You are on page 1of 16

English

Phonetics
and Phonology
for Spanish
Speakers

bi
(
) CONTIENE (
Brian Mott CD

ó n
i ci
a ed
2
Universitat, 49
&217(176

/,672),//8675$7,216                                      
&',1'(;                                                    
6<0%2/6$1'$%%5(9,$7,216                               
)25(:25'WRWKHVHFRQGHGLWLRQE\-DFN:LQGVRU/HZLV            
35()$&(                                                     
$&.12:/('*(0(176                                       

3+21(7,&6$1'3+212/2*<                              
,QWURGXFWLRQ                                               
3KRQRWDFWLFV                                               
7KHSKRQHWLFVSKRQRORJ\LQWHUIDFH                             
6WUXFWXUDOLVP                                              
/DQJXDJHXQLYHUVDOV                                         
)XUWKHUUHDGLQJ                                                  
([HUFLVHV                                                       

7+(25*$162)63((&+                                   
,QWURGXFWLRQ                                               
,QLWLDWLRQWKHOXQJVDQGWKHDFWRIUHVSLUDWLRQ                     
3KRQDWLRQWKHODU\Q[                                        
$UWLFXODWLRQWKHVXSUDJORWWDOFDYLWLHV                            
&RDUWLFXODWLRQ                                              
)XUWKHUUHDGLQJ                                                  
([HUFLVHV                                                       

7+(&/$66,),&$7,212)63((&+6281'6                  
,QWURGXFWLRQ                                               
7KHFODVVL¿FDWLRQRIYRZHOV                                   
'LSKWKRQJV                                                
9RZHOV\VWHPV                                             
7KH&DUGLQDO9RZHOV                                        
 (QJOLVK3KRQHWLFVDQG3KRQRORJ\IRU6SDQLVK6SHDNHUV

7KHFODVVL¿FDWLRQRIFRQVRQDQWV                                
2EVWUXHQWVDQGVRQRUDQWV                                     
6RPHVWDWLVWLFVFRQFHUQLQJYRZHOVDQGFRQVRQDQWV                 
)XUWKHUUHDGLQJ                                                  
([HUFLVHV                                                       

3+21(7,&75$16&5,37,21                                
,QWURGXFWLRQ                                               
7\SHVRISKRQHWLFWUDQVFULSWLRQ                                
7KHV\PEROVXVHGIRUWUDQVFULELQJ(QJOLVK                       
)XUWKHUUHDGLQJ                                                  
([HUFLVHV                                                       

7+((1*/,6+3+212/2*,&$/6<67(0                     
,QWURGXFWLRQ                                               
7KH(QJOLVKYRZHOV                                         
,QWURGXFWLRQ                                            
7KH(QJOLVKYRZHOVLQGHWDLO                               
7KH(QJOLVKGLSKWKRQJV                                      
,QWURGXFWLRQ                                            
7KH(QJOLVKGLSKWKRQJVLQGHWDLO                            
/HYHOOLQJ                                               
7KH(QJOLVKFRQVRQDQWV                                        
,QWURGXFWLRQ                                            
7KH(QJOLVKFRQVRQDQWVLQGHWDLO                            
7KH(QJOLVKSORVLYHV                                  
7KH(QJOLVKIULFDWLYHV                                 
7KH(QJOLVKDIIULFDWHV                                 
7KH(QJOLVKQDVDOV                                   
7KH(QJOLVKDSSUR[LPDQWV                             
7KHGLVWULEXWLRQRI(QJOLVKMDQGZ                    
)XUWKHUUHDGLQJ                                                  
([HUFLVHV                                                       

&211(&7('63((&+                                       
,QWURGXFWLRQ                                               
$VVLPLODWLRQ                                               
*HQHUDO                                                
$VVLPLODWLRQLQWKHHQGLQJV H V!DQG H G!LQ(QJOLVK      
(OLVLRQ                                                    
/LDLVRQ                                                   
*UDGDWLRQ XVHRIZHDNIRUPV                                  
&RQWHQWV 

,QWURGXFWLRQ                                            
7KHFRPPRQHVWZHDNIRUPVLQ(QJOLVK                       
)XUWKHUUHDGLQJ                                                  
([HUFLVHV                                                       

5+<7+0                                                   
,QWURGXFWLRQ                                               
7KHUK\WKPRI(QJOLVK                                       
7KHUK\WKPXQLWRUIRRW                                      
7KHUK\WKPRI(QJOLVKSRHWU\                                 
)XUWKHUUHDGLQJ                                                  
([HUFLVHV                                                       

675(66$1'352181&,$7,21                              
,QWURGXFWLRQ                                               
6XI¿[DWLRQ                                                
)XUWKHUUHDGLQJ                                                  
([HUFLVHV                                                      

675(66                                                     
,QWURGXFWLRQ                                               
:RUGVWUHVV                                                
(QJOLVKZRUGVWUHVV                                          
(QJOLVKZRUGVWUHVVJHQHUDOWHQGHQFLHV                      
(QJOLVKZRUGVWUHVVZRUGVRIRQHV\OODEOH                    
(QJOLVKZRUGVWUHVVZRUGVRIWZRV\OODEOHV                    
(QJOLVKZRUGVWUHVVZRUGVRIWKUHHV\OODEOHV                  
(QJOLVKZRUGVWUHVVZRUGVRIIRXUV\OODEOHV                   
(QJOLVKZRUGVWUHVVWKHHIIHFWRIDI¿[HV                      
3UH¿[HV                                            
6XI¿[HV                                            
(QJOLVKZRUGVWUHVVFRPSRXQGQRXQVDQGV\QWDFWLFXQLWV        
2WKHU(QJOLVKFRPSRXQGV                              
(QJOLVKZRUGVWUHVVZRUGVZLWKYDULDEOHVWUHVV                
(QJOLVKVHQWHQFHVWUHVV                                       
%URDGDQGQDUURZIRFXV                                   
7KHQXFOHDUVWUHVVEURDGIRFXVVHQWHQFHV                     
7KHQXFOHDUVWUHVVQDUURZIRFXVVHQWHQFHV                    
)XUWKHUUHDGLQJ                                                  
([HUFLVHV                                                       
 (QJOLVK3KRQHWLFVDQG3KRQRORJ\IRU6SDQLVK6SHDNHUV

,1721$7,21                                              
,QWURGXFWLRQ                                              
7RQHODQJXDJHVDQGLQWRQDWLRQODQJXDJHV                       
7KHIXQFWLRQVRILQWRQDWLRQLQ(QJOLVK                          
7KHDWWLWXGLQDOIXQFWLRQRILQWRQDWLRQ                       
7KHJUDPPDWLFDOIXQFWLRQRILQWRQDWLRQ                      
&ODXVHGLYLVLRQ                                     
6XEMHFWDQGSUHGLFDWHGLYLVLRQ                         
'LVWLQJXLVKLQJEHWZHHQGH¿QLQJDQGQRQGH¿QLQJUHODWLYH
FODXVHV                                                   
4XHVWLRQVYHUVXVH[FODPDWLRQV                         
4XHVWLRQVYHUVXVVWDWHPHQWV                           
$Q\ µDEVROXWHO\DQ\¶YHUVXVDQ\ µFKRVHQDWUDQGRP¶    
'LUHFWREMHFWREMHFWRIRQHYHUERUWZR"                 
$SSRVLWLRQDOSKUDVHV                                
'LVWLQJXLVKLQJVHQWHQFHVQRWGLVWLQJXLVKDEOHLQZULWLQJ     
7KHDFFHQWXDOIXQFWLRQRILQWRQDWLRQ                        
7KHGLVFRXUVHIXQFWLRQRILQWRQDWLRQ                        
7KHPHDQLQJRIWKHWXQHV                                    
7KHIDOO                                               
7KHULVH                                               
7KHIDOOULVH                                           
7KHULVHIDOO                                           
7KHLQWRQDWLRQSKUDVH                                       
,QWHUQDODQDO\VLVRIWKHLQWRQDWLRQXQLW                      
)XUWKHUUHDGLQJ                                                  
([HUFLVHV                                                       

