Short Singapore III K4580

Short Singapore III K4580

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Short Singapore III K4580

A view of a Short Singapore III Flying Boat being lowered into the water prior to a patrol early in the Second World War. This picture gives a clear view of the underside of the aircraft, normally hidden under water in pictures of the aircraft.

Vlad the Impaler

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Vlad the Impaler, in full Vlad III Dracula or Romanian Vlad III Drăculea, also called Vlad III or Romanian Vlad Țepeș, (born 1431, Sighișoara, Transylvania [now in Romania]—died 1476, north of present-day Bucharest, Romania), voivode (military governor, or prince) of Walachia (1448 1456–1462 1476) whose cruel methods of punishing his enemies gained notoriety in 15th-century Europe. Some in the scholarly community have suggested that Bram Stoker’s Dracula character was based on Vlad.

How did Vlad the Impaler become famous?

Vlad was a voivode (prince) of Walachia (part of modern Romania). Surrounded by enemies that included the Hungarians, the Ottomans, his younger brother, and Walachian nobility, Vlad employed extremely cruel measures to inspire fear in those who opposed him. He earned his nickname by impaling his enemies on stakes.

What was Vlad the Impaler’s childhood like?

Vlad was the second son of Vlad II Dracul. When he was 11 years old, Vlad was sent to the court of the Ottoman sultan Murad II as a hostage. His father and elder brother were assassinated when he was 16, and Vlad spent the rest of his life fighting to claim his father's title.

How did Vlad the Impaler change the world?

Vlad was a minor player during the early period of Ottoman domination of what is today Romania. He likely would have remained a historical curiosity known only to scholars of the region had it not been for Bram Stoker's novel Dracula. Stoker may have taken some inspiration from Vlad to create the archetypal vampire.

How did Vlad the Impaler die?

In 1476 Vlad was ambushed by an Ottoman patrol and killed. He was reportedly decapitated, and his head was sent to the sultan in Constantinople as a trophy.

Vlad was the second of four brothers born into the noble family of Vlad II Dracul. His sobriquet Dracula (meaning “son of Dracul”) was derived from the Latin draco (“dragon”) after his father’s induction into the Order of the Dragon, created by Holy Roman Emperor Sigismund for the defense of Christian Europe against the Ottoman Empire. Vlad moved to Târgoviște, Walachia, in 1436 when his father assumed leadership of the Walachian voivodate (principality). In 1442 Vlad and his younger brother were sent to the court of Ottoman Sultan Murad II as collateral to assure the sultan that their father, in a reversal of his previous position, would support Ottoman policies. Vlad returned in 1448, having been informed of the assassination of his father and elder brother at the hands of Walachian boyars (nobles) the year before.

Vlad then embarked upon the first of a lifelong series of campaigns to regain his father’s seat. His opponents included the boyars as well as his younger brother, who was supported by the Ottoman sultan. He emerged briefly victorious in 1448 but was deposed after only two months. After an eight-year struggle, Vlad again claimed the voivodate.

It was during this period of rule that he committed the atrocities for which he was best known. His penchant for impaling his enemies on stakes in the ground and leaving them to die earned him the name Vlad the Impaler (Romanian: Vlad Țepeș). He inflicted this type of torture on foreign and domestic enemies alike: notably, as he retreated from a battle in 1462, he left a field filled with thousands of impaled victims as a deterrent to pursuing Ottoman forces. That year he escaped Ottoman capture only to be intercepted by Hungarian forces and imprisoned by Matthias I of Hungary, whose assistance he had sought. Vlad regained his seat in 1476 but was killed in battle the same year. He remained a folk hero in the region for his efforts against Ottoman encroachment.

It often has been thought that Stoker based the title character of Dracula on Vlad. Though Stoker’s notes for the novel do include mentions of “Dracula,” the historical account from which the notes were taken mentions only the appellation, not the deeds for which its bearer was known. Some scholars have speculated that Stoker’s conversations with a noted historian, Hermann Bamburger, may have provided him with information on Vlad’s violent nature, though there is no concrete evidence to support that theory.

Nicene Creed

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Nicene Creed, also called Niceno-Constantinopolitan Creed, a Christian statement of faith that is the only ecumenical creed because it is accepted as authoritative by the Roman Catholic, Eastern Orthodox, Anglican, and major Protestant churches. The Apostles’ and Athanasian creeds are accepted by some but not all of these churches.

Until the early 20th century, it was universally assumed that the Niceno-Constantinopolitan Creed (the more accurate term) was an enlarged version of the Creed of Nicaea, which was promulgated at the Council of Nicaea (325). It was further assumed that this enlargement had been carried out at the Council of Constantinople (381) with the object of bringing the Creed of Nicaea up to date in regard to heresies about the Incarnation and the Holy Spirit that had arisen since the Council of Nicaea.

