Analisador de Audio com Interface USB Phonic - Manual Sonigate

Page 1

3$$ 3HUVRQDO $XGLR $QDOD\]HU

(QJOLVK


,03257$17 6$)(7< ,16758&7,216 7KH DSSDUDWXV VKDOO QRW EH H[SRVHG WR GULSSLQJ RU VSODVKLQJ DQG WKDW QR REMHFWV ¿OOHG ZLWK OLTXLGV VXFK DV YDVHV VKDOO EH SODFHG RQ WKH DSSDUDWXV 7KH 0$,16 SOXJ LV XVHG DV WKH GLVFRQQHFW GHYLFH WKH GLVFRQQHFW GHYLFH VKDOO UHPDLQ UHDGLO\ RSHUDEOH :DUQLQJ WKH XVHU VKDOO QRW SODFH WKLV DSSDUDWXV LQ WKH FRQ¿QHG DUHD GXULQJ WKH RSHUDWLRQ VR WKDW WKH PDLQV VZLWFK FDQ EH HDVLO\ DFFHVVLEOH

5HDG WKHVH LQVWUXFWLRQV EHIRUH RSHUDWLQJ WKLV DSSDUDWXV .HHS WKHVH LQVWUXFWLRQV IRU IXWXUH UHIHUHQFH

&$87,21 5,6. 2) (/(&75,& 6+2&. '2 127 23(1

+HHG DOO ZDUQLQJV WR HQVXUH VDIH RSHUDWLRQ )ROORZ DOO LQVWUXFWLRQV SURYLGHG LQ WKLV GRFXPHQW 'R QRW XVH WKLV DSSDUDWXV QHDU ZDWHU RU LQ ORFDWLRQV ZKHUH FRQGHQVDWLRQ PD\ RFFXU &OHDQ RQO\ ZLWK GU\ FORWK 'R QRW XVH DHURVRO RU OLTXLG FOHDQHUV 8QSOXJ WKLV DSSDUDWXV EHIRUH FOHDQLQJ 'R QRW EORFN DQ\ RI WKH YHQWLODWLRQ RSHQLQJV ,QVWDOO LQ DFFRUGDQFH ZLWK WKH PDQXIDFWXUHU¶V LQVWUXFWLRQV

&$87,21 72 5('8&( 7+( 5,6. 2) (/(&75,& 6+2&. '2 127 5(029( &29(5 25 %$&.

12 86(5 6(59,&($%/( 3$576 ,16,'( 5()(5 6(59,&,1* 72 48$/,),(' 3(56211(/

7KH OLJKWQLQJ IODVK ZLWK DUURZKHDG V\PERO ZLWKLQ DQ HTXLODWHUDO WULDQJOH LV LQWHQGHG WR DOHUW WKH XVHU WR WKH SUHVHQFH RI XQLQVXODWHG ³GDQJHURXV YROWDJH´ ZLWKLQ WKH SURGXFW¶V HQFORVXUH WKDW PD\ EH RI VXI¿FLHQW

'R QRW LQVWDOO QHDU DQ\ KHDW VRXUFHV VXFK DV UDGLDWRUV KHDW UHJLVWHUV VWRYHV RU RWKHU DSSDUDWXV LQFOXGLQJ DPSOL¿HUV WKDW SURGXFH KHDW 'R QRW GHIHDW WKH VDIHW\ SXUSRVH RI WKH SRODUL]HG RU JURXQGLQJ W\SH SOXJ $ SRODUL]HG SOXJ KDV WZR EODGHV ZLWK RQH ZLGHU WKDQ WKH RWKHU $ JURXQGLQJ W\SH SOXJ KDV WZR EODGHV DQG D WKLUG JURXQGLQJ SURQJ 7KH ZLGH EODGH RU WKH WKLUG SURQJ LV SURYLGHG IRU \RXU VDIHW\ ,I WKH SURYLGHG SOXJ GRHV QRW ¿W LQWR \RXU RXWOHW FRQVXOW DQ HOHFWULFLDQ IRU UHSODFHPHQW RI WKH REVROHWH RXWOHW 3URWHFW WKH SRZHU FRUG IURP EHLQJ ZDONHG RQ RU SLQFKHG SDUWLFXODUO\ DW SOXJ FRQYHQLHQFH UHFHSWDFOHV DQG WKH SRLQW ZKHUH WKH\ H[LW IURP WKH DSSDUDWXV 2QO\ XVH DWWDFKPHQWV DFFHVVRULHV VSHFL¿HG E\ WKH PDQXIDFWXUHU 8VH RQO\ ZLWK D FDUW VWDQG WULSRG EUDFNHW RU WDEOH VSHFL¿HG E\ WKH PDQXIDFWXUHU RU VROG ZLWK WKH DSSDUDWXV :KHQ D FDUW LV XVHG XVH FDXWLRQ ZKHQ PRYLQJ WKH FDUW DSSDUDWXV FRPELQDWLRQ WR DYRLG LQMXU\ IURP WLS RYHU 8QSOXJ WKLV DSSDUDWXV GXULQJ OLJKWLQJ VWRUPV RU ZKHQ XQXVHG IRU ORQJ SHULRGV RI WLPH 5HIHU DOO VHUYLFLQJ WR TXDOL¿HG VHUYLFH SHUVRQQHO 6HUYLFLQJ LV UHTXLUHG ZKHQ WKH DSSDUDWXV KDV EHHQ GDPDJHG LQ DQ\ ZD\ VXFK DV SRZHU VXSSO\ FRUG RU SOXJ LV GDPDJHG OLTXLG KDV EHHQ VSLOOHG RU REMHFWV KDYH IDOOHQ LQWR WKH DSSDUDWXV WKH DSSDUDWXV KDV EHHQ H[SRVHG WR UDLQ RU PRLVWXUH GRHV QRW RSHUDWH QRUPDOO\ RU KDV EHHQ GURSSHG

PDJQLWXGH WR FRQVWLWXWH D ULVN RI HOHFWULF VKRFN WR SHUVRQV

7KH H[FODPDWLRQ SRLQW ZLWKLQ DQ HTXLODWHUDO WULDQJOH LV LQ WHQGHG WR DOHUW WKH XVHU WR WKH SUHVHQFH RI LPSRUWDQW RSHUDW LQJ DQG PDLQWHQDQFH VHUYLFLQJ LQVWUXFWLRQV LQ WKH OLWHUDWXUH DFFRPSDQ\LQJ WKH DSSOLDQFH

:$51,1* 7R UHGXFH WKH ULVN RI ¿UH RU HOHFWULF VKRFN GR QRW H[SRVH WKLV DSSDUDWXV WR UDLQ RU PRLVWXUH &$87,21 8VH RI FRQWUROV RU DGMXVWPHQWV RU SHUIRUPDQFH RI SURFHGXUHV RWKHU WKDQ WKRVH VSHFL¿HG PD\ UHVXOW LQ KD]DUGRXV UDGLDWLRQ H[SRVXUH


3$$ 3HUVRQDO $XGLR $QDOD\]HU

7$%/( 2) &217(176

,1752'8&7,21 )($785(6 &21752/6 $1' ',63/$< *(77,1* 67$57(' 23(5$7,1* 7,36 $8',2 $1$/<6,6 )81&7,216

57$ 5HDO 7LPH $QDO\]HU $FFRXVWLF

63/ 6RXQG 3UHVVXUH /HYHO 0HWHU

57 5HYHUE 7LPH $QDO\]LQJ

57$ 5HDO 7LPH $QDO\]HU (OHFWULFDO 6LJQDO

/HYHO 0HWHU

0(025<

6WRUH

5HFDOO

$YHUDJH

(4 6HWWLQJ

6(77,1*6

:HLJKWLQJ

/HYHO 5DQJH

0D[ /HYHO

3HDN +ROG

5HVSRQVH 7LPH

&DOLEUDWLRQ

3+$6( &+(&. *(1(5$725 32:(5 6,08/7$1(286 23(5$7,21 :,7+ '(6.723 ',0(16,216 63(&,),&$7,216 $8',2 7(67 6,*1$/ 75$&. /,67,1*

3KRQLF UHVHUYHV WKH ULJKW WR LPSURYH RU DOWHU DQ\ LQIRUPDWLRQ VXSSLHG ZLWKLQ WKLV GRFXPHQW ZLWKRXW SULRU QRWLFH 9 2&7


,1752'8&7,21

)($785(6

7KDQN \RX IRU SXUFKDVLQJ WKH 3KRQLF 3$$

3DOP 6L]HG $XGLR $QDO\]HU

3HUVRQDO $XGLR $VVLVWDQW D KLJKO\ DFFXUDWH DXGLR

EDQG 5HDO 7LPH 6SHFWUXP $QDO\]HU

DQDO\]HU WKDW VLWV FRPIRUWDEO\ LQ WKH SDOP RI \RXU KDQG DQG IHDWXUHV DOO WKH WRROV \RX QHHG WR VHW XS DQ\ DXGLR V\VWHP :LWK EDQG UHDO WLPH VSHFWUXP DQDO\VLV 6RXQG

