Astrodigger Mobile. Attack on Titan. Attack on Titan Running. Attack Wave. ATV Beach 2. ATV Destroyer. ATV Offroad 2. Atv Trill Adventure. Autumn Forest Elephant Rescue Updated. Autumn War. Avalanche King. Avatar Arena Hacked. Avoid the Spikes. Awesome Cars. Awesome Ghosts vs Stupid Zombies. Awesome Happy Heroes. Awesome Happy Monster. Awesome Pirates. Awesome Planes.
Awesome run 2. Awesome Tanks. Awesome Tanks 2. Axis Football League. Aztec Stones. Babe Rescue. Babysitting Fun. Back Flip Rider. BackDoor Door 2. Backyard Baseball. Backyard Buzzing. Bacon Blitz. Bacon May Die. Bad Eggs Online 2. Bad Eggs Online 3. Bad Ice Cream 3. Bad Ice Cream 4. Bad Ice-Cream 2. Bad Piggies. Bad Piggies Online Baggio's Magical Kicks. Bait and Switch. Ball Revamped.
Ball Revamped 2. Ball Revamped 3. Ball Revamped 4. Ball Revamped 5. Balloon Duel. Balloon in a Wasteland. Balloon Invasion. Balloon King. Balloons vs Zombies. Balls In Space. Balls in Space 2. Balls Of Life. Barbarian Escape. Baron Liar: Cannonball Ride. Bartender The Right Mix 2. Base Bros.
Base Defence. Base Jumper. Baseball Blast. Baseball For Clowns. Bash The Computer. Basket and Ball. Basketball Arena. Basketball Down. Basketball Fury. Basketball Horse. Basketball Master. Basketball Stars Online. Batman Begins. Battalion Commander 2. Battalion Nemesis. Battalion Nemesis 2. Battle Area. Battle Cry. Battle for the Galaxy. Battle Gear. Battle Gear 2. Battle Gods CCG. Battle Mechs. Battle over Berlin. Battle over Berlin 2. Battle Panic. Battle Stick. Battle Tanks.
Battlefield Medic. Bazooka Boy 3. Beach Volleyball. Bean Me! Bear in Super Action Adventure 2. Beard Saloon Beat Me Up.
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Big Head Tennis Open. Big Wash. Bike Mania 2. Bike Racing. Bike Racing 2. Bike Trial Snow Ride. BikeMania On Ice. Bikini Bottom Tic Tac Toe. Billionaire President. Billy Skyscraper. Bimmin 2. Bit Battles. Black IV: Time of Revenge. Black Licorice. Black Navy War. Black Navy War 2. Black Sheep Acres. Blackout: The Deal. Blacksmith Lab. Blackstorm 2. Blackwood Prologue. Bleach vs Naruto 2. Blind Snake. Blind Typer. Blob: Escape from Lab 16B. Block Runner. Block Snake. Block The Pig. Block Zappers 3.
Blocked out. Blockhead Jumper. Blocky Gangster Warfare. Blocky Trials. Blocky XMAS. Bloody Climber. Bloody Day. Bloody Penguin. Bloody Rage. Bloody Rage 2. Bloom Defender. Bloons 2. Bloons Monkey City. Bloons Monkey Clicker. Bloons Player Pack. Bloons Super Monkey 2. Bloons Super Monkey 3.
Bloons Super Monkey Hacked. Bloons TD 5: Track Master. Bloons TD Battles. Bloons Tower Defense 3 Hacked. Bloons Tower Defense 4 Hacked. Bloons tower defense 5 Hacked.
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Bob The Inventor. Bob The Robber 2. Bob The Robber 3. Bob The Robber Hacked. Body Ladder. Bolt Through. Bomb It 2. Bomb It 3.
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Call of Zombies. Camper Strike. Can Your Pet. Cancelled Refuge icon. Candy Bounce. Candy Cane's Chilly Christmas. Candy Car Escape. Candy Crush. Candy Crush Saga. Candy Flip World. Candy Rain 3. Candy Rain 4. Candy Zuma. Cannibal Cafe. Cannon Basketball. Cannon Basketball 2. Cannon Basketball 3. Cannon Basketball 4. Cannon Shot. Cannons 2. Cannons and Soldiers. Canoniac Launcher. Canyon Defense.
