Citation
Factors affecting utilization of phosphorus by poultry

Material Information

Title:
Factors affecting utilization of phosphorus by poultry
Creator:
Waldroup, P. W ( Park William ), 1937-
Publication Date:
Language:
English
Physical Description:
viii, 119 leaves : ill. ; 28 cm.

Subjects

Subjects / Keywords:
Ashes ( jstor )
Body weight ( jstor )
Bones ( jstor )
Calcium ( jstor )
Cholecalciferols ( jstor )
Diet ( jstor )
Phosphates ( jstor )
Phosphorus ( jstor )
Phosphorus acids ( jstor )
Tibia ( jstor )
Animal Science thesis Ph. D
Dissertations, Academic -- Animal Science -- UF
Phosphorus -- Physiological effect ( lcsh )
Poultry -- Feeding and feeds ( lcsh )
Genre:
bibliography ( marcgt )
non-fiction ( marcgt )

Notes

Thesis:
Thesis (Ph. D.)--University of Florida, 1965.
Bibliography:
Bibliography: leaves 113-119.
General Note:
Typescript.
General Note:
Vita.
Statement of Responsibility:
by Park William Waldroup.

Record Information

Source Institution:
University of Florida
Holding Location:
University of Florida
Rights Management:
Copyright [name of dissertation author]. Permission granted to the University of Florida to digitize, archive and distribute this item for non-profit research and educational purposes. Any reuse of this item in excess of fair use or other copyright exemptions requires permission of the copyright holder.
Resource Identifier:
029884405 ( ALEPH )
24681064 ( OCLC )
ACF3891 ( NOTIS )
AA00004946_00001 ( sobekcm )

Downloads

This item has the following downloads:

factorsaffecting00wald.pdf

factorsaffecting00wald_0018.txt

factorsaffecting00wald_0020.txt

factorsaffecting00wald_0072.txt

factorsaffecting00wald_0040.txt

factorsaffecting00wald_0086.txt

factorsaffecting00wald_0071.txt

factorsaffecting00wald_0130.txt

factorsaffecting00wald_0021.txt

factorsaffecting00wald_0092.txt

factorsaffecting00wald_0031.txt

factorsaffecting00wald_0054.txt

factorsaffecting00wald_0063.txt

factorsaffecting00wald_0101.txt

factorsaffecting00wald_0046.txt

factorsaffecting00wald_0111.txt

factorsaffecting00wald_0058.txt

factorsaffecting00wald_0047.txt

factorsaffecting00wald_0056.txt

factorsaffecting00wald_0105.txt

factorsaffecting00wald_0050.txt

factorsaffecting00wald_0023.txt

factorsaffecting00wald_0033.txt

factorsaffecting00wald_0004.txt

factorsaffecting00wald_0029.txt

factorsaffecting00wald_0024.txt

factorsaffecting00wald_0027.txt

factorsaffecting00wald_0030.txt

factorsaffecting00wald_0100.txt

factorsaffecting00wald_0118.txt

factorsaffecting00wald_0010.txt

factorsaffecting00wald_0088.txt

factorsaffecting00wald_0064.txt

factorsaffecting00wald_0048.txt

factorsaffecting00wald_0067.txt

E1CREUT4V_K05WUN_xml.txt

factorsaffecting00wald_0079.txt

factorsaffecting00wald_0060.txt

factorsaffecting00wald_0066.txt

factorsaffecting00wald_0106.txt

factorsaffecting00wald_0016.txt

factorsaffecting00wald_0126.txt

factorsaffecting00wald_0035.txt

factorsaffecting00wald_0131.txt

factorsaffecting00wald_0006.txt

factorsaffecting00wald_0065.txt

factorsaffecting00wald_0025.txt

factorsaffecting00wald_0082.txt

factorsaffecting00wald_0124.txt

factorsaffecting00wald_0095.txt

factorsaffecting00wald_0074.txt

factorsaffecting00wald_0076.txt

factorsaffecting00wald_0002.txt

factorsaffecting00wald_0036.txt

factorsaffecting00wald_0112.txt

factorsaffecting00wald_0119.txt

factorsaffecting00wald_0132.txt

factorsaffecting00wald_0068.txt

factorsaffecting00wald_0012.txt

factorsaffecting00wald_0014.txt

AA00004946_00001_pdf.txt

factorsaffecting00wald_0019.txt

factorsaffecting00wald_0128.txt

factorsaffecting00wald_0080.txt

factorsaffecting00wald_0083.txt

factorsaffecting00wald_0005.txt

factorsaffecting00wald_0038.txt

factorsaffecting00wald_0121.txt

factorsaffecting00wald_0093.txt

factorsaffecting00wald_0034.txt

factorsaffecting00wald_0098.txt

factorsaffecting00wald_0069.txt

factorsaffecting00wald_0037.txt

factorsaffecting00wald_0084.txt

factorsaffecting00wald_0103.txt

factorsaffecting00wald_0122.txt

factorsaffecting00wald_0015.txt

factorsaffecting00wald_0001.txt

factorsaffecting00wald_0049.txt

AA00004946_00001.pdf

factorsaffecting00wald_0053.txt

factorsaffecting00wald_0129.txt

factorsaffecting00wald_0044.txt

factorsaffecting00wald_0115.txt

factorsaffecting00wald_0114.txt

factorsaffecting00wald_0110.txt

factorsaffecting00wald_0078.txt

factorsaffecting00wald_0041.txt

factorsaffecting00wald_0127.txt

factorsaffecting00wald_0043.txt

factorsaffecting00wald_0107.txt

factorsaffecting00wald_0013.txt

factorsaffecting00wald_0117.txt

factorsaffecting00wald_0007.txt

factorsaffecting00wald_0032.txt

factorsaffecting00wald_0000.txt

factorsaffecting00wald_0061.txt

factorsaffecting00wald_0057.txt

factorsaffecting00wald_0108.txt

factorsaffecting00wald_0096.txt

factorsaffecting00wald_0104.txt

factorsaffecting00wald_0113.txt

factorsaffecting00wald_0089.txt

factorsaffecting00wald_0116.txt

factorsaffecting00wald_0073.txt

factorsaffecting00wald_0022.txt

factorsaffecting00wald_0011.txt

factorsaffecting00wald_0123.txt

factorsaffecting00wald_0094.txt

factorsaffecting00wald_0008.txt

factorsaffecting00wald_0102.txt

factorsaffecting00wald_0026.txt

factorsaffecting00wald_0070.txt

factorsaffecting00wald_0062.txt

factorsaffecting00wald_0099.txt

factorsaffecting00wald_0042.txt

factorsaffecting00wald_0059.txt

factorsaffecting00wald_0097.txt

factorsaffecting00wald_0003.txt

factorsaffecting00wald_pdf.txt

factorsaffecting00wald_0052.txt

factorsaffecting00wald_0045.txt

factorsaffecting00wald_0081.txt

factorsaffecting00wald_0017.txt

factorsaffecting00wald_0120.txt

factorsaffecting00wald_0091.txt

factorsaffecting00wald_0028.txt

factorsaffecting00wald_0125.txt

factorsaffecting00wald_0085.txt

factorsaffecting00wald_0087.txt

factorsaffecting00wald_0077.txt

factorsaffecting00wald_0039.txt

factorsaffecting00wald_0051.txt

factorsaffecting00wald_0055.txt

factorsaffecting00wald_0075.txt

factorsaffecting00wald_0109.txt

factorsaffecting00wald_0009.txt

factorsaffecting00wald_0090.txt


Full Text












FACTORS AFFECTING UTILIZATION OF

PHOSPHORUS BY POULTRY



















By
PARK WILLIAM WALDROUP










A DISSERTATION PRESENTED TO THE GRADUATE COUNCIL OF
THE UNIVERSITY OF FLORIDA
IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE
DEGREE OF DOCTOR OF PHILOSOPHY











UNIVERSITY OF FLORIDA
April, 1965




FACTORS AFFECTING UTILIZATION OF
PHOSPHORUS BY POULTRY
By
PARK WILLIAM WALDROUP
A DISSERTATION PRESENTED TO THE GRADUATE COUNCIL OF
THE UNIVERSITY OF FLORIDA
IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE
DEGREE OF DOCTOR OF PHILOSOPHY
UNIVERSITY OF FLORIDA
April, 1965


ACKNCWIEDGEMENTS
The author is grateful to Dr. Robert H. Harms and Dr. C. B.
Ammerman for their assistance and guidance in planning and conducting
the research reported in this dissertation. Thanks are also given to
Dr. Melvin Fried, Dr. R. L. Shirley, Dr. T. J. Cunha, and Prof. N. R.
Mehrhof for their aid and suggestions.
The aid of R. G. Combs and R. B. Cake is sincerely acknowledged,
and to them goes much credit for the performance of the experiments
reported herein.
The author is indebted to the Smith-Douglass Company, Norfolk,
Va., for a grant-in-aid which helped make these studies possible.
To his wife, Janet, he wishes to express gratitude for her help
and efforts on behalf of this dissertation.


TABLE OF CONTENTS
Page
ACKNOWLEDGEMENTS i
LIST OF TABLES v
LIST OF FIGURES viii
CHAPTER
1 INTRODUCTION 1
2 MATERIALS AND METHODS U
3 THE INFLUENCE OF PHOSPHORUS LEVELS IN THE MATERNAL
DIET 6
Experimental Procedure 6
Results and Discussion 9
k COMPARISON OF THE REQUIREMENTS OF BATTERY AND FLOOR
GROTI CHICKS FOR CALCIUM AND PHOSPHORUS lh
Experimental Procedure l!
Results and Discussion 16
5 A COMPARISON OF PHOSPHORUS ASSAY TECHNIQUES WITH
CHICKS 21
Experimental Procedure 22
Results and Discussion 2h
6 THE UTILIZATION OF VARIOUS SOURCES OF CALCIUM ... 29
Experimental Procedure 30
Trial 1 30
Trial 2 33
Results and Discussion 33
Trial 1 33
Trial 2 36
ii


TABLE OF CONTENTSContinued
CHAPTER Page
7 THE EFFECT OF VITAMIN D ON PHOSPHORUS UTILIZATION . 39
The Interaction of Calcium, Phosphorus, and
Vitamin D 39
Experimental Procedure 39
Results and Discussion h2
The Vitamin D Requirement of the Chick as Influenced
by the Dietary Calcium and Phosphorus Level .... 59
Experimental Procedure 55
Battery brooder studies 55
Floor pen studies 56
Results and Discussion 53
Battery brooder studies 58
Floor pen studies 6l
8 THE AVAILABILITY OF PHOSPHORUS FROM ANIMAL PROTEIN
SOURCES 67
Experimental Procedure 67
Results and Discussion 71
9 THE AVAILABILITY OF PHOSPHORUS FROM PLANT SOURCES . 7U
The Availability of Phytic Acid Phosphorus for
Chicks 76
Experimental Procedure 76
Results and Discussion 78
Comparison of Phytin Phosphorus Sources 80
Experimental Procedure 80
Trial 1 81
Trial 2 83
Trial 3 83
Results and Discussion 8U
Trial 1 8ii
Trial 2 8U
Trial 3 86
Effect of Calcium and Vitamin D3 Levels on the
Utilization of Calcium Phytate 91
Experimental Procedure 91
Trial 1 92
Trial 2 93
iii


TABLE OF CONTENTS--Continued
CHAPTER Page
9 Results and Discussion 93
Trial 1 93
Trial 2 97
The Availability of Natural Plant Phosphorus . 100
Experimental Procedure 100
Results and Discussion 10k
10 SUMMARY AND CONCLUSIONS 109
Phosphorus Levels in the Maternal Diet 109
Variation Between Battery and Floor Conditions . 110
Comparison of Assay Techniques 110
Source of Calcium 110
Vitamin D Levels 110
Availability of Phosphorus from Animal Protein
Supplements Ill
Availability of Phosphorus from Plant Sources . Ill
REFERENCES 113
xv


LIST OF TABLES
Table Page
1 Composition of diets 7
2 Hatchability and phosphorus and calcium content of
eggs when hens were fed diets with and without
supplemental inorganic phosphorus 10
3 Ash, phosphorus, and calcium content of the tibia
from day-old chicks hatched from hens fed diets
with and without supplemental inorganic phos
phorus 12
II Ash, phosphorus and calcium content of the tibia
from two week old chicks hatched from hens fed
diets with and without supplemental inorganic
phosphorus 13
5 Composition of basal diet 15
6 Body weight and feed efficiency of chicks grown in
batteries and floor pens when fed diets containing
various levels of phosphorus and calcium (Trial 1) 17
7 Body weight and bone ash of chicks grown in batteries
and floor pens when fed diets containing various
levels of phosphorus and calcium (Trial 2) 18
8 Composition of basal diet 23
9 Body weight and tibia ash of 28-day old chicks fed
varying levels of phosphorus from two sources
under three regimens of calcium supplementation . 25
10 Composition of basal diet 31
11 Analysis of calcium supplements 32
12 Bone ash of chicks grown on diets with different
calcium levels from various calcium suDplements
(Trial 1) *. 3h
v


LIST OF TABLESContinued
Table Page
13 Body weights of chicks grown on diets with different
calcium levels from various calcium supplements
(Trial 1) 35
lli Body weight of chicks fed diets with different
calcium levels from various calcium supplements
(Trial 2) 37
15 Tibia ash of chicks fed diets with different calcium
levels from various calcium supplements (Trial 2) . 38
16 Composition of basal diet Ill
17 Body weight of chicks grown on diets varying in
levels of calcium, phosphorus, and vitamin Do ... 3
18 Percent of bone ash of chicks grown on diets varying
in levels of calcium, phosphorus, and vitamin D3 . itl;
19 Composition of diets 57
20 Body weight of chicks fed different levels of vitamin
Do at different calcium and phosphorus levels
(battery brooder studies) ..... 59
21 Tibia ash of chicks fed different levels of vitamin
Do at different calcium and phosphorus levels
(oattery brooder studies) 60
22 Body weight of chicks fed different levels of vitamin
D3 at different dietary calcium levels (floor pen
study) 62
23 Tibia ash of chicks fed different levels of vitamin
D3 at different dietary calcium levels (floor pen
study) 63
2k Feed utilization of chicks fed different levels of
vitamin D3 at different dietary calcium levels
(floor pen study) 6U
25 Analyses of animal protein sources 68
26 Composition of basal diets 70
vi


LIST OF TABLESContinued
Table Page
27 3ody weight of chicks fed diets supplemented with
phosphorus from animal proteins and inorganic
phosphate 72
28 Tibia ash of chicks fed diets supplemented with
phosphorus from animal proteins and inorganic
phosphate 73
29 Composition of basal diets 77
30 Body weight and tibia ash of chicks fed various
levels of phosphorus from phytic acid and dicalcium
phosphate ..... 79
31 Composition of basal diet 82
32 Body weight and tibia ash of chicks fed diets supple
mented with various sources of organic and inorganic
phosphorus 85
33Body weight of chicks fed diets supplemented with
various sources of organic and inorganic phosphorus 87
3lt Body weight of chicks fed diets supplemented with
various sources of organic and inorganic phosphorus 88
35 Body weight of chicks fed different phosphorus sources,
levels of vitamin D3, and calcium:phosphorus ratios 9h
36 Tibia ash of chicks fed different phosphorus sources,
vitamin D3 levels, and calcium ¡¡phosphorus ratios . 95
37 Body weight of chicks fed different phosphorus sources
with varying levels of calcium and vitamin . . 98
38 Phosphorus analysis of corn products 101
39 Composition of diets 102
I4.O Body weight of broiler chicks fed diets with plant
phosphorus from three sources 105
1;1 Tibia ash of broiler chicks fed diets with plant
phosphorus from three sources 107
vii


LIST OF FIGURES
Figure Page
1 Bone ash and body weight of chicks receiving
various dietary phosphorus levels h7
2 Bone ash and body weight of chicks receiving
various calciumsphosphorus ratios U9
3 Bone ash and body weight of chicks receiving
various dietary levels of vitamin D3 50
It Bone ash of chicks receiving various Ca:P ratios
with various phosphorus levels 5l
5 Bone ash of chicks receiving various levels of
vitamin D3 with various calciumsphosphorus ratios 52
6 Bone ash of chicks receiving various levels of
vitamin D3 v/ith various phosphorus levels 5U
viii


CHAPTER 1
INTRODUCTION
The element phosphorus probably plays a more varied and important
role in the chemistry of living organisms than any other single element.
It -was first prepared in the free state in 1669 by Brandt, a German
chemist, and first recognized as an essential constituent of bones by
Gahn, a Swedish chemist, in 1769. Subsequent research has demonstrated
that it is also an essential constituent of proteins and fats occurring
in muscular tissues and vital organs. Phosphorus has, by virtue of
its association with nucleic acids, been found to be an important part
of the structure of chromosomes. Phosphates are also known to be impor
tant buffers in tissue fluids.
That animal rations may sometimes be deficient in mineral elements
began to be recognized in France and Germany about 100 years ago when weak
bones in cattle grazing in certain localities began to be associated with
mineral deficiencies in the soil. Ewing (1963), in tracing the history
of phosphorus in animal feeding, stated that in 1861 Van Gohren reported
that the ocurrence of weak bones in cows grazing in certain areas near
the Rhine River could be prevented and cured by feeding small amounts
of bone meal. Subsequent analyses of the soil and grass in these areas
revealed an abnormally low percentage of phosphorus and, to a lesser
extent, calcium. This report is the earliest recorded use of a phosphate
- 1 -


- 2 -
feed supplement for the specific purpose of preventing a phosphorus
deficiency disease in livestock, according to this reviewer.
The most abundant source of phosphorus for feed purposes is
rock phosphate. TTorld reserves of 26 billion tons have been estimated,
about half of which is located in the United States. It began to be
used as a source of phosphorus in plant nutrition as early as i860,
and fed to livestock in the United States about 1915. The danger of
fluorine toxicity in raw rock phosphate limited its use until 19l;0,
when defluorinated superphosphate was first produced on a commercial
scale. Many types of phosphates are now in use in animal feeds.
Numerous studies have been conducted to establish the phosphorus
requirement of the chick, with quite a variation in reported require
ments. McGinnis et al. (l9Ui) reported that levels of greater than
0.58 percent phosphorus were required for maximum calcification. Sing-
sen et al. (19U7) concluded that the available phosphorus requirement
for satisfactory calcification appeared to lie between 0.38 and 0.U7
percent of the diet. Gillis et al. (19U9) reported a requirement of
approximately 0.50 percent. This level was also suggested by O'Rourke
et al. (1952). Grau and Zweigart (1953) indicated that maximum tibia
ash of chicks was obtained with a level of not more than 0.U5 percent
phosphorus.
Fisher et_ al. (1953) reported that chicks required 0.58 percent
total phosphorus for maximum calcification. Couch et al. (1937) sug
gested that a level of 0.76 to 0.81 percent phosphorus was adequate for


- 3 -
normal growth and bone calcification of chicks up to twelve weeks of
age. Further studies are reviewed by Singsen et al. (19U3), Gillis
et al. (19U9) O'Rourke et al. (1952), and Nelson and "TJalker (196U).
A standard assay method for evaluating phosphorus compounds
is desirable in order to establish uniform values for each supplement.
However, considerable variation has been observed in the methods used
to test the utilization of the various phosphates. In certain assays
constant calcium to phosphorus ratios were employed (Creech et al.,
1956, Nelson and Peeler, 1961), while in others constant calcium levels
of 1.0 percent (Ammerman et al., I960) or 1.2 percent (Gardiner et al.,
1959) were used. Similar variation has been observed in vitamin D
levels, supplementary phosphorus level, reference phosphate used, and
other factors.
The variability in these reports indicates the necessity for
a standard assay procedure for determining both the requirement of the
chick for phosphorus and the availability of phosphate supplements.
Therefore, studies were undertaken to determine factors which may
account for variation in phosphorus utilization by the chick in an
attempt to develop a standard assay procedure which would permit a more
accurate study of phosphorus in poultry diets.


CHAPTER 2
MATERIALS AND METHODS
The broiler chicks used in these studies were a Vantress x
White Plymouth Rock cross obtained from a commercial hatchery. At
one day of age the chicks were sexed, debeaked, vaccinated for New
castle disease and infectious bronchitis, and randomly assigned to
treatment pens.
The battery brooders used in these studies were Oakes 801-A
five deck thermostatically controlled electrically heated battery
/
brooders with raised wire floors.
Two types of floor pen facilities were used. The first type
had pens 10 x 12 feet, equipped with 2 feed troughs, U feet in length,
and 1 bell-type automatic water fount. The second type had pens that
were 5x5 feet in size, each containing a tube-type feeder and a bell-
type automatic water fount. Infrared bulbs were used as the heat source
in both types of floor pens.
Chicks used for bone ash determinations were sacrificed at the
selected age and the right tibia removed. The bones were boiled for
3 minutes, cleaned of adhering tissue, and lightly polished with cheese
cloth. After drying for 2h hours at 100 C the bones were collectively
ether extracted and then ashed individually.
- h -


- 5 -
The data collected in these studies were subjected to the
analysis of variance as outlined by Snedecor (1957) with significant
differences between treatment means determined by use of the multiple
range test of Duncan (1955). Orthogonal components of variance were
determined following the procedure of Snedecor (1957).


CHAPTER 3
THE INFLUENCE OF PHOSPHORUS LEVELS IN THE MATERNAL DIET
Assay methods for certain nutrients in the diet of chicks
have been complicated to an extent by maternal influences. Variation
in the amount of the nutrient supplied in the diet of the dam often
influences the amount of this nutrient supplied in the egg to the
developing embryo. This is true for certain vitamins and antibiotics
and may also be true with inorganic nutrients. Therefore, variation
in the phosphorus level of the maternal diet could possibly affect
the results of phosphorus studies with young chicks, since most phos
phorus studies are conducted with young chicks 3 to U weeks of age.
The objectives of this study were to determine the effect
of the phosphorus level in the breeder diet upon (l) the hatchability
of eggs (2) the mineral composition of the whole egg and the tibia
of the day-old chicks, and (3) the rate of bone mineralization of the
growing chick.
Experimental Procedure
Two groups, each containing 5 commercial egg production type
hens, were fed on each of the basal diets shown in Table 1. Two
additional groups of 5 hens were fed each of the basal diets sup
plemented with 0.35 percent phosphorus from feed grade defluorinated
- 6 -


- 7 -
TABLE 1
Composition of diets
Ingredient
Diet
1
2
3
U
(Percent of
diet)
Yellow corn
37.10
32.10
65.60
59.90
Oats
30.00
29.20


Animal fat
0 0
U.70
0 0
U.70
Soybean meal ($0% protein)
21.00
22.10
22.50
23.50
Alfalfa meal (17% protein)
5.oo
5.00
5.oo
5.oo
Ground limestone
6.00
6.00
6.00
6.00
Iodized salt
o.Uo
0.U0
o.Uo
o.Uo
Micro-ingredients-
o.5o
o.5o
o.5o
o.5o
% Total P
o.39
0.39
o.3U
o.3U
^Supplies per pound of feed: 2,000 I.U. vitamin A, 700 I.C.U.
vitamin D^, 6 meg. vitamin 3-¡^>j 2 mg. riboflavin, U mg. calcium panto
thenate, b mg. niacin, 227 mg. choline chloride, 2.5 I.U. vitamin E,
0.08 gms. MnSO^ and 0.5 mg. menadione sodium bisulfite.


- 8 -
phosphate. The hens viere maintained in individual nine cages and
given the experimental feeds and tap water ad libitum. Since the
composition cf the diet did not affect hen performance or chick
measurements, only the effect of supplemental phosphorus will be dis
cussed.
After the hens had received these diets for 7 months they were
inseminated twice each week with pooled semen from cockerels receiving
a complete breeder diet. All eggs produced for a 9-day-period were
incubated in order to determine hatchability. Two chicks frcm each
hen were sacrificed at 1 day of age and the right tibia removed for
bone ash, calcium, and phosphorus determination.
All remaining chicks were wingbanded and placed in electrically
heated battery brooders and were fed the basal diet of Ammerman et al.
(1961) with 0.2 percent supplemental phosphorus from defluorinated
phosphate. They were given the experimental diet and tap water ad
libitum. At 2 weeks of age all chicks were sacrificed and the right
tibia removed for bone ash, phosphorus, and calcium determination.
The total ash, phosphorus and calcium content of the fresh
egg were determined on 3 eggs from each hen immediately following the
collection period for the hatchability study. The eggs were crushed
and placed in a beaker, and the major portion of the moisture was
removed in a drying oven before they were transferred to a muffle
furnace for ashing.
The ash, calcium and phosphorus content of bones and eggs
was determined by the procedures outlined by A.O.A.C. (i960).


- 9 -
Results and Discussion
Supplementing the basal diets used in this experiment with
0.35 percent phosphorus, from defluorinated phosphate, significantly-
increased hatchability of fertile eggs (Table 2). Although hatch-
ability of eggs was increased by the supplemental phosphorus, it did
not change the ash, phosphorus or calcium content of the fresh egg.
The observation that diets low in phosphorus resulted in low hatch-
ability without altering the percentage of phosphorus in the egg
agrees with data reported by O'Rourke et_ al. (195U).
The finding that 0.35 or 0.39 percent total phosphorus was
inadequate for normal hatchability does not agree with data of
O'Rourke et al. (195U), who found a phosphorus level of 0.30 or
0.35 percent was adequate for normal hatchability. This discrepancy
can be partially explained by the fact that the basal diet of O'Rourke
et al. (195U) contained only 0.19 percent total phosphorus, therefore,
it contained considerable supplemental inorganic phosphorus. The
basal diet employed in this study contained no supplemental inorganic
phosphorus. Since it is known that form of dietary phosphorus
(organic vs. inorganic) greatly influences its availability, the
difference in the type of phosphorus in the 2 basal diets could
account for the difference in results.
The ash content of the tibia or the phosphorus or calcium
content of the tibia of day-old or lU-day-olc chicks was not in
fluenced by the supplemental phosphorus in the maternal diet (Tables 3


- 10 -
TABLE 2
Hatchbility and phosphorus and calcium content of eggs when hens
were fed diets with and without supplemental inorganic phosphorus
% Supplemental % Hatchbility
Egg Contentl
Phosphorus
% Ash
% P % Ca
No. Eggs
0
ii7.1
8.hi
0.191 3.h8
120
0.35
68.72
8.67
0.189 3.56
120
^Expressed as a percentage of the fresh egg weight.
^This difference is statistically significant at the 0.01^
level of probability.


- 11 -
and 1). The variation in tibia ash content from chicks within the
same hen group was as great as the variation in bone ash values for
chicks from different hens. Therefore, there would be no advantage
in selecting chicks from certain hens for phosphorus assays in an
attempt to decrease experimental error.
Supplemental phosphorus in the maternal diet did not appear
to alter the chicks ability to use calcium and phosphorus for
mineralization of the bone. Therefore, consideration of the phos
phorus level of the maternal diet appears to be of limited value in
the selection of the chicks for the biological assay of phosphate.


- 12 -
TABLE 3
Ash, phosphorus, and calcium content of the tibia from day-old
chicks hatched from hens fed diets with and without
supplemental inorganic phosphorus
% Supplemental
Phosphorus
Tibia Content
% As hi
% P2
% Ca2
No. Analyzed
0
3U.3S
16.79
15.55
80
0.35
3U.32
iS.hl
Hi .53
80
^"Expressed as a percentage of bone on a dry, fat-free basis.
^Expressed as a percentage of the tibia ash.


- 13 -
TABLE k
Ash, phosphorus and calcium content of the tibia from two week old
chicks hatched from hens fed diets with and without
supplemental inorganic phosphorus
% Supplemental
Phosphorus
Tibia Content
% As hi % P2
% Ca2
No. Analyzed
0
U0.81 19.00
la. 98
59
0.35
Ul.56 18.37
39.25
62
^Expressed as a percentage of bone on a dry, fat-free basis.
^Expressed as a percentage of the tibia ash.


CHAPTER It
COMPARISON OF THE REQUIREMENTS CF BATTERY AND
FLOOR GROWN CHICKS FOR CALCIUM AND PHOSPHORUS
It has recently been reported that the phosphorus requirement
is higher for laying hens maintained in cages than for those maintained
on litter in floor pens (Crowley et al., 1961; Harms et al., 1961;
Marr et al., 1961; and Singsen et al., 1961). It has been suggested
that hens on litter may be getting phosphorus from eating feces.
The calcium and phosphorus requirements of chicks were establish
ed primarily from experiments carried out in batteries with raised wire
floors. Therefore, in view of the above mentioned reports it seemed
desirable to determine whether this difference in requirements existed
for battery and floor grown chicks.
Experimental Procedure
Two trials were conducted. In each trial day-old broiler chicks
were randomized into 30. groups of 5 males and 5 females, and 20 groups
of 50 males and 50 females. The 30 groups were randomly assigned to
electrically heated battery pens, with the 20 groups assigned to 10 x
12 foot pens with wood shavings used for litter.
The basal diet (Table $) contained 22 percent protein, 1,000
Calories of productive energy per pound, 0.60 percent calcium and 0.ij2


- 15 -
TABLE 5
Composition of basal diet
Ingredients
Percent of diet
Yellow corn
59.08
Soybean meal (5o£ protein)
32 .U5
Animal fat
2.90
Alfalfa meal (17/5 protein)
3.00
Dicalcium phosphate
0.U2
Ground limestone
0.85
Iodized salt
o.Uo
Micro-ingredients1
0.90
^-Supplies per pound of feed: 2268 I.U. vitamin A, 10 meg.
vitamin 3^2 3i0 I.C.U. vitamin B^, 2 mg. riboflavin, 9 mg. calcium
pantothenate, 18 mg. niacin, 261 mg. choline chloride, 10 mg. terra-
mycin Hcl, 57 mg. santequin, 80 mg. manganese sulfate, 35 mg. man
ganous oxide, 9 mg. iron, 0.9 mg. copper, 90 meg. cobalt, 5 mg.
iodine, U5 meg. zinc, -with 25 mg. nitrofurazane and 3.6 mg. furazoli
done added to feed for chicks on floor.


- 16 -
percent total phosphorus. This diet was modified to form 9 other
experimental diets containing various levels of phosphorus and calcium
as shown in Tables 6 and 7. The desired levels of calcium and phos
phorus were attained by varying the amount of ground limestone and
dicalcium phosphate. Experimental diets were maintained iso-caloric
and iso-nitrogenous by varying the amount of yellow corn, soybean oil
meal and animal fat. Adjustments in energy and protein content of
diets were based on values of Titus (1955). Calcium and phosphorus
adjustments were based on chemical analysis of ingredients, and the
levels of these minerals determined in the mixed diets were in close
agreement with the predicted values.
Each of the 10 experimental diets was fed to 3 pens of chicks
in batteries and 2 pens on the floor in each trial. Experimental diets
and tap water were given ad libitum.
Chicks were individually -weighed and feed consumption determined
at 1; weeks of age. Three males and 3 females from each floor pen and
2 males and 2 females from each battery pen were sacrificed at this
time in trial 2 for bone ash determination.
Results and Discussion
Results from these trials (Tables 6 and 7) indicate that the
requirement for calcium or phosphorus is similar for battery and floor
grown chicks. No significant interactions were found between calcium
or phosphorus and floor vs. battery grown chicks when measured by
28-day body weights or bone ash.


- 17 -
TABLE 6
Body weight and feed efficiency of chicks grown in batteries
and floor pens when fed diets containing various
levels of phosphorus and calcium (Trial l)
Diet
li-week body weight (grams)
Feed/gain
% P
% Ca
Males
B1 F2
Females
B F
Both Sexes
B F Av
B
F
Av
0.U8
0.60
1i28
1;06
370
380
399
393
396b
1.53
1.71
1.65
0.7U
389
377
3U1
356
365
366
366a
1.58
1.76
1.67
0.88
379
37U
3U2
3 111
360
358
359a
1.58
1.70
1.61;
0.59
0.60
508
507
k2 9
U5o
U69
1+78
li7l|de
1.53
1.61;
1.59
0.7U
1|38
501
hkQ
1;29
U68
U65
U66cd
1.52
1.63
1.53
0.88
1;90
1;92
111
U37
U5i
1|61;
U58c
1.55
1.67
1.61
0.72
0.60
U92
520
161;
1;39
Ii79
U78
l;79de
1.55
1.66
1.61
0.71;
509
520
lOJU
U5l
1i62
U85
l;7Ude
1.51;
1.65
1.60
0.38
517
533
U38
l;3
1i77
181;
i;8le
1.55
1.67
1.61
1.10
516
530
UUi
U37
1;80
2*33
l;82e
1.52
1.62
1.57
Average
1;72
1;76
lao
iil6
Uia
1|1;5
khh
1.55
1.67
1.61
*B indicates battery grown chicks.
2
F indicates floor grown chicks.
^Means having different superscripts are significantly
different (?= 0.05).


TABLE 7
Body weight and bone ash of chicks grown in batteries and floor pens when fed diets
containing various levels of phosphorus and calcium (Trial 2)
Diet
% P
% Ca
¡4-week body weight (grams)
Males Females Both Sexes
Males
Bone ash (%)
Females
Both Sexes
Bl
F2
B
F
B
F
Av^
B
F
B
F
B
F
Av3
O.I4S
0.60
hi 7
39k
398
361
1[07
378
393c
35.6
32.6
36.3
34.9
35.9
33.7
3¡[.8b
0.7U
386
3h9
3hh
350
365
3h9
357b
32.3
32.7
33.8
31.9
33.0
32.3
32.7a
0.88
3U3
352
319
31U
333
333
333a
32.7
31.1
33.2
31.9
33.0
31.5
32.3a
0.59
0.60
hhS
466
[09
[10
[27
438
U33de
42.5
4O.2
39.1
40.1
4O.8
4O.6
i0.7c
0.7U
469
473
U26
1|22
[[8
4b7
lA7f§
43.5
[2.7
[1.2
[1.6
[2. 4
42.2
¡42.3d
0.88
h79
[72
h21
395
[5o
433
[[2ef
42.3
[1.9
[0.8
[3.2
1I.6
[2.5
[2.1d
0.72
0.60
kk$
461
397
411
[21
436
i[29d
42.6
37.5
[0.3
iil.O
41.5
39.3
[0.i[c
0.7U
526
I461
U5i
[09
[89
435
[622
[4.1
41.2
[2.8
41.8
¡43.5
[1.5
.2.5d
0.88
487
h9h
426
t32
[57
463
[60S
[4.8
[4.2
[2.8
[¡4.6
43.8
44.t
4¡4.1e
1.10
[94
h73
h22
[19
[58
[[6
[52fS
[[.8
[5 .4
[4.3
[4.2
[4.6
[(.8
¡44.73
Average
U5o
U 39
h01
392
[26
4I6
421
40.5
39.0
39.5
39.5
i[0.0
39.3
39.7
4} indicates battery grown chicks,
2F indicates floor grown chicks.
3l.feans having different superscripts are significantly different.


- 19 -
These data, indicating a similar requirement for calcium or
phosphorus by chicks grown either on wire or litter, are in direct
contrast to data reported for the laying hen under comparable conditions
(Crowley et al, 1961; Harms et al., 1961; Marr et al., 1961; and Sing-
sen et al., 1961). It is rather difficult to attempt to explain the
differential response between chicks and hens. Certainly these data
would not substantiate the hypothesis that very much phosphorus is
obtained from the feces. Although the phosphorus requirement determined
for hens maintained on wire does not appear to be the same for hens in
floor pens, this is apparently not the case for chicks.
The calcium X phosphorus interaction was highly significant
when measured by body weight in both experiments and by bone ash in
trial 2. This re-emphasizes the importance of the calcium-phosphorus
ratio when the diet contains a sub-optimal level of either of the
minerals, and agrees with recent data by Vandepopuliere et_ al. (1961),
and Simco and Stephenson (1961).
Under conditions of these experiments 0.59 percent total phos
phorus in the diet of females was just adequate to support maximum
growth, but v;as not adequate for maximum bone ash (Tables 6 and 7).
A significant increase in growth rate and bone ash was obtained with
males when the total phosphorus content of the diet was increased
from 0.59 to 0.72 percent, resulting in a significant interaction of
sex X phosphorus. The interaction of sex and phosphorus has been
previously reported (Vandepopuliere et al., 1961) and re-emphasizes


- 20 -
the importance of considering sex when determining phosphorus require
ment of chicks.
A level of 0.60 percent calcium appeared to be adequate to
support maximum growth in trial 1 (Table 6). However, males in
trial 1 receiving higher levels made numerically but not signifi
cantly better growth. In trial 2 a significant improvement in
body weight and bone ash was obtained when the level of calcium was
increased from 0.60 to 0.72 percent (Table 7). Although there was a
trend for the males to give a greater response than females to in
creased calcium, the interaction of calcium X sex was not statistical
ly significant.
The calcium and phosphorus requirements of chicks as indicated
by these data are slightly higher than those reported by Simco and
Stephenson (1961). These workers used a different type of diet and
a different source of calcium and phosphorus which may account for
these differences in results


CHAPTER 5
A COMPARISON OF PHOSPHORUS ASSAY TECHNIQUES Y,rITH CHICKS
Studies have been conducted by many workers to establish the
comparative utilization of phosphorus from various supplements by
chicks. These reports are reviewed by Motzok et al. (1956) and
Hurwitz (1961;). In general these studies are based on relating per
centage of tibia, beak, or toe ash of chicks fed a test phosphate to
that of chicks fed a reference phosphate and establishing relative
biological values.
Considerable variation in the assay procedure employed has
existed. In certain assays constant calcium: phosphorus ratios were
employed (Creech et al., 1956j Nelson and Peeler, 1961), while in
others, constant calcium levels of 1 percent (Ammerman et al., I960)
or 1.2 percent (C-ardiner et_ al., 1959) were used. Vandepopuliere
et al. (191) found that it was essential to consider both phosphorus
level and Ca:P ratio when determining phosphorus availability. Nelson
and Peeler (1961;) enumerated problems involved in the development of
a biological assay for feed phosphates. Among these was the question
of holding the calcium level constant or having a constant calcium:
phosphorus ratio in the assay diet.
Experiments were conducted to determine the influence of the
calcium content of the assay diet and the method of interpretation of
- 21 -


- 22 -
the data upon the relative availability of phosphorus from an inorganic
phosphate.
Experimental Procedure
Feed grade dicalcium phosphate, generally considered to have
a high phosphorus availability, was compared to soft phosphate, general
ly considered to be a less available source of phosphorus. Three regimens
of calcium supplementation were compared which included: (l) a constant
level of 1 percent Ca, (2) a constant Ca:P ratio of 2:1, and (3) a
"sliding" Ca:P ratio. The "sliding" ratios consisted of a different
Ca:P ratio for each level of phosphorus supplementation. Ratios were
selected which were considered to permit optimum performance of the
chick at each level of phosphorus supplementation.
Each of the phosphorus sources was added to the basal diet in
amounts adequate to supply 0.05, 0.10, 0.20 and 0.30 percent supple
mental phosphorus. These phosphorus levels were fed in combination
with each of the 3 calcium regimens. The '"sliding" Ca:P ratios used
with the phosphorus levels were as follows:
% Added ? Total Ca: Total P
0.05
0.10
0.20
0.30
1.2:1
l.U:l
1.6:1
1.8:1
A simplified degerminated corn-soybean meal diet was used as
the assay diet (Table 8). It was calculated to contain 22 percent
protein and 1000 Calories of productive energy per pound. Analysis


- 23 -
TABLE 8
Composition of basal diet
Ingredients
Percent of diet
Degerminated corn meal
51.70
Cerelose
5.00
Soybean meal ($0% protein)
31.00 .
Alfalfa meal (20% protein)
3.00
Iodized salt
0.10
Micro-ingredients1
0.90
Variable^
5.oo
% Phosphorus
0.30
% Calcium
0.17
^Composition of micro-ingredients given in Table 5.
^Calcium and phosphorus levels were obtained by altering the
levels of ground limestone, dicalcium phosphate, soft phosphate, and
pulverized oat hulls.


- 2U -
indicated that the ingredients of the basal diet contributed 0.30
percent total phosphorus and 0.17 percent calcium. Desired calcium
and phosphorus levels were attained by variation of the test phos
phates and ground limestone. Pulverized oat hulls were used to main
tain the diets isocaloric.
Each experimental diet was fed to 3 pens of 5 males and 5
female broiler chicks in 2 successive trials, giving a total of 50
chicks per treatment. The experimental diets and tap water were con
sumed ad libitum, beginning at one day of age.
At 28 days of age individual body weights were obtained. Two
chicks of each sex from each pen were sacrificed and the right tibia
removed for bone ash determination.
Results and Discussion
The type of calcium supplementation of the diet had a sig
nificant effect on growth and bone calcification (Table 9). The use
of "sliding" Ca:P ratios resulted in significantly greater body weight
and tibia ash of chicks fed diets supplemented with either dicalcium
%
phosphate or soft phosphate, when compared to the use of 1 percent
calcium or a constant 2:1 Ca:P ratio. The use of a constant 2:1 ratio
promoted significantly greater weight gain and tibia ash for chicks
fed diets supplemented with dicalcium phosphate than did the use of
the constant 1 percent calcium. Use of the constant 2:1 Ca:P ratio
supported significantly greater weight gains than did the use of 1


TABLE 9
Body >veight and tibia ash of 28-day old chicks fed varying levels of phosphorus
from two sources under three regimens of calcium supplementation
Dietary Total
% Ca $ P1
Body weight
(gms)1
Tibia ash ($)b
Relative
P Availability
Calcium Regimen
DKP3
SPh
DKP
SP
A
B
c
1.00 %
1.00
0.35
291
2li9
28.9
29.8


r c
1.00
0.U0
337
266
32.2
29.8

a

1.00
o.5o
399
322
1:0.8
33.8

e c

1.00
Average
0.60
U05
X6C
378
30Ha
1:2.2
T676b
39.0
33.1a
5X5
92.7

5779
2:1 Ratio
0.70
0.35
3h0
300
30.5
31.0
t
0
c
0.80
o.Uo
377
306
3U.8
32.9

* e

1.00
o.5o
U07
337
39.9
3U.5

*

1.20
Average
0.60
Ul5
3B5d
355
32513
1:3.1
37.0C
37.5
33.9a
e e
52.5
fern
37.6
Sliding Ratio
0.1:2
0.35
378
320
33.9
3U.0

0
c
0.56
0.1:0
389
326
36.5
3U.3
c


0.80
0.50
1:22
371
1*1.5
36. lj.
e

c
1.08
Average
0.60
U20
We
381
35oc
1:3.0
38.7d
39.3
3670b
55
9X3
976
Cleans having the same superscript do not differ significantly (P = 0.05).
^Comparative biological availability of the phosphorus from soft phosphate based on tibia ash data.
A= method of Kelson and Peeler (1961); B= method of Barauh et_ al. (i960); C= method of Combs (1905).
^DKP = feed grade dicalcium phosphate.
sp soft phosphate.


- 26 -
percent calcium in diets containing soft phosphate, but there was no
difference in percent tibia ash.
The comparative availability of the phosphorus from soft phos
phate as compared to the phosphorus from feed grade dicalcium phosphate
was calculated using the tibia ash data in Table 9. Three methods of
determining the comparative availability were used. The first method
was that outlined by Nelson and Peeler (1961) in which the standard
curve was a regression line obtained by plotting the percentage bone
ash obtained at the various levels of added phosphorus against the
logarithm of the added phosphorus. The calculated comparative avail
ability of phosphorus from soft phosphate was 58.9, 52.5, and 5l.5
percent with 1 percent Ca, 2:1 Ca:P ratio, and the "sliding" Ca:P
ratio, respectively (Table 9). These values are greater than the 36
percent biological value reported by Nelson and Peeler (1961); however,
the standard use in their test was beta-tricalcium phosphate which was
of greater biological value than feed grade dicalcium phosphate.
The second method of determining comparative availability was
that outlined by Barauh et_ al. (i960) in which the percentage tibia
ash obtained with the test phosphate was divided by the percentage
tibia ash obtained with the standard phosphate. Using this method,
the comparative availability of the phosphorus from soft phosphate
was calculated to be 92.7, 92.It, and 93.3 percent at the 1 percent
calcium, 2:1 Ca:P ratio, and "sliding" ratio regimens, respectively
(Table 9). However, the validity of this method is questioned by
Nelson and Peeler (1961).


- 27 -
The third method used was that introduced by Combs (1955).
In this procedure, the slope of the response line of the test phosphate
(soft phosphate) v/as divided by the slope of the response line of the
standard phosphate (feed grade dicalcium phosphate). Comparative avail
ability values obtained by this method -were 57.5, 37.8, and U9.6 percent
for the 1 percent Ca, 2:1 Ca:P ratio, and "sliding" Ca:P ratio regimens,
respectively (Table 9). With the exception of the value of 37.8 percent,
these values compare favorably with those obtained using the method of
Nelson and Peeler (1961).
More recently, Hurwitz (19610 proposed a procedure for the
estimation of net phosphorus utilization on the basis of the phos
phorus content of the tibia. This procedure offers another method
of calculating biological values for feed grade phosphates.
It is apparent from the present experiment that variation in
the procedure used to assay phosphate sources may greatly influence
the results. The type of calcium supplementation or method of in
terpretation of the data may influence phosphorus utilization by the
chick. Therefore, standardization of phosphorus assay technique appears
to be desirable.
The use of different calcium levels or Ca:P ratios at different
levels of phosphorus supplementation appears desirable in order to elicit
maximum response of the chick and allow full utilization of the phos
phorus. The variable Ca:P ratios selected for this study promoted
greater body weight and bone calcification than did the use of a fixed


- 28
Ca level or fixed Ca:P ratio but tended to give a lower apparent
biological value of the phosphorus from soft phosphorus.


CHAPTER 6
THE UTILIZATION OF VARIOUS SOURCES OF CALCIUM
Several sources of calcium are used in poultry feeding.
Experimental data indicate that the biological availability of cal
cium from most of these sources is essentially equal. Buckner et
al. (1923) reported that limestone or oyster shell serve equally well
as sources of calcium for laying hens. The calcium in limestone,
gypsum, calcium gluconate, and dolomite were reported by Deobald et
al. (1936) to be equally available although differences in solubility
of the supplements were observed. Buckner et al. (1929) compared
calcium lactate, chloride, sulphate and carbonate and concluded that
the calcium carbonate was most effective for egg production as judged
by egg shell weight. Bethke et al. (1930) found no difference in the
availability of calcium in the carbonate, sulfate, lactate, and phos
phate salts or from limestone for bone formation in the growing chick
on equal calcium intake. Dougherty and Gossman (1923) reported that
limestone supported higher egg production than did oyster shell while
Kennard (1925) found oyster shell to be superior to limestone. More
recent reports indicate that calcium as calcium sulfate may be less
available than calcium as calcium carbonate as measured by its in
hibitory effect on antibiotic absorption (Donovan et_ al., I960).
Because of the effect of the dietary calcium:phosphorus ratio
on growth and bone development, especially when diets low in phosphorus
- 29 -


- 30 -
are fed, the availability of the calcium in the diet is of major importance.
Two trials were conducted to determine the availability to chicks of cal
cium from sources available for commercial use.
Experimental Procedure
Trial 1.Calcium sources tested were reagent calcium car
bonate, reagent calcium sulfate, oyster shell, and ground limestone.
The oyster shell was pulverized prior to its use.
C-raded levels of the calcium from the various sources were
added to a basal diet calculated to contain 20 percent protein and
1,000 kilocalories of productive energy (Table 10). This diet was
calculated to contain 0.60 percent total phosphorus. Uonosodiun
phosphate (Na^PO^ HgO) was used as the source of phosphorus. The
basal diet 7;as calculated to contain 0.17 percent calcium, all from
plant sources.
Samples of the calcium sources were submitted to a laboratory
for analysis. The calcium content as determined by this assay is
shown in Table 11. Using these values in column 1, each calcium source
was added to the basal diet in amounts sufficient to increase the total
calcium content of the diet to 0.2, 0.3, O.it, and 0.5 percent. This
resulted in 16 experimental treatments.
Three groups of 5 male and 5 female day-old, broiler type
chicks were assigned to each treatment. The chicks received the
experimental diets and tap water ad libitum from day-old until 28 days
of age. At this time individual body weights were obtained and 2 males


- 31 -
TABLE 10
Composition of basal diet
Ingredients
Percent of diet
Ye Hot: corn
52.02
Soybean meal (50% protein)
31.25
Animal fat
1.53
Alfalfa meal (17$ protein)
3.00
Monosodium acid phosphate
0.90
Iodized salt
O.iiO
Micr o-in gre dient s1
0.90
Variable^
10.00
-Composition of micro-ingredients given in Table 5.
^Consists of a calcium supplement, cerelose, and corn oil.


- 32 -
TABLE 11
Analysis of calcium supplements
Supplement
Laboratory
A
3
C
D
CaC03 (USP reagent)
liO.l
(/
39.7
Calcium)
liO.O
37.8
CaSO^ (US? reagent)
23.3
23.3
23.3
0 0
Ca Gluconate (USP reagent)
*
0
9.3
e 0
Ground limestone "A"
36.3
37.8
37.7
38.u
Ground limestone "B"
0 0
37.0
37.2
37.U
Ground oyster shell
39.2
38. h
37.5
35.0


- 33 -
and 2 females were sacrificed from each pen and the right tibia removed
for bone ash determination.
Trial 2.The second trial was a close replicate of the first
with only minor changes. The lowest level of calcium tested in the
first trial was 0.2 percent, of which only 0.03 percent came from the
supplemental sources. Therefore, this level was eliminated from the
design and levels of 0.3, O.U, 0.5, 0.6 and 0.7 percent total calcium
were fed. The same basal diet and same calcium supplements as used
in the first experiment were used in the second experiment. In addition,
calcium gluconate was used at the 0.it and 0.6 percent levels, and another
limestone source was used at all levels of calcium. This resulted in
27 experimental treatments. A similar number of chicks were assigned
per treatment and brooded as indicated in trial 1.
Results and Piscussion
Trial 1.The results of this trial indicated that the calcium
from the limestone supplement was more available than the calcium from
reagent calcium carbonate or sulfate or ground oyster shell, as measured
by bone ash (Table 12). However, there was no significant difference
between the experimental groups as indicated by body weight at 28 days
of age (Table 13). It is felt that the increased bone ash value was
not meaningful since this was not repeated in the second trial. The
analytical value used in this trial for limestone "A" may have been
too low as indicated by analysis from other laboratories.


- 3U -
TABLE 12
Bone ash of chicks grown on diets with different calcium levels
from various calcium supplements (Trial l)
Dietary calcium
(%)
Calcium Source
Sex
0.2
0.3
O.k
0.5
Av
Reagent CaCOo
M
26.7
( ct
29.8
Bone ash)
33.3
35.6
31.5
F
27.9
32.9
33.5
37.9
33.1
Av
27.3
31.it
33.5
36.8
32.3
Reagent CaSO^
M
27.U
29.5
33. it
35.5
31.U
F
29.1
32.2
35.5
35.7
33.2
Av
28.3
30.8
32u5
35.6
32.3
Cyster shell
M
26.8
30.1
33.7
36.3
31.7
F
29.2
32.2
3li.3
36.6
33.1
Av
28.0
31.1
3U.0
36.5
32.it
Limestone "A"
M
29.2
31.3
3U.8
38.0
33.3
F
28.it
32.6
36.lt
37.5
33.7
Av
28.8
31.9
35.6
37.8
35.51
Average
M
27.3
30.2
33.8
36.lt
F
28.7
32.5
3k.9
36.9
Av
28.1
31.3
3U.it
36.6
^-Differs significantly from other calcium sources (P=0.C5).


- 35 -
TABLE 13
Body weights of chicks grown on diets with different calcium levels
from various calcium supplements (Trial l)
Dietary calcium (%)
Calcium Source
Sex
0.2
0.3
o.k
0.5
Av
Reagent CaCO-3
M
2ho
Body weight (grams)
352 389 U?7
366
F
2lh
315
357
U01
32k
Av
230
33h
373
UiU
3k5
Reagent CaSO[,
M
220
3kk
k2k
liiiO
357
F
222
33k
390
390
33U
Av
221
339
k07
ia5
3k6
Oyster shell
M
221
356
k20
U88
371
F
199
3k0
378
kko
339
Av
210
3U8
399
k6k
355
Limestone "A"
M
25k
35k
U3it
k72
378
F
193
353
399
395
335
Av
22U
3 53
kl6
U3U
357
Average
M
235
352
kl?
ii9
F
207
336
3 81
k09
Av
221
3kk
399
k39


- 36 -
Increasing the calcium level of the diet significantly improved
body weight and increased the percent tibia ash of chicks (Tables 12
and 13). Male chickens were significantly heavier than female chicks,
but the females had a higher average percent tibia ash.
There was no calcium source X level interaction observed for
either body weight or percent bone ash, indicating that each of the
supplements had essentially the same availability at all calcium
levels tested.
Trial 2.No significant differences were observed between
any of the calcium supplements tested as measured by both body weight
and tibia ash (Tables lii and 15).
Analysis of the data indicated that a level of 0.50 percent
total calcium was sufficient to support maximum body weight (Table lU),
but that 0.60 percent total calcium was required for maximum bone
calcification (Table l£) under the conditions of this experiment.
The body weight of males was significantly higher than that
of females (Table lit). This effect was not altered by the calcium
level of the diet. Females tended to have a higher percent tibia ash
than did males (Table l5); however, this effect was significantly
altered by the calcium level of the diet. Females were able to tolerat
lo-.ver levels of calcium than were males as indicated by percent tibia
ash.


- 37 -
TABLE ll*
Body weight of chicks fed diets with different calcium levels
from various calcium supplements (Trial 2)
Calcium
Sex
Dietary
calcium (%)
Average!2
0.30
O.hO
0.50
0.60
0.70
Body vieight (grams)3
Reagent
M
37 6
U30
U67
h76
1*61*
hh3
CaCCb
F
372
U09
hi 5
hoh
Ul6
h03
Av
37Ud
W)ef
HCofg
Uuofg
ncofg
23
Reagent
M
378
hhh
h6h
U60
1*56
hho
CaSOK
F
3h6
399
loo
hlO
393
393
Av
3S2d
H2ief
HJTig
T&g
l*2?efg
Cl7
Oyster
M
362
h5 8
h72
h86
1*68
1*1*9
Shell
F
357.
hoh
hi5
hl6
loo
1*00
Av
360d
H3iefg
hhhs
hhdg
U39fg
U2H
Limestone
M
hoi
h36
U78
hh9
1*53
1*1*3
"A"
y
361
383
1*17
h03
1*01
39h
Av
33ld
hlOe
hhSg
W^g
H27efg
109
Limestone
M
392
Wi2
h55
h58
1*31*
1*36
"3"
F
368
hoi
hi 5
396
399
396
Av
3oOd
U21ef
135fs
H2?efg
H25eig
Calcium
M

hh8

h65

*
Gluconate
F

h02
399
Av
o

Z32efg


Average^
H
382
hh2
h60
1*66
1*55
1*1*2
F
361
399
103
1*07
1*05
397
Av
372a
H208
H37c
h37c
U30a
20
4joes not include calcium gluconate groups.
Cleans do not differ significantly (P=0.05).
3Leans with different superscripts are significantly different
according to Duncan's multiple range test (1955).


- 38 -
TABLE i5
Tibia ash of chicks fed diets with different calcium levels
from various calcium supplements (Trial 2)
Dietary calcium {%)
Calcium
Sex
0.3
O.ii
0.5
0.6
0.7
Average 2-
Tibia ash (%)3
Reagent
M
32.0
35.3
37.1
33.k
37.8
36.1
CaCOj
7?
JL
35.U
37.6
38.5
39.5
39.0
38.0
Av
33.7s
35T5f
35792-2
35717^2
37.1
Reagent
M
32.5
36.2
37.8
38.2
37.3
36.k
CaSO^
F
33.9
36.9
38.7
38.6
39.6
37.5
Av
33.2
353^
3B72hi
3579
Oyster
M
32.7
35.5
37.7
39. h
39.2
36.9
Shell
F
33.7
37.1
39.6
38.7
U0.7
37.9
Av
33.2e
36.31
WTfhij
39.0ij
39.92
37.li
Limestone
M
33.3
35.6
37.2
38.7
39.2
36.8
nAt!
F
3U.1
37.2
37.5
39; 3
38.8
37. k
Av
J3T7
3tt?
37.3rSh
5B.'913
3879*2
37.0
Limestone
rj
33.3
36.6
37.6
38.5
38.8
36.9
B"
F
3k.9
36.6
38.3
38.6
38.7
37.h
Av
3k.Ia
37.9ghi
3H75hl2
30^
37.2
Calcium
M
0 0
35.8
0
37.3
0
0 0
Gluconate F
e o
37.9.
0
k0.2
o
Av
* 0
353*8
0 0
3575*2
0 0
O 6
Average^
M
32.8
35.8
37.5
38.6
38.5
3 6.6
p
3k. k
37.1
38.5
38.9 ,
39.k
37.6
Av
333a
375b
38.0C
3573d
3379d
3T7
2-Does not include calcium gluconate groups.
Means do not differ significantly (P=0.05).
3Means with different superscripts are significantly different
according to Duncan's multiple range test (1955).


