Date post: | 05-Apr-2018 |
Category: |
Documents |
Upload: | putnam-investments |
View: | 217 times |
Download: | 0 times |
Z^TMKB EMYNWTBNMTWs z~tmkb-ghb
[7 s <:;< ±Z~tmkb Ghmyn|telcn Wng~|etenw I~md [)K
Bkaemo tfn bhwt h tfn |kccu
etf cnww h tfn |ewa
Anu tkankkuw
•Ghmyn|telcnwfkdkwt|hmotfe|d{~k|tn|#d|eynmluzhweteynokemwemwthgakmd
gh|zh|ktng|ndetbk|antw
•Ghmyn|telcnwhn|ndghbznteteyn|nt~|mwyn|w~wn{~etenwkmdlhmdwd~|emo
tfn{~k|tn|
•Mneww~kmgnhghmyn|telcnwng~|etenwewzegaemo~z#fegfewl|hkdcuzhweteyn
h|tfnwngth|kmdkghmyn|telcnw"hg~wndemynwtbnmtkzz|hkgfw~gfkwZ~tmkb
Ghmyn|telcnwWng~|etenwI~md
Fh h~cd uh~ dnwg|eln tfn ghmyn|telcnw bk|ant d~|emo tfn
tfe|d {~k|tn|8
Ghmyn|telcnwnmtn|ndtfntfe|d{~k|tn|lkckmgndlntnnmhn|emoktt|kgteyn
g~||nmtuencdkmdgkzetkckzz|ngektehmzhtnmtekc#kmdn|nwhbnfktgfnkzhmk
fewth|egkclkwewTfn|nw~ctemozn|h|bkmgnh|tfnkwwntgckwwkwwt|hmo#d|eynm
lutfnd~kctkecemdwhfnkctfuzn|h|bkmgnkbhmon{~etenwkmdgh|zh|ktn
g|ndetLkckmgndghmyn|telcnwk|nzk|teg~ck|cuktt|kgteynemtfkttfnuhn|emynwth|w
kohhdzh|tehmhtfn~mdn|cuemon{~etenw―kzz|ngektehmkmdtfnzhtnmtekcth
|ngneynkmktt|kgteynuencdkmd—en#klkckmgnh~zwednzk|tegezktehmkmd
dhmwednz|htngtehm
Tf|h~oftfn{~k|tn|#emynwth|wlngkbnbh|nghmdnmttfktkwhc~tehm—h|kt
cnkwtkbk`h|wtnzthk|dtfn~ctebktnwhc~tehm—thtfnN~|hznkmdnltg|ewewkw
ktfkmdKwngkbnh~thtfnw~bbn|#tfnthmnkwbh|nlkckmgndtfkmetfkd
lnnmemtfnz|nyeh~w{~k|tn|lntnnmhztebewbkmdghmgn|mhyn|tfnwtecc"z|nwnmt
whyn|neomdnltz|hlcnbwN{~etubk|antwghmtem~nth|nngth||enw#fhnyn|#
hyn|dktkh~thGfemk#fn|no|htffkwdewkzzhemtndkmdbkulnk|ewah|k
ghmtem~ndwchdhmFkyemowkedtfkt#ghmyn|telcnwng~|etenwfncd~zncch|tfn
{~k|tn|hyn|kcc#z|hyedemokmktt|kgteynthtkc|nt~|mfnmghbzk|ndetftfkth
wt|keoftn{~etenwkmdlhmdw
N|eg M- Fk|tf~m# GIK
Zh|tihceh Bkmkon|
\hln|t C- Wkcyem
Zh|tihceh Bkmkon|
–Tfn hzzh|t~metu em
ghmyn|telcnw ew megncu
lkckmgnd lntnnm
uencd kmd gkzetkc
kzz|ngektehm zhtnmtekc#
kw ncc kw lntnnm
w~zzcu kmd dnbkmd-‒
[7<:;<s Bkaemo tfn bhwt hi tfn |kccu etf cnww hi tfn |ewa
Z^TMKB EMYNWTBNMTWs z~tmkb-ghb
Fkyn ghbzkmenw lnnm eww~emo bh|n
ghmyn|telcnw th imkmgn tfne| hzn|ktehmw8
Mneww~kmgnzegand~zmegncuemtfntfe|d{~k|tn|#tfh~of
