Daily Fixed Income Offering Selection
Transcription
Daily Fixed Income Offering Selection
Daily Fixed Income Offering Selection December 3, 2014 The Daily Fixed Income Offering Selection provides you with a sample of fixed income offerings currently available through TD Ameritrade Institutional. For more information on these securities, or any fixed income product offerings available through TD Ameritrade Institutional, please contact a Specialist on the Institutional Fixed Income Desk at 800-355-2297 or visit Veo® at Trading>Fixed Income>Offerings. New Issue CDs CDs FDIC Insured up to applicable account lim it, Survivor Option (Eligibility and/or allow able put back quantities w ill vary by account type) Brokered CD's are subject to interest rate-driven secondary market fluctuations, meaning, the resale prices of it Qty Market Description Coupon Min/Incr/MBR Execution Pay Freq. CUSIP Maturity 243 Primary 1// PACIFIC WESTERN BANK (CA) 69506YBL2 0.3 Non-callable, 3 month Close Date Trade Date 12/5/2014 3/5/2015 12/4/2014 0.35 12/10/2014 Monthly 870 Primary 1// BEAL BANK USA (NV) Temp Non-callable, 3 month 3/11/2015 12/9/2014 0.4 12/5/2014 Maturity 477 Primary 1// PACIFIC WESTERN BANK (CA) 6/5/2015 12/4/2014 BEAL BANK USA (NV) 69506YBN8 0.4 12/10/2014 Temp Non-callable, 6 month 6/10/2015 12/9/2014 0.45 12/5/2014 Monthly 1232 Primary 1// Non-callable, 6 month Maturity 894 Primary 1// PACIFIC WESTERN BANK (CA) 69506YBK4 Non-callable, 9 month 9/8/2015 12/4/2014 0.45 12/10/2014 Monthly 1701 Primary 1// BEAL BANK USA (NV) 9/9/2015 12/9/2014 BEAL BANK USA (NV) Temp 0.5 12/10/2014 Temp Non-callable, 9 month 12/9/2015 12/9/2014 0.45 12/11/2014 Maturity 1623 Primary 1// Non-callable, 1 year Maturity 1000 Primary 1// BANK HAPOALIM (NY) 06251AF21 Non-callable, 1 year 12/11/2015 12/10/2014 0.5 12/15/2014 Maturity 2873 Primary 1// SAFRA NATIONAL (NY) 78658QJK0 Non-callable, 1 year 12/15/2015 12/12/2014 0.65 12/9/2014 Maturity 200 Primary 1// UNITED BANK (CT) 6/9/2016 12/8/2014 GOLDMAN SACHS BANK USA (NY) 909552AQ4 0.65 12/10/2014 38148JEC1 Non-callable, 18 month 6/10/2016 12/9/2014 0.35 12/16/2014 Semi-Annual 992 Primary 1// Non-callable, 18 month Semi-Annual 1000 Primary 1// SYNOVUS BANK (GA) Temp Non-callable, 6 month 6/16/2016 12/15/2014 1.05 12/11/2014 Maturity 1587 Primary 1// AMERICAN EXPRESS CENTURION BANK (UT) 02587DWT1 Non-callable, 2 year 12/12/2016 12/10/2014 1.05 12/10/2014 Semi-Annual 1000 Primary 1// SALLIE MAE (UT) 12/12/2016 12/9/2014 GOLDMAN SACHS BANK USA (NY) Temp 1.15 12/10/2014 38148JEE7 Non-callable, 2 year 6/12/2017 12/9/2014 1.5 12/5/2014 Semi-Annual 990 Primary 1// Non-callable, 30 month Semi-Annual 645 Primary 1// STATE BANK OF INDIA (NY) 8562843D4 Non-callable, 3 year 12/5/2017 12/4/2014 1.5 12/11/2014 Semi-Annual 1933 Primary 1// AMERICAN EXPRESS CENTURION BANK (UT) 02587DWU8 Non-callable, 3 year 12/11/2017 12/10/2014 2 12/5/2014 Semi-Annual 1575 Primary 1// STATE BANK OF INDIA (NY) 12/5/2018 12/4/2014 AMERICAN EXPRESS CENTURION BANK (UT) 8562843F9 2 12/11/2014 02587DWV6 Non-callable, 4 year 12/11/2018 12/10/2014 2.2 12/10/2014 Semi-Annual 770 Primary 1// Non-callable, 4 year Semi-Annual 1000 Primary 1// SALLIE MAE (UT) 795450VR3 Non-callable, 5 year 12/10/2019 12/9/2014 2.2 12/11/2014 Semi-Annual 885 Primary 1// AMERICAN EXPRESS CENTURION BANK (UT) 12/11/2019 12/10/2014 GOLDMAN SACHS BANK USA (NY) 02587DWX2 2.3 12/10/2014 38148JEJ6 Non-callable, 5 year 12/10/2020 12/9/2014 2 12/10/2014 Semi-Annual 999 Primary 1// Non-callable, 6 year Semi-Annual 494 Primary 1// GRANT COUNTY BANK (KS) 38762PBB7 Callable, 6 year 