8& $)7 3(563(&7,9(
81,9(56,7< &281&,/ $)7 &$/,)251,$ )('(5$7,21 2) 7($&+(56 $)7 $)/ &,2 Â&#x2021; 92/80( 180%(5 Â&#x2021; 635,1*
'HIHQGLQJ FROOHFWLYH EDUJDLQLQJ SDJHV
,16,'( 8& ZDLWV IRU 6XSHUPDQ :H DOO OLYH LQ :LVFRQVLQ 8& EXGJHW RQ WKH WDEOH 5HIRUPLQJ WKH UHJHQWV $ JURZWK PRGHO IRU 8&
8& $)7 3(563(&7,9(
%2% 6$08(/6 8& $)7 35(6,'(17
8& ZDLWV IRU 6XSHUPDQ
,
Q WKH GRFXPHQWDU\ ´:DLWLQJ IRU 6X SHUPDQ µ ZH DUH VKRZQ KRZ FKDUWHU VFKRROV FDQ RXWSHUIRUP WUDGLWLRQDO SXEOLF VFKRROV LI WKH\ DUH MXVW JLYHQ WKH FKDQFH :KDW WKH Ã&#x20AC;OP GRHV QRW VD\ LV WKDW DOPRVW DOO RI WKH H[DPSOHV RI VXFFHVVIXO FKDUWHUV VKRZQ LQ WKH PRYLH UHFHLYHG KXJH VXSSRUW IURP FKDULWDEOH IRXQGD
GRQRUV WR VXSSRUW WKLV SURMHFW DQG ZLWK WKH FDVK UROOLQJ LQ ZH FDQ SUHGLFW WKDW WKH XQLYHUVLW\ ZLOO GHYHORS VRPH KLJKO\ HIIHFWLYH FODVVHV
2QOLQH FRXUVHV DUH QRW WKH DQVZHU
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Ã&#x20AC;QJ HTXLSPHQW HQHUJ\ DQG DGPLQLVWUDWLRQ WLRQV 6R DV ORFDO SXEOLF VFKRROV DUH EH $V 8& WULHV WR PRYH PRUH FODVVHV LQJ GH IXQGHG ZH DUH WROG WKDW RXU KHUR RQOLQH IDFXOW\ VWXGHQWV DQG SDUHQWV KDV DUULYHG LQ WKH IRUP RI QHZ FKDUWHU QHHG WR VWDQG XS DQG Ã&#x20AC;JKW WKLV FKDQJH VFKRROV ,Q D VLPLODU YHLQ WKH 8QLYHUVLW\ RI &DOLIRUQLD KDV GHFLGHG WR SD\ IDFXOW\ PHPEHUV ODUJH VXPV RI PRQH\ WR FUHDWH SLORW RQOLQH FRXUVHV WR WHVW ZKHWKHU 8& LV UHDG\ IRU GLVWDQFH HGXFDWLRQ /LNH WKH 2Q WKH FRYHU 3XEOLF HPSOR\HHV LQ :LVFRQVLQ FKDUWHU VFKRROV 8& KDV IRXQG SULYDWH FDPS RXW RYHUQLJKW DW WKH 6WDWH &DSLWRO %XLOGLQJ LQ 0DGLVRQ :LVFRQVLQ $)/ &,2 SKRWR
$ JURZWK PRGHO IRU 8& FRQWLQXHG IURP SDJH
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Ã&#x20AC;QDQFLDO VHOI GHVWUXFWLRQ :H FDQ KDYH LPSURYHG DFFHVV DIIRUGDELOLW\ DQG TXDOLW\ LI ZH PDNH XQGHUJUDGXDWH HGXFDWLRQ DQ HVVHQWLDO SULRULW\
8& $)7 3(563(&7,9(
92/ 12 Â&#x2021; 635,1*
7KH 8QLYHUVLW\ &RXQFLO $)7 UHSUHVHQWV IDFXOW\ DQG OLEUDULDQV DW WKH 8QLYHUVLW\ RI &DOLIRUQLD 3UHVLGHQW 93 IRU /HJLVODWLRQ 93 IRU 2UJDQL]LQJ 93 IRU *ULHYDQFHV 6HFUHWDU\ 7UHDVXUHU
%RE 6DPXHOV 8&/$ $OH[ %RUJ 8&' 0LNH 5RWNLQ 8&6& $ODQ .DUUDV 8&% 0LNL *RUDO 8&/$
)RU FRQWUDFW DGPLQLVWUDWLRQ LVVXHV FRQWDFW 8&% 0LFKHOOH 6TXLWLHUL 8&' -HII 1DUWHQ 8&6) 0LFKHOOH 6TXLWLHUL 8&, 0DU\ &RRPHV 8&/$ -RKQ %UXQLQJ 8&0 -HII 1DUWHQ 8&5 6DQGUD %DULQJHU 8&6' 0DULD 7LOOPDQQV 8&6% %LOO 4XLUN 8&6& $OOLVRQ *XHYDUD ([HF 'LUHFWRU 0DULD (OHQD &RUWH]
8& $)7 3HUVSHFWLYH LV SXEOLVKHG E\ WKH 8QLYHUVLW\ &RXQFLO $)7 DQG WKH &DOLIRUQLD )HGHUDWLRQ RI 7HDFKHUV $)7 $)/ &,2 ,W LV D PHPEHU SXEOLFD WLRQ RI WKH :/&$ $)7&$ DQG ,/&$ (GLWRU 9DQHVVD 7DLW
8& $)7 &DOLIRUQLD )HGHUDWLRQ RI 7HDFKHUV 0DULQD 9LOODJH 3DUNZD\ 6XLWH $ODPHGD &$
Â&#x2021; SKRQH Â&#x2021; HPDLO PHFRUWH]#XFDIW RUJ Â&#x2021; ZHEVLWH ZZZ XFDIW RUJ
635,1*
3RVW :LVFRQVLQ XQLRQLVP ZKDW ZRXOG HPSOR\PHQW DV D OHFWXUHU RU OLEUDULDQ EH OLNH ZLWKRXW FROOHFWLYH EDUJDLQLQJ" %HUNHOH\ )HGHUDWLRQ RI 7HDFKHUV SKRWR
,Q :LVFRQVLQ QHZO\ HOHFWHG 5H SXEOLFDQ JRYHUQRU 6FRWW :DONHU KDV VLJQHG D SODQ WR HIIHFWLYHO\ HOLPL QDWH FROOHFWLYH EDUJDLQLQJ ULJKWV IRU SXEOLF HPSOR\HHV :KLOH KLV ELOO LV FXU
SURIHVVLRQDO GHYHORS PHQW IXQG DQG WKH QHDU O\ WHQ PLOOLRQ GROODUV 8& OHFWXUHUV KDYH UHFHLYHG WKURXJK LW DQG ZH ZRXOGQ·W KDYH D SURFHVV UHQWO\ XQGHU OHJDO FKDOOHQJHV LW ZRXOG IRU HYDOXDWLQJ ZRUNORDG OLPLW WKH VFRSH RI QHJRWLDWLRQV WR ZDJHV DQG HQVXULQJ WKDW DG DQG ZRXOG UHTXLUH WKDW XQLRQV KROG DQ GLWLRQDO QRQ WHDFKLQJ QXDO UHFHUWLÃ&#x20AC;FDWLRQ HOHFWLRQV ZRUN LV JLYHQ VRPH IRUP ,Q &DOLIRUQLD 6DQWD %DUEDUD UHVLGHQW RI FUHGLW /DQQ\ (EHQVWHLQ UHFHQWO\ DQQRXQFHG /LEUDULDQV ZRXOGQ·W KLV LQWHQWLRQ WR JHW DQ LQLWLDWLYH RQ WKH KDYH WKH UHTXLUHPHQW EDOORW LQ WKDW ZRXOG HQG FROOHFWLYH WKDW QHZ DVVLJQPHQWV EH EDUJDLQLQJ ULJKWV IRU &DOLIRUQLD·V SXEOLF LQFOXGHG LQ WKHLU VWDWH ZRUNHUV PHQW RI UHVSRQVLELOLWLHV 7KH :LVFRQVLQ SURSRVDO LV EHLQJ PHW DORQJ ZLWK DQ HYDOXDWLRQ E\ KLVWRULF SURWHVW IURP SXEOLF ZRUN RI WRWDO ZRUNORDG :H HUV DQG WKHLU VXSSRUWHUV 7KH SURWHVWHUV ZRXOGQ·W KDYH D FRQVLV XQGHUVWDQG WKDW WKH ULJKW RI ZRUNHUV WR WHQW DQG IDLU UHYLHZ SUR RUJDQL]H DQG QHJRWLDWH WKH WHUPV DQG FHVV GXH SURFHVV ULJKWV FRQGLWLRQV RI WKHLU HPSOR\PHQW QRW RQO\ IRU OD\RII DQG UHGXFWLRQ FUHDWHV EHWWHU DQG PRUH VWDEOH MREV EXW LQ WLPH D JULHYDQFH KLVWRULFDOO\ KDV SURYLGHG ZRUNHUV ZLWK SURFHGXUH RU WKLUG SDUW\ OLYDEOH VDODULHV ZKLFK HQ PDVVH FRQWULE DUELWUDWLRQ WR VHWWOH GLV XWH WR WKH WD[ EDVH DQG WR WKH GLVFUHWLRQ SXWHV RI WKH FRQWUDFW
