MF. Now a days there are MF which even invest in gold or other asset classes.

What is NAV. Define NAV :

NAV means Net Asset Value. The investments made by a Mutual Fund are marked to market on daily basis. In other words, we can say that current market value of such investments is calculated on daily basis. NAV is arrived at after deducting all liabilities (except unit capital) of the fund from the realisable value of all assets and dividing by number of units outstanding. Therefore, NAV on a particular day reflects the realisable value that the investor will get for each unit if the scheme is liquidated on that date. This NAV keeps on changing with the changes in the market rates of equity and bond markets. Therefore, the investments in Mutual Funds is not risk free, but a good managed Fund can give you regular and higher returns than when you can get from fixed deposits of a bank etc.

WHAT ARE VARIOUS TYPES OF MUTUAL FUNDS :

A common man is so much confused about the various kinds of Mutual Funds that he is afraid of investing in these funds as he can not differentiate between various types of Mutual Funds with fancy names. Mutual Funds can be classified into various categories under the following heads:-

(A) ACCORDING TO TYPE OF INVESTMENTS :-While launching a new scheme, every Mutual Fund is supposed to declare in the prospectus the kind of instruments in which it will make investments of the funds collected under that scheme. Thus, the various kinds of Mutual Fund schemes as categorized according to the type of investments are as follows :-

(a) EQUITY FUNDS / SCHEMES

(b) DEBT FUNDS / SCHEMES (also called Income Funds)

(c ) DIVERSIFIED FUNDS / SCHEMES (Also called Balanced Funds)

(d) GILT FUNDS / SCHEMES

(e) MONEY MARKET FUNDS / SCHEMES

(f) SECTOR SPECIFIC FUNDS

B) ACCORDING TO THE TIME OF CLOSURE OF THE SCHEME :While launching new schemes, Mutual Funds also declare whether this will be an open ended scheme (i.e. there is no specific date when the scheme will be closed) or there is a closing date when finally the scheme will be wind up. Thus, according to the time of closure schemes are classified as follows :-

(a) OPEN ENDED SCHEMES

(b) CLOSE ENDED SCHEMES

Open ended funds are allowed to issue and redeem units any time during the life of the scheme, but close ended funds can not issue new units except in case of bonus or rights issue. Therefore, unit capital of open ended funds can fluctuate on daily basis (as new investors may purchase fresh units), but that is not the case for close ended schemes. In other words we can say that new investors can join the scheme by directly applying to the mutual fund at applicable net asset value related prices in case of open ended schemes but not in case of close ended schemes. In case of close ended schemes, new investors can buy the units only from secondary markets.

C) ACCORDING TO TAX INCENTIVE SCHEMES :Mutual Funds are also allowed to float some tax saving schemes. Therefore, sometimes the schemes are classified according to this also:-

(a) TAX SAVING FUNDS

(b) NOT TAX SAVING FUNDS / OTHER FUNDS

(D) ACCORDING TO THE TIME OF PAYOUT :Sometimes Mutual Fund schemes are classified according to the periodicity of the pay outs (i.e. dividend etc.). The categories are as follows :-

(a) Dividend Paying Schemes

(b) Reinvestment Schemes

The mutual fund schemes come with various combinations of the above categories. Therefore, we can have an Equity Fund which is open ended and is dividend paying plan. Before you invest, you must find out what kind of the scheme you are being asked to invest. You should choose a scheme as per your risk capacity and the regularity at which you wish to have the dividends from such schemes

How Does a Mutual Fund Scheme Different from a Portfolio Management Scheme ?

In case of Mutual Fund schemes, the funds of large number of investors is pooled to form a common investible corpus and the gains / losses are same for all the investors during that given peirod of time. On the other hand, in case of Portfolio Management Scheme, the funds of a particular investor remain identifiable and gains and losses for that portfolio are attributable to him only. Each investor’s funds are invested in a separate portfolio and there is no pooling of funds.

