~lvl'I Iv clp~~ H, O LOl?le !
l
L l C
J Date: I ./
_ 11 e o~ \ttves\men• 7
1Oesu,guun
Ro, 1i~ertome
I• a fI !('ti (ln:lu.,l(lt 1me<,1ed ,n (I fl Xed pe• Ed IOlele<i:.....;;__1- - I f~i; _ _ .. 10'-1
I
~e dl tne oonK.
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\.,me . lntt1e6-!:__10...!t 5tu~\ tued tn 1wgr1eiu !_
tiroe f ,ome
i1()
09e, in11.•s1rnem
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,-
·a 10On to aeum~~o • o f1~elJ ,nJe,~s,_ f~ed~>trf> \r_
, o te . , t ca f) be t
I
1IOV\' k>
5~ 0 e css) trX20•U/T'I
I nve S~d
, an enroen• rnod onu
I
\(W 10 nb on Q f(U~ 0(} I ~-IS
,.... i O'< l trntlH t e
1
coun1r,es
.. Mu~~ \it1~e t.\ .cl,ve ,~f-1~ pc.!¼fe\<:>-::..avo·,d rir~
'mt cull I on /ShcO·-tff1>(°'' S(=><t'c,d
.. ~, ml t,.ed OJYlOU"' l-o t;cuce, our tr I
11 Good uni l l' us~ • S jears •
Utll -r,us~s OU' eafui t!. meo·•am- Ion low -
I,n~o t 100 : de enJ Dept))d<i on ~u h
(Poo hn 1n~ec;tors) on anrestment
. co" dwecs·l ,ni~n" beffl~ te\uH;\~
, ow ri s ument~
I.
o\l ec. tt bl e~ • Q iO\
/ Ion tam ION
IGc,o,~}(fd
·l)o C'OOtl1t11 1nc.une, va1ue ears) c101f"")
I
I .Coins,~''-'~ ' rand1,A1• "IY'US'\- have n,qn1e\'el ~\edge tex~cse 1rome ,ore: niCJ~
I
R~ C:u'~rnme,n Aet0,1 ·1o ltlar ,nowlduol l~r~ [ IOW
m(:je 1oon~
, pc.,,
1~pe Of 1111 aimtnr
a ce,Lu•n +u')"' cl 0 £ t,,we Ofpench _
i nOO(( m tnt \ • ..001U _ 0\.11 Olltl
Qa<;t prot1 ,e
\ to \,i~ ,~tutl.e c.un CJO"ll o, unn, o ~e1scx1 ,Q!~.:. l'ii'/(' 11'i.t(ill t
OOl~ ckod,
_., PJ.im"1n1 1\ oo\e~ on the .Q111WO.LLt montJ
tlp(lrl bClt'\'een ond tne 1nsu1e_1
f, xed,, 1~t.1 t~
r
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.
U)C} I
--~ too~ a~ tne lO(Q\\O'l_ ihat ou11\ 1rnest- ,n
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GQ 'Yl CJCCQJ I- \fl #-ti esr ·- I
~ro Cou oco::>..J,-,...
so 9"
bonJc. occwn r
{j and get 1L CA-11 o\lC' q
I
• (, >'r"d l /"\1cntj ma 1
~• AQ I.Juli lC.. burlie. P\JI fY1(.1
Cl(' I\C-0 c~ II 11 ,.
-
Fundc, ee ~he,e fne Gut1t11b.111
a rd ded\JCJ ed res :.gocn1ao
4000 0 ,,mit a, e occeS:>1l'.le l'\in ee
sorn \! c.c. llll)n~'=> : on•j
-C.~.ul1-0f
l C)e ou, •ob
v-c!t
,s
- - rnoot V'n&1
Qf(tt' krruOr UOli •Pd I () Ve. \ ,...-Ot".11J mono t oh) esr '::: hOft lelrtJ
•'"':. r 1 •~., r,vt"\t.{ / co 11
h,~ tnon
O(t-Oufl
1c,es ,n a ~non-term IYltl G0\11 & OCllJJ{) S2-do
bu~ I c.'Aef
IA'oH . Aim ,~ tu ( th urer than CJ Nau e
•Oll1ac..hve 10-~c.,d re.r"'1 o, f, xed de
, nve .>\ a Sh 0 tame.
