NISM Series VA Mutual Fund Distributors Exam Study Notes

4 OLIE@E]DO lnners Lc`kce Olfh Yest nlr CKVO, Kcsurdcfe, Gdchkca & Nkcdcfkd` Z`dcckca Exdos.

??????????????????????????????????????????????????????????????????????

Vtuiy Cltes nlr CKVO Verkes ^ ‖ D2 OUYUD@ NUCI IKVYWKGUYLWV Exdo (Edr`ker - DONK Exdo)  ^ersklc ‖ Bu`y Bu`y 7:41 Zrepdrei Gy

mttps2//ckso.olie`exdo.kc Yrdkckca ^kiel @kch mttps2//www.ylutuge.flo/f/olie`exdo7:41

CL MDWIFLZ[ / VLNYFLZ[ ln tme tests wk`` ge prlvkiei Olie`exdo wegskte prlvkies LC@KCE Olfh Yest nlr CKVO, Kcsurdcfe dci KKGN exdos. mttps2//ckso.olie`exdo.kc ‖ CKVO Olfh Yest Vkte mttps2//ckso.olie`exdo.kc ‖ mttps2//krid.olie`exdo.kc ‖ mttps2//krid.olie`exdo.kc  ‖ Kcsurdcfe Exdos Olfh Yest Vkte mttps2//kkgn.olie`exdo.kc ‖ mttps2//kkgn.olie`exdo.kc  ‖ BDKKG, FDKKG, KKGN Fertknkfdte Exdos Olfh Yest Vkte mttps2//np.olie`exdo.kc ‖ mttps2//np.olie`exdo.kc  ‖ Nkcdcfkd` Z`dccer Exdos Olfh Yest Zdpers CKVO Verkes 5D - OUYUD@ NUCI IKVYWKGUYLWV IKV YWKGUYLWV E]DO Dssessoect Vtrufture mttps2//www.ylutuge.flo/wdtfmz\d`\5g9QOOWU]OQyif

Yltd` Tuestklcs Yltd` Iurdtklc Zdsskca sflre Fertknkfdte ^d`kikty ^d`kikt y Fertknkfdte Wecewd`

? 4:: ] 4 odrh edfm ( CL CEADYK^E ODWHV) ? 7 mlurs. ? 5:% ? 6 yedrs.  Dtteci CKVO FZE Vessklc

Fd`` Vrkckvdsdc J ;=;9; 9;;== nlr CKVO FZE Yrdkckca ietdk`s kc Vlutm Kcikd.

----------------------------------------------------------------------------------------------------------------------------CKVO Outud` Nuci Exdo Yrdkckca ‖ Ydok`cdiu & Herd`d - +;4 ;=;9; 9;;==

7 OLIE@E]DO lnners Lc`kce Olfh Yest nlr CKVO, Kcsurdcfe, Gdchkca & Nkcdcfkd` Z`dcckca Exdos.

?????????????????????????????????????????????????????????????????????? Fmdpterwkse Qekamtdaes Uckt 4

Flcfept & Wl`e ln d Outud` Nuci

>%

Uckt 7

Nuci Vtrufture & Flcstktuects

9%

Uckt 6

@ead` & Weau`dtlry Ecvkrlcoect

4:%

Uckt 9

Lnner Ilfuoect

>%

Uckt 5

Nuci Ikstrkgutklc & Fmdcce` Odcdaeoect Zrdftkfes

=%

Uckt >

Dffluctkca, ^d`udtklc & Ydxdtklc

4:%

Uckt 1

Kcvestlr Vervkfes

47%

Uckt =

Weturc, Wksh & Zernlrodcfe ln Nucis

4:%

Uckt ;

Vfmeoe Ve`eftklc

4:%

Uckt 4:

Ve`eftkca tme Wkamt Kcvestoect Zrliufts nlr Kcvestlrs

;%

Uckt 44

Me`pkca Kcvestlrs wktm Nkcdcfkd` Z`dcckca

1%

Uckt 47

Weflooecikca Olie` Zlrtnl`kls & Nkcdcfkd` Z`dcs

=%

FLCFEZY DCI WL@E LN D OUYUD@ NUCI QMDY KV D OUYUD@NUCI< mttps2//www.ylutuge.flo/wdtfmz\d`\5g9QOOWU]OQyif&kciex?7

D Outud` Nuci ks d trust tmdt pll`s tme sdvkcas ln d cuoger ln kcvestlrs wml smdre d floolc nkcdcfkd` ald`. Dcygliy wktm dc kcvestkg`e surp`us ln ds `ktt`e ds d new mucirei rupees fdc kcvest kc Outud` Nucis. Ymese kcvestlrs guy uckts ln d pdrtkfu`dr Outud` Nuci sfmeoe tmdt mds d ienkcei kcvestoect lgbeftkve dci strdteay. Yme olcey tmus fl``eftei ks tmec kcvestei gy tme nuci odcdaer kc iknnerect types ln sefurktkes. Ymese flu`i rdcae nrlo smdres tl iegectures tl olcey odrhet kcstruoects, iepecikca uplc tme sfmeoe‛s stdtei lgbeftkves. Yme kcfloe edrcei tmrluam tmese kcvestoects dci tme fdpktd` dpprefkdtklc red`kzei gy tme sfmeoe ks smdrei gy kts uckt kc prlplrtklc tl tme cuoger ln uckts lwcei gy tmeo. Ymus d Outud` Nuci ks tme olst suktdg`e kcvestoect nlr tme floolc odc ds kt lnners dc lpplrtuckty tl kcvest kc d ikversknkei, prlnessklcd``y odcdaei gdshet ln sefurktkes dt d re`dtkve`y `lw-flst. Y[ZEV LN OUYUD@NUCI VFMEOEV mttps2//www.ylutuge.flo/wdtfmz\d`\5 g-9QOOWU]OQyif mttps2//www.ylutuge.flo/wdtfmz\d`\5g9QOOWU]OQyif&kciex?9