DU\ VSHQGLQJ VHFWRU RI WKH HFRQRP\ 7KH UROH RI XQLRQV LQ WKH RYHUDOO HFRQRP\ DVLGH WKH :LVFRQVLQ VLWXD WLRQ UDLVHV WKH IROORZLQJ TXHVWLRQ :KDW ZRXOG HPSOR\PHQW DV D OHFWXUHU RU OL EUDULDQ DW 8& EH OLNH ZLWKRXW WKH ULJKW WR QHJRWLDWH LPSURYHPHQWV LQ RXU ZRUNLQJ FRQGLWLRQV" ,Q ·V ZH ZRXOGQ·W KDYH EHHQ DEOH WR EDQLVK WKH UXOH WKDW IRUFHG OHFWXU HUV RXW RI WKHLU SRVLWLRQV DIWHU \HDUV ,Q ZH ZRXOGQ·W KDYH EHHQ DEOH WR QHJRWLDWH WKH FRQWLQXLQJ DSSRLQW PHQW ZKLFK UHOLHYHG SRVW VL[ OHFWXUHUV RI D UHKLUH UHYLHZ HYHU\ WKUHH \HDUV :H ZRXOGQ·W KDYH WKH QRQ 6HQDWH IDFXOW\
7KH OLVW FRXOG JR RQ DQG RQ 0D\EH PRVW LPSRUWDQW WKRXJK ZH ZRXOGQ·W KDYH WKH RSSRUWXQLW\ WR PDNH D KXQGUHG PRUH LPSURYHPHQWV LQ WKH IXWXUH
'HIHQGLQJ RXU JDLQV 1R GRXEW ZH·YH KDG WUHPHQGRXV VXFFHVV RYHU WKH ODVW WZR GHFDGHV 1RZ ZH PXVW EH SUHSDUHG WR GHIHQG WKRVH VXFFHVVHV DJDLQVW WKRVH ZKR ZRXOG FDSL WDOL]H RQ WKH HFRQRPLF GRZQWXUQ DQG GHÃ&#x20AC;FLW EXGJHWV WR HOLPLQDWH EDVLF ZRUNHU ULJKWV ,I RXU ULJKWV DUH QRW LPPHGLDWHO\ DQG GLUHFWO\ WKUHDWHQHG ZH PXVW VXS SRUW WKRVH ZKRVH ULJKWV DUH :LWK WKH FXUUHQW DWWDFN RQ SXEOLF
VHFWRU ZRUNHUV DQG RXU XQLRQV WKH EHVW UHVSRQVH IURP LQGLYLGXDO XQLRQ PHP EHUV LV WR EH DQ DFWLYH SDUWLFLSDQW LQ \RXU XQLRQ :H FDQ QR ORQJHU WDNH RXU XQLRQV DQG WKH LPSRUWDQFH RI RXU UROH LQ WKHP IRU JUDQWHG ,I \RX·UH QRW FXUUHQWO\ D PHPEHU RI 8& $)7 SOHDVH MRLQ ,I \RX DUH D PHP EHU VHHN ZD\V WR JHW MXVW D OLWWOH ELW PRUH LQYROYHG 5REXVW SDUWLFLSDWRU\ DQG GHPRFUDWLF XQLRQV ZLOO FRQWULEXWH WR WKH UHDO VROXWLRQV UHTXLUHG E\ WKH GRZQWXUQ DQG EH DEOH WR IHQG RII RSSRUWXQLVWLF DWWHPSWV WR VFDSHJRDW KDUG ZRUNLQJ SXEOLF HPSOR\HHV ² %LOO 4XLUN 'LUHFWRU RI &RPPXQLFDWLRQV DQG (GXFDWLRQ
8& $)7 3(563(&7,9(
:H DOO OLYH LQ :LVFRQVLQ VWDWH ¿JKWEDFNV FRQWLQXH LQ 2KLR )ORULGD ,RZD DQG 0LFKLJDQ $V 5HSXEOLFDQ OHG VWDWH JRYHUQ PHQWV LQWURGXFH YLFLRXV EXGJHW FXWWLQJ OHJLVODWLRQ DLPHG DW SXE OLF ZRUNHUV¶ SD\FKHFNV SHRSOH DUH WDNLQJ D SDJH IURP :LVFRQ VLQ¶V SOD\ERRN DQG VKRZLQJ XS LQ QXPEHUV WR SURWHVW
:RUNHUV LQ 0LFKLJDQ KDYH EHHQ WXUQLQJ RXW DOO ODVW ZHHN DQG WKLV ZHHN DW WKHLU VWDWH KRXVH LQ /DQVLQJ WR SURWHVW D VLPLODU 5HSXE OLFDQ EDFNHG ELOO 7KH :LVFRQVLQ $)/ &,2¶V ZHEVLWH ZZZ ZLVDÃ&#x20AC;FLR RUJ! KDV GHWDLOV RQ UDOOLHV KDSSHQLQJ LQ 0DGLVRQ DQG HOVH ZKHUH
&RUSRUDWH PHGLD GLVWRUWV LVVXHV &RYHUDJH E\ WKH PDLQVWUHDP
SUHVV ² ZKHUH LW KDV H[LVWHG DW DOO ² KDV EHHQ SRRU WR KRVWLOH )RU D VHULRXV ORRN DW KRZ WKH PDLQVWUHDP PHGLD KDV SRUWUD\HG WKH VLWXDWLRQ LQ :LVFRQVLQ )UHH 3UHVV IRXQGHU 5REHUW 0F&KHVQH\ KRVWHG D SDQHO GLVFXVVLRQ IHDWXULQJ )UDQN (PVSDN 8QLRQV DFURVV WKH QDWLRQ DUH SODQQLQJ D RI :RUNHUV ,QGHSHQGHQW 1HZV PDVV PRELOL]DWLRQ $SULO WR VKRZ VXSSRUW :,1 DQG VHYHUDO RWKHU VSHDNHUV IRU ZRUNHUV¶ ULJKWV RQ WKH DQQLYHUVDU\ RI 'U DYDLODEOH DW XSSLW\ZLV RUJ 0DUWLQ /XWKHU .LQJ¶V DVVDVVLQDWLRQ <RX FDQ EORJDUWLFOH PHGLD DQG ZLVFRQVLQ ¿QG XS WR GDWH LQIRUPDWLRQ DQG SDUWLFLSDWH ODERU VWUXJJOH! LQ WKH ³:H $UH 2QH´ FDPSDLJQ E\ JRLQJ WR 7KH 8QLWHG 6WHHOZRUNHUV KDYH SXW ZZZ DÃ&#x20AC;FLR RUJ! ± )URP WKH ,QWHUQDWLRQDO WRJHWKHU D OLVW RI UHOLDEOH DOWHUQDWLYH /DERU &RPPXQLFDWLRQV $VVRFLDWLRQ PHGLD RXWOHWV LQFOXGLQJ :,1 ZKHUH XQLRQ PHPEHUV DQG RWKHUV FDQ WXUQ WR JHW WKH E\ -DPHV 3DUNV $)/ &,2 UHDO VWRULHV RQ ZKDW LV KDS XGUH\ %DUEDNRII D OLEUDULDQ DW WKH 0LOZDXNHH 3XEOLF /L SHQLQJ LQ WKH EUDU\ LV EHLQJ DQ\WKLQJ EXW TXLHW ,Q D FROXPQ LQ $PHULFDQ VWDWHV ZZZ /LEUDULHV 0DJD]LQH VKH VD\V WKH YLOL¿FDWLRQ RI SXEOLF XVZ RUJ PH ZRUNHUV²WHDFKHUV ¿UH ¿JKWHUV SROLFH RI¿FHUV QXUVHV DQG \HV GLDBFHQWHU ,Q )ORULGD DXWKRU 6WHSKHQ .LQJ VSRNH HYHQ OLEUDULDQV²FRXOG FDXVH LPPHDVXUDEOH ORQJ WHUP GDPDJH PHGLDBJXLGH! DW D 6DUDVRWD ³:DNH 8S )ORULGD´ UDOO\ DQG EH\RQG WKH ORVV