%XLOW LQ FDOLEUDWHG PHDVXUHPHQW PLFURSKRQH 6RXQG 3UHVVXUH /HYHO 0HWHU IURP G% WR G%

3UHVVXUH /HYHO DQG G%X G%9 OLQH YROWDJH

/LQH VLJQDO PHDVXUHPHQW GLVSOD\HG LQ G%X G%9 RU 9ROWDJH

PHDVXUHPHQW (4 VHWWLQJ SKDVH FKHFNLQJ DQG

$ & ZHLJKWLQJ RU ÀDW

UHYHUE WLPH DQDO\]DWLRQ WKH 3$$ LV WKH LGHDO FRPSDQLRQ IRU DOO VRXQG HQJLQHHUV 7KLV SHUVRQDO DXGLR DVVLVWDQW LV EDWWHU\ SRZHUHG $$ VL]H ZLWK D EXLOW LQ PLFURSKRQH DQG ;/5 LQSXWV DQG

OHYHO UDQJH VHOHFWLRQ IRU G% 63/ DQG OLQH VLJQDO /LQH VLJQDO PHDVXULQJ UDQJH

RXWSXWV HQVXULQJ DOO DXGLR DQDO\]LQJ VLWXDWLRQV

G%X a G%X

DUH SRVVLEOH :LWK WKH 3$$ \RX ZLOO FRQTXHU

G%9 a G%9

WKH DFFRXVWLFV RI DOO HQYLURQPHQWV ZLWK SUHFLVLRQ

9ROWV P9 a 9

DQG HDVH

0D[LPXP OHYHO DQG SHDN KROG GLVSOD\

3KRQLF XQGHUVWDQGV WKH LPSRUWDQFH RI VRXQG

VWDQGDUG UHVSRQVH WLPHV PV PV ) PV 0 VHF 6

UHSURGXFWLRQ PDQDJHPHQW :H NQRZ WKDW DV D SURIHVVLRQDO \RXU PDLQ FRQFHUQ LV VRXQG TXDOLW\ &RQVHTXHQWO\ ZLWK DQ DXGLR WRRO OLNH WKH

PHPRULHV IRU PHDVXUHPHQW DQG IRU DYHUDJH FDOFXODWLRQ

3$$ \RX H[SHFW D SUHFLVH UXOHU WR REWDLQ SURSHU

EDQG (4 VHWWLQJ OHYHO GLVSOD\ ERRVW FXW

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

3$$


,16,'( 7+( *,)7 %2; [ 3$$ 8QLW [ $$ 6L]H %DWWHULHV [ $& 3RZHU $GDSWRU [ 86% &DEOH [ /HDWKHU &DVH [ DQG 0LFURSKRQH 6WDQG $GDSWRUV [ &' 520 LQFOXGLQJ WHVW VLJQDOV DQG VRIWZDUH IRU 3& LQWHUIDFH [ 8VHU 0DQXDO WKRXJK LI \RX GLGQ W UHFHLYH WKH XVHU PDQXDO \RX SUREDEO\ DUHQ W UHDGLQJ WKLV

[ $$ 6L]H %DWWHULHV

86% &DEOH

3$$

3RZHU $GDSWRU

&' 520

0LFURSKRQH 6WDQG $GDSWRUV


&21752/6 $1' ',63/$< /&' 'LVSOD\ [ JUDSKLF /&' VFUHHQ SURYLGHV FOHDU DQG ODUJH GLVSOD\

3RZHU %DFNOLJKW %XWWRQ %HIRUH WXUQLQJ WKH SRZHU RQ SOHDVH HQVXUH WKH 32:(5 /2&. VZLWFK DW WKH UHDU RI WKH 3$$ LV VHW WR WKH 21 SRVLWLRQ 3UHVVLQJ WKH 3RZHU EXWWRQ IRU VHFRQGV ZLOO WKH SRZHU RI WKH 3$$ RQ $IWHU WKH SRZHU LV RQ WKLV EXWWRQ DOORZV XVHUV WR WXUQ WKH /&' EDFNOLJKW RQ DQG RII +ROGLQJ WKH EXWWRQ IRU DERXW VHFRQGV ZLOO LQLWLDWH WKH 3$$ V VKXWGRZQ VHTXHQFH VDYLQJ DOO VWRUHG PHPRULHV RI WKH 3$$

5LJKW 'RZQ %XWWRQ 3UHVV WKLV EXWWRQ WR VFUROO GRZQ RU WR WKH ULJKW RI WKH FXUUHQWO\ VHOHFWHG RSWLRQ

/HIW 8S %XWWRQ 3UHVV WKLV EXWWRQ WR VFUROO XS RU WR WKH OHIW RI WKH FXUUHQWO\ VHOHFWHG RSWLRQ

(QWHU %XWWRQ

3UHVV WKLV EXWWRQ WR PRYH IURP 5HDO 7LPH 6SHFWUXP $QDO\]HU 57$ GLVSOD\ WR WKH 3$$ V IXQFWLRQ PHQX $IWHU PRYLQJ WKH FXUVRU WR D GHVLUHG IXQFWLRQ LQ WKH PHQX E\ WKH ULJKW GRZQ RU OHIW XS EXWWRQV SUHVV WKH HQWHU EXWWRQ WR VHOHFW

-RJ &RQWURO -RJ FRQWURO RQ WKH OHIW KDQG VLGH RI WKLV XQLW SURYLGHV XVHUV ZLWK D KDVVOH IUHH PHWKRG RI VFUROOLQJ PHQXV DQG VHOHFWLQJ RSWLRQV ZLWK D VLQJOH KDQG 6LPSO\ URWDWH WR VFUROO XS DQG GRZQ PHQXV DQG SXVK WKH ZKHHO LQZDUGV WR VHOHFW WR HLWKHU HQWHU D VXE PHQX RU ¿QDOL]H D VHWWLQJ $OWHUQDWHO\ WKH WKUHH IXQFWLRQ EXWWRQV WKH DIRUH PHQWLRQHG EXWWRQV WR PD\ DOVR EH XVHG WR VFUROO RSWLRQV DQG ¿QDOL]H VHOHFWLRQV

9 '& 3RZHU ,QSXW 7KLV SRUW LV XVHG WR FRQQHFW WKH LQFOXGHG 9 $& WR '& FRQYHUWHU :KHQ DGDSWHU LV SOXJJHG LQ WKH EDWWHU\ SRZHU ZLOO EH UHSODFHG E\ WKH DGDSWRU DOORZLQJ XVHUV WR XVH WKH 3$$

ZLWKRXW IHDU RI UXQQLQJ RXW RI SRZHU 8VH WKH DGDSWHU SURYLGHG DORQJ ZLWK WKH 3$$ RQO\ DV WR DYRLG GDPDJLQJ WKH GHYLFH 3OHDVH QRWH WKDW WKLV ZLOO QRW FKDUJH EDWWHULHV SODFHG LQWR WKH 3$$ V EDWHU\ FRPSDUWPHQW

86% 3RUW 7KLV 86% FRQQHFWRU LV IRU WKH DGGLWLRQ RI WKH SURYLGHG 86% FDEOH WR EH FRQQHFW WKH 3$$ WR DQ\ GHVNWRS RU QRWHERRN FRPSXWHU ZLWK D 86% SRUW 3OHDVH VHH WKH 6LPXOWDQHRXV 2SHUDWLRQ :LWK 'HVNWRS &RPSXWHU VHFWLRQ IRU PRUH LQIRUPDWLRQ

3$$


0DOH ;/5 6RFNHW /LQH 2XWSXW

7KURXJK WKLV ;/5 PDOH FRQQHFWRU XVHUV FDQ VHQG RXW WKUHH EXLOW LQ DXGLR WHVW VLJQDOV SLQN QRLVH N+] WRQH DQG WKH SRODULW\ VLJQDO 7KH RXWSXW OHYHO LV EDODQFHG G%X XQGHU D 9 '9 SRZHU VXSSO\

)HPDOH ;/5 6RFNHW /LQH ,QSXW

7KLV SRUW DOORZV \RX WR VHQG EDODQFHG OLQH OHYHO LQSXW WR WKH 3$$ 7KLV VLJQDO LQSXW DOORZV \RX WR PHDVXUH VLJQDOV LQ G%X G%9 RU $& YROWDJH IRU EDODQFHG DQG XQEDODQFHG VLJQDOV ,W LV SDUWLFXODUO\ XVHIXO IRU FKHFNLQJ WKH SKDVH RI D FRQQHFWLRQV

&RQWUDVW &RQWURO %\ DGMXVWLQJ WKLV FRQWURO XVHUV FDQ FKDQJH WKH FRQWUDVW RI WKH 3$$ V /&' VFUHHQ WR EHWWHU DGDSW WKH GHYLFH WR GLIIHUHQW OLJKWLQJ FRQGLWLRQV

3RZHU /RFN

6HW WKLV VZLWFK WR WKH 21 SRVLWLRQ EHIRUH WXUQLQJ RQ WKH 3$$ <RX FDQ VHW WR WKH 2)) SRVLWLRQ WR SUHYHQW DFFLGHQWDO SRZHULQJ XS RI WKH 3$$ ZKHQ WKH XQLW LV QRW LQ XVH ,W LV UHFRPPHQGHG WKDW XVHUV PRYH WKLV VZLWFK WR WKH RII SRVLWLRQ ZKHQ WKH 3$$ ZLOO QRW EH XVHG IRU D ORQJ SHULRG RI WLPH 3URYLGHG WKDW WKH VKXW GRZQ SURFHGXUH ZDV IROORZHG FRUUHFWO\ WXUQLQJ WKLV VZLWFK RII DIWHU VDYLQJ \RXU VHWWLQJV ZLOO QRW FDXVH WKH ORVV RI DQ\ GDWD