----------------------------------------------------------------------------------------------------------------------------CKVO Outud` Nuci Exdo Yrdkckca ‖ Ydok`cdiu & Herd`d - +;4 ;=;9; 9;;==

6 OLIE@E]DO lnners Lc`kce Olfh Yest nlr CKVO, Kcsurdcfe, Gdchkca & Nkcdcfkd` Z`dcckca Exdos.

?????????????????????????????????????????????????????????????????????? (D) Gy Vtrufture Lpec-Eciei Vfmeoes il clt mdve d nkxei odturkty. [lu ied` wktm tme Outud` Nuci nlr ylur kcvestoects & Weieoptklcs. Yme hey nedture ks `kqukikty. [lu fdc flcveckect`y guy dci se`` ylur uckts dt Cet Dsset ^d`ue (CD^) re`dtei prkfes, dt dcy plkct ln tkoe. Kcvestlrs fdc se`` tmekr uckts tl tme sfmeoe tmrluam d re-purfmdse trdcsdftklc dt re-purfmdse prkfe, wmkfm ks `kchei tl CD^. F`lse-Eciei Vfmeoes mdve d stkpu`dtei odturkty perkli dre fd``ei f`lse eciei sfmeoes. [lu fdc kcvest kc tme sfmeoe dt tme tkoe ln tme kcktkd` kssue dci tmerednter ylu fdc guy lr se`` tme uckts ln tme sfmeoe lc tme stlfh exfmdcaes wmere tmey dre `kstei. Kctervd` Vfmeoes flogkce tme nedtures ln lpec-eciei dci f`lse-eciei sfmeoes. Yme perklis wmec dc kctervd` sfmeoe gefloes lpec-eciei, dre fd``ei ”trdcsdftklc perklis‛8 tme perkli getweec tme f`lse ln d trdcsdftklc perkli, dci tme lpeckca ln tme cext trdcsdftklc perkli ks fd``ei ”kctervd` perkli‛. Okckouo iurdtklc ln trdcsdftklc perkli ks 7 idys, dci okckouo iurdtklc ln kctervd` perkli ks 45 idys. Cl reieoptklc/repurfmdse ln uckts ks d``lwei exfept iurkca tme spefknkei trdcsdftklc perkli (iurkca wmkfm gltm sugsfrkptklc dci reieoptklc ody ge odie tl dci nrlo tme sfmeoe). Vfmeoe smlu`i ge flopu`slrk`y `kstei kc Vtlfh Exfmdcae iurkca tme kctervd` perkli. (G) Gy Kcvestoect Lgbeftkve Arlwtm Vfmeoes - Dko tl prlvkie fdpktd` dpprefkdtklc lver tme oeikuo tl `lca tero. Ymese sfmeoes clrod``y kcvest d odblrkty ln tmekr nucis kc equktkes dci dre wk``kca tl gedr smlrt tero ief`kce kc vd`ue nlr plsskg`e nuture dpprefkdtklc. Ymese sfmeoes dre clt nlr kcvestlrs seehkca reau`dr kcfloe lr ceeikca tmekr olcey gdfh kc tme smlrt tero. Kied` nlr Kcvestlrs kc tmekr prkoe edrckca yedrs. Kcfloe Vfmeoes - Dko tl prlvkie reau`dr dci stediy kcfloe tl kcvestlrs. Ymese sfmeoes aecerd``y kcvest kc nkxei kcfloe sefurktkes sufm ds glcis dci flrplrdte iegectures. Fdpktd` dpprefkdtklc kc sufm sfmeoes ody ge `koktei. Kied` nlr2 Wetkrei pelp`e dci ltmers wktm d ceei nlr fdpktd` stdgk`kty dci reau`dr kcfloe. Kied` nlr Kcvestlrs wml ceei sloe kcfloe tl supp`eoect tmekr edrckcas. Gd`dcfei Vfmeoes - Dko tl prlvkie gltm arlwtm dci kcfloe gy perklikfd``y ikstrkgutkca d pdrt ln tme kcfloe dci fdpktd` adkcs tmey edrc. Ymey kcvest kc gltm smdres dci nkxei kcfloe sefurktkes kc tme prlplrtklc kcikfdtei kc tmekr lnner ilfuoects. Kc d rkskca stlfh odrhet, tme CD^ ln tmese sfmeoes ody clt clrod``y heep pdfe lr nd`` equd``y wmec tme odrhet nd``s. Kied` nlr Kcvestlrs `llhkca nlr d flogkcdtklc ln kcfloe dci olierdte arlwtm. Olcey Odrhet / @kquki Vfmeoes - Dko tl prlvkie edsy `kqukikty, preservdtklc ln fdpktd` dci olierdte kcfloe. Ymese sfmeoes aecerd``y kcvest kc sdner, smlrt tero kcstruoects sufm ds tredsury gk``s, fertknkfdtes ln ieplskt, flooerfkd` pdper dci kctergdch fd`` olcey. Kied` nlr2 Flrplrdtes dci kcikvkiud` kcvestlrs ds d oedcs tl pdrh tmekr surp`us nucis nlr smlrt perklis. `kquki nucis fdc kcvest kc sefurktkes mdvkca `ess tmdc ;4 idys ln odturkty. Mlwever, sefurktkes kc tme plrtnl`kl mdvkca odturkty olre tmdc >:-idys ceei tl ge odrhei tl odrhet (OYO). Ydx Vdvkca Vfmeoes (Equkty @kchei Vdvkca Vfmeoe - E@VV) - Ymese sfmeoes lnner tdx ieiuftklc uptl Ws 4,5:,::: per yedr tl tme kcvestlrs dci prlolte `lca tero kcvestoects kc equktkes ----------------------------------------------------------------------------------------------------------------------------CKVO Outud` Nuci Exdo Yrdkckca ‖ Ydok`cdiu & Herd`d - +;4 ;=;9; 9;;==

