April 1, 2016 April 29, 2016 | Page 4
3DJH7KH&ROHEURRN&KURQLFOH)ULGD\$SULO
9LHZ)URP7KH
WK3DUDOOHO
(GLWRUªVQRWH.DWK\6XOOLYDQªVFROXPQLQ0RQGD\ªV8QLRQ
/HDGHU RIIHUHG DQ LQWHUHVWLQJ VWDWHZLGH SHUVSHFWLYH RQ WKH
1RUWKHUQ 3DVV DQG %DOVDPV VLWXDWLRQ 6XOOLYDQ LV D UHWLUHG
0DQFKHVWHUDWWRUQH\DQGIRUPHUFKDLUPDQRIWKH1HZ+DPS
VKLUH'HPRFUDWLF3DUW\:HWKDQNKHUIRUOHWWLQJXVVKDUHKHU
FROXPQKHUHZLWKRXUUHDGHUV¥&--
:KDW,V1HZ:LWK7KH1RUWKHUQ3DVV3URMHFW"
1RZWKDWWKH.LQGHU0RUJDQQDWXUDOJDVSLSHOLQH
KDV EHHQ WDEOHG ZKDW LV QHZ ZLWK WKH 1RUWKHUQ
3DVVSURMHFW"
7KHUH ZDV WKH UHFHQW DQQRXQFHPHQW E\ (YHU
VRXUFH(QHUJ\WKHGHYHORSHUWKDWFRQWUDFWRUVKDG
EHHQVLJQHGWREXLOGWKHSURMHFW$OWKRXJKDSULPDU\
VDOHV SLWFK IRU 1RUWKHUQ 3DVV KDV EHHQ WKH 1HZ
+DPSVKLUHMREVLWZLOOFUHDWHWKHUHWDLQHGFRPSD
QLHVDUHQRWORFDO,QVWHDGWKH\DUHDOOQDWLRQDORU
PXOWLQDWLRQDOFRUSRUDWLRQV*LYHQWKHVSHFLDOL]HG
QDWXUHRIWKHSURMHFW,VXVSHFW(YHUVRXUFHDOZD\V
NQHZWKDWLWZRXOGRXWVRXUFHFRQVWUXFWLRQ
2WKHU QHZV LQYROYHV WKH &ROHEURRN %RDUG RI
6HOHFWPHQ DQG WKH 1RUWK &RXQWU\ &KDPEHU RI
&RPPHUFH6HOHFWPHQGUDIWHGDOHWWHUWRWKH1HZ
+DPSVKLUH 6LWH (YDOXDWLRQ &RPPLWWHH ZKLFK LV
UHYLHZLQJ WKH 1RUWKHUQ 3DVV SURMHFW 7KH OHWWHU
SUDLVHGWKHPLOOLRQ)RUZDUG1HZ+DPSVKLUH
)XQG SURPLVHG E\ (YHUVRXUFH LI 1RUWKHUQ 3DVV
UHFHLYHVDSSURYDO,WDOVRDVNHGWKDWPRUHWUDQVPLV
VLRQOLQHVEHEXULHGZKLFK(YHUVRXUFHKDVRSSRVHG
:KHQ/HV2WWHQDSULQFLSDORIWKHSODQQHG%DOVDPV
UHGHYHORSPHQWKHDUGDERXWWKHOHWWHUKHDVNHGWKH
ERDUG WR UHPRYH WKH ODQJXDJH DERXW EXU\LQJ WKH
OLQHV6HOHFWPHQDJUHHG
:K\GLGWKHVHOHFWPHQFDUHZKDW2WWHQZDQWHG"
7KH %DOVDPV LV D ELJ H[SHQVLYH SURMHFW WKDW ZLOO
SURYLGH EDGO\ QHHGHG MREV LI WKH UHVRUW UHRSHQV
2WWHQ GLVFORVHG WKDW 1RUWKHUQ 3DVV KDV DOUHDG\
FRPPLWWHG WR PDNH D PLOOLRQ ORDQ IURP WKH
)RUZDUG1+)XQGWRWKH%DOVDPV+HDOVRKRSHV
WRXWLOL]HDGGLWLRQDO)RUZDUG1+IXQGV
2WWHQ PHW ZLWK WKH 1RUWK &RXQWU\ &KDPEHU RI
&RPPHUFHERDUGRIGLUHFWRUVWKUHHWLPHVWRHQFRXU