12/10/2020 12/9/2014 2.55 12/10/2014 Monthly 995 Primary 1// GOLDMAN SACHS BANK USA (NY) 38148JEK3 Non-callable, 7 year 12/10/2021 12/9/2014 2.6 12/10/2014 Semi-Annual 957 Primary 1// SALLIE MAE (UT) 12/10/2021 12/9/2014 GOLDMAN SACHS BANK USA (NY) Temp 2.9 12/10/2014 38148JEL1 Non-callable, 7 year 12/11/2023 12/9/2014 3.1 12/10/2014 Semi-Annual 1000 Primary 1// Non-callable, 9 year Semi-Annual 982 Primary 1// CIT BANK (UT) 12/10/2024 12/9/2014 GOLDMAN SACHS BANK USA (NY) 17284C5F7 Non-callable, 10 year 3.1 12/10/2014 38148JEM9 12/10/2024 12/9/2014 Semi-Annual 607 Primary 1// Non-callable, 10 year Semi-Annual Page 1 of 7 Please see the last page of this document for important disclosures Daily Fixed Income Offering Selection December 3, 2014 New Issue Corporate Offerings New Issue Corporate Offerings Issuer CUSIP Rating Outlook Coupon Term Callable Closing Date Survivors Option up to applicable limits Bank of America InterNotes 06050WGQ2 Baa2/A- Negative 3.50% 15 year No Call 8-Dec Yes Dow Chemical InterNotes 26054LZJ5 Baa2/BBB Stable 2.35% 5 Year Callable on 12/15/15 8-Dec Yes Dow Chemical InterNotes 26054LZK2 Baa2/BBB Stable 2.90% 7 Year Callable on 12/15/15 8-Dec Yes Dow Chemical InterNotes 26054LZL0 Baa2/BBB Stable 3.45% 10 Year Callable on 12/15/15 8-Dec Yes Yes General Electric Capital Corp. InterNotes 36966TLD2 A1/AA+ Stable 2.13% 8 Year One time call @ 100 on 09/15/2020 8-Dec Goldman Sachs Senior Notes 38143CHQ7 Baa1/A- Negative 3.00% 9 Year No Call 8-Dec Yes Goldman Sachs Senior Notes 38143C2N0 Baa1/A- Negative 4.00% 26 Year No Call 8-Dec Yes National Rural InterNotes 63743FVC7 A2/A Stable 3.00% 10 Year No Call 8-Dec Yes National Rural InterNotes 63743FVD5 A2/A Stable 3.50% 13 Year No Call 8-Dec Yes Prudential Financial InterNotes 74432AZA1 Baa1/A Stable 3.75% 18 Year Callable on 12/15/18 8-Dec Yes Odd-Lot Corporate Offerings Corporate Offerings CUSIP Qty Issue Ratings 81721MAF6 13 SENIOR HSG PPTYS TR Cont Callable, Make Whole Calls, NYBE 500255AP9 65 KOHLS CORP Non Callable, Make Baa1/BBB/BBB+ Whole Calls, Spec Redemp, NYBE KSS 88732JAL2 09064AAH4 620076BD0 36966R6L5 448055AJ2 26054LUV3 04530DAD4 55616XAM9 Baa3/BBB-/--- TIME WARNER CABLE INC Non 172 Callable, Make Whole Calls, NYBE, Baa2/BBB/BBB SUBSIDIARY GUARANTORS BIOMED RLTY L P Cont Callable, Make 25 Whole Calls, NYBE, BIOMED REALTY Baa3/BBB/--TRUST INC. MOTOROLA SOLUTIONS INC Non 50 Callable, Make Whole Calls, Spec Baa2/BBB/BBB Redemp, NYBE GE CAPITAL INTERNOTES Non 47 A1/AA+/--Callable, Spec Redemp HUSKY ENERGY INC Cont Callable, 15 Baa2/BBB+/--Make Whole Calls, Spec Redemp DOW CHEM CO SR INTERNOTES 10 Callable, Next Call 05-15-2015 @ Baa2/BBB/BBB 100.000, Spec Redemp ASPEN INS HLDGS LTD Non Callable, 9 Baa2/BBB+/--Make Whole Calls, Spec Redemp MACYS RETAIL HLDGS INC Cont 55 Callable, Make Whole Calls, Spec Baa2/BBB+/BBB Redemp, NYBE, MACY'S, INC. Coupon Maturity Pay Frequency YTM YTW Price 4.3 1/15/2016 Semi-Annually 1.739 1.014 102.784 6.25 12/15/2017 Semi-Annually 1.991 1.991 112.42 6.75 7/1/2018 Semi-Annually 2.06 2.625 5/1/2019 Semi-Annually 2.462 2.459 100.676 3.5 9/1/2021 Semi-Annually 3.479 3.479 100.122 5 4/15/2022 Semi-Annually 3.216 3.216 111.593 3.95 4/15/2022 Semi-Annually 3.439 3.424 103.292 3.95 11/15/2023 Semi-Annually 3.85 4.65 11/15/2023 Semi-Annually 4.008 4.008 104.78 4.5 12/15/2034 Semi-Annually 4.483 4.483 100.215 2.06 116.033 2.208 100.75 Page 2 of 7 Please see the last page of this document for important disclosures Daily Fixed Income Offering Selection December 3, 2014 Municipal Offerings Municipal Offerings CUSIP Underlying State Coupon Maturity