RI MREV DQG WKH PLGGOH FODVV OLIHVW\OH ,W GRHV DSSHDU FRQQHFWHG *RY 5LFN 6FRWW¶V DVVDXOW WR WKRVH 6KH VD\V ZKHQ *RY 6FRWW :DONHU DQG RWKHUV SODQW WKH QR LQ RWKHU VWDWHV ,Q ,RZD RQ 0DUFK WHDFKHUV WKDW ZKHQ ZRUNHUV WLRQ WKDW SXEOLF HPSOR\HHV RQO\ ZRUN IRU WKH EHQH¿WV WKH\ LJQRUH VWDQG XS IRU WKHP DQG RWKHU SXEOLF DQG SULYDWH ZRUNHUV ¿OOHG WKH UHDO VDFUL¿FHV WKH\ PDNH DQG WUHPHQGRXV JRRG WKH\ GR HY VHOYHV SHRSOH OLVWHQ WKH FDSLWRO EXLOGLQJ WR SURWHVW DW D SXEOLF HU\ GD\ $ %ORRPEHUJ SROO KHDULQJ RQ HQGLQJ FROOHFWLYH EDUJDLQLQJ ³, ZRQ¶W DSRORJL]H IRU PDNLQJ D OLYLQJ ZDJH ´ VKH ZULWH ³IRU MXVW RXW LV VKRZLQJ ,Q 2KLR XQLRQ PHPEHUV KDYH EHHQ EHLQJ DEOH WR YLVLW D GRFWRU ZKHQ , QHHG RQH RU IRU FKRRVLQJ D D ODUJH PDMRULW\ RI UHJXODUO\ VKRZLQJ XS LQ ODUJH QXPEHUV WR MRE WKDW ZLOO KHOS PH EXLOG DGHTXDWH UHWLUHPHQW VDYLQJV , GHVHUYH $PHULFDQV QRZ YLHZ VXUURXQG WKH FDSLWRO LQ &ROXPEXV WR SURWHVW DQG H[SHFW WKRVH WKLQJV« %XW WKDW LVQ¶W ZK\ , EHFDPH D OLEUDUL SXEOLF HPSOR\HHV ID DQ« , EHFDPH RQH EHFDXVH , ZDQWHG WR JLYH ´ WKH QHIDULRXV 6% ELOO WKDW ZRXOG JXW FROOHF 5HDG KHU WKRXJKWIXO FROXPQ ³,¶P 1RW <RXU 6FDSHJRDW ´ DW WLYH EDUJDLQLQJ ULJKWV 7KHUH WRR 86 VHQDWRU YRUDEO\ DQG D PDMRU LW\ DOVR RSSRVH HQG DPHULFDQOLEUDULHVPDJD]LQH RUJ FROXPQV P\ PLQG L P QRW \RXU 6KHUURG %URZQ FRPLQJ GRZQ KDUG RQ WKH VFDSHJRDW! VLGH RI ZRUNHUV LV SXVKLQJ D SHWLWLRQ WR VWRS LQJ WKHLU FROOHFWLYH EDUJDLQLQJ ULJKWV WKH ELOO
/LEUDULDQ UHIXVHV WR EH :, *RY 6FRWW :DONHU¶V VFDSHJRDW
$
635,1*
8& $)7 SURSRVDO IRU WKH 8QLYHUVLW\ RI &DOLIRUQLD EXGJHW
(OLPLQDWLQJ PDQDJHPHQW LQHI¿FLHQFLHV 7KLV ZLOO VDYH WKH V\VWHP PLO OLRQ LQ JHQHUDO IXQG VDYLQJV DQQXDOO\ $Q DQDO\VLV RI V\VWHP ZLGH GDWD UHYHDOV WKDW 8& FRXOG VDYH XSZDUGV RI PLO OLRQ E\ EULQJLQJ PDQDJHPHQW UDWLRV LQ OLQH ZLWK EHVW SUDFWLFHV 8& %HUNHOH\·V FXUUHQW ´2SHUDWLRQDO ([FHOOHQFHµ Ã&#x20AC;QGLQJV ² WKRXJK FRQWURYHU VLDO IRU WKH RWKHU SXUSRVHV WR ZKLFK WKH\ DUH EHLQJ SXW ² VXSSRUW WKH FRQFOXVLRQ WKDW 8& LV VDGGOHG ZLWK JURZLQJ OD\HUV RI XQQHFHVVDU\ PDQDJHPHQW )RU LQVWDQFH VXSHUYLVRUV DW %HUNH OH\·V FDPSXV RYHUVHH DQ DYHUDJH RI MXVW SHUVRQV HDFK 0RUHRYHU VLQFH DW OHDVW 8&·V PDQDJHPHQW KDV JURZQ WZLFH DV IDVW DV QRQ PDQDJHPHQW HP SOR\HHV ,Q DGGLWLRQ ELOOLRQ LQ FDVK FRPSHQVDWLRQ ZHQW WR PDQDJHPHQW LQ ZKLFK LV RI WKH HQWLUH 8& EXG JHW 0DQDJHULDO EORDW LV D FRVWO\ V\V WHPLF SUREOHP WKURXJKRXW DOO OHYHOV RI 8& DQG E\ DGMXVWLQJ 8&·V V\VWHPZLGH PDQDJHPHQW UDWLR IURP WR 8& FRXOG HYHQWXDOO\ VDYH RYHU PLOOLRQ DQQXDOO\ :H EHOLHYH WKDW D PLOOLRQ UHGXFWLRQ LV DFKLHYDEOH IRU
(OLPLQDWLQJ 6HQLRU 0DQDJHPHQW 6XSSOHPHQWDO %HQH¿W 3URJUDP 7KLV ZRXOG UHVXOW LQ PLOOLRQ LQ JHQHUDO IXQG VDYLQJV DQQXDOO\ ,Q DGGLWLRQ WR FDVK FRPSHQVDWLRQ 8&·V VHQLRU PDQDJHUV DUH FRPSHQVDWHG WKURXJK D QXPEHU RI VXSSOHPHQWDO KHDOWK ZHOIDUH DQG UHWLUHPHQW EHQHÃ&#x20AC;WV 0DQ\ RI WKH VHQLRU PDQDJHUV ZKR UH FHLYH WKHVH EHQHÃ&#x20AC;WV DUH SDLG WKURXJK VWDWH IXQGV FDXVLQJ WKLV EHQHÃ&#x20AC;W WR LQ FOXGH VWDWH IXQGLQJ
(OLPLQDWLQJ WKH 0 5HVWRUDWLRQ 3ODQ 7KLV ZRXOG JHQHUDWH PLOOLRQ LQ JHQHUDO IXQG VDYLQJV DQQXDOO\ EHJLQ QLQJ 7KLV SODQ PRVWO\ EHQHÃ&#x20AC;WV ORQJ VHUYLFH KLJK LQFRPH IDFXOW\ DQG VHQLRU PDQDJHUV E\ VXSSOHPHQWLQJ WKHLU DQQXDO UHWLUHPHQW LQFRPH ZLWK DGGLWLRQDO LQFRPH EH\RQG WKH SHQVLRQ OLPLW HVWDEOLVKHG E\ WKH ,QWHUQDO 5HYHQXH &RGH 7KH ,QWHUQDO 5HYHQXH &RGH DXWKR UL]HV SXEOLF SHQVLRQV WR HVWDEOLVK H[FHVV EHQHÃ&#x20AC;W SODQV VXFK DV 8&·V P 5HVWRUDWLRQ 3ODQ :LWKRXW WKH P 5HVWRUDWLRQ 3ODQ VRPH ORQJ VHUYLFH IDF XOW\ DQG DGPLQLVWUDWRUV ZRXOG UHDFK WKH PD[LPXP SHQVLRQ EHQHÃ&#x20AC;W RI DV HDUO\ DV WKHLU V ZKLFK 8& FODLPV FUH DWHV SRWHQWLDO UHWHQWLRQ SUREOHPV P 5HVWRUDWLRQ 3ODQ EHQHÃ&#x20AC;WV DUH SDLG GLUHFWO\ IURP WKH XQLYHUVLW\·V
GHSDUWPHQWV DV D TXDUWHUO\ DVVHVVPHQW 5RXJKO\ UHWLUHHV QRZ UHFHLYH P EHQHÃ&#x20AC;WV WRWDOLQJ PLOOLRQ DQQXDOO\ 8S WR PHPEHUV DUH SURMHFWHG WR EH HOLJLEOH LQ WKH QH[W WHQ \HDUV 3UH VXPDEO\ WKH FRVW RI WKHVH EHQHÃ&#x20AC;WV ZRXOG EH Ã&#x20AC;YH WLPHV JUHDWHU E\ &ORVLQJ WKLV SODQ WR WKH PHPEHUV ZKR ZRXOG RWKHUZLVH EHFRPH HOLJLEOH RYHU \HDUV ZRXOG VDYH XS WR PLOOLRQ SHU \HDU DW WKH HQG RI WKH \HDUV