%XLOW LQ 0LFURSKRQH 7XUQ WKLV DFFXUDWH EXLOW LQ 2PQL GLUHFWLRQDO PLF WR RSHUDWLRQ SRVLWLRQ VWDQGV GHJUHHV E\ SUHVVLQJ WKH D[LV EDVH $OZD\V SUHVV WKH D[LV EDVH EHIRUH URWDWLQJ WKH PLF DV LW LV ORFNHG LQWR SODFH ,I \RX DWWHPSW WR URWDWH WKH PLF ZLWKRXW SXVKLQJ LQ ¿UVW \RX FRXOG YHU\ ZHOO GDPDJH \RXU 3$$

6WDQG 0RXQW $ VWDQG PRXQW LV ORFDWHG RQ WKH EDFN IRU FRQQHFWLRQ WR D WULSRG RU DQ\ RWKHU VWDQG WKDW KDV D VWDQGDUG FRQQHFWLQJ VFUHZ RIWHQ IRXQG RQ FDPHUD WULSRGV $OVR LQFOXGHG LV D VWDQG DGDSWHU DOORZLQJ WKH 3$$ WR EH PRXQWHG RQ PLFURSKRQH VWDQGV DV ZHOO

3$$

%DWWHU\ &RPSDUWPHQW 7KH 3$$ UHTXLUHV IRXU $$ EDWWHULHV IRU RSHUDWLRQ 8QGHU QRUPDO FRQGLWLRQV WKH 3$$ FDQ ODVW IRU XS WR VHYHQ KRXUV RI FRQWLQXRXV RSHUDWLRQ ZLWK WKH XVH RI 'XUDFHOO DONDOLQH EDWWHULHV


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

3$$


23(5$7,1* 7,36 $OO IXQFWLRQV FDQ EH DFWLYDWHG E\ XVLQJ WKH (17(5 /()7 83 DQG '2:1 5,*+7 EXWWRQV RU E\ WKH MRJ FRQWURO ,W LV UHFRPPHQGHG WR XVH WKHVH WKUHH EXWWRQV ZKHQ WDNLQJ ORZ 63/ PHDVXUHPHQWV 3UHVVLQJ WKH (17(5 EXWWRQ ZKHQ WKH (6& HVFDSH LV KLJKOLJKWHG LQ PRVW RI WKH IXQFWLRQ PHQXV ZLOO DOORZ \RX WR H[LW WKH PDLQ PHQX RU VXE PHQXV 3UHVV DQG KROG WKH (17(5 EXWWRQ RU MRJ FRQWURO IRU VHFRQGV LQ PRVW RI WKH IXQFWLRQ PHQXV WR UHWXUQ WR WKH UHDO WLPH VSHFWUXP DQDO\]HU

:KHQ WKH EDWWHU\ LV ORZ D EOLQNLQJ DQG YHU\ DSWO\ WLWOHG %$77(5< /2: LFRQ ZLOO DSSHDU LQ WKH :(,*+7 ER[ DQG UHPDLQ RQ VFUHHQ IRU WKH ODVW PLQXWHV RI EDWWHU\ OLIH /RZ TXDOLW\ EDWWHULHV PD\ FDXVH WKH 3$$ WR VKXWGRZQ ZLWKRXW ZDUQLQJ $Q HQODUJHG EOLQNLQJ EDWWHU\ LFRQ ZLOO DSSHDU LQ WKH FHQWHU RI WKH /&' VFUHHQ LI WKH XVHU VWDUWV WKH 3$$ ZLWK LQVXI¿FLHQW EDWWHU\ SRZHU 4XLFN 6KXWGRZQ 6LPSO\ SUHVV WKH 3RZHU %XWWRQ GRZQ IRU DURXQG VHFRQGV DQG WKH VKXWGRZQ SURFHGXUH ZLOO EH LQLWLDWHG DXWRPDWLFDOO\ 7KLV FDQ VDYH \RX YDOXDEOH PLQXWHV ZKLOH RQ WKH MRE

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a G% 63/ RU a G%X $ QRLVH ZLOO RFFXU ZKHQ WXUQLQJ RQ WKH EDFNOLJKW DQG LW PD\ DIIHFW WKH UHVXOW RI PHDVXUHPHQWV LQ WKH ORZHU UDQJH :KLOH WDNLQJ PHDVXUHPHQWV KROG WKH ULJKW EXWWRQ DQG SUHVV HQWHU WR LPPHGLDWHO\ MXPS LPPHGLDWHO\ WR WKH 6725( SDJH

3$$


$8',2 $1$/<6,6 )81&7,216 7KH IROORZLQJ VHFWLRQ FRQWDLQV LQIRUPDWLRQ FRQFHUQLQJ DFRXVWLF DQDO\VLV DQG LOOXVWUDWHV KRZ WR XVH WKH 3$$ WR PHDVXUH YDULRXV SURSHUWLHV RI \RXU DXGLR

57$ 5HDO 7LPH $QDO\]HU $FFRXVWLF 7KLV IXQFWLRQ DQDO\]HV WKH DXGLR UHFHLYHG WKURXJK HLWKHU WKH EXLOW LQ PLF RU /LQH ,Q FRQQHFWLRQ GLYLGHG LQWR EDQGV DW RFWDYH LQWHUYDOV DQG GLVSOD\V WKH UHOHYHQW LQIRUPDWLRQ RQ D EDU JUDSK WKDW VKRZV WKH GHFLEOH OHYHO RI HDFK EDQG RI VRXQG IURP +] WR N+] LQ IRXU GLIIHUHQW UHVSRQVH WLPHV PV PV PV DQG VHF DQG LQ WKUHH ZHLJKWLQJ W\SHV $ ZHLJKWLQJ & ZHLJKWLQJ DQG )ODW )RU PRUH LQIR RQ UHVSRQVH WLPHV DQG ZHLJKWLQJ SOHDVH FRQVXOW WKH DSSURSULDWH VHFWLRQV

%HQHDWK \RX ZLOO ¿QG WZR UHDGRXWV WKH QXPEHUV LQ WKH OHIW FROXPQ GLVSOD\ WKH IUHTXHQF\ ZKLOH WKH QXPEHUV LQ WKH ULJKW FROXPQ GLVSOD\ WKH IUHTXHQF\ OHYHOV 7KH JUDSKLF VKRZQ LQGLFDWHV WKDW WKH XVHU KDV VHW WKH OHYHO UDQJH DW a 63/ $ ZHLJKWLQJ 7KH PD[ OHYHO GXULQJ WKH WLPH RI PHDVXUHPHQW LV G% 7KH XVHU LV UHDGLQJ DW N+] ZKLFK KDV D G% 63/ RI ,I \RX ZRXOG OLNH WR VWRUH WKH PHDVXUHPHQW GDWD LQ WKH PHPRU\ RI 3$$ JR WR WKH 6725( PHQX 8VHUV FDQ VDYH WKH PHDVXUHG VSHFWUXP GDWD LQWR RQH RI WKH WHQ PHPRULHV 3OHDVH UHIHU WR 0(025< 6725( IRU PRUH LQIRUPDWLRQ

6FUROO WKURXJK WKH YDULRXV YDOXHV ORFDWHG LQ WKH +] ER[ XQWLO \RX FRPH WR D ÀDVKLQJ (6& 3UHVV HQWHU WR H[LW 57$ PRGH

63/ 6RXQG 3UHVVXUH /HYHO 0HWHU 7KLV IHDWXUH RI WKH 3$$ JLYHV XVHUV DQ DFFXUDWH PHDVXUHPHQW RI WKH RYHUDOO ORXGQHVV RI WKHLU VRXQG PHDVXUHG LQ GHFLEHOV G% 7KLV LV D WUXH 506 PHDVXUHPHQW XVLQJ VWDQGDUG GLVSOD\ WLPH DYHUDJH DQG VWDQGDUG $ & DQG )ODW ZHLJKWLQJV :(,*+7 5$1*( a 63/ $

0$;

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

3URFHGXUH (QWHU WKH 63/ /,1( PHQX DQG VHW WKH PHDVXUHPHQW XQLW WR 63/ <RX PD\ VHOHFW D UDQJH OHYHO ZHLJKWLQJ UHVSRQVH WLPH RU D PD[LPXP OHYHO E\ JRLQJ LQWR WKH 6(77,1*6 PHQX WKHQ RQWR WKH DSSURSULDWH PHQXV 7KH VHOHFWHG YDOXHV RI WKHVH RSWLRQV ZLOO EH GLVSOD\HG DERYH WKH 57$ RQ WKH 3$$ V GHIDXOW VFUHHQ