Pay Frequency Aaa/AAA/--- Aaa/---/--- PA 3.100 9/15/2021 Semi-Annually 2.618 2.618 102.968 50 MARYLAND ST STAD AUTH LEASE RE REV REF BDS Ser 2012, Non Callable, Subject to Income Tax Aa2/AA+/AA Aa2/---/--- MD 2.500 6/15/2022 Semi-Annually 2.556 2.556 99.622 6459185Y5 110 NEW JERSEY ECONOMIC DEV AUTH R SCH FACS CONSTR BDS Ser 2014PP, Callable, Next Call 06-15-2024 @ 100.000 A2/A-/A- A2/---/--- NJ 5.000 6/15/2026 Semi-Annually 3.613 3.394 112.974 343575GW0 20 FLOYD CNTY GA HOSP AUTH REV REV ANTIC CERTIFS FLOYD MED CTR Ser 2012A, Callable, Next Call 07-01-2022 @ 100.000 Aa2/-/--- Aa2/---/--- GA 3.125 7/1/2026 Semi-Annually 3.234 3.234 98.958 1306852C3 25 A1/A/A- A1/---/--- CA 4.250 4/1/2027 Semi-Annually 3.323 2.832 109.303 798059GY1 110 ---/AA-/--- ---/---/--- TX 3.000 10/1/2027 Semi-Annually 3.048 3.048 99.488 544646DV1 10 Aa2/AA-/--- CA 4.250 1/1/2028 Semi-Annually 3.534 1.293 107.434 206447BA1 125 Aa2/AA+/AA Aa2/---/--- NC 3.000 6/1/2028 Semi-Annually 3.051 3.051 99.443 Baa1/BBB+/--- Baa1/---/--- NY 5.000 7/1/2028 Semi-Annually 3.933 3.323 111.133 ---/A+/--- CA 3.250 10/1/2028 Semi-Annually 3.341 3.341 98.996 870000HJ8 574295DW8 Qty Issue 10 SWARTHMORE BORO AUTH PA COLLEG REV BDS SWARTHMORE COLLEGE Ser C, Non Callable, Subject to Income Tax CALIFORNIA ST PUB WKS BRD LEAS LEASE REV BDS Ser 2012 A, Callable, Next Call 04-01-2022 @ 100.000 SAN JACINTO TEX RIV AUTH WTR R REV BDS Ser 2014, Callable, Next Call 10-012024 @ 100.000 LOS ANGELES CALIF UNI SCH DIST GO REFUNDING SCHOOL Ser SERIES 2007 A-2, Callable, Next Call 07-01-2017 @ 100.000, Mandatory Sinking Fund CONCORD N C LTD OBLIG LTD OBLIG BDS Ser 2014A, Callable, Next Call 06-01-2024 @ 100.000 Ratings Aa2/AA-/--- Insurer FGIC YTM YTW Price 649906R48 175 NEW YORK ST DORM AUTH REVS NON REV BDS BROOKLYN LAW SCHOOL Ser 2012A, Callable, Next Call 07-01-2022 @ 100.000 61624RAP3 95 MOORPARK CALIF REDEV AGY SUCCE TAX ALLOC REF BDS Ser 2014, Callable, Next Call 10-01-2024 @ 100.000 ---/AA/--- 67760HJR3 100 OHIO ST TPK COMMN TPK REV REV BDS Ser 2013 A-1, Callable, Next Call 02-15-2023 @ 100.000 A1/A+/A+ A1/---/--- OH 5.250 2/15/2029 Semi-Annually 3.665 2.85 117.411 66285WFT8 10 NORTH TEX TWY AUTH REV SUB LIEN REV BDS Ser 2010B-1, Non Callable, Subject to Income Tax, Mandatory Sinking Fund, Build America Bonds Direct Pay Baa3/-/--- Baa3/---/--- TX 8.410 2/1/2030 Semi-Annually 6.624 6.624 116.904 392684DS2 250 GREEN BAY WIS REDEV AUTH LEASE REV BDS Ser 2013, Callable, Next Call 06-012023 @ 100.000, Subject to Income Tax A1/-/--- A1/---/--- WI 5.700 6/1/2032 Semi-Annually 5.034 4.596 107.68 561824ZD8 75 Aa1/AA+/--- Aa1/---/--- VA 3.000 7/1/2032 Semi-Annually 3.186 3.186 97.518 438670VJ7 10 Aa1/-/AA+ Aa1/---/--- HI 6.280 9/1/2032 Semi-Annually 5.128 3.225 113.3 66285WJN7 20 NORTH TEX TWY AUTH REV SPL PROJ SYS REV BDS Ser SERIES 2011D, Callable, Next Call 09-01-2021 @ 100.000 ---/AA+/AA- ---/---/--- TX 5.000 9/1/2032 Semi-Annually 3.875 2.662 114.319 646065TK8 50 NEW JERSEY ST EDL FACS AUTH RE REV BDS WILLIAM PATERSON UNIV OF NJ Ser 2008-C, Callable, Next Call 07-01-2018 @ 100.000, Mandatory Sinking Fund A1/-/AA- AGC A1/---/AA- NJ 4.750 7/1/2034 Semi-Annually 4.114 2.258 108.487 764076DV4 5 RICHLAND SCH DIST PA GO BDS Ser SER A, Callable, Next Call 11-15-2024 @ 100.000 ---/AA/--- BAM ---/A+/--- PA 3.650 11/15/2034 Semi-Annually 3.579 3.53 100.998 Aa1/AAA/AA+ Aa1/---/--- NY 5.000 3/15/2036 Semi-Annually 4.063 1.762 113.257 A2/AA-/A A2/---/--- NY 5.250 11/15/2036 Semi-Annually 4.463 1.433 110.936 Aa3/AA/--- KY 4.250 5/15/2038 Semi-Annually 3.996 3.065 103.835 MANASSAS VA GO PUB IMPT AND REF