CHAPTER 7
THE EFFECT CF VITAMIN D ON PHOSPHORUS UTILIZATION
Within the past few years much attention has been directed
toward a re-evaluation of the phosphorus requirements of chicks
(Simco and Stephenson, 1961; Lillie et al., 1961; Formica et al.,
1961; Vandepopuliere et al., 1961). However, varying results have
been reported. A part of the variability in the results obtained
may have been due to the inter-relationship in the diet of calcium,
phosphorus, and vitamin D, which has long been known to be important
for satisfactory growth and bone development (Bethke et al., 1928;
Kart et al., 1930; T/ilgus, 1931; McChesney and Giacomino, 19l;5;
Carver et al., 19U6; Migicovsky and Emslie, 19U7). To gain additional
information about the inter-relationship of these factors, experiments
were conducted to determine the effects of various calcium:phosphorus
ratios and levels of vitamin on the utilization of phosphorus by
broiler-type chicks.
The Interaction of Calcium, Phosphorus, and Vitamin D
Experimental Procedure
Two trials were conducted to evaluate the degree of inter
action existing between the vitamin D, calcium and phosphorus levels
in the diet of chicks. The design of the 2 trials involved a 3X3X3
- 39 -


factorial arrangement of treatments, with 3 calcium:phosphorus ratios
(1:1, l.U:l, and 1.3:1), 3 levels of phosphorus (0.U8, 0.59, and 0.70
percent total phosphorus), and 3 levels of vitamin D3. The vitamin D3
levels were altered for the 2 trials, with 90, and 180 I.C.U./lb.
of diet being used in the first and 90, l80, and 360 I.C.U./lb. being
used in the second.
The composition of the basal diet used in this experiment is
shown in Table lo. By analysis, the basal diet supplied 0.39 percent
phosphorus, all as organic phosphorus. Reagent grade calcium carbonate
and monosodium phosphate (NaH2?0[l H2O) riere used to supply the desired
levels of calcium and phosphorus. A commercial source of vitamin D3
(200,000 USP units per gram guaranteed) was obtained and the potency
determined by the average of 3 independent laboratory reports using
different analytical techniques (233,000 I.C.. per gram). Cerelose
and corn oil were used to keep the diets iso-caloric. Samples of the
diet were assayed for calcium and phosphorus, and the results were in
close agreement with calculated values. The basal diet for all treatments,
with the exception of the variable ingredients, was mixed in a single batch,
and aliquot parts were used for each experimental diet. The diets were
mixed the cay before the trial began and stored at 55 F. until fed.
Day-old broiler chicks were randomly assigned into groups of 5
male and 5 female chicks, and placed in battery brooders. Three groups
were assigned to each treatment. The experimental diets and tap water
were given ad libitum. All sources of ultra-violet light were eliminated
from the battery room


TABLE l
Composition of basal diet
Ingredient
Percent of diet
Yellow corn
50.0
Soybean meal (50% protein)
3U.0
Animal fat
1.7
Alfalfa meal (17$ protein)
3.0
Iodized salt
0.U
Micro-ingredientsl
0.9
Variables^
10.0
-Composition of micro-ingredients given in Table 5 with
removal of vitamin D.
Variable ingredients included reagent CaCC^, NaHgPOk H20
and corn oil.


- h2 -
At 28 days of age the chicks were individually weighed, and
the experiments terminated. Feed consumption per group was determined,
and feed conversion was calculated. Two males and 2 females from each
group were sacrificed for bone ash determination.
Results and Discussion
Increasing the level of phosphorus in the diet from G.US to
0.70 percent resulted in a highly significant increase in average body
weight (Table 17) and percent bone ash (Table 18). These effects were
best fitted by quadratic equations, indicating that the optimum phos
phorus level had been reached.
VHdening the calcium:phosphorus ratio of the diet from 1:1 to
1-I4.: 1 significantly increased body weight and percent bone ash (Tables
17 and 18). A further increase to a 1.8:1 ratio did not affect body
weight but lowered the percent bone ash; however, this reduction was
not statistically significant.
A highly significant increase in body weight and bone ash was
observed when the vitamin D3 level of the diet increased from hS I.C.U.
to l80 I.C.U. per pound (Tables 17 and 18). This increase was linear,
indicating that higher levels of vitamin D-j were beneficial, and pro
moted the change in levels for the second trial.
Several interactions between the factors were observed. The
interaction of Ca:P ration X phosphorus level of the diet was highly
significant for both body weight and bone ash (Tables 17 and 18).
Vitamin levels and Ca:P ratios also interacted in a significant


- U3 -
TABLE 17
Body -weight of chicks grown on diets varying in levels of
calcium, phosphorus, and vitamin D3
Ca:P Ratio
Vit. D
I.C.U./lb.
% Phosphorus
0.!>8
0.59
0.70
Average
1:1
15
20k
21*9
260
238
90
256
299
3C9
295
180
360
38U
1*16
337
360
383
1*20
i*2l*
1*09
Av
300
331T
362*
332
l.U:l
U5
256
329
37k
319
90
31k
396
395
368
180
3 28
395
Ul6
379
360
355
1*03
392
385
Av
315
382
39C
363
1.8:1
U5
259
363
399
3U0
90
291
376
1*05
357
180
311
389
1*17
372
360
31U
367
396
359
Av
29U
37H
HoC
357
Average
hS
239
31U
3hh
299
90
28?
357
383
3l*0
180
333
398
106
379
360
350
393
1*01*
381*
Av
302
30'5
387
351


- lili -
TABLE 18
Percent bone ash of chicks grown on diets varying in levels of
calcium, phosphorus, and vitamin
% Phosphorus
Ca:P Patio
I.C.U./lb.
0ii8
0.59
0.70
Average
1:1
Ii5
29.0
28.3
31.3
29.7
90
29.lt
32.3
3lt.9
32.2
180
33.9
37.5
39.6
37.0
30
37.3
39.5
1:0.2
39.0
Av
30
30
30
3H3
1.1:1
15
27.U
32.1
37.0
32.2
90
29.0
37.3
39.6
35.3
130
31.lt
39.0
1:2.0
37.5
360
33.0
1:0.5
1:3.2
38.9
Av
30.2
37.2
HO
30
1.8:1
h$
26.7
3 It.5
39.2
33.5
90
26.9
36.7
1:0.3
3H.6
180
28.U
38.lt
1:2.6
36.5
360
29.lt
38.3
1:0.8
36.2
Av
27.8
37.0
HO
30
Average
H5
27.7
31.8
35.8
31.8
90
28.lt
35.lt
38.3
3lt.l
130
31.2
38.lt
ltl.lt
37.0
360
33.lt
39.5
ltl.lt
38.1
Av
30.2
3^3
39.2
35.3


manner for both of these criteria. The interaction of phosphorus levels
and vitamin levels of the diet ivas significant for body weights but
not for percent bone ash (Tables 17 and 18). No interaction of the three
major factors, Ca:P ratio, vitamin and phosphorus levels was observed
for either body v;eight or bone ash.
Nales had greater body weights than did females, but in general
the females had a higher percent bone ash. Lower requirements for
mineralization by females were indicated by sex X Ca:P ratio and sex X
vitamin level interactions.
The second trial was almost identical with the first, having
the same phosphorus levels and Ca:P ratios but increased vitamin
levels. Therefore, similar results were expected. 3oth body weight
and percent bone ash were significantly increased when the phosphorus
level of the diet was increased from 0.1;8 to 0.70 percent (Tables 17
and 18). These effects were best described as fitting a quadratic
equation, indicating that an optimum level was reached.
A calcium:phosphorus ratio of l.Uil did not increase body weights
when compared to the 1:1 ratio, but increased the percent bone ash (Tables
17 and 18). A further spread of the Ca:P ratio to 1.8:1 lowered both
body weight and bone ash.
Increased levels of vitamin resulted in increased body weight
and percent bone ash (Tables 17 and 18). The response of body weight
was best described as a quadratic effect, while percent bone ash assumed
a linear effect


The interaction of Ca:P ratio X phosphorus level of the diet
remained highly significant for both body weight and percent bone ash
(Tables 17 and 18). Ca:P ratios and vitamin levels also interacted
in a highly significant manner for these criteria. A significant inter
action of phosphorus X vitamin level was observed for both criteria.
A significant phosphorus X Ca:P ratio X vitamin interaction occurred
with body weight, but not with percent bone ash (Tables 17 and 18).
As in the first trial, females weighed less but in general had
a greater percent bone ash.
Analysis of the data showed that the treatment groups common
to both trials 1 and 2 (those diets containing 90 and 180 I.C.U./lb.
of vitamin D-j) were true replicates. Therefore, the results of the 2
trials viere combined for discussion.
The response to increasing the phosphorus level of the diet
from 0.U3 to 0.70 percent indicated that the optimum phosphorus level
for both body weight and bone ash was between 0.59 and 0.70 percent of
the diet (Figure l). This appeared to be true for both sexes, since
there v;as no sex X phosphorus interaction.
Interpolation of the data in Figure 1 indicates that the phos
phorus requirement is approximately 0.61; percent. This agrees closely
with recent work using similar basal diets and experimental conditions
(Vandepopuliere et al., 1961). The response in body weight closely
paralleled that of bone ash.
Calcium:phosphorus ratios of 1:1 significantly depressed both
body weight and percent of bone ash when compared to the l.U:l ratio,


% PHOSPHORUS
FIGURE 1
Bone ash and body weight of chicks receiving
various dietary phosphorus levels
BODY WEIGHT (qroms)


ii8 -
over all levels of phosphorus and vitamin D-j (Figure 2).
The response to increased levels of vitamin in these tests
indicated that l80 I.C.U./lb. was adequate for maximum body weight but
that 360 I.C.TJ./lb. further increased the percent bone ash (Figure 3).
Tibia ash appeared to be a more sensitive criterion than body
weight for studying the adequacy of the calcium, phosphorus, and
vitamin D-j levels of the diet. Therefore, this measurement is used
to illustrate the interaction that occurred in these experiments.
The interaction of Ca:? ratios and phosphorus levels is illus
trated in Figure ii. At 0.^3 percent phosphorus, a sub-optimal level,
Ca:P ratios of l.hil and 1.8:1 significantly depressed the percent
bone ash, as compared to the 1:1 ratio. As the level of phosphorus
more closely approached the requirement, between 0.39 and 0.70 percent,
the wider ratios resulted in increased tibia ash, indicating a greater
tolerance and in fact a necessity for increased ratios as the level of
phosphorus increases.
A primary function of vitamin D has been shown to be the enhance
ment of calcium absorption of the intestinal tract (Yfasserman et_ al.,
1937; Greenberg, 19hp). Figure 5 illustrates this effect and indicates
that the response to the increased vitamin levels decreased as the
Ca:? ratio widened. At the lower Ca:P ratios the calcium level was no
doubt sub-opt-mal, even though the phosphorus level may have been adequate.
As the ratio widened, more calcium was present, and the response to the
increased levels of vitamin was less. '


% bone ash
- U9 -
30
FIGURE 2
Bone ash and body weight of chicks receiving
various calcium:phosphorus ratios
BODY WEIGHT (grams)


- 5o -
FIGURE 3
Bone ash and body weight of chicks receiving various
dietary levels of vitamin D3


- 51 -
% PHOSPHORUS
FIGURE li
Bone ash of chicks receiving various Ca:P ratios
with various phosphorus levels


- 52 -
FIGURE 5
Bone ash of chicks receiving various levels of vitamin D3
with various calcium:phosphorus ratios


- 53 -
Although studies by Cohn and C-reenberg (1939) indicated that
vitamin D did not enhance phosphate absorption in rats reared on a
vitamin 3 deficient, high calciumlow phosphorus diet, an interaction
of vitamin D3 and phosphorus level was noted in this experiment. Figure
6 indicates that as the level of phosphorus more closely approached the
requirement, between 0.59 and 0.70 percent of the diet, the response to
the increased vitamin D3 deviated from a linear to a quadratic effect.
Rather than being an effect of the vitamin D3 on phosphorus utilization
per se (an actual vitamin D3 X phosphorus interaction), this response
may merely reflect a vitamin D3 effect on the increased calcium levels
occurring as the phosphorus level increased, since the calcium is
present as a ratio of the phosphorus and not as a constant level. This
graph also indicates that at sub-optimal levels of vitamin D the phos
phorus requirement may be in excess of 0.70 percent, as indicated by
the linear response of the I.C.U./lb. level of vitamin D3.
No significant interaction of Ca:P ratios and vitamin D3 and
phosphorus levels was observed when the data were combined from the 2
experiments. This was true for both bone ash and body weights. How
ever, certain trends were evident, and definite observations can be
made concerning the over-all interaction of this triumvirate. Widening
the calcium:phosphorus ratios at sub-optimal levels of phosphorus result
ed in decreasing the bod;/ -weight or percent bone ash. Chicks tolerated
the wider ratios more effectively with increased levels of vitamin D^,
up to 360 I.C.U./lb. in these tests.


- Sk -
FIGURE 6
Bone ash of chicks receiving various levels of vitamin D3
with various phosphorus levels


- 55 -
As the level of phosphorus increased, wider calcium:phosphorus
ratios were tolerated or in fact desirable. This may be due not only
to the actual calcium:phosphorus ratio but also to the total amount of
calcium and phosphorus present. The response to increased vitamin B3
became less as calcium and phosphorus levels approached the optimum.
The Vitamin D Requirement of the Chick as Influenced by
the Dietary Calcium and Phosphorus Level
Results of the previous experiment indicated that dietary
vitamin D3 levels of 360 I.C.U. per pound increased body weight and
percent bone ash of chicks. However, the response to higher levels of
this vitamin became less as calcium and phosphorus levels approached
optimum. To gain additional information regarding the effect of in
creased vitamin D3 levels and the relationship of this vitamin to the
calcium and phosphorus content of the diet, feeding trials were con
ducted under conditions of practical-type rearing as well as in battery
brooders isolated from sources of ultraviolet light.
Experimental Procedure
Battery brooder studies.A factorial arrangement with 2 calcium
levels (0.50 and 1.00 percent), 2 phosphorus levels (0.50 and 0.70 per
cent total phosphorus) and 7 levels of vitan:' 1 D3 was used. levels of
vitamin D3 compared were kS, 90, l80, 360, 720, 3600 and 7200 I.C.U.
per pound of feed. This resulted in diets which were (l) adequate in
both calcium and phosphorus, (2) adequate in calcium with sub-optimal


- 56 -
phosphorus, (3) sub-optimal calcium vdth adequate phosphorus, and (U)
sub-optimal in both calcium and phosphorus.
Three pens of 3 male and 5 female day-old broiler chicks were
randomly assigned to each dietary treatment in 2 successive trials,
giving a total of 60 chicks per treatment, placed in battery brooders.
All sources of ultraviolet light were eliminated from the experimental
room.
The composition of the basal diet is given in Table 19. Desired
levels of calcium and phosphorus were attained by a variation in the
level of reagent grade calcium carbonate and reagent grade monosodium
phosphate (Na^PO^ H2O). Sand was used as a non-nutritive filler to
keep energy and protein levels constant. The vitamin B3 supplement Tas
described in the previous experiment. The diets were mixed 2 days prior
to the beginning of each experiment and stored at 55 F. until fed. The
experimental diets and tap water were fed ad lib it vim. At 28 days of age
individual body weights were obtained. Two males and 2 female chicks
from each pen were sacrificed for bone ash determination.
Floor pen studies.To study the vitamin D3 requirement of the
broiler chick under conditions usually encountered in commercial flocks,
a trial was conducted in floor pens in a broiler house in which no
attempt was made to exclude sources of natural light. The house con
tained I4. rows of pens, 2 of which were along the outer wall with 2 inner
rows. Four replicate pens of 10 male and 10 female chicks were assigned
to each dietary treatment with the restriction that a pen from each of
the h rows be used. The pens were 5x5 feet in size.


- 57 -
TABLE 19
Composition of diets
Ingredients
Battery
Floor
1
2
3
Percent of
diet
Yellow corn meal
51.70
56.08
56.08
56.08
Soybean meal (50% protein)
3U.00
3U.00
31*. 00
3U.00
Dehydrated alfalfa meal
(20% protein)
3.00
3.00
3.00
3.00
Ground limestone

0.22
0.75
1.27
Dicalcium phosphate

1.35
1.35
/ 1.35
Animal fat

3.00
3.00
3.00
Iodized salt
o.Uo
O.liO
o.Uo
o.Uo
Micro-ingredientsl
0.90
0.90
0.90
0.90
Variable2
10.00



Sand

i.o5
0.52

% Protein
Productive energy
22. U
22.6
22.6
22.6
(Cal. /lb.)
928
981
981
981
% Calcium2

0.60
0.80
1.00
% Phosphorus2

0.65
0.65
0.65
'As outlined in Table 5 with removal of vitamin D.
p
Calcium and phosphorus levels were adjusted by altering the
level of variable ingredients consisting of calcium carbonate, mono
sodium phosphate, yellow corn and sand.


- 58 -
A 3 X 6 factorial arrangement of treatments was used. This
consisted of calcium levels of 0.60, 0.80, and 1.00 percent with a
vitamin D3 level of U5> 90, 180, 360, 720, and 3600 I.C.U. per pound.
All diets contained 0.65 percent total phosphorus and were iso-caloric
and iso-nitrogenous. The composition of the diets containing the three
calcium levels is shown in Table 19. The vitamin D3 supplement used in
the battery brooder trials was used to supply the desired levels of this
vitamin.
Body weight and feed consumption were determined at 8 weeks of
age. Two male and 2 female chicks from each pen were sacrificied for
determination of bone ash.
Results and Discussion
Battery brooder studies.The vitamin D3 requirement of the chicks
used in these studies was highly dependent upon the calcium and phosphorus
level of the diet. Tilth levels of 1.00 percent calcium and 0.70 percent
phosphorus, maximum body weight and bone ash were obtained with 90 I.C.U.
of vitamin D3 per pound (Tables 20 and 21). This is in agreement with
the vitamin D3 requirement as suggested by the National Research Council
(i960). When levels of calcium or phosphorus were sub-optimal, the need
for higher vitamin D3 levels was observed. With a dietary calcium level
of 1.00 percent and a total phosphorus level of 0.50 percent, 3600 I.C.U.
of vitamin D3 per pound -was needed for optimum body weight and bone ash.
At a dietary calcium level of 0.50 percent, 720 I.C.U. of vitamin D3 per
pound was required for maximum body weight and bone ash at both phosphorus
levels


TABLE 20
Body weight of chicks fed different levels of vitamin D3 at different
calcium and phosphorus levels (battery brooder studies)
Vitamin D3 (i.C.U./lb.)
% Ca
% P
1*5
90
180
360
720
3600
7200
Average
1.00
0.70
1*3 8 gh
U8lk
Body Weight (grams)1
501k l*79jk l*89jk
1*73*3
l*893k
1*79
0.50
310d
33l*de
353e*
366*
1*12 g
1*33 gh
l*2l*g
376
0.50
0.70
209a
233b
32 7d
1*67*3
U87^k
1*76*3 k
l*52hi
377
0.50
200a
279
369*
1*20&
1*68*3
1*89 3 k
l*77*3k
386
Average
289
332
385
1*33
1*61*
1*68
1*60
*Means are average weights of 30 male and 30 female chicks. Means bearing the same superscripts
do not differ significantly (P-0.05).


TABLE 21
Tibia ash of chicks fed different levels of vitamin D3 at different
calcium and phosphorus levels (battery brooder studies)
% Ca
% P
Vitamin
D3 (i.C.U./lb.)
US
90
180
360
720
3600
7200
Average
(% Tibia Ash)l
1.00
0.70
lil.lb
U2.ha-
li2.5a
i2.9a
U2.3a
Ii3.2a
h2.9a
U2.U
0.50
31.3k
31.3k
32.5k
33.9*
36.2h
37.3fg
36.7g
3 a.2
0.50
0.70
33.71
33.81
36.8gh
37.3ef
38.1de
37.6^e
38.5cd
36.5
0.50
32.7k
33.51
35.7h
36.5fgh
37.8de
38.7cd
39. lc
36.3
Average
3U.7
35.2
36.8
37.7
38.6
39.2
39.3
^Expressed as percent fat-free, moisture-free bone. Means are average of 12 male and 12 female
chicks. Means bearing same superscripts do not differ significantly (P = 0.05).


- 61 -
Floor pen studies.The 56-day body weight and tibia ash of the
chicks were significantly affected by the dietary calcium and vitamin D3
levels (Tables 22 and 23). There was a significant interaction observed
between the dietary calcium level and the vitamin D3 level. At 0.60
percent calcium, 360 I.C.U. of vitamin D3 per pound gave significantly
maximum body weight and tibia ash. Increased levels of this vitamin
numerically increased body weight but significantly reduced the tibia
ash. IThen the dietary calcium level was increased to 0.80 percent a
level of 90 I.C.U. of vitamin D3 per pound gave significantly maximum
body weight and tibia ash. Higher levels of vitamin D3 numerically in
creased the body weight but had no influence on tibia ash. At a dietary
calcium level of 1.00 percent, the vitamin D3 response was altered. In
creasing the level of vitamin D3 up to 180 I.C.U. per pound numerically
increased body weight but further increases in the level of this vitamin
tended to reduce growth slightly. None of the groups, however, differed
significantly in body weight or in tibia ash.
Feed utilization, expressed as grams of feed consumed per gram
of gain, was closely related to body weight. In general, an increased
body weight was associated with a decrease in the feed required to pro
duce a unit of gain (Table 2l).
The results of these studies confirm the close interrelationship
of calcium, phosphorus, and vitamin D3 in the diet of chicks. This
relationship has been observed by many authors, yet few have attempted
to establish a requirement for this vitamin in the diet of rapidly growing
chicks


- 62 -
TABLE 22
Body weight of chicks fed different levels of vitamin D3 at
different dietary calcium levels (floor pen study)
Vitamin D3
(I.C.U./lb.)
% Calcium
0.60
0.80
1.00
Average
B ody Y.re i ght (grams ) 1
U5
671a
1143
1235>d
1017
90
967b
1276def
1256def
1167
180
1168
1290def
1280dei
12U7
360
12U6d
1291def
1277def
1271
720
1261ide^
1308ef
1257de
1276
3600
1292def
1321f
1268def
129U
Average
1101
1272
1263
'Means
are average weights of 1*0 male
and 1*0 female
chicks.
Means bearing the same superscript do not differ significantly
(p-0.05).


- 63 -
TABLE 23
Tibia ash of chicks fed different levels of vitamin D3 at
different dietary calcium levels (floor pen study)
Vitamin D3
(i.C.U./lb.)
% Calcium
0.60
0.80
1.00
Average
% Tibia Ash1
1*5
1*2.0*
l*l*.9bcd
l*5.icde
1*3.9
90
1*3. lb
1*5.8de
1*6. l*e
1*5.1
180
1*3.8bc
1*6.2e
1*6.7e
1*5.6
360
l*6.2e
l*5.6cde
l*5.9de
/1*5.9
720
l^bcde
1*5.9de
1*6. i*e
1*5.8
3600
l*l*.2bcd
1*5.9de
1*6.8
1*5.7
Average
1*1*.0
1*5.7
1*6.2
^-Expressed as percent of fat-free, moisture-free bone. Means
are average of 8 male and 8 female chicks. Jfeans having the same
superscript do not differ significantly (P=0.05).
\


- 61; -
TABLE 2h
Feed utilization of chicks fed different levels of vitamin D3 at
different dietary calcium levels (floor pen study)
Vitamin D3
(I.C.U./lb.)
% Calcium
0.60
0.80
1.00
Average
(grams feed/gram gain)l
1;5
2.52e
2.36d
2.25abc
2.38
90
2.37d
2.28bc
2.23abc
2.29
180
2.30cd
2.23abc
2.23abc
2.25
360
2.26^c
2.26bc
2.29bcd
2.27
720
2.26bc
2.25abc
2.22ab
2.21;
3600
2.26bc
2.18a
2.25abc
2.23
Average
2.33
2.26
2.25
^Means are average of four pens, each containing 10 male and
10 female chicks. Means having the same superscript do not differ
significantly (P =0.05).
v


- 65 -
Under the conditions of the experiment reported herein, 90
I* C. U. of vitamin D3 per pound as suggested by the National Research
Countil is adequate to support maximum growth and bone ash at the
calcium and phosphorus levels recommended by this group (1.0 percent
Ca and 0.6 percent P). Higher levels did not significantly influence
body weight or bone ash at or 8 weeks of age.
In recent years, however, the calcium requirement of the chicks
has undergone considerable study with some disagreement as to the opti
mum level required. These reports have been recently reviewed by
Yaldroup et al., (1963). Tilth the possible advent of lowered calcium
levels in the diet, the need to re-examine the vitamin D3 requirement
becomes apparent from the results of the present studies. Lowering
the calcium level to 0.8, 0.6 or 0.5 percent significantly altered
the vitamin D3 requirement. This was true for both age groups and
regardless of whether the chicks were grown in battery brooders in
the absence of ultraviolet light or in floor pens in a conventional
broiler house. Since a primary function of vitamin D has been shown
to be the enhancement of calcium absorption from the intestial tract
(Greenberg, 19li5; Wasserman et al., 1957) it is logical to assume that
the response to vitamin D supplementation would be increased as the
calcium level of the diet is lowered.
The relationship of vitamin D and phosphorus is less well defined.
The results of these studies indicated an interaction of vitamin D and
phosphorus; however, this may be a reflection of the calcium:phosphorus
interaction rather than a true effect of the vitamin on phosphorus


- 66 -
utilization. This hypothesis is strengthened by the early report by
Cohn and Greenberg (1939) "which indicated that vitamin D did not
enhance phosphate absorption in rats reared on a vitamin D deficient,
high calcium-low phosphorus diet. The importance of adequate vitamin
D level in a biological assay for either calcium or phosphorus cannot
be over-empahsized, since marginal or deficient levels of these minerals
are often used for test purposes.
/


CHAPTER 8
THE AVAILABILITY OF PHOSPHORUS FRCM ANIMAL PROTEIN SOURCES
There is limited information regarding the biological value for
the phosphorus in animal protein supplements when fed to chicks. Span-
dorf and Leong (1961i) reported that the biological availability of the
phosphorus in twelve menhaden fish meals averaged 99 percent and ranged
from 95 to 103 percent of the values obtained with corresponding levels
from dicalcium phosphate.
Because of the emphasis placed on linear programming of poultry
diets, it is important that accurate information be available regarding
the nutritional value of feedstuffs. The present experiments were design
ed to determine the phosphorus availability of seme animal protein sources
frequently used in poultry diets.
Experimental Procedure
Samples of fish meal, poultry by-products meal, and meat and
bone meal were obtained from several sources. The various samples of
the individual ingredients were blended for use in these trials. The
blended samples were analyzed for protein, calcium, and phosphorus
content by 3 laboratories. The average of these 3 analyses appears in
Table 25 and was used in formulation of the test diets. It was recognized
that protein quality of the diets could be a confounding factor; therefore,
- 67 -


- 68 -
TABLE 25
Analyses of animal protein sources
Composition^
Ingredient
% Protein
% P
% Ca
Menhaden fish meal
6l.U
2.9U
5.27
Poultry by-product meal
58.2
2.01
h.lk
Meat and bone meal
53.3
3.52
10.30
^Average of analyses by three laboratories.


- 69 -
all diets were formulated to contain 25 percent protein. It was felt
that this would help to minimize any possible variation due to protein
quality of the diets.
The composition of the basal diets is presented in Table 26.
Isolated soybean protein was used to maintain a constant protein level
while corn oil and cerelose were used to maintain a constant dietary
energy level of 1000 Calories of productive energy per pound. Constant
levels of plant phosphorus (O.UO percent) were maintained by variation
in degerrainated corn meal (0.10 percent P) and white corn meal (0.28
percent P).
Analytical reagent grade monosodium phosphate (Na^PO^ H2O)
and feed grade dicalcium phosphate were used as standards of comparison
for phosphorus availability. The test sources were added to the basal
diets in amount sufficient to supply 0.05, 0.10 and 0.15 percent phos
phorus, giving total phosphorus levels of 0.ii5, 0.50 and 0.55 percent.
These levels are below the minimum phosphorus requirement of the chick
as suggested by the National Research Council (i960). The total calcium
content of the diet was maintained at 0.80 percent by the use of reagent
grade calcium carbonate and the diet supplemented with 1000 I.C.U. per
pound of vitamin D3.
Day-old broiler chicks obtained from a commercial hatchery were
randomly assigned to pens in battery brooders. Four replicate pens,
each containing 5 male and 5 female chicks, were assigned to each dietary
treatment in 2 successive trials, resulting in a total of 80 chicks per
treatment


- 70 -
TABLE 26
Composition of basal diets
Ingredients
Percent
of diet
White corn meal
3k.70
36.20
33.20
30.20
Degerminated corn meal
lk. 00
12.50
15.50
18.50
Soybean meal (50% protein)
32.00
32.00
32.00
32.00
Corn oil
0.73
0.63
0.87
3.28
Cerelose
10.33
10.10
10.33
7.95
Assay protein^
3.77
3.3k
k.lk
k.86
Iodized salt
o.ko
o.ko
o.ko
o.ko
Calcium carbonate
l.k7
1.5k
1.37
1.69
Micro-ingredients?
0.90
0.90
0.90
0.90
Monosodium phosphate
0.1k
0.1k
0.1k
0.36
Dicalcium phosphate




Fish meal
1.70



Poultry by-product meal

2.k9


Meat and bone meal


1.29

% Protein
25.0
25.0
25.0
25.0
Productive energy Cal/lb.
1000
1000
1000
1000
% Calcium
0.80
0.80
0.80
0.80
% Phosphorus
o.k5
o.k5
o.k5
o.k5
Ohio.
1C-1
assay protein, Archer-Daniels-Midland Co.,
Cincinnati,
2Micro-ingredients as given in Table 5 with 1000 I.C.U. per
pound of vitamin D.


- 71 -
Diets and tap water were consumed ad libitum from 1 to 28 days
of age at which time the experiment was terminated. Individual body
weights were obtained and 2 males and 2 females from each pen were
sacrificed for bone ash determination. Since there was no treatment X
trial interaction, results of the two trials were combined for presenta
tion.
Results and Discussion
Body weight of chicks fed graded levels of phosphorus from
animal protein sources ranged from 95 to 99 percent of that resulting
from feeding chicks equivalent levels from the inorganic phosphorus
sources (Table 27). Within each level of phosphorus tested, little
variation in performance was observed between sources with the exception
of the highest level of supplemental phosphorus. It is possible that
this may be due to either the quality of the protein or an amino acid
imbalance.
Phosphorus supplied from the animal protein sources resulted
in tibia ash values that ranged from 101 to 102 percent as much as
the inorganic phosphate sources (Table 28). There was little variation
observed within each level of phosphorus supplementation.
These data support the findings of Spandorf and Leong (196U)
regarding the high availability of phosphorus in fish meal and indicate
that the phosphorus in poultry by-product meal and meat and bone meal
is highly available for chicks. Therefore, analytical phosphorus values
may be used in feed formulation without adjustment for availability.


- 72 -
TABLE 27
Body weight of chicks fed diets supplemented with phosphorus
from animal proteins and inorganic phosphate
Phosphorus Source
Added Phosphorus
% Relative
Utilization^
0.05
0.10
0.15
Av
Body
weight (grams)3
Fish meal
293ab
313bcd
331/S
313
96
Poultry by-products meal
289a
3l9de
326ef
311
95
Meat and bone meal
293ab
333fS
3b3S
323
99
Monosodium phosphate
300ab
323def
356b
326
100
Dicalcium phosphate
302bc
323def
355h
326
100
^-Indicates percent of phosphorus from test source added to
basal diet calculated to contain O.liO percent total phosphorus.
^Relative utilization of phosphorus iron test source as com
pared to monosodium phosphate.
^Treatment means are average weights of UO male and UO female
broiler chicks. Means bearing the same superscript do not differ
significantly (P-0.05).


- 73 -
TABLE 28
Tibia ash of chicks fed diets supplemented v/ith phosphorus
from animal proteins and inorganic phosphate
Added Phosphorus
% Relative
Phosphorus Source 0.05 0.10 0.l5 Av Utilization^
Tibia Ash ($)3
Fish meal
36.7abc
38.1ibcd
iil.5ef
38.8
102
Poultry by-products meal
36.2ab
38.9cde
li0.6dei
38.6
101
Heat and bone meal
36.0a
39.7def
Ul.6^
39.1
102
Monosodium phosphate
35.7a
39.1cde
39.8def
38.2
100
Dicalcium phosphate
35.2a
38.2bc
iil.3ef
38.3
100
^Indicates percent of phosphorus from test source added to
basal diet calculated to contain O.iiO percent total phosphorus.
2
Relative availability of phosphorus from test source as com
pared to monosodium phosphate.
^Expressed as percent fat-free, moisture-free bone. Treatment
means are averages of 16 male and 16 female broiler chicks. Means
bearing the same superscript do not differ significantly (P = 0.05).


CHAPTER 9
THE AVAILABILITY OF PHOSPHORUS FROM PUNT SOURCES
The major portion of the phosphorus contained in cereals,
cereal by-products, soybeans, and other plant materials is in the
form of phytic acid (inositol hexaphosphoric acid) and its salts.
Published reports are not in complete agreement concerning the avail
ability of this source of phosphorus. Phosphorus extracted from
various plant materials was poorly available for chicks and rats in
studies reported by Lowe et al. (1939), Krieger et al. (1940, 1941),
Spitzer et. al. (19i8), Gillis et al. (1949, 195?) and Matterson et al.
(1946). However, the last group stated that one should not infer from
the poor availability of the extracted plant phosphate that phosphorus
of natural plant material is necessarily unavailable.
The reports of Heuser et al. (1943) and McGinnis et al. (1914;)
suggested limited availability of phosphorus from plant sources. Gillis
et al. (I9l;9) indicated that phosphorus present in natural plant ingredi
ents was a slightly more effective source of phosphorus than that extracted
as calcium phytate. Singsen et. al. (1947) reported that phosphorus in a
mixture of cereal grains was relatively unavailable for bone calcification
although the addition of vitamin D improved its utilization. TTheat bran
phosphorus was poorly utilized by rats in the absence of vitamin D
(Bouiwell et al., 1946). However, an adequate intake of this vitamin


- 75 -
increased the utilization of this phosphorus source for bone calcification
nearly to that of inorganic phosphorus.
The phosphorus in soybean meal was utilized by rats for both
growth and bone formation (Spitzer and Phillips, 191:5 a,b). Fritz et
al. (19U7) noted that under practical-conditions cereal grain phos
phorus was well utilized by turkey poults. The phosphorus in unifine
flour was shown to be almost completely available for growth and some
what less available for bone deposition in the chick (Sieburth et_ al,,
1952). Vandepopuliere et. al. (1961) reported that plant source phos
phorus was readily available for growth in chicks when fed at an optimum
Ca:P ratio of 1:1. Temperton and Cassidy (1961: a,b) concluded from
balance studies that the chick was able to absorb and retain a large pro
portion of ingested plant phosphorus, and utilize this phosphorus for
deposition in growing bones. This supports earlier work by Singsen et
al. (1950) in which it was demonstrated by P32 tracer studies that phytin
phosphorus can move freely about the body and participate in any reaction
requiring phosphorus.
The utilization of this organically bound form of phosphorus is
of considerable practical importance since most poultry diets must be
supplemented with phosphorus for optimum performance. Therefore, it was
considered important to determine the effect of the source or form of the
organic phytin phosphorus and the influence of dietary factors upon its
availability to the chick in order to estimate the extent to which plant
phosphorus can be used to meet the phosphorus requirement.


- 76 -
The Availability of Phytic Acid Phosphorus for Chicks
Since the report of Vandepopuliere et al. (1961) indicated that
plant source phosphorus was readily available to support growth in chicks
when fed at narrow Ca:P ratios, this trial was conducted to determine the
availability of phytic acid phosphorus and the possible effect of Ca:P
ratio upon its availability.
Experimental Procedure
Two trials were conducted with day-old broiler chicks. Graded
levels of phosphorus from phytic acid (0.05 to O.liO percent) and di
calcium phosphate (0.05 to 0.20 percent) were fed to chicks at Ca:P
ratios of 1:1 and 2:1 (Table 29). The basal diets contained 0.27 per
cent total phosphorus.
The phytic acid was supplied in a solution containing 70 percent
phytic acid. All experimental diets were kept iso-caloric and iso-
nitrogenous by varying the amount of corn, soybean oil meal and animal
fat. Increased calcium content was obtained by increasing the level
of ground limestone.
Two replications of 5 males and 5 females were used per treat
ment in each trial in battery brooders. Experimental diets and tap water
were given ad libitum.
Individual body weights of chicks were obtained at U weeks of
age. Since the diet X trial interaction was not significant, only
average weights from the combined trials are given. Three males and
3 females from each pen in trial 1 .were sacrificed for bone ash determination.


- 77 -
TABLE 29
Composition of basal diets
Ingredients
Ca:P Ratio
1:1 2:1
Percent
of diet
Degerminated corn meal
6U.38
63.20
Soybean meal (50% protein)
31.20
31.28
Animal fat

0.35
Ground limestone
0.32
1.0?
Alfalfa meal {17% portein)
3.00
t
3.00
Micr o-ingre dients1
0.70
0.70
Iodized salt
o.lo
o.Uo
^Micro-ingredients as outlined in Table 5.


Results and Discussion
Growth rate and tibia ash of chicks were significantly increased
with each increase of dietary phosphorus supplied either by phytic acid
or dicalcium phosphate (Table 30).
Growth rate and tibia ash of chicks receiving supplementary phos
phorus from phytic acid were comparable to chicks receiving equivalent
levels of phosphorus from dicalcium phosphate. These data are in dis
agreement with the earlier findings (Lowe et. al., 1939; Heuser et al.,
19ii3; McGinnis et. al., 19UU; and Gillis et al., 19U9) that phytin phos
phorus could be utilized slightly, if at all, by the chick. However,
these data are in agreement with an earlier report by Vandepopuliere
et al. (1961) and agree with data obtained from feeding rats, where phy
tic acid or phytin phosphorus was available for growth and bone calci
fication (Krieger et al., 19l0; Spitzer et. al., 191*8).
The phosphorus source X Ca:P ratio interaction for body weight
and bone ash was found to be statistically significant (P- .01). This
significant interaction was a result of slightly lowered body weights
or bone ash of chicks fed phytic acid when the Ca:P ratio was widened
as compared to an increased body weight or bone ash when the ratio was
widened with dicalcium phosphate as a phosphorus source. That widening
the Ca:P ratio interferes with utilization of phytin phosphorus agrees
with the suggestion of Vandepopuliere et al. (1961). However, it does
not explain the high availability of the phytic acid phosphorus in this
study as compared to earlier reports with the chick.


- 79 -
TABLE 30
Body weight and tibia ash of chicks fed various levels of
phosphorus from phytic acid and dicalcium phosphate
Supplement
1:1 Car
P ratio
2:1 Ca:P ratio
Body
wt. (g)
Tibia
ash (%)
Body
wt. (g)
Tibia
ash (%)
% P added
Source
O1

279
28.8
279
27.5
.03
Phytic acid
308
31.1
297
27.0
.10
Phytic acid
3h6
32.2
3hh
28.1
.20
Phytic acid
362
35.1
359 /
35.2
.liO
Phytic acid
381
37.5


.05
Dicalcium phosphate
270
30.6
328
27.3
.10
Dicalcium phosphate
318
31.7
366
29.5
.20
Dicalcium phosphate
35U
3S.U
2j.02
39.6
'"Basal diet contained 0.27 percent phosphorus.


- 80 -
It has been shown that heat treatment_increases the availability
of zinc in soybean protein (Supplee et al., 1958; and Kratzer et_ al.,
1959), and an interrelationship has been shown between the zinc content
of the diet and utilization of phytic acid (O'Dell et al., 1961). Since
soybean oil meals are now prepared in a different manner than those used
in the earlier work, this difference and supplementary zinc in the basal
diet may be the factors responsible for the high availability of the
phosphorus from phytic acid.
Comparison of Phytin Phosphorus Sources
Results of the previous studies indicated that the phosphorus
-
in a solution of phytic acid ivas available to the chick for growth and
bone calcification. This series of trials was conducted to determine
the phosphorus availability of salts of phytic acid.
Experimental Procedure
Three trials were conducted to determine the availability of
phosphorus as phytic acid, calcium-magnesium phytate, and sodium phy-
tate. The phytic acid* (inositol hexaphosphoric acid) contained 28.16
percent phosphorus. The supplement used was an aqueous solution con
taining 70 percent phytic acid. The calcium phytate,** described as
phytic acid calcium-magnesium salt with an approximate analysis of 12
percent calcium, 1.5 percent magnesium and 22 percent phosphorus, was
' - -'-
^Nutritional Biochemicals Corp., Cleveland Ohio.
**Corn Products Co., New York, N. Y.


- 81 -
in the form of a white, odorless powder, insoluble in water. The sodium
phytate,"* described as a neutral phytic acid sodium salt, contained 23.3
percent phosphorus. It was a white powder which was completely soluble
in water.
A practical type diet, using degerminated corn as the major
energy source and dehulled soybean meal as the major protein source,
served as the basal diet for all trials (Table 31). This diet was
calculated to contain 0.30 percent phosphorus, all from plant sources,
20 percent protein, and 1,000 kilocalories of productive energy per
pound.
Day-old broiler chicks were randomly assigned to pens in battery
brooders. The experimental feeds and tap water were supplied ad libitum.
Three pens, each containing 5 male and 5 female chicks, were assigned to
each of the experimental treatments in all trials.
Trial 1.Feed grade dicalcium phosphate, calcium phytate, and
phytic acid were added to the basal diet to supply 0.10 and 0.20 percent
supplemental phosphorus, resulting in total phosphorus levels of O.iiO
and 0.50 percent. A constant 2:1 ratio of calcium to phosphorus was
maintained by the addition of reagent grade calcium carbonate. Diets
were maintained iso-caloric by the addition of finely ground oat hulls.
Chicks were placed on the experimental diets at 1 day of age and main
tained for a 28-day feeding period, at which time individual body weights
were obtained and 2 male and 2 female chicks from each pen were sacrificed
for bone ash determination.
^Nutritional Biochemicals Corp., Cleveland, Ohio.


- 82 -
TABLE 31
Composition of basal diet
Ingredient
Percent
Degerminated corn
56.70
Soybean meal (50$ protein)
31;. 00
Alfalfa meal (17$ protein)
3.00
Iodized salt
0.U0
Micro-ingredients^
0.90
Variable ingredients^
5.00
^Micro-ingredients as outlined in Table 5.
2
Consisted of calcium carbonate, phosphorus source and oat
hulls in amounts calculated to attain desired calcium and phosphorus
levels.


- 83 -
Trial 2.The basal diet (Table 31) was supplemented with 0.10
or 0.20 percent phosphorus from either phytic acid, calcium phytate,
sodium phytate, or monos odium phosphate (Nal-^PO^ H2O). This resulted
in total phosphorus levels of O.iiO and 0.50 percent. The calcium level
of all diets was maintained at 0.60 percent total calcium with 3h0 I.C.U.
of vitamin D3 per pound of feed. The experimental diets and tap water
were supplied ad libitum. Individual body weights were determined at
28 days of age.
Trial 3.The basal diet (Table 31) was supplemented with 0.10,
0.20 and 0.10 percent phosphorus from phytic acid, calcium phytate,
sodium phytate, and monosodium phosphate to give total phosphorus
levels of 0.U0, 0.50 and 0.70 percent. The calcium level of all diets
was maintained at 0.60 percent total calcium by the addition of calcium
carbonate.
All diets were supplemented with 360 I.C.U. of vitamin D3 per
pound. In addition, diets supplemented with O.iiO percent phosphorus
from each of the U phosphorus sources were supplemented with 1,080
I.C.U. of vitamin D3 per pound to determine the effects of increased
vitamin D levels on the availability of the phosphorus from the various
phytin sources.
Since the report of O'Dell et al. (I96l) indicated an interaction
between calcium and phytic acid relative to the availability of zinc, it
seemed desirable to determine the effects of zinc supplementation of the
basal diet upon the availability of the phosphorus from the phytin sources.
Therefore, the diets containing 360 I.C.U. of vitamin D3 per pound and O.iiO


percent added phosphorus from each of the Ii sources were supplemented
with 200 p.p.m. of zinc in the form of zinc sulfate and compared to
comparable diets without zinc supplementation. The experimental diets
and tap water were supplied ad libitum. At 28 days of age individual
body weights were obtained.
Results and Discussion
Trial 1.No significant differences were observed between the
availability of phosphorus from phytic acid or dicalcium phosphorus as
determined by body weight or tibia ash (Table 32). This was true at
both levels of phosphorus supplementation. The addition of 0.10 percent
phosphorus from calcium phytate to the basal diet significantly increased
both body weight and bone ash but the response was not comparable to that
of phytic acid or dicalcium phosphate at this level of supplementation.
Increasing the level of phosphorus supplementation to 0.20 percent from
calcium phytate resulted in a slight but non-significant increase in
body weight as compared to the basal diet, but a decrease as compared
to the 0.10 level. Tibia ash was significantly increased, however, lend
ing support to the report by Sieburth et al. (1952) that the phosphorus
from calcium phytate was relatively unavailable for growth but available
for bone deposition. In no case, however, did the degree of calcification
on the calcium phytate diets approach that attained on the phytic acid
or dicalcium phosphate diets.
Trial 2.Diets supplemented with phosphorus from calcium phytate
did not support a level of growth equivalent to that obtained from feeding


- 85 -
TABLE 32
Body -weight and tibia ash of chicks fed diets supplemented
with various sources of organic and inorganic phosphorus
Phosphorus
Body weight
(gms.)!
Tibia ash ($)1
Source %
Added
M
F
Av
M
F
Av
Basal diet^
0
211
200
205d
23.5
25.1
2ii.3k
Calcium phytate
0.10
287
2h7
267
26.3
26.6
26.5*
0.20
22ii
232
228d
25.5
29.2
27.9a
Phytic acid
0.10
353
323
338b
30.6
32.8
31.7h
0.20
393
3U2
368a
39.9
39.0
39.5f
Dicalcium phosphate
0.10
365
310
338b
32.U
30.8
31.6h
0.20
388
3h6
367a
35.9
38.2
37.Og
1-Means bearing the same superscripts do not differ signifi
cantly (P= 0.05).
p
Basal diet calculated to contain 0,30% phosphorus. All diets
fed at a 2:1 Ca:P ratio.


- 86 -
the other phosphorus sources at either level of supplementation (Table 33).
Sodium phytate phosphorus at the 0.10 percent level of supplementation
supported a growth rate that was numerically but not significantly
superior to the calcium phytate groups. TThen the sodium phytate sup
plementation was increased to 0.20 percent phosphorus, body weight data
indicated its utilization was significantly greater than that of calcium
phytate but did not approach that of the phytic acid or monosodium phos
phate supplements. Body weight data indicated that phytic acid phosphorus
was not as available as the monosodium phosphate at the 0.10 percent level
of supplementation but was equally available at the 0.20 percent level.
Trial 3.Comparison of the growth rate of chicks fed the phos
phorus supplements at a level of 0.10 percent added phosphorus indicated
monosodium phosphate to be superior to the three phytin phosphorus
sources (Table 3U). Phytic acid and sodium phytate were of equal value
in promoting chick growth, while calcium phytate was inferior to all
phosphorus sources tested. Vvhen the phosphorus supplementation was in
creased to 0.20 percent, phytic acid supported a growth rate comparable
to that of chicks on diets supplemented with monosodium phosphate.
Supplementation with sodium phytate at this level did not support a
growth rate comparable to that of monosodium phosphate or phytic acid
supplementation, but was superior to calcium phytate supplementation.
Calcium phytate continued to give inferior performance; however, a sig
nificant improvement in growth was obtained as the level of phosphorus
supplementation from this source was increased from 0.10 to 0.20 percent


- 87 -
TABLE 33
Body weight of chicks fed diets supplemented with various
sources of organic and inorganic phosphorus
Phosphorus source
% Added phosphorus^
0.10
0.20
M
F
Av
M
F
Av
Body weight
(grams)2
Phytic acid
386
338
36lf2
kh2
ii06
H
c^\
CM
-3
Sodium phytate
351
3U1
3U5ef
hoh
36U
383§h
Calcium phytate
3U9
327
337de
331
303
317d
Monosodium phosphate
U35
378
U06hi
m
391
Uis1
^-The basal diet vas calculated to contain 0.30 percent phos
phorus, all from plant sources. All diets contained 0.60 percent
calcium.
p
^Means bearing the same superscript do not differ significant
ly (P= 0.05).


- 88 -
TABLE 3h
Body -weight of chicks fed diets supplemented with various
sources of organic and inorganic phosphorus
Phosphorus
- Zinc
Zinc^
Source
% Added
360 D3
1,
o
CD
o
tJ
3
360 D3
M
F
Av
M
F
Av
M
F
Av
Body weight
(grams)2
Basalt
0
356
21*5
300a
1*10
350
380cd
316
271*
295a
Monos odium
0.10
li30
392
lilief
phosphate
0.20
1*65
1*21
1*1*3 ghi
0.1*0
1*78
1*31*
l*56hi
1*83
1*27
l*58hi
1*89
1*1*5
1*67*
Phytic acid
0.10
373
350
362bc
0.20
1*75
1*15
l*l*5hi
O.liO
li66
1*28
l*l*7hi
1*72
1*17
i*l*5hi
1*79
1*35
l*57hi
Sodium
phytate
0.10
395
31*5
370bc
381*cd
0.20
398
370
O.liO
ii6l
1*28
l*l*i*ghi
1*1*0
396
l*l8e^g
1*1*9
1*22
l*35f§h
Calcium
0.10
362
277
320a
phytate
0.20
361
335
3l*8b
-
O.liO
392
367
360
1*21*
381
l*03de
371
355
363bc
^Zinc supplementation at 200 p.p.m. supplied by zinc sulfate.
^Means bearing the same superscript do not differ significantly
(P = 0.05).
^The basal diet was calculated to contain 0.30 percent phosphorus.
All diets contained 0.60 percent calcium.


- 89 -
TTnen the level of phosphorus supplementation was increased to
O.iiO percent, monosodium phosphate, phytic acid, and sodium phytate
supported an equal rate of growth. Calcium phytate supplementation at
this level significantly increased growth rate as compared to the 0.20
percent level of supplementation, but performance was inferior to the
other three sources.
Increasing the vitamin D3 level of the diet from 360 to 1,080
I.C.U. per pound at the O.iiO percent level of phosphorus supplementation
did not influence chick performance on the diets supplemented with mono
sodium phosphate, phytic acid, or sodium phytate, but significantly in
creased the 28-day body weight of chicks receiving supplemental phos
phorus from calcium phytate (Table 3U).
Zinc supplementation of the diets containing O.iiO percent phos
phorus from each of the four sources had no significant effect on 28-day
body weight (Table 3h).
The results of these trials indicate that the phosphorus from
the phytic acid supplement (inositol hexaphosphoric acid) was highly
available and equal to the dicalcium or monosodiun phosphates in most
instances, as measured by body weight and tibia ash. This confirms the
report of Karras et al. (1962) that phosphorus from phytic acid was as
available as that from dicalcium phosphate.
The availability of phosphorus from sodium phytate was some
what lower than from phytic acid or the inorganic phosphates. The
availability of the sodium phytate phosphorus tended to increase as


- 90 -
the level of supplementation increased, approaching that of the di
calcium or monosodium phosphate at high levels of supplementation.
The phosphorus in the calcium-magnesium salt or phytic acid
(calcium phytate) was essentially unavailable for growth and only
slightly available for bone calcification under the conditions of
these experiments. This confirms the reports of Matterson et al.
(19U6), Sieburth et al. (1952) and Gillis et al. (1957). In contrast
to the sodium phytate supplement, the availability of the calcium phy
tate phosphorus appeared to decline as the level of supplementation in
creased. In only one of three experiments did higher levels of calcium
phytate continue to improve performance.
Increasing the vitamin D3 level of the diet from 360 to 1,080
I.C.U. per pound significantly increased the availability of the calcium
phytate phosphorus, but did not influence the availability of phytic
acid or sodium phytate phosphorus. This finding agrees with the reports
of several workers (Krieger and Stenbock, 19U0; Boutwell et al., 19U6;
Singsen et al., 19li7; Spitzer et al., 19U8; Gillis et_ al., 1957) and may
be due either to its well-known action on calcium absorption or to some
activating action on the intestinal phytase enzyme. However, Krieger
et al. (I9l|0) reported that the calcium from calcium phytate was as
available as from calcium carbonate when adequate phosphorus was sup
plied from inorganic phosphates, and Spitzer et al. (19U8) reported that
vitamin D was not necessary for phytase formation. In both of these tests,
weanling rats were used and a species difference may be present.


Full Text
xml version 1.0 encoding UTF-8
REPORT xmlns http:www.fcla.edudlsmddaitss xmlns:xsi http:www.w3.org2001XMLSchema-instance xsi:schemaLocation http:www.fcla.edudlsmddaitssdaitssReport.xsd
INGEST IEID E1CREUT4V_K05WUN INGEST_TIME 2011-10-17T19:38:27Z PACKAGE AA00004946_00001
AGREEMENT_INFO ACCOUNT UF PROJECT UFDC
FILES


W /7-f
AGW-
cultural
IIMARY
UNIVERSITY OF FLORIDA
3 1262 07332 078 9


FACTORS AFFECTING UTILIZATION OF
PHOSPHORUS BY POULTRY
By
PARK WILLIAM WALDROUP
A DISSERTATION PRESENTED TO THE GRADUATE COUNCIL OF
THE UNIVERSITY OF FLORIDA
IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE
DEGREE OF DOCTOR OF PHILOSOPHY
UNIVERSITY OF FLORIDA
April, 1965

ACKNC/riSDGEMENTS
The author is grateful to Dr. Robert H. Harms and Dr. C. B.
Ammerman for their assistance and guidance in planning and conducting
the research reported in this dissertation. Thanks are also given to
Dr. Melvin Fried, Dr. R. L. Shirley, Dr. T. J. Cunha, and Prof. N. R.
Mehrhof for their aid and suggestions.
The aid of R. G. Combs and R. B. Cake is sincerely acknowledged,
and to them goes much credit for the performance of the experiments
reported herein.
The author is indebted to the Smith-Douglass Company, Norfolk,
Va., for a grant-in-aid which helped make these studies possible.
To his wife, Janet, he wishes to express gratitude for her help
and efforts on behalf of this dissertation.