9 OLIE@E]DO lnners Lc`kce Olfh Yest nlr CKVO, Kcsurdcfe, Gdchkca & Nkcdcfkd` Z`dcckca Exdos.

?????????????????????????????????????????????????????????????????????? tmrluam Outud` Nucis. Kied` nlr2 Kcvestlrs seehkca tdx kcfectkves. Ymese sfmeoes floe wktm d `lfh kc perkli ln 6 yedrs. Ltmer Vfmeoes

Veftlrd` nuci sfmeoes dre kied` nlr kcvestlrs wml mdve iefkiei tl kcvest kc d pdrtkfu`dr seftlr. Ymeodtkf nucis kcvest kc `kce wktm dc kcvestoect tmeoe. Yme kcvestoect ks olre grldi-gdsei tmdc d seftlr nuci8 gut cdrrlwer tmdc d ikversknkei equkty nuci. Kciex Nuci sfmeoes dre kied` nlr kcvestlrs wml dre sdtksnkei wktm d returc dpprlxkodte`y equd` tl tmdt ln dc kciex. Ymese sfmeoes dtteopt tl rep`kfdte tme pernlrodcfe ln d pdrtkfu`dr kciex sufm ds tme GVE Vecsex, tme CVE 5: (CKNY[). Kcvests kc Kciex Vtlfhs ds per tme Qekamtdae. Nuci Odcdaer mds cl rl`e kc iefkikca lc kcvestoects. Ymese nucis dre clt ieskacei tl lutpernlro tme Kciex dci mdve @lw Wucckca Flst. Dc Kciex Nuci wktm @lw Yrdfhkca Errlr ks d Alli Nuci.

Yrdkckca ^kiel nlr Kciex lr Zdsskve Nucis 2 mttps2//www.ylutuge.flo/wdtfm. @kqukikty - Kc lpec-eciei sfmeoes, ylu fdc aet ylur olcey gdfh prlopt`y dt Cet Dsset ^d`ue (CD^) re`dtei prkfes nrlo tme Outud` Nuci ktse`n. Qktm f`lse-eciei sfmeoes, ylu fdc se`` ylur uckts lc d stlfh exfmdcae dt tme prevdk`kca odrhet prkfe. 1. Yrdcspdrecfy - [lu aet reau`dr kcnlrodtklc lc tme vd`ue ln ylur kcvestoect kc diiktklc tl iksf`lsure lc tme spefknkf kcvestoects odie gy ylur sfmeoe, tme prlplrtklc kcvestei kc edfm f`dss ln dssets dci tme nuci odcdaer‛s kcvestoect strdteay dci lut`llh. =. N`exkgk`kty - Ymrluam nedtures sufm ds Vysteodtkf Kcvestoect Z`dcs (VKZ), Vysteodtkf Qktmirdwd` Z`dcs (VQZ) dci ikvkieci rekcvestoect p`dcs, ylu fdc systeodtkfd``y kcvest lr wktmirdw nucis dfflrikca tl ylur ceeis dci flcveckecfe. ;. Qe`` Weau`dtei - D`` Outud` Nucis dre reaksterei wktm VEGK dci tmey nucftklc wktmkc tme prlvksklcs ln strkft reau`dtklcs ieskacei tl prlteft tme kcterests ln kcvestlrs. Yme lperdtklcs ln Outud` Nucis dre reau`dr`y olcktlrei gy VEGK.

Outud` nucis dre d vemkf`e tl olgk`kze olceys nrlo kcvestlrs, tl kcvest kc iknnerect odrhets dci sefurktkes. Yme prkodry rl`e ln outud` nucis ks tl dsskst kcvestlrs kc edrckca dc kcfloe lr guk`ikca tmekr wed`tm, gy pdrtkfkpdtkca kc tme lpplrtucktkes dvdk`dg`e kc tme sefurktkes odrhets. Kc lrier tl dffloolidte kcvestlr prenerecfes, outud` nucis olgk`kze iknnerect pll`s ln olcey. Edfm sufm pll` ln olcey ks fd``ei d outud` nuci sfmeoe. Outud` nucis lnners kcvestlrs wktmkc d sfmeoe vdrklus lptklcs, sufm ds ikvkieci pdylut lptklc, ikvkieci rekcvestoect lptklc dci arlwtm lptklc. Dc kcvestlr guykca kctl d sfmeoe aets tl se`eft tme prenerrei lptklc d`sl. Yme kcvestoect tmdt dc kcvestlr odhes kc d sfmeoe ks trdcs`dtei kctl d fertdkc cuoger ln ”Uckts‛ kc tme sfmeoe. Yme cuoger ln uckts ou`tkp`kei gy kts ndfe vd`ue (Ws4:) ks tme fdpktd` ln tme sfmeoe ‖ kts Uckt Fdpktd`. Qmec tme prlnktdgk`kty oetrkf ks plsktkve, tme true wlrtm ln d uckt, d`sl fd``ei Cet Dsset ^d`ue (CD^) ales up.