Additional discoveries of documents in the 20th century, however, indicated that the situation was more complex, and the actual development of the Niceno-Constantinopolitan Creed has been the subject of scholarly dispute. Most likely it was issued by the Council of Constantinople, even though this fact was first explicitly stated at the Council of Chalcedon in 451. It was probably based on a baptismal creed already in existence, but it was an independent document and not an enlargement of the Creed of Nicaea.

The so-called Filioque clause (Latin filioque, “and the son”), inserted after the words “the Holy Spirit,…who proceeds from the Father,” was gradually introduced as part of the creed in the Western church, beginning in the 6th century. It was probably finally accepted by the papacy in the 11th century. It has been retained by the Roman Catholic, Anglican, and Protestant churches. The Eastern churches have always rejected it because they consider it a theological error and an unauthorized addition to a venerable document.

The Nicene Creed was originally written in Greek. Its principal liturgical use is in the context of the Eucharist in the West and in the context of both baptism and the Eucharist in the East. A modern English version of the text is as follows, with the Filioque clause in brackets:

I believe in one God,

the Father almighty,

maker of heaven and earth,

of all things visible and invisible.

I believe in one Lord Jesus Christ,

the Only Begotten Son of God,

born of the Father before all ages.

God from God, Light from Light,

true God from true God,

begotten, not made, consubstantial with the Father

through him all things were made.

For us men and for our salvation

he came down from heaven,

and by the Holy Spirit was incarnate of the Virgin Mary,

and became man.

For our sake he was crucified under Pontius Pilate,

he suffered death and was buried,

and rose again on the third day

in accordance with the Scriptures.

He ascended into heaven

and is seated at the right hand of the Father.

He will come again in glory

to judge the living and the dead

and his kingdom will have no end.

I believe in the Holy Spirit, the Lord, the giver of life,

who proceeds from the Father [and the Son],

who with the Father and the Son is adored and glorified,

who has spoken through the prophets.

I believe in one, holy, catholic and apostolic Church.

I confess one Baptism for the forgiveness of sins

and I look forward to the resurrection of the dead

and the life of the world to come. Amen.

Keynesian Economics and the Great Depression

Keynesian economics is sometimes referred to as "depression economics," as Keynes's General Theory was written during a time of deep depression not only in his native land of the United Kingdom but worldwide. The famous 1936 book was informed by Keynes’s understanding of events arising during the Great Depression, which Keynes believed could not be explained by classical economic theory as he portrayed it in his book.

Other economists had argued that in the wake of any widespread downturn in the economy, businesses and investors taking advantage of lower input prices in pursuit of their own self-interest would return output and prices to a state of equilibrium, unless otherwise prevented from doing so. Keynes believed that the Great Depression seemed to counter this theory. Output was low and unemployment remained high during this time. The Great Depression inspired Keynes to think differently about the nature of the economy. From these theories, he established real-world applications that could have implications for a society in economic crisis.

Keynes rejected the idea that the economy would return to a natural state of equilibrium. Instead, he argued that once an economic downturn sets in, for whatever reason, the fear and gloom that it engenders among businesses and investors will tend to become self-fulfilling and can lead to a sustained period of depressed economic activity and unemployment. In response to this, Keynes advocated a countercyclical fiscal policy in which, during periods of economic woe, the government should undertake deficit spending to make up for the decline in investment and boost consumer spending in order to stabilize aggregate demand.

Keynes was highly critical of the British government at the time. The government greatly increased welfare spending and raised taxes to balance the national books. Keynes said this would not encourage people to spend their money, thereby leaving the economy unstimulated and unable to recover and return to a successful state. Instead, he proposed that the government spend more money and cut taxes to turn a budget deficit, which would increase consumer demand in the economy. This would, in turn, lead to an increase in overall economic activity and a reduction in unemployment.

Keynes also criticized the idea of excessive saving, unless it was for a specific purpose such as retirement or education. He saw it as dangerous for the economy because the more money sitting stagnant, the less money in the economy stimulating growth. This was another of Keynes's theories geared toward preventing deep economic depressions.

Many economists have criticized Keynes's approach. They argue that businesses responding to economic incentives will tend to return the economy to a state of equilibrium unless the government prevents them from doing so by interfering with prices and wages, making it appear as though the market is self-regulating. On the other hand, Keynes, who was writing while the world was mired in a period of deep economic depression, was not as optimistic about the natural equilibrium of the market. He believed the government was in a better position than market forces when it came to creating a robust economy.

Queen Elizabeth&aposs Coronation

With her father’s health declining in 1951, Elizabeth stepped in for him at various state functions. After spending that Christmas with the royal family, Elizabeth and Philip left on a tour of Australia and New Zealand, making a stopover in Kenya en route.

They were in Kenya on February 6, 1952, when King George VI succumbed to lung cancer at the age of 56, and his 25-year-old daughter became the sixth woman in history to ascend to the British throne. Her formal coronation as Queen Elizabeth II took place on June 2, 1953, in Westminster Abbey.