TABLE OF CONTENTS
Page
ACKNOWLEDGEMENTS i
LIST OF TABLES v
LIST OF FIGURES viii
CHAPTER
1 INTRODUCTION 1
2 MATERIALS AND METHODS U
3 THE INFLUENCE OF PHOSPHORUS LEVELS IN THE MATERNAL
DIET 6
Experimental Procedure 6
Results and Discussion 9
k COMPARISON OF THE REQUIREMENTS OF BATTERY AND FLOOR
GRO'TI CHICKS FOR CALCIUM AND PHOSPHORUS lh
Experimental Procedure l!¿
Results and Discussion 16
5 A COMPARISON OF PHOSPHORUS ASSAY TECHNIQUES WITH
CHICKS 21
Experimental Procedure 22
Results and Discussion 2h
6 THE UTILIZATION OF VARIOUS SOURCES OF CALCIUM ... 29
Experimental Procedure 30
Trial 1 30
Trial 2 33
Results and Discussion 33
Trial 1 33
Trial 2 36
ii

TABLE OF CONTENTS—Continued
CHAPTER Page
7 THE EFFECT OF VITAMIN D ON PHOSPHORUS UTILIZATION . . 39
The Interaction of Calcium, Phosphorus, and
Vitamin D 39
Experimental Procedure 39
Results and Discussion h2
The Vitamin D Requirement of the Chick as Influenced
by the Dietary Calcium and Phosphorus Level .... 55
Experimental Procedure 55
Battery brooder studies 55
Floor pen studies 56
Results and Discussion 53
Battery brooder studies 58
Floor pen studies 6l
8 THE AVAILABILITY OF PHOSPHORUS FROM ANIMAL PROTEIN
SOURCES 67
Experimental Procedure 67
Results and Discussion 71
9 THE AVAILABILITY OF PHOSPHORUS FROM PLANT SOURCES . . 7U
The Availability of Phytic Acid Phosphorus for
Chicks 76
Experimental Procedure 76
Results and Discussion 78
Comparison of Phytin Phosphorus Sources 80
Experimental Procedure 80
Trial 1 81
Trial 2 83
Trial 3 83
Results and Discussion 8U
Trial 1 8ii
Trial 2 8U
Trial 3 86
Effect of Calcium and Vitamin D3 Levels on the
Utilization of Calcium Phytate 91
Experimental Procedure 91
Trial 1 92
Trial 2 93
iii

TABLE OF CONTENTS—Continued
CHAPTER Page
9 Results and Discussion 93
Trial 1 93
Trial 2 97
The Availability of Natural Plant Phosphorus . . . 100
Experimental Procedure 100
Results and Discussion 10U
10 SUMMARY AND CONCLUSIONS 109
Phosphorus Levels in the Maternal Diet 109
Variation Between Battery and Floor Conditions . . 110
Comparison of Assay Techniques 110
Source of Calcium 110
Vitamin D Levels 110
Availability of Phosphorus from Animal Protein
Supplements Ill
Availability of Phosphorus from Plant Sources . . Ill
REFERENCES 113
xv

LIST OF TABLES
Table Page
1 Composition of diets 7
2 Hatchability and phosphorus and calcium content of
eggs when hens were fed diets with and without
supplemental inorganic phosphorus 10
3 Ash, phosphorus, and calcium content of the tibia
from day-old chicks hatched from hens fed diets
with and without supplemental inorganic phos¬
phorus 12
It Ash, phosphorus and calcium content of the tibia
from two week old chicks hatched from hens fed
diets with and without supplemental inorganic
phosphorus 13
5 Composition of basal diet 15
6 Body weight and feed efficiency of chicks grown in
batteries and floor pens when fed diets containing
various levels of phosphorus and calcium (Trial 1) . 17
7 Body weight and bone ash of chicks grown in batteries
and floor pens when fed diets containing various
levels of phosphorus and calcium (Trial 2) 18
8 Composition of basal diet 23
9 Body weight and tibia ash of 28-day old chicks fed
varying levels of phosphorus from two sources
under three regimens of calcium supplementation . . 25
10 Composition of basal diet 31
11 Analysis of calcium supplements 32
12 Bone ash of chicks grown on diets with different
calcium levels from various calcium suDplements
(Trial 1) *. 3U
v

LIST OF TABLES—Continued
Table Page
13 Body weights of chicks grown on diets with different
calcium levels from various calcium supplements
(Trial 1) *. 35
ll; Body weight of chicks fed diets with different
calcium levels from various calcium supplements
(Trial 2) 37
15 Tibia ash of chicks fed diets with different calcium
levels from various calcium supplements (Trial 2) . . 38
16 Composition of basal diet Ill
17 Body weight of chicks grown on diets varying in
levels of calcium, phosphorus, and vitamin D-j . . . . Ii3
18 Percent of bone ash of chicks grown on diets varying
in levels of calcium, phosphorus, and vitamin D3 . . Ui
19 Composition of diets 57
20 Body weight of chicks fed different levels of vitamin
D3 at different calcium and phosphorus levels
(battery brooder studies) 59
21 Tibia ash of chicks fed different levels of vitamin
Do at different calcium and phosphorus levels
(oattery brooder studies) 60
22 Body weight of chicks fed different levels of vitamin
D3 at different dietary calcium levels (floor pen
study) 62
23 Tibia ash of chicks fed different levels of vitamin
D3 at different dietary calcium levels (floor pen
study) 63
2li Feed utilization of chicks fed different levels of
vitamin D3 at different dietary calcium levels
• (floor pen study) 6U
25 Analyses of animal protein sources 68
26 Composition of basal diets 70
vi

LIST OF TABLES—Continued
Table Page
27 3ody weight of chicks fed diets supplemented with
phosphorus from animal proteins and inorganic
phosphate 72
28 Tibia ash of chicks fed diets supplemented with
phosphorus from animal proteins and inorganic
phosphate 73
29 Composition of basal diets 77
30 Body weight and tibia ash of chicks fed various
levels of phosphorus from phytic acid and dicalcium
phosphate ..... 79
31 Composition of basal diet 82
32 Body weight and tibia ash of chicks fed diets supple¬
mented with various sources of organic and inorganic
phosphorus 85
33Body weight of chicks fed diets supplemented with
various sources of organic and inorganic phosphorus . 87
3h Body weight of chicks fed diets supplemented with
various sources of organic and inorganic phosphorus . 88
35 Body weight of chicks fed different phosphorus sources,
levels of vitamin D3, and calcium:phosphorus ratios . 9h
36 Tibia ash of chicks fed different phosphorus sources,
vitamin D3 levels, and calcium ¡¡phosphorus ratios . . 95
37 Body weight of chicks fed different phosphorus sources
with varying levels of calcium and vitamin . . . . 98
38 Phosphorus analysis of corn products 101
39 Composition of diets 102
I4.O Body weight of broiler chicks fed diets with plant
phosphorus from three sources 105
1;1 Tibia ash of broiler chicks fed diets with plant
phosphorus from three sources 107
vii

LIST OF FIGURES
Figure Page
1 Bone ash and body weight of chicks receiving
various dietary phosphorus levels hi
2 Bone ash and body weight of chicks receiving
various calcium:phosphorus ratios U9
3 Bone ash and body weight of chicks receiving
various dietary levels of vitamin D3 50
It Bone ash of chicks receiving various Ca:P ratios
with various phosphorus levels . 5l
5 Bone ash of chicks receiving various levels of
vitamin D3 with various calcium:phosphorus ratios . 52
6 Bone ash of chicks receiving various levels of
vitamin D3 v/ith various phosphorus levels 5U
viii

CHAPTER 1
INTRODUCTION
The element phosphorus probably plays a more varied and important
role in the chemistry of living organisms than any other single element.
It -was first prepared in the free state in 1669 by Brandt, a German
chemist, and first recognized as an essential constituent of bones by
Gahn, a Swedish chemist, in 1769. Subsequent research has demonstrated
that it is also an essential constituent of proteins and fats occurring
in muscular tissues and vital organs. Phosphorus has, by virtue of
its association with nucleic acids, been found to be an important part
of the structure of chromosomes. Phosphates are also known to be impor¬
tant buffers in tissue fluids.
That animal rations may sometimes be deficient in mineral elements
began to be recognized in France and Germany about 100 years ago when weak
bones in cattle grazing in certain localities began to be associated with
mineral deficiencies in the soil. Ewing (1963), in tracing the history
of phosphorus in animal feeding, stated that in 1861 Van Gohren reported
that the ocurrence of weak bones in cows grazing in certain areas near
the Rhine River could be prevented and cured by feeding small amounts
of bone meal. Subsequent analyses of the soil and grass in these areas
revealed an abnormally low percentage of phosphorus and, to a lesser
extent, calcium. This report is the earliest recorded use of a phosphate
- 1 -

- 2 -
feed supplement for the specific purpose of preventing a phosphorus
deficiency disease in livestock, according to this reviewer.
The most abundant source of phosphorus for feed purposes is
rock phosphate. TTorld reserves of 26 billion tons have been estimated,
about half of which is located in the United States. It began to be
used as a source of phosphorus in plant nutrition as early as i860,
and fed to livestock in the United States about 1915. The danger of
fluorine toxicity in raw rock phosphate limited its use until 19l;0,
when defluorinated superphosphate was first produced on a commercial
scale. Many types of phosphates are now in use in animal feeds.
Numerous studies have been conducted to establish the phosphorus
requirement of the chick, with quite a variation in reported require¬
ments. McGinnis et al. (19Í4.U) reported that levels of greater than
0.58 percent phosphorus were required for maximum calcification. Sing-
sen et al. (19U7) concluded that the available phosphorus requirement
for satisfactory calcification appeared to lie between 0.38 and 0.U7
percent of the diet. Gillis et al. (19U9) reported a requirement of
approximately 0.50 percent. This level was also suggested by O'Rourke
et al. (1952). Grau and Zweigart (1953) indicated that maximum tibia
ash of chicks was obtained with a level of not more than 0.U5 percent
phosphorus.
Fisher et_ al. (1953) reported that chicks required 0.58 percent
total phosphorus for maximum calcification. Couch et al. (1937) sug¬
gested that a level of 0.76 to 0.81 percent phosphorus was adequate for

- 3 -
normal growth and bone calcification of chicks up to twelve weeks of
age. Further studies are reviewed by Singsen et al. (19U3), Gillis
et al. (19U9) O'Rourke et al. (1952), and Nelson and talker (196U).
A standard assay method for evaluating phosphorus compounds
is desirable in order to establish uniform values for each supplement.
However, considerable variation has been observed in the methods used
to test the utilization of the various phosphates. In certain assays
constant calcium to phosphorus ratios were employed (Creech et al.,
1956, Nelson and Peeler, 1961), while in others constant calcium levels
of 1.0 percent (Aramerman et al., I960) or 1.2 percent (Gardiner et al.,
1959) were used. Similar variation has been observed in vitamin D
levels, supplementary phosphorus level, reference phosphate used, and
other factors.
The variability in these reports indicates the necessity for
a standard assay procedure for determining both the requirement of the
chick for phosphorus and the availability of phosphate supplements.
Therefore, studies were undertaken to determine factors which may
account for variation in phosphorus utilization by the chick in an
attempt to develop a standard assay procedure which would permit a more
accurate study of phosphorus in poultry diets.

CHAPTER 2
MATERIALS AND METHODS
The broiler chicks used in these studies were a Vantress x
Yfhite Plymouth Rock cross obtained from a commercial hatchery. At
one day of age the chicks were sexed, debeaked, vaccinated for New¬
castle disease and infectious bronchitis, and randomly assigned to
treatment pens.
The battery brooders used in these studies were Oakes 801-A
five deck thermostatically controlled electrically heated battery
/
brooders with raised wire floors.
Two types of floor pen facilities were used. The first type
had pens 10 x 12 feet, equipped with 2 feed troughs, U feet in length,
and 1 bell-type automatic water fount. The second type had pens that
were 5x5 feet in size, each containing a tube-type feeder and a bell-
type automatic water fount. Infrared bulbs were used as the heat source
in both types of floor pens.
Chicks used for bone ash determinations were sacrificed at the
selected age and the right tibia removed. The bones were boiled for
3 minutes, cleaned of adhering tissue, and lightly polished with cheese¬
cloth. After drying for 2h hours at 100° C the bones were collectively
ether extracted and then ashed individually.
- h -

- 5 -
The data collected in these studies viere subjected to the
analysis of variance as outlined by Snedecor (1957) with significant
differences between treatment means determined by use of the multiple
range test of Duncan (1955). Orthogonal components of variance were
determined following the procedure of Snedecor (1957).

CHAPTER 3
THE INFLUENCE OF PHOSPHORUS LEVELS IN THE MATERNAL DIET
Assay methods for certain nutrients in the diet of chicks
have been complicated to an extent by maternal influences. Variation
in the amount of the nutrient supplied in the diet of the dam often
influences the amount of this nutrient supplied in the egg to the
developing embryo. This is true for certain vitamins and antibiotics
and may also be true with inorganic nutrients. Therefore, variation
in the phosphorus level of the maternal diet could possibly affect
the results of phosphorus studies with young chicks, since most phos¬
phorus studies are conducted with young chicks 3 to li weeks of age.
The objectives of this study were to determine the effect
of the phosphorus level in the breeder diet upon (l) the hatchability
of eggs (2) the mineral composition of the whole egg and the tibia
of the day-old chicks, and (3) the rate of bone mineralization of the
growing chick.
Experimental Procedure
Two groups, each containing 5 commercial egg production type
hens, were fed on each of the basal diets shown in Table 1. Two
additional groups of 5 hens were fed each of the basal diets sup¬
plemented with 0.35 percent phosphorus from feed grade defluorinated
- 6 -

- 7 -
TABLE 1
Composition of diets
Ingredient
Diet
1
2
3
U
(Percent
of diet)
Yellow corn
37.10
32.10
65.60
59.90
Oats
30.00
29.20
« •
• «
Animal fat
• ©
U.70
w e
U.70
Soybean meal (50$ protein)
21.00
22.10
22.50
23.50
Alfalfa meal (17$ protein)
5.oo
5.00
5.oo
5.oo
Ground limestone
6.00
6.00
6.00
6.00
Iodized salt
o.Uo
o.Uo
o.Uo
o.Uo
Micro-ingredients-
o.5o
o.5o
o.5o
o.5o
% Total P
0.39
0.39
o.3U
o.3U
^Supplies per pound of feed: 2,000 I.U. vitamin A, 700 I.C.U.
vitamin Do, 6 meg. vitamin B^j 2 mg. riboflavin, U mg. calcium panto¬
thenate, o mg. niacin, 227 mg. choline chloride, 2.5 I.U. vitamin E,
0.08 gms. MnSO^ and 0.5 mg. menadione sodium bisulfite.

- 8 -
phosphate. The hens viere maintained in individual nine cages and
given the experimental feeds and tap water ad libitum. Since the
composition cf the diet did not affect hen performance or chick
measurements, only the effect of supplemental phosphorus will be dis¬
cussed.
After the hens had received these diets for 7 months they were
inseminated twice each week with pooled semen from cockerels receiving
a complete breeder diet. All eggs produced for a 9-day'-period were
incubated in order to determine hatchability. Two chicks frcm each
hen were sacrificed at 1 day of age and the right tibia removed for
bone ash, calcium, and phosphorus determination.
All remaining chicks were wingbanded and placed in electrically
heated battery brooders and were fed the basal diet of Ammerman et al.
(1961) with 0.2 percent supplemental phosphorus from defluorinated
phosphate. They were given the experimental diet and tap water ad
libitum. At 2 weeks of age all chicks were sacrificed and the right
tibia removed for bone ash, phosphorus, and calcium determination.
The total ash, phosphorus and calcium content of the fresh
egg were determined on 3 eggs from each hen immediately following the
collection period for the hatchability study. The eggs were crushed
and placed in a beaker, and the major portion of the moisture was
removed in a drying oven before they were transferred to a muffle
furnace for ashing.
The ash, calcium and phosphorus content of bones and eggs
was determined by the procedures outlined by A.O.A.C. (i960).

- 9 -
Results and Discussion
Supplementing the basal diets used in this experiment with
0.35 percent phosphorus, from defluorinated phosphate, significantly-
increased hatchability of fertile eggs (Table 2). Although hatch-
ability of eggs was increased by the supplemental phosphorus, it did
not change the ash, phosphorus or calcium content of the fresh egg.
The observation that diets low in phosphorus resulted in low hatch-
ability without altering the percentage of phosphorus in the egg
agrees with data reported by O'Rourke et_ al. (195U).
The finding that 0.35 or 0.39 percent total phosphorus was
inadequate for normal hatchability does not agree with data of
O'Rourke et al. (195U), who found a phosphorus level of 0.30 or
0.35 percent was adequate for normal hatchability. This discrepancy
can be partially explained by the fact that the basal diet of O'Rourke
et al. (195U) contained only 0.19 percent total phosphorus, therefore,
it contained considerable supplemental inorganic phosphorus. The
basal diet employed in this study contained no supplemental inorganic
phosphorus. Since it is known that form of dietary phosphorus
(organic vs. inorganic) greatly influences its availability, the
difference in the type of phosphorus in the 2 basal diets could
account for the difference in results.
The ash content of the tibia or the phosphorus or calcium
content of the tibia of day-old or lU-day-olc chicks was not in¬
fluenced by the supplemental phosphorus in the maternal diet (Tables 3

- 10 -
TABLE 2
Hatchability and phosphorus and calcium content of eggs when hens
were fed diets with and without supplemental inorganic phosphorus
% Supplemental % Hatchability
Egg Contentl
Phosphorus
% Ash
% P % Ca
No. Eggs
0
ii7.1
8.hi
0.191 3.h8
120
0.35
68.72
8.67
0.189 3.56
120
-^-Expressed as a percentage of the fresh egg weight.
^This difference is statistically significant at the 0.01^
level of probability.

- 11 -
and li). The variation in tibia ash content from chicks within the
same hen group was as great as the variation in bone ash values for
chicks from different hens. Therefore, there would be no advantage
in selecting chicks from certain hens for phosphorus assays in an
attempt to decrease experimental error.
Supplemental phosphorus in the maternal diet did not appear
to alter the chick’s ability to use calcium and phosphorus for
mineralization of the bone. Therefore, consideration of the phos¬
phorus level of the maternal diet appears to be of limited value in
the selection of the chicks for the biological assay of phosphate.

- 12 -
TABLE 3
Ash, phosphorus, and calcium content of the tibia from day-old
chicks hatched from hens fed diets with and without
supplemental inorganic phosphorus
% Supplemental
Phosphorus
Tibia Content
% As hi
% P2
% Ca2
No. Analyzed
0
3U.3S
16.79
15.55
80
0.35
3U.32
l5.Ul
Hi. 53
80
^"Expressed as a percentage of bone on a dry, fat-free basis.
^Expressed as a percentage of the tibia ash.

- 13 -
TABLE k
Ash, phosphorus and calcium content of the tibia from two week old
chicks hatched from hens fed diets with and without
supplemental inorganic phosphorus
% Supplemental
Phosphorus
Tibia Content
% As hi % P2
% Ca2
No. Analyzed
0
U0.81 19.00
Ul.98
59
0.35
Ul.56 18.37
39.25
62
^Expressed as a percentage of bone on a dry, fat-free basis.
^Expressed as a percentage of the tibia ash.

CHAPTER It
COMPARISON OF THE REQUIREMENTS CF BATTERY AND
FLOOR GROWN CHICKS FOR CALCIUM AND PHOSPHORUS
It has recently been reported that the phosphorus requirement
is higher for laying hens maintained in cages than for those maintained
on litter in floor pens (Crowley et al., 1961; Harms et al., 1961;
Marr et al., 1961; and Singsen et al., 1961). It has been suggested
that hens on litter may be getting phosphorus from eating feces.
The calcium and phosphorus requirements of chicks were establish¬
ed primarily from experiments carried out in batteries with raised wire
floors. Therefore, in view of the above mentioned reports it seemed
desirable to determine whether this difference in requirements existed
for battery and floor grown chicks.
Experimental Procedure
Two trials were conducted. In each trial day-old broiler chicks
were randomized into 30. groups of 5 males and 5 females, and 20 groups
of 50 males and 50 females. The 30 groups were randomly assigned to
electrically heated battery pens, with the 20 groups assigned to 10 x
12 foot pens with wood shavings used for litter.
The basal diet (Table $) contained 22 percent protein, 1,000
Calories of productive energy per pound, 0.60 percent calcium and 0.ij2

- 15 -
TABLE 5
Composition of basal diet
Ingredients
Percent of diet
Yellow corn
59.08
Soybean meal (5o£ protein)
32 .U5
Animal fat
2.90
Alfalfa meal (17/5 protein)
3.00
Dicalcium phosphate
0.U2
Ground limestone
0.85
Iodized salt
o.Uo
Micro-ingredients1
0.90
^-Supplies per pound of feed: 2268 I.U. vitamin A, 10 meg.
vitamin 3^2» 3^0 I.C.U. vitamin B^, 2 mg. riboflavin, 9 mg. calcium
pantothenate, 18 mg. niacin, 261 mg. choline chloride, 10 mg. terra-
mycin Hcl, 57 mg. santequin, 80 mg. manganese sulfate, 35 mg. man¬
ganous oxide, 9 mg. iron, 0.9 mg. copper, 90 meg. cobalt, 5 mg.
iodine, U5 meg. zinc, with 25 mg. nitrofurazane and 3.6 mg. furazoli¬
done added to feed for chicks on floor.

- 16 -
percent total phosphorus. This diet was modified to form 9 other
experimental diets containing various levels of phosphorus and calcium
as shown in Tables 6 and 7. The desired levels of calcium and phos¬
phorus were attained by varying the amount of ground limestone and
dicalciun phosphate. Experimental diets were maintained iso-caloric
and iso-nitrogenous by varying the amount of yellow corn, soybean oil
meal and animal fat. Adjustments in energy and protein content of
diets were based on values of Titus (1955). Calcium and phosphorus
adjustments were based on chemical analysis of ingredients, and the
levels of these minerals determined in the mixed diets were in close
agreement with the predicted values.
Each of the 10 experimental diets was fed to 3 pens of chicks
in batteries and 2 pens on the floor in each trial. Experimental diets
and tap water were given ad libitum.
Chicks were individually 'weighed and feed consumption determined
at 1; weeks of age. Three males and 3 females from each floor pen and
2 males and 2 females from each battery pen were sacrificed at this
time in trial 2 for bone ash determination.
Results and Discussion
Results from these trials (Tables 6 and 7) indicate that the
requirement for calcium or phosphorus is similar for battery and floor
grown chicks. No significant interactions were found between calcium
or phosphorus and floor vs. battery grown chicks when measured by
28-day body weights or bone ash.

- 17 -
TABLE 6
Body weight and feed efficiency of chicks grown in batteries
and floor pens when fed diets containing various
levels of phosphorus and calcium (Trial l)
Diet
4-week body weight (grams)
Feed/gain
% P
% Ca
Males
B1 F2
Females
B F
Both Sexes
B F Av
B
F
Av
0.48
0.60
423
406
370
380
399
393
396b
1.53
1.71
1.65
0.74
389
377
341
356
365
366
366a
1.58
1.76
1.67
0.88
379
374
342
341
360
358
359a
1.58
1.70
1.64
0.59
0.60
508
507
429
450
469
478
474de
1.53
1.64
1.59
0.74
1|38
501
448
429
468
465
466cd
1.52
1.63
1.53
0.88
490
492
4n
437
451
464
458°
1.55
1.67
1.61
0.72
0.60
492
520
464
439
479
478
479de
1.55
1.66
1.61
0.74
509
520
414
451
462
485
474de
1.54
1.65
1.60
0.38
517
533
438
436
477
484
48le
1.55
1.67
1.61
1.10
516
530
444
437
480
433
482e
1.52
1.62
1.57
Average
472
476
410
4l6
441
445
444
1.55
1.67
1.61
*B indicates battery grown chicks.
2
F indicates floor grown chicks.
^Means having different superscripts are significantly
different (?= 0.05).

TABLE 7
Body weight and bone ash of chicks grown in batteries and floor pens when fed diets
containing various levels of phosphorus and calcium (Trial 2)
Diet
% P
% Ca
l*-week body v/eight (grams)
Males Females Both Sexes
Males
Bone ash (%)
Females
Both Sexes
Bl
F2
B
F
B
F
Av^
B
F
B
F
B
F
Av^
o.J*8
0.60
1*17
391*
398
361
1*07
373
393c
35.6
32.6
36.3
31*.9
35.9
33.7
3l*.3b
0.71*
386
31*9
31*1*
35o
365
31*9
357b
32.3
32.7
33.8
31.9
33.0
32.3
32.7a
0.88
31*3
352
319
311*
333
333
333a
32.7
31.1
33.2
31.9
33.0
31.5
32.3a
0.59
0.60
1*1*5
1*66
1*09
1*10
1*27
1*33
l*33de
1*2.5
1*0.2
39.1
1*0.1
1*0.8
1*0.6
1*0.7°
0.7l*
1*69
1*73
1*26
1*22
1*1*8
1*1*7
Wi7f§
1*3.5
1*2.7
1*1.2
1*1.6
1*2.1*
1*2.2
1*2.3d
0.88
1*79
1*72
1*21
395
l*5o
1*33
l*l*2ef
1*2.3
1*1.9
1*0.8
1*3.2
1*1.6
1*2.5
1*2. ld
0.72
0.60
1*1*5
l*6l
397
1*11
1*21
1*36
l*29d
1*2.6
37.5
1*0.3
1*1.0
1*1.5
39.3
1*0.1*°
0.71*
526
i*6l
1*51
1*09
1*89
1*35
1*622
1*1*.1
1*1.2
1*2.8
1*1.8
1*3.5
1*1.5
1*2.5d
0.88
1*87
1*91*
¿426
1*32
1*57
1*63
1*60S
1*1*. 3
1*1*. 2
1*2.8
1*1*. 6
1*3.8
1*1*. 1*
1*1*. le
1.10
1*91*
1*73
1*22
1*19
1*58
1*1*6
!*52f2
1*1*. 8
1*5.1*
1*1*.3
i*a.2
1*1*. 6
1*1*. 8
1*1*. 7°
Average
l*5o
1*39
1*01
392
1*26
1*16
1*21
1*0.5
39.0
39.5
39.5
1*0.0
39.3
39.7
â– 4} indicates battery grown chicks,
2F indicates floor grown chicks.
3l.feans having different superscripts are significantly different.

- 19 -
These data, indicating a similar requirement for calcium or
phosphorus by chicks grown either on wire or litter, are in direct
contrast to data reported for the laying hen under comparable conditions
(Crowley et al„, 1961; Harms et al., 1961; Marr et al., 1961; and Sing-
sen et al., 1961). It is rather difficult to attempt to explain the
differential response between chicks and hens. Certainly these data
would not substantiate the hypothesis that very much phosphorus is
obtained from the feces. Although the phosphorus requirement determined
for hens maintained on wire does not appear to be the same for hens in
floor pens, this is apparently not the case for chicks.
The calcium X phosphorus interaction was highly significant
when measured by body weight in both experiments and by bone ash in
trial 2. This re-emphasizes the importance of the calcium-phosphorus
ratio when the diet contains a sub-optimal level of either of the
minerals, and agrees with recent data by Vandepopuliere et_ al. (1961),
and Simco and Stephenson (1961).
Under conditions of these experiments 0.59 percent total phos¬
phorus in the diet of females was just adequate to support maximum
growth, but v;as not adequate for maximum bone ash (Tables 6 and 7).
A significant increase in growth rate and bone ash was obtained with
males when the total phosphorus content of the diet was increased
from 0.59 to 0.72 percent, resulting in a significant interaction of
sex X phosphorus. The interaction of sex and phosphorus has been
previously reported (Vandepopuliere et al., 1961) and re-emphasizes

- 20 -
the importance of considering sex when determining phosphorus require¬
ment of chicks.
A level of 0.60 percent calcium appeared to be adequate to
support maximum growth in trial 1 (Table 6). However, males in
trial 1 receiving higher levels made numerically but not signifi¬
cantly better growth. In trial 2 a significant improvement in
body weight and bone ash was obtained when the level of calcium was
increased from 0.60 to 0.72 percent (Table 7). Although there was a
trend for the males to give a greater response than females to in¬
creased calcium, the interaction of calcium X sex was not statistical¬
ly significant.
The calcium and phosphorus requirements of chicks as indicated
by these data are slightly higher than those reported by Simco and
Stephenson (1961). These workers used a different type of diet and
a different source of calcium and phosphorus which may account for
these differences in results

CHAPTER 5
A COMPARISON OF PHOSPHORUS ASSAY TECHNIQUES Y,rITH CHICKS
Studies have been conducted by many workers to establish the
comparative utilization of phosphorus from various supplements by
chicks. These reports are reviewed by Motzok et al, (1956) and
Hurwitz (196U). In general these studies are based on relating per¬
centage of tibia, beak, or toe ash of chicks fed a test phosphate to
that of chicks fed a reference phosphate and establishing relative
biological values.
Considerable variation in the assay procedure employed has
existed. In certain assays constant calcium: phosphorus ratios were
employed (Creech et al., 1956j Nelson and Peeler, 1961), while in
others, constant calcium levels of 1 percent (Ammerman et al., I960)
or 1.2 percent (C-ardiner et_ al., 1959) were used. Vandepopuliere
et al. (19Ó1) found that it was essential to consider both phosphorus
level and Ca:P ratio when determining phosphorus availability. Nelson
and Peeler (196k) enumerated problems involved in the development of
a biological assay for feed phosphates. Among these was the question
of holding the calcium level constant or having a constant calcium:
phosphorus ratio in the assay diet.
Experiments were conducted to determine the influence of the
calcium content of the assay diet and the method of interpretation of
- 21 -

- 22 -
the data upon the relative availability of phosphorus from an inorganic
phosphate.
Experimental Procedure
Feed grade dicalcium phosphate, generally considered to have
a high phosphorus availability, was compared to soft phosphate, general¬
ly considered to be a less available source of phosphorus. Three regimens
of calcium supplementation were compared which included: (l) a constant
level of 1 percent Ca, (2) a constant Ca:P ratio of 2:1, and (3) a
"sliding" Ca:P ratio. The "sliding" ratios consisted of a different
Ca:P ratio for each level of phosphorus supplementation. Ratios were
selected which were considered to permit optimum performance of the
chick at each level of phosphorus supplementation.
Each of the phosphorus sources was added to the basal diet in
amounts adequate to supply 0.05, 0.10, 0.20 and 0.30 percent supple¬
mental phosphorus. These phosphorus levels were fed in combination
with each of the 3 calcium regimens. The '"sliding" Ca:P ratios used
with the phosphorus levels were as follows:
% Added ? Total Ca: Total P
0.05
0.10
0.20
0.30
1.2:1
l.U:l
1.6:1
1.8:1
A simplified degerminated corn-soybean meal diet was used as
the assay diet (Table 8). It was calculated to contain 22 percent
protein and 1000 Calories of productive energy per pound. Analysis

- 23 -
TABLE 8
Composition of basal diet
Ingredients
Percent of diet
Degerminated corn meal
51.70
Cerelose
5.00
Soybean meal (50% protein)
31.00 .
Alfalfa meal (20% protein)
3.00
Iodized salt
0.1¿0
Micro-ingredients1
0.90
Variable^
5.oo
% Phosphorus
0.30
% Calcium
0.17
^Composition of micro-ingredients given in Table 5.
^Calcium and phosphorus levels were obtained by altering the
levels of ground limestone, dicalcium phosphate, soft phosphate, and
pulverized oat hulls.

indicated that the ingredients of the basal diet contributed 0.30
percent total phosphorus and 0.17 percent calcium. Desired calcium
and phosphorus levels were attained by variation of the test phos¬
phates and ground limestone. Pulverized oat hulls were used to main¬
tain the diets isocaloric.
Each experimental diet was fed to 3 pens of 5 males and 5
female broiler chicks in 2 successive trials, giving a total of 50
chicks per treatment. The experimental diets and tap water were con¬
sumed ad libitum, beginning at one day of age.
At 28 days of age individual body weights were obtained. Two
chicks of each sex from each pen were sacrificed and the right tibia
removed for bone ash determination.
Results and Discussion
The type of calcium supplementation of the diet had a sig¬
nificant effect on growth and bone calcification (Table 9). The use
of "sliding" Ca:P ratios resulted in significantly greater body weight
and tibia ash of chicks fed diets supplemented with either dicalcium
%
phosphate or soft phosphate, when compared to the use of 1 percent
calcium or a constant 2:1 Ca:P ratio. The use of a constant 2:1 ratio
promoted significantly greater weight gain and tibia ash for chicks
fed diets supplemented with dicalcium phosphate than did the use of
the constant 1 percent calcium. Use of the constant 2:1 Ca:P ratio
supported significantly greater weight gains than did the use of 1

TABLE 9
Body >veight and tibia ash of 28-day old chicks fed varying levels of phosphorus
from two sources under three regimens of calcium supplementation
Dietary Total
% Ca $ P1
Body weight
(gms)1
Tibia ash ($)1
Relative
P Availability
Calcium Regimen
DKP3
SPh
DKP
SP
A
B
c
1.00 %
1.00
0.35
291
21:9
28.9
29.8
• •
• ®
• c
1.00
0.U0
337
266
32.2
29.8
• •
a •
• •
1.00
o.5o
399
322
1:0.8
33.8
• •
c c
• «
1.00
Average
0.60
U05
3^c
378
30Ha
1:2.2
T6:od
39.0
33.1a
5X5
92.7
• «■
9775
2:1 Ratio
0.70
0.35
3h0
300
30.5
31.0
• t
© 0
e c
0.80
o.Uo
377
306
3U.8
32.9
• •
* e
• «
1.00
o.5o
U07
337
39.9
3U.5
♦ •
* e
e »
1.20
Average
0.60
Ui5
3B5d
355
32513
1:3.1
37.0C
37.5
33.9a
e e
52.5
5x5
37. H
Sliding Ratio
0.1:2
0.35
378
320
33.9
3U.0
» ©
« 0
c c
0.56
0.1:0
389
326
36.5
3U.3
• c
t> •
• p
0.80
0.50
1:22
371
1:1.5
36. U
• e
« c
• 0
1.08
Average
0.60
U20
H02e
381
35oc
1:3.0
38.7d
39.3
36Tob
5*
9X3
É9.X
Cleans having the same superscript do not differ significantly (P = 0.05).
^Comparative biological availability of the phosphorus from soft phosphate based on tibia ash data.
A= method of Kelson and Peeler (1961); B= method of Barauh et_ al. (i960); C= method of Combs (1905).
^DKP = feed grade dicalcium phosphate.
üsp = soft phosphate.

- 26 -
percent calcium in diets containing soft phosphate, but there was no
difference in percent tibia ash.
The comparative availability of the phosphorus from soft phos¬
phate as compared to the phosphorus from feed grade dicalcium phosphate
was calculated using the tibia ash data in Table 9. Three methods of
determining the comparative availability were used. The first method
was that outlined by Nelson and Peeler (1961) in which the standard
curve was a regression line obtained by plotting the percentage bone
ash obtained at the various levels of added phosphorus against the
logarithm of the added phosphorus. The calculated comparative avail¬
ability of phosphorus from soft phosphate was 58.9, 52.5, and 5l.5
percent with 1 percent Ca, 2:1 Ca:P ratio, and the "sliding" Ca:P
ratio, respectively (Table 9). These values are greater than the 36
percent biological value reported by Nelson and Peeler (1961); however,
the standard use in their test was beta-tricalcium phosphate which was
of greater biological value than feed grade dicalcium phosphate.
The second method of determining comparative availability was
that outlined by Barauh et_ al. (i960) in which the percentage tibia
ash obtained with the test phosphate was divided by the percentage
tibia ash obtained with the standard phosphate. Using this method,
the comparative availability of the phosphorus from soft phosphate
was calculated to be 92.7, 92.It, and 93.3 percent at the 1 percent
calcium, 2:1 Ca:P ratio, and "sliding" ratio regimens, respectively
(Table 9). However, the validity of this method is questioned by
Nelson and Peeler (1961).

- 27 -
The third method used was that introduced by Combs (1955).
In this procedure, the slope of the response line of the test phosphate
(soft phosphate) v/as divided by the slope of the response line of the
standard phosphate (feed grade dicalcium phosphate). Comparative avail¬
ability values obtained by this method were 57.5, 37.8, and U9.6 percent
for the 1 percent Ca, 2:1 Ca:P ratio, and "sliding" Ca:P ratio regimens,
respectively (Table 9). With the exception of the value of 37.8 percent,
these values compare favorably with those obtained using the method of
Nelson and Peeler (1961).
More recently, Hurwitz (196U) proposed a procedure for the
estimation of net phosphorus utilization on the basis of the phos¬
phorus content of the tibia. This procedure offers another method
of calculating biological values for feed grade phosphates.
It is apparent from the present experiment that variation in
the procedure used to assay phosphate sources may greatly influence
the results. The type of calcium supplementation or method of in¬
terpretation of the data may influence phosphorus utilization by the
chick. Therefore, standardization of phosphorus assay technique appears
to be desirable.
The use of different calcium levels or Ca:P ratios at different
levels of phosphorus supplementation appears desirable in order to elicit
maximum response of the chick and allow full utilization of the phos¬
phorus. The variable Ca:P ratios selected for this study promoted
greater body weight and bone calcification than did the use of a fixed

- 28
Ca level or fixed Ca:P ratio but tended to give a lower apparent
biological value of the phosphorus from soft phosphorus.

CHAPTER 6
THE UTILIZATION OF VARIOUS SOURCES OF CALCIUM
Several sources of calcium are used in poultry feeding.
Experimental data indicate that the biological availability of cal¬
cium from most of these sources is essentially equal. Buckner et
al. (1923) reported that limestone or oyster shell serve equally well
as sources of calcium for laying hens. The calcium in limestone,
gypsun, calcium gluconate, and dolomite were reported by Deobald et
al. (1936) to be equally available although differences in solubility
of the supplements were observed. Buckner et al. (1929) compared
calcium lactate, chloride, sulphate and carbonate and concluded that
the calcium carbonate was most effective for egg production as judged
by egg shell weight. Bethke et_ al. (1930) found no difference in the
availability of calcium in the carbonate, sulfate, lactate, and phos¬
phate salts or from limestone for bone formation in the growing chick
on equal calcium intake. Dougherty and Gossman (1923) reported that
limestone supported higher egg production than did oyster shell while
Kennard (1925) found oyster shell to be superior to limestone. More
recent reports indicate that calcium as calcium sulfate may be less
available than calcium as calcium carbonate as measured by its in¬
hibitory effect on antibiotic absorption (Donovan et al., I960).
Because of the effect of the dietary calcium:phosphorus ratio
on growth and bone development, especially when diets low in phosphorus
- 29 -

- 30 -
are fed, the availability of the calcium in the diet is of major importance.
Two trials were conducted to determine the availability to chicks of cal¬
cium from sources available for commercial use.
Experimental Procedure
Trial 1.—Calcium sources tested were reagent calcium car¬
bonate, reagent calcium sulfate, oyster shell, and ground limestone.
The oyster shell was pulverized prior to its use.
C-raded levels of the calcium from the various sources were
added to a basal diet calculated to contain 20 percent protein and
1,000 kilocalories of productive energy (Table 10). This diet was
calculated to contain 0.60 percent total phosphorus. Uonosodiun
phosphate (Naí^PO^ . HgO) was used as the source of phosphorus. The
basal diet was calculated to contain 0.17 percent calcium, all from
plant sources.
Samples of the calcium sources were submitted to a laboratory
for analysis. The calcium content as determined by this assay is
shown in Table 11. Using these values in column 1, each calcium source
was added to the basal diet in amounts sufficient to increase the total
calcium content of the diet to 0.2, 0.3, 0.1*, and 0.5 percent. This
resulted in 16 experimental treatments.
Three groups of 5 male and 5 female day-old, broiler type
chicks were assigned to each treatment. The chicks received the
experimental diets and tap water ad libitum from day-old until 28 days
of age. At this time individual body weights were obtained and 2 males

- 31 -
TABLE 10
Composition of basal diet
Ingredients
Percent of diet
Yellov; corn
52.02
Soybean meal (50% protein)
31.25
Animal fat
1.53
Alfalfa meal (17$ protein)
3.00
Monosodium acid phosphate
0.90
Iodized salt
O.liO
Micr o-in gre dient s1
0.90
Variable^
10.00
-Composition of micro-ingredients given in Table 5.
^Consists of a calcium supplement, cerelose, and corn oil.

- 32 -
TABLE 11
Analysis of calcium supplements
Supplement
Laboratory
A
3
c
D
CaC03 (USP reagent)
liO.l
(/»
39.7
Calcium)
hO.Q
37.8
CaSO^ (US? reagent)
23.3
23.3
23.3
0 0
Ca Gluconate (USP reagent)
* »
• 0
9.3
0 0
Ground limestone "A"
36.3
37.8
37.7
38.u
Ground limestone "B"
0 0
37.0
37.2
37.U
Ground oyster shell
39.2
38. h
37.9
35.0

- 33 -
and 2 females -were sacrificed from each pen and the right tibia removed
for bone ash determination.
Trial 2.—The second trial was a close replicate of the first
with only minor changes. The lowest level of calcium tested in the
first trial was 0.2 percent, of which only 0.03 percent came from the
supplemental sources. Therefore, this level was eliminated from the
design and levels of 0.3, O.U, 0.5, 0.6 and 0.7 percent total calcium
were fed. The same basal diet and same calcium supplements as used
in the first experiment were used in the second experiment. In addition,
calcium gluconate was used at the O.k and 0.6 percent levels, and another
limestone source was used at all levels of calcium. This resulted in
27 experimental treatments. A similar number of chicks were assigned
per treatment and brooded as indicated in trial 1.
Results and Piscussion
Trial 1.—The results of this trial indicated that the calcium
from the limestone supplement was more available than the calcium from
reagent calcium carbonate or sulfate or ground oyster shell, as measured
by bone ash (Table 12). However, there was no significant difference
between the experimental groups as indicated by body weight at 28 days
of age (Table 13). It is felt that the increased bone ash value was
not meaningful since this was not repeated in the second trial. The
analytical value used in this trial for limestone "A" may have been
too low as indicated by analysis from other laboratories.

- 3U -
TABLE 12
Bone ash of chicks grown on diets with different calcium levels
from various calcium supplements (Trial l)
Dietary calcium
(%)
Calcium Source
Sex
0.2
0.3
O.k
0.5
Av
Reagent CaCOo
M
26.7
(cf
29.8
Bone ash)
33.3
35.6
31.5
F
27.9
32.9
33.5
37.9
33.1
Av
27.3
31.it
33.5
36.8
32.3
Reagent CaSO^
M
27.U
29.5
33. it
35.5
31.lt
F
29.1
32.2
35.5
35.7
33.2
Av
28.3
30.8
3ii.5
35.6
32.3
Cyster shell
M
26.8
30.1
33.7
36.3
31.7
F
29.2
32.2
3lu3
36.6
33.1
Av
28.0
31.1
3U.0
36.5
32.it
Limestone "A"
M
29.2
31.3
3 it.8
38.0
33.3
F
28.U
32.6
36.lt
37.5
33.7
Av
28.8
31.9
35.6
37.8
35.51
Average
M
27.3
30.2
33.8
36.lt
F
28.7
32.5
3k.9
36.9
Av
28.1
31.3
3it.it
36.6
^-Differs significantly from other calcium sources (P=0.C5).

- 35 -
TABLE 13
Body weights of chicks grown on diets with different calcium levels
from various calcium supplements (Trial l)
Dietary calcium (%)
Calcium Source
Sex
0.2
0.3
o.k
0.5
Av
Reagent CaCO-3
M
2ho
Body weight (grams)
352 389 U77
366
F
21k
315
357
ilOl
32k
Av
230
33U
373
kkk
3k 5
Reagent CaSO[,
M
220
3UU
ii2ii
kko
357
F
222
33k
390
390
33U
Av
221
339
U07
ia5
3ii6
Oyster shell
1-1
221
3 56
1|20
Í188
371
F
199
3kQ
378
kko
339
Av
210
3k8
399
k6k
355
Limestone "A"
M
25k
35k
U3U
Ii72
373
F
193
353
399
395
335
Av
22U
353
Ij.16
k3k
357
Average
M
235
352
ill 7
k69
F
207
336
3 31
k09
Av
221
3kk
399
k39

- 36 -
Increasing the calcium level of the diet significantly improved
body weight and increased the percent tibia ash of chicks (Tables 12
and 13). Male chickens were significant!;/ heavier than female chicks,
but the females had a higher average percent tibia ash.
There was no calcium source X level interaction observed for
either body weight or percent bone ash, indicating that each of the
supplements had essentially the same availability at all calcium
levels tested.
Trial 2.—No significant differences were observed between
any of the calcium supplements tested as measured by both body weight
and tibia ash (Tables lii and 15).
Analysis of the data indicated that a level of 0.50 percent
total calcium was sufficient to support maximum body weight (Table lU),
but that 0.60 percent total calcium was required for maximum bone
calcification (Table l£) under the conditions of this experiment.
The body weight of males was significantly higher than that
of females (Table lit). This effect was not altered by the calcium
level of the diet. Females tended to have a higher percent tibia ash
than did males (Table l5); however, this effect was significantly
altered by the calcium level of the diet. Females were able to tolerat
lo-.ver levels of calcium than were males as indicated by percent tibia
ash.

- 37 -
TABLE lH
Body weight of chicks fed diets with different calcium levels
from various calcium supplements (Trial 2)
Calcium
Sex
Dietary
calcium (%)
Average!»2
0.30
0.H0
0.50
0.60
0.70
Body weight (grams)3
Reagent
M
37 6
U30
U67
H76
H6H
HH3
CaCCb
F
372
U09
105
HOH
Hi6
H03
Av
37Ud
H20ef
nnofg
Uuofg
HHofg
Ü23
Reagent
M
378
HHH
H6H
H6o
H56
HHo
CaSOK
F
3H6
399
loo
Hio
393
393
Av
352d
H2ief
H3??g
Tú&g
U27afS
HIT
Oyster
M
362
H58
H72
H86
H68
HH9
Shell
F
357.
hOh
Hl5
Hl6
Hio
Hoo
Av
360J
H3iefg
HHHs
HHdS
H39fg
H2H
Limestone
M
Hoi
H36
H78
HH9
H53
HH3
"A"
F
361
383
1*17
Ho8
Hoi
39H
Av
md
HiOe
HnSg
HIB^g
H27efg
Hl9
Limestone
M
392
hh2
H55
H58
H3H
H36
”3"
F
368
Hoi
lo5
396
399
396
Av
3oOd
U21ef
w
H2?efg
H25eig
HlH
Calcium
M
o ©
HH8
9 9
H65
9 o
* 0
Gluconate
F
o ©
h02
399
Av
9 9
9 «
H32efS
9 9
« 9
Average^
M
382
hh2
H60
H66
H55
HH 2
F
361
399
103
H07
Ho5
397
Av
372a
H208
Ü37c
H37c
U30a
H20
•4joes not include calcium gluconate groups.
Cleans do not differ significantly (P=0.05).
3jieans with different superscripts are significantly different
according to Duncan's multiple range test (l955).

- 38 -
TABLE i5
Tibia ash of chicks fed diets with different calcium levels
from various calcium supplements (Trial 2)
Dietary calcium (%)
Calcium
Sex
0.3
o.k
0.5
0.6
0.7
Average^-
Tibia ash (%)3
Reagent
M
32.0
35.3
37.1
38.k
37.8
36.1
CaCOj
7?
A
35.U
37.6
38.5
39.5
39.0
38.0
Av
33.7s
35T5f
jTT^gn
3779^0
3877-3
37.1
Reagent
M
32.5
36.2
37.8
38.2
37.3
36.k
CaS0||
F
33.9
36.9
33.7
38.6
39.6
37.5
Av
33.2s
373^
387*2**
3H77ij
3579
Oyster
M
32.7
35.5
37.7
39.k
39.2
36.9
Shell
F
33.7
37.1
39.6
38.7
U0.7
37.9
Av
33.2e
36.31
3877^2
39.0ij
39.93
37.U
Limestone
M
33.3
35.6
37.2
38.7
39.2
36.8
nAt!
F
3ii.l
37.2
37.5
39 ;3
38.8
37. k
Av
J3T7
377?
37.31’Sil
38
187913
37.0
Limestone
y
33.3
36.6
37.6
38.5
38.8
36.9
”B"
F
3h.9
36.6
38.3
38.6
38.7
37.h
Av
3k.Ia
373?g
37.9"2hi
3H75hlj
30^
37.2
Calcium
M
0 0
35.8
0 ©
37.3
• 0
0 0
Gluconate F
O O
37.9.
0 0
kO.2
O 0
Av
* 0
373^
0 0
3877^
0 0
o 0
Average^
M
32.8
35.8
37.5
38.6
38.5
3 6.6
p
3k. k
37.1
38.5
38.9 ,
39.k.
37.6
Av
3377a
3775b
38.0C
3o75d
383d
JTTT
^Does not include calcium gluconate groups.
¿Means do not differ significantly (P=0.05).
3Means with different superscripts are significantly different
according to Duncan's multiple range test (1955).

CHAPTER 7
THE EFFECT CF VITAMIN D ON PHOSPHORUS UTILIZATION
Within the past few years much attention has been directed
toward a re-evaluation of the phosphorus requirements of chicks
(Simco and Stephenson, 1961; Lillie et al., 1961; Formica et al.,
1961; Vandepopuliere et al., 1961). However, varying results have
been reported. A part of the variability in the results obtained
may have been due to the inter-relationship in the diet of calcium,
phosphorus, and vitamin D, which has long been known to be important
for satisfactory growth and bone development (Bethke et al., 1928;
Kart et al., 1930; Wilgus, 1931; McChesney and Giacomino, 191:5;
Carver et al., 19U6; Migicovsky and Emslie, 19U7). To gain additional
information about the inter-relationship of these factors, experiments
were conducted to determine the effects of various calcium:phosphorus
ratios and levels of vitamin on the utilization of phosphorus by
broiler-type chicks.
The Interaction of Calcium, Phosphorus, and Vitamin D
Experimental Procedure
Two trials were conducted to evaluate the degree of inter¬
action existing between the vitamin D, calcium and phosphorus levels
in the diet of chicks. The design of the 2 trials involved a 3X3X3
- 39 -

factorial arrangement of treatments, with 3 calcium:phosphorus ratios
(1:1, l.U:l, and 1.3:1), 3 levels of phosphorus (0.1:8, 0.59, and 0.70
percent total phosphorus), and 3 levels of vitamin B3. The vitamin D3
levels were altered for the 2 trials, with h5, 90, and 180 I.C.U./lb.
of diet being used in the first and 90, l80, and 360 I.C.U./lb. being
used in the second.
The composition of the basal diet used in this experiment is
shown in Table lo. By analysis, the basal diet supplied 0.39 percent
phosphorus, all as organic phosphorus. Reagent grade calcium carbonate
and monosodium phosphate (Na^PO^ . H2O) were used to supply the desired
levels of calcium and phosphorus. A commercial source of vitamin D3
(200,000 USP units per gram guaranteed) was obtained and the potency
determined by the average of 3 independent laboratory reports using
different analytical techniques (233,000 I.C.U. per gram). Cerelose
and corn oil were used to keep the diets iso-caloric. Samples of the
diet were assayed for calcium and phosphorus, and the results were in
close agreement with calculated values. The basal diet for all treatments,
with the exception of the variable ingredients, was mixed in a single batch,
and aliquot parts were used for each experimental diet. The diets were
mixed the cay before the trial began and stored at 55° F. until fed.
Day-old broiler chicks were randomly assigned into groups of 5
male and 5 female chicks, and placed in battery brooders. Three groups
were assigned to each treatment. The experimental diets and tap water
were given ad libitum. All sources of ultra-violet light were eliminated
from the battery room

TABLE ló
Composition of basal diet
Ingredient
Percent of diet
Yellow corn
50.0
Soybean meal (50% protein)
3U.0
Animal fat
1.7
Alfalfa meal (17$ protein)
3.0
Iodized salt
O.U
Micro-ingredientsl
0.9
Variables^
10.0
-Composition of micro-ingredients given in Table 5 with
removal of vitamin D.
2Variable ingredients included reagent CaCC^, NaH2P0k . H20
and corn oil.

- hz -
At 28 days of age the chicks were individually weighed, and
the experiments terminated. Feed consumption per group was determined,
and feed conversion was calculated. Two males and 2 females from each
group were sacrificed for bone ash determination.
Results and Discussion
Increasing the level of phosphorus in the diet from 0.U8 to
0.70 percent resulted in a highly significant increase in average body
weight (Table 17) and percent bone ash (Table 18). These effects were
best fitted by quadratic equations, indicating that the optimum phos¬
phorus level had been reached.
Widening the calcium:phosphorus ratio of the diet from 1:1 to
l.li:l significantly increased body weight and percent bone ash (Tables
17 and 18). A further increase to a 1.8:1 ratio did not affect body
weight but lowered the percent bone ash; however, this reduction was
not statistically significant.
A highly significant increase in body weight and bone ash was
observed when the vitamin D-j level of the diet increased from hS I.C.U.
to l80 I.C.U. per pound (Tables 17 and 18). This increase was linear,
indicating that higher levels of vitamin D-j were beneficial, and pro¬
moted the change in levels for the second trial.
Several interactions between the factors were observed. The
interaction of Ca:P ration X phosphorus level of the diet was highly
significant for both body weight and bone ash (Tables 17 and 18).
Vitamin levels and Ca:P ratios also interacted in a significant

- U3 -
TABLE 17
Body -weight of chicks grown on diets varying in levels of
calcium, phosphorus, and vitamin D3
Ca:P Ratio
Vit. D
I.C.U./lb.
% Phosphorus
0.!>8
0.59
0.70
Average
1:1
15
20k
2h9
260
238
90
256
299
3h9
295
180
360
38U
Ul6
337
360
383
h20
U2h
U09
Av
300
331T
362*
332
i.U:i
hS
256
329
31k
319
90
31U
396
395
368
180
328
395
Ul6
379
360
355
U03
392
385
Av
315
382
39H
363
1.8:1
U5
259
363
399
3U0
90
291
376
U05
357
180
311
389
Cl7
372
360
31U
367
396
359
Av
29U
37H
HoC
357
Average
hS
239
31U
3hh
299
90
287
357
383
3h0
180
333
398
Ul6
379
360
350
393
koh
38u
Av
302
3o5
387
351

- lili -
TABLE 18
Percent bone ash of chicks grown on diets varying in levels of
calcium, phosphorus, and vitamin
% Phosphorus
Ca:P Patio
I.C.U./lb.
0.1:8
0.59
0.70
Average
1:1
1:5
29.0
28.3
31.3
29.7
90
29.1:
32.3
3lt.9
32.2
180
33.9
37.5
39.6
37.0
3Ó0
37.3
39.5
1:0.2
39.0
Av
30
30
30
30
1.1:1
1:5
27.lt
32.1
37.0
32.2
90
29.0
37.3
39.6
35.3
130
31.lt
39.0
1:2.0
37.5
360
33.0
1:0.5
1:3.2
38.9
Av
30.2
37.2
HO
30
1.8:1
li5
26.7
3 It.5
39.2
33.5
90
26.9
36.7
1:0.3
3U.6
180
28.U
38.lt
1:2.6
36.5
360
29.U
38.3
1:0.8
36.2
Av
27.8
37.0
HoT?
30
Average
li5
27.7
31.8
35.8
31.8
90
28.lt
35.1:
38.3
31:.1
130
31.2
38.1:
lil.lt
37.0
360
33.lt
39.5
lil.U
38.1
Av
30.2
3^3
39.2
35.3

manner for both of these criteria. The interaction of phosphorus levels
and vitamin levels of the diet ivas significant for body weights but
not for percent bone ash (Tables 17 and 18). No interaction of the three
major factors, Ca:P ratio, vitamin and phosphorus levels was observed
for either body v/eight or bone ash.
líales had greater body weights than did females, but in general
the females had a higher percent bone ash. Lower requirements for
mineralization by females were indicated by sex X Ca:P ratio and sex X
vitamin level interactions.
The second trial was almost identical with the first, having
the same phosphorus levels and Ca:P ratios but increased vitamin
levels. Therefore, similar results were expected. 3oth body weight
and percent bone ash were significantly increased when the phosphorus
level of the diet was increased from 0.1:8 to 0.70 percent (Tables 17
and 18). These effects were best described as fitting a quadratic
equation, indicating that an optimum level was reached.
A calcium:phosphorus ratio of l.Usl did not increase body weights
when compared to the 1:1 ratio, but increased the percent bone ash (Tables
17 and 18). A further spread of the Ca:P ratio to 1.8:1 lowered both
body weight and bone ash.
Increased levels of vitamin resulted in increased body weight
and percent bone ash (Tables 17 and 18). The response of body weight
was best described as a quadratic effect, while percent bone ash assumed
a linear effect

The interaction of Ca:P ratio X phosphorus level of the diet
remained highly significant for both body weight and percent bone ash
(Tables 17 and 18). Ca:P ratios and vitamin levels also interacted
in a highly significant manner for these criteria. A significant inter¬
action of phosphorus X vitamin level was observed for both criteria.
A significant phosphorus X Ca:P ratio X vitamin interaction occurred
â– with body weight, but not with percent bone ash (Tables 17 and 18).
As in the first trial, females weighed less but in general had
a greater percent bone ash.
Analysis of the data showed that the treatment groups common
to both trials 1 and 2 (those diets containing 90 and 180 I.C.U./lb.
of vitamin D-j) were true replicates. Therefore, the results of the 2
trials were combined for discussion.
The response to increasing the phosphorus level of the diet
from 0.U3 to 0.70 percent indicated that the optimum phosphorus level
for both body weight and bone ash was between 0.59 and 0.70 percent of
the diet (Figure l). This appeared to be true for both sexes, since
there v;as no sex X phosphorus interaction.
Interpolation of the data in Figure 1 indicates that the phos¬
phorus requirement is approximately 0.61; percent. This agrees closely
with recent work using similar basal diets and experimental conditions
(Vandepopuliere et al., 1961). The response in body weight closely
paralleled that of bone ash.
Calcium:phosphorus ratios of 1:1 significantly depressed both
body weight and percent of bone ash when compared to the l.U:l ratio,

% PHOSPHORUS
FIGURE 1
Bone ash and body weight of chicks receiving
various dietary phosphorus levels
BODY WEIGHT (qroms)

ii8 -
over all levels of phosphorus and vitamin D-j (Figure 2).
The response to increased levels of vitamin in these tests
indicated that l80 I.C.U./lb. was adequate for maximum body weight but
that 360 I.C.TJ./lb. further increased the percent bone ash (Figure 3).
Tibia ash appeared to be a more sensitive criterion than body
weight for studying the adequacy of the calcium, phosphorus, and
vitamin levels of the diet. Therefore, this measurement is used
to illustrate the interaction that occurred in these experiments.
The interaction of Ca:? ratios and phosphorus levels is illus¬
trated in Figure U. At 0.i¿3 percent phosphorus, a sub-optimal level,
Ca:P ratios of l.U:l and 1.8:1 significantly depressed the percent
bone ash, as compared to the 1:1 ratio. As the level of phosphorus
more closely approached the requirement, between 0.39 and 0.70 percent,
the wider ratios resulted in increased tibia ash, indicating a greater
tolerance and in fact a necessity for increased ratios as the level of
phosphorus increases.
A primary function of vitamin D has been shown to be the enhance¬
ment of calcium absorption of the intestinal tract (Yfasserman et_ al.,
1937; Greenberg, 19h5). Figure 5 illustrates this effect and indicates
that the response to the increased vitamin levels decreased as the
Ca:? ratio widened. At the lower Ca:P ratios the calcium level was no
doubt sub-opt-mal, even though the phosphorus level may have been adequate.
As the ratio widened, more calcium was present, and the response to the
increased levels of vitamin was less. '

% bone ash
- U9 -
30
FIGURE 2
Bone ash and body weight of chicks receiving
various calcium:phosphorus ratios
BODY WEIGHT (grams)

- 5o -
FIGURE 3
Bone ash and body weight of chicks receiving various
dietary levels of vitamin D3

- 51 -
% PHOSPHORUS
FIGURE li
Bone ash of chicks receiving various Ca:P ratios
with various phosphorus levels

- 52 -
FIGURE 5
Bone ash of chicks receiving various levels of vitamin D3
with various calcium:phosphorus ratios

- 53 -
Although studies by Cohn and C-reenberg (1939) indicated that
vitamin D did not enhance phosphate absorption in rats reared on a
vitamin 3 deficient, high calcium—low phosphorus diet, an interaction
of vitamin D3 and phosphorus level was noted in this experiment. Figure
6 indicates that as the level of phosphorus more closely approached the
requirement, between 0.59 and 0.70 percent of the diet, the response to
the increased vitamin D3 deviated from a linear to a quadratic effect.
Rather than being an effect of the vitamin D3 on phosphorus utilization
per se (an actual vitamin D3 X phosphorus interaction), this response
may merely reflect a vitamin D3 effect on the increased calcium levels
occurring as the phosphorus level increased, since the calcium is
present as a ratio of the phosphorus and not as a constant level. This
graph also indicates that at sub-optimal levels of vitamin D the phos¬
phorus requirement may be in excess of 0.70 percent, as indicated by
the linear response of the ii5 I.C.U./lb. level of vitamin D3.
No significant interaction of Ca:P ratios and vitamin D3 and
phosphorus levels was observed when the data were combined from the 2
experiments. This was true for both bone ash and body weights. How¬
ever, certain trends were evident, and definite observations can be
made concerning the over-all interaction of this triumvirate. Widening
the calcium:phosphorus ratios at sub-optimal levels of phosphorus result¬
ed in decreasing the bod;/ -weight or percent bone ash. Chicks tolerated
the wider ratios more effectively with increased levels of vitamin D-j,
up to 360 I.C.U./lb. in these tests.