DJH LW WR ZLWKGUDZ LWV 1RUWKHUQ 3DVV RSSRVLWLRQ
7KHERDUGGLGVR7ZRERDUGPHPEHUVUHVLJQHGLQ
SURWHVW $QRWKHU VDLG 2WWHQ KDG SUHVVXUHG WKH
ERDUG 2WWHQ VD\V WKDW KH ZDV MXVW LQIRUPLQJ WKH
ERDUGRIKLVRSLQLRQ
,KRSH2WWHQSXOOVRIIWKH%DOVDPVSURMHFWDQG,
GRQRWIDXOWKLPIRUDFFHSWLQJWKHORDQFRPPLWPHQW
32%R[&ROHEURRN1+
7HO
)D[
(PDLOHGLWRU#FROHEURRNFKURQLFOHFRP
:HEZZZFROHEURRNFKURQLFOHFRP
'RZQWRZQRIILFHLQWKHKLVWRULF:LOOLDPV%XLOGLQJ
0DLQ6WUHHW
&ROHEURRN1+
(GLWRU&KDUOHV--RUGDQ3XEOLVKHU'RQQD/-RUGDQ
$VVRFLDWH(GLWRU7KRPDV-RUGDQ
&DQDGLDQ&RUUHVSRQGHQW&RUH\%HOODP
6SRUWV3KRWRJUDSKHU7LQD0F.HQ]LH
7KH)XOOHUIDPLO\KRPHVWHDGLQ6WUDWIRUGDVLWORRNHGLQ7KLVSKRWRDSSHDUHGLQWKH-DQXDU\
LVVXHRI&RRV0DJD]LQH
%XW KLV GLVFORVXUH DERXW WKH (YHUVRXUFH PRQH\
UDLVHVVLJQLILFDQWTXHVWLRQVDERXWWKH)RUZDUG1+
IXQG DQG ZKHWKHU (YHUVRXUFH LV OLYLQJ XS WR LWV
SURPLVHV
(YHUVRXUFHKDGSURPLVHGWKDWDQDGYLVRU\ERDUG
RI EXVLQHVV PXQLFLSDO HQYLURQPHQWDO DQG ODERU
OHDGHUVZRXOGHYDOXDWH)RUZDUG1+JUDQWVEDVHG
RQ§HVWDEOLVKHGFULWHULD¨
7KH GLVFORVXUH WKDW PRQH\ DOUHDG\ LV EHLQJ
SURPLVHGZLWKRXWDQDGYLVRU\ERDUGKDYLQJEHHQ
DQQRXQFHGDQGZLWKRXWSXEOLFDWLRQRIDQ\FULWHULD
LV YHU\ WURXEOLQJ 7KH %DOVDPV PD\ ILW LQWR WKH
SDUDPHWHUVRIWKHIXQG%XWLWLVKDUGWRWHOOZKHQ
WKHUHLVQRWUDQVSDUHQF\+RZGR\RXDSSO\IRUD
JUDQW",VWKHUHHYHQDQDSSOLFDWLRQSURFHVV":KDW
RWKHU SURSRVDOV LI DQ\ KDYH EHHQ UHYLHZHG DQG
DSSURYHG RU UHMHFWHG" ,V WKH )RUZDUG 1+ )XQG
JRLQJ WR EH DQ LQGHSHQGHQW IXOO\ WUDQVSDUHQW
QRQSURILWJUDQWPDNLQJIRXQGDWLRQ"2ULVLWDIXQG
FRQWUROOHGE\(YHUVRXUFHWRUHZDUGLWVIULHQGVDQG
SXQLVKLWVRSSRQHQWV"
7KHVH TXHVWLRQV DUH LPSRUWDQW WR WKH LQGHSHQ
GHQFHDQGLQWHJULW\RIWKH1RUWK&RXQWU\DQGWKH
VWDWHDVDZKROHPLOOLRQLVDORWRIPRQH\LQ
WKLVVPDOOVWDWHDQGSDUWLFXODUO\LQWKHHFRQRPL
FDOO\GLVDGYDQWDJHG1RUWK&RXQWU\'RZHUHDOO\
ZDQWDSULYDWHFRUSRUDWLRQZLWKWKDWNLQGRIILQDQ
FLDOFRQWURO"
(YHUVRXUFHRQFHVDLGLWFRXOGQRWEXU\DQ\RILWV
OLQHV