etewwteccchn|tfkmmh|bkchmkfewth|egkclkwewKwn{~e"
tenwkzz|ngektndkmdgh|zh|ktng|ndetwz|nkdwmk||hnd#
ghbzkmenwemkm~bln|hemd~wt|enwlnokmtheww~n
bh|nghmyn|telcndnltFhbnl~ecdn|wlngkbnhmnh
tfnbh|nz|nykcnmteww~n|whghmyn|telcnwng~|etenw#kmd
nh~mdfktnghmwedn|nvgnccnmtykc~nkbhmomn
eww~kmgnemmkmgekcw#lehtngfmhchou#kmdtngfmhchou
Hyn|kcc#tfnnmye|hmbnmt|nbkemwzhweteynh|kghmtem~"
ktehmhtfewt|nmdlngk~wnwthgaz|egnwemonmn|kcwnnb
|bkmdemtn|nwt|ktnwfkyntfnzhtnmtekcth|ewnI|hbtfn
zn|wzngteynhdnlt"eww~emoghbzkmenw#ghmyn|telcnwk|n
webzculnghbemobh|nktt|kgteynhmk|nckteynlkwewEm
kddetehm#ghbzkmenwk|nlnoemmemotheww~nghmyn|telcn
lhmdwh|wfk|nfhcdn|"|enmdcu|nkwhmww~gfkwwthga
|nz~|gfkwnw
Gh~cd uh~ dnwg|eln uh~| kzz|hkgf th imdemo
tfn bhwt ktt|kgteyn ghmyn|telcn wng~|etenw8
Tfn|nk|nwnyn|kck|nkwhemnigenmguemtfnghmyn|telcnw
bk|anttfktnwnnathtkankdykmtkonhemtfn~md
Ie|wt#nhtnmmdwng~|etenwtfktk|nbewz|egnd|hbk
g|ndetzn|wzngteynWnghmd#tfn~mdn|cuemon{~etugkm
|n{~nmtculnbew~mdn|wthhdh|mhtncchcchndlu
emd~wt|ukmkcuwtwTfntfe|dk|nk|nyhcynwk|h~mdtfn
lkwegwt|~gt~|nhghmyn|telcnw#fegfgkmlnwhbnfkt
ghbzcnv_nceanthwkutfktmhthghmyn|telcnwchha
nvkgtcukceanL~tkmkcuwtw|n{~nmtcukccemthtfnt|kz
hbew~mdn|wtkmdemotfnwt|~gt~|kcgfk|kgtn|ewtegwh
ghmyn|telcnw#kmdkecemothkzz|ngektnfhtfnedehwum"
g|ktegmkt~|nhnkgfwng~|etugkmcnkdthbewz|egemokmd#
fnmgn#ktt|kgteynemynwtbnmthzzh|t~metenw
_fnmnkmkcupnkghmyn|telcnwng~|etu#nt|uthchgktn
tfnanukgth|wtfktk|nd|eyemoetwz|egemoEtbeoftln
kwnthvnd"emghbnkgth|wh|kwnthn{~etu"|ncktnd
kgth|w#h|nvkbzcnHmgnnnncghmdnmtklh~ttfn
wh~|gnhz|egemoh|bewz|egemo#nl|emotfnkzz|hz|ektn
g|ndeth|n{~etu|nwnk|gf|nwh~|gnwthlnk|emh~|kmkcuwew
kmdzh|thcehdngewehm"bkaemo
Dhnw tfn z|nykecemo ch emtn|nwt"|ktn
nmye|hmbnmt bkan uh~ bh|n — h| cnww —
hztebewteg klh~t tfn zn|h|bkmgn zhtnmtekc
h ghmyn|telcnw ohemo h|k|d8
Kghbbhmbewzn|gnztehmhtfnghmyn|telcnwbk|antew
tfkttfn|nt~|mwhtfnwnwng~|etenwk|nbh|ndnznmdnmt
hmemtn|nwt|ktnwtfkmhtfn|kgth|wHyn|tebn#dktk
fkynw~oonwtndtfktghmyn|telcnwk|nd|eynmbh|nlutfn
wt|nmotfh|nkamnwwhtfnn{~etubk|antwkmdgh|zh"
|ktng|ndetwz|nkdwKmdlngk~wntfnuk|nwfh|t"d~|ktehm
emwt|~bnmtw#tfn|newonmn|kccukchgh||ncktehmlntnnm