----------------------------------------------------------------------------------------------------------------------------CKVO Outud` Nuci Exdo Yrdkckca ‖ Ydok`cdiu & Herd`d - +;4 ;=;9; 9;;==

1 OLIE@E]DO lnners Lc`kce Olfh Yest nlr CKVO, Kcsurdcfe, Gdchkca & Nkcdcfkd` Z`dcckca Exdos.

?????????????????????????????????????????????????????????????????????? Qmec d sfmeoe ks nkrst odie dvdk`dg`e nlr kcvestoect, kt ks fd``ei d ”Cew Nuci Lnner‛ (CNL). Yme olcey olgk`kzei nrlo kcvestlrs ks kcvestei gy tme sfmeoe ds per tme kcvestoect lgbeftkve flookttei. Zrlnkts lr `lsses, ds tme fdse okamt ge, ge`lca tl tme kcvestlrs. Yme kcvestlr iles clt mlwever gedr d `lss mkamer tmdc tme doluct kcvestei gy mko. Yme re`dtkve skze ln outud` nuci flopdckes ks dssessei gy tmekr dssets ucier odcdaeoect (DUO). Yme DUO fdptures tme kopdft ln tme prlnktdgk`kty oetrkf dci tme n`lw ln uckt-ml`ier olcey tl lr nrlo tme sfmeoe. Kcvestlr gecenkts nrlo outud` nucis kcf`uie prlnessklcd` odcdaeoect, plrtnl`kl ikversknkfdtklc, eflclokes ln sfd`e, `kqukikty, tdx ienerrd`, tdx gecenkts, flcveckect lptklcs, kcvestoect flonlrt, reau`dtlry flonlrt dci systeodtkf dpprldfm tl kcvestkca. @koktdtklcs ln outud` nucis dre `dfh ln plrtnl`kl fustlokzdtklc dci dc lver`ldi ln sfmeoes dci sfmeoe vdrkdcts. VFMEOE WDCHKCAV GDVEI LC WKVH ‖ Lrier nrlo Mkamest rksh tl @lwest Wksh  VEFYLW NUCIV  Mkamest Wksh  N@E]KG@E DVVEY D@@LFDYKLC NUCIV  AWLQYM NUCIV  BUCH GLCI LW MKAM [KE@I VFMEOEV  IK^EWVKNKEI ETUKY[ NUCIV  KCIE] NUCIV      

^D@UE NUCIV ETUKY[ KCFLOE LW IK^KIECI [KE@I NUCIV NK]EI DVVEY D@@LFDYKLC NUCIV OKZ FDZKYD@ ZWLYEFYKLC LWKECYEI NUCIV FDZKYD@ ZWLYEFYEI NUCI  IK^EWVKNKEI IEGY NUCIV  AK@Y NUCIV  @KTUKI NUCIV LW OLCE[ ODWHEY NUCIV  @lwest Wksh NUCI VYWUFYUWE DCI FLCVYKYUECYV

Outud` nucis kc Kcikd dre alvercei gy VEGK (Outud` Nuci) Weau`dtklcs, 4;;>.Yme reau`dtklcs perokt outud` nucis tl kcvest kc sefurktkes kcf`uikca olcey odrhet kcstruoects, lr al`i lr al`i re`dtei kcstruoects lr red` estdte dssets. Outud` nucis dre flcstktutei ds Yrusts. Yme outud` nuci trust ks fredtei gy lce lr olre Vplcslrs, wml dre tme odkc perslcs gemkci tme outud` nuci lperdtklc. Every trust mds gecenkfkdrkes. Yme gecenkfkdrkes, kc tme fdse ln d outud` nuci trust, dre tme kcvestlrs wml kcvest kc vdrklus sfmeoes ln tme outud` nuci. Kc lrier tl pernlro tme trusteesmkp rl`e, ektmer kcikvkiud` ody ge dpplkctei ds trustees lr d Yrustee flopdcy ody ge dpplkctei. Qmec kcikvkiud`s

----------------------------------------------------------------------------------------------------------------------------CKVO Outud` Nuci Exdo Yrdkckca ‖ Ydok`cdiu & Herd`d - +;4 ;=;9; 9;;==

= OLIE@E]DO lnners Lc`kce Olfh Yest nlr CKVO, Kcsurdcfe, Gdchkca & Nkcdcfkd` Z`dcckca Exdos.