3$$


2Q WKH PDLQ 57$ GLVSOD\ KROG WKH (17(5 EXWWRQ IRU DSSUR[LPDWHO\ VHFRQGV WR DFWLYDWH WKH 63/ VFUHHQ 3UHVV WKH (17(5 EXWWRQ RQFH WR H[LW 1% <RX FDQ HDVLO\ UHIUHVK WKH 0D[ 63/ YDOXH E\ KROGLQJ ERWK WKH ĸ OHIW DQG ĺ ULJKW NH\V VLPXOWDQHRXVO\ IRU DW OHDVW RQH VHFRQG

57 5HYHUE 7LPH $QDO\]LQJ

7KH 57 IXQFWLRQ RI WKH 3$$ LV HDV\ HQRXJK WR XQGHUVWDQG LW LV EDVLFDOO\ WKH WLPH LW WDNHV IRU D VLJQDO WR GURS G% *HWWLQJ WKH DYHUDJH RI PDQ\ GLIIHUHQW 57 FDOFXODWLRQV IURP DURXQG D URRP DOORZV XVHUV WR JHW DQ LGHD DV WR KRZ PXFK DEVRUSWLRQ RU UHÀHFWLRQ RI DXGLR WKH URRP SURYLGHV 'HSHQGLQJ RQ \RXU QHHGV \RX PD\ ZLVK WR KDYH D KLJK RU ORZ 57 PHDVXUHPHQW )RU H[DPSOH IRU SXEOLF VSHDNLQJ DQ 57 PHDVXUHPHQW RI OHVV WKDQ VHFRQG LV SUHIHUDEOH DV WR KDYH D FOHDU FRQFLVH YRLFH FRQYH\HG WR WKH DXGLHQFH :LWK FKRLUV RU LQVWUXPHQWDO PXVLF DQ 57 PHDVXUHPHQW RI JUHDWHU WKDQ VHFRQGV PD\ EH DSSURSULDWH ,W DOO GHSHQGV RQ \RXU QHHGV

0HDVXULQJ 5HYHUE 7LPH 3UHVV HQWHU WR RSHQ WKH PDLQ PHQX DQG VHOHFW ³57 ´ 6LPSO\ FOLFN ³581´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

3$$


$FFXPXODWLRQ $& 8VHUV DUH DEOH WR DFFXPXODWH YDULRXV 57 FDOFXODWLRQV E\ SUHVVLQJ HQWHU ZKLOH WKH ³$&[[´ ZKHUH [[ HTXDOV WKH QXPEHU RI DFFXPXODWHG YDOXHV RSWLRQ LV KLJKOLJKWHG 8S WR PHDVXUHPHQWV FDQ EH DFFXPXODWHG :KHQ 57 PHDVXUHPHQWV DUH DFFXPXODWHG WKH DYHUDJH RI VDLG PHPRULHV LV DXWRPDWLFDOO\ WDNHQ DQG GLVSOD\HG RQVFUHHQ $IWHU PHPRULHV KDYH EHHQ DFFXPXODWHG XVHUV ZLOO EH IRUFHG WR VWRUH WKHLU GDWD RU HOVH ORVH LW

6WRUH 672 6WRULQJ WKH UHVXOWV RI 57 PHDVXUHPHQWV LV VLPSOH )LUVW KLJKOLJKW WKH 672 RSWLRQ DQG SXVK (17(5 :KHQ WKH VWRUH SDJH FRPHV XS FKRRVH RQH RI WKH PHPRU\ VORWV IURP WR DQG VHOHFW <(6 WR VWRUH 7KH PHPRU\ VORW \RX VHOHFWHG ZLOO KDYH D ER[ VXUURXQGLQJ WKH QXPEHU QRZ DV WR LQGLFDWH WKDW D PHPRU\ LV VWRUHG LQ WKDW SDUWLFXODU VORW 6HOHFWLQJ ³$ &´ ZLOO FOHDU DOO PHPRU\ VORWV

5HFDOO

5&/

57 PHDVXUHPHQWV FDQ EH UHFDOOHG DW DQ\WLPH E\ VHOHFWLQJ WKH ³5&/´ RSWLRQ LQ WKH 57 PHQX 0HPRU\ VORWV WR DQG $ WR ) FDQ DOO EH UHFDOOHG ZLWK HDVH (DFK PHPRU\ ORFDWLRQ SDJH GLVSOD\V RQO\ PHPRULHV DW D WLPH KRZHYHU WKHUHIRUH XVHUV PXVW VHOHFW 1(;7 WR FRQWLQXH RQWR WKH QH[W SDJH RI VWRUHG PHPRULHV

$YHUDJH $9* 7R JHW WKH DYHUDJH RI 57 PHDVXUHPHQWV WKDW DUH VWRUHG LQ WKH 3$$ VLPSO\ VHOHFW $9* 6HOHFW IURP PHPRULHV WR PHPRU\ VORWV ZLWK VDYHG GDWD DUH LQGLFDWHG E\ D ER[ VXUURXQGLQJ WKH VORW QXPEHU D GRW ZLOO DSSHDU QH[W WR WKH QXPEHU WR VKRZ WKDW D PHPRU\ VORW LV VHOHFWHG :KHQ DOO PHPRULHV DUH VHOHFWHG VLPSO\ VHOHFW $9* WR GHWHUPLQH WKH DYHUDJH RU (6& WR HVFDSH :KHQ GLIIHUHQWO\ ZHLJKWHG LWHPV DUH DWWHPSWHG WR EH DYHUDJHG D ZDUQLQJ ZLOO DSSHDU RQVFUHHQ DGYLVLQJ XVHUV WR VHOHFW DJDLQ

57$ 5HDO 7LPH $QDO\]HU (OHFWULFDO

3URFHGXUH

6LJQDO

(QWHU WKH 63/ /,1( PHQX DQG VHW WKH PHDVXUHPHQW XQLW WR G%X G%9 RU YROWDJH DV UHTXLUHG

%\ VLPSO\ FRQQHFWLQJ DQ ;/5 MDFN WR WKH 3$$ V LQ MDFN WKH 57$ IXQFWLRQ FDQ DFFXUDWHO\ PHDVXUH \RXU VLJQDO

6HQG D VLJQDO WKURXJK WKH 3$$ V IHPDOH ;/5 MDFN 3LQ +RW 3LQ &ROG 3LQ *URXQG *R WR WKH 6(77,1* PHQX ZKHUH \RX PD\ ZDQW WR DGMXVW WKH 5$1*( :(,*+7,1* 5(63 7,0( UHVSRQVH WLPH RU 0$; /(9(/ RI \RXU PHDVXUHPHQW 5HWXUQ WR WKH 57$ GLVSOD\ +HUH \RX FDQ UHDG WKH OHYHO RI DQ\ RU DOO IUHTXHQFLHV ,I DOO IUHTXHQF\ UHDGRXWV DUH QHHGHG SUHVV ³(17(5´ EXWWRQ RU WKH MRJ FRQWURO IRU WZR VHFRQGV WR HQWHU OLQH OHYHO PHWHU

3$$


/HYHO 0HWHU

0(025<

0HDVXUH WKH OLQH YROWDJH OHYHO LQ XQLWV RI G%X G%9

7KH VXE PHQXV RI 0(025< LQFOXGH 6725(

DQG $& YROWDJH XVLQJ VWDQGDUG UHVSRQVH WLPH

5(&$// $9(5$*( (4 6(77,1* 7KURXJK

DQG VWDQGDUG $ & RU ÀDW ZHLJKWLQJV XQGHU QRUPDO

WKHVH RSWLRQV XVHUV DUH DEOH WR VWRUH WKHLU 57$

FRQGLWLRQV ÀDW LV SUHIHUDEOH 8VLQJ WKH 3$$ WR

PHDVXUHPHQWV

PHDXUH '& YROWDJH PD\ GDPDJH WKH 3$$ DQG ZLOO YRLG WKH ZDUUDQW\

6WRUH 7KH XVHU FDQ VDYH XS WR VHWV RI PHDVXUHG GDWD WR DV ZHOO DV DYHUDJHG VHWV $ WR ) LQWR WKH PHPRU\ RI WKH 3$$ DOORZLQJ WKHP WR EH XVHG ODWHU IRU IXUWKHU DQDO\VLV RU XSORDGLQJ WR \RXU FRPSXWHU

0(025<

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ĸ OHIW DQG ĺ ULJKW NH\V VLPXOWDQHRXVO\ IRU DW OHDVW RQH VHFRQG $77(17,21 ,I WKH OHYHO LV ORZHU WKDQ P9 ZKHQ PHDVXULQJ YROWDJH WKH 3$$ ZLOO VKRZ LW LQ P9 ,I WKH OHYHO LV KLJKHU WKDQ P9 WKH GDWD ZLOO EH VKRZQ LQ YROWDJH )RU H[DPSOH P9 ZLOO UHDG DV P9 DQG P9 ZLOO EH VKRZQ DV 9

(6&

(6& 2)) 32:(5

$

. . .