Canyon Glider. Captain Reverso. Car Soccer. Car Yard 3. Cargo Bridge. Cargo Bridge 2. Cargo Bridge Xmas. Cargo Retriever. Caribbean Admiral. Caribbean Admiral 2. Cars Desert Dash. Cartoon Candies. Cartoon Strike. Warrants are options to purchasecommon stock at a specific price usually at a premium above the market value of the optioned common stock at issuance valid for a specificperiod of time.
Warrants may have a life ranging from less than one year to twenty years, or they may be perpetual. However, most warrantshave expiration dates after which they are worthless.
Warrants have no voting rights, pay no dividends, and haveno rights with respect to the assets of the corporation issuing them.
The percentage increase or decrease in the market price of the warrantmay tend to be greater than the percentage increase or decrease in the market price of the optioned common stock. ADRs, in registered form, are designed for use in U. Unsponsored ADRs may be createdwithout the participation of the foreign issuer. The bank or trust company depositary of an unsponsored ADR may be under no obligationto distribute shareholder communications received from the foreign issuer or to pass through voting rights.
Many of the risks describedbelow regarding foreign securities apply to investments in ADRs. Investing in emerging marketsecurities imposes risks different from, or greater than, risks of investing in foreign developed countries. These risks include: smallermarket capitalization of securities markets, which may suffer periods of relative illiquidity; significant price volatility; restrictionson foreign investment; possible repatriation of investment income and capital.
In addition, foreign investors may be required to registerthe proceeds of sales; future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatorytaxation, seizure, nationalization, or creation of government monopolies. The currencies of emerging market countries may experience significantdeclines against the U. Inflation and rapidfluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certainemerging market countries.
Additional risks of emergingmarkets securities may include: greater social, economic and political uncertainty and instability; more substantial governmental involvementin the economy; less governmental supervision and regulation; unavailability of currency hedging techniques; companies that are newlyorganized and small; differences in auditing and financial reporting standards, which may result in unavailability of material informationabout issuers; and less developed legal systems.
In addition, emerging securities markets may have different clearance and settlementprocedures, which may be unable to keep pace with the volume of securities transactions or otherwise make it difficult to engage in suchtransactions. Settlement problems may cause the Fund to miss attractive investment opportunities, hold a portion of its assets in cashpending investment, or be delayed in disposing of a portfolio security.
Such a delay could result in possible liability to a purchaserof the security. Certificates of deposit arereceipts issued by a depository institution in exchange for the deposit of funds. The issuer agrees to pay the amount deposited plus interestto the bearer of the receipt on the date specified on the certificate.
The certificate usually can be traded in the secondary market priorto maturity. Generally, an acceptance is a time draft drawn on a bank by an exporter or an importer to obtain astated amount of funds to pay for specific merchandise. The acceptance may then be held by the accepting bank as an earningasset or it may be sold in the secondary market at the going rate of discount for a specific maturity.
Although maturities for acceptancescan be as long as days, most acceptances have maturities of six months or less. Commercial paper consists ofshort-term usually from 1 to days unsecured promissory notes issued by corporations in order to finance their current operations. It may be secured by letters of credit, a surety bond or other forms of collateral. Commercial paper is usually repaid at maturity bythe issuer from the proceeds of the issuance of new commercial paper.
As a result, investment in commercial paper is subject to the riskthe issuer cannot issue enough new commercial paper to satisfy its outstanding commercial paper, also known as rollover risk.
Commercialpaper may become illiquid or may suffer from reduced liquidity in certain circumstances. Like all fixed income securities, commercialpaper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial paper prices will decline. The short-termnature of a commercial paper investment makes it less susceptible to interest rate risk than many other fixed income securities becauseinterest rate risk typically increases as maturity lengths increase.
Commercial paper tends to yield smaller returns than longer-termcorporate debt because securities with shorter maturities typically have lower effective yields than those with longer maturities.