Are MFs suitable for Small Investors or Big investors. Why Should I Invest in a Mutual Fund when I can Invest Directly in the Same Instruments

We have already mentioned that like all other investments in equities and debts, the investments in Mutual funds also carry risk. However, investments through Mutual Funds is considered better due to the following reasons :-

(a) Your investments will be managed by professional finance managers who are in a better position to assess the risk profile of the investments;

  • (b) In case you are a small investor, then your investment cannot be spread into equity shares of various good companies due to high price of such shares. Mutual Funds are in a much better position to effectively spread your investments across various sectors and among several products available in the market. This is called risk diversification and can effectively shield the steep slide in the value of your investments.
  • Thus, we can say that Mutual funds are better options for investments as they offer regular investors a chance to diversify their portfolios, which is something they may not be able to do if they decide to make direct investments in stock market or bond market. These are particularly good for small investors who have limited funds and are not aware of the intricacies of stock markets. For example, if you want to build a diversified portfolio of 20 scrips, you would probably need Rs 2,00,000 to get started (assuming that you make minimum investment of Rs 10000 per scrip). However, you can invest in some of the diversified Mutual Fund schemes for an low as Rs.10,000/-

    What are risks by investing funds in Mutual Funds :

    We are aware that investments in stock market are risky as the value of our investments goes up or down with the change in prices of the stocks where we have invested. Therefore, the biggest risk for an investor in Mutual Funds is the market risk. However, different Schemes of Mutual Funds have different risk profile, for example, the Debt Schemes are far less risk than the equity funds. Similarly, Balance Funds are likely to be more risky than Debt Schemes, but less risky than the equity schemes.

    What is the difference between Mutual Funds and Hedge Funds :

    Hedge Funds are the investment portfolios which are aggressively managed and uses advanced investment strategies, such as leveraged, long, short and derivative positions in both domestic and international markets with a goal of generating high returns. In case of Hedged Funds, the number of investors is usually small and minimum investment required is large. Moreover, they are more risky and generally the investor is not allowed to withdraw funds before a fixed tenure.

    Some other important Terms Used in Mutual Funds


    Sale Price. It is the price you pay when you invest in a scheme and is also called Offer Price . It may include a sales load.

    Repurchase Price. – It is the price at which a Mutual Funds repurchases its units and it may include a back-end load. This is also called Bid Price.

    Redemption Price. It is the price at which open-ended schemes repurchase their units and close-ended schemes redeem their units on maturity. Such prices are NAV related.

    Sales Load / Front End Load. It is a charge collected by a scheme when it sells the units. Also called, �Front-end� load. Schemes which do not charge a load at the time of entry are called �No Load� schemes.

    Repurchase / �Back-end� Load. It is a charge collected by a Mufual Funds when it buys back / Repurchases the units from the unit holders.

    You can give your feedback / comments about this Article. Please give only relevant comments as irrelevant comments are waste of time for yourself and our other readers.


    06/09/2017

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  • Is Vanguard Wellesley Income The Only Retirement Fund You Need? #vanguard


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    Is Vanguard Wellesley Income The Only Retirement Fund You Need?

    • Vanguard Wellesley Income Fund’s combination of conservative allocation, low expenses, and a solid long-term performance record makes it an ideal choice for retirees.
    • The fund has returned an average of 10% per year over its 45-year history while maintaining a conservative 40% stock and 60% bond allocation.
    • Measured against the major stock market indices, this fund has proven its ability to smooth out much of the market’s short-term volatility while delivering above-average returns.

    When it comes to retirement planning, I’m a firm believer that simpler is better. Many advisors will recommend a platter of different fund and ETF choices that cover nearly all asset classes and risk levels. By the time it’s all said and done, you’ve got a needlessly complex portfolio that’s challenging for the layperson to manage as time passes and personal circumstances change.

    What if you could find a fund that covers all the bases, has a long history of solid performance, comes priced cheap and keeps it nice and simple? The Vanguard Wellesley Income Fund (MUTF:VWINX ) just might be what you’re looking for.

    Wellesley Income started way back in 1970 and has been delivering for decades for conservative investors. Since its inception, this fund has delivered a 10% average annual return – more than sufficient for someone who’s looking to fund a long retirement. Perhaps more important, take a look at the long-term performance chart when compared to the SPDR S P 500 Trust ETF (NYSEARCA:SPY ).

    The chart only goes back to the early 1990s, but the point to be made is clear. The S P 500 experienced a lot of volatility in 2000 when the tech bubble burst and again from 2007-2008 during the financial crisis. You can see that the conservative 40% stock/60% bond allocation has served its purpose in smoothing out a lot of the highs and lows the broad stock market has experienced over time – something that is exactly what retirement income seeking investors are looking for. The fund has underperformed the S P 500 in recent years – something that should be expected given the overall stock market’s performance – but the idea that the fund has achieved its overall objective remains intact.