3URFHGXUH DIWHU PDNLQJ DQ DFFRXVWLF 57$ PHDVXUHPHQW 7R HQWHU WKH VWRUH PHQX KROG WKH ULJKW EXWWRQ GRZQ DQG SUHVV (17(5 RU JR LQWR WKH 0(025< PHQX DQG VHOHFW 6725( 6HOHFW DQ\ VORW IURP SRVLWLRQ WR DQG SUHVV <(6 WR ¿QDOL]H 3UHYLRXVO\ VDYHG GDWD ZLOO EH RYHU ZULWWHQ 0HPRU\ ORFDWLRQV ZLWK VWRUHG GDWD ZLOO EH LQGLFDWHG ZLWK D ER[ VXUURXQGLQJ WKH VORW QXPEHU 6HOHFWLQJ $ & LQ WKH 6725( PHQX ZLOO DXWRPDWLFDOO\ FOHDU DOO PHPRU\ VORWV $77(17,21 7KLV IXQFWLRQ LV RQO\ DYDLODEOH ZKHQ IRU DFFRXVWLF DQDO\VLV

7KH PHDVXUHPHQWV IRU OLQH YROWDJH FDQQRW EH VDYHG LQWR WKH PHPRU\ RI WKH 3$$

3$$


5HFDOO 8VHUV FDQ UHFDOO DOO GDWD VDYHG LQ WKH PHPRU\ RI WKH 3$$ WR UHDG WKH PHDVXUHPHQWV

DQG SXVKLQJ WKH (17(5 NH\ RU VLPSO\ FKRRVH $// LI \RX ZDQW WR GR WKH DYHUDJH FDOFXODWLRQ IRU DOO WHQ VDYHG PHDVXUHPHQWV 0RYH WKH FXUVRU RYHU VHOHFWHG PHPRULHV DQG SUHVV (17(5 DJDLQ WR XQVHOHFW $ VPDOO GRW ZLOO DSSHDU WR WKH OHIW RI VHOHFWHG PHPRU\ VORWV IRU LGHQWL¿FDWLRQ +LJKOLJKW $9* DQG SUHVV WKH (17(5 NH\ DIWHU DOO VHOHFWLRQV KDYH EHHQ PDGH $ OLVW RI VHOHFWHG PHDVXUHPHQWV ZLOO EH VKRZQ IRU FRQ¿UPDWLRQ

3URFHGXUH (QWHU LQWR WKH 0(025< PHQX DQG VHOHFW 5(&$// 6HOHFW DQ\ RI WKH XVHG PHPRU\ VORWV LQGLFDWHG E\ D ER[ VXUURXQGLQJ WKH VORW QXPEHU IURP WR RU $ WR ) (DFK YDOXH ZLOO EH GLVSOD\HG XQGHU 9$/8( LQ D EDQG FHQWHU IUHTXHQF\ YDOXH DQG DQ DOO IUHTXHQF\ YDOXH :KHQ \RX VHH D ÀDVKLQJ (6& LQ WKH +] FROXPQ SUHVV (17(5 WR UHWXUQ WR WKH 0(025< PHQX

$YHUDJH

3UHVV 581 DQG WKH 3$$ ZLOO DXWRPDWLFDOO\ FDOFXODWH WKH DYHUDJH RU SUHVV (6& WR FDQFHO $IWHU UXQQLQJ WKH DYHUDJH FDOFXODWLRQ &203/(7( ZLOO DSSHDU RQ WKH VFUHHQ 7KH XVHU PD\ WKHQ VHOHFW IURP PHPRU\ VORWV $ WR ) SUHVVLQJ <(6 WR FRQ¿UP WR VDYH VHOHFWHG DYHUDJH FDOFXODWLRQV WR WKH 3$$ 3UHYLRXVO\ VDYHG GDWD ZLOO EH DXWRPDWLFDOO\ RYHU ZULWWHQ 7KH 3$$ ZLOO DXWRPDWLFDOO\ UHYHUW EDFN WR WKH (4 6(77,1* PHQX DV VRRQ DV FDOFXODWLRQV DUH FRPSOHWH $77(17,21 ,W LV QRW UHFRPPHQGHG WR FDOFXODWH DYHUDJH RI VDYHG GDWD ZLWK GLIIHUHQW ZHLJKWLQJ VHWWLQJV 7KH 3$$ ZLOO LJQRUH WKH SHDN YDOXH ZKHQ FDOFXODWLQJ WKH DYHUDJH HYHQ LI WKH SHDN YDOXH ZDV DFWLYDWHG

7KH XVHU FDQ FKRRVH IURP PHPRULHV WR WR

(4 6HWWLQJ

FRPSXWH DYHUDJH FDOFXODWLRQV ZKLFK DUH HVVHQWLDO

7KH (4 VHWWLQJ RI DXGLR V\VWHP ZLOO YDU\ IURP RQH

IRU (4 VHWWLQJ

YHQXH WR DQRWKHU 7KH XOWLPDWH JRDO LQ VHWWLQJ \RXU (4 LV WR FUHDWH D FRPSOHWHO\ ÀDW UHVSRQVH DQG WR HOLPLQDWH HYHU\ SRVVLEOH VRXUFH RI IHHGEDFN 7KRXJK WKH 3$$ V (4 6(77,1* IXQFWLRQ HYHQ D QRYLFH XVHU FDQ VXFFHVVIXOO\ DFFRPSOLVK WKLV

3URFHGXUH *R WR WKH 0(025< PHQX DQG VHOHFW $9(5$*( 6HOHFW DQ\ FRPELQDWLRQ RI GDWD IURP PHPRULHV WR E\ PRYLQJ WKH FXUVRU WR WKDW QXPEHU

3$$


3URFHGXUH

7R DFFRXQW IRU WKLV OLPLWDWLRQ RI KXPDQ KHDULQJ

3OD\ WKH SLQN QRLVH IURP WKH LQFOXGHG &' RU IURP WKH 3$$ *(1(5$725 WRRO WKURXJK \RXU DXGLR V\VWHP

LQFRUSRUDWH D ¿OWHULQJ RI DFRXVWLF VLJQDOV DFFRUGLQJ

PDQ\ DXGLR DQDO\]HUV LQFOXGLQJ WKH 3$$ WR IUHTXHQF\ 7KLV ¿OWHULQJ ZHLJKWLQJ W\SH LV

3LFN D QXPEHU RI VLJQL¿FDQW ORFDWLRQV DURXQG WKH DUHD WKH DXGLHQFH ZLOO EH VLWXDWHG DQG WDNH 57$ PHDVXUHPHQWV DQG VDYH HDFK LQWR WKH 3$$ ¶V PHPRU\

GHYLVHG WR FRUUHVSRQG WR WKH YDU\LQJ VHQVLWLYLW\ RI

(QWHU LQWR WKH 0(025< $9(5$*( PHQX DQG VHOHFW WKH VDYHG PHPRULHV PHDVXUHG IURP WKRVH ORFDWLRQV WR FDOFXODWH WKH DYHUDJH

1DWLRQDO 6WDQGDUGV ,QVWLWXWH $ ZHLJKWLQJ LV

*R WR WKH 0(025< (4 6(77,1* PHQX <RX ZLOO GLVFRYHU WKH DPRXQW RI G% \RX QHHG WR ERRVW RU FXW LQ HDFK FHQWHU IUHTXHQF\ E\ XVLQJ WKH -RJ &RQWURO RU WKH 83 '2:1 EXWWRQV WR VFUROO ([DPSOH VKRZQ LQGLFDWHV WKDW WKH XVHU VKRXOG FXW G% DW N+]

ZHLJKWLQJ LV EHVW VXLWHG IRU KLJKHU VRXQG OHYHOV

$77(17,21 $Q\ XVHU V (4 VHWWLQJ DELOLW\ LV OLPLWHG E\ WKH WHPSHUDWXUH DQG WKH VL]H RI WKH DXGLHQFH DW WKH WLPH PHDVXUHPHQWV ZHUH WDNHQ

WKH KXPDQ HDU WR VRXQG RYHU WKH DXGLEOH IUHTXHQF\ UDQJH 7KH 3$$ FRPHV ZLWK ERWK $ ZHLJKWLQJ DQG & ZHLJKWLQJ VWDQGDUGL]HG E\ WKH $16, $PHULFDQ WKH PRVW IUHTXHQWO\ XVHG ZHLJKWLQJ W\SH DQG LV XVHG IRU PHDVXULQJ ORZHU VRXQG OHYHOV ZKLOH &

7KH XVHU FDQ VHW WKH ZHLJKWLQJ IRU PHDVXUHPHQWV LQ G%X G%9 RU YROWDJH

3URFHGXUH *R WR WKH 6(77,1* :(,*+7,1* PHQX 6HOHFW DQ DSSURSULDWH ZHLJKWLQJ IRU WKH PHDVXUHPHQW $ WLFN DSSHDUV QH[W WR \RXU VHOHFWLRQ 3UHVV (6& WR WKH SUHYLRXV PHQX

6(77,1*6 7KH VXE PHQXV RI 6(77,1* LQFOXGH :(,*+7,1*

/HYHO 5DQJH

/(9(/ 5$1*( 0$; /(9(/ 3($. +2/'

7KH 3$$ KDV WKUHH GLIIHUHQW UDQJHV IRU

5(63216( 7,0( DQG &$/,%5$7,21

PHDVXUHPHQWV LQ 63/ G%X G%9 DQG YROWDJH

:HLJKWLQJ

63/ a a a

$Q\ DXGLR DQDO\]HU QHHGV WR EH GHVLJQHG VR

G%9 a a a

WKDW LW KHDUV VRXQG SURSHUWLHV LQ WKH VDPH ZD\

9$& P a 9 P a 9 P a 9

G%X a a a

DV KXPDQV *HQHUDOO\ WKH VHQVLWLYLW\ RI KXPDQ KHDULQJ LV UHVWULFWHG WR WKH IUHTXHQF\ UDQJH RI

6(77,1*

+] WR N+] 7KH KXPDQ HDU KRZHYHU LV

/(9(/ 5$1*( a G%63/ a G%63/ a G%63/

PRVW VHQVLWLYH WR VRXQGV LQ WKH UDQJH RI +] WR N+] 7KH HDU EHFRPHV SURJUHVVLYHO\ OHVV VHQVLWLYH WR VRXQG RXW RI WKLV UDQJH

(6& 6(77,1* :(,*+7,1* )/$7

$

*R WR WKH 6(77,1* PHQX DQG SURFHHG RQWR WKH /(9(/ 5$1*( PHQX

(6&

3$$

. . .