5HDOLJQLQJ 8&53 6LQFH WKLV SODQ GHDOV ZLWK UHGXFLQJ XQSRSXODU VHQLRU PDQDJHPHQW UHWLUH PHQW FRVWV ZH EHOLHYH WKH VWDWH VKRXOG RIIHU DQ ,28 RI PLOOLRQ IRU WKH VWDWH·V SRUWLRQ RI WKH HPSOR\HU·V FRQWUL EXWLRQV WR 8&53 0RUHRYHU WKH VWDWH VKRXOG DVN 8& WR GHWHUPLQH WKH H[DFW QXPEHU DQG FRVW RI VWDWH IXQGHG SRVLWLRQV :KLOH 8&23 FODLPV WKDW RI FRYHUHG FRPSHQVDWLRQ IXQGV VWDWH VXSSRUWHG SRVLWLRQV ZH EHOLHYH LW LV PXFK OHVV :H DOVR EHOLHYH WKDW WKH JRYHUQRU VKRXOG RXWOLQH KRZ PXFK 8&·V EXGJHW ZLOO EH UHGXFHG LI WKH WD[ SURSR VLWLRQV GR QRW SDVV LQ -XQH ,I ZH KDG WKLV LQIRUPDWLRQ ZH FRXOG KHOS FDPSDLJQ IRU WKH H[WHQVLRQ RI WKHVH WD[HV )LQDOO\ ZH EHOLHYH WKDW 8& VKRXOG QRW XVH WKH VWDWH EXGJHW FXWV WR UHGXFH HQUROOPHQWV OD\RII ZRUNHUV RU HOLPLQDWH XQGHUJUDGXDWH FODVVHV 3DUW RI DQ\ DJUHH PHQW VKRXOG IRFXV RQ UH GXFLQJ DGPLQLVWUDWLYH FRVWV ZKLOH PDLQWDLQLQJ HGXFD WLRQDO TXDOLW\ ² %RE 6DPXHOV &ODXGH 3RWWV SKRWR
6
LQFH *RYHUQRU %URZQ KDV DVNHG IRU LQSXW RQ KRZ WR UHGXFH WKH FRVWV RI DGPLQLVWUDWLRQ VHYHUDO XQLRQV KDYH GHYHORSHG D SODQ 2XU LGHD LV WKDW WKH VWDWH VKRXOG RIIHU WR UHGXFH WKH DPRXQW RI WKH PLOOLRQ GROODU FXW E\ PLOOLRQ LI 8& XVHV WKH PHWKRG EHORZ WR UHGXFH LWV DGPLQLVWUDWLYH FRVW
8& $)7 PHPEHUV VWXGHQWV IDFXOW\ DQG VWDII FDPH RXW RQ 0DUFK DW PDQ\ 8& FDPSXVHV WR GHIHQG DIIRUGDEOH TXDOLW\ SXEOLF KLJKHU HGXFDWLRQ
%RE 6DPXHOV OHFWXUHV LQ :ULWLQJ 3URJUDPV DW 8&/$ DQG LV SUHVL GHQW RI 8& $)7
8& $)7 3(563(&7,9(
8& $)7 LV FXUUHQWO\ ZRUNLQJ ZLWK RWKHU XQLRQV DQG 6HQDWRU /HODQG <HH ' 6DQ )UDQFLVFR WR FUDIW D FRQVWLWXWLRQDO DPHQG PHQW WR FKDQJH KRZ WKH 8& UH JHQWV DUH VHOHFWHG ,W LV LPSRUWDQW WR VWUHVV WKDW $UWLFOH ,; 6HFWLRQ RI WKH &RQVWLWXWLRQ RI WKH 6WDWH RI &DOLIRUQLD GHVFULEHV WKH JRYHUQ LQJ ERG\ RI WKH 8QLYHUVLW\ RI &DOLIRUQLD LQ WKH IROORZLQJ ZD\ ´7KH 8QLYHUVLW\ RI &DOLIRUQLD VKDOO FRQVWLWXWH D SXEOLF WUXVW WR EH DGPLQLV WHUHG E\ WKH H[LVWLQJ FRUSRUDWLRQ NQRZQ DV ´7KH 5HJHQWV RI WKH 8QLYHUVLW\ RI &DOLIRUQLD µ ZLWK IXOO SRZHUV RI RUJD QL]DWLRQ DQG JRYHUQPHQW 6DLG FRU SRUDWLRQ VKDOO EH LQ WKH IRUP RI D ERDUG FRPSRVHG RI VHYHQ H[ RIÀFLR PHPEHUV DQG DSSRLQWLYH PHPEHUV DSSRLQWHG %HUNHOH\ )HGHUDWLRQ RI 7HDFKHUV SKRWR
E\ WKH *RYHUQRU 7KH XQLYHUVLW\ VKDOO EH HQWLUHO\ LQGHSHQGHQW RI DOO SROLWLFDO RU VHFWDULDQ LQÁXHQFH DQG NHSW IUHH WKHUH IURP LQ WKH DSSRLQWPHQW RI LWV UHJHQWV DQG LQ WKH DGPLQLVWUDWLRQ RI LWV DIIDLUV µ :KLOH LW LV FOHDU WKDW WKH VWDWH FRQ VWLWXWLRQ UHTXLUHV WKH UHJHQWV WR EH LQ GHSHQGHQW RI SROLWLFDO LQÁXHQFHV WKH FXUUHQW V\VWHP LV GRPLQDWHG E\ SROLWLFDO DSSRLQWHHV ,W VKRXOG EH REYLRXV WKDW UHIRUP LV QHHGHG WR PDNH WKH 8& %RDUG RI 5HJHQWV UHSUHVHQWDWLYH RI DQG DF FRXQWDEOH WR WKH SHRSOH RI &DOLIRUQLD 5HIRUP PHDVXUHV DOVR QHHG WR PDLQWDLQ WKH UHJHQWV· WUDGLWLRQDO FRQQHFWLRQV ZLWK HOHFWHG VWDWH RIÀFLDOV DQG ZLWK DOXPQL VWXGHQWV IDFXOW\ DQG VWDII DQG WR SUR YLGH IRU WKH SURWHFWLRQ RI DFDGHPLF IUHH GRP
&XUUHQW VWUXFWXUH DSSRLQWPHQW SURFHVV
&XUUHQWO\ WKHUH DUH 8QLYHUVLW\ RI &DOLIRUQLD UHJHQWV WKH DSSRLQWLYH DQG H[ RIÀFLR UHJHQWV GHVFULEHG LQ WKH &RQVWLWXWLRQ SOXV D VWXGHQW UHJHQW 7ZR QRQ YRWLQJ IDFXOW\ UHSUHVHQWDWLYHV WR WKH UHJHQWV DQG WZR QRQ YRWLQJ VWDII DG YLVRUV WR WKH UHJHQWV DOVR DWWHQG PHHWLQJV 2I WKH YRWLQJ UHJHQWV DUH DS SRLQWHG WR \HDU WHUPV E\ WKH JRYHU QRU $ VWXGHQW UHJHQW LV FKRVHQ E\ WKH ERDUG IRU D RQH \HDU WHUP 7KH VHYHQ H[ RIÀFLRV LQFOXGH IRXU HOHFWHG VWDWH RIÀFLDOV WKH JRYHUQRU WKH OLHXWHQDQW JRYHUQRU WKH VSHDNHU RI WKH $VVHPEO\ DQG WKH VXSHULQWHQGHQW RI SXEOLF LQVWUXFWLRQ 7KH WKUHH DGGLWLRQDO H[ RIÀFLRV DUH WKH SUHVLGHQW DQG WKH YLFH SUHVLGHQW RI
8QLYHUVLW\ RI &DOLIRUQLD FKDQJHV WR VWUXFWXUH SURFHVV DUH
%\ %RE 6DPXHOV 8& $)7 DQG )D
352326(' 8& %2$5' 5HJHQW 7\SH *RY $SSRLQWHG
6SHDNHU $SSRLQWHG
6HQDWH 3UR 7HP $SSRLQWHG
0LQRULW\ /HDGHUV $SSRLQWHG
6WXGHQW 8QGHUJUDG *UDG
8& 3UHVLGHQW
3ROLWLFDO ([ 2I¿FLRV
$OXPQL ([ 2I¿FLRV
)DFXOW\
6WDII $GYLVRUV
7RWDO
8& %HUNHOH\ VWXGHQWV VWDII DQG IDFXOW\ LQ ODVW IDOO¶V 'D\ R
$)7 PHPEHUV KROGLQJ WKH OLQH IRU SXEOLF HGXFDWLRQ LQ &DOLIRUQLD
1XPEHU