In the first decade of her reign, Elizabeth settled into her role as queen, developing a close bond with Prime Minister Winston Churchill (the first of 13 prime ministers she would work with during her reign), weathering a foreign affairs disaster in the Suez Crisis of 1956 and making numerous state trips abroad.

In response to pointed criticism in the press, the queen embraced steps to modernize her own image and that of the monarchy, including televising her annual Christmas broadcast for the first time in 1957.

Elizabeth and Philip had two more children, Andrew (born 1960) and Edward (born 1964). In 1968, Charles was formally invested as the Prince of Wales, marking his coming of age and the beginning of what would be a long period as king-in-waiting.

Queen Elizabeth’s Silver Jubilee in 1977, marking her 25 years on the throne, proved a bright spot in an era of economic struggles. Always a vigorous traveler, she kept a punishing schedule to mark the occasion, traveling some 56,000 miles around the Commonwealth, including the island nations Fiji and Tonga, New Zealand, Australia, Papua New Guinea, the British West Indies and Canada.

Mutual Funds

Dimensional has been translating financial science into practical investment solutions since 1981. Our equity and fixed income strategies combine rigorous research on the underlying drivers of returns with efficient execution in complex markets.

Information regarding The DFA Short Term Investment Fund provided to satisfy the requirements of Rule 2a-7 under the Investment Company Act of 1940 may be found here. Shares of The DFA Short Term Investment Fund have not been registered under the Securities Act of 1933 and are not being offered to the public.

Performance is reported net of all advisory fees and includes reinvestment of dividends and other earnings. Performance data shown represents past performance and is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.

Performance less than one year is not annualized.

Indices are not available for direct investment therefore, their performance does not reflect the expenses associated with the management of an actual portfolio.

Dimensional Fund Advisors LP is an investment advisor registered with the Securities and Exchange Commission. Consider the investment objectives, risks, and charges and expenses of the Dimensional funds carefully before investing. For this and other information about the Dimensional funds, please read the prospectus carefully before investing. Prospectuses are available by calling Dimensional Fund Advisors collect at (512) 306-7400 or at Dimensional funds are distributed by DFA Securities LLC.

This information is not meant to constitute investment advice, a recommendation of any securities product or investment strategy (including account type), or an offer of any services or products for sale, nor is it intended to provide a sufficient basis on which to make an investment decision. Investors should consult with a financial professional regarding their individual circumstances before making investment decisions.

The following portfolios are restricted to specific institutional accounts: US Large Cap Value Portfolio III, Tax-Mgd. US Mktwd. Value Portfolio II, Intl. Value Portfolio III, Emerging Markets Portfolio II.
Prior to February 28, 2015, the LTIP Portfolio was the Dimensional Retirement Fixed Income Fund III.

Click here for the Report of Organizational Actions Affecting Cost Basis of Securities: IRS Form 8937

Base oils-Lubes prices, markets & analysis

Whichever regional Base Oils-Lubricants markets you work in, ICIS can offer the thorough pricing information you need to operate with confidence. ICIS global market coverage includes Group I, Group II and Group III.

Our data and information on the regional Base Oils-Lubes markets are provided by our network of reporters based locally in those markets.
This enables us to provide reliable price assessments and in-depth market coverage that are reliable and up-to-date on the very latest developments.

Market Overview

Updated to Q1 2021

The already tight supply shrunk further in Q1 partly because of the unexpected shutdown at Japan ENEOS Corp’s Negishi unit from late-January to end-February due to technical issues. This is on top of the company’s planned maintenance at its Mizushima B unit from February to May. Spot availability from Thailand remained scarce as a Thai refiner has taken its unit offline from March to mid-April for maintenance, while ExxonMobil’s Singapore Group I unit remains shut.

Overall demand increased slightly amid the economic recovery in China, India and southeast Asia. The seemingly strong demand carried over from the prior quarter due to a supply crunch, not only in northeast and southeast Asia, but also from the Middle East and Europe. That said, absolute demand paled in comparison to the same period in past years.

Group II supply declined, with spot availability from South Korea and Taiwan remaining limited. South Korea’s GS Caltex shut its Group II and III units from mid-March to end-April for maintenance. Other South Korean refiners ran at reduced rates because of curtailed demand for other fuel products in the crude refining distillation process. The turnaround at India’s Hindustan Petroleum Corp Ltd (HPCL)’s Group I and II units from mid-March further compounded the tight supply situation.

Overall demand in Q1 seemingly improved. A large part of it was the result of the supply shortage not only in northeast and southeast Asia, but also in other regions including the Middle East and the US. Demand for imports in China picked up from H2 February after the Lunar New Year. Demand in India for 150N and 500/600N was relatively stronger than for light grades 60/70N.