/(1*7+                                                   
,QWURGXFWLRQ                                              
/HQJWKDVUHSUHVHQWHGLQWKH(QJOLVKVSHOOLQJV\VWHP              
)XUWKHUGHWDLOVRIOHQJWKLQ(QJOLVK                            
/HQJWKLQWKHKLVWRU\RI(QJOLVK                            
/HQJWKLQ0RGHUQ(QJOLVK                                
*HQHUDO                                           
3UH)RUWLV&OLSSLQJ                                  
)XUWKHUUHDGLQJ                                                  
([HUFLVHV                                                       

&203$5,1*6281'6<67(06(1*/,6+63$1,6+$1'
&$7$/$1                                                     
,QWURGXFWLRQ                                              
&RQWHQWV 

0HWKRGRORJ\                                             
7KHVRXQGV\VWHPVRI(QJOLVK6SDQLVKDQG&DWDODQ               
7KHYRZHOV                                            
+LDWXV                                            
7KHGLSKWKRQJV                                         
7KHFRQVRQDQWV                                         
7KHSORVLYHV                                       
7KHIULFDWLYHVDQGDIIULFDWHV                           
7KHQDVDOV 
7KHOLTXLGV                                        
&RQVRQDQWFOXVWHUV                                      
,QLWLDOFOXVWHUV 
)LQDOFOXVWHUV                                      
,QWUDV\OODELFFOXVWHUV                                
)XUWKHUUHDGLQJ                                                  
([HUFLVHV                                                       

7+(3+21(0($1'',67,1&7,9()($785(6               
,QWURGXFWLRQ                                              
2WKHUH[DPSOHVRISKRQHPHVDQGDOORSKRQHV                    
1HXWUDOL]DWLRQRISKRQHPHV                                  
'LDSKRQHVDQGYDULSKRQHV                                   
3UREOHPVLQSKRQHPLFDQDO\VLV                               
3KRQHWLFVLPLODULW\ 
7KH%LXQLTXHQHVV3ULQFLSOH                               
3UREOHPVRIVHJPHQWDWLRQ                                
'LVWLQFWLYHIHDWXUHWKHRU\                                    
,QWURGXFWLRQ                                           
'LVWLQFWLYHIHDWXUHV-DNREVRQDQG&KRPVN\                 
'LVWLQFWLYHIHDWXUHVIRU(QJOLVK                            
0DMRU&ODVV)HDWXUHV                                
)HDWXUHVIRUFRQVRQDQWV                              
)HDWXUHVIRUYRZHOV                                  
'LVWLQFWLYHIHDWXUHWKHRU\DQGWKHSKRQHPH                   
3KRQRORJLFDOUXOHV                                         
7UXEHW]NR\DQGWKHWKHRU\RIGLVWLQFWLYHRSSRVLWLRQV              
)XUWKHUUHDGLQJ                                                  
([HUFLVHV                                                       

7+(6<//$%/(                                            
,QWURGXFWLRQ                                              
7KHFRPSRVLWLRQRIWKHV\OODEOH                               
 (QJOLVK3KRQHWLFVDQG3KRQRORJ\IRU6SDQLVK6SHDNHUV

7KHRULHVRIWKHV\OODEOH                                     
7KH6RQRULW\7KHRU\                                     
-RKQ:HOOV¶WKHRU\RIV\OODELFLW\                            
)XUWKHUUHDGLQJ                                                  
([HUFLVHV                                                       

6281'&+$1*(                                           
,QWURGXFWLRQ                                              
2EVHUYDELOLW\RIVRXQGFKDQJH                             
*UDGXDOQHVVYHUVXVDEUXSWQHVV                            
5HJXODULW\YHUVXVLUUHJXODULW\                             
)DFWRUVZKLFKFRQVWUDLQUHJXODULW\                         
6RXQGFKDQJHFRQGLWLRQHGRUXQFRQGLWLRQHG"                
'LUHFWLRQDOLW\RIFKDQJH                                  
7KHRULHVRIVRXQGFKDQJH                                    
7KH(DVH7KHRU\                                        
7KHIXQFWLRQDOYLHZRIODQJXDJHFKDQJH                     
7KHOLQJXLVWLFVXEVWUDWXPVXSHUVWUDWXPDQGDGVWUDWXP         
6RFLROLQJXLVWLFYDULDWLRQ                                 
7KH,QYLVLEOH+DQG7KHRU\                                
&RQFOXVLRQ                                            
5HJXODUVRXQGFKDQJH                                      
7KH*UHDW(QJOLVK9RZHO6KLIW *(96                       
*ULPP¶V/DZ                                          
7KH+LJK*HUPDQ&RQVRQDQW6KLIW                         
2WKHUUHJXODUVRXQGFKDQJHV                              
,UUHJXODUVRXQGFKDQJH                                      
2PLVVLRQDQGDGGLWLRQRIVRXQGV                           
$SKDHUHVLV                                         
6\QFRSH                                           
$SRFRSH                                          
3URWKHVLV                                          
(SHQWKHVLV                                         
3DUDJRJH                                          
$VVLPLODWLRQ                                           
$VVLPLODWLRQDIIHFWLQJFRQVRQDQWV                      
$VVLPLODWLRQDIIHFWLQJYRZHOV                          
'LVVLPLODWLRQ                                          
0HWDWKHVLV                                            
$FRXVWLFHTXLYDOHQFH                                    
0HWDQDO\VLV                                           
+\SHUFRUUHFWLRQ                                        
&RQWHQWV 

)RONHW\PRORJ\                                         
$QDORJ\                                              
7KHHIIHFWRIVRXQGFKDQJHRQSKRQRORJLFDOV\VWHPVVSOLWV
DQGPHUJHUV                                                   
6SOLWV                                                 
0HUJHUV                                              
2QWKHGDWLQJRIVRXQGFKDQJH                                
)XUWKHUUHDGLQJ                                                  
([HUFLVHV                                                       

$33(1',;$3$66$*(6)253+21(7,&75$16&5,37,21      
$33(1',;%%5,7,6+$1'$0(5,&$1(1*/,6+               
)XUWKHUUHDGLQJ                                                  
([HUFLVHV                                                       

%,%/,2*5$3+<                                               
*/266$5<2)7(50,12/2*< (QJOLVK6SDQLVK                
.(<72(;(5&,6(6                                           
,1'(;                                                        
,//8675$7,216

7KLVOLVWRIFDSWLRQHGLOOXVWUDWLRQVGRHVQRWLQFOXGHWKH¿JXUHVWKDWDFFRPSDQ\WKH
GHVFULSWLRQVRIHDFKRIWKHYRZHOVGLSKWKRQJVDQGFRQVRQDQWVRI(QJOLVKLQVHFWLRQV
DQG