    Vanguard is known for its rock bottom expense ratios, and this fund is no exception. With an expense ratio of just 0.25% (its lower-cost Admiral class of shares (MUTF:VWIAX ) charges just 0.18%), Wellesley falls far below the 0.84% expense charge for similar funds. Retirement portfolios should consist of low-cost choices as that means more money ends up in your pockets, and Wellesley certainly fits the bill.

    The composition of the fund is right in the range of what you’d look for in an appropriate retirement investment as well. Wellesley’s average stock holding falls into the Large Value segment and includes big names like Wells Fargo (NYSE:WFC ), Johnson Johnson (NYSE:JNJ ) and Exxon Mobil (NYSE:XOM ) although growth names like Microsoft (NASDAQ:MSFT ) and Intel (NASDAQ:INTC ) are peppered in there as well.

    The fund’s bond holdings fall into the medium-term investment grade category. The average duration on these holdings is 6.9 years, which is a little on the high side, but all bonds in the portfolio are rated investment grade (about 20% of the bond portfolio is in Treasuries) and help juice the fund’s overall 2.3% yield.

    One of the things that every portfolio should have – retirement or otherwise – is international exposure. Just 6.2% of Wellesley’s stock portfolio and 2.6% of its bond holdings would be categorized as foreign. That’s a little on the light side, but I don’t consider it too concerning given the global presence of many of the fund’s holdings. The prospectus stipulates that as much as 20% of the portfolio can be invested in foreign securities although the fund hasn’t closely approached that figure any time recently.

    It’s tough to put a one-size-fits-all stamp on any investment choice, but Vanguard’s Wellesley Income Fund may be pretty close. If you use the “110 minus your age” theory for how much of your portfolio should be in stocks vs. bonds, Wellesley’s 40/60 allocation is right on target for many retirees (although older and more risk-averse retirees may choose something with a higher bond allocation).

    The professional management at a lost cost with a solid long-term track record is exactly what a retirement portfolio should consist of. With Wellesley checking off many of the boxes on a retiree’s must-have list, this fund could be the only retirement choice you need.

    Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    The author wrote this article themselves, and it expresses their own opinions. The author is not receiving compensation for it (other than from Seeking Alpha). The author has no business relationship with any company whose stock is mentioned in this article.

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    04/09/2017

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    Vet Center – Atlanta Humane Society #atlanta #micro #fund


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    Request Appointment

    Give us a ring – 404-875-6420
    Current Clients: Schedule online
    Help us out and complete a registration ahead of time. (URL below)
    Vet Center Form Registration

    Welcome to the Atlanta Humane Society Veterinary Center

    Atlanta Humane Society operates a full service animal hospital providing a range of general and surgical services including spay/neuter, vaccinations, microchips, dental work, heartworm and flea prevention for dogs and cats. All these service are available to the public.

    Our team of veterinarians and animal healthcare professionals are committed to providing compassionate service at a reasonable price. We believe a strong relationship between veterinarian, pet and owner is key to happy, healthy, pets; we’d love to be your pet’s primary healthcare provider!

    The AHS Vet Center is conveniently located in west midtown Atlanta on the campus of our Howell Mill Road adoption center. Parking to the AHS Vet Center can be accessed from Edgehill Avenue.

    By choosing the AHS Vet Center, you help Atlanta Humane Society save the lives of more animals. All proceeds from the AHS Vet Center help fund important mission work. Atlanta Humane Society serves 25,000 animals every year including the adoption of 8,000 animals into loving forever homes.

    Payment Options

    The AHS Vet Center accepts both cash and most major credit and debit cards. We do not accept personal checks. Payment is due at the time service is provided.

    Every day, we strive to provide compassionate service at reasonable price. However, we understand the cost of veterinary care can still be expensive. In order to help with the financial challenges of pet ownership, we have partnered with Care Credit. This service provides easy access to low cost financing for veterinary care.

    Online Animal Records

    To access your pet s appointment schedule and healthcare information, visit our VetScene page.

    Frequently Asked Questions

    Testimonials

    “Thank you for the amazing job you guys did for my dog Yoguri! The staff was awesome, friendly and willing to work with my crazy schedule. I will continue recommending your services to all the people I know since I am 100% certain they will be as happy as I am!”
    – Andres Lopez

    “Newly arrived to Atlanta, we discovered the Atlanta Humane Society’s Vet Center when we adopted our second dog. Both our dogs love going to the Vet Center because of the wonderful service we receive! From the intake staff through to the veterinarians, the staff are professional, kind reassuring to our pets to us as owners. The Vet Center’s fees are incredibly reasonable as well. Our family feels fortunate to be a part of the Atlanta Humane Society Vet Center’s family.”