- Sk -
FIGURE 6
Bone ash of chicks receiving various levels of vitamin D3
with various phosphorus levels

- 55 -
As the level of phosphorus increased, wider calcium:phosphorus
ratios were tolerated or in fact desirable. This may be due not only
to the actual calcium:phosphorus ratio but also to the total amount of
calcium and phosphorus present. The response to increased vitamin B3
became less as calcium and phosphorus levels approached the optimum.
The Vitamin D Requirement of the Chick as Influenced by
the Dietary Calcium and Phosphorus Level
Results of the previous experiment indicated that dietary
vitamin D3 levels of 360 I.C.U. per pound increased body weight and
percent bone ash of chicks. However, the response to higher levels of
this vitamin became less as calcium and phosphorus levels approached
optimum. To gain additional information regarding the effect of in¬
creased vitamin D3 levels and the relationship of this vitamin to the
calcium and phosphorus content of the diet, feeding trials were con¬
ducted under conditions of practical-type rearing as well as in battery
brooders isolated from sources of ultraviolet light.
Experimental Procedure
Battery brooder studies.—A factorial arrangement with 2 calcium
levels (O.SO and 1.00 percent), 2 phosphorus levels (0,50 and 0.70 per¬
cent total phosphorus) and 7 levels of vitam:' a D3 was used. levels of
vitamin D3 compared were 45, 90, l80, 360, 720, 3600 and 7200 I.C.U.
per pound of feed. This resulted in diets which were (l) adequate in
both calcium and phosphorus, (2) adequate in calcium with sub-optimal

- 56 -
phosphorus, (3) sub-optimal calcium with adequate phosphorus, and (U)
sub-optimal in both calcium and phosphorus.
Three pens of 3 male and 5 female day-old broiler chicks were
randomly assigned to each dietary treatment in 2 successive trials,
giving a total of 60 chicks per treatment, placed in battery brooders.
All sources of ultraviolet light were eliminated from the experimental
room.
The composition of the basal diet is given in Table 19. Desired
levels of calcium and phosphorus were attained by a variation in the
level of reagent grade calcium carbonate and reagent grade monosodium
phosphate (Nal-^FO^ . H2O). Sand was used as a non-nutritive filler to
keep energy and protein levels constant. The vitamin D3 supplement Tías
described in the previous experiment. The diets were mixed 2 days prior
to the beginning of each experiment and stored at 55° F. until fed. The
experimental diets and tap water were fed ad lib it vim. At 28 days of age
individual body weights were obtained. Two males and 2 female chicks
from each pen were sacrificed for bone ash determination.
Floor pen studies.—To study the vitamin D3 requirement of the
broiler chick under conditions usually encountered in commercial flocks,
a trial was conducted in floor pens in a broiler house in which no
attempt was made to exclude sources of natural light. The house con¬
tained I4. rows of pens, 2 of which were along the outer wall with 2 inner
rows. Four replicate pens of 10 male and 10 female chicks were assigned
to each dietary treatment with the restriction that a pen from each of
the h rows be used. The pens were 5x5 feet in size.

- 57 -
TABLE 19
Composition of diets
Ingredients
Battery
Floor
1
2
3
Percent of
diet
Yellow corn meal
51.70
•w/-
56.08
56.08
56.08
Soybean meal (50% protein)
3U.00
3U.00
31*. 00
3l*.00
Dehydrated alfalfa meal
(20% protein)
3.00
3.00
3.00
3.00
Ground limestone
• •
0.22
0.75
1.27
Dicalcium phosphate
• •
1.35
1.35
/ 1.35
Animal fat
• •
3.00
3.00
3.00
Iodized salt
o.Uo
O.liO
O.liO
o.Uo
Micro-ingredientsl
0.90
0.90
0.90
0.90
Variable2
10.00
• •
• •
• •
Sand
• •
i.o5
0.52
• •
% Protein
Productive energy
22.h
22.6
22.6
22.6
(Cal. /lb.)
928
981
981
981
% Calcium2
• •
0.60
0.80
1.00
% Phosphorus2
• •
0.65
0.65
0.65
â– 'â– As outlined in Table 5 with removal of vitamin D.
p
‘Calcium and phosphorus levels were adjusted by altering the
level of variable ingredients consisting of calcium carbonate, mono¬
sodium phosphate, yellow corn and sand.

- 58 -
A 3 X 6 factorial arrangement of treatments was used. This
consisted of calcium levels of 0.60, 0.80, and 1.00 percent with a
vitamin D3 level of U5> 90, 180, 360, 720, and 3600 I.C.U. per pound.
All diets contained 0.65 percent total phosphorus and were iso-caloric
and iso-nitrogenous. The composition of the diets containing the three
calcium levels is shown in Table 19. The vitamin D3 supplement used in
the battery brooder trials was used to supply the desired levels of this
vitamin.
Body weight and feed consumption were determined at 8 weeks of
age. Two male and 2 female chicks from each pen were sacrificied for
determination of bone ash.
Results and Discussion
Battery brooder studies.—The vitamin D3 requirement of the chicks
used in these studies was highly dependent upon the calcium and phosphorus
level of the diet. With levels of 1.00 percent calcium and 0.70 percent
phosphorus, maximum body weight and bone ash were obtained with 90 I.C.U.
of vitamin D3 per pound (Tables 20 and 21). This is in agreement with
the vitamin D3 requirement as suggested by the National Research Council
(i960). When levels of calcium or phosphorus were sub-optimal, the need
for higher vitamin D3 levels was observed. With a dietary calcium level
of 1.00 percent and a total phosphorus level of 0.50 percent, 3600 I.C.U.
of vitamin D3 per pound -was needed for optimum body weight and bone ash.
At a dietary calcium level of 0.50 percent, 720 I.C.U. of vitamin D3 per
pound was required for maximum body weight and bone ash at both phosphorus
levels

TABLE 20
Body weight of chicks fed different levels of vitamin D3 at different
calcium and phosphorus levels (battery brooder studies)
Vitamin D3 (i.C.U./lb.)
% Ca
% P
U5
90
180
360
720
3600
7200
Average
1.00
0.70
1*3 8 gh
ii8lÓk
Body Weight (grams)1
501k l*79jk l*89jk
1*73*3
l*89Jk
1*79
0.50
310d
33iide
353ef
366f
1*12 g
1*33 gh
l*2l*g
376
0.50
0.70
209a
233b
32 7d
U67^
l*87^k
1*76*3 k
l*52hi
377
0.50
200a
279c
369*
JU20S
1*68*3
1*89-3k
l*77*3k
386
Average
289
332
385
U33
1¿61*
1*68
1*60
Cleans are average weights of 30 male and 30 female chicks. Means bearing the same superscripts
do not differ significantly (P-0.05).

TABLE 21
Tibia ash of chicks fed different levels of vitamin D3 at different
calcium and phosphorus levels (battery brooder studies)
% Ca
% P
Vitamin
D3 (i.C.U./lb.)
U5
90
180
360
720
3600
7200
Average
(% Tibia Ash)l
1.00
0.70
Ul.ib
U2.Ua
li2.5a
i»2.9a
U2.3a
ii3.2a
h2.9a
U2.U
0.50
31.3k
31.3k
32.5k
33.9*
36.2h
37.3fg
36.7g
3 a.2
0.50
0.70
33.71
33.81
36.8gh
37.3ef
38.1de
37.6^e
38.5cd
36.5
0.50
32.7k
33.51
35.7h
36.5fgh
37.8de
38.7cd
39. lc
36.3
Average
3h.7
35.2
36.8
37.7
38.6
39.2
39.3
•^Expressed as percent fat-free, moisture-free bone. Means are average of 12 male and 12 female
chicks. Means bearing same superscripts do not differ significantly (P = 0.05).

- 61 -
Floor pen studies.—The 56-day body weight and tibia ash of the
chicks were significantly affected by the dietary calcium and vitamin D3
levels (Tables 22 and 23). There was a significant interaction observed
between the dietary calcium level and the vitamin D3 level. At 0.60
percent calcium, 360 I.C.U. of vitamin D3 per pound gave significantly
maximum body weight and tibia ash. Increased levels of this vitamin
numerically increased body weight but significantly reduced the tibia
ash. IThen the dietary calcium level was increased to 0.80 percent a
level of 90 I.C.U. of vitamin D3 per pound gave significantly maximum
body weight and tibia ash. Higher levels of vitamin D3 numerically in¬
creased the body weight but had no influence on tibia ash. At a dietary
calcium level of 1.00 percent, the vitamin D3 response was altered. In¬
creasing the level of vitamin D3 up to 180 I.C.U. per pound numerically
increased body weight but further increases in the level of this vitamin
tended to reduce growth slightly. None of the groups, however, differed
significantly in body weight or in tibia ash.
Feed utilization, expressed as grams of feed consumed per gram
of gain, was closely related to body weight. In general, an increased
body weight was associated with a decrease in the feed required to pro¬
duce a unit of gain (Table 2l¿).
The results of these studies confirm the close interrelationship
of calcium, phosphorus, and vitamin D3 in the diet of chicks. This
relationship has been observed by many authors, yet few have attempted
to establish a requirement for this vitamin in the diet of rapidly growing
chicks

- 62 -
TABLE 22
Body weight of chicks fed different levels of vitamin D3 at
different dietary calcium levels (floor pen study)
Vitamin D3
(I.C.U./lb.)
% Calcium
0.60
0.80
1.00
Average
B ody Tie ight (grams )1
U5
671a
11U3C
1235d
1017
90
967b
1276def
1256def
1167
180
1168°
129odef
1280def
12U7
360
12U6d
1291def
1277def
1271
720
126Udef
1308ef
1257de
1276
3600
1292def
1321f
1268def
129h
Average
1101
1272
1263
Cleans are average weights of 1|0 male and 2|0 female chicks.
Means bearing the same superscript do not differ significantly
(P =0.05).

- 63 -
TABLE 23
Tibia ash of chicks fed different levels of vitamin D3 at
different dietary calcium levels (floor pen study)
Vitamin D3
(i.C.U./lb.)
% Calcium
0.60
0.80
1.00
Average
% Tibia Ash1
1*5
2*2.0*
2*l*.9bcd
l*5.icde
h3.9
90
2*3. lb
l*5.8de
1*6.2*e
1*5.1
180
2*3.8bc
1*6.2e
46.7e
1*5.6
360
2*6.2e
2*5.6cde
1*5.9de
/1*5.9
720
Ui.^cde
i*5.9de
li6.Ue
1*5.8
3600
24*.2bcd
2*5.9de
1*6.8®
1*5.7
Average
1*2*.0
1*5.7
1*6.2
•^-Expressed as percent of fat-free, moisture-free bone. Means
are average of 8 male and 8 female chicks. Jfeans having the same
superscript do not differ significantly (P=0.05).
\

- 61; -
TABLE 2k
Feed utilization of chicks fed different levels of vitamin D3 at
different dietary calcium levels (floor pen study)
Vitamin D3
(I.C.U./lb.)
% Calcium
0.60
0.80
1.00
Average
(grams feed/gram gain)l
kS
2.52e
2.36d
2.25abc
2.38
90
2.37d
2.28bc
2.23abc
2.29
180
2.30cd
2.23abc
2.23abc
2.25
360
2.26bc
2.26bc
2.29bcd
2.27
720
2.26bc
2.25abc
2.22ab
2.2U
3600
2.26bc
2.18a
2.25abc
2.23
Average
2.33
2.26
2.25
Means are average of four pens, each containing 10 male and
10 female chicks. Means having the same superscript do not differ
significantly (P =0.05).

- 65 -
Under the conditions of the experiment reported herein, 90
I. C. U. of vitamin D3 per pound as suggested by the National Research
Countil is adequate to support maximum growth and bone ash at the
calcium and phosphorus levels recommended by this group (1.0 percent
Ca and 0.6 percent P). Higher levels did not significantly influence
body weight or bone ash at b or 8 weeks of age.
In recent years, however, the calcium requirement of the chicks
has undergone considerable study with some disagreement as to the opti¬
mum level required. These reports have been recently reviewed by
Yíaldroup et al., (1963). Tilth the possible advent of lowered calcium
levels in the diet, the need to re-examine the vitamin D3 requirement
becomes apparent from the results of the present studies. Lowering
the calcium level to 0.8, 0.6 or 0.5 percent significantly altered
the vitamin D3 requirement. This was true for both age groups and
regardless of whether the chicks were grown in battery brooders in
the absence of ultraviolet light or in floor pens in a conventional
broiler house. Since a primary function of vitamin D has been shown
to be the enhancement of calcium absorption from the intestial tract
(Greenberg, 19li5; Wasserman et al., 1957) it is logical to assume that
the response to vitamin D supplementation would be increased as the
calcium level of the diet is lowered.
The relationship of vitamin D and phosphorus is less well defined.
The results of these studies indicated an interaction of vitamin D and
phosphorus; however, this may be a reflection of the calcium:phosphorus
interaction rather than a true effect of the vitamin on phosphorus

- 66 -
utilization. This hypothesis is strengthened by the early report by
Cohn and Greenberg (1939) "which indicated that vitamin D did not
enhance phosphate absorption in rats reared on a vitamin D deficient,
high calcium-low phosphorus diet. The importance of adequate vitamin
D level in a biological assay for either calcium or phosphorus cannot
be over-empahsized, since marginal or deficient levels of these minerals
are often used for test purposes.

CHAPTER 8
THE AVAILABILITY OF PHOSPHORUS FRO! ANIMAL PROTEIN SOURCES
There is limited information regarding the biological value for
the phosphorus in animal protein supplements when fed to chicks. Span-
dorf and Leong (1961i) reported that the biological availability of the
phosphorus in twelve menhaden fish meals averaged 99 percent and ranged
from 95 to 103 percent of the values obtained with corresponding levels
from dicalcium phosphate.
Because of the emphasis placed on linear programming of poultry
diets, it is important that accurate information be available regarding
the nutritional value of feedstuffs. The present experiments were design¬
ed to determine the phosphorus availability of seme animal protein sources
frequently used in poultry diets.
Experimental Procedure
Samples of fish meal, poultry by-products meal, and meat and
bone meal were obtained from several sources. The various samples of
the individual ingredients were blended for use in these trials. The
blended samples were analyzed for protein, calcium, and phosphorus
content by 3 laboratories. The average of these 3 analyses appears in
Table 25 and was used in formulation of the test diets. It was recognized
that protein quality of the diets could be a confounding factor; therefore,
- 67 -

- 68 -
TABLE 25
Analyses of animal protein sources
Composition-*-
Ingredient
% Protein
% P
% Ca
Menhaden fish meal
6l.U
2.9U
5.27
Poultry by-product meal
58.2
2.01
h.lk
Meat and bone meal
53.3
3.52
10.30
^Average of analyses by three laboratories.

- 69 -
all diets were formulated to contain 25 percent protein. It was felt
that this would help to minimize any possible variation due to protein
quality of the diets.
The composition of the basal diets is presented in Table 26.
Isolated soybean protein was used to maintain a constant protein level
while corn oil and cerelose were used to maintain a constant dietary
energy level of 1000 Calories of productive energy per pound. Constant
levels of plant phosphorus (O.UO percent) were maintained by variation
in degerrainated corn meal (0.10 percent P) and white corn meal (0.28
percent P).
Analytical reagent grade monosodium phosphate (Na^PO^ . H2O)
and feed grade dicalcium phosphate were used as standards of comparison
for phosphorus availability. The test sources were added to the basal
diets in amount sufficient to supply 0.05, 0.10 and 0.15 percent phos¬
phorus, giving total phosphorus levels of 0,hS, 0.50 and 0.55 percent.
These levels are below the minimum phosphorus requirement of the chick
as suggested by the National Research Council (i960). The total calcium
content of the diet was maintained at 0.80 percent by the use of reagent
grade calcium carbonate and the diet supplemented with 1000 I.C.U. per
pound of vitamin D3.
Day-old broiler chicks obtained from a commercial hatchery were
randomly assigned to pens in battery brooders. Four replicate pens,
each containing 5 male and 5 female chicks, were assigned to each dietary
treatment in 2 successive trials, resulting in a total of 80 chicks per
treatment

- 70 -
TABLE 26
Composition of basal diets
Ingredients
Percent
of diet
White corn meal
3k.70
36.20
33.20
30.20
Degerminated corn meal
lk. 00
12.50
15.50
18.50
Soybean meal (50% protein)
32.00
32.00
32.00
32.00
Corn oil
0.73
0.63
0.87
3.28
Cerelose
10.33
10.10
10.33
7.95
Assay protein^
3.77
3.3k
k.lk
k.86
Iodized salt
o.ko
o.ko
o.ko
o.ko
Calcium carbonate
l.k7
1.5k
1.37
1.69
Micro-ingredients2
0.90
0.90
0.90
0.90
Monosodium phosphate
0.1k
0.1k
0.1k
0.36
Dicalcium phosphate
• •
• •
• •
• •
Fish meal
1.70
• •
• •
• •
Poultry by-product meal
• •
2.k9
• •
• •
Meat and bone meal
• •
• •
1.29
• •
% Protein
25.0
25.0
25.0
25.0
Productive energy Cal/lb.
1000
1000
1000
1000
% Calcium
0.80
0.80
0.80
0.80
% Phosphorus
o.k5
o.k5
o.k5
o.k5
Ohio.
1C-1
assay protein, Archer-Daniels-Midland Co.,
Cincinnati,
2Micro-ingredients as given in Table 5 with 1000 I.C.U. per
pound of vitamin D.

- 71 -
Diets and tap water were consumed ad libitum from 1 to 28 days
of age at which time the experiment was terminated. Individual body
weights were obtained and 2 males and 2 females from each pen were
sacrificed for bone ash determination. Since there was no treatment X
trial interaction, results of the two trials were combined for presenta¬
tion.
Results and Discussion
Body weight of chicks fed graded levels of phosphorus from
animal protein sources ranged from 95 to 99 percent of that resulting
from feeding chicks equivalent levels from the inorganic phosphorus
sources (Table 27). Within each level of phosphorus tested, little
variation in performance was observed between sources with the exception
of the highest level of supplemental phosphorus. It is possible that
this may be due to either the quality of the protein or an amino acid
imbalance.
Phosphorus supplied from the animal protein sources resulted
in tibia ash values that ranged from 101 to 102 percent as much as
the inorganic phosphate sources (Table 28). There was little variation
observed within each level of phosphorus supplementation.
These data support the findings of Spandorf and Leong (196U)
regarding the high availability of phosphorus in fish meal and indicate
that the phosphorus in poultry by-product meal and meat and bone meal
is highly available for chicks. Therefore, analytical phosphorus values
may be used in feed formulation without adjustment for availability.

- 72 -
TABLE 27
Body weight of chicks fed diets supplemented with phosphorus
from animal proteins and inorganic phosphate
Phosphorus Source
Added Phosphorus (%)1
% Relative
Utilization^
0.05
0.10
0.15
Av
Body
weight (grams)3
Fish meal
293ab
313bcd
331/S
313
96
Poultry by-products meal
289a
3l9de
326ef
311
95
Meat and bone meal
293ab
333fg
3b3S
323
99
Monosodium phosphate
300ab
323def
356b
32 6
100
Dicalcium phosphate
302bc
323def
355h
326
100
^-Indicates percent of phosphorus from test source added to
basal diet calculated to contain O.liO percent total phosphorus.
^Relative utilization of phosphorus from test source as com¬
pared to monosodium phosphate.
^Treatment means are average weights of UO male and UO female
broiler chicks. Means bearing the same superscript do not differ
significantly (P-0.05).

- 73 -
TABLE 28
Tibia ash of chicks fed diets supplemented v/ith phosphorus
from animal proteins and inorganic phosphate
Added Phosphorus
% Relative
Phosphorus Source 0.05 0.10 0.l5 Av Utilization^
Tibia Ash ($)3
Fish meal
36.7abc
38.1ibcd
U.5ef
38.8
102
Poultry by-products meal
36.2ab
38.9°de
li0.6dei
38.6
101
lie at and bone meal
36.0a
39.7def
Ul.6^
39.1
102
Monosodium phosphate
35.7a
39.1cde
39.8def
38.2
100
Dicalcium phosphate
35.2a
38.2bc
iil.3ef
38.3
100
^Indicates percent of phosphorus from test source added to
basal diet calculated to contain O.iiO percent total phosphorus.
2
Relative availability of phosphorus from test source as com¬
pared to monosodium phosphate.
^Expressed as percent fat-free, moisture-free bone. Treatment
means are averages of 16 male and 16 female broiler chicks. Means
bearing the same superscript do not differ significantly (P = 0.05).

CHAPTER 9
THE AVAILABILITY OF PHOSPHORUS FROM PUNT SOURCES
The major portion of the phosphorus contained in cereals,
cereal by-products, soybeans, and other plant materials is in the
form of phytic acid (inositol hexaphosphoric acid) and its salts.
Published reports are not in complete agreement concerning the avail¬
ability of this source of phosphorus. Phosphorus extracted from
various plant materials was poorly available for chicks and rats in
studies reported by Lowe et al. (1939), Krieger et al. (1940, 1941),
Spitzer et. al. (1948), Gillis et al. (1949, 195?) and Matterson et al.
(1946). However, the last group stated that one should not infer from
the poor availability of the extracted plant phosphate that phosphorus
of natural plant material is necessarily unavailable.
The reports of Heuser et al. (1943) and McGinnis et al. (1914;)
suggested limited availability of phosphorus from plant sources. Gillis
et al. (1949) indicated that phosphorus present in natural plant ingredi¬
ents was a slightly more effective source of phosphorus than that extracted
as calcium phytate. Singsen et. al. (1947) reported that phosphorus in a
mixture of cereal grains was relatively unavailable for bone calcification
although the addition of vitamin D improved its utilization. TTheat bran
phosphorus was poorly utilized by rats in the absence of vitamin D
(Bouiwell et al., 1946). However, an adequate intake of this vitamin

- 75 -
increased the utilization of this phosphorus source for bone calcification
nearly to that of inorganic phosphorus.
The phosphorus in soybean meal was utilized by rats for both
growth and bone formation (Spitzer and Phillips, 191:5 a,b). Fritz et
al. (19U7) noted that under practical-conditions cereal grain phos¬
phorus was well utilized by turkey poults. The phosphorus in unifine
flour was shown to be almost completely available for growth and some¬
what less available for bone deposition in the chick (Sieburth et_ al,,
1952). Vandepopuliere et. al. (1961) reported that plant source phos¬
phorus was readily available for growth in chicks when fed at an optimum
Ca:P ratio of 1:1. Temperton and Cassidy (1961: a,b) concluded from
balance studies that the chick was able to absorb and retain a large pro¬
portion of ingested plant phosphorus, and utilize this phosphorus for
deposition in growing bones. This supports earlier work by Singsen et
al. (1950) in which it was demonstrated by P32 tracer studies that phytin
phosphorus can move freely about the body and participate in any reaction
requiring phosphorus.
The utilization of this organically bound form of phosphorus is
of considerable practical importance since most poultry diets must be
supplemented with phosphorus for optimum performance. Therefore, it was
considered important to determine the effect of the source or form of the
organic phytin phosphorus and the influence of dietary factors upon its
availability to the chick in order to estimate the extent to which plant
phosphorus can be used to meet the phosphorus requirement.

- 76 -
The Availability of Phytic Acid Phosphorus for Chicks
Since the report of Vandepopuliere et al. (1961) indicated that
plant source phosphorus was readily available to support growth in chicks
when fed at narrow Ca:P ratios, this trial was conducted to determine the
availability of phytic acid phosphorus and the possible effect of Ca:P
ratio upon its availability.
Experimental Procedure
Two trials were conducted with day-old broiler chicks. Graded
levels of phosphorus from phytic acid (0.05 to O.liO percent) and di¬
calcium phosphate (0.05 to 0.20 percent) were fed to chicks at Ca:P
ratios of 1:1 and 2:1 (Table 29). The basal diets contained 0.27 per¬
cent total phosphorus.
The phytic acid was supplied in a solution containing 70 percent
phytic acid. All experimental diets were kept iso-caloric and iso-
nitrogenous by varying the amount of corn, soybean oil meal and animal
fat. Increased calcium content was obtained by increasing the level
of ground limestone.
Two replications of 5 males and 5 females were used per treat¬
ment in each trial in battery brooders. Experimental diets and tap water
were given ad libitum.
Individual body weights of chicks were obtained at U weeks of
age. Since the diet X trial interaction was not significant, only
average weights from the combined trials are given. Three males and
3 females from each pen in trial 1 .were sacrificed for bone ash determination.

- 77 -
TABLE 29
Composition of basal diets
Ingredients
Ca:P Ratio
1:1 2:1
Percent
of diet
Degerminated corn meal
6U.38
63.20
Soybean meal (.50% protein)
31.20
31.28
Animal fat
• •
0.35
Ground limestone
0.32
1.0?
Alfalfa meal (17% portein)
3.00
f
3.00
Micr o-ingre dients1
0.70
0.70
Iodized salt
o.lo
o.Uo
^Micro-ingredients as outlined in Table 5.

Results and Discussion
Growth rate and tibia ash of chicks were significantly increased
with each increase of dietary phosphorus supplied either by phytic acid
or dicalcium phosphate (Table 30).
Growth rate and tibia ash of chicks receiving supplementary phos¬
phorus from phytic acid were comparable to chicks receiving equivalent
levels of phosphorus from dicalcium phosphate. These data are in dis¬
agreement with the earlier findings (Lowe et. al., 1939; Heuser et al.,
19ii3; McGinnis et. al., 19UU; and Gillis et al., 19U9) that phytin phos¬
phorus could be utilized slightly, if at all, by the chick. However,
these data are in agreement with an earlier report by Vandepopuliere
et al. (1961) and agree with data obtained from feeding rats, where phy¬
tic acid or phytin phosphorus was available for growth and bone calci¬
fication (Krieger et al., 19l¿0; Spitzer et. al., 191*8).
The phosphorus source X Ca:P ratio interaction for body weight
and bone ash was found to be statistically significant (P- .01). This
significant interaction was a result of slightly lowered body weights
or bone ash of chicks fed phytic acid when the Ca:P ratio was widened
as compared to an increased body weight or bone ash when the ratio was
widened with dicalcium phosphate as a phosphorus source. That widening
the Ca:P ratio interferes with utilization of phytin phosphorus agrees
with the suggestion of Vandepopuliere et al. (1961). However, it does
not explain the high availability of the phytic acid phosphorus in this
study as compared to earlier reports with the chick.

- 79 -
TABLE 30
Body weight and tibia ash of chicks fed various levels of
phosphorus from phytic acid and dicalcium phosphate
Supplement
1:1 Car
P ratio
2:1 Ca:P ratio
Body
wt. (g)
Tibia
ash (%)
Body
wt. (g)
Tibia
ash (%)
% P added
Source
O1
• •
279
28.8
279
27.3
.03
Phytic acid
308
31.1
297
27.0
.10
Phytic acid
3h6
32.2
3hh
28.1
.20
Phytic acid
362
33.1
339 /
33.2
.h0
Phytic acid
381
37.3
• •
• •
.03
Dicalcium phosphate
270
30.6
328
27.3
.10
Dicalcium phosphate
318
31.7
366
29.3
.20
Dicalcium phosphate
33U
35.U
Ii02
39.6
â– '"Basal diet contained 0.27 percent phosphorus.

- 80 -
It has been shown that heat treatment_increases the availability
of zinc in soybean protein (Supplee et al., 1958; and Kratzer et. al.,
1959), and an interrelationship has been shown between the zinc content
of the diet and utilization of phytic acid (O'Dell et al., 1961). Since
soybean oil meals are now prepared in a different manner than those used
in the earlier work, this difference and supplementary zinc in the basal
diet may be the factors responsible for the high availability of the
phosphorus from phytic acid.
Comparison of Phytin Phosphorus Sources
Results of the previous studies indicated that the phosphorus
.
in a solution of phytic acid ivas available to the chick for growth and
bone calcification. This series of trials was conducted to determine
the phosphorus availability of salts of phytic acid.
Experimental Procedure
Three trials were conducted to determine the availability of
phosphorus as phytic acid, calcium-magnesium phytate, and sodium phy-
tate. The phytic acid* (inositol hexaphosphoric acid) contained 28.16
percent phosphorus. The supplement used was an aqueous solution con¬
taining 70 percent phytic acid. The calcium phytate,** described as
phytic acid calcium-magnesium salt with an approximate analysis of 12
percent calcium, 1.5 percent magnesium and 22 percent phosphorus, was
————— > -- - ■■ - j —■ - ■ ■- - ■ | ■■
^Nutritional Biochemicals Corp., Cleveland Ohio.
**Corn Products Co., New York, N. Y.

- 81 -
in the form of a white, odorless powder, insoluble in water. The sodium
phytate,"* described as a neutral phytic acid sodium salt, contained 23.3
percent phosphorus. It ’was a white powder which was completely soluble
in water.
A practical type diet, using degerminated corn as the major
energy source and dehulled soybean meal as the major protein source,
served as the basal diet for all trials (Table 31). This diet was
calculated to contain 0.30 percent phosphorus, all from plant sources,
20 percent protein, and 1,000 kilocalories of productive energy per
pound.
Day-old broiler chicks were randomly assigned to pens in battery
brooders. The experimental feeds and tap water were supplied ad libitum.
Three pens, each containing 5 male and 5 female chicks, were assigned to
each of the experimental treatments in all trials.
Trial 1.—Feed grade dicalcium phosphate, calcium phytate, and
phytic acid were added to the basal diet to supply 0.10 and 0.20 percent
supplemental phosphorus, resulting in total phosphorus levels of O.iiO
and 0.50 percent. A constant 2:1 ratio of calcium to phosphorus was
maintained by the addition of reagent grade calcium carbonate. Diets
were maintained iso-caloric by the addition of finely ground oat hulls.
Chicks were placed on the experimental diets at 1 day of age and main¬
tained for a 28-day feeding period, at which time individual body weights
were obtained and 2 male and 2 female chicks from each pen were sacrificed
for bone ash determination.
^Nutritional Biochemicals Corp., Cleveland, Ohio.

- 82 -
TABLE 31
Composition of basal diet
Ingredient
Percent
Degerminated corn
56.70
Soybean meal (50$ protein)
31;. 00
Alfalfa meal (17$ protein)
3.00
Iodized salt
0.U0
Micro-ingredients^-
0.90
Variable ingredients^
5.00
â– ^Micro-ingredients as outlined in Table 5.
2
Consisted of calcium carbonate, phosphorus source and oat
hulls in amounts calculated to attain desired calcium and phosphorus
levels.

- 83 -
Trial 2.—The basal diet (Table 31) was supplemented with 0.10
or 0.20 percent phosphorus from either phytic acid, calcium phytate,
sodium phytate, or monos odium phosphate (Na^PO^ . H2O). This resulted
in total phosphorus levels of O.iiO and 0.50 percent. The calcium level
of all diets was maintained at 0.60 percent total calcium with 3h0 I.C.U.
of vitamin D3 per pound of feed. The experimental diets and tap water
were supplied ad libitum. Individual body weights were determined at
28 days of age.
Trial 3.—The basal diet (Table 31) was supplemented with 0.10,
0.20 and 0.1¿0 percent phosphorus from phytic acid, calcium phytate,
sodium phytate, and monosodium phosphate to give total phosphorus
levels of 0.U0, 0.50 and 0.70 percent. The calcium level of all diets
was maintained at 0.60 percent total calcium by the addition of calcium
carbonate.
All diets were supplemented with 360 I.C.U. of vitamin D3 per
pound. In addition, diets supplemented with O.IiO percent phosphorus
from each of the U phosphorus sources were supplemented with 1,080
I.C.U. of vitamin D3 per pound to determine the effects of increased
vitamin D levels on the availability of the phosphorus from the various
phytin sources.
Since the report of O'Dell et al. (I96l) indicated an interaction
between calcium and phytic acid relative to the availability of zinc, it
seemed desirable to determine the effects of zinc supplementation of the
basal diet upon the availability of the phosphorus from the phytin sources.
Therefore, the diets containing 360 I.C.U. of vitamin D3 per pound and O.iiO

- 81* -
percent added phosphorus from each of the Ii sources were supplemented
with 200 p.p.m. of zinc in the form of zinc sulfate and compared to
comparable diets without zinc supplementation. The experimental diets
and tap water were supplied ad libitum. At 28 days of age individual
body weights were obtained.
Results and Discussion
Trial 1.—’No significant differences were observed between the
availability of phosphorus from phytic acid or dicalcium phosphorus as
determined by body weight or tibia ash (Table 32). This was true at
both levels of phosphorus supplementation. The addition of 0.10 percent
phosphorus from calcium phytate to the basal diet significantly increased
both body weight and bone ash but the response was not comparable to that
of phytic acid or dicalcium phosphate at this level of supplementation.
Increasing the level of phosphorus supplementation to 0.20 percent from
calcium phytate resulted in a slight but non-significant increase in
body weight as compared to the basal diet, but a decrease as compared
to the 0.10 level. Tibia ash was significantly increased, however, lend¬
ing support to the report by Sieburth et al. (1952) that the phosphorus
from calcium phytate was relatively unavailable for growth but available
for bone deposition. In no case, however, did the degree of calcification
on the calcium phytate diets approach that attained on the phytic acid
or dicalcium phosphate diets.
Trial 2.—Diets supplemented with phosphorus from calcium phytate
did not support a level of growth equivalent to that obtained from feeding

- 85 -
TABLE 32
Body -weight and tibia ash of chicks fed diets supplemented
with various sources of organic and inorganic phosphorus
Phosphorus
Body weight
(gms.)!
Tibia ash ($)1
Source %
Added
M
F
Av
M
F
Av
Basal diet^
0
211
200
205d
23.5
25.1
2¿i.3k
Calcium phytate
0.10
287
2h7
267°
26.3
26.6
26.5 j
0.20
22ii
232
228d
25.5
29.2
27.9a
Phytic acid
0.10
353
323
338b
30.6
32.8
31.7h
0.20
393
3U2
368a
39.9
39.0
39.5f
Dicalcium phosphate
0.10
365
310
338b
32.U
30.8
31.6h
0.20
388
3h6
367a
35.9
38.2
37.Og
1-Means bearing the same superscripts do not differ signifi¬
cantly (P= 0.05).
p
Basal diet calculated to contain 0,30% phosphorus. All diets
fed at a 2:1 Ca:P ratio.

- 86 -
the other phosphorus sources at either level of supplementation (Table 33).
Sodium phytate phosphorus at the 0.10 percent level of supplementation
supported a growth rate that was numerically but not significantly
superior to the calcium phytate groups. TThen the sodium phytate sup¬
plementation was increased to 0.20 percent phosphorus, body weight data
indicated its utilization was significantly greater than that of calcium
phytate but did not approach that of the phytic acid or monosodium phos¬
phate supplements. Body weight data indicated that phytic acid phosphorus
was not as available as the monosodium phosphate at the 0.10 percent level
of supplementation but was equally available at the 0.20 percent level.
Trial 3.—Comparison of the growth rate of chicks fed the phos¬
phorus supplements at a level of 0.10 percent added phosphorus indicated
monosodium phosphate to be superior to the three phytin phosphorus
sources (Table 3U). Phytic acid and sodium phytate were of equal value
in promoting chick growth, while calcium phytate was inferior to all
phosphorus sources tested. Vvhen the phosphorus supplementation was in¬
creased to 0.20 percent, phytic acid supported a growth rate comparable
to that of chicks on diets supplemented with monosodium phosphate.
Supplementation with sodium phytate at this level did not support a
growth rate comparable to that of monosodium phosphate or phytic acid
supplementation, but was superior to calcium phytate supplementation.
Calcium phytate continued to give inferior performance; however, a sig¬
nificant improvement in growth was obtained as the level of phosphorus
supplementation from this source was increased from 0.10 to 0.20 percent

- 87 -
TABLE 33
Body -weight of chicks fed diets supplemented with various
sources of organic and inorganic phosphorus
Phosphorus source
% Added phosphorus^
0.10
0.20
M
F
Av
M
F
Av
Body weight
(grams)2
Phytic acid
386
338
36lf2
kh2
li06
•H
CM
-3
Sodium phytate
351
3hl
3U5ef
hoh
36U
383Sh
Calcium phytate
3U9
327
337de
331
303
317d
Monosodium phosphate
U35
378
U06hi
m
391
U181
^-The basal diet vías calculated to contain 0.30 percent phos¬
phorus, all from plant sources. All diets contained 0.60 percent
calcium.
p
^Means bearing the same superscript do not differ significant¬
ly (P= 0.05).

- 88 -
TABLE 3h
Body -weight of chicks fed diets supplemented with various
sources of organic and inorganic phosphorus
Phosphorus
- Zinc
Zincl
Source
% Added
360 D3
1,
o
CC
o
3
360 D3
M
F
Av
M
F
Av
M
F
Av
Body weight
(grams)2
Basalt
0
356
21*5
300a
lilO
350
380cd
316
271*
295a
Monos odium
0.10
li30
392
lilief
phosphate
0.20
1*65
1*21
1*1*3 ghi
0.1*0
1*78
1*31*
li56hi
1*83
1*27
li58hi
1*89
1*1*5
ÍÍÓ71
Phytic acid
0.10
373
350
362bc
0.20
1*75
1*15
Ui5hi
O.liO
li66
1*28
lili7hi
U72
1*17
i*l*5hi
1*79
1*35
l*57hi
Sodium
phytate
0.10
395
3l*5
370bc
381*cd
0.20
398
370
O.liO
ii6l
li28
l*l*2*ghi
1*1*0
396
l*l8«fg
1*1*9
1*22
li35f§h
Calcium
0.10
362
277
320a
phytate
0.20
361
335
31*81=
-
O.liO
392
367
360°
l*2li
381
l*03de
371
355
363bc
â– ^Zinc supplementation at 200 p.p.m. supplied by zinc sulfate.
“^Means bearing the same superscript do not differ significantly
(P = 0.05).
^The basal diet was calculated to contain 0.30 percent phosphorus.
All diets contained 0.60 percent calcium.

- 89 -
TTnen the level of phosphorus supplementation was increased to
O.iiO percent, monosodium phosphate, phytic acid, and sodium phytate
supported an equal rate of growth. Calcium phytate supplementation at
this level significantly increased growth rate as compared to the 0.20
percent level of supplementation, but performance was inferior to the
other three sources.
Increasing the vitamin D3 level of the diet from 360 to 1,080
I.C.U. per pound at the O.iiO percent level of phosphorus supplementation
did not influence chick performance on the diets supplemented with mono¬
sodium phosphate, phytic acid, or sodium phytate, but significantly in¬
creased the 28-day body weight of chicks receiving supplemental phos¬
phorus from calcium phytate (Table 3U).
Zinc supplementation of the diets containing O.iiO percent phos¬
phorus from each of the four sources had no significant effect on 28-day
body weight (Table 3h).
The results of these trials indicate that the phosphorus from
the phytic acid supplement (inositol hexaphosphoric acid) was highly
available and equal to the dicalcium or monosodiun phosphates in most
instances, as measured by body weight and tibia ash. This confirms the
report of Karras et al. (1962) that phosphorus from phytic acid was as
available as that from dicalcium phosphate.
The availability of phosphorus from sodium phytate was some¬
what lower than from phytic acid or the inorganic phosphates. The
availability of the sodium phytate phosphorus tended to increase as

- 90 -
the level of supplementation increased, approaching that of the di¬
calcium or monosodium phosphate at high levels of supplementation.
The phosphorus in the calcium-magnesium salt or phytic acid
(calcium phytate) was essentially unavailable for growth and only
slightly available for bone calcification under the conditions of
these experiments. This confirms the reports of Matterson et al.
(I9h6), Sieburth et al. (1952) and Gillis et al. (1957). In contrast
to the sodium phytate supplement, the availability of the calcium phy¬
tate phosphorus appeared to decline as the level of supplementation in¬
creased. In only one of three experiments did higher levels of calcium
phytate continue to improve performance.
Increasing the vitamin D3 level of the diet from 360 to 1,080
I.C.U. per pound significantly increased the availability of the calcium
phytate phosphorus, but did not influence the availability of phytic
acid or sodium phytate phosphorus. This finding agrees with the reports
of several workers (Krieger and Stenbock, 19U0; Boutwell et al., 19U6;
Singsen et al., 19b7; Spitzer et al., 19U8j Gillis et_ al., 1957) and may
be due either to its well-known action on calcium absorption or to some
activating action on the intestinal phytase enzyme. However, Krieger
et al. (I9l|0) reported that the calcium from calcium phytate was as
available as from calcium carbonate when adequate phosphorus was sup¬
plied from inorganic phosphates, and Spitzer et al. (19U8) reported that
vitamin D was not necessary for phytase formation. In both of these tests,
weanling rats were used and a species difference may be present.

- 91 -
The findings -which indicate high availability for phosphorus in
phytic acid and sodium phytate appear to be a direct contradiction of the
results of Harrison and Mellanby (1939). These authors reported that
phytic acid and sodium phytate exert powerful rachitogenic actions when
added to low calcium non-rachitogenic diet while calcium phytate was
slightly antirachitic. These workers postulated that this rachitogenic
action was due to an inhibition of calcium absorption from the alimentary
canal; again, a species difference may be involved as these authors
utilized young puppies as their experimental animal.
\
Effect of Calcium and Vitamin Levels on the
Utilization of Calcium Phytate
Results of the previous studies demonstrated that phosphorus
from phytic acid and dicalcium phosphate were of equal availability to
the chick. However, a widening of the calcium:phosphorus ratio decreased
the relative availability of the phosphorus in phytic acid to a greater
degree than phosphorus from dicalcium phosphate.
The phosphorus from the calcium salt of phytic acid was shown
to be less available than that from phytic acid or sodium phytate phos¬
phorus. In view of these results, trials were conducted to further
define the influence of calcium and vitamin D3 levels on the utilization
of calcium phytate phosphorus.
Experimental Procedure
A practical type diet using degerminated corn meal as the major
energy source and dehulled soybean meal as the major protein source

- 92 -
served as the basal diet (Table 31). This diet was analyzed to contain
0.3Q percent phosphorus (all from plant sources), and was calculated to
contain 20 percent protein, and 1,000 kilo-calories of productive energy
per pound of feed.
Day-old broiler chicks were randomly assigned to pens in battery
brooders. Three pens, each containing 5 male and 3 female chicks, were
assigned to each of the experimental treatments. The experimental feeds
and tap water were supplied ad libitum.
Trial 1.—Calcium phytate was compared to dicalcium phosphate
at levels of 0.05, 0.10, 0.20, and 0.30 percent added phosphorus at
calcium to total phosphorus ratios of 0.8:1, l.iisl, and 2:1. A level
of 360 I.C.U. of vitamin D3 per pound was used in each of these diets.
In addition, vitamin D3 (l,hi|0 I.C.U. per pound of feed) was added to
diets supplemented with 0.20 percent phosphorus from calcium phytate
at each of the 3 calcium:phosphorus ratios.
The calcium phytate supplement,* described as phytic acid calcium-
magnesium salt with an analysis of 12 percent calcium, 1.5 percent mag¬
nesium, and 22 percent phosphorus, was in the form of a white odorless
powder insoluble in water.
At 21 days of age the chicks were individually weighed and 2
male and 2 female chicks from each pen were sacrificed for bone ash
determination.
*Corn Products Co., New York, N. Y.

- 93 -
Trial 2.—A 2^ factorial arrangement of 2 phosphorus sources
(calcium phytate vs. dicalcium phosphate), 2 supplemental phosphorus
levels (0.10 vs. 0.20 percent), 2 calcium levels (0.50 vs. 1.00 per¬
cent), and 2 vitamin D3 levels (3Ó0 vs. 6,000 I.C.U. per pound) was
used in this test. The chicks and the basal diet -were prepared as in
Trial 1. The experimental diets were fed for 21 days at which time
individual body weights were obtained.
Results and Discussion
Trial 1.—Twenty-one-day body weight and tibia ash were signifi¬
cantly affected by the source and level of phosphorus, the Ca:P ratio
and the vitamin D3 level of the diet (Tables 35 and 36). As expected,
there were significant interactions among the factors of phosphorus
source, level of added phosphorus, and the calcium:phosphorus ratio of
the experimental diets. At the lowest Ca:P ratio, (0.8:1), the addition
of 0.05 or 0.10 percent phosphorus from calcium phytate increased body
weight and tibia ash, with the increase from the 0.10 percent level
statistically significant. A further increase in phosphorus from this
source had no additional effect. In fact the addition of 0.30 percent
phosphorus from calcium phytate resulted in body weight and tibia ash
values similar to those observed on the basal diet with no added phos¬
phorus. In comparison, levels of dicalcium phosphate up to 0.30 percent
added phosphorus significantly increased body weight and tibia ash.
A comparison of the 2 sources at the 0.8:1 Ca:P ratio indicates
that, with the exception of the diet containing 0.30 percent added

- 9k -
TABLE 35
Body â– weight of chicks fed different phosphorus sources,
levels of vitamin D3, and calcium:phosphorus ratios
Phosphorus
Vit D
Calcium:phosphorus ratio
Source
% Added
I.C.U./lb.
0.8:1
l.U:l
2:1
Average
Body weight (grams)!
Basal^
0
360
238fS
262*3
202°
23h
Calcium
0.05
360
25l§h
229ef
l81ib
221
phytate
0.10
360
281^
238fS
l86b
235
0.20
360
279kl
213cd
163a
218
, 0.20
1,U*0
28Umn
268kl
175ab
2h2
0.30
360
235fg
220de
160a
205
Dicalcium
0.05
360
261¿k
267kl
228ef
255
phosphate
0.10
360
272kl
27Ukl
259hi
278
0.20
360
27iikl
300°°
285â„¢
275
0.30
360
315°
299n°
297®h
3 Oil
^Means bearing the same superscripts do not differ significant¬
ly (P = 0.05).
p
Basal diet contained 0.30 percent phosphorus.

- 95 -
TABLE 36
Tibia ash of chicks fed different phosphorus sources, vitamin D3
levels, and calcium:phosphorus ratios
Phosphorus
Vit D
Calciumsphosphorus ratio
Source
% Added
I.C.U./lb.
0.8:1
1.4:1
2:1
Average
Tibia ash (%)-*-
Basal^
0
360
30.9cd
29.4bc
25.9a
28.7
Calcium
0.05
360
33.3de
27.5ab
26.5a
29.1
phytate
0.10
360
33.8e
26.5a
25.7a
28.8
0.20
360
34.Uef
25.3a
27.6ab
29.1
0.20
i,UUo
33 .¿ide
33.5e
27.6ab
31.5
0.30
360
29.5bc
25.1a
25.2a
26.6
Dicalciun
phosphate
0.05
360
3h.2ef
35.0ef
29.9bc
25.3a
29.8
0.10
360
35.0ef
31.2cd
33.8
0.20
360
36.5fS
39.8hi
37.7gh
38.0
0.30
360
37.9 Sh
ia.31
la. oi
40.1
â– Cleans bearing the same superscript do not differ significantly
(P = 0.05).
Basal diet contained 0.30 percent phosphorus.

- 96 -
phosphorus from calcium phytate, there were no significant differences
in body weight or tibia ash at comparable phosphorus levels. In several
instances, body weight was numerically greater for the calcium phytate
groups (Table 35), while dicalcium phosphate tended to produce a greater
degree of bone calcification (Table 36).
An increase in the Ca:P ratio to 1 .JU: 1 significantly depressed
body weight and tibia ash of the chicks fed diets supplemented with
phosphorus from calcium phytate. A further increase in the Ca:P ratio
to 2:1 severely lowered body weights but had little additional effect
on bone ash of chicks consuming diets supplemented with calcium phytate.
Chicks fed comparable diets supplemented with phosphorus from dicalcium
phosphate were not as severely affected by increases in the Ca:P ratio.
This was observed as a source X ratio interaction that was highly sig¬
nificant for both body weight and tibia ash.
At the 2:1 Ca:P ratio, higher levels of added phosphorus from
calcium phytate (i.e., 0.20 and 0.30 percent) produced a more severe
depression in body weight than did lower levels. However, this effect
was not as severe when tibia ash was the criterion. Chicks fed the
diets containing dicalcium phosphate tolerated the 2:1 Ca:P ratio to a
greater extent than did chicks fed the calcium phytate supplemented
diets. As the level of phosphorus from dicalcium phosphate increased,
less depression in body weight or tibia ash was observed.
Increasing the level of vitamin (l,Ui|0 vs. 360 I.C.U./lb.)
in the diet supplemented with 0.20 percent phosphorus from calcium

-91 -
phytate significantly improved body weight and tibia ash at a Ca:P
ratio of (Tables 3U and 35). At Ca:P ratios of 0.8:1 and 2:1,
body weight was numerically but not significantly increased by the
addition of the higher level of vitamin D3. However, little effect was
observed on tibia ash at these Ca:P ratios.
Trial 2.—Calcium phytate was inferior to dicalcium phosphate as
a phosphorus source at all levels of phosphorus, calcium and vitamin D3
supplementation as measured by body weight (Table 37). The availability
of both sources was significantly affected by alterations in the calcium
and vitamin D3 levels in the diet.
At either level of calcium supplementation, increasing the
vitamin D3 level of the diet from 360 to 6,000 I.C.U. per pound resulted
in an increase in 21-day body v/eight. This increase was statistically
significant at all levels of supplementation with calcium phytate and
at the 0.10 percent phosphorus level of supplementation with dicalcium
phosphate. The increase in body v/eight resulting from the increased
vitamin D3 supplementation at higher levels of supplementation with
dicalcium phosphate was numerically superior at the 1.0 percent level
of calcium and significantly superior at the 0.5 percent level of
calcium.
Chicks fed diets supplemented with phosphorus from calcium phytate
were heavier when the diet contained 0.5 percent calcium than at 1.0 per¬
cent calcium. Diets containing 0.10 percent phosphorus from dicalcium
phosphate also supported greater growth at the lower calcium level,

- 98 -
TABLE 37
Body weight of chicks fed different phosphorus sources with
varying levels of calcium and vitamin D3
Phosphorus
1% Calcium
0.5^ Calcium
Source
% Added
360
6,000
360
6,000
Body weight (grams)1
Basal diet^
0
lliia
208d
• •
• •
Calcium phytate
0.10
129b
227afS
206d
25ihi
0.20
13Ub
217de
217de
268Ó
Dicalcium phosphate
0.10
2l8e
2lilgh
276J
29h*
0.20
265i3
277^
23?fgh
298^1
-Cleans bearing the same superscript do not differ significantly
(P= 0.05).
^Basal diet contained 0.30 percent phosphorus.

-99 -
but when the supplemental phosphorus level was increased to 0.20 percent
from dicalcium phosphate, growth on the higher calcium level was favored
when both levels of supplemental vitamin D3 were combined. However, the
maximum growth at this level of phosphorus supplementation resulted when
the calcium level of the diet was 0.50 percent and the vitamin D3 level
was 6,000 I.C.U. per pound.
The results of these trials demonstrate a close relationship
between calcium and phosphorus levels and ratios and the vitamin D3
level of the diet upon the utilization of the phosphorus from calcium
phytate. Low calcium levels or low Ca:P ratios tended to improve the
availability of the calcium phytate phosphorus. In several instances
the improvement in phosphorus availability was such that calcium phy¬
tate phosphorus was equal to dicalcium phosphate phosphorus in promoting
growth or bone calcification. These low calcium levels, however, were
not the most desirable levels for optimum performance on diets supple¬
mented with dicalcium phosphate. Higher levels of calcium or wider
Ca:P ratios were required for optimum performance on dicalcium phosphate
supplemented diets; these higher calcium levels lowered the availability
of the calcium phytate phosphorus.
Increasing the level of vitamin D3 in the diet (l,Ut0 to 6,000
vs. 360 I.C.U./lb. of feed) improved the utilization of phosphorus from
both calcium phytate and dicalcium phosphate at certain Ca:P levels and
ratios. This would be expected since the data in Chapter 7 demonstrated
that the vitamin D3 requirement of chicks was increased at unfavorable
calcium:phosphorus ratios.

The Availability of Natural Plant Phosphorus
The majority of the "workers who have reported a low availability
for organic phosphorus have utilized a chemically isolated product, rather
than the intact form. Results of the previous experiment demonstrated a
significant difference in the availability of various salts of phytin
phosphorus. Therefore, this study was conducted to determine the avail¬
ability of phosphorus in various portions of the corn grain without
chemical isolation or extraction.
Experimental Procedure
Three types of corn products were used as primary energy sources
in a simplified chick feed to study the availability of plant phosphorus.
These products were ground whole white corn, degerminated white corn meal,
and hominy meal. The hominy meal is a by-product of corn meal manufacture
and consists of a mixture of the corn bran, the corn germs, and a part of
the starchy portion of the kernels. It is fully equal to corn in poultry
diets (Morrison, 1959). All 3 ingredients were submitted to 3 laboratories
for phosphorus analysis (Table 38).
Basal diets were prepared using each of the 3 corn products
(Table 39). A constant amount of soybean meal was used in order that
the variation in phosphorus level of the diet would be a result of the
corn component. Some adjustment of the hominy meal diet was necessary
to maintain a constant level of energy and protein. Cerelose and corn
oil were added to adjust for energy content and isolated soy protein

- 101 -
TABLE 38
Phosphorus analysis of corn products
Corn Product
1
Laboratory
2
3
Ave.
Degerminated corn
0.09
% Phosphorus
0.09
0.11
0.10
Corn meal
0.26
0.25
0.28
0.26
Hominy meal
0.61
0.63
0.59
0.61

- 102 -
TABLE 39
Composition of diets
Percent of Diet
Ingredient
1
2
3
Degerminated corn
59.7
• ©
• ©
Vihite corn meal
• •
59.7
• •
Hominy meal
• •
• •
iil.o
Corn oil
• •
• ©
4.45
Cerelose
• •
• •
13.34
Soy protein
• •
• •
0.91
Iodized salt
O.liO
o.4o
0.40
Soybean meal ($0% protein)
34.00
34.00
34.00
ilicro-ingredientsl
0.90
0.90
0.90
Variable2
5.oo
5.00
5.oo
% Protein
22.40
22» hO
22.40
Calories PE/lb.
928.00
928.00
928.00
% P
0.30
O.liO
0.50
% Ca
0.60
0.60
0.60
^Micro-ingredients as outlined in Table 5.
^Consisted of reagent grade calcium carbonate, reagent grade
monosodium phosphate, and pulverized oat hulls.