Aswith all fixed income securities, there is a chance that the issuer will default on its commercial paper obligation. Time deposits are issued bya depository institution in exchange for the deposit of funds. The issuer agrees to pay the amount deposited plus interest to the depositoron the date specified with respect to the deposit. Time deposits do not trade in the secondary market prior to maturity. However, sometime deposits may be redeemable prior to maturity and may be subject to withdrawal penalties.
The commercial paper obligationsare typically unsecured and may include variable rate notes. The nature and terms of a variable rate note i. It permits daily changes in the amounts invested.
The Fund, typically, has the right at any time to increase, up to the full amount statedin the note agreement, or to decrease the amount outstanding under the note. The issuer may prepay at any time and without penalty anypart of or the full amount of the note. The note may or may not be backed by one or more bank letters of credit.
Because these notes aredirect investment arrangements between the Fund and the issuer, it is not generally contemplated that they will be traded; moreover, thereis currently no secondary market for them. Except as specifically provided in the Prospectus, there is no limitation on the type of issuerfrom whom these notes may be purchased; however, in connection with such purchase and on an ongoing basis, the Adviser will consider theearning power, cash flow and other liquidity ratios of the issuer, and its ability to pay principal and interest on demand, includinga situation in which all holders of such notes made demand simultaneously.
The Fund may elect to purchase bank obligations in small amounts so as to be fully insuredas to principal by the FDIC. Insured bank obligations may have limited marketability. Because the shares of closed-end funds cannot be redeemed upon demandto the issuer like the shares of an open-end investment company such as the Fund , investors seek to buy and sell shares of closed-endfunds in the secondary market.
The Fund generally will purchaseshares of closed-end funds only in the secondary market. The Fund will incur normal brokerage costs on such purchases similar to the expensesthe Fund would incur for the purchase of securities of any other type of issuer in the secondary market. The initial offering price typically will include a dealer spread, which maybe higher than the applicable brokerage cost if the Fund purchased such securities in the secondary market.
This market discount may be due in part to the investment objectiveof long-term appreciation, which is sought by many closed-end funds, as well as to the fact that the shares of closed-end funds are notredeemable by the holder upon demand to the issuer at the next determined net asset value but rather are subject to the principles ofsupply and demand in the secondary market. A relative lack of secondary market purchasers of closed-end fund shares also may contributeto such shares trading at a discount to their net asset value.
The Fund may invest in sharesof closed-end funds that are trading at a discount to net asset value or at a premium to NAV. There can be no assurance that the marketdiscount on shares of any closed-end fund purchased by the Fund will ever decrease.
Similarly, there can be no assurancethat any shares of a closed-end fund purchased by the Fund at a premium will continue to trade at a premium or that the premium will notdecrease subsequent to a purchase of such shares by the Fund. These consist of various typesof marketable securities issued by the United States Treasury, i. Such securities are direct obligations ofthe United States government and differ mainly in the length of their maturity.
Treasury bills, the most frequently issued marketablegovernment security, have a maturity of up to one year and are issued on a discount basis. These consist of debt securitiesissued by agencies and instrumentalities of the United States government, including the various types of instruments currently outstandingor which may be offered in the future.
These securities are either: i backed by the full faithand credit of the United States government e. Government-related guarantors i. Fannie Mae is a government-sponsoredcorporation owned entirely by private stockholders. It is subject to general regulation by the Secretary of Housing and Urban Development.
Fannie Mae purchases conventional i. Pass-through securities issued by Fannie Mae are guaranteed as to timely payment of principal andinterest by Fannie Mae but are not backed by the full faith and credit of the United States Government. Freddie Mac was created byCongress in for the purpose of increasing the availability of mortgage credit for residential housing. It is a government-sponsoredcorporation formerly owned by the twelve Federal Home Loan Banks and now owned entirely by private stockholders.
FreddieMac guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and creditof the United States Government. Commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankersand other secondary market issuers also create pass-through pools of conventional residential mortgage loans.
Poolscreated by such nongovernmental issuers generally offer a higher rate of interest than government and government-related pools becausethere are no direct or indirect government or agency guarantees of payments in the former pools. However, timely payment of interest andprincipal of these pools may be supported by various forms of insurance or guarantees, including individual loan, title, pool and hazardinsurance and letters of credit.