 3$*(
)LJXUH 7KHOHYHOVRIODQJXDJH                                                
)LJXUH 6RXQGV SKRQHV DOORSKRQHVDQGSKRQHPHV                               
)LJXUH $OORSKRQHVDQGSKRQHPHV                                             
)LJXUH 7KHRUJDQVRIVSHHFK                                                 
)LJXUH 7KHODU\Q[IURQWDQGVLGHYLHZV                                        
)LJXUH $VLPSOHZDYHIRUP                                                  
)LJXUH &RPSOH[ZDYHIRUPVKRZLQJWKUHHSHDNVRIGLIIHUHQWIUHTXHQF\               
)LJXUH :DYHIRUPRIWKH(QJOLVKZRUGODVKDVVSRNHQE\WKHDXWKRU                  
)LJXUH +RZWKHJORWWLVRSHQVDQGFORVHV                                        
)LJXUH 7KHYDULRXVVWDWHVRIWKHJORWWLV                                         
)LJXUH 7KHSDUWVRIWKHWRQJXH                                                
)LJXUH )URQWYLHZRIÀDWWRQJXH                                               
)LJXUH )URQWYLHZRIVXOFDOL]HGWRQJXH                                         
)LJXUH 7RQJXHSRVLWLRQVIRU(QJOLVK>‫@ޝܤ‬DQG>N@                                 
)LJXUH 6SHFWURJUDPRIWKH(QJOLVKZRUGODVKDVVSRNHQE\WKHDXWKRU                
)LJXUH 5HODWLRQVKLSEHWZHHQYRZHOKHLJKWDQG)YDOXHDQGYRZHOIURQWQHVV
  DQG)YDOXH                                                      
)LJXUH $SSUR[LPDWH)DQG)YDOXHVIRUIRXU(QJOLVKYRZHOV                      
)LJXUH 9HOLFFORVXUHDQGYHODUFORVXUHGXULQJWKHDUWLFXODWLRQRI>N@DQG>ܳ@            
)LJXUH 7KHDUHDLQWKHPRXWKLQZKLFKYRZHOVRXQGVDUHSURGXFHGE\WKHFKDQJLQJ
  VKDSHRIWKHWRQJXH                                                
)LJXUH 7KHWZHOYH(QJOLVKYRZHOSKRQHPHV                                    
)LJXUH 7KH(QJOLVKYRZHOL‫                                               ޝ‬ 
)LJXUH 7RQJXHVKDSHIRUWKH(QJOLVKYRZHOL‫                                 ޝ‬ 
)LJXUH $SSUR[LPDWHWRQJXHSRVLWLRQVIRU(QJOLVK DQGX‫ ޝ‬ 
)LJXUH 7RQJXHVKDSHIRU(QJOLVK                                            
)LJXUH 7RQJXHVKDSHIRU(QJOLVKX‫                                         ޝ‬ 
)LJXUH 7KHWHUPLQRORJ\XVHGWRLQGLFDWHWRQJXHKHLJKWDQGWKHSDUWRIWKHWRQJXHZKLFK
LVUDLVHGGXULQJWKHDUWLFXODWLRQRIYRZHOV                               
)LJXUH 7KH)UHQFKIURQWURXQGHGRUDOYRZHOV                                    
)LJXUH 7KH(QJOLVKGLSKWKRQJV                                               
)LJXUH 9RZHOV\VWHPVRIWKHZRUOG¶VODQJXDJHVLOOXVWUDWLYHH[DPSOHV                
 (QJOLVK3KRQHWLFVDQG3KRQRORJ\IRU6SDQLVK6SHDNHUV

)LJXUH 7KHFHQWUDOYRZHOVRI(QJOLVKDQG3RUWXJXHVH                             
)LJXUH 7KH&DUGLQDO9RZHOV                                                 
)LJXUH 7KH6SDQLVKDSLFRDOYHRODU>V@                                         
)LJXUH 7KH(QJOLVKEODGHDOYHRODU>V@                                          
)LJXUH (QJOLVK³GDUN´>O@                                                    
)LJXUH 7KH³FOHDU´>O@RI6SDQLVKDVLQSDOD                                     
)LJXUH 7KH6SDQLVKSDODWDO>‫                                              @ݠ‬ 
)LJXUH 7KHSODFHRIDUWLFXODWLRQRIWKH(QJOLVKFRQVRQDQWV                         
)LJXUH 7KH(QJOLVKFRQVRQDQWVDFFRUGLQJWRSODFHDQGPDQQHURIDUWLFXODWLRQ          
)LJXUH 7KH,QWHUQDWLRQDO3KRQHWLF$OSKDEHW UHYLVHGWR                        
)LJXUH <RGLQ6WDQGDUG6RXWKHUQ%ULWLVKDQG*HQHUDO$PHULFDQ                     
)LJXUH 3URJUHVVLYHDQGUHJUHVVLYHDVVLPLODWLRQ                                  
)LJXUH 5K\WKP5HYHUVDOjXWRPiWLFStORW!iXWRPDWLFStORW                         
)LJXUH 6WUHVVSUHIHUHQFHVRIDUDQGRPVDPSOHRIQDWLYH(QJOLVKWHDFKHUVUHVLGHQW
  LQ%DUFHORQDDQG6DUDJRVVD                                          
)LJXUH 7KHZRUGVULGHUDQGZULWHUDVVDLGE\WKHDXWKRURQDIDOOLQJWRQH
  &'WUDFN                                                      
)LJXUH 7KH0DQGDULQ&KLQHVHZRUGPDSURQRXQFHGRQIRXUGLIIHUHQWWRQHVE\DIHPDOH
VSHDNHU &'WUDFN                                               
)LJXUH 7KHSLWFKSDWWHUQVLQ6WRFNKROP6ZHGLVKIRUSDLUVRIZRUGVOLNHEXUHQµWKHFDJH¶
  DQGEXUHQµERUQH¶                                                  
)LJXUH 7KH(QJOLVKZRUG\HVVDLGE\WKHDXWKRURQWKHIROORZLQJWXQHV
  ORZIDOOKLJKIDOOORZULVHKLJKULVHIDOOULVHULVHIDOO                    
)LJXUH 7\SLFDO(QJOLVKXWWHUDQFHVVKRZLQJWKHQXFOHXVDQGRQHRUPRUH
  RIWKHRWKHUSDUWV                                                   
)LJXUH 7\SLFDO(QJOLVKXWWHUDQFHVZLWKDIDOOLQJDQGULVLQJQXFOHXV                   
)LJXUH (QJOLVKXWWHUDQFHZLWKDVWHSSLQJKHDGEHIRUHWKHQXFOHXV                    
)LJXUH /RQJDQGVKRUWYDOXHVLQ(QJOLVKIRUHDFKRIWKH¿YHYRZHOOHWWHUV             
)LJXUH 7KHV\PPHWULFDO¿YHYRZHOV\VWHPRI6SDQLVK                            
)LJXUH 7KHYRZHOVRI(QJOLVKDQG&DWDODQ                                      
)LJXUH 7KHYRZHOVRI&DWDODQ %DUFHORQD H[DPSOHV                             
)LJXUH 7KHYRZHOVRI9DOHQFLDQH[DPSOHV                                      
)LJXUH 7KHFRQVRQDQWSKRQHPHVRI(QJOLVK6SDQLVKDQG&DWDODQ                    
)LJXUH :DYHIRUPRIWKH(QJOLVKZRUGVWRQVWXQDQGGRQHDVSURQRXQFHG
  E\WKHDXWKRU                                                     
)LJXUH -DNREVRQ¶VDQG&KRPVN\¶V'LVWLQFWLYH)HDWXUHV                            
)LJXUH 'LVWLQFWLYHIHDWXUHVIRU(QJOLVKFRQVRQDQWV                                
)LJXUH 'LVWLQFWLYHIHDWXUHVIRU(QJOLVKYRZHOV                                   
)LJXUH 'LVWLQFWLYHIHDWXUHVIRUD¿YHYRZHOV\VWHP                               
)LJXUH 7KHFRPSRVLWLRQRIWKHV\OODEOH                                         
)LJXUH 7KHVRQRULW\SHDNVDQGWURXJKVRIWKH(QJOLVKZRUGS\MDPDV                 
)LJXUH 6RQRULW\VFDOHRIWKHVRXQGVRI(QJOLVK                                   
)LJXUH 7KH*UHDW(QJOLVK9RZHO6KLIW                                         
)LJXUH 7KH*UHDW(QJOLVK9RZHO6KLIW                                         
)LJXUH *ULPP¶V/DZ                                                      
)LJXUH *ULPP¶V/DZ                                                      
)LJXUH *ULPP¶V/DZ                                                      
)LJXUH 7KH+LJK*HUPDQ&RQVRQDQW6KLIW                                      
)LJXUH 2PLVVLRQDQGDGGLWLRQRIVRXQGVLQZRUGV                                
)LJXUH 7\SHVRIDVVLPLODWLRQ                                                 
)LJXUH 66%DQG$PHULFDQ(QJOLVKYRZHOV                                      
35()$&(