3URFHGXUH

$ &

$

. . .

6HOHFW DQ DSSURSULDWH OHYHO UDQJH IRU \RXU PHDVXUHPHQW DQG SUHVV WKH (17(5 EXWWRQ


3UHVV (6& WR UHWXUQ WR WKH SUHYLRXV PHQX RU KROG WKH (17(5 EXWWRQ IRU VHFRQGV WR UHYHUW EDFN WR WKH 57$ VFUHHQ

3URFHGXUH (QWHU WKH 6(77,1* PHQX WKHQ VHOHFW WKH 3($. +2/' RSWLRQ +LJKOLJKW DQG VHOHFW 21 WR DFWLYDWH SHDN KROG GLVSOD\

0D[ /HYHO 0D[LPXP OHYHO \RXU DXGLR KDV UHDFKHG ZLOO FRQVWDQWO\ EH VKRZQ RQ WKH /&' VFUHHQ 7KH XVHU VKRXOG UHVHW WKH PD[ OHYHO EHIRUH HDFK QHZ PHDVXUHPHQW

6(77,1* 0$; /(9(/ 5(6(7 (6&

+LJKOLJKW DQG VHOHFW 2)) WR FDQFHO WKH SHDN KROG GLVSOD\ IXQFWLRQ 3UHVV (6& WR UHWXUQ WR WKH 6(77,1* PHQX $77(17,21 :KHQ VDYLQJ WKH PHPRU\ ZLWK ³3($. +2/'´ RQ WKH SHDN OHYHO ZLOO RQO\ EH GLVSOD\HG ZKHQ WKH XVHU UHFDOOV WKDW PHPRU\ ZKHQ WKH 3($. +2/' VHWWLQJ LV RQ %\ VHWWLQJ WKH 3($. +2/' RII WKH XVHU PD\ WKHQ YLHZ WKH OHYHOV IURP DOO IUHTXHQFLHV LQGLYLGXDOO\ RU FROOHFWLYHO\

5HVSRQVH 7LPH 5HVSRQVH WLPH VHWWLQJV ZLOO YDU\ DFFRUGLQJ WR WKH XVHU V PHDVXUHPHQW JRDOV

$

. . .

PV ([WUHPHO\ )DVW IRU H[SORVLYH VRXQG

3URFHGXUH

PV ) )DVW

(QWHU WKH 6(77,1* PHQX WKHQ RQWR WKH 0$; /(9(/ PHQX

PV 0 0HGLXP

+LJKOLJKW 5(6(7 DQG SUHVV (17(5 EXWWRQ WR UHVHW WKH PD[ OHYHO PHDVXUHPHQW GRLQJ VR ZLOO DXWRPDWLFDOO\ UHWXUQ \RX WR WKH 6(77,1* VXE PHQX 3UHVV (6& WR UHWXUQ LI LW \RX GR QRW ZDQW WR UHVHW $ QHZ PD[ OHYHO GLVSOD\ ZLOO EH VKRZQ LQ WKH 0$; FROXPQ WKUHH VHFRQGV DIWHU UHWXUQLQJ WR WKH 57$ RSHUDWLRQ 4XLFN 5HIUHVK :KLOH RQ WKH 57$ VFUHHQ VLPSO\ SUHVV WKH OHIW DQG ULJKW EXWWRQV VLPXOWDQHRXVO\ WR UHIUHVK WKH PD[LPXP OHYHO

3HDN +ROG 3HDN KROG DOORZV WKH XVHU LQ 57$ PRGH WR FRQVWDQWO\ GLVSOD\ WKH SHDN YDOXHV RI DOO PHDVXUHG IUHTXHQFLHV LQGLYLGXDOO\ RU FROOHFWLYHO\

VHF 6 6ORZ

6(77,1* 5(63 7,0(

PV PV )

PV PV 0

VH F 6

(6&

$

. . .

3URFHGXUH *R WR WKH 6(77,1* PHQX WKHQ HQWHU WKH 5(63 7,0( PHQX 6HOHFW DQ DSSURSULDWH UHVSRQVH WLPH D WLFN ZLOO DSSHDU QH[W WR \RXU VHOHFWLRQ RU (6& WR FDQFHO

3$$


&DOLEUDWLRQ

3+$6( &+(&.

<RX VKRXOG QHYHU DFWXDOO\ QHHG WR FDOLEUDWH \RXU

0HDVXULQJ WKH SKDVH RI D VLJQDO DOORZV \RX WR

3$$ ,I PHDVXUHPHQW GDWD RU RSHUDWLRQ RI WKH

¿JXUH RXW ZKHWKHU D VSHDNHU LV FRUUHFWO\ ZLUHG

XQLW LV DEQRUPDO KRZHYHU LW PD\ EH QHFHVVDU\

$ SRODULW\ VLJQDO LV XVXDOO\ QHHGHG ZKHQ FKHFNLQJ

WR $Q\RQH FDQ FDOLEUDWH WKH 3$$ DQG UHJDLQ

WKH SKDVH RI D VSHDNHU RU HQVXUH WKDW DQ RXWSXW

DFFXUDWH VRXQG SUHVVXUH OHYHO PHDVXUHPHQW E\

FRQQHFWLRQ LV FRUUHFW

XVLQJ D VRXQG OHYHO FDOLEUDWRU ZLWK ´ GLDPHWHU DGDSWHU WKDW VHQGV RXW D N+] WRQH $ % . 7<3(

3URFHGXUH

VRXQG OHYHO FDOLEUDWRU LV VXJJHVWHG

*R WR WKH 63/ /,1( DQG VHOHFW G%X WR FKHFN D GHYLFH V RXWSXW FRQQHFWLRQ RU 63/ WR FKHFN D VSHDNHU V ZLULQJ

3URFHGXUH )LUVW WXUQ WKH 3($. +2/' 2)) DQG VHW WKH 5(63 7,0( UHVSRQVH WLPH WR PV 3ODFH D VRXQG OHYHO FDOLEUDWRU ZLWK D PLFURSKRQH FRQQHFWRU RI D ´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

*R WR WKH 6(77,1* PHQX DQG VHOHFW 32/$5,7< RU SOD\ WKH LQFOXGHG 3$$ &' WKURXJK \RXU V\VWHP ,I FKHFNLQJ VSHDNHU ZLULQJ VWDQG RQH PHWHU LQ IURQW RI WKH VSHDNHU WKDW SOD\V WKH SRODULW\ VLJQDO JR WR WKH 3+$6( &+(&. PHQX DQG DFWLYDWH $ ODUJH ³ ´ DSSHDULQJ RQ VFUHHQ PHDQV WKH VLJQDO LV LQ SKDVH DQG WKH ZLULQJ LV FRUUHFW ,I LQVWHDG RI D \RX JHW D ³ ´ WKH VSHDNHU LV RXW RI SKDVH DQG VKRXOG EH FRUUHFWHG $ ELJ ³"´ RU D VFUHHQ VZLWFKLQJ EHWZHHQ SOXV DQG PLQXV V\PEROV PHDQV WKH VRXQG SUHVVXUH OHYHO LV DW D OHYHO WKDW LV QRW GHWHFWDEOH E\ WKH 3$$ 6R WXUQ LW XS $77(17,21 0DNH VXUH WKH VRXQG SUHVVXUH OHYHO RI WKH SRODULW\ VLJQDO IURP WKH V\VWHP LV ORXGHU WKDQ WKH HQYLURQPHQW QRLVH RWKHUZLVH WKH 3$$ ZLOO QRW EH DEOH WR GHWHFW WKH SKDVH RI WKH VSHDNHU

