6$)(7<35(&$87,216
&$87,21 |
|
|
|
| &$87,21 | |||
'RQRWRYHUILOOWKHUHIULJHUDWRUZLWKIRRG | 5HIULJHUDQWGHFLGHVWKHUHIULJHUDWLRQRIUHIULJHUDWRU | |||||||
DQGLWLVILOOHGLQWRWKHUHIULJHUDWRUZLWKVSHFLDOSURFHVV | ||||||||
,IIRRGIDOOVRXWZKHQ\RXRSHQWKHGRRUVWKHUHLV | ||||||||
(QVXUHWKHSLSLQJEHKLQGUHIULJHUDWRULVXQGDPDJHG | ||||||||
DULVNRISHUVRQDOLQMXU\RUPDWHULDOGDPDJH | 6PDOODPRXQWRIKLJKWHPSHUDWXUH | |||||||
'RQRWVWRUHERWWOHVRUJODVVFRQWDLQHUVLQWKHIUHH]HU | ||||||||
HQYLURQPHQWDOSURWHFWHG,VREXWDQH | ||||||||
:KHQWKHFRQWHQWVIUHH]HWKHJODVVPD\EUHDN | UHIULJHUDQWDQGJDVLVLQFOXGHGLQWKH | |||||||
|
|
| ||||||
DQGFDXVHSHUVRQDOLQMXU\ | UHIULJHUDWRUEXWWKH\DUHDOVRYHU\ | |||||||
|
|
|
|
| IODPPDEOH+DQGOHWKHUHIULJHUDWRUFDUHIXOO\WRHQVXUH | |||
,ISRZHUVRFNHWLVORRVHGRQRWLQVHUWSOXJ | WKHUHIULJHUDQWV\VWHPLVQRWGDPDJHGGXULQJ | |||||||
WUDQVSRUWDWLRQDQGLQVWDOODWLRQRIWKLVXQLW | ||||||||
7KHUHLVDULVNRIHOHFWULFVKRFNRUILUH | ||||||||
7KHUHIULJHUDQWOHDNHGIURPWKHSLSLQJPD\EHLJQLWHG | ||||||||
'RQRWGLVFRQQHFWWKHSRZHUFRUGE\SXOOLQJRQLWV | ||||||||
RUFDXVHLQMXU\WRWKHH\HV,IUHIULJHUDQWOHDNDJHLV | ||||||||
KHDG | IRXQGILUHRUSRWHQWLDOILUHVRXUFHVKDOOEHDYRLGHGDQG | |||||||
'DPDJHWRWKHFRUGPD\FDXVHDVKRUWFLUFXLWILUH | YHQWLODWHWKHURRPZKHUHWKHUHIULJHUDWRULVIRU | |||||||
RUHOHFWULFVKRFN | VHYHUDOPLQXWHV | |||||||
,ISRZHUFRUGLVGDPDJHGLWPXVWEHUHSODFHGE\ | 7KHURRPVL]HIRUUHIULJHUDWRUVKDOOEHGHWHUPLQHG | |||||||
WKHPDQXIDFWXUHUDFHUWLILHGVHUYLFHDJHQWRU | ||||||||
DFFRUGLQJWRWKHTXDQWLW\RIUHIULJHUDQWLQWKH | ||||||||
TXDOLILHGVHUYLFHSHUVRQ | ||||||||
DSSOLDQFHWRDYRLGWKDWWKHUHIULJHUDQWOHDNHGIURP | ||||||||
'RQRWVWRUHDUWLFOHVRQWRSRIWKHXQLW | ||||||||
SLSLQJFLUFXLWLVPL[HGZLWKWKHDLUWR | ||||||||