, WDXJKW (QJOLVK 3KRQHWLFV DQG 3KRQRORJ\ RQ P\ RZQ DW WKH 8QLYHUVLW\
RI %DUFHORQD IURP  WR WKH HDUO\ ¶V KDYLQJ SUHYLRXVO\ EHHQ LQ FKDUJH RI
WKH VXEMHFW DW WKH 8QLYHUVLW\ RI 6DUDJRVVD IURP  WR  &ODVVHV ZHUH RIWHQ
RYHUFURZGHG DQG WKH DFRXVWLF FRQGLWLRQV XVXDOO\ SRRU 1HYHUWKHOHVV GHVSLWH WKHVH
VHWEDFNV DQG WKH LQWULQVLF GLI¿FXOW\ VXFK D WHFKQLFDO VXEMHFW SUHVHQWHG WR PDQ\
VWXGHQWV DOO RI WKHP UHFRJQL]HG LW DV D YDOXDEOH SDUW RI WKHLU OLQJXLVWLF WUDLQLQJ
DQG WKURXJKRXW WKHVH \HDUV , ZDV VRPHWLPHV DVNHG ZKHWKHU , LQWHQGHG WR SXEOLVK
WKHFRQWHQWRIP\FRXUVH6XEVHTXHQWO\VDZWKH¿UVWHGLWLRQRIP\$&RXUVH
LQ3KRQHWLFVDQG3KRQRORJ\IRU6SDQLVK/HDUQHUVRI(QJOLVK (8%8QLYHUVLW\RI
%DUFHORQD 
7KLV ¿UVW HGLWLRQ OHIW PXFK WR EH GHVLUHG DV UHJDUGV IRUPDWWLQJ DQG JHQHUDO
OD\RXWEXWVHUYHGLWVSXUSRVHIRUVHYHUDO\HDUVE\SURYLGLQJVWXGHQWVZLWKEDFNXS
PDWHULDOWRP\FODVVHVZKLFKSULRUWRZHUHRQO\VXSSOHPHQWHGE\DQDQWKRORJ\
RIQRWHVDOWKRXJKRIFRXUVHVWXGHQWVZHUHDOZD\VUHIHUUHGWRWKHVWDQGDUGZRUNVRI
-RQHVDQG*LPVRQ7KDQNVWRXVHIXOIHHGEDFNIURPERWKFROOHDJXHVDQGVWXGHQWVLQ
,ZDVDEOHWRSURGXFHDUHYLVHGYHUVLRQZKLFKXSGDWHGWKHSKRQHWLFV\PEROV
DQG LQFOXGHG PRUH SKRQHWLF WUDQVFULSWLRQ RI H[DPSOHV WKDQ WKH SUHYLRXV HGLWLRQ
7KLVVHFRQGHGLWLRQZDVVWLOOGH¿FLHQWLQPDQ\ZD\VQRWOHDVWWKHW\SHVHWWLQJDQG
JHQHUDOSUHVHQWDWLRQVRLQWKHROGFRXUVHERRNEHFDPH(QJOLVK3KRQHWLFVDQG
3KRQRORJ\ IRU 6SDQLVK 6SHDNHUV SXEOLVKHG E\ 8% QR  LQ LWV 0DQXDOV VHULHV
7KLVZDVDUHZULWWHQYHUVLRQRIWKHROGWH[WZLWKDFKDSWHURQWKHV\OODEOHDGGHGSOXV
PDQ\QHZH[HUFLVHVWKURXJKRXWWKHZRUNDQGQXPHURXVFKDQJHVDQGQHZH[DPSOHV
DIWHUH[WHQVLYHUHYLVLRQ7KHVDPHGHVLUHWRLPSURYHWKHH[LVWLQJYHUVLRQDQGNHHS
XSZLWKSURJUHVVLQWKH¿HOGKDVSURYLGHGWKHLPSHWXVIRUWKLVVHFRQGHGLWLRQZKLFK
LQFRUSRUDWHV WKH PRGL¿FDWLRQV WR WUDQVFULSWLRQ LQ WKH /RQJPDQ 3URQXQFLDWLRQ
'LFWLRQDU\DVSUHVHQWHGLQWKHWKLUGHGLWLRQ /3' QRWDEO\WKHH[WHQGHGXVH
RIWKHXQVWUHVVHG)/((&(YRZHO VHHFKDSWHU DQGWDNHVDFFRXQWRIWKHUHFHQWVKLIWV
LQWKHDUWLFXODWLRQRIWKHYRZHOVRI53 RU66%DVVRPHSUHIHUWRODEHOWKHPRGHO 
$OWKRXJK RQ WKH ZKROH , IROORZ /3' DV UHJDUGV SKRQHWLF QRWDWLRQ IRU (QJOLVK
WKHUHDUHDIHZPLQRUFDVHVLQZKLFK,GLVDJUHHZLWK:HOOV¶WUDQVFULSWLRQ,WLVDIWHU
DOOH[WUHPHO\GLI¿FXOWWRGHFLGHRQVRPHRFFDVLRQVZKLFKZHDNYRZHOLVDFWXDOO\
 (QJOLVK3KRQHWLFVDQG3KRQRORJ\IRU6SDQLVK6SHDNHUV