3$$


*(1(5$725

32:(5

7KH 3$$ FDQ VHQG RXW SLQN QRLVH D SRODULW\

7R IROORZ WKH FRUUHFW SRZHU GRZQ SURFHGXUH LV

VLJQDO DQG D N+] WRQH DOO RI ZKLFK LV VHQW RXW

TXLWH LPSRUWDQW WR WKH 3$$ 7KH HDVLHVW ZD\ WR GR

YLD WKH 0DOH ;/5 FRQQHFWRU RQ WKH ERWWRP RI

VR KRZHYHU LV WR KROG WKH 32:(5 %$&./,*+7

WKH 3$$ WR DQ\ H[WHUQDO V\VWHP DW D OHYHO RI

EXWWRQ RI WKH 3$$ IRU DSSUR[LPDWHO\ VHFRQGV

G%X

7KH GHYLFH ZLOO DXWRPDWLFDOO\ VKXWGRZQ ,I WKDW¶V

7RQHV

WRR HDV\ DQG \RX SUHIHU WR GR WKLQJV WKH GLI¿FXOW

3LQN QRLVH PRVWO\ XVHG IRU DFRXVWLF HQYLURQPHQW DGMXVWLQJ )RU H[DPSOH VRXQG V\VWHP HTXDOL]DWLRQ

3RODULW\ RIWHQ XVHG WR FKHFN WKH SKDVH RI VSHDNHUV

N+] WRQH D ZLGHO\ XVHG DPRQJ WKH SURIHVVLRQDOV IRU DXGLR VLJQDO WHVWLQJ *(1(5$725 2)) 3,1. 12,6( 32/$5,7< . +] (6&

ZD\ \RX PD\ DOVR GR RQH RI WKH IROORZLQJ

3URFHGXUH (QWHU WKH 32:(5 PHQX 6HOHFW $872 2)) DQG WKH 3$$ ZLOO DXWRPDWLFDOO\ VKXW LWVHOI GRZQ DIWHU EHLQJ OHIW LGOH IRU PLQXWHV 32:(5 $872 2)) 0$18$/ 2)) 2)) (6&

$ $

. . .

. . .

3URFHGXUH &RQQHFW WKH 3$$ WR \RXU DXGLR V\VWHP YLD WKH ;/5 PDOH FRQQHFWRU RQ WKH ERWWRP RI WKH GHYLFH *R LQWR WKH *(1(5$725 PHQX DQG VHOHFW RQH RI WKH VLJQDO WR DFWLYDWH

6HOHFWLQJ 0$18$/ 2)) ZLOO GLVDEOH $872 2)) PRGH DQG HQVXUH WKH 3$$ ZLOO QRW VKXW LWVHOI GRZQ DXWRPDWLFDOO\ XQOHVV WKH EDWWHULHV DUH ORZ 6HOHFW 2)) DQG WKH 3$$ ZLOO LPPHGLDWHO\ VKXW GRZQ VDYLQJ DOO RI \RXU VHWWLQJV DQG PHDVXUHPHQW GDWD EHIRUH KDQG

6HOHFW (6& WR UHWXUQ WR SUHYLRXV PHQX RU SUHVV 2)) WR FDQFHO

3$$


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

,QVWDOOLQJ WKH 3$$ VRIWZDUH 7XUQ RQ WKH FRPSXWHU DQG LQVHUW WKH 3$$ &' SURYLGHG )LQG SDD BVHWXS H[H RQ WKH GLVF DQG GRXEOH FOLFN WR EHJLQ LQVWDOODWLRQ 6HOHFW DQ DSSURSULDWH LQVWDOODWLRQ GLUHFWRU\ DQG FOLFN QH[W WR FRQWLQXH 7KH 3$$ VRIWZDUH ZLOO EH LQVWDOOHG DXWRPDWLFDOO\

3$$ 21 /,1( &RQQHFWLRQ $IWHU LQVWDOODWLRQ RSHQ WKH 3$$ VRIWZDUH &RQQHFW WKH 3$$ WR \RXU 3& YLD WKH SURYLGHG 86% FDEOH WKHQ WXUQ WKH 3$$ RQ *R WR ),/( VHOHFW 21 /,1( WR FRQQHFW WR WKH 3$$ 7KH GDWD SUHYLRXVO\ VDYHG LQ WKH 3$$ ZLOO LPPHGLDWHO\ EH XSORDGHG $V VRRQ DV XSORDGLQJ LV ¿QLVKHG \RX PD\ EHJLQ WR RSHUDWH 3$$ E\ PRYLQJ WKH FXUVRU RI WKH PRXVH DQG FOLFN WKH RQVFUHHQ 0(18 WR HQWHU WKH YDULRXV IXQFWLRQV RI WKH 3$$ 1RZ WKDW 3$$ LV RSHUDWLQJ VLPXOWDQHRXVO\ ZLWK WKH 3& 7KH IXQFWLRQV EHLQJ DFWLYDWHG ZLOO VKRZ ERWK RQ WKH 3$$ DQG WKH 3& RU ODSWRS *R WR ),/( DQG FOLFN 21 /,1( RQFH PRUH LI \RX QHHG WR GLVDEOH WKH 3$$ V RQOLQH RSHUDWLRQ

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

3$$


3$$ 2)) /,1(

0(025<

7KH IROORZLQJ IXQFWLRQV FDQ DFWXDOO\ EH DFFHVVHG ZKLOH LQ HLWKHU RQ OLQH RU RII OLQH PRGHV XQOHVV

WKH 57$ VHFWLRQ RI WKH PHPRU\ FKDUW DW WKH ERWWRP

LQGLFDWHG RWKHUZLVH

6HOHFW RQH RI WKH PHPRU\ VORWV WR RU $ WR ) LQ RI WKH 3$$ VRIWZDUH ZLQGRZ WR YLHZ WKH SURSHUWLHV RI VDYHG GDWD 8VHUV FDQ FOLFN RQ WKH EDU PHWHU LQ

3ULQWLQJ

WKH VSHFWUXP WR VHH D VSHFL¿F IUHTXHQF\ IRU UHDGRXW

*R WR ),/( VHOHFW 3ULQW DQG D SULQWHU VHOHFWLRQ ZLQGRZ ZLOO DSSHDU

RU YLHZ WKHP LQ WKH 57$ 9DOXH FROXPQ

6HOHFW D SULQWHU IURP WKH OLVW

$77(17,21 8VHU PD\ UHQDPH HYHU\ PHPRU\ E\ GRXEOH FOLFNLQJ WKH QXPEHU RI WKH PHPRU\ LQ WKH PHPRU\ FKDUW

6HOHFW DOO GDWD RU RQH RI WKH PHPRULHV 8VHUV PD\ DOVR FKRRVH WR SULQW 57 GDWD

0HPRU\ )XQFWLRQV

&KRRVH WKH SULQW TXDOLW\ OHYHO GUDIW ORZ TXDOLW\ PHGLXP TXDOLW\ RU KLJK TXDOLW\

IROORZLQJ RSWLRQV LV QRW DYDLODEOH ZKLOH WKH 3$$

&OLFN RQ 3ULQW DQG WKH SULQWHU ZLQGRZ ZLOO GLVDSSHDU DV VRRQ DV WKH WUDQVPLVVLRQ LV FRPSOHWH

$YHUDJH

$77(17,21 $ORQJ ZLWK WKH EDQG YDOXH RI WKH VHOHFWHG PHPRU\ DQG WKH (4 6(77,1* YDOXH WKH QDPH RI WKH ¿OH GDWH RI SULQWLQJ /(9(/ 5$1*( :(,*+7,1* DQG PD[LPXP OHYHO ZLOO DOVR EH SULQWHG RQ WKH GDWD VKHHW

7KH 0HPRU\ SXOO GRZQ PHQX DV ZHOO DV WKH LV XQGHU 2Q /LQH RSHUDWLRQ *R WR 0(025< $9(5$*( SXOO GRZQ PHQX WKHQ VHOHFW 57$ $9(5$*( RU 57 $9(5$*( WR DFWLYDWH DYHUDJH IXQFWLRQ

2SHQ )LOH

&KRRVH E\ FOLFNLQJ PHPRU\ WR IRU DYHUDJH FDOFXODWLRQ 7KH RULJLQDO OHYHO UDQJH VHWWLQJ RI HDFK PHPRU\ OHYHO UDQJH ZLOO GLVSOD\ QH[W WR LWV QXPEHU

:KHQ RII OLQH JR WR WKH ),/( PHQX DQG VHOHFW 2SHQ )LOH

&OLFN RQ $9* WR UXQ WKH FDOFXODWLRQ WKH UHVXOWV RI ZKLFK ZLOO EH GLVSOD\HG LPPHGLDWHO\

/RFDWH WKH ¿OH SUHYLRXVO\ VDYHG LQ \RXU 3& DQG GRXEOH FOLFN LW

6HOHFW D PHPRU\ IURP $a) DQG FOLFN RQ 6DYH WR VDYH WKH UHVXOW WKH ROG RQH ZLOO EH RYHU ZULWWHQ RU FOLFN RQ &DQFHO WR H[LW 8VHU FDQ YLHZ WKH UHVXOW HLWKHU LQ JUDSKLF RU LQ WH[W LPPHGLDWHO\ ERWK LQ UHVXOW ER[ RU LQ WKH PHPRU\ FKDUW ZLWK OHYHO UDQJH GLVSOD\HG DW WKH WRS

7KH GDWD LV QRZ UHDG\ IRU YLHZLQJ HGLWLQJ DQG DQ\ DGGLWLRQV \RX PD\ ZDQW WR PDNH WR LW

6DYH )LOH *R WR WKH ),/( PHQX DQG VHOHFW 6DYH )LOH 6HOHFW D GLUHFWRU\ RU FUHDWH D QHZ RQH DQG JLYH D QDPH WR WKH ¿OH &OLFN RQ 6$9( WR VDYH WKH ¿OH DQG \RXU HQWLUH VHVVLRQ ZLOO EH VDYHG XQGHU WKDW RQH ¿OH QDPH

