Money Market Fund



England Sovereign Cashcard

Notes to Memorandum of Understanding - Economic Council to securities
and exchange Act.

The purpose of the scedule below is to ensure a strong delivery of the
MOU and clarify for the partners on how to progress joint activities.

1. Meeting involving Chief Executives

Meetings between the Chief Executives of the two organizations will
take place annually. The purpose of these meetings will be to review
the progress of the joint projects and exchange relevant information
about the objectives and plans of the two organizations.

2. Business Group

A business Group will be set up involving up to three senior
representatives from each organization. This group will meet two or
three times progress activities and will commission new projects.

3. Project Terms

All projects will be jointly owned by a member of staff from both
organizations who will act as the named contact but in most cases one
organization will take the lead responsibility. The lead member of
staff will be responsible for reporting to Business Groups.

4. Economic Community

In addition to project work there will be occational updating meetings
between our respective lead officers in the particular areas of
performance. The purpose of these meetings (which may be informal)
will be for information exchange and updating on work in the relevant
areas of practice. These teams will be expected to maintain
communication about show case events, general updates related to the
areas of legal, work, networks, publications and websites,
broadcasting etc.

5. Membership of Groups - Multilateral Memorandum

(i) Standing Partnership

(ii) Project Leads

(iii) Projects needing further development

(iv) Other works of interest to both organizations

(v) Project Definition Document

(vi) Agendas; In order to minimise bureaucracy it is proposed that
there is a standing agenda for the Business Group.


(1.) Action and Decision list from previous meeting

(2.) Update on projects to be presented in the form of one of the

(a) Project Definition

(b) Update or

(c) Final Report and/or Evaluation.

(d) General Issues (an opportunity to identify future issues,
projects or shared concerns).

(3.) Governing Law; Agreement enter into and shall be interpreted
in accordance with the laws of the State of Califrnia, U.S.A. and with
British laws in London, United Kingdom.

(4.) Date of next meeting

Understanding Account Statements

The best way to track your debit / credit account activity and
performance is to carefully review your monthly/quarterly statements.
With the help of your financial adviser, checking your account
statement regularly should become as routine as balancing your

It's easy to read

Altough it may seem complicated at first glance, the typical account
statement is straightforward. In this guided tour, you will learn step-
by-step what information is provided. A checklist follows to help you
understand each section of a statement, next, a list of frequently
asked questions. The final section, a glossary of investment terms.

Direct Application for your Personal / Business Casheasier Account.
Use this link:

Check List

1. Verify the activity in your account:

(i) Identify the time period covered by the statement;

(ii) Find your beginning and ending balances;

(iii) Verify withdrawals and additions to your account;

(iv) Identify dividends and interst received in your account and
understand the source (i.e., the specific security investment) of that
income; and

(v) Verify all transactions aganist trade confirmations.

2. Confirm basic account data and compare it to previous


(i) Check account numbers;

(ii) Verify that any address changes are reflected accurately; and

(iii) Compare the beginning balance of your current statement with
the ending balance of the previous statement.

3. Look for a summary of your holdings:

(i) Identify security descriptions, dollar value, the quantity of
shares of each investment, and maturity dates, if applicable; and

(ii) Make shure that the calculated portfolio percentage agree
with your diversification and asset allocation objectives.

4. Be sure that you understand performance data:

(i) Review your portfolio's gains and looses;

(ii) Determine which securities gained or lost value;

(iii) Assess whether the net value reflects an increase or
decrease; and

(iv) Review whether portfolios gains and looses represent
investment opportunities.

5. If the account has multiple owners, make sure that all account
owners have opportunity to review the statement.

6. Review the margin activity and interest charges, if applicable.

7. Call and ask questions if you are confused or if your investment
situation has changed as to goals, risk tolerances, or time frame.

8. Report any discrepancies promptly. It is extremely important to
address any discrepancy quickly after you receive your account
statement. Call your investment representative. If he or she is not
available, ask for the branch manager.

Frequently Asked Questions (FAQ's)

1. Why do I receive an account statement in some months, and not

- At least quarterly, all investment firms must send out statements
that reflect activity in the account. Additionally, if your account is
active, you may receive monthly statements. Some firms also post this
information online, which you can access after registering and
receiving a password.