XVHGLQDQXQVWUHVVHGV\OODEOH6XFKLVWKHFDVHRIWKHZRUGHYHQWIRUZKLFK/3'
JLYHVܼ‫ޖ‬YHQWEXWZKLFKFRXOGMXVWDVHDVLO\DQGPRUHFRQVLVWHQWO\EHUHSUHVHQWHG
DVL‫ޖ‬YHQW8VHRIWKH.,7YRZHOKHUHVHHPVXQQHFHVVDULO\FRQIXVLQJDVLWFRQWUDGLFWV
:HOOV¶UXOHVIRUXVHRIWKHXQVWUHVVHG)/((&(YRZHODVVHWRXWLQ/3'EXWIRUWXQDWHO\
VXFKFDVHVDUHIHZDQGIDUEHWZHHQ
$V 3KRQHWLFV KDV EHFRPH LQFUHDVLQJO\ WHFKQLFDO DQG H[SHULPHQWDO LQ UHFHQW
\HDUVLWDOVRVHHPHGHVVHQWLDOWRLQFOXGHVRPHH[SODQDWLRQRIGDWDREWDLQHGIURPWKH
DFRXVWLFDQDO\VLVRIVSHHFK WKRXJKWKHUHDUHVWLOOPRGHUQHOHPHQWDU\FRXUVHERRNVLQ
WKHVXEMHFWWKDWPDQDJHYHU\ZHOOZLWKRXWLW±QRWDEO\5RDFK $FFRUGLQJO\WKH
WH[WKDVEHHQSURYLGHGZLWKDOLPLWHGQXPEHURIZDYHIRUPVVSHFWURJUDPVDQG)
WUDFLQJVWKRXJKDQ\RQHZLVKLQJWRORRNIXUWKHULQWRWKHVHDVSHFWVRIWKHSK\VLFVRI
VSHHFKZLOOQHHGWRFRQVXOWWKHPRUHVSHFLDOL]HGERRNVRQWKHPDUNHWVXFKDV$VKE\
0DLGPHQWRU&ODUN<DOORS )OHWFKHU
7KHSUHVHQWWH[WSURYLGHVUDWKHUPRUHGHWDLOLQVRPHDUHDVVXFKDVWKHVXSUD
VHJPHQWDOVWKDQWKHDYHUDJHLQWURGXFWRU\FRXUVHRQ(QJOLVKSKRQHWLFVDQGSKRQRORJ\
EXW LW LV KRSHG WKDW LW ZLOO VHUYH ERWK EHJLQQHUV DQG PRUH DGYDQFHG VWXGHQWV DQG
WHDFKHUVDOLNH3KRQHWLFVDQG3KRQRORJ\LQWKH(QJOLVK'HSDUWPHQWRIWKH8QLYHUVLW\
RI%DUFHORQDLVQRZWDXJKWLQWZRSDUWVODVWLQJDVHPHVWHUHDFKVRWKDWVRPHFKDSHUV
RIWKHERRNFDQEHFRYHUHGLQ)RQqWLFDL)RQRORJLD$QJOHVD,DQGRWKHUVLQ)RQqWLFD
L)RQRORJLD$QJOHVD,,DQGVWXGHQWVDQGDFDGHPLFVIURPRWKHULQVWLWXWLRQVZLOOEH
DEOHWRDGDSWWKHERRNWRWKHLURZQQHHGV7KHUHLVDOVRDEXQGDQWPDWHULDOIRUVWXGHQWV
RI+LVWRU\RI/DQJXDJHDQGIRUODQJXDJHHQWKXVLDVWVLQJHQHUDOWRGHOYHLQWR
7KDQNVWRWKHDUWLVWU\RI-RDQ&DUOHV0RUDWKHUHDUHPDQ\LOOXVWUDWLRQVRIWKH
RUJDQV RI VSHHFK DQG LQ SDUWLFXODU WKH VDJLWWDO VHFWLRQV RI WKH VSHHFK RUJDQV WKDW
VKRZWKHDUWLFXODWLRQRIWKHLQGLYLGXDOVRXQGVRI(QJOLVKLQFKDSWHU$GYDQFHVLQ
DXGLRWHFKQRORJ\KDYHDOORZHGPHWRSURGXFHEHWWHUUHFRUGHGPDWHULDODQGDGGWR
WKDWDOUHDG\SUHVHQWHGRQWKH&'DFFRPSDQ\LQJSUHYLRXVHGLWLRQV
,GHFLGHGWRHOLPLQDWHPRVWRIWKHUHFRUGLQJVRIVRXQGVIURPODQJXDJHVRWKHU
WKDQ(QJOLVKZKLFK,XVHGLQP\DQGSXEOLFDWLRQVLQRUGHUWRFRQVWUDLQ
WKH VFRSH RI WKH ERRN )RU WKH VDPH UHDVRQ WKH RULJLQDO FKDSWHU  RI WKH 
SXEOLFDWLRQDQGYDULRXVDSSHQGLFHVKDYHDOVREHHQUHPRYHGH[FHSWIRUWKHRQHRQ
%ULWLVKDQG$PHULFDQ(QJOLVKZKLFKKDVEHHQUHYLVHGDQGH[SDQGHGLQYLHZRIWKH
HTXDOLPSRUWDQFHRIWKHWZRYDULHWLHVDURXQGWKHZRUOG
%LEOLRJUDSKLHVDUHQRWRULRXVO\IUXVWUDWLQJWRXSGDWHLQWKLVDJHRILQIRUPDWLRQ
ZKHQQHZHGLWLRQVRISXEOLFDWLRQVDSSHDUZLWKDODUPLQJIUHTXHQF\EXWLWLVKRSHG
WKDWDWOHDVWLQWKHPRVWLPSRUWDQWFDVHVWKHODWHVWHGLWLRQRIZRUNVKDVEHHQFLWHG

%ULDQ0RWW
2FWREHU
3+21(7,&6$1'3+212/2*<

,QWURGXFWLRQ

3KRQHWLFVLVDQHPSLULFDOVFLHQFH LHRQHEDVHGRQWKHREVHUYDWLRQRIIDFWV ZKLFK
VWXGLHVKXPDQVSHHFKVRXQGV,WWHOOVXVKRZVRXQGVDUHSURGXFHGWKXVGHVFULELQJWKH
DUWLFXODWRU\DQGDFRXVWLFSURSHUWLHVRIVRXQGVDQGIXUQLVKHVXVZLWKPHWKRGVIRUWKHLU
FODVVL¿FDWLRQ,WLVFRQFHUQHGZLWKWKHKXPDQVRXQGSURGXFLQJFDSDFLW\LQJHQHUDODQG
H[DPLQHVWKHZKROHUDQJHRISRVVLEOHVSHHFKVRXQGV7KHUHIRUHWKHLQIRUPDWLRQZKLFK
LVDIIRUGHGE\SKRQHWLFVQHHGQRWDSSO\QHFHVVDULO\WRDQ\ODQJXDJHLQSDUWLFXODU7KH
VXEMHFWLVDSXUHVFLHQFHDQGVWULFWO\VSHDNLQJLWGRHVQRWIRUPSDUWRIOLQJXLVWLFV
DOWKRXJK QDWXUDOO\ LW SOD\V DQ LPSRUWDQW UROH LQ WKH WHDFKLQJ RI IRUHLJQ ODQJXDJHV
,WLVDOVRXVHIXOLQWKHDFTXLVLWLRQRIJRRGGLFWLRQLQVSHHFKWKHUDS\IRUSHRSOHZLWK
VSHHFKLPSHGLPHQWVLQKHOSLQJWKHGHDIDQGGHDIPXWHVDQGLQVRXQGWUDQVPLVVLRQ
$VLVNQRZQYRZHOVDUHPDGHXSRIIRUPDQWVLHDQXPEHURIGLIIHUHQWIUHTXHQFLHV
WKHPRVWGRPLQDQWRIZKLFKFRPELQHWRSURGXFHWKHLUGLVWLQFWLYHTXDOLWLHV2QO\WKH
¿UVW WZR IRUPDQWV DUH HVVHQWLDO IRU WKH LGHQWL¿FDWLRQ RI D YRZHO DQG WKLV IDFW LV RI
VSHFLDOLQWHUHVWWRUHVHDUFKHUVLQVXFK¿HOGVDVWHOHFRPPXQLFDWLRQVVSHHFKV\QWKHVLV
DQG$XWRPDWLF6SHHFK5HFRJQLWLRQ $65 2QHRIWKHDSSOLFDWLRQVRI$65LVWREH
IRXQGLQWKH¿HOGRIDYLDWLRQ,IPDFKLQHVFDQEHWUDLQHGWRUHVSRQGWRPHVVDJHVWKHQ
PDQ\RIWKHWDVNVQRUPDOO\SHUIRUPHGE\SLORWVFDQEHWDNHQRYHUE\WKHPZKLFK
PHDQVWKDWWKHSLORWZLOOKDYHKLVKDQGVIUHHWRFDUU\RXWPRUHLPSRUWDQWMREV
3KRQHWLFVLVGLYLGHGLQWRWKUHHPDLQEUDQFKHV