The insurance and guarantees are issued by governmental entities, private insurers and the mortgage poolers. The Fund may purchase and write i. Such options may relate to particular securities or stock indices, and may or may not be listedon a domestic or foreign securities exchange and may or may not be issued by the Options Clearing Corporation. Options trading is a highlyspecialized activity that entails greater than ordinary investment risk.
Options may be more volatile than the underlying instruments,and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlyinginstruments themselves. A call option for a particularsecurity gives the purchaser of the option the right to buy, and the writer seller the obligation to sell, the underlying security atthe stated exercise price at any time prior to the expiration of the option, regardless of the market price of the security.
The premiumpaid to the writer is in consideration for undertaking the obligation under the option contract. A put option for a particular securitygives the purchaser the right to sell the security at the stated exercise price at any time prior to the expiration date of the option,regardless of the market price of the security.
Stock index options are putoptions and call options on various stock indices. In most respects, they are identical to listed options on common stocks. The primarydifference between stock options and index options occurs when index options are exercised. In the case of stock options, the underlyingsecurity, common stock, is delivered. However, upon the exercise of an index option, settlement does not occur by delivery of the securitiescomprising the index.
The option holder who exercises the index option receives an amount of cash if the closing level of the stock indexupon which the option is based is greater than, in the case of a call, or less than, in the case of a put, the exercise price of the option. This amount of cash is equal to the difference between the closing price of the stock index and the exercise price of the option expressedin dollars times a specified multiple. A stock index fluctuates with changes in the market value of the stocks included in the index.
A closing purchase transaction will ordinarily be effected to realize a profit on an outstanding option,to prevent an underlying instrument from being called, to permit the sale of the underlying instrument or to permit the writing of a newoption containing different terms on such underlying instrument. The cost of such a liquidation purchase plus transactions costs may begreater than the premium received upon the original option, in which event the Fund will have paid a loss in the transaction.
There isno assurance that a liquid secondary market will exist for any particular option. An option writer unable to effect a closing purchasetransaction will not be able to sell the underlying instrument or liquidate the assets held in a segregated account, as described below,until the option expires or the optioned instrument is delivered upon exercise.
In such circumstances, the writer will be subject to therisk of market decline or appreciation in the instrument during such period. If an option purchased by theFund expires unexercised, the Fund realizes a loss equal to the premium paid. If the Fund enters into a closing sale transaction on anoption purchased by it, the Fund will realize a gain if the premium received by the Fund on the closing transaction is more than the premiumpaid to purchase the option, or a loss if it is less.
If an option written by the Fund expires on the stipulated expiration date or ifthe Fund enters into a closing purchase transaction, it will realize a gain or loss if the cost of a closing purchase transaction exceedsthe net premium received when the option is sold. If an option written by the Fund is exercised, the proceeds of the sale will be increasedby the net premium originally received and the Fund will realize a gain or loss.
There are several risks associatedwith transactions in options. For example, there are significant differences between the securities and options markets that could resultin an imperfect correlation between these markets, causing a given transaction not to achieve its objectives.
Successful use by the Fundof options on stock indices will be subject to the ability of the Adviser to correctly predict movements in the directions of the stockmarket. This requires different skills and techniques than predicting changes in the prices of individual securities. Consequently, the Fund bears the risk that the prices of its securities being hedgedwill not move in the same amount as the prices of its put options on the stock indices.
The hours of trading for optionsmay not conform to the hours during which the underlying securities are traded. To the extent that the options markets close before themarkets for the underlying securities, significant price and rate movements can take place in the underlying markets that cannot be reflectedin the options markets.
The purchase of options is a highly specialized activity that involves investment techniques and risks differentfrom those associated with ordinary portfolio securities transactions.
The purchase of stock index options involves the risk that thepremium and transaction costs paid by the Fund in purchasing an option will be lost as a result of unanticipated movements in prices ofthe securities comprising the stock index on which the option is based. There is no assurance thata liquid secondary market on an options exchange will exist for any particular option, or at any particular time, and for some optionsno secondary market on an exchange or elsewhere may exist.