Overall supply from South Korea, the main exporter of Group III in the region, dropped in Q1 due to the turnaround at SK Lubricant’s massive Group III unit from March to April. Supply from the other South Korean key refiner – S-Oil – remained constant. Supply from the Middle East continued to be curbed on reduced volumes to China and India from UAE’s ADNOC as well as Bahrain’s BAPCO since around mid-2020.

Demand in northeast and southeast Asia picked up further on recovery in the key downstream automotive sector as economies gradually recovered from last year’s lockdown restrictions. Group III base oils is mainly used in lubricant blending for passenger car engine oil. Demand in India has slowed amid the jump in new coronavirus cases in March, albeit Group III is used to a much lesser extent in the country compared to Group I and II.

European base oils Group I availability was very tight throughout Q1 for both domestic and export spot markets. Heavier grades, particularly brightstock, were extremely limited. Export players sold out of spot material for January, February and March by the second week of each month.

Demand for Group I base oils in Europe was very firm domestically amid ongoing tightness in the region. Interest for lighter grades like SN150 was not as strong, though even this grade had limited availability. In the export market, demand remained very firm across the world, with buying interest for brightstock extremely high. Export demand was seen particularly from Turkey, Nigeria, South America and India.

Supply tightened in Q1 due to a mixture of factors including lower operating rates, increased exports to Asia, fewer US imports and higher demand. Shortages in the Group I market also added pressure on Group II as some blenders chose to substitute the oils for more available and cheaper Group II. Winter storms in the US tightened supply further, with exports from the US limited by the end of Q1.

Demand firmed as Group I shortages and price hikes drove some blenders to make substitutions. Spot availability was unable to keep up with Group II demand. US imports were limited, adding to higher domestic European demand.

Supply was short during the first quarter. This was caused by ongoing tightness from 2020 amid lower operating rates. Maintenance at SK in Ulsan, South Korea, from March compounded existing shortages as imports were significantly reduced. Several players were sold out of spot material for most of the quarter, focusing instead on contracted volumes. Some players were on allocations during the quarter.

Demand was strong during the first quarter. A lack of material meant that players were very eager to find spot volumes. The strong demand, coupled with persistent shortages, led to sharp price rises through the first quarter, particularly towards March. In some cases players who would typically buy approved material began to purchase unapproved material to meet their requirements.

Middle East

Middle East Group I regional base oils supply was in dire shortage. Group I shipments from Iran were delayed and limited by persistent production and logistical issues following the lifting of virus control measures and due to sanctions on Iranian shipping lines. Supply from other regions was also limited, due to higher prices in Europe and in Asia, discouraging exports.

Q1 demand showed slow and gradual improvement as regional economic activities increased. Some blending plants increased output and restocked inventories but further demand growth was hampered by slow automotive sales and sluggish economic growth.

Group II 500/600N spot supply in the Middle East was in severe shortage as Asian producers had little spot product to export to the region in bulk shipments, preferring instead to export to south and northeast Asia. Supply disruptions and plant maintenance shutdowns also curbed Group II supply.

Middle East Group II base oils demand improved as economic activities increased across the region. However, demand recovery was slow and tight supply of Asian cargoes coupled with higher prices and long delivery times drove many buyers to regional suppliers instead of overseas suppliers.

Middle East Group III base oils spot supply was tight through Q1 mainly because of reduced output from major producers. Major Middle East Group III producers resumed production after lockdowns but backlogged term commitments to India and the US continued to cause shortage of spot supply to regional buyers.

Middle East demand for Group III was stable to firm in Q1. Recovering economic activities in the region powered demand improvement. Sharp increases in prices of Group I and Group II product drove many to seek higher quality of Group III due to better relative value.

Weak fuels demand weighed on US refinery rates, which reached a post-pandemic high of 83% in February before plummeting to the lowest utilisation on record at 56% when a deep freeze stunned the US Gulf Coast. Group I was already tight because of two key turnarounds: HollyFrontier and Calumet. Brightstock and SN500 and 600 were critically tight. In total, 41% of Group I capacity was shut.

Demand was strong, outpacing available supply – particularly for heavy grades and brightstock. Spot sales ceased early in the quarter because of limited inventories and because HollyFrontier and Calumet were planning for their turnarounds. Suppliers struggled to meet contract customer demand when the winter storm prolonged outages.

Weak fuels demand weighed on US refinery rates, which reached a post-pandemic high of 83% in February before plummeting to the lowest utilisation on record at 56% when a deep freeze stunned the US Gulf Coast. Motiva and ExxonMobil Baytown shut down unexpectedly. In total, 38% of Group II capacity was shut. Supply of N600 was critically tight.

Demand was strong, outpacing available supply – particularly of N600 as Group I heavy grades were also critically tight. Suppliers stopped being able to meet all of their contract customer demand when the deep freeze forced outages and allocations went into effect. Following the deep freeze, demand tapered because of force majeures declared downstream from base oils.