 L $57,&8/$725<3+21(7,&6ZKLFKVWXGLHVWKHQDWXUHDQGOLPLWVRI
WKHKXPDQDELOLW\WRSURGXFHVSHHFKVRXQGVDQGGHVFULEHVWKHZD\WKHVH
VRXQGVDUHGHOLYHUHG
 LL $&2867,& 3+21(7,&6 ZKLFK VWXGLHV WKH SK\VLFDO SURSHUWLHV RI
VSHHFKVRXQGV HJSLWFKIUHTXHQF\DQGDPSOLWXGH GXULQJWUDQVPLVVLRQ
IURPVSHDNHUWRKHDUHU IURPPRXWKWRHDU 
LLL  $8',725< 3+21(7,&6 ZKLFK LV FRQFHUQHG ZLWK KHDULQJ DQG WKH
SHUFHSWLRQ RI VSHHFK RU RXU UHVSRQVH WR VSHHFK VRXQGV DV UHFHLYHG
WKURXJKWKHHDUDQGEUDLQ

 (QJOLVK3KRQHWLFVDQG3KRQRORJ\IRU6SDQLVK6SHDNHUV

8QOLNHSKRQHWLFVSKRQRORJ\LVDEUDQFKRIOLQJXLVWLFVWKHRWKHUPDMRUDUHDV
EHLQJJUDPPDU LQFOXGLQJV\QWD[ DQGVHPDQWLFV,ISKRQHWLFVSURYLGHVGHVFULSWLRQV
RIVRXQGVDQGZD\VRIFODVVLI\LQJWKHPSKRQRORJ\LVDNLQGRIIXQFWLRQDOSKRQHWLFV
ZKLFKHPSOR\VWKLVGDWDWRVWXG\WKHVRXQGV\VWHPVRIODQJXDJHV,WDSSOLHVOLQJXLVWLF
FULWHULD WR WKH PDWHULDO SURYLGHG E\ SKRQHWLFV VR LWV FRQFHUQ LV VFLHQWL¿F WKHRU\
VWXG\LQJWKHOLQJXLVWLFIXQFWLRQVRIVRXQGV
2XW RI DOO WKH VSHHFK VRXQGV ZKLFK LW LV SRVVLEOH WR SURGXFH LQGLYLGXDO
ODQJXDJHV PDNH XVH RI RQO\ D VPDOO QXPEHU VHH ¿JXUH   7KXV WKH\ DFW UDWKHU
OLNHDVLHYH7KHVRXQGVZKLFKDUHXVHGYDU\IURPODQJXDJHWRODQJXDJHDQGZLWKLQ
HDFK ODQJXDJH WKHVH VRXQGV UHVROYH WKHPVHOYHV LQWR ³IDPLOLHV´ DQG IRUP D V\VWHP
RIFRQWUDVWV,WLVWKHVHFRQWUDVWVZKLFKDUHRILQWHUHVWWRWKHSKRQRORJLVWZKRXVHV
WKH WHUPV ',67,1&7,9( &2175$67,9( )81&7,21$/ RU ,1)250$7,21
%($5,1*WRGHVFULEHVXFKRSSRVLWLRQVDVWKDWRINDQGELQWKHZRUGVFDWDQG
EDWLQ(QJOLVK7KHVRXQGVNDQGEKDYHDVHPDQWLFYDOXHLQWKDWWKH\VHUYHWR
GLVWLQJXLVKZRUGVLQ(QJOLVKDQGDUHFDOOHG3+21(0(6ZKLFKDUHWKHEDVLFXQLWV
RISKRQRORJ\
,WLVLPSRUWDQWWRGLVWLQJXLVKWKHVHFRQWUDVWLYHXQLWVSKRQHPHVZKLFKKDYH
DFRPPXQLFDWLYHYDOXHZLWKLQDJLYHQODQJXDJHV\VWHPIURPRWKHUVRXQGVWKDWDUH
QRQFRQWUDVWLYH )RU H[DPSOH (QJOLVK KDV WZR SULQFLSDO W\SHV RI >O@ ZKLFK DUH
LPSUHVVLRQLVWLFDOO\ ODEHOOHG ³FOHDU´ DQG ³GDUN´ UHVSHFWLYHO\7KH VRFDOOHG ³FOHDU´
>O@RFFXUVEHIRUHYRZHOVDVLQWKHZRUGODNHWKHRWKHU>O@ V\PERO>ܽ@ DSSHDUVDIWHU
YRZHOVDVLQWKHZRUGVWDOODQGFKLOG1RZLI,VXEVWLWXWH³GDUN´>O@IRU³FOHDU´>O@LQ
ODNH,GRQRWFKDQJHWKHPHDQLQJRIWKHZRUG0\SURQXQFLDWLRQZLOOVRXQGDOLWWOH
RGGEHFDXVHRIWKHGLIIHUHQWGLVWULEXWLRQRIWKHWZRYDULHWLHVRI>O@LQ(QJOLVK ³GDUN´
>O@LVQRWXVHGEHIRUHYRZHOV EXWDVWKHUHLVQRSKRQHPLFRSSRVLWLRQEHWZHHQWKHVH
WZRVRXQGVQRVHPDQWLFFKDQJHRFFXUV7KHVHVLPLODUEXWQRQFRQWUDVWLYHVRXQGVDUH
FDOOHG$//23+21(6
,Q DGGLWLRQ WR WKH IDFW WKDW QRW DOO WKH GLIIHUHQW VRXQGV LQ D ODQJXDJH DUH
FRQWUDVWLYHLWLVHTXDOO\LPSRUWDQWWRQRWHWKDWGLIIHUHQWODQJXDJHVRUJDQL]HVRXQGV
GLIIHUHQWO\DQGKDYHGLIIHUHQWV\VWHPVRIFRQWUDVW VHH¿JXUH DIDFWZKLFKLVRI
VXSUHPHLPSRUWDQFHIRUWKHODQJXDJHOHDUQHU VHH ,Q(QJOLVKWKHWZRNLQGVRI>O@
ZHKDYHGHVFULEHGEHORQJWRWKHVDPHSKRQHPH QRWHWKDWWKHSKRQHPHLVQRWDVLQJOH
VRXQG EXWLQ5XVVLDQ³FOHDU´>O@DQG³GDUN´>O@DUHGLVWLQFWLYH7KLVPHDQVWKDW
LIZHVXEVWLWXWH³GDUN´>O@IRU³FOHDU´>O@LQFHUWDLQ5XVVLDQZRUGVZHPD\SURGXFH
RWKHUZRUGVZLWKGLIIHUHQWPHDQLQJVMXVWDVLI,VXEVWLWXWHEIRUSLQWKH(QJOLVK
ZRUG SDW , SURGXFH D UHFRJQL]DEO\ GLIIHUHQW VHTXHQFH RI VRXQGV ZLWK D GLIIHUHQW
PHDQLQJRULI\RXOLNHDQRWKHU(QJOLVKZRUGEDW$QH[DPSOHLVSURYLGHGE\WKH
5XVVLDQ IRUP GDO ZKLFK PHDQV µGLVWDQFH¶ LI SURQRXQFHG ZLWK ³FOHDU´ >O@ EXW µKH
JDYH¶LISURQRXQFHGZLWK³GDUN´>O@
/HW XV WDNH DQRWKHU H[DPSOH ,Q DGGLWLRQ WR WKH WZR >O@VRXQGV GHVFULEHG
WKHUHLVDQRWKHULQ(QJOLVKZKLFKLVFDOOHGGHYRLFHG7RXQGHUVWDQGLQZKDWZD\WKLV
>O@LVGLIIHUHQWIURPWKHRWKHUVZHKDYHPHQWLRQHGVD\WKHZRUGVEODGHDQGSOD\HG
3KRQHWLFVDQG3KRQRORJ\ 

