An Unquoted Instrument refers to a financial instrument for which quoted prices reflecting normal market transactions are not readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency. Loans, derivative notes, unlisted securities are examples of unquoted and unlisted securities held by portfolio managers. When quoted prices reflecting normal market transactions are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency, such financial instrument is referred to as a quoted instrument.