tfne|zn|h|bkmgnkmdemtn|nwt"|ktnbhynbnmtwWh#
fecnch|ktnwdhbkttn|h|kyk|entuhkwwntgckwwnw#
|ktnwk|ncnww|ncnykmtthghmyn|telcnw―zn|h|bkmgn
Emchhaemokttfnh~|bhwt|ngnmt|ewemo"|ktn
nmye|hmbnmtw—em##‗#kmd
‗—feofn||ktnw#nghmhbegnvzkmwehm#kmd
n{~etubk|antwt|nmotfcndthohhdzn|h|bkmgnh|
ghmyn|telcnw
_fkt ew uh~| h~tchha h| tfn nghmhbu kmd
ghmyn|telcnw bk|ant8
_nk|nghmwt|~gteynhmtfnghmyn|telcnwbk|ant#tfh~of
wh~|gnwh~mgn|tkemtu|nbkemK|nkwhghmgn|memgc~dn
tfnghbemo^Wncngtehmkmdtfnkzz|hkgfhtfn–wgkc
gce#‒emkddetehmthtfnbkg|heww~nwtfktghmtem~n
thlnwntN~|hznh|tf|nktnmthlnghbnnynmbh|n
z|hmh~mgndemGfemkDnwzetntfnwneww~nw#tfn|newb~gf
thnnczhweteynklh~tetf|nwzngtthghmyn|telcnw
Tfnvnd"emghbnlkgad|hzewl|hkdcuzhweteynh|
ghmyn|telcnwchhaemoh|k|d_ntfematfktgh|zh|ktn
g|ndetwz|nkdwbku|nbkem|nckteyncuwtklcnh|fkynk
wceoftteoftnmemolekw#zk|teg~ck|cuemtfnfeof"uencdbk|ant#
fn|nnk|nkth|`~wtklhynfewth|egkckyn|konwz|nkdw
I|hbkmn{~etuwtkmdzhemt#nwnngh|zh|ktnnk|memow
ebz|hyemoemthktkbhdn|ktnl~twtecczhweteyn
zkgn_fkt―wbh|n#nnnctfn~mdn|cuemon{~etenwh
tfnghmyn|telcnwemtfnzh|thcehhZ~tmkbGhmyn|telcn
Wng~|etenwI~mdfkynohhdo|htfz|hwzngtw_nfkyn
wnnmkchmokynhgh|zh|ktn|nwt|~gt~|emo#emgc~demo
fnkdgh~mt|nd~gtehmwkmdgfkmmnc|ktehmkcepktehmw
dnweomndthebz|hyngh|zh|ktnz|htklecetukmd
nigenmguKcchtfnwn~mdkbnmtkckgth|wlhdnncc
h|dnltkmdghmyn|telcnbk|antw#emh~|yen
[7<:;<s Bkaemo tfn bhwt hi tfn |kccu etf cnww hi tfn |ewa
NH;>:<?9?4>;:(;<
Tfnyenwkmdhzemehmwnvz|nwwndk|ntfhwnhtfnzh|thcehbkmkon|w#kwhWnztnbln|#Tfnuk|nw~l`ngtth
gfkmonetfbk|antghmdetehmwkmdk|nmhtbnkmtkwemynwtbnmtkdyegn
Ghmwedn| tfnwn |ewaw lnh|n emynwtemo0 Tfnz|egnwhghmyn|telcnwng~|etenwemtfn~md―wzh|thcehbkukcch|kecth|ewnhyn|
nvtnmdndzn|ehdwhtebnh|kyk|entuh|nkwhmw#emgc~demolhtfonmn|kcmkmgekcbk|antghmdetehmwkmdkgth|w|ncktnd
thwzngegghbzkmenwh|emd~wt|enwTfnwn|ewawk|nonmn|kccuo|nktn|h|ghmyn|telcnwng~|etenweww~ndluwbkcckmdbedwepn
ghbzkmenwTfnz|egnwhghmyn|telcnwng~|etenwbkulnkdyn|wncukngtndlugfkmonwemtfnz|egnwh~mdn|cuemoghbbhm
wthgawGhmyn|telcnwng~|etenwtnmdthz|hyednfeofn|uencdwtfkmghbbhmwthgawFhnyn|#kfeofn|uencdbkumhtz|htngt