Weak fuels demand weighed on both US and global refinery rates. US Group III production was curtailed by Motiva’s freeze-related shutdown, though it is a small portion of the market. Lower run rates in the Middle East and Asia have had a larger effect on availability in the US. Feedstock availability was tight in major Group III-producing regions, which limited cargoes to the US.

Demand was strong, outpacing available supply – particularly of 8cSt but supplies of 4cSt and 6cSt were also limited. Spot sales were largely suspended because of tight supply. Following the deep freeze, demand tapered because of force majeures declared downstream from base oils.

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Queen Victoria’s Diamond Jubilee

In the waning days of the 19th century, the United Kingdom was the most powerful country on earth. The British Empire was at its imperial zenith. More than a quarter of the world’s population𠅊nd a portion of every continent—was under its dominion, and ruling over it all was Queen Victoria, the woman who had worn the crown longer than any sovereign in British history.

On September 23, 1896, the queen surpassed King George III as Britain’s longest-reigning monarch, but she requested that celebrations of the milestone be delayed until June 1897, the 60th anniversary of her accession to the throne. Colonial Secretary Joseph Chamberlain proposed that the Diamond Jubilee double as a �stival of the British Empire” to celebrate Britain’s true crown jewels—its colonies. When Chamberlain suggested restricting the jubilee’s foreign guest list to the heads and representatives of the countries in the British Empire, a thankful queen�ger to avoid the headaches of taking in unwelcome royal relations at Buckingham Palace and Windsor Castle—quickly pounced on the idea.

Queen Victoria’s Diamond Jubilee began solemnly with a family Thanksgiving service at Windsor Castle on Sunday, June 20, 1897, the 60th anniversary of her inheritance of the throne. The following day, the queen returned to London to find a sea of color had washed over the city’s soot-coated streets. Union Jacks draped from house balconies. Festoons of flowers and rainbows of bunting soared overhead. The explosion of hues reflected a country bursting with patriotic pride. “The streets, the windows, the roofs of the houses, were one mass of beaming faces, and the cheers never ceased,” the queen wrote in her journal. That night at Buckingham Palace, Victoria sat next to Archduke Franz Ferdinand, whose 1914 assassination would spark the start of World War I, at a state banquet. As a tired queen turned in for the night, thousands of Britons, eager to watch the grand royal procession to St. Paul’s Cathedral the next morning, slept in the parks outside the palace walls.

As dawn broke on the overcast morning of Tuesday, June 22, 1897, which had been declared a public holiday, hundreds of thousands of people crowded the London sidewalks in anticipation of the royal parade. Vendors hawked souvenir jubilee flags, mugs and programs. A human fence of soldiers, their bayonets protruding like pickets, walled off the route of the six-mile procession.

Before the 17-carriage convoy carrying the royal family and leaders of Britain’s dominions departed Buckingham Palace, Queen Victoria, with a touch of a button, sent an electronic message to her vast Empire. Her telegraph message would have been tailor-made for today’s Twittersphere: 𠇏rom my heart I thank my beloved people. May God bless them. V.R. & I.” At 11:15 a.m., a cannon fired in Hyde Park to announce the monarch’s departure from the palace. The roar of the cannon must have forced the clouds into retreat as the sun suddenly began to splash the streets of London.

Eight cream horses pulled the queen in an open carriage. Despite the festive occasion, Victoria—in perpetual mourning for her beloved husband, Albert, and two of her children—was dressed in black. The colorful dress uniforms of the colonial forces, however, more than compensated for the monochrome monarch. The procession, which included representatives of all Empire nations, swept by many of London’s world-famous landmarks, such as Trafalgar Square, the National Gallery, London Bridge and Big Ben. The queen’s subjects, many of whom had never known another monarch, cheered her along the entire route and broke into spontaneous verses of “God Save the Queen.” Deeply touched by the outpouring of affection, Victoria occasionally wiped tears from her eyes before arriving at St. Paul’s Cathedral for a Thanksgiving service.

Since painful arthritis impeded the 78-year-old queen’s ability to climb the cathedral steps, the decision had been made in advance to hold the service outside at the foot of St. Paul’s west steps. Crowds packed specially erected bleachers on surrounding rooftops. The steps of St. Paul’s were so crowded that choir members were forced to stand on the massive pedestals flanking the cathedral’s entrance. The queen, shading herself with a parasol, remained in her coach for the 20-minute ceremony. Following the brisk service, the procession drove off as the Archbishop of Canterbury shouted out, “Three cheers for the Queen!”

The queen continued her circuit through London and returned to Buckingham Palace for a quiet luncheon followed by a dinner banquet. When darkness fell, a series of bonfires were set simultaneously on hills throughout Victoria’s kingdom to light up the British night. The cheering and singing continued well into the night, no doubt aided by pubs remaining open until the special time of 2:30 a.m.