If the Fund is unable to close out a call option on securities that it haswritten before the option is exercised, the Fund may be required to purchase the optioned securities in order to satisfy its obligationunder the option to deliver such securities. If the Fund is unable to effect a closing sale transaction with respect to options on securitiesthat it has purchased, it would have to exercise the option in order to realize any profit and would incur transaction costs upon thepurchase and sale of the underlying securities.
Transactions using options other than options that the Fund has purchased expose the Fund to an obligation to another party. Under current SEC guidelines, the Fund will segregateassets to cover transactions in which the Fund writes or sells options. Assets used as cover or heldin a segregated account cannot be sold while the position in the corresponding option is open, unless they are replaced with similar assets. The Fund may purchase and selloptions on the same types of futures in which it may invest.
Options on futures are similar to options on underlying instruments exceptthat options on futures give the purchaser the right, in return for the premium paid, to assume a position in a futures contract a longposition if the option is a call and a short position if the option is a put , rather than to purchase or sell the futures contract, ata specified exercise price at any time during the period of the option.
Purchasers of options whofail to exercise their options prior to the exercise date suffer a loss of the premium paid. The Fund may engage in transactionsinvolving dealer options as well as exchange-traded options.
Certain additional risks are specific to dealer options. While the Fund mightlook to a clearing corporation to exercise exchange-traded options, if the Fund were to purchase a dealer option it would need to relyon the dealer from which it purchased the option to perform if the option were exercised.
Failure by the dealer to do so would resultin the loss of the premium paid by the Fund as well as loss of the expected benefit of the transaction.
Exchange traded options generallyhave a continuous liquid market while dealer options may not. Consequently, the Fund may generally be able to realize the value of a dealeroption it has purchased only by exercising or reselling the option to the dealer who issued it. Similarly, when the Fund writes a dealeroption, it may generally be able to close out the option prior to its expiration only by entering into a closing purchase transactionwith the dealer to whom the Fund originally wrote the option.
While the Fund will seek to enter into dealer options only with dealerswho will agree to and which are expected to be capable of entering into closing transactions with the Fund, there can be no assurancethat the Fund will at any time be able to liquidate a dealer option at a favorable price at any time prior to expiration. Unless the Fund,as a covered dealer call option writer, is able to effect a closing purchase transaction, it will not be able to liquidate securities or other assets used as cover until the option expires or is exercised.
In the event of insolvency of the other party, the Fund maybe unable to liquidate a dealer option. With respect to options written by the Fund, the inability to enter into a closing transactionmay result in material losses to the Fund. For example, because the Fund must maintain a secured position with respect to any call optionon a security it writes, the Fund may not sell the assets, which it has segregated to secure the position while it is obligated underthe option. The Staff of the SEC has takenthe position that purchased dealer options are illiquid securities.
The Fund may treat the cover used for written dealer options as liquidif the dealer agrees that the Fund may repurchase the dealer option it has written for a maximum price to be calculated by a predeterminedformula. In such cases, the dealer option would be considered illiquid only to the extent the maximum purchase price under the formulaexceeds the intrinsic value of the option.
If the SEC changes its position on the liquidity of dealer options, the Fund will change its treatment of such instrumentsaccordingly. The Fund may purchase coveredspread options from securities dealers.
These covered spread options are not presently exchange-listed or exchange-traded. The purchaseof a spread option gives the Fund the right to put securities that it owns at a fixed dollar spread or fixed yield spread in relationshipto another security that the Fund does not own, but which is used as a benchmark.
The risk to the Fund, in addition to the risks of dealeroptions described above, is the cost of the premium paid as well as any transaction costs. The purchase of spread options will be usedto protect the Fund against adverse changes in prevailing credit quality spreads, i. This protection is provided only during the life of the spread options. The Fund may enter into repurchaseagreements. Any such dealer or bank must be deemed creditworthy by the Adviser. At that time, the bank or securitiesdealer agrees to repurchase the underlying security at a mutually agreed upon price on a designated future date.