&ODXGH 3RWWV SKRWR
RUQLD %RDUG RI 5HJHQWV WXUH DQG DSSRLQWPHQW V DUH QHHGHG
$)7 DQG )DLWK 5DLGHU $)6&0(
%2$5' 2) 5(*(176
PEHU
7HUP
)RXU \HDU WHUPV
<HV
)RXU \HDU WHUPV
<HV
)RXU \HDU WHUPV
<HV
)RXU \HDU WHUPV
<HV
2QH \HDU WHUP
<HV
:KLOH LQ SRVLWLRQ
<HV
:KLOH LQ RI¿FH <HV
:KLOH LQ SRVLWLRQV
<HV
:KLOH LQ SRVLWLRQV
<HV
)RXU \HDU WHUPV
<HV
IDOO¶V 'D\ RI $FWLRQ IRU 3XEOLF (GXFDWLRQ
9RWH
WKH DOXPQL DVVRFLDWLRQ HDFK VHUY LQJ RQH \HDU WHUPV DQG WKH SUHVLGHQW RI WKH XQLYHUVLW\ 7KH IDF XOW\ UHSUH VHQWDWLYHV DUH WKH FKDLU DQG YLFH FKDLU RI WKH $FDGHPLF 6HQDWH 7KH VWDII DGYLVRUV DUH FKRVHQ E\ WKH SUHVLGHQW DQG FKDLU RI WKH ERDUG IRU D RQH \HDU WHUP
6WXGHQWV DQG $)7 PHPEHUV UDOOLHG DW FRPPXQLW\ FROOHJHV DURXQG WKH VWDWH RQ 0DUFK
3URSRVHG VWUXFWXUH DQG DSSRLQWPHQW SURFHVV 5HIRUP LQ VHYHUDO DUHDV ZRXOG HQ VXUH WKDW 5HJHQWV ZHUH PRUH UHVSRQVLYH WR SXEOLF FRQFHUQV DQG ZRXOG OHVVHQ SROLWLFDO LQGHSHQGHQFH ZLWKRXW GLVPDQ WOLQJ 8&·V DXWRQRP\
6KRUWHQ WHUPV
5HGXFLQJ DSSRLQWPHQWV IURP \HDUV WR \HDUV ZRXOG LQFUHDVH GHPRF UDF\ RQ WKH ERDUG DQG LQFUHDVH UHVSRQ VLYHQHVV WR WKH FRQFHUQV RI WD[SD\HUV VWXGHQWV DQG SDUHQWV 5HJHQWV FRXOG KDYH XS WR WKUHH WHUPV ZLWK RQO\ WZR FRQVHFXWLYH DQG HDFK UHTXLULQJ D VHSD UDWH DSSRLQWPHQW DQG FRQÀUPDWLRQ SUR FHVV
'LYHUVLI\ DSSRLQWHUV
&XUUHQWO\ RQO\ WKH JRYHUQRU PDNHV UHJHQW DSSRLQWPHQWV 'LYHUVLI\LQJ WKRVH ZKR FDQ DSSRLQW UHJHQWV ZRXOG LQWUR GXFH D JUHDWHU YDULHW\ RI SHUVSHFWLYHV WR WKH SROLWLFDO SURFHVV ZKLFK FRXOG VHUYH WR GLYHUVLI\ WKH UHJHQWV LQ WHUPV RI HFR QRPLF FXOWXUDO DQG VRFLDO EDFNJURXQGV $SSRLQWPHQWV FRXOG EH URWDWHG EHWZHHQ WKH JRYHUQRU WKH VSHDNHU RI WKH $VVHP EO\ WKH 6HQDWH SUR WHP DQG PLQRULW\ OHDGHUV RI ERWK KRXVHV
'LYHUVLI\ UHJHQW W\SHV
&XUUHQWO\ VWXGHQWV IDFXOW\ DQG VWDII KDYH UHSUHVHQWDWLYHV RQ WKH ERDUG RI UH JHQWV EXW PRVW RI WKHVH UHSUHVHQWDWLYHV GR QRW KDYH D YRWH *LYLQJ WKHVH JURXSV
D YRWH ZRXOG QRW RQO\ JLYH D VWURQJHU YRLFH WR 8&·V FRQVWLWXHQFLHV LW ZRXOG KHOS IXOÀOO WKH FRQVWLWXWLRQDO PDQGDWH WKDW UHJHQWV EH UHÁHFWLYH RI RUGLQDU\ &DOLIRUQLDQV
$GGLWLRQDO LWHPV WHUPV DQG HOHFWLRQV
$OO QRQ VWXGHQW UHJHQW WHUPV VKRXOG EH IRXU \HDU WHUPV ZLWK SRVVLELOLW\ RI UHDS SRLQWPHQW DQG FRQ¿UPDWLRQ WR D VHFRQG FRQVHFXWLYH DQG WKLUG QRQFRQVHFXWLYH WHUP 6WDII UHJHQWV VKRXOG EH HOHFWHG RQH E\ XQLRQ PHPEHUV DQG RQH E\ DOO VWDII
$SSRLQWPHQWV DQG FRQ¿UPDWLRQV
$SSRLQWHUV VKRXOG PHHW ZLWK D FRPPLW WHH PDGH RI VWDII VWXGHQWV DQG IDFXOW\ IRU UHFRPPHQGDWLRQV EHIRUH DSSRLQWPHQWV DUH PDGH $SSRLQWHG UHJHQWV VKRXOG QRW KDYH D YRWH RU DWWHQG PHHWLQJV XQWLO IXOO FRQ¿UPD WLRQ 7KH KLJKHU HG FRPPLWWHHV RI WKH 6HQDWH DQG $VVHPEO\ FRQ¿UP DQG UHFRQ¿UP DOO UHJHQWV ROG UHJHQWV VKRXOG EH JUDQGIDWKHUHG LQ XQGHU ROG UXOHV $OO QHZ UHJHQWV WDNH RI¿FH -DQ ± ZKLFK PHDQV WKDW ZH ZLOO VWDUW RII ZLWK H[WUD UHJHQWV XQWLO WKH FXU UHQW UHJHQWV WHUP RXW RQH E\ RQH
$FDGHPLF IUHHGRP
,W LV HVVHQWLDO WR LQFOXGH ODQJXDJH SUR WHFWLQJ DFDGHPLF IUHHGRP DQG WKH LQGHSHQ GHQFH RI WHDFKLQJ DQG UHVHDUFK IURP SROLWLFDO IRUFHV DV ZLWK <HH¶V 6&$ UHYLVHG
2SHQ PHHWLQJ ODZ 7KH XQLYHUVLW\ VKRXOG EH FRPSOHWHO\ FRYHUHG E\ %DJOH\ .HHQH RSHQ PHHWLQJ ODZ
8& $)7 3(563(&7,9(
/HFWXUHUV EDFN LQ EDUJDLQLQJ E\ $ODQ .DUUDV 9LFH 3UHVLGHQW *ULHYDQFHV DQG &KLHI 1HJRWLDWRU 8QLW DQG $VVRFLDWH 'LUHFWRU DQG 6HQLRU /HFWXUHU ,QWHUQDWLRQDO DQG $UHD 6WXGLHV 8&% 7KH HQWLUH OHFWXUHUV¶ FRQWUDFW H[SLUHV DW WKH HQG RI -XO\ :H DUH QRZ KDUG DW ZRUN QHJRWLDWLQJ D VXFFHVVRU DJUHHPHQW $W WKLV WLPH DERXW KDOI RI WKH DUWLFOHV KDYH EHHQ RSHQHG 6RPH RI WKH LVVXHV DUH PXQGDQH DQG GHDO ZLWK WKLQJV OLNH WKH GLVWLQFWLRQV EHWZHHQ YDULRXV SHUVRQQHO ¿OHV RU ZKHQ WKH XQLYHUVLW\ ZLOO QRWLI\ WKH XQLRQ LI VRPHRQH LV ODLG RII 2WKHUV DUH PRUH FRP SOLFDWHG DQG GHDO ZLWK LVVXHV DURXQG DSSRLQWPHQWV DQG UHDSSRLQWPHQWV RI OHFWXUHUV LQ WKHLU ¿UVW VL[ \HDUV RU ZKHWKHU WKH XQLYHUVLW\ FDQ UHTXLUH FROOHJL DOLW\ RI PHPEHUV RI WKH EDUJDLQLQJ XQLW 6WLOO RWKHUV GHDO ZLWK WKH HFRQRPLF SDFNDJH LQFOXGLQJ VDODU\ DQG PHULW UHYLHZV $W WKH LQLWLDO EDUJDLQLQJ VHV VLRQ RQ )HEUXDU\ HDFK VLGH H[SODLQHG LWV SURSRVDOV LQ WHUPV RI FRQFHSWV DQG LQWHUHVWV UDWKHU WKDQ VSHFL¿F ODQJXDJH WKDW KDG EHHQ GUDIWHG $W VXE VHTXHQW VHVVLRQV WKH XQLYHUVLW\ DQG 8& $)7 ZLOO DWWHPSW WR ZULWH FRQWUDFW ODQJXDJH DIWHU UHDFKLQJ D VKDUHG FRQFHSWLRQ RI ZKDW ODQJXDJH ZLOO EH SRV VLEOH WR FKDQJH 6HVVLRQV KDYH EHHQ VFKHGXOHG WKURXJK $SULO ZLWK PRUH WR EH VFKHGXOHG VRRQ 7KH XQLRQ¶V DQG XQLYHUVLW\¶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¿OOHG RXW WKH EDUJDLQLQJ VXUYH\ PDQ\ WKDQNV <RXU LGHDV JUHDWO\ LQIRUPHG RXU RSHQLQJ SURSRVDOV