    “The Atlanta Humane Society Vet Center is great; it’s clean and bright. The staff were friendly, kind and very helpful. The services are affordable. I highly recommend the Atlanta Humane Society; it’s not just adoption services, it’s a complete veterinarian clinic.”
    – Barbara Newhouse, MPH
    – Leighellen Gledhill

    THANK YOU TO OUR CORPORATE CHAMPIONS

    Contact Us

    Howell Mill Campus
    981 Howell Mill Road NW
    Atlanta, GA 30318
    404.875.5331 (main)

    Follow AHS:

    Search this site:

    Rated by:

    ©1999-2015 Atlanta Humane Society. All rights reserved.


    01/09/2017

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    Amana income fund #amana #income #fund


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    Total Annual Fund Operating Expenses, deducted from Fund Assets: 1.39%

    Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original value. Current performance of the Fund may be lower or higher than the performance data quoted. Performance data current to the most recent month end may be obtained by clicking here .

    What is Halal Investing? Investment options for the socially responsible.

    Record Date: December 28, 2016
    Ex-Date December 29, 2016
    Ordinary Income Rate per share: $0.00301699
    Short Term Capital Gain rate per share: $0.28325
    Long Term Capital Gain rate per share: $0.59522

    Total Adjustment of Share Price: $0.88148699

    Mutual Funds Shareholders are entitled to their respective share of a Fund’s net income and capital gains on its investments. A Fund is required to pass through substantially all of its earnings along to its investors as distributions. Generally, Funds distribute capital gains, if any, annually.

    When a Fund earns dividends from stocks and distributes these earnings to shareholders, it is called a dividend distribution.

    A Fund realizes capital gains when it sells securities for a higher price than it paid. When net long-term capital gains are distributed to shareholders, it is called a capital gain distribution.

    Net short-term capital gains are considered ordinary income and are included in dividend distributions.

    On the day the distribution is declared, the amount of the distribution is deducted from fund assets and calculated as a per share amount to be passed through to shareholders. On this day, the fund’s share price will decline by the amount of the distribution (plus or minus any share price change related to market activity).

    The Iman Fund (symbol: IMANX ) invests in Shariah -compliant companies, in response to the needs of Muslim investors, who not only want to have a financially rewarding investment, but a Shariah compatible one as well. Since June 2000, IMANX has provided Muslims with an investment option based on Islamic principles.

    The Iman Fund is offered by Allied Asset Advisors.

    The Fund seeks growth of capital while adhering to Islamic principles. The Iman Fund comprises investments that meet Islamic principles. Under the normal circumstances, the Fund invests its net assets in domestic and foreign securities chosen by its Investment Advisor that meet Islamic principles. Islamic principles generally preclude investments in certain industries (e.g. alcohol, pornography and gambling) and investments in interest bearing debt obligations or businesses that derive a substantial amount of interest income. Any uninvested cash will be held in non-interest bearing deposits or invested in manner following Islamic principles. Under normal circumstances, the Fund plans to fully invest its assets in securities that meet Islamic principles. The Investment Advisor is advised by a Board of Trustees of prominent Islamic scholars and community leaders from the United States.

    The Iman Fund offers the following benefits:

    • Shariah compliance – The Fund adheres to Islamic principles. Based on Islamic criteria, the following businesses are generally excluded: Alcohol, Tobacco, Pork-related products, Conventional financial services (banking, insurance, etc.), Weapons and defense, Entertainment (hotels, casinos/gambling, cinema, pornography, music, etc.) The Fund does not invest in interest-paying instruments frequently used by mutual funds as overnight or temporary investments, and instead may hold cash on a temporary basis.
    • Diversification – The Fund offers diversification with a portfolio of over 100 Shariah -compliant companies in diverse business sectors.
    • Low Expenses – The Fund is a no load fund with one of the lowest annual fees of Shariah -compliant funds available. (Source: Allied Asset Advisors)
    • Accessibility and Flexibility -The Fund is available at Charles Schwab One Source. the largest mutual fund marketplace. In addition, it is available through Ameritrade. Scottrade. VanGuard 401K Plans and TD Waterhouse. The Fund offers flexible accounts and services including telephone purchase and redemption, and check writing.
    • Active Portfolio Management – An actively managed portfolio enables the Fund to take advantage of future opportunities in the market while staying true to Islamic principles. Among the securities that meet Islamic principles, the Investment Advisor determines a security’s attractiveness for purchase based on a number of factors, including its anticipated value and record of earnings growth, among other things.