WR\RXUVHOI,I\RXWKHQWU\DQGLVRODWHWKHVHJPHQWV>EO@DQG>SO@DQGVD\WKHPE\
WKHPVHOYHVLWVKRXOGEHSRVVLEOHIRU\RXWRQRWLFHWKDWWKH>O@LQ>SO@LVQRWTXLWH
WKH VDPH DV WKH RQH LQ >EO@$W OHDVW WKH EHJLQQLQJ RI WKH >O@ LQ WKH VHTXHQFH >SO@
VRXQGVDVLILWLVSUHFHGHGE\DVSLUDWLRQ DQ>K@VRXQG 2QFHDJDLQKRZHYHUWKH
WZRW\SHVRI>O@GRQRWVHUYHWRGLVWLQJXLVKZRUGVWKH\GRQRWPDNHDQ\GLIIHUHQFH
WRPHDQLQJ2QWKHRWKHUKDQGWKH\PD\GRLQRWKHUODQJXDJHVDQGLQIDFWLQ:HOVK
WKHVHVRXQGVDUHLQRSSRVLWLRQ MXVWDVSDQGERUSDQGWIRUH[DPSOHDUHLQ
RSSRVLWLRQLQ(QJOLVK 
2WKHUH[DPSOHVRIDOORSKRQHVDUHSURYLGHGE\WKH>N@VRXQGVLQWKH(QJOLVK
ZRUGVFRRODQGNHHSWKH>S@VRXQGVRI(QJOLVKVSRWDQGSRWDQGWKH>V@DQG>]@LQ
6SDQLVKGHVHDUDQGGHVGHUHVSHFWLYHO\,QDOOWKHVHSDLUVRIZRUGVYDULDQWVRIVRXQGV
DUHXVHGGHSHQGLQJRQWKHSRVLWLRQLQZKLFKWKH\RFFXU%XWWKHVHSRVLWLRQDOYDULDQWV
DUHQRWSHUFHLYHGDVGLIIHUHQWE\WKHQDWLYHVSHDNHUDQGDVIDUDVVKHLVFRQFHUQHG
WKH\DUHWKHVDPHVRXQGMXVWDVVOLJKWO\GLIIHUHQWVKDGHVRIUHGDUHVWLOOUHGVDQGD
MDFNHWZLWKWZREXWWRQVDQGDMDFNHWZLWKWKUHHEXWWRQVDUHVWLOOMDFNHWV
,I \RX SURQRXQFH WKH ZRUGV NHHS DQG FRRO VORZO\ \RX VKRXOG EH DEOH WR
IHHO \RXU WRQJXH PDNLQJ FRQWDFW LQ HDFK FDVH ZLWK D GLIIHUHQW SDUW RI WKH URRI RI
WKHPRXWK,QNHHSWKHFRQWDFWLVPDGHIXUWKHUIRUZDUGWKDQLQFRRO+RZHYHUWKLV
GHJUHHRIIURQWQHVVGRHVQRWEULQJDERXWD6<67(0,&GLIIHUHQFHLHDFKDQJHLQ
WKHV\VWHPIURPRQHVRXQGWRDQRWKHUZLWKDFRQVHTXHQWFKDQJHRIZRUGPHDQLQJ,W
LVD1216<67(0,& 121',67,1&7,9(5('81'$1735(',&7$%/( 
IHDWXUHLQ(QJOLVK%XWWKHUHLVDODQJXDJH0DFHGRQLDQD6ODYRQLFODQJXDJHUHODWHG
WR %XOJDULDQ ZKLFK RSSRVHV WKHVH WZR NLQGV RI >N@7KXV LQ WKLV ODQJXDJH NXND
ZLWKWKH>N@RIFRROPHDQVµKRRN¶ZKHUHDVNXNMDZLWKWKH>N@RINHHSPHDQVµKRXVH¶
,Q (QJOLVK FHUWDLQ FRQVRQDQWV DUH DVSLUDWHG SURQRXQFHG ZLWK D SXII RI DLU
DIWHUWKHPUDWKHUOLNHDQ>K@ EHIRUHVWUHVVHGYRZHOV7KLVLVWKHFDVHRIWKH>S@LQSRW
2QWKHRWKHUKDQGLI>V@SUHFHGHVDVLQVSRWQRDVSLUDWLRQLVKHDUG7KHLPSRUWDQFH
RIWKLVDVSLUDWLRQLQ(QJOLVKDQGLWVDFWXDORFFXUUHQFHZLOOEHGHDOWZLWKODWHULQWKH
ERRN  EXWIRUWKHPRPHQWVXI¿FHLWWRVD\WKDWLWLVDUHGXQGDQW
IHDWXUH,IZHSURQRXQFHVSRWZLWKDQDVSLUDWHG>S@ZHZLOOQRWFKDQJHWKHZRUG
LWZLOOMXVWVRXQGVWUDQJH+RZHYHULQRWKHUODQJXDJHVDVSLUDWLRQPD\EHXVHGDVD
GLVWLQFWLYHIHDWXUH7KDLRSSRVHVDVSLUDWHGDQGXQDVSLUDWHG>S@DQGLQ+LQGLWKHUHDUH
QRWRQO\DVSLUDWHGDQGXQDVSLUDWHG>S@VRXQGVEXWDOVR>E@VRXQGVGLVWLQJXLVKHGE\
WKHSUHVHQFHRUDEVHQFHRIDVSLUDWLRQVRWKDWWKLVODQJXDJHKDVWKHSKRQHPHVSS‫ހ‬
EE‫ހ‬
(QJOLVKKDVWKHSKRQHPHVVDQG]LQZRUGVOLNH6XHDQG]RRUHVSHFWLYHO\
DQG 5RPDQLDQ DOVR XVHV WKLV FRQWUDVW YLUWXRV µYLUWXRXV¶ Y YLUWXR] µYLUWXRVR¶ ,Q
6SDQLVK WKHVH VRXQGV DOVR H[LVW EXW WKH\ DUH DOORSKRQHV RI WKH V SKRQHPH >]@
RFFXUVEHIRUHFHUWDLQFRQVRQDQWVOLNH>G@DQG>ܳ@DVLQGHVGHDQGGHVJDUUDUZKLOH>V@
RFFXUVLQRWKHUSRVLWLRQV VDEHUGHVHDUPiV 
7KHH[DPSOHVRISKRQHPLFRSSRVLWLRQZKLFKKDYHEHHQJLYHQVRIDUDUHDOO
FRQVRQDQWDOEXWODQJXDJHVDOVRKDYHGLIIHUHQWYRZHOFRQWUDVWV(QJOLVKIRUH[DPSOH
 (QJOLVK3KRQHWLFVDQG3KRQRORJ\IRU6SDQLVK6SHDNHUV