8& $)7 JRHV WR WKH VWDWH &DSLWRO E\ %RE 6DPXHOV 8& $)7 3UHVLGHQW
5
HFHQWO\ , KDYH VSHQW D ORW WLPH LQ WKH VWDWH &DSLWRO ZLWK WKUHH JRDOV LQ PLQG UHGXFH WKH EXGJHW FXWV IRU WKH 8& V\VWHP EORFN WKH FRQÃ&#x20AC;UPDWLRQ RI WKH QHZ UHJHQW 'DYLG &UDQH DQG FODULI\ WKH VWDWH·V REOLJDWLRQ WR WKH 8& SHQVLRQ SODQ $IWHU D ORQJ WDON ZLWK *RYHUQRU %URZQ , WKRXJKW WKDW DOO RI WKHVH JRDOV ZHUH DFKLHY DEOH EXW FXUUHQWO\ GXH WR WKH EXGJHW VWDOH PDWH P\ RSWLPLVP KDV EHHQ UHGXFHG 2Q WKH SRVLWLYH VLGH , PHW ZLWK 6HQD WRU 6WHLQEHUJ·V VWDII DQG , WROG WKHP WKDW WKH JRYHUQRU GRHV QRW VXSSRUW &UDQH DQG LW DSSHDUV WKDW 6WHLQEHUJ DOVR GRHV QRW ZDQW KLP FRQÃ&#x20AC;UPHG 7KHUH DUH WKHQ WKUHH SRV VLELOLWLHV WKH JRYHUQRU FDQ ZLWKGUDZ WKH DSSRLQWPHQW QRZ 6WHLQEHUJ FDQ FDOO IRU D FRQÃ&#x20AC;UPDWLRQ KHDULQJ RU ZH FRXOG MXVW ZDLW IRU D \HDU GR QRWKLQJ DQG KDYH WKH DSSRLQWPHQW H[SLUH , WKLQN ZH DOO DJUHHG WKDW D KHDULQJ ZRXOG EH WKH EHVW SDWK EXW QR RQH ZDQWV WR GR DQ\WKLQJ XQWLO DIWHU D EXGJHW GHDO LV PDGH ,Q WHUPV RI WKH SHQVLRQ WKH JRYHUQRU KDV DJUHHG WR VHW XS D PHHWLQJ ZLWK XQLRQ UHSUHVHQWDWLYHV SHRSOH IURP 2IÃ&#x20AC;FH RI WKH 3UHVLGHQW DQG WKH JRYHUQRU·V ODERU SHRSOH WR GLVFXVV 8&56 :KLOH %URZQ GLG QRW FRPPLW WR WKH VWDWH·V FRQWULEXWLQJ WR WKH SODQ QRZ KH GLG VD\ KH ZRXOG DSSURDFK WKH VXEMHFW ZLWK DQ RSHQ PLQG +RZHYHU ZH DOVR GLVFXVVHG WKH SRVVLELOLW\ RI D 5H SXEOLFDQ VSRQVRUHG SURSRVLWLRQ JRLQJ RQ WKH EDOORW WKDW ZRXOG OLPLW WKH \HDUO\ SHQ VLRQ SD\RXW WR WKH VRFLDO VHFXULW\ ZDJH UDWH ZKLFK LV FXUUHQWO\ ,W ZDV XQFOHDU LI WKLV LQLWLDWLYH ZRXOG DSSO\ WR 8& HPSOR\ HHV 2Q WKH Ã&#x20AC;QDO WRSLF RI WKH EXGJHW FXWV QR RQH ZDQWHG WR DGG DQ\ ODQJXDJH RU PDNH DQ\ FKDQJHV WKDW ZRXOG VWDOO WKH YHU\ IUDJLOH EXGJHW QHJRWLDWLRQV :KLOH PDQ\ SHRSOH DJUHHG WKDW WKH VWDWH VKRXOG SURWHFW WKH FRUH PLVVLRQ RI 8& LW ORRNV OLNH WKH ODQJXDJH LQ WKH EXGJHW ZLOO EH YDJXH DQG RSHQ WR LQWHUSUHWDWLRQ 6WLOO , ZDV WROG E\ WKH JRYHUQRU·V Ã&#x20AC;QDQFH WHDP WKDW LI D EXGJHW SDVVHV LQ 0DUFK WKH\ ZLOO VWDUW ZRUNLQJ RQ WKH QH[W EXGJHW DQG ZH PLJKW EH DEOH WR DGG VRPH VWURQJHU SURWHFWLRQV WKHQ
635,1*
8& $)7 JHDUV XS IRU OLEUDULDQ EDUJDLQLQJ WKLV VSULQJ E\ 0LNH 5RWNLQ &KLHI 1HJRWLDWRU 8QLW
$
V PRVW OHFWXUHUV DQG OLEUDULDQV DW 8& DOUHDG\ NQRZ ZH DUH MXVW QRZ JHWWLQJ LQWR EDUJDLQ LQJ VHDVRQ DQG QR GRXEW WKHUH LV VRPH VWRUP\ ZHDWKHU DKHDG /LEUDULDQ EDU JDLQLQJ LV VHW WR EHJLQ IRUPDOO\ LQ 0D\ DOWKRXJK LQIRUPDO GLVFXVVLRQV KDYH DOUHDG\ EHHQ XQGHUZD\ 6HH WKH DUWLFOH HOVHZKHUH LQ WKLV LVVXH RI WKH 3HUVSHF WLYH RQ OHFWXUHU EDUJDLQLQJ
/DJJLQJ OLEUDULDQ SD\ RQ WDEOH 7KH OLEUDULDQ XQLW ZLOO EH EDUJDLQ LQJ RYHU VDODU\ LVVXHV WKLV VSULQJ )RU \HDUV QRZ WKH 8& DGPLQLVWUDWLRQ KDV GHQLHG ORQJ RYHUGXH SD\ LQFUHDVHV IRU 8& OLEUDULDQV ZKR QRZ ODJ EHKLQG FRPSDUDEOH SRVLWLRQV LQ WKH &DOLIRUQLD 6WDWH 8QLYHU VLW\ V\VWHP DQG EHKLQG PRVW FRPPX QLW\ FROOHJH DQG SXEOLF OL EUDULDQV ZLWK FRPSDUDEOH HGXFDWLRQ DQG H[SHULHQFH /LEUDULDQ SD\ KDV IDOOHQ IDU EHKLQG WKH UDWH RI LQÁ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
OLEUDULHV EHFDXVH QRW MXVW OLEUDULDQV EXW OLEUDULHV DUH EHLQJ VWDUYHG IRU UHVRXUFHV $QG 8& LV QRZ HQJDJHG LQ ´ZRUN DURXQGVµ WR KLUH SHRSOH ZLWK RXW WKH UHTXLVLWH OLEUDULDQ WUDLQLQJ RU LQ SODFLQJ QHZ KLUHV DW DUWLÀFLDOO\ PDQLSXODWHG KLJKHU VWHSV RQ WKH SD\ VFDOH ZKHQ WKH\ FDQQRW DWWUDFW TXDOLW\ OLEUDULDQV EHFDXVH RI WKH ORZ SD\ EHLQJ RIIHUHG DW WKH DSSURSULDWH VWHSV /LEUDULDQV DUH DOVR ZRUNLQJ WR UHFDSWXUH WKH WDNH KRPH SD\ WKDW ZDV ORVW ZKHQ UHWLUHPHQW DQG KHDOWK EHQHÀW SUHPLXPV ZHUH UHFHQWO\ LQFUHDVHG IRU RXU PHPEHUV