?????????????????????????????????????????????????????????????????????? dre dpplkctei trustees, tmey dre blkct`y renerrei tl ds Gldri ln Yrustees. D trustee flopdcy nucftklcs tmrluam kts Gldri ln Ikreftlrs. Idy tl idy odcdaeoect ln tme sfmeoes ks mdci`ei gy dc DOF. Yme DOF ks dpplkctei gy tme splcslr lr tme Yrustees. D`tmluam tme DOF odcdaes tme sfmeoes, fustliy ln tme dssets ln tme sfmeoe (sefurktkes, al`i, al`i-re`dtei kcstruoects & red` estdte dssets) ks wktm d Fustlikdc, wml ks dpplkctei gy tme Yrustees. Kcvestlrs kcvest kc vdrklus sfmeoes ln tme outud` nuci. Yme reflri ln kcvestlrs dci tmekr ucktml`ikca ody ge odkctdkcei gy tme DOF ktse`n, lr kt fdc dpplkct d Weakstrdr & Yrdcsner Daect (WYD). Yme splcslr ceeis tl mdve d okckouo 9:% smdre ml`ikca kc tme fdpktd` ln tme DOF. Yme splcslr mds tl dpplkct dt `edst 9 trustees ‖ dt `edst twl-tmkris ln tmeo ceei tl ge kciepeciect. Zrklr dpprlvd` ln VEGK ceeis tl ge tdhec, genlre d perslc ks dpplkctei ds Yrustee. DOF smlu`i mdve cetwlrtm ln dt `edst Ws 5:frlre. Dt `edst 5:% ln tme ikreftlrs smlu`i ge kciepeciect ikreftlrs. Zrklr dpprlvd` ln tme trustees ks requkrei, genlre d perslc ks dpplkctei ds ikreftlr lc tme gldri ln tme DOF. Fustlikdc mds fustliy ln tme dssets & ks dpplkctei gy tme gldri ln trustees. Vplcslr & Fustlikdc fdc‛t ge tme sdoe. Fustlikdc oust ge Kciepeciect. Fustlikdc trdfhs flrplrdte gecenkts. WYD (Weakstrdr dci Yrdcsner Daect) ks dpplkctei gy DOF dci odkctdkcs kcvestlr‛s reflris. Kcvestlr Vervkfe Fectres (KVF), dre lnnkfes ln W&Y. Kt ks clt flopu`slry tl dpplkct d WYD. Vfmeoe Duiktlr & DOF Duiktlr dre iknnerect. Vfmeoe Duiktlr ks dpplkctei gy Yrustee, DOF duiktlr gy DOF. Wl`e ln fd`fu`dtkca tme CD^ & IKVF@LVKCA KY ks ilce gy Nuci Dffluctdct. Kt ks clt flopu`slry tl Lutslurfe Nuci Dffluctkca Dftkvkty. @EAD@ DCI WEAU@DYLW[ EC^KWLCOECY

VEGK reau`dtes outud` nucis, ieplsktlrkes, fustlikdcs dci reakstrdrs & trdcsner daects kc tme fluctry. DONK ks dc kciustry gliy, gut clt d se`n reau`dtlry lradckzdtklc. Yme DONK Flie ln Etmkfs sets lut tme stdcidris ln alli prdftkfes tl ge nl``lwei gy tme Dsset Odcdaeoect Flopdckes kc tmekr lperdtklcs dci kc tmekr ied`kcas wktm kcvestlrs, kcteroeikdrkes & tme pug`kf. DONK mds nrdoei DACK, d set ln aukie`kces dci flie ln flciuft nlr kcteroeikdrkes, flcskstkca ln kcikvkiud` daects, grlhers, ikstrkgutklc mluses dci gdchs ecadaei kc se``kca ln outud` nuci prliufts. Kcvestoect lgbeftkve ienkces tme grldi kcvestoect fmdrter. Kcvestoect pl`kfy iesfrkges kc aredter ietdk`, tme hkci ln plrtnl`kl tmdt wk`` ge odkctdkcei. Kcvestoect strdteakes dre iefkiei lc d

----------------------------------------------------------------------------------------------------------------------------CKVO Outud` Nuci Exdo Yrdkckca ‖ Ydok`cdiu & Herd`d - +;4 ;=;9; 9;;==

; OLIE@E]DO lnners Lc`kce Olfh Yest nlr CKVO, Kcsurdcfe, Gdchkca & Nkcdcfkd` Z`dcckca Exdos.

?????????????????????????????????????????????????????????????????????? Idy-tl-idy gdsks gy tme secklr odcdaeoect ln tme DOF. Dt `edst >5% ln tme flrpus smlu`i, kc tme clrod` flurse, ge kcvestei kc tme hkci ln sefurktkes / seftlrs kop`kei gy tme sfmeoe‛s cdoe.

Kcvestlrs‛ Wkamts & Lg`kadtklcs 4. Ucier tme VEGK aukie`kces, CNLs ltmer tmdc E@VV fdc reodkc lpec nlr d odxkouo ln 45 idys. D``ltoect ln uckts lr renuci ln olceys smlu`i ge ilce wktmkc 5 guskcess idys ln f`lsure ln tme sfmeoe. Nurtmer, lpec-eciei sfmeoes mdve tl re-lpec nlr sd`e / re-purfmdse wktmkc 5 guskcess idys ln tme d``ltoect. 7.

Wefekve ikvkieci wktmkc 6: idys ln tmekr ief`drdtklc dci refekve tme reieoptklc lr repurfmdse prlfeeis wktmkc 4: wlrhkca idys nrlo tme idte ln reieoptklc lr repurfmdse. Ndk`kca wmkfm DOF mds tl pdy d pecd`ty ln 45% per dccuo gdsks.

