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Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.15 317.12 Td (102,347) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 305.12 Td (Intercompany payable to Parent Company) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.50 305.12 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 305.12 Td (51,994) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 293.12 Td (Other liabilities and accrued expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.50 293.12 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 293.12 Td (43,358) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 281.12 Td (Total liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.50 281.12 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.15 281.12 Td (774,061) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 257.12 Td (Total shareholder's equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.50 257.12 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.15 257.12 Td (550,789) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 233.12 Td (Total liabilities and shareholder's equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.50 233.12 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 233.12 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.65 233.12 Td (1,324,850) Tj ET Q BT /F2 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.85 207.00 Td (See Notes to the Statement of Financial Condition) Tj ET Q endstream endobj 7 0 obj <> endobj 8 0 obj <> stream BT /F3 11.00 Tf ET q 0 0 0 rg BT 103.65 755.30 Td (Notes to the Statement of Financial Condition as of June 30, 2016 \(unaudited\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 48.60 Td (3) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 719.10 Td (Note 1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.49 719.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.99 719.10 Td (Or) Tj ET Q q 0 0 0 rg BT 112.73 719.10 Td (ganization and Basis of Pr) Tj ET Q q 0 0 0 rg BT 219.04 719.10 Td (esentation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.14 719.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 695.10 Td (Organization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 671.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 96.55 671.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 108.03 671.10 Td (fray& ) Tj ET Q q 0 0 0 rg BT 137.85 671.10 Td (Co. ) Tj ET Q q 0 0 0 rg BT 155.47 671.10 Td (\("Piper ) Tj ET Q q 0 0 0 rg BT 187.43 671.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 198.91 671.10 Td (fray" ) Tj ET Q q 0 0 0 rg BT 222.53 671.10 Td (or ) Tj ET Q q 0 0 0 rg BT 234.31 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.97 671.10 Td ("Company"\) ) Tj ET Q q 0 0 0 rg BT 303.79 671.10 Td (is ) Tj ET Q q 0 0 0 rg BT 313.91 671.10 Td (a ) Tj ET Q q 0 0 0 rg BT 321.79 671.10 Td (wholly ) Tj ET Q q 0 0 0 rg BT 353.01 671.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 383.12 671.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 427.67 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 439.44 671.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 463.99 671.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 475.47 671.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 495.02 671.10 Td (Companies ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 659.10 Td (\("Parent ) Tj ET Q q 0 0 0 rg BT 107.77 659.10 Td (Company"\). ) Tj ET Q q 0 0 0 rg BT 159.17 659.10 Td (The ) Tj ET Q q 0 0 0 rg BT 177.52 659.10 Td (Parent ) Tj ET Q q 0 0 0 rg BT 205.88 659.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 247.57 659.10 Td (is ) Tj ET Q q 0 0 0 rg BT 257.04 659.10 Td (a ) Tj ET Q q 0 0 0 rg BT 264.29 659.10 Td (public ) Tj ET Q q 0 0 0 rg BT 292.09 659.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 325.46 659.10 Td (company ) Tj ET Q q 0 0 0 rg BT 364.92 659.10 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 418.26 659.10 Td (in ) Tj ET Q q 0 0 0 rg BT 428.84 659.10 Td (Delaware ) Tj ET Q q 0 0 0 rg BT 469.95 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 487.20 659.10 Td (traded ) Tj ET Q q 0 0 0 rg BT 514.99 659.10 Td (on ) Tj ET Q q 0 0 0 rg BT 527.80 659.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 647.10 Td (New ) Tj ET Q q 0 0 0 rg BT 92.59 647.10 Td (Y) Tj ET Q q 0 0 0 rg BT 98.81 647.10 Td (ork ) Tj ET Q q 0 0 0 rg BT 114.14 647.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 138.92 647.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 180.35 647.10 Td (\("NYSE"\). ) Tj ET Q q 0 0 0 rg BT 225.64 647.10 Td (The ) Tj ET Q q 0 0 0 rg BT 243.19 647.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 284.08 647.10 Td (is ) Tj ET Q q 0 0 0 rg BT 292.75 647.10 Td (a ) Tj ET Q q 0 0 0 rg BT 299.19 647.10 Td (self-clearing ) Tj ET Q q 0 0 0 rg BT 351.16 647.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 390.93 647.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 419.03 647.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 445.45 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 461.90 647.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 507.78 647.10 Td (banking ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 635.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 91.83 635.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 133.87 635.10 Td (under ) Tj ET Q q 0 0 0 rg BT 159.25 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 174.08 635.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 216.13 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 233.19 635.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 274.65 635.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 291.70 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 302.65 635.10 Td (1934 ) Tj ET Q q 0 0 0 rg BT 325.26 635.10 Td (and ) Tj ET Q q 0 0 0 rg BT 342.31 635.10 Td (is ) Tj ET Q q 0 0 0 rg BT 351.60 635.10 Td (a ) Tj ET Q q 0 0 0 rg BT 358.65 635.10 Td (member ) Tj ET Q q 0 0 0 rg BT 394.03 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 404.98 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 419.81 635.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 459.63 635.10 Td (Industry ) Tj ET Q q 0 0 0 rg BT 495.58 635.10 Td (Regulatory ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 623.10 Td (Authority ) Tj ET Q q 0 0 0 rg BT 114.10 623.10 Td (\("FINRA"\). ) Tj ET Q q 0 0 0 rg BT 163.93 623.10 Td (As ) Tj ET Q q 0 0 0 rg BT 178.26 623.10 Td (such, ) Tj ET Q q 0 0 0 rg BT 202.30 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 217.73 623.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 259.83 623.10 Td (trades ) Tj ET Q q 0 0 0 rg BT 286.91 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 304.56 623.10 Td (ef) Tj ET Q q 0 0 0 rg BT 312.15 623.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 334.24 623.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 385.22 623.10 Td (in ) Tj ET Q q 0 0 0 rg BT 396.21 623.10 Td (listed ) Tj ET Q q 0 0 0 rg BT 421.08 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 438.73 623.10 Td (unlisted ) Tj ET Q q 0 0 0 rg BT 473.61 623.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 501.82 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 519.47 623.10 Td (fixed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 611.10 Td (income ) Tj ET Q q 0 0 0 rg BT 105.30 611.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 149.43 611.10 Td (underwrites ) Tj ET Q q 0 0 0 rg BT 200.50 611.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 229.36 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 247.67 611.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 291.52 611.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 312.60 611.10 Td (of) Tj ET Q q 0 0 0 rg BT 320.75 611.10 Td (ferings ) Tj ET Q q 0 0 0 rg BT 352.39 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 370.69 611.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 409.00 611.10 Td (various ) Tj ET Q q 0 0 0 rg BT 442.30 611.10 Td (other ) Tj ET Q q 0 0 0 rg BT 466.71 611.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 505.56 611.10 Td (advisory ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 599.10 Td (services.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 575.10 Td (Basis of Pr) Tj ET Q q 0 0 0 rg BT 117.93 575.10 Td (esentation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 551.10 Td (The ) Tj ET Q q 0 0 0 rg BT 90.91 551.10 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 152.58 551.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 194.27 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 205.96 551.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 244.30 551.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 285.44 551.10 Td (has ) Tj ET Q q 0 0 0 rg BT 302.13 551.10 Td (been ) Tj ET Q q 0 0 0 rg BT 324.38 551.10 Td (prepared ) Tj ET Q q 0 0 0 rg BT 362.71 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 373.86 551.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 422.18 551.10 Td (with ) Tj ET Q q 0 0 0 rg BT 443.32 551.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 464.47 551.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 505.03 551.10 Td (accepted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 539.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 118.37 539.10 Td (principles ) Tj ET Q q 0 0 0 rg BT 160.31 539.10 Td (\(U.S. ) Tj ET Q q 0 0 0 rg BT 188.36 539.10 Td (GAAP\). ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 515.10 Td (The ) Tj ET Q q 0 0 0 rg BT 89.68 515.10 Td (preparation ) Tj ET Q q 0 0 0 rg BT 137.34 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 147.80 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.14 515.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 202.59 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 213.05 515.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 250.16 515.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 290.06 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 306.63 515.10 Td (related ) Tj ET Q q 0 0 0 rg BT 335.96 515.10 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 382.53 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 392.43 515.10 Td (conformity ) Tj ET Q q 0 0 0 rg BT 439.00 515.10 Td (with ) Tj ET Q q 0 0 0 rg BT 458.90 515.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 478.82 515.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 505.67 515.10 Td ( ) Tj ET Q q 0 0 0 rg BT 507.80 515.10 Td (requires ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 503.10 Td (management ) Tj ET Q q 0 0 0 rg BT 125.40 503.10 Td (to ) Tj ET Q q 0 0 0 rg BT 135.50 503.10 Td (make ) Tj ET Q q 0 0 0 rg BT 159.47 503.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 198.99 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 215.75 503.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 267.51 503.10 Td (that ) Tj ET Q q 0 0 0 rg BT 284.82 503.10 Td (af) Tj ET Q q 0 0 0 rg BT 292.41 503.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 309.71 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 324.24 503.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 359.87 503.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 396.07 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 406.71 503.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 432.36 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 449.11 503.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 488.64 503.10 Td (at ) Tj ET Q q 0 0 0 rg BT 498.17 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 512.70 503.10 Td (date ) Tj ET Q q 0 0 0 rg BT 531.67 503.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 87.87 491.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 129.84 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 141.82 491.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 180.45 491.10 Td (condition. ) Tj ET Q q 0 0 0 rg BT 223.56 491.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 264.99 491.10 Td (these ) Tj ET Q q 0 0 0 rg BT 289.19 491.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 330.05 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.14 491.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 401.24 491.10 Td (are ) Tj ET Q q 0 0 0 rg BT 417.10 491.10 Td (based ) Tj ET Q q 0 0 0 rg BT 443.51 491.10 Td (on ) Tj ET Q q 0 0 0 rg BT 457.16 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 473.03 491.10 Td (best ) Tj ET Q q 0 0 0 rg BT 492.79 491.10 Td (information ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 479.10 Td (available, ) Tj ET Q q 0 0 0 rg BT 113.09 479.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 139.46 479.10 Td (results ) Tj ET Q q 0 0 0 rg BT 168.07 479.10 Td (could ) Tj ET Q q 0 0 0 rg BT 192.79 479.10 Td (dif) Tj ET Q q 0 0 0 rg BT 203.71 479.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 217.31 479.10 Td (from ) Tj ET Q q 0 0 0 rg BT 239.25 479.10 Td (those ) Tj ET Q q 0 0 0 rg BT 262.86 479.10 Td (estimates.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 455.10 Td (Note 2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.49 455.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.99 455.10 Td (Summary of Significant ) Tj ET Q q 0 0 0 rg BT 198.19 455.10 Td (Accounting Policies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.45 455.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 431.10 Td (Principles of Consolidation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 407.10 Td (The ) Tj ET Q q 0 0 0 rg BT 90.12 407.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 131.58 407.10 Td (consolidates ) Tj ET Q q 0 0 0 rg BT 183.59 407.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 215.04 407.10 Td (in ) Tj ET Q q 0 0 0 rg BT 225.39 407.10 Td (which ) Tj ET Q q 0 0 0 rg BT 252.41 407.10 Td (it ) Tj ET Q q 0 0 0 rg BT 260.54 407.10 Td (has ) Tj ET Q q 0 0 0 rg BT 276.44 407.10 Td (a ) Tj ET Q q 0 0 0 rg BT 283.45 407.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 329.91 407.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 367.46 407.10 Td (interest. ) Tj ET Q q 0 0 0 rg BT 401.78 407.10 Td (The ) Tj ET Q q 0 0 0 rg BT 419.90 407.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 461.36 407.10 Td (determines ) Tj ET Q q 0 0 0 rg BT 507.81 407.10 Td (whether ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 395.10 Td (it ) Tj ET Q q 0 0 0 rg BT 79.28 395.10 Td (has ) Tj ET Q q 0 0 0 rg BT 94.33 395.10 Td (a ) Tj ET Q q 0 0 0 rg BT 100.49 395.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 146.10 395.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 182.80 395.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 213.96 395.10 Td (in ) Tj ET Q q 0 0 0 rg BT 223.46 395.10 Td (an ) Tj ET Q q 0 0 0 rg BT 234.62 395.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 259.12 395.10 Td (by ) Tj ET Q q 0 0 0 rg BT 270.84 395.10 Td (first ) Tj ET Q q 0 0 0 rg BT 288.67 395.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 332.04 395.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 365.97 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.91 395.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 404.41 395.10 Td (is ) Tj ET Q q 0 0 0 rg BT 412.80 395.10 Td (a ) Tj ET Q q 0 0 0 rg BT 418.96 395.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 452.89 395.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 484.04 395.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 508.54 395.10 Td (\("VIE"\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 383.10 Td (or ) Tj ET Q q 0 0 0 rg BT 82.83 383.10 Td (a ) Tj ET Q q 0 0 0 rg BT 89.77 383.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 117.83 383.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 149.76 383.10 Td (entity) Tj ET Q q 0 0 0 rg BT 171.88 383.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 359.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 95.94 359.10 Td (are ) Tj ET Q q 0 0 0 rg BT 111.53 359.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 143.80 359.10 Td (in ) Tj ET Q q 0 0 0 rg BT 154.96 359.10 Td (which ) Tj ET Q q 0 0 0 rg BT 182.78 359.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 195.61 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 211.21 359.10 Td (total ) Tj ET Q q 0 0 0 rg BT 232.37 359.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 260.75 359.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 308.02 359.10 Td (at ) Tj ET Q q 0 0 0 rg BT 318.62 359.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 337.00 359.10 Td (is ) Tj ET Q q 0 0 0 rg BT 347.06 359.10 Td (not ) Tj ET Q q 0 0 0 rg BT 363.22 359.10 Td (suf) Tj ET Q q 0 0 0 rg BT 375.26 359.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 404.19 359.10 Td (to ) Tj ET Q q 0 0 0 rg BT 415.35 359.10 Td (enable ) Tj ET Q q 0 0 0 rg BT 444.83 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 460.43 359.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 486.59 359.10 Td (to ) Tj ET Q q 0 0 0 rg BT 497.76 359.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 530.57 359.10 Td (its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 347.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 109.95 347.10 Td (independently ) Tj ET Q q 0 0 0 rg BT 168.46 347.10 Td (or ) Tj ET Q q 0 0 0 rg BT 178.64 347.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 192.71 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 206.78 347.10 Td (at-risk ) Tj ET Q q 0 0 0 rg BT 234.18 347.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 261.03 347.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 292.32 347.10 Td (do ) Tj ET Q q 0 0 0 rg BT 304.17 347.10 Td (not ) Tj ET Q q 0 0 0 rg BT 318.80 347.10 Td (have ) Tj ET Q q 0 0 0 rg BT 339.53 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 353.60 347.10 Td (normal ) Tj ET Q q 0 0 0 rg BT 383.78 347.10 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 442.82 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 453.00 347.10 Td (a ) Tj ET Q q 0 0 0 rg BT 459.29 347.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 505.03 347.10 Td (financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 335.10 Td (interest. ) Tj ET Q q 0 0 0 rg BT 105.97 335.10 Td (A) Tj ET Q q 0 0 0 rg BT 112.64 335.10 Td ( ) Tj ET Q q 0 0 0 rg BT 115.26 335.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 161.76 335.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 199.36 335.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 231.41 335.10 Td (in ) Tj ET Q q 0 0 0 rg BT 241.81 335.10 Td (a ) Tj ET Q q 0 0 0 rg BT 248.68 335.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 267.96 335.10 Td (is ) Tj ET Q q 0 0 0 rg BT 277.25 335.10 Td (present ) Tj ET Q q 0 0 0 rg BT 308.74 335.10 Td (when ) Tj ET Q q 0 0 0 rg BT 333.02 335.10 Td (an ) Tj ET Q q 0 0 0 rg BT 345.08 335.10 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 387.12 335.10 Td (has ) Tj ET Q q 0 0 0 rg BT 403.07 335.10 Td (one ) Tj ET Q q 0 0 0 rg BT 420.13 335.10 Td (or ) Tj ET Q q 0 0 0 rg BT 431.08 335.10 Td (more ) Tj ET Q q 0 0 0 rg BT 454.24 335.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 489.06 335.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 525.01 335.10 Td (that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 323.10 Td (have ) Tj ET Q q 0 0 0 rg BT 92.58 323.10 Td (both ) Tj ET Q q 0 0 0 rg BT 112.06 323.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 123.20 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.11 323.10 Td (power ) Tj ET Q q 0 0 0 rg BT 163.80 323.10 Td (to ) Tj ET Q q 0 0 0 rg BT 173.28 323.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 197.75 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 211.67 323.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 249.46 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 259.50 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 273.29 323.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 291.65 323.10 Td (that ) Tj ET Q q 0 0 0 rg BT 308.35 323.10 Td (most ) Tj ET Q q 0 0 0 rg BT 329.50 323.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 381.19 323.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 410.10 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 423.89 323.10 Td (VIE) Tj ET Q q 0 0 0 rg BT 443.33 323.10 Td (s ) Tj ET Q q 0 0 0 rg BT 448.92 323.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 489.50 323.10 Td (performance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 311.10 Td (and ) Tj ET Q q 0 0 0 rg BT 89.17 311.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 104.12 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.08 311.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 162.36 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 172.87 311.10 Td (absorb ) Tj ET Q q 0 0 0 rg BT 202.27 311.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 228.89 311.10 Td (of ) Tj ET Q q 0 0 0 rg BT 239.96 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 254.71 311.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 274.11 311.10 Td (or ) Tj ET Q q 0 0 0 rg BT 285.17 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 300.12 311.10 Td (right ) Tj ET Q q 0 0 0 rg BT 321.74 311.10 Td (to ) Tj ET Q q 0 0 0 rg BT 332.26 311.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 363.85 311.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 398.24 311.10 Td (from ) Tj ET Q q 0 0 0 rg BT 420.42 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 435.17 311.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 454.56 311.10 Td (that ) Tj ET Q q 0 0 0 rg BT 472.29 311.10 Td (could ) Tj ET Q q 0 0 0 rg BT 497.24 311.10 Td (potentially ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 299.10 Td (be ) Tj ET Q q 0 0 0 rg BT 83.36 299.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 127.49 299.10 Td (to ) Tj ET Q q 0 0 0 rg BT 137.18 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 151.18 299.10 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 172.12 299.10 Td (The ) Tj ET Q q 0 0 0 rg BT 189.58 299.10 Td (enterprise ) Tj ET Q q 0 0 0 rg BT 230.92 299.10 Td (with ) Tj ET Q q 0 0 0 rg BT 250.62 299.10 Td (a ) Tj ET Q q 0 0 0 rg BT 256.98 299.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 302.78 299.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 339.68 299.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 371.03 299.10 Td (is ) Tj ET Q q 0 0 0 rg BT 379.62 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.75 299.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 427.32 299.10 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 474.21 299.10 Td (and ) Tj ET Q q 0 0 0 rg BT 490.57 299.10 Td (consolidates ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 86.54 287.10 Td (VIE. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 263.10 Td (V) Tj ET Q q 0 0 0 rg BT 77.93 263.10 Td (oting ) Tj ET Q q 0 0 0 rg BT 100.83 263.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 132.61 263.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 163.83 263.10 Td (lack ) Tj ET Q q 0 0 0 rg BT 182.83 263.10 Td (one ) Tj ET Q q 0 0 0 rg BT 199.61 263.10 Td (or ) Tj ET Q q 0 0 0 rg BT 210.29 263.10 Td (more ) Tj ET Q q 0 0 0 rg BT 233.17 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 243.85 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 258.41 263.10 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 317.94 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 328.61 263.10 Td (a ) Tj ET Q q 0 0 0 rg BT 335.22 263.10 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 356.56 263.10 Td (The ) Tj ET Q q 0 0 0 rg BT 374.45 263.10 Td (usual ) Tj ET Q q 0 0 0 rg BT 397.90 263.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 438.01 263.10 Td (for ) Tj ET Q q 0 0 0 rg BT 452.02 263.10 Td (a ) Tj ET Q q 0 0 0 rg BT 458.80 263.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 505.02 263.10 Td (financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 251.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 105.17 251.10 Td (is ) Tj ET Q q 0 0 0 rg BT 115.57 251.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 160.96 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 173.02 251.10 Td (a ) Tj ET Q q 0 0 0 rg BT 181.19 251.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 218.81 251.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 248.09 251.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 281.26 251.10 Td (for ) Tj ET Q q 0 0 0 rg BT 296.65 251.10 Td (a ) Tj ET Q q 0 0 0 rg BT 304.82 251.10 Td (corporation ) Tj ET Q q 0 0 0 rg BT 354.65 251.10 Td (or ) Tj ET Q q 0 0 0 rg BT 366.71 251.10 Td (a ) Tj ET Q q 0 0 0 rg BT 374.88 251.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 412.49 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 424.56 251.10 Td (kick-out ) Tj ET Q q 0 0 0 rg BT 461.61 251.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 488.12 251.10 Td (for ) Tj ET Q q 0 0 0 rg BT 503.52 251.10 Td (a ) Tj ET Q q 0 0 0 rg BT 511.69 251.10 Td (limited ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 239.10 Td (partnership. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 215.10 Td (When ) Tj ET Q q 0 0 0 rg BT 98.34 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 113.01 215.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 154.36 215.10 Td (does ) Tj ET Q q 0 0 0 rg BT 175.14 215.10 Td (not ) Tj ET Q q 0 0 0 rg BT 190.38 215.10 Td (have ) Tj ET Q q 0 0 0 rg BT 211.72 215.10 Td (a ) Tj ET Q q 0 0 0 rg BT 218.61 215.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 264.95 215.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 302.39 215.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 334.29 215.10 Td (in ) Tj ET Q q 0 0 0 rg BT 344.52 215.10 Td (an ) Tj ET Q q 0 0 0 rg BT 356.42 215.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 381.65 215.10 Td (but ) Tj ET Q q 0 0 0 rg BT 396.89 215.10 Td (exerts ) Tj ET Q q 0 0 0 rg BT 423.22 215.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 467.89 215.10 Td (influence ) Tj ET Q q 0 0 0 rg BT 507.55 215.10 Td (over ) Tj ET Q q 0 0 0 rg BT 527.78 215.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 203.10 Td (entity) Tj ET Q q 0 0 0 rg BT 97.55 203.10 Td (s ) Tj ET Q q 0 0 0 rg BT 104.77 203.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 145.85 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 163.61 203.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 201.91 203.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 236.34 203.10 Td (\(generally ) Tj ET Q q 0 0 0 rg BT 280.19 203.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 313.50 203.10 Td (as ) Tj ET Q q 0 0 0 rg BT 325.15 203.10 Td (owning ) Tj ET Q q 0 0 0 rg BT 358.47 203.10 Td (a ) Tj ET Q q 0 0 0 rg BT 366.23 203.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 395.11 203.10 Td (or ) Tj ET Q q 0 0 0 rg BT 406.76 203.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 448.96 203.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 481.71 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 493.36 203.10 Td (between ) Tj ET Q q 0 0 0 rg BT 530.00 203.10 Td (20 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 191.10 Td (percent ) Tj ET Q q 0 0 0 rg BT 105.10 191.10 Td (to ) Tj ET Q q 0 0 0 rg BT 116.55 191.10 Td (50 ) Tj ET Q q 0 0 0 rg BT 130.23 191.10 Td (percent\), ) Tj ET Q q 0 0 0 rg BT 169.15 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.04 191.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 233.30 191.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 280.85 191.10 Td (is ) Tj ET Q q 0 0 0 rg BT 291.20 191.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 335.41 191.10 Td (for ) Tj ET Q q 0 0 0 rg BT 350.74 191.10 Td (under ) Tj ET Q q 0 0 0 rg BT 377.18 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.07 191.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 421.74 191.10 Td (method ) Tj ET Q q 0 0 0 rg BT 455.41 191.10 Td (of ) Tj ET Q q 0 0 0 rg BT 467.42 191.10 Td (accounting. ) Tj ET Q q 0 0 0 rg BT 517.46 191.10 Td (If ) Tj ET Q q 0 0 0 rg BT 527.80 191.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 179.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 113.44 179.10 Td (does ) Tj ET Q q 0 0 0 rg BT 134.32 179.10 Td (not ) Tj ET Q q 0 0 0 rg BT 149.65 179.10 Td (have ) Tj ET Q q 0 0 0 rg BT 171.07 179.10 Td (a ) Tj ET Q q 0 0 0 rg BT 178.06 179.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 224.49 179.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 262.02 179.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 294.01 179.10 Td (in, ) Tj ET Q q 0 0 0 rg BT 306.84 179.10 Td (or ) Tj ET Q q 0 0 0 rg BT 317.72 179.10 Td (exert ) Tj ET Q q 0 0 0 rg BT 340.25 179.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 385.02 179.10 Td (influence ) Tj ET Q q 0 0 0 rg BT 424.77 179.10 Td (over) Tj ET Q q 0 0 0 rg BT 442.14 179.10 Td (, ) Tj ET Q q 0 0 0 rg BT 447.19 179.10 Td (an ) Tj ET Q q 0 0 0 rg BT 459.18 179.10 Td (entity) Tj ET Q q 0 0 0 rg BT 481.30 179.10 Td (, ) Tj ET Q q 0 0 0 rg BT 486.35 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 501.12 179.10 Td (Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 167.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 109.49 167.10 Td (for ) Tj ET Q q 0 0 0 rg BT 123.65 167.10 Td (its ) Tj ET Q q 0 0 0 rg BT 135.59 167.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 181.98 167.10 Td (at ) Tj ET Q q 0 0 0 rg BT 191.69 167.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 208.07 167.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 234.72 167.10 Td (if ) Tj ET Q q 0 0 0 rg BT 243.33 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 258.05 167.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 274.43 167.10 Td (value ) Tj ET Q q 0 0 0 rg BT 298.58 167.10 Td (option ) Tj ET Q q 0 0 0 rg BT 326.64 167.10 Td (was ) Tj ET Q q 0 0 0 rg BT 344.69 167.10 Td (elected, ) Tj ET Q q 0 0 0 rg BT 378.00 167.10 Td (or ) Tj ET Q q 0 0 0 rg BT 388.83 167.10 Td (at ) Tj ET Q q 0 0 0 rg BT 398.55 167.10 Td (cost.) Tj ET Q endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F3 11.00 Tf ET q 0 0 0 rg BT 103.65 755.30 Td (Notes to the Statement of Financial Condition as of June 30, 2016 \(unaudited\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 48.60 Td (4) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 731.25 Td (Cash ) Tj ET Q q 0 0 0 rg BT 96.17 731.25 Td (and ) Tj ET Q q 0 0 0 rg BT 114.80 731.25 Td (Cash ) Tj ET Q q 0 0 0 rg BT 138.97 731.25 Td (Equivalents) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 707.25 Td (Cash ) Tj ET Q q 0 0 0 rg BT 94.57 707.25 Td (and ) Tj ET Q q 0 0 0 rg BT 111.58 707.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 131.92 707.25 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 180.04 707.25 Td (consist ) Tj ET Q q 0 0 0 rg BT 210.39 707.25 Td (of ) Tj ET Q q 0 0 0 rg BT 221.29 707.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 241.63 707.25 Td (and ) Tj ET Q q 0 0 0 rg BT 258.64 707.25 Td (highly ) Tj ET Q q 0 0 0 rg BT 286.77 707.25 Td (liquid ) Tj ET Q q 0 0 0 rg BT 312.68 707.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 363.02 707.25 Td (with ) Tj ET Q q 0 0 0 rg BT 383.38 707.25 Td (maturities ) Tj ET Q q 0 0 0 rg BT 425.94 707.25 Td (of ) Tj ET Q q 0 0 0 rg BT 436.84 707.25 Td (90 ) Tj ET Q q 0 0 0 rg BT 449.41 707.25 Td (days ) Tj ET Q q 0 0 0 rg BT 470.31 707.25 Td (or ) Tj ET Q q 0 0 0 rg BT 481.22 707.25 Td (less ) Tj ET Q q 0 0 0 rg BT 498.79 707.25 Td (at ) Tj ET Q q 0 0 0 rg BT 508.58 707.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.37 707.25 Td (date ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 695.25 Td (of ) Tj ET Q q 0 0 0 rg BT 82.83 695.25 Td (origination.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 671.25 Td (In ) Tj ET Q q 0 0 0 rg BT 83.27 671.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 131.18 671.25 Td (with ) Tj ET Q q 0 0 0 rg BT 151.90 671.25 Td (Rule ) Tj ET Q q 0 0 0 rg BT 173.73 671.25 Td (15c3-3 ) Tj ET Q q 0 0 0 rg BT 204.45 671.25 Td (of ) Tj ET Q q 0 0 0 rg BT 215.72 671.25 Td (the ) Tj ET Q q 0 0 0 rg BT 230.88 671.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 273.26 671.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 314.98 671.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 332.36 671.25 Td (of ) Tj ET Q q 0 0 0 rg BT 343.64 671.25 Td (1934, ) Tj ET Q q 0 0 0 rg BT 369.08 671.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 393.13 671.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 404.61 671.25 Td (fray) Tj ET Q q 0 0 0 rg BT 420.06 671.25 Td (, ) Tj ET Q q 0 0 0 rg BT 425.51 671.25 Td (as ) Tj ET Q q 0 0 0 rg BT 436.78 671.25 Td (a ) Tj ET Q q 0 0 0 rg BT 444.16 671.25 Td (registered ) Tj ET Q q 0 0 0 rg BT 486.53 671.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 515.57 671.25 Td (dealer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 659.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 107.09 659.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 145.53 659.25 Td (accounts, ) Tj ET Q q 0 0 0 rg BT 184.79 659.25 Td (is ) Tj ET Q q 0 0 0 rg BT 193.24 659.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 223.35 659.25 Td (to ) Tj ET Q q 0 0 0 rg BT 232.90 659.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 286.88 659.25 Td (related ) Tj ET Q q 0 0 0 rg BT 315.86 659.25 Td (to ) Tj ET Q q 0 0 0 rg BT 325.42 659.25 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 374.97 659.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 394.52 659.25 Td (or ) Tj ET Q q 0 0 0 rg BT 404.63 659.25 Td (qualified ) Tj ET Q q 0 0 0 rg BT 441.95 659.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 481.49 659.25 Td (in ) Tj ET Q q 0 0 0 rg BT 491.05 659.25 Td (a ) Tj ET Q q 0 0 0 rg BT 497.26 659.25 Td (segregated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 647.25 Td (reserve ) Tj ET Q q 0 0 0 rg BT 103.37 647.25 Td (account ) Tj ET Q q 0 0 0 rg BT 136.96 647.25 Td (for ) Tj ET Q q 0 0 0 rg BT 151.12 647.25 Td (the ) Tj ET Q q 0 0 0 rg BT 165.84 647.25 Td (exclusive ) Tj ET Q q 0 0 0 rg BT 206.10 647.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 236.37 647.25 Td (of ) Tj ET Q q 0 0 0 rg BT 247.20 647.25 Td (its ) Tj ET Q q 0 0 0 rg BT 259.14 647.25 Td (customers.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 623.25 Td (Customer) Tj ET Q q 0 0 0 rg BT 114.03 623.25 Td ( ) Tj ET Q q 0 0 0 rg BT 116.35 623.25 Td (T) Tj ET Q q 0 0 0 rg BT 122.28 623.25 Td (ransactions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 599.25 Td (Customer ) Tj ET Q q 0 0 0 rg BT 113.50 599.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 153.88 599.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 204.25 599.25 Td (are ) Tj ET Q q 0 0 0 rg BT 219.07 599.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 256.66 599.25 Td (on ) Tj ET Q q 0 0 0 rg BT 269.27 599.25 Td (a ) Tj ET Q q 0 0 0 rg BT 276.32 599.25 Td (settlement ) Tj ET Q q 0 0 0 rg BT 320.03 599.25 Td (date ) Tj ET Q q 0 0 0 rg BT 339.30 599.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 364.41 599.25 Td (while ) Tj ET Q q 0 0 0 rg BT 389.24 599.25 Td (the ) Tj ET Q q 0 0 0 rg BT 404.07 599.25 Td (related ) Tj ET Q q 0 0 0 rg BT 433.88 599.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 472.03 599.25 Td (and ) Tj ET Q q 0 0 0 rg BT 489.08 599.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 527.80 599.25 Td (are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 587.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 109.88 587.25 Td (on ) Tj ET Q q 0 0 0 rg BT 122.78 587.25 Td (a ) Tj ET Q q 0 0 0 rg BT 130.12 587.25 Td (trade-date ) Tj ET Q q 0 0 0 rg BT 172.99 587.25 Td (basis. ) Tj ET Q q 0 0 0 rg BT 198.39 587.25 Td (Customer ) Tj ET Q q 0 0 0 rg BT 240.17 587.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 288.04 587.25 Td (and ) Tj ET Q q 0 0 0 rg BT 305.38 587.25 Td (payables ) Tj ET Q q 0 0 0 rg BT 343.27 587.25 Td (include ) Tj ET Q q 0 0 0 rg BT 375.60 587.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 412.39 587.25 Td (related ) Tj ET Q q 0 0 0 rg BT 442.49 587.25 Td (to ) Tj ET Q q 0 0 0 rg BT 453.17 587.25 Td (both ) Tj ET Q q 0 0 0 rg BT 473.85 587.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 494.52 587.25 Td (and ) Tj ET Q q 0 0 0 rg BT 511.86 587.25 Td (mar) Tj ET Q q 0 0 0 rg BT 527.22 587.25 Td (gin ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 575.25 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 124.31 575.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 165.78 575.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 194.49 575.25 Td (by ) Tj ET Q q 0 0 0 rg BT 206.53 575.25 Td (customers, ) Tj ET Q q 0 0 0 rg BT 251.62 575.25 Td (including ) Tj ET Q q 0 0 0 rg BT 291.44 575.25 Td (those ) Tj ET Q q 0 0 0 rg BT 314.59 575.25 Td (that ) Tj ET Q q 0 0 0 rg BT 331.63 575.25 Td (collateralize ) Tj ET Q q 0 0 0 rg BT 382.52 575.25 Td (mar) Tj ET Q q 0 0 0 rg BT 397.89 575.25 Td (gin ) Tj ET Q q 0 0 0 rg BT 412.71 575.25 Td (or ) Tj ET Q q 0 0 0 rg BT 423.09 575.25 Td (other ) Tj ET Q q 0 0 0 rg BT 445.68 575.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 475.49 575.25 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 527.80 575.25 Td (are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 563.25 Td (not ) Tj ET Q q 0 0 0 rg BT 87.28 563.25 Td (reflected ) Tj ET Q q 0 0 0 rg BT 124.75 563.25 Td (on ) Tj ET Q q 0 0 0 rg BT 137.25 563.25 Td (the ) Tj ET Q q 0 0 0 rg BT 151.97 563.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 192.79 563.25 Td (of ) Tj ET Q q 0 0 0 rg BT 203.62 563.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 241.10 563.25 Td (condition.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 539.25 Td (Receivables ) Tj ET Q q 0 0 0 rg BT 124.49 539.25 Td (fr) Tj ET Q q 0 0 0 rg BT 132.07 539.25 Td (om ) Tj ET Q q 0 0 0 rg BT 147.90 539.25 Td (and ) Tj ET Q q 0 0 0 rg BT 166.53 539.25 Td (Payables ) Tj ET Q q 0 0 0 rg BT 206.80 539.25 Td (to ) Tj ET Q q 0 0 0 rg BT 217.63 539.25 Td (Br) Tj ET Q q 0 0 0 rg BT 228.56 539.25 Td (okers, ) Tj ET Q q 0 0 0 rg BT 256.89 539.25 Td (Dealers ) Tj ET Q q 0 0 0 rg BT 291.60 539.25 Td (and ) Tj ET Q q 0 0 0 rg BT 310.22 539.25 Td (Clearing ) Tj ET Q q 0 0 0 rg BT 349.94 539.25 Td (Organizations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 515.25 Td (Receivables ) Tj ET Q q 0 0 0 rg BT 123.99 515.25 Td (from ) Tj ET Q q 0 0 0 rg BT 147.12 515.25 Td (brokers, ) Tj ET Q q 0 0 0 rg BT 183.29 515.25 Td (dealers ) Tj ET Q q 0 0 0 rg BT 215.29 515.25 Td (and ) Tj ET Q q 0 0 0 rg BT 233.41 515.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 269.29 515.25 Td (or) Tj ET Q q 0 0 0 rg BT 277.44 515.25 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 326.67 515.25 Td (include ) Tj ET Q q 0 0 0 rg BT 359.79 515.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 408.44 515.25 Td (arising ) Tj ET Q q 0 0 0 rg BT 439.34 515.25 Td (from ) Tj ET Q q 0 0 0 rg BT 462.46 515.25 Td (unsettled ) Tj ET Q q 0 0 0 rg BT 502.25 515.25 Td (securities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 503.25 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 125.76 503.25 Td (deposits ) Tj ET Q q 0 0 0 rg BT 162.03 503.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 182.74 503.25 Td (for ) Tj ET Q q 0 0 0 rg BT 197.90 503.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 239.16 503.25 Td (borrowed, ) Tj ET Q q 0 0 0 rg BT 283.47 503.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 331.94 503.25 Td (from ) Tj ET Q q 0 0 0 rg BT 354.87 503.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 390.57 503.25 Td (or) Tj ET Q q 0 0 0 rg BT 398.72 503.25 Td (ganizations, ) Tj ET Q q 0 0 0 rg BT 450.26 503.25 Td (deposits ) Tj ET Q q 0 0 0 rg BT 486.53 503.25 Td (with ) Tj ET Q q 0 0 0 rg BT 507.80 503.25 Td (clearing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 491.25 Td (or) Tj ET Q q 0 0 0 rg BT 80.15 491.25 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 128.46 491.25 Td (and ) Tj ET Q q 0 0 0 rg BT 145.66 491.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 182.31 491.25 Td (receivable ) Tj ET Q q 0 0 0 rg BT 226.16 491.25 Td (for ) Tj ET Q q 0 0 0 rg BT 240.59 491.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 281.12 491.25 Td (not ) Tj ET Q q 0 0 0 rg BT 296.66 491.25 Td (delivered ) Tj ET Q q 0 0 0 rg BT 336.63 491.25 Td (to ) Tj ET Q q 0 0 0 rg BT 347.17 491.25 Td (the ) Tj ET Q q 0 0 0 rg BT 362.16 491.25 Td (purchaser ) Tj ET Q q 0 0 0 rg BT 403.79 491.25 Td (by ) Tj ET Q q 0 0 0 rg BT 416.56 491.25 Td (the ) Tj ET Q q 0 0 0 rg BT 431.54 491.25 Td (settlement ) Tj ET Q q 0 0 0 rg BT 475.40 491.25 Td (date ) Tj ET Q q 0 0 0 rg BT 494.82 491.25 Td (\("securities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 479.25 Td (failed ) Tj ET Q q 0 0 0 rg BT 98.20 479.25 Td (to ) Tj ET Q q 0 0 0 rg BT 109.42 479.25 Td (deliver"\). ) Tj ET Q q 0 0 0 rg BT 150.53 479.25 Td (Payables ) Tj ET Q q 0 0 0 rg BT 189.52 479.25 Td (to ) Tj ET Q q 0 0 0 rg BT 200.74 479.25 Td (brokers, ) Tj ET Q q 0 0 0 rg BT 236.67 479.25 Td (dealers ) Tj ET Q q 0 0 0 rg BT 268.42 479.25 Td (and ) Tj ET Q q 0 0 0 rg BT 286.30 479.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 321.94 479.25 Td (or) Tj ET Q q 0 0 0 rg BT 330.09 479.25 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 379.07 479.25 Td (include ) Tj ET Q q 0 0 0 rg BT 411.94 479.25 Td (payables ) Tj ET Q q 0 0 0 rg BT 450.37 479.25 Td (arising ) Tj ET Q q 0 0 0 rg BT 481.02 479.25 Td (from ) Tj ET Q q 0 0 0 rg BT 503.90 479.25 Td (unsettled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 467.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 111.78 467.25 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 164.07 467.25 Td (payables ) Tj ET Q q 0 0 0 rg BT 201.07 467.25 Td (to ) Tj ET Q q 0 0 0 rg BT 210.87 467.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 245.10 467.25 Td (or) Tj ET Q q 0 0 0 rg BT 253.25 467.25 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 300.81 467.25 Td (and ) Tj ET Q q 0 0 0 rg BT 317.27 467.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 353.17 467.25 Td (payable ) Tj ET Q q 0 0 0 rg BT 386.29 467.25 Td (for ) Tj ET Q q 0 0 0 rg BT 399.97 467.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 439.75 467.25 Td (not ) Tj ET Q q 0 0 0 rg BT 454.55 467.25 Td (received ) Tj ET Q q 0 0 0 rg BT 490.43 467.25 Td (from ) Tj ET Q q 0 0 0 rg BT 511.89 467.25 Td (a ) Tj ET Q q 0 0 0 rg BT 518.35 467.25 Td (seller ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 455.25 Td (by ) Tj ET Q q 0 0 0 rg BT 86.14 455.25 Td (the ) Tj ET Q q 0 0 0 rg BT 102.49 455.25 Td (settlement ) Tj ET Q q 0 0 0 rg BT 147.72 455.25 Td (date ) Tj ET Q q 0 0 0 rg BT 168.52 455.25 Td (\("securities ) Tj ET Q q 0 0 0 rg BT 217.83 455.25 Td (failed ) Tj ET Q q 0 0 0 rg BT 244.73 455.25 Td (to ) Tj ET Q q 0 0 0 rg BT 256.64 455.25 Td (receive"\). ) Tj ET Q q 0 0 0 rg BT 299.55 455.25 Td (Unsettled ) Tj ET Q q 0 0 0 rg BT 342.01 455.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 383.91 455.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 435.81 455.25 Td (related ) Tj ET Q q 0 0 0 rg BT 467.15 455.25 Td (to ) Tj ET Q q 0 0 0 rg BT 479.07 455.25 Td (the ) Tj ET Q q 0 0 0 rg BT 495.42 455.25 Td (Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 443.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 116.16 443.25 Td (are ) Tj ET Q q 0 0 0 rg BT 130.86 443.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 168.34 443.25 Td (at ) Tj ET Q q 0 0 0 rg BT 178.05 443.25 Td (contract ) Tj ET Q q 0 0 0 rg BT 212.76 443.25 Td (value ) Tj ET Q q 0 0 0 rg BT 236.91 443.25 Td (on ) Tj ET Q q 0 0 0 rg BT 249.41 443.25 Td (a ) Tj ET Q q 0 0 0 rg BT 256.35 443.25 Td (net ) Tj ET Q q 0 0 0 rg BT 271.07 443.25 Td (basis. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 419.25 Td (Collateralized Securities ) Tj ET Q q 0 0 0 rg BT 178.46 419.25 Td (T) Tj ET Q q 0 0 0 rg BT 184.38 419.25 Td (ransactions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 395.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 114.10 395.25 Td (purchased ) Tj ET Q q 0 0 0 rg BT 157.30 395.25 Td (under ) Tj ET Q q 0 0 0 rg BT 182.74 395.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 230.94 395.25 Td (to ) Tj ET Q q 0 0 0 rg BT 241.38 395.25 Td (resell ) Tj ET Q q 0 0 0 rg BT 265.70 395.25 Td (and ) Tj ET Q q 0 0 0 rg BT 282.81 395.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 323.24 395.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 342.57 395.25 Td (under ) Tj ET Q q 0 0 0 rg BT 368.01 395.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 416.20 395.25 Td (to ) Tj ET Q q 0 0 0 rg BT 426.65 395.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 472.62 395.25 Td (are ) Tj ET Q q 0 0 0 rg BT 487.49 395.25 Td (carried ) Tj ET Q q 0 0 0 rg BT 517.91 395.25 Td (at ) Tj ET Q q 0 0 0 rg BT 527.80 395.25 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 383.25 Td (contractual ) Tj ET Q q 0 0 0 rg BT 119.11 383.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 155.69 383.25 Td (at ) Tj ET Q q 0 0 0 rg BT 165.60 383.25 Td (which ) Tj ET Q q 0 0 0 rg BT 192.73 383.25 Td (the ) Tj ET Q q 0 0 0 rg BT 207.64 383.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 248.09 383.25 Td (will ) Tj ET Q q 0 0 0 rg BT 266.34 383.25 Td (be ) Tj ET Q q 0 0 0 rg BT 278.47 383.25 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 333.38 383.25 Td (resold ) Tj ET Q q 0 0 0 rg BT 360.51 383.25 Td (or ) Tj ET Q q 0 0 0 rg BT 371.53 383.25 Td (repurchased, ) Tj ET Q q 0 0 0 rg BT 425.03 383.25 Td (including ) Tj ET Q q 0 0 0 rg BT 465.50 383.25 Td (accrued ) Tj ET Q q 0 0 0 rg BT 499.27 383.25 Td (interest. ) Tj ET Q q 0 0 0 rg BT 533.90 383.25 Td (It ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 371.25 Td (is ) Tj ET Q q 0 0 0 rg BT 81.62 371.25 Td (the ) Tj ET Q q 0 0 0 rg BT 96.79 371.25 Td (Company) Tj ET Q q 0 0 0 rg BT 138.46 371.25 Td (s ) Tj ET Q q 0 0 0 rg BT 145.30 371.25 Td (policy ) Tj ET Q q 0 0 0 rg BT 173.25 371.25 Td (to ) Tj ET Q q 0 0 0 rg BT 183.98 371.25 Td (take ) Tj ET Q q 0 0 0 rg BT 203.58 371.25 Td (possession ) Tj ET Q q 0 0 0 rg BT 249.32 371.25 Td (or ) Tj ET Q q 0 0 0 rg BT 260.60 371.25 Td (control ) Tj ET Q q 0 0 0 rg BT 291.88 371.25 Td (of ) Tj ET Q q 0 0 0 rg BT 303.16 371.