$ PDWWHU RI SULRULWLHV ,Q LQIRUPDO GLVFXVVLRQV WKH DG PLQLVWUDWLRQ·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
WKH ÀQDQFLDO KDUGVKLSV IDFHG E\ WKH 6WDWH RI &DOLIRUQLD DQG WKH FXWV WKH VWDWH KDV LPSRVHG RQ WKH 8& V\VWHP $OWKRXJK RI FRXUVH ZH ZDQW ORQJ RYHUGXH SD\ LQFUHDVHV EHFDXVH RXU PHPEHUV QHHG DQG GHVHUYH WKHP RXU DUJXPHQWV DW WKH EDUJDLQLQJ WDEOH ZLOO IRFXV RQ WKH UHDVRQV WKDW WKH XQL YHUVLW\ DV DQ LQVWLWXWLRQ QHHGV WR PDNH WKHVH SD\ LQFUHDVHV LI LW ZDQWV WR FRQ WLQXH WR SURYLGH TXDOLW\ UHVHDUFK VHU YLFHV HGXFDWLRQ DQG SXEOLF VHUYLFH WR WKH FDPSXV FRPPXQLW\ DQG WKH 6WDWH RI &DOLIRUQLD DQG LWV UHVLGHQWV
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·V 93 IRU 2UJDQL]LQJ DQG ZDV D ORQJ WLPH OHFWXUHU DW 8&6&
8& $)7 3(563(&7,9(
8QGHUVWDQGLQJ WKH KLVWRU\ DQG VWUXFWXUH RI WKH 8& EXGJHW
9
LUWXDOO\ HYHU\ UHSUHVHQWDWLRQ RI WKH 8& EXGJHW LV HLWKHU PLVJXLGHG RU PLVLQIRUPHG EHFDXVH SHRSOH GR QRW XQGHUVWDQG WKH KLVWRU\ DQG VWUXFWXUH RI WKLV FRPSOLFDWHG IXQGLQJ V\VWHP 7KH À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
VXEVLGL]H LWV DWKOHWLF SURJUDP IRU \HDUV :H DOVR NQRZ WKDW SDUNLQJ RQ VRPH FDPSXVHV EULQJV LQ PXFK PRUH PRQH\ WKDQ LW VSHQGV VHH IRU H[DPSOH SW EHUNHOH\ HGX VLWHV SW EHUNHOH\ HGX ÀOHV FRQWHQW 3B7B3HUPLWBFKDUW SGI! +RZHYHU DOO RI WKHVH SURÀWV DUH KDUG WR WUDFH EHFDXVH 8& LV D QRQ SURÀ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ÀVFDO VHQVH LW FUHDWHV EXGJHWDU\ RSDFLW\
)LJKW IRU SULRULWLHV
2YHUDOO SDWWHUQV FOHDU :KDW ZH GR NQRZ LV WKDW PRQH\ FRP LQJ LQ IURP VWXGHQWV DQG WKH VWDWH WR VXS SRUW LQVWUXFWLRQ DQG GHSDUWPHQWDO UHVHDUFK IDU H[FHHGV WKH DPRXQW RI PRQH\ WKH FDP SXVHV VSHQG RQ WKHVH DFWLYLWLHV 7KHUHIRUH XQGHUJUDGXDWHV DUH VXEVLGL]LQJ VRPH WKLQJ EXW LW LV KDUG WR VD\ H[DFWO\ ZKDW )RU H[DPSOH ZH KDYH UHFHQWO\ GLV FRYHUHG WKDW PRVW 1&$$ DWKOHWLF GHSDUW PHQWV LQ WKH FRXQWU\ ORVH PRQH\ DQG 8& %HUNHOH\ KDV EHHQ XVLQJ JHQHUDO IXQGV WR
7KLV VKRUW EXGJHW SULPHU WHOOV XV FHUWDLQ LPSRUWDQW IDFWV QR RQH NQRZV ZKHUH WKH PRQH\ LV JRLQJ RU KRZ LW LV EHLQJ VSHQW LI VRPHRQH WHOOV \RX WKDW WKH\ NQRZ KRZ WKH XQLYHUVLW\ VSHQGV LWV PRQH\ WKH\ DUH PLVUHSUHVHQWLQJ WKH IDFWV VLQFH PRQH\ ÁRZV LQ DQG RXW RI WKH GLIIHUHQW UHYHQXH VWUHDPV WKHUH LV QR VXFK WKLQJ DV D VHOI VXVWDLQLQJ XQLW VRPH SDUWV RI WKH V\VWHP DUH FRYHUWO\ VXEVLGL]LQJ RWKHU SDUWV DQG LW LV XQWUXH WR VWDWH WKDW D GHFUHDVH LQ VWDWH IXQGV PHDQV WKDW VWDWH IXQGHG SRVLWLRQV KDYH WR EH UHGXFHG (YHU\WKLQJ LQ WKH EXGJHW LV GHWHUPLQHG E\ SULRULWLHV DQG LW LV RXU UROH WR FKDQJH WKRVH SULRULWLHV ² %RE 6DPXHOV 8& $)7 SUHVLGHQW
635,1*
81,9(56,7< &281&,/ $0(5,&$1 )('(5$7,21 2) 7($&+(56 0(0%(56+,3 )250 #0<4 /////////////////////////////////////////////////////////// ><4 33A4BB /////////////////////////////////////////////////////////
$OEHUW (LQVWHLQ FKDUWHU PHPEHU RI $)7 /RFDO 3ULQFHWRQ 8QLYHUVLW\ FRP PHQWV LQ RQ ZK\ KH MRLQHG WKH XQLRQ
'CA44C
8CH
.8? 2>34
0<?DB 33A4BB ///////////////////////////////////////////////////////// 4?0AC<4=C
0<?DB
"08; 2>34 85 0=H
(4;4?7>=4 //////////////////////////////////////////////////////// ><4 +>A: <08; ) ( 3D4B 0A4 >5 6A>BB <>=C7;H B0;0AH 5>A ;81A0A80=B 0=3 =>= '4=0C4 502D;CH F7> 3> 70E4 4G2;DB8E4 A4?A4B4=C0C8>= D4B 0A4 >5 6A>BB <>=C7;H B0;0AH 5>A 2034<82 '4=0C4 502D;CH 0=3 02034<82 A4B40A274AB F7> 3> =>C 70E4 4G2;DB8E4 A4?A4B4=C0C8>= = 48C74A 20B4 3D4B 0A4 20??43 0C ?4A <>=C7 D4B F8;; 14 343D2C43 4027 <>=C7 5A>< H>DA ?0HA>;; 2742: D4B ?083 C> ) ( <0H =>C 14 C0G 343D2C81;4 5>A 5434A0; C0G ?DA?>B4B 7>F4E4A D=34A ;8<8C43 28A2D<BC0=24B 3D4B <0H @D0;85H 0B 0 1DB8=4BB 343D2C8>= 742: F8C7 H>DA C0G 2>=BD;C0=C
³, FRQVLGHU LW LPSRUWDQW LQ GHHG XUJHQWO\ QHFHVVDU\ IRU LQWHOOHFWXDO ZRUNHUV WR JHW WRJHWKHU ERWK WR SURWHFW WKHLU RZQ HFRQRPLF VWDWXV DQG DOVR JHQHUDOO\ VSHDNLQJ WR VHFXUH WKHLU LQÃ&#x20AC;XHQFH LQ WKH SROLWLFDO ¿HOG ´
"%)'
"%!$- $& # . ( $# " " &' % % -&$!! ) ( $# )( $& . ( $#
)% -
!$
"%!$-
(
J J ( ( $# $# ( ' $&" ($ $"
%! ' %& #( $& (-%
J
J J
( * ( % - % & $ ## #
"$#( !- ) ( $#
! '( # " &'( " ! # ( !
#&$!!
% &(" #( "%!$- ( )
) '
( (! ( )
# ( ( $# ' # & ! '' '" #(
($( !