- 103 _
added to adjust protein levels. Using an average of the analytical
values for the 3 ingredients, the diets were calculated to contain 0.30,
0.1*0, and 0.50 percent phosphorus for the degerrainated corn, -white corn
meal, and hominy meal diets, respectively. Chemical analyses of the
mixed diets by the 3 laboratories were in close agreement with calcu¬
lated values.
To each of the 3 basal diets, graded levels of inorganic phos¬
phorus were added in the form of reagent grade monosodium phosphate
(NaH2P0[t . K2O). Phosphorus supplementation levels were o, 0.10, 0.20,
0.30, and 0.1*0 percent, resulting in a 3 X 5 factorial arrangement of
treatments. The total calcium content of all diets was held constant
at 0.60 percent by the addition of calcium carbonate. This level of
calcium supplementation met the calcium requirement of the 0- to L*-week-
old chick for this basal diet (Chapter 6) without creating a severe
Ca:P inbalance in the diet. The supplemental vitamin D level tí as 660
I.C.U. per pound of feed.
Three successive feeding trials were conducted, using the origi¬
nal samples of the corn products to prepare the feeds for each trial.
Day-old broiler chicks were randomly assigned to pens in battery brooders.
The experimental feeds and tap water were offered ad libitum. Ten chicks,
equally divided as to sex, were assigned to each pen. In each of the 3
feeding trials, I* pens were assigned to each dietary treatment, result¬
ing in an over-all total of 120 chicks per treatment.
At 28 days of age the chicks were individually weighed and 2
chicks of each sex were sacrificed from each pen for bone ash determination.

- íoU -
Analysis of the data indicated no significant trial X treatment
interaction and permits discussion of the average results of the 3 trials.
Results and Discussion
Organic plant phosphorus, supplied in the diet as corn meal or
hominy meal, was utilized as well as inorganic phosphorus in promoting
body weight gains (Table UO). However, it was somewhat less available
for calcification of bones (Table lfL). As there was no sex X treatment
interaction observed, discussion is based on treatment average.
Examination of the body weight data presented in Table UO indicates
that 0.10 percent organic plant phosphorus furnished by corn meal promoted
significantly greater growth than 0.10 percent inorganic phosphorus added
to a low-phosphorus basal diet composed of degerminated corn. However,
in comparison to the low-phosphorus degerminated corn basal diet sup¬
plemented with 0.2 or 0.3 percent inorganic phosphorus, the 0.1 percent
level of added organic phosphorus from corn meal supported significantly
less body weight gains in diets having identical levels of total phosphorus.
At total phosphorus level of 0.70 percent, the 0.1 percent organic phos¬
phorus furnished by corn meal again significantly improved growth rate
as compared to the low-phosphorus degerminated corn supplemented with
inorganic phosphorus.
Organic phosphorus supplied from hominy meal also supported body
v/eight gains. A significant improvement in body weight was obtained when
a basal diet containing 0.50 percent organic phosphorus using hominy meal
was compared to 0.2 percent inorganic phosphorus supplementation of the

TABLE UO
Body weight of broiler chicks fed diets with plant phosphorus from three sources
Total Phosphorus (%)
Plant Phosphorus
Source
Organic
Phosphorus ($)b
Sex
0.30
O.liO
o.5o
0.60
0.70
0.80
0.90
Body Y'eight (grams )2
M
2 9h
336
373
hl2
395
• •
• •
Degerminated corn
0.30
F
263
280
337
371
361
• •
• •
Av.
278a
308b
355e
392hiJ
378§h
• •
• •
M
• 6
331
353
373
h!2
381
• o
Corn meal
o.ko
F
• •
315
320
3h2
375
362
• •
Av.
• •
323°
33 7d
357e
39U*J
372fg
• •
M
• •
• •
U32
396
397
388
396
Hominy meal
o.5o
F
• »
• •
372
373
367
350
351*
Av.
• •
• •
1|02 j
385ghi
382ghi
369ef
375f£
•^Values indicate the amount of organic phosphorus supplied by the all-vegetable diets utilizing
the three sources of plant phosphorus. The remainder of the total dietary phosphorus is supplied by mono¬
sodium phosphate (Na^POj^O).
^Keans bearing the same superscript do not differ significantly (P = 0.05).

- 106 -
degerminated corn diet to give a total phosphorus level of 0.50 percent.
At higher levels of total dietary phosphorus, however, the organic phos¬
phorus from hominy meal was as effective in supporting body weight as
that from the inorganic phosphorus source.
The organic phosphorus from either corn meal or hominy meal was
significantly less available for bone calcification than inorganic phos¬
phorus (Table ill). Yrhen no supplemental inorganic phosphorus was added
to the 3 all-plant diets, 0.1 percent additional organic phosphorus
furnished by corn meal and 0.2 percent additional organic phosphorus
from hominy meal significantly improved calcification as compared to
the degerminated corn meal diet. No significant difference was observed
/
between the corn meal (0.U percent total phosphorus) and the hominy meal
(0.5 percent total phosphorus) basal diets.
Addition of inorganic phosphorus to the degerminated corn diet
produced tibia ash values that were equal to or significantly superior
to corn meal or hominy meal diets containing equivalent levels of total
dietary phosphorus but with greater amounts of organic phosphorus.
The data from these studies demonstrate that organic plant phos¬
phorus supported body weight gains equal to those obtained with inorganic
phosphorus v/hen the total dietary phosphorus level was below the minimum
phosphorus requirement of the chick. At higher phosphorus levels there
were few significant differences observed between any of the treatment
groups.
In contrast to the body weight data, the organic plant phosphorus
was considerably less available for bone calcification than was inorganic

TABLE III
Tibia ash of broiler chicks fed diets with plant phosphorus from three sources
Plant Phosphorus
Source
Organic
Phosphorus ($)1 Sex
Total Phosphorus
0.30
o.Uo
0.50
0.60
0.70
0.80
0.90
Tibia ash
m2
M
28.Ii
32.1
37.8
38.5
39.9
• •
• «
Degerminated corn
0.30
F
29.1
31.6
37.6
38.3
39.1
• •
• •
Av.
28.7a
31.9b
37.7de
38.1ief
39.5f
• •
• c
M
• •
30.1
31.8
36.8
37.3
36.3
• e
Corn meal
O.IiO
F
• •
33.Ii
33.7
38.1
38.0
39.3
• t
Av.
• •
31.7b
32.8b
37.5de
37.6de
37.8de
• •
M
• c
• •
31.0
3U.0
35.9
35.U
35.U
Hominy meal
o.5o
F
• •
• •
31.7
35.6
36.8
36.h
36.5
Av.
• •
• •
31.lib
3h.Qc
36.3cd
35.9°
35.9°
^Values indicate the amount of organic phosphorus supplied by the all-vegetable diets utilizing
the three sources of plant phosphorus. The remainder of the total dietary phosphorus is supplied by mono-
• sodium phosphate (Nai^POj^O).
^Ifeans bearing the same superscript do not differ significantly (P = 0.05).

- 108 -
phosphate even when the total phosphorus level of the diet was below
the requirement of the chick. The phosphorus from hominy meal, which
had promoted greater body weight gains than from corn meal, was less
available for bone calcification than phosphorus from corn meal.
’’.Tiile these results are in contrast to the reports of many
previous workers concerning plant phosphorus availability, it must be
stressed that calcium and vitamin D-j supplementation of the experi¬
mental diets was expressly designed to permit maximum usage of the
organic phosphorus as developed from earlier studies by Vandepopuliere
et al., (1961), Harms et_ al. (1962), and in previous chapters in this
report. In addition, the organic phosphorus remained in its natural
form in the plant material and was not chemically isolated.
Results from this study which indicate that organic plant phos¬
phorus is highly available for growth are in agreement with the reports
of Sieburth et al. (1952) and Temperton and Cassidy (196I4. a). The obser¬
vation that the organic phosphorus was less available for bone deposition
confirms the report by Singsen et al. (I9h7) and Sieburth et al. (1952),
but is in opposition to the findings of Temperton and Cassidy (19ÓU b).
It is apparent from the results of this study that the avail¬
ability of the phosphorus in plant materials may be much greater than
generally assumed. Variation in the phosphorus availability of dif¬
ferent portions of the corn grain is indicated and may be responsible
for some disagreement in results.

CHAPTER 10
SUMMARY AND CONCLUSIONS
A series of experiments were conducted to determine the possible
effects of several factors upon the utilization of phosphorus by poultry.
More than 17,520 chickens were used in these studies. The results of
these experiments emphasized several factors which play a role in phos¬
phorus metabolism and should be of value in guiding further research in
this field of study. The results may be briefly summarized as follows:
Phosphorus Levels in the Maternal Diet
The addition of 0.35 percent phosphorus to hen diets containing
0.3h to 0.39 percent phosphorus resulted in significantly increased
hatchability of fertile eggs. However, it did not affect the percentage
of ash, calcium or phosphorus in the fresh egg or in the tibia of the
day-old or 2^week-old chick.
The phosphorus content of the maternal diet did not affect the
rate of mineralization of bones when chicks were fed a phosphorus sup¬
plemented diet. With regard to concentration of ash, phosphorus, or
calcium in the tibia, there was as much variation between the chicks
from the same hen as there was between chicks from different hens. There¬
fore, consideration of the phosphorus level of the maternal diet appears
to be of limited value in the selection of chicks for the biological assay
of phosphorus.
- 109 -

- no -
Variation Between Battery and Floor Conditions
The calcium and phosphorus requirements of chicks appear to be
similar whether grown in batteries or in floor pens. Therefore, results
obtained with chicks grown in batteries should be applicable to chicks
grown in floor pens.
Comparison of Assay Techniques
Variation in the procedure used to assay phosphate sources or
to interpret the results of such assays may significantly influence the
relative biological value of a phosphate source. The use of different
calcium sphosphorus ratios at different levels of phosphorus supplementa¬
tion appears desirable in order to elicit maximum response of the chick
and allow full utilization of the phosphorus.
Source of Calcium
No differences in calcium availability were observed between
reagent calcium carbonate, reagent calcium sulfate, ground oyster shell,
two samples of ground limestone, and reagent calcium gluconate when fed
to chicks at levels ranging from 0.2 to 0.7 percent of the diet. There¬
fore, any of these sources could be used to supply the calcium in phos¬
phorus assay diets without affecting performance of the chicks.
Vitamin D Levels
Levels of vitamin greater than those suggested by the National
Research Council (i960) resulted in increased body weight and bone ash.

- Ill -
However, the response to increased levels of the vitamin become less as
the calcium and phosphorus levels more closely approached the optimum.
The response to vitamin D3 supplementation appears to be due to enhance¬
ment of calcium absorption when dietary inbalances of calcium and phos¬
phorus exist.
Availability of Phosphorus from Animal Protein Supplements
Phosphorus supplied to chicks from fish meal, poultry by-product
meal, or meat and bone meal was utilized by chicks for body weight gains
and bone calcification as well as dicalcium phosphate or monosodium
phosphate. Therefore, no adjustment for availability of this mineral
needs to be made in formulation of poultry diets when these animal pro¬
tein supplements are used.
Availability of Phosphorus from Plant Sources
The phosphorus of phytic acid (inosital hexaphosphoric acid)
was found to be highly available for growth and bone calcification of
chicks. However, widening of the Ca:P ratio in the diet decreased the
availability of the phosphorus in phytic acid to a greater extent than
that from dicalcium phosphate.
Sodium phytate phosphorus was less available than phytic acid
phosphorus, but the availability tended to increase as the level of
supplementation increased. Calcium phytate phosphorus was relatively
unavailable for growth purposes but somewhat more available for bone

- 112 -
calcification. Increasing the vitamin D level of the diet from 360 to
1,030 I.C.U. per pound significantly increased the availability of phos¬
phorus from calcium phytate but not from sodium phytate or phytic acid.
Low calcium levels and narrow Ca:P ratios tended to improve the utili¬
zation of calcium phytate phosphorus. However, these low levels of
calcium were not the most desirable levels for optimum performance on
diets supplemented with dicalciun phosphate.
Phosphorus supplied to the chick from natural plant materials
appears to be more available than generally assumed. Organic phosphorus
from several plant feedstuffs promoted body weight gains that were equal
or superior to inorganic phosphate supplements. However, this source
of phosphorus was somewhat less available for bone calcification.

REFERENCES
Anmerman, C. B., C. R. Douglas, G. K. Davis, and R. H. Harms, 1961.
Comparison of phosphorus availability assay techniques for
chicks. Poultry Sci. 40:51*8-553.
Ammerman, C. B., H. W. Norton, and H. M. Scott, I960. Rapid assay
of inorganic phosphates for chicks. Poultry Sci. 39:245-250.
Association of Official Agricultural Chemists, I960. Official Methods
of Analysis. 9th Ed. Washington, D. C.
Barauh, J. N., R. E. Davies, B. L. Reid, and J. R. Couch, I960.
Utilization of phosphorus from defluorinated and colloidal
phosphate by chicks and laying hens. Poultry Sci. 39:843-
849.
Bethke, R. M., D. C. Kennard, and C. H. Kick, 1930. The availability
of calcium in calcium salts and minerals for bone formation
in the growing chick. Poultry Sci. 9:45-50.
Bethke, R. M., D. C. Kennard, C. H. Kick, and G. Zinzalian, 1928.
The calcium-phosphorus relationship in the nutrition of the
growing chick. Poultry Sci. 8:257-265.
Boutwell, R. K., R. ?. Geyer, A. W. Halverson, and E. B. Hart, 1946.
The availability of wheat bran phosphorus for the rat. J.
Nutrition 31:193-202.
Buckner, G. D., J. H. Martin, and A. M. Peter, 1923. Calcium metabo¬
lism in the laying hen. Kentucky Agr. Exp. Sta. Res. Bui. 250.
Buckner, G. D., J. H. Martin, and A. M. Peter, 1929. Calcium metabo¬
lism in the laying hen. 3. Calcium carbonate and hatchability.
Kentucky Agr. Exp. Sta. Res. Bui. 291.
Carver, J. S., R. J. Evans, and J. McGinnis, 1946. Calcium, phosphorus,
and vitamin D interrelationships in the nutrition of growing
chicks. Poultry Sci. 25:294-297.
Cohn, W. E., and D. M. Greenberg, 1939. Studies in mineral metabolism
with the aid of artificial radioisotopes. III. The influence
of vitamin D on the phosphorus metabolism of rachitic rats.
J. Biel. Chem. 30: 625-628.
- 113 -

- Ill* -
Combs, G. E., Jr., 1955. Correlation of phosphorus availability
with the quantity of serum alkaline phosphatase, bone ash
and growth of the baby pig. Unpublished ?h. D. Disserta¬
tion. Iowa State University, Ames, Iowa.
Couch, J. R., G. S. Fraps, and R. M. Sherwood, 1937. Vitamin D
requirements of growing chicks as affected by the calcium
content of the ration. Poultry Sci. 16:106-108.
Creech, B. G., B. L. Reid, and J. R. Couch, 1956. Evaluation of di¬
calcium phosphate supplement as a source of phosphorus for
chicks. 1. Comparison of dicalcium and tricalcium phosphate
as a source of phosphorus in chick and poult rations. Poultry
Sci. 35:651¿-658.
Crowley, T. A., A. A. Kurnick, A. R. Kemmerer, and B. L. Reid, 1961.
Phosphorus and laying hen performance. Poultry Sci. 1*0:1391.
Deobald, H. J., C. A. Elvehjim, E. B. Hart, and J. G. Halpin, 1936.
Availability of calcium salts for chicks. Poultry Sci. 15:
bZ-hl.
Donovan, G. A., K. E. Price, Y,r. C. Sherman, and F. M. Reynolds, I960.
Antibiotic potentiation. 1. Influence of various anions in
lowering calcium inhibition of intestinal absorption. Poultry
Sci. 39:121*5.
Dougherty, J. E., and S. S. Gossman, 1923. Cyster shell vs. limestone
grit as a source of lime for poultry. California Ann. Rept.
225.
Duncan, D. B., 1955. Multiple range and multiple F. tests. Biometrics
11:1-1*2.
Ewing, F. R., 1963. Poultry Nutrition, 5th Ed. The Ray Ewing Company,
Pasadena, California.
Fisher, H., E. P. Singsen, and L. D. Matterson, 1953. The influence
of feed efficiency on the phosphorus requirement for growth
and bone calcification in the chick. Poultry Sci. 32:71*9-751*.
Formica, S. D., M. J. Smidt, M. M. Bacharach, W. F. Davin, and J. C.
Fritz, 1961. Calcium and phosphorus requirements of growing
turkeys and chickens. Poultry Sci. 1*0:11*02.
Fritz, James C., J. L. Halpin, and J. H. Hooper, 19l*7. Studies on the
nutritional requirements of poults. Poultry Sci. 26:78-82.

- 115 -
Gardiner, S. E., H. E. Parker, and C. W. Carrick, 1959. Soft phosphate
in chick rations. Poultry Sci. 38:721-727.
Gillis, M. B., K. W. Keane, and R. A. Collins, 1957. Comparative
metabolism of phytate and inorganic P-32 by chicks and poults.
J. Nutrition 62:13-26.
Gillis, M. B., L. C. Norris, and G. F. Heuser, 19U9. The effect of
ohytin on the phosphorus requirement of the chick. Poultry
Sci. 28:283-288.
Grau, C. R., and P. A. Zweigart, 1953. Phosphatic clay as a phosphorus
source for chicks. Poultry Sci. 32:500-503.
Greenberg, D. M., 19^5. Studies in mineral metabolism with the aid
of artificial radioisotopes. VIII. Tracer experiments with
radioactive calcium and strontium on the mechanism of vitamin
D action in rachitic rats. J. Biol. Chem. l57:99-10U.
Harms, R. H., C. R. Douglas, and P. YT. TValdroup, 1961. The effect of
feeding various levels and sources of phosphorus to laying
hens. Florida Agr. Exp. Sta. Bul. No. 61¿U.
Harms, R. H., P. YT. YYaldroup, R. L. Shirley, and C. B. Ammerman, 1962.
Availability of ohytic acid phosphorus for chicks. Poultry
Sci. Ul:1189-1191.
Harrison, D. C., and E. Mellanby, 1939. Phytic acid and the rickets -
producing action of cereals. Biochem. J. 33:1660-1680.
Hart, E. B., H. T. Scott, 0. L. Kline, and J. G. Halpin, 1930. The
calcium-phosphorus ratio in the nutrition of growing chicks.
Poultry Sci. 9:296-306.
Heuser, G. F., L. C. Norris, J. McGinnis, and M. L. Scott, 19U3.
Further evidence of the need for supplementing soybean meal
rations with phosphorus. Poultry Sci. 22:269-270.
Hurwitz, S., 196Ii. Estimation of net phosphorus utilization by
the "slope" method. J. Nutrition 82u:83—92.
Kennard, D. C., 1925. Essential minerals for chicks and laying hens.
Poultry Sci. li:109-117.
Kratzer, F. H., J. B. Allred, P. N. Davis, B. J. Marshall, and P.
Vohra, 1959. The effect of autoclaving soybean protein and
the addition of ethylenediaminetetracetic acid on the bio¬
logical availability of dietary zinc for turkey poults. J.
Nutrition 68:313-322.

- 116 -
Krieger, C. H., R. Bunkfeldt, and H. Stenbock, 19U0. Cereals and
rickets. X. The availability of phytic acid phosphorus.
J. Nutrition 20:?-lii.
Krieger, C. H., R. Bunkfeldt, C. R. Thompson, and H. Stenbock, 19lil.
Cereals and rickets. XIII. Phytic acid, yeast nucleic acid,
soybean phosphatides, and inorganic salts as sources of phos¬
phorus for bone calcification. J. Nutrition 21:213-220.
Krieger, C. H., and H. Stenbock, 19k0. Cereals and rickets. XII.
The effect of calcium and vitamin D on the availability of
phosphorus. J. Nutrition 20:125-132.
Lillie, R. J., P. F. Twining, J. S. O'Barr, and C. A. Denton, 1961.
Effect of calcium and phosphorus levels on growth rate and
bone calcification of broilers. Poultry Sci. UO:ll;23.
Lowe, J. T., K. Stenbock, and C. H. Krieger, 1939. Cereals and rickets
IX. The availability of phytin-P to the chick. Poultry Sci.
18:1i0-1Uu
Harr, J. E., C. Tí. Pope, H. L. Wilke, and R. M. Bethke, 1961. Re-
evaluation of the phosphorus requirement of the laying hen.
Poultry Sci. I¿0:li¿27-lii28.
Matterson, L. B., H. M. Scott, and E. P. Singsen, 19U6. The influence
of sources of phosphorus on the relative efficiency of vitamin
D3 and cod liver oil in promoting calcification in poults. J.
Nutrition 31*599-608.
McChesney, E. Vi., and N. J. Giacomino, 19li5. Studies of calcium and
phosphorus metabolism in the chick. III. Some time inter¬
relationships in the action of vitamin D. J. Nutrition 29*
229.
McGinnis, J., L. C. Norris, and G. F. Heuser, 19i¿h. Poor utilization
of phosphorus in cereals and legumes by chicks for bone develop
ment. Poultry Sci. 23:157-159.
Migicovsky, B. B., and A. R. G. Emslie, 19ii7. Interactions of calcium,
phosphorus, and vitamin D. 1. Influence of dietary calcium
and phosphorus on body weight and bone ash of chicks. Archives
Biochem. 13:175.
Morrison, F. 3., 1959. Feeds and Feeding, 22nd Ed. The Morrison
Publishing Co., Clinton, Iowa.

- 117 -
Motzok, I., D. Arthur, and H. D. Branion, 1956. Utilization of phcs-
ohorus from various phosphate supplements by chicks. Poultry
Sci. 35:627-6k9.
National Research Council, I960. Nutrient Requirements of Domestic
Animals. No. 1. Nutrient Allowances for Poultry. Washington,
D. C.
Nelson, T. S., and H. T. Peeler, 1961. The availability of phosphorus
from single and combined phosphates to chicks. Poultry Sci.
liOs 13 21-1328.
Nelson, T. S., and H. T. Peeler, 196U. Current status of biological
testing of feed phosphates. Feedstuffs 36(ll):32.
Nelson, T. S., and H. C. Walker, 196k. The biological evaluation of
phosphorus compounds. A summary. Poultry Sci. k3:9k-9S.
O’Dell, B. L., J. M. Yohe, and J. E. Savage, 1961. Interaction of
calcium and phytic acid on zinc availability. Poultry Sci.
kO:lk38.
O’Rourke, V,r. F., H. R. Bird, P. H. Phillips, and W. W. Cravens, 195k.
The effect of low phosphorus rations on egg production and
hatchabiíity. Poultry Sci. 33:1117-1122.
O’Rourke, W. F., P. H. Phillips, and W. ¥. Cravens, 1952. The phos¬
phorus requirements of growing chickens as related to age.
Poultry Sci. 31:962-966.
Sieburth, J. F., J. McGinnis, T. Wahl, and 3. A. McLaren, 1952. The
availability of the phosphorus in unifine flour for the chick.
Poultry Sci. 31:813-818.‘
Simco, T. F., and E. L. Stephenson, 19Ó1. Re-evaluation of the calcium
phosphorus requirements of the chick. Poultry Sci. kO:ll38-1192
Singsen, E. P., L. D. Matterson, and Anna Koseff, 1950. Phosphorus
in poultry nutrition. IV. Radioactive phosphorus as a tracer
in studying the metabolism of phytin by the turkey poult.
Poultry Sci. 29:635-639.
Singsen, E. ?., L. D. Matterson, and H. M. Scott, 19k7. Phosphorus
in poultry nutrition. III. The relationship between the
source of vitamin D and the utilization of cereal phosphorus
by poults. J. Nutrition 33:13-26.
Singsen, E. P., H. M. Scott, and L. D. Matterson, 19k8. The phosphorus
requirement of the chick. Storrs Agr. Exp. Sta. Bull. 260.

- 118 -
Singsen, S. ?., A. H. Spandorf, L. D. Matters on, J. A. Serafín, and
J. J. Tlustohowicz, 1961. Phosphorus in the nutrition of the
adult hen. 1. Minimum phosphorus requirements. Poultry Sci.
Ii0:la57.
Snedecor, G. YT., 1957. Statistical Methods, 5th Ed. The Iowa State
College Press, Ames, Iowa.
Spandorf, A. H. and K. C. Leong, 196U. The biological availability
of calcium and phosphorus in menhaden fish meals. Poultry
Sci. 1*3:13624.-1365.
Spitzer, a. R., G. Maruyama, L. Michaud, and P. H. Phillips, 19^8.
The role of vitamin D in the utilization of phytin phosphorus.
J. Nutrition 35:185-193.
Spitzer, R. R. and P. H. Phillips, 19i|.5a. The availability of soy¬
bean oil meal phosphorus for the rat. J. Nutrition 30:117-
126.
Spitzer, R. R., and P. H. Phillips, 191:5b. Enzymatic relationships
in the utilization of soybean oil meal phosphorus by the rat.
J. Nutrition 30:183-192.
Supplee, YT. C., G. F. Combs, and D. L. Blamberg, 1958. Zinc and
potassium effects on bone formation, feathering, and growth
of pullets. Poultry Sci. 37:63-66.
Temperton, H., and J. Cassidy, 196!¿a. Phosphorus requirements of
poultry. I. The utilization of phytin phosphorus by the
chick as indicated by balance experiments. British Poultry
Sci. 5:75-80.
Temperton, H., and J. Cassidy, 196ita. Phosphorus requirements of
poultry. II. The utilization of phytin phosphorus by the
chick for growth and bone formation. British Poultry Sci.
5:81-86.
Titus, H. T7., 1955. The Scientific Feeding of Chickens. The Inter¬
state Printers and Publishers, Danville, Illinois.
Vandepopuliere, J. M., C. B. Ammerman, and R. H. Harms, 1961. The
relationship of calcium-phosphorus ratios to the utilization
of plant and inorganic phosphorus by the chick. Poultry
Sci. 1*0:951-957.

- 119 -
Faldroup, P. F., C. 3. Arame man, and R. H. Harms, 1963. The relation¬
ship of phosphorus, calcium and vitamin D3 in the diet of
broiler-type chicks. Poultry Sci. 1í2:982-989.
YJasserman, R. H., C. L. Comar, J. C. Schooley, and F. F. Lengeraann,
1957. Inter-related effects of L-lysine and other dietary
factors on the gastrointestinal absorption of calcium hS in
the rat and chick. J. Nutrition 62:367-376.
Filgus, H. S., Jr., 1931. The quantitative requirements of the growing
chick for calcium and phosphorus. Poultry Sci. 10:107-117.

BIOGRAPHICAL SKETCH
Park William Waldroup was born October 17, 1937, at Maryville,
Tennessee. He was graduated from Midway High School, Kingston, Tennessee
in 1955 as valedictorian. He attended the University of Tennessee and
received the Bachelor of Science degree in Agriculture in March, 1959,
graduating first in his class. While attending this university he was
awarded five scholarships, received the Chicago Tribune award for leader¬
ship, and was president of the National Collegiate Poultry Club. He
was employed as a lab technician in the Poultry Department from September
1955, to March, 1959.
In April, 1959, he accepted the position of Interim Assistant
in Poultry Nutrition at the University of Florida. He received the
degree of Master of Science in Agriculture in February, 1962.
From September of 1962 to June of 1961; he received a Ralston
Purina Research Fellowship Award for studies toward the doctorate in
Animal Science.
In June, 1961;, he became a Research Assistant in the Poultry
Science Department and was promoted to Research Associate in October,
1961;.
He is a member of the Poultry Science Association, Alpha Zeta,
Phi Kappa Phi, Gamma Sigma Delta, Phi Sigma, and Sigma Xi. He is an
Elder and Sunday School Superintendent of Kanapaha Presbyterian Church
of Gainesville

He is quarried to the former Janet Ray of Crest view, Florida,
and father of I.'ry Janet and Park Jr.

This dissertation ivas prepared under the direction of the
co-chairmen of the candidate's supervisory committee and has been
approved by all members of that committee. It ivas submitted to the
Dean of the College of Agriculture and to the Graduate Council, and
was approved as partial fulfillment for the degree of Doctor of
Philosophy.
April 25, 1965
Dean, College of Agriculture
Dean, Graduate School
Supervisory Committee:

\7.6i,
W//7f
AGW-
CULTURAL
HORARY
UNIVERSITY OF FLORIDA
3 1262 07332 078 9




PAGE 1

)$&7256 $))(&7,1* 87,/,=$7,21 2) 3+263+2586 %< 328/75< %\ 3$5. :,//,$0 :$/'5283 $ ',66(57$7,21 35(6(17(' 72 7+( *5$'8$7( &281&,/ 2) 7+( 81,9(56,7< 2) )/25,'$ ,1 3$57,$/ )8/),//0(17 2) 7+( 5(48,5(0(176 )25 7+( '(*5(( 2) '2&725 2) 3+,/2623+< 81,9(56,7< 2) )/25,'$ $SULO

PAGE 2

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

PAGE 3

7$%/( 2) &217(176 3DJH $&.12:/('*(0(176 L /,67 2) 7$%/(6 Y /,67 2) ),*85(6 YLLL &+$37(5 ,1752'8&7,21 0$7(5,$/6 $1' 0(7+2'6 8 7+( ,1)/8(1&( 2) 3+263+2586 /(9(/6 ,1 7+( 0$7(51$/ ',(7 ([SHULPHQWDO 3URFHGXUH 5HVXOWV DQG 'LVFXVVLRQ N &203$5,621 2) 7+( 5(48,5(0(176 2) %$77(5< $1' )/225 *52f7, &+,&.6 )25 &$/&,80 $1' 3+263+2586 OK ([SHULPHQWDO 3URFHGXUH O 5HVXOWV DQG 'LVFXVVLRQ $ &203$5,621 2) 3+263+2586 $66$< 7(&+1,48(6 :,7+ &+,&.6 ([SHULPHQWDO 3URFHGXUH 5HVXOWV DQG 'LVFXVVLRQ K 7+( 87,/,=$7,21 2) 9$5,286 6285&(6 2) &$/&,80 ([SHULPHQWDO 3URFHGXUH 7ULDO 7ULDO 5HVXOWV DQG 'LVFXVVLRQ 7ULDO 7ULDO LL

PAGE 4

7$%/( 2) &217(176f§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

PAGE 5

7$%/( 2) &217(176&RQWLQXHG &+$37(5 3DJH 5HVXOWV DQG 'LVFXVVLRQ 7ULDO 7ULDO 7KH $YDLODELOLW\ RI 1DWXUDO 3ODQW 3KRVSKRUXV ([SHULPHQWDO 3URFHGXUH 5HVXOWV DQG 'LVFXVVLRQ N 6800$5< $1' &21&/86,216 3KRVSKRUXV /HYHOV LQ WKH 0DWHUQDO 'LHW 9DULDWLRQ %HWZHHQ %DWWHU\ DQG )ORRU &RQGLWLRQV &RPSDULVRQ RI $VVD\ 7HFKQLTXHV 6RXUFH RI &DOFLXP 9LWDPLQ /HYHOV $YDLODELOLW\ RI 3KRVSKRUXV IURP $QLPDO 3URWHLQ 6XSSOHPHQWV ,OO $YDLODELOLW\ RI 3KRVSKRUXV IURP 3ODQW 6RXUFHV ,OO 5()(5(1&(6 [Y

PAGE 6

/,67 2) 7$%/(6 7DEOH 3DJH &RPSRVLWLRQ RI GLHWV +DWFKDELOLW\ DQG SKRVSKRUXV DQG FDOFLXP FRQWHQW RI HJJV ZKHQ KHQV ZHUH IHG GLHWV ZLWK DQG ZLWKRXW VXSSOHPHQWDO LQRUJDQLF SKRVSKRUXV $VK SKRVSKRUXV DQG FDOFLXP FRQWHQW RI WKH WLELD IURP GD\ROG FKLFNV KDWFKHG IURP KHQV IHG GLHWV ZLWK DQG ZLWKRXW VXSSOHPHQWDO LQRUJDQLF SKRVn SKRUXV ,, $VK SKRVSKRUXV DQG FDOFLXP FRQWHQW RI WKH WLELD IURP WZR ZHHN ROG FKLFNV KDWFKHG IURP KHQV IHG GLHWV ZLWK DQG ZLWKRXW VXSSOHPHQWDO LQRUJDQLF SKRVSKRUXV &RPSRVLWLRQ RI EDVDO GLHW %RG\ ZHLJKW DQG IHHG HIILFLHQF\ RI FKLFNV JURZQ LQ EDWWHULHV DQG IORRU SHQV ZKHQ IHG GLHWV FRQWDLQLQJ YDULRXV OHYHOV RI SKRVSKRUXV DQG FDOFLXP 7ULDO f %RG\ ZHLJKW DQG ERQH DVK RI FKLFNV JURZQ LQ EDWWHULHV DQG IORRU SHQV ZKHQ IHG GLHWV FRQWDLQLQJ YDULRXV OHYHOV RI SKRVSKRUXV DQG FDOFLXP 7ULDO f &RPSRVLWLRQ RI EDVDO GLHW %RG\ ZHLJKW DQG WLELD DVK RI GD\ ROG FKLFNV IHG YDU\LQJ OHYHOV RI SKRVSKRUXV IURP WZR VRXUFHV XQGHU WKUHH UHJLPHQV RI FDOFLXP VXSSOHPHQWDWLRQ &RPSRVLWLRQ RI EDVDO GLHW $QDO\VLV RI FDOFLXP VXSSOHPHQWV %RQH DVK RI FKLFNV JURZQ RQ GLHWV ZLWK GLIIHUHQW FDOFLXP OHYHOV IURP YDULRXV FDOFLXP VX'SOHPHQWV 7ULDO f r K Y

PAGE 7

/,67 2) 7$%/(6f§&RQWLQXHG 7DEOH 3DJH %RG\ ZHLJKWV RI FKLFNV JURZQ RQ GLHWV ZLWK GLIIHUHQW FDOFLXP OHYHOV IURP YDULRXV FDOFLXP VXSSOHPHQWV 7ULDO f OOL %RG\ ZHLJKW RI FKLFNV IHG GLHWV ZLWK GLIIHUHQW FDOFLXP OHYHOV IURP YDULRXV FDOFLXP VXSSOHPHQWV 7ULDO f 7LELD DVK RI FKLFNV IHG GLHWV ZLWK GLIIHUHQW FDOFLXP OHYHOV IURP YDULRXV FDOFLXP VXSSOHPHQWV 7ULDO f &RPSRVLWLRQ RI EDVDO GLHW ,OO %RG\ ZHLJKW RI FKLFNV JURZQ RQ GLHWV YDU\LQJ LQ OHYHOV RI FDOFLXP SKRVSKRUXV DQG YLWDPLQ 'R 3HUFHQW RI ERQH DVK RI FKLFNV JURZQ RQ GLHWV YDU\LQJ LQ OHYHOV RI FDOFLXP SKRVSKRUXV DQG YLWDPLQ LWO &RPSRVLWLRQ RI GLHWV %RG\ ZHLJKW RI FKLFNV IHG GLIIHUHQW OHYHOV RI YLWDPLQ 'R DW GLIIHUHQW FDOFLXP DQG SKRVSKRUXV OHYHOV EDWWHU\ EURRGHU VWXGLHVf 7LELD DVK RI FKLFNV IHG GLIIHUHQW OHYHOV RI YLWDPLQ 'R DW GLIIHUHQW FDOFLXP DQG SKRVSKRUXV OHYHOV RDWWHU\ EURRGHU VWXGLHVf %RG\ ZHLJKW RI FKLFNV IHG GLIIHUHQW OHYHOV RI YLWDPLQ DW GLIIHUHQW GLHWDU\ FDOFLXP OHYHOV IORRU SHQ VWXG\f 7LELD DVK RI FKLFNV IHG GLIIHUHQW OHYHOV RI YLWDPLQ DW GLIIHUHQW GLHWDU\ FDOFLXP OHYHOV IORRU SHQ VWXG\f N )HHG XWLOL]DWLRQ RI FKLFNV IHG GLIIHUHQW OHYHOV RI YLWDPLQ DW GLIIHUHQW GLHWDU\ FDOFLXP OHYHOV f IORRU SHQ VWXG\f 8 $QDO\VHV RI DQLPDO SURWHLQ VRXUFHV &RPSRVLWLRQ RI EDVDO GLHWV YL

PAGE 8

/,67 2) 7$%/(6f§&RQWLQXHG 7DEOH 3DJH RG\ ZHLJKW RI FKLFNV IHG GLHWV VXSSOHPHQWHG ZLWK SKRVSKRUXV IURP DQLPDO SURWHLQV DQG LQRUJDQLF SKRVSKDWH 7LELD DVK RI FKLFNV IHG GLHWV VXSSOHPHQWHG ZLWK SKRVSKRUXV IURP DQLPDO SURWHLQV DQG LQRUJDQLF SKRVSKDWH &RPSRVLWLRQ RI EDVDO GLHWV %RG\ ZHLJKW DQG WLELD DVK RI FKLFNV IHG YDULRXV OHYHOV RI SKRVSKRUXV IURP SK\WLF DFLG DQG GLFDOFLXP SKRVSKDWH &RPSRVLWLRQ RI EDVDO GLHW %RG\ ZHLJKW DQG WLELD DVK RI FKLFNV IHG GLHWV VXSSOHn PHQWHG ZLWK YDULRXV VRXUFHV RI RUJDQLF DQG LQRUJDQLF SKRVSKRUXV %RG\ ZHLJKW RI FKLFNV IHG GLHWV VXSSOHPHQWHG ZLWK YDULRXV VRXUFHV RI RUJDQLF DQG LQRUJDQLF SKRVSKRUXV OW %RG\ ZHLJKW RI FKLFNV IHG GLHWV VXSSOHPHQWHG ZLWK YDULRXV VRXUFHV RI RUJDQLF DQG LQRUJDQLF SKRVSKRUXV %RG\ ZHLJKW RI FKLFNV IHG GLIIHUHQW SKRVSKRUXV VRXUFHV OHYHOV RI YLWDPLQ DQG FDOFLXPSKRVSKRUXV UDWLRV K 7LELD DVK RI FKLFNV IHG GLIIHUHQW SKRVSKRUXV VRXUFHV YLWDPLQ OHYHOV DQG FDOFLXP ccSKRVSKRUXV UDWLRV %RG\ ZHLJKW RI FKLFNV IHG GLIIHUHQW SKRVSKRUXV VRXUFHV ZLWK YDU\LQJ OHYHOV RI FDOFLXP DQG YLWDPLQ 3KRVSKRUXV DQDO\VLV RI FRUQ SURGXFWV &RPSRVLWLRQ RI GLHWV ,2 %RG\ ZHLJKW RI EURLOHU FKLFNV IHG GLHWV ZLWK SODQW SKRVSKRUXV IURP WKUHH VRXUFHV 7LELD DVK RI EURLOHU FKLFNV IHG GLHWV ZLWK SODQW SKRVSKRUXV IURP WKUHH VRXUFHV YLL

PAGE 9

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

PAGE 10

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n WDQW EXIIHUV LQ WLVVXH IOXLGV 7KDW DQLPDO UDWLRQV PD\ VRPHWLPHV EH GHILFLHQW LQ PLQHUDO HOHPHQWV EHJDQ WR EH UHFRJQL]HG LQ )UDQFH DQG *HUPDQ\ DERXW \HDUV DJR ZKHQ ZHDN ERQHV LQ FDWWOH JUD]LQJ LQ FHUWDLQ ORFDOLWLHV EHJDQ WR EH DVVRFLDWHG ZLWK PLQHUDO GHILFLHQFLHV LQ WKH VRLO (ZLQJ f LQ WUDFLQJ WKH KLVWRU\ RI SKRVSKRUXV LQ DQLPDO IHHGLQJ VWDWHG WKDW LQ 9DQ *RKUHQ UHSRUWHG WKDW WKH RFXUUHQFH RI ZHDN ERQHV LQ FRZV JUD]LQJ LQ FHUWDLQ DUHDV QHDU WKH 5KLQH 5LYHU FRXOG EH SUHYHQWHG DQG FXUHG E\ IHHGLQJ VPDOO DPRXQWV RI ERQH PHDO 6XEVHTXHQW DQDO\VHV RI WKH VRLO DQG JUDVV LQ WKHVH DUHDV UHYHDOHG DQ DEQRUPDOO\ ORZ SHUFHQWDJH RI SKRVSKRUXV DQG WR D OHVVHU H[WHQW FDOFLXP 7KLV UHSRUW LV WKH HDUOLHVW UHFRUGHG XVH RI D SKRVSKDWH

PAGE 11

IHHG VXSSOHPHQW IRU WKH VSHFLILF SXUSRVH RI SUHYHQWLQJ D SKRVSKRUXV GHILFLHQF\ GLVHDVH LQ OLYHVWRFN DFFRUGLQJ WR WKLV UHYLHZHU 7KH PRVW DEXQGDQW VRXUFH RI SKRVSKRUXV IRU IHHG SXUSRVHV LV URFN SKRVSKDWH 77RUOG UHVHUYHV RI ELOOLRQ WRQV KDYH EHHQ HVWLPDWHG DERXW KDOI RI ZKLFK LV ORFDWHG LQ WKH 8QLWHG 6WDWHV ,W EHJDQ WR EH XVHG DV D VRXUFH RI SKRVSKRUXV LQ SODQW QXWULWLRQ DV HDUO\ DV L DQG IHG WR OLYHVWRFN LQ WKH 8QLWHG 6WDWHV DERXW 7KH GDQJHU RI IOXRULQH WR[LFLW\ LQ UDZ URFN SKRVSKDWH OLPLWHG LWV XVH XQWLO O ZKHQ GHIOXRULQDWHG VXSHUSKRVSKDWH ZDV ILUVW SURGXFHG RQ D FRPPHUFLDO VFDOH 0DQ\ W\SHV RI SKRVSKDWHV DUH QRZ LQ XVH LQ DQLPDO IHHGV 1XPHURXV VWXGLHV KDYH EHHQ FRQGXFWHG WR HVWDEOLVK WKH SKRVSKRUXV UHTXLUHPHQW RI WKH FKLFN ZLWK TXLWH D YDULDWLRQ LQ UHSRUWHG UHTXLUHn PHQWV 0F*LQQLV HW DO O8Lf UHSRUWHG WKDW OHYHOV RI JUHDWHU WKDQ SHUFHQW SKRVSKRUXV ZHUH UHTXLUHG IRU PD[LPXP FDOFLILFDWLRQ 6LQJ VHQ HW DO 8f FRQFOXGHG WKDW WKH DYDLODEOH SKRVSKRUXV UHTXLUHPHQW IRU VDWLVIDFWRU\ FDOFLILFDWLRQ DSSHDUHG WR OLH EHWZHHQ DQG 8 SHUFHQW RI WKH GLHW *LOOLV HW DO 8f UHSRUWHG D UHTXLUHPHQW RI DSSUR[LPDWHO\ SHUFHQW 7KLV OHYHO ZDV DOVR VXJJHVWHG E\ 2n5RXUNH HW DO f *UDX DQG =ZHLJDUW f LQGLFDWHG WKDW PD[LPXP WLELD DVK RI FKLFNV ZDV REWDLQHG ZLWK D OHYHO RI QRW PRUH WKDQ 8 SHUFHQW SKRVSKRUXV )LVKHU HWB DO f UHSRUWHG WKDW FKLFNV UHTXLUHG SHUFHQW WRWDO SKRVSKRUXV IRU PD[LPXP FDOFLILFDWLRQ &RXFK HW DO f VXJn JHVWHG WKDW D OHYHO RI WR SHUFHQW SKRVSKRUXV ZDV DGHTXDWH IRU

PAGE 12

QRUPDO JURZWK DQG ERQH FDOFLILFDWLRQ RI FKLFNV XS WR WZHOYH ZHHNV RI DJH )XUWKHU VWXGLHV DUH UHYLHZHG E\ 6LQJVHQ HW DO 8f *LOOLV HW DO 8f 2n5RXUNH HW DO f DQG 1HOVRQ DQG 7-DONHU 8f $ VWDQGDUG DVVD\ PHWKRG IRU HYDOXDWLQJ SKRVSKRUXV FRPSRXQGV LV GHVLUDEOH LQ RUGHU WR HVWDEOLVK XQLIRUP YDOXHV IRU HDFK VXSSOHPHQW +RZHYHU FRQVLGHUDEOH YDULDWLRQ KDV EHHQ REVHUYHG LQ WKH PHWKRGV XVHG WR WHVW WKH XWLOL]DWLRQ RI WKH YDULRXV SKRVSKDWHV ,Q FHUWDLQ DVVD\V FRQVWDQW FDOFLXP WR SKRVSKRUXV UDWLRV ZHUH HPSOR\HG &UHHFK HW DO 1HOVRQ DQG 3HHOHU f ZKLOH LQ RWKHUV FRQVWDQW FDOFLXP OHYHOV RI SHUFHQW $PPHUPDQ HW DO ,f RU SHUFHQW *DUGLQHU HW DO f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

PAGE 13

&+$37(5 0$7(5,$/6 $1' 0(7+2'6 7KH EURLOHU FKLFNV XVHG LQ WKHVH VWXGLHV ZHUH D 9DQWUHVV [ :KLWH 3O\PRXWK 5RFN FURVV REWDLQHG IURP D FRPPHUFLDO KDWFKHU\ $W RQH GD\ RI DJH WKH FKLFNV ZHUH VH[HG GHEHDNHG YDFFLQDWHG IRU 1HZn FDVWOH GLVHDVH DQG LQIHFWLRXV EURQFKLWLV DQG UDQGRPO\ DVVLJQHG WR WUHDWPHQW SHQV 7KH EDWWHU\ EURRGHUV XVHG LQ WKHVH VWXGLHV ZHUH 2DNHV $ ILYH GHFN WKHUPRVWDWLFDOO\ FRQWUROOHG HOHFWULFDOO\ KHDWHG EDWWHU\ EURRGHUV ZLWK UDLVHG ZLUH IORRUV 7ZR W\SHV RI IORRU SHQ IDFLOLWLHV ZHUH XVHG 7KH ILUVW W\SH KDG SHQV [ IHHW HTXLSSHG ZLWK IHHG WURXJKV 8 IHHW LQ OHQJWK DQG EHOOW\SH DXWRPDWLF ZDWHU IRXQW 7KH VHFRQG W\SH KDG SHQV WKDW ZHUH [ IHHW LQ VL]H HDFK FRQWDLQLQJ D WXEHW\SH IHHGHU DQG D EHOO W\SH DXWRPDWLF ZDWHU IRXQW ,QIUDUHG EXOEV ZHUH XVHG DV WKH KHDW VRXUFH LQ ERWK W\SHV RI IORRU SHQV &KLFNV XVHG IRU ERQH DVK GHWHUPLQDWLRQV ZHUH VDFULILFHG DW WKH VHOHFWHG DJH DQG WKH ULJKW WLELD UHPRYHG 7KH ERQHV ZHUH ERLOHG IRU PLQXWHV FOHDQHG RI DGKHULQJ WLVVXH DQG OLJKWO\ SROLVKHG ZLWK FKHHVHn FORWK $IWHU GU\LQJ IRU K KRXUV DW r & WKH ERQHV ZHUH FROOHFWLYHO\ HWKHU H[WUDFWHG DQG WKHQ DVKHG LQGLYLGXDOO\ K

PAGE 14

7KH GDWD FROOHFWHG LQ WKHVH VWXGLHV ZHUH VXEMHFWHG WR WKH DQDO\VLV RI YDULDQFH DV RXWOLQHG E\ 6QHGHFRU f ZLWK VLJQLILFDQW GLIIHUHQFHV EHWZHHQ WUHDWPHQW PHDQV GHWHUPLQHG E\ XVH RI WKH PXOWLSOH UDQJH WHVW RI 'XQFDQ f 2UWKRJRQDO FRPSRQHQWV RI YDULDQFH ZHUH GHWHUPLQHG IROORZLQJ WKH SURFHGXUH RI 6QHGHFRU f

PAGE 15

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n SKRUXV VWXGLHV DUH FRQGXFWHG ZLWK \RXQJ FKLFNV WR 8 ZHHNV RI DJH 7KH REMHFWLYHV RI WKLV VWXG\ ZHUH WR GHWHUPLQH WKH HIIHFW RI WKH SKRVSKRUXV OHYHO LQ WKH EUHHGHU GLHW XSRQ Of WKH KDWFKDELOLW\ RI HJJV f WKH PLQHUDO FRPSRVLWLRQ RI WKH ZKROH HJJ DQG WKH WLELD RI WKH GD\ROG FKLFNV DQG f WKH UDWH RI ERQH PLQHUDOL]DWLRQ RI WKH JURZLQJ FKLFN ([SHULPHQWDO 3URFHGXUH 7ZR JURXSV HDFK FRQWDLQLQJ FRPPHUFLDO HJJ SURGXFWLRQ W\SH KHQV ZHUH IHG RQ HDFK RI WKH EDVDO GLHWV VKRZQ LQ 7DEOH 7ZR DGGLWLRQDO JURXSV RI KHQV ZHUH IHG HDFK RI WKH EDVDO GLHWV VXSn SOHPHQWHG ZLWK SHUFHQW SKRVSKRUXV IURP IHHG JUDGH GHIOXRULQDWHG

PAGE 16

7$%/( &RPSRVLWLRQ RI GLHWV ,QJUHGLHQW 'LHW 8 3HUFHQW RI GLHWf
PAGE 17

SKRVSKDWH 7KH KHQV YLHUH PDLQWDLQHG LQ LQGLYLGXDO QLQH FDJHV DQG JLYHQ WKH H[SHULPHQWDO IHHGV DQG WDS ZDWHU DG OLELWXP 6LQFH WKH FRPSRVLWLRQ FI WKH GLHW GLG QRW DIIHFW KHQ SHUIRUPDQFH RU FKLFN PHDVXUHPHQWV RQO\ WKH HIIHFW RI VXSSOHPHQWDO SKRVSKRUXV ZLOO EH GLVn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f ZLWK SHUFHQW VXSSOHPHQWDO SKRVSKRUXV IURP GHIOXRULQDWHG SKRVSKDWH 7KH\ ZHUH JLYHQ WKH H[SHULPHQWDO GLHW DQG WDS ZDWHU DG OLELWXP $W ZHHNV RI DJH DOO FKLFNV ZHUH VDFULILFHG DQG WKH ULJKW WLELD UHPRYHG IRU ERQH DVK SKRVSKRUXV DQG FDOFLXP GHWHUPLQDWLRQ 7KH WRWDO DVK SKRVSKRUXV DQG FDOFLXP FRQWHQW RI WKH IUHVK HJJ ZHUH GHWHUPLQHG RQ HJJV IURP HDFK KHQ LPPHGLDWHO\ IROORZLQJ WKH FROOHFWLRQ SHULRG IRU WKH KDWFKDELOLW\ VWXG\ 7KH HJJV ZHUH FUXVKHG DQG SODFHG LQ D EHDNHU DQG WKH PDMRU SRUWLRQ RI WKH PRLVWXUH ZDV UHPRYHG LQ D GU\LQJ RYHQ EHIRUH WKH\ ZHUH WUDQVIHUUHG WR D PXIIOH IXUQDFH IRU DVKLQJ 7KH DVK FDOFLXP DQG SKRVSKRUXV FRQWHQW RI ERQHV DQG HJJV ZDV GHWHUPLQHG E\ WKH SURFHGXUHV RXWOLQHG E\ $2$& Lf

PAGE 18

5HVXOWV DQG 'LVFXVVLRQ 6XSSOHPHQWLQJ WKH EDVDO GLHWV XVHG LQ WKLV H[SHULPHQW ZLWK SHUFHQW SKRVSKRUXV IURP GHIOXRULQDWHG SKRVSKDWH VLJQLILFDQWO\ LQFUHDVHG KDWFKDELOLW\ RI IHUWLOH HJJV 7DEOH f $OWKRXJK KDWFK DELOLW\ RI HJJV ZDV LQFUHDVHG E\ WKH VXSSOHPHQWDO SKRVSKRUXV LW GLG QRW FKDQJH WKH DVK SKRVSKRUXV RU FDOFLXP FRQWHQW RI WKH IUHVK HJJ 7KH REVHUYDWLRQ WKDW GLHWV ORZ LQ SKRVSKRUXV UHVXOWHG LQ ORZ KDWFK DELOLW\ ZLWKRXW DOWHULQJ WKH SHUFHQWDJH RI SKRVSKRUXV LQ WKH HJJ DJUHHV ZLWK GDWD UHSRUWHG E\ 2n5RXUNH HWB DO 8f 7KH ILQGLQJ WKDW RU SHUFHQW WRWDO SKRVSKRUXV ZDV LQDGHTXDWH IRU QRUPDO KDWFKDELOLW\ GRHV QRW DJUHH ZLWK GDWD RI 2n5RXUNH HW DO 8f ZKR IRXQG D SKRVSKRUXV OHYHO RI RU SHUFHQW ZDV DGHTXDWH IRU QRUPDO KDWFKDELOLW\ 7KLV GLVFUHSDQF\ FDQ EH SDUWLDOO\ H[SODLQHG E\ WKH IDFW WKDW WKH EDVDO GLHW RI 2n5RXUNH HW DO 8f FRQWDLQHG RQO\ SHUFHQW WRWDO SKRVSKRUXV WKHUHIRUH LW FRQWDLQHG FRQVLGHUDEOH VXSSOHPHQWDO LQRUJDQLF SKRVSKRUXV 7KH EDVDO GLHW HPSOR\HG LQ WKLV VWXG\ FRQWDLQHG QR VXSSOHPHQWDO LQRUJDQLF SKRVSKRUXV 6LQFH LW LV NQRZQ WKDW IRUP RI GLHWDU\ SKRVSKRUXV RUJDQLF YV LQRUJDQLFf JUHDWO\ LQIOXHQFHV LWV DYDLODELOLW\ WKH GLIIHUHQFH LQ WKH W\SH RI SKRVSKRUXV LQ WKH EDVDO GLHWV FRXOG DFFRXQW IRU WKH GLIIHUHQFH LQ UHVXOWV 7KH DVK FRQWHQW RI WKH WLELD RU WKH SKRVSKRUXV RU FDOFLXP FRQWHQW RI WKH WLELD RI GD\ROG RU O8GD\ROF FKLFNV ZDV QRW LQn IOXHQFHG E\ WKH VXSSOHPHQWDO SKRVSKRUXV LQ WKH PDWHUQDO GLHW 7DEOHV

PAGE 19

7$%/( +DWFK£ELOLW\ DQG SKRVSKRUXV DQG FDOFLXP FRQWHQW RI HJJV ZKHQ KHQV ZHUH IHG GLHWV ZLWK DQG ZLWKRXW VXSSOHPHQWDO LQRUJDQLF SKRVSKRUXV b 6XSSOHPHQWDO b +DWFK£ELOLW\ (JJ &RQWHQWO 3KRVSKRUXV b $VK b 3 b &D 1R (JJV LL KL K A([SUHVVHG DV D SHUFHQWDJH RI WKH IUHVK HJJ ZHLJKW A7KLV GLIIHUHQFH LV VWDWLVWLFDOO\ VLJQLILFDQW DW WKH A OHYHO RI SUREDELOLW\

PAGE 20

DQG f 7KH YDULDWLRQ LQ WLELD DVK FRQWHQW IURP FKLFNV ZLWKLQ WKH VDPH KHQ JURXS ZDV DV JUHDW DV WKH YDULDWLRQ LQ ERQH DVK YDOXHV IRU FKLFNV IURP GLIIHUHQW KHQV 7KHUHIRUH WKHUH ZRXOG EH QR DGYDQWDJH LQ VHOHFWLQJ FKLFNV IURP FHUWDLQ KHQV IRU SKRVSKRUXV DVVD\V LQ DQ DWWHPSW WR GHFUHDVH H[SHULPHQWDO HUURU 6XSSOHPHQWDO SKRVSKRUXV LQ WKH PDWHUQDO GLHW GLG QRW DSSHDU WR DOWHU WKH FKLFNfV DELOLW\ WR XVH FDOFLXP DQG SKRVSKRUXV IRU PLQHUDOL]DWLRQ RI WKH ERQH 7KHUHIRUH FRQVLGHUDWLRQ RI WKH SKRVn SKRUXV OHYHO RI WKH PDWHUQDO GLHW DSSHDUV WR EH RI OLPLWHG YDOXH LQ WKH VHOHFWLRQ RI WKH FKLFNV IRU WKH ELRORJLFDO DVVD\ RI SKRVSKDWH

PAGE 21

7$%/( $VK SKRVSKRUXV DQG FDOFLXP FRQWHQW RI WKH WLELD IURP GD\ROG FKLFNV KDWFKHG IURP KHQV IHG GLHWV ZLWK DQG ZLWKRXW VXSSOHPHQWDO LQRUJDQLF SKRVSKRUXV b 6XSSOHPHQWDO 3KRVSKRUXV 7LELD &RQWHQW b $V KL b 3 b &D 1R $QDO\]HG 86 8 L6KO +L A([SUHVVHG DV D SHUFHQWDJH RI ERQH RQ D GU\ IDWIUHH EDVLV A([SUHVVHG DV D SHUFHQWDJH RI WKH WLELD DVK

PAGE 22

7$%/( N $VK SKRVSKRUXV DQG FDOFLXP FRQWHQW RI WKH WLELD IURP WZR ZHHN ROG FKLFNV KDWFKHG IURP KHQV IHG GLHWV ZLWK DQG ZLWKRXW VXSSOHPHQWDO LQRUJDQLF SKRVSKRUXV b 6XSSOHPHQWDO 3KRVSKRUXV 7LELD &RQWHQW b $V KL b 3 b &D 1R $QDO\]HG 8 OD 8O A([SUHVVHG DV D SHUFHQWDJH RI ERQH RQ D GU\ IDWIUHH EDVLV A([SUHVVHG DV D SHUFHQWDJH RI WKH WLELD DVK