The repurchase pricemay be higher than the purchase price, the difference being income to the Fund, or the purchase and repurchase prices may be the same,with interest at an agreed upon rate due to the Fund on repurchase. In either case, the income to the Fund generally will be unrelatedto the interest rate on the underlying securities.
Therefore,a repurchase agreement can be considered a loan collateralized by the underlying securities. Repurchase agreements are generallyfor a short period of time, often less than a week, and will generally be used by the Fund to invest excess cash or as part of a temporarydefensive strategy. Repurchase agreements that do not provide for payment within seven days will be treated as illiquid securities.
Inthe event of a bankruptcy or other default by the seller of a repurchase agreement, the Fund could experience both delays in liquidatingthe underlying security and losses. These losses could result from: a possible decline in the value of the underlying security whilethe Fund is seeking to enforce its rights under the repurchase agreement; b possible reduced levels of income or lack of access to incomeduring this period; and c expenses of enforcing its rights.
A futures contract providesfor the future sale by one party and purchase by another party of a specified amount of a specific financial instrument e. Brokerage fees are paid when afutures contract is bought or sold and margin deposits must be maintained.
Entering into a contract to buy is commonly referred to asbuying or purchasing a contract or holding a long position. Entering into a contract to sell is commonly referred to as selling a contractor holding a short position.
Unlike when the Fund purchasesor sells a security, no price would be paid or received by the Fund upon the purchase or sale of a futures contract. If the price of an open futurescontract changes by increase in underlying instrument or index in the case of a sale or by decrease in the case of a purchase so thatthe loss on the futures contract reaches a point at which the margin on deposit does not satisfy margin requirements, the broker willrequire an increase in the margin.
However, if the value of a position increases because of favorable price changes in the futures contractso that the margin deposit exceeds the required margin, the broker will pay the excess to the Fund.
Although certain futures contracts,by their terms, require actual future delivery of and payment for the underlying instruments, in practice most futures contracts are usuallyclosed out before the delivery date. Closing out an open futures contract purchase or sale is effected by entering into an offsettingfutures contract sale or purchase, respectively, for the same aggregate amount of the identical underlying instrument or index and thesame delivery date.
If the offsetting purchase price is less than the original sale price, the Fund realizes a gain; if it is more, theFund realizes a loss. Conversely, if the offsetting sale price is more than the original purchase price, the Fund realizes a gain; ifit is less, the Fund realizes a loss. The transaction costs must also be included in these calculations. There can be no assurance, however,that the Fund will be able to enter into an offsetting transaction with respect to a particular futures contract at a particular time.
If the Fund is not able to enter into an offsetting transaction, the Fund will continue to be required to maintain the margin depositson the futures contract. For example, one contract inthe Financial Times Stock Exchange Index future is a contract to buy 25 pounds sterling multiplied by the level of the UK FinancialTimes Share Index on a given future date. Settlement of a stock index futures contract may or may not be in the underlying instrumentor index. If not in the underlying instrument or index, then settlement will be made in cash, equivalent over time to the difference betweenthe contract price and the actual price of the underlying asset at the time the stock index futures contract expires.
The Adviser is registered withthe National Futures Association as a commodity pool operator under the Commodity Exchange Act, as amended, and the rules of the CommodityFutures Trading Commission promulgated thereunder.
Accordingly, the Fund is not subject, nor will they be subject, to registration or regulationas a commodity pool operator under the CEA.
The Fund may purchase and sellsecurities on a when-issued, forward commitment or delayed settlement basis. Normally, theCustodian will set aside portfolio securities to satisfy a purchase commitment. The Fund does not intend toengage in these transactions for speculative purposes but only in furtherance of their investment objectives. The Fund will purchase securitieson a when-issued, forward commitment or delayed settlement basis only with the intention of completing the transaction.
If deemed advisableas a matter of investment strategy, however, the Fund may dispose of or renegotiate a commitment after it is entered into, and may sellsecurities it has committed to purchase before those securities are delivered to the Fund on the settlement date. In these cases the Fundmay realize a taxable capital gain or loss. When the Fund engages in when-issued, forward commitment and delayed settlement transactions,it relies on the other party to consummate the trade.