2. What do I do if don't agree with something on my account statement?

- Reviewing your account statements is an integral part of being a
good investor. You need to verify that your investment instructions
have been carried out properly. Mistakes do not occur very often, but
checking your statement is the best way to spot one quickly. When you
find something that you don't agree with or don't understand, call
your account representative or the firm's branch office manager

3. If my provider is unavailable, where do I go?

- If your provider is not available in a timely manner, or if you
want to speak to someone of higher rank, ask to speak with the branch
manager. It is part of a branch manager's job to provide oversight of
all his or her representatives and the business that occurs in the
branch office.

4. Is the information on my account statement sold to any other firms

- Under the privacy provisions of the Giuen Securities and Exchange
Act, investors' personal financial information is protected. Certain
account information may be distributed to third parties, but only if
you do not object. No later than July 2001, investment firms notified
their customers of the firms' policy on disclosure of personal
financial information. By law, it is up to you to respond to this
notice and advise the firm if you do not want your information shared
with third parties.

5.Are my investment insured?

- The Securities Investor Protection Corporation (SIPC) is a
nonprofit, membership corporation, funded by its member securities
brokerage firms. Although it was creadet by Congress in the Securities
Investor Protection Act of 1970, SIPC in neither a government agency
nor a regulatory authority. It is not the securities world's
equivalent of the Federal Deposit Insurance Corporation (FDIC), which
insures bank deposits. SIPC'S reserve funds are available to satisfy
customer claims up to a maximum of $500,000,00 including up to
$100,000 on claims for cash in the event your brokerage firm fails.
Some firms will obtain additional coverage for your account through
private insurance companies; this additional coverage is designed to
protect your securities in excess of the insured limits. Neither SIPC
protection nor additional coverage will safeguard you from a decline
in the market value of your securities.

6. Are the "security price" or "market price" that appear on my
account statement accurate?

- The prices on account statements come from a variety of sources,
and are belived to be reliable (although) most firms do not guarantee
their accuracy). Securities prices that appear on your statement are
intended to be representative only. For securities listed on a stock
exchange, the price on your account statement will be the closing
price on the date of settlement. Prices of fixed-income securities may
be based on recent transactions or derived from computerized formulas
that calculate prices based on institutional "round lot" quantities.
Therefore, the prices for smaller quantities of securities may be
different. Some inactively traded stocks may not be priced, and may be
reflected as "N/A" on the account statement.

7. What is the difference between "capital gains" and "capital gains

- A "capital gain" is profit derived between a security's adjusted
cost basis and the price at which it is sold. An example of a "capital
gain distribution" is a mutual fund's distribution to shareholders of
the profits derived from the sale of the fund's underlying securities.

8. Where do I find the commissions that were paid for the purchase or
sale of a security on my statement?

- This information does not appear on most account statements, but
will appear on the separate securities transaction confirmation sent
to you after the purshase or sale of a security. You should retain
this information for your file.

9. What is all the fine print on the back of the statement about?

- The back of your statement informs you of the firm's policies and
procedures, and defines many terms mentioned in the statement. It also
contains contact information if you have questions.

10. Can I have duplicate copies of my statement sent to


- Many firms, on their new account application form, will ask if
you want duplicate statements sent to a third party. If you elect to
do so they will continue to send these statements automatically. It's
your responsibility to notify your investment representative of any
subsequent changes.

11. Can I have a copy of my year-end tax information sent

directly to my tax preparer?

- Most firms do not have the capability of sending just one
selected statement to your tax professional.

12. Why is the date on my statement not always the end of the


- Most, though not all, securities firms end their statement period
on the last business day of the month. Some firms, however, end their
statement period on the last Friday of the month. Be sure to ask your
financial professional how your firm handles it.


Asset Allocation

An investment strategy that divides assets among major asset
categories such as stocks, bonds, or cash, usually balancing risk and
creating diversification.

Accured Interest

The estimated amount of interest that would be received upon a sale.
In most cases, it is calculated from the date of the last coupon
payment up through the closing date of the account statement.