~CClr1 ,chd ro V'! o1- ~( 31 ()(Jhc
.I I
h, 'n errl c.orn ni~ on s
"IOf e, 'lUr.et c t1U1
, • I I
Ves Tn1. ~N -r
O
-~ CJ<V" "9 Cl
00
~h"'9 ~LU ,,w~t rnc,,ej ~ \OtO \0 l-he hope~ Of
1
'
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--~-R:....;;i~S~R_Ch!gh medilt'n ,0 ~ ) ---- -
•o , r, l: ,nresrmer,t con de11vet o ruqher
t
,OVei t rl\21'\ S ---- -
_ - ' · but tan be_a_bi9_ ,o~ ,f "faJIJ - - -
--1 '"'°o,\f e1r, f.!.Eot•Cll Gi~~ cosn c, OY1 ,,s.k)
- Pro~wes c10V\ ..n1Wum)
--IQew,n on lnr~stn1ent_(eo1) _ ----------'fx>nd:'cmedwm)
·1'oo ti> measor~ efftC,tencjJ P-!Qf!.!•t~01-f~tti~e~,n~vHern~en~-/'.____ _ _ _ _ _ _ eq,&Ji ties ( n9n
11st
) J
11n1t frames CPeriod of 1t1~esttner1t)
• 1on9t1 peuod Of lovestmen, uvai to bl~ :; ~•eo~, r·6t fY>' ~t1V{St0f~ • ,.
i eJ '-LOI 1n9 u1 f, ,es tu ':JG
I
• ro~lh h ri Sk:.
• too te,rn onth
• ,VI II 1(1 to v.ait until , ic. e.1 0 Shor~ ricr eos s OU can te o return on inve~tmentf
tu relci~d
..1 6 ·Baton erit SU t Crneoium ,ist) 1
rontn an
> inves,. ;o e omeu,in lo &1sK1·10 rre because of n teSiQ'l en+
.. c ombarl a ,-; <>n of ShOfi>J ood ., t,ea,in investment
) , R:xe ut1it Tru~ (;,,nest e uaJ ~ 6
,... •Qe ensire Intestment Stra
I
ou ~ont tose bt
'1> eq,u, t, u01. .
.. rnon£- • 1nv'e "1 i1'to de oiit I
'
nvesfment
C lh i rr, onthl I() coo,p
.C091 in~n uni ell ts
l
L l C
J Date: I ./
_ 11 e o~ \ttves\men• 7
1Oesu,guun
Ro, 1i~ertome
I• a fI !('ti (ln:lu.,l(lt 1me<,1ed ,n (I fl Xed pe• Ed IOlele<i:.....;;__1- - I f~i; _ _ .. 10'-1
I
~e dl tne oonK.
__ ,--2L
I
\.,me . lntt1e6-!:__10...!t 5tu~\ tued tn 1wgr1eiu !_
tiroe f ,ome
i1()
09e, in11.•s1rnem
,-,o~eo~
,-
·a 10On to aeum~~o • o f1~elJ ,nJe,~s,_ f~ed~>trf> \r_
, o te . , t ca f) be t
I
1IOV\' k>
5~ 0 e css) trX20•U/T'I
I nve S~d
, an enroen• rnod onu
I
\(W 10 nb on Q f(U~ 0(} I ~-IS
,.... i O'< l trntlH t e
1
coun1r,es
.. Mu~~ \it1~e t.\ .cl,ve ,~f-1~ pc.!¼fe\<:>-::..avo·,d rir~
'mt cull I on /ShcO·-tff1>(°'' S(=><t'c,d
.. ~, ml t,.ed OJYlOU"' l-o t;cuce, our tr I
11 Good uni l l' us~ • S jears •
Utll -r,us~s OU' eafui t!. meo·•am- Ion low -
I,n~o t 100 : de enJ Dept))d<i on ~u h
(Poo hn 1n~ec;tors) on anrestment
. co" dwecs·l ,ni~n" beffl~ te\uH;\~
, ow ri s ument~
I.
o\l ec. tt bl e~ • Q iO\
/ Ion tam ION
IGc,o,~}(fd
·l)o C'OOtl1t11 1nc.une, va1ue ears) c101f"")
I
I .Coins,~''-'~ ' rand1,A1• "IY'US'\- have n,qn1e\'el ~\edge tex~cse 1rome ,ore: niCJ~
I
R~ C:u'~rnme,n Aet0,1 ·1o ltlar ,nowlduol l~r~ [ IOW
m(:je 1oon~
, pc.,,
1~pe Of 1111 aimtnr
a ce,Lu•n +u')"' cl 0 £ t,,we Ofpench _
i nOO(( m tnt \ • ..001U _ 0\.11 Olltl
Qa<;t prot1 ,e
\ to \,i~ ,~tutl.e c.un CJO"ll o, unn, o ~e1scx1 ,Q!~.:. l'ii'/(' 11'i.t(ill t
OOl~ ckod,
_., PJ.im"1n1 1\ oo\e~ on the .Q111WO.LLt montJ
tlp(lrl bClt'\'een ond tne 1nsu1e_1
f, xed,, 1~t.1 t~
r
~(.) ' l
.