In her journal, Queen Victoria called it 𠇊 never to be forgotten day.” “No one ever I believe, has met with such an ovation as was given to me, passing through those six miles of streets,” she wrote. “The crowds were quite indescribable and their enthusiasm truly marvelous and deeply touching. The cheering was quite deafening, and every face seemed to be filled with real joy. I was much moved and gratified.” To Victoria and everyone in London celebrating the Diamond Jubilee, it must have seemed as if the sun would indeed never set on the British Empire.

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The Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs are highly competitive programs that encourage domestic small businesses to engage in Federal Research/Research and Development (R/R&D) with the potential for commercialization. Through a competitive awards-based program, SBIR and STTR enable small businesses to explore their technological potential and provide the incentive to profit from its commercialization. By including qualified small businesses in the nation's R&D arena, high-tech innovation is stimulated, and the United States gains entrepreneurial spirit as it meets its specific research and development needs.

Central to the STTR program is the partnership between small businesses and nonprofit research institutions. The STTR program requires the small business to formally collaborate with a research institution in Phase I and Phase II. STTR's most important role is to bridge the gap between performance of basic science and commercialization of resulting innovations.


The mission of the SBIR/STTR programs is to support scientific excellence and technological innovation through the investment of Federal research funds in critical American priorities to build a strong national economy.

The program's goals are to:

  • Stimulate technological innovation.
  • Meet Federal research and development needs.
  • Foster and encourage participation in innovation and entrepreneurship by women and socially or economically disadvantaged persons.
  • Increase private-sector commercialization of innovations derived from Federal research and development funding.

In addition, the STTR program aims to:

  • Foster technology transfer through cooperative R&D between small businesses and research institutions.


Only United States small businesses are eligible to participate in the SBIR/STTR programs. A small business must meet the eligibility requirements set forth in 13 CFR 121.702 "What size and eligibility standards are applicable to the SBIR and STTR programs?" at the time of Phase I and II awards, which specify the following criteria

  1. Organized for profit, with a place of business located in the United States
  2. More than 50% owned and controlled by one or more individuals who are citizens or permanent resident aliens of the United States, or by other small business concerns that are each more than 50% owned and controlled by one or more individuals who are citizens or permanent resident aliens of the United States and
  3. No more than 500 employees, including affiliates

For SBIR awards from agencies using the authority under 15 U.S.C. 638(dd)(1), an awardee may be owned and controlled by more than one VC, hedge fund, or private equity firm so long as no one such firm owns a majority of the stock.

Phase I awardees with multiple prior awards must meet the benchmark requirements for progress toward commercialization.

For STTR, the partnering nonprofit research institution must also meet certain eligibility criteria:

  • Located in the US
  • Meet one of three definitions:
    • Nonprofit college or university
    • Domestic nonprofit research organization
    • Federally funded R&D center (FFRDC)

    STTR differs from SBIR in three important aspects:

    1. The small business awardee and its partnering institution are required to establish an intellectual property agreement detailing the allocation of intellectual property rights and rights to carry out follow-on research, development or commercialization activities.
    2. STTR requires that the small business perform at least 40% of the R&D and a single partnering research institution perform at least 30% of the R&D.
    3. The STTR program allows the Principal Investigator to be primarily employed by the partnering research institution.

    See the Eligibility Guide for more detailed information.

    The Three Phases of SBIR/STTR

    The SBIR Program is structured in three phases:

    Phase I. The objective of Phase I is to establish the technical merit, feasibility, and commercial potential of the proposed R/R&D efforts and to determine the quality of performance of the small business awardee organization prior to providing further Federal support in Phase II. SBIR/STTR Phase I awards are generally $50,000 - $250,000 for 6 months (SBIR) or 1 year (STTR).

    Phase II. The objective of Phase II is to continue the R/R&D efforts initiated in Phase I. Funding is based on the results achieved in Phase I and the scientific and technical merit and commercial potential of the project proposed in Phase II. Typically, only Phase I awardees are eligible for a Phase II award. SBIR/STTR Phase II awards are generally $750,000 for 2 years.

    Phase III. The objective of Phase III, where appropriate, is for the small business to pursue commercialization objectives resulting from the Phase I/II R/R&D activities. The SBIR/STTR programs do not fund Phase III. At some Federal agencies, Phase III may involve follow-on non-SBIR/STTR funded R&D or production contracts for products, processes or services intended for use by the U.S. Government.

    Award Funding Amounts

    The SBIR/STTR Statute (15 U.S.C. §638) establishes cap for the maximum dollar amount of SBIR and STTR awards, above which an agency must request a SBA-approved waiver. SBA shall adjust the maximum dollar amount every year for inflation. The adjusted cap is effective for all solicitations and corresponding topics issued on or after the date of the adjustment. Agencies may amend their solicitation and other program literature accordingly. Agencies have the discretion to issue awards for less than maximum dollar amount. For more information regarding a specific agency's award guidelines, please visit their solicitation and website. Agencies may exceed this cap for a specific topic with approval from SBA prior to the release of the solicitation, award, or modification to the award for a topic issued on or after the date of adjustment.