emynwth|wkokemwttfn|ewahchwwh|kdn{~ktncubeteoktnkmuchwwkwwhgektndetfkdngcemnemtfnz|egnhkghmyn|telcn
wng~|etuGhmyn|telcnwng~|etenwk|nw~l`ngtthg|ndet|ewa#fegfewtfn|ewatfktkmeww~n|htfn~md―wemynwtbnmtwbku
dnk~cthmzkubnmthemtn|nwth|z|emgezkcG|ndet|ewaewonmn|kccuo|nktn|h|lnch"emynwtbnmt"o|kdnghmyn|telcn
wng~|etenwOnmn|kccu#ghmyn|telcnwng~|etenwbkulncnwwwnmweteynthemtn|nwt"|ktngfkmonwtfkmmhm"ghmyn|telcnlhmdwkwk
|nw~cthghmyn|telcnwng~|etenw―wt|~gt~|kcnkt~|nw&no#ghmyn|telecetu#–z~t‒nkt~|nw%Emtn|nwt|ktn"|ewaewonmn|kccuo|nktn|#
fhnyn|#h|chmon|"tn|blhmdwkmdghmyn|telcnwng~|etenwfhwn~mdn|cuemowthgaz|egnfkwkccnmweomegkmtculnchtfn
ghmyn|wehmz|egn
\n{~nwt k z|hwzngt~w h| w~bbk|u z|hwzngt~w |hb uh~| imkmgekc |nz|nwnmtkteyn h| lu gkccemo ;"6::"<<>";>6;-
Tfn z|hwzngt~w emgc~dnw emynwtbnmt hl`ngteynw# |ewaw# nnw# nvznmwnw# kmd htfn| emh|bktehm tfkt uh~ wfh~cd |nkd
kmd ghmwedn| gk|n~ccu lnh|n emynwtemo-
Z~tmkb \ntkec Bkmkonbnmt s Hmn Zhwt Hiiegn W{~k|n s Lhwthm# BK :<;:5 s z~tmkb-ghb
Z~tmkb Ghmyn|telcn Wng~|etenw I~md &ZGHMV%
Kmm~kcepnd thtkc |nt~|m zn|h|bkmgn kw h Wnztnbln| 7:# <:;<
Gckww K wfk|nw
&emgnztehm 9(<5(?<% Lnh|n wkcnw gfk|on Ktn| wkcnw gfk|on
LhK BC Kcc ̂ -W-
Ghmyn|telcnw Emdnv
Ckwt {~k|tn| >-?9. ":-77. 4-5<.
; unk| ;9-46 5-6; ;9-97
7 unk|w 5-6; ?-9? 5-46
> unk|w <-4? ;-<? <-5:
;: unk|w 6-?6 6-;7 ?-5<
Cen h ~md 5-67 5-99 —
Thtkc nvznmwn |kteh0 ;-;<.
G~||nmt zn|h|bkmgn bku ln chn| h| feofn| tfkm tfn {~htnd zkwt zn|h|bkmgn# fegf gkmmht o~k|kmtnn ~t~|n |nw~ctw-
Wfk|n z|egn# z|emgezkc ykc~n# kmd |nt~|m ecc yk|u# kmd uh~ bku fkyn k okem h| k chww fnm uh~ wncc uh~| wfk|nw- Zn|h|bkmgn
h gckww K wfk|nw lnh|n wkcnw gfk|on kww~bnw |nemynwtbnmt h dewt|el~tehmw kmd dhnw mht kggh~mt h| tkvnw- Ktn|"wkcnw"
gfk|on |nt~|mw |nngt k bkveb~b >-?>. chkd- K wfh|t"tn|b t|kdemo nn h ;. bku kzzcu th |ndnbztehmw h| nvgfkmonw |hb
gn|tkem ~mdw etfem tfn tebn zn|ehd wzngeind em tfn ~md―w z|hwzngt~w- Th hltkem tfn bhwt |ngnmt bhmtf"nmd zn|h|bkmgn#
yewet z~tmkb-ghb-
[~k|tn|cu|nt~|mwk|ng~b~ckteyn
TfnLkmahKbn|egk&LhK%Bn||eccCumgfKcc^WGhmyn|telcnwEmdnvewkm~mbkmkondemdnvhfeof"uencd^Wghmyn|telcn
wng~|etenwUh~gkmmhtemynwtde|ngtcuemkmemdnv