PAGE 23

&+$37(5 ,W &203$5,621 2) 7+( 5(48,5(0(176 &) %$77(5< $1' )/225 *52:1 &+,&.6 )25 &$/&,80 $1' 3+263+2586 ,W KDV UHFHQWO\ EHHQ UHSRUWHG WKDW WKH SKRVSKRUXV UHTXLUHPHQW LV KLJKHU IRU OD\LQJ KHQV PDLQWDLQHG LQ FDJHV WKDQ IRU WKRVH PDLQWDLQHG RQ OLWWHU LQ IORRU SHQV &URZOH\ HW DO +DUPV HW DO 0DUU HW DO DQG 6LQJVHQ HW DO f ,W KDV EHHQ VXJJHVWHG WKDW KHQV RQ OLWWHU PD\ EH JHWWLQJ SKRVSKRUXV IURP HDWLQJ IHFHV 7KH FDOFLXP DQG SKRVSKRUXV UHTXLUHPHQWV RI FKLFNV ZHUH HVWDEOLVKn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f FRQWDLQHG SHUFHQW SURWHLQ &DORULHV RI SURGXFWLYH HQHUJ\ SHU SRXQG SHUFHQW FDOFLXP DQG LM

PAGE 24

7$%/( &RPSRVLWLRQ RI EDVDO GLHW ,QJUHGLHQWV 3HUFHQW RI GLHW
PAGE 25

SHUFHQW WRWDO SKRVSKRUXV 7KLV GLHW ZDV PRGLILHG WR IRUP RWKHU H[SHULPHQWDO GLHWV FRQWDLQLQJ YDULRXV OHYHOV RI SKRVSKRUXV DQG FDOFLXP DV VKRZQ LQ 7DEOHV DQG 7KH GHVLUHG OHYHOV RI FDOFLXP DQG SKRVn SKRUXV ZHUH DWWDLQHG E\ YDU\LQJ WKH DPRXQW RI JURXQG OLPHVWRQH DQG GLFDOFLXP SKRVSKDWH ([SHULPHQWDO GLHWV ZHUH PDLQWDLQHG LVRFDORULF DQG LVRQLWURJHQRXV E\ YDU\LQJ WKH DPRXQW RI \HOORZ FRUQ VR\EHDQ RLO PHDO DQG DQLPDO IDW $GMXVWPHQWV LQ HQHUJ\ DQG SURWHLQ FRQWHQW RI GLHWV ZHUH EDVHG RQ YDOXHV RI 7LWXV f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f LQGLFDWH WKDW WKH UHTXLUHPHQW IRU FDOFLXP RU SKRVSKRUXV LV VLPLODU IRU EDWWHU\ DQG IORRU JURZQ FKLFNV 1R VLJQLILFDQW LQWHUDFWLRQV ZHUH IRXQG EHWZHHQ FDOFLXP RU SKRVSKRUXV DQG IORRU YV EDWWHU\ JURZQ FKLFNV ZKHQ PHDVXUHG E\ GD\ ERG\ ZHLJKWV RU ERQH DVK

PAGE 26

7$%/( %RG\ ZHLJKW DQG IHHG HIILFLHQF\ RI FKLFNV JURZQ LQ EDWWHULHV DQG IORRU SHQV ZKHQ IHG GLHWV FRQWDLQLQJ YDULRXV OHYHOV RI SKRVSKRUXV DQG FDOFLXP 7ULDO Of 'LHW OLZHHN ERG\ ZHLJKW JUDPVf )HHGJDLQ b 3 b &D 0DOHV % ) )HPDOHV % ) %RWK 6H[HV % ) $Y % ) $Y 8 L E 8 8 D 8 8 D N 8R 8 OLO_GH 8 KN4 8 8 8FG 8 8L 8F 8 ,L 8 OGH O2-8 8O L 8 O8GH 8 O L LOH 88L 8 r OH $YHUDJH ODR LLO 8LD NKK r% LQGLFDWHV EDWWHU\ JURZQ FKLFNV ) LQGLFDWHV IORRU JURZQ FKLFNV A0HDQV KDYLQJ GLIIHUHQW VXSHUVFULSWV DUH VLJQLILFDQWO\ GLIIHUHQW f

PAGE 27

7$%/( %RG\ ZHLJKW DQG ERQH DVK RI FKLFNV JURZQ LQ EDWWHULHV DQG IORRU SHQV ZKHQ IHG GLHWV FRQWDLQLQJ YDULRXV OHYHOV RI SKRVSKRUXV DQG FDOFLXP 7ULDO f 'LHW b 3 b &D cZHHN ERG\ ZHLJKW JUDPVf 0DOHV )HPDOHV %RWK 6H[HV 0DOHV %RQH DVK bf )HPDOHV %RWK 6H[HV %O ) % ) % ) $YA % ) % ) % ) $Y 2,6 KL N > F  c>E 8 K KK K E D 8 8 D D KK6  > > >  8GH  2  2 2 LF 8   8 >> E O$Ii  > > > >   cG K > K >R  >>HI  > > > , > >G NN   >  L>G  > LLO2  >L>F 8 8L > >  > >  >  c > G  KK  W >  >6 > > > >c  W cH > K K > > >> >I6 >> >  > > > > c $YHUDJH 8R 8 K > ,   L> ‘` LQGLFDWHV EDWWHU\ JURZQ FKLFNV ) LQGLFDWHV IORRU JURZQ FKLFNV OIHDQV KDYLQJ GLIIHUHQW VXSHUVFULSWV DUH VLJQLILFDQWO\ GLIIHUHQW

PAGE 28

7KHVH GDWD LQGLFDWLQJ D VLPLODU UHTXLUHPHQW IRU FDOFLXP RU SKRVSKRUXV E\ FKLFNV JURZQ HLWKHU RQ ZLUH RU OLWWHU DUH LQ GLUHFW FRQWUDVW WR GDWD UHSRUWHG IRU WKH OD\LQJ KHQ XQGHU FRPSDUDEOH FRQGLWLRQV &URZOH\ HW DOf +DUPV HW DO 0DUU HW DO DQG 6LQJ VHQ HW DO f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f DQG 6LPFR DQG 6WHSKHQVRQ f 8QGHU FRQGLWLRQV RI WKHVH H[SHULPHQWV SHUFHQW WRWDO SKRVn SKRUXV LQ WKH GLHW RI IHPDOHV ZDV MXVW DGHTXDWH WR VXSSRUW PD[LPXP JURZWK EXW YDV QRW DGHTXDWH IRU PD[LPXP ERQH DVK 7DEOHV DQG f $ VLJQLILFDQW LQFUHDVH LQ JURZWK UDWH DQG ERQH DVK ZDV REWDLQHG ZLWK PDOHV ZKHQ WKH WRWDO SKRVSKRUXV FRQWHQW RI WKH GLHW ZDV LQFUHDVHG IURP WR SHUFHQW UHVXOWLQJ LQ D VLJQLILFDQW LQWHUDFWLRQ RI VH[ ; SKRVSKRUXV 7KH LQWHUDFWLRQ RI VH[ DQG SKRVSKRUXV KDV EHHQ SUHYLRXVO\ UHSRUWHG 9DQGHSRSXOLHUH HW DO f DQG UHHPSKDVL]HV

PAGE 29

WKH LPSRUWDQFH RI FRQVLGHULQJ VH[ ZKHQ GHWHUPLQLQJ SKRVSKRUXV UHTXLUHn PHQW RI FKLFNV $ OHYHO RI SHUFHQW FDOFLXP DSSHDUHG WR EH DGHTXDWH WR VXSSRUW PD[LPXP JURZWK LQ WULDO 7DEOH f +RZHYHU PDOHV LQ WULDO UHFHLYLQJ KLJKHU OHYHOV PDGH QXPHULFDOO\ EXW QRW VLJQLILn FDQWO\ EHWWHU JURZWK ,Q WULDO D VLJQLILFDQW LPSURYHPHQW LQ ERG\ ZHLJKW DQG ERQH DVK ZDV REWDLQHG ZKHQ WKH OHYHO RI FDOFLXP ZDV LQFUHDVHG IURP WR SHUFHQW 7DEOH f $OWKRXJK WKHUH ZDV D WUHQG IRU WKH PDOHV WR JLYH D JUHDWHU UHVSRQVH WKDQ IHPDOHV WR LQn FUHDVHG FDOFLXP WKH LQWHUDFWLRQ RI FDOFLXP ; VH[ ZDV QRW VWDWLVWLFDOn O\ VLJQLILFDQW 7KH FDOFLXP DQG SKRVSKRUXV UHTXLUHPHQWV RI FKLFNV DV LQGLFDWHG E\ WKHVH GDWD DUH VOLJKWO\ KLJKHU WKDQ WKRVH UHSRUWHG E\ 6LPFR DQG 6WHSKHQVRQ f 7KHVH ZRUNHUV XVHG D GLIIHUHQW W\SH RI GLHW DQG D GLIIHUHQW VRXUFH RI FDOFLXP DQG SKRVSKRUXV ZKLFK PD\ DFFRXQW IRU WKHVH GLIIHUHQFHV LQ UHVXOWV

PAGE 30

&+$37(5 $ &203$5,621 2) 3+263+2586 $66$< 7(&+1,48(6
PAGE 31

WKH GDWD XSRQ WKH UHODWLYH DYDLODELOLW\ RI SKRVSKRUXV IURP DQ LQRUJDQLF SKRVSKDWH ([SHULPHQWDO 3URFHGXUH )HHG JUDGH GLFDOFLXP SKRVSKDWH JHQHUDOO\ FRQVLGHUHG WR KDYH D KLJK SKRVSKRUXV DYDLODELOLW\ ZDV FRPSDUHG WR VRIW SKRVSKDWH JHQHUDOn O\ FRQVLGHUHG WR EH D OHVV DYDLODEOH VRXUFH RI SKRVSKRUXV 7KUHH UHJLPHQV RI FDOFLXP VXSSOHPHQWDWLRQ ZHUH FRPSDUHG ZKLFK LQFOXGHG Of D FRQVWDQW OHYHO RI SHUFHQW &D f D FRQVWDQW &D3 UDWLR RI DQG f D VOLGLQJ &D3 UDWLR 7KH VOLGLQJ UDWLRV FRQVLVWHG RI D GLIIHUHQW &D3 UDWLR IRU HDFK OHYHO RI SKRVSKRUXV VXSSOHPHQWDWLRQ 5DWLRV ZHUH VHOHFWHG ZKLFK ZHUH FRQVLGHUHG WR SHUPLW RSWLPXP SHUIRUPDQFH RI WKH FKLFN DW HDFK OHYHO RI SKRVSKRUXV VXSSOHPHQWDWLRQ (DFK RI WKH SKRVSKRUXV VRXUFHV ZDV DGGHG WR WKH EDVDO GLHW LQ DPRXQWV DGHTXDWH WR VXSSO\ DQG SHUFHQW VXSSOHn PHQWDO SKRVSKRUXV 7KHVH SKRVSKRUXV OHYHOV ZHUH IHG LQ FRPELQDWLRQ ZLWK HDFK RI WKH FDOFLXP UHJLPHQV 7KH nVOLGLQJ &D3 UDWLRV XVHG ZLWK WKH SKRVSKRUXV OHYHOV ZHUH DV IROORZV b $GGHG 7RWDO &D 7RWDO 3 O8O $ VLPSOLILHG GHJHUPLQDWHG FRUQVR\EHDQ PHDO GLHW ZDV XVHG DV WKH DVVD\ GLHW 7DEOH f ,W ZDV FDOFXODWHG WR FRQWDLQ SHUFHQW SURWHLQ DQG &DORULHV RI SURGXFWLYH HQHUJ\ SHU SRXQG $QDO\VLV

PAGE 32

7$%/( &RPSRVLWLRQ RI EDVDO GLHW ,QJUHGLHQWV 3HUFHQW RI GLHW 'HJHUPLQDWHG FRUQ PHDO &HUHORVH 6R\EHDQ PHDO b SURWHLQf $OIDOID PHDO b SURWHLQf ,RGL]HG VDOW  0LFURLQJUHGLHQWV 9DULDEOHA RR b 3KRVSKRUXV b &DOFLXP A&RPSRVLWLRQ RI PLFURLQJUHGLHQWV JLYHQ LQ 7DEOH A&DOFLXP DQG SKRVSKRUXV OHYHOV ZHUH REWDLQHG E\ DOWHULQJ WKH OHYHOV RI JURXQG OLPHVWRQH GLFDOFLXP SKRVSKDWH VRIW SKRVSKDWH DQG SXOYHUL]HG RDW KXOOV

PAGE 33

8 LQGLFDWHG WKDW WKH LQJUHGLHQWV RI WKH EDVDO GLHW FRQWULEXWHG SHUFHQW WRWDO SKRVSKRUXV DQG SHUFHQW FDOFLXP 'HVLUHG FDOFLXP DQG SKRVSKRUXV OHYHOV ZHUH DWWDLQHG E\ YDULDWLRQ RI WKH WHVW SKRVn SKDWHV DQG JURXQG OLPHVWRQH 3XOYHUL]HG RDW KXOOV ZHUH XVHG WR PDLQn WDLQ WKH GLHWV LVRFDORULF (DFK H[SHULPHQWDO GLHW ZDV IHG WR SHQV RI PDOHV DQG IHPDOH EURLOHU FKLFNV LQ VXFFHVVLYH WULDOV JLYLQJ D WRWDO RI FKLFNV SHU WUHDWPHQW 7KH H[SHULPHQWDO GLHWV DQG WDS ZDWHU ZHUH FRQn VXPHG DG OLELWXP EHJLQQLQJ DW RQH GD\ RI DJH $W GD\V RI DJH LQGLYLGXDO ERG\ ZHLJKWV ZHUH REWDLQHG 7ZR FKLFNV RI HDFK VH[ IURP HDFK SHQ ZHUH VDFULILFHG DQG WKH ULJKW WLELD UHPRYHG IRU ERQH DVK GHWHUPLQDWLRQ 5HVXOWV DQG 'LVFXVVLRQ 7KH W\SH RI FDOFLXP VXSSOHPHQWDWLRQ RI WKH GLHW KDG D VLJn QLILFDQW HIIHFW RQ JURZWK DQG ERQH FDOFLILFDWLRQ 7DEOH f 7KH XVH RI VOLGLQJ &D3 UDWLRV UHVXOWHG LQ VLJQLILFDQWO\ JUHDWHU ERG\ ZHLJKW DQG WLELD DVK RI FKLFNV IHG GLHWV VXSSOHPHQWHG ZLWK HLWKHU GLFDOFLXP b SKRVSKDWH RU VRIW SKRVSKDWH ZKHQ FRPSDUHG WR WKH XVH RI SHUFHQW FDOFLXP RU D FRQVWDQW &D3 UDWLR 7KH XVH RI D FRQVWDQW UDWLR SURPRWHG VLJQLILFDQWO\ JUHDWHU ZHLJKW JDLQ DQG WLELD DVK IRU FKLFNV IHG GLHWV VXSSOHPHQWHG ZLWK GLFDOFLXP SKRVSKDWH WKDQ GLG WKH XVH RI WKH FRQVWDQW SHUFHQW FDOFLXP 8VH RI WKH FRQVWDQW &D3 UDWLR VXSSRUWHG VLJQLILFDQWO\ JUHDWHU ZHLJKW JDLQV WKDQ GLG WKH XVH RI

PAGE 34

7$%/( %RG\ !YHLJKW DQG WLELD DVK RI GD\ ROG FKLFNV IHG YDU\LQJ OHYHOV RI SKRVSKRUXV IURP WZR VRXUFHV XQGHU WKUHH UHJLPHQV RI FDOFLXP VXSSOHPHQWDWLRQ 'LHWDU\ 7RWDO b &D 3 %RG\ ZHLJKW JPVf 7LELD DVK fE 5HODWLYH 3 $YDLODELOLW\ &DOFLXP 5HJLPHQ '.3 63K '.3 63 $ % F b OL f m f p U F 8 f f D m f f RR f f H F f m $YHUDJH 8 ;& +D 7E D ; f f 5DWLR K f W k k F R8R 8 f f r H f m RR 8 8 A f r k k } $YHUDJH 8O %G & D H H IHUQ 6OLGLQJ 5DWLR 8 } k f m F 8 f F k f f k r OM f H p k F k $YHUDJH 8 :H RF G E ‹ ;  &OHDQV KDYLQJ WKH VDPH VXSHUVFULSW GR QRW GLIIHU VLJQLILFDQWO\ 3 f A&RPSDUDWLYH ELRORJLFDO DYDLODELOLW\ RI WKH SKRVSKRUXV IURP VRIW SKRVSKDWH EDVHG RQ WLELD DVK GDWD $ PHWKRG RI .HOVRQ DQG 3HHOHU f % PHWKRG RI %DUDXK HWB DO Lf & PHWKRG RI &RPEV f A'.3 IHHG JUDGH GLFDOFLXP SKRVSKDWH VS VRIW SKRVSKDWH

PAGE 35

SHUFHQW FDOFLXP LQ GLHWV FRQWDLQLQJ VRIW SKRVSKDWH EXW WKHUH ZDV QR GLIIHUHQFH LQ SHUFHQW WLELD DVK 7KH FRPSDUDWLYH DYDLODELOLW\ RI WKH SKRVSKRUXV IURP VRIW SKRVn SKDWH DV FRPSDUHG WR WKH SKRVSKRUXV IURP IHHG JUDGH GLFDOFLXP SKRVSKDWH ZDV FDOFXODWHG XVLQJ WKH WLELD DVK GDWD LQ 7DEOH 7KUHH PHWKRGV RI GHWHUPLQLQJ WKH FRPSDUDWLYH DYDLODELOLW\ ZHUH XVHG 7KH ILUVW PHWKRG ZDV WKDW RXWOLQHG E\ 1HOVRQ DQG 3HHOHU f LQ ZKLFK WKH VWDQGDUG FXUYH ZDV D UHJUHVVLRQ OLQH REWDLQHG E\ SORWWLQJ WKH SHUFHQWDJH ERQH DVK REWDLQHG DW WKH YDULRXV OHYHOV RI DGGHG SKRVSKRUXV DJDLQVW WKH ORJDULWKP RI WKH DGGHG SKRVSKRUXV 7KH FDOFXODWHG FRPSDUDWLYH DYDLOn DELOLW\ RI SKRVSKRUXV IURP VRIW SKRVSKDWH ZDV DQG O SHUFHQW ZLWK SHUFHQW &D &D3 UDWLR DQG WKH VOLGLQJ &D3 UDWLR UHVSHFWLYHO\ 7DEOH f 7KHVH YDOXHV DUH JUHDWHU WKDQ WKH SHUFHQW ELRORJLFDO YDOXH UHSRUWHG E\ 1HOVRQ DQG 3HHOHU f KRZHYHU WKH VWDQGDUG XVH LQ WKHLU WHVW ZDV EHWDWULFDOFLXP SKRVSKDWH ZKLFK ZDV RI JUHDWHU ELRORJLFDO YDOXH WKDQ IHHG JUDGH GLFDOFLXP SKRVSKDWH 7KH VHFRQG PHWKRG RI GHWHUPLQLQJ FRPSDUDWLYH DYDLODELOLW\ ZDV WKDW RXWOLQHG E\ %DUDXK HWB DO Lf LQ ZKLFK WKH SHUFHQWDJH WLELD DVK REWDLQHG ZLWK WKH WHVW SKRVSKDWH ZDV GLYLGHG E\ WKH SHUFHQWDJH WLELD DVK REWDLQHG ZLWK WKH VWDQGDUG SKRVSKDWH 8VLQJ WKLV PHWKRG WKH FRPSDUDWLYH DYDLODELOLW\ RI WKH SKRVSKRUXV IURP VRIW SKRVSKDWH ZDV FDOFXODWHG WR EH ,W DQG SHUFHQW DW WKH SHUFHQW FDOFLXP &D3 UDWLR DQG VOLGLQJ UDWLR UHJLPHQV UHVSHFWLYHO\ 7DEOH f +RZHYHU WKH YDOLGLW\ RI WKLV PHWKRG LV TXHVWLRQHG E\ 1HOVRQ DQG 3HHOHU f

PAGE 36

7KH WKLUG PHWKRG XVHG ZDV WKDW LQWURGXFHG E\ &RPEV f ,Q WKLV SURFHGXUH WKH VORSH RI WKH UHVSRQVH OLQH RI WKH WHVW SKRVSKDWH VRIW SKRVSKDWHf YDV GLYLGHG E\ WKH VORSH RI WKH UHVSRQVH OLQH RI WKH VWDQGDUG SKRVSKDWH IHHG JUDGH GLFDOFLXP SKRVSKDWHf &RPSDUDWLYH DYDLOn DELOLW\ YDOXHV REWDLQHG E\ WKLV PHWKRG ZHUH DQG 8 SHUFHQW IRU WKH SHUFHQW &D &D3 UDWLR DQG VOLGLQJ &D3 UDWLR UHJLPHQV UHVSHFWLYHO\ 7DEOH f :LWK WKH H[FHSWLRQ RI WKH YDOXH RI SHUFHQW WKHVH YDOXHV FRPSDUH IDYRUDEO\ ZLWK WKRVH REWDLQHG XVLQJ WKH PHWKRG RI 1HOVRQ DQG 3HHOHU f 0RUH UHFHQWO\ +XUZLW] SURSRVHG D SURFHGXUH IRU WKH HVWLPDWLRQ RI QHW SKRVSKRUXV XWLOL]DWLRQ RQ WKH EDVLV RI WKH SKRVn SKRUXV FRQWHQW RI WKH WLELD 7KLV SURFHGXUH RIIHUV DQRWKHU PHWKRG RI FDOFXODWLQJ ELRORJLFDO YDOXHV IRU IHHG JUDGH SKRVSKDWHV ,W LV DSSDUHQW IURP WKH SUHVHQW H[SHULPHQW WKDW YDULDWLRQ LQ WKH SURFHGXUH XVHG WR DVVD\ SKRVSKDWH VRXUFHV PD\ JUHDWO\ LQIOXHQFH WKH UHVXOWV 7KH W\SH RI FDOFLXP VXSSOHPHQWDWLRQ RU PHWKRG RI LQn WHUSUHWDWLRQ RI WKH GDWD PD\ LQIOXHQFH SKRVSKRUXV XWLOL]DWLRQ E\ WKH FKLFN 7KHUHIRUH VWDQGDUGL]DWLRQ RI SKRVSKRUXV DVVD\ WHFKQLTXH DSSHDUV WR EH GHVLUDEOH 7KH XVH RI GLIIHUHQW FDOFLXP OHYHOV RU &D3 UDWLRV DW GLIIHUHQW OHYHOV RI SKRVSKRUXV VXSSOHPHQWDWLRQ DSSHDUV GHVLUDEOH LQ RUGHU WR HOLFLW PD[LPXP UHVSRQVH RI WKH FKLFN DQG DOORZ IXOO XWLOL]DWLRQ RI WKH SKRVn SKRUXV 7KH YDULDEOH &D3 UDWLRV VHOHFWHG IRU WKLV VWXG\ SURPRWHG JUHDWHU ERG\ ZHLJKW DQG ERQH FDOFLILFDWLRQ WKDQ GLG WKH XVH RI D IL[HG

PAGE 37

&D OHYHO RU IL[HG &D3 UDWLR EXW WHQGHG WR JLYH D ORZHU DSSDUHQW ELRORJLFDO YDOXH RI WKH SKRVSKRUXV IURP VRIW SKRVSKRUXV

PAGE 38

&+$37(5 7+( 87,/,=$7,21 2) 9$5,286 6285&(6 2) &$/&,80 6HYHUDO VRXUFHV RI FDOFLXP DUH XVHG LQ SRXOWU\ IHHGLQJ ([SHULPHQWDO GDWD LQGLFDWH WKDW WKH ELRORJLFDO DYDLODELOLW\ RI FDOn FLXP IURP PRVW RI WKHVH VRXUFHV LV HVVHQWLDOO\ HTXDO %XFNQHU HW DO f UHSRUWHG WKDW OLPHVWRQH RU R\VWHU VKHOO VHUYH HTXDOO\ ZHOO DV VRXUFHV RI FDOFLXP IRU OD\LQJ KHQV 7KH FDOFLXP LQ OLPHVWRQH J\SVXP FDOFLXP JOXFRQDWH DQG GRORPLWH ZHUH UHSRUWHG E\ 'HREDOG HW DO f WR EH HTXDOO\ DYDLODEOH DOWKRXJK GLIIHUHQFHV LQ VROXELOLW\ RI WKH VXSSOHPHQWV ZHUH REVHUYHG %XFNQHU HW DO f FRPSDUHG FDOFLXP ODFWDWH FKORULGH VXOSKDWH DQG FDUERQDWH DQG FRQFOXGHG WKDW WKH FDOFLXP FDUERQDWH ZDV PRVW HIIHFWLYH IRU HJJ SURGXFWLRQ DV MXGJHG E\ HJJ VKHOO ZHLJKW %HWKNH HW DO f IRXQG QR GLIIHUHQFH LQ WKH DYDLODELOLW\ RI FDOFLXP LQ WKH FDUERQDWH VXOIDWH ODFWDWH DQG SKRVn SKDWH VDOWV RU IURP OLPHVWRQH IRU ERQH IRUPDWLRQ LQ WKH JURZLQJ FKLFN RQ HTXDO FDOFLXP LQWDNH 'RXJKHUW\ DQG *RVVPDQ f UHSRUWHG WKDW OLPHVWRQH VXSSRUWHG KLJKHU HJJ SURGXFWLRQ WKDQ GLG R\VWHU VKHOO ZKLOH .HQQDUG f IRXQG R\VWHU VKHOO WR EH VXSHULRU WR OLPHVWRQH 0RUH UHFHQW UHSRUWV LQGLFDWH WKDW FDOFLXP DV FDOFLXP VXOIDWH PD\ EH OHVV DYDLODEOH WKDQ FDOFLXP DV FDOFLXP FDUERQDWH DV PHDVXUHG E\ LWV LQn KLELWRU\ HIIHFW RQ DQWLELRWLF DEVRUSWLRQ 'RQRYDQ HWB DO ,f %HFDXVH RI WKH HIIHFW RI WKH GLHWDU\ FDOFLXPSKRVSKRUXV UDWLR RQ JURZWK DQG ERQH GHYHORSPHQW HVSHFLDOO\ ZKHQ GLHWV ORZ LQ SKRVSKRUXV

PAGE 39

DUH IHG WKH DYDLODELOLW\ RI WKH FDOFLXP LQ WKH GLHW LV RI PDMRU LPSRUWDQFH 7ZR WULDOV ZHUH FRQGXFWHG WR GHWHUPLQH WKH DYDLODELOLW\ WR FKLFNV RI FDOn FLXP IURP VRXUFHV DYDLODEOH IRU FRPPHUFLDO XVH ([SHULPHQWDO 3URFHGXUH 7ULDO f§&DOFLXP VRXUFHV WHVWHG ZHUH UHDJHQW FDOFLXP FDUn ERQDWH UHDJHQW FDOFLXP VXOIDWH R\VWHU VKHOO DQG JURXQG OLPHVWRQH 7KH R\VWHU VKHOO ZDV SXOYHUL]HG SULRU WR LWV XVH &UDGHG OHYHOV RI WKH FDOFLXP IURP WKH YDULRXV VRXUFHV ZHUH DGGHG WR D EDVDO GLHW FDOFXODWHG WR FRQWDLQ SHUFHQW SURWHLQ DQG NLORFDORULHV RI SURGXFWLYH HQHUJ\ 7DEOH f 7KLV GLHW ZDV FDOFXODWHG WR FRQWDLQ SHUFHQW WRWDO SKRVSKRUXV 8RQRVRGLXQ SKRVSKDWH 1DA32A +J2f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

PAGE 40

7$%/( &RPSRVLWLRQ RI EDVDO GLHW ,QJUHGLHQWV 3HUFHQW RI GLHW
PAGE 41

7$%/( $QDO\VLV RI FDOFLXP VXSSOHPHQWV 6XSSOHPHQW /DERUDWRU\ $ & &D& 863 UHDJHQWf OL2O } &DOFLXPf OL22 &D62A 86" UHDJHQWf &D *OXFRQDWH 863 UHDJHQWf r } f H *URXQG OLPHVWRQH $ X *URXQG OLPHVWRQH % 8 *URXQG R\VWHU VKHOO K

PAGE 42

DQG IHPDOHV ZHUH VDFULILFHG IURP HDFK SHQ DQG WKH ULJKW WLELD UHPRYHG IRU ERQH DVK GHWHUPLQDWLRQ 7ULDO f§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f§7KH UHVXOWV RI WKLV WULDO LQGLFDWHG WKDW WKH FDOFLXP IURP WKH OLPHVWRQH VXSSOHPHQW ZDV PRUH DYDLODEOH WKDQ WKH FDOFLXP IURP UHDJHQW FDOFLXP FDUERQDWH RU VXOIDWH RU JURXQG R\VWHU VKHOO DV PHDVXUHG E\ ERQH DVK 7DEOH f +RZHYHU WKHUH ZDV QR VLJQLILFDQW GLIIHUHQFH EHWZHHQ WKH H[SHULPHQWDO JURXSV DV LQGLFDWHG E\ ERG\ ZHLJKW DW GD\V RI DJH 7DEOH f ,W LV IHOW WKDW WKH LQFUHDVHG ERQH DVK YDOXH ZDV QRW PHDQLQJIXO VLQFH WKLV ZDV QRW UHSHDWHG LQ WKH VHFRQG WULDO 7KH DQDO\WLFDO YDOXH XVHG LQ WKLV WULDO IRU OLPHVWRQH $ PD\ KDYH EHHQ WRR ORZ DV LQGLFDWHG E\ DQDO\VLV IURP RWKHU ODERUDWRULHV

PAGE 43

8 7$%/( %RQH DVK RI FKLFNV JURZQ RQ GLHWV ZLWK GLIIHUHQW FDOFLXP OHYHOV IURP YDULRXV FDOFLXP VXSSOHPHQWV 7ULDO Of 'LHWDU\ FDOFLXP bf &DOFLXP 6RXUFH 6H[ 2N $Y 5HDJHQW &D&2R 0 FW %RQH DVKf ) $Y LW 5HDJHQW &D62A 0 8 LW 8 ) $Y X &\VWHU VKHOO 0 ) OL $Y 8 LW /LPHVWRQH $ 0 8 ) LW OW $Y $YHUDJH 0 OW ) N $Y 8LW A'LIIHUV VLJQLILFDQWO\ IURP RWKHU FDOFLXP VRXUFHV 3 &f

PAGE 44

7$%/( %RG\ ZHLJKWV RI FKLFNV JURZQ RQ GLHWV ZLWK GLIIHUHQW FDOFLXP OHYHOV IURP YDULRXV FDOFLXP VXSSOHPHQWV 7ULDO Of 'LHWDU\ FDOFLXP bf &DOFLXP 6RXUFH 6H[ RN $Y 5HDJHQW &D&2 0 KR %RG\ ZHLJKW JUDPVf 8" ) OK 8 N $Y K 8L8 N 5HDJHQW &D62> 0 NN NN OLLL2 ) N 8 $Y N LD N 2\VWHU VKHOO 0 N 8 ) N NNR $Y 8 NN /LPHVWRQH $ 0 N N 8LW N ) $Y 8 NO 88 $YHUDJH 0 NO" LL ) N $Y NN N

PAGE 45

,QFUHDVLQJ WKH FDOFLXP OHYHO RI WKH GLHW VLJQLILFDQWO\ LPSURYHG ERG\ ZHLJKW DQG LQFUHDVHG WKH SHUFHQW WLELD DVK RI FKLFNV 7DEOHV DQG f 0DOH FKLFNHQV ZHUH VLJQLILFDQWO\ KHDYLHU WKDQ IHPDOH FKLFNV EXW WKH IHPDOHV KDG D KLJKHU DYHUDJH SHUFHQW WLELD DVK 7KHUH ZDV QR FDOFLXP VRXUFH ; OHYHO LQWHUDFWLRQ REVHUYHG IRU HLWKHU ERG\ ZHLJKW RU SHUFHQW ERQH DVK LQGLFDWLQJ WKDW HDFK RI WKH VXSSOHPHQWV KDG HVVHQWLDOO\ WKH VDPH DYDLODELOLW\ DW DOO FDOFLXP OHYHOV WHVWHG 7ULDO f§1R VLJQLILFDQW GLIIHUHQFHV ZHUH REVHUYHG EHWZHHQ DQ\ RI WKH FDOFLXP VXSSOHPHQWV WHVWHG DV PHDVXUHG E\ ERWK ERG\ ZHLJKW DQG WLELD DVK 7DEOHV OLL DQG f $QDO\VLV RI WKH GDWD LQGLFDWHG WKDW D OHYHO RI SHUFHQW WRWDO FDOFLXP ZDV VXIILFLHQW WR VXSSRUW PD[LPXP ERG\ ZHLJKW 7DEOH O8f EXW WKDW SHUFHQW WRWDO FDOFLXP ZDV UHTXLUHG IRU PD[LPXP ERQH FDOFLILFDWLRQ 7DEOH Oef XQGHU WKH FRQGLWLRQV RI WKLV H[SHULPHQW 7KH ERG\ ZHLJKW RI PDOHV ZDV VLJQLILFDQWO\ KLJKHU WKDQ WKDW RI IHPDOHV 7DEOH OLWf 7KLV HIIHFW ZDV QRW DOWHUHG E\ WKH FDOFLXP OHYHO RI WKH GLHW )HPDOHV WHQGHG WR KDYH D KLJKHU SHUFHQW WLELD DVK WKDQ GLG PDOHV 7DEOH Of KRZHYHU WKLV HIIHFW ZDV VLJQLILFDQWO\ DOWHUHG E\ WKH FDOFLXP OHYHO RI WKH GLHW )HPDOHV ZHUH DEOH WR WROHUDW ORYHU OHYHOV RI FDOFLXP WKDQ ZHUH PDOHV DV LQGLFDWHG E\ SHUFHQW WLELD DVK

PAGE 46

7$%/( OOr %RG\ ZHLJKW RI FKLFNV IHG GLHWV ZLWK GLIIHUHQW FDOFLXP OHYHOV IURP YDULRXV FDOFLXP VXSSOHPHQWV 7ULDO f &DOFLXP 6H[ 'LHWDU\ FDOFLXP bf $YHUDJH} 2K2 %RG\ YLHLJKW JUDPVf 5HDJHQW 0 8 8 K rr KK &D&&E ) 8 KL KRK 8O K $Y 8G :fHI +&RIJ 8XRIJ QFRIJ 5HDJHQW 0 KKK KK 8 r KKR &D62. ) K ORR KO2 $Y 6G +LHI +-7LJ 7tJ Or"HIJ &O 2\VWHU 0 K K K r rr 6KHOO ) KRK KL KO ORR r $Y G +LHIJ KKKV KKGJ 8IJ 8+ /LPHVWRQH 0 KRL K 8 KK r rr $ \ r K r K $Y OG KO2H KK6J :AJ +HIJ /LPHVWRQH 0 :L K K rr r ) KRL KL $Y R2G 8HI IV +"HIJ +HLJ &DOFLXP 0 k k KK m k K f k r k *OXFRQDWH ) k k K $Y f R k k =HIJ k k m k $YHUDJHA + KK K r r rr ) r r $Y D + +F KF 8D  fMRHV QRW LQFOXGH FDOFLXP JOXFRQDWH JURXSV &OHDQV GR QRW GLIIHU VLJQLILFDQWO\ 3 f /HDQV ZLWK GLIIHUHQW VXSHUVFULSWV DUH VLJQLILFDQWO\ GLIIHUHQW DFFRUGLQJ WR 'XQFDQnV PXOWLSOH UDQJH WHVW f

PAGE 47

7$%/( L 7LELD DVK RI FKLFNV IHG GLHWV ZLWK GLIIHUHQW FDOFLXP OHYHOV IURP YDULRXV FDOFLXP VXSSOHPHQWV 7ULDO f 'LHWDU\ FDOFLXP ^bf &DOFLXP 6H[ 2LL $YHUDJH 7LELD DVK bf 5HDJHQW 0 N &D&2M -/ 8 $Y V 7I A 5HDJHQW 0 N &D62A ) $Y f A %KL 2\VWHU 0 K 6KHOO ) 8 $Y H :7IKLM LM OL /LPHVWRQH 0 Q$W ) 8 N $Y -7 WW" U6K %n r /LPHVWRQH UM f% ) N K $Y N,D fJKL +KO A &DOFLXP 0 k f *OXFRQDWH ) H R k N R k $Y r r r 2 $YHUDJHA 0 S N N N $Y D E & G G 7 'RHV QRW LQFOXGH FDOFLXP JOXFRQDWH JURXSV 0HDQV GR QRW GLIIHU VLJQLILFDQWO\ 3 f 0HDQV ZLWK GLIIHUHQW VXSHUVFULSWV DUH VLJQLILFDQWO\ GLIIHUHQW DFFRUGLQJ WR 'XQFDQnV PXOWLSOH UDQJH WHVW f

PAGE 48

&+$37(5 7+( ())(&7 &) 9,7$0,1 21 3+263+2586 87,/,=$7,21 :LWKLQ WKH SDVW IHZ \HDUV PXFK DWWHQWLRQ KDV EHHQ GLUHFWHG WRZDUG D UHHYDOXDWLRQ RI WKH SKRVSKRUXV UHTXLUHPHQWV RI FKLFNV 6LPFR DQG 6WHSKHQVRQ /LOOLH HW DO )RUPLFD HW DO 9DQGHSRSXOLHUH HW DO f +RZHYHU YDU\LQJ UHVXOWV KDYH EHHQ UHSRUWHG $ SDUW RI WKH YDULDELOLW\ LQ WKH UHVXOWV REWDLQHG PD\ KDYH EHHQ GXH WR WKH LQWHUUHODWLRQVKLS LQ WKH GLHW RI FDOFLXP SKRVSKRUXV DQG YLWDPLQ ZKLFK KDV ORQJ EHHQ NQRZQ WR EH LPSRUWDQW IRU VDWLVIDFWRU\ JURZWK DQG ERQH GHYHORSPHQW %HWKNH HW DO .DUW HW DO 7LOJXV 0F&KHVQH\ DQG *LDFRPLQR O &DUYHU HW DO 8 0LJLFRYVN\ DQG (PVOLH 8f 7R JDLQ DGGLWLRQDO LQIRUPDWLRQ DERXW WKH LQWHUUHODWLRQVKLS RI WKHVH IDFWRUV H[SHULPHQWV ZHUH FRQGXFWHG WR GHWHUPLQH WKH HIIHFWV RI YDULRXV FDOFLXPSKRVSKRUXV UDWLRV DQG OHYHOV RI YLWDPLQ RQ WKH XWLOL]DWLRQ RI SKRVSKRUXV E\ EURLOHUW\SH FKLFNV 7KH ,QWHUDFWLRQ RI &DOFLXP 3KRVSKRUXV DQG 9LWDPLQ ([SHULPHQWDO 3URFHGXUH 7ZR WULDOV ZHUH FRQGXFWHG WR HYDOXDWH WKH GHJUHH RI LQWHUn DFWLRQ H[LVWLQJ EHWZHHQ WKH YLWDPLQ FDOFLXP DQG SKRVSKRUXV OHYHOV LQ WKH GLHW RI FKLFNV 7KH GHVLJQ RI WKH WULDOV LQYROYHG D ;;

PAGE 49

IDFWRULDO DUUDQJHPHQW RI WUHDWPHQWV ZLWK FDOFLXPSKRVSKRUXV UDWLRV O8O DQG f OHYHOV RI SKRVSKRUXV 8 DQG SHUFHQW WRWDO SKRVSKRUXVf DQG OHYHOV RI YLWDPLQ 7KH YLWDPLQ OHYHOV ZHUH DOWHUHG IRU WKH WULDOV ZLWK DQG ,&8OE RI GLHW EHLQJ XVHG LQ WKH ILUVW DQG O DQG ,&8OE EHLQJ XVHG LQ WKH VHFRQG 7KH FRPSRVLWLRQ RI WKH EDVDO GLHW XVHG LQ WKLV H[SHULPHQW LV VKRZQ LQ 7DEOH OR %\ DQDO\VLV WKH EDVDO GLHW VXSSOLHG SHUFHQW SKRVSKRUXV DOO DV RUJDQLF SKRVSKRUXV 5HDJHQW JUDGH FDOFLXP FDUERQDWH DQG PRQRVRGLXP SKRVSKDWH 1D+">O +2f ULHUH XVHG WR VXSSO\ WKH GHVLUHG OHYHOV RI FDOFLXP DQG SKRVSKRUXV $ FRPPHUFLDO VRXUFH RI YLWDPLQ 863 XQLWV SHU JUDP JXDUDQWHHGf ZDV REWDLQHG DQG WKH SRWHQF\ GHWHUPLQHG E\ WKH DYHUDJH RI LQGHSHQGHQW ODERUDWRU\ UHSRUWV XVLQJ GLIIHUHQW DQDO\WLFDO WHFKQLTXHV ,& SHU JUDPf &HUHORVH DQG FRUQ RLO ZHUH XVHG WR NHHS WKH GLHWV LVRFDORULF 6DPSOHV RI WKH GLHW ZHUH DVVD\HG IRU FDOFLXP DQG SKRVSKRUXV DQG WKH UHVXOWV ZHUH LQ FORVH DJUHHPHQW ZLWK FDOFXODWHG YDOXHV 7KH EDVDO GLHW IRU DOO WUHDWPHQWV ZLWK WKH H[FHSWLRQ RI WKH YDULDEOH LQJUHGLHQWV ZDV PL[HG LQ D VLQJOH EDWFK DQG DOLTXRW SDUWV ZHUH XVHG IRU HDFK H[SHULPHQWDO GLHW 7KH GLHWV ZHUH PL[HG WKH FD\ EHIRUH WKH WULDO EHJDQ DQG VWRUHG DW r ) XQWLO IHG 'D\ROG EURLOHU FKLFNV ZHUH UDQGRPO\ DVVLJQHG LQWR JURXSV RI PDOH DQG IHPDOH FKLFNV DQG SODFHG LQ EDWWHU\ EURRGHUV 7KUHH JURXSV ZHUH DVVLJQHG WR HDFK WUHDWPHQW 7KH H[SHULPHQWDO GLHWV DQG WDS ZDWHU ZHUH JLYHQ DG OLELWXP $OO VRXUFHV RI XOWUDYLROHW OLJKW ZHUH HOLPLQDWHG IURP WKH EDWWHU\ URRP

PAGE 50

7$%/( O &RPSRVLWLRQ RI EDVDO GLHW ,QJUHGLHQW 3HUFHQW RI GLHW
PAGE 51

K $W GD\V RI DJH WKH FKLFNV ZHUH LQGLYLGXDOO\ ZHLJKHG DQG WKH H[SHULPHQWV WHUPLQDWHG )HHG FRQVXPSWLRQ SHU JURXS ZDV GHWHUPLQHG DQG IHHG FRQYHUVLRQ ZDV FDOFXODWHG 7ZR PDOHV DQG IHPDOHV IURP HDFK JURXS ZHUH VDFULILFHG IRU ERQH DVK GHWHUPLQDWLRQ 5HVXOWV DQG 'LVFXVVLRQ ,QFUHDVLQJ WKH OHYHO RI SKRVSKRUXV LQ WKH GLHW IURP *86 WR SHUFHQW UHVXOWHG LQ D KLJKO\ VLJQLILFDQW LQFUHDVH LQ DYHUDJH ERG\ ZHLJKW 7DEOH f DQG SHUFHQW ERQH DVK 7DEOH f 7KHVH HIIHFWV ZHUH EHVW ILWWHG E\ TXDGUDWLF HTXDWLRQV LQGLFDWLQJ WKDW WKH RSWLPXP SKRVn SKRUXV OHYHO KDG EHHQ UHDFKHG 9+GHQLQJ WKH FDOFLXPSKRVSKRUXV UDWLR RI WKH GLHW IURP WR VLJQLILFDQWO\ LQFUHDVHG ERG\ ZHLJKW DQG SHUFHQW ERQH DVK 7DEOHV DQG f $ IXUWKHU LQFUHDVH WR D UDWLR GLG QRW DIIHFW ERG\ ZHLJKW EXW ORZHUHG WKH SHUFHQW ERQH DVK KRZHYHU WKLV UHGXFWLRQ ZDV QRW VWDWLVWLFDOO\ VLJQLILFDQW $ KLJKO\ VLJQLILFDQW LQFUHDVH LQ ERG\ ZHLJKW DQG ERQH DVK ZDV REVHUYHG ZKHQ WKH YLWDPLQ OHYHO RI WKH GLHW LQFUHDVHG IURP K6 ,&8 WR O ,&8 SHU SRXQG 7DEOHV DQG f 7KLV LQFUHDVH ZDV OLQHDU LQGLFDWLQJ WKDW KLJKHU OHYHOV RI YLWDPLQ 'M ZHUH EHQHILFLDO DQG SURn PRWHG WKH FKDQJH LQ OHYHOV IRU WKH VHFRQG WULDO 6HYHUDO LQWHUDFWLRQV EHWZHHQ WKH IDFWRUV ZHUH REVHUYHG 7KH LQWHUDFWLRQ RI &D3 UDWLRQ ; SKRVSKRUXV OHYHO RI WKH GLHW ZDV KLJKO\ VLJQLILFDQW IRU ERWK ERG\ ZHLJKW DQG ERQH DVK 7DEOHV DQG f 9LWDPLQ OHYHOV DQG &D3 UDWLRV DOVR LQWHUDFWHG LQ D VLJQLILFDQW

PAGE 52

8 7$%/( %RG\ ZHLJKW RI FKLFNV JURZQ RQ GLHWV YDU\LQJ LQ OHYHOV RI FDOFLXP SKRVSKRUXV DQG YLWDPLQ &D3 5DWLR 9LW ,&8OE b 3KRVSKRUXV $YHUDJH N r & 8 r r LrOr r $Y 7 r O8O 8 N N 8O r $Y & 8 8 r r 8 $Y 8 + +R& $YHUDJH K6 8 KK Or rr r $Y n

PAGE 53

OLOL 7$%/( 3HUFHQW ERQH DVK RI FKLFNV JURZQ RQ GLHWV YDU\LQJ LQ OHYHOV RI FDOFLXP SKRVSKRUXV DQG YLWDPLQ b 3KRVSKRUXV &D3 3DWLR ,&8OE fLL $YHUDJH ,L OW OW • $Y + 8 OW $Y +2 K ,W + 8 OW OW $Y +2 $YHUDJH + OW OW OWO OW OWOOW OW OWOOW $Y A

PAGE 54

PDQQHU IRU ERWK RI WKHVH FULWHULD 7KH LQWHUDFWLRQ RI SKRVSKRUXV OHYHOV DQG YLWDPLQ OHYHOV RI WKH GLHW LYDV VLJQLILFDQW IRU ERG\ ZHLJKWV EXW QRW IRU SHUFHQW ERQH DVK 7DEOHV DQG f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f 7KHVH HIIHFWV ZHUH EHVW GHVFULEHG DV ILWWLQJ D TXDGUDWLF HTXDWLRQ LQGLFDWLQJ WKDW DQ RSWLPXP OHYHO ZDV UHDFKHG $ FDOFLXPSKRVSKRUXV UDWLR RI O8LO GLG QRW LQFUHDVH ERG\ ZHLJKWV ZKHQ FRPSDUHG WR WKH UDWLR EXW LQFUHDVHG WKH SHUFHQW ERQH DVK 7DEOHV DQG f $ IXUWKHU VSUHDG RI WKH &D3 UDWLR WR ORZHUHG ERWK ERG\ ZHLJKW DQG ERQH DVK ,QFUHDVHG OHYHOV RI YLWDPLQ UHVXOWHG LQ LQFUHDVHG ERG\ ZHLJKW DQG SHUFHQW ERQH DVK 7DEOHV DQG f 7KH UHVSRQVH RI ERG\ ZHLJKW ZDV EHVW GHVFULEHG DV D TXDGUDWLF HIIHFW ZKLOH SHUFHQW ERQH DVK DVVXPHG D OLQHDU HIIHFW

PAGE 55

7KH LQWHUDFWLRQ RI &D3 UDWLR ; SKRVSKRUXV OHYHO RI WKH GLHW UHPDLQHG KLJKO\ VLJQLILFDQW IRU ERWK ERG\ ZHLJKW DQG SHUFHQW ERQH DVK 7DEOHV DQG f &D3 UDWLRV DQG YLWDPLQ OHYHOV DOVR LQWHUDFWHG LQ D KLJKO\ VLJQLILFDQW PDQQHU IRU WKHVH FULWHULD $ VLJQLILFDQW LQWHUn DFWLRQ RI SKRVSKRUXV ; YLWDPLQ OHYHO ZDV REVHUYHG IRU ERWK FULWHULD $ VLJQLILFDQW SKRVSKRUXV ; &D3 UDWLR ; YLWDPLQ LQWHUDFWLRQ RFFXUUHG ZLWK ERG\ ZHLJKW EXW QRW ZLWK SHUFHQW ERQH DVK 7DEOHV DQG f $V LQ WKH ILUVW WULDO IHPDOHV ZHLJKHG OHVV EXW LQ JHQHUDO KDG D JUHDWHU SHUFHQW ERQH DVK $QDO\VLV RI WKH GDWD VKRZHG WKDW WKH WUHDWPHQW JURXSV FRPPRQ WR ERWK WULDOV DQG WKRVH GLHWV FRQWDLQLQJ DQG ,&8OE RI YLWDPLQ 'Mf ZHUH WUXH UHSOLFDWHV 7KHUHIRUH WKH UHVXOWV RI WKH WULDOV YLHUH FRPELQHG IRU GLVFXVVLRQ 7KH UHVSRQVH WR LQFUHDVLQJ WKH SKRVSKRUXV OHYHO RI WKH GLHW IURP 8 WR SHUFHQW LQGLFDWHG WKDW WKH RSWLPXP SKRVSKRUXV OHYHO IRU ERWK ERG\ ZHLJKW DQG ERQH DVK ZDV EHWZHHQ DQG SHUFHQW RI WKH GLHW )LJXUH Of 7KLV DSSHDUHG WR EH WUXH IRU ERWK VH[HV VLQFH WKHUH YDV QR VH[ ; SKRVSKRUXV LQWHUDFWLRQ ,QWHUSRODWLRQ RI WKH GDWD LQ )LJXUH LQGLFDWHV WKDW WKH SKRVn SKRUXV UHTXLUHPHQW LV DSSUR[LPDWHO\ SHUFHQW 7KLV DJUHHV FORVHO\ ZLWK UHFHQW ZRUN XVLQJ VLPLODU EDVDO GLHWV DQG H[SHULPHQWDO FRQGLWLRQV 9DQGHSRSXOLHUH HW DO f 7KH UHVSRQVH LQ ERG\ ZHLJKW FORVHO\ SDUDOOHOHG WKDW RI ERQH DVK &DOFLXPSKRVSKRUXV UDWLRV RI VLJQLILFDQWO\ GHSUHVVHG ERWK ERG\ ZHLJKW DQG SHUFHQW RI ERQH DVK ZKHQ FRPSDUHG WR WKH O8O UDWLR

PAGE 56

b 3+263+2586 ),*85( %RQH DVK DQG ERG\ ZHLJKW RI FKLFNV UHFHLYLQJ YDULRXV GLHWDU\ SKRVSKRUXV OHYHOV %2'< :(,*+7 TURPVf

PAGE 57

LL RYHU DOO OHYHOV RI SKRVSKRUXV DQG YLWDPLQ 'M )LJXUH f 7KH UHVSRQVH WR LQFUHDVHG OHYHOV RI YLWDPLQ LQ WKHVH WHVWV LQGLFDWHG WKDW O ,&8OE ZDV DGHTXDWH IRU PD[LPXP ERG\ ZHLJKW EXW WKDW ,&7-OE IXUWKHU LQFUHDVHG WKH SHUFHQW ERQH DVK )LJXUH f 7LELD DVK DSSHDUHG WR EH D PRUH VHQVLWLYH FULWHULRQ WKDQ ERG\ ZHLJKW IRU VWXG\LQJ WKH DGHTXDF\ RI WKH FDOFLXP SKRVSKRUXV DQG YLWDPLQ 'M OHYHOV RI WKH GLHW 7KHUHIRUH WKLV PHDVXUHPHQW LV XVHG WR LOOXVWUDWH WKH LQWHUDFWLRQ WKDW RFFXUUHG LQ WKHVH H[SHULPHQWV 7KH LQWHUDFWLRQ RI &D" UDWLRV DQG SKRVSKRUXV OHYHOV LV LOOXVn WUDWHG LQ )LJXUH LL $W A SHUFHQW SKRVSKRUXV D VXERSWLPDO OHYHO &D3 UDWLRV RI OKLO DQG VLJQLILFDQWO\ GHSUHVVHG WKH SHUFHQW ERQH DVK DV FRPSDUHG WR WKH UDWLR $V WKH OHYHO RI SKRVSKRUXV PRUH FORVHO\ DSSURDFKHG WKH UHTXLUHPHQW EHWZHHQ DQG SHUFHQW WKH ZLGHU UDWLRV UHVXOWHG LQ LQFUHDVHG WLELD DVK LQGLFDWLQJ D JUHDWHU WROHUDQFH DQG LQ IDFW D QHFHVVLW\ IRU LQFUHDVHG UDWLRV DV WKH OHYHO RI SKRVSKRUXV LQFUHDVHV $ SULPDU\ IXQFWLRQ RI YLWDPLQ KDV EHHQ VKRZQ WR EH WKH HQKDQFHn PHQW RI FDOFLXP DEVRUSWLRQ RI WKH LQWHVWLQDO WUDFW
PAGE 58

b ERQH DVK 8 ),*85( %RQH DVK DQG ERG\ ZHLJKW RI FKLFNV UHFHLYLQJ YDULRXV FDOFLXPSKRVSKRUXV UDWLRV %2'< :(,*+7 JUDPVf

PAGE 59

R ),*85( %RQH DVK DQG ERG\ ZHLJKW RI FKLFNV UHFHLYLQJ YDULRXV GLHWDU\ OHYHOV RI YLWDPLQ '

PAGE 60

b 3+263+2586 ),*85( OL %RQH DVK RI FKLFNV UHFHLYLQJ YDULRXV &D3 UDWLRV ZLWK YDULRXV SKRVSKRUXV OHYHOV

PAGE 61

),*85( %RQH DVK RI FKLFNV UHFHLYLQJ YDULRXV OHYHOV RI YLWDPLQ ZLWK YDULRXV FDOFLXPSKRVSKRUXV UDWLRV

PAGE 62

$OWKRXJK VWXGLHV E\ &RKQ DQG &UHHQEHUJ f LQGLFDWHG WKDW YLWDPLQ GLG QRW HQKDQFH SKRVSKDWH DEVRUSWLRQ LQ UDWV UHDUHG RQ D YLWDPLQ GHILFLHQW KLJK FDOFLXPf§ORZ SKRVSKRUXV GLHW DQ LQWHUDFWLRQ RI YLWDPLQ DQG SKRVSKRUXV OHYHO ZDV QRWHG LQ WKLV H[SHULPHQW )LJXUH LQGLFDWHV WKDW DV WKH OHYHO RI SKRVSKRUXV PRUH FORVHO\ DSSURDFKHG WKH UHTXLUHPHQW EHWZHHQ DQG SHUFHQW RI WKH GLHW WKH UHVSRQVH WR WKH LQFUHDVHG YLWDPLQ GHYLDWHG IURP D OLQHDU WR D TXDGUDWLF HIIHFW 5DWKHU WKDQ EHLQJ DQ HIIHFW RI WKH YLWDPLQ RQ SKRVSKRUXV XWLOL]DWLRQ SHU VH DQ DFWXDO YLWDPLQ ; SKRVSKRUXV LQWHUDFWLRQf WKLV UHVSRQVH PD\ PHUHO\ UHIOHFW D YLWDPLQ HIIHFW RQ WKH LQFUHDVHG FDOFLXP OHYHOV RFFXUULQJ DV WKH SKRVSKRUXV OHYHO LQFUHDVHG VLQFH WKH FDOFLXP LV SUHVHQW DV D UDWLR RI WKH SKRVSKRUXV DQG QRW DV D FRQVWDQW OHYHO 7KLV JUDSK DOVR LQGLFDWHV WKDW DW VXERSWLPDO OHYHOV RI YLWDPLQ WKH SKRVn SKRUXV UHTXLUHPHQW PD\ EH LQ H[FHVV RI SHUFHQW DV LQGLFDWHG E\ WKH OLQHDU UHVSRQVH RI WKH ,&8OE OHYHO RI YLWDPLQ 1R VLJQLILFDQW LQWHUDFWLRQ RI &D3 UDWLRV DQG YLWDPLQ DQG SKRVSKRUXV OHYHOV ZDV REVHUYHG ZKHQ WKH GDWD ZHUH FRPELQHG IURP WKH H[SHULPHQWV 7KLV ZDV WUXH IRU ERWK ERQH DVK DQG ERG\ ZHLJKWV +RZn HYHU FHUWDLQ WUHQGV ZHUH HYLGHQW DQG GHILQLWH REVHUYDWLRQV FDQ EH PDGH FRQFHUQLQJ WKH RYHUDOO LQWHUDFWLRQ RI WKLV WULXPYLUDWH :LGHQLQJ WKH FDOFLXPSKRVSKRUXV UDWLRV DW VXERSWLPDO OHYHOV RI SKRVSKRUXV UHVXOWn HG LQ GHFUHDVLQJ WKH ERG ZHLJKW RU SHUFHQW ERQH DVK &KLFNV WROHUDWHG WKH ZLGHU UDWLRV PRUH HIIHFWLYHO\ ZLWK LQFUHDVHG OHYHOV RI YLWDPLQ 'A XS WR ,&8OE LQ WKHVH WHVWV