6. Wefekve floouckfdtklc nrlo tme Yrustees dglut fmdcae kc tme nucidoectd` dttrkgutes ln dcy sfmeoe lr dcy ltmer fmdcaes wmkfm wlu`i olikny tme sfmeoe dci dnneft tme kcterest ln tme uckt ml`iers & tl mdve lptklc tl exkt dt prevdk`kca Cet Dsset ^d`ue wktmlut dcy exkt `ldi. 9. Yl iksf`lse ylur sfmeoes‛ ectkre plrtnl`kl twkfe d yedr, uc duiktei nkcdcfkd` resu`ts md`n yedr`y dci duiktei dccud` dfflucts lcfe d yedr. 5. Kcvestlrs fdc fmllse tl fmdcae tmekr ikstrkgutlr lr al ikreft. Kc sufm fdses, DOFs wk`` ceei tl flop`y, wktmlut kcskstkca lc dcy hkci ln Cl Lgbeftklc Fertknkfdte nrlo tme exkstkca ikstrkgutlr. >. Uckt-ml`iers mdve tme rkamt tl kcspeft hey ilfuoects sufm ds tme Yrust Ieei, Kcvestoect Odcdaeoect Dareeoect, Fustlikd` Vervkfes Dareeoect, W&Y daect dareeoect dci Oeolrdciuo & Drtkf`es ln Dsslfkdtklc ln tme DOF. 1. Vfmeoe-wkse Dccud` Weplrt lr dc dgrkiaei suoodry mds tl ge odk`ei tl d`` uckt-ml`iers wktmkc > olctms ln tme f`lse ln tme nkcdcfkd` yedr. =. ZDC gdsei Flcsl`kidtei Dffluct Vtdteoect (FDV) nlr edfm fd`ecidr olctm wk`` ge sect gy plst/eodk` lc lr genlre 4:tm ln tme suffeeikca olctm. ;. VLD tl ilrodct kcvestlrs (cl trdcsdftklc iurkca tme prevklus > olctms) fdc ge sect d`lca wktm tme Zlrtnl`kl Vtdteoect / Dccud` Weturc. 4:. Kc tme fdse ln VKZ / VYZ / VQZ VlD ikspdtfmei wktmkc 4: wlrhkca idys ln Kcktkd` trdcsdftklc dci tmerednter Lcfe kc d Tudrter. 44. Lc spefknkf request, VLD tl ge sect wktm kc 5 wlrhkca idys. Vtdteoect ln dfflucts (VLD) ks tl ge sect tl kcvestlrs wktmkc 5 idys ln f`lsure ln tme CNL. 47. Kcvestlr fdc dsh nlr d Uckt Fertknkfdte nlr mks Uckt Ml`ikca. Kt ks iknnerect nrlo d VLD. VLD flctdkcs lpeckca gd`dcfe, trdcsdftklcs iurkca tme perkli & f`lskca gd`dcfe. D Uckt Fertknkfdte oectklcs tme cuoger ln Uckts me`i gy tme kcvestlr. VLD ks `khe d Gdch pdss gllh. Uckt

----------------------------------------------------------------------------------------------------------------------------CKVO Outud` Nuci Exdo Yrdkckca ‖ Ydok`cdiu & Herd`d - +;4 ;=;9; 9;;==

4: OLIE@E]DO lnners Lc`kce Olfh Yest nlr CKVO, Kcsurdcfe, Gdchkca & Nkcdcfkd` Z`dcckca Exdos.

?????????????????????????????????????????????????????????????????????? Fertknkfdte ks `khe d Gd`dcfe Flcnkrodtklc Fertknkfdte. Uckt Fertknkfdtes dre clc-trdcsnerdg`e & cl trdcsdftklcd` flcveckecfe. Uckt Fertknkfdte kn requestei tmec DOF wk`` kssue wktmkc 5 idys. 46. Yme kcvestlr/s fdc dpplkct uptl 6 clokcees, wml wk`` ge ectkt`ei tl tme Uckts kc tme evect ln tme ieokse ln tme kcvestlr/s. Yme kcvestlr fdc d`sl p`eiae tme uckts. Ymks ks clrod``y ilce tl lnner sefurkty tl d nkcdcfker. 49. Uckts ln d`` outud` nuci sfmeoes me`i kc ieodt nlro dre nree`y trdcsnerdg`e. Kcvestlrs mdve tme lptklc tl refekve d``ltoect ln outud` nuci uckts ln lpec eciei dci f`lsei eci sfmeoes kc tmekr ieodt dffluct 45. CD^ mds tl ge pug`ksmei idk`y, kc dt `edst 7 idk`y cewspdpers mdvkca fkrfu`dtklc d`` lver Kcikd. CD^ dci re-purfmdse prkfe dre tl ge upidtei kc tme wegskte ln DONK dci tme outud` nuci. Nlr Nuci ln Nucis  gy 4: do tme nl``lwkca idy . Nlr ltmer sfmeoes  gy ; po tme sdoe idy 4>. Yme outud` nuci mds tl pug`ksm d flop`ete stdteoect ln tme sfmeoe plrtnl`kl dci tme ucduiktei nkcdcfkd` resu`ts, wktmkc 4 olctm nrlo tme f`lse ln edfm md`n yedr. Kc `keu ln tme divertkseoect, tme outud` nuci ody fmllse tl seci tme plrtnl`kl stdteoect tl d`` Uckt-ml`iers. 41. Iegt-lrkectei, f`lse-eciei / kctervd`, sfmeoes /p`dcs ceei tl iksf`lse tmekr plrtnl`kl kc tmekr ri wegskte every olctm, gy tme 6  wlrhkca idy ln tme suffeeikca olctm. 4=. Yme Dccud` Weplrt ln tme DOF mds tl ge iksp`dyei lc tme wegskte ln tme outud` nuci. Yme Vfmeoe-wkse Dccud` Weplrt wk`` oectklc tmdt Uckt-ml`iers fdc dsh nlr d flpy ln tme DOF‛s Dccud` Weplrt. 4;. Yme trustees / DOF fdcclt odhe dcy fmdcae kc tme nucidoectd` dttrkgutes ln d sfmeoe, uc`ess tme requkskte prlfesses mdve geec flop`kei. Ymks kcf`uies lptklc tl ikssectkca uckt-ml`iers tl exkt dt tme prevdk`kca Cet Dsset ^d`ue, wktmlut dcy exkt `ldi. Ymks exkt wkcilw mds tl ge lpec nlr dt `edst 6: idys. 7:. Oeraer lr flcsl`kidtklc ln sfmeoes ks clt flcskierei d fmdcae kc tme nucidoectd` dttrkgute ln tme survkvkca sfmeoe kn tme requkrei flciktklcs dre oet. 74. Yme dpplkctoect ln tme DOF nlr d outud` nuci fdc ge terokcdtei gy d odblrkty ln tme trustees lr gy 15% ln tme Uckt-ml`iers ln tme Vfmeoe. 15% ln tme Uckt-ml`iers fdc pdss d resl`utklc tl wkci-up d sfmeoe. @koktdtklc ln Wkamts ln Uckt-ml`iers Kn dc kcvestlr nee`s tmdt tme trustees mdve clt nu`nk``ei tmekr lg`kadtklcs, tmec me fdc nk`e d sukt dadkcst tme trustees nlr gredfm ln trust. Ucier tme `dw, d trust ks d cltklcd` ectkty. Ymerenlre, kcvestlrs fdcclt sue tme trust (gut tmey fdc nk`e sukts dadkcst trustees, ds seec dglve).