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 343.87 371.25 Td (purchased ) Tj ET Q q 0 0 0 rg BT 387.36 371.25 Td (under ) Tj ET Q q 0 0 0 rg BT 413.08 371.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 461.57 371.25 Td (to ) Tj ET Q q 0 0 0 rg BT 472.30 371.25 Td (resell ) Tj ET Q q 0 0 0 rg BT 496.90 371.25 Td (at ) Tj ET Q q 0 0 0 rg BT 507.07 371.25 Td (the ) Tj ET Q q 0 0 0 rg BT 522.24 371.25 Td (time ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 359.25 Td (these ) Tj ET Q q 0 0 0 rg BT 96.76 359.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 146.51 359.25 Td (are ) Tj ET Q q 0 0 0 rg BT 162.93 359.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 196.57 359.25 Td (into. ) Tj ET Q q 0 0 0 rg BT 218.53 359.25 Td (The ) Tj ET Q q 0 0 0 rg BT 238.29 359.25 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 299.15 359.25 Td (to ) Tj ET Q q 0 0 0 rg BT 311.14 359.25 Td (these ) Tj ET Q q 0 0 0 rg BT 335.90 359.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 385.65 359.25 Td (typically ) Tj ET Q q 0 0 0 rg BT 424.85 359.25 Td (are ) Tj ET Q q 0 0 0 rg BT 441.28 359.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 477.15 359.25 Td (dealers ) Tj ET Q q 0 0 0 rg BT 509.68 359.25 Td (of ) Tj ET Q q 0 0 0 rg BT 522.22 359.25 Td (U.S. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 347.25 Td (government ) Tj ET Q q 0 0 0 rg BT 122.30 347.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 162.59 347.25 Td (and ) Tj ET Q q 0 0 0 rg BT 179.56 347.25 Td (major ) Tj ET Q q 0 0 0 rg BT 205.42 347.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 242.93 347.25 Td (institutions. ) Tj ET Q q 0 0 0 rg BT 292.42 347.25 Td (Collateral ) Tj ET Q q 0 0 0 rg BT 334.38 347.25 Td (is ) Tj ET Q q 0 0 0 rg BT 343.58 347.25 Td (valued ) Tj ET Q q 0 0 0 rg BT 372.76 347.25 Td (daily) Tj ET Q q 0 0 0 rg BT 392.11 347.25 Td (, ) Tj ET Q q 0 0 0 rg BT 397.14 347.25 Td (and ) Tj ET Q q 0 0 0 rg BT 414.11 347.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 456.63 347.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 496.36 347.25 Td (is ) Tj ET Q q 0 0 0 rg BT 505.56 347.25 Td (obtained ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 335.25 Td (from ) Tj ET Q q 0 0 0 rg BT 93.94 335.25 Td (or ) Tj ET Q q 0 0 0 rg BT 104.77 335.25 Td (refunded ) Tj ET Q q 0 0 0 rg BT 142.81 335.25 Td (to ) Tj ET Q q 0 0 0 rg BT 153.08 335.25 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 212.22 335.25 Td (when ) Tj ET Q q 0 0 0 rg BT 236.38 335.25 Td (appropriate.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 311.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 114.94 311.25 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 156.77 311.25 Td (and ) Tj ET Q q 0 0 0 rg BT 174.71 311.25 Td (loaned ) Tj ET Q q 0 0 0 rg BT 204.87 311.25 Td (result ) Tj ET Q q 0 0 0 rg BT 230.59 311.25 Td (from ) Tj ET Q q 0 0 0 rg BT 253.54 311.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 304.81 311.25 Td (with ) Tj ET Q q 0 0 0 rg BT 326.09 311.25 Td (other ) Tj ET Q q 0 0 0 rg BT 350.14 311.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 379.75 311.25 Td (dealers ) Tj ET Q q 0 0 0 rg BT 411.57 311.25 Td (or ) Tj ET Q q 0 0 0 rg BT 423.41 311.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 461.89 311.25 Td (institutions ) Tj ET Q q 0 0 0 rg BT 509.85 311.25 Td (and ) Tj ET Q q 0 0 0 rg BT 527.80 311.25 Td (are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 299.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 109.74 299.25 Td (at ) Tj ET Q q 0 0 0 rg BT 119.72 299.25 Td (the ) Tj ET Q q 0 0 0 rg BT 134.71 299.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 167.47 299.25 Td (of ) Tj ET Q q 0 0 0 rg BT 178.56 299.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 199.10 299.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 239.06 299.25 Td (advanced ) Tj ET Q q 0 0 0 rg BT 279.58 299.25 Td (or ) Tj ET Q q 0 0 0 rg BT 290.68 299.25 Td (received. ) Tj ET Q q 0 0 0 rg BT 329.61 299.25 Td (These ) Tj ET Q q 0 0 0 rg BT 356.25 299.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 392.90 299.25 Td (are ) Tj ET Q q 0 0 0 rg BT 407.88 299.25 Td (included ) Tj ET Q q 0 0 0 rg BT 445.08 299.25 Td (in ) Tj ET Q q 0 0 0 rg BT 455.62 299.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 503.36 299.25 Td (from ) Tj ET Q q 0 0 0 rg BT 525.56 299.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 287.25 Td (payables ) Tj ET Q q 0 0 0 rg BT 110.00 287.25 Td (to ) Tj ET Q q 0 0 0 rg BT 120.80 287.25 Td (brokers, ) Tj ET Q q 0 0 0 rg BT 156.30 287.25 Td (dealers ) Tj ET Q q 0 0 0 rg BT 187.64 287.25 Td (and ) Tj ET Q q 0 0 0 rg BT 205.09 287.25 Td (clearing ) Tj ET Q q 0 0 0 rg BT 240.31 287.25 Td (or) Tj ET Q q 0 0 0 rg BT 248.46 287.25 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 297.02 287.25 Td (on ) Tj ET Q q 0 0 0 rg BT 310.03 287.25 Td (the ) Tj ET Q q 0 0 0 rg BT 325.27 287.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 366.60 287.25 Td (of ) Tj ET Q q 0 0 0 rg BT 377.95 287.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 415.95 287.25 Td (condition. ) Tj ET Q q 0 0 0 rg BT 459.24 287.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 501.69 287.25 Td (borrowed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 275.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 123.07 275.25 Td (require ) Tj ET Q q 0 0 0 rg BT 154.68 275.25 Td (the ) Tj ET Q q 0 0 0 rg BT 170.20 275.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 212.39 275.25 Td (to ) Tj ET Q q 0 0 0 rg BT 223.47 275.25 Td (deposit ) Tj ET Q q 0 0 0 rg BT 255.66 275.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 276.73 275.25 Td (or ) Tj ET Q q 0 0 0 rg BT 288.36 275.25 Td (other ) Tj ET Q q 0 0 0 rg BT 312.21 275.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 352.71 275.25 Td (with ) Tj ET Q q 0 0 0 rg BT 373.79 275.25 Td (the ) Tj ET Q q 0 0 0 rg BT 389.31 275.25 Td (lender) Tj ET Q q 0 0 0 rg BT 413.75 275.25 Td (. ) Tj ET Q q 0 0 0 rg BT 419.55 275.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 462.28 275.25 Td (loaned ) Tj ET Q q 0 0 0 rg BT 492.24 275.25 Td (transactions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 263.25 Td (require ) Tj ET Q q 0 0 0 rg BT 102.06 263.25 Td (the ) Tj ET Q q 0 0 0 rg BT 116.03 263.25 Td (borrower ) Tj ET Q q 0 0 0 rg BT 154.43 263.25 Td (to ) Tj ET Q q 0 0 0 rg BT 163.96 263.25 Td (deposit ) Tj ET Q q 0 0 0 rg BT 194.60 263.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 214.11 263.25 Td (with ) Tj ET Q q 0 0 0 rg BT 233.64 263.25 Td (the ) Tj ET Q q 0 0 0 rg BT 247.61 263.25 Td (Company) Tj ET Q q 0 0 0 rg BT 285.84 263.25 Td (. ) Tj ET Q q 0 0 0 rg BT 289.97 263.25 Td (The ) Tj ET Q q 0 0 0 rg BT 307.26 263.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 347.90 263.25 Td (monitors ) Tj ET Q q 0 0 0 rg BT 385.21 263.25 Td (the ) Tj ET Q q 0 0 0 rg BT 399.17 263.25 Td (market ) Tj ET Q q 0 0 0 rg BT 428.69 263.25 Td (value ) Tj ET Q q 0 0 0 rg BT 452.09 263.25 Td (of ) Tj ET Q q 0 0 0 rg BT 462.17 263.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 501.68 263.25 Td (borrowed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 251.25 Td (and ) Tj ET Q q 0 0 0 rg BT 88.94 251.25 Td (loaned ) Tj ET Q q 0 0 0 rg BT 118.09 251.25 Td (on ) Tj ET Q q 0 0 0 rg BT 130.59 251.25 Td (a ) Tj ET Q q 0 0 0 rg BT 137.53 251.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 160.03 251.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 185.03 251.25 Td (with ) Tj ET Q q 0 0 0 rg BT 205.31 251.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 247.80 251.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 287.49 251.25 Td (obtained ) Tj ET Q q 0 0 0 rg BT 324.43 251.25 Td (or ) Tj ET Q q 0 0 0 rg BT 335.26 251.25 Td (refunded ) Tj ET Q q 0 0 0 rg BT 373.29 251.25 Td (as ) Tj ET Q q 0 0 0 rg BT 384.12 251.25 Td (necessary) Tj ET Q q 0 0 0 rg BT 422.34 251.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 227.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 104.07 227.25 Td (is ) Tj ET Q q 0 0 0 rg BT 112.83 227.25 Td (accrued ) Tj ET Q q 0 0 0 rg BT 146.01 227.25 Td (on ) Tj ET Q q 0 0 0 rg BT 158.09 227.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 197.95 227.25 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 238.36 227.25 Td (and ) Tj ET Q q 0 0 0 rg BT 254.88 227.25 Td (loaned ) Tj ET Q q 0 0 0 rg BT 283.63 227.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 333.48 227.25 Td (and ) Tj ET Q q 0 0 0 rg BT 350.01 227.25 Td (is ) Tj ET Q q 0 0 0 rg BT 358.77 227.25 Td (included ) Tj ET Q q 0 0 0 rg BT 395.29 227.25 Td (in ) Tj ET Q q 0 0 0 rg BT 405.16 227.25 Td (other ) Tj ET Q q 0 0 0 rg BT 427.79 227.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 453.21 227.25 Td (or ) Tj ET Q q 0 0 0 rg BT 463.63 227.25 Td (other ) Tj ET Q q 0 0 0 rg BT 486.27 227.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 525.57 227.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 215.25 Td (accrued ) Tj ET Q q 0 0 0 rg BT 105.58 215.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 144.18 215.25 Td (on ) Tj ET Q q 0 0 0 rg BT 156.68 215.25 Td (the ) Tj ET Q q 0 0 0 rg BT 171.40 215.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 212.22 215.25 Td (of ) Tj ET Q q 0 0 0 rg BT 223.05 215.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 260.53 215.25 Td (condition.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 191.25 Td (Fair) Tj ET Q q 0 0 0 rg BT 90.14 191.25 Td ( ) Tj ET Q q 0 0 0 rg BT 92.46 191.25 Td (V) Tj ET Q q 0 0 0 rg BT 98.77 191.25 Td (alue of Financial Instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 167.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 112.48 167.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 162.42 167.25 Td (and ) Tj ET Q q 0 0 0 rg BT 180.13 167.25 Td (other ) Tj ET Q q 0 0 0 rg BT 203.95 167.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 245.54 167.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 284.93 167.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 314.87 167.25 Td (and ) Tj ET Q q 0 0 0 rg BT 332.58 167.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 370.83 167.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 420.76 167.25 Td (and ) Tj ET Q q 0 0 0 rg BT 438.47 167.25 Td (other ) Tj ET Q q 0 0 0 rg BT 462.29 167.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 503.89 167.25 Td (positions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 155.25 Td (sold, ) Tj ET Q q 0 0 0 rg BT 93.07 155.25 Td (but ) Tj ET Q q 0 0 0 rg BT 107.75 155.25 Td (not ) Tj ET Q q 0 0 0 rg BT 122.42 155.25 Td (yet ) Tj ET Q q 0 0 0 rg BT 136.54 155.25 Td (purchased ) Tj ET Q q 0 0 0 rg BT 178.98 155.25 Td (on ) Tj ET Q q 0 0 0 rg BT 190.88 155.25 Td (the ) Tj ET Q q 0 0 0 rg BT 204.99 155.25 Td ( ) Tj ET Q q 0 0 0 rg BT 206.89 155.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 247.11 155.25 Td (of ) Tj ET Q q 0 0 0 rg BT 257.34 155.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 294.22 155.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 333.89 155.25 Td (consist ) Tj ET Q q 0 0 0 rg BT 363.57 155.25 Td (of ) Tj ET Q q 0 0 0 rg BT 373.80 155.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 410.68 155.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 459.25 155.25 Td (\(including ) Tj ET Q q 0 0 0 rg BT 502.25 155.25 Td (securities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 143.25 Td (with ) Tj ET Q q 0 0 0 rg BT 92.36 143.25 Td (extended ) Tj ET Q q 0 0 0 rg BT 131.03 143.25 Td (settlements ) Tj ET Q q 0 0 0 rg BT 178.60 143.25 Td (and ) Tj ET Q q 0 0 0 rg BT 195.62 143.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 238.18 143.25 Td (contracts\) ) Tj ET Q q 0 0 0 rg BT 280.19 143.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 317.74 143.25 Td (at ) Tj ET Q q 0 0 0 rg BT 327.54 143.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 344.00 143.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 370.74 143.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 412.75 143.25 Td (\(both ) Tj ET Q q 0 0 0 rg BT 436.44 143.25 Td (long ) Tj ET Q q 0 0 0 rg BT 456.80 143.25 Td (and ) Tj ET Q q 0 0 0 rg BT 473.82 143.25 Td (short\), ) Tj ET Q q 0 0 0 rg BT 502.23 143.25 Td (including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 131.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 113.41 131.25 Td (with ) Tj ET Q q 0 0 0 rg BT 134.83 131.25 Td (extended ) Tj ET Q q 0 0 0 rg BT 174.56 131.25 Td (settlements, ) Tj ET Q q 0 0 0 rg BT 225.70 131.25 Td (are ) Tj ET Q q 0 0 0 rg BT 241.55 131.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 289.05 131.25 Td (on ) Tj ET Q q 0 0 0 rg BT 302.69 131.25 Td (a ) Tj ET Q q 0 0 0 rg BT 310.77 131.25 Td (trade-date ) Tj ET Q q 0 0 0 rg BT 354.39 131.25 Td (basis. ) Tj ET Q q 0 0 0 rg BT 379.73 131.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 429.63 131.25 Td (, ) Tj ET Q q 0 0 0 rg BT 435.77 131.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 466.62 131.25 Td (of ) Tj ET Q q 0 0 0 rg BT 478.59 131.25 Td (the ) Tj ET Q q 0 0 0 rg BT 494.45 131.25 Td (Company) Tj ET Q q 0 0 0 rg BT 536.11 131.25 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 119.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 121.65 119.25 Td (on ) Tj ET Q q 0 0 0 rg BT 133.52 119.25 Td (the ) Tj ET Q q 0 0 0 rg BT 147.60 119.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 187.80 119.25 Td (of ) Tj ET Q q 0 0 0 rg BT 198.00 119.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 234.85 119.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 274.50 119.25 Td (are ) Tj ET Q q 0 0 0 rg BT 288.57 119.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 325.42 119.25 Td (at ) Tj ET Q q 0 0 0 rg BT 334.51 119.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 350.26 119.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 376.29 119.25 Td (either ) Tj ET Q q 0 0 0 rg BT 400.92 119.25 Td (as ) Tj ET Q q 0 0 0 rg BT 411.12 119.25 Td (required ) Tj ET Q q 0 0 0 rg BT 446.31 119.25 Td (by ) Tj ET Q q 0 0 0 rg BT 458.18 119.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 503.92 119.25 Td (guidance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 107.25 Td (or ) Tj ET Q q 0 0 0 rg BT 82.83 107.25 Td (through ) Tj ET Q q 0 0 0 rg BT 116.44 107.25 Td (the ) Tj ET Q q 0 0 0 rg BT 131.16 107.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 147.53 107.25 Td (value ) Tj ET Q q 0 0 0 rg BT 171.69 107.25 Td (election.) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F3 11.00 Tf ET q 0 0 0 rg BT 103.65 755.30 Td (Notes to the Statement of Financial Condition as of June 30, 2016 \(unaudited\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 48.60 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 731.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 92.50 731.10 Td (V) Tj ET Q q 0 0 0 rg BT 97.50 731.10 Td (alue ) Tj ET Q q 0 0 0 rg BT 117.44 731.10 Td (Measur) Tj ET Q q 0 0 0 rg BT 147.62 731.10 Td (ement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.22 731.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.22 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 181.94 731.10 Td (Definition ) Tj ET Q q 0 0 0 rg BT 225.21 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 242.93 731.10 Td (Hierar) Tj ET Q q 0 0 0 rg BT 269.78 731.10 Td (chy) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.66 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 286.38 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 294.10 731.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 333.43 731.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 382.81 731.10 Td (Standards ) Tj ET Q q 0 0 0 rg BT 424.97 731.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 452.13 731.10 Td (\("F) Tj ET Q q 0 0 0 rg BT 464.36 731.10 Td (ASB"\) ) Tj ET Q q 0 0 0 rg BT 493.35 731.10 Td (Accounting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 719.10 Td (Standards ) Tj ET Q q 0 0 0 rg BT 113.78 719.10 Td (Codification ) Tj ET Q q 0 0 0 rg BT 165.95 719.10 Td (T) Tj ET Q q 0 0 0 rg BT 171.36 719.10 Td (opic ) Tj ET Q q 0 0 0 rg BT 190.92 719.10 Td (820, ) Tj ET Q q 0 0 0 rg BT 210.77 719.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 233.49 719.10 Td (V) Tj ET Q q 0 0 0 rg BT 239.60 719.10 Td (alue ) Tj ET Q q 0 0 0 rg BT 258.60 719.10 Td (Measurement, ) Tj ET Q q 0 0 0 rg BT 322.31 719.10 Td (\(ASC ) Tj ET Q q 0 0 0 rg BT 351.88 719.10 Td (820\) ) Tj ET Q q 0 0 0 rg BT 376.99 719.10 Td (defines ) Tj ET Q q 0 0 0 rg BT 408.21 719.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 424.44 719.10 Td (value ) Tj ET Q q 0 0 0 rg BT 448.44 719.10 Td (as ) Tj ET Q q 0 0 0 rg BT 459.11 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 473.67 719.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 506.01 719.10 Td (at ) Tj ET Q q 0 0 0 rg BT 515.58 719.10 Td (which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 707.10 Td (an ) Tj ET Q q 0 0 0 rg BT 83.86 707.10 Td (instrument ) Tj ET Q q 0 0 0 rg BT 129.06 707.10 Td (could ) Tj ET Q q 0 0 0 rg BT 153.69 707.10 Td (be ) Tj ET Q q 0 0 0 rg BT 165.55 707.10 Td (exchanged ) Tj ET Q q 0 0 0 rg BT 210.73 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 220.93 707.10 Td (an ) Tj ET Q q 0 0 0 rg BT 232.79 707.10 Td (orderly ) Tj ET Q q 0 0 0 rg BT 264.09 707.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 310.38 707.10 Td (between ) Tj ET Q q 0 0 0 rg BT 346.12 707.10 Td (market ) Tj ET Q q 0 0 0 rg BT 376.31 707.10 Td (participants ) Tj ET Q q 0 0 0 rg BT 425.38 707.10 Td (at ) Tj ET Q q 0 0 0 rg BT 435.02 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 449.66 707.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 505.39 707.10 Td (date ) Tj ET Q q 0 0 0 rg BT 524.47 707.10 Td (\(the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 695.10 Td (exit ) Tj ET Q q 0 0 0 rg BT 89.72 695.10 Td (price\). ) Tj ET Q q 0 0 0 rg BT 117.66 695.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 139.84 695.10 Td (820 ) Tj ET Q q 0 0 0 rg BT 157.57 695.10 Td (establishes ) Tj ET Q q 0 0 0 rg BT 203.62 695.10 Td (a ) Tj ET Q q 0 0 0 rg BT 210.78 695.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 227.38 695.10 Td (value ) Tj ET Q q 0 0 0 rg BT 251.77 695.10 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 292.25 695.10 Td (based ) Tj ET Q q 0 0 0 rg BT 317.74 695.10 Td (on ) Tj ET Q q 0 0 0 rg BT 330.47 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.41 695.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 372.58 695.10 Td (used ) Tj ET Q q 0 0 0 rg BT 393.64 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 404.14 695.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 440.19 695.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 456.79 695.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 483.47 695.10 Td (The ) Tj ET Q q 0 0 0 rg BT 501.75 695.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 518.35 695.10 Td (value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 683.10 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 112.32 683.10 Td (maximizes ) Tj ET Q q 0 0 0 rg BT 158.21 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 173.00 683.10 Td (use ) Tj ET Q q 0 0 0 rg BT 188.90 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 199.80 683.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 245.69 683.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 272.70 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 289.71 683.10 Td (minimizes ) Tj ET Q q 0 0 0 rg BT 333.94 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.73 683.10 Td (use ) Tj ET Q q 0 0 0 rg BT 364.63 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 375.53 683.10 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 431.41 683.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 458.43 683.10 Td (by ) Tj ET Q q 0 0 0 rg BT 471.00 683.10 Td (requiring ) Tj ET Q q 0 0 0 rg BT 510.23 683.10 Td (that ) Tj ET Q q 0 0 0 rg BT 527.79 683.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 671.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 117.92 671.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 144.98 671.10 Td (be ) Tj ET Q q 0 0 0 rg BT 157.03 671.10 Td (used ) Tj ET Q q 0 0 0 rg BT 177.97 671.10 Td (when ) Tj ET Q q 0 0 0 rg BT 202.24 671.10 Td (available. ) Tj ET Q q 0 0 0 rg BT 243.43 671.10 Td (Observable ) Tj ET Q q 0 0 0 rg BT 291.58 671.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 318.64 671.10 Td (are ) Tj ET Q q 0 0 0 rg BT 333.45 671.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 360.51 671.10 Td (that ) Tj ET Q q 0 0 0 rg BT 378.11 671.10 Td (market ) Tj ET Q q 0 0 0 rg BT 408.49 671.10 Td (participants ) Tj ET Q q 0 0 0 rg BT 457.75 671.10 Td (would ) Tj ET Q q 0 0 0 rg BT 485.36 671.10 Td (use ) Tj ET Q q 0 0 0 rg BT 501.29 671.10 Td (in ) Tj ET Q q 0 0 0 rg BT 511.68 671.10 Td (pricing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 85.63 659.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 106.48 659.10 Td (or ) Tj ET Q q 0 0 0 rg BT 116.23 659.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 148.75 659.10 Td (based ) Tj ET Q q 0 0 0 rg BT 172.93 659.10 Td (on ) Tj ET Q q 0 0 0 rg BT 184.34 659.10 Td (market ) Tj ET Q q 0 0 0 rg BT 213.52 659.10 Td (data ) Tj ET Q q 0 0 0 rg BT 231.59 659.10 Td (obtained ) Tj ET Q q 0 0 0 rg BT 267.44 659.10 Td (from ) Tj ET Q q 0 0 0 rg BT 288.29 659.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 338.57 659.10 Td (sources. ) Tj ET Q q 0 0 0 rg BT 372.48 659.10 Td (Unobservable ) Tj ET Q q 0 0 0 rg BT 429.43 659.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 455.29 659.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 482.24 659.10 Td (management) Tj ET Q q 0 0 0 rg BT 536.10 659.10 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 647.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 123.46 647.10 Td (that ) Tj ET Q q 0 0 0 rg BT 140.47 647.10 Td (market ) Tj ET Q q 0 0 0 rg BT 170.25 647.10 Td (participants ) Tj ET Q q 0 0 0 rg BT 218.91 647.10 Td (would ) Tj ET Q q 0 0 0 rg BT 245.92 647.10 Td (use ) Tj ET Q q 0 0 0 rg BT 261.27 647.10 Td (in ) Tj ET Q q 0 0 0 rg BT 271.06 647.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 301.40 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 315.63 647.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 337.08 647.10 Td (or ) Tj ET Q q 0 0 0 rg BT 347.42 647.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 380.54 647.10 Td (developed ) Tj ET Q q 0 0 0 rg BT 423.65 647.10 Td (based ) Tj ET Q q 0 0 0 rg BT 448.43 647.10 Td (on ) Tj ET Q q 0 0 0 rg BT 460.44 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 474.67 647.10 Td (best ) Tj ET Q q 0 0 0 rg BT 492.80 647.10 Td (information ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 635.10 Td (available ) Tj ET Q q 0 0 0 rg BT 110.64 635.10 Td (in ) Tj ET Q q 0 0 0 rg BT 120.96 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 135.72 635.10 Td (circumstances. ) Tj ET Q q 0 0 0 rg BT 197.23 635.10 Td (The ) Tj ET Q q 0 0 0 rg BT 215.32 635.10 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 255.62 635.10 Td (is ) Tj ET Q q 0 0 0 rg BT 264.84 635.10 Td (broken ) Tj ET Q q 0 0 0 rg BT 295.15 635.10 Td (down ) Tj ET Q q 0 0 0 rg BT 319.92 635.10 Td (into ) Tj ET Q q 0 0 0 rg BT 338.02 635.10 Td (three ) Tj ET Q q 0 0 0 rg BT 360.55 635.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 386.43 635.10 Td (based ) Tj ET Q q 0 0 0 rg BT 411.74 635.10 Td (on ) Tj ET Q q 0 0 0 rg BT 424.29 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 439.05 635.10 Td (observability ) Tj ET Q q 0 0 0 rg BT 493.81 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 504.68 635.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 531.68 635.10 Td (as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 623.10 Td (follows:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 599.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 114.67 599.10 Td (I ) Tj ET Q q 0 0 0 rg BT 119.92 599.10 Td ( ) Tj ET Q q 0 0 0 rg BT 126.83 599.10 Td (Quoted ) Tj ET Q q 0 0 0 rg BT 158.17 599.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 183.96 599.10 Td (\(unadjusted\) ) Tj ET Q q 0 0 0 rg BT 235.86 599.10 Td (are ) Tj ET Q q 0 0 0 rg BT 249.98 599.10 Td (available ) Tj ET Q q 0 0 0 rg BT 287.98 599.10 Td (in ) Tj ET Q q 0 0 0 rg BT 297.66 599.10 Td (active ) Tj ET Q q 0 0 0 rg BT 323.45 599.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 357.01 599.10 Td (for ) Tj ET Q q 0 0 0 rg BT 370.58 599.10 Td (identical ) Tj ET Q q 0 0 0 rg BT 406.92 599.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 432.16 599.10 Td (or ) Tj ET Q q 0 0 0 rg BT 442.40 599.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 481.53 599.10 Td (as ) Tj ET Q q 0 0 0 rg BT 491.77 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 502.01 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.14 599.10 Td (report ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 587.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 111.73 587.10 Td (A) Tj ET Q q 0 0 0 rg BT 118.40 587.10 Td ( ) Tj ET Q q 0 0 0 rg BT 121.71 587.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 152.23 587.10 Td (price ) Tj ET Q q 0 0 0 rg BT 175.53 587.10 Td (for ) Tj ET Q q 0 0 0 rg BT 190.49 587.10 Td (an ) Tj ET Q q 0 0 0 rg BT 203.24 587.10 Td (identical ) Tj ET Q q 0 0 0 rg BT 240.97 587.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 263.72 587.10 Td (or ) Tj ET Q q 0 0 0 rg BT 275.36 587.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 309.77 587.10 Td (in ) Tj ET Q q 0 0 0 rg BT 320.86 587.10 Td (an ) Tj ET Q q 0 0 0 rg BT 333.60 587.10 Td (active ) Tj ET Q q 0 0 0 rg BT 360.78 587.10 Td (market ) Tj ET Q q 0 0 0 rg BT 391.85 587.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 429.60 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 445.12 587.10 Td (most ) Tj ET Q q 0 0 0 rg BT 467.88 587.10 Td (reliable ) Tj ET Q q 0 0 0 rg BT 501.17 587.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 518.35 587.10 Td (value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 575.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 145.81 575.10 Td (because ) Tj ET Q q 0 0 0 rg BT 179.96 575.10 Td (it ) Tj ET Q q 0 0 0 rg BT 188.01 575.10 Td (is ) Tj ET Q q 0 0 0 rg BT 197.18 575.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 230.22 575.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 276.04 575.10 Td (to ) Tj ET Q q 0 0 0 rg BT 286.32 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.04 575.10 Td (market. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 551.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 116.03 551.10 Td (II ) Tj ET Q q 0 0 0 rg BT 125.96 551.10 Td ( ) Tj ET Q q 0 0 0 rg BT 134.22 551.10 Td (Pricing ) Tj ET Q q 0 0 0 rg BT 166.37 551.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 194.09 551.10 Td (are ) Tj ET Q q 0 0 0 rg BT 209.56 551.10 Td (other ) Tj ET Q q 0 0 0 rg BT 233.37 551.10 Td (than ) Tj ET Q q 0 0 0 rg BT 253.85 551.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 284.34 551.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 311.48 551.10 Td (in ) Tj ET Q q 0 0 0 rg BT 322.52 551.10 Td (active ) Tj ET Q q 0 0 0 rg BT 349.66 551.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 387.08 551.10 Td (which ) Tj ET Q q 0 0 0 rg BT 414.79 551.10 Td (are ) Tj ET Q q 0 0 0 rg BT 430.26 551.10 Td (either ) Tj ET Q q 0 0 0 rg BT 456.29 551.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 490.10 551.10 Td (or ) Tj ET Q q 0 0 0 rg BT 501.69 551.10 Td (indirectly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 539.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 136.10 539.10 Td (as ) Tj ET Q q 0 0 0 rg BT 147.21 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 158.32 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 173.32 539.10 Td (report ) Tj ET Q q 0 0 0 rg BT 199.98 539.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 221.72 539.10 Td (The ) Tj ET Q q 0 0 0 rg BT 240.05 539.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 267.81 539.10 Td (of ) Tj ET Q q 0 0 0 rg BT 278.93 539.10 Td (these ) Tj ET Q q 0 0 0 rg BT 302.25 539.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 340.02 539.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 389.46 539.10 Td (include ) Tj ET Q q 0 0 0 rg BT 421.68 539.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 471.13 539.10 Td (for ) Tj ET Q q 0 0 0 rg BT 485.57 539.10 Td (which ) Tj ET Q q 0 0 0 rg BT 512.79 539.10 Td (quoted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 527.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 115.71 527.10 Td (are ) Tj ET Q q 0 0 0 rg BT 129.74 527.10 Td (available ) Tj ET Q q 0 0 0 rg BT 167.66 527.10 Td (but ) Tj ET Q q 0 0 0 rg BT 182.27 527.10 Td (traded ) Tj ET Q q 0 0 0 rg BT 209.09 527.10 Td (less ) Tj ET Q q 0 0 0 rg BT 225.92 527.10 Td (frequently) Tj ET Q q 0 0 0 rg BT 266.36 527.10 Td (, ) Tj ET Q q 0 0 0 rg BT 270.69 527.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 319.19 527.10 Td (whose ) Tj ET Q q 0 0 0 rg BT 346.57 527.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 362.28 527.10 Td (value ) Tj ET Q q 0 0 0 rg BT 385.76 527.10 Td (have ) Tj ET Q q 0 0 0 rg BT 406.47 527.10 Td (been ) Tj ET Q q 0 0 0 rg BT 427.17 527.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 458.99 527.10 Td (using ) Tj ET Q q 0 0 0 rg BT 482.49 527.10 Td (a ) Tj ET Q q 0 0 0 rg BT 488.76 527.10 Td (model ) Tj ET Q q 0 0 0 rg BT 515.58 527.10 Td (where ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 515.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 117.25 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 127.83 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.85 515.10 Td (model ) Tj ET Q q 0 0 0 rg BT 170.65 515.10 Td (are ) Tj ET Q q 0 0 0 rg BT 185.66 515.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 219.00 515.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 265.12 515.10 Td (in ) Tj ET Q q 0 0 0 rg BT 275.70 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 290.72 515.10 Td (market, ) Tj ET Q q 0 0 0 rg BT 323.79 515.10 Td (or ) Tj ET Q q 0 0 0 rg BT 334.92 515.10 Td (can ) Tj ET Q q 0 0 0 rg BT 351.60 515.10 Td (be ) Tj ET Q q 0 0 0 rg BT 363.84 515.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 396.63 515.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 442.75 515.10 Td (from ) Tj ET Q q 0 0 0 rg BT 465.00 515.10 Td (or ) Tj ET Q q 0 0 0 rg BT 476.13 515.10 Td (corroborated ) Tj ET Q q 0 0 0 rg BT 530.01 515.10 Td (by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 503.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 135.99 503.10 Td (market ) Tj ET Q q 0 0 0 rg BT 166.43 503.10 Td (data, ) Tj ET Q q 0 0 0 rg BT 188.27 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 205.38 503.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 254.72 503.10 Td (that ) Tj ET Q q 0 0 0 rg BT 272.40 503.10 Td (are ) Tj ET Q q 0 0 0 rg BT 287.28 503.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 303.83 503.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 333.17 503.10 Td (using ) Tj ET Q q 0 0 0 rg BT 357.51 503.10 Td (other ) Tj ET Q q 0 0 0 rg BT 380.74 503.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 418.40 503.10 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 470.24 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.13 503.10 Td (parameters ) Tj ET Q q 0 0 0 rg BT 531.67 503.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 491.10 Td (which ) Tj ET Q q 0 0 0 rg BT 116.94 491.10 Td (can ) Tj ET Q q 0 0 0 rg BT 133.32 491.10 Td (be ) Tj ET Q q 0 0 0 rg BT 145.25 491.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 178.30 491.10 Td (observed. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 467.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 114.83 467.10 Td (III ) Tj ET Q q 0 0 0 rg BT 126.89 467.10 Td ( ) Tj ET Q q 0 0 0 rg BT 133.96 467.10 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 183.25 467.10 Td (that ) Tj ET Q q 0 0 0 rg BT 200.31 467.10 Td (have ) Tj ET Q q 0 0 0 rg BT 221.26 467.10 Td (little ) Tj ET Q q 0 0 0 rg BT 241.66 467.10 Td (to ) Tj ET Q q 0 0 0 rg BT 251.51 467.10 Td (no ) Tj ET Q q 0 0 0 rg BT 263.58 467.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 293.97 467.10 Td (observability ) Tj ET Q q 0 0 0 rg BT 348.25 467.10 Td (as ) Tj ET Q q 0 0 0 rg BT 358.65 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 369.05 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 383.34 467.10 Td (report ) Tj ET Q q 0 0 0 rg BT 409.28 467.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 430.36 467.10 Td (These ) Tj ET Q q 0 0 0 rg BT 456.30 467.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 493.35 467.10 Td (instruments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 455.10 Td (are ) Tj ET Q q 0 0 0 rg BT 104.33 455.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 144.76 455.10 Td (using ) Tj ET Q q 0 0 0 rg BT 168.55 455.10 Td (management) Tj ET Q q 0 0 0 rg BT 222.41 455.10 Td (s ) Tj ET Q q 0 0 0 rg BT 228.42 455.10 Td (best ) Tj ET Q q 0 0 0 rg BT 246.65 455.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 282.09 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 292.54 455.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 308.53 455.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 334.81 455.10 Td (where ) Tj ET Q q 0 0 0 rg BT 361.35 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 375.69 455.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 402.25 455.10 Td (into ) Tj ET Q q 0 0 0 rg BT 419.93 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 434.26 455.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 491.92 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 502.37 455.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 518.36 455.10 Td (value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 443.10 Td (require ) Tj ET Q q 0 0 0 rg BT 120.82 443.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 165.53 443.10 Td (management ) Tj ET Q q 0 0 0 rg BT 219.12 443.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 259.39 443.10 Td (or ) Tj ET Q q 0 0 0 rg BT 270.22 443.10 Td (estimation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 419.10 Td (V) Tj ET Q q 0 0 0 rg BT 77.00 419.10 Td (aluation ) Tj ET Q q 0 0 0 rg BT 113.02 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 123.48 419.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 165.04 419.10 Td (Instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.27 419.10 Td ( ) Tj ET Q q 0 0 0 rg BT 214.95 419.10 Td ( ) Tj ET Q q 0 0 0 rg BT 222.63 419.10 Td (Based ) Tj ET Q q 0 0 0 rg BT 249.75 419.10 Td (on ) Tj ET Q q 0 0 0 rg BT 262.44 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 277.34 419.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 305.01 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 316.02 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 330.92 419.10 Td (Company) Tj ET Q q 0 0 0 rg BT 372.58 419.10 Td (s ) Tj ET Q q 0 0 0 rg BT 379.16 419.10 Td (business ) Tj ET Q q 0 0 0 rg BT 415.73 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 432.85 419.10 Td (its ) Tj ET Q q 0 0 0 rg BT 444.99 419.10 Td (role ) Tj ET Q q 0 0 0 rg BT 463.22 419.10 Td (as ) Tj ET Q q 0 0 0 rg BT 474.23 419.10 Td (a ) Tj ET Q q 0 0 0 rg BT 481.35 419.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 517.33 419.10 Td (in ) Tj ET Q q 0 0 0 rg BT 527.80 419.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 407.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 112.02 407.10 Td (industry) Tj ET Q q 0 0 0 rg BT 144.15 407.10 Td (, ) Tj ET Q q 0 0 0 rg BT 148.90 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 163.37 407.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 179.50 407.10 Td (values ) Tj ET Q q 0 0 0 rg BT 207.30 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 217.88 407.10 Td (its ) Tj ET Q q 0 0 0 rg BT 229.58 407.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 266.81 407.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 315.73 407.10 Td (are ) Tj ET Q q 0 0 0 rg BT 330.19 407.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 377.42 407.10 Td (internally) Tj ET Q q 0 0 0 rg BT 415.09 407.10 Td (. ) Tj ET Q q 0 0 0 rg BT 419.68 407.10 Td (When ) Tj ET Q q 0 0 0 rg BT 445.81 407.10 Td (available, ) Tj ET Q q 0 0 0 rg BT 486.65 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 501.12 407.10 Td (Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 395.10 Td (values ) Tj ET Q q 0 0 0 rg BT 99.65 395.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 136.73 395.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 185.50 395.10 Td (at ) Tj ET Q q 0 0 0 rg BT 194.82 395.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 240.23 395.10 Td (market ) Tj ET Q q 0 0 0 rg BT 270.10 395.10 Td (prices, ) Tj ET Q q 0 0 0 rg BT 298.58 395.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 344.00 395.10 Td (market ) Tj ET Q q 0 0 0 rg BT 373.86 395.10 Td (parameters, ) Tj ET Q q 0 0 0 rg BT 422.33 395.10 Td (or ) Tj ET Q q 0 0 0 rg BT 432.76 395.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 460.96 395.10 Td (or ) Tj ET Q q 0 0 0 rg BT 471.39 395.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 497.92 395.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 523.90 395.10 Td (\(bid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 88.76 383.10 Td (ask ) Tj ET Q q 0 0 0 rg BT 104.41 383.10 Td (prices\). ) Tj ET Q q 0 0 0 rg BT 136.43 383.10 Td (In ) Tj ET Q q 0 0 0 rg BT 147.08 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 161.61 383.10 Td (case ) Tj ET Q q 0 0 0 rg BT 181.14 383.10 Td (of ) Tj ET Q q 0 0 0 rg BT 191.79 383.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 229.09 383.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 278.07 383.10 Td (transacted ) Tj ET Q q 0 0 0 rg BT 320.92 383.10 Td (on ) Tj ET Q q 0 0 0 rg BT 333.24 383.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 379.42 383.10 Td (exchanges, ) Tj ET Q q 0 0 0 rg BT 425.88 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 440.42 383.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 486.05 383.10 Td (market ) Tj ET Q q 0 0 0 rg BT 516.13 383.10 Td (prices ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 371.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 111.85 371.10 Td (quotations ) Tj ET Q q 0 0 0 rg BT 156.71 371.10 Td (for ) Tj ET Q q 0 0 0 rg BT 171.57 371.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 216.42 371.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 267.39 371.10 Td (from ) Tj ET Q q 0 0 0 rg BT 290.03 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 305.44 371.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 346.40 371.10 Td (on ) Tj ET Q q 0 0 0 rg BT 359.60 371.10 Td (which ) Tj ET Q q 0 0 0 rg BT 387.24 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 402.66 371.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 440.84 371.10 Td (instrument ) Tj ET Q q 0 0 0 rg BT 486.81 371.10 Td (is ) Tj ET Q q 0 0 0 rg BT 496.68 371.10 Td (principally ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 359.10 Td (traded.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 335.10 Td (A) Tj ET Q q 0 0 0 rg BT 78.67 335.10 Td ( ) Tj ET Q q 0 0 0 rg BT 80.88 335.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 125.86 335.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 171.37 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.91 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.34 335.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 212.42 335.10 Td (value ) Tj ET Q q 0 0 0 rg BT 236.29 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 246.83 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 261.26 335.10 Td (Company) Tj ET Q q 0 0 0 rg BT 302.92 335.10 Td (s ) Tj ET Q q 0 0 0 rg BT 309.02 335.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 346.21 335.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 395.09 335.10 Td (and ) Tj ET Q q 0 0 0 rg BT 411.73 335.10 Td (other ) Tj ET Q q 0 0 0 rg BT 434.49 335.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 475.02 335.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 513.35 335.10 Td (owned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 323.10 Td (and ) Tj ET Q q 0 0 0 rg BT 89.34 323.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 127.23 323.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 176.80 323.10 Td (and ) Tj ET Q q 0 0 0 rg BT 194.14 323.10 Td (other ) Tj ET Q q 0 0 0 rg BT 217.59 323.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 258.82 323.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 297.84 323.10 Td (sold, ) Tj ET Q q 0 0 0 rg BT 319.92 323.10 Td (but ) Tj ET Q q 0 0 0 rg BT 335.60 323.10 Td (not ) Tj ET Q q 0 0 0 rg BT 351.28 323.10 Td (yet ) Tj ET Q q 0 0 0 rg BT 366.40 323.10 Td (purchased, ) Tj ET Q q 0 0 0 rg BT 412.34 323.10 Td (are ) Tj ET Q q 0 0 0 rg BT 427.46 323.10 Td (based ) Tj ET Q q 0 0 0 rg BT 453.13 323.10 Td (on ) Tj ET Q q 0 0 0 rg BT 466.03 323.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 512.25 323.10 Td (market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 311.10 Td (prices, ) Tj ET Q q 0 0 0 rg BT 101.14 311.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 147.22 311.10 Td (market ) Tj ET Q q 0 0 0 rg BT 177.75 311.10 Td (parameters, ) Tj ET Q q 0 0 0 rg BT 226.87 311.10 Td (or ) Tj ET Q q 0 0 0 rg BT 237.97 311.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 270.72 311.10 Td (from ) Tj ET Q q 0 0 0 rg BT 292.92 311.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 321.78 311.10 Td (or ) Tj ET Q q 0 0 0 rg BT 332.87 311.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 360.06 311.10 Td (prices. ) Tj ET Q q 0 0 0 rg BT 389.00 311.10 Td (The ) Tj ET Q q 0 0 0 rg BT 407.31 311.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 455.06 311.10 Td (of ) Tj ET Q q 0 0 0 rg BT 466.16 311.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 512.23 311.10 Td (market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 299.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 97.89 299.10 Td (and ) Tj ET Q q 0 0 0 rg BT 114.35 299.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 144.69 299.10 Td (parameters ) Tj ET Q q 0 0 0 rg BT 190.57 299.10 Td (can ) Tj ET Q q 0 0 0 rg BT 206.46 299.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 226.24 299.10 Td (from ) Tj ET Q q 0 0 0 rg BT 247.70 299.10 Td (product ) Tj ET Q q 0 0 0 rg BT 280.26 299.10 Td (to ) Tj ET Q q 0 0 0 rg BT 290.05 299.10 Td (product. ) Tj ET Q q 0 0 0 rg BT 324.97 299.10 Td (Where ) Tj ET Q q 0 0 0 rg BT 353.63 299.10 Td (available, ) Tj ET Q q 0 0 0 rg BT 394.23 299.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 439.57 299.10 Td (market ) Tj ET Q q 0 0 0 rg BT 469.35 299.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 495.24 299.10 Td (and ) Tj ET Q q 0 0 0 rg BT 511.69 299.10 Td (pricing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 287.10 Td (or ) Tj ET Q q 0 0 0 rg BT 83.55 287.10 Td (market ) Tj ET Q q 0 0 0 rg BT 114.52 287.10 Td (parameters ) Tj ET Q q 0 0 0 rg BT 161.60 287.10 Td (in ) Tj ET Q q 0 0 0 rg BT 172.60 287.10 Td (a ) Tj ET Q q 0 0 0 rg BT 180.25 287.10 Td (product ) Tj ET Q q 0 0 0 rg BT 214.01 287.10 Td (may ) Tj ET Q q 0 0 0 rg BT 234.44 287.10 Td (be ) Tj ET Q q 0 0 0 rg BT 247.10 287.10 Td (used ) Tj ET Q q 0 0 0 rg BT 268.64 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 279.64 287.10 Td (derive ) Tj ET Q q 0 0 0 rg BT 307.84 287.10 Td (a ) Tj ET Q q 0 0 0 rg BT 315.49 287.10 Td (price ) Tj ET Q q 0 0 0 rg BT 338.69 287.10 Td (without ) Tj ET Q q 0 0 0 rg BT 372.46 287.10 Td (requiring ) Tj ET Q q 0 0 0 rg BT 412.33 287.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 457.76 287.10 Td (judgment. ) Tj ET Q q 0 0 0 rg BT 501.25 287.10 Td (In ) Tj ET Q q 0 0 0 rg BT 512.80 287.10 Td (certain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 275.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 108.37 275.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 153.90 275.10 Td (market ) Tj ET Q q 0 0 0 rg BT 183.88 275.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 209.97 275.10 Td (or ) Tj ET Q q 0 0 0 rg BT 220.51 275.10 Td (market ) Tj ET Q q 0 0 0 rg BT 250.49 275.10 Td (parameters ) Tj ET Q q 0 0 0 rg BT 296.57 275.10 Td (are ) Tj ET Q q 0 0 0 rg BT 310.99 275.10 Td (not ) Tj ET Q q 0 0 0 rg BT 325.98 275.10 Td (available ) Tj ET Q q 0 0 0 rg BT 364.29 275.10 Td (for ) Tj ET Q q 0 0 0 rg BT 378.16 275.10 Td (all ) Tj ET Q q 0 0 0 rg BT 390.37 275.10 Td (products, ) Tj ET Q q 0 0 0 rg BT 429.52 275.10 Td (and ) Tj ET Q q 0 0 0 rg BT 446.17 275.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 462.27 275.10 Td (value ) Tj ET Q q 0 0 0 rg BT 486.14 275.10 Td (is ) Tj ET Q q 0 0 0 rg BT 495.02 275.10 Td (determined ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 263.10 Td (using ) Tj ET Q q 0 0 0 rg BT 96.13 263.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 141.35 263.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 189.35 263.10 Td (for ) Tj ET Q q 0 0 0 rg BT 203.47 263.10 Td (each ) Tj ET Q q 0 0 0 rg BT 224.24 263.10 Td (particular ) Tj ET Q q 0 0 0 rg BT 265.01 263.10 Td (product. ) Tj ET Q q 0 0 0 rg BT 300.34 263.10 Td (These ) Tj ET Q q 0 0 0 rg BT 326.68 263.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 371.90 263.10 Td (involve ) Tj ET Q q 0 0 0 rg BT 404.36 263.10 Td (some ) Tj ET Q q 0 0 0 rg BT 427.92 263.10 Td (degree ) Tj ET Q q 0 0 0 rg BT 457.03 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 467.82 263.10 Td (judgment. ) Tj ET Q q 0 0 0 rg BT 510.55 263.10 Td (Results ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 251.10 Td (from ) Tj ET Q q 0 0 0 rg BT 93.05 251.