    Mutual Fund investing involves risk; principal loss is possible. The Fund invests in foreign securities which involve greater volatility and political, economic, and currency risks and differences in accounting methods. It is possible that the Islamic Shari’ah restrictions placed on investments and reflected in the main investment strategies may result in the Fund not performing as well as mutual funds not subject to such restrictions.

    Diversification does not assure a profit or protect against a loss in a declining market.

    The prospectus contains more complete information, including risks, fees and expenses related to an ongoing investment in the Fund. Please read the prospectus carefully before you invest or send money.

    While the fund is no-load, management fees and other expenses still apply. Please refer to the prospectus for further details.

    The Fund has been referred to by Morningstar, Cnnfn, The Wall Street Journal and Crain’s Chicago Business .

    The Wilshire 5000 Total Market Index (Wilshire 5000) measures the performance of all U.S. equity securities with readily available price data. Approximately 5,000 capitalization-weighted security returns are used to adjust the index. The Dow Jones Islamic Market US Index is a diversified compilation of U.S. equity securities considered by Dow Jones to be in compliance with Islamic principles. The index is constructed from stocks in the Dow Jones Indexes (DJGI) family. Dow Jones believes that these stocks are accessible to investors and are well traded. The DJGI methodology removes issues that are not suitable for global investing. Prior to July 31, 2013, the performance of the Dow Jones Islamic Market US Index does not include the reinvestment of dividends. The Dow Jones Islamic Market World Index is a compilation of 56 country-level benchmark indexes considered by Dow Jones to be in compliance with Islamic principles. The index provides a definitive standard for measuring stock market performance for Islamic investors on a global basis, in accordance with Dow Jones Indexes established index methodology. Prior to April 30, 2008, the performance of the Dow Jones Islamic Market World Index does not include the reinvestment of dividends.

    The Dow Jones Islamic US Index tracks Shariah compliant stocks from the United States. The Russell 3000 Growth Index measures the performance of those Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth values. The S P 500 Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. You cannot invest directly in an index.

    Dow Jones and Dow Jones Islamic Market US Index are service marks of Dow Jones Company, Inc.

    The Fund is offered only to United States residents with a valid social security number, and information on this site is intended only for such persons. Nothing on this web site should be considered a solicitation to buy or an offer to sell shares of the Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.

    Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.


    20/08/2017

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    Business fund #business #fund


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    Grassroots Business Fund

    Our mission is to grow viable, sustainable and inclusive businesses that generate earnings or cost savings for people in Africa, Asia and Latin America

    Please check out our recently released 2016 Annual Report for a summary of our past year here .

    Our History

    2004: GBF began as an initiative of the International Finance Corporation (IFC) which piloted grassroots business investments and field-tested capacity-building approaches.

    2008: GBF split from IFC and became an independent non-profit which continued investing in – and providing advisory services to – high-impact businesses in Latin America, Asia and Africa. GBF also wins the G20 SME Challenge.

    2011: GBF further evolved its model by establishing a $49M for-profit private investment fund, GBI-I, for patient capital investment, and raising additional funds for the non-profit arm, GBP, to be used for business advisory services to the fund s portfolio companies. Together the fund and non-profit make up GBF and provide powerful financial tools and business acumen to help strengthen and grow viable businesses that create lasting impact for low income people around the world. For contributing to the creation of solid, sustainable and responsible financial systems, GBF wins the IDB Beyond Banking award for best action in socially responsible and/or impact investment.

    Hybrid Model

    A for-profit private investment fund: The capital structure of GBI-I, GBF s for-profit private investment fund, allows it to make equity, mezzanine equity, mezzanine debt and straight debt investments. These customized investments help align GBF’s overall portfolio performance with each investee’s performance. This allows GBF to achieve most of its exits through company cash flows, while still receiving upside returns linked to the company’s success, and addressing investees’ liquidity concerns.

    A donor-funded non-profit organization: The Grassroots Business Partners, GBF s non-profit arm, provides fund management services for GBI-I, provides business advisory services to the fund s investees, and works to build the field of impact investing by providing insights on lesson learned, impact measurement methodologies, and its model.