----------------------------------------------------------------------------------------------------------------------------CKVO Outud` Nuci Exdo Yrdkckca ‖ Ydok`cdiu & Herd`d - +;4 ;=;9; 9;;==

44 OLIE@E]DO lnners Lc`kce Olfh Yest nlr CKVO, Kcsurdcfe, Gdchkca & Nkcdcfkd` Z`dcckca Exdos.

?????????????????????????????????????????????????????????????????????? Yme prkcfkp`e ln fdvedt eoptlr (`et tme guyer gewdre) dpp`kes tl outud` nuci kcvestoects. Zrlteftklcs ucier tme Flopdckes Dft, 7:46 dre clt dvdk`dg`e tl kcvestlrs kc d outud` nuci sfmeoe. Ucf`dkoei Dolucts Yme outud` nuci mds tl iep`ly ucf`dkoei ikvkieci dci reieoptklc dolucts kc tme olcey odrhet. DOF fdc reflver kcvestoect odcdaeoect dci divkslry nees lc odcdaeoect ln tmese ucf`dkoei dolucts, dt d odxkouo rdte ln :.5:% p.d

Yme kcvestlr fdc f`dko mks olceys nrlo tme sfmeoe wktmkc 6 yedrs. Zdyoect wk`` ge gdsei lc prevdk`kca CD^. Kn tme kcvestlr f`dkos tme olcey dnter 6 yedrs, tmec pdyoect ks gdsei lc tme CD^ dt tme eci ln 6 yedrs. Kn d sefurkty tmdt wds wrkttec lnn edr`ker ks clw reflverei, wktmkc 7 yedrs ln f`lsure ln tme sfmeoe, dci kn tme dolucts dre sugstdctkd`, tmec tme doluct ks tl ge pdki tl tme l`i kcvestlrs. Kc ltmer fdses, tme doluct ks tl ge trdcsnerrei tl tme Kcvestlr Eiufdtklc Nuci odkctdkcei gy edfm outud` nuci. Kcvestlrs ceei tl akve tmekr gdch dffluct ietdk`s d`lca wktm tme reieoptklc request. Diequdte sdneaudris exkst tl prlteft tme kcvestlrs nrlo tme plsskgk`kty ln d sfmeoe alkca gust. LNNEW ILFUOECY Yrdkckca ^kiel 2 mttps2//www.ylutuge.flo/wdtfm OLIE@E]DO lnners Lc`kce Olfh Yest nlr CKVO, Kcsurdcfe, Gdchkca & Nkcdcfkd` Z`dcckca Exdos.

?????????????????????????????????????????????????????????????????????? CVE‛s p`dtnlro ks fd``ei CEDY ONVV. GVE‛s p`dtnlro ks GVE VtDW Outud` Nucis Z`dtnlro. Kcvestlrs fdc kcikfdte tme doluct tl re-purfmdse lr tme cuoger ln uckts tl repurfmdse. Fut-lnn tkokcas mdve geec spefknkei nlr iknnerect types ln sfmeoes dci iknnerect flctexts tl ieterokce tme dpp`kfdg`e CD^ nlr sd`e dci re-purfmdse trdcsdftklcs. Ykoe Vtdopkca ks d oefmdckso tl ecsure tmdt tme fut-lnn tkokca ks strkft`y nl``lwei. FUY LNN YKOKCA mttps2//www.ylutuge.flo/wdtfm:%

Ydxdtklc ^kiel - mttps2//www.ylutuge.flo/wdtfm. Idrkca dci divecturlus pelp`e dre getter plsktklcei oectd``y tl tdhe rksh. 1. Mkamer tme fdpktd` gdse, getter tme dgk`kty tl nkcdcfkd``y tdhe tme ilwcskies ln rksh. Dggrevkdtklcs D/D Drtkf`es ln Dsslfkdtklc DFE DONK Flie ln Etmkfs DACK DONK Aukie`kces & Clros nlr Kcteroeikdrkes DOF Dsset Odcdaeoect Flopdcy DONK Dsslfkdtklc ln Outud` Nucis kc Kcikd DO@ Dctk-Olcey @ducierkca DWC DONK Weakstrdtklc Cuoger DVGD Dpp`kfdtklc Vupplrtei gy G`lfhei Doluct FDAW Flopluciei Dccud` Arlwtm Wdte FIVF Flctkcaect Ienerrei Vd`es Fmdrae FNY Flogdtkca Nkcdcfkca ln Yerrlrkso F^@ FIV@ ^ectures @ti II Ieodci Irdnt IIY Ikvkieci Ikstrkgutklc Ydx (Diiktklcd` Ydx lc Kcfloe Ikstrkgutklc) IZ Ieplsktlry Zdrtkfkpdct ----------------------------------------------------------------------------------------------------------------------------CKVO Outud` Nuci Exdo Yrdkckca ‖ Ydok`cdiu & Herd`d - +;4 ;=;9; 9;;==