$& # . ( $# ! # " # !) !$ ! # " # #)" &
# !
)&& #( "$)#(
0DC7>A8I4 (74 &464=CB >5 C74 )=8E4AB8CH >5 0;85>A=80 C> F8C77>;3 <>=C7;H >A 240B4 F8C77>;38=6 5A>< <H 40A=8=6B 0B 0= 4<?;>H44 <4<14AB78? 3D4B 8=8C80C8>= 544B 0=3 64=4A0; 0BB4BB<4=CB 0B 8=3820C43 01>E4 D=34ABC0=3 0=3 06A44 C> C74 0AA0=64<4=C F74A41H >=4 C>C0; <>=C7;H 343D2C8>= F8;; 14 <034 1DH C74 )=8E4AB8CH 10B43 D?>= C74 2DAA4=C A0C4 >5 3D4B 8=8C80C8>= 544B 0=3 64=4A0; 0BB4BB<4=CB !'$ )# &'( # ( ( # ' # ( & ( $ ) ' # ( ( $# ' # # & ! '' ''" #(' " - " ( & #$( ($ ( ( ( ' * # ($ ( )# * &' (- - ( $& # . ( $# ($ + ') )( $& . ) ( $#' & '' # # & - ,%& ''!- & ( ( %)&') #( ($ ') #$( ( )# * &' (- " - + ( $! &$" "- &# # ' "$)#(' ( & & ( & ( # $& ! '' ( # ( $' ' $+# $* + ( $)( $ ! ( $# ($ # $&" " $& $ # '$ $& ($ ' ( $# ! )( $& . ( $# &$" " $& ') + ( $! # ' (74 )=8E4AB8CH F8;; A4<8C C74 0<>D=C 343D2C43 C> C74 >558280; 34B86=0C43 1H C74 >A60=8I0C8>= (78B 0DC7>A8I0C8>= B70;; A4<08= 8= 45542C D=C8; A4E>:43 1H <4 0;;>F8=6 D? C> 30HB C8<4 C> 270=64 C74 ?0HA>;; A42>A3B 8= >A34A C> <0:4 45542C8E4 C78B 0BB86=<4=C >A A4E>20C8>= C74A4>5 K >A D=C8; 0=>C74A 4<?;>H44 >A60=8I0C8>= 142><4B <H 4G2;DB8E4 A4?A4B4=C0C8E4 C 8B D=34ABC>>3 C70C C78B 0DC7>A8I0C8>= B70;; 142><4 E>83 8= C74 4E4=C C74 4<?;>H44 >A >A60=8I0C8>=LB 4;86818;8CH 5>A ?0HA>;; 343D2C8>= C4A<8=0C4B 5>A 0=H A40B>= )?>= C4A<8=0C8>= >5 <H 4<?;>H<4=C F8C7 C74 )=8E4AB8CH C78B 0DC7>A8I0C8>= F8;; => ;>=64A 14 8= 45542C (78B 0DC7>A8I0C8>= 3>4B =>C 8=2;D34 3D4B 8=8C80C8>= 544B 0=3 64=4A0; 0BB4BB<4=CB C> 2>E4A 0H C8<4 ?A8>A C> C74 ?0HA>;; ?4A8>3 8= F7827 C74 8=8C80; 343D2C8>= 8B <034 %0HA>;; 343D2C8>=B 8=2;D38=6 C7>B4 ;460;;H A4@D8A43 0=3 C7>B4 0DC7>A8I43 1H 0= 4<?;>H44 0A4 0BB86=43 ?A8>A8C84B = C74 4E4=C C74A4 0A4 8=BD558284=C 40A=8=6B C> 2>E4A 0;; A4@D8A43 0=3 0DC7>A8I43 343D2C8>=B 8C 8B D=34ABC>>3 C70C 343D2C8>=B F8;; 14 C0:4= 8= C74 >A34A 0BB86=43 1H C74 )=8E4AB8CH 0=3 => 039DBC<4=C F8;; 14 <034 8= 0 BD1B4@D4=C ?0H ?4A8>3 5>A <4<14AB78? 3D4B 8=8C80C8>= 544B 0=3 64=4A0; 0BB4BB<4=CB "%!$- ' # ()& (
(& #
$
"%!$- ( ! " #( ! "$)#( #$ #$ ///////// // ///
/ /////////////// / ///// / //////// //// // / ///
& ( #( $# - & ( & # ( * $)#( # $
&4CDA= C> (A40BDA4A ) (
+8;B78A4 ;E3 !>B =64;4B 5HWXUQ IRUP WR 7UHDVXUHU 8& $)7 :LOVKLUH %OYG % /RV $QJHOHV &$
8& $)7 3(563(&7,9(
$ JURZWK PRGHO WR KHOS 8&
7KLQN ELJ %\ LQFUHDVLQJ WKH QXPEHU RI LQWHUQD WLRQDO VWXGHQWV DQG PDLQWDLQLQJ WKH OHYHO RI UHVLGHQW HQUROOHHV 8& FRXOG EULQJ LQ KXQGUHGV RI PLOOLRQV RI GROODUV ZKLOH LW VXSSRUWV WKH JRDOV RI DFFHVV DIIRUGDELO LW\ DQG H[FHOOHQFH 7KLV JURZWK PRGHO ZRXOG UHTXLUH KLULQJ PRUH DVVLVWDQW SURIHVVRUV DQG OHFWXUHUV DQG IRU SHRSOH ZKR ZRUU\ DERXW XQGHUPLQLQJ WKH UHVHDUFK PLVVLRQ LW VKRXOG EH VWUHVVHG
WKDW WKH PRUH LQ FRPH JHQHUDWHG E\ WXLWLRQ WKH PRUH ZH FDQ VXSSRUW UHVHDUFK 6RPH KDYH DU JXHG WKDW WKH V\V WHP GRHV QRW KDYH HQRXJK FODVVURRPV RU IDFLOLWLHV EXW WKLV LV D IDOVH H[ FXVH ,I WKH XQLYHU VLWLHV H[SDQG WKHLU KRXUV RI RSHUDWLRQV DQG KDYH PRUH HYHQLQJ FRXUVHV PRUH VWXGHQWV FDQ EH DFFRPPRGDWHG $OVR KRXVLQJ DQG GLQLQJ DUH VHOI VXS SRUWLQJ DQG RIWHQ SURGXFH SURÀWV VR WKH\ FDQ KDQGOH DQ LQÁX[ RI VWXGHQWV DQG OHW·V QRW IRU 8& %HUNHOH\ VWXGHQW DW WKH 'D\ RI $FWLRQ IRU 3XEOLF (GXFDWLRQ JHW WKDW WKHUH DUH SOHQW\ RI HPSW\ KRXVHV DQG EXLOG HGXFDWLRQ DQG WR SURYLGH PRUH RSSRU LQJV DURXQG RXU FDPSXVHV WXQLWLHV IRU IDFXOW\ PHPEHUV WR WHDFK $ NH\ WR WKLV JURZWK PRGHO ZRXOG XQGHUJUDGXDWH FRXUVHV LQ WKHLU DUHDV EH D EHWWHU EDODQFH EHWZHHQ WHDFKLQJ DQG RI VSHFLDOL]DWLRQ 7KH 8&/$ (QJOLVK UHVHDUFK DQG WKLV FRXOG EH DFFRPSOLVKHG 'HSDUWPHQW KDV DOUHDG\ PRYHG LQ WKLV LQ WZR FRVW HIÀFLHQW ZD\V 7KH ÀUVW VWHS GLUHFWLRQ $QRWKHU PRYH ZRXOG EH WR LV WR DYRLG WKH FRVWO\ PRYH WR RQOLQH FRQWLQXHG RQ S
/LVD .HUPLVK SKRWR
$
UHFHQW /RV $QJHOHV 7LPHV HGLWRULDO DUJXHG WKDW WKH VROXWLRQ WR WKH 8QLYHUVLW\ RI &DOLIRUQLD·V EXGJHW SUREOHPV LV WR UHGXFH HQUROOPHQWV 7KLV VXJJHVWLRQ ZRXOG QRW RQO\ OLPLW DFFHVV ZKHQ LW LV PRVW QHHGHG EXW LW ZRXOG DOVR KXUW WKH IXQGLQJ RI WKH HQWLUH V\V WHP &XUUHQWO\ XQGHUJUDGXDWH WXLWLRQ LV WKH RQO\ VWDEOH VRXUFH RI IXQGLQJ IRU WKH 8& V\VWHP DQG WKH UHYHQXH JHQHUDWHG E\ LQ VWDWH DQG QRQUHVLGHQW VWXGHQWV VXEVLGL]HV UHVHDUFK DGPLQLVWUDWLRQ DQG PRVW RWKHU 8& DFWLYLWLHV ,Q IDFW WKH XQLYHUVLW\ UHFHLYHV RQ DYHUDJH IURP HDFK XQGHUJUDGX DWH VWXGHQW WKLV LQFOXGHV VWDWH DQG VWX GHQW UHYHQXH EXW RQO\ VSHQGV RQ GLUHFW LQVWUXFWLRQDO FRVWV ,Q RWKHU ZRUGV WKH XQLYHUVLW\ ZLOO JHQHUDWH PRUH LQFRPH LI LW HQUROOV PRUH VWXGHQWV
8& $)7 3(563(&7,9(
92/ 12 635,1*
&DOLIRUQLD )HGHUDWLRQ RI 7HDFKHUV 0DULQD 9LOODJH 3DUNZD\ 6XLWH $ODPHGD &$ KWWS ZZZ XFDIW RUJ
121 352),7 25*$1,=$7,21 8 6 3RVWDJH 3$,' 2DNODQG &$ 3HUPLW 1R