The borrower should not account for the value of securities returned to the lender.

Any decline in interest rates enhances the value of outstanding fixed-income securities.

Lower interest rates generally hurt the dollar because they erode the value of fixed-income securities.

Higher interest rates generally support the dollar by enhancing the value of fixed-income securities.

Investors may borrow up to 50 percent of the value of eligible securities.

Higher interest rates enhance the value of dollar-denominated securities.

Factors such as these tend to erode the value of fixed-income securities.

As the economy slows, interest rates are expected to decline, which increases the value of securities with higher yields in the secondary market.

Last week, the trust's shares were quoted at $8.75, or 13 percent less than the value of the fund's cash and securities.

Investors often know less about the value of securities than do the corporations that issue them or the professionals who process trades.