BDS Ser 2014C, Callable, Next Call 07-01-2024 @ 100.000 HONOLULU HAWAII CITY & CNTY GO BDS Ser 2009E, Callable, Next Call 09-01-2019 @ 100.000, Subject to Income Tax, Build America Bonds Direct Pay NEW YORK ST URBAN DEV CORP REV INCOME TAX REV BDS Ser 2009B-1, Callable, Next Call 03-15-2019 @ 100.000, Mandatory Sinking Fund METROPOLITAN TRANSN AUTH N Y R TRANS REV BDS Ser 2008A, Callable, Next Call 11-15-2017 @ 100.000, Mandatory Sinking Fund BAM 650035RK6 25 59259R5J9 10 546589PH9 25 LOUISVILLE & JEFFERSON CNTY KY REV BDS Ser 2008 A, Callable, Next Call 05-152018 @ 100.000, Mandatory Sinking Fund Aa3/AA/--- 611530BX3 30 MONROEVILLE PA FIN AUTH UPMC R REF BDS UNIVERSITY OF PITTSBURGH MED CTR Ser 2013B, Callable, Next Call 07-012023 @ 100.000, Mandatory Sinking Fund Aa3/A+/AA- Aa3/---/--- PA 5.000 7/1/2039 Semi-Annually 4.193 3.337 112.294 59259YLJ6 30 METROPOLITAN TRANSN AUTH N Y R REV BDS Ser 2011D, Callable, Next Call 11-152021 @ 100.000, Mandatory Sinking Fund A2/AA-/A A2/---/--- NY 5.250 11/15/2041 Semi-Annually 4.346 2.96 114.261 AGC Page 3 of 7 Please see the last page of this document for important disclosures Daily Fixed Income Offering Selection December 3, 2014 Treasury Rates TREASURIES Term Maturity Today's Yield 1 mo. Bill 1/2/2014 0.020 3 mos. Bill 3/5/2014 0.015 6 mos. Bill 6/4/2015 0.066 12 mos. Bill 11/12/2015 0.117 2 Year November 2016 0.551 5 Year November 2019 1.610 10 Year November 2024 2.296 30 Year November 2044 3.006 TD AMERITRADE Cash Rates Effective June 1, 2010. Subject to change without prior notice. Interest Rate Annual Percentage Yield <$1,999 0.00999% 0.01% $2,000.00 - $9,999.99 0.00999% 0.01% $10,000.00 - $24,999.99 0.00999% 0.01% $25,000.00 - $99,999.99 0.00999% 0.01% $100,000.00+ 0.00999% 0.01% Dollar Range TD Ameritrade FDIC Insured Deposit Account (IDA12)* Effective September 1, 2011. Subject to change without prior notice. Interest Rate Annual Percentage Yield $0.01-$4,999.99 0.00999% 0.01% $5,000.00 - $24,999.99 0.00999% 0.01% $25,000.00 - $99,999.99 0.00999% 0.01% $100,000.00 - $199,999.99 0.00999% 0.01% $200,000.00+ 0.00999% 0.01% Dollar Range Page 4 of 7 Please see the last page of this document for important disclosures Daily Fixed Income Offering Selection December 3, 2014 TD Asset Management USA Funds* Money Market Rate Table Effective Date: January 24, 2012 Portfolio 7-Day Current Yield 7-Day Effective Yield Sweep Vehicles TDAM Municipal Money Market Portfolio – Class A (ZTD79) TDAM California Municipal Money Market Portfolio – Class A (ZTD87) TDAM New York Municipal Money Market Portfolio – Class A (ZTD88) 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% Position Traded Funds TDAM Money Market Portfolio – Premium Class (NPLXX) 0.01% 0.01% $25k initial purchase minimum / $100k minimum household equity Please contact your service team for questions regarding Money Markets. Mutual fund investors should consider a Fund's investment objectives, risks, and charges and expenses carefully before investing. This, and other information regarding the Funds, is included in the prospectus, which may be obtained by calling 800-431-3500, option 1 or writing to TD AMERITRADE, Inc., P.O. Box 2209, Omaha, Nebraska 68103-2209. Please read the prospectus carefully prior to investing. Page 5 of 7 Please see the last page of this document for important disclosures Daily Fixed Income Offering Selection December 3, 2014 Performance information represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Although the Funds have no transaction fees, there are other fees and expenses that apply to an