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 131.87 251.10 Td (models ) Tj ET Q q 0 0 0 rg BT 162.37 251.10 Td (and ) Tj ET Q q 0 0 0 rg BT 178.42 251.10 Td (other ) Tj ET Q q 0 0 0 rg BT 200.58 251.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 244.95 251.10 Td (in ) Tj ET Q q 0 0 0 rg BT 254.34 251.10 Td (one ) Tj ET Q q 0 0 0 rg BT 270.39 251.10 Td (period ) Tj ET Q q 0 0 0 rg BT 297.55 251.10 Td (may ) Tj ET Q q 0 0 0 rg BT 316.38 251.10 Td (not ) Tj ET Q q 0 0 0 rg BT 330.77 251.10 Td (be ) Tj ET Q q 0 0 0 rg BT 341.82 251.10 Td (indicative ) Tj ET Q q 0 0 0 rg BT 382.86 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 392.80 251.10 Td (future ) Tj ET Q q 0 0 0 rg BT 418.29 251.10 Td (period ) Tj ET Q q 0 0 0 rg BT 445.45 251.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 460.94 251.10 Td (value ) Tj ET Q q 0 0 0 rg BT 484.20 251.10 Td (measurement.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 227.10 Td (For ) Tj ET Q q 0 0 0 rg BT 87.33 227.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 136.55 227.10 Td (in ) Tj ET Q q 0 0 0 rg BT 145.77 227.10 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 176.11 227.10 Td (or ) Tj ET Q q 0 0 0 rg BT 185.88 227.10 Td (privately ) Tj ET Q q 0 0 0 rg BT 222.86 227.10 Td (held ) Tj ET Q q 0 0 0 rg BT 241.52 227.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 280.73 227.10 Td (that ) Tj ET Q q 0 0 0 rg BT 297.17 227.10 Td (do ) Tj ET Q q 0 0 0 rg BT 308.61 227.10 Td (not ) Tj ET Q q 0 0 0 rg BT 322.83 227.10 Td (have ) Tj ET Q q 0 0 0 rg BT 343.15 227.10 Td (readily ) Tj ET Q q 0 0 0 rg BT 372.36 227.10 Td (determinable ) Tj ET Q q 0 0 0 rg BT 426.00 227.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 441.32 227.10 Td (values, ) Tj ET Q q 0 0 0 rg BT 470.81 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 484.47 227.10 Td (determination ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 82.68 215.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 98.90 215.10 Td (value ) Tj ET Q q 0 0 0 rg BT 122.91 215.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 157.46 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.03 215.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 213.26 215.10 Td (to ) Tj ET Q q 0 0 0 rg BT 223.39 215.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 259.06 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 273.63 215.10 Td (value ) Tj ET Q q 0 0 0 rg BT 297.63 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 308.31 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 322.87 215.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 362.99 215.10 Td (using ) Tj ET Q q 0 0 0 rg BT 387.00 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.57 215.10 Td (best ) Tj ET Q q 0 0 0 rg BT 420.03 215.10 Td (information ) Tj ET Q q 0 0 0 rg BT 469.59 215.10 Td (available. ) Tj ET Q q 0 0 0 rg BT 510.01 215.10 Td (Among ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 86.81 203.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 116.62 203.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 162.53 203.10 Td (by ) Tj ET Q q 0 0 0 rg BT 175.13 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 189.94 203.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 231.43 203.10 Td (in ) Tj ET Q q 0 0 0 rg BT 241.80 203.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 292.72 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 307.54 203.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 324.01 203.10 Td (value ) Tj ET Q q 0 0 0 rg BT 348.26 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 359.19 203.10 Td (such ) Tj ET Q q 0 0 0 rg BT 380.12 203.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 417.70 203.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 466.96 203.10 Td (are ) Tj ET Q q 0 0 0 rg BT 481.77 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.58 203.10 Td (cost, ) Tj ET Q q 0 0 0 rg BT 517.79 203.10 Td (terms ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 191.10 Td (and ) Tj ET Q q 0 0 0 rg BT 89.10 191.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 125.66 191.10 Td (of ) Tj ET Q q 0 0 0 rg BT 136.66 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 151.54 191.10 Td (investment, ) Tj ET Q q 0 0 0 rg BT 200.58 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 215.47 191.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 253.11 191.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 293.55 191.10 Td (and ) Tj ET Q q 0 0 0 rg BT 310.65 191.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 351.08 191.10 Td (results ) Tj ET Q q 0 0 0 rg BT 379.86 191.10 Td (of ) Tj ET Q q 0 0 0 rg BT 390.85 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 405.73 191.10 Td (issuer) Tj ET Q q 0 0 0 rg BT 428.66 191.10 Td (, ) Tj ET Q q 0 0 0 rg BT 433.83 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 448.71 191.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 478.59 191.10 Td (market ) Tj ET Q q 0 0 0 rg BT 509.02 191.10 Td (price ) Tj ET Q q 0 0 0 rg BT 531.67 191.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 179.10 Td (publicly ) Tj ET Q q 0 0 0 rg BT 108.63 179.10 Td (traded ) Tj ET Q q 0 0 0 rg BT 137.48 179.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 179.10 179.10 Td (with ) Tj ET Q q 0 0 0 rg BT 200.74 179.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 232.37 179.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 264.00 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 282.30 179.10 Td (yield, ) Tj ET Q q 0 0 0 rg BT 308.65 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 326.95 179.10 Td (other ) Tj ET Q q 0 0 0 rg BT 351.36 179.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 382.42 179.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 423.48 179.10 Td (pertinent ) Tj ET Q q 0 0 0 rg BT 462.88 179.10 Td (to ) Tj ET Q q 0 0 0 rg BT 474.52 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 490.60 179.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 531.67 179.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 167.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 124.46 167.10 Td (In ) Tj ET Q q 0 0 0 rg BT 134.97 167.10 Td (instances ) Tj ET Q q 0 0 0 rg BT 173.80 167.10 Td (where ) Tj ET Q q 0 0 0 rg BT 200.41 167.10 Td (a ) Tj ET Q q 0 0 0 rg BT 207.03 167.10 Td (security ) Tj ET Q q 0 0 0 rg BT 240.87 167.10 Td (is ) Tj ET Q q 0 0 0 rg BT 249.72 167.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 280.23 167.10 Td (to ) Tj ET Q q 0 0 0 rg BT 290.19 167.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 322.91 167.10 Td (restrictions, ) Tj ET Q q 0 0 0 rg BT 372.02 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 386.42 167.10 Td (value ) Tj ET Q q 0 0 0 rg BT 410.26 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 420.77 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 435.17 167.10 Td (security ) Tj ET Q q 0 0 0 rg BT 469.01 167.10 Td (is ) Tj ET Q q 0 0 0 rg BT 477.86 167.10 Td (based ) Tj ET Q q 0 0 0 rg BT 502.81 167.10 Td (primarily ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 155.10 Td (on ) Tj ET Q q 0 0 0 rg BT 84.24 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 98.70 155.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 128.16 155.10 Td (price ) Tj ET Q q 0 0 0 rg BT 150.38 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 160.96 155.10 Td (a ) Tj ET Q q 0 0 0 rg BT 167.63 155.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 197.65 155.10 Td (security ) Tj ET Q q 0 0 0 rg BT 231.55 155.10 Td (without ) Tj ET Q q 0 0 0 rg BT 264.34 155.10 Td (restriction ) Tj ET Q q 0 0 0 rg BT 307.13 155.10 Td (but ) Tj ET Q q 0 0 0 rg BT 322.15 155.10 Td (may ) Tj ET Q q 0 0 0 rg BT 341.60 155.10 Td (be ) Tj ET Q q 0 0 0 rg BT 353.28 155.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 387.17 155.10 Td (by ) Tj ET Q q 0 0 0 rg BT 399.41 155.10 Td (an ) Tj ET Q q 0 0 0 rg BT 411.09 155.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 443.33 155.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 483.89 155.10 Td (to ) Tj ET Q q 0 0 0 rg BT 493.91 155.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 521.68 155.10 Td (such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 143.10 Td (restrictions. ) Tj ET Q q 0 0 0 rg BT 122.88 143.10 Td (In ) Tj ET Q q 0 0 0 rg BT 135.15 143.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 174.36 143.10 Td (even ) Tj ET Q q 0 0 0 rg BT 197.18 143.10 Td (where ) Tj ET Q q 0 0 0 rg BT 225.55 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 241.71 143.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 284.54 143.10 Td (derives ) Tj ET Q q 0 0 0 rg BT 317.36 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 333.52 143.10 Td (value ) Tj ET Q q 0 0 0 rg BT 359.12 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 371.39 143.10 Td (a ) Tj ET Q q 0 0 0 rg BT 379.77 143.10 Td (security ) Tj ET Q q 0 0 0 rg BT 415.37 143.10 Td (based ) Tj ET Q q 0 0 0 rg BT 442.08 143.10 Td (on ) Tj ET Q q 0 0 0 rg BT 456.02 143.10 Td (information ) Tj ET Q q 0 0 0 rg BT 507.18 143.10 Td (from ) Tj ET Q q 0 0 0 rg BT 530.56 143.10 Td (an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 131.10 Td (independent ) Tj ET Q q 0 0 0 rg BT 124.62 131.10 Td (source, ) Tj ET Q q 0 0 0 rg BT 156.97 131.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 187.92 131.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 241.11 131.10 Td (may ) Tj ET Q q 0 0 0 rg BT 262.08 131.10 Td (be ) Tj ET Q q 0 0 0 rg BT 275.26 131.10 Td (required ) Tj ET Q q 0 0 0 rg BT 312.32 131.10 Td (to ) Tj ET Q q 0 0 0 rg BT 323.85 131.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 367.58 131.10 Td (the ) Tj ET Q q 0 0 0 rg BT 383.54 131.10 Td (security) Tj ET Q q 0 0 0 rg BT 417.98 131.10 Td (s ) Tj ET Q q 0 0 0 rg BT 425.62 131.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 443.24 131.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 471.14 131.10 Td (For ) Tj ET Q q 0 0 0 rg BT 488.78 131.10 Td (instance, ) Tj ET Q q 0 0 0 rg BT 527.79 131.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 119.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 113.44 119.10 Td (assumes ) Tj ET Q q 0 0 0 rg BT 149.32 119.10 Td (that ) Tj ET Q q 0 0 0 rg BT 166.86 119.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.63 119.10 Td (size ) Tj ET Q q 0 0 0 rg BT 199.73 119.10 Td (of ) Tj ET Q q 0 0 0 rg BT 210.61 119.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 249.28 119.10 Td (in ) Tj ET Q q 0 0 0 rg BT 259.60 119.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 299.92 119.10 Td (that ) Tj ET Q q 0 0 0 rg BT 317.46 119.10 Td (the ) Tj ET Q q 0 0 0 rg BT 332.23 119.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 373.67 119.10 Td (holds ) Tj ET Q q 0 0 0 rg BT 397.89 119.10 Td (would ) Tj ET Q q 0 0 0 rg BT 425.44 119.10 Td (not ) Tj ET Q q 0 0 0 rg BT 440.77 119.10 Td (be ) Tj ET Q q 0 0 0 rg BT 452.76 119.10 Td (lar) Tj ET Q q 0 0 0 rg BT 463.12 119.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 475.11 119.10 Td (enough ) Tj ET Q q 0 0 0 rg BT 507.10 119.10 Td (to ) Tj ET Q q 0 0 0 rg BT 517.43 119.10 Td (af) Tj ET Q q 0 0 0 rg BT 525.02 119.10 Td (fect ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 107.10 Td (the ) Tj ET Q q 0 0 0 rg BT 86.46 107.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 115.93 107.10 Td (price ) Tj ET Q q 0 0 0 rg BT 138.16 107.10 Td (of ) Tj ET Q q 0 0 0 rg BT 148.73 107.10 Td (the ) Tj ET Q q 0 0 0 rg BT 163.20 107.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 203.21 107.10 Td (if ) Tj ET Q q 0 0 0 rg BT 211.56 107.10 Td (the ) Tj ET Q q 0 0 0 rg BT 226.02 107.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 245.49 107.10 Td (sells ) Tj ET Q q 0 0 0 rg BT 265.51 107.10 Td (them, ) Tj ET Q q 0 0 0 rg BT 290.25 107.10 Td (and ) Tj ET Q q 0 0 0 rg BT 306.94 107.10 Td (that ) Tj ET Q q 0 0 0 rg BT 324.18 107.10 Td (any ) Tj ET Q q 0 0 0 rg BT 340.86 107.10 Td (such ) Tj ET Q q 0 0 0 rg BT 361.44 107.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 379.23 107.10 Td (would ) Tj ET Q q 0 0 0 rg BT 406.48 107.10 Td (happen ) Tj ET Q q 0 0 0 rg BT 437.60 107.10 Td (in ) Tj ET Q q 0 0 0 rg BT 447.63 107.10 Td (an ) Tj ET Q q 0 0 0 rg BT 459.31 107.10 Td (orderly ) Tj ET Q q 0 0 0 rg BT 490.43 107.10 Td (manner) Tj ET Q q 0 0 0 rg BT 519.87 107.10 Td (. ) Tj ET Q q 0 0 0 rg BT 524.45 107.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 95.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 98.37 95.10 Td (value ) Tj ET Q q 0 0 0 rg BT 122.53 95.10 Td (realized ) Tj ET Q q 0 0 0 rg BT 156.67 95.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 179.17 95.10 Td (disposition ) Tj ET Q q 0 0 0 rg BT 225.56 95.10 Td (could ) Tj ET Q q 0 0 0 rg BT 250.28 95.10 Td (be ) Tj ET Q q 0 0 0 rg BT 262.22 95.10 Td (dif) Tj ET Q q 0 0 0 rg BT 273.15 95.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 298.96 95.10 Td (from ) Tj ET Q q 0 0 0 rg BT 320.90 95.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.62 95.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 374.21 95.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 415.03 95.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 431.41 95.10 Td (value.) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F3 11.00 Tf ET q 0 0 0 rg BT 103.65 755.30 Td (Notes to the Statement of Financial Condition as of June 30, 2016 \(unaudited\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 48.60 Td (6) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 731.25 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 97.83 731.25 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 707.25 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 98.14 707.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 124.83 707.25 Td (include ) Tj ET Q q 0 0 0 rg BT 157.62 707.25 Td (furniture ) Tj ET Q q 0 0 0 rg BT 195.96 707.25 Td (and ) Tj ET Q q 0 0 0 rg BT 213.76 707.25 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 261.83 707.25 Td (software ) Tj ET Q q 0 0 0 rg BT 299.62 707.25 Td (and ) Tj ET Q q 0 0 0 rg BT 317.42 707.25 Td (leasehold ) Tj ET Q q 0 0 0 rg BT 358.54 707.25 Td (improvements. ) Tj ET Q q 0 0 0 rg BT 421.61 707.25 Td (Furniture ) Tj ET Q q 0 0 0 rg BT 462.19 707.25 Td (and ) Tj ET Q q 0 0 0 rg BT 479.99 707.25 Td (equipment ) Tj ET Q q 0 0 0 rg BT 525.56 707.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 695.25 Td (software ) Tj ET Q q 0 0 0 rg BT 109.60 695.25 Td (are ) Tj ET Q q 0 0 0 rg BT 124.97 695.25 Td (depreciated ) Tj ET Q q 0 0 0 rg BT 174.21 695.25 Td (using ) Tj ET Q q 0 0 0 rg BT 199.05 695.25 Td (the ) Tj ET Q q 0 0 0 rg BT 214.43 695.25 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 265.92 695.25 Td (method ) Tj ET Q q 0 0 0 rg BT 299.08 695.25 Td (over ) Tj ET Q q 0 0 0 rg BT 320.02 695.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 361.50 695.25 Td (useful ) Tj ET Q q 0 0 0 rg BT 389.11 695.25 Td (lives ) Tj ET Q q 0 0 0 rg BT 411.16 695.25 Td (of ) Tj ET Q q 0 0 0 rg BT 422.66 695.25 Td (three ) Tj ET Q q 0 0 0 rg BT 445.81 695.25 Td (to ) Tj ET Q q 0 0 0 rg BT 456.76 695.25 Td (ten ) Tj ET Q q 0 0 0 rg BT 472.14 695.25 Td (years. ) Tj ET Q q 0 0 0 rg BT 498.90 695.25 Td (Leasehold ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 683.25 Td (improvements ) Tj ET Q q 0 0 0 rg BT 131.28 683.25 Td (are ) Tj ET Q q 0 0 0 rg BT 145.55 683.25 Td (amortized ) Tj ET Q q 0 0 0 rg BT 187.60 683.25 Td (over ) Tj ET Q q 0 0 0 rg BT 207.44 683.25 Td (their ) Tj ET Q q 0 0 0 rg BT 227.83 683.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 268.21 683.25 Td (useful ) Tj ET Q q 0 0 0 rg BT 294.72 683.25 Td (life ) Tj ET Q q 0 0 0 rg BT 310.11 683.25 Td (or ) Tj ET Q q 0 0 0 rg BT 320.51 683.25 Td (the ) Tj ET Q q 0 0 0 rg BT 334.79 683.25 Td (life ) Tj ET Q q 0 0 0 rg BT 350.19 683.25 Td (of ) Tj ET Q q 0 0 0 rg BT 360.58 683.25 Td (the ) Tj ET Q q 0 0 0 rg BT 374.87 683.25 Td (lease, ) Tj ET Q q 0 0 0 rg BT 399.42 683.25 Td (whichever ) Tj ET Q q 0 0 0 rg BT 443.13 683.25 Td (is ) Tj ET Q q 0 0 0 rg BT 451.87 683.25 Td (shorter) Tj ET Q q 0 0 0 rg BT 479.08 683.25 Td (. ) Tj ET Q q 0 0 0 rg BT 483.50 683.25 Td (The ) Tj ET Q q 0 0 0 rg BT 501.12 683.25 Td (Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 671.25 Td (capitalizes ) Tj ET Q q 0 0 0 rg BT 116.72 671.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 146.45 671.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 168.97 671.25 Td (incurred ) Tj ET Q q 0 0 0 rg BT 204.81 671.25 Td (in ) Tj ET Q q 0 0 0 rg BT 215.12 671.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 261.51 671.25 Td (with ) Tj ET Q q 0 0 0 rg BT 281.81 671.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 314.88 671.25 Td (use ) Tj ET Q q 0 0 0 rg BT 330.74 671.25 Td (software ) Tj ET Q q 0 0 0 rg BT 367.69 671.25 Td (projects ) Tj ET Q q 0 0 0 rg BT 401.87 671.25 Td (and ) Tj ET Q q 0 0 0 rg BT 418.83 671.25 Td (amortizes ) Tj ET Q q 0 0 0 rg BT 460.23 671.25 Td (the ) Tj ET Q q 0 0 0 rg BT 474.97 671.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 507.49 671.25 Td (over ) Tj ET Q q 0 0 0 rg BT 527.78 671.25 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 659.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 110.03 659.25 Td (useful ) Tj ET Q q 0 0 0 rg BT 136.97 659.25 Td (life ) Tj ET Q q 0 0 0 rg BT 152.80 659.25 Td (of ) Tj ET Q q 0 0 0 rg BT 163.63 659.25 Td (the ) Tj ET Q q 0 0 0 rg BT 178.34 659.25 Td (asset, ) Tj ET Q q 0 0 0 rg BT 202.78 659.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 242.48 659.25 Td (three ) Tj ET Q q 0 0 0 rg BT 264.97 659.25 Td (to ) Tj ET Q q 0 0 0 rg BT 275.25 659.25 Td (seven ) Tj ET Q q 0 0 0 rg BT 300.52 659.25 Td (years.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 635.25 Td (Leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 611.25 Td (The ) Tj ET Q q 0 0 0 rg BT 89.06 611.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 129.46 611.25 Td (leases ) Tj ET Q q 0 0 0 rg BT 154.84 611.25 Td (its ) Tj ET Q q 0 0 0 rg BT 165.80 611.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 205.07 611.25 Td (headquarters ) Tj ET Q q 0 0 0 rg BT 257.66 611.25 Td (and ) Tj ET Q q 0 0 0 rg BT 273.61 611.25 Td (other ) Tj ET Q q 0 0 0 rg BT 295.67 611.25 Td (of) Tj ET Q q 0 0 0 rg BT 303.82 611.25 Td (fices ) Tj ET Q q 0 0 0 rg BT 324.21 611.25 Td (under ) Tj ET Q q 0 0 0 rg BT 348.49 611.25 Td (various ) Tj ET Q q 0 0 0 rg BT 379.44 611.25 Td (non-cancelable ) Tj ET Q q 0 0 0 rg BT 441.47 611.25 Td (leases. ) Tj ET Q q 0 0 0 rg BT 469.25 611.25 Td (The ) Tj ET Q q 0 0 0 rg BT 486.30 611.25 Td (leases ) Tj ET Q q 0 0 0 rg BT 511.69 611.25 Td (require ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 599.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 108.49 599.25 Td (of ) Tj ET Q q 0 0 0 rg BT 118.87 599.25 Td (real ) Tj ET Q q 0 0 0 rg BT 135.91 599.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 160.72 599.25 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 185.82 599.25 Td (insurance ) Tj ET Q q 0 0 0 rg BT 226.19 599.25 Td (and ) Tj ET Q q 0 0 0 rg BT 242.68 599.25 Td (common ) Tj ET Q q 0 0 0 rg BT 279.73 599.25 Td (area ) Tj ET Q q 0 0 0 rg BT 298.42 599.25 Td (maintenance, ) Tj ET Q q 0 0 0 rg BT 353.50 599.25 Td (in ) Tj ET Q q 0 0 0 rg BT 363.33 599.25 Td (addition ) Tj ET Q q 0 0 0 rg BT 398.16 599.25 Td (to ) Tj ET Q q 0 0 0 rg BT 407.99 599.25 Td (rent. ) Tj ET Q q 0 0 0 rg BT 427.94 599.25 Td (The ) Tj ET Q q 0 0 0 rg BT 445.54 599.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 469.81 599.25 Td (of ) Tj ET Q q 0 0 0 rg BT 480.19 599.25 Td (the ) Tj ET Q q 0 0 0 rg BT 494.46 599.25 Td (Company) Tj ET Q q 0 0 0 rg BT 536.13 599.25 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 587.25 Td (lease ) Tj ET Q q 0 0 0 rg BT 94.70 587.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 142.95 587.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 182.87 587.25 Td (range ) Tj ET Q q 0 0 0 rg BT 207.79 587.25 Td (up ) Tj ET Q q 0 0 0 rg BT 220.51 587.25 Td (to ) Tj ET Q q 0 0 0 rg BT 231.00 587.25 Td (twelve ) Tj ET Q q 0 0 0 rg BT 260.37 587.25 Td (years. ) Tj ET Q q 0 0 0 rg BT 286.69 587.25 Td (Some ) Tj ET Q q 0 0 0 rg BT 312.18 587.25 Td (of ) Tj ET Q q 0 0 0 rg BT 323.23 587.25 Td (the ) Tj ET Q q 0 0 0 rg BT 338.16 587.25 Td (leases ) Tj ET Q q 0 0 0 rg BT 364.76 587.25 Td (contain ) Tj ET Q q 0 0 0 rg BT 396.91 587.25 Td (renewal ) Tj ET Q q 0 0 0 rg BT 431.27 587.25 Td (options, ) Tj ET Q q 0 0 0 rg BT 465.93 587.25 Td (escalation ) Tj ET Q q 0 0 0 rg BT 508.63 587.25 Td (clauses, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 575.25 Td (rent-free ) Tj ET Q q 0 0 0 rg BT 108.91 575.25 Td (holidays ) Tj ET Q q 0 0 0 rg BT 145.30 575.25 Td (and ) Tj ET Q q 0 0 0 rg BT 162.24 575.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 202.50 575.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 221.11 575.25 Td (adjustments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 551.25 Td (For ) Tj ET Q q 0 0 0 rg BT 88.38 551.25 Td (leases ) Tj ET Q q 0 0 0 rg BT 114.75 551.25 Td (that ) Tj ET Q q 0 0 0 rg BT 132.24 551.25 Td (contain ) Tj ET Q q 0 0 0 rg BT 164.16 551.25 Td (escalation ) Tj ET Q q 0 0 0 rg BT 206.64 551.25 Td (clauses ) Tj ET Q q 0 0 0 rg BT 238.00 551.25 Td (or ) Tj ET Q q 0 0 0 rg BT 248.83 551.25 Td (rent-free ) Tj ET Q q 0 0 0 rg BT 285.73 551.25 Td (holidays, ) Tj ET Q q 0 0 0 rg BT 324.61 551.25 Td (the ) Tj ET Q q 0 0 0 rg BT 339.32 551.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 380.70 551.25 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 425.94 551.25 Td (the ) Tj ET Q q 0 0 0 rg BT 440.65 551.25 Td (related ) Tj ET Q q 0 0 0 rg BT 470.35 551.25 Td (rent ) Tj ET Q q 0 0 0 rg BT 488.38 551.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 523.08 551.25 Td (on ) Tj ET Q q 0 0 0 rg BT 535.57 551.25 Td (a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 539.25 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 122.72 539.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 145.12 539.25 Td (from ) Tj ET Q q 0 0 0 rg BT 166.96 539.25 Td (the ) Tj ET Q q 0 0 0 rg BT 181.58 539.25 Td (date ) Tj ET Q q 0 0 0 rg BT 200.64 539.25 Td (the ) Tj ET Q q 0 0 0 rg BT 215.26 539.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 256.54 539.25 Td (takes ) Tj ET Q q 0 0 0 rg BT 279.49 539.25 Td (possession ) Tj ET Q q 0 0 0 rg BT 324.68 539.25 Td (of ) Tj ET Q q 0 0 0 rg BT 335.41 539.25 Td (the ) Tj ET Q q 0 0 0 rg BT 350.03 539.25 Td (property ) Tj ET Q q 0 0 0 rg BT 386.30 539.25 Td (to ) Tj ET Q q 0 0 0 rg BT 396.48 539.25 Td (the ) Tj ET Q q 0 0 0 rg BT 411.10 539.25 Td (end ) Tj ET Q q 0 0 0 rg BT 427.94 539.25 Td (of ) Tj ET Q q 0 0 0 rg BT 438.67 539.25 Td (the ) Tj ET Q q 0 0 0 rg BT 453.29 539.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 479.02 539.25 Td (lease ) Tj ET Q q 0 0 0 rg BT 501.41 539.25 Td (term. ) Tj ET Q q 0 0 0 rg BT 524.46 539.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 527.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 113.35 527.25 Td (records ) Tj ET Q q 0 0 0 rg BT 145.25 527.25 Td (any ) Tj ET Q q 0 0 0 rg BT 162.16 527.25 Td (dif) Tj ET Q q 0 0 0 rg BT 173.08 527.25 Td (ference ) Tj ET Q q 0 0 0 rg BT 204.96 527.25 Td (between ) Tj ET Q q 0 0 0 rg BT 240.75 527.25 Td (the ) Tj ET Q q 0 0 0 rg BT 255.43 527.25 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 306.22 527.25 Td (rent ) Tj ET Q q 0 0 0 rg BT 324.23 527.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 360.59 527.25 Td (and ) Tj ET Q q 0 0 0 rg BT 377.49 527.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 413.85 527.25 Td (payable ) Tj ET Q q 0 0 0 rg BT 447.41 527.25 Td (under ) Tj ET Q q 0 0 0 rg BT 472.64 527.25 Td (the ) Tj ET Q q 0 0 0 rg BT 487.33 527.25 Td (leases ) Tj ET Q q 0 0 0 rg BT 513.67 527.25 Td (as ) Tj ET Q q 0 0 0 rg BT 524.47 527.25 Td (part ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 515.25 Td (of ) Tj ET Q q 0 0 0 rg BT 82.83 515.25 Td (other ) Tj ET Q q 0 0 0 rg BT 105.88 515.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 145.59 515.25 Td (and ) Tj ET Q q 0 0 0 rg BT 162.53 515.25 Td (accrued ) Tj ET Q q 0 0 0 rg BT 196.12 515.25 Td (expenses.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 491.25 Td (Cash ) Tj ET Q q 0 0 0 rg BT 94.03 491.25 Td (or ) Tj ET Q q 0 0 0 rg BT 104.39 491.25 Td (lease ) Tj ET Q q 0 0 0 rg BT 126.40 491.25 Td (incentives ) Tj ET Q q 0 0 0 rg BT 168.97 491.25 Td (received ) Tj ET Q q 0 0 0 rg BT 204.86 491.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 226.89 491.25 Td (entering ) Tj ET Q q 0 0 0 rg BT 261.69 491.25 Td (into ) Tj ET Q q 0 0 0 rg BT 279.27 491.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 308.50 491.25 Td (leases ) Tj ET Q q 0 0 0 rg BT 334.41 491.25 Td (are ) Tj ET Q q 0 0 0 rg BT 348.64 491.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 394.53 491.25 Td (on ) Tj ET Q q 0 0 0 rg BT 406.56 491.25 Td (a ) Tj ET Q q 0 0 0 rg BT 413.03 491.25 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 463.38 491.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 485.41 491.25 Td (as ) Tj ET Q q 0 0 0 rg BT 495.77 491.25 Td (a ) Tj ET Q q 0 0 0 rg BT 502.23 491.25 Td (reduction ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 479.25 Td (of ) Tj ET Q q 0 0 0 rg BT 82.39 479.25 Td (rent ) Tj ET Q q 0 0 0 rg BT 100.00 479.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 134.27 479.25 Td (from ) Tj ET Q q 0 0 0 rg BT 155.77 479.25 Td (the ) Tj ET Q q 0 0 0 rg BT 170.05 479.25 Td (date ) Tj ET Q q 0 0 0 rg BT 188.77 479.25 Td (the ) Tj ET Q q 0 0 0 rg BT 203.05 479.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 244.00 479.25 Td (takes ) Tj ET Q q 0 0 0 rg BT 266.61 479.25 Td (possession ) Tj ET Q q 0 0 0 rg BT 311.46 479.25 Td (of ) Tj ET Q q 0 0 0 rg BT 321.85 479.25 Td (the ) Tj ET Q q 0 0 0 rg BT 336.13 479.25 Td (property ) Tj ET Q q 0 0 0 rg BT 372.07 479.25 Td (or ) Tj ET Q q 0 0 0 rg BT 382.46 479.25 Td (receives ) Tj ET Q q 0 0 0 rg BT 417.28 479.25 Td (the ) Tj ET Q q 0 0 0 rg BT 431.56 479.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 451.39 479.25 Td (to ) Tj ET Q q 0 0 0 rg BT 461.23 479.25 Td (the ) Tj ET Q q 0 0 0 rg BT 475.51 479.25 Td (end ) Tj ET Q q 0 0 0 rg BT 492.01 479.25 Td (of ) Tj ET Q q 0 0 0 rg BT 502.41 479.25 Td (the ) Tj ET Q q 0 0 0 rg BT 516.69 479.25 Td (initial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 467.25 Td (lease ) Tj ET Q q 0 0 0 rg BT 94.81 467.25 Td (term. ) Tj ET Q q 0 0 0 rg BT 118.27 467.25 Td (The ) Tj ET Q q 0 0 0 rg BT 136.64 467.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 178.36 467.25 Td (records ) Tj ET Q q 0 0 0 rg BT 210.62 467.25 Td (the ) Tj ET Q q 0 0 0 rg BT 225.66 467.25 Td (unamortized ) Tj ET Q q 0 0 0 rg BT 278.47 467.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 310.19 467.25 Td (of ) Tj ET Q q 0 0 0 rg BT 321.35 467.25 Td (lease ) Tj ET Q q 0 0 0 rg BT 344.16 467.25 Td (incentives ) Tj ET Q q 0 0 0 rg BT 387.54 467.25 Td (as ) Tj ET Q q 0 0 0 rg BT 398.69 467.25 Td (part ) Tj ET Q q 0 0 0 rg BT 417.07 467.25 Td (of ) Tj ET Q q 0 0 0 rg BT 428.23 467.25 Td (other ) Tj ET Q q 0 0 0 rg BT 451.61 467.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 491.65 467.25 Td (and ) Tj ET Q q 0 0 0 rg BT 508.92 467.25 Td (accrued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 455.25 Td (expenses.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 431.25 Td (Goodwill and Intangible ) Tj ET Q q 0 0 0 rg BT 177.87 431.25 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 407.25 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 112.27 407.25 Td (represents ) Tj ET Q q 0 0 0 rg BT 155.30 407.25 Td (the ) Tj ET Q q 0 0 0 rg BT 170.01 407.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 186.38 407.25 Td (value ) Tj ET Q q 0 0 0 rg BT 210.52 407.25 Td (of ) Tj ET Q q 0 0 0 rg BT 221.34 407.25 Td (the ) Tj ET Q q 0 0 0 rg BT 236.05 407.25 Td (consideration ) Tj ET Q q 0 0 0 rg BT 292.42 407.25 Td (transferred ) Tj ET Q q 0 0 0 rg BT 338.21 407.25 Td (in ) Tj ET Q q 0 0 0 rg BT 348.48 407.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 377.07 407.25 Td (of ) Tj ET Q q 0 0 0 rg BT 387.90 407.25 Td (the ) Tj ET Q q 0 0 0 rg BT 402.60 407.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 418.97 407.25 Td (value ) Tj ET Q q 0 0 0 rg BT 443.12 407.25 Td (of ) Tj ET Q q 0 0 0 rg BT 453.94 407.25 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 501.97 407.25 Td (net ) Tj ET Q q 0 0 0 rg BT 516.68 407.25 Td (assets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 395.25 Td (at ) Tj ET Q q 0 0 0 rg BT 82.04 395.25 Td (the ) Tj ET Q q 0 0 0 rg BT 97.09 395.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 143.80 395.25 Td (date. ) Tj ET Q q 0 0 0 rg BT 165.58 395.25 Td (The ) Tj ET Q q 0 0 0 rg BT 183.95 395.25 Td (recoverability ) Tj ET Q q 0 0 0 rg BT 242.30 395.25 Td (of ) Tj ET Q q 0 0 0 rg BT 253.46 395.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 291.84 395.25 Td (is ) Tj ET Q q 0 0 0 rg BT 301.34 395.25 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 342.48 395.25 Td (annually) Tj ET Q q 0 0 0 rg BT 376.26 395.25 Td (, ) Tj ET Q q 0 0 0 rg BT 381.59 395.25 Td (at ) Tj ET Q q 0 0 0 rg BT 391.63 395.25 Td (a ) Tj ET Q q 0 0 0 rg BT 398.90 395.25 Td (minimum, ) Tj ET Q q 0 0 0 rg BT 443.12 395.25 Td (or ) Tj ET Q q 0 0 0 rg BT 454.28 395.25 Td (on ) Tj ET Q q 0 0 0 rg BT 467.10 395.25 Td (an ) Tj ET Q q 0 0 0 rg BT 479.37 395.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 511.08 395.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 533.91 395.25 Td (if ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 383.25 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 131.17 383.25 Td (indicate ) Tj ET Q q 0 0 0 rg BT 165.35 383.25 Td (a ) Tj ET Q q 0 0 0 rg BT 172.32 383.25 Td (possible ) Tj ET Q q 0 0 0 rg BT 207.63 383.25 Td (inability ) Tj ET Q q 0 0 0 rg BT 243.50 383.25 Td (to ) Tj ET Q q 0 0 0 rg BT 253.81 383.25 Td (realize ) Tj ET Q q 0 0 0 rg BT 282.98 383.25 Td (the ) Tj ET Q q 0 0 0 rg BT 297.73 383.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 333.57 383.25 Td (amount. ) Tj ET Q q 0 0 0 rg BT 368.42 383.25 Td (The ) Tj ET Q q 0 0 0 rg BT 386.50 383.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 427.92 383.25 Td (has ) Tj ET Q q 0 0 0 rg BT 443.78 383.25 Td (the ) Tj ET Q q 0 0 0 rg BT 458.53 383.25 Td (option ) Tj ET Q q 0 0 0 rg BT 486.61 383.25 Td (to ) Tj ET Q q 0 0 0 rg BT 496.92 383.25 Td (first ) Tj ET Q q 0 0 0 rg BT 515.56 383.25 Td (assess ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 371.25 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 117.67 371.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 148.34 371.25 Td (to ) Tj ET Q q 0 0 0 rg BT 159.58 371.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 203.02 371.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 238.69 371.25 Td (the ) Tj ET Q q 0 0 0 rg BT 254.37 371.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 271.71 371.25 Td (value ) Tj ET Q q 0 0 0 rg BT 296.82 371.25 Td (of ) Tj ET Q q 0 0 0 rg BT 308.62 371.25 Td (a ) Tj ET Q q 0 0 0 rg BT 316.52 371.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 356.63 371.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 375.65 371.25 Td (is ) Tj ET Q q 0 0 0 rg BT 385.78 371.25 Td (less ) Tj ET Q q 0 0 0 rg BT 404.25 371.25 Td (than ) Tj ET Q q 0 0 0 rg BT 424.92 371.25 Td (its ) Tj ET Q q 0 0 0 rg BT 437.83 371.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 474.61 371.25 Td (amount. ) Tj ET Q q 0 0 0 rg BT 510.57 371.25 Td (Further ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 359.25 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 121.11 359.25 Td (analysis ) Tj ET Q q 0 0 0 rg BT 155.24 359.25 Td (is ) Tj ET Q q 0 0 0 rg BT 163.81 359.25 Td (required ) Tj ET Q q 0 0 0 rg BT 199.04 359.25 Td (if ) Tj ET Q q 0 0 0 rg BT 207.05 359.25 Td (the ) Tj ET Q q 0 0 0 rg BT 221.17 359.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 261.97 359.25 Td (determines ) Tj ET Q q 0 0 0 rg BT 307.75 359.25 Td (that ) Tj ET Q q 0 0 0 rg BT 324.65 359.25 Td (the ) Tj ET Q q 0 0 0 rg BT 338.77 359.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 354.56 359.25 Td (value ) Tj ET Q q 0 0 0 rg BT 378.12 359.25 Td (of ) Tj ET Q q 0 0 0 rg BT 388.35 359.25 Td (a ) Tj ET Q q 0 0 0 rg BT 394.70 359.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 433.26 359.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 450.73 359.25 Td (is ) Tj ET Q q 0 0 0 rg BT 459.30 359.25 Td (less ) Tj ET Q q 0 0 0 rg BT 476.21 359.25 Td (than ) Tj ET Q q 0 0 0 rg BT 495.33 359.25 Td (its ) Tj ET Q q 0 0 0 rg BT 506.69 359.25 Td (carrying ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 347.25 Td (amount. ) Tj ET Q q 0 0 0 rg BT 105.75 347.25 Td (The ) Tj ET Q q 0 0 0 rg BT 122.64 347.25 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 165.65 347.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 200.32 347.25 Td (assessing ) Tj ET Q q 0 0 0 rg BT 238.89 347.25 Td (the ) Tj ET Q q 0 0 0 rg BT 252.46 347.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 292.13 347.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 307.36 347.25 Td (value ) Tj ET Q q 0 0 0 rg BT 330.36 347.25 Td (of ) Tj ET Q q 0 0 0 rg BT 340.04 347.25 Td (the ) Tj ET Q q 0 0 0 rg BT 353.61 347.25 Td (Company) Tj ET Q q 0 0 0 rg BT 395.27 347.25 Td (s ) Tj ET Q q 0 0 0 rg BT 400.52 347.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 438.52 347.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 455.43 347.25 Td (based ) Tj ET Q q 0 0 0 rg BT 479.55 347.25 Td (on ) Tj ET Q q 0 0 0 rg BT 490.90 347.25 Td (a ) Tj ET Q q 0 0 0 rg BT 496.69 347.25 Td (discounted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 335.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 93.96 335.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 116.48 335.25 Td (model ) Tj ET Q q 0 0 0 rg BT 145.67 335.25 Td (using ) Tj ET Q q 0 0 0 rg BT 171.53 335.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 207.37 335.25 Td (and ) Tj ET Q q 0 0 0 rg BT 226.00 335.25 Td (profit ) Tj ET Q q 0 0 0 rg BT 252.41 335.25 Td (forecasts, ) Tj ET Q q 0 0 0 rg BT 294.64 335.25 Td (the ) Tj ET Q q 0 0 0 rg BT 311.05 335.25 Td (Parent ) Tj ET Q q 0 0 0 rg BT 340.79 335.25 Td (Company) Tj ET Q q 0 0 0 rg BT 382.45 335.25 Td (s ) Tj ET Q q 0 0 0 rg BT 390.54 335.25 Td (market ) Tj ET Q q 0 0 0 rg BT 422.49 335.25 Td (capitalization, ) Tj ET Q q 0 0 0 rg BT 483.05 335.25 Td (public ) Tj ET Q q 0 0 0 rg BT 512.24 335.25 Td (market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 323.25 Td (comparables ) Tj ET Q q 0 0 0 rg BT 125.03 323.25 Td (and ) Tj ET Q q 0 0 0 rg BT 141.97 323.25 Td (multiples ) Tj ET Q q 0 0 0 rg BT 181.69 323.25 Td (of ) Tj ET Q q 0 0 0 rg BT 192.52 323.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 219.45 323.25 Td (mer) Tj ET Q q 0 0 0 rg BT 234.81 323.25 Td (gers ) Tj ET Q q 0 0 0 rg BT 253.97 323.25 Td (and ) Tj ET Q q 0 0 0 rg BT 270.91 323.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 321.18 323.25 Td (of ) Tj ET Q q 0 0 0 rg BT 332.01 323.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 362.29 323.25 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 409.51 323.25 Td (if ) Tj ET Q q 0 0 0 rg BT 418.12 323.25 Td (available.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 299.25 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 117.33 299.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 145.45 299.25 Td (with ) Tj ET Q q 0 0 0 rg BT 168.02 299.25 Td (determinable ) Tj ET Q q 0 0 0 rg BT 225.01 299.25 Td (lives ) Tj ET Q q 0 0 0 rg BT 248.69 299.25 Td (consist ) Tj ET Q q 0 0 0 rg BT 281.26 299.25 Td (of ) Tj ET Q q 0 0 0 rg BT 294.38 299.25 Td (a ) Tj ET Q q 0 0 0 rg BT 303.61 299.25 Td (trade ) Tj ET Q q 0 0 0 rg BT 328.39 299.25 Td (name, ) Tj ET Q q 0 0 0 rg BT 357.33 299.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 398.78 299.25 Td (relationships ) Tj ET Q q 0 0 0 rg BT 454.67 299.25 Td (and ) Tj ET Q q 0 0 0 rg BT 473.90 299.25 Td (non-competition ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 287.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 120.03 287.25 Td (that ) Tj ET Q q 0 0 0 rg BT 137.53 287.25 Td (are ) Tj ET Q q 0 0 0 rg BT 152.23 287.25 Td (amortized ) Tj ET Q q 0 0 0 rg BT 194.71 287.25 Td (over ) Tj ET Q q 0 0 0 rg BT 214.98 287.25 Td (their ) Tj ET Q q 0 0 0 rg BT 235.81 287.25 Td (original ) Tj ET Q q 0 0 0 rg BT 269.41 287.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 310.23 287.25 Td (useful ) Tj ET Q q 0 0 0 rg BT 337.17 287.25 Td (lives ) Tj ET Q q 0 0 0 rg BT 358.56 287.25 Td (ranging ) Tj ET Q q 0 0 0 rg BT 391.60 287.25 Td (from ) Tj ET Q q 0 0 0 rg BT 413.54 287.25 Td (one ) Tj ET Q q 0 0 0 rg BT 430.48 287.25 Td (to ) Tj ET Q q 0 0 0 rg BT 440.76 287.25 Td (ten ) Tj ET Q q 0 0 0 rg BT 455.48 287.25 Td (years. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 263.25 Td (Investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 239.25 Td (The ) Tj ET Q q 0 0 0 rg BT 88.82 239.25 Td (Company) Tj ET Q q 0 0 0 rg BT 130.49 239.25 Td (s ) Tj ET Q q 0 0 0 rg BT 135.65 239.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 184.70 239.25 Td (include ) Tj ET Q q 0 0 0 rg BT 215.40 239.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 241.67 239.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 290.72 239.25 Td (in ) Tj ET Q q 0 0 0 rg BT 299.77 239.25 Td (private ) Tj ET Q q 0 0 0 rg BT 328.81 239.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 372.85 239.25 Td (and ) Tj ET Q q 0 0 0 rg BT 388.56 239.25 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 441.21 239.25 Td ( ) Tj ET Q q 0 0 0 rg BT 442.48 239.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 491.53 239.25 Td (in ) Tj ET Q q 0 0 0 rg BT 500.58 239.25 Td (registered ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 227.25 Td (mutual ) Tj ET Q q 0 0 0 rg BT 102.47 227.25 Td (funds, ) Tj ET Q q 0 0 0 rg BT 129.88 227.25 Td (and ) Tj ET Q q 0 0 0 rg BT 147.01 227.25 Td (warrants ) Tj ET Q q 0 0 0 rg BT 184.13 227.25 Td (of ) Tj ET Q q 0 0 0 rg BT 195.15 227.25 Td (public ) Tj ET Q q 0 0 0 rg BT 222.84 227.25 Td (and ) Tj ET Q q 0 0 0 rg BT 239.97 227.25 Td (private ) Tj ET Q q 0 0 0 rg BT 270.42 227.25 Td (companies. ) Tj ET Q q 0 0 0 rg BT 318.38 227.25 Td (Equity ) Tj ET Q q 0 0 0 rg BT 347.74 227.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 398.20 227.25 Td (in ) Tj ET Q q 0 0 0 rg BT 408.67 227.25 Td (private ) Tj ET Q q 0 0 0 rg BT 439.13 227.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 484.58 227.25 Td (are ) Tj ET Q q 0 0 0 rg BT 499.48 227.25 Td (accounted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 215.25 Td (for ) Tj ET Q q 0 0 0 rg BT 86.28 215.25 Td (at ) Tj ET Q q 0 0 0 rg BT 96.13 215.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 112.63 215.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 139.41 215.25 Td (as ) Tj ET Q q 0 0 0 rg BT 150.36 215.25 Td (required ) Tj ET Q q 0 0 0 rg BT 186.30 215.25 Td (by ) Tj ET Q q 0 0 0 rg BT 198.93 215.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 245.42 215.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 284.14 215.25 Td (or ) Tj ET Q q 0 0 0 rg BT 295.10 215.25 Td (if ) Tj ET Q q 0 0 0 rg BT 303.83 215.25 Td (the ) Tj ET Q q 0 0 0 rg BT 318.67 215.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 335.17 215.25 Td (value ) Tj ET Q q 0 0 0 rg BT 359.45 215.25 Td (option ) Tj ET Q q 0 0 0 rg BT 387.63 215.25 Td (was ) Tj ET Q q 0 0 0 rg BT 405.81 215.25 Td (elected, ) Tj ET Q q 0 0 0 rg BT 439.24 215.25 Td (or ) Tj ET Q q 0 0 0 rg BT 450.20 215.25 Td (at ) Tj ET Q q 0 0 0 rg BT 460.04 215.25 Td (cost. ) Tj ET Q q 0 0 0 rg BT 481.27 215.25 Td (Investments ) Tj ET Q q 0 0 0 rg BT 532.22 215.25 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 203.25 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 122.66 203.25 Td (are ) Tj ET Q q 0 0 0 rg BT 136.66 203.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 178.98 203.25 Td (for ) Tj ET Q q 0 0 0 rg BT 192.42 203.25 Td (under ) Tj ET Q q 0 0 0 rg BT 216.98 203.25 Td (the ) Tj ET Q q 0 0 0 rg BT 230.98 203.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 257.77 203.25 Td (method, ) Tj ET Q q 0 0 0 rg BT 292.05 203.25 Td (which ) Tj ET Q q 0 0 0 rg BT 318.27 203.25 Td (is ) Tj ET Q q 0 0 0 rg BT 326.73 203.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 365.72 203.25 Td (the ) Tj ET Q q 0 0 0 rg BT 379.72 203.25 Td (net ) Tj ET Q q 0 0 0 rg BT 393.73 203.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 414.95 203.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 440.90 203.25 Td (Investments ) Tj ET Q q 0 0 0 rg BT 491.01 203.25 Td (in ) Tj ET Q q 0 0 0 rg BT 500.57 203.25 Td (registered ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 191.25 Td (mutual ) Tj ET Q q 0 0 0 rg BT 102.46 191.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 127.37 191.25 Td (are ) Tj ET Q q 0 0 0 rg BT 142.26 191.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 185.48 191.25 Td (for ) Tj ET Q q 0 0 0 rg BT 199.83 191.25 Td (at ) Tj ET Q q 0 0 0 rg BT 209.73 191.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 226.30 191.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 253.14 191.25 Td (Company-owned ) Tj ET Q q 0 0 0 rg BT 324.70 191.25 Td (warrants ) Tj ET Q q 0 0 0 rg BT 361.82 191.25 Td (with ) Tj ET Q q 0 0 0 rg BT 382.28 191.25 Td (a ) Tj ET Q q 0 0 0 rg BT 389.41 191.25 Td (cashless ) Tj ET Q q 0 0 0 rg BT 424.87 191.25 Td (exercise ) Tj ET Q q 0 0 0 rg BT 460.31 191.25 Td (option ) Tj ET Q q 0 0 0 rg BT 488.55 191.25 Td (are ) Tj ET Q q 0 0 0 rg BT 503.44 191.25 Td (valued ) Tj ET Q q 0 0 0 rg BT 532.79 191.25 Td (at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 179.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 88.38 179.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 115.03 179.25 Td (while ) Tj ET Q q 0 0 0 rg BT 139.75 179.25 Td (warrants ) Tj ET Q q 0 0 0 rg BT 176.68 179.25 Td (without ) Tj ET Q q 0 0 0 rg BT 209.73 179.25 Td (a ) Tj ET Q q 0 0 0 rg BT 216.67 179.25 Td (cashless ) Tj ET Q q 0 0 0 rg BT 251.94 179.25 Td (exercise ) Tj ET Q q 0 0 0 rg BT 287.20 179.25 Td (option ) Tj ET Q q 0 0 0 rg BT 315.25 179.25 Td (are ) Tj ET Q q 0 0 0 rg BT 329.96 179.25 Td (valued ) Tj ET Q q 0 0 0 rg BT 359.11 179.25 Td (at ) Tj ET Q q 0 0 0 rg BT 368.83 179.25 Td (cost. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 155.25 Td (Other) Tj ET Q q 0 0 0 rg BT 97.37 155.25 Td ( ) Tj ET Q q 0 0 0 rg BT 99.31 155.25 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 131.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 96.91 131.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 122.38 131.25 Td (include ) Tj ET Q q 0 0 0 rg BT 153.95 131.25 Td (net ) Tj ET Q q 0 0 0 rg BT 168.30 131.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 203.75 131.25 Td (income ) Tj ET Q q 0 0 0 rg BT 235.32 131.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 249.68 131.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 277.64 131.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 324.75 131.25 Td (and ) Tj ET Q q 0 0 0 rg BT 341.33 131.25 Td (prepaid ) Tj ET Q q 0 0 0 rg BT 373.46 131.25 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 414.19 131.25 Td (Receivables ) Tj ET Q q 0 0 0 rg BT 464.64 131.25 Td (include ) Tj ET Q q 0 0 0 rg BT 496.21 131.25 Td (income ) Tj ET Q q 0 0 0 rg BT 527.79 131.25 Td (tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 119.25 Td (and ) Tj ET Q q 0 0 0 rg BT 89.89 119.25 Td (fee ) Tj ET Q q 0 0 0 rg BT 105.55 119.25 Td (receivables, ) Tj ET Q q 0 0 0 rg BT 156.48 119.25 Td (accrued ) Tj ET Q q 0 0 0 rg BT 191.01 119.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 223.90 119.25 Td (and ) Tj ET Q q 0 0 0 rg BT 241.79 119.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 266.36 119.25 Td (made ) Tj ET Q q 0 0 0 rg BT 291.46 119.25 Td (to ) Tj ET Q q 0 0 0 rg BT 302.70 119.25 Td (employees, ) Tj ET Q q 0 0 0 rg BT 351.41 119.25 Td (typically ) Tj ET Q q 0 0 0 rg BT 389.86 119.25 Td (in ) Tj ET Q q 0 0 0 rg BT 401.09 119.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 448.42 119.25 Td (with ) Tj ET Q q 0 0 0 rg BT 469.65 119.25 Td (their ) Tj ET Q q 0 0 0 rg BT 491.43 119.25 Td (recruitment. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 107.25 Td (Employee ) Tj ET Q q 0 0 0 rg BT 115.32 107.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 139.21 107.25 Td (are ) Tj ET Q q 0 0 0 rg BT 154.19 107.25 Td (for) Tj ET Q q 0 0 0 rg BT 165.67 107.25 Td (given ) Tj ET Q q 0 0 0 rg BT 190.66 107.25 Td (based ) Tj ET Q q 0 0 0 rg BT 216.21 107.25 Td (on ) Tj ET Q q 0 0 0 rg BT 228.99 107.25 Td (continued ) Tj ET Q q 0 0 0 rg BT 271.20 107.25 Td (employment ) Tj ET Q q 0 0 0 rg BT 323.96 107.25 Td (and ) Tj ET Q q 0 0 0 rg BT 341.18 107.25 Td (are ) Tj ET Q q 0 0 0 rg BT 356.17 107.25 Td (amortized ) Tj ET Q q 0 0 0 rg BT 398.92 107.25 Td (using ) Tj ET Q q 0 0 0 rg BT 423.37 107.25 Td (the ) Tj ET Q q 0 0 0 rg BT 438.36 107.25 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 489.46 107.25 Td (method ) Tj ET Q q 0 0 0 rg BT 522.23 107.25 Td (over ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 95.25 Td (the ) Tj ET Q q 0 0 0 rg BT 86.72 95.25 Td (respective ) Tj ET Q q 0 0 0 rg BT 129.75 95.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 154.47 95.25 Td (of ) Tj ET Q q 0 0 0 rg BT 165.30 95.25 Td (the ) Tj ET Q q 0 0 0 rg BT 180.01 95.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 206.12 95.25 Td (which ) Tj ET Q q 0 0 0 rg BT 233.06 95.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 272.76 95.25 Td (range ) Tj ET Q q 0 0 0 rg BT 297.47 95.25 Td (from ) Tj ET Q q 0 0 0 rg BT 319.41 95.25 Td (two ) Tj ET Q q 0 0 0 rg BT 336.91 95.25 Td (to ) Tj ET Q q 0 0 0 rg BT 347.19 95.25 Td (five ) Tj ET Q q 0 0 0 rg BT 365.23 95.25 Td (years.) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F3 11.00 Tf ET q 0 0 0 rg BT 103.65 755.30 Td (Notes to the Statement of Financial Condition as of June 30, 2016 \(unaudited\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 48.60 Td (7) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 731.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 105.98 731.25 Td (T) Tj ET Q q 0 0 0 rg BT 111.73 731.25 Td (axes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 707.25 Td (The ) Tj ET Q q 0 0 0 rg BT 89.53 707.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 130.39 707.25 Td (is ) Tj ET Q q 0 0 0 rg BT 139.04 707.25 Td (included ) Tj ET Q q 0 0 0 rg BT 175.45 707.25 Td (in ) Tj ET Q q 0 0 0 rg BT 185.21 707.25 Td (the ) Tj ET Q q 0 0 0 rg BT 199.41 707.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 251.93 707.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 271.69 707.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 301.42 707.25 Td (income ) Tj ET Q q 0 0 0 rg BT 332.83 707.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 347.03 707.25 Td (return ) Tj ET Q q 0 0 0 rg BT 372.89 707.25 Td (filed ) Tj ET Q q 0 0 0 rg BT 393.19 707.25 Td (by ) Tj ET Q q 0 0 0 rg BT 405.17 707.25 Td (the ) Tj ET Q q 0 0 0 rg BT 419.37 707.25 Td (Parent ) Tj ET Q q 0 0 0 rg BT 446.89 707.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 487.76 707.25 Td (on ) Tj ET Q q 0 0 0 rg BT 499.74 707.25 Td (a ) Tj ET Q q 0 0 0 rg BT 506.15 707.25 Td (calendar ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 695.25 Td (year ) Tj ET Q q 0 0 0 rg BT 91.00 695.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 115.29 695.25 Td (combined ) Tj ET Q q 0 0 0 rg BT 156.51 695.25 Td (returns ) Tj ET Q q 0 0 0 rg BT 186.07 695.25 Td (for ) Tj ET Q q 0 0 0 rg BT 199.52 695.25 Td (state ) Tj ET Q q 0 0 0 rg BT 219.63 695.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 233.64 695.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 270.98 695.25 Td (where ) Tj ET Q q 0 0 0 rg BT 297.20 695.25 Td (required ) Tj ET Q q 0 0 0 rg BT 332.30 695.25 Td (and ) Tj ET Q q 0 0 0 rg BT 348.53 695.25 Td (separate ) Tj ET Q q 0 0 0 rg BT 383.07 695.25 Td (state ) Tj ET Q q 0 0 0 rg BT 403.19 695.25 Td (income ) Tj ET Q q 0 0 0 rg BT 434.41 695.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 448.42 695.25 Td (returns ) Tj ET Q q 0 0 0 rg BT 477.98 695.25 Td (where ) Tj ET Q q 0 0 0 rg BT 504.19 695.25 Td (required. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 683.25 Td (The ) Tj ET Q q 0 0 0 rg BT 90.18 683.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 131.71 683.25 Td (determines ) Tj ET Q q 0 0 0 rg BT 178.21 683.25 Td (and ) Tj ET Q q 0 0 0 rg BT 195.29 683.25 Td (records ) Tj ET Q q 0 0 0 rg BT 227.35 683.25 Td (income ) Tj ET Q q 0 0 0 rg BT 259.42 683.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 282.60 683.25 Td (based ) Tj ET Q q 0 0 0 rg BT 308.01 683.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 330.64 683.25 Td (the ) Tj ET Q q 0 0 0 rg BT 345.50 683.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 389.80 683.25 Td (of ) Tj ET Q q 0 0 0 rg BT 400.77 683.25 Td (a ) Tj ET Q q 0 0 0 rg BT 407.84 683.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 422.69 683.25 Td (sharing ) Tj ET Q q 0 0 0 rg BT 454.77 683.25 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 507.38 683.25 Td (with ) Tj ET Q q 0 0 0 rg BT 527.79 683.25 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 671.25 Td (Parent ) Tj ET Q q 0 0 0 rg BT 99.97 671.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 141.29 671.25 Td (and ) Tj ET Q q 0 0 0 rg BT 158.15 671.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 178.36 671.25 Td (af) Tj ET Q q 0 0 0 rg BT 185.95 671.25 Td (filiated ) Tj ET Q q 0 0 0 rg BT 216.69 671.25 Td (entities. ) Tj ET Q q 0 0 0 rg BT 250.50 671.25 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 288.45 671.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 303.10 671.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 328.85 671.25 Td (and ) Tj ET Q q 0 0 0 rg BT 345.72 671.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 385.36 671.25 Td (are ) Tj ET Q q 0 0 0 rg BT 399.99 671.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 447.40 671.25 Td (based ) Tj ET Q q 0 0 0 rg BT 472.59 671.25 Td (on ) Tj ET Q q 0 0 0 rg BT 485.02 671.25 Td (the ) Tj ET Q q 0 0 0 rg BT 499.66 671.25 Td (dif) Tj ET Q q 0 0 0 rg BT 510.59 671.25 Td (ference ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 659.25 Td (between ) Tj ET Q q 0 0 0 rg BT 107.17 659.25 Td (the ) Tj ET Q q 0 0 0 rg BT 121.24 659.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 158.07 659.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 198.25 659.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 233.41 659.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 269.15 659.25 Td (and ) Tj ET Q q 0 0 0 rg BT 285.44 659.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 299.51 659.25 Td (bases ) Tj ET Q q 0 0 0 rg BT 323.03 659.25 Td (of ) Tj ET Q q 0 0 0 rg BT 333.21 659.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 358.39 659.25 Td (and ) Tj ET Q q 0 0 0 rg BT 374.69 659.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 413.76 659.25 Td (using ) Tj ET Q q 0 0 0 rg BT 437.28 659.25 Td (enacted ) Tj ET Q q 0 0 0 rg BT 469.66 659.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 483.73 659.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 504.46 659.25 Td (expected ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 647.25 Td (to ) Tj ET Q q 0 0 0 rg BT 81.85 647.25 Td (apply ) Tj ET Q q 0 0 0 rg BT 106.15 647.25 Td (to ) Tj ET Q q 0 0 0 rg BT 116.00 647.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 146.95 647.25 Td (income ) Tj ET Q q 0 0 0 rg BT 178.46 647.25 Td (in ) Tj ET Q q 0 0 0 rg BT 188.32 647.25 Td (the ) Tj ET Q q 0 0 0 rg BT 202.61 647.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 234.13 647.25 Td (in ) Tj ET Q q 0 0 0 rg BT 243.98 647.25 Td (which ) Tj ET Q q 0 0 0 rg BT 270.50 647.25 Td (the ) Tj ET Q q 0 0 0 rg BT 284.79 647.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 320.17 647.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 334.47 647.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 355.98 647.25 Td (or ) Tj ET Q q 0 0 0 rg BT 366.39 647.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 399.57 647.25 Td (is ) Tj ET Q q 0 0 0 rg BT 408.32 647.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 445.93 647.25 Td (to ) Tj ET Q q 0 0 0 rg BT 455.78 647.25 Td (be ) Tj ET Q q 0 0 0 rg BT 467.30 647.25 Td (settled ) Tj ET Q q 0 0 0 rg BT 495.48 647.25 Td (or ) Tj ET Q q 0 0 0 rg BT 505.88 647.25 Td (realized. ) Tj ET Q q 0 0 0 rg BT 542.53 647.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 635.25 Td (The ) Tj ET Q q 0 0 0 rg BT 90.21 635.25 Td (realization ) Tj ET Q q 0 0 0 rg BT 135.06 635.25 Td (of ) Tj ET Q q 0 0 0 rg BT 146.05 635.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 182.01 635.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 196.89 635.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 222.88 635.25 Td (is ) Tj ET Q q 0 0 0 rg BT 232.21 635.25 Td (assessed ) Tj ET Q q 0 0 0 rg BT 268.75 635.25 Td (and ) Tj ET Q q 0 0 0 rg BT 285.85 635.25 Td (a ) Tj ET Q q 0 0 0 rg BT 292.94 635.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 332.81 635.25 Td (allowance ) Tj ET Q q 0 0 0 rg BT 376.00 635.25 Td (is ) Tj ET Q q 0 0 0 rg BT 385.33 635.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 431.85 635.25 Td (to ) Tj ET Q q 0 0 0 rg BT 442.29 635.25 Td (the ) Tj ET Q q 0 0 0 rg BT 457.17 635.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 484.26 635.25 Td (that ) Tj ET Q q 0 0 0 rg BT 501.91 635.25 Td (it ) Tj ET Q q 0 0 0 rg BT 510.13 635.25 Td (is ) Tj ET Q q 0 0 0 rg BT 519.46 635.25 Td (more ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 623.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 97.64 623.25 Td (than ) Tj ET Q q 0 0 0 rg BT 117.73 623.25 Td (not ) Tj ET Q q 0 0 0 rg BT 133.37 623.25 Td (that ) Tj ET Q q 0 0 0 rg BT 151.23 623.25 Td (any ) Tj ET Q q 0 0 0 rg BT 168.54 623.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 200.29 623.25 Td (of ) Tj ET Q q 0 0 0 rg BT 211.49 623.25 Td (a ) Tj ET Q q 0 0 0 rg BT 218.80 623.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 254.97 623.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 270.06 623.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 292.36 623.25 Td (will ) Tj ET Q q 0 0 0 rg BT 310.79 623.25 Td (not ) Tj ET Q q 0 0 0 rg BT 326.43 623.25 Td (be ) Tj ET Q q 0 0 0 rg BT 338.74 623.25 Td (realized. ) Tj ET Q q 0 0 0 rg BT 375.75 623.25 Td (Uncertain ) Tj ET Q q 0 0 0 rg BT 418.04 623.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 433.12 623.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 472.11 623.25 Td (are ) Tj ET Q q 0 0 0 rg BT 487.18 623.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 533.91 623.25 Td (if ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 611.25 Td (they ) Tj ET Q q 0 0 0 rg BT 92.49 611.25 Td (are ) Tj ET Q q 0 0 0 rg BT 107.98 611.25 Td (more ) Tj ET Q q 0 0 0 rg BT 131.80 611.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 157.85 611.25 Td (than ) Tj ET Q q 0 0 0 rg BT 178.34 611.25 Td (not ) Tj ET Q q 0 0 0 rg BT 194.40 611.25 Td (to ) Tj ET Q q 0 0 0 rg BT 205.45 611.25 Td (be ) Tj ET Q q 0 0 0 rg BT 218.17 611.25 Td (sustained ) Tj ET Q q 0 0 0 rg BT 258.66 611.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 281.94 611.25 Td (examination, ) Tj ET Q q 0 0 0 rg BT 337.14 611.25 Td (based ) Tj ET Q q 0 0 0 rg BT 363.19 611.25 Td (on ) Tj ET Q q 0 0 0 rg BT 376.46 611.25 Td (the ) Tj ET Q q 0 0 0 rg BT 391.96 611.25 Td (technical ) Tj ET Q q 0 0 0 rg BT 431.32 611.25 Td (merits ) Tj ET Q q 0 0 0 rg BT 459.59 611.25 Td (of ) Tj ET Q q 0 0 0 rg BT 471.20 611.25 Td (the ) Tj ET Q q 0 0 0 rg BT 486.69 611.25 Td (position. ) Tj ET Q q 0 0 0 rg BT 524.46 611.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 599.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 104.16 599.25 Td (of ) Tj ET Q q 0 0 0 rg BT 114.66 599.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 129.05 599.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 158.98 599.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 205.01 599.25 Td (is ) Tj ET Q q 0 0 0 rg BT 213.85 599.25 Td (the ) Tj ET Q q 0 0 0 rg BT 228.23 599.25 Td (lar) Tj ET Q q 0 0 0 rg BT 238.60 599.25 Td (gest ) Tj ET Q q 0 0 0 rg BT 256.87 599.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 289.04 599.25 Td (of ) Tj ET Q q 0 0 0 rg BT 299.53 599.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 329.47 599.25 Td (that ) Tj ET Q q 0 0 0 rg BT 346.63 599.25 Td (is ) Tj ET Q q 0 0 0 rg BT 355.47 599.25 Td (greater ) Tj ET Q q 0 0 0 rg BT 385.39 599.25 Td (than ) Tj ET Q q 0 0 0 rg BT 404.77 599.25 Td (50 ) Tj ET Q q 0 0 0 rg BT 416.94 599.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 448.53 599.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 473.47 599.25 Td (of ) Tj ET Q q 0 0 0 rg BT 483.97 599.25 Td (being ) Tj ET Q q 0 0 0 rg BT 508.36 599.25 Td (realized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 587.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 94.92 587.25 Td (settlement. ) Tj ET Q q 0 0 0 rg BT 141.23 587.25 Td (The ) Tj ET Q q 0 0 0 rg BT 159.71 587.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 201.52 587.25 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 247.19 587.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 279.55 587.25 Td (and ) Tj ET Q q 0 0 0 rg BT 296.91 587.25 Td (penalties, ) Tj ET Q q 0 0 0 rg BT 337.88 587.25 Td (if ) Tj ET Q q 0 0 0 rg BT 346.91 587.25 Td (any) Tj ET Q q 0 0 0 rg BT 360.70 587.25 Td (, ) Tj ET Q q 0 0 0 rg BT 366.12 587.25 Td (related ) Tj ET Q q 0 0 0 rg BT 396.25 587.25 Td (to ) Tj ET Q q 0 0 0 rg BT 406.95 587.25 Td (income ) Tj ET Q q 0 0 0 rg BT 439.31 587.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 454.45 587.25 Td (matters ) Tj ET Q q 0 0 0 rg BT 486.81 587.25 Td (as ) Tj ET Q q 0 0 0 rg BT 498.06 587.25 Td (part ) Tj ET Q q 0 0 0 rg BT 516.53 587.25 Td (of ) Tj ET Q q 0 0 0 rg BT 527.79 587.25 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 575.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 112.28 575.25 Td (for ) Tj ET Q q 0 0 0 rg BT 126.44 575.25 Td (income ) Tj ET Q q 0 0 0 rg BT 158.37 575.25 Td (taxes.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 551.25 Td (Contingencies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 527.25 Td (The ) Tj ET Q q 0 0 0 rg BT 89.30 527.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 129.94 527.25 Td (is ) Tj ET Q q 0 0 0 rg BT 138.37 527.25 Td (involved ) Tj ET Q q 0 0 0 rg BT 175.12 527.25 Td (in ) Tj ET Q q 0 0 0 rg BT 184.65 527.25 Td (various ) Tj ET Q q 0 0 0 rg BT 215.85 527.25 Td (pending ) Tj ET Q q 0 0 0 rg BT 249.82 527.25 Td (and ) Tj ET Q q 0 0 0 rg BT 266.01 527.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 302.76 527.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 323.95 527.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 374.02 527.25 Td (related ) Tj ET Q q 0 0 0 rg BT 402.98 527.25 Td (to ) Tj ET Q q 0 0 0 rg BT 412.51 527.25 Td (its ) Tj ET Q q 0 0 0 rg BT 423.71 527.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 461.86 527.25 Td (including ) Tj ET Q q 0 0 0 rg BT 501.39 527.25 Td (litigation, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 515.25 Td (arbitration ) Tj ET Q q 0 0 0 rg BT 115.89 515.25 Td (and ) Tj ET Q q 0 0 0 rg BT 132.57 515.25 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 175.90 515.25 Td (proceedings. ) Tj ET Q q 0 0 0 rg BT 228.79 515.25 Td (The ) Tj ET Q q 0 0 0 rg BT 246.58 515.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 287.70 515.25 Td (establishes ) Tj ET Q q 0 0 0 rg BT 333.27 515.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 368.26 515.25 Td (for ) Tj ET Q q 0 0 0 rg BT 382.16 515.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 419.39 515.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 445.52 515.25 Td (to ) Tj ET Q q 0 0 0 rg BT 455.54 515.25 Td (the ) Tj ET Q q 0 0 0 rg BT 470.00 515.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 496.67 515.25 Td (that ) Tj ET Q q 0 0 0 rg BT 513.90 515.25 Td (claims ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 503.25 Td (are ) Tj ET Q q 0 0 0 rg BT 87.18 503.25 Td (probable ) Tj ET Q q 0 0 0 rg BT 125.13 503.25 Td (of ) Tj ET Q q 0 0 0 rg BT 136.43 503.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 154.96 503.25 Td (and ) Tj ET Q q 0 0 0 rg BT 172.37 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 187.56 503.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 220.53 503.25 Td (of ) Tj ET Q q 0 0 0 rg BT 231.83 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 247.01 503.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 265.54 503.25 Td (can ) Tj ET Q q 0 0 0 rg BT 282.39 503.25 Td (be ) Tj ET Q q 0 0 0 rg BT 294.80 503.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 341.09 503.25 Td (estimated. ) Tj ET Q q 0 0 0 rg BT 384.66 503.25 Td (The ) Tj ET Q q 0 0 0 rg BT 403.18 503.25 Td (determination ) Tj ET Q q 0 0 0 rg BT 461.69 503.25 Td (of ) Tj ET Q q 0 0 0 rg BT 472.99 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 488.17 503.25 Td (outcome ) Tj ET Q q 0 0 0 rg BT 525.58 503.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 491.25 Td (reserve ) Tj ET Q q 0 0 0 rg BT 103.37 491.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 139.75 491.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 174.46 491.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 219.17 491.25 Td (judgment ) Tj ET Q q 0 0 0 rg BT 259.45 491.25 Td (on ) Tj ET Q q 0 0 0 rg BT 271.95 491.25 Td (the ) Tj ET Q q 0 0 0 rg BT 286.66 491.25 Td (part ) Tj ET Q q 0 0 0 rg BT 304.71 491.25 Td (of ) Tj ET Q q 0 0 0 rg BT 315.54 491.25 Td (management.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 467.25 Td (Note 3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.49 467.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.49 467.25 Td (Recent ) Tj ET Q q 0 0 0 rg BT 134.01 467.25 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 191.68 467.25 Td (onouncements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.89 467.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 443.25 Td (Adoption ) Tj ET Q q 0 0 0 rg BT 114.51 443.25 Td (of ) Tj ET Q q 0 0 0 rg BT 125.34 443.25 Td (New ) Tj ET Q q 0 0 0 rg BT 146.17 443.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 197.57 443.25 Td (Standards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 419.25 Td (Consolidation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 395.25 Td (In ) Tj ET Q q 0 0 0 rg BT 82.93 395.25 Td (February ) Tj ET Q q 0 0 0 rg BT 121.63 395.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 146.74 395.25 Td (the ) Tj ET Q q 0 0 0 rg BT 161.56 395.25 Td (F) Tj ET Q q 0 0 0 rg BT 166.38 395.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 188.43 395.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 215.46 395.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 264.72 395.25 Td (Standard ) Tj ET Q q 0 0 0 rg BT 302.87 395.25 Td (Update ) Tj ET Q q 0 0 0 rg BT 334.35 395.25 Td (\("ASU"\) ) Tj ET Q q 0 0 0 rg BT 371.78 395.25 Td (No. ) Tj ET Q q 0 0 0 rg BT 389.10 395.25 Td (2015-02, ) Tj ET Q q 0 0 0 rg BT 427.53 395.25 Td ("Consolidation ) Tj ET Q q 0 0 0 rg BT 490.33 395.25 Td (\(T) Tj ET Q q 0 0 0 rg BT 499.07 395.25 Td (opic ) Tj ET Q q 0 0 0 rg BT 518.89 395.25 Td (810\): ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 383.25 Td (Amendments ) Tj ET Q q 0 0 0 rg BT 129.04 383.25 Td (to ) Tj ET Q q 0 0 0 rg BT 140.53 383.25 Td (the ) Tj ET Q q 0 0 0 rg BT 156.46 383.25 Td (Consolidation ) Tj ET Q q 0 0 0 rg BT 215.47 383.25 Td (Analysis" ) Tj ET Q q 0 0 0 rg BT 258.27 383.25 Td (\("ASU ) Tj ET Q q 0 0 0 rg BT 289.40 383.25 Td (2015-02"\). ) Tj ET Q q 0 0 0 rg BT 335.54 383.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 359.26 383.25 Td (2015-02 ) Tj ET Q q 0 0 0 rg BT 396.30 383.25 Td (makes ) Tj ET Q q 0 0 0 rg BT 425.57 383.25 Td (several ) Tj ET Q q 0 0 0 rg BT 457.60 383.25 Td (modifications ) Tj ET Q q 0 0 0 rg BT 516.30 383.25 Td (to ) Tj ET Q q 0 0 0 rg BT 527.79 383.25 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 371.25 Td (consolidation ) Tj ET Q q 0 0 0 rg BT 128.30 371.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 166.80 371.25 Td (for ) Tj ET Q q 0 0 0 rg BT 180.71 371.25 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 203.67 371.25 Td (and ) Tj ET Q q 0 0 0 rg BT 220.52 371.25 Td (general ) Tj ET Q q 0 0 0 rg BT 252.36 371.25 Td (partners' ) Tj ET Q q 0 0 0 rg BT 288.79 371.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 338.97 371.25 Td (in ) Tj ET Q q 0 0 0 rg BT 349.17 371.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 379.91 371.25 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 433.70 371.25 Td (as ) Tj ET Q q 0 0 0 rg BT 444.45 371.25 Td (well ) Tj ET Q q 0 0 0 rg BT 464.08 371.25 Td (as ) Tj ET Q q 0 0 0 rg BT 474.82 371.25 Td (modifications ) Tj ET Q q 0 0 0 rg BT 532.23 371.25 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 359.25 Td (the ) Tj ET Q q 0 0 0 rg BT 86.53 359.25 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 130.48 359.25 Td (of ) Tj ET Q q 0 0 0 rg BT 141.12 359.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 175.64 359.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 206.28 359.25 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 257.46 359.25 Td (are ) Tj ET Q q 0 0 0 rg BT 271.81 359.25 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 294.67 359.25 Td (or ) Tj ET Q q 0 0 0 rg BT 305.31 359.25 Td (voting ) Tj ET Q q 0 0 0 rg BT 333.18 359.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 364.92 359.25 Td (entities. ) Tj ET Q q 0 0 0 rg BT 398.61 359.25 Td (It ) Tj ET Q q 0 0 0 rg BT 407.03 359.25 Td (was ) Tj ET Q q 0 0 0 rg BT 424.89 359.25 Td (ef) Tj ET Q q 0 0 0 rg BT 432.47 359.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 461.98 359.25 Td (for ) Tj ET Q q 0 0 0 rg BT 475.95 359.25 Td (the ) Tj ET Q q 0 0 0 rg BT 490.48 359.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 531.67 359.25 Td (as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 347.25 Td (of ) Tj ET Q q 0 0 0 rg BT 82.83 347.25 Td (January ) Tj ET Q q 0 0 0 rg BT 116.43 347.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 126.43 347.25 Td (2016. ) Tj ET Q q 0 0 0 rg BT 151.25 347.25 Td (There ) Tj ET Q q 0 0 0 rg BT 177.06 347.25 Td (was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.12 347.25 Td (no) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.12 347.25 Td ( ) Tj ET Q q 0 0 0 rg BT 207.62 347.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 237.33 347.25 Td (to ) Tj ET Q q 0 0 0 rg BT 247.61 347.25 Td (the ) Tj ET Q q 0 0 0 rg BT 262.32 347.25 Td (Company) Tj ET Q q 0 0 0 rg BT 303.99 347.25 Td (s ) Tj ET Q q 0 0 0 rg BT 310.38 347.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 351.20 347.25 Td (of ) Tj ET Q q 0 0 0 rg BT 362.03 347.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 399.51 347.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 439.78 347.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 462.28 347.25 Td (adoption. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 323.25 Td (Futur) Tj ET Q q 0 0 0 rg BT 96.82 323.25 Td (e ) Tj ET Q q 0 0 0 rg BT 103.21 323.25 Td (Adoption ) Tj ET Q q 0 0 0 rg BT 145.72 323.25 Td (of ) Tj ET Q q 0 0 0 rg BT 156.55 323.25 Td (New ) Tj ET Q q 0 0 0 rg BT 177.38 323.25 Td (Applicable ) Tj ET Q q 0 0 0 rg BT 225.45 323.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 276.84 323.25 Td (Standards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 299.25 Td (Recognition ) Tj ET Q q 0 0 0 rg BT 122.82 299.25 Td (and ) Tj ET Q q 0 0 0 rg BT 140.32 299.25 Td (Measur) Tj ET Q q 0 0 0 rg BT 170.50 299.25 Td (ement ) Tj ET Q q 0 0 0 rg BT 196.88 299.25 Td (of ) Tj ET Q q 0 0 0 rg BT 207.16 299.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 248.36 299.25 Td (Assets ) Tj ET Q q 0 0 0 rg BT 275.86 299.25 Td (and ) Tj ET Q q 0 0 0 rg BT 293.36 299.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 334.74 299.25 Td (Liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 275.25 Td (In ) Tj ET Q q 0 0 0 rg BT 82.25 275.25 Td (January ) Tj ET Q q 0 0 0 rg BT 115.26 275.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 139.68 275.25 Td (the ) Tj ET Q q 0 0 0 rg BT 153.81 275.25 Td (F) Tj ET Q q 0 0 0 rg BT 158.63 275.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 180.00 275.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 206.49 275.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 228.42 275.25 Td (No. ) Tj ET Q q 0 0 0 rg BT 245.05 275.25 Td (2016-01, ) Tj ET Q q 0 0 0 rg BT 282.80 275.25 Td ("Financial ) Tj ET Q q 0 0 0 rg BT 326.01 275.25 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 375.14 275.25 Td ( ) Tj ET Q q 0 0 0 rg BT 382.06 275.25 Td (Overall ) Tj ET Q q 0 0 0 rg BT 413.96 275.25 Td (\(Subtopic ) Tj ET Q q 0 0 0 rg BT 454.77 275.25 Td (825-10\): ) Tj ET Q q 0 0 0 rg BT 491.12 275.25 Td (Recognition ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 263.25 Td (and ) Tj ET Q q 0 0 0 rg BT 88.91 263.25 Td (Measurement ) Tj ET Q q 0 0 0 rg BT 145.81 263.25 Td (of ) Tj ET Q q 0 0 0 rg BT 156.61 263.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 195.75 263.25 Td (Assets ) Tj ET Q q 0 0 0 rg BT 224.34 263.25 Td (and ) Tj ET Q q 0 0 0 rg BT 241.25 263.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 280.93 263.25 Td (Liabilities" ) Tj ET Q q 0 0 0 rg BT 328.04 263.25 Td (\("ASU ) Tj ET Q q 0 0 0 rg BT 357.93 263.25 Td (2016-01"\). ) Tj ET Q q 0 0 0 rg BT 403.46 263.25 Td (The ) Tj ET Q q 0 0 0 rg BT 421.48 263.25 Td (amendments ) Tj ET Q q 0 0 0 rg BT 474.50 263.25 Td (in ) Tj ET Q q 0 0 0 rg BT 484.20 263.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 506.68 263.25 Td (2016-01 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 251.25 Td (address ) Tj ET Q q 0 0 0 rg BT 105.21 251.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 135.64 251.25 Td (aspects ) Tj ET Q q 0 0 0 rg BT 167.74 251.25 Td (of ) Tj ET Q q 0 0 0 rg BT 179.30 251.25 Td (the ) Tj ET Q q 0 0 0 rg BT 194.74 251.25 Td (recognition, ) Tj ET Q q 0 0 0 rg BT 246.00 251.25 Td (measurement, ) Tj ET Q q 0 0 0 rg BT 305.04 251.25 Td (presentation ) Tj ET Q q 0 0 0 rg BT 357.13 251.25 Td (and ) Tj ET Q q 0 0 0 rg BT 374.80 251.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 418.57 251.25 Td (of ) Tj ET Q q 0 0 0 rg BT 430.12 251.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 468.33 251.25 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 520.00 251.25 Td (ASU ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 239.25 Td (2016-01 ) Tj ET Q q 0 0 0 rg BT 107.19 239.25 Td (is ) Tj ET Q q 0 0 0 rg BT 115.73 239.25 Td (ef) Tj ET Q q 0 0 0 rg BT 123.32 239.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 152.38 239.25 Td (for ) Tj ET Q q 0 0 0 rg BT 165.91 239.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 194.43 239.25 Td (and ) Tj ET Q q 0 0 0 rg BT 210.73 239.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 241.48 239.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 272.78 239.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 314.64 239.25 Td (after ) Tj ET Q q 0 0 0 rg BT 334.82 239.25 Td (December ) Tj ET Q q 0 0 0 rg BT 377.77 239.25 Td (15, ) Tj ET Q q 0 0 0 rg BT 392.13 239.25 Td (2017. ) Tj ET Q q 0 0 0 rg BT 416.49 239.25 Td (Except ) Tj ET Q q 0 0 0 rg BT 446.12 239.25 Td (for ) Tj ET Q q 0 0 0 rg BT 459.65 239.25 Td (the ) Tj ET Q q 0 0 0 rg BT 473.73 239.25 Td (early ) Tj ET Q q 0 0 0 rg BT 495.58 239.25 Td (application ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 227.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 110.40 227.25 Td (outlined ) Tj ET Q q 0 0 0 rg BT 145.49 227.25 Td (in ) Tj ET Q q 0 0 0 rg BT 155.06 227.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 177.38 227.25 Td (2016-01, ) Tj ET Q q 0 0 0 rg BT 215.52 227.25 Td (early ) Tj ET Q q 0 0 0 rg BT 237.81 227.25 Td (adoption ) Tj ET Q q 0 0 0 rg BT 275.12 227.25 Td (is ) Tj ET Q q 0 0 0 rg BT 284.10 227.25 Td (not ) Tj ET Q q 0 0 0 rg BT 299.19 227.25 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 342.15 227.25 Td (The ) Tj ET Q q 0 0 0 rg BT 360.00 227.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 401.20 227.25 Td (is ) Tj ET Q q 0 0 0 rg BT 410.18 227.25 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 454.14 227.25 Td (the ) Tj ET Q q 0 0 0 rg BT 468.67 227.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 498.19 227.25 Td (of ) Tj ET Q q 0 0 0 rg BT 508.83 227.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.35 227.25 Td (new ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 215.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 110.59 215.25 Td (on ) Tj ET Q q 0 0 0 rg BT 123.09 215.25 Td (its ) Tj ET Q q 0 0 0 rg BT 135.04 215.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 175.86 215.25 Td (of ) Tj ET Q q 0 0 0 rg BT 186.69 215.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 224.17 215.25 Td (condition.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 191.25 Td (Leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.22 191.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 167.25 Td (In ) Tj ET Q q 0 0 0 rg BT 82.46 167.25 Td (February ) Tj ET Q q 0 0 0 rg BT 120.69 167.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 145.33 167.25 Td (the ) Tj ET Q q 0 0 0 rg BT 159.68 167.25 Td (F) Tj ET Q q 0 0 0 rg BT 164.50 167.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 186.08 167.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 212.74 167.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 234.88 167.25 Td (No. ) Tj ET Q q 0 0 0 rg BT 251.74 167.25 Td (2016-02, ) Tj ET Q q 0 0 0 rg BT 289.70 167.25 Td ("Leases ) Tj ET Q q 0 0 0 rg BT 323.12 167.25 Td (\(T) Tj ET Q q 0 0 0 rg BT 331.86 167.25 Td (opic ) Tj ET Q q 0 0 0 rg BT 351.21 167.25 Td (842\)" ) Tj ET Q q 0 0 0 rg BT 375.76 167.25 Td (\("ASU ) Tj ET Q q 0 0 0 rg BT 405.31 167.25 Td (2016-02"\). ) Tj ET Q q 0 0 0 rg BT 450.21 167.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 472.35 167.25 Td (2016-02 ) Tj ET Q q 0 0 0 rg BT 507.81 167.25 Td (requires ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 155.25 Td (lessees ) Tj ET Q q 0 0 0 rg BT 102.96 155.25 Td (to ) Tj ET Q q 0 0 0 rg BT 113.93 155.25 Td (recognize ) Tj ET Q q 0 0 0 rg BT 155.99 155.25 Td (a ) Tj ET Q q 0 0 0 rg BT 163.62 155.25 Td (right-of-use ) Tj ET Q q 0 0 0 rg BT 214.02 155.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 236.65 155.25 Td (and ) Tj ET Q q 0 0 0 rg BT 254.28 155.25 Td (lease ) Tj ET Q q 0 0 0 rg BT 277.46 155.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 311.76 155.25 Td (on ) Tj ET Q q 0 0 0 rg BT 324.95 155.25 Td (the ) Tj ET Q q 0 0 0 rg BT 340.36 155.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 381.87 155.25 Td (of ) Tj ET Q q 0 0 0 rg BT 393.39 155.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 431.57 155.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 472.53 155.25 Td (and ) Tj ET Q q 0 0 0 rg BT 490.16 155.25 Td (disclose ) Tj ET Q q 0 0 0 rg BT 525.57 155.25 Td (key ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 143.25 Td (information ) Tj ET Q q 0 0 0 rg BT 121.90 143.25 Td (about ) Tj ET Q q 0 0 0 rg BT 146.81 143.25 Td (leasing ) Tj ET Q q 0 0 0 rg BT 177.83 143.25 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 236.69 143.25 Td (The ) Tj ET Q q 0 0 0 rg BT 254.93 143.25 Td (recognition, ) Tj ET Q q 0 0 0 rg BT 305.67 143.25 Td (measurement ) Tj ET Q q 0 0 0 rg BT 361.67 143.25 Td (and ) Tj ET Q q 0 0 0 rg BT 378.80 143.25 Td (presentation ) Tj ET Q q 0 0 0 rg BT 430.37 143.25 Td (of ) Tj ET Q q 0 0 0 rg BT 441.39 143.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 480.18 143.25 Td (and ) Tj ET Q q 0 0 0 rg BT 497.31 143.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 517.77 143.25 Td (flows ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 131.25 Td (arising ) Tj ET Q q 0 0 0 rg BT 101.51 131.25 Td (from ) Tj ET Q q 0 0 0 rg BT 123.24 131.25 Td (a ) Tj ET Q q 0 0 0 rg BT 129.97 131.25 Td (lease ) Tj ET Q q 0 0 0 rg BT 152.25 131.25 Td (by ) Tj ET Q q 0 0 0 rg BT 164.54 131.25 Td (a ) Tj ET Q q 0 0 0 rg BT 171.27 131.25 Td (lessee ) Tj ET Q q 0 0 0 rg BT 197.44 131.25 Td (have ) Tj ET Q q 0 0 0 rg BT 218.61 131.25 Td (not ) Tj ET Q q 0 0 0 rg BT 233.68 131.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 285.96 131.25 Td (changed ) Tj ET Q q 0 0 0 rg BT 321.57 131.25 Td (from ) Tj ET Q q 0 0 0 rg BT 343.30 131.25 Td (current ) Tj ET Q q 0 0 0 rg BT 373.91 131.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 393.99 131.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 420.11 131.25 Td (. ) Tj ET Q q 0 0 0 rg BT 424.39 131.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 446.69 131.25 Td (2016-02 ) Tj ET Q q 0 0 0 rg BT 482.31 131.25 Td (is ) Tj ET Q q 0 0 0 rg BT 491.27 131.25 Td (ef) Tj ET Q q 0 0 0 rg BT 498.86 131.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 528.36 131.25 Td (for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 119.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 101.89 119.25 Td (and ) Tj ET Q q 0 0 0 rg BT 119.57 119.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 151.69 119.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 184.36 119.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 227.60 119.25 Td (after ) Tj ET Q q 0 0 0 rg BT 249.15 119.25 Td (December ) Tj ET Q q 0 0 0 rg BT 293.47 119.25 Td (15, ) Tj ET Q q 0 0 0 rg BT 309.21 119.25 Td (2018. ) Tj ET Q q 0 0 0 rg BT 334.71 119.25 Td (The ) Tj ET Q q 0 0 0 rg BT 353.49 119.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 395.62 119.25 Td (is ) Tj ET Q q 0 0 0 rg BT 405.53 119.25 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 450.41 119.25 Td (the ) Tj ET Q q 0 0 0 rg BT 465.87 119.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 496.32 119.25 Td (of ) Tj ET Q q 0 0 0 rg BT 507.88 119.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.34 119.25 Td (new ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 107.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 110.59 107.25 Td (on ) Tj ET Q q 0 0 0 rg BT 123.09 107.25 Td (its ) Tj ET Q q 0 0 0 rg BT 135.04 107.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 175.86 107.25 Td (of ) Tj ET Q q 0 0 0 rg BT 186.69 107.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 224.17 107.25 Td (condition.) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F3 11.00 Tf ET q 0 0 0 rg BT 103.65 755.30 Td (Notes to the Statement of Financial Condition as of June 30, 2016 \(unaudited\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 48.60 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 731.10 Td (Financial Instruments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.10 731.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.10 731.10 Td ( Cr) Tj ET Q q 0 0 0 rg BT 180.79 731.10 Td (edit Losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 707.10 Td (In ) Tj ET Q q 0 0 0 rg BT 82.84 707.10 Td (June ) Tj ET Q q 0 0 0 rg BT 103.68 707.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 128.69 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.41 707.10 Td (F) Tj ET Q q 0 0 0 rg BT 148.23 707.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 170.19 707.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 197.15 707.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 219.66 707.10 Td (No. ) Tj ET Q q 0 0 0 rg BT 236.89 707.10 Td (2016-13, ) Tj ET Q q 0 0 0 rg BT 275.23 707.10 Td ("Financial ) Tj ET Q q 0 0 0 rg BT 319.03 707.10 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 368.76 707.10 Td ( ) Tj ET Q q 0 0 0 rg BT 376.27 707.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 403.77 707.10 Td (Losses ) Tj ET Q q 0 0 0 rg BT 433.50 707.10 Td (\(T) Tj ET Q q 0 0 0 rg BT 442.24 707.10 Td (opic ) Tj ET Q q 0 0 0 rg BT 461.97 707.10 Td (326\): ) Tj ET Q q 0 0 0 rg BT 485.59 707.10 Td (Measurement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 83.75 695.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 112.17 695.10 Td (Losses ) Tj ET Q q 0 0 0 rg BT 142.81 695.10 Td (on ) Tj ET Q q 0 0 0 rg BT 156.23 695.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 196.86 695.10 Td (Instruments" ) Tj ET Q q 0 0 0 rg BT 251.58 695.10 Td (\("ASU ) Tj ET Q q 0 0 0 rg BT 282.42 695.10 Td (2016-13"\). ) Tj ET Q q 0 0 0 rg BT 328.83 695.10 Td (The ) Tj ET Q q 0 0 0 rg BT 347.80 695.10 Td (new ) Tj ET Q q 0 0 0 rg BT 367.88 695.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 407.40 695.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 443.02 695.10 Td (an ) Tj ET Q q 0 0 0 rg BT 455.88 695.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 482.08 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 493.27 695.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 530.01 695.10 Td (all ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 683.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 109.88 683.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 135.00 683.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 161.24 683.10 Td (for ) Tj ET Q q 0 0 0 rg BT 175.25 683.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 212.58 683.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 238.26 683.10 Td (held ) Tj ET Q q 0 0 0 rg BT 257.83 683.10 Td (at ) Tj ET Q q 0 0 0 rg BT 267.40 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 281.97 683.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 320.97 683.10 Td (date ) Tj ET Q q 0 0 0 rg BT 339.98 683.10 Td (based ) Tj ET Q q 0 0 0 rg BT 365.10 683.10 Td (on ) Tj ET Q q 0 0 0 rg BT 377.45 683.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 417.01 683.10 Td (experience, ) Tj ET Q q 0 0 0 rg BT 465.17 683.10 Td (current ) Tj ET Q q 0 0 0 rg BT 495.83 683.10 Td (conditions, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 88.87 671.10 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 134.06 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 150.94 671.10 Td (supportable ) Tj ET Q q 0 0 0 rg BT 200.03 671.10 Td (forecasts ) Tj ET Q q 0 0 0 rg BT 238.00 671.10 Td (as ) Tj ET Q q 0 0 0 rg BT 248.77 671.10 Td (opposed ) Tj ET Q q 0 0 0 rg BT 284.53 671.10 Td (to ) Tj ET Q q 0 0 0 rg BT 294.75 671.10 Td (delaying ) Tj ET Q q 0 0 0 rg BT 331.62 671.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 379.59 671.10 Td (until ) Tj ET Q q 0 0 0 rg BT 400.36 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 415.02 671.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 433.01 671.10 Td (was ) Tj ET Q q 0 0 0 rg BT 451.00 671.10 Td (probable ) Tj ET Q q 0 0 0 rg BT 488.42 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 499.19 671.10 Td (occurring. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 659.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 93.54 659.10 Td (2016-13 ) Tj ET Q q 0 0 0 rg BT 128.41 659.10 Td (is ) Tj ET Q q 0 0 0 rg BT 136.61 659.10 Td (ef) Tj ET Q q 0 0 0 rg BT 144.20 659.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 172.94 659.10 Td (for ) Tj ET Q q 0 0 0 rg BT 186.13 659.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 214.32 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 230.30 659.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 260.72 659.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 291.69 659.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 333.22 659.10 Td (after ) Tj ET Q q 0 0 0 rg BT 353.07 659.10 Td (December ) Tj ET Q q 0 0 0 rg BT 395.69 659.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 409.73 659.10 Td (2019. ) Tj ET Q q 0 0 0 rg BT 433.76 659.10 Td (Early ) Tj ET Q q 0 0 0 rg BT 456.95 659.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 493.48 659.10 Td (is ) Tj ET Q q 0 0 0 rg BT 501.69 659.10 Td (permitted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 647.10 Td (for ) Tj ET Q q 0 0 0 rg BT 86.07 647.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 115.13 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 131.98 647.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 163.26 647.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 195.11 647.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 237.51 647.10 Td (after ) Tj ET Q q 0 0 0 rg BT 258.24 647.10 Td (December ) Tj ET Q q 0 0 0 rg BT 301.73 647.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 316.63 647.10 Td (2018. ) Tj ET Q q 0 0 0 rg BT 341.37 647.10 Td (The ) Tj ET Q q 0 0 0 rg BT 359.32 647.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 400.62 647.10 Td (is ) Tj ET Q q 0 0 0 rg BT 409.69 647.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 453.75 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 468.37 647.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 497.99 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 508.73 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.35 647.10 Td (new ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 635.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 110.59 635.10 Td (on ) Tj ET Q q 0 0 0 rg BT 123.09 635.10 Td (its ) Tj ET Q q 0 0 0 rg BT 135.04 635.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 175.86 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 186.69 635.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 224.17 635.10 Td (condition.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 611.10 Td (Note 4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.49 611.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.99 611.10 Td (Acquisitions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 151.43 611.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 587.10 Td (The ) Tj ET Q q 0 0 0 rg BT 88.98 587.10 Td (following ) Tj ET Q q 0 0 0 rg BT 129.29 587.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 174.60 587.10 Td (was ) Tj ET Q q 0 0 0 rg BT 191.59 587.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 233.55 587.10 Td (for ) Tj ET Q q 0 0 0 rg BT 246.64 587.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 282.51 587.10 Td (to ) Tj ET Q q 0 0 0 rg BT 291.71 587.10 Td (F) Tj ET Q q 0 0 0 rg BT 296.53 587.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 317.10 587.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 365.19 587.10 Td (Standards ) Tj ET Q q 0 0 0 rg BT 406.05 587.10 Td (Codification ) Tj ET Q q 0 0 0 rg BT 457.37 587.10 Td (T) Tj ET Q q 0 0 0 rg BT 462.78 587.10 Td (opic ) Tj ET Q q 0 0 0 rg BT 481.43 587.10 Td (805, ) Tj ET Q q 0 0 0 rg BT 500.36 587.10 Td ("Business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 575.10 Td (Combinations." ) Tj ET Q q 0 0 0 rg BT 136.82 575.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 186.15 575.10 Td (, ) Tj ET Q q 0 0 0 rg BT 191.38 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 206.32 575.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 244.58 575.10 Td (price ) Tj ET Q q 0 0 0 rg BT 267.29 575.10 Td (of ) Tj ET Q q 0 0 0 rg BT 278.35 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 293.29 575.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 339.89 575.10 Td (was ) Tj ET Q q 0 0 0 rg BT 358.17 575.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 396.98 575.10 Td (to ) Tj ET Q q 0 0 0 rg BT 407.49 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 422.43 575.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 459.58 575.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 485.63 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 502.79 575.10 Td (liabilities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 563.10 Td (assumed ) Tj ET Q q 0 0 0 rg BT 109.09 563.10 Td (based ) Tj ET Q q 0 0 0 rg BT 134.52 563.10 Td (on ) Tj ET Q q 0 0 0 rg BT 147.17 563.10 Td (their ) Tj ET Q q 0 0 0 rg BT 168.15 563.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 209.13 563.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 225.66 563.10 Td (values ) Tj ET Q q 0 0 0 rg BT 253.86 563.10 Td (as ) Tj ET Q q 0 0 0 rg BT 264.85 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.83 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 290.71 563.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 337.24 563.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 358.86 563.10 Td (The ) Tj ET Q q 0 0 0 rg BT 377.06 563.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 405.82 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 416.80 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 431.68 563.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 469.87 563.10 Td (price ) Tj ET Q q 0 0 0 rg BT 492.51 563.10 Td (over ) Tj ET Q q 0 0 0 rg BT 512.93 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 527.80 563.10 Td (net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 551.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 97.83 551.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 134.75 551.10 Td (was ) Tj ET Q q 0 0 0 rg BT 152.81 551.10 Td (allocated ) Tj ET Q q 0 0 0 rg BT 191.39 551.10 Td (between ) Tj ET Q q 0 0 0 rg BT 227.21 551.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 265.27 551.10 Td (and ) Tj ET Q q 0 0 0 rg BT 282.21 551.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 324.70 551.10 Td (assets. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 527.10 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 113.95 527.10 Td (& ) Tj ET Q q 0 0 0 rg BT 124.78 527.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 168.96 527.10 Td (International) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 503.10 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.60 503.10 Td (February26, ) Tj ET Q q 0 0 0 rg BT 140.07 503.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 160.07 503.10 Td (, ) Tj ET Q q 0 0 0 rg BT 164.95 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 179.54 503.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 220.80 503.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 264.83 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 279.42 503.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 317.33 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 328.04 503.10 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 368.20 503.10 Td (& ) Tj ET Q q 0 0 0 rg BT 378.35 503.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 419.62 503.10 Td (International ) Tj ET Q q 0 0 0 rg BT 473.08 503.10 Td (\("Simmons"\), ) Tj ET Q q 0 0 0 rg BT 530.57 503.10 Td (an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 491.10 Td (employee-owned ) Tj ET Q q 0 0 0 rg BT 144.83 491.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 192.68 491.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 216.09 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 234.50 491.10 Td (broker ) Tj ET Q q 0 0 0 rg BT 264.57 491.10 Td (dealer ) Tj ET Q q 0 0 0 rg BT 292.96 491.10 Td (focused ) Tj ET Q q 0 0 0 rg BT 328.03 491.10 Td (on ) Tj ET Q q 0 0 0 rg BT 342.00 491.10 Td (the ) Tj ET Q q 0 0 0 rg BT 358.19 491.10 Td (ener) Tj ET Q q 0 0 0 rg BT 375.22 491.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 389.19 491.10 Td (industry) Tj ET Q q 0 0 0 rg BT 421.32 491.10 Td (. ) Tj ET Q q 0 0 0 rg BT 427.50 491.10 Td (The ) Tj ET Q q 0 0 0 rg BT 447.02 491.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 489.86 491.10 Td (value ) Tj ET Q q 0 0 0 rg BT 515.48 491.10 Td (of ) Tj ET Q q 0 0 0 rg BT 527.78 491.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 479.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 117.82 479.10 Td (was ) Tj ET Q q 0 0 0 rg BT 135.31 479.10 Td (approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.01 479.10 Td ($140.0 ) Tj ET Q q 0 0 0 rg BT 224.45 479.