    As of November 2020, agencies may issue a Phase I award (including modifications) up to $259,613 and a Phase II award (including modifications) up to $1,730,751 without seeking SBA approval. Any award above those levels will require a waiver. Agencies considering this authority should review SBIR/STTR Policy Directive §7(i)(4) for additional information.

    SBIR/STTR Participating Agencies

    Each year, Federal agencies with extramural research and development (R&D) budgets that exceed $100 million are required to allocate 3.2% (since FY2017) of this extramural R&D budget to fund small businesses through the SBIR program. Federal agencies with extramural R&D budgets that exceed $1 billion are required to reserve 0.45% (since FY2016) of this extramural R&D budget for the STTR program. Currently, eleven Federal agencies participate in the SBIR program and five of those agencies also participate in the STTR program.

    Each agency administers its own individual program within guidelines established by Congress. These agencies designate R&D topics in their solicitations and accept proposals from small businesses. Awards are made on a competitive basis after proposal evaluation.

    SBA Role

    The US Small Business Administration serves as the coordinating agency for the SBIR program. It directs the agencies' implementation of SBIR, reviews their progress, and reports annually to Congress on its operation. SBA is also the information link to SBIR program.

    For more information on the SBIR Program, please contact:

    US Small Business Administration Office of Innovation and Technology 409 Third Street, SW Washington, DC 20416 (202) 205-6450

    All of SBA's programs and services are extended to the public on a nondiscriminatory basis.

    Policy Directive

    The Small Business Act (the Act) requires that the SBA issue a policy directive setting forth guidance to the Federal Agencies participating in the SBIR and STTR programs (Participating Agencies). The SBIR/STTR Policy Directive outlines how agencies must generally conduct their programs. When incorporating SBIR/STTR policy into agency-specific regulations and procedures, Participating Agencies may develop and apply processes needed to implement the policy effectively however, no Participating Agency may develop and apply policies, directives, or clauses, that contradict, weaken, or conflict with the policy as stated in the directive.

    Official Federal Register Notices and Prior SBIR/STTR Policy Directives

    Vistra Corp. (VST)

    We at Insider Monkey have gone over 866 13F filings that hedge funds and prominent investors are required to file by the SEC. The 13F filings show the funds’ and investors’ portfolio positions as of March 31st. In this article, we look at what those funds think of Vistra Corp. (NYSE:VST) based on that data. […]

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    Texas Girds for Blackouts as Heat Wave Rolls On

    (Bloomberg) -- Texas is pushing homes and businesses to conserve electricity for a second day in a row to stave off blackouts as a punishing heat wave bakes the western U.S.Temperatures will top 100 degrees Fahrenheit (38 degrees Celsius) from Montana to Southern California Tuesday, according to the National Weather Service. Dallas will reach 99. With many power plants unexpectedly down for repairs, officials warn the grid may fall short. It’s the second time since the deadly February blackouts

    TXU Energy Kicks Off 2021 Beat the Heat Program, Providing Thousands of Fans and A/C Units to Those in Need

    As Texans work to build back from the hardships of 2020, TXU Energy remains committed to helping fill the gaps – supporting the health and well-being of our neighbors. The company's 23rd annual Beat the Heat program includes drive-thru distributions of new air conditioning units and fans, summer energy conservation tips, and information on financial assistance available both at the state level and for TXU Energy customers.

    10 Best Stocks to Invest in According to Bruce Berkowitz’s Fairholme Capital

    In this article we will take a look at the 10 best stocks to invest in according to Bruce Berkowitz’s Fairholme Capital. You can skip our detailed analysis of Berkowitz’s history, investment philosophy, and hedge fund performance, and go directly to 5 Best Stocks to Invest In According to Bruce Berkowitz’s Fairholme Capital. Bruce Berkowitz, […]

    Vistra's Integrated Model Makes Solar More Accessible with TXU Energy Free Nights and Solar Days℠

    Ahead of a summer predicted to be hotter and drier than normal in Texas, Vistra is offering its Texas residential customers the opportunity to save money and reduce demand on the grid with TXU Energy Free Nights & Solar DaysSM. Initially launched in 2017, the popular first-of-its-kind plan gives customers 100% solar every day and free electricity every night, encouraging a shift of energy use to times outside of the state's typical peak-demand periods. All of the energy purchased comes from sola

    Mom's Payback - She Bought Neighbor's Property

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    Goodnight Midstream Announces the Execution of a 100 Percent Renewable Energy Contract with TXU Energy

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    Vistra Reports PJM Auction Results