PAGE 63

6N ),*85( %RQH DVK RI FKLFNV UHFHLYLQJ YDULRXV OHYHOV RI YLWDPLQ ZLWK YDULRXV SKRVSKRUXV OHYHOV

PAGE 64

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n FUHDVHG YLWDPLQ OHYHOV DQG WKH UHODWLRQVKLS RI WKLV YLWDPLQ WR WKH FDOFLXP DQG SKRVSKRUXV FRQWHQW RI WKH GLHW IHHGLQJ WULDOV ZHUH FRQn GXFWHG XQGHU FRQGLWLRQV RI SUDFWLFDOW\SH UHDULQJ DV ZHOO DV LQ EDWWHU\ EURRGHUV LVRODWHG IURP VRXUFHV RI XOWUDYLROHW OLJKW ([SHULPHQWDO 3URFHGXUH %DWWHU\ EURRGHU VWXGLHVf§$ IDFWRULDO DUUDQJHPHQW ZLWK FDOFLXP OHYHOV DQG SHUFHQWf SKRVSKRUXV OHYHOV DQG SHUn FHQW WRWDO SKRVSKRUXVf DQG OHYHOV RI YLWDQn ZDV XVHG OHYHOV RI YLWDPLQ FRPSDUHG ZHUH N6 O DQG ,&8 SHU SRXQG RI IHHG 7KLV UHVXOWHG LQ GLHWV ZKLFK ZHUH Of DGHTXDWH LQ ERWK FDOFLXP DQG SKRVSKRUXV f DGHTXDWH LQ FDOFLXP ZLWK VXERSWLPDO

PAGE 65

SKRVSKRUXV f VXERSWLPDO FDOFLXP YGWK DGHTXDWH SKRVSKRUXV DQG 8f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f 6DQG ZDV XVHG DV D QRQQXWULWLYH ILOOHU WR NHHS HQHUJ\ DQG SURWHLQ OHYHOV FRQVWDQW 7KH YLWDPLQ % VXSSOHPHQW 7DV GHVFULEHG LQ WKH SUHYLRXV H[SHULPHQW 7KH GLHWV ZHUH PL[HG GD\V SULRU WR WKH EHJLQQLQJ RI HDFK H[SHULPHQW DQG VWRUHG DW r ) XQWLO IHG 7KH H[SHULPHQWDO GLHWV DQG WDS fZDWHU ZHUH IHG DG OLE LW YLP $W GD\V RI DJH LQGLYLGXDO ERG\ ZHLJKWV ZHUH REWDLQHG 7ZR PDOHV DQG IHPDOH FKLFNV IURP HDFK SHQ ZHUH VDFULILFHG IRU ERQH DVK GHWHUPLQDWLRQ )ORRU SHQ VWXGLHVf§7R VWXG\ WKH YLWDPLQ UHTXLUHPHQW RI WKH EURLOHU FKLFN XQGHU FRQGLWLRQV XVXDOO\ HQFRXQWHUHG LQ FRPPHUFLDO IORFNV D WULDO ZDV FRQGXFWHG LQ IORRU SHQV LQ D EURLOHU KRXVH LQ ZKLFK QR DWWHPSW ZDV PDGH WR H[FOXGH VRXUFHV RI QDWXUDO OLJKW 7KH KRXVH FRQn WDLQHG URZV RI SHQV RI ZKLFK ZHUH DORQJ WKH RXWHU ZDOO ZLWK LQQHU URZV )RXU UHSOLFDWH SHQV RI PDOH DQG IHPDOH FKLFNV ZHUH DVVLJQHG WR HDFK GLHWDU\ WUHDWPHQW ZLWK WKH UHVWULFWLRQ WKDW D SHQ IURP HDFK RI WKH K URZV EH XVHG 7KH SHQV ZHUH [ IHHW LQ VL]H

PAGE 66

7$%/( &RPSRVLWLRQ RI GLHWV ,QJUHGLHQWV %DWWHU\ )ORRU 3HUFHQW RI GLHW
PAGE 67

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f§7KH YLWDPLQ UHTXLUHPHQW RI WKH FKLFNV XVHG LQ WKHVH VWXGLHV ZDV KLJKO\ GHSHQGHQW XSRQ WKH FDOFLXP DQG SKRVSKRUXV OHYHO RI WKH GLHW 7LOWK OHYHOV RI SHUFHQW FDOFLXP DQG SHUFHQW SKRVSKRUXV PD[LPXP ERG\ ZHLJKW DQG ERQH DVK ZHUH REWDLQHG ZLWK ,&8 RI YLWDPLQ SHU SRXQG 7DEOHV DQG f 7KLV LV LQ DJUHHPHQW ZLWK WKH YLWDPLQ UHTXLUHPHQW DV VXJJHVWHG E\ WKH 1DWLRQDO 5HVHDUFK &RXQFLO Lf :KHQ OHYHOV RI FDOFLXP RU SKRVSKRUXV ZHUH VXERSWLPDO WKH QHHG IRU KLJKHU YLWDPLQ OHYHOV ZDV REVHUYHG :LWK D GLHWDU\ FDOFLXP OHYHO RI SHUFHQW DQG D WRWDO SKRVSKRUXV OHYHO RI SHUFHQW ,&8 RI YLWDPLQ SHU SRXQG ZDV QHHGHG IRU RSWLPXP ERG\ ZHLJKW DQG ERQH DVK $W D GLHWDU\ FDOFLXP OHYHO RI SHUFHQW ,&8 RI YLWDPLQ SHU SRXQG ZDV UHTXLUHG IRU PD[LPXP ERG\ ZHLJKW DQG ERQH DVK DW ERWK SKRVSKRUXV OHYHOV

PAGE 68

7$%/( %RG\ ZHLJKW RI FKLFNV IHG GLIIHUHQW OHYHOV RI YLWDPLQ DW GLIIHUHQW FDOFLXP DQG SKRVSKRUXV OHYHOV EDWWHU\ EURRGHU VWXGLHVf 9LWDPLQ L&8OEf b &D b 3 r $YHUDJH r JK 8O•N %RG\ :HLJKW JUDPVf N OrMN OrMN rr OrN r G OrGH Hr r r J r JK OrOrJ D E G rr 8AN rr N OrKL D r r rt rr r N OrrN $YHUDJH r rr r r r0HDQV DUH DYHUDJH ZHLJKWV RI PDOH DQG IHPDOH FKLFNV 0HDQV EHDULQJ WKH VDPH VXSHUVFULSWV GR QRW GLIIHU VLJQLILFDQWO\ 3f

PAGE 69

7$%/( 7LELD DVK RI FKLFNV IHG GLIIHUHQW OHYHOV RI YLWDPLQ DW GLIIHUHQW FDOFLXP DQG SKRVSKRUXV OHYHOV EDWWHU\ EURRGHU VWXGLHVf b &D b 3 9LWDPLQ L&8OEf 86 $YHUDJH b 7LELD $VKfO OLOOE 8KD OLD L}D 8D ,LD KD 88 N N N r K IJ J D JK HI GH AH FG N K IJK GH FG OF $YHUDJH 8 fA([SUHVVHG DV SHUFHQW IDWIUHH PRLVWXUHIUHH ERQH 0HDQV DUH DYHUDJH RI PDOH DQG IHPDOH FKLFNV 0HDQV EHDULQJ VDPH VXSHUVFULSWV GR QRW GLIIHU VLJQLILFDQWO\ 3 f

PAGE 70

)ORRU SHQ VWXGLHVf§7KH GD\ ERG\ ZHLJKW DQG WLELD DVK RI WKH FKLFNV ZHUH VLJQLILFDQWO\ DIIHFWHG E\ WKH GLHWDU\ FDOFLXP DQG YLWDPLQ OHYHOV 7DEOHV DQG f 7KHUH ZDV D VLJQLILFDQW LQWHUDFWLRQ REVHUYHG EHWZHHQ WKH GLHWDU\ FDOFLXP OHYHO DQG WKH YLWDPLQ OHYHO $W SHUFHQW FDOFLXP ,&8 RI YLWDPLQ SHU SRXQG JDYH VLJQLILFDQWO\ PD[LPXP ERG\ ZHLJKW DQG WLELD DVK ,QFUHDVHG OHYHOV RI WKLV YLWDPLQ QXPHULFDOO\ LQFUHDVHG ERG\ ZHLJKW EXW VLJQLILFDQWO\ UHGXFHG WKH WLELD DVK ,7KHQ WKH GLHWDU\ FDOFLXP OHYHO ZDV LQFUHDVHG WR SHUFHQW D OHYHO RI ,&8 RI YLWDPLQ SHU SRXQG JDYH VLJQLILFDQWO\ PD[LPXP ERG\ ZHLJKW DQG WLELD DVK +LJKHU OHYHOV RI YLWDPLQ QXPHULFDOO\ LQn FUHDVHG WKH ERG\ ZHLJKW EXW KDG QR LQIOXHQFH RQ WLELD DVK $W D GLHWDU\ FDOFLXP OHYHO RI SHUFHQW WKH YLWDPLQ UHVSRQVH ZDV DOWHUHG ,Qn FUHDVLQJ WKH OHYHO RI YLWDPLQ XS WR ,&8 SHU SRXQG QXPHULFDOO\ LQFUHDVHG ERG\ ZHLJKW EXW IXUWKHU LQFUHDVHV LQ WKH OHYHO RI WKLV YLWDPLQ WHQGHG WR UHGXFH JURZWK VOLJKWO\ 1RQH RI WKH JURXSV KRZHYHU GLIIHUHG VLJQLILFDQWO\ LQ ERG\ ZHLJKW RU LQ WLELD DVK )HHG XWLOL]DWLRQ H[SUHVVHG DV JUDPV RI IHHG FRQVXPHG SHU JUDP RI JDLQ ZDV FORVHO\ UHODWHG WR ERG\ ZHLJKW ,Q JHQHUDO DQ LQFUHDVHG ERG\ ZHLJKW ZDV DVVRFLDWHG ZLWK D GHFUHDVH LQ WKH IHHG UHTXLUHG WR SURn GXFH D XQLW RI JDLQ 7DEOH Of 7KH UHVXOWV RI WKHVH VWXGLHV FRQILUP WKH FORVH LQWHUUHODWLRQVKLS RI FDOFLXP SKRVSKRUXV DQG YLWDPLQ LQ WKH GLHW RI FKLFNV 7KLV UHODWLRQVKLS KDV EHHQ REVHUYHG E\ PDQ\ DXWKRUV \HW IHZ KDYH DWWHPSWHG WR HVWDEOLVK D UHTXLUHPHQW IRU WKLV YLWDPLQ LQ WKH GLHW RI UDSLGO\ JURZLQJ FKLFNV

PAGE 71

7$%/( %RG\ ZHLJKW RI FKLFNV IHG GLIIHUHQW OHYHOV RI YLWDPLQ DW GLIIHUHQW GLHWDU\ FDOFLXP OHYHOV IORRU SHQ VWXG\f 9LWDPLQ ,&8OEf b &DOFLXP $YHUDJH % RG\
PAGE 72

7$%/( 7LELD DVK RI FKLFNV IHG GLIIHUHQW OHYHOV RI YLWDPLQ DW GLIIHUHQW GLHWDU\ FDOFLXP OHYHOV IORRU SHQ VWXG\f 9LWDPLQ L&8OEf b &DOFLXP $YHUDJH b 7LELD $VK r rr OrOrEFG OrLFGH r r OE rGH r OrH r rEF rH rH r OrH OrFGH OrGH r OAEFGH rGH r LrH r OrOrEFG rGH rp r $YHUDJH rr r r fA([SUHVVHG DV SHUFHQW RI IDWIUHH PRLVWXUHIUHH ERQH 0HDQV DUH DYHUDJH RI PDOH DQG IHPDOH FKLFNV -IHDQV KDYLQJ WKH VDPH VXSHUVFULSW GR QRW GLIIHU VLJQLILFDQWO\ 3 f ?

PAGE 73

7$%/( K )HHG XWLOL]DWLRQ RI FKLFNV IHG GLIIHUHQW OHYHOV RI YLWDPLQ DW GLIIHUHQW GLHWDU\ FDOFLXP OHYHOV IORRU SHQ VWXG\f 9LWDPLQ ,&8OEf b &DOFLXP $YHUDJH JUDPV IHHGJUDP JDLQfO H G DEF G EF DEF FG DEF DEF AF EF EFG EF DEF DE EF D DEF $YHUDJH fA0HDQV DUH DYHUDJH RI IRXU SHQV HDFK FRQWDLQLQJ PDOH DQG IHPDOH FKLFNV 0HDQV KDYLQJ WKH VDPH VXSHUVFULSW GR QRW GLIIHU VLJQLILFDQWO\ 3 f Y

PAGE 74

8QGHU WKH FRQGLWLRQV RI WKH H[SHULPHQW UHSRUWHG KHUHLQ ,r & 8 RI YLWDPLQ SHU SRXQG DV VXJJHVWHG E\ WKH 1DWLRQDO 5HVHDUFK &RXQWLO LV DGHTXDWH WR VXSSRUW PD[LPXP JURZWK DQG ERQH DVK DW WKH FDOFLXP DQG SKRVSKRUXV OHYHOV UHFRPPHQGHG E\ WKLV JURXS SHUFHQW &D DQG SHUFHQW 3f +LJKHU OHYHOV GLG QRW VLJQLILFDQWO\ LQIOXHQFH ERG\ ZHLJKW RU ERQH DVK DW RU ZHHNV RI DJH ,Q UHFHQW \HDUV KRZHYHU WKH FDOFLXP UHTXLUHPHQW RI WKH FKLFNV KDV XQGHUJRQH FRQVLGHUDEOH VWXG\ ZLWK VRPH GLVDJUHHPHQW DV WR WKH RSWLn PXP OHYHO UHTXLUHG 7KHVH UHSRUWV KDYH EHHQ UHFHQWO\ UHYLHZHG E\
PAGE 75

XWLOL]DWLRQ 7KLV K\SRWKHVLV LV VWUHQJWKHQHG E\ WKH HDUO\ UHSRUW E\ &RKQ DQG *UHHQEHUJ f ZKLFK LQGLFDWHG WKDW YLWDPLQ GLG QRW HQKDQFH SKRVSKDWH DEVRUSWLRQ LQ UDWV UHDUHG RQ D YLWDPLQ GHILFLHQW KLJK FDOFLXPORZ SKRVSKRUXV GLHW 7KH LPSRUWDQFH RI DGHTXDWH YLWDPLQ OHYHO LQ D ELRORJLFDO DVVD\ IRU HLWKHU FDOFLXP RU SKRVSKRUXV FDQQRW EH RYHUHPSDKVL]HG VLQFH PDUJLQDO RU GHILFLHQW OHYHOV RI WKHVH PLQHUDOV DUH RIWHQ XVHG IRU WHVW SXUSRVHV

PAGE 76

&+$37(5 7+( $9$,/$%,/,7< 2) 3+263+2586 )5&0 $1,0$/ 3527(,1 6285&(6 7KHUH LV OLPLWHG LQIRUPDWLRQ UHJDUGLQJ WKH ELRORJLFDO YDOXH IRU WKH SKRVSKRUXV LQ DQLPDO SURWHLQ VXSSOHPHQWV ZKHQ IHG WR FKLFNV 6SDQ GRUI DQG /HRQJ Lf UHSRUWHG WKDW WKH ELRORJLFDO DYDLODELOLW\ RI WKH SKRVSKRUXV LQ WZHOYH PHQKDGHQ ILVK PHDOV DYHUDJHG SHUFHQW DQG UDQJHG IURP WR SHUFHQW RI WKH YDOXHV REWDLQHG ZLWK FRUUHVSRQGLQJ OHYHOV IURP GLFDOFLXP SKRVSKDWH %HFDXVH RI WKH HPSKDVLV SODFHG RQ OLQHDU SURJUDPPLQJ RI SRXOWU\ GLHWV LW LV LPSRUWDQW WKDW DFFXUDWH LQIRUPDWLRQ EH DYDLODEOH UHJDUGLQJ WKH QXWULWLRQDO YDOXH RI IHHGVWXIIV 7KH SUHVHQW H[SHULPHQWV ZHUH GHVLJQn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

PAGE 77

7$%/( $QDO\VHV RI DQLPDO SURWHLQ VRXUFHV &RPSRVLWLRQA ,QJUHGLHQW b 3URWHLQ b 3 b &D 0HQKDGHQ ILVK PHDO O8 8 3RXOWU\ E\SURGXFW PHDO KON 0HDW DQG ERQH PHDO A$YHUDJH RI DQDO\VHV E\ WKUHH ODERUDWRULHV

PAGE 78

DOO GLHWV ZHUH IRUPXODWHG WR FRQWDLQ SHUFHQW SURWHLQ ,W ZDV IHOW WKDW WKLV ZRXOG KHOS WR PLQLPL]H DQ\ SRVVLEOH YDULDWLRQ GXH WR SURWHLQ TXDOLW\ RI WKH GLHWV 7KH FRPSRVLWLRQ RI WKH EDVDO GLHWV LV SUHVHQWHG LQ 7DEOH ,VRODWHG VR\EHDQ SURWHLQ ZDV XVHG WR PDLQWDLQ D FRQVWDQW SURWHLQ OHYHO ZKLOH FRUQ RLO DQG FHUHORVH ZHUH XVHG WR PDLQWDLQ D FRQVWDQW GLHWDU\ HQHUJ\ OHYHO RI &DORULHV RI SURGXFWLYH HQHUJ\ SHU SRXQG &RQVWDQW OHYHOV RI SODQW SKRVSKRUXV 282 SHUFHQWf ZHUH PDLQWDLQHG E\ YDULDWLRQ LQ GHJHUUDLQDWHG FRUQ PHDO SHUFHQW 3f DQG ZKLWH FRUQ PHDO SHUFHQW 3f $QDO\WLFDO UHDJHQW JUDGH PRQRVRGLXP SKRVSKDWH 1DA32A +2f DQG IHHG JUDGH GLFDOFLXP SKRVSKDWH ZHUH XVHG DV VWDQGDUGV RI FRPSDULVRQ IRU SKRVSKRUXV DYDLODELOLW\ 7KH WHVW VRXUFHV ZHUH DGGHG WR WKH EDVDO GLHWV LQ DPRXQW VXIILFLHQW WR VXSSO\ DQG SHUFHQW SKRVn SKRUXV JLYLQJ WRWDO SKRVSKRUXV OHYHOV RI LL DQG SHUFHQW 7KHVH OHYHOV DUH EHORZ WKH PLQLPXP SKRVSKRUXV UHTXLUHPHQW RI WKH FKLFN DV VXJJHVWHG E\ WKH 1DWLRQDO 5HVHDUFK &RXQFLO Lf 7KH WRWDO FDOFLXP FRQWHQW RI WKH GLHW ZDV PDLQWDLQHG DW SHUFHQW E\ WKH XVH RI UHDJHQW JUDGH FDOFLXP FDUERQDWH DQG WKH GLHW VXSSOHPHQWHG ZLWK ,&8 SHU SRXQG RI YLWDPLQ 'D\ROG EURLOHU FKLFNV REWDLQHG IURP D FRPPHUFLDO KDWFKHU\ ZHUH UDQGRPO\ DVVLJQHG WR SHQV LQ EDWWHU\ EURRGHUV )RXU UHSOLFDWH SHQV HDFK FRQWDLQLQJ PDOH DQG IHPDOH FKLFNV ZHUH DVVLJQHG WR HDFK GLHWDU\ WUHDWPHQW LQ VXFFHVVLYH WULDOV UHVXOWLQJ LQ D WRWDO RI FKLFNV SHU WUHDWPHQW

PAGE 79

7$%/( &RPSRVLWLRQ RI EDVDO GLHWV ,QJUHGLHQWV 3HUFHQW RI GLHW :KLWH FRUQ PHDO N 'HJHUPLQDWHG FRUQ PHDO ON 6R\EHDQ PHDO b SURWHLQf &RUQ RLO &HUHORVH $VVD\ SURWHLQA N NON N ,RGL]HG VDOW RNR RNR RNR RNR &DOFLXP FDUERQDWH ON N 0LFURLQJUHGLHQWV" 0RQRVRGLXP SKRVSKDWH N N N 'LFDOFLXP SKRVSKDWH f f f f f f f f )LVK PHDO f f f f f f 3RXOWU\ E\SURGXFW PHDO f f N f f f f 0HDW DQG ERQH PHDO f f f f f f b 3URWHLQ 3URGXFWLYH HQHUJ\ &DOOE b &DOFLXP b 3KRVSKRUXV RN RN RN RN 2KLR & DVVD\ SURWHLQ $UFKHU'DQLHOV0LGODQG &R &LQFLQQDWL 0LFURLQJUHGLHQWV DV JLYHQ LQ 7DEOH ZLWK ,&8 SHU SRXQG RI YLWDPLQ '

PAGE 80

'LHWV DQG WDS ZDWHU ZHUH FRQVXPHG DG OLELWXP IURP WR GD\V RI DJH DW ZKLFK WLPH WKH H[SHULPHQW ZDV WHUPLQDWHG ,QGLYLGXDO ERG\ ZHLJKWV ZHUH REWDLQHG DQG PDOHV DQG IHPDOHV IURP HDFK SHQ ZHUH VDFULILFHG IRU ERQH DVK GHWHUPLQDWLRQ 6LQFH WKHUH ZDV QR WUHDWPHQW ; WULDO LQWHUDFWLRQ UHVXOWV RI WKH WZR WULDOV ZHUH FRPELQHG IRU SUHVHQWDn WLRQ 5HVXOWV DQG 'LVFXVVLRQ %RG\ ZHLJKW RI FKLFNV IHG JUDGHG OHYHOV RI SKRVSKRUXV IURP DQLPDO SURWHLQ VRXUFHV UDQJHG IURP WR SHUFHQW RI WKDW UHVXOWLQJ IURP IHHGLQJ FKLFNV HTXLYDOHQW OHYHOV IURP WKH LQRUJDQLF SKRVSKRUXV VRXUFHV 7DEOH f :LWKLQ HDFK OHYHO RI SKRVSKRUXV WHVWHG OLWWOH YDULDWLRQ LQ SHUIRUPDQFH ZDV REVHUYHG EHWZHHQ VRXUFHV ZLWK WKH H[FHSWLRQ RI WKH KLJKHVW OHYHO RI VXSSOHPHQWDO SKRVSKRUXV ,W LV SRVVLEOH WKDW WKLV PD\ EH GXH WR HLWKHU WKH TXDOLW\ RI WKH SURWHLQ RU DQ DPLQR DFLG LPEDODQFH 3KRVSKRUXV VXSSOLHG IURP WKH DQLPDO SURWHLQ VRXUFHV UHVXOWHG LQ WLELD DVK YDOXHV WKDW UDQJHG IURP WR SHUFHQW DV PXFK DV WKH LQRUJDQLF SKRVSKDWH VRXUFHV 7DEOH f 7KHUH ZDV OLWWOH YDULDWLRQ REVHUYHG ZLWKLQ HDFK OHYHO RI SKRVSKRUXV VXSSOHPHQWDWLRQ 7KHVH GDWD VXSSRUW WKH ILQGLQJV RI 6SDQGRUI DQG /HRQJ 8f UHJDUGLQJ WKH KLJK DYDLODELOLW\ RI SKRVSKRUXV LQ ILVK PHDO DQG LQGLFDWH WKDW WKH SKRVSKRUXV LQ SRXOWU\ E\SURGXFW PHDO DQG PHDW DQG ERQH PHDO LV KLJKO\ DYDLODEOH IRU FKLFNV 7KHUHIRUH DQDO\WLFDO SKRVSKRUXV YDOXHV PD\ EH XVHG LQ IHHG IRUPXODWLRQ ZLWKRXW DGMXVWPHQW IRU DYDLODELOLW\

PAGE 81

7$%/( %RG\ ZHLJKW RI FKLFNV IHG GLHWV VXSSOHPHQWHG ZLWK SKRVSKRUXV IURP DQLPDO SURWHLQV DQG LQRUJDQLF SKRVSKDWH 3KRVSKRUXV 6RXUFH $GGHG 3KRVSKRUXV b 5HODWLYH 8WLOL]DWLRQA $Y %RG\ ZHLJKW JUDPVf )LVK PHDO DE EFG 6 3RXOWU\ E\SURGXFWV PHDO D OGH HI 0HDW DQG ERQH PHDO DE I6 E6 0RQRVRGLXP SKRVSKDWH DE GHI E 'LFDOFLXP SKRVSKDWH EF GHI K A,QGLFDWHV SHUFHQW RI SKRVSKRUXV IURP WHVW VRXUFH DGGHG WR EDVDO GLHW FDOFXODWHG WR FRQWDLQ 2OL2 SHUFHQW WRWDO SKRVSKRUXV A5HODWLYH XWLOL]DWLRQ RI SKRVSKRUXV LURQ WHVW VRXUFH DV FRPn SDUHG WR PRQRVRGLXP SKRVSKDWH A7UHDWPHQW PHDQV DUH DYHUDJH ZHLJKWV RI 82 PDOH DQG 82 IHPDOH EURLOHU FKLFNV 0HDQV EHDULQJ WKH VDPH VXSHUVFULSW GR QRW GLIIHU VLJQLILFDQWO\ 3f

PAGE 82

7$%/( 7LELD DVK RI FKLFNV IHG GLHWV VXSSOHPHQWHG YLWK SKRVSKRUXV IURP DQLPDO SURWHLQV DQG LQRUJDQLF SKRVSKDWH $GGHG 3KRVSKRUXV b 5HODWLYH 3KRVSKRUXV 6RXUFH O $Y 8WLOL]DWLRQA 7LELD $VK f )LVK PHDO DEF LEFG LLOHI 3RXOWU\ E\SURGXFWV PHDO DE FGH OLGHL +HDW DQG ERQH PHDO D GHI 8OA 0RQRVRGLXP SKRVSKDWH D FGH GHI 'LFDOFLXP SKRVSKDWH D EF LLOHI A,QGLFDWHV SHUFHQW RI SKRVSKRUXV IURP WHVW VRXUFH DGGHG WR EDVDO GLHW FDOFXODWHG WR FRQWDLQ 2LL2 SHUFHQW WRWDO SKRVSKRUXV 5HODWLYH DYDLODELOLW\ RI SKRVSKRUXV IURP WHVW VRXUFH DV FRPn SDUHG WR PRQRVRGLXP SKRVSKDWH A([SUHVVHG DV SHUFHQW IDWIUHH PRLVWXUHIUHH ERQH 7UHDWPHQW PHDQV DUH DYHUDJHV RI PDOH DQG IHPDOH EURLOHU FKLFNV 0HDQV EHDULQJ WKH VDPH VXSHUVFULSW GR QRW GLIIHU VLJQLILFDQWO\ 3 f

PAGE 83

&+$37(5 7+( $9$,/$%,/,7< 2) 3+263+2586 )520 3817 6285&(6 7KH PDMRU SRUWLRQ RI WKH SKRVSKRUXV FRQWDLQHG LQ FHUHDOV FHUHDO E\SURGXFWV VR\EHDQV DQG RWKHU SODQW PDWHULDOV LV LQ WKH IRUP RI SK\WLF DFLG LQRVLWRO KH[DSKRVSKRULF DFLGf DQG LWV VDOWV 3XEOLVKHG UHSRUWV DUH QRW LQ FRPSOHWH DJUHHPHQW FRQFHUQLQJ WKH DYDLOn DELOLW\ RI WKLV VRXUFH RI SKRVSKRUXV 3KRVSKRUXV H[WUDFWHG IURP YDULRXV SODQW PDWHULDOV ZDV SRRUO\ DYDLODEOH IRU FKLFNV DQG UDWV LQ VWXGLHV UHSRUWHG E\ /RZH HW DO f .ULHJHU HW DO f 6SLW]HU HW DO Lf *LOOLV HW DO "f DQG 0DWWHUVRQ HW DO f +RZHYHU WKH ODVW JURXS VWDWHG WKDW RQH VKRXOG QRW LQIHU IURP WKH SRRU DYDLODELOLW\ RI WKH H[WUDFWHG SODQW SKRVSKDWH WKDW SKRVSKRUXV RI QDWXUDO SODQW PDWHULDO LV QHFHVVDULO\ XQDYDLODEOH 7KH UHSRUWV RI +HXVHU HW DO f DQG 0F*LQQLV HW DO f VXJJHVWHG OLPLWHG DYDLODELOLW\ RI SKRVSKRUXV IURP SODQW VRXUFHV *LOOLV HW DO ,Of LQGLFDWHG WKDW SKRVSKRUXV SUHVHQW LQ QDWXUDO SODQW LQJUHGLn HQWV ZDV D VOLJKWO\ PRUH HIIHFWLYH VRXUFH RI SKRVSKRUXV WKDQ WKDW H[WUDFWHG DV FDOFLXP SK\WDWH 6LQJVHQ HW DO f UHSRUWHG WKDW SKRVSKRUXV LQ D PL[WXUH RI FHUHDO JUDLQV ZDV UHODWLYHO\ XQDYDLODEOH IRU ERQH FDOFLILFDWLRQ DOWKRXJK WKH DGGLWLRQ RI YLWDPLQ LPSURYHG LWV XWLOL]DWLRQ 77KHDW EUDQ SKRVSKRUXV ZDV SRRUO\ XWLOL]HG E\ UDWV LQ WKH DEVHQFH RI YLWDPLQ %RXLZHOO HW DO f +RZHYHU DQ DGHTXDWH LQWDNH RI WKLV YLWDPLQ

PAGE 84

LQFUHDVHG WKH XWLOL]DWLRQ RI WKLV SKRVSKRUXV VRXUFH IRU ERQH FDOFLILFDWLRQ QHDUO\ WR WKDW RI LQRUJDQLF SKRVSKRUXV 7KH SKRVSKRUXV LQ VR\EHDQ PHDO ZDV XWLOL]HG E\ UDWV IRU ERWK JURZWK DQG ERQH IRUPDWLRQ 6SLW]HU DQG 3KLOOLSV DEf )ULW] HW DO 8f QRWHG WKDW XQGHU SUDFWLFDOFRQGLWLRQV FHUHDO JUDLQ SKRVn SKRUXV ZDV ZHOO XWLOL]HG E\ WXUNH\ SRXOWV 7KH SKRVSKRUXV LQ XQLILQH IORXU ZDV VKRZQ WR EH DOPRVW FRPSOHWHO\ DYDLODEOH IRU JURZWK DQG VRPHn ZKDW OHVV DYDLODEOH IRU ERQH GHSRVLWLRQ LQ WKH FKLFN 6LHEXUWK HWB DO f 9DQGHSRSXOLHUH HW DO f UHSRUWHG WKDW SODQW VRXUFH SKRVn SKRUXV ZDV UHDGLO\ DYDLODEOH IRU JURZWK LQ FKLFNV ZKHQ IHG DW DQ RSWLPXP &D3 UDWLR RI 7HPSHUWRQ DQG &DVVLG\ DEf FRQFOXGHG IURP EDODQFH VWXGLHV WKDW WKH FKLFN ZDV DEOH WR DEVRUE DQG UHWDLQ D ODUJH SURn SRUWLRQ RI LQJHVWHG SODQW SKRVSKRUXV DQG XWLOL]H WKLV SKRVSKRUXV IRU GHSRVLWLRQ LQ JURZLQJ ERQHV 7KLV VXSSRUWV HDUOLHU ZRUN E\ 6LQJVHQ HW DO f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

PAGE 85

7KH $YDLODELOLW\ RI 3K\WLF $FLG 3KRVSKRUXV IRU &KLFNV 6LQFH WKH UHSRUW RI 9DQGHSRSXOLHUH HW DO f LQGLFDWHG WKDW SODQW VRXUFH SKRVSKRUXV ZDV UHDGLO\ DYDLODEOH WR VXSSRUW JURZWK LQ FKLFNV ZKHQ IHG DW QDUURZ &D3 UDWLRV WKLV WULDO ZDV FRQGXFWHG WR GHWHUPLQH WKH DYDLODELOLW\ RI SK\WLF DFLG SKRVSKRUXV DQG WKH SRVVLEOH HIIHFW RI &D3 UDWLR XSRQ LWV DYDLODELOLW\ ([SHULPHQWDO 3URFHGXUH 7ZR WULDOV ZHUH FRQGXFWHG ZLWK GD\ROG EURLOHU FKLFNV *UDGHG OHYHOV RI SKRVSKRUXV IURP SK\WLF DFLG WR 2OL2 SHUFHQWf DQG GLn FDOFLXP SKRVSKDWH WR SHUFHQWf ZHUH IHG WR FKLFNV DW &D3 UDWLRV RI DQG 7DEOH f 7KH EDVDO GLHWV FRQWDLQHG SHUn FHQW WRWDO SKRVSKRUXV 7KH SK\WLF DFLG ZDV VXSSOLHG LQ D VROXWLRQ FRQWDLQLQJ SHUFHQW SK\WLF DFLG $OO H[SHULPHQWDO GLHWV ZHUH NHSW LVRFDORULF DQG LVR QLWURJHQRXV E\ YDU\LQJ WKH DPRXQW RI FRUQ VR\EHDQ RLO PHDO DQG DQLPDO IDW ,QFUHDVHG FDOFLXP FRQWHQW ZDV REWDLQHG E\ LQFUHDVLQJ WKH OHYHO RI JURXQG OLPHVWRQH 7ZR UHSOLFDWLRQV RI PDOHV DQG IHPDOHV ZHUH XVHG SHU WUHDWn PHQW LQ HDFK WULDO LQ EDWWHU\ EURRGHUV ([SHULPHQWDO GLHWV DQG WDS ZDWHU ZHUH JLYHQ DG OLELWXP ,QGLYLGXDO ERG\ ZHLJKWV RI FKLFNV ZHUH REWDLQHG DW 8 ZHHNV RI DJH 6LQFH WKH GLHW ; WULDO LQWHUDFWLRQ ZDV QRW VLJQLILFDQW RQO\ DYHUDJH ZHLJKWV IURP WKH FRPELQHG WULDOV DUH JLYHQ 7KUHH PDOHV DQG IHPDOHV IURP HDFK SHQ LQ WULDO ZHUH VDFULILFHG IRU ERQH DVK GHWHUPLQDWLRQ

PAGE 86

7$%/( &RPSRVLWLRQ RI EDVDO GLHWV ,QJUHGLHQWV &D3 5DWLR 3HUFHQW RI GLHW 'HJHUPLQDWHG FRUQ PHDO 8 6R\EHDQ PHDO b SURWHLQf $QLPDO IDW f f *URXQG OLPHVWRQH $OIDOID PHDO ^b SRUWHLQf W 0LFU RLQJUH GLHQWV ,RGL]HG VDOW ROR R8R A0LFURLQJUHGLHQWV DV RXWOLQHG LQ 7DEOH

PAGE 87

5HVXOWV DQG 'LVFXVVLRQ *URZWK UDWH DQG WLELD DVK RI FKLFNV ZHUH VLJQLILFDQWO\ LQFUHDVHG ZLWK HDFK LQFUHDVH RI GLHWDU\ SKRVSKRUXV VXSSOLHG HLWKHU E\ SK\WLF DFLG RU GLFDOFLXP SKRVSKDWH 7DEOH f *URZWK UDWH DQG WLELD DVK RI FKLFNV UHFHLYLQJ VXSSOHPHQWDU\ SKRVn SKRUXV IURP SK\WLF DFLG ZHUH FRPSDUDEOH WR FKLFNV UHFHLYLQJ HTXLYDOHQW OHYHOV RI SKRVSKRUXV IURP GLFDOFLXP SKRVSKDWH 7KHVH GDWD DUH LQ GLVn DJUHHPHQW ZLWK WKH HDUOLHU ILQGLQJV /RZH HW DO +HXVHU HW DO LL 0F*LQQLV HW DO 88 DQG *LOOLV HW DO 8f WKDW SK\WLQ SKRVn SKRUXV FRXOG EH XWLOL]HG VOLJKWO\ LI DW DOO E\ WKH FKLFN +RZHYHU WKHVH GDWD DUH LQ DJUHHPHQW ZLWK DQ HDUOLHU UHSRUW E\ 9DQGHSRSXOLHUH HW DO f DQG DJUHH ZLWK GDWD REWDLQHG IURP IHHGLQJ UDWV ZKHUH SK\n WLF DFLG RU SK\WLQ SKRVSKRUXV ZDV DYDLODEOH IRU JURZWK DQG ERQH FDOFLn ILFDWLRQ .ULHJHU HW DO O 6SLW]HU HW DO rf 7KH SKRVSKRUXV VRXUFH ; &D3 UDWLR LQWHUDFWLRQ IRU ERG\ ZHLJKW DQG ERQH DVK ZDV IRXQG WR EH VWDWLVWLFDOO\ VLJQLILFDQW 3 f 7KLV VLJQLILFDQW LQWHUDFWLRQ ZDV D UHVXOW RI VOLJKWO\ ORZHUHG ERG\ ZHLJKWV RU ERQH DVK RI FKLFNV IHG SK\WLF DFLG ZKHQ WKH &D3 UDWLR ZDV ZLGHQHG DV FRPSDUHG WR DQ LQFUHDVHG ERG\ ZHLJKW RU ERQH DVK ZKHQ WKH UDWLR ZDV ZLGHQHG ZLWK GLFDOFLXP SKRVSKDWH DV D SKRVSKRUXV VRXUFH 7KDW ZLGHQLQJ WKH &D3 UDWLR LQWHUIHUHV ZLWK XWLOL]DWLRQ RI SK\WLQ SKRVSKRUXV DJUHHV ZLWK WKH VXJJHVWLRQ RI 9DQGHSRSXOLHUH HW DO f +RZHYHU LW GRHV QRW H[SODLQ WKH KLJK DYDLODELOLW\ RI WKH SK\WLF DFLG SKRVSKRUXV LQ WKLV VWXG\ DV FRPSDUHG WR HDUOLHU UHSRUWV ZLWK WKH FKLFN

PAGE 88

7$%/( %RG\ ZHLJKW DQG WLELD DVK RI FKLFNV IHG YDULRXV OHYHOV RI SKRVSKRUXV IURP SK\WLF DFLG DQG GLFDOFLXP SKRVSKDWH 6XSSOHPHQW &DU 3 UDWLR &D3 UDWLR %RG\ ZW Jf 7LELD DVK bf %RG\ ZW Jf 7LELD DVK bf b 3 DGGHG 6RXUFH 2 f f 3K\WLF DFLG 3K\WLF DFLG K KK 3K\WLF DFLG OL2 3K\WLF DFLG f f f f 'LFDOFLXP SKRVSKDWH 'LFDOFLXP SKRVSKDWH 'LFDOFLXP SKRVSKDWH 8 68 M ‘n%DVDO GLHW FRQWDLQHG SHUFHQW SKRVSKRUXV

PAGE 89

,W KDV EHHQ VKRZQ WKDW KHDW WUHDWPHQWBLQFUHDVHV WKH DYDLODELOLW\ RI ]LQF LQ VR\EHDQ SURWHLQ 6XSSOHH HW DO DQG .UDW]HU HWB DO f DQG DQ LQWHUUHODWLRQVKLS KDV EHHQ VKRZQ EHWZHHQ WKH ]LQF FRQWHQW RI WKH GLHW DQG XWLOL]DWLRQ RI SK\WLF DFLG 2n'HOO HW DO f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r LQRVLWRO KH[DSKRVSKRULF DFLGf FRQWDLQHG SHUFHQW SKRVSKRUXV 7KH VXSSOHPHQW XVHG ZDV DQ DTXHRXV VROXWLRQ FRQn WDLQLQJ SHUFHQW SK\WLF DFLG 7KH FDOFLXP SK\WDWHrr GHVFULEHG DV SK\WLF DFLG FDOFLXPPDJQHVLXP VDOW ZLWK DQ DSSUR[LPDWH DQDO\VLV RI SHUFHQW FDOFLXP SHUFHQW PDJQHVLXP DQG SHUFHQW SKRVSKRUXV ZDV n f§ ‘ f§ n‘‘‘‘‘ ‘‘ A1XWULWLRQDO %LRFKHPLFDOV &RUS &OHYHODQG 2KLR rr&RUQ 3URGXFWV &R 1HZ
PAGE 90

LQ WKH IRUP RI D ZKLWH RGRUOHVV SRZGHU LQVROXEOH LQ ZDWHU 7KH VRGLXP SK\WDWHr GHVFULEHG DV D QHXWUDO SK\WLF DFLG VRGLXP VDOW FRQWDLQHG SHUFHQW SKRVSKRUXV ,W fZDV D ZKLWH SRZGHU ZKLFK ZDV FRPSOHWHO\ VROXEOH LQ ZDWHU $ SUDFWLFDO W\SH GLHW XVLQJ GHJHUPLQDWHG FRUQ DV WKH PDMRU HQHUJ\ VRXUFH DQG GHKXOOHG VR\EHDQ PHDO DV WKH PDMRU SURWHLQ VRXUFH VHUYHG DV WKH EDVDO GLHW IRU DOO WULDOV 7DEOH f 7KLV GLHW ZDV FDOFXODWHG WR FRQWDLQ SHUFHQW SKRVSKRUXV DOO IURP SODQW VRXUFHV SHUFHQW SURWHLQ DQG NLORFDORULHV RI SURGXFWLYH HQHUJ\ SHU SRXQG 'D\ROG EURLOHU FKLFNV ZHUH UDQGRPO\ DVVLJQHG WR SHQV LQ EDWWHU\ EURRGHUV 7KH H[SHULPHQWDO IHHGV DQG WDS ZDWHU ZHUH VXSSOLHG DG OLELWXP 7KUHH SHQV HDFK FRQWDLQLQJ PDOH DQG IHPDOH FKLFNV ZHUH DVVLJQHG WR HDFK RI WKH H[SHULPHQWDO WUHDWPHQWV LQ DOO WULDOV 7ULDO f§)HHG JUDGH GLFDOFLXP SKRVSKDWH FDOFLXP SK\WDWH DQG SK\WLF DFLG ZHUH DGGHG WR WKH EDVDO GLHW WR VXSSO\ DQG SHUFHQW VXSSOHPHQWDO SKRVSKRUXV UHVXOWLQJ LQ WRWDO SKRVSKRUXV OHYHOV RI 2LL2 DQG SHUFHQW $ FRQVWDQW UDWLR RI FDOFLXP WR SKRVSKRUXV ZDV PDLQWDLQHG E\ WKH DGGLWLRQ RI UHDJHQW JUDGH FDOFLXP FDUERQDWH 'LHWV ZHUH PDLQWDLQHG LVRFDORULF E\ WKH DGGLWLRQ RI ILQHO\ JURXQG RDW KXOOV &KLFNV ZHUH SODFHG RQ WKH H[SHULPHQWDO GLHWV DW GD\ RI DJH DQG PDLQn WDLQHG IRU D GD\ IHHGLQJ SHULRG DW ZKLFK WLPH LQGLYLGXDO ERG\ ZHLJKWV ZHUH REWDLQHG DQG PDOH DQG IHPDOH FKLFNV IURP HDFK SHQ ZHUH VDFULILFHG IRU ERQH DVK GHWHUPLQDWLRQ A1XWULWLRQDO %LRFKHPLFDOV &RUS &OHYHODQG 2KLR

PAGE 91

7$%/( &RPSRVLWLRQ RI EDVDO GLHW ,QJUHGLHQW 3HUFHQW 'HJHUPLQDWHG FRUQ 6R\EHDQ PHDO SURWHLQf $OIDOID PHDO SURWHLQf ,RGL]HG VDOW 8 0LFURLQJUHGLHQWVA 9DULDEOH LQJUHGLHQWVA A0LFURLQJUHGLHQWV DV RXWOLQHG LQ 7DEOH &RQVLVWHG RI FDOFLXP FDUERQDWH SKRVSKRUXV VRXUFH DQG RDW KXOOV LQ DPRXQWV FDOFXODWHG WR DWWDLQ GHVLUHG FDOFLXP DQG SKRVSKRUXV OHYHOV

PAGE 92

7ULDO f§7KH EDVDO GLHW 7DEOH f ZDV VXSSOHPHQWHG ZLWK RU SHUFHQW SKRVSKRUXV IURP HLWKHU SK\WLF DFLG FDOFLXP SK\WDWH VRGLXP SK\WDWH RU PRQRV RGLXP SKRVSKDWH 1DOA32A +2f 7KLV UHVXOWHG LQ WRWDO SKRVSKRUXV OHYHOV RI 2LL2 DQG SHUFHQW 7KH FDOFLXP OHYHO RI DOO GLHWV ZDV PDLQWDLQHG DW SHUFHQW WRWDO FDOFLXP ZLWK K ,&8 RI YLWDPLQ SHU SRXQG RI IHHG 7KH H[SHULPHQWDO GLHWV DQG WDS ZDWHU ZHUH VXSSOLHG DG OLELWXP ,QGLYLGXDO ERG\ ZHLJKWV ZHUH GHWHUPLQHG DW GD\V RI DJH 7ULDO f§7KH EDVDO GLHW 7DEOH f ZDV VXSSOHPHQWHG ZLWK DQG 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n'HOO HW DO ,Of LQGLFDWHG DQ LQWHUDFWLRQ EHWZHHQ FDOFLXP DQG SK\WLF DFLG UHODWLYH WR WKH DYDLODELOLW\ RI ]LQF LW VHHPHG GHVLUDEOH WR GHWHUPLQH WKH HIIHFWV RI ]LQF VXSSOHPHQWDWLRQ RI WKH EDVDO GLHW XSRQ WKH DYDLODELOLW\ RI WKH SKRVSKRUXV IURP WKH SK\WLQ VRXUFHV 7KHUHIRUH WKH GLHWV FRQWDLQLQJ ,&8 RI YLWDPLQ SHU SRXQG DQG 2LL2

PAGE 93

SHUFHQW DGGHG SKRVSKRUXV IURP HDFK RI WKH ,L VRXUFHV ZHUH VXSSOHPHQWHG ZLWK SSP RI ]LQF LQ WKH IRUP RI ]LQF VXOIDWH DQG FRPSDUHG WR FRPSDUDEOH GLHWV ZLWKRXW ]LQF VXSSOHPHQWDWLRQ 7KH H[SHULPHQWDO GLHWV DQG WDS ZDWHU ZHUH VXSSOLHG DG OLELWXP $W GD\V RI DJH LQGLYLGXDO ERG\ ZHLJKWV ZHUH REWDLQHG 5HVXOWV DQG 'LVFXVVLRQ 7ULDO f§f1R VLJQLILFDQW GLIIHUHQFHV ZHUH REVHUYHG EHWZHHQ WKH DYDLODELOLW\ RI SKRVSKRUXV IURP SK\WLF DFLG RU GLFDOFLXP SKRVSKRUXV DV GHWHUPLQHG E\ ERG\ ZHLJKW RU WLELD DVK 7DEOH f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n LQJ VXSSRUW WR WKH UHSRUW E\ 6LHEXUWK HW DO f WKDW WKH SKRVSKRUXV IURP FDOFLXP SK\WDWH ZDV UHODWLYHO\ XQDYDLODEOH IRU JURZWK EXW DYDLODEOH IRU ERQH GHSRVLWLRQ ,Q QR FDVH KRZHYHU GLG WKH GHJUHH RI FDOFLILFDWLRQ RQ WKH FDOFLXP SK\WDWH GLHWV DSSURDFK WKDW DWWDLQHG RQ WKH SK\WLF DFLG RU GLFDOFLXP SKRVSKDWH GLHWV 7ULDO f§'LHWV VXSSOHPHQWHG ZLWK SKRVSKRUXV IURP FDOFLXP SK\WDWH GLG QRW VXSSRUW D OHYHO RI JURZWK HTXLYDOHQW WR WKDW REWDLQHG IURP IHHGLQJ

PAGE 94

7$%/( %RG\ ZHLJKW DQG WLELD DVK RI FKLFNV IHG GLHWV VXSSOHPHQWHG ZLWK YDULRXV VRXUFHV RI RUJDQLF DQG LQRUJDQLF SKRVSKRUXV 3KRVSKRUXV %RG\ ZHLJKW JPVf 7LELD DVK f 6RXUFH b $GGHG 0 ) $Y 0 ) $Y %DVDO GLHWA G LLN &DOFLXP SK\WDWH K r r LL G D 3K\WLF DFLG E K 8 D I 'LFDOFLXP SKRVSKDWH E 8 K K D 2J 0HDQV EHDULQJ WKH VDPH VXSHUVFULSWV GR QRW GLIIHU VLJQLILn FDQWO\ 3 f S %DVDO GLHW FDOFXODWHG WR FRQWDLQ b SKRVSKRUXV $OO GLHWV IHG DW D &D3 UDWLR

PAGE 95

WKH RWKHU SKRVSKRUXV VRXUFHV DW HLWKHU OHYHO RI VXSSOHPHQWDWLRQ 7DEOH f 6RGLXP SK\WDWH SKRVSKRUXV DW WKH SHUFHQW OHYHO RI VXSSOHPHQWDWLRQ VXSSRUWHG D JURZWK UDWH WKDW ZDV QXPHULFDOO\ EXW QRW VLJQLILFDQWO\ VXSHULRU WR WKH FDOFLXP SK\WDWH JURXSV 77KHQ WKH VRGLXP SK\WDWH VXSn SOHPHQWDWLRQ ZDV LQFUHDVHG WR SHUFHQW SKRVSKRUXV ERG\ ZHLJKW GDWD LQGLFDWHG LWV XWLOL]DWLRQ ZDV VLJQLILFDQWO\ JUHDWHU WKDQ WKDW RI FDOFLXP SK\WDWH EXW GLG QRW DSSURDFK WKDW RI WKH SK\WLF DFLG RU PRQRVRGLXP SKRVn SKDWH VXSSOHPHQWV %RG\ ZHLJKW GDWD LQGLFDWHG WKDW SK\WLF DFLG SKRVSKRUXV ZDV QRW DV DYDLODEOH DV WKH PRQRVRGLXP SKRVSKDWH DW WKH SHUFHQW OHYHO RI VXSSOHPHQWDWLRQ EXW ZDV HTXDOO\ DYDLODEOH DW WKH SHUFHQW OHYHO 7ULDO f§&RPSDULVRQ RI WKH JURZWK UDWH RI FKLFNV IHG WKH SKRVn SKRUXV VXSSOHPHQWV DW D OHYHO RI SHUFHQW DGGHG SKRVSKRUXV LQGLFDWHG PRQRVRGLXP SKRVSKDWH WR EH VXSHULRU WR WKH WKUHH SK\WLQ SKRVSKRUXV VRXUFHV 7DEOH 8f 3K\WLF DFLG DQG VRGLXP SK\WDWH ZHUH RI HTXDO YDOXH LQ SURPRWLQJ FKLFN JURZWK ZKLOH FDOFLXP SK\WDWH ZDV LQIHULRU WR DOO SKRVSKRUXV VRXUFHV WHVWHG 9YKHQ WKH SKRVSKRUXV VXSSOHPHQWDWLRQ ZDV LQn FUHDVHG WR SHUFHQW SK\WLF DFLG VXSSRUWHG D JURZWK UDWH FRPSDUDEOH WR WKDW RI FKLFNV RQ GLHWV VXSSOHPHQWHG ZLWK PRQRVRGLXP SKRVSKDWH 6XSSOHPHQWDWLRQ ZLWK VRGLXP SK\WDWH DW WKLV OHYHO GLG QRW VXSSRUW D JURZWK UDWH FRPSDUDEOH WR WKDW RI PRQRVRGLXP SKRVSKDWH RU SK\WLF DFLG VXSSOHPHQWDWLRQ EXW ZDV VXSHULRU WR FDOFLXP SK\WDWH VXSSOHPHQWDWLRQ &DOFLXP SK\WDWH FRQWLQXHG WR JLYH LQIHULRU SHUIRUPDQFH KRZHYHU D VLJn QLILFDQW LPSURYHPHQW LQ JURZWK ZDV REWDLQHG DV WKH OHYHO RI SKRVSKRUXV VXSSOHPHQWDWLRQ IURP WKLV VRXUFH ZDV LQFUHDVHG IURP WR SHUFHQW

PAGE 96

7$%/( %RG\ ZHLJKW RI FKLFNV IHG GLHWV VXSSOHPHQWHG ZLWK YDULRXV VRXUFHV RI RUJDQLF DQG LQRUJDQLF SKRVSKRUXV 3KRVSKRUXV VRXUFH b $GGHG SKRVSKRUXVA 0 ) $Y 0 ) $Y %RG\ ZHLJKW JUDPVf 3K\WLF DFLG OI NK LL f+ FA? &0 6RGLXP SK\WDWH 8 8HI KRK 8 iK &DOFLXP SK\WDWH 8 GH G 0RQRVRGLXP SKRVSKDWH 8 8KL P 8LV A7KH EDVDO GLHW YDV FDOFXODWHG WR FRQWDLQ SHUFHQW SKRVn SKRUXV DOO IURP SODQW VRXUFHV $OO GLHWV FRQWDLQHG SHUFHQW FDOFLXP S A0HDQV EHDULQJ WKH VDPH VXSHUVFULSW GR QRW GLIIHU VLJQLILFDQWn O\ 3 f

PAGE 97

7$%/( K %RG\ ZHLJKW RI FKLFNV IHG GLHWV VXSSOHPHQWHG ZLWK YDULRXV VRXUFHV RI RUJDQLF DQG LQRUJDQLF SKRVSKRUXV 3KRVSKRUXV =LQF =LQFA 6RXUFH b $GGHG R &' R W' 0 ) $Y 0 ) $Y 0 ) $Y %RG\ ZHLJKW JUDPVf %DVDOW r D r FG r D 0RQRV RGLXP OL OLOLHI SKRVSKDWH r r rr JKL r r rr OrKL r r OrKL r rr rr 3K\WLF DFLG EF r r OrOrKL 2OL2 OL r OrOrKL r r LrOrKL r r OrKL 6RGLXP SK\WDWH r EF rFG 2OL2 LLO r OrOrLrJKL rr OrOHAJ rr r OrIiK &DOFLXP D SK\WDWH OrE 2OL2 r rr OrGH EF A=LQF VXSSOHPHQWDWLRQ DW SSP VXSSOLHG E\ ]LQF VXOIDWH fA0HDQV EHDULQJ WKH VDPH VXSHUVFULSW GR QRW GLIIHU VLJQLILFDQWO\ 3 f A7KH EDVDO GLHW ZDV FDOFXODWHG WR FRQWDLQ SHUFHQW SKRVSKRUXV $OO GLHWV FRQWDLQHG SHUFHQW FDOFLXP

PAGE 98

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n VRGLXP SKRVSKDWH SK\WLF DFLG RU VRGLXP SK\WDWH EXW VLJQLILFDQWO\ LQn FUHDVHG WKH GD\ ERG\ ZHLJKW RI FKLFNV UHFHLYLQJ VXSSOHPHQWDO SKRVn SKRUXV IURP FDOFLXP SK\WDWH 7DEOH 8f =LQF VXSSOHPHQWDWLRQ RI WKH GLHWV FRQWDLQLQJ 2LL2 SHUFHQW SKRVn SKRUXV IURP HDFK RI WKH IRXU VRXUFHV KDG QR VLJQLILFDQW HIIHFW RQ GD\ ERG\ ZHLJKW 7DEOH Kf 7KH UHVXOWV RI WKHVH WULDOV LQGLFDWH WKDW WKH SKRVSKRUXV IURP WKH SK\WLF DFLG VXSSOHPHQW LQRVLWRO KH[DSKRVSKRULF DFLGf ZDV KLJKO\ DYDLODEOH DQG HTXDO WR WKH GLFDOFLXP RU PRQRVRGLXQ SKRVSKDWHV LQ PRVW LQVWDQFHV DV PHDVXUHG E\ ERG\ ZHLJKW DQG WLELD DVK 7KLV FRQILUPV WKH UHSRUW RI .DUUDV HW DO f WKDW SKRVSKRUXV IURP SK\WLF DFLG ZDV DV DYDLODEOH DV WKDW IURP GLFDOFLXP SKRVSKDWH 7KH DYDLODELOLW\ RI SKRVSKRUXV IURP VRGLXP SK\WDWH ZDV VRPHn ZKDW ORZHU WKDQ IURP SK\WLF DFLG RU WKH LQRUJDQLF SKRVSKDWHV 7KH DYDLODELOLW\ RI WKH VRGLXP SK\WDWH SKRVSKRUXV WHQGHG WR LQFUHDVH DV