investment in a Fund and these fees are described in the prospectus. The investment manager and its affiliates from time to time may waive certain of these fees or assume certain of these expenses in an effort to maintain certain net yields for the Funds. Accordingly, any waiver or expense reduction will have the effect of increasing yield to investors during the period of the expense reduction. Certain of each Fund’s fees are currently being waived voluntarily in an effort to maintain certain net yields. The performance information shown above reflects such voluntary fee waivers, which may be reduced or eliminated at any time. An investment in the Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds. The TDAM California Municipal Money Market Portfolio and TDAM New York Municipal Money Market Portfolio are non-diversified funds and there is no guarantee that their income will be exempt from federal or state income tax. Tax exempt portfolios may be subject to the alternative minimum tax. Prospective investors should consult their own professional advisers about the tax implications of making an investment in, or holding or disposing of, shares of a Fund, and about the tax implications of distributions of income from a Fund. Shares of the Funds are distributed by SEI Investments Distribution Co. * Cash in the IDA is held at TD Bank, N.A., TD Bank USA, N.A., or both. Assets at each bank will be eligible for FDIC insurance of up to $250,000 per depositor. Because there are two banks in the IDA program, IDA balances could be covered for up to $500,000 per depositor. TD Bank N.A. and TD Bank USA, N.A. are affiliates of TD Ameritrade. Interest rates paid on balances in the IDA are based on tiers. The previous day's closing balance determines eligibility for a particular tier each day. Simple interest is accrued daily based on the interest rate tier applicable to each day's balance, and is credited to your account on the last business day of the month. In accordance with the Client Agreement, TD Ameritrade may change the tiers and rates at its discretion and without notice and is not obligated to pay different rates between tiers. Rate changes may vary by program, location or arrangement. TD Bank, N.A. and TD Bank USA, N.A. (“the Banks”) use Insured Deposit Account balances to fund current and new investment and lending activity. The Banks seek to make a profit by achieving a positive spread between their cost of funds (for example, deposits) and the return on their assets, net of expenses. TD Ameritrade receives a fee from the Banks for marketing, recordkeeping, and support services in connection with the Insured Deposit Accounts. In exchange for providing these services, the Banks pay TD Ameritrade an aggregate marketing fee based on the weighted average yield earned on the client Insured Deposit Account balances, less the actual interest paid to clients, a servicing fee to the Banks of 25 basis points (subject to adjustment), and the cost of FDIC insurance premiums. TD Ameritrade has the right to waive all or part of this fee. The rate of the fee that TD Ameritrade receives may exceed the interest rate or effective yield that you receive in your balances in the Insured Deposit Accounts, and the payment of the fee reduces the yield that you receive. Other than the applicable fees charged on brokerage accounts, there will be no charges, fees, or commissions imposed on your account for this cash sweep feature. The current Insured Deposit Account interest rate will be disclosed on the TD Ameritrade website and may be changed without prior