:KHQ\RXRSHQRUFORVHWKHGRRUVWKHDUWLFOHVPD\ | JHQHUDWHIODPPDEOHPL[WXUH | |||||||
IDOODQGFDXVHSHUVRQDOLQMXU\RUPDWHULDOGDPDJH | 7KHURRPVL]HIRUWKHDSSOLDQFHVKDOOEHFDOFXODWHG | |||||||
|
|
|
|
| DFFRUGLQJWRJRIUHIULJHUDQWW\SH5DSHUFXELF | |||
'RQRWVWRUHPHGLFLQHVFLHQWLILFPDWHULDOVDQGWKH | PHWHU5HIHUWRWKHLQVWUXFWLRQLQWKHUHIULJHUDWRUIRU | |||||||
WKHGHWDLOVRIUHIULJHUDQWTXDQWLW\LQWKHXQLW | ||||||||
RWKHUWHPSHUDWXUHVHQVLWLYHSURGXFWVLQWKHIUHH]HU | ||||||||
|
|
| ||||||
&KHFNSURGXFWODEHOWRPDNHVXUHWKHUHIULJHUDWLRQ | 'RQRWVWDUWXSUHIULJHUDWRULIWKHUHLVDQ\GDPDJHLQ | |||||||
LVQRWSURKLELWHG | WKHXQLW3OHDVHFRQWDFWGHDOHURUVHUYLFHFHQWHUIRU | |||||||
|
|
|
|
| DQ\TXHU\ | |||
'RQRWOHWFKLOGUHQ | ,IWKHUHLVDEQRUPDOQRLVHRGRURUVPRNHSXOORXW | |||||||
KDQJRQWKHFRXQWHU |
|
|
|
| WKHSOXJLPPHGLDWHO\DQGFRQWDFW\RXUQHDUHVW | |||
DQGGRRUV |
|
| 6DPVXQJVHUYLFHFHQWHU | |||||
|
|
|
|
| 'RQRWSXW\RXUKDQGLQWKHDUHDXQGHUQHDWKWKHXQLW | |||
|
|
|
|
| ||||
|
|
|
|
|
| $Q\VKDUSHGJHPD\FDXVHSHUVRQDOLQMXU\ | ||
7528%/(6+227,1*
7KHUHIULJHUDWRUGRHVQRWZRUNDWDOORUFDQQRWFKLOO | 7KHIURQWFRUQHUVDQGVLGHVDUHHTXLSSHGZLWKKHDW | |
VXIILFLHQWO\ | UDGLDWRU,WLVQRUPDOWREHKRW | |
&KHFNWKDWWKHSRZHUSOXJLVSURSHUO\FRQQHFWHG | 7KHIURQWFRUQHURIUHIULJHUDWRULVHTXLSSHGZLWKIURVWGHYLFHWR | |
&KHFNWKDWWKHSRZHUSOXJIXVHKDVQRWEORZQ | SUHYHQWFRQGHQVDWLRQ | |
,VWKHWHPSHUDWXUHFRQWUROVHWWRWKHSURSHUWHPSHUDWXUH" | %RWKVLGHVRIWKHUHIULJHUDWRUDUHHTXLSSHGKHDWSLSHVDQGLWLV | |
,VWKHUHIULJHUDWRULQGLUHFWVXQOLJKWRUORFDWHGQHDUDKHDW | QRUPDOWREHKRW | |
VRXUFH" | 7KHUHLVVRPHFRQGHQVDWHZDWHULQVLGHWKHUHIULJHUDWRU | |
,VWKHEDFNRIWKHUHIULJHUDWRUWRRFORVHWRWKHZDOO" | ZKLFKLVQRUPDO | |
7KHIRRGLQIULGJHLVIUR]HQ | &RQGHQVDWLRQFDQUHVXOWRIOHDYLQJWKHGRRURSHQWRRORQJRU | |
VWRULQJXQZUDSSHGIRRGZLWKDKLJKZDWHUFRQWDFWZKHQRXWVLGH | ||