    Vistra (NYSE: VST) today reported its results from the PJM capacity auction for planning year 2022/2023. The company cleared a total of 7,218 megawatts (MW) at a weighted average clearing price of $66.89 per megawatt-day, equating to approximately $176 million in capacity revenue for the 2022/2023 planning year. Including Vistra's incremental revenue of $55-$60 million from existing retail bilateral sales above the capacity auction clearing price, Vistra's total revenues for the period as of Jun

    Top Insider Buys Highlight for the Week of May 21

    The largest Insider Buys this week were for Corning Inc, AppLovin Corp, Viatris Inc and Vistra Corp

    Vistra Publishes 2020 Sustainability Report Underscoring its Commitment to All Stakeholders

    Vistra (NYSE: VST) today published its 2020 Sustainability Report, showcasing its commitment to all of its stakeholders and highlighting significant progress toward its sustainability goals. The report provides increased transparency on the company's numerous environmental, social, and governance (ESG) initiatives.

    Vistra Prices Private Offering of $1.25 Billion of Senior Unsecured Notes

    Vistra Corp. (NYSE: VST) (the "Company" or "Vistra") announced today the pricing of a private offering (the "Offering") of $1.25 billion aggregate principal amount of senior unsecured notes due 2029 (the "Notes") to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. The Notes will be senior, unsecured obligations of Vistra Operations Company LLC, a Delaware limited liability company and an indirect, wholly owned subsidiary of the Company (the "Issuer"). The Notes will bear interest at the rate of 4.375% per annum and will be fully and unconditionally guaranteed by certain of the Issuer's current and future subsidiaries. The Offering is expected to close on May 10, 2021, subject to customary closing conditions. The Issuer intends to use the proceeds of the Offering, together with cash on hand, (i) to repay all amounts outstanding under the Issuer's Term Loan A Facility, specifically the $1.25 billion 364-day term loan the Issuer raised in March and April 2021, and (ii) to pay fees and expenses related to the Offering. The Notes will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.

    Vistra Energy (VST) Posts Wider Q1 Loss Due to Storm Uri Woes

    Vistra Energy (VST) incurs wider-than-expected loss in the first quarter due to the adverse impact of the winter storm Uri. However, the company's revenues improve year over year.

    Vistra Announces Quarterly Dividend

    Vistra (NYSE: VST) announced today that its Board of Directors has declared a quarterly dividend of .15 per share of Vistra's common stock, or .60 per share on an annualized basis. The dividend is payable on June 30, 2021, to shareholders of record as of June 16, 2021. The ex-dividend date will be June 15, 2021.

    Vistra Puts Smart Meter Data to Work to Assist Texas Customers in Prepping for Summer

    With summer on the horizon, Vistra (NYSE: VST) and its family of innovative retail electricity brands are adding another tool to their suite of value-added products and services by treating eligible Texas customers to a free professional A/C tune-up and cleaning. By utilizing smart meter data to identify poorly operating A/C units, Vistra is providing customers with a custom estimate of potential energy savings from a tune-up and repair. Customers are then connected with a trusted partner to help them prepare their air conditioners for the summer heat and avoid high bills or ill-timed breakdowns. Customers can save up to 30% on summer cooling costs with a properly functioning A/C system.

    Vistra Updates Financial Impact of Winter Storm Uri and Reissues 2021 Guidance

    Vistra (NYSE: VST) announced today that it is:

    Vistra to Report Updated Financial Impact of Winter Storm Uri and Reissue 2021 Guidance on April 26, 2021

    Vistra (NYSE: VST) will host an investor call on Monday, April 26, 2021, to provide updated 2021 guidance, including an update on the financial impact of Winter Storm Uri, and to discuss near-term capital allocation plans. Management will present the materials during a live conference call and webcast beginning at 8 a.m. EDT (7 a.m. CDT).

    Vistra, Malta, and Southwest Research Institute Collaborate on Department of Energy Funded Study to Advance Clean Power Generation

    Vistra (NYSE: VST) a leading Fortune 275 integrated retail electricity and power generation company and Malta Inc., a leading developer of long-duration thermal energy storage solutions, in collaboration with Southwest Research Institute (SwRI), have been awarded a Department of Energy (DOE) grant. The federally funded project will study how Malta's energy storage system can improve the environmental and economic performance of a natural gas-powered power plant, help to balance the diverse power generation on electric grids, and improve the reliability and resiliency of the electric system as more intermittent renewables come online.

    Joppa Power Plant to Close in 2022 as Company Transitions to a Cleaner Future

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    TXU Energy Launches New Plan With Automatic Savings for Electric Vehicle Owners

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    Vistra Operations Company LLC -- Moody's affirms Vistra's Ba1 CFR downgrades SGL to SGL-2 changes outlook to stable from positive

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    Dynegy Selected to Power Chicago's McCormick Place with Renewable Energy

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    Watch the video: A Spectacular Whirlwind Tour of Singapore- 3 days in less than 3 minutes #shorts


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