notice. ** Effective August 11, 2009. Subject to change without prior notice. Please call 800-431-3500, option 1 for current rates. Please Note: Investors should carefully consider the investment objectives and policies, risk considerations, charges and/or fees and ongoing expenses of any investment company security Unit Investment Trust or Structured Product before investing. A prospectus contains this and other important information. To learn how to obtain a prospectus containing this and other important information, please consult with our Fixed Income Trading Desk at 800-355-2297. Please read the prospectus carefully before you invest. Additionally, investors should consult their accounting, legal or tax advisor prior to investing. For a complete list or terms and definitions, please visit www.investinginbonds.com Diversification does not guarantee against loss. Investors should keep in mind that investing in UITs is typically a long-term strategy and should consider the tax consequences of, and their ability to pursue, investing in successive trusts. TD AMERITRADE does not provide tax advice. Please consult a qualified tax advisor with regard to your personal circumstances. Investment return and principal value will fluctuate depending on market conditions. When units are redeemed, they may be worth more or less than their original purchase price, depending on the value of the underlying securities at that time. Additionally, the trust may terminate earlier than the specified termination date as stated in the prospectus. Page 6 of 7 Please see the last page of this document for important disclosures Daily Fixed Income Offering Selection December 3, 2014 Structured Products are customizable, financially engineered investments designed, created and packaged together to provide a specific risk-return profile. Structured Products can be issued in Note or CD form and linked to a variety of underlying assets (equities, commodities, currencies, etc) with varying maturities and risks. Structured Products are pre-packaged investments and generally contain a derivative or option component. Investors should thoroughly review the risks associated with a Structured Product prior to making an investment. Structured Products are not suitable for all investors. Risks include but are not limited to a potential loss of principal, lack of liquidity prior to maturity or the possibility that at expiration the investor will own the reference asset at a cost basis above its current price. Before investing in a structured product, investors should carefully consider the product’s objectives, return potential, risks and expenses. Investors should read the Offering Circular carefully before investing. Structured investments can be used to enhance returns and provide various levels of principal protection. Structured Notes & CDs are investments that have some features of bonds (which pay regular income and offer principal protection) and equities or other assets which offer potential for greater returns than traditional fixed-income investments, but with a higher risk exposure. The following risks should be considered prior to investing in a Structured Product: the potential loss of principal, the return potential, a limited or potential lack of secondary market, a disparity between the price movement of the note and the value of the underlying assets and the credit quality of the issuer. For some products, while the redemption of principal is 100% protected at maturity, investors may realize a loss if the product is redeemed prior to maturity. TD