Failure of such party to do so may result in the Fund incurring a loss or missingan opportunity to obtain a price credited to be advantageous. The market value of the securitiesunderlying a when-issued purchase, forward commitment to purchase securities, or a delayed settlement and any subsequent fluctuationsin their market value is taken into account when determining the market value of the Fund starting on the day the Fund agrees to purchasethe securities.
The Fund does not earn interest on the securities it has committed to purchase until it has paid for and delivered onthe settlement date. Illiquid securities include securities subject to contractual or legal restrictions on resale e. Securities that have not been registered under the Securities Act are referred to as private placementsor restricted securities and are purchased directly from the issuer or in the secondary market.
Foreign securities that are freely tradablein their principal markets are not considered to be illiquid. Restricted and other illiquidsecurities may be subject to the potential for delays on resale and uncertainty in valuation. The Fund might be unable to dispose of illiquidsecurities promptly or at reasonable prices and might thereby experience difficulty in satisfying redemption requests from shareholders.
The Fund might have to register restricted securities in order to dispose of them, resulting in additional expense and delay. Adversemarket conditions could impede such a public offering of securities.
A large institutional marketexists for certain securities that are not registered under the Securities Act, including foreign securities. The fact that there arecontractual or legal restrictions on resale to the general public or to certain institutions may not be indicative of the liquidity ofsuch investments.
Rule A under the Securities Act allows such a broader institutional trading market for securities otherwise subjectto restrictions on resale to the general public. Rule A has produced enhanced liquidity for manyrestricted securities, and market liquidity for such securities may continue to expand as a result of this regulation and the consequentexistence of the PORTAL system, which is an automated system for the trading, clearance and settlement of unregistered securities of domesticand foreign issuers sponsored by NASDAQ.
Under guidelines adopted bythe Board, the Adviser may determine that particular Rule A securities, and commercial paper issued in reliance on the private placementexemption from registration afforded by Section 4 a 2 of the Securities Act, are liquid even though they are not registered. A determinationof whether such a security is liquid or not is a question of fact. In making this determination, the Adviser will consider, as it deemsappropriate under the circumstances and among other factors: 1 the frequency of trades and quotes for the security; 2 the number ofdealers willing to purchase or sell the security; 3 the number of other potential purchasers of the security; 4 dealer undertakingsto make a market in the security; 5 the nature of the security e.
Rule A securities and Section4 a 2 commercial paper that have been deemed liquid as described above will continue to be monitored by the Adviser to determine ifthe security is no longer liquid as the result of changed conditions. For the purpose of achievingincome, the Fund may lend its portfolio securities, provided 1 the loan is secured continuously by collateral consisting of U. Governmentsecurities or cash or cash equivalents cash, U.
The Fund may not:. Issue senior securities, exceptas otherwise permitted under the Act, and the rules and regulations promulgated thereunder;2. The Fund may not engage inthe business of underwriting securities issued by others, except to the extent that the Fund may be considered an underwriter withinthe meaning of the Securities Act, in the disposition of restricted securities or in connection with its investments in other investmentcompanies;4.
Purchase or sell real estateor interests in real estate. This limitation is not applicable to investments in marketable securities that are secured by or representinterests in real estate. This limitation does not preclude the Fund from investing in mortgage-related securities or investing in companiesengaged in the real estate business or that have a significant portion of their assets in real estate including REITs ; 15 5.
For purposes of determining industry concentration, if the Fund invests in unaffiliated underlying investment companies, the Fund will consider the concentration of the underlying investment companies for purposes of determining compliance with its own concentration policy.
Purchase or sell commodities unless acquired as a result of ownership of securities or other investments or commodity futures contracts, except that the Fund maypurchase and sell futures contracts and options to the full extent permitted under the Act, sell foreign currency contracts in accordancewith any rules of the Commodity Futures Trading Commission, invest in securities or other instruments backed by commodities, and investin companies that are engaged in a commodities business or have a significant portion of their assets in commodities; or7.
Make loans to others, exceptthat the Fund may, in accordance with its investment objective and policies, i lend portfolio securities, ii purchase and hold debtsecurities or other debt instruments, including but not limited to loan participations and sub-participations, assignments, and structuredsecurities, iii make loans secured by mortgages on real property, iv enter into repurchase agreements, v enter into transactionswhere each loan is represented by a note executed by the borrower, and vi make time deposits with financial institutions and investin instruments issued by financial institutions.