U)C} I
--~ too~ a~ tne lO(Q\\O'l_ ihat ou11\ 1rnest- ,n
C
GQ 'Yl CJCCQJ I- \fl #-ti esr ·- I
~ro Cou oco::>..J,-,...
so 9"
bonJc. occwn r
{j and get 1L CA-11 o\lC' q
I
• (, >'r"d l /"\1cntj ma 1
~• AQ I.Juli lC.. burlie. P\JI fY1(.1
Cl(' I\C-0 c~ II 11 ,.
-
Fundc, ee ~he,e fne Gut1t11b.111
a rd ded\JCJ ed res :.gocn1ao
4000 0 ,,mit a, e occeS:>1l'.le l'\in ee
sorn \! c.c. llll)n~'=> : on•j
-C.~.ul1-0f
l C)e ou, •ob
v-c!t
,s
- - rnoot V'n&1
Qf(tt' krruOr UOli •Pd I () Ve. \ ,...-Ot".11J mono t oh) esr '::: hOft lelrtJ
•'"':. r 1 •~., r,vt"\t.{ / co 11
h,~ tnon
O(t-Oufl
1c,es ,n a ~non-term IYltl G0\11 & OCllJJ{) S2-do
bu~ I c.'Aef
IA'oH . Aim ,~ tu ( th urer than CJ Nau e
•Oll1ac..hve 10-~c.,d re.r"'1 o, f, xed de
, nve .>\ a Sh 0 tame.
~CClr1 ,chd ro V'! o1- ~( 31 ()(Jhc
.I I
h, 'n errl c.orn ni~ on s
"IOf e, 'lUr.et c t1U1
, • I I
Ves Tn1. ~N -r
O
-~ CJ<V" "9 Cl
00
~h"'9 ~LU ,,w~t rnc,,ej ~ \OtO \0 l-he hope~ Of
1
'
-- --
--~-R:....;;i~S~R_Ch!gh medilt'n ,0 ~ ) ---- -
•o , r, l: ,nresrmer,t con de11vet o ruqher
t
,OVei t rl\21'\ S ---- -
_ - ' · but tan be_a_bi9_ ,o~ ,f "faJIJ - - -
--1 '"'°o,\f e1r, f.!.Eot•Cll Gi~~ cosn c, OY1 ,,s.k)
- Pro~wes c10V\ ..n1Wum)
--IQew,n on lnr~stn1ent_(eo1) _ ----------'fx>nd:'cmedwm)
·1'oo ti> measor~ efftC,tencjJ P-!Qf!.!•t~01-f~tti~e~,n~vHern~en~-/'.____ _ _ _ _ _ _ eq,&Ji ties ( n9n
11st
) J
11n1t frames CPeriod of 1t1~esttner1t)
• 1on9t1 peuod Of lovestmen, uvai to bl~ :; ~•eo~, r·6t fY>' ~t1V{St0f~ • ,.
i eJ '-LOI 1n9 u1 f, ,es tu ':JG
I
• ro~lh h ri Sk:.
• too te,rn onth
• ,VI II 1(1 to v.ait until , ic. e.1 0 Shor~ ricr eos s OU can te o return on inve~tmentf
tu relci~d
..1 6 ·Baton erit SU t Crneoium ,ist) 1
rontn an
> inves,. ;o e omeu,in lo &1sK1·10 rre because of n teSiQ'l en+
.. c ombarl a ,-; <>n of ShOfi>J ood ., t,ea,in investment
) , R:xe ut1it Tru~ (;,,nest e uaJ ~ 6
,... •Qe ensire Intestment Stra
I
ou ~ont tose bt
'1> eq,u, t, u01. .
.. rnon£- • 1nv'e "1 i1'to de oiit I
'
nvesfment
C lh i rr, onthl I() coo,p
.C091 in~n uni ell ts