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.34 479.10 Td ( ) Tj ET Q q 0 0 0 rg BT 255.28 479.10 Td (and ) Tj ET Q q 0 0 0 rg BT 271.66 479.10 Td (was ) Tj ET Q q 0 0 0 rg BT 289.15 479.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 332.74 479.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 369.12 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 378.84 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.00 479.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 434.37 479.10 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 471.98 479.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 518.35 479.10 Td (dated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 467.10 Td (November16, ) Tj ET Q q 0 0 0 rg BT 132.70 467.10 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.70 467.10 Td (, ) Tj ET Q q 0 0 0 rg BT 158.69 467.10 Td (as ) Tj ET Q q 0 0 0 rg BT 170.52 467.10 Td (amended. ) Tj ET Q q 0 0 0 rg BT 212.35 467.10 Td (The ) Tj ET Q q 0 0 0 rg BT 231.39 467.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 278.77 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 290.59 467.10 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 331.87 467.10 Td (expands ) Tj ET Q q 0 0 0 rg BT 368.14 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 383.85 467.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 431.92 467.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 460.41 467.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 507.79 467.10 Td (banking ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 455.10 Td (business ) Tj ET Q q 0 0 0 rg BT 108.39 455.10 Td (into ) Tj ET Q q 0 0 0 rg BT 126.45 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 141.17 455.10 Td (ener) Tj ET Q q 0 0 0 rg BT 158.19 455.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 170.69 455.10 Td (sector ) Tj ET Q q 0 0 0 rg BT 197.07 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 214.01 455.10 Td (grows ) Tj ET Q q 0 0 0 rg BT 240.95 455.10 Td (its ) Tj ET Q q 0 0 0 rg BT 252.90 455.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 289.84 455.10 Td (business.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 431.10 Td (The ) Tj ET Q q 0 0 0 rg BT 89.97 431.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 131.29 431.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 168.13 431.10 Td (net ) Tj ET Q q 0 0 0 rg BT 182.78 431.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 208.53 431.10 Td (with ) Tj ET Q q 0 0 0 rg BT 228.74 431.10 Td (a ) Tj ET Q q 0 0 0 rg BT 235.60 431.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 251.90 431.10 Td (value ) Tj ET Q q 0 0 0 rg BT 275.99 431.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.74 431.10 Td ($98.7 ) Tj ET Q q 0 0 0 rg BT 311.67 431.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.56 431.10 Td ( ) Tj ET Q q 0 0 0 rg BT 342.98 431.10 Td (as ) Tj ET Q q 0 0 0 rg BT 353.74 431.10 Td (described ) Tj ET Q q 0 0 0 rg BT 394.48 431.10 Td (below) Tj ET Q q 0 0 0 rg BT 418.27 431.10 Td (. ) Tj ET Q q 0 0 0 rg BT 422.66 431.10 Td (As ) Tj ET Q q 0 0 0 rg BT 436.20 431.10 Td (part ) Tj ET Q q 0 0 0 rg BT 454.17 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 464.93 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 479.57 431.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 517.53 431.10 Td (price, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 85.82 419.10 Td (Parent ) Tj ET Q q 0 0 0 rg BT 112.96 419.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 153.45 419.10 Td (issued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.05 419.10 Td (1,149,340) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.05 419.10 Td ( ) Tj ET Q q 0 0 0 rg BT 221.65 419.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 260.46 419.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 287.05 419.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 315.30 419.10 Td (at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.12 419.10 Td ($48.2 ) Tj ET Q q 0 0 0 rg BT 348.22 419.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.11 419.10 Td ( ) Tj ET Q q 0 0 0 rg BT 378.71 419.10 Td (as ) Tj ET Q q 0 0 0 rg BT 388.64 419.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 415.24 419.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 470.71 419.10 Td (on ) Tj ET Q q 0 0 0 rg BT 482.31 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.13 419.10 Td (acquisition ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 407.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 92.83 407.10 Td (These ) Tj ET Q q 0 0 0 rg BT 118.52 407.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 157.53 407.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 184.33 407.10 Td (clif) Tj ET Q q 0 0 0 rg BT 197.47 407.10 Td (f ) Tj ET Q q 0 0 0 rg BT 202.61 407.10 Td (vest ) Tj ET Q q 0 0 0 rg BT 220.53 407.10 Td (after ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.65 407.10 Td (three ) Tj ET Q q 0 0 0 rg BT 262.44 407.10 Td (years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.54 407.10 Td (, ) Tj ET Q q 0 0 0 rg BT 287.85 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 304.10 407.10 Td (the ) Tj ET Q q 0 0 0 rg BT 318.12 407.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 362.69 407.10 Td (must ) Tj ET Q q 0 0 0 rg BT 383.95 407.10 Td (fulfill ) Tj ET Q q 0 0 0 rg BT 408.53 407.10 Td (service ) Tj ET Q q 0 0 0 rg BT 438.65 407.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 492.66 407.10 Td (in ) Tj ET Q q 0 0 0 rg BT 502.25 407.10 Td (exchange ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 395.10 Td (for ) Tj ET Q q 0 0 0 rg BT 85.41 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 99.38 395.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 123.91 395.10 Td (to ) Tj ET Q q 0 0 0 rg BT 133.44 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.40 395.10 Td (shares. ) Tj ET Q q 0 0 0 rg BT 176.52 395.10 Td (The ) Tj ET Q q 0 0 0 rg BT 193.81 395.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 209.44 395.10 Td (value ) Tj ET Q q 0 0 0 rg BT 232.85 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 242.93 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.90 395.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 295.85 395.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 318.71 395.10 Td (was ) Tj ET Q q 0 0 0 rg BT 336.01 395.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 382.74 395.10 Td (using ) Tj ET Q q 0 0 0 rg BT 406.16 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 420.13 395.10 Td (market ) Tj ET Q q 0 0 0 rg BT 449.64 395.10 Td (price ) Tj ET Q q 0 0 0 rg BT 471.38 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 481.46 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 495.43 395.10 Td (Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 383.10 Td (common ) Tj ET Q q 0 0 0 rg BT 109.50 383.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 133.10 383.10 Td (on ) Tj ET Q q 0 0 0 rg BT 145.60 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.32 383.10 Td (date ) Tj ET Q q 0 0 0 rg BT 179.48 383.10 Td (of ) Tj ET Q q 0 0 0 rg BT 190.31 383.10 Td (the ) Tj ET Q q 0 0 0 rg BT 205.02 383.10 Td (acquisition. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 359.10 Td (The ) Tj ET Q q 0 0 0 rg BT 89.44 359.10 Td (Parent ) Tj ET Q q 0 0 0 rg BT 116.87 359.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 157.65 359.10 Td (also ) Tj ET Q q 0 0 0 rg BT 175.64 359.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 206.96 359.10 Td (into ) Tj ET Q q 0 0 0 rg BT 224.40 359.10 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 300.70 359.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 358.13 359.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 413.89 359.10 Td (with ) Tj ET Q q 0 0 0 rg BT 433.55 359.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 462.64 359.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 507.30 359.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.51 359.10 Td ($20.6 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 347.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.89 347.10 Td ( ) Tj ET Q q 0 0 0 rg BT 103.39 347.10 Td (which ) Tj ET Q q 0 0 0 rg BT 130.33 347.10 Td (consisted ) Tj ET Q q 0 0 0 rg BT 170.05 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 180.88 347.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 201.15 347.10 Td (\() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.48 347.10 Td ($9.0 ) Tj ET Q q 0 0 0 rg BT 224.48 347.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.37 347.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 259.20 347.10 Td (and ) Tj ET Q q 0 0 0 rg BT 276.14 347.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 315.84 347.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 339.45 347.10 Td (\() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.78 347.10 Td ($1) Tj ET Q q 0 0 0 rg BT 352.41 347.10 Td (1.6 ) Tj ET Q q 0 0 0 rg BT 367.41 347.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.30 347.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 402.13 347.10 Td (for ) Tj ET Q q 0 0 0 rg BT 416.29 347.10 Td (retention ) Tj ET Q q 0 0 0 rg BT 454.33 347.10 Td (purposes. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 323.10 Td (The ) Tj ET Q q 0 0 0 rg BT 90.13 323.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 131.59 323.10 Td (recorded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.15 323.10 Td ($62.6 ) Tj ET Q q 0 0 0 rg BT 194.23 323.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.12 323.10 Td ( ) Tj ET Q q 0 0 0 rg BT 225.70 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 236.61 323.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 274.75 323.10 Td (on ) Tj ET Q q 0 0 0 rg BT 287.33 323.10 Td (the ) Tj ET Q q 0 0 0 rg BT 302.13 323.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 343.03 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 353.94 323.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 391.50 323.10 Td (condition, ) Tj ET Q q 0 0 0 rg BT 434.36 323.10 Td (all ) Tj ET Q q 0 0 0 rg BT 446.93 323.10 Td (of ) Tj ET Q q 0 0 0 rg BT 457.84 323.10 Td (which ) Tj ET Q q 0 0 0 rg BT 484.86 323.10 Td (is ) Tj ET Q q 0 0 0 rg BT 494.11 323.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 532.22 323.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 311.10 Td (be ) Tj ET Q q 0 0 0 rg BT 83.63 311.10 Td (deductible ) Tj ET Q q 0 0 0 rg BT 127.48 311.10 Td (for ) Tj ET Q q 0 0 0 rg BT 141.33 311.10 Td (income ) Tj ET Q q 0 0 0 rg BT 172.96 311.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 187.37 311.10 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 227.46 311.10 Td (The ) Tj ET Q q 0 0 0 rg BT 245.20 311.10 Td (final ) Tj ET Q q 0 0 0 rg BT 265.72 311.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 303.47 311.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 340.64 311.10 Td (on ) Tj ET Q q 0 0 0 rg BT 352.83 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 367.24 311.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 414.01 311.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 454.53 311.10 Td (of ) Tj ET Q q 0 0 0 rg BT 465.05 311.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 502.23 311.10 Td (condition ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 299.10 Td (may ) Tj ET Q q 0 0 0 rg BT 92.44 299.10 Td (dif) Tj ET Q q 0 0 0 rg BT 103.37 299.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 117.69 299.10 Td (from ) Tj ET Q q 0 0 0 rg BT 140.35 299.10 Td (that ) Tj ET Q q 0 0 0 rg BT 158.56 299.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 196.76 299.10 Td (herein ) Tj ET Q q 0 0 0 rg BT 224.96 299.10 Td (as ) Tj ET Q q 0 0 0 rg BT 236.51 299.10 Td (a ) Tj ET Q q 0 0 0 rg BT 244.17 299.10 Td (result ) Tj ET Q q 0 0 0 rg BT 269.61 299.10 Td (of ) Tj ET Q q 0 0 0 rg BT 281.17 299.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 337.70 299.10 Td (period ) Tj ET Q q 0 0 0 rg BT 366.47 299.10 Td (adjustments. ) Tj ET Q q 0 0 0 rg BT 419.96 299.10 Td (In ) Tj ET Q q 0 0 0 rg BT 431.51 299.10 Td (management's ) Tj ET Q q 0 0 0 rg BT 491.52 299.10 Td (opinion, ) Tj ET Q q 0 0 0 rg BT 527.79 299.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 287.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 110.06 287.10 Td (represents ) Tj ET Q q 0 0 0 rg BT 153.09 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 167.81 287.10 Td (reputation ) Tj ET Q q 0 0 0 rg BT 210.85 287.10 Td (and ) Tj ET Q q 0 0 0 rg BT 227.79 287.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 268.05 287.10 Td (expertise ) Tj ET Q q 0 0 0 rg BT 306.65 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 317.48 287.10 Td (Simmons.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 263.10 Td (Identifiable ) Tj ET Q q 0 0 0 rg BT 120.89 263.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 163.68 263.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 189.81 263.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 233.15 263.10 Td (by ) Tj ET Q q 0 0 0 rg BT 245.96 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.97 263.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 302.66 263.10 Td (consisted ) Tj ET Q q 0 0 0 rg BT 342.68 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 353.81 263.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 393.27 263.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 447.17 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 464.42 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 479.43 263.10 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 520.02 263.10 Td (trade ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 251.10 Td (name ) Tj ET Q q 0 0 0 rg BT 97.22 251.10 Td (with ) Tj ET Q q 0 0 0 rg BT 118.57 251.10 Td (acquisition-date ) Tj ET Q q 0 0 0 rg BT 186.00 251.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 203.44 251.10 Td (values ) Tj ET Q q 0 0 0 rg BT 232.55 251.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 272.21 251.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 314.10 251.10 Td (to ) Tj ET Q q 0 0 0 rg BT 325.44 251.10 Td (be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.45 251.10 Td ($10.4 ) Tj ET Q q 0 0 0 rg BT 364.51 251.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.41 251.10 Td ( ) Tj ET Q q 0 0 0 rg BT 396.97 251.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.98 251.10 Td ($0.8 ) Tj ET Q q 0 0 0 rg BT 436.04 251.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.93 251.10 Td (, ) Tj ET Q q 0 0 0 rg BT 471.00 251.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 518.66 251.10 Td (. ) Tj ET Q q 0 0 0 rg BT 524.47 251.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 239.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 113.39 239.10 Td (anticipates ) Tj ET Q q 0 0 0 rg BT 158.65 239.10 Td (finalizing ) Tj ET Q q 0 0 0 rg BT 199.47 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 214.18 239.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 230.56 239.10 Td (value ) Tj ET Q q 0 0 0 rg BT 254.71 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 265.54 239.10 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 305.83 239.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 348.32 239.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 374.15 239.10 Td (in ) Tj ET Q q 0 0 0 rg BT 384.43 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 399.15 239.10 Td (third ) Tj ET Q q 0 0 0 rg BT 420.54 239.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 451.35 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 462.18 239.10 Td (2016. ) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F3 11.00 Tf ET q 0 0 0 rg BT 103.65 755.30 Td (Notes to the Statement of Financial Condition as of June 30, 2016 \(unaudited\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 48.60 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 731.10 Td (The following table summarizes the estimated fair value of assets acquired and liabilities assumed at the date of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 719.10 Td (acquisition:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 600.6 m 539.5 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 600.6 m 539.5 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 540.6 m 539.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 540.6 m 539.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 528.6 m 539.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 505.6 m 539.5 505.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 503.6 m 539.5 503.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 74.00 700.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 687.33 Td (Assets:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.00 675.22 Td (Cash and cash equivalents) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.50 675.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.00 675.22 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 675.22 Td (40,965) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.00 663.22 Td (Receivables:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 651.22 Td (Customers) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.50 651.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.15 651.22 Td (1,185) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.00 639.22 Td (Goodwill) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 639.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 639.22 Td (62,566) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.00 627.22 Td (Intangible assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.50 627.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 627.22 Td (11,240) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.00 615.22 Td (Investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.50 615.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.65 615.22 Td (980) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.00 603.22 Td (Other assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.50 603.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.15 603.22 Td (2,412) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 591.22 Td (Total assets acquired) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.50 591.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.15 591.22 Td (119,348) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 567.33 Td (Liabilities:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.00 555.22 Td (Accrued compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.50 555.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 555.22 Td (13,818) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.00 543.22 Td (Other liabilities and accrued expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.50 543.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.15 543.22 Td (6,822) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 531.22 Td (Total liabilities assumed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.50 531.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 531.22 Td (20,640) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 507.22 Td (Net assets acquired) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 151.50 507.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.00 507.22 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 507.22 Td (98,708) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F3 11.00 Tf ET q 0 0 0 rg BT 103.65 755.30 Td (Notes to the Statement of Financial Condition as of June 30, 2016 \(unaudited\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 48.60 Td (10) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 731.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 94.45 731.25 Td (5) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.45 731.25 Td ( ) Tj ET Q q 0 0 0 rg BT 101.92 731.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.38 731.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 145.73 731.25 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 195.41 731.25 Td (and ) Tj ET Q q 0 0 0 rg BT 212.87 731.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 238.67 731.25 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 279.45 731.25 Td (Positions ) Tj ET Q q 0 0 0 rg BT 319.14 731.25 Td (Owned ) Tj ET Q q 0 0 0 rg BT 349.93 731.25 Td (and ) Tj ET Q q 0 0 0 rg BT 367.39 731.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 408.74 731.25 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 458.42 731.25 Td (and ) Tj ET Q q 0 0 0 rg BT 475.89 731.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 501.68 731.25 Td (Inventory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 719.25 Td (Positions ) Tj ET Q q 0 0 0 rg BT 143.23 719.25 Td (Sold, ) Tj ET Q q 0 0 0 rg BT 166.00 719.25 Td (but ) Tj ET Q q 0 0 0 rg BT 181.28 719.25 Td (Not ) Tj ET Q q 0 0 0 rg BT 198.23 719.25 Td (Y) Tj ET Q q 0 0 0 rg BT 202.88 719.25 Td (et ) Tj ET Q q 0 0 0 rg BT 212.59 719.25 Td (Pur) Tj ET Q q 0 0 0 rg BT 227.22 719.25 Td (chased) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 254.99 719.25 Td ( ) Tj ET Q 1 1 1 rg /GS0 gs 72.50 648.75 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 460.50 648.75 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 470.50 648.75 70.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 72.50 636.75 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 460.50 636.75 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 470.50 636.75 70.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 72.50 624.75 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 460.50 624.75 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 470.50 624.75 70.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 460.50 612.75 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 470.50 612.75 70.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 72.50 600.75 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 460.50 600.75 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 470.50 600.75 70.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 72.50 588.75 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 460.50 588.75 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 470.50 588.75 70.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 72.50 576.75 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 460.50 576.75 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 470.50 576.75 70.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 72.50 564.75 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 460.50 564.75 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 470.50 564.75 70.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 72.50 552.75 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 460.50 552.75 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 470.50 552.75 70.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 72.50 540.75 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 460.50 540.75 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 470.50 540.75 70.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 72.50 528.75 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 72.50 468.75 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 460.50 468.75 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 470.50 468.75 70.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 72.50 456.75 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 460.50 456.75 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 470.50 456.75 70.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 72.50 444.75 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 460.50 444.75 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 470.50 444.75 70.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 72.50 432.75 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 460.50 432.75 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 470.50 432.75 70.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 72.50 420.75 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 460.50 420.75 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 470.50 420.75 70.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 672.75 m 540.5 672.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 516.75 m 540.5 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 505.75 m 540.5 505.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 503.75 m 540.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 420.75 m 540.5 420.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 409.75 m 540.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 407.75 m 540.5 407.75 l s BT /F4 10.00 Tf ET q 0 0 0 rg BT 487.20 687.48 Td (June 30,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.00 676.70 Td (\(Dollars in thousands\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 495.00 675.48 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.00 663.37 Td (Financial instruments and other inventory positions owned:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.00 651.37 Td (Corporate securities:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 639.37 Td (Equity securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.50 639.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.00 639.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.15 639.37 Td (5,329) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 627.37 Td (Convertible securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.50 627.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.65 627.37 Td (261) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 615.37 Td (Fixed income securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.50 615.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.15 615.37 Td (27,449) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.00 603.37 Td (Municipal securities:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 591.37 Td (Taxable securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.50 591.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.15 591.37 Td (34,532) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 579.37 Td (Tax-exempt securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.50 579.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 579.37 Td (213,525) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 567.37 Td (Short-term securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.50 567.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.15 567.37 Td (55,488) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.00 555.37 Td (Mortgage-backed securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.50 555.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.15 555.37 Td (58,042) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.00 543.37 Td (U.S. government agency securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.50 543.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 543.37 Td (153,079) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.00 531.37 Td (U.S. government securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.50 531.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.15 531.37 Td (4,158) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.00 519.37 Td (Derivative contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.50 519.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.65 519.37 Td (61) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.00 507.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 507.37 Td (551,924) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.00 483.37 Td (Financial instruments and other inventory positions sold, but not yet purchased:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.00 471.37 Td (Corporate securities:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 459.37 Td (Equity securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.50 459.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.00 459.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.15 459.37 Td (1,562) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 447.37 Td (Fixed income securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.50 447.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.15 447.37 Td (26,112) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.00 435.37 Td (U.S. government agency securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.50 435.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.15 435.37 Td (10,522) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.00 423.37 Td (U.S. government securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.50 423.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 423.37 Td (124,964) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.00 411.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 411.37 Td (163,160) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 385.25 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.14 385.25 Td (June30, ) Tj ET Q q 0 0 0 rg BT 119.62 385.25 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.62 385.25 Td (, ) Tj ET Q q 0 0 0 rg BT 144.26 385.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 181.38 385.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 230.19 385.25 Td (and ) Tj ET Q q 0 0 0 rg BT 246.77 385.25 Td (other ) Tj ET Q q 0 0 0 rg BT 269.46 385.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 309.93 385.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 348.19 385.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 376.99 385.25 Td (in ) Tj ET Q q 0 0 0 rg BT 386.91 385.25 Td (the ) Tj ET Q q 0 0 0 rg BT 401.27 385.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 433.41 385.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.88 385.25 Td ($253.7 ) Tj ET Q q 0 0 0 rg BT 473.52 385.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.42 385.25 Td ( ) Tj ET Q q 0 0 0 rg BT 504.56 385.25 Td (had ) Tj ET Q q 0 0 0 rg BT 521.14 385.25 Td (been ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 373.25 Td (pledged ) Tj ET Q q 0 0 0 rg BT 106.16 373.25 Td (as ) Tj ET Q q 0 0 0 rg BT 116.99 373.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 156.68 373.25 Td (for ) Tj ET Q q 0 0 0 rg BT 170.84 373.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 215.00 373.25 Td (financings ) Tj ET Q q 0 0 0 rg BT 259.15 373.25 Td (and ) Tj ET Q q 0 0 0 rg BT 276.09 373.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 321.90 373.25 Td (agreements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 349.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 111.66 349.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 160.77 349.25 Td (and ) Tj ET Q q 0 0 0 rg BT 177.65 349.25 Td (other ) Tj ET Q q 0 0 0 rg BT 200.65 349.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 241.42 349.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 279.98 349.25 Td (sold, ) Tj ET Q q 0 0 0 rg BT 301.60 349.25 Td (but ) Tj ET Q q 0 0 0 rg BT 316.82 349.25 Td (not ) Tj ET Q q 0 0 0 rg BT 332.05 349.25 Td (yet ) Tj ET Q q 0 0 0 rg BT 346.71 349.25 Td (purchased ) Tj ET Q q 0 0 0 rg BT 389.70 349.25 Td (represent ) Tj ET Q q 0 0 0 rg BT 428.79 349.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 475.68 349.25 Td (of ) Tj ET Q q 0 0 0 rg BT 486.45 349.25 Td (the ) Tj ET Q q 0 0 0 rg BT 501.12 349.25 Td (Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 337.25 Td (to ) Tj ET Q q 0 0 0 rg BT 81.69 337.25 Td (deliver ) Tj ET Q q 0 0 0 rg BT 111.36 337.25 Td (the ) Tj ET Q q 0 0 0 rg BT 125.48 337.25 Td (specified ) Tj ET Q q 0 0 0 rg BT 163.49 337.25 Td (security ) Tj ET Q q 0 0 0 rg BT 197.05 337.25 Td (at ) Tj ET Q q 0 0 0 rg BT 206.17 337.25 Td (the ) Tj ET Q q 0 0 0 rg BT 220.30 337.25 Td (contracted ) Tj ET Q q 0 0 0 rg BT 263.85 337.25 Td (price, ) Tj ET Q q 0 0 0 rg BT 288.24 337.25 Td (thereby ) Tj ET Q q 0 0 0 rg BT 320.13 337.25 Td (creating ) Tj ET Q q 0 0 0 rg BT 354.25 337.25 Td (a ) Tj ET Q q 0 0 0 rg BT 360.59 337.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 393.61 337.25 Td (to ) Tj ET Q q 0 0 0 rg BT 403.29 337.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 440.74 337.25 Td (the ) Tj ET Q q 0 0 0 rg BT 454.87 337.25 Td (security ) Tj ET Q q 0 0 0 rg BT 488.43 337.25 Td (in ) Tj ET Q q 0 0 0 rg BT 498.12 337.25 Td (the ) Tj ET Q q 0 0 0 rg BT 512.24 337.25 Td (market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 325.25 Td (at ) Tj ET Q q 0 0 0 rg BT 81.90 325.25 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 125.12 325.25 Td (prices. ) Tj ET Q q 0 0 0 rg BT 153.98 325.25 Td (The ) Tj ET Q q 0 0 0 rg BT 172.21 325.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 213.77 325.25 Td (is ) Tj ET Q q 0 0 0 rg BT 223.12 325.25 Td (obligated ) Tj ET Q q 0 0 0 rg BT 263.02 325.25 Td (to ) Tj ET Q q 0 0 0 rg BT 273.47 325.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 305.58 325.25 Td (the ) Tj ET Q q 0 0 0 rg BT 320.47 325.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 360.92 325.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 380.27 325.25 Td (short ) Tj ET Q q 0 0 0 rg BT 402.95 325.25 Td (at ) Tj ET Q q 0 0 0 rg BT 412.84 325.25 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 456.06 325.25 Td (market ) Tj ET Q q 0 0 0 rg BT 486.51 325.25 Td (prices, ) Tj ET Q q 0 0 0 rg BT 515.56 325.25 Td (which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 313.25 Td (may ) Tj ET Q q 0 0 0 rg BT 91.46 313.25 Td (exceed ) Tj ET Q q 0 0 0 rg BT 121.45 313.25 Td (the ) Tj ET Q q 0 0 0 rg BT 135.91 313.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 168.15 313.25 Td (reflected ) Tj ET Q q 0 0 0 rg BT 205.36 313.25 Td (on ) Tj ET Q q 0 0 0 rg BT 217.60 313.25 Td (the ) Tj ET Q q 0 0 0 rg BT 232.06 313.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 272.62 313.25 Td (of ) Tj ET Q q 0 0 0 rg BT 283.19 313.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 320.41 313.25 Td (condition. ) Tj ET Q q 0 0 0 rg BT 362.77 313.25 Td (The ) Tj ET Q q 0 0 0 rg BT 380.55 313.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 421.68 313.25 Td (economically ) Tj ET Q q 0 0 0 rg BT 477.79 313.25 Td (hedges ) Tj ET Q q 0 0 0 rg BT 507.80 313.25 Td (changes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 301.25 Td (in ) Tj ET Q q 0 0 0 rg BT 81.84 301.25 Td (the ) Tj ET Q q 0 0 0 rg BT 96.11 301.25 Td (market ) Tj ET Q q 0 0 0 rg BT 125.94 301.25 Td (value ) Tj ET Q q 0 0 0 rg BT 149.65 301.25 Td (of ) Tj ET Q q 0 0 0 rg BT 160.04 301.25 Td (its ) Tj ET Q q 0 0 0 rg BT 171.55 301.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 208.59 301.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 257.31 301.25 Td (and ) Tj ET Q q 0 0 0 rg BT 273.81 301.25 Td (other ) Tj ET Q q 0 0 0 rg BT 296.42 301.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 336.80 301.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 374.98 301.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 403.70 301.25 Td (using ) Tj ET Q q 0 0 0 rg BT 427.43 301.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 467.82 301.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 505.99 301.25 Td (sold, ) Tj ET Q q 0 0 0 rg BT 527.22 301.25 Td (but ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 289.25 Td (not ) Tj ET Q q 0 0 0 rg BT 87.28 289.25 Td (yet ) Tj ET Q q 0 0 0 rg BT 102.00 289.25 Td (purchased ) Tj ET Q q 0 0 0 rg BT 145.03 289.25 Td (and ) Tj ET Q q 0 0 0 rg BT 161.97 289.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 202.22 289.25 Td (traded ) Tj ET Q q 0 0 0 rg BT 229.71 289.25 Td (options.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 265.25 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 118.92 265.25 Td (Contract ) Tj ET Q q 0 0 0 rg BT 159.74 265.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 202.25 265.25 Td (Instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 241.25 Td (The ) Tj ET Q q 0 0 0 rg BT 91.15 241.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 133.63 241.25 Td (enters ) Tj ET Q q 0 0 0 rg BT 161.11 241.25 Td (into ) Tj ET Q q 0 0 0 rg BT 180.26 241.25 Td (option ) Tj ET Q q 0 0 0 rg BT 209.42 241.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 249.11 241.25 Td (to ) Tj ET Q q 0 0 0 rg BT 260.49 241.25 Td (economically ) Tj ET Q q 0 0 0 rg BT 317.95 241.25 Td (hedge ) Tj ET Q q 0 0 0 rg BT 345.43 241.25 Td (market ) Tj ET Q q 0 0 0 rg BT 376.79 241.25 Td (value ) Tj ET Q q 0 0 0 rg BT 402.04 241.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 420.64 241.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 465.33 241.25 Td (with ) Tj ET Q q 0 0 0 rg BT 486.71 241.25 Td (its ) Tj ET Q q 0 0 0 rg BT 499.76 241.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 531.68 241.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 229.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 119.18 229.25 Td (securities. ) Tj ET Q q 0 0 0 rg BT 161.17 229.25 Td (As ) Tj ET Q q 0 0 0 rg BT 174.48 229.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.02 229.25 Td (June30, ) Tj ET Q q 0 0 0 rg BT 220.55 229.25 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.55 229.25 Td (, ) Tj ET Q q 0 0 0 rg BT 245.25 229.25 Td (the ) Tj ET Q q 0 0 0 rg BT 259.67 229.25 Td (total ) Tj ET Q q 0 0 0 rg BT 279.65 229.25 Td (absolute ) Tj ET Q q 0 0 0 rg BT 315.18 229.25 Td (notional ) Tj ET Q q 0 0 0 rg BT 350.16 229.25 Td (contract ) Tj ET Q q 0 0 0 rg BT 384.56 229.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 416.76 229.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 460.06 229.25 Td (with ) Tj ET Q q 0 0 0 rg BT 480.04 229.25 Td (the ) Tj ET Q q 0 0 0 rg BT 494.46 229.25 Td (Company) Tj ET Q q 0 0 0 rg BT 536.13 229.25 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 217.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 121.33 217.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 148.99 217.25 Td (option ) Tj ET Q q 0 0 0 rg BT 177.21 217.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 219.85 217.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 258.61 217.25 Td (was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.82 217.25 Td ($19.7 ) Tj ET Q q 0 0 0 rg BT 301.99 217.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.88 217.25 Td (. ) Tj ET Q q 0 0 0 rg BT 335.85 217.25 Td (The ) Tj ET Q q 0 0 0 rg BT 354.06 217.25 Td (Company) Tj ET Q q 0 0 0 rg BT 395.73 217.25 Td (s ) Tj ET Q q 0 0 0 rg BT 402.28 217.25 Td (option ) Tj ET Q q 0 0 0 rg BT 430.50 217.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 469.26 217.25 Td (do ) Tj ET Q q 0 0 0 rg BT 481.92 217.25 Td (not ) Tj ET Q q 0 0 0 rg BT 497.36 217.25 Td (qualify ) Tj ET Q q 0 0 0 rg BT 528.35 217.25 Td (for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 205.25 Td (hedge ) Tj ET Q q 0 0 0 rg BT 97.23 205.25 Td (accounting. ) Tj ET Q q 0 0 0 rg BT 144.95 205.25 Td (Derivatives ) Tj ET Q q 0 0 0 rg BT 192.40 205.25 Td (are ) Tj ET Q q 0 0 0 rg BT 205.96 205.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 240.62 205.25 Td (on ) Tj ET Q q 0 0 0 rg BT 251.97 205.25 Td (a ) Tj ET Q q 0 0 0 rg BT 257.76 205.25 Td (net ) Tj ET Q q 0 0 0 rg BT 271.33 205.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 292.68 205.25 Td (by ) Tj ET Q q 0 0 0 rg BT 304.04 205.25 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 355.92 205.25 Td (\(i.e., ) Tj ET Q q 0 0 0 rg BT 375.32 205.25 Td (the ) Tj ET Q q 0 0 0 rg BT 388.89 205.25 Td (net ) Tj ET Q q 0 0 0 rg BT 402.46 205.25 Td (payable ) Tj ET Q q 0 0 0 rg BT 434.90 205.25 Td (or ) Tj ET Q q 0 0 0 rg BT 444.58 205.25 Td (receivable ) Tj ET Q q 0 0 0 rg BT 487.01 205.25 Td (for ) Tj ET Q q 0 0 0 rg BT 500.02 205.25 Td (derivative ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 193.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 98.21 193.25 Td (and ) Tj ET Q q 0 0 0 rg BT 115.53 193.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 155.63 193.25 Td (for ) Tj ET Q q 0 0 0 rg BT 170.17 193.25 Td (a ) Tj ET Q q 0 0 0 rg BT 177.50 193.25 Td (given ) Tj ET Q q 0 0 0 rg BT 202.59 193.25 Td (counterparty\) ) Tj ET Q q 0 0 0 rg BT 259.34 193.25 Td (when ) Tj ET Q q 0 0 0 rg BT 283.88 193.25 Td (a ) Tj ET Q q 0 0 0 rg BT 291.20 193.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 313.52 193.25 Td (right ) Tj ET Q q 0 0 0 rg BT 335.29 193.25 Td (of ) Tj ET Q q 0 0 0 rg BT 346.50 193.25 Td (of) Tj ET Q q 0 0 0 rg BT 354.65 193.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 371.97 193.25 Td (exists ) Tj ET Q q 0 0 0 rg BT 397.63 193.25 Td (and ) Tj ET Q q 0 0 0 rg BT 414.95 193.25 Td (on ) Tj ET Q q 0 0 0 rg BT 427.83 193.25 Td (a ) Tj ET Q q 0 0 0 rg BT 435.15 193.25 Td (net ) Tj ET Q q 0 0 0 rg BT 450.25 193.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 473.14 193.25 Td (by ) Tj ET Q q 0 0 0 rg BT 486.02 193.25 Td (cross ) Tj ET Q q 0 0 0 rg BT 509.45 193.25 Td (product ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 181.25 Td (when ) Tj ET Q q 0 0 0 rg BT 96.76 181.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 140.94 181.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 185.71 181.25 Td (are ) Tj ET Q q 0 0 0 rg BT 201.01 181.25 Td (stated ) Tj ET Q q 0 0 0 rg BT 227.44 181.25 Td (in ) Tj ET Q q 0 0 0 rg BT 238.31 181.25 Td (master ) Tj ET Q q 0 0 0 rg BT 268.06 181.25 Td (netting ) Tj ET Q q 0 0 0 rg BT 298.94 181.25 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 349.38 181.25 Td (As ) Tj ET Q q 0 0 0 rg BT 363.59 181.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.02 181.25 Td (June30, ) Tj ET Q q 0 0 0 rg BT 411.45 181.25 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.45 181.25 Td (, ) Tj ET Q q 0 0 0 rg BT 437.04 181.25 Td (the ) Tj ET Q q 0 0 0 rg BT 452.36 181.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 500.03 181.25 Td (derivative ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 169.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 110.59 169.25 Td (are ) Tj ET Q q 0 0 0 rg BT 125.30 169.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 161.12 169.25 Td (at ) Tj ET Q q 0 0 0 rg BT 170.83 169.25 Td (gross ) Tj ET Q q 0 0 0 rg BT 194.45 169.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 210.82 169.25 Td (market ) Tj ET Q q 0 0 0 rg BT 241.09 169.25 Td (value ) Tj ET Q q 0 0 0 rg BT 265.24 169.25 Td (on ) Tj ET Q q 0 0 0 rg BT 277.74 169.25 Td (the ) Tj ET Q q 0 0 0 rg BT 292.46 169.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 333.28 169.25 Td (of ) Tj ET Q q 0 0 0 rg BT 344.11 169.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 381.59 169.25 Td (condition.) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F3 11.00 Tf ET q 0 0 0 rg BT 103.65 755.30 Td (Notes to the Statement of Financial Condition as of June 30, 2016 \(unaudited\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.15 48.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 48.60 Td (1) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 731.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 94.49 731.25 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.49 731.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.99 731.25 Td (Fair ) Tj ET Q q 0 0 0 rg BT 122.27 731.25 Td (V) Tj ET Q q 0 0 0 rg BT 127.27 731.25 Td (alue ) Tj ET Q q 0 0 0 rg BT 146.99 731.25 Td (of ) Tj ET Q q 0 0 0 rg BT 157.26 731.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 198.65 731.25 Td (Instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.87 731.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 707.25 Td (Based ) Tj ET Q q 0 0 0 rg BT 98.70 707.25 Td (on ) Tj ET Q q 0 0 0 rg BT 110.96 707.25 Td (the ) Tj ET Q q 0 0 0 rg BT 125.44 707.25 Td (nature ) Tj ET Q q 0 0 0 rg BT 152.69 707.25 Td (of ) Tj ET Q q 0 0 0 rg BT 163.28 707.25 Td (the ) Tj ET Q q 0 0 0 rg BT 177.76 707.25 Td (Company) Tj ET Q q 0 0 0 rg BT 219.43 707.25 Td (s ) Tj ET Q q 0 0 0 rg BT 225.58 707.25 Td (business ) Tj ET Q q 0 0 0 rg BT 261.73 707.25 Td (and ) Tj ET Q q 0 0 0 rg BT 278.43 707.25 Td (its ) Tj ET Q q 0 0 0 rg BT 290.14 707.25 Td (role ) Tj ET Q q 0 0 0 rg BT 307.95 707.25 Td (as ) Tj ET Q q 0 0 0 rg BT 318.55 707.25 Td (a ) Tj ET Q q 0 0 0 rg BT 325.25 707.25 Td ("dealer" ) Tj ET Q q 0 0 0 rg BT 360.10 707.25 Td (in ) Tj ET Q q 0 0 0 rg BT 370.14 707.25 Td (the ) Tj ET Q q 0 0 0 rg BT 384.62 707.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 424.64 707.25 Td (industry) Tj ET Q q 0 0 0 rg BT 456.77 707.25 Td (, ) Tj ET Q q 0 0 0 rg BT 461.53 707.25 Td (the ) Tj ET Q q 0 0 0 rg BT 476.01 707.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 492.15 707.25 Td (values ) Tj ET Q q 0 0 0 rg BT 519.96 707.25 Td (of ) Tj ET Q q 0 0 0 rg BT 530.55 707.25 Td (its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 695.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 109.75 695.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 159.18 695.25 Td (are ) Tj ET Q q 0 0 0 rg BT 174.16 695.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 221.90 695.25 Td (internally) Tj ET Q q 0 0 0 rg BT 259.57 695.25 Td (. ) Tj ET Q q 0 0 0 rg BT 264.64 695.25 Td (The ) Tj ET Q q 0 0 0 rg BT 282.96 695.25 Td (Company) Tj ET Q q 0 0 0 rg BT 324.62 695.25 Td (s ) Tj ET Q q 0 0 0 rg BT 331.28 695.25 Td (processes ) Tj ET Q q 0 0 0 rg BT 372.37 695.25 Td (are ) Tj ET Q q 0 0 0 rg BT 387.34 695.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 425.66 695.25 Td (to ) Tj ET Q q 0 0 0 rg BT 436.20 695.25 Td (ensure ) Tj ET Q q 0 0 0 rg BT 465.07 695.25 Td (that ) Tj ET Q q 0 0 0 rg BT 482.83 695.25 Td (the ) Tj ET Q q 0 0 0 rg BT 497.82 695.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 514.46 695.25 Td (values ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 683.25 Td (used ) Tj ET Q q 0 0 0 rg BT 92.92 683.25 Td (for ) Tj ET Q q 0 0 0 rg BT 107.17 683.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 144.73 683.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 183.98 683.25 Td (are ) Tj ET Q q 0 0 0 rg BT 198.77 683.25 Td (based ) Tj ET Q q 0 0 0 rg BT 224.13 683.25 Td (on ) Tj ET Q q 0 0 0 rg BT 236.72 683.