,VWKHWHPSHUDWXUHFRQWUROVHWWRWKHSURSHUWHPSHUDWXUH" | WHPSHUDWXUHDQGKXPLGLW\DUHKLJK | |
,VWKHWHPSHUDWXUHLQWKHURRPWRRORZ" | 7KHUHLVRGRULQVLGHWKHUHIULJHUDWRU | |
'LG\RXSXWIRRGZLWKDKLJKZDWHUFRQWHQWQHDUWKH | ||
<RXGLGQRWZUDSIRRGZLWKDVWURQJVPHOOSURSHUO\RU\RXKDYH | ||
FROGHVWSDUWRIWKHIULGJH | ||
OHIWVRPHWKLQJLQWKHUHIULJHUDWRUWRRORQJ | ||
<RXFDQKHDUDEQRUPDOQRLVHRUVRXQG | $OZD\VZUDSIRRGZLWKDVWURQJVPHOOVRWKDWLWLVDLUWLJKW | |
$OZD\VWKURZDOZD\VWKHIRRGWKDWKDVJRQHRII | ||
&KHFNWKDWWKHIORRULVOHYHODQGVWDEOH |
| |
,VWKHEDFNRIWKHDSSOLDQFHWRRQHDUWRWKHZDOO" | )URVWIRUPVRQWKHZDOORIWKHIUHH]HU | |
+DVDQ\WKLQJGURSSHGEHKLQGRUXQGHUWKHDSSOLDQFH" | ||
,VDLULQOHWRXWOHWEORFNHG" | ||
,VWKHQRLVHIURPWKHFRPSUHVVRULQWKHDSSOLDQFH" | ||
$OZD\VDOORZVXIILFLHQWVSDFHEHWZHHQWKHIRRGLWHPVIRU | ||
$³WLFNLQJ´VRXQGPD\EHKHDUGIURPLQVLGHWKH | ||
HIILFLHQWDLUFLUFXODWLRQ | ||
DSSOLDQFHEXWWKLVLVQRUPDO,WLVFDXVHGZKHQWKH | ,VWKHGRRUFORVHGSURSHUO\" | |
YDULRXVDFFHVVRULHVFRQWUDFWRUH[SDQG |
*(1(5$/.12:/('*(2)5()5,*(5$7256,/(1&(
7KHUHIULJHUDWRUUXQVWKURXJKFRPSUHVVRUDQGORZHUVWKHWHPSHUDWXUHLQVLGHE\WKHSURFHGXUHVVXFKDVUHIULJHUDQW FLUFXODWLRQWRHQVXUHWKHIUHVKQHVVDQGQXWULWLRQRIWKHIRRGLQVLGHWKHUHIULJHUDWRU:KHQWKHUHIULJHUDWRULVUXQQLQJ\RX PD\KHDUVRPHVOLJKWVRXQGV3OHDVHWDNHLWHDV\EHFDXVHLWLVQRUPDODQGZLOOQRWKDYHDQ\LQIOXHQFHRQWKHUHIULJHUDWRU
DSSOLFDWLRQ
|
|
|
|
|
|
| 'RQRWWRXFKWKHLQVLGHZDOORIWKHIUHH]HURU |
|
|
|
|
|
|
| SURGXFWVRUIRRGVWRUHGLQWKHIUHH]HUZLWKZHWKDQGV |
'RQRWOHWFKLOGUHQ |
|
|
|
|
|
| ,WPD\FDXVHIURVWELWH |
KDQJRQWKHVKHOILQ |
|
|
|
|
|
| 'RQRWXVHDZHWRUGDPSFORWKWRUHPRYHDQ\ |
WKHXQLW |
|
|
|
|
|
| |
|
|
|
|
|
| IRUHLJQPDWHULDOVIURPWKHSRZHUSOXJSLQVZKHQ | |
|
|
|
|
|
|
| FOHDQLQJWKHSOXJ |
|
|
|
|
|
|
