Question of the Week

Under the Uniform Securities Act, which of the following are defined as securities?

I. Variable annuities
II. Fixed annuities
III. Oil & gas program fractional interests
IV. Real estate limited partnerships

a) I, III & IV
b) III & IV
c) I & II
d) I, II, III & IV


The correct answer is a.

Fixed annuities are not considered securities, since the purchaser bears no investment risk. However, variable annuities, real estate limited partnerships and fractional interests in oil & gas programs are all defined as securities.