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 282.62 683.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 309.66 683.25 Td (wherever ) Tj ET Q q 0 0 0 rg BT 349.44 683.25 Td (possible. ) Tj ET Q q 0 0 0 rg BT 387.31 683.25 Td (In ) Tj ET Q q 0 0 0 rg BT 398.23 683.25 Td (the ) Tj ET Q q 0 0 0 rg BT 413.03 683.25 Td (event ) Tj ET Q q 0 0 0 rg BT 437.27 683.25 Td (that ) Tj ET Q q 0 0 0 rg BT 454.86 683.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 500.76 683.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 527.80 683.25 Td (are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 671.25 Td (not ) Tj ET Q q 0 0 0 rg BT 86.57 671.25 Td (available, ) Tj ET Q q 0 0 0 rg BT 126.96 671.25 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 182.07 671.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 208.31 671.25 Td (are ) Tj ET Q q 0 0 0 rg BT 222.32 671.25 Td (developed ) Tj ET Q q 0 0 0 rg BT 265.21 671.25 Td (based ) Tj ET Q q 0 0 0 rg BT 289.77 671.25 Td (on ) Tj ET Q q 0 0 0 rg BT 301.57 671.25 Td (an ) Tj ET Q q 0 0 0 rg BT 312.80 671.25 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 356.25 671.25 Td (of ) Tj ET Q q 0 0 0 rg BT 366.37 671.25 Td (all ) Tj ET Q q 0 0 0 rg BT 378.17 671.25 Td (relevant ) Tj ET Q q 0 0 0 rg BT 412.16 671.25 Td (empirical ) Tj ET Q q 0 0 0 rg BT 451.72 671.25 Td (market ) Tj ET Q q 0 0 0 rg BT 481.28 671.25 Td (data, ) Tj ET Q q 0 0 0 rg BT 502.23 671.25 Td (including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 659.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 98.43 659.25 Td (evidenced ) Tj ET Q q 0 0 0 rg BT 141.51 659.25 Td (by ) Tj ET Q q 0 0 0 rg BT 154.06 659.25 Td (market ) Tj ET Q q 0 0 0 rg BT 184.37 659.25 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 237.18 659.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 269.16 659.25 Td (rates, ) Tj ET Q q 0 0 0 rg BT 293.09 659.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 318.40 659.25 Td (spreads, ) Tj ET Q q 0 0 0 rg BT 353.44 659.25 Td (volatilities ) Tj ET Q q 0 0 0 rg BT 398.21 659.25 Td (and ) Tj ET Q q 0 0 0 rg BT 415.19 659.25 Td (correlations ) Tj ET Q q 0 0 0 rg BT 464.94 659.25 Td (and ) Tj ET Q q 0 0 0 rg BT 481.93 659.25 Td (other ) Tj ET Q q 0 0 0 rg BT 505.03 659.25 Td (security-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 647.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 106.51 647.25 Td (information. ) Tj ET Q q 0 0 0 rg BT 159.39 647.25 Td (V) Tj ET Q q 0 0 0 rg BT 165.51 647.25 Td (aluation ) Tj ET Q q 0 0 0 rg BT 201.13 647.25 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 252.33 647.25 Td (related ) Tj ET Q q 0 0 0 rg BT 282.94 647.25 Td (to ) Tj ET Q q 0 0 0 rg BT 294.14 647.25 Td (illiquidity ) Tj ET Q q 0 0 0 rg BT 337.00 647.25 Td (or ) Tj ET Q q 0 0 0 rg BT 348.75 647.25 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 402.70 647.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 428.88 647.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 447.30 647.25 Td (are ) Tj ET Q q 0 0 0 rg BT 462.92 647.25 Td (also ) Tj ET Q q 0 0 0 rg BT 482.45 647.25 Td (considered. ) Tj ET Q q 0 0 0 rg BT 531.68 647.25 Td (In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 635.25 Td (estimating ) Tj ET Q q 0 0 0 rg BT 116.92 635.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 134.07 635.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 161.48 635.25 Td (the ) Tj ET Q q 0 0 0 rg BT 176.97 635.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 219.12 635.25 Td (may ) Tj ET Q q 0 0 0 rg BT 239.60 635.25 Td (utilize ) Tj ET Q q 0 0 0 rg BT 267.85 635.25 Td (information ) Tj ET Q q 0 0 0 rg BT 318.33 635.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 357.14 635.25 Td (by ) Tj ET Q q 0 0 0 rg BT 370.40 635.25 Td (third ) Tj ET Q q 0 0 0 rg BT 392.55 635.25 Td (party ) Tj ET Q q 0 0 0 rg BT 416.37 635.25 Td (pricing ) Tj ET Q q 0 0 0 rg BT 447.95 635.25 Td (vendors ) Tj ET Q q 0 0 0 rg BT 482.88 635.25 Td (to ) Tj ET Q q 0 0 0 rg BT 493.92 635.25 Td (corroborate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 623.25 Td (internally-developed ) Tj ET Q q 0 0 0 rg BT 157.24 623.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 173.62 623.25 Td (value ) Tj ET Q q 0 0 0 rg BT 197.78 623.25 Td (estimates.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 599.25 Td (The ) Tj ET Q q 0 0 0 rg BT 90.87 599.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 133.08 599.25 Td (employs ) Tj ET Q q 0 0 0 rg BT 170.29 599.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 204.71 599.25 Td (control ) Tj ET Q q 0 0 0 rg BT 236.35 599.25 Td (processes ) Tj ET Q q 0 0 0 rg BT 278.00 599.25 Td (to ) Tj ET Q q 0 0 0 rg BT 289.10 599.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 332.40 599.25 Td (the ) Tj ET Q q 0 0 0 rg BT 347.94 599.25 Td (reasonableness ) Tj ET Q q 0 0 0 rg BT 411.24 599.25 Td (of ) Tj ET Q q 0 0 0 rg BT 422.89 599.25 Td (the ) Tj ET Q q 0 0 0 rg BT 438.43 599.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 455.63 599.25 Td (value ) Tj ET Q q 0 0 0 rg BT 480.61 599.25 Td (of ) Tj ET Q q 0 0 0 rg BT 492.26 599.25 Td (its ) Tj ET Q q 0 0 0 rg BT 505.03 599.25 Td (financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 587.25 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 123.69 587.25 Td (The ) Tj ET Q q 0 0 0 rg BT 141.96 587.25 Td (Company) Tj ET Q q 0 0 0 rg BT 183.62 587.25 Td (s ) Tj ET Q q 0 0 0 rg BT 190.24 587.25 Td (processes ) Tj ET Q q 0 0 0 rg BT 231.28 587.25 Td (are ) Tj ET Q q 0 0 0 rg BT 246.21 587.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 284.47 587.25 Td (to ) Tj ET Q q 0 0 0 rg BT 294.97 587.25 Td (ensure ) Tj ET Q q 0 0 0 rg BT 323.79 587.25 Td (that ) Tj ET Q q 0 0 0 rg BT 341.51 587.25 Td (the ) Tj ET Q q 0 0 0 rg BT 356.45 587.25 Td (internally-estimated ) Tj ET Q q 0 0 0 rg BT 439.14 587.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 455.74 587.25 Td (values ) Tj ET Q q 0 0 0 rg BT 484.00 587.25 Td (are ) Tj ET Q q 0 0 0 rg BT 498.93 587.25 Td (accurately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 575.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 109.55 575.25 Td (and ) Tj ET Q q 0 0 0 rg BT 126.56 575.25 Td (that ) Tj ET Q q 0 0 0 rg BT 144.13 575.25 Td (the ) Tj ET Q q 0 0 0 rg BT 158.92 575.25 Td (data ) Tj ET Q q 0 0 0 rg BT 178.14 575.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 205.16 575.25 Td (and ) Tj ET Q q 0 0 0 rg BT 222.17 575.25 Td (the ) Tj ET Q q 0 0 0 rg BT 236.96 575.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 276.75 575.25 Td (techniques ) Tj ET Q q 0 0 0 rg BT 322.08 575.25 Td (used ) Tj ET Q q 0 0 0 rg BT 342.99 575.25 Td (are ) Tj ET Q q 0 0 0 rg BT 357.76 575.25 Td (appropriate, ) Tj ET Q q 0 0 0 rg BT 408.37 575.25 Td (consistently ) Tj ET Q q 0 0 0 rg BT 458.71 575.25 Td (applied, ) Tj ET Q q 0 0 0 rg BT 493.22 575.25 Td (and ) Tj ET Q q 0 0 0 rg BT 510.23 575.25 Td (that ) Tj ET Q q 0 0 0 rg BT 527.80 575.25 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 563.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 123.02 563.25 Td (are ) Tj ET Q q 0 0 0 rg BT 136.79 563.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 181.11 563.25 Td (and ) Tj ET Q q 0 0 0 rg BT 197.12 563.25 Td (consistent ) Tj ET Q q 0 0 0 rg BT 238.68 563.25 Td (with ) Tj ET Q q 0 0 0 rg BT 258.03 563.25 Td (the ) Tj ET Q q 0 0 0 rg BT 271.81 563.25 Td (objective ) Tj ET Q q 0 0 0 rg BT 310.03 563.25 Td (of ) Tj ET Q q 0 0 0 rg BT 319.92 563.25 Td (determining ) Tj ET Q q 0 0 0 rg BT 369.81 563.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 385.26 563.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 410.98 563.25 Td (Individuals ) Tj ET Q q 0 0 0 rg BT 457.54 563.25 Td (outside ) Tj ET Q q 0 0 0 rg BT 488.00 563.25 Td (of ) Tj ET Q q 0 0 0 rg BT 497.89 563.25 Td (the ) Tj ET Q q 0 0 0 rg BT 511.68 563.25 Td (trading ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 551.25 Td (departments ) Tj ET Q q 0 0 0 rg BT 122.99 551.25 Td (perform ) Tj ET Q q 0 0 0 rg BT 157.32 551.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 208.32 551.25 Td (pricing ) Tj ET Q q 0 0 0 rg BT 238.76 551.25 Td (verification ) Tj ET Q q 0 0 0 rg BT 286.97 551.25 Td (reviews ) Tj ET Q q 0 0 0 rg BT 320.19 551.25 Td (as ) Tj ET Q q 0 0 0 rg BT 330.65 551.25 Td (of ) Tj ET Q q 0 0 0 rg BT 341.10 551.25 Td (each ) Tj ET Q q 0 0 0 rg BT 361.53 551.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 400.31 551.25 Td (date. ) Tj ET Q q 0 0 0 rg BT 421.43 551.25 Td (The ) Tj ET Q q 0 0 0 rg BT 439.10 551.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 480.11 551.25 Td (has ) Tj ET Q q 0 0 0 rg BT 495.56 551.25 Td (established ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 539.25 Td (parameters ) Tj ET Q q 0 0 0 rg BT 118.63 539.25 Td (which ) Tj ET Q q 0 0 0 rg BT 145.83 539.25 Td (set ) Tj ET Q q 0 0 0 rg BT 159.70 539.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 181.91 539.25 Td (when ) Tj ET Q q 0 0 0 rg BT 206.33 539.25 Td (the ) Tj ET Q q 0 0 0 rg BT 221.32 539.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 237.96 539.25 Td (value ) Tj ET Q q 0 0 0 rg BT 262.38 539.25 Td (of ) Tj ET Q q 0 0 0 rg BT 273.47 539.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 314.00 539.25 Td (are ) Tj ET Q q 0 0 0 rg BT 328.97 539.25 Td (independently ) Tj ET Q q 0 0 0 rg BT 388.39 539.25 Td (verified. ) Tj ET Q q 0 0 0 rg BT 424.55 539.25 Td (The ) Tj ET Q q 0 0 0 rg BT 442.86 539.25 Td (selection ) Tj ET Q q 0 0 0 rg BT 481.17 539.25 Td (parameters ) Tj ET Q q 0 0 0 rg BT 527.79 539.25 Td (are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 527.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 111.40 527.25 Td (based ) Tj ET Q q 0 0 0 rg BT 136.36 527.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 158.56 527.25 Td (the ) Tj ET Q q 0 0 0 rg BT 172.97 527.25 Td (type ) Tj ET Q q 0 0 0 rg BT 192.39 527.25 Td (of ) Tj ET Q q 0 0 0 rg BT 202.91 527.25 Td (security) Tj ET Q q 0 0 0 rg BT 233.92 527.25 Td (, ) Tj ET Q q 0 0 0 rg BT 238.61 527.25 Td (the ) Tj ET Q q 0 0 0 rg BT 253.03 527.25 Td (level ) Tj ET Q q 0 0 0 rg BT 274.66 527.25 Td (of ) Tj ET Q q 0 0 0 rg BT 285.18 527.25 Td (estimation ) Tj ET Q q 0 0 0 rg BT 329.04 527.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 346.24 527.25 Td (of ) Tj ET Q q 0 0 0 rg BT 356.76 527.25 Td (a ) Tj ET Q q 0 0 0 rg BT 363.40 527.25 Td (security) Tj ET Q q 0 0 0 rg BT 394.40 527.25 Td (, ) Tj ET Q q 0 0 0 rg BT 399.10 527.25 Td (the ) Tj ET Q q 0 0 0 rg BT 413.51 527.25 Td (materiality ) Tj ET Q q 0 0 0 rg BT 459.02 527.25 Td (of ) Tj ET Q q 0 0 0 rg BT 469.55 527.25 Td (the ) Tj ET Q q 0 0 0 rg BT 483.96 527.25 Td (security ) Tj ET Q q 0 0 0 rg BT 517.82 527.25 Td (to ) Tj ET Q q 0 0 0 rg BT 527.79 527.25 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 515.25 Td (Company) Tj ET Q q 0 0 0 rg BT 113.67 515.25 Td (s ) Tj ET Q q 0 0 0 rg BT 119.46 515.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 156.34 515.25 Td (statements, ) Tj ET Q q 0 0 0 rg BT 202.95 515.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 237.05 515.25 Td (in ) Tj ET Q q 0 0 0 rg BT 246.73 515.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 262.51 515.25 Td (value ) Tj ET Q q 0 0 0 rg BT 286.06 515.25 Td (from ) Tj ET Q q 0 0 0 rg BT 307.40 515.25 Td (period ) Tj ET Q q 0 0 0 rg BT 334.85 515.25 Td (to ) Tj ET Q q 0 0 0 rg BT 344.52 515.25 Td (period, ) Tj ET Q q 0 0 0 rg BT 374.47 515.25 Td (and ) Tj ET Q q 0 0 0 rg BT 390.81 515.25 Td (other ) Tj ET Q q 0 0 0 rg BT 413.25 515.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 446.25 515.25 Td (facts ) Tj ET Q q 0 0 0 rg BT 467.02 515.25 Td (and ) Tj ET Q q 0 0 0 rg BT 483.36 515.25 Td (circumstances ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 503.25 Td (of ) Tj ET Q q 0 0 0 rg BT 82.48 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 96.85 503.25 Td (Company) Tj ET Q q 0 0 0 rg BT 138.52 503.25 Td (s ) Tj ET Q q 0 0 0 rg BT 144.56 503.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 184.48 503.25 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 224.13 503.25 Td (In ) Tj ET Q q 0 0 0 rg BT 234.61 503.25 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 278.42 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 292.79 503.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 318.27 503.25 Td (internally-estimated ) Tj ET Q q 0 0 0 rg BT 400.39 503.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 416.42 503.25 Td (values ) Tj ET Q q 0 0 0 rg BT 444.12 503.25 Td (made ) Tj ET Q q 0 0 0 rg BT 467.93 503.25 Td (by ) Tj ET Q q 0 0 0 rg BT 480.09 503.25 Td (the ) Tj ET Q q 0 0 0 rg BT 494.46 503.25 Td (Company) Tj ET Q q 0 0 0 rg BT 536.12 503.25 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 491.25 Td (traders, ) Tj ET Q q 0 0 0 rg BT 103.76 491.25 Td (the ) Tj ET Q q 0 0 0 rg BT 118.02 491.25 Td (nature ) Tj ET Q q 0 0 0 rg BT 145.06 491.25 Td (and ) Tj ET Q q 0 0 0 rg BT 161.55 491.25 Td (complexity ) Tj ET Q q 0 0 0 rg BT 208.59 491.25 Td (of ) Tj ET Q q 0 0 0 rg BT 218.97 491.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 258.78 491.25 Td (involved ) Tj ET Q q 0 0 0 rg BT 295.83 491.25 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 318.14 491.25 Td (term, ) Tj ET Q q 0 0 0 rg BT 341.02 491.25 Td (coupon, ) Tj ET Q q 0 0 0 rg BT 375.01 491.25 Td (collateral, ) Tj ET Q q 0 0 0 rg BT 416.75 491.25 Td (and ) Tj ET Q q 0 0 0 rg BT 433.24 491.25 Td (other ) Tj ET Q q 0 0 0 rg BT 455.84 491.25 Td (key ) Tj ET Q q 0 0 0 rg BT 472.33 491.25 Td (drivers ) Tj ET Q q 0 0 0 rg BT 502.15 491.25 Td (of ) Tj ET Q q 0 0 0 rg BT 512.53 491.25 Td (value\), ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 479.25 Td (level ) Tj ET Q q 0 0 0 rg BT 93.31 479.25 Td (of ) Tj ET Q q 0 0 0 rg BT 103.52 479.25 Td (market ) Tj ET Q q 0 0 0 rg BT 133.16 479.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 165.02 479.25 Td (for ) Tj ET Q q 0 0 0 rg BT 178.56 479.25 Td (securities, ) Tj ET Q q 0 0 0 rg BT 220.70 479.25 Td (and ) Tj ET Q q 0 0 0 rg BT 237.02 479.25 Td (availability ) Tj ET Q q 0 0 0 rg BT 283.88 479.25 Td (of ) Tj ET Q q 0 0 0 rg BT 294.08 479.25 Td (market ) Tj ET Q q 0 0 0 rg BT 323.72 479.25 Td (data ) Tj ET Q q 0 0 0 rg BT 342.26 479.25 Td (are ) Tj ET Q q 0 0 0 rg BT 356.34 479.25 Td (considered. ) Tj ET Q q 0 0 0 rg BT 403.90 479.25 Td (The ) Tj ET Q q 0 0 0 rg BT 421.32 479.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 472.07 479.25 Td (price ) Tj ET Q q 0 0 0 rg BT 493.93 479.25 Td (verification ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 467.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 120.49 467.25 Td (include, ) Tj ET Q q 0 0 0 rg BT 157.05 467.25 Td (but ) Tj ET Q q 0 0 0 rg BT 174.45 467.25 Td (are ) Tj ET Q q 0 0 0 rg BT 191.29 467.25 Td (not ) Tj ET Q q 0 0 0 rg BT 208.69 467.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 241.64 467.25 Td (to, ) Tj ET Q q 0 0 0 rg BT 256.55 467.25 Td (analysis ) Tj ET Q q 0 0 0 rg BT 293.39 467.25 Td (of ) Tj ET Q q 0 0 0 rg BT 306.34 467.25 Td (trade ) Tj ET Q q 0 0 0 rg BT 330.96 467.25 Td (data ) Tj ET Q q 0 0 0 rg BT 352.24 467.25 Td (\(both ) Tj ET Q q 0 0 0 rg BT 377.97 467.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 413.14 467.25 Td (and ) Tj ET Q q 0 0 0 rg BT 432.20 467.25 Td (external ) Tj ET Q q 0 0 0 rg BT 469.03 467.25 Td (where ) Tj ET Q q 0 0 0 rg BT 498.08 467.25 Td (available\), ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 455.25 Td (corroboration ) Tj ET Q q 0 0 0 rg BT 129.78 455.25 Td (to ) Tj ET Q q 0 0 0 rg BT 140.91 455.25 Td (the ) Tj ET Q q 0 0 0 rg BT 156.49 455.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 197.05 455.25 Td (of ) Tj ET Q q 0 0 0 rg BT 208.74 455.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 248.21 455.25 Td (with ) Tj ET Q q 0 0 0 rg BT 269.35 455.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 300.48 455.25 Td (characteristics, ) Tj ET Q q 0 0 0 rg BT 363.52 455.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 385.77 455.25 Td (and ) Tj ET Q q 0 0 0 rg BT 403.56 455.25 Td (components, ) Tj ET Q q 0 0 0 rg BT 457.75 455.25 Td (or ) Tj ET Q q 0 0 0 rg BT 469.43 455.25 Td (comparison ) Tj ET Q q 0 0 0 rg BT 519.44 455.25 Td (to ) Tj ET Q q 0 0 0 rg BT 530.58 455.25 Td (an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 443.25 Td (alternative ) Tj ET Q q 0 0 0 rg BT 116.73 443.25 Td (pricing ) Tj ET Q q 0 0 0 rg BT 147.60 443.25 Td (source, ) Tj ET Q q 0 0 0 rg BT 178.73 443.25 Td (such ) Tj ET Q q 0 0 0 rg BT 199.60 443.25 Td (as ) Tj ET Q q 0 0 0 rg BT 210.46 443.25 Td (a ) Tj ET Q q 0 0 0 rg BT 217.44 443.25 Td (discounted ) Tj ET Q q 0 0 0 rg BT 263.30 443.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 283.61 443.25 Td (flow ) Tj ET Q q 0 0 0 rg BT 304.47 443.25 Td (model. ) Tj ET Q q 0 0 0 rg BT 334.32 443.25 Td (The ) Tj ET Q q 0 0 0 rg BT 352.41 443.25 Td (Company) Tj ET Q q 0 0 0 rg BT 394.07 443.25 Td (s ) Tj ET Q q 0 0 0 rg BT 400.50 443.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 440.25 443.25 Td (committee, ) Tj ET Q q 0 0 0 rg BT 487.49 443.25 Td (comprised ) Tj ET Q q 0 0 0 rg BT 531.68 443.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 431.25 Td (members ) Tj ET Q q 0 0 0 rg BT 111.64 431.25 Td (of ) Tj ET Q q 0 0 0 rg BT 122.95 431.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 150.37 431.25 Td (management ) Tj ET Q q 0 0 0 rg BT 204.44 431.25 Td (and ) Tj ET Q q 0 0 0 rg BT 221.86 431.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 239.85 431.25 Td (management, ) Tj ET Q q 0 0 0 rg BT 296.42 431.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 333.84 431.25 Td (oversight ) Tj ET Q q 0 0 0 rg BT 374.04 431.25 Td (and ) Tj ET Q q 0 0 0 rg BT 391.46 431.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 422.20 431.25 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 479.63 431.25 Td (for ) Tj ET Q q 0 0 0 rg BT 494.27 431.25 Td (the ) Tj ET Q q 0 0 0 rg BT 509.47 431.25 Td (internal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 419.25 Td (control ) Tj ET Q q 0 0 0 rg BT 102.83 419.25 Td (processes ) Tj ET Q q 0 0 0 rg BT 143.65 419.25 Td (and ) Tj ET Q q 0 0 0 rg BT 160.58 419.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 206.95 419.25 Td (related ) Tj ET Q q 0 0 0 rg BT 236.65 419.25 Td (to ) Tj ET Q q 0 0 0 rg BT 246.93 419.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 263.31 419.25 Td (value ) Tj ET Q q 0 0 0 rg BT 287.46 419.25 Td (measurements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 395.25 Td (The ) Tj ET Q q 0 0 0 rg BT 90.05 395.25 Td (following ) Tj ET Q q 0 0 0 rg BT 131.43 395.25 Td (is ) Tj ET Q q 0 0 0 rg BT 140.60 395.25 Td (a ) Tj ET Q q 0 0 0 rg BT 147.54 395.25 Td (description ) Tj ET Q q 0 0 0 rg BT 194.48 395.25 Td (of ) Tj ET Q q 0 0 0 rg BT 205.31 395.25 Td (the ) Tj ET Q q 0 0 0 rg BT 220.02 395.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 259.73 395.25 Td (techniques ) Tj ET Q q 0 0 0 rg BT 305.00 395.25 Td (used ) Tj ET Q q 0 0 0 rg BT 325.83 395.25 Td (to ) Tj ET Q q 0 0 0 rg BT 336.11 395.25 Td (measure ) Tj ET Q q 0 0 0 rg BT 371.92 395.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 388.30 395.25 Td (value.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 371.25 Td (Cash ) Tj ET Q q 0 0 0 rg BT 96.17 371.25 Td (Equivalents) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 347.25 Td (Cash ) Tj ET Q q 0 0 0 rg BT 94.43 347.25 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 142.41 347.25 Td (include ) Tj ET Q q 0 0 0 rg BT 174.27 347.25 Td (highly ) Tj ET Q q 0 0 0 rg BT 202.26 347.25 Td (liquid ) Tj ET Q q 0 0 0 rg BT 228.03 347.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 278.23 347.25 Td (with ) Tj ET Q q 0 0 0 rg BT 298.44 347.25 Td (original ) Tj ET Q q 0 0 0 rg BT 331.98 347.25 Td (maturities ) Tj ET Q q 0 0 0 rg BT 374.40 347.25 Td (of ) Tj ET Q q 0 0 0 rg BT 385.16 347.25 Td (90 ) Tj ET Q q 0 0 0 rg BT 397.59 347.25 Td (days ) Tj ET Q q 0 0 0 rg BT 418.35 347.25 Td (or ) Tj ET Q q 0 0 0 rg BT 429.11 347.25 Td (less. ) Tj ET Q q 0 0 0 rg BT 448.51 347.25 Td (Actively ) Tj ET Q q 0 0 0 rg BT 485.37 347.25 Td (traded ) Tj ET Q q 0 0 0 rg BT 512.79 347.25 Td (money ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 335.25 Td (market ) Tj ET Q q 0 0 0 rg BT 102.26 335.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 126.99 335.25 Td (are ) Tj ET Q q 0 0 0 rg BT 141.69 335.25 Td (measured ) Tj ET Q q 0 0 0 rg BT 182.51 335.25 Td (at ) Tj ET Q q 0 0 0 rg BT 192.22 335.25 Td (their ) Tj ET Q q 0 0 0 rg BT 213.05 335.25 Td (net ) Tj ET Q q 0 0 0 rg BT 227.77 335.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 249.71 335.25 Td (value ) Tj ET Q q 0 0 0 rg BT 273.86 335.25 Td (and ) Tj ET Q q 0 0 0 rg BT 290.80 335.25 Td (classified ) Tj ET Q q 0 0 0 rg BT 331.06 335.25 Td (as ) Tj ET Q q 0 0 0 rg BT 341.89 335.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 367.16 335.25 Td (I.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 311.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 114.50 311.25 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 169.23 311.25 Td (and ) Tj ET Q q 0 0 0 rg BT 187.85 311.25 Td (Other) Tj ET Q q 0 0 0 rg BT 213.22 311.25 Td ( ) Tj ET Q q 0 0 0 rg BT 215.72 311.25 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 260.44 311.25 Td (Positions ) Tj ET Q q 0 0 0 rg BT 301.28 311.25 Td (Owned) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 287.25 Td (The ) Tj ET Q q 0 0 0 rg BT 90.07 287.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 131.48 287.25 Td (records ) Tj ET Q q 0 0 0 rg BT 163.44 287.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 200.94 287.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 250.13 287.25 Td (and ) Tj ET Q q 0 0 0 rg BT 267.09 287.25 Td (other ) Tj ET Q q 0 0 0 rg BT 290.16 287.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 331.01 287.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 369.66 287.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 398.84 287.25 Td (and ) Tj ET Q q 0 0 0 rg BT 415.80 287.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 453.31 287.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 502.50 287.25 Td (and ) Tj ET Q q 0 0 0 rg BT 519.46 287.25 Td (other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 275.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 112.83 275.25 Td (positions ) Tj ET Q q 0 0 0 rg BT 151.44 275.25 Td (sold, ) Tj ET Q q 0 0 0 rg BT 173.11 275.25 Td (but ) Tj ET Q q 0 0 0 rg BT 188.39 275.25 Td (not ) Tj ET Q q 0 0 0 rg BT 203.67 275.25 Td (yet ) Tj ET Q q 0 0 0 rg BT 218.39 275.25 Td (purchased ) Tj ET Q q 0 0 0 rg BT 261.42 275.25 Td (at ) Tj ET Q q 0 0 0 rg BT 271.14 275.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 287.52 275.25 Td (value ) Tj ET Q q 0 0 0 rg BT 311.67 275.25 Td (on ) Tj ET Q q 0 0 0 rg BT 324.17 275.25 Td (the ) Tj ET Q q 0 0 0 rg BT 338.89 275.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 379.71 275.25 Td (of ) Tj ET Q q 0 0 0 rg BT 390.54 275.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 428.02 275.25 Td (condition.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 251.25 Td (Equity ) Tj ET Q q 0 0 0 rg BT 100.06 251.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 140.33 251.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.33 251.25 Td ( ) Tj ET Q q 0 0 0 rg BT 147.29 251.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 188.66 251.25 Td (traded ) Tj ET Q q 0 0 0 rg BT 215.60 251.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 242.55 251.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 282.26 251.25 Td (are ) Tj ET Q q 0 0 0 rg BT 296.42 251.25 Td (valued ) Tj ET Q q 0 0 0 rg BT 325.03 251.25 Td (based ) Tj ET Q q 0 0 0 rg BT 349.75 251.25 Td (on ) Tj ET Q q 0 0 0 rg BT 361.70 251.25 Td (quoted ) Tj ET Q q 0 0 0 rg BT 390.87 251.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 416.70 251.25 Td (from ) Tj ET Q q 0 0 0 rg BT 438.09 251.25 Td (the ) Tj ET Q q 0 0 0 rg BT 452.26 251.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 491.96 251.25 Td (for ) Tj ET Q q 0 0 0 rg BT 505.58 251.25 Td (identical ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 239.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 97.23 239.25 Td (or ) Tj ET Q q 0 0 0 rg BT 107.47 239.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 146.59 239.25 Td (as ) Tj ET Q q 0 0 0 rg BT 156.82 239.25 Td (of ) Tj ET Q q 0 0 0 rg BT 167.06 239.25 Td (the ) Tj ET Q q 0 0 0 rg BT 181.18 239.25 Td (period-end ) Tj ET Q q 0 0 0 rg BT 226.40 239.25 Td (date. ) Tj ET Q q 0 0 0 rg BT 247.32 239.25 Td (T) Tj ET Q q 0 0 0 rg BT 252.73 239.25 Td (o ) Tj ET Q q 0 0 0 rg BT 259.64 239.25 Td (the ) Tj ET Q q 0 0 0 rg BT 273.76 239.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 300.09 239.25 Td (these ) Tj ET Q q 0 0 0 rg BT 322.55 239.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 362.21 239.25 Td (are ) Tj ET Q q 0 0 0 rg BT 376.33 239.25 Td (actively ) Tj ET Q q 0 0 0 rg BT 409.88 239.25 Td (traded ) Tj ET Q q 0 0 0 rg BT 436.77 239.25 Td (and ) Tj ET Q q 0 0 0 rg BT 453.11 239.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 492.23 239.25 Td (adjustments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 227.25 Td (are ) Tj ET Q q 0 0 0 rg BT 87.09 227.25 Td (not ) Tj ET Q q 0 0 0 rg BT 102.75 227.25 Td (applied, ) Tj ET Q q 0 0 0 rg BT 137.56 227.25 Td (they ) Tj ET Q q 0 0 0 rg BT 157.66 227.25 Td (are ) Tj ET Q q 0 0 0 rg BT 172.75 227.25 Td (categorized ) Tj ET Q q 0 0 0 rg BT 221.71 227.25 Td (as ) Tj ET Q q 0 0 0 rg BT 232.92 227.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 258.56 227.25 Td (I. ) Tj ET Q q 0 0 0 rg BT 267.27 227.25 Td (Non-exchange ) Tj ET Q q 0 0 0 rg BT 328.46 227.25 Td (traded ) Tj ET Q q 0 0 0 rg BT 356.33 227.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 384.20 227.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 424.85 227.25 Td (\(principally ) Tj ET Q q 0 0 0 rg BT 474.38 227.25 Td (hybrid ) Tj ET Q q 0 0 0 rg BT 503.37 227.25 Td (preferred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 215.25 Td (securities\) ) Tj ET Q q 0 0 0 rg BT 115.58 215.25 Td (are ) Tj ET Q q 0 0 0 rg BT 130.28 215.25 Td (measured ) Tj ET Q q 0 0 0 rg BT 171.08 215.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 210.78 215.25 Td (using ) Tj ET Q q 0 0 0 rg BT 234.94 215.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 263.52 215.25 Td (quotations, ) Tj ET Q q 0 0 0 rg BT 310.18 215.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 336.54 215.25 Td (observed ) Tj ET Q q 0 0 0 rg BT 375.13 215.25 Td (for ) Tj ET Q q 0 0 0 rg BT 389.28 215.25 Td (recently ) Tj ET Q q 0 0 0 rg BT 423.97 215.25 Td (executed ) Tj ET Q q 0 0 0 rg BT 461.99 215.25 Td (market ) Tj ET Q q 0 0 0 rg BT 492.24 215.25 Td (transactions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 203.25 Td (and ) Tj ET Q q 0 0 0 rg BT 88.52 203.25 Td (internally-developed ) Tj ET Q q 0 0 0 rg BT 173.35 203.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 189.31 203.25 Td (value ) Tj ET Q q 0 0 0 rg BT 213.05 203.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 252.35 203.25 Td (based ) Tj ET Q q 0 0 0 rg BT 277.20 203.25 Td (on ) Tj ET Q q 0 0 0 rg BT 289.28 203.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 334.68 203.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 361.21 203.25 Td (and ) Tj ET Q q 0 0 0 rg BT 377.74 203.25 Td (are ) Tj ET Q q 0 0 0 rg BT 392.03 203.25 Td (categorized ) Tj ET Q q 0 0 0 rg BT 440.19 203.25 Td (within ) Tj ET Q q 0 0 0 rg BT 467.83 203.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 492.68 203.25 Td (II ) Tj ET Q q 0 0 0 rg BT 501.42 203.25 Td (of ) Tj ET Q q 0 0 0 rg BT 511.84 203.25 Td (the ) Tj ET Q q 0 0 0 rg BT 526.14 203.25 Td (fair ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 191.25 Td (value ) Tj ET Q q 0 0 0 rg BT 96.16 191.25 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 133.26 191.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 167.25 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 122.27 167.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 163.65 167.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.65 167.25 Td ( ) Tj ET Q q 0 0 0 rg BT 171.71 167.25 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 221.98 167.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 262.80 167.25 Td (are ) Tj ET Q q 0 0 0 rg BT 278.07 167.25 Td (valued ) Tj ET Q q 0 0 0 rg BT 307.78 167.25 Td (based ) Tj ET Q q 0 0 0 rg BT 333.61 167.25 Td (on ) Tj ET Q q 0 0 0 rg BT 346.67 167.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 393.04 167.25 Td (trades, ) Tj ET Q q 0 0 0 rg BT 422.48 167.25 Td (when ) Tj ET Q q 0 0 0 rg BT 447.19 167.25 Td (available. ) Tj ET Q q 0 0 0 rg BT 488.17 167.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 537.50 167.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 155.25 Td (these ) Tj ET Q q 0 0 0 rg BT 95.05 155.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 142.53 155.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 182.79 155.25 Td (are ) Tj ET Q q 0 0 0 rg BT 197.50 155.25 Td (categorized ) Tj ET Q q 0 0 0 rg BT 246.08 155.25 Td (as ) Tj ET Q q 0 0 0 rg BT 256.91 155.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 282.17 155.25 Td (II. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 131.25 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 115.26 131.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 136.28 131.25 Td (income ) Tj ET Q q 0 0 0 rg BT 166.74 131.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 206.65 131.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.65 131.25 Td ( ) Tj ET Q q 0 0 0 rg BT 213.24 131.25 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 237.60 131.25 Td (income ) Tj ET Q q 0 0 0 rg BT 268.62 131.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 307.97 131.25 Td (include ) Tj ET Q q 0 0 0 rg BT 338.99 131.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 378.33 131.25 Td (bonds ) Tj ET Q q 0 0 0 rg BT 403.81 131.25 Td (which ) Tj ET Q q 0 0 0 rg BT 429.83 131.25 Td (are ) Tj ET Q q 0 0 0 rg BT 443.62 131.25 Td (valued ) Tj ET Q q 0 0 0 rg BT 471.86 131.25 Td (based ) Tj ET Q q 0 0 0 rg BT 496.22 131.25 Td (on ) Tj ET Q q 0 0 0 rg BT 507.80 131.25 Td (recently ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 119.25 Td (executed ) Tj ET Q q 0 0 0 rg BT 109.49 119.25 Td (market ) Tj ET Q q 0 0 0 rg BT 139.21 119.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 188.92 119.25 Td (of ) Tj ET Q q 0 0 0 rg BT 199.21 119.25 Td (comparable ) Tj ET Q q 0 0 0 rg BT 247.80 119.25 Td (size, ) Tj ET Q q 0 0 0 rg BT 267.80 119.25 Td (internally-developed ) Tj ET Q q 0 0 0 rg BT 352.50 119.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 368.33 119.25 Td (value ) Tj ET Q q 0 0 0 rg BT 391.94 119.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 431.11 119.25 Td (based ) Tj ET Q q 0 0 0 rg BT 455.83 119.25 Td (on ) Tj ET Q q 0 0 0 rg BT 467.79 119.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 513.06 119.25 Td (inputs, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 107.25 Td (or ) Tj ET Q q 0 0 0 rg BT 82.83 107.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 111.43 107.25 Td (quotations. ) Tj ET Q q 0 0 0 rg BT 157.54 107.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 206.88 107.25 Td (, ) Tj ET Q q 0 0 0 rg BT 211.88 107.25 Td (these ) Tj ET Q q 0 0 0 rg BT 234.92 107.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 275.18 107.25 Td (bonds ) Tj ET Q q 0 0 0 rg BT 301.57 107.25 Td (are ) Tj ET Q q 0 0 0 rg BT 316.28 107.25 Td (categorized ) Tj ET Q q 0 0 0 rg BT 364.86 107.25 Td (as ) Tj ET Q q 0 0 0 rg BT 375.69 107.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 400.95 107.25 Td (II. ) Tj ET Q endstream endobj 25 0 obj <> endobj 26 0 obj <> stream BT /F3 11.00 Tf ET q 0 0 0 rg BT 103.65 755.30 Td (Notes to the Statement of Financial Condition as of June 30, 2016 \(unaudited\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 48.60 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 731.10 Td (T) Tj ET Q q 0 0 0 rg BT 76.64 731.10 Td (axable ) Tj ET Q q 0 0 0 rg BT 106.20 731.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 149.09 731.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 190.31 731.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.31 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 198.00 731.10 Td (T) Tj ET Q q 0 0 0 rg BT 203.41 731.10 Td (axable ) Tj ET Q q 0 0 0 rg BT 232.40 731.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 275.29 731.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 315.95 731.10 Td (are ) Tj ET Q q 0 0 0 rg BT 331.05 731.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 360.60 731.10 Td (using ) Tj ET Q q 0 0 0 rg BT 385.17 731.10 Td (recently ) Tj ET Q q 0 0 0 rg BT 420.27 731.10 Td (executed ) Tj ET Q q 0 0 0 rg BT 458.70 731.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 504.91 731.10 Td (trades ) Tj ET Q q 0 0 0 rg BT 531.68 731.10 Td (or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 719.10 Td (market ) Tj ET Q q 0 0 0 rg BT 102.26 719.10 Td (price ) Tj ET Q q 0 0 0 rg BT 124.75 719.10 Td (quotations ) Tj ET Q q 0 0 0 rg BT 168.91 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 185.85 719.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 224.44 719.10 Td (are ) Tj ET Q q 0 0 0 rg BT 239.14 719.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 278.85 719.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 327.42 719.10 Td (as ) Tj ET Q q 0 0 0 rg BT 338.25 719.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 363.52 719.10 Td (II.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 695.10 Td (T) Tj ET Q q 0 0 0 rg BT 76.64 695.10 Td (ax-exempt ) Tj ET Q q 0 0 0 rg BT 121.25 695.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 164.77 695.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 206.61 695.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.61 695.10 Td ( ) Tj ET Q q 0 0 0 rg BT 214.88 695.10 Td (T) Tj ET Q q 0 0 0 rg BT 220.29 695.10 Td (ax-exempt ) Tj ET Q q 0 0 0 rg BT 266.02 695.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 309.53 695.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 350.81 695.10 Td (are ) Tj ET Q q 0 0 0 rg BT 366.54 695.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 396.72 695.10 Td (using ) Tj ET Q q 0 0 0 rg BT 421.91 695.10 Td (recently ) Tj ET Q q 0 0 0 rg BT 457.64 695.10 Td (executed ) Tj ET Q q 0 0 0 rg BT 496.69 695.10 Td (observable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 683.10 Td (trades ) Tj ET Q q 0 0 0 rg BT 99.66 683.10 Td (or ) Tj ET Q q 0 0 0 rg BT 111.78 683.10 Td (market ) Tj ET Q q 0 0 0 rg BT 143.33 683.10 Td (price ) Tj ET Q q 0 0 0 rg BT 167.10 683.10 Td (quotations ) Tj ET Q q 0 0 0 rg BT 212.56 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 230.78 683.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 270.65 683.10 Td (are ) Tj ET Q q 0 0 0 rg BT 286.65 683.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 327.64 683.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 377.50 683.10 Td (as ) Tj ET Q q 0 0 0 rg BT 389.62 683.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 416.17 683.10 Td (II. ) Tj ET Q q 0 0 0 rg BT 429.12 683.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 462.34 683.10 Td (illiquid ) Tj ET Q q 0 0 0 rg BT 495.02 683.10 Td (tax-exempt ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 671.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 115.19 671.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 156.16 671.10 Td (are ) Tj ET Q q 0 0 0 rg BT 171.57 671.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 201.43 671.10 Td (using ) Tj ET Q q 0 0 0 rg BT 226.30 671.10 Td (market ) Tj ET Q q 0 0 0 rg BT 257.27 671.10 Td (data ) Tj ET Q q 0 0 0 rg BT 277.13 671.10 Td (for ) Tj ET Q q 0 0 0 rg BT 291.99 671.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 341.83 671.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 382.80 671.10 Td (\(maturity ) Tj ET Q q 0 0 0 rg BT 423.22 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 440.86 671.10 Td (sector\) ) Tj ET Q q 0 0 0 rg BT 471.27 671.10 Td (and ) Tj ET Q q 0 0 0 rg BT 488.91 671.10 Td (management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 659.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 113.61 659.10 Td (to ) Tj ET Q q 0 0 0 rg BT 125.23 659.10 Td (infer ) Tj ET Q q 0 0 0 rg BT 147.94 659.10 Td (an ) Tj ET Q q 0 0 0 rg BT 161.21 659.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 210.58 659.10 Td (current ) Tj ET Q q 0 0 0 rg BT 242.74 659.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 266.57 659.10 Td (or ) Tj ET Q q 0 0 0 rg BT 278.74 659.10 Td (other ) Tj ET Q q 0 0 0 rg BT 303.12 659.10 Td (model-based ) Tj ET Q q 0 0 0 rg BT 358.05 659.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 399.10 659.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 445.70 659.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 480.63 659.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 530.00 659.10 Td (by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 647.10 Td (management ) Tj ET Q q 0 0 0 rg BT 125.59 647.10 Td (based ) Tj ET Q q 0 0 0 rg BT 150.86 647.10 Td (on ) Tj ET Q q 0 0 0 rg BT 163.36 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 178.07 647.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 211.67 647.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 239.15 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 249.98 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 264.70 647.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 307.75 647.10 Td (security ) Tj ET Q q 0 0 0 rg BT 341.91 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 358.85 647.10 Td (are ) Tj ET Q q 0 0 0 rg BT 373.55 647.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 412.14 647.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 460.72 647.10 Td (as ) Tj ET Q q 0 0 0 rg BT 471.55 647.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 496.81 647.10 Td (III.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 623.10 Td (Short-term ) Tj ET Q q 0 0 0 rg BT 117.43 623.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 159.53 623.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 199.95 623.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.95 623.10 Td ( ) Tj ET Q q 0 0 0 rg BT 207.05 623.10 Td (Short-term ) Tj ET Q q 0 0 0 rg BT 252.48 623.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 294.57 623.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 334.44 623.10 Td (include ) Tj ET Q q 0 0 0 rg BT 365.97 623.10 Td (auction ) Tj ET Q q 0 0 0 rg BT 397.51 623.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 414.59 623.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 456.96 623.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 491.26 623.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 508.35 623.10 Td (demand ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 611.10 Td (notes, ) Tj ET Q q 0 0 0 rg BT 97.91 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 114.65 611.10 Td (other ) Tj ET Q q 0 0 0 rg BT 137.50 611.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 181.45 611.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 223.75 611.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 266.14 611.10 Td (V) Tj ET Q q 0 0 0 rg BT 272.26 611.10 Td (ariable ) Tj ET Q q 0 0 0 rg BT 301.76 611.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 319.05 611.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 353.00 611.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 376.41 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 393.15 611.10 Td (other ) Tj ET Q q 0 0 0 rg BT 416.00 611.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 459.96 611.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 502.25 611.10 Td (securities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 599.10 Td (are ) Tj ET Q q 0 0 0 rg BT 86.13 599.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 114.70 599.10 Td (using ) Tj ET Q q 0 0 0 rg BT 138.29 599.10 Td (recently ) Tj ET Q q 0 0 0 rg BT 172.41 599.10 Td (executed ) Tj ET Q q 0 0 0 rg BT 209.86 599.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 255.10 599.10 Td (trades ) Tj ET Q q 0 0 0 rg BT 280.89 599.10 Td (or ) Tj ET Q q 0 0 0 rg BT 291.14 599.10 Td (market ) Tj ET Q q 0 0 0 rg BT 320.82 599.10 Td (price ) Tj ET Q q 0 0 0 rg BT 342.73 599.10 Td (quotations ) Tj ET Q q 0 0 0 rg BT 386.31 599.10 Td (and ) Tj ET Q q 0 0 0 rg BT 402.67 599.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 440.67 599.10 Td (are ) Tj ET Q q 0 0 0 rg BT 454.80 599.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 493.92 599.10 Td (categorized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 587.10 Td (as ) Tj ET Q q 0 0 0 rg BT 82.87 587.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 108.17 587.10 Td (II. ) Tj ET Q q 0 0 0 rg BT 119.31 587.10 Td (Auction ) Tj ET Q q 0 0 0 rg BT 154.06 587.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 171.59 587.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 211.89 587.10 Td (with ) Tj ET Q q 0 0 0 rg BT 232.20 587.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 263.07 587.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 299.50 587.10 Td (are ) Tj ET Q q 0 0 0 rg BT 314.25 587.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 362.86 587.10 Td (as ) Tj ET Q q 0 0 0 rg BT 373.73 587.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 399.03 587.10 Td (III ) Tj ET Q q 0 0 0 rg BT 411.56 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 428.54 587.10 Td (are ) Tj ET Q q 0 0 0 rg BT 443.28 587.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 472.48 587.10 Td (using ) Tj ET Q q 0 0 0 rg BT 496.69 587.10 Td (discounted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 575.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 92.27 575.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 113.10 575.10 Td (models ) Tj ET Q q 0 0 0 rg BT 144.49 575.10 Td (with ) Tj ET Q q 0 0 0 rg BT 164.76 575.10 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 220.58 575.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 247.53 575.10 Td (such ) Tj ET Q q 0 0 0 rg BT 268.36 575.10 Td (as ) Tj ET Q q 0 0 0 rg BT 279.19 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 293.90 575.10 Td (Company) Tj ET Q q 0 0 0 rg BT 335.57 575.10 Td (s ) Tj ET Q q 0 0 0 rg BT 341.96 575.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 379.99 575.10 Td (recovery ) Tj ET Q q 0 0 0 rg BT 417.47 575.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 434.95 575.10 Td (on ) Tj ET Q q 0 0 0 rg BT 447.45 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 462.17 575.10 Td (securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 551.10 Td (Mortgage-backed ) Tj ET Q q 0 0 0 rg BT 145.20 551.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 185.64 551.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.64 551.10 Td ( ) Tj ET Q q 0 0 0 rg BT 192.76 551.10 Td (Mortgage-backed ) Tj ET Q q 0 0 0 rg BT 265.40 551.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 305.28 551.10 Td (are ) Tj ET Q q 0 0 0 rg BT 319.60 551.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 348.37 551.10 Td (using ) Tj ET Q q 0 0 0 rg BT 372.16 551.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 417.59 551.10 Td (trades, ) Tj ET Q q 0 0 0 rg BT 446.09 551.10 Td (when ) Tj ET Q q 0 0 0 rg BT 469.86 551.10 Td (available. ) Tj ET Q q 0 0 0 rg BT 510.57 551.10 Td (Certain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 539.10 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 143.99 539.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 184.33 539.10 Td (are ) Tj ET Q q 0 0 0 rg BT 199.11 539.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 228.34 539.10 Td (using ) Tj ET Q q 0 0 0 rg BT 252.59 539.10 Td (models ) Tj ET Q q 0 0 0 rg BT 284.05 539.10 Td (where ) Tj ET Q q 0 0 0 rg BT 311.06 539.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 338.09 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 348.44 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 363.24 539.10 Td (model ) Tj ET Q q 0 0 0 rg BT 390.81 539.10 Td (are ) Tj ET Q q 0 0 0 rg BT 405.59 539.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 438.71 539.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 484.60 539.10 Td (in ) Tj ET Q q 0 0 0 rg BT 494.96 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 509.75 539.10 Td (market, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 527.10 Td (or ) Tj ET Q q 0 0 0 rg BT 83.06 527.10 Td (can ) Tj ET Q q 0 0 0 rg BT 99.66 527.10 Td (be ) Tj ET Q q 0 0 0 rg BT 111.83 527.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 144.54 527.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 190.59 527.10 Td (from ) Tj ET Q q 0 0 0 rg BT 212.75 527.10 Td (or ) Tj ET Q q 0 0 0 rg BT 223.81 527.10 Td (corroborated ) Tj ET Q q 0 0 0 rg BT 277.62 527.10 Td (by ) Tj ET Q q 0 0 0 rg BT 290.35 527.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 336.39 527.10 Td (market ) Tj ET Q q 0 0 0 rg BT 366.88 527.10 Td (data. ) Tj ET Q q 0 0 0 rg BT 388.57 527.10 Td (These ) Tj ET Q q 0 0 0 rg BT 415.17 527.10 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 487.31 527.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 527.80 527.10 Td (are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 515.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 119.59 515.10 Td (as ) Tj ET Q q 0 0 0 rg BT 129.42 515.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 153.70 515.10 Td (II. ) Tj ET Q q 0 0 0 rg BT 164.36 515.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 188.64 515.10 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 259.56 515.