CCR News March 2020 | Page 7
Continued from page 6
%&RRN
.$
6XSHULRU)DFLOLWLHV 1RWODWHUWKDQ2FWREHUD1HHGV$QDO\VLVLV
FRPSOHWHGUHJDUGLQJHOHFWULI\LQJDGGLWLRQDOFDPSVLWHVLQ
WKHFDPSJURXQG$WDPLQLPXPWKLVDQDO\VLVZLOO
TXDQWLI\HOHFWULFRQO\FDPSVLWHUHFHQWKLVWRULFDOXVDJHWR
MXVWLI\H[SHQGLWXUHRIIXQGV UHFRPPHQGDSKDVHGSURMHFW
VFKHGXOHZLWKFRVWEUHDNGRZQE\SKDVH 7&KDPEHUV
16FKXO]
%5RJHUV
.$
6XSHULRU)DFLOLWLHV 1RWODWHUWKDQ-DQXDU\WKH*0KDVSURGXFHGD
SULRULWL]HGOLVWRIHTXLSPHQWDQGVWRUDJHQHHGVIRUWKH
PDLQWHQDQFHGHSDUWPHQW7KLVOLVWZLOOEHLWHPVWKDWZLOO
KHOSVXVWDLQ&&5¶VDVVHWVDQGDOORZIRUDGGLWLRQDO\HDUVRI
VHUYLFH %'HOHFNL
%5RJHUV
%&RRN
2OG%XVLQHVV2SHQ,VVXHV
x ,WHP &DPSJURXQGHOHFWULFZDWHU VHZHUUHSODFHPHQWIRUVLWHV
R %5RJHUVUHSRUWHGWKDW&&5KDVUHFHLYHGDTXRWHIRUWKHUHSODFHPHQWRIDOOWKHXWLOLWLHVIRUVLWHV
WKURXJKLQWKHFDPSJURXQG7KHRQO\SURSRVDOWKDW&&5KDVUHFHLYHGLVIURP7HDP
(OPHU¶V7HDP(OPHU¶VZLOOGRDOOZRUNQHFHVVDU\H[FHSWIRUWKHHOHFWULFDOZRUNIRUDELGRI
7KHODVWHVWLPDWHIRUHOHFWULFDOZRUNIURP3HFN(OHFWULFZDV,I\RXDGGLQ
DQRXWVLGHDQGLQVLGHFRQWLQJHQF\RIWKHWRWDOSURMHFWFRXOGEH 7KLVLVURXJKO\
SHUVLWH$WILUVWWKLVQXPEHUVFDUHGPHEXWZKHQZHORRNHGDWSXWWLQJLQIXOOVHUYLFHVLWHV
UDWKHUWKDQMXVWHOHFWULFVLWHVRXUHVWLPDWHVZHUHDSSUR[LPDWHO\SHUVLWH,IZHZHUHWR
PRYHIRUZDUGZLWKWKLVSURMHFW7HDP(OPHU¶VVWDWHVWKHVLWHVZRXOGEHILQLVKHGDQGUHDG\WRXVH
E\0D\7KLVPRQH\ZRXOGFRPHIURPWKH&DSLWDO)XQGLIDSSURYHG7KHGHFLVLRQZDV
PDGHQRWWRPRYHIRUZDUGZLWKWKLVSURMHFWDWWKLVWLPH
x ,WHP &OXE/LFHQVH
R %5RJHUVUHSRUWHGWKHDSSOLFDWLRQLVPRYLQJIRUZDUG,FKHFNHGRQOLQHIRUWKH0/&&DSSOLFDWLRQ
VWDWXVDQGDVRILWZDVRIILFLDOO\PRYHGWRWKH$GPLQLVWUDWLRQOHYHOWRSUHVHQWDVD
GRFNHWLWHPIRU&RPPLVVLRQ&RQVLGHUDWLRQ͘
x ,WHP 5XOH&KDQJH 6HFRQG5HDGLQJ
R 6HFRQG5HDGLQJ±%5RJHUVVWDWHGUHFRPPHQGDWLRQVZHUHUHFHLYHGIURPWKH
&RQVHUYDWLRQ&RPPLWWHH+HEHOLHYHVWKLVIDOOVLQOLQHZLWKZKDWWKH%RDUGRI'LUHFWRUVDGRSWHG
DWWKH-DQXDU\%2'PHHWLQJUHJDUGLQJ\RXWKIHHV%5RJHUVUHDGWKHPRWLRQIRUUXOH
FKDQJH
0RWLRQE\06PLWKVHFRQGHGE\%'HOHFNLWRFKDQJHUXOH WR $OOPHPEHUVPXVW
REWDLQDEDGJHWRKXQWDEDGJHWRILVKDQGDEDGJHWRXVHWKHVKRRWLQJIDFLOLWLHVRQ&&5
SURSHUW\2QO\DFWLYHPHPEHUVPD\UHFHLYHDEDGJHDIWHUSD\LQJWKHHVWDEOLVKHGIHHDQGWKH&&5
5HOHDVHDQG,QGHPQLILFDWLRQ$JUHHPHQWLVRQILOHDWWKHRIILFH&KLOGUHQUHTXLULQJDQ\VWDWH
OLFHQVHRUZLVKLQJWRXVHWKHVKRRWLQJUDQJHVPXVWKDYHD&&5EDGJH%DGJHVVKDOOEH
FRQVSLFXRXVO\GLVSOD\HGRQWKHPHPEHU¶VRXWHUFORWKLQJ$SSURYHGXQDQLPRXVO\
R ,WHP±5XOH&KDQJH6HFRQG5HDGLQJ
%5RJHUVUHDGWKHPRWLRQIRUUXOHFKDQJHWRUHPRYHWKHUHTXLUHPHQW
0RWLRQE\0$PHVVHFRQGHGE\16FKXO]WRDSSURYHUHPRYDORIWKHUHTXLUHPHQWIURPUXOH
$OOPHPEHUVDQGPHPEHUVFKLOGUHQXQGHUWKHDJHRI\HDUVRIDJHDQGXQPDUULHGDQG
UHVLGLQJZLWKWKHLUSDUHQWPXVWGLVSOD\D&DQDGD&UHHN5DQFKVWLFNHURQWKHORZHUGULYHUVLGHRI
WKHIURQWDQGUHDUZLQGRZVDQGPD\EHLVVXHGDSHUPDQHQWPHPEHUVWLFNHU)DLOXUHWRSURSHUO\
GLVSOD\WKHYHKLFOHVWLFNHUPD\UHVXOWLQDILQHSHULQIUDFWLRQ$0HPEHUFDQREWDLQYHKLFOHVWLFNHUV
DIWHU FXUUHQW DQQXDO PHPEHUVKLS GXHV DUH SDLG 7KLV FXUUHQW\HDU VWLFNHU VKDOO EH SHUPDQHQWO\
DIIL[HGRQRUEHIRUH)HEUXDU\WK$SHUPDQHQW&&5VWLFNHUPXVWEHDIIL[HGWRWKHIURQWDQGUHDU
RID*ROIFDUWVRWKH\DUHFOHDUO\YLVLEOH
$SSURYHG8QDQLPRXVO\±
Continued on page 8
7