KDV WKH SKRQHPHV L‫ ޝ‬DQG ܼ ORQJ DQG VKRUW YDULHWLHV RI DQ >L@W\SH YRZHO ZKLFK
VHUYHWRGLVWLQJXLVKZRUGVOLNHVKHHSDQGVKLSEHDWDQGELWKHDWDQGKLWHWF0DQ\
ODQJXDJHVGRQRWKDYHVXFKDFRQWUDVWDQGVSHDNHUVRIWKHVHODQJXDJHV¿QGLWGLI¿FXOW
WRKHDUDQGPDNHWKHGLIIHUHQFHZKHQOHDUQLQJ(QJOLVK6LPLODUO\&DWDODQKDVWZR
W\SHVRI>H@DVH[HPSOL¿HGLQWKHZRUGVGpXµJRG¶ FORVH>H@ DQGGHXµWHQ¶ RSHQ>H@ 
0RUHZLOOEHVDLGDERXWWKHPHDQLQJRIWKHWHUPVFORVHDQGRSHQDVDSSOLHGWRYRZHOV
ODWHULQWKLVERRN  IRUWKHWLPHEHLQJZHFDQVLPSO\VD\WKDWWKHRSHQYDULHW\RI
>H@KDVDORZHUWRQJXHSRVLWLRQGXULQJDUWLFXODWLRQWKDQWKHFORVHYDULHW\6SDQLVKKDV
RQO\RQHSKRQHPHLQWKLVDUHDRIDUWLFXODWLRQHWKHUHIRUH6SDQLVKVSHDNHUVKDYH
GLI¿FXOW\LQGLVWLQJXLVKLQJWKHWZRDIRUHPHQWLRQHGSKRQHPHVRI&DWDODQDOWKRXJK
6SDQLVKGRHVLQIDFWKDYHDFORVHU>H@LQ SHUDµSHDU¶WKDQLQSHUUDµELWFK¶ZLWKQR
FRQWUDVWLYHYDOXH
$V ZH KDYH VHHQ WKH QRQGLVWLQFWLYH UHDOL]DWLRQDO YDULDQWV RI SKRQHPHV
FDOOHGDOORSKRQHV WHQGWRRFFXULQVSHFL¿FSKRQHWLFFRQWH[WVVRWKDWZHFDQVD\
WKDWWKH(QJOLVKSSKRQHPHKDVWZRSULQFLSDODOORSKRQHVRQHRIZKLFKLVDVSLUDWHG
DQGRFFXUVLQSDUWLFXODUEHIRUHVWUHVVHGYRZHOVDQGWKHRWKHUXQDVSLUDWHGRFFXUULQJ
DIWHU >V@$V WKHVH DOORSKRQHV GR QRW RFFXS\ WKH VDPH SRVLWLRQV LQ ZRUGV ZH VD\
WKH\DUHLQ&203/(0(17$5<',675,%87,217KHRSSRVLWHRIFRPSOHPHQWDU\
GLVWULEXWLRQLV)5((9$5,$7,21 VHH 
:RUGV OLNH VKHHS DQG VKLS FKLS DQG VKLS ZKLFK DUH GLVWLQJXLVKHG E\ RQH
SKRQHPHDUHFDOOHG0,1,0$/3$,56 VHHDOVR 
$VSKRQRORJ\LVFRQFHUQHGZLWKWKHVHPLRWLFYDOXHRIVRXQGVLWLVUHODWHGWR
VHPDQWLFV,QIDFW6DXVVXUHWKHIDWKHURIPRGHUQOLQJXLVWLFVDWWHPSWHGWRLQDXJXUDWH
D GLVFLSOLQH ODEHOOHG ³VHPLRORJLF SKRQHWLFV´ ZKLFK ZDV ODWHU WHQWDWLYHO\ UHQDPHG
³SKRQRORJ\´E\KLVIROORZHU$OEHUW6HFKHKD\H7KHWHUP³SKRQRORJ\´ZDVDGRSWHGE\
WKH3UDJXH6FKRRORI/LQJXLVWLFVLQWKHHDUO\¶VDQGKDVUHPDLQHGLQXVHVLQFHWKHQ



3KRQRWDFWLFV

$SDUW IURP GHVFULELQJ WKH VRXQG V\VWHP RI D ODQJXDJH DQG GHWHUPLQLQJ LWV
SKRQHPHLQYHQWRU\SKRQRORJ\LVDOVRFRQFHUQHGZLWKSKRQRWDFWLFVWKDWLVVWDWHPHQWV
RISHUPLVVLEOHVWULQJVRISKRQHPHV7ZRJLYHQODQJXDJHVPD\KDYHFHUWDLQVRXQGVLQ
FRPPRQEXWWKHVHVRXQGVPD\QRWEHFRPELQHGLQWKHVDPHZD\)RUH[DPSOHERWK
6SDQLVKDQG(QJOLVKKDYHWKHFRQVRQDQWVRXQGZKLFKZHFDOOWKHWD V\PERO>ș@±WKH
LQLWLDOVRXQGRIWKH(QJOLVKZRUGWKLQ EXWZKHUHDVLQ(QJOLVKWKHWDFDQEHIROORZHG
E\>U@DWWKHEHJLQQLQJRIZRUGV DVLQWKUHHWKUHDGWKULOOHWF LQ6SDQLVKWKLVLV
QRWDSRVVLEOHFRQVRQDQWVHTXHQFH6LPLODUO\5XVVLDQSHUPLWVLQLWLDO>ܳG@DVLQJGH
µZKHUH¶,WDOLDQKDVLQLWLDO>]E@DVLQVEDJOLRµPLVWDNH¶DQG&]HFKKDVLQLWLDO>KO@DV
LQKODYDµKHDG¶ZKLOH0RGHUQ(QJOLVKSRVVHVVHVQRQHRIWKHVHFRQVRQDQWFOXVWHUV

DOWKRXJK2OG(QJOLVKGLGLQIDFWKDYH>KO@LQPDQ\ZRUGVOLNHKOXGµORXG¶ 

You might also like