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 301.33 515.10 Td (which ) Tj ET Q q 0 0 0 rg BT 327.28 515.10 Td (are ) Tj ET Q q 0 0 0 rg BT 340.99 515.10 Td (principally ) Tj ET Q q 0 0 0 rg BT 385.82 515.10 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 441.18 515.10 Td (by ) Tj ET Q q 0 0 0 rg BT 452.69 515.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 495.84 515.10 Td (mortgages, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 503.10 Td (have ) Tj ET Q q 0 0 0 rg BT 92.71 503.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 142.84 503.10 Td (low ) Tj ET Q q 0 0 0 rg BT 159.68 503.10 Td (volumes ) Tj ET Q q 0 0 0 rg BT 195.40 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 205.56 503.10 Td (executed ) Tj ET Q q 0 0 0 rg BT 242.93 503.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 292.52 503.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 329.35 503.10 Td (in ) Tj ET Q q 0 0 0 rg BT 338.97 503.10 Td (less ) Tj ET Q q 0 0 0 rg BT 355.80 503.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 400.95 503.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 446.65 503.10 Td (data. ) Tj ET Q q 0 0 0 rg BT 467.64 503.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 498.91 503.10 Td (mortgage-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 491.10 Td (backed ) Tj ET Q q 0 0 0 rg BT 102.88 491.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 143.22 491.10 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 199.64 491.10 Td (by ) Tj ET Q q 0 0 0 rg BT 212.21 491.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 256.42 491.10 Td (mortgages ) Tj ET Q q 0 0 0 rg BT 300.65 491.10 Td (are ) Tj ET Q q 0 0 0 rg BT 315.42 491.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 344.65 491.10 Td (using ) Tj ET Q q 0 0 0 rg BT 368.88 491.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 389.22 491.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 410.12 491.10 Td (models ) Tj ET Q q 0 0 0 rg BT 441.58 491.10 Td (that ) Tj ET Q q 0 0 0 rg BT 459.14 491.10 Td (utilize ) Tj ET Q q 0 0 0 rg BT 486.70 491.10 Td (unobservable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 479.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 100.15 479.10 Td (including ) Tj ET Q q 0 0 0 rg BT 141.62 479.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 168.09 479.10 Td (default ) Tj ET Q q 0 0 0 rg BT 199.55 479.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 224.63 479.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 275.53 479.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 300.61 479.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 319.87 479.10 Td (severity ) Tj ET Q q 0 0 0 rg BT 355.22 479.10 Td (and ) Tj ET Q q 0 0 0 rg BT 373.36 479.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 414.27 479.10 Td (yields. ) Tj ET Q q 0 0 0 rg BT 443.54 479.10 Td (As ) Tj ET Q q 0 0 0 rg BT 458.36 479.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 499.83 479.10 Td (is ) Tj ET Q q 0 0 0 rg BT 510.20 479.10 Td (used ) Tj ET Q q 0 0 0 rg BT 532.23 479.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 467.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 114.48 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.20 467.10 Td (range ) Tj ET Q q 0 0 0 rg BT 153.90 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 164.73 467.10 Td (these ) Tj ET Q q 0 0 0 rg BT 187.78 467.10 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 217.23 467.10 Td (these ) Tj ET Q q 0 0 0 rg BT 240.28 467.10 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 312.19 467.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 352.45 467.10 Td (are ) Tj ET Q q 0 0 0 rg BT 367.16 467.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 415.74 467.10 Td (as ) Tj ET Q q 0 0 0 rg BT 426.57 467.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 451.83 467.10 Td (III.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 443.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 90.75 443.10 Td (government ) Tj ET Q q 0 0 0 rg BT 139.48 443.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 169.31 443.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 209.16 443.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.16 443.10 Td ( ) Tj ET Q q 0 0 0 rg BT 215.69 443.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 234.99 443.10 Td (government ) Tj ET Q q 0 0 0 rg BT 284.28 443.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 314.12 443.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 353.41 443.10 Td (include ) Tj ET Q q 0 0 0 rg BT 384.36 443.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 414.20 443.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 432.94 443.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 458.36 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 474.32 443.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 513.61 443.10 Td (bonds. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 431.10 Td (Agency ) Tj ET Q q 0 0 0 rg BT 105.81 431.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 125.73 431.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 152.33 431.10 Td (are ) Tj ET Q q 0 0 0 rg BT 167.24 431.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 196.60 431.10 Td (by ) Tj ET Q q 0 0 0 rg BT 209.31 431.10 Td (using ) Tj ET Q q 0 0 0 rg BT 233.69 431.10 Td (either ) Tj ET Q q 0 0 0 rg BT 259.16 431.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 284.63 431.10 Td (price ) Tj ET Q q 0 0 0 rg BT 307.32 431.10 Td (quotes ) Tj ET Q q 0 0 0 rg BT 336.13 431.10 Td (or ) Tj ET Q q 0 0 0 rg BT 347.17 431.10 Td (price ) Tj ET Q q 0 0 0 rg BT 369.86 431.10 Td (quotes ) Tj ET Q q 0 0 0 rg BT 398.68 431.10 Td (for ) Tj ET Q q 0 0 0 rg BT 413.04 431.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 462.39 431.10 Td (bond ) Tj ET Q q 0 0 0 rg BT 485.10 431.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 525.57 431.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 419.10 Td (are ) Tj ET Q q 0 0 0 rg BT 86.99 419.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 135.86 419.10 Td (as ) Tj ET Q q 0 0 0 rg BT 146.97 419.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 172.52 419.10 Td (II. ) Tj ET Q q 0 0 0 rg BT 184.47 419.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 226.13 419.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 252.81 419.10 Td (include ) Tj ET Q q 0 0 0 rg BT 285.03 419.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 311.70 419.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 345.03 419.10 Td (by ) Tj ET Q q 0 0 0 rg BT 357.81 419.10 Td (mortgages, ) Tj ET Q q 0 0 0 rg BT 404.75 419.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 445.30 419.10 Td (pass-through ) Tj ET Q q 0 0 0 rg BT 499.75 419.10 Td (securities, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 407.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 103.83 407.10 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 161.19 407.10 Td (mortgage-obligation ) Tj ET Q q 0 0 0 rg BT 246.35 407.10 Td (\(CMO\) ) Tj ET Q q 0 0 0 rg BT 288.18 407.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 329.46 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 347.41 407.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 379.24 407.10 Td (interest-only ) Tj ET Q q 0 0 0 rg BT 433.29 407.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 477.07 407.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 519.46 407.10 Td (pass-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 395.10 Td (through ) Tj ET Q q 0 0 0 rg BT 105.22 395.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 147.59 395.10 Td (CMO ) Tj ET Q q 0 0 0 rg BT 172.49 395.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 212.36 395.10 Td (and ) Tj ET Q q 0 0 0 rg BT 228.91 395.10 Td (interest-only ) Tj ET Q q 0 0 0 rg BT 281.56 395.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 321.44 395.10 Td (are ) Tj ET Q q 0 0 0 rg BT 335.76 395.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 364.52 395.10 Td (using ) Tj ET Q q 0 0 0 rg BT 388.30 395.10 Td (recently ) Tj ET Q q 0 0 0 rg BT 422.62 395.10 Td (executed ) Tj ET Q q 0 0 0 rg BT 460.26 395.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 505.69 395.10 Td (trades ) Tj ET Q q 0 0 0 rg BT 531.67 395.10 Td (or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 383.10 Td (other ) Tj ET Q q 0 0 0 rg BT 94.27 383.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 139.32 383.10 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 167.99 383.10 Td (such ) Tj ET Q q 0 0 0 rg BT 188.05 383.10 Td (as ) Tj ET Q q 0 0 0 rg BT 198.11 383.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 247.04 383.10 Td (speeds ) Tj ET Q q 0 0 0 rg BT 275.43 383.10 Td (and ) Tj ET Q q 0 0 0 rg BT 291.59 383.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 329.40 383.10 Td (are ) Tj ET Q q 0 0 0 rg BT 343.34 383.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 382.27 383.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 430.07 383.10 Td (as ) Tj ET Q q 0 0 0 rg BT 440.13 383.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 464.62 383.10 Td (II. ) Tj ET Q q 0 0 0 rg BT 475.51 383.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 516.12 383.10 Td (bonds ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 371.10 Td (are ) Tj ET Q q 0 0 0 rg BT 86.91 371.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 116.26 371.10 Td (using ) Tj ET Q q 0 0 0 rg BT 140.63 371.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 186.65 371.10 Td (market ) Tj ET Q q 0 0 0 rg BT 217.11 371.10 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 246.76 371.10 Td (such ) Tj ET Q q 0 0 0 rg BT 267.79 371.10 Td (as ) Tj ET Q q 0 0 0 rg BT 278.82 371.10 Td (market ) Tj ET Q q 0 0 0 rg BT 309.29 371.10 Td (yields ) Tj ET Q q 0 0 0 rg BT 335.87 371.10 Td (on ) Tj ET Q q 0 0 0 rg BT 348.57 371.10 Td (spreads ) Tj ET Q q 0 0 0 rg BT 381.26 371.10 Td (over ) Tj ET Q q 0 0 0 rg BT 401.73 371.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 422.21 371.10 Td (treasury ) Tj ET Q q 0 0 0 rg BT 457.12 371.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 500.09 371.10 Td (or ) Tj ET Q q 0 0 0 rg BT 511.12 371.10 Td (models ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 359.10 Td (based ) Tj ET Q q 0 0 0 rg BT 97.27 359.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 119.77 359.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 169.47 359.10 Td (expectations. ) Tj ET Q q 0 0 0 rg BT 224.27 359.10 Td (These ) Tj ET Q q 0 0 0 rg BT 250.65 359.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 290.91 359.10 Td (are ) Tj ET Q q 0 0 0 rg BT 305.62 359.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 354.20 359.10 Td (as ) Tj ET Q q 0 0 0 rg BT 365.03 359.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 390.29 359.10 Td (II.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 335.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 93.09 335.10 Td (government ) Tj ET Q q 0 0 0 rg BT 144.17 335.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 186.37 335.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.37 335.10 Td ( ) Tj ET Q q 0 0 0 rg BT 195.24 335.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 216.90 335.10 Td (government ) Tj ET Q q 0 0 0 rg BT 268.53 335.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 310.17 335.10 Td (include ) Tj ET Q q 0 0 0 rg BT 343.47 335.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 372.90 335.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 400.11 335.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 421.77 335.10 Td (treasury ) Tj ET Q q 0 0 0 rg BT 457.84 335.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 499.48 335.10 Td (which ) Tj ET Q q 0 0 0 rg BT 527.79 335.10 Td (are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 323.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 111.90 323.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 141.26 323.10 Td (using ) Tj ET Q q 0 0 0 rg BT 165.63 323.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 195.54 323.10 Td (market ) Tj ET Q q 0 0 0 rg BT 226.00 323.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 252.58 323.10 Td (and ) Tj ET Q q 0 0 0 rg BT 269.72 323.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 308.50 323.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 357.28 323.10 Td (as ) Tj ET Q q 0 0 0 rg BT 368.31 323.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 393.77 323.10 Td (I. ) Tj ET Q q 0 0 0 rg BT 402.11 323.10 Td (The ) Tj ET Q q 0 0 0 rg BT 420.35 323.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 461.94 323.10 Td (does ) Tj ET Q q 0 0 0 rg BT 482.97 323.10 Td (not ) Tj ET Q q 0 0 0 rg BT 498.44 323.10 Td (transact ) Tj ET Q q 0 0 0 rg BT 532.24 323.10 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 311.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 112.26 311.10 Td (of ) Tj ET Q q 0 0 0 rg BT 123.09 311.10 Td (countries ) Tj ET Q q 0 0 0 rg BT 162.25 311.10 Td (other ) Tj ET Q q 0 0 0 rg BT 185.30 311.10 Td (than ) Tj ET Q q 0 0 0 rg BT 205.01 311.10 Td (the ) Tj ET Q q 0 0 0 rg BT 219.73 311.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 240.01 311.10 Td (government.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 287.10 Td (Derivatives ) Tj ET Q q 0 0 0 rg BT 120.43 287.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.43 287.10 Td ( ) Tj ET Q q 0 0 0 rg BT 127.76 287.10 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 172.29 287.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 210.72 287.10 Td (include ) Tj ET Q q 0 0 0 rg BT 242.49 287.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 269.82 287.10 Td (options ) Tj ET Q q 0 0 0 rg BT 301.60 287.10 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 342.52 287.10 Td (which ) Tj ET Q q 0 0 0 rg BT 369.30 287.10 Td (are ) Tj ET Q q 0 0 0 rg BT 383.84 287.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 412.82 287.10 Td (based ) Tj ET Q q 0 0 0 rg BT 437.93 287.10 Td (on ) Tj ET Q q 0 0 0 rg BT 450.26 287.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 479.81 287.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 506.02 287.10 Td (from ) Tj ET Q q 0 0 0 rg BT 527.79 287.10 Td (the) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 275.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 112.62 275.10 Td (for ) Tj ET Q q 0 0 0 rg BT 127.15 275.10 Td (identical ) Tj ET Q q 0 0 0 rg BT 164.44 275.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 190.64 275.10 Td (or ) Tj ET Q q 0 0 0 rg BT 201.83 275.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 241.92 275.10 Td (as ) Tj ET Q q 0 0 0 rg BT 253.11 275.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.31 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 279.39 275.10 Td (period-end ) Tj ET Q q 0 0 0 rg BT 325.57 275.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 347.39 275.10 Td (T) Tj ET Q q 0 0 0 rg BT 352.80 275.10 Td (o ) Tj ET Q q 0 0 0 rg BT 360.67 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 375.75 275.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 403.05 275.10 Td (these ) Tj ET Q q 0 0 0 rg BT 426.46 275.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 465.42 275.10 Td (are ) Tj ET Q q 0 0 0 rg BT 480.49 275.10 Td (actively ) Tj ET Q q 0 0 0 rg BT 515.01 275.10 Td (traded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 263.10 Td (and ) Tj ET Q q 0 0 0 rg BT 88.94 263.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 128.65 263.10 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 178.92 263.10 Td (are ) Tj ET Q q 0 0 0 rg BT 193.63 263.10 Td (not ) Tj ET Q q 0 0 0 rg BT 208.91 263.10 Td (applied, ) Tj ET Q q 0 0 0 rg BT 243.34 263.10 Td (they ) Tj ET Q q 0 0 0 rg BT 263.06 263.10 Td (are ) Tj ET Q q 0 0 0 rg BT 277.77 263.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 326.35 263.10 Td (as ) Tj ET Q q 0 0 0 rg BT 337.18 263.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 362.44 263.10 Td (I.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 239.10 Td (Investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 215.10 Td (The ) Tj ET Q q 0 0 0 rg BT 90.65 215.10 Td (Company) Tj ET Q q 0 0 0 rg BT 132.31 215.10 Td (s ) Tj ET Q q 0 0 0 rg BT 139.30 215.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 190.18 215.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 219.93 215.10 Td (at ) Tj ET Q q 0 0 0 rg BT 230.25 215.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 247.23 215.10 Td (value ) Tj ET Q q 0 0 0 rg BT 271.99 215.10 Td (include ) Tj ET Q q 0 0 0 rg BT 304.52 215.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 332.62 215.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 383.49 215.10 Td (in ) Tj ET Q q 0 0 0 rg BT 394.37 215.10 Td (private ) Tj ET Q q 0 0 0 rg BT 425.23 215.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 471.10 215.10 Td (and ) Tj ET Q q 0 0 0 rg BT 488.64 215.10 Td (partnerships, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 203.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 121.61 203.10 Td (in ) Tj ET Q q 0 0 0 rg BT 131.23 203.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 172.49 203.10 Td (mutual ) Tj ET Q q 0 0 0 rg BT 202.10 203.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 228.66 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 244.94 203.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 281.21 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 291.38 203.10 Td (public ) Tj ET Q q 0 0 0 rg BT 318.21 203.10 Td (and ) Tj ET Q q 0 0 0 rg BT 334.49 203.10 Td (private ) Tj ET Q q 0 0 0 rg BT 364.09 203.10 Td (companies. ) Tj ET Q q 0 0 0 rg BT 411.19 203.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 461.35 203.10 Td (in ) Tj ET Q q 0 0 0 rg BT 470.97 203.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 512.23 203.10 Td (mutual ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 191.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 96.47 191.10 Td (are ) Tj ET Q q 0 0 0 rg BT 110.92 191.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 139.82 191.10 Td (based ) Tj ET Q q 0 0 0 rg BT 164.83 191.10 Td (on ) Tj ET Q q 0 0 0 rg BT 177.08 191.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 206.54 191.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 232.66 191.10 Td (on ) Tj ET Q q 0 0 0 rg BT 244.91 191.10 Td (active ) Tj ET Q q 0 0 0 rg BT 271.02 191.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 304.92 191.10 Td (and ) Tj ET Q q 0 0 0 rg BT 321.61 191.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 361.62 191.10 Td (as ) Tj ET Q q 0 0 0 rg BT 372.19 191.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 397.20 191.10 Td (I. ) Tj ET Q q 0 0 0 rg BT 405.28 191.10 Td (Company-owned ) Tj ET Q q 0 0 0 rg BT 476.40 191.10 Td (warrants, ) Tj ET Q q 0 0 0 rg BT 515.57 191.10 Td (which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 179.10 Td (have ) Tj ET Q q 0 0 0 rg BT 92.37 179.10 Td (a ) Tj ET Q q 0 0 0 rg BT 98.29 179.10 Td (cashless ) Tj ET Q q 0 0 0 rg BT 132.55 179.10 Td (exercise ) Tj ET Q q 0 0 0 rg BT 166.79 179.10 Td (option, ) Tj ET Q q 0 0 0 rg BT 196.34 179.10 Td (are ) Tj ET Q q 0 0 0 rg BT 210.04 179.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 238.18 179.10 Td (based ) Tj ET Q q 0 0 0 rg BT 262.44 179.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 283.93 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 297.63 179.10 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 356.89 179.10 Td (option-pricing ) Tj ET Q q 0 0 0 rg BT 415.59 179.10 Td (model ) Tj ET Q q 0 0 0 rg BT 442.07 179.10 Td (and ) Tj ET Q q 0 0 0 rg BT 458.00 179.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 486.69 179.10 Td (unobservable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 167.10 Td (inputs. ) Tj ET Q q 0 0 0 rg BT 101.96 167.10 Td (The ) Tj ET Q q 0 0 0 rg BT 120.74 167.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 162.87 167.10 Td (applies ) Tj ET Q q 0 0 0 rg BT 194.44 167.10 Td (a ) Tj ET Q q 0 0 0 rg BT 202.12 167.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 239.25 167.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 276.38 167.10 Td (to ) Tj ET Q q 0 0 0 rg BT 287.40 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 302.86 167.10 Td (value ) Tj ET Q q 0 0 0 rg BT 327.75 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.32 167.10 Td (its ) Tj ET Q q 0 0 0 rg BT 352.01 167.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 389.68 167.10 Td (in ) Tj ET Q q 0 0 0 rg BT 400.70 167.10 Td (public ) Tj ET Q q 0 0 0 rg BT 428.94 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 446.62 167.10 Td (private ) Tj ET Q q 0 0 0 rg BT 477.62 167.10 Td (companies. ) Tj ET Q q 0 0 0 rg BT 526.13 167.10 Td (For ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 155.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 109.29 155.10 Td (in ) Tj ET Q q 0 0 0 rg BT 119.93 155.10 Td (private ) Tj ET Q q 0 0 0 rg BT 150.56 155.10 Td (companies, ) Tj ET Q q 0 0 0 rg BT 198.69 155.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 238.77 155.10 Td (adjustments, ) Tj ET Q q 0 0 0 rg BT 291.90 155.10 Td (based ) Tj ET Q q 0 0 0 rg BT 317.53 155.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 340.40 155.10 Td (management) Tj ET Q q 0 0 0 rg BT 394.27 155.10 Td (s ) Tj ET Q q 0 0 0 rg BT 401.02 155.10 Td (judgment, ) Tj ET Q q 0 0 0 rg BT 444.16 155.10 Td (are ) Tj ET Q q 0 0 0 rg BT 459.23 155.10 Td (made ) Tj ET Q q 0 0 0 rg BT 483.75 155.10 Td (to ) Tj ET Q q 0 0 0 rg BT 494.39 155.10 Td (account ) Tj ET Q q 0 0 0 rg BT 528.35 155.10 Td (for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 143.10 Td (dif) Tj ET Q q 0 0 0 rg BT 82.93 143.10 Td (ferences ) Tj ET Q q 0 0 0 rg BT 118.39 143.10 Td (between ) Tj ET Q q 0 0 0 rg BT 153.87 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.24 143.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 208.72 143.10 Td (security ) Tj ET Q q 0 0 0 rg BT 242.53 143.10 Td (and ) Tj ET Q q 0 0 0 rg BT 259.13 143.10 Td (the ) Tj ET Q q 0 0 0 rg BT 273.51 143.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 296.78 143.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 335.05 143.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 364.41 143.10 Td (of ) Tj ET Q q 0 0 0 rg BT 374.90 143.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 423.70 143.10 Td (companies. ) Tj ET Q q 0 0 0 rg BT 471.13 143.10 Td (Company-owned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 131.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 108.78 131.10 Td (are ) Tj ET Q q 0 0 0 rg BT 123.34 131.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 159.01 131.10 Td (as ) Tj ET Q q 0 0 0 rg BT 169.70 131.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 194.81 131.10 Td (III ) Tj ET Q q 0 0 0 rg BT 207.16 131.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 235.34 131.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 286.02 131.10 Td (in ) Tj ET Q q 0 0 0 rg BT 296.15 131.10 Td (private ) Tj ET Q q 0 0 0 rg BT 326.27 131.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 371.38 131.10 Td (are ) Tj ET Q q 0 0 0 rg BT 385.95 131.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 414.95 131.10 Td (based ) Tj ET Q q 0 0 0 rg BT 440.08 131.10 Td (on ) Tj ET Q q 0 0 0 rg BT 452.43 131.10 Td (an ) Tj ET Q q 0 0 0 rg BT 464.22 131.10 Td (assessment ) Tj ET Q q 0 0 0 rg BT 511.01 131.10 Td (of ) Tj ET Q q 0 0 0 rg BT 521.70 131.10 Td (each ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 119.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 117.83 119.10 Td (security) Tj ET Q q 0 0 0 rg BT 148.83 119.10 Td (. ) Tj ET Q q 0 0 0 rg BT 153.65 119.10 Td (These ) Tj ET Q q 0 0 0 rg BT 180.03 119.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 220.29 119.10 Td (are ) Tj ET Q q 0 0 0 rg BT 235.00 119.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 274.70 119.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 323.28 119.10 Td (as ) Tj ET Q q 0 0 0 rg BT 334.11 119.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 359.37 119.10 Td (III.) Tj ET Q endstream endobj 27 0 obj <> endobj 28 0 obj <> stream BT /F3 11.00 Tf ET q 0 0 0 rg BT 103.65 755.30 Td (Notes to the Statement of Financial Condition as of June 30, 2016 \(unaudited\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 48.60 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 731.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 93.31 731.10 Td (V) Tj ET Q q 0 0 0 rg BT 98.31 731.10 Td (alue ) Tj ET Q q 0 0 0 rg BT 119.06 731.10 Td (Option ) Tj ET Q q 0 0 0 rg BT 150.37 731.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.37 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 158.65 731.10 Td (The ) Tj ET Q q 0 0 0 rg BT 177.73 731.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 195.14 731.10 Td (value ) Tj ET Q q 0 0 0 rg BT 220.33 731.10 Td (option ) Tj ET Q q 0 0 0 rg BT 249.42 731.10 Td (permits ) Tj ET Q q 0 0 0 rg BT 282.94 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.69 731.10 Td (irrevocable ) Tj ET Q q 0 0 0 rg BT 347.20 731.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 364.61 731.10 Td (value ) Tj ET Q q 0 0 0 rg BT 389.79 731.10 Td (option ) Tj ET Q q 0 0 0 rg BT 418.88 731.10 Td (election ) Tj ET Q q 0 0 0 rg BT 454.07 731.10 Td (on ) Tj ET Q q 0 0 0 rg BT 467.60 731.10 Td (an ) Tj ET Q q 0 0 0 rg BT 480.57 731.10 Td (instrument-by-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 719.10 Td (instrument ) Tj ET Q q 0 0 0 rg BT 116.66 719.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 138.54 719.10 Td (at ) Tj ET Q q 0 0 0 rg BT 147.64 719.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 172.86 719.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 220.29 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 230.50 719.10 Td (an ) Tj ET Q q 0 0 0 rg BT 241.82 719.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 263.15 719.10 Td (or ) Tj ET Q q 0 0 0 rg BT 273.36 719.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 306.36 719.10 Td (or ) Tj ET Q q 0 0 0 rg BT 316.57 719.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 338.46 719.10 Td (an ) Tj ET Q q 0 0 0 rg BT 349.78 719.10 Td (event ) Tj ET Q q 0 0 0 rg BT 373.32 719.10 Td (that ) Tj ET Q q 0 0 0 rg BT 390.20 719.10 Td (gives ) Tj ET Q q 0 0 0 rg BT 413.19 719.10 Td (rise ) Tj ET Q q 0 0 0 rg BT 429.51 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 439.18 719.10 Td (a ) Tj ET Q q 0 0 0 rg BT 445.50 719.10 Td (new ) Tj ET Q q 0 0 0 rg BT 464.05 719.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 485.93 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 496.15 719.10 Td (accounting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 707.10 Td (for ) Tj ET Q q 0 0 0 rg BT 86.46 707.10 Td (that ) Tj ET Q q 0 0 0 rg BT 104.25 707.10 Td (instrument. ) Tj ET Q q 0 0 0 rg BT 152.12 707.10 Td (The ) Tj ET Q q 0 0 0 rg BT 170.46 707.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 187.13 707.10 Td (value ) Tj ET Q q 0 0 0 rg BT 211.59 707.10 Td (option ) Tj ET Q q 0 0 0 rg BT 239.94 707.10 Td (was ) Tj ET Q q 0 0 0 rg BT 258.29 707.10 Td (elected ) Tj ET Q q 0 0 0 rg BT 289.40 707.10 Td (for ) Tj ET Q q 0 0 0 rg BT 303.85 707.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 333.85 707.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 361.64 707.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 412.21 707.10 Td (at ) Tj ET Q q 0 0 0 rg BT 422.23 707.10 Td (inception ) Tj ET Q q 0 0 0 rg BT 462.24 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 472.81 707.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 501.14 707.10 Td (economic ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 695.10 Td (events ) Tj ET Q q 0 0 0 rg BT 99.80 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 109.84 695.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 145.97 695.10 Td (on ) Tj ET Q q 0 0 0 rg BT 158.23 695.10 Td (a ) Tj ET Q q 0 0 0 rg BT 164.92 695.10 Td (timely ) Tj ET Q q 0 0 0 rg BT 192.73 695.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 217.48 695.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 246.40 695.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 296.43 695.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.02 695.10 Td ($0.3 ) Tj ET Q q 0 0 0 rg BT 326.78 695.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.67 695.10 Td (, ) Tj ET Q q 0 0 0 rg BT 360.42 695.10 Td (included ) Tj ET Q q 0 0 0 rg BT 397.11 695.10 Td (within ) Tj ET Q q 0 0 0 rg BT 424.92 695.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 474.95 695.10 Td (on ) Tj ET Q q 0 0 0 rg BT 487.21 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 501.68 695.10 Td (statement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 82.83 683.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 120.31 683.10 Td (condition, ) Tj ET Q q 0 0 0 rg BT 163.08 683.10 Td (are ) Tj ET Q q 0 0 0 rg BT 177.79 683.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 220.82 683.10 Td (for ) Tj ET Q q 0 0 0 rg BT 234.98 683.10 Td (at ) Tj ET Q q 0 0 0 rg BT 244.70 683.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 261.08 683.10 Td (value ) Tj ET Q q 0 0 0 rg BT 285.23 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 302.17 683.10 Td (are ) Tj ET Q q 0 0 0 rg BT 316.88 683.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 357.14 683.10 Td (as ) Tj ET Q q 0 0 0 rg BT 367.97 683.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 393.24 683.10 Td (III ) Tj ET Q q 0 0 0 rg BT 405.73 683.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 431.56 683.10 Td (at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.27 683.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 477.10 683.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.10 683.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 659.10 Td (The ) Tj ET Q q 0 0 0 rg BT 90.79 659.10 Td (following ) Tj ET Q q 0 0 0 rg BT 132.91 659.10 Td (table ) Tj ET Q q 0 0 0 rg BT 155.58 659.10 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 206.59 659.10 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 257.03 659.10 Td (information ) Tj ET Q q 0 0 0 rg BT 307.48 659.10 Td (about ) Tj ET Q q 0 0 0 rg BT 332.94 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.39 659.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 393.84 659.10 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 450.40 659.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 478.09 659.10 Td (used ) Tj ET Q q 0 0 0 rg BT 499.65 659.10 Td (in ) Tj ET Q q 0 0 0 rg BT 510.67 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 526.13 659.10 Td (fair ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 647.10 Td (value ) Tj ET Q q 0 0 0 rg BT 96.16 647.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 151.97 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 162.80 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 177.51 647.10 Td (Company) Tj ET Q q 0 0 0 rg BT 219.18 647.10 Td (s ) Tj ET Q q 0 0 0 rg BT 225.57 647.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 250.83 647.10 Td (III ) Tj ET Q q 0 0 0 rg BT 263.32 647.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 300.80 647.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 349.97 647.10 Td (as ) Tj ET Q q 0 0 0 rg BT 360.80 647.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.63 647.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 407.46 647.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.46 647.10 Td (:) Tj ET Q 1 1 1 rg /GS0 gs 72.50 561.60 117.00 -23.00 re f /GS0 gs 1 1 1 rg /GS0 gs 189.50 561.60 5.00 -23.00 re f /GS0 gs 1 1 1 rg /GS0 gs 194.50 561.60 99.00 -23.00 re f /GS0 gs 1 1 1 rg /GS0 gs 297.50 561.60 131.00 -23.00 re f /GS0 gs 1 1 1 rg /GS0 gs 72.50 538.60 117.00 -21.00 re f /GS0 gs 1 1 1 rg /GS0 gs 189.50 538.60 5.00 -21.00 re f /GS0 gs 1 1 1 rg /GS0 gs 194.50 538.60 99.00 -21.00 re f /GS0 gs 1 1 1 rg /GS0 gs 297.50 538.60 131.00 -21.00 re f /GS0 gs 1 1 1 rg /GS0 gs 297.50 517.60 131.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 72.50 505.60 117.00 -22.00 re f /GS0 gs 1 1 1 rg /GS0 gs 189.50 505.60 5.00 -22.00 re f /GS0 gs 1 1 1 rg /GS0 gs 194.50 505.60 99.00 -22.00 re f /GS0 gs 1 1 1 rg /GS0 gs 297.50 505.60 131.00 -22.00 re f /GS0 gs 1 1 1 rg /GS0 gs 297.50 483.60 131.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 297.50 471.60 131.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 297.50 459.60 131.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194.5 616.6 m 293.5 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 616.6 m 428.5 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 616.6 m 484.5 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 616.6 m 540.5 616.6 l s BT /F4 9.00 Tf ET q 0 0 0 rg BT 224.90 628.05 Td (Valuation) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 495.70 628.05 Td (Weighted) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 223.65 618.05 Td (Technique) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 324.10 618.05 Td (Unobservable Input) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 445.75 618.05 Td (Range) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 498.30 618.05 Td (Average) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 75.00 608.00 Td (Assets:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 75.00 594.86 Td (Financial instruments and) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 79.50 585.86 Td (other inventory positions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 79.50 576.86 Td (owned:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 564.86 Td (Municipal securities:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 87.00 552.86 Td (Tax-exempt securities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 170.25 552.86 Td (. . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 197.00 552.86 Td (Discounted cash flow) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 278.75 552.86 Td (. . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 300.00 552.86 Td (Expectedrecoveryrate) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.50 543.86 Td (\(%ofpar\)\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 355.25 543.86 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 443.75 543.06 Td (5 - 60%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 502.35 543.06 Td (19.4%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 87.00 529.86 Td (Short-term securities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 165.75 529.86 Td (. . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 197.00 529.86 Td (Discounted cash flow) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 278.75 529.86 Td (. . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 300.00 529.86 Td (Expectedrecoveryrate) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.50 520.86 Td (\(%ofpar\)\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 355.25 520.86 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 441.50 522.06 Td (66 - 94%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 502.35 522.06 Td (91.0%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 508.86 Td (Mortgage-backed securities:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 87.00 496.86 Td (Collateralized by) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 91.50 487.86 Td (residential mortgages) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 170.25 487.86 Td (. . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 197.00 488.06 Td (Discounted cash flow) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 278.75 487.86 Td (. . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 300.00 488.06 Td (Credit default rates \(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 382.25 487.86 Td (. . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.00 488.06 Td (1 - 7%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 504.60 488.06 Td (3.7%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 300.00 474.86 Td (Prepayment rates \(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 377.75 474.86 Td (. . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 443.75 474.86 Td (2 - 25%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 504.60 474.86 Td (9.3%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 300.00 462.86 Td (Loss severity \(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 364.25 462.86 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 443.75 462.86 Td (0 - 90%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 502.35 462.86 Td (52.2%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 300.00 450.86 Td (Valuation yields \(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 373.25 450.86 Td (. . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.00 450.86 Td (2 - 8%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 504.60 450.86 Td (5.3%) Tj ET Q BT /F2 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 432.50 Td (Sensitivity ) Tj ET Q q 0 0 0 rg BT 106.88 432.50 Td (of ) Tj ET Q q 0 0 0 rg BT 115.10 432.50 Td (the ) Tj ET Q q 0 0 0 rg BT 126.88 432.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 140.43 432.50 Td (value ) Tj ET Q q 0 0 0 rg BT 159.76 432.50 Td (to ) Tj ET Q q 0 0 0 rg BT 167.98 432.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 196.20 432.50 Td (in ) Tj ET Q q 0 0 0 rg BT 204.42 432.50 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 249.52 432.50 Td (inputs:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 419.90 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 90.00 419.90 Td (Significant ) Tj ET Q q 0 0 0 rg BT 126.66 419.90 Td (incr) Tj ET Q q 0 0 0 rg BT 139.25 419.90 Td (ease/\(decr) Tj ET Q q 0 0 0 rg BT 172.27 419.90 Td (ease\) ) Tj ET Q q 0 0 0 rg BT 191.15 419.90 Td (in ) Tj ET Q q 0 0 0 rg BT 199.38 419.90 Td (the ) Tj ET Q q 0 0 0 rg BT 211.15 419.90 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 256.25 419.90 Td (input ) Tj ET Q q 0 0 0 rg BT 274.70 419.90 Td (in ) Tj ET Q q 0 0 0 rg BT 282.92 419.90 Td (isolation ) Tj ET Q q 0 0 0 rg BT 312.92 419.90 Td (would ) Tj ET Q q 0 0 0 rg BT 334.48 419.90 Td (r) Tj ET Q q 0 0 0 rg BT 337.30 419.90 Td (esult ) Tj ET Q q 0 0 0 rg BT 354.41 419.90 Td (in ) Tj ET Q q 0 0 0 rg BT 362.63 419.90 Td (a ) Tj ET Q q 0 0 0 rg BT 368.63 419.90 Td (significantly ) Tj ET Q q 0 0 0 rg BT 410.18 419.90 Td (higher/\(lower\) ) Tj ET Q q 0 0 0 rg BT 458.84 419.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 472.40 419.90 Td (value ) Tj ET Q q 0 0 0 rg BT 491.72 419.90 Td (measur) Tj ET Q q 0 0 0 rg BT 514.98 419.90 Td (ement.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 407.30 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 90.00 407.30 Td (Significant ) Tj ET Q q 0 0 0 rg BT 126.42 407.30 Td (changes ) Tj ET Q q 0 0 0 rg BT 154.39 407.30 Td (in ) Tj ET Q q 0 0 0 rg BT 162.37 407.30 Td (any ) Tj ET Q q 0 0 0 rg BT 175.68 407.30 Td (of ) Tj ET Q q 0 0 0 rg BT 183.66 407.30 Td (these ) Tj ET Q q 0 0 0 rg BT 201.85 407.30 Td (inputs ) Tj ET Q q 0 0 0 rg BT 223.17 407.30 Td (in ) Tj ET Q q 0 0 0 rg BT 231.15 407.30 Td (isolation ) Tj ET Q q 0 0 0 rg BT 260.91 407.30 Td (could ) Tj ET Q q 0 0 0 rg BT 280.44 407.30 Td (r) Tj ET Q q 0 0 0 rg BT 283.26 407.30 Td (esult ) Tj ET Q q 0 0 0 rg BT 300.12 407.30 Td (in ) Tj ET Q q 0 0 0 rg BT 308.10 407.30 Td (a ) Tj ET Q q 0 0 0 rg BT 313.86 407.30 Td (significantly ) Tj ET Q q 0 0 0 rg BT 355.17 407.30 Td (differ) Tj ET Q q 0 0 0 rg BT 372.20 407.30 Td (ent ) Tj ET Q q 0 0 0 rg BT 383.73 407.30 Td (fair ) Tj ET Q q 0 0 0 rg BT 397.05 407.30 Td (value. ) Tj ET Q q 0 0 0 rg BT 418.13 407.30 Td (Generally) Tj ET Q q 0 0 0 rg BT 449.67 407.30 Td (, ) Tj ET Q q 0 0 0 rg BT 453.43 407.30 Td (a ) Tj ET Q q 0 0 0 rg BT 459.19 407.30 Td (change ) Tj ET Q q 0 0 0 rg BT 484.05 407.30 Td (in ) Tj ET Q q 0 0 0 rg BT 492.03 407.30 Td (the ) Tj ET Q q 0 0 0 rg BT 503.56 407.30 Td (assumption ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 90.00 397.70 Td (used ) Tj ET Q q 0 0 0 rg BT 106.64 397.70 Td (for ) Tj ET Q q 0 0 0 rg BT 117.95 397.70 Td (cr) Tj ET Q q 0 0 0 rg BT 124.31 397.70 Td (edit ) Tj ET Q q 0 0 0 rg BT 138.28 397.70 Td (default ) Tj ET Q q 0 0 0 rg BT 162.47 397.70 Td (rates ) Tj ET Q q 0 0 0 rg BT 180.45 397.70 Td (is ) Tj ET Q q 0 0 0 rg BT 187.75 397.70 Td (accompanied ) Tj ET Q q 0 0 0 rg BT 232.38 397.70 Td (by ) Tj ET Q q 0 0 0 rg BT 241.90 397.70 Td (a ) Tj ET Q q 0 0 0 rg BT 247.88 397.70 Td (dir) Tj ET Q q 0 0 0 rg BT 256.91 397.70 Td (ectionally ) Tj ET Q q 0 0 0 rg BT 290.43 397.70 Td (similar ) Tj ET Q q 0 0 0 rg BT 315.07 397.70 Td (change ) Tj ET Q q 0 0 0 rg BT 340.15 397.70 Td (in ) Tj ET Q q 0 0 0 rg BT 348.34 397.70 Td (the ) Tj ET Q q 0 0 0 rg BT 360.09 397.70 Td (assumption ) Tj ET Q q 0 0 0 rg BT 398.51 397.70 Td (used ) Tj ET Q q 0 0 0 rg BT 415.15 397.70 Td (for ) Tj ET Q q 0 0 0 rg BT 426.46 397.70 Td (the ) Tj ET Q q 0 0 0 rg BT 438.20 397.70 Td (loss ) Tj ET Q q 0 0 0 rg BT 452.63 397.70 Td (severity ) Tj ET Q q 0 0 0 rg BT 479.47 397.70 Td (and ) Tj ET Q q 0 0 0 rg BT 493.45 397.70 Td (a ) Tj ET Q q 0 0 0 rg BT 499.42 397.70 Td (dir) Tj ET Q q 0 0 0 rg BT 508.46 397.70 Td (ectionally ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 90.00 388.10 Td (inverse ) Tj ET Q q 0 0 0 rg BT 115.10 388.10 Td (change ) Tj ET Q q 0 0 0 rg BT 140.20 388.10 Td (in ) Tj ET Q q 0 0 0 rg BT 148.43 388.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.20 388.10 Td (assumption ) Tj ET Q q 0 0 0 rg BT 198.65 388.10 Td (for ) Tj ET Q q 0 0 0 rg BT 209.98 388.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 242.20 388.10 Td (yields.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 375.50 Td (\(3\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 90.00 375.50 Td (The ) Tj ET Q q 0 0 0 rg BT 104.14 375.50 Td (potential ) Tj ET Q q 0 0 0 rg BT 134.72 375.50 Td (impact ) Tj ET Q q 0 0 0 rg BT 158.63 375.50 Td (of ) Tj ET Q q 0 0 0 rg BT 166.99 375.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 195.35 375.50 Td (in ) Tj ET Q q 0 0 0 rg BT 203.71 375.50 Td (pr) Tj ET Q q 0 0 0 rg BT 210.52 375.50 Td (epayment ) Tj ET Q q 0 0 0 rg BT 243.31 375.50 Td (rates ) Tj ET Q q 0 0 0 rg BT 261.45 375.50 Td (on ) Tj ET Q q 0 0 0 rg BT 271.59 375.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 285.29 375.50 Td (value ) Tj ET Q q 0 0 0 rg BT 304.75 375.50 Td (is ) Tj ET Q q 0 0 0 rg BT 312.23 375.50 Td (dependent ) Tj ET Q q 0 0 0 rg BT 347.24 375.50 Td (on ) Tj ET Q q 0 0 0 rg BT 357.38 375.50 Td (other ) Tj ET Q q 0 0 0 rg BT 376.40 375.50 Td (security-specific ) Tj ET Q q 0 0 0 rg BT 430.96 375.50 Td (factors, ) Tj ET Q q 0 0 0 rg BT 457.33 375.50 Td (such ) Tj ET Q q 0 0 0 rg BT 474.13 375.50 Td (as ) Tj ET Q q 0 0 0 rg BT 483.38 375.50 Td (the ) Tj ET Q q 0 0 0 rg BT 495.29 375.50 Td (par ) Tj ET Q q 0 0 0 rg BT 508.54 375.50 Td (value ) Tj ET Q q 0 0 0 rg BT 528.01 375.50 Td (and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 90.00 365.90 Td (structur) Tj ET Q q 0 0 0 rg BT 115.04 365.90 Td (e. ) Tj ET Q q 0 0 0 rg BT 123.10 365.90 Td (Changes ) Tj ET Q q 0 0 0 rg BT 153.62 365.90 Td (in ) Tj ET Q q 0 0 0 rg BT 162.36 365.90 Td (the ) Tj ET Q q 0 0 0 rg BT 174.64 365.90 Td (pr) Tj ET Q q 0 0 0 rg BT 181.46 365.90 Td (epayment ) Tj ET Q q 0 0 0 rg BT 214.63 365.90 Td (rates ) Tj ET Q q 0 0 0 rg BT 233.14 365.90 Td (may ) Tj ET Q q 0 0 0 rg BT 248.99 365.90 Td (r) Tj ET Q q 0 0 0 rg BT 251.80 365.90 Td (esult ) Tj ET Q q 0 0 0 rg BT 269.43 365.90 Td (in ) Tj ET Q q 0 0 0 rg BT 278.16 365.90 Td (dir) Tj ET Q q 0 0 0 rg BT 287.20 365.90 Td (ectionally ) Tj ET Q q 0 0 0 rg BT 321.26 365.90 Td (similar ) Tj ET Q q 0 0 0 rg BT 346.45 365.90 Td (or ) Tj ET Q q 0 0 0 rg BT 356.07 365.90 Td (dir) Tj ET Q q 0 0 0 rg BT 365.11 365.90 Td (ectionally ) Tj ET Q q 0 0 0 rg BT 399.17 365.90 Td (inverse ) Tj ET Q q 0 0 0 rg BT 424.79 365.90 Td (changes ) Tj ET Q q 0 0 0 rg BT 453.52 365.90 Td (in ) Tj ET Q q 0 0 0 rg BT 462.25 365.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 476.33 365.90 Td (value ) Tj ET Q q 0 0 0 rg BT 496.17 365.90 Td (depending ) Tj ET Q q 0 0 0 rg BT 532.00 365.90 Td (on ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 90.00 356.30 Td (whether ) Tj ET Q q 0 0 0 rg BT 117.77 356.30 Td (the ) Tj ET Q q 0 0 0 rg BT 129.55 356.30 Td (security ) Tj ET Q q 0 0 0 rg BT 156.87 356.30 Td (trades ) Tj ET Q q 0 0 0 rg BT 178.87 356.30 Td (at ) Tj ET Q q 0 0 0 rg BT 187.09 356.30 Td (a ) Tj ET Q q 0 0 0 rg BT 193.09 356.30 Td (pr) Tj ET Q q 0 0 0 rg BT 199.91 356.30 Td (emium ) Tj ET Q q 0 0 0 rg BT 223.24 356.30 Td (or ) Tj ET Q q 0 0 0 rg BT 232.35 356.30 Td (discount ) Tj ET Q q 0 0 0 rg BT 261.46 356.30 Td (to ) Tj ET Q q 0 0 0 rg BT 269.68 356.30 Td (the ) Tj ET Q q 0 0 0 rg BT 281.46 356.30 Td (par ) Tj ET Q q 0 0 0 rg BT 294.57 356.30 Td (value.) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream BT /F3 11.00 Tf ET q 0 0 0 rg BT 103.65 755.30 Td (Notes to the Statement of Financial Condition as of June 30, 2016 \(unaudited\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 48.60 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 731.10 Td (The ) Tj ET Q q 0 0 0 rg BT 90.07 731.10 Td (following ) Tj ET Q q 0 0 0 rg BT 131.48 731.10 Td (table ) Tj ET Q q 0 0 0 rg BT 153.44 731.10 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 203.73 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 218.47 731.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 258.21 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 269.06 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.80 731.10 Td (Company) Tj ET Q q 0 0 0 rg BT 325.47 731.10 Td (s ) Tj ET Q q 0 0 0 rg BT 331.88 731.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 369.39 731.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 418.58 731.10 Td (by ) Tj ET Q q 0 0 0 rg BT 431.10 731.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 461.95 731.10 Td (observability ) Tj ET Q q 0 0 0 rg BT 516.69 731.10 Td (levels ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 719.