79 OLIE@E]DO lnners Lc`kce Olfh Yest nlr CKVO, Kcsurdcfe, Gdchkca & Nkcdcfkd` Z`dcckca Exdos.

?????????????????????????????????????????????????????????????????????? EFV E`eftrlckf F`edrkca Vervkfe N&L Nutures & Lptklcs NFCW Nlrekac Furrecfy Clc-Weskiect dffluct NEOD Nlrekac Exfmdcae Odcdaeoect Dft, 4;;; NKK Nlrekac Kcstktutklcd` Kcvestlr NKWF Nlrekac Kcwdri Weokttdcfe Fertknkfdte NOZ Nkxei Odturkty Z`dc MUN Mkciu Ucikvkiei Ndok`y KVF Kcvestlr Vervkfe Fectre KZ^ Kc-Zerslc ^erknkfdtklc HKO Hey Kcnlrodtklc Oeolrdciuo H[F Hclw [lur Fustloer O/D Oeolrdciuo ln Dsslfkdtklc O-Gdchkca Olgk`e Gdchkca ON Outud` Nuci Okfrl-VKZ VKZ wktm dccud` daareadte kcvestoect `ess tmdc Ws 5:,::: OKC Outud` Nuci Kiectknkfdtklc Cuoger CD^ Cet Dsset ^d`ue CGNF Clc-Gdchkca Nkcdcfe Flopdcy CENY Cdtklcd` E`eftrlckf Nucis Yrdcsner CNL Cew Nuci Lnner CLF Cl Lgbeftklc Fertknkfdte Fertknkfdte CZD Clc-Zernlrokca Dsset CWE Clc-Weskiect Extercd` dffluct CWK Clc-Weskiect Kcikdc CWL Clc-Weskiect Lrikcdry dffluct ZDC Zerodcect Dffluct Cuoger ZIF Zlst-Idtei Fmeques ZNO Zecsklc Nuci Odcdaer ZNWID Zecsklc Nuci Weau`dtlry & Ieve`lpoect Dutmlrkty ZKL Zerslc ln Kcikdc Lrkakc ZO@D Zrevectklc ln Olcey @ducierkca Dft ZlD Zlwer ln Dttlrcey / Zlkcts ln Dffeptdcfe, iepecikca lc flctext ZLZ Zlkcts ln Zresecfe WGK Weserve Gdch ln Kcikd WYD Weakstrdrs & Yrdcsner Daects WYAV Wed` Ykoe Arlss Vett`eoect VDK Vtdteoect ln Diiktklcd` Kcnlrodtklc VEGK Vefurktkes & Exfmdcae Gldri ln Kcikd VKI Vfmeoe Kcnlrodtklc Ilfuoect VKZ Vysteodtkf Kcvestoect Z`dc VWL Ve`n Weau`dtlry Lradcksdtklc VYZ Vysteodtkf Yrdcsner Z`dc VYY Vefurktkes Yrdcsdftklc Ydx VQZ Vysteodtkf Qktmirdwd` Z`dc VQKNY Vlfkety nlr Qlr`iwkie Kctergdch Nkcdcfkd` Ye`efloouckfdtklc ----------------------------------------------------------------------------------------------------------------------------CKVO Outud` Nuci Exdo Yrdkckca ‖ Ydok`cdiu & Herd`d - +;4 ;=;9; 9;;==

75 OLIE@E]D OLIE@E]DO O lnners lnners Lc`kce Lc`kce Olfh Yest nlr CKVO, Kcsurdcfe, Kcsurdcfe, Gdchkca Gdchkca & Nkcdcfkd` Z`dcckca Exdos.

??????????????????????? ?????????????????????????????????????????????? UVENU@ QEGVKYEV www.donkkcikd.flo www.fdoslc`kce.flo www.vd`ueresedrfmlc`kce.flo mttps2//ckso.olie`exdo.kc   (O mttps2//ckso.olie`exdo.kc (Ol e` Yests nlr CKVO, Gdch , Kcsurdcfe & Exdos)

kcdcfkd` Z`dcckca

KOZLWYDCY CLYE 2

4. Dtteci D@@ Tuestklcs. mere ks CL CEADYK^E odrh. 7. Nlr tme questklcs yl ylu i c‛t hclw tme rkamt dcswer ‖ Yry tl e`kokcdte me wrlca dcswers dci tdhe d auess lc tme r odkckca dcswers. 6. IL CLY OEOLWK OLWKVE VE t e questkl questklc c & dcswe dcswers. rs. Kt‛s clt tme tme rkam rkamtt tl wd tl prepdre nlr dcy CKVO exdo. Al Alli ucie rstdcikca ln Flcfepts ks essectkd`.

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;9, 4  N`  N`llr, YZH Wldi, Dcid`purdo, Odiurdk ‖ >75 : :6. odk`2 oydhsmdydJaodk`.flo Zm2 (:) ;=;9; 9;;==

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--------------------------------------------------------------------------------------------------------- ------------------CKVO Outud` Nuci Exdo Yrdk kca ‖ Ydok`cdiu & Herd`d - +;4 ;=;9; 9;;==