Ameritrade does not provide tax advice. Tax consequences of Structured Products can be complex and depend on the holder’s individual circumstances. Clients should consult with a tax advisor with regard to their specific tax circumstances. Some Risk Factors of Structured Products: Potential Loss of Principal: An investment in a Structured Product may result in a loss of the initial investment. Additionally, principal protection only applies when the investment is held to maturity. Principal Protected Notes and CDs sold prior to maturity may result in a loss to the investor. No Dividends Payments or Voting Rights: Holders do not have voting rights and are not entitled to receive cash dividends or other distributions of the underlying asset(s). No guaranteed yield: An investor’s yield may be lower than the yield on other debt securities of comparable maturity. Lack of Liquidity: There may be little to no secondary market prior to maturity. Structured Products are intended to be "buy and hold" investments. Market price is influenced by many unpredictable factors: Several factors may influence the price of the Structured Investment in addition to the price movements of the underlying asset(s). These include economic, political, regulatory or judicial events and creditworthiness of the issuer. Credit of the Issuer: An investment in a Structured Product is subject to the credit risk of the issuer, and the issuer’s actual and perceived creditworthiness may affect the market value of the investment and their ability to honor the financial obligations associated with the investment. For a more detailed description of Risk Factors, please refer to the product’s official offering documents. Tax Considerations for principal protected notes Tax consequences of Structured Products can be complex and depend on the holders individual circumstances. Clients should consult with a tax advisor with regard to their specific tax circumstances. Please read the appropriate Tax Disclosure section of the offering document and consult with your own tax advisor before investing in any products. Closed-End Funds: There is no guarantee that a closed-end fund will achieve its investment objective(s). Past performance does not guarantee future results. The value of any closed-end fund will fluctuate with the value of the underlying securities and supply and demand in the secondary market. Until the original listing of a closed-end fund on an exchange, no closed-end fund's shares will have a history of public trading. Closed-end funds may trade at a premium or discount to their net asset value. Preferred Securities: Preferred securities are subject to market value fluctuations, given changes in the level of interest rates. For example, if interest rates rise, the value of these securities may decline. If preferred securities are sold prior to maturity, prices and yields may vary. Adverse changes in the credit quality of the issuer can negatively affect the market value of the securities. Preferred securities may include a call feature. If the security is called, holders of the securities may be forced to reinvest at a lower rate. Preferred stocks are also subject to other risks, including illiquidity and certain special redemption provisions. TD Ameritrade Institutional, Division of TD Ameritrade, Inc., member FINRA/SIPC/NFA. TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and the Toronto-Dominion Bank. © 2014 TD Ameritrade IP Company, Inc. All rights reserved. Used with permission. Page 7 of 7 Please see the last page of this document for important disclosures