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 104.49 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 114.21 719.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 136.17 719.10 Td (820 ) Tj ET Q q 0 0 0 rg BT 153.67 719.10 Td (as ) Tj ET Q q 0 0 0 rg BT 164.50 719.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.33 719.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 211.16 719.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.16 719.10 Td (:) Tj ET Q 1 1 1 rg /GS0 gs 72.50 655.60 156.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 228.50 655.60 10.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 72.50 644.60 156.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 228.50 644.60 10.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 72.50 633.60 156.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 228.50 633.60 10.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 72.50 611.60 156.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 228.50 611.60 10.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 72.50 600.60 156.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 228.50 600.60 10.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 72.50 589.60 156.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 228.50 589.60 10.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 72.50 578.60 156.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 228.50 578.60 10.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 72.50 567.60 156.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 228.50 567.60 10.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 72.50 556.60 156.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 228.50 556.60 10.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 72.50 545.60 156.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 228.50 545.60 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 72.50 533.60 156.00 -20.00 re f /GS0 gs 1 1 1 rg /GS0 gs 228.50 533.60 10.00 -20.00 re f /GS0 gs 1 1 1 rg /GS0 gs 72.50 502.60 156.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 228.50 502.60 10.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 72.50 480.60 156.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 228.50 480.60 10.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 72.50 469.60 156.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 228.50 469.60 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 72.50 393.60 156.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 228.50 393.60 10.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 72.50 382.60 156.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 228.50 382.60 10.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 72.50 371.60 156.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 228.50 371.60 10.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 72.50 360.60 156.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 228.50 360.60 10.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 72.50 349.60 156.00 -32.00 re f /GS0 gs 1 1 1 rg /GS0 gs 228.50 349.60 10.00 -32.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 697.6 m 308.5 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 697.6 m 385.5 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 697.6 m 463.5 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 697.6 m 540.5 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 533.6 m 308.5 533.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 533.6 m 385.5 533.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 533.6 m 463.5 533.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 533.6 m 308.5 533.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 533.6 m 385.5 533.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 533.6 m 463.5 533.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 533.6 m 540.5 533.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 469.6 m 308.5 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 469.6 m 385.5 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 469.6 m 463.5 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 458.6 m 308.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 456.6 m 308.5 456.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 458.6 m 385.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 456.6 m 385.5 456.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 458.6 m 463.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 456.6 m 463.5 456.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 469.6 m 540.5 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 458.6 m 540.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 456.6 m 540.5 456.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 349.6 m 308.5 349.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 318.6 m 308.5 318.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 316.6 m 308.5 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 349.6 m 385.5 349.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 318.6 m 385.5 318.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 316.6 m 385.5 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 349.6 m 463.5 349.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 318.6 m 463.5 318.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 316.6 m 463.5 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 349.6 m 540.5 349.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 318.6 m 540.5 318.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 316.6 m 540.5 316.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.00 700.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 259.60 700.05 Td (Level I) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 334.85 700.05 Td (Level II) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 411.10 700.05 Td (Level III) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 495.15 700.05 Td (Total) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 75.00 689.05 Td (Assets:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 75.00 677.86 Td (Financial instruments and other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 79.50 668.91 Td (inventory positions owned:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 657.91 Td (Corporate securities:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 93.00 646.91 Td (Equity securities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 155.25 646.91 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 241.00 646.91 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 284.75 646.91 Td (3,553) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 318.00 646.91 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 361.75 646.91 Td (1,776) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.00 646.91 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 646.91 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.00 646.91 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.75 646.91 Td (5,329) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 93.00 635.91 Td (Convertible securities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 173.25 635.91 Td (. . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 296.00 635.91 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 368.50 635.91 Td (261) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 635.91 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 523.50 635.91 Td (261) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 93.00 624.91 Td (Fixed income securities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 182.25 624.91 Td (. . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 296.00 624.91 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 357.25 624.91 Td (27,449) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 624.91 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 512.25 624.91 Td (27,449) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 613.91 Td (Municipal securities:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 93.00 602.91 Td (Taxable securities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 159.75 602.91 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 296.00 602.91 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 357.25 602.91 Td (34,532) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 602.91 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 512.25 602.91 Td (34,532) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 93.00 591.91 Td (Tax-exempt securities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 173.25 591.91 Td (. . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 296.00 591.91 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 352.75 591.91 Td (212,348) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 439.75 591.91 Td (1,177) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 507.75 591.91 Td (213,525) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 93.00 580.91 Td (Short-term securities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 168.75 580.91 Td (. . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 296.00 580.91 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 357.25 580.91 Td (54,740) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.50 580.91 Td (748) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 512.25 580.91 Td (55,488) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 569.91 Td (Mortgage-backed securities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 182.25 569.91 Td (. . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 296.00 569.91 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 361.75 569.91 Td (1,989) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.25 569.91 Td (56,053) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 512.25 569.91 Td (58,042) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 558.91 Td (U.S. government agency securities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 209.25 558.91 Td (. . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 296.00 558.91 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 352.75 558.91 Td (153,079) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 558.91 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 507.75 558.91 Td (153,079) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 547.91 Td (U.S. government securities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 182.25 547.91 Td (. . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 284.75 547.91 Td (4,158) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 373.00 547.91 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 547.91 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.75 547.91 Td (4,158) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 536.86 Td (Derivative contracts) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 155.25 536.86 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 296.00 536.86 Td (61) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 373.00 536.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 536.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.00 536.86 Td (61) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 75.00 524.86 Td (Total financial instruments and other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 79.50 515.91 Td (inventory positions owned) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 177.75 515.91 Td (. . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 284.75 518.06 Td (7,772) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 352.75 518.06 Td (486,174) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.25 518.06 Td (57,978) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 507.75 518.06 Td (551,924) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 75.00 493.91 Td (Cash equivalents) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 137.25 493.91 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 280.25 493.91 Td (93,003) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 373.00 493.91 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 493.91 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 512.25 493.91 Td (93,003) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 75.00 471.91 Td (Investments at fair value) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 164.25 471.91 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 284.75 471.91 Td (6,303) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 373.00 471.91 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.50 471.91 Td (264) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.75 471.91 Td (6,567) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 75.00 460.86 Td (Total assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 119.25 460.86 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 241.00 460.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 275.75 460.86 Td (107,078) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 318.00 460.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 352.75 460.86 Td (486,174) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.00 460.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.25 460.86 Td (58,242) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.00 460.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 507.75 460.86 Td (651,494) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 75.00 438.05 Td (Liabilities:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 75.00 426.86 Td (Financial instruments and other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 79.50 417.86 Td (inventory positions sold, but not yet) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 79.50 408.86 Td (purchased:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 395.91 Td (Corporate securities:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 93.00 384.91 Td (Equity securities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 155.25 384.91 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 241.00 384.91 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 291.50 384.91 Td (277) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 318.00 384.91 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 361.75 384.91 Td (1,285) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.00 384.91 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 384.91 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.00 384.91 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.75 384.91 Td (1,562) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 93.00 373.91 Td (Fixed income securities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 182.25 373.91 Td (. . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 296.00 373.91 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 357.25 373.91 Td (26,112) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 373.91 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 512.25 373.91 Td (26,112) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 362.91 Td (U.S. government agency securities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 209.25 362.91 Td (. . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 296.00 362.91 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 357.25 362.91 Td (10,522) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 362.91 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 512.25 362.91 Td (10,522) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 351.91 Td (U.S. government securities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 182.25 351.91 Td (. . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 275.75 351.91 Td (124,964) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 373.00 351.91 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 351.91 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 507.75 351.91 Td (124,964) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 75.00 340.86 Td (Total financial instruments and other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 79.50 331.86 Td (inventory positions sold, but not yet) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 79.50 322.86 Td (purchased) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 119.25 322.86 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 241.00 322.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 275.75 322.06 Td (125,241) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 318.00 322.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 357.25 322.06 Td (37,919) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.00 322.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 322.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.00 322.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 507.75 322.06 Td (163,160) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 294.10 Td (The ) Tj ET Q q 0 0 0 rg BT 90.27 294.10 Td (Company) Tj ET Q q 0 0 0 rg BT 131.93 294.10 Td (s ) Tj ET Q q 0 0 0 rg BT 138.55 294.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 164.03 294.10 Td (III ) Tj ET Q q 0 0 0 rg BT 176.74 294.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 202.79 294.10 Td (were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.94 294.10 Td ($58.2 ) Tj ET Q q 0 0 0 rg BT 250.16 294.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.06 294.10 Td (, ) Tj ET Q q 0 0 0 rg BT 284.28 294.10 Td (or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.33 294.10 Td (8.9 ) Tj ET Q q 0 0 0 rg BT 310.55 294.10 Td (percent) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.97 294.10 Td ( ) Tj ET Q q 0 0 0 rg BT 342.69 294.10 Td (of ) Tj ET Q q 0 0 0 rg BT 353.75 294.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 391.45 294.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 440.83 294.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 481.87 294.10 Td (at ) Tj ET Q q 0 0 0 rg BT 491.81 294.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 508.41 294.10 Td (value ) Tj ET Q q 0 0 0 rg BT 532.78 294.10 Td (at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 282.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 107.83 282.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.83 282.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 258.10 Td (The ) Tj ET Q q 0 0 0 rg BT 89.79 258.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 125.36 258.10 Td (values ) Tj ET Q q 0 0 0 rg BT 153.15 258.10 Td (of ) Tj ET Q q 0 0 0 rg BT 163.73 258.10 Td (the ) Tj ET Q q 0 0 0 rg BT 178.19 258.10 Td (Company) Tj ET Q q 0 0 0 rg BT 219.86 258.10 Td (s ) Tj ET Q q 0 0 0 rg BT 226.00 258.10 Td (cash, ) Tj ET Q q 0 0 0 rg BT 248.51 258.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 288.53 258.10 Td (either ) Tj ET Q q 0 0 0 rg BT 313.54 258.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 356.32 258.10 Td (or ) Tj ET Q q 0 0 0 rg BT 366.90 258.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 385.82 258.10 Td (under ) Tj ET Q q 0 0 0 rg BT 410.83 258.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 458.61 258.10 Td (to ) Tj ET Q q 0 0 0 rg BT 468.64 258.10 Td (resell, ) Tj ET Q q 0 0 0 rg BT 495.04 258.10 Td (receivables ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 246.10 Td (and ) Tj ET Q q 0 0 0 rg BT 89.53 246.10 Td (payables ) Tj ET Q q 0 0 0 rg BT 127.61 246.10 Td (either ) Tj ET Q q 0 0 0 rg BT 153.47 246.10 Td (from ) Tj ET Q q 0 0 0 rg BT 176.00 246.10 Td (or ) Tj ET Q q 0 0 0 rg BT 187.42 246.10 Td (to ) Tj ET Q q 0 0 0 rg BT 198.29 246.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 241.93 246.10 Td (and ) Tj ET Q q 0 0 0 rg BT 259.47 246.10 Td (brokers, ) Tj ET Q q 0 0 0 rg BT 295.05 246.10 Td (dealers ) Tj ET Q q 0 0 0 rg BT 326.46 246.10 Td (and ) Tj ET Q q 0 0 0 rg BT 343.99 246.10 Td (clearing ) Tj ET Q q 0 0 0 rg BT 379.29 246.10 Td (or) Tj ET Q q 0 0 0 rg BT 387.43 246.10 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 436.07 246.10 Td (and ) Tj ET Q q 0 0 0 rg BT 453.60 246.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 498.35 246.10 Td (financings ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 234.10 Td (approximate ) Tj ET Q q 0 0 0 rg BT 124.48 234.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 140.86 234.10 Td (value ) Tj ET Q q 0 0 0 rg BT 165.01 234.10 Td (due ) Tj ET Q q 0 0 0 rg BT 181.95 234.10 Td (to ) Tj ET Q q 0 0 0 rg BT 192.23 234.10 Td (their ) Tj ET Q q 0 0 0 rg BT 213.05 234.10 Td (liquid ) Tj ET Q q 0 0 0 rg BT 238.89 234.10 Td (or ) Tj ET Q q 0 0 0 rg BT 249.72 234.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 293.88 234.10 Td (nature.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 210.10 Td (Note 7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.49 210.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.99 210.10 Td (V) Tj ET Q q 0 0 0 rg BT 106.99 210.10 Td (ariable Inter) Tj ET Q q 0 0 0 rg BT 157.44 210.10 Td (est Entities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.60 210.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 186.10 Td (The ) Tj ET Q q 0 0 0 rg BT 90.06 186.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 131.47 186.10 Td (has ) Tj ET Q q 0 0 0 rg BT 147.31 186.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 197.60 186.10 Td (in ) Tj ET Q q 0 0 0 rg BT 207.90 186.10 Td (various ) Tj ET Q q 0 0 0 rg BT 239.85 186.10 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 293.74 186.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 324.59 186.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 358.21 186.10 Td (companies, ) Tj ET Q q 0 0 0 rg BT 405.99 186.10 Td (or ) Tj ET Q q 0 0 0 rg BT 416.84 186.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 458.78 186.10 Td (mutual ) Tj ET Q q 0 0 0 rg BT 489.07 186.10 Td (funds. ) Tj ET Q q 0 0 0 rg BT 516.13 186.10 Td (These ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 174.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 103.76 174.10 Td (were ) Tj ET Q q 0 0 0 rg BT 126.07 174.10 Td (established ) Tj ET Q q 0 0 0 rg BT 173.39 174.10 Td (for ) Tj ET Q q 0 0 0 rg BT 187.93 174.10 Td (the ) Tj ET Q q 0 0 0 rg BT 203.03 174.10 Td (purpose ) Tj ET Q q 0 0 0 rg BT 237.57 174.10 Td (of ) Tj ET Q q 0 0 0 rg BT 248.78 174.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 288.32 174.10 Td (in ) Tj ET Q q 0 0 0 rg BT 298.98 174.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 339.63 174.10 Td (of ) Tj ET Q q 0 0 0 rg BT 350.84 174.10 Td (public ) Tj ET Q q 0 0 0 rg BT 378.71 174.10 Td (or ) Tj ET Q q 0 0 0 rg BT 389.92 174.10 Td (private ) Tj ET Q q 0 0 0 rg BT 420.57 174.10 Td (companies, ) Tj ET Q q 0 0 0 rg BT 468.71 174.10 Td (or ) Tj ET Q q 0 0 0 rg BT 479.92 174.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 522.80 174.10 Td (debt ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 162.10 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 120.26 162.10 Td (or ) Tj ET Q q 0 0 0 rg BT 129.91 162.10 Td (providing ) Tj ET Q q 0 0 0 rg BT 170.12 162.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 209.20 162.10 Td (to ) Tj ET Q q 0 0 0 rg BT 218.30 162.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 244.06 162.10 Td (living ) Tj ET Q q 0 0 0 rg BT 268.71 162.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 306.96 162.10 Td (and ) Tj ET Q q 0 0 0 rg BT 322.72 162.10 Td (were ) Tj ET Q q 0 0 0 rg BT 343.47 162.10 Td (initially ) Tj ET Q q 0 0 0 rg BT 375.90 162.10 Td (financed ) Tj ET Q q 0 0 0 rg BT 411.64 162.10 Td (through ) Tj ET Q q 0 0 0 rg BT 444.07 162.10 Td (the ) Tj ET Q q 0 0 0 rg BT 457.61 162.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 485.58 162.10 Td (commitments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 150.10 Td (or ) Tj ET Q q 0 0 0 rg BT 82.83 150.10 Td (seed ) Tj ET Q q 0 0 0 rg BT 103.10 150.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 153.37 150.10 Td (of ) Tj ET Q q 0 0 0 rg BT 164.20 150.10 Td (the ) Tj ET Q q 0 0 0 rg BT 178.92 150.10 Td (members. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 126.10 Td (Ef) Tj ET Q q 0 0 0 rg BT 81.26 126.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 110.65 126.10 Td (January ) Tj ET Q q 0 0 0 rg BT 143.93 126.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 153.62 126.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 178.30 126.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.71 126.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 233.78 126.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 267.14 126.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 289.33 126.10 Td (2015-02. ) Tj ET Q q 0 0 0 rg BT 327.19 126.10 Td (The ) Tj ET Q q 0 0 0 rg BT 344.92 126.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 383.20 126.10 Td (defines ) Tj ET Q q 0 0 0 rg BT 414.11 126.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 436.85 126.10 Td (as ) Tj ET Q q 0 0 0 rg BT 447.36 126.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 478.43 126.10 Td (in ) Tj ET Q q 0 0 0 rg BT 488.40 126.10 Td (which ) Tj ET Q q 0 0 0 rg BT 515.02 126.10 Td (equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 114.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 110.39 114.10 Td (lack ) Tj ET Q q 0 0 0 rg BT 129.33 114.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.83 114.10 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 203.29 114.10 Td (of ) Tj ET Q q 0 0 0 rg BT 213.91 114.10 Td (a ) Tj ET Q q 0 0 0 rg BT 220.63 114.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 266.79 114.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 304.05 114.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 335.77 114.10 Td (or ) Tj ET Q q 0 0 0 rg BT 346.38 114.10 Td (do ) Tj ET Q q 0 0 0 rg BT 358.66 114.10 Td (not ) Tj ET Q q 0 0 0 rg BT 373.72 114.10 Td (have ) Tj ET Q q 0 0 0 rg BT 394.88 114.10 Td (suf) Tj ET Q q 0 0 0 rg BT 406.92 114.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 434.75 114.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 462.02 114.10 Td (at ) Tj ET Q q 0 0 0 rg BT 471.52 114.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 488.80 114.10 Td (for ) Tj ET Q q 0 0 0 rg BT 502.74 114.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.24 114.10 Td (entity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 102.10 Td (to ) Tj ET Q q 0 0 0 rg BT 82.10 102.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 113.84 102.10 Td (its ) Tj ET Q q 0 0 0 rg BT 125.61 102.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 166.35 102.10 Td (The ) Tj ET Q q 0 0 0 rg BT 184.22 102.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 242.08 102.10 Td (as ) Tj ET Q q 0 0 0 rg BT 252.72 102.10 Td (to ) Tj ET Q q 0 0 0 rg BT 262.82 102.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 297.35 102.10 Td (an ) Tj ET Q q 0 0 0 rg BT 309.10 102.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 334.19 102.10 Td (is ) Tj ET Q q 0 0 0 rg BT 343.18 102.10 Td (a ) Tj ET Q q 0 0 0 rg BT 349.77 102.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 368.75 102.10 Td (is ) Tj ET Q q 0 0 0 rg BT 377.74 102.10 Td (based ) Tj ET Q q 0 0 0 rg BT 402.83 102.10 Td (on ) Tj ET Q q 0 0 0 rg BT 415.14 102.10 Td (the ) Tj ET Q q 0 0 0 rg BT 429.68 102.10 Td (structure ) Tj ET Q q 0 0 0 rg BT 466.98 102.10 Td (and ) Tj ET Q q 0 0 0 rg BT 483.74 102.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 511.04 102.10 Td (of ) Tj ET Q q 0 0 0 rg BT 521.69 102.10 Td (each ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 90.10 Td (entity) Tj ET Q q 0 0 0 rg BT 94.12 90.10 Td (. ) Tj ET Q q 0 0 0 rg BT 99.22 90.10 Td (The ) Tj ET Q q 0 0 0 rg BT 117.56 90.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 159.25 90.10 Td (also ) Tj ET Q q 0 0 0 rg BT 178.16 90.10 Td (considers ) Tj ET Q q 0 0 0 rg BT 218.72 90.10 Td (other ) Tj ET Q q 0 0 0 rg BT 242.07 90.10 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 302.05 90.10 Td (such ) Tj ET Q q 0 0 0 rg BT 323.18 90.10 Td (as ) Tj ET Q q 0 0 0 rg BT 334.31 90.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.32 90.10 Td (power ) Tj ET Q q 0 0 0 rg BT 377.11 90.10 Td (through ) Tj ET Q q 0 0 0 rg BT 411.02 90.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 439.37 90.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 464.95 90.10 Td (or ) Tj ET Q q 0 0 0 rg BT 476.08 90.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 506.65 90.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 532.22 90.10 Td (to ) Tj ET Q endstream endobj 31 0 obj <> endobj 32 0 obj <> stream BT /F3 11.00 Tf ET q 0 0 0 rg BT 103.65 755.30 Td (Notes to the Statement of Financial Condition as of June 30, 2016 \(unaudited\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 48.60 Td (15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 731.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 97.01 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 111.47 731.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 149.81 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 160.38 731.10 Td (an ) Tj ET Q q 0 0 0 rg BT 172.06 731.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 197.08 731.10 Td (that ) Tj ET Q q 0 0 0 rg BT 214.31 731.10 Td (most ) Tj ET Q q 0 0 0 rg BT 236.01 731.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 288.24 731.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 317.69 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 332.15 731.10 Td (entity) Tj ET Q q 0 0 0 rg BT 357.70 731.10 Td (s ) Tj ET Q q 0 0 0 rg BT 363.84 731.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 404.95 731.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 457.72 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 474.40 731.10 Td (how ) Tj ET Q q 0 0 0 rg BT 493.86 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 508.32 731.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 533.34 731.10 Td (is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 719.10 Td (financed.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 695.10 Td (The ) Tj ET Q q 0 0 0 rg BT 91.73 695.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 134.79 695.10 Td (is ) Tj ET Q q 0 0 0 rg BT 145.64 695.10 Td (required ) Tj ET Q q 0 0 0 rg BT 183.13 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 195.09 695.10 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 244.81 695.10 Td (all ) Tj ET Q q 0 0 0 rg BT 258.68 695.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 283.41 695.10 Td (for ) Tj ET Q q 0 0 0 rg BT 299.25 695.10 Td (which ) Tj ET Q q 0 0 0 rg BT 327.87 695.10 Td (it ) Tj ET Q q 0 0 0 rg BT 337.61 695.10 Td (is ) Tj ET Q q 0 0 0 rg BT 348.45 695.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 395.95 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 407.91 695.10 Td (be ) Tj ET Q q 0 0 0 rg BT 421.52 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 437.92 695.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 473.75 695.10 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 518.07 695.10 Td (. ) Tj ET Q q 0 0 0 rg BT 524.45 695.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 683.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 129.44 683.10 Td (as ) Tj ET Q q 0 0 0 rg BT 139.67 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 149.36 683.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 183.47 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 197.59 683.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 238.38 683.10 Td (is ) Tj ET Q q 0 0 0 rg BT 246.95 683.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 292.17 683.10 Td (to ) Tj ET Q q 0 0 0 rg BT 301.85 683.10 Td (be ) Tj ET Q q 0 0 0 rg BT 313.19 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 327.31 683.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 360.87 683.10 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 407.74 683.10 Td (is ) Tj ET Q q 0 0 0 rg BT 416.32 683.10 Td (based ) Tj ET Q q 0 0 0 rg BT 440.99 683.10 Td (on ) Tj ET Q q 0 0 0 rg BT 452.89 683.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 487.00 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 501.12 683.10 Td (Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 671.10 Td (has ) Tj ET Q q 0 0 0 rg BT 87.61 671.10 Td (both ) Tj ET Q q 0 0 0 rg BT 107.67 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.17 671.10 Td (power ) Tj ET Q q 0 0 0 rg BT 149.45 671.10 Td (to ) Tj ET Q q 0 0 0 rg BT 159.51 671.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 184.55 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 199.05 671.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 237.43 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 248.05 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 262.38 671.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 281.32 671.10 Td (that ) Tj ET Q q 0 0 0 rg BT 298.60 671.10 Td (most ) Tj ET Q q 0 0 0 rg BT 320.33 671.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 372.61 671.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 402.10 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 416.60 671.10 Td (entity) Tj ET Q q 0 0 0 rg BT 442.15 671.10 Td (s ) Tj ET Q q 0 0 0 rg BT 448.33 671.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 489.48 671.10 Td (performance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 88.63 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 103.04 659.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 145.79 659.10 Td (to ) Tj ET Q q 0 0 0 rg BT 155.76 659.10 Td (absorb ) Tj ET Q q 0 0 0 rg BT 184.61 659.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 210.70 659.10 Td (or ) Tj ET Q q 0 0 0 rg BT 221.22 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 235.63 659.10 Td (right ) Tj ET Q q 0 0 0 rg BT 256.72 659.10 Td (to ) Tj ET Q q 0 0 0 rg BT 266.69 659.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 297.74 659.10 Td (benefits ) Tj ET Q q 0 0 0 rg BT 331.59 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 342.12 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 356.37 659.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 375.22 659.10 Td (that ) Tj ET Q q 0 0 0 rg BT 392.41 659.10 Td (could ) Tj ET Q q 0 0 0 rg BT 416.82 659.10 Td (potentially ) Tj ET Q q 0 0 0 rg BT 461.78 659.10 Td (be ) Tj ET Q q 0 0 0 rg BT 473.42 659.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 517.82 659.10 Td (to ) Tj ET Q q 0 0 0 rg BT 527.79 659.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 647.10 Td (VIE. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 623.10 Td (The ) Tj ET Q q 0 0 0 rg BT 90.18 623.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 131.70 623.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 179.31 623.10 Td (it ) Tj ET Q q 0 0 0 rg BT 187.49 623.10 Td (is ) Tj ET Q q 0 0 0 rg BT 196.79 623.10 Td (not ) Tj ET Q q 0 0 0 rg BT 212.20 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.05 623.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 261.34 623.10 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 308.94 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 319.90 623.10 Td (these ) Tj ET Q q 0 0 0 rg BT 342.89 623.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 366.07 623.10 Td (and ) Tj ET Q q 0 0 0 rg BT 383.14 623.10 Td (accordingly ) Tj ET Q q 0 0 0 rg BT 432.97 623.10 Td (does ) Tj ET Q q 0 0 0 rg BT 453.93 623.10 Td (not ) Tj ET Q q 0 0 0 rg BT 469.34 623.10 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 517.52 623.10 Td (them. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 611.10 Td (These ) Tj ET Q q 0 0 0 rg BT 98.52 611.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 121.93 611.10 Td (had ) Tj ET Q q 0 0 0 rg BT 139.22 611.10 Td (net ) Tj ET Q q 0 0 0 rg BT 154.29 611.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 180.47 611.10 Td (approximating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.65 611.10 Td ($0.3 ) Tj ET Q q 0 0 0 rg BT 262.00 611.10 Td (billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.11 611.10 Td ( ) Tj ET Q q 0 0 0 rg BT 290.97 611.10 Td (at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.04 611.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 337.22 611.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.22 611.10 Td (. ) Tj ET Q q 0 0 0 rg BT 362.36 611.10 Td (The ) Tj ET Q q 0 0 0 rg BT 380.76 611.10 Td (Company) Tj ET Q q 0 0 0 rg BT 422.43 611.10 Td (s ) Tj ET Q q 0 0 0 rg BT 429.17 611.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 468.13 611.10 Td (to ) Tj ET Q q 0 0 0 rg BT 478.76 611.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 497.17 611.10 Td (from ) Tj ET Q q 0 0 0 rg BT 519.46 611.10 Td (these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 599.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 95.07 599.10 Td (is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.26 599.10 Td ($4.3 ) Tj ET Q q 0 0 0 rg BT 124.28 599.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.17 599.10 Td (, ) Tj ET Q q 0 0 0 rg BT 158.19 599.10 Td (which ) Tj ET Q q 0 0 0 rg BT 185.14 599.10 Td (is ) Tj ET Q q 0 0 0 rg BT 194.33 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 209.07 599.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 244.90 599.10 Td (value ) Tj ET Q q 0 0 0 rg BT 269.08 599.10 Td (of ) Tj ET Q q 0 0 0 rg BT 279.92 599.10 Td (its ) Tj ET Q q 0 0 0 rg BT 291.89 599.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 321.06 599.10 Td (contributions ) Tj ET Q q 0 0 0 rg BT 376.35 599.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 413.85 599.10 Td (in ) Tj ET Q q 0 0 0 rg BT 424.14 599.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 474.44 599.10 Td (on ) Tj ET Q q 0 0 0 rg BT 486.95 599.10 Td (the ) Tj ET Q q 0 0 0 rg BT 501.69 599.10 Td (statement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 84.40 587.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 123.46 587.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 165.30 587.10 Td (at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.59 587.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 214.00 587.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.00 587.10 Td (. ) Tj ET Q q 0 0 0 rg BT 240.28 587.10 Td (The ) Tj ET Q q 0 0 0 rg BT 259.90 587.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 302.86 587.10 Td (had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.37 587.10 Td (no) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.37 587.10 Td ( ) Tj ET Q q 0 0 0 rg BT 335.44 587.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 376.73 587.10 Td (related ) Tj ET Q q 0 0 0 rg BT 408.01 587.10 Td (to ) Tj ET Q q 0 0 0 rg BT 419.86 587.10 Td (these ) Tj ET Q q 0 0 0 rg BT 444.18 587.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 468.81 587.10 Td (at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.10 587.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 517.50 587.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.50 587.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 575.10 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 128.56 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 144.85 575.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 187.80 575.10 Td (has ) Tj ET Q q 0 0 0 rg BT 205.21 575.10 Td (not ) Tj ET Q q 0 0 0 rg BT 222.06 575.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 261.67 575.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 300.73 575.10 Td (or ) Tj ET Q q 0 0 0 rg BT 313.13 575.10 Td (other ) Tj ET Q q 0 0 0 rg BT 337.75 575.10 Td (support ) Tj ET Q q 0 0 0 rg BT 371.82 575.10 Td (to ) Tj ET Q q 0 0 0 rg BT 383.67 575.10 Td (these ) Tj ET Q q 0 0 0 rg BT 407.99 575.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 432.62 575.10 Td (that ) Tj ET Q q 0 0 0 rg BT 451.68 575.10 Td (it ) Tj ET Q q 0 0 0 rg BT 461.31 575.10 Td (was ) Tj ET Q q 0 0 0 rg BT 480.94 575.10 Td (not ) Tj ET Q q 0 0 0 rg BT 497.79 575.10 Td (previously ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 563.10 Td (contractually ) Tj ET Q q 0 0 0 rg BT 126.70 563.10 Td (required ) Tj ET Q q 0 0 0 rg BT 162.51 563.10 Td (to ) Tj ET Q q 0 0 0 rg BT 172.79 563.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 205.84 563.10 Td (as ) Tj ET Q q 0 0 0 rg BT 216.67 563.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.50 563.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 263.33 563.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.33 563.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 539.10 Td (Note 8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.49 539.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.99 539.10 Td (Receivables fr) Tj ET Q q 0 0 0 rg BT 158.54 539.10 Td (om and Payables to Br) Tj ET Q q 0 0 0 rg BT 249.82 539.10 Td (okers, Dealers and Clearing Or) Tj ET Q q 0 0 0 rg BT 376.94 539.10 Td (ganizations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.06 539.10 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 492.6 m 539.5 492.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 432.6 m 539.5 432.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 421.6 m 539.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 419.6 m 539.5 419.6 l s BT /F4 10.00 Tf ET q 0 0 0 rg BT 486.20 507.33 Td (June 30,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 74.00 496.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 494.00 495.33 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 483.22 Td (Deposits paid for securities borrowed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.50 483.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.00 483.22 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 483.22 Td (26,446) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 471.22 Td (Receivable from clearing organizations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.50 471.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.15 471.22 Td (8,074) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 459.22 Td (Deposits with clearing organizations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.50 459.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 459.22 Td (43,143) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 447.22 Td (Securities failed to deliver) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.50 447.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.15 447.22 Td (2,710) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 435.22 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.50 435.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.15 435.22 Td (5,768) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.00 423.22 Td (Total receivables from brokers, dealers and clearing organizations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.50 423.22 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.00 423.22 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 423.22 Td (86,141) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 374.6 m 539.5 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 326.6 m 539.5 326.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 315.6 m 539.5 315.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 313.6 m 539.5 313.6 l s BT /F4 10.00 Tf ET q 0 0 0 rg BT 486.20 389.33 Td (June 30,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 74.00 378.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 494.00 377.33 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 365.22 Td (Payable arising from unsettled securities transactions, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.50 365.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.00 365.22 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 365.22 Td (53,950) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 353.22 Td (Payable to clearing organizations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.50 353.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.15 353.22 Td (8,286) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 341.22 Td (Securities failed to receive) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.50 341.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.15 341.22 Td (1,853) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 329.22 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.50 329.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.15 329.22 Td (4,558) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.00 317.22 Td (Total payables to brokers, dealers and clearing organizations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.50 317.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.00 317.22 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 317.22 Td (68,647) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 291.10 Td (Deposits ) Tj ET Q q 0 0 0 rg BT 109.71 291.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 129.65 291.10 Td (for ) Tj ET Q q 0 0 0 rg BT 144.02 291.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 184.50 291.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 225.54 291.10 Td (approximate ) Tj ET Q q 0 0 0 rg BT 278.23 291.10 Td (the ) Tj ET Q q 0 0 0 rg BT 293.16 291.10 Td (market ) Tj ET Q q 0 0 0 rg BT 323.64 291.10 Td (value ) Tj ET Q q 0 0 0 rg BT 348.01 291.10 Td (of ) Tj ET Q q 0 0 0 rg BT 359.06 291.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.99 291.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 416.97 291.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 459.11 291.10 Td (failed ) Tj ET Q q 0 0 0 rg BT 484.59 291.10 Td (to ) Tj ET Q q 0 0 0 rg BT 495.09 291.10 Td (deliver ) Tj ET Q q 0 0 0 rg BT 525.56 291.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 279.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 102.71 279.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 141.20 279.10 Td (the ) Tj ET Q q 0 0 0 rg BT 155.26 279.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 189.31 279.10 Td (value ) Tj ET Q q 0 0 0 rg BT 212.81 279.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.98 279.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 262.59 279.10 