A bond is considered a debt instrument - you are lending money to an
entity (company or government) that needs funds for a defined period
of time at a specified interest rate. In exchange for your money, the
entity will issue you a note that states the interest rate to be paid
and when your borrowed funds are to be returned (maturity date).
Interest on bond is usually paid every six months (semi-annually).

Cash Equivalents

These are assets that are cash or can be converted into cash
immediately (for example, money market funds).


The written notice provided by a brokerage acknowledges compleition of
a securities transaction. It includes details such as the date of
purchase, price, number of shares, commission, fees, and settlement


The interest rate stated on bond when it's issued. The coupon rate is
typically paid semi-annually. (For example, a $1,000 bond with a
coupon of 7 percent will pay you $35 every six months).


Prior formal authorization, frequently reffered to as "trading
authority," that permits a broker to make transactions in a client's
account without having to first get authorization for each trade. You
and your broker should discuss your overall goals and risk tolerance
before you decide whether to grant this authority.


This term often refers to a corporation's distribution of funds
(usually in the form of dividends, interests, and capital gains) as
payment of current or past earnings to its shareholders. This term
could also mean the dispersal of assets in brokerage account, as
designated by the client (for example, IRA distributions).


A risk management technique that mixes a wide variety of investment
producets and asset classes within a portfolio, minimizing the impact
of any one under performing security on overall portfolio performance.


Another word for "stock." It represents an ownership interest by
shareholders in a corporation. In a margin account, equity is the
difference between the value of your stock and the amount of money you
have borrowed in that account.

Estimated Income and Current Yield

In most cases, estimated income is the amount of dividend and/or
interest expected to be received annually. Current yield is the annual
interest on a bond dividend by the market price.

Margin Debt

The difference between the collateral deposited by the client and the
amount borrowed (currently a maximum of 50 percent of the current
market value of the securities) represents margin debt. Should the
stock decrease in value, the investor must keep the proper maintenance
level, either by putting up more money or by selling marginable
securities. The use of borrowed money to purchase securities is
referred to as "buying on margin." This strategy dramatically
increases both upside potential and downside risk.

Mutual Fund

An investment vehicle that allows investors access to a diversified
portfolio of equities, bonds, and/or other securities. A mutual fund
offers investors the advantages of diversification and professional
management. Shares of open-end mutual funds are issued and can be
redeemed as needed. Mutual fund shares are redeemable at net asset
value by shareholders. The fund's net asset value (NAV) is determined
each day at the markets' close. Each shareholder participate in the
gains or losses of the fund. Each mutual fund portfolio is invested to
match the objective stated in its prospectus.


A privilege sold by one party to another that offers the option holder
the tight to buy (call) or sell (put) a security at an agreed-upon
price during a certain period of time or on a specific date.

Realized and Unrealized Gain/Loss

The results of securities transactions are usually categorized into
either realized gains or looses upon the sale of security. An
unrealized gain or loss is the appreciation or depreciation in the
value of an unsold security since the time was originally acquired
(informally know as "paper gains or losses").


Using dividends, interest, and/or capital gains distributions
generated by a mutual fund investment to purchase additional shares,
rather than receiving the distributions in cash. With stocks, using
dividends to purchase additional shares instead of receiving payments
in cash.


The gain or loss for a security over a particular time period,
consisting of income plus capital gains relative to investment,
usually quoted as a percentage. The real estate of return is the
annual return realized on that investment, adjusted for changes in the
price due to inflation.

Trade Date v. Settlement Date

The trade date is the day a trade is executed. The settlement date is
the agreed upon date when payment must be made and/or securities
presented. For purchase of securities, the brokerage firm must receive
payment no later than three business days after the trade date (T+3).
Currently, the industry is progressing to a T+1 settlement cycle in

Zero-Coupon Bond

A corporate or municipal debt security sold at a deep discount to its
face value that does not pay periodic interest. The profit is realized
when the bond is redeemed at maturity for its full face value.

Securities Industry Association

120 Broadway, 35th Floor

New York, NY10271-0080

Giuen Holding Ltd.

Casheasier Card

Goteborgsvagen 1.

SE:434 00 Kungsbacka


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