| 7KHUHLVDULVNRIEXUQLQJDQGILUH |
|
|
|
|
|
|
| ,I\RXZLVKWRPRYHWKHUHIULJHUDWRUKROGLWE\KDQGOH |
'RQRWOHWFKLOGUHQ |
|
|
|
|
|
| RQLWVEDFNDQGERWWRPVLGHV |
KDQJRQWKHIRRG |
|
|
|
|
|
| ,IWKHDSSOLDQFHSRZHULVGLVFRQQHFWHG\RXKDYH |
JXDUGRQWKHGRRUV |
|
|
|
|
|
| WRZDLWIRUDWOHDVWILYHPLQXWHVEHIRUHSOXJJLQJLW |
|
|
|
|
|
| ||
|
|
|
|
|
|
| EDFN |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| ,I\RXZLOOQRWXVHWKHUHIULJHUDWRUIRUDORQJSHULRGRIWLPH |
|
|
|
|
|
|
| SOHDVHSXOORXWRISRZHUSOXJ |
|
|
|
|
|
|
| $Q\GHWHULRUDWLRQLQWKHLQVXODWLRQPD\FDXVHILUH |
6OLJKW³KXPPLQJ´VRXQG
:KHQWKHFRPSUHVVRULVUXQQLQJWKHVWDUWXSVRXQGLVVOLJKW
KLJK+LJKHIILFLHQWUHIULJHUDWRUKDVKLJKHUVRXQGGXHWKH VWURQJZRUNLQJFDSDFLW\RIWKHFRPSUHVVRU
$LURU:DWHUIORZ6RXQG
7KHWHPSHUDWXUHLQVLGHWKHUHIULJHUDWRUFDQEHORZHUHG TXLFNO\ZKHQUHIULJHUDQWLVIORZLQJLQWKHSLSHV7KHUHDUHWZR NLQGVRIUHIULJHUDQWVJDVDQGOLTXLG6OLJKWVRXQGPD\EH
KHDUGGXULQJLWVIORZLQJ
³&ODWWHULQJ´6RXQG
:KHQVWDUWLQJDQGVWRSSLQJWKHUHIULJHUDWRUWKHHOHFWULFDO FRPSRQHQWVVXFKDVPDLQFRQWUROSDQHOVWDUWXSEUHDNHU DQGKHDWSURWHFWRUJLYHRII³&ODWWHULQJ´VRXQGVEHFDXVHRI EHLQJFRQVWDQWO\RQRURII
6OLJKW³:KLVKLQJ´6RXQG
$IDQLVLQVWDOOHGLQVLGHWKHUHIULJHUDWRUWRLPSURYHDLU FLUFXODWLRQ:KHQWKHIDQLVUXQQLQJLWZLOOJLYHVRIIWKHVRXQGV RIDLUIORZDQGPRWRUUXQQLQJ,QWKHRWKHUKDQGWKHIDQ
UXQQLQJFDQHQVXUHWKDWWKHWHPSHUDWXUHLQVLGHFDQEH GHFUHDVHGUDSLGO\DQGHYHQO\ZKLFKKDYHJUHDWLPSDFWRQ NHHSLQJIRRGIUHVKDQGQXWULWLRQDO RQWKHRWKHUKDQGWKHIDQ
UXQQLQJFDQLQFUHDVHWKHFRROLQJHIIHFWVRIWKHUHIULJHUDWRU
)URVW&UDFN6RXQGDQG³3RRSLQJ´6RXQG
:KHQWKHUHIULJHUDWRULVUXQQLQJGXHWRWKHYDULDWLRQRI
WHPSHUDWXUHGLIIHUHQFHVWKHIRRGLVIURVWFUDFNHGRU HYDSRUDWRUDQGSLSHOLQHJLYHVRII³SRRSLQJ´VRXQGGXHWR KRWH[SDQVLRQDQGFROGFRQWUDFWLRQ
*(1(5$/.6,/(1&( 12:/('*(2)5()5,*(5$725