3HDN +ROG &OLFN RQ 21 WR YLHZ WKH SHDN YDOXH RI HDFK IUHTXHQF\ DQG DOO IUHTXHQF\ 7KH OHYHO FDQ EH IRXQG HLWKHU IURP WKH EDU PHWHU RU LQ WKH 57$ SHDN FKDUW RQ WKH ULJKW KDQG VLGH RI WKH SURJUDP ZLQGRZ &OLFN RQ 2)) WR YLHZ WKH 57$ YDOXH RI HDFK IUHTXHQF\ DQG DOO IUHTXHQF\

(4 6HWWLQJ 6HOHFW D PHPRU\ WR RU $ WR ) ZLWK ZKLFK \RX ZRXOG OLNH WR DGMXVW WKH (4 *R WR 0(025< (4 6(77,1* DQG DFWLYDWH (4 VHWWLQJ IXQFWLRQ 0RYH WKH FXUVRU DQG FOLFN RQ HDFK EDU PHWHU WR ¿QG RXW KRZ PXFK G% \RX QHHG WR FXW RU ERRVW IRU HDFK FHQWHU IUHTXHQF\

&OHDU *R WR 0(025< WKHQ RQWR &/($5 6HOHFW D PHPRU\ VORW WR RU $ WR ) IURP WKH VXE PHQX DQG WKH PHPRU\ ZLOO EH GHOHWHG LPPHGLDWHO\ VHOHFW ³$OO´ LI \RX QHHG WR ZLSH DOO PHPRULHV VDYHG

3$$


',0(16,216

PP

PP

3$$


63(&,),&$7,216 ,QSXW 2XWSXW 0LFURSKRQH

%XLOW LQ PLQLDWXUH RPQL GLUHFWLRQ FRQGHQVHU PLFURSKRQH

/LQH

;/5 MDFNV IRU OLQH LQSXW DQG RXWSXW

'DWD 3RUW

86% LQWHUIDFH

'LVSOD\

; /&' VFUHHQ ZLWK FRQWUDVW DGMXVWPHQW DQG EDFN OLJKW

63/ G%X G%9 9ROWDJH 57$

%DU JUDSK DQG GLJLW GLVSOD\ EDQG G% UHVROXWLRQ &HQWHU IUHTXHQFLHV ,62 VWDQGDUG IURP +] WR .+]

0HDVXUHPHQW 5DQJH 63/ 0LFURSKRQH LQSXW

WR G% 63/

G%X /LQH LQSXW

WR G%X

G%9 /LQH ,QSXW

WR G%9

9ROWDJH /LQH ,QSXW

P9 WR 9

6HWWLQJ :HLJKWLQJ

$ & RU )ODW

3HDN KROG

21 2))

0D[LPXP OHYHO GLVSOD\

5(6(7

5HVSRQVH WLPH

PV PV PV VHF

2WKHU )XQFWLRQ 57

5HYHUEHUDWLRQ WLPH GLVSOD\ XS WR VHFRQGV

0HPRU\

57$ DYHUDJH FDOFXODWLRQ

$YHUDJH FDOFXODWLRQ

)RU 57$ PHPRULHV

(4 VHWWLQJ YDOXH GLVSOD\

EDQG

3KDVH FKHFNHU 7UDQVPLVVLRQ

7KURXJK SRODULW\ VLJQDO 6LPXOWDQHRXV RSHUDWLRQ ZLWK 3& RU ODSWRS WKURXJK 86% SRUW

1RLVH *HQHUDWRU %DVHG RQ 9'& SRZHU VRXUFH

3LQN QRLVH

%DODQFHG RXWSXW G%X

. +] 6LJQDO

%DODQFHG RXWSXW G%X

3RODULW\ 6LJQDO

%DODQFHG RXWSXW G%X

3RZHU 6RXUFH

[ $$ EDWWHULHV EDWWHU\ OLIH XS WR KRXUV ZLWK DONDOLQH EDWWHULHV RU H[WHUQDO 9'& DGDSWHU

'LPHQVLRQV +[:['

:HLJKW ZLWK EDWWHULHV

[ [ PP ´ [ ´ [ ´

J OEV

3$$


$8',2 7(67 6,*1$/ 75$&. /,67,1* 7KH IROORZLQJ LV WKH OLVW RI WKH DXGLR WHVW VLJQDOV RQ WKH &' LQFOXGHG DORQJ ZLWK WKH 3$$

3LQN 1RLVH VHFRQGV 3RODULW\ 7HVW 6LJQDO VHFRQGV :KLWH 1RLVH VHFRQGV +] 6LQH :DYH VHFRQGV +] 6LQH :DYH VHFRQGV N+] 6LQH :DYH VHFRQGV N+] 6LQH :DYH VHFRQGV N+] 6LQH :DYH VHFRQGV N+] 6LQH :DYH VHFRQGV N+] 6LQH :DYH VHFRQGV

6WHSSHG 6HTXHQFH )UHTXHQF\ 8S +]a N+] VHFRQGV IRU HDFK IUHTXHQF\ +] +] +] +] +] +] +] +] +] +] +] +] +] +] +] +] +] N+] N+] N+] N+] N+] N+] N+] N+] N+] N+] N+] N+] N+] N+] &KDQQHO 7HVW DW N+] /HIW &KDQQHO VHFRQGV &KDQQHO 7HVW DW N+] 5LJKW &KDQQHO VHFRQGV )UHTXHQF\ 6ZHHS 8S +]a N+] VHFRQGV ,Q 3KDVH DW +] VHFRQGV 2XW 2I 3KDVH DW +] VHFRQGV 'LJLWDO %ODQN VHFRQGV 6037( (%8 7LPH &RGH VHFRQGV +LJK ( /RZ % /RZ * /RZ ' /RZ $ /RZ ( )UHTXHQF\ 6ZHHS 8S +]a N+] VHFRQGV )UHTXHQF\ 6ZHHS 'RZQ N+]a +] VHFRQGV

3$$


72 385&+$6( $'',7,21$/ 3+21,& *($5 $1' $&&(6625,(6 7R SXUFKDVH 3KRQLF JHDU DQG RSWLRQDO DFFHVVRULHV FRQWDFW DQ\ DXWKRUL]HG 3KRQLF GLVWULEXWRU )RU D OLVW RI 3KRQLF GLVWULEXWRUV SOHDVH YLVLW RXU ZHEVLWH DW ZZZ SKRQLF FRP DQG FOLFN RQ *HW *HDU <RX PD\ DOVR FRQWDFW 3KRQLF GLUHFWO\ DQG ZH ZLOO DVVLVW \RX LQ ORFDWLQJ D GLVWULEXWRU QHDU \RX

6(59,&( $1' 5(3$,5 3KRQLF KDV RYHU VHUYLFH FHQWHUV ZRUOGZLGH )RU UHSODFHPHQW SDUWV VHUYLFH DQG UHSDLUV SOHDVH FRQWDFW WKH 3KRQLF GLVWULEXWRU LQ \RXU FRXQWU\ 3KRQLF GRHV QRW UHOHDVH VHUYLFH PDQXDOV WR FRQVXPHUV DQG DGYLFH XVHUV WR QRW DWWHPSW DQ\ VHOI UHSDLUV DV GRLQJ VR YRLGV DOO ZDUUDQWLHV <RX FDQ ORFDWH D GHDOHU QHDU \RX DW ZZZ SKRQLF FRP

:$55$17< ,1)250$7,21 3KRQLF VWDQGV EHKLQG HYHU\ SURGXFW ZH PDNH ZLWK D QR KDVVOHV ZDUUDQW\ :DUUDQW\ FRYHUDJH PD\ EH H[WHQGHG GHSHQGLQJ RQ \RXU UHJLRQ 3KRQLF &RUSRUDWLRQ ZDUUDQWV WKLV SURGXFW IRU D PLQLPXP RI RQH \HDU IURP WKH RULJLQDO GDWH RI SXUFKDVH DJDLQVW GHIHFWV LQ PDWHULDO DQG ZRUNPDQ VKLS XQGHU XVH DV LQVWUXFWHG E\ WKH XVHU¶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

&86720(5 6(59,&( $1' 7(&+1,&$/ 6833257 :H HQFRXUDJH \RX WR YLVLW RXU RQOLQH KHOS DW KWWS ZZZ SKRQLF FRP KHOS 7KHUH \RX FDQ ILQG DQVZHUV WR IUHTXHQWO\ DVNHG TXHVWLRQV WHFK WLSV GULYHU GRZQORDGV UHWXUQV LQVWUXFWLRQ DQG RWKHU KHOSIXO LQIRUPDWLRQ :H PDNH HYHU\ HIIRUW WR DQVZHU \RXU TXHVWLRQV ZLWKLQ RQH EXVLQHVV GD\

3KRQLF $PHULFD &RUSRUDWLRQ -RKQV 5RDG 7DPSD )/ VXSSRUW#SKRQLF FRP KWWS ZZZ SKRQLF FRP



Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.