The Fund and its service providers may not receivecompensation or any other consideration which includes any agreement to maintain assets in the Fund or in other investment companiesor accounts managed by the Adviser or any affiliated person of the Adviser in connection with the disclosure of portfolio holdings informationof the Fund. Periodic reports regarding these procedures will be provided to the Board. The Trust, the Adviser and the Distributor asdefined below will not disseminate non-public information concerning the Trust.
The Board must approve all material amendments to thispolicy. The Nominatingand Corporate Governance Committee generally will not consider shareholder nominees. Zung Nguyen serves as the Chairman of the Committee. Each Independent Trustee is expectedto attend all quarterly meetings during the period. The Trust does not have a bonus, profit sharing, pension or retirement plan.
The Fund expects to declareand distribute all of its net investment income, if any, to shareholders as dividends at least semi-annually. The Fund may distributesuch income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise or income taxeson the Fund. Dividends and other distributionson Shares are distributed, as described below, on a pro rata basis to Beneficial Owners of such Shares.
The Trust will not make theDTC book-entry dividend reinvestment service available for use by Beneficial Owners for reinvestment of their cash proceeds, but certainindividual broker-dealers may make available the DTC book-entry Dividend Reinvestment Service for use by Beneficial Owners of the Fundthrough DTC Participants for reinvestment of their dividend distributions.
Investors should contact their brokers to ascertain the availabilityand description of these services. Beneficial Owners should be aware that each broker may require investors to adhere to specific proceduresand timetables in order to participate in the dividend reinvestment service and investors should ascertain from their brokers such necessarydetails.
If this service is available and used, dividend distributions of both income and realized gains will be automatically reinvestedin additional whole Shares issued by the Trust of the same Fund at NAV per Share. Distributions reinvested in additional Shares of theFund will nevertheless be taxable to Beneficial Owners acquiring such additional Shares to the same extent as if such distributions hadbeen received in cash. Investors owning shares are beneficial owners as shown on the records of DTC or its participants.
However, the game will continuously bring players much impressive content and countless situations or different vehicle types to enjoy. On top of that, the game will let players participate in many outstanding multiplayer activities, from which together discover impressive content and designed for multiplayer participation at the same time. Even though the game simulates the parking process, it features a vast open-world for players to drive around and explore before completing tasks.
However, each time a player begins to take on a quest, the destination and parking position will automatically appear randomly, even they have some time limitation for pressure.
Depending on the difficulty of each content, the distance and the parking position are different to creating lively and entertaining for players.
If the player does not want to complete the mission, they can drive around to interact with the NPCs or enjoy a sense of peace in a bustling city.
Compared with other simulation games, the free walking element is not as focused as Car Parking Multiplayer. Instead, the game will allow players to control their favorite character on foot to enter vehicles, shop, and chat with other players if participating in multiplayer mode. The game will even design the character movements and many other elements to be smooth and flexible, giving players a special feeling for the game.
The best thing is that players have to combine many different lessons to park the car perfectly, thereby achieving absolute scores and receiving many rewards when completing the task excellently. The game will continuously open up more interesting content for players to enjoy, and they are all the quintessence of the simulation genre accumulated from countless real-life situations.
The game features a wide range of vehicles for players to choose from in completing many parking challenges. That also means players can customize and personalize them in a variety of special styles. In addition, the game will introduce dynamic customization, a great feature for players to enjoy vivid and creative car design. In the future, players will unlock more special content for customization, thereby enjoying vehicle design across multiple platforms or impressive styles.
If players want to show off their perfect driving skills, then the online mode is where they go and discover all its great things. Moreover, the game will continuously host many exciting events for everyone to comfortably enjoy the greatness of parking after countless exciting driving activities. Not only that, but players can stand out if they put on a vivid paint color and shine with their favorite vehicles. The best part is the exchange of vehicles for a test drive, a great concept for people to explore the feel and comfort of driving various vehicles.
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