PAGE 99

WKH OHYHO RI VXSSOHPHQWDWLRQ LQFUHDVHG DSSURDFKLQJ WKDW RI WKH GLn FDOFLXP RU PRQRVRGLXP SKRVSKDWH DW KLJK OHYHOV RI VXSSOHPHQWDWLRQ 7KH SKRVSKRUXV LQ WKH FDOFLXPPDJQHVLXP VDOW RU SK\WLF DFLG FDOFLXP SK\WDWHf ZDV HVVHQWLDOO\ XQDYDLODEOH IRU JURZWK DQG RQO\ VOLJKWO\ DYDLODEOH IRU ERQH FDOFLILFDWLRQ XQGHU WKH FRQGLWLRQV RI WKHVH H[SHULPHQWV 7KLV FRQILUPV WKH UHSRUWV RI 0DWWHUVRQ HW DO 8f 6LHEXUWK HW DO f DQG *LOOLV HW DO f ,Q FRQWUDVW WR WKH VRGLXP SK\WDWH VXSSOHPHQW WKH DYDLODELOLW\ RI WKH FDOFLXP SK\n WDWH SKRVSKRUXV DSSHDUHG WR GHFOLQH DV WKH OHYHO RI VXSSOHPHQWDWLRQ LQn FUHDVHG ,Q RQO\ RQH RI WKUHH H[SHULPHQWV GLG KLJKHU OHYHOV RI FDOFLXP SK\WDWH FRQWLQXH WR LPSURYH SHUIRUPDQFH ,QFUHDVLQJ WKH YLWDPLQ OHYHO RI WKH GLHW IURP WR ,&8 SHU SRXQG VLJQLILFDQWO\ LQFUHDVHG WKH DYDLODELOLW\ RI WKH FDOFLXP SK\WDWH SKRVSKRUXV EXW GLG QRW LQIOXHQFH WKH DYDLODELOLW\ RI SK\WLF DFLG RU VRGLXP SK\WDWH SKRVSKRUXV 7KLV ILQGLQJ DJUHHV ZLWK WKH UHSRUWV RI VHYHUDO ZRUNHUV .ULHJHU DQG 6WHQERFN 8 %RXWZHOO HW DO 8 6LQJVHQ HW DO OL 6SLW]HU HW DO 8 *LOOLV HWB DO f DQG PD\ EH GXH HLWKHU WR LWV ZHOONQRZQ DFWLRQ RQ FDOFLXP DEVRUSWLRQ RU WR VRPH DFWLYDWLQJ DFWLRQ RQ WKH LQWHVWLQDO SK\WDVH HQ]\PH +RZHYHU .ULHJHU HW DO ,O_f UHSRUWHG WKDW WKH FDOFLXP IURP FDOFLXP SK\WDWH ZDV DV DYDLODEOH DV IURP FDOFLXP FDUERQDWH ZKHQ DGHTXDWH SKRVSKRUXV ZDV VXSn SOLHG IURP LQRUJDQLF SKRVSKDWHV DQG 6SLW]HU HW DO 8f UHSRUWHG WKDW YLWDPLQ ZDV QRW QHFHVVDU\ IRU SK\WDVH IRUPDWLRQ ,Q ERWK RI WKHVH WHVWV ZHDQOLQJ UDWV ZHUH XVHG DQG D VSHFLHV GLIIHUHQFH PD\ EH SUHVHQW

PAGE 100

7KH ILQGLQJV ZKLFK LQGLFDWH KLJK DYDLODELOLW\ IRU SKRVSKRUXV LQ SK\WLF DFLG DQG VRGLXP SK\WDWH DSSHDU WR EH D GLUHFW FRQWUDGLFWLRQ RI WKH UHVXOWV RI +DUULVRQ DQG 0HOODQE\ f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n SKRUXV ,Q YLHZ RI WKHVH UHVXOWV WULDOV ZHUH FRQGXFWHG WR IXUWKHU GHILQH WKH LQIOXHQFH RI FDOFLXP DQG YLWDPLQ OHYHOV RQ WKH XWLOL]DWLRQ RI FDOFLXP SK\WDWH SKRVSKRUXV ([SHULPHQWDO 3URFHGXUH $ SUDFWLFDO W\SH GLHW XVLQJ GHJHUPLQDWHG FRUQ PHDO DV WKH PDMRU HQHUJ\ VRXUFH DQG GHKXOOHG VR\EHDQ PHDO DV WKH PDMRU SURWHLQ VRXUFH

PAGE 101

VHUYHG DV WKH EDVDO GLHW 7DEOH f 7KLV GLHW ZDV DQDO\]HG WR FRQWDLQ 4 SHUFHQW SKRVSKRUXV DOO IURP SODQW VRXUFHVf DQG ZDV FDOFXODWHG WR FRQWDLQ SHUFHQW SURWHLQ DQG NLORFDORULHV RI SURGXFWLYH HQHUJ\ SHU SRXQG RI IHHG 'D\ROG EURLOHU FKLFNV ZHUH UDQGRPO\ DVVLJQHG WR SHQV LQ EDWWHU\ EURRGHUV 7KUHH SHQV HDFK FRQWDLQLQJ PDOH DQG IHPDOH FKLFNV ZHUH DVVLJQHG WR HDFK RI WKH H[SHULPHQWDO WUHDWPHQWV 7KH H[SHULPHQWDO IHHGV DQG WDS ZDWHU ZHUH VXSSOLHG DG OLELWXP 7ULDO f§&DOFLXP SK\WDWH ZDV FRPSDUHG WR GLFDOFLXP SKRVSKDWH DW OHYHOV RI DQG SHUFHQW DGGHG SKRVSKRUXV DW FDOFLXP WR WRWDO SKRVSKRUXV UDWLRV RI r DQG $ OHYHO RI ,&8 RI YLWDPLQ SHU SRXQG ZDV XVHG LQ HDFK RI WKHVH GLHWV ,Q DGGLWLRQ YLWDPLQ OKL_ ,&8 SHU SRXQG RI IHHGf ZDV DGGHG WR GLHWV VXSSOHPHQWHG ZLWK SHUFHQW SKRVSKRUXV IURP FDOFLXP SK\WDWH DW HDFK RI WKH FDOFLXPSKRVSKRUXV UDWLRV 7KH FDOFLXP SK\WDWH VXSSOHPHQWr GHVFULEHG DV SK\WLF DFLG FDOFLXP PDJQHVLXP VDOW ZLWK DQ DQDO\VLV RI SHUFHQW FDOFLXP SHUFHQW PDJn QHVLXP DQG SHUFHQW SKRVSKRUXV ZDV LQ WKH IRUP RI D ZKLWH RGRUOHVV SRZGHU LQVROXEOH LQ ZDWHU $W GD\V RI DJH WKH FKLFNV ZHUH LQGLYLGXDOO\ ZHLJKHG DQG PDOH DQG IHPDOH FKLFNV IURP HDFK SHQ ZHUH VDFULILFHG IRU ERQH DVK GHWHUPLQDWLRQ r&RUQ 3URGXFWV &R 1HZ
PAGE 102

7ULDO f§$ 8 IDFWRULDO DUUDQJHPHQW RI SKRVSKRUXV VRXUFHV FDOFLXP SK\WDWH YV GLFDOFLXP SKRVSKDWHf VXSSOHPHQWDO SKRVSKRUXV OHYHOV YV SHUFHQWf FDOFLXP OHYHOV YV SHUn FHQWf DQG YLWDPLQ OHYHOV • YV ,&8 SHU SRXQGf ZDV XVHG LQ WKLV WHVW 7KH FKLFNV DQG WKH EDVDO GLHW ZHUH SUHSDUHG DV LQ 7ULDO 7KH H[SHULPHQWDO GLHWV ZHUH IHG IRU GD\V DW ZKLFK WLPH LQGLYLGXDO ERG\ ZHLJKWV ZHUH REWDLQHG 5HVXOWV DQG 'LVFXVVLRQ 7ULDO f§7ZHQW\RQHGD\ ERG\ ZHLJKW DQG WLELD DVK ZHUH VLJQLILn FDQWO\ DIIHFWHG E\ WKH VRXUFH DQG OHYHO RI SKRVSKRUXV WKH &D3 UDWLR DQG WKH YLWDPLQ OHYHO RI WKH GLHW 7DEOHV DQG f $V H[SHFWHG WKHUH ZHUH VLJQLILFDQW LQWHUDFWLRQV DPRQJ WKH IDFWRUV RI SKRVSKRUXV VRXUFH OHYHO RI DGGHG SKRVSKRUXV DQG WKH FDOFLXPSKRVSKRUXV UDWLR RI WKH H[SHULPHQWDO GLHWV $W WKH ORZHVW &D3 UDWLR f WKH DGGLWLRQ RI RU SHUFHQW SKRVSKRUXV IURP FDOFLXP SK\WDWH LQFUHDVHG ERG\ ZHLJKW DQG WLELD DVK ZLWK WKH LQFUHDVH IURP WKH SHUFHQW OHYHO VWDWLVWLFDOO\ VLJQLILFDQW $ IXUWKHU LQFUHDVH LQ SKRVSKRUXV IURP WKLV VRXUFH KDG QR DGGLWLRQDO HIIHFW ,Q IDFW WKH DGGLWLRQ RI SHUFHQW SKRVSKRUXV IURP FDOFLXP SK\WDWH UHVXOWHG LQ ERG\ ZHLJKW DQG WLELD DVK YDOXHV VLPLODU WR WKRVH REVHUYHG RQ WKH EDVDO GLHW ZLWK QR DGGHG SKRVn SKRUXV ,Q FRPSDULVRQ OHYHOV RI GLFDOFLXP SKRVSKDWH XS WR SHUFHQW DGGHG SKRVSKRUXV VLJQLILFDQWO\ LQFUHDVHG ERG\ ZHLJKW DQG WLELD DVK $ FRPSDULVRQ RI WKH VRXUFHV DW WKH &D3 UDWLR LQGLFDWHV WKDW ZLWK WKH H[FHSWLRQ RI WKH GLHW FRQWDLQLQJ SHUFHQW DGGHG

PAGE 103

N 7$%/( %RG\ ‘ZHLJKW RI FKLFNV IHG GLIIHUHQW SKRVSKRUXV VRXUFHV OHYHOV RI YLWDPLQ DQG FDOFLXPSKRVSKRUXV UDWLRV 3KRVSKRUXV 9LW &DOFLXPSKRVSKRUXV UDWLR 6RXUFH b $GGHG ,&8OE O8O $YHUDJH %RG\ ZHLJKW JUDPVf %DVDOA I6 A r OL &DOFLXP OiK HI OLE SK\WDWH A IJ OE NO FG D O8OL LPQ NO DE K IJ GH D 'LFDOFLXP N NO HI SKRVSKDWH NO 8NO KL LLNO rr r1 r Qr pK 2LO A0HDQV EHDULQJ WKH VDPH VXSHUVFULSWV GR QRW GLIIHU VLJQLILFDQWn O\ 3 f R %DVDO GLHW FRQWDLQHG SHUFHQW SKRVSKRUXV

PAGE 104

7$%/( 7LELD DVK RI FKLFNV IHG GLIIHUHQW SKRVSKRUXV VRXUFHV YLWDPLQ OHYHOV DQG FDOFLXPSKRVSKRUXV UDWLRV 3KRVSKRUXV 9LW &DOFLXPVSKRVSKRUXV UDWLR 6RXUFH b $GGHG ,&8OE $YHUDJH 7LELD DVK bfr %DVDOA FG EF D &DOFLXP GH DE D SK\WDWH H D D 8HI D DE LR LGH H DE EF D D 'LFDOFLXQ SKRVSKDWH KHI HI EF D HI FG I6 KL JK JK LD L ‘&OHDQV EHDULQJ WKH VDPH VXSHUVFULSW GR QRW GLIIHU VLJQLILFDQWO\ 3 f %DVDO GLHW FRQWDLQHG SHUFHQW SKRVSKRUXV

PAGE 105

SKRVSKRUXV IURP FDOFLXP SK\WDWH WKHUH ZHUH QR VLJQLILFDQW GLIIHUHQFHV LQ ERG\ ZHLJKW RU WLELD DVK DW FRPSDUDEOH SKRVSKRUXV OHYHOV ,Q VHYHUDO LQVWDQFHV ERG\ ZHLJKW ZDV QXPHULFDOO\ JUHDWHU IRU WKH FDOFLXP SK\WDWH JURXSV 7DEOH f ZKLOH GLFDOFLXP SKRVSKDWH WHQGHG WR SURGXFH D JUHDWHU GHJUHH RI ERQH FDOFLILFDWLRQ 7DEOH f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n QLILFDQW IRU ERWK ERG\ ZHLJKW DQG WLELD DVK $W WKH &D3 UDWLR KLJKHU OHYHOV RI DGGHG SKRVSKRUXV IURP FDOFLXP SK\WDWH LH DQG SHUFHQWf SURGXFHG D PRUH VHYHUH GHSUHVVLRQ LQ ERG\ ZHLJKW WKDQ GLG ORZHU OHYHOV +RZHYHU WKLV HIIHFW ZDV QRW DV VHYHUH ZKHQ WLELD DVK ZDV WKH FULWHULRQ &KLFNV IHG WKH GLHWV FRQWDLQLQJ GLFDOFLXP SKRVSKDWH WROHUDWHG WKH &D3 UDWLR WR D JUHDWHU H[WHQW WKDQ GLG FKLFNV IHG WKH FDOFLXP SK\WDWH VXSSOHPHQWHG GLHWV $V WKH OHYHO RI SKRVSKRUXV IURP GLFDOFLXP SKRVSKDWH LQFUHDVHG OHVV GHSUHVVLRQ LQ ERG\ ZHLJKW RU WLELD DVK ZDV REVHUYHG ,QFUHDVLQJ WKH OHYHO RI YLWDPLQ O8L_ YV ,&8OEf LQ WKH GLHW VXSSOHPHQWHG ZLWK SHUFHQW SKRVSKRUXV IURP FDOFLXP

PAGE 106

SK\WDWH VLJQLILFDQWO\ LPSURYHG ERG\ ZHLJKW DQG WLELD DVK DW D &D3 UDWLR RI O8O 7DEOHV 8 DQG f $W &D3 UDWLRV RI DQG ERG\ ZHLJKW ZDV QXPHULFDOO\ EXW QRW VLJQLILFDQWO\ LQFUHDVHG E\ WKH DGGLWLRQ RI WKH KLJKHU OHYHO RI YLWDPLQ +RZHYHU OLWWOH HIIHFW ZDV REVHUYHG RQ WLELD DVK DW WKHVH &D3 UDWLRV 7ULDO f§&DOFLXP SK\WDWH ZDV LQIHULRU WR GLFDOFLXP SKRVSKDWH DV D SKRVSKRUXV VRXUFH DW DOO OHYHOV RI SKRVSKRUXV FDOFLXP DQG YLWDPLQ VXSSOHPHQWDWLRQ DV PHDVXUHG E\ ERG\ ZHLJKW 7DEOH f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n FHQW FDOFLXP 'LHWV FRQWDLQLQJ SHUFHQW SKRVSKRUXV IURP GLFDOFLXP SKRVSKDWH DOVR VXSSRUWHG JUHDWHU JURZWK DW WKH ORZHU FDOFLXP OHYHO

PAGE 107

7$%/( %RG\ ZHLJKW RI FKLFNV IHG GLIIHUHQW SKRVSKRUXV VRXUFHV ZLWK YDU\LQJ OHYHOV RI FDOFLXP DQG YLWDPLQ 3KRVSKRUXV b &DOFLXP A &DOFLXP 6RXUFH b $GGHG %RG\ ZHLJKW JUDPVf %DVDO GLHWA OOKD G f f f f &DOFLXP SK\WDWH E DI6 G LKL 8E GH GH • 'LFDOFLXP SKRVSKDWH OH OO6K Kr L A "IJK A 0HDQV EHDULQJ WKH VDPH VXSHUVFULSW GR QRW GLIIHU VLJQLILFDQWO\ 3 f A%DVDO GLHW FRQWDLQHG SHUFHQW SKRVSKRUXV

PAGE 108

EXW ZKHQ WKH VXSSOHPHQWDO SKRVSKRUXV OHYHO ZDV LQFUHDVHG WR SHUFHQW IURP GLFDOFLXP SKRVSKDWH JURZWK RQ WKH KLJKHU FDOFLXP OHYHO ZDV IDYRUHG ZKHQ ERWK OHYHOV RI VXSSOHPHQWDO YLWDPLQ ZHUH FRPELQHG +RZHYHU WKH PD[LPXP JURZWK DW WKLV OHYHO RI SKRVSKRUXV VXSSOHPHQWDWLRQ UHVXOWHG ZKHQ WKH FDOFLXP OHYHO RI WKH GLHW ZDV SHUFHQW DQG WKH YLWDPLQ OHYHO ZDV ,&8 SHU SRXQG 7KH UHVXOWV RI WKHVH WULDOV GHPRQVWUDWH D FORVH UHODWLRQVKLS EHWZHHQ FDOFLXP DQG SKRVSKRUXV OHYHOV DQG UDWLRV DQG WKH YLWDPLQ OHYHO RI WKH GLHW XSRQ WKH XWLOL]DWLRQ RI WKH SKRVSKRUXV IURP FDOFLXP SK\WDWH /RZ FDOFLXP OHYHOV RU ORZ &D3 UDWLRV WHQGHG WR LPSURYH WKH DYDLODELOLW\ RI WKH FDOFLXP SK\WDWH SKRVSKRUXV ,Q VHYHUDO LQVWDQFHV WKH LPSURYHPHQW LQ SKRVSKRUXV DYDLODELOLW\ ZDV VXFK WKDW FDOFLXP SK\n WDWH SKRVSKRUXV ZDV HTXDO WR GLFDOFLXP SKRVSKDWH SKRVSKRUXV LQ SURPRWLQJ JURZWK RU ERQH FDOFLILFDWLRQ 7KHVH ORZ FDOFLXP OHYHOV KRZHYHU ZHUH QRW WKH PRVW GHVLUDEOH OHYHOV IRU RSWLPXP SHUIRUPDQFH RQ GLHWV VXSSOHn PHQWHG ZLWK GLFDOFLXP SKRVSKDWH +LJKHU OHYHOV RI FDOFLXP RU ZLGHU &D3 UDWLRV ZHUH UHTXLUHG IRU RSWLPXP SHUIRUPDQFH RQ GLFDOFLXP SKRVSKDWH VXSSOHPHQWHG GLHWV WKHVH KLJKHU FDOFLXP OHYHOV ORZHUHG WKH DYDLODELOLW\ RI WKH FDOFLXP SK\WDWH SKRVSKRUXV ,QFUHDVLQJ WKH OHYHO RI YLWDPLQ LQ WKH GLHW 8_ WR YV ,&8OE RI IHHGf LPSURYHG WKH XWLOL]DWLRQ RI SKRVSKRUXV IURP ERWK FDOFLXP SK\WDWH DQG GLFDOFLXP SKRVSKDWH DW FHUWDLQ &D3 OHYHOV DQG UDWLRV 7KLV ZRXOG EH H[SHFWHG VLQFH WKH GDWD LQ &KDSWHU GHPRQVWUDWHG WKDW WKH YLWDPLQ UHTXLUHPHQW RI FKLFNV ZDV LQFUHDVHG DW XQIDYRUDEOH FDOFLXPSKRVSKRUXV UDWLRV

PAGE 109

7KH $YDLODELOLW\ RI 1DWXUDO 3ODQW 3KRVSKRUXV 7KH PDMRULW\ RI WKH ZRUNHUV ZKR KDYH UHSRUWHG D ORZ DYDLODELOLW\ IRU RUJDQLF SKRVSKRUXV KDYH XWLOL]HG D FKHPLFDOO\ LVRODWHG SURGXFW UDWKHU WKDQ WKH LQWDFW IRUP 5HVXOWV RI WKH SUHYLRXV H[SHULPHQW GHPRQVWUDWHG D VLJQLILFDQW GLIIHUHQFH LQ WKH DYDLODELOLW\ RI YDULRXV VDOWV RI SK\WLQ SKRVSKRUXV 7KHUHIRUH WKLV VWXG\ ZDV FRQGXFWHG WR GHWHUPLQH WKH DYDLOn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f $OO LQJUHGLHQWV ZHUH VXEPLWWHG WR ODERUDWRULHV IRU SKRVSKRUXV DQDO\VLV 7DEOH f %DVDO GLHWV ZHUH SUHSDUHG XVLQJ HDFK RI WKH FRUQ SURGXFWV 7DEOH f $ FRQVWDQW DPRXQW RI VR\EHDQ PHDO ZDV XVHG LQ RUGHU WKDW WKH YDULDWLRQ LQ SKRVSKRUXV OHYHO RI WKH GLHW ZRXOG EH D UHVXOW RI WKH FRUQ FRPSRQHQW 6RPH DGMXVWPHQW RI WKH KRPLQ\ PHDO GLHW ZDV QHFHVVDU\ WR PDLQWDLQ D FRQVWDQW OHYHO RI HQHUJ\ DQG SURWHLQ &HUHORVH DQG FRUQ RLO ZHUH DGGHG WR DGMXVW IRU HQHUJ\ FRQWHQW DQG LVRODWHG VR\ SURWHLQ

PAGE 110

7$%/( 3KRVSKRUXV DQDO\VLV RI FRUQ SURGXFWV &RUQ 3URGXFW /DERUDWRU\ $YH 'HJHUPLQDWHG FRUQ b 3KRVSKRUXV &RUQ PHDO +RPLQ\ PHDO

PAGE 111

7$%/( &RPSRVLWLRQ RI GLHWV 3HUFHQW RI 'LHW ,QJUHGLHQW 'HJHUPLQDWHG FRUQ f f f 9LKLWH FRUQ PHDO f f f k +RPLQ\ PHDO f f f f 8LR &RUQ RLO f f f k 88 &HUHORVH f f f f 8 6R\ SURWHLQ f f f f ,RGL]HG VDOW R8R R8R 282 6R\EHDQ PHDO b SURWHLQf 8 8RR 8RR LLLFURLQJUHGLHQWVO 9DULDEOH RR b 3URWHLQ 8 82 82 &DORULHV 3(OE b 3 R8R b &D fA0LFURLQJUHGLHQWV DV RXWOLQHG LQ 7DEOH fA&RQVLVWHG RI UHDJHQW JUDGH FDOFLXP FDUERQDWH UHDJHQW JUDGH PRQRVRGLXP SKRVSKDWH DQG SXOYHUL]HG RDW KXOOV

PAGE 112

B DGGHG WR DGMXVW SURWHLQ OHYHOV 8VLQJ DQ DYHUDJH RI WKH DQDO\WLFDO YDOXHV IRU WKH LQJUHGLHQWV WKH GLHWV ZHUH FDOFXODWHG WR FRQWDLQ r DQG SHUFHQW SKRVSKRUXV IRU WKH GHJHUUDLQDWHG FRUQ ZKLWH FRUQ PHDO DQG KRPLQ\ PHDO GLHWV UHVSHFWLYHO\ &KHPLFDO DQDO\VHV RI WKH PL[HG GLHWV E\ WKH ODERUDWRULHV ZHUH LQ FORVH DJUHHPHQW ZLWK FDOFXn ODWHG YDOXHV 7R HDFK RI WKH EDVDO GLHWV JUDGHG OHYHOV RI LQRUJDQLF SKRVn SKRUXV ZHUH DGGHG LQ WKH IRUP RI UHDJHQW JUDGH PRQRVRGLXP SKRVSKDWH 1DOA34MM .2f 3KRVSKRUXV VXSSOHPHQWDWLRQ OHYHOV ZHUH R DQG r SHUFHQW UHVXOWLQJ LQ D ; IDFWRULDO DUUDQJHPHQW RI WUHDWPHQWV 7KH WRWDO FDOFLXP FRQWHQW RI DOO GLHWV ZDV KHOG FRQVWDQW DW SHUFHQW E\ WKH DGGLWLRQ RI FDOFLXP FDUERQDWH 7KLV OHYHO RI FDOFLXP VXSSOHPHQWDWLRQ PHW WKH FDOFLXP UHTXLUHPHQW RI WKH WR OrZHHN ROG FKLFN IRU WKLV EDVDO GLHW &KDSWHU f ZLWKRXW FUHDWLQJ D VHYHUH &D3 LQEDODQFH LQ WKH GLHW 7KH VXSSOHPHQWDO YLWDPLQ OHYHO W DV ,&8 SHU SRXQG RI IHHG 7KUHH VXFFHVVLYH IHHGLQJ WULDOV ZHUH FRQGXFWHG XVLQJ WKH RULJLn QDO VDPSOHV RI WKH FRUQ SURGXFWV WR SUHSDUH WKH IHHGV IRU HDFK WULDO 'D\ROG EURLOHU FKLFNV ZHUH UDQGRPO\ DVVLJQHG WR SHQV LQ EDWWHU\ EURRGHUV 7KH H[SHULPHQWDO IHHGV DQG WDS ZDWHU ZHUH RIIHUHG DG OLELWXP 7HQ FKLFNV HTXDOO\ GLYLGHG DV WR VH[ ZHUH DVVLJQHG WR HDFK SHQ ,Q HDFK RI WKH IHHGLQJ WULDOV ,r SHQV ZHUH DVVLJQHG WR HDFK GLHWDU\ WUHDWPHQW UHVXOWn LQJ LQ DQ RYHUDOO WRWDO RI FKLFNV SHU WUHDWPHQW $W GD\V RI DJH WKH FKLFNV ZHUH LQGLYLGXDOO\ ZHLJKHG DQG FKLFNV RI HDFK VH[ ZHUH VDFULILFHG IURP HDFK SHQ IRU ERQH DVK GHWHUPLQDWLRQ

PAGE 113

R8 $QDO\VLV RI WKH GDWD LQGLFDWHG QR VLJQLILFDQW WULDO ; WUHDWPHQW LQWHUDFWLRQ DQG SHUPLWV GLVFXVVLRQ RI WKH DYHUDJH UHVXOWV RI WKH WULDOV 5HVXOWV DQG 'LVFXVVLRQ 2UJDQLF SODQW SKRVSKRUXV VXSSOLHG LQ WKH GLHW DV FRUQ PHDO RU KRPLQ\ PHDO ZDV XWLOL]HG DV ZHOO DV LQRUJDQLF SKRVSKRUXV LQ SURPRWLQJ ERG\ ZHLJKW JDLQV 7DEOH 82f +RZHYHU LW ZDV VRPHZKDW OHVV DYDLODEOH IRU FDOFLILFDWLRQ RI ERQHV 7DEOH /WOf $V WKHUH ZDV QR VH[ ; WUHDWPHQW LQWHUDFWLRQ REVHUYHG GLVFXVVLRQ LV EDVHG RQ WUHDWPHQW DYHUDJH ([DPLQDWLRQ RI WKH ERG\ ZHLJKW GDWD SUHVHQWHG LQ 7DEOH 82 LQGLFDWHV WKDW SHUFHQW RUJDQLF SODQW SKRVSKRUXV IXUQLVKHG E\ FRUQ PHDO SURPRWHG VLJQLILFDQWO\ JUHDWHU JURZWK WKDQ SHUFHQW LQRUJDQLF SKRVSKRUXV DGGHG WR D ORZSKRVSKRUXV EDVDO GLHW FRPSRVHG RI GHJHUPLQDWHG FRUQ +RZHYHU LQ FRPSDULVRQ WR WKH ORZSKRVSKRUXV GHJHUPLQDWHG FRUQ EDVDO GLHW VXSn SOHPHQWHG ZLWK RU SHUFHQW LQRUJDQLF SKRVSKRUXV WKH SHUFHQW OHYHO RI DGGHG RUJDQLF SKRVSKRUXV IURP FRUQ PHDO VXSSRUWHG VLJQLILFDQWO\ OHVV ERG\ ZHLJKW JDLQV LQ GLHWV KDYLQJ LGHQWLFDO OHYHOV RI WRWDO SKRVSKRUXV $W WRWDO SKRVSKRUXV OHYHO RI SHUFHQW WKH SHUFHQW RUJDQLF SKRVn SKRUXV IXUQLVKHG E\ FRUQ PHDO DJDLQ VLJQLILFDQWO\ LPSURYHG JURZWK UDWH DV FRPSDUHG WR WKH ORZSKRVSKRUXV GHJHUPLQDWHG FRUQ VXSSOHPHQWHG ZLWK LQRUJDQLF SKRVSKRUXV 2UJDQLF SKRVSKRUXV VXSSOLHG IURP KRPLQ\ PHDO DOVR VXSSRUWHG ERG\ YHLJKW JDLQV $ VLJQLILFDQW LPSURYHPHQW LQ ERG\ ZHLJKW ZDV REWDLQHG ZKHQ D EDVDO GLHW FRQWDLQLQJ SHUFHQW RUJDQLF SKRVSKRUXV XVLQJ KRPLQ\ PHDO ZDV FRPSDUHG WR SHUFHQW LQRUJDQLF SKRVSKRUXV VXSSOHPHQWDWLRQ RI WKH

PAGE 114

7$%/( 82 %RG\ ZHLJKW R EURLOHU FKLFNV IHG GLHWV ZLWK SODQW SKRVSKRUXV IURP WKUHH VRXUFHV 7RWDO 3KRVSKRUXV bf 3ODQW 3KRVSKRUXV 2UJDQLF 6RXUFH 3KRVSKRUXV bfE 6H[ 2OL2 RR %RG\ :HLJKW JUDPVf 0 K OLO f F f f 'HJHUPLQDWHG FRUQ ) f f f f $Y D E H KLiK f f f f 0 f f 8O f R &RUQ PHDO 2OL2 ) f H K f f $Y f f r G H 8LIJ f f 0 f f f f 8 +RPLQ\ PHDO RR ) f f f f 8 $Y f f f f AKL JKL HI I6 fA9DOXHV LQGLFDWH WKH DPRXQW RI RUJDQLF SKRVSKRUXV VXSSOLHG E\ WKH DOOYHJHWDEOH GLHWV XWLOL]LQJ WKH WKUHH VRXUFHV RI SODQW SKRVSKRUXV 7KH UHPDLQGHU RI WKH WRWDO GLHWDU\ SKRVSKRUXV LV VXSSOLHG E\ PRQRn VRGLXP SKRVSKDWH 1DA32MA2f A.HDQV EHDULQJ WKH VDPH VXSHUVFULSW GR QRW GLIIHU VLJQLILFDQWO\ 3 f

PAGE 115

GHWHUPLQDWHG FRUQ GLHW WR JLYH D WRWDO SKRVSKRUXV OHYHO RI SHUFHQW $W KLJKHU OHYHOV RI WRWDO GLHWDU\ SKRVSKRUXV KRZHYHU WKH RUJDQLF SKRVn SKRUXV IURP KRPLQ\ PHDO ZDV DV HIIHFWLYH LQ VXSSRUWLQJ ERG\ ZHLJKW DV WKDW IURP WKH LQRUJDQLF SKRVSKRUXV VRXUFH 7KH RUJDQLF SKRVSKRUXV IURP HLWKHU FRUQ PHDO RU KRPLQ\ PHDO ZDV VLJQLILFDQWO\ OHVV DYDLODEOH IRU ERQH FDOFLILFDWLRQ WKDQ LQRUJDQLF SKRVn SKRUXV 7DEOH LOOf
PAGE 116

7$%/( ,,, 7LELD DVK RI EURLOHU FKLFNV IHG GLHWV ZLWK SODQW SKRVSKRUXV IURP WKUHH VRXUFHV 3ODQW 3KRVSKRUXV 6RXUFH 2UJDQLF 3KRVSKRUXV f 6H[ 7RWDO 3KRVSKRUXV bf R8R 7LELD DVK P 0 ,L f f f r 'HJHUPLQDWHG FRUQ ) f f f f $Y D E GH LHI I f f f F 0 f f f H &RUQ PHDO 2,L2 ) f f ,L f W $Y } f E E GH GH GH f f 0 f W f f 8 8 8 +RPLQ\ PHDO RR ) f f f f K $Y f f f f OLE 8& FG r r A9DOXHV LQGLFDWH WKH DPRXQW RI RUJDQLF SKRVSKRUXV VXSSOLHG E\ WKH DOOYHJHWDEOH GLHWV XWLOL]LQJ WKH WKUHH VRXUFHV RI SODQW SKRVSKRUXV 7KH UHPDLQGHU RI WKH WRWDO GLHWDU\ SKRVSKRUXV LV VXSSOLHG E\ PRQR f VRGLXP SKRVSKDWH 1DLA32MA2f A,IHDQV EHDULQJ WKH VDPH VXSHUVFULSW GR QRW GLIIHU VLJQLILFDQWO\ 3 f

PAGE 117

SKRVSKDWH HYHQ ZKHQ WKH WRWDO SKRVSKRUXV OHYHO RI WKH GLHW ZDV EHORZ WKH UHTXLUHPHQW RI WKH FKLFN 7KH SKRVSKRUXV IURP KRPLQ\ PHDO ZKLFK KDG SURPRWHG JUHDWHU ERG\ ZHLJKW JDLQV WKDQ IURP FRUQ PHDO ZDV OHVV DYDLODEOH IRU ERQH FDOFLILFDWLRQ WKDQ SKRVSKRUXV IURP FRUQ PHDO ff7LLOH WKHVH UHVXOWV DUH LQ FRQWUDVW WR WKH UHSRUWV RI PDQ\ SUHYLRXV ZRUNHUV FRQFHUQLQJ SODQW SKRVSKRUXV DYDLODELOLW\ LW PXVW EH VWUHVVHG WKDW FDOFLXP DQG YLWDPLQ 'M VXSSOHPHQWDWLRQ RI WKH H[SHULn PHQWDO GLHWV ZDV H[SUHVVO\ GHVLJQHG WR SHUPLW PD[LPXP XVDJH RI WKH RUJDQLF SKRVSKRUXV DV GHYHORSHG IURP HDUOLHU VWXGLHV E\ 9DQGHSRSXOLHUH HW DO f +DUPV HWB DO f DQG LQ SUHYLRXV FKDSWHUV LQ WKLV UHSRUW ,Q DGGLWLRQ WKH RUJDQLF SKRVSKRUXV UHPDLQHG LQ LWV QDWXUDO IRUP LQ WKH SODQW PDWHULDO DQG ZDV QRW FKHPLFDOO\ LVRODWHG 5HVXOWV IURP WKLV VWXG\ ZKLFK LQGLFDWH WKDW RUJDQLF SODQW SKRVn SKRUXV LV KLJKO\ DYDLODEOH IRU JURZWK DUH LQ DJUHHPHQW ZLWK WKH UHSRUWV RI 6LHEXUWK HW DO f DQG 7HPSHUWRQ DQG &DVVLG\ Df 7KH REVHUn YDWLRQ WKDW WKH RUJDQLF SKRVSKRUXV ZDV OHVV DYDLODEOH IRU ERQH GHSRVLWLRQ FRQILUPV WKH UHSRUW E\ 6LQJVHQ HW DO 8f DQG 6LHEXUWK HW DO f EXW LV LQ RSSRVLWLRQ WR WKH ILQGLQJV RI 7HPSHUWRQ DQG &DVVLG\ •8 Ef ,W LV DSSDUHQW IURP WKH UHVXOWV RI WKLV VWXG\ WKDW WKH DYDLOn DELOLW\ RI WKH SKRVSKRUXV LQ SODQW PDWHULDOV PD\ EH PXFK JUHDWHU WKDQ JHQHUDOO\ DVVXPHG 9DULDWLRQ LQ WKH SKRVSKRUXV DYDLODELOLW\ RI GLIn IHUHQW SRUWLRQV RI WKH FRUQ JUDLQ LV LQGLFDWHG DQG PD\ EH UHVSRQVLEOH IRU VRPH GLVDJUHHPHQW LQ UHVXOWV

PAGE 118

&+$37(5 6800$5< $1' &21&/86,216 $ VHULHV RI H[SHULPHQWV ZHUH FRQGXFWHG WR GHWHUPLQH WKH SRVVLEOH HIIHFWV RI VHYHUDO IDFWRUV XSRQ WKH XWLOL]DWLRQ RI SKRVSKRUXV E\ SRXOWU\ 0RUH WKDQ FKLFNHQV ZHUH XVHG LQ WKHVH VWXGLHV 7KH UHVXOWV RI WKHVH H[SHULPHQWV HPSKDVL]HG VHYHUDO IDFWRUV ZKLFK SOD\ D UROH LQ SKRVn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n SOHPHQWHG GLHW :LWK UHJDUG WR FRQFHQWUDWLRQ RI DVK SKRVSKRUXV RU FDOFLXP LQ WKH WLELD WKHUH ZDV DV PXFK YDULDWLRQ EHWZHHQ WKH FKLFNV IURP WKH VDPH KHQ DV WKHUH ZDV EHWZHHQ FKLFNV IURP GLIIHUHQW KHQV 7KHUHn IRUH FRQVLGHUDWLRQ RI WKH SKRVSKRUXV OHYHO RI WKH PDWHUQDO GLHW DSSHDUV WR EH RI OLPLWHG YDOXH LQ WKH VHOHFWLRQ RI FKLFNV IRU WKH ELRORJLFDO DVVD\ RI SKRVSKRUXV

PAGE 119

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n WLRQ DSSHDUV GHVLUDEOH LQ RUGHU WR HOLFLW PD[LPXP UHVSRQVH RI WKH FKLFN DQG DOORZ IXOO XWLOL]DWLRQ RI WKH SKRVSKRUXV 6RXUFH RI &DOFLXP 1R GLIIHUHQFHV LQ FDOFLXP DYDLODELOLW\ ZHUH REVHUYHG EHWZHHQ UHDJHQW FDOFLXP FDUERQDWH UHDJHQW FDOFLXP VXOIDWH JURXQG R\VWHU VKHOO WZR VDPSOHV RI JURXQG OLPHVWRQH DQG UHDJHQW FDOFLXP JOXFRQDWH ZKHQ IHG WR FKLFNV DW OHYHOV UDQJLQJ IURP WR SHUFHQW RI WKH GLHW 7KHUHn IRUH DQ\ RI WKHVH VRXUFHV FRXOG EH XVHG WR VXSSO\ WKH FDOFLXP LQ SKRVn SKRUXV DVVD\ GLHWV ZLWKRXW DIIHFWLQJ SHUIRUPDQFH RI WKH FKLFNV 9LWDPLQ /HYHOV /HYHOV RI YLWDPLQ JUHDWHU WKDQ WKRVH VXJJHVWHG E\ WKH 1DWLRQDO 5HVHDUFK &RXQFLO Lf UHVXOWHG LQ LQFUHDVHG ERG\ ZHLJKW DQG ERQH DVK

PAGE 120

,OO +RZHYHU WKH UHVSRQVH WR LQFUHDVHG OHYHOV RI WKH YLWDPLQ EHFRPH OHVV DV WKH FDOFLXP DQG SKRVSKRUXV OHYHOV PRUH FORVHO\ DSSURDFKHG WKH RSWLPXP 7KH UHVSRQVH WR YLWDPLQ VXSSOHPHQWDWLRQ DSSHDUV WR EH GXH WR HQKDQFHn PHQW RI FDOFLXP DEVRUSWLRQ ZKHQ GLHWDU\ LQEDODQFHV RI FDOFLXP DQG SKRVn SKRUXV H[LVW $YDLODELOLW\ RI 3KRVSKRUXV IURP $QLPDO 3URWHLQ 6XSSOHPHQWV 3KRVSKRUXV VXSSOLHG WR FKLFNV IURP ILVK PHDO SRXOWU\ E\SURGXFW PHDO RU PHDW DQG ERQH PHDO ZDV XWLOL]HG E\ FKLFNV IRU ERG\ ZHLJKW JDLQV DQG ERQH FDOFLILFDWLRQ DV ZHOO DV GLFDOFLXP SKRVSKDWH RU PRQRVRGLXP SKRVSKDWH 7KHUHIRUH QR DGMXVWPHQW IRU DYDLODELOLW\ RI WKLV PLQHUDO QHHGV WR EH PDGH LQ IRUPXODWLRQ RI SRXOWU\ GLHWV ZKHQ WKHVH DQLPDO SURn WHLQ VXSSOHPHQWV DUH XVHG $YDLODELOLW\ RI 3KRVSKRUXV IURP 3ODQW 6RXUFHV 7KH SKRVSKRUXV RI SK\WLF DFLG LQRVLWDO KH[DSKRVSKRULF DFLGf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

PAGE 121

FDOFLILFDWLRQ ,QFUHDVLQJ WKH YLWDPLQ OHYHO RI WKH GLHW IURP WR ,&8 SHU SRXQG VLJQLILFDQWO\ LQFUHDVHG WKH DYDLODELOLW\ RI SKRVn SKRUXV IURP FDOFLXP SK\WDWH EXW QRW IURP VRGLXP SK\WDWH RU SK\WLF DFLG /RZ FDOFLXP OHYHOV DQG QDUURZ &D3 UDWLRV WHQGHG WR LPSURYH WKH XWLOLn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

PAGE 122

5()(5(1&(6 $PPHUPDQ & % & 5 'RXJODV 'DYLV DQG 5 + +DUPV &RPSDULVRQ RI SKRVSKRUXV DYDLODELOLW\ DVVD\ WHFKQLTXHV IRU FKLFNV 3RXOWU\ 6FL r $PPHUPDQ & % + : 1RUWRQ DQG + 0 6FRWW 5DSLG DVVD\ RI LQRUJDQLF SKRVSKDWHV IRU FKLFNV 3RXOWU\ 6FL $VVRFLDWLRQ RI 2IILFLDO $JULFXOWXUDO &KHPLVWV 2IILFLDO 0HWKRGV RI $QDO\VLV WK (G :DVKLQJWRQ & %DUDXK 1 5 ( 'DYLHV % / 5HLG DQG 5 &RXFK 8WLOL]DWLRQ RI SKRVSKRUXV IURP GHIOXRULQDWHG DQG FROORLGDO SKRVSKDWH E\ FKLFNV DQG OD\LQJ KHQV 3RXOWU\ 6FL %HWKNH 5 0 & .HQQDUG DQG & + .LFN 7KH DYDLODELOLW\ RI FDOFLXP LQ FDOFLXP VDOWV DQG PLQHUDOV IRU ERQH IRUPDWLRQ LQ WKH JURZLQJ FKLFN 3RXOWU\ 6FL %HWKNH 5 0 & .HQQDUG & + .LFN DQG =LQ]DOLDQ 7KH FDOFLXPSKRVSKRUXV UHODWLRQVKLS LQ WKH QXWULWLRQ RI WKH JURZLQJ FKLFN 3RXOWU\ 6FL %RXWZHOO 5 5 *H\HU $ 9n +DOYHUVRQ DQG ( % +DUW 7KH DYDLODELOLW\ RI ZKHDW EUDQ SKRVSKRUXV IRU WKH UDW 1XWULWLRQ %XFNQHU + 0DUWLQ DQG $ 0 3HWHU &DOFLXP PHWDERn OLVP LQ WKH OD\LQJ KHQ .HQWXFN\ $JU ([S 6WD 5HV %XL %XFNQHU + 0DUWLQ DQG $ 0 3HWHU &DOFLXP PHWDERn OLVP LQ WKH OD\LQJ KHQ &DOFLXP FDUERQDWH DQG KDWFKDELOLW\ .HQWXFN\ $JU ([S 6WD 5HV %XL &DUYHU 6 5 (YDQV DQG 0F*LQQLV &DOFLXP SKRVSKRUXV DQG YLWDPLQ LQWHUUHODWLRQVKLSV LQ WKH QXWULWLRQ RI JURZLQJ FKLFNV 3RXOWU\ 6FL &RKQ : ( DQG 0 *UHHQEHUJ 6WXGLHV LQ PLQHUDO PHWDEROLVP ZLWK WKH DLG RI DUWLILFLDO UDGLRLVRWRSHV ,,, 7KH LQIOXHQFH RI YLWDPLQ RQ WKH SKRVSKRUXV PHWDEROLVP RI UDFKLWLF UDWV %LHO &KHP

PAGE 123

,OOr &RPEV ( -U &RUUHODWLRQ RI SKRVSKRUXV DYDLODELOLW\ ZLWK WKH TXDQWLW\ RI VHUXP DONDOLQH SKRVSKDWDVH ERQH DVK DQG JURZWK RI WKH EDE\ SLJ 8QSXEOLVKHG "K 'LVVHUWDn WLRQ ,RZD 6WDWH 8QLYHUVLW\ $PHV ,RZD &RXFK 5 6 )UDSV DQG 5 0 6KHUZRRG 9LWDPLQ UHTXLUHPHQWV RI JURZLQJ FKLFNV DV DIIHFWHG E\ WKH FDOFLXP FRQWHQW RI WKH UDWLRQ 3RXOWU\ 6FL &UHHFK % % / 5HLG DQG 5 &RXFK (YDOXDWLRQ RI GLn FDOFLXP SKRVSKDWH VXSSOHPHQW DV D VRXUFH RI SKRVSKRUXV IRU FKLFNV &RPSDULVRQ RI GLFDOFLXP DQG WULFDOFLXP SKRVSKDWH DV D VRXUFH RI SKRVSKRUXV LQ FKLFN DQG SRXOW UDWLRQV 3RXOWU\ 6FL  &URZOH\ 7 $ $ $ .XUQLFN $ 5 .HPPHUHU DQG % / 5HLG 3KRVSKRUXV DQG OD\LQJ KHQ SHUIRUPDQFH 3RXOWU\ 6FL r 'HREDOG + & $ (OYHKMLP ( % +DUW DQG +DOSLQ $YDLODELOLW\ RI FDOFLXP VDOWV IRU FKLFNV 3RXOWU\ 6FL 88 'RQRYDQ $ ( 3ULFH : & 6KHUPDQ DQG ) 0 5H\QROGV $QWLELRWLF SRWHQWLDWLRQ ,QIOXHQFH RI YDULRXV DQLRQV LQ ORZHULQJ FDOFLXP LQKLELWLRQ RI LQWHVWLQDO DEVRUSWLRQ 3RXOWU\ 6FL r 'RXJKHUW\ ( DQG 6 6 *RVVPDQ &\VWHU VKHOO YV OLPHVWRQH JULW DV D VRXUFH RI OLPH IRU SRXOWU\ &DOLIRUQLD $QQ 5HSW 'XQFDQ % 0XOWLSOH UDQJH DQG PXOWLSOH ) WHVWV %LRPHWULFV r (ZLQJ ) 5 3RXOWU\ 1XWULWLRQ WK (G 7KH 5D\ (ZLQJ &RPSDQ\ 3DVDGHQD &DOLIRUQLD )LVKHU + ( 3 6LQJVHQ DQG / 0DWWHUVRQ 7KH LQIOXHQFH RI IHHG HIILFLHQF\ RQ WKH SKRVSKRUXV UHTXLUHPHQW IRU JURZWK DQG ERQH FDOFLILFDWLRQ LQ WKH FKLFN 3RXOWU\ 6FL rr )RUPLFD 6 0 6PLGW 0 0 %DFKDUDFK : ) 'DYLQ DQG & )ULW] &DOFLXP DQG SKRVSKRUXV UHTXLUHPHQWV RI JURZLQJ WXUNH\V DQG FKLFNHQV 3RXOWU\ 6FL rr )ULW] -DPHV & / +DOSLQ DQG + +RRSHU Or 6WXGLHV RQ WKH QXWULWLRQDO UHTXLUHPHQWV RI SRXOWV 3RXOWU\ 6FL

PAGE 124

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f§ .HQQDUG & (VVHQWLDO PLQHUDOV IRU FKLFNV DQG OD\LQJ KHQV 3RXOWU\ 6FL OL .UDW]HU ) + % $OOUHG 3 1 'DYLV % 0DUVKDOO DQG 3 9RKUD 7KH HIIHFW RI DXWRFODYLQJ VR\EHDQ SURWHLQ DQG WKH DGGLWLRQ RI HWK\OHQHGLDPLQHWHWUDFHWLF DFLG RQ WKH ELRn ORJLFDO DYDLODELOLW\ RI GLHWDU\ ]LQF IRU WXUNH\ SRXOWV 1XWULWLRQ f

PAGE 125

.ULHJHU & + 5 %XQNIHOGW DQG + 6WHQERFN 8 &HUHDOV DQG ULFNHWV ; 7KH DYDLODELOLW\ RI SK\WLF DFLG SKRVSKRUXV 1XWULWLRQ "OLL .ULHJHU & + 5 %XQNIHOGW & 5 7KRPSVRQ DQG + 6WHQERFN OLO &HUHDOV DQG ULFNHWV ;,,, 3K\WLF DFLG \HDVW QXFOHLF DFLG VR\EHDQ SKRVSKDWLGHV DQG LQRUJDQLF VDOWV DV VRXUFHV RI SKRVn SKRUXV IRU ERQH FDOFLILFDWLRQ 1XWULWLRQ .ULHJHU & + DQG + 6WHQERFN N &HUHDOV DQG ULFNHWV ;,, 7KH HIIHFW RI FDOFLXP DQG YLWDPLQ RQ WKH DYDLODELOLW\ RI SKRVSKRUXV 1XWULWLRQ /LOOLH 5 3 ) 7ZLQLQJ 6 2n%DUU DQG & $ 'HQWRQ (IIHFW RI FDOFLXP DQG SKRVSKRUXV OHYHOV RQ JURZWK UDWH DQG ERQH FDOFLILFDWLRQ RI EURLOHUV 3RXOWU\ 6FL 82OO /RZH 7 6WHQERFN DQG & + .ULHJHU &HUHDOV DQG ULFNHWV ,; 7KH DYDLODELOLW\ RI SK\WLQ3 WR WKH FKLFN 3RXOWU\ 6FL O8:X 0DUU ( & 7 3RSH + / :LONH DQG 5 0 %HWKNH 5H HYDOXDWLRQ RI WKH SKRVSKRUXV UHTXLUHPHQW RI WKH OD\LQJ KHQ 3RXOWU\ 6FL OOLOœ 0DWWHUVRQ / % + 0 6FRWW DQG ( 3 6LQJVHQ 8 7KH LQIOXHQFH RI VRXUFHV RI SKRVSKRUXV RQ WKH UHODWLYH HIILFLHQF\ RI YLWDPLQ DQG FRG OLYHU RLO LQ SURPRWLQJ FDOFLILFDWLRQ LQ SRXOWV 1XWULWLRQ r 0F&KHVQH\ ( 77 DQG 1 *LDFRPLQR OL 6WXGLHV RI FDOFLXP DQG SKRVSKRUXV PHWDEROLVP LQ WKH FKLFN ,,, 6RPH WLPH LQWHUn UHODWLRQVKLSV LQ WKH DFWLRQ RI YLWDPLQ 1XWULWLRQ r 0F*LQQLV / & 1RUULV DQG ) +HXVHU L8 3RRU XWLOL]DWLRQ RI SKRVSKRUXV LQ FHUHDOV DQG OHJXPHV E\ FKLFNV IRU ERQH GHYHORS PHQW 3RXOWU\ 6FL 0LJLFRYVN\ % % DQG $ 5 (PVOLH LL ,QWHUDFWLRQV RI FDOFLXP SKRVSKRUXV DQG YLWDPLQ ,QIOXHQFH RI GLHWDU\ FDOFLXP DQG SKRVSKRUXV RQ ERG\ ZHLJKW DQG ERQH DVK RI FKLFNV $UFKLYHV %LRFKHP 0RUULVRQ ) )HHGV DQG )HHGLQJ QG (G 7KH 0RUULVRQ 3XEOLVKLQJ &R &OLQWRQ ,RZD

PAGE 126

0RW]RN $UWKXU DQG + %UDQLRQ 8WLOL]DWLRQ RI SKFV RKRUXV IURP YDULRXV SKRVSKDWH VXSSOHPHQWV E\ FKLFNV 3RXOWU\ 6FL N 1DWLRQDO 5HVHDUFK &RXQFLO 1XWULHQW 5HTXLUHPHQWV RI 'RPHVWLF $QLPDOV 1R 1XWULHQW $OORZDQFHV IRU 3RXOWU\ :DVKLQJWRQ & 1HOVRQ 7 6 DQG + 7 3HHOHU 7KH DYDLODELOLW\ RI SKRVSKRUXV IURP VLQJOH DQG FRPELQHG SKRVSKDWHV WR FKLFNV 3RXOWU\ 6FL OL2V 1HOVRQ 7 6 DQG + 7 3HHOHU N &XUUHQW VWDWXV RI ELRORJLFDO WHVWLQJ RI IHHG SKRVSKDWHV )HHGVWXIIV OOf 1HOVRQ 7 6 DQG + & :DONHU N 7KH ELRORJLFDO HYDOXDWLRQ RI SKRVSKRUXV FRPSRXQGV $ VXPPDU\ 3RXOWU\ 6FL NN6 2f'HOO % / 0
PAGE 127

6LQJVHQ 6 $ + 6SDQGRUI / 0DWWHUV RQ $ 6HUDIQ DQG 7OXVWRKRZLF] 3KRVSKRUXV LQ WKH QXWULWLRQ RI WKH DGXOW KHQ 0LQLPXP SKRVSKRUXV UHTXLUHPHQWV 3RXOWU\ 6FL 6QHGHFRU 9n 6WDWLVWLFDO 0HWKRGV WK (G 7KH ,RZD 6WDWH &ROOHJH 3UHVV $PHV ,RZD 6SDQGRUI $ + DQG & /HRQJ 7KH ELRORJLFDO DYDLODELOLW\ RI FDOFLXP DQG RKRVSKFUXV LQ PHQKDGHQ ILVK PHDOV 3RXOWU\ 6FL ,LVLLO 6SLW]HU D 5 0DU X\DPD / 0LFKDXG DQG 3 + 3KLOOLSV ,, 7KH UROH RI YLWDPLQ LQ WKH XWLOL]DWLRQ RI SK\WLQ SKRVSKRUXV 1XWULWLRQ 6SLW]HU 5 5 DQG 3 + 3KLOOLSV D 7KH DYDLODELOLW\ RI VR\n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
PAGE 128

7WIDOGURXS 3 <7 & $PPHUPDQ DQG 5 +DUPV 7KH UHODWLRQn VKLS RI SKRVSKRUXV FDOFLXP DQG YLWDPLQ LQ WKH GLHW RI EURLOHUW\SH FKLFNV 3RXOWU\ 6FL <-DVVHUQDQ 5 + & / &RPDU & 6FKRROH\ DQG ) : /HQJHUDDQQ r ,QWHUUHODWHG HIIHFWV RI /O\VLQH DQG RWKHU GLHWDU\ IDFWRUV RQ WKH JDVWURLQWHVWLQDO DEVRUSWLRQ RI FDOFLXP K6 LQ WKH UDW DQG FKLFN 1XWULWLRQ )LOJXV + 6 -U 7KH TXDQWLWDWLYH UHTXLUHPHQWV RI WKH JURZLQJ FKLFN IRU FDOFLXP DQG SKRVSKRUXV 3RXOWU\ 6FL

PAGE 129

%,2*5$3+,&$/ 6.(7&+ 3DUN :LOOLDP :DOGURXS YDV ERUQ 2FWREHU DW 0DU\YLOOH 7HQQHVVHH +H ZDV JUDGXDWHG IURP 0LGZD\ +LJK 6FKRRO .LQJVWRQ 7HQQHVVHH LQ DV YDOHGLFWRULDQ +H DWWHQGHG WKH 8QLYHUVLW\ RI 7HQQHVVHH DQG UHFHLYHG WKH %DFKHORU RI 6FLHQFH GHJUHH LQ $JULFXOWXUH LQ 0DUFK JUDGXDWLQJ ILUVW LQ KLV FODVV :KLOH DWWHQGLQJ WKLV XQLYHUVLW\ KH ZDV DZDUGHG ILYH VFKRODUVKLSV UHFHLYHG WKH &KLFDJR 7ULEXQH DZDUG IRU OHDGHUn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

PAGE 130

+H LV TXDUULHG WR WKH IRUPHU -DQHW 5D\ RI &UHVW YLHZ )ORULGD DQG 3DUN -U DQG IDWKHU RI ,nU\ -DQHW

PAGE 131

7KLV GLVVHUWDWLRQ LYDV SUHSDUHG XQGHU WKH GLUHFWLRQ RI WKH FRFKDLUPHQ RI WKH FDQGLGDWHnV VXSHUYLVRU\ FRPPLWWHH DQG KDV EHHQ DSSURYHG E\ DOO PHPEHUV RI WKDW FRPPLWWHH ,W LYDV VXEPLWWHG WR WKH 'HDQ RI WKH &ROOHJH RI $JULFXOWXUH DQG WR WKH *UDGXDWH &RXQFLO DQG ZDV DSSURYHG DV SDUWLDO IXOILOOPHQW IRU WKH GHJUHH RI 'RFWRU RI 3KLORVRSK\ $SULO 'HDQ &ROOHJH RI $JULFXOWXUH 'HDQ *UDGXDWH 6FKRRO 6XSHUYLVRU\ &RPPLWWHH

PAGE 132

: I $*: FXOWXUDO ,,0$5< 81,9(56,7< 2) )/25,'$