*XDUDQWHHG 5(6(7 2XWSXW YDOLG IRU 9&&9
/RZ 6XSSO\ &XUUHQW $W\S
3RZHU VXSSO\ WUDQVLHQW LPPXQLW\
3LQQLQJ
063;*
0XOWLVWDQGDUG 6RXQG 3URFHVVRU )DPLO\
,QWURGXFWLRQ
7KH 063 [* IDPLO\ RI VLQJOHFKLS 0XOWLVWDQGDUG 6RXQG 3URFHVVRUV FRYHUV WKH VRXQG SURFHVVLQJ RI
DOO DQDORJ 796WDQGDUGV ZRUOGZLGH DV ZHOO DV WKH 1,&$0 GLJLWDO VRXQG VWDQGDUGV 7KH IXOO 79 VRXQG
SURFHVVLQJ VWDUWLQJ ZLWK DQDORJ VRXQG ,) VLJQDOLQ GRZQ WR SURFHVVHG DQDORJ $)RXW LV SHUIRUPHG RQ
D VLQJOH FKLS )LJXUH VKRZV D VLPSOLILHG IXQFWLRQDO EORFN GLDJUDP RI WKH 063 [*
7KH 063 [* KDV DOO IXQFWLRQV RI WKH 063 [* ZLWK WKH DGGLWLRQ RI D YLUWXDO VXUURXQG VRXQG
IHDWXUH
6XUURXQG VRXQG FDQ EH UHSURGXFHG WR D FHUWDLQ H[WHQW ZLWK WZR ORXGVSHDNHUV 7KH 063 [*
LQFOXGHV WKH 0LFURQDV YLUWXDOL]HU DOJRULWKP ³'3$125$0$´ ZKLFK KDV EHHQ DSSURYHG E\ WKH 'ROE\
/DERUDWRULHV IRU ZLWK WKH 9LUWXDO 'ROE\ 6XUURXQG WHFKQRORJ\ ,Q DGGLWLRQ WKH 063 [* LQFOXGHV WKH
³3$125$0$´ DOJRULWKP
7KHVH 79 VRXQG SURFHVVLQJ ,&V LQFOXGH YHUVLRQV IRU SURFHVVLQJ WKH PXOWLFKDQQHO WHOHYLVLRQ VRXQG
076 VLJQDO FRQIRUPLQJ WR WKH VWDQGDUG UHFRPPHQGHG E\ WKH %URDGFDVW 7HOHYLVLRQ 6\VWHPV
&RPPLWWHH %76& 7KH '%; QRLVH UHGXFWLRQ RU DOWHUQDWLYHO\ 0LFURQDV 1RLVH 5HGXFWLRQ 015 LV
SHUIRUPHG DOLJQPHQW IUHH
2WKHU SURFHVVHG VWDQGDUGV DUH WKH -DSDQHVH )0)0 PXOWLSOH[ VWDQGDUG (,$- DQG WKH )0 6WHUHR
5DGLR VWDQGDUG
&XUUHQW ,&V KDYH WR SHUIRUP DGMXVWPHQW SURFHGXUHV LQ RUGHU WR DFKLHYH JRRG VWHUHR VHSDUDWLRQ IRU
%76& DQG (,$- 7KH 063 [* KDV RSWLPXP VWHUHR SHUIRUPDQFH ZLWKRXW DQ\ DGMXVWPHQWV
7KH 063 [* KDV EXLOWLQ DXWRPDWLF IXQFWLRQV 7KH ,& LV DEOH WR GHWHFW WKH DFWXDO VRXQG VWDQGDUG
DXWRPDWLFDOO\ $XWRPDWLF 6WDQGDUG 'HWHFWLRQ )XUWKHUPRUH SLORW OHYHOV DQG LGHQWLILFDWLRQ VLJQDOV FDQ
EH HYDOXDWHG LQWHUQDOO\ ZLWK VXEVHTXHQW VZLWFKLQJ EHWZHHQ PRQRVWHUHRELOLQJXDO QR , & LQWHUDFWLRQ LV
QHFHVVDU\ $XWRPDWLF 6RXQG 6HOHFWLRQ