    The fund and non-profit combine to deliver a blend of capital and support suitable for long-term investment in businesses that provide opportunities to low income people.

    Portfolio

    Small businesses play a key role in improving the lives of the poor, but there remains a shortage of enterprises in developing countries that are both ready for long-term investments and can generate high social impact.

    GBF invests in High-Impact Businesses. which we define as those generating sustainable economic benefits for large numbers of the poor. They tend to have complicated business models and supply chains, but are generally underdeveloped in management, operations and planning.

    Our model of providing patient capital and Business Advisory Services (BAS) as a hybrid investment helps address the issues facing these businesses by providing long term flexible capital for investment and supporting skill building to improve business growth and increase lasting social impact.

    GBF focuses on for-profit companies that have the potential to achieve significant social impact

    Business Criteria: Growth stage companies with a strong track record competitive advantage with high quality products/services.

    Finance Criteria: Investments range from $500,000 to $2.5M with expected exit within 5 to 7 years of initial investment.

    Mission Criteria: Companies with strong commitment to bringing sustainable social and economic impact to low income communities.

    Impact Criteria: Companies that directly impact 500+ individuals, with potential to increase 5 to 10 times over the period of investment.

    As a group, our investees are profitable, improving business management, and growing fast. Challenges remain, and it is difficult to say which improvements are due to specific GBF activities. GBF’s ultimate success will only become clear when the outcomes of our investments come to fruition and we can judge the resulting social impact.

    Already, there are signs that our model of risk sharing capital, BAS and high-touch engagement help our clients improve their operations, build stronger businesses and create sustained social impact, As of March 31, 2016:

    Business Advisory Services (BAS)

    Businesses in emerging markets face big challenges, and oftentimes, investment alone is not enough to help scale a business. Our Business Advisory Services (BAS) are core to GBF s model and have proven valuable to investees.

    All of our investees receive customized BAS support, mostly concentrating on strengthening financial management, operations, and strategy. GBF provides BAS for a limited time during the early stages of our engagement with investees. We try to support catalytic BAS projects that help our clients grow to scale, become commercially sustainable, and create social impact. GBF designs, executes, and monitors BAS in conjunction with our investment work. Our regional offices lead the efforts to manage and deliver BAS both directly and through third-party consultants.

    We have a strong, growing network of senior experts and advisers in each of our regions working closely with our investees to build internal capacity and drive high-level change programs. These advisers include agribusiness supply chain experts, financial managers, entrepreneurs, investors, and other business experts. In addition to our advisers, each region has at least one full time portfolio-level consultant working closely with investees on narrower issues such as cash flow management, environmental certification and risk mitigation.

    Learn more about BAS projects in our BAS factsheet

    BAS has helped ensure achievement of client growth potential by focusing on business fundamentals, anticipating and mitigating key risks, and taking advantage of key opportunities. In addition to showing healthy financial performance, investees have also, on average, improved along key business capability dimensions that aid investment success. As of March 2016:

    • 83%of investees now have a skilled manager producing and monitoring operating indicators (a 43% increase for investees in GBF s portfolio over two years)
    • 64% of investees have increased revenues
    • 61% of investees have increased profitability
    • 89% of investees have implemented E S management plans

    GBF is funded by an active and dedicated group of investors and donors, who have helped shape GBF s approach. The list below includes major donors and investors since 2008.

    Donors to the Non-Profit:

    The past year was one of maturation and continued improvement for GBF. We advanced significantly in decentralizing the organization—including the budget, and people and resources—from HQ to our field offices. Our local offices now lead on key parts of our business, and are even taking on key global management functions.

    Results so far are encouraging, with each dollar invested in our portfolio companies estimated to provide $4 of economic value to our targeted low income communities. These companies are growing 20% annually on average, and have supported over 540,000 sustainable jobs for farmers, workers and artisans over the past fiscal year.

    We have undergone several evaluations, and the outputs from these have provided inputs for further improvements to our model, such as streamlining processes and increasing efficiencies.

    Challenges remain, but we are energized by the journey, advancing toward our goal of a bigger and better GBF one that creates lasting social impact on large numbers of the poor.

    Three years into our $49 million private investment fund, we have expanded GBF s portfolio with investments in Paraguay, Indonesia and Tanzania. Our Business Advisory Services (BAS) are taking shape, and we think there is a clear link between our capacity building efforts and positive company performance. We have also been improving our operations in order to increase our results and our impact.

    Some of GBF s key results this fiscal year include:

    • $7.6M disbursed to High Impact Businesses and an additional $11M committed.

    • 7.3% current yield on outstanding portfolio over the past 12 months. All payments due have been collected (principal, interest, dividends and vendor payments).

    • $48.2M of economic value delivered in the past 12 months by GBF s investees, benefiting 9.2M direct and indirect beneficiaries.


    15/08/2017

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    Mawer Canadian Equity Fund #dynamic #canadian #bond #fund


    Mawer Canadian Equity Fund Profile

    1 The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net assets during the year.

    2 Equity holdings, excluding cash.

    * Mawer Fund returns are calculated after management fees and operating expenses have been deducted. In comparison, index returns do not incur management fees or operating expenses.

    This document is for information purposes only. Before investing, please consult the simplified prospectus, available at www.sedar.com. and the Fund Facts. Both documents provide additional information about the funds.

    Mutual funds are not guaranteed. Values can change frequently and past performance is not indicative of future performance. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. (Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. There can be no assurances that the fund will be able to maintain its net asset value per share or that the full amount of your investment will be returned to you.)

    Performance returns for the Mawer Mutual Funds are calculated by Mawer Investment Management Ltd. These returns are historical simple returns for the 1 year period and are annualized compounded total returns for periods after 1 year. They include changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns.

    Index returns are supplied by a third party – we believe the data to be accurate, however, cannot guarantee its accuracy.

    © 2016 Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) in not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

    Morningstar Ratings reflect performance as of 03/31/2017 and are subject to change monthly. The ratings are calculated from a fund’s 3,5,and 10-year returns measured against 91-day Treasury bill and peer group returns. The top 10% of the funds in a category get five stars. The Overall Rating is a weighted combination of the 3,5 and 10-year ratings. For greater detail see www. morningstar.ca


    25/07/2017

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    PIMCO Unconstrained Bond Fund (PUBAX) #pimco #unconstrained #bond #fund, #pubax, #best


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    PIMCO Unconstrained Bond Fund

    About PUBAX

    The PIMCO Unconstrained Bond fund has gone through major changes lately, with large-scale management shifts at both the fund and firm level. For a fund with a truly “go-anywhere” style, investors should watch new management closely.

    As of May 22, 2017, the fund has assets totaling almost $3.59 billion invested in 1,327.00 different holdings. Its portfolio consists primarily of fixed-income investments, ranging widely in type and credit quality. The fund can use a very wide mix of investment options, including currency, credit and interest-rate strategies.

    In January 2015, Marc Seidner took over as the fund’s lead manager alongside Dan Ivascyn, the firm’s chief investment officer, and Mohsen Fahmi. Seidner is the fund’s third manager in a year and a half, and PIMCO continues to reshuffle following the departure of former investment head Bill Gross in the fall of 2014. Morningstar notes current managers have solid pedigrees, but they have limited experience running a truly unconstrained bond fund. Also, near-term returns have not been much better than those of the broad bond market. The fund has returned 7.50 percent over the past year and 2.19 percent over the past three years.

    Morningstar says there is still uncertainty about the fund’s future, given the changes at PIMCO’s investment committee. More time is needed to see if the new managers will gain traction. The fund has returned 2.14 percent over the past five years and ((UNHANDLED FORMAT TYPE: percents, NoneType for None)) over the past decade.

    Rankings

    U.S. News evaluated 354 Nontraditional Bond Funds. Our list highlights the top-rated funds for long-term investors based on the ratings of leading fund industry researchers.

    Investment Strategy

    The fund takes a flexible approach to capturing global opportunities and managing risk. It strives to actively mitigate downside risk, provide attractive risk-adjusted returns and preserve the diversification benefits of a traditional fixed-income portfolio.

    Role in Portfolio

    Morningstar says this fund should play a “supporting” role in a portfolio.

    Management

    Marc Seidner, Dan Ivascyn and Mohsen Fahmi are now leading the fund.

    Performance

    The fund has returned 7.50 percent over the past year, 2.19 percent over the past three years, 2.14 percent over the past five years and ((UNHANDLED FORMAT TYPE: percents, NoneType for None)) over the past decade.

    Fees

    PIMCO Unconstrained Bond Fund has an expense ratio of 1.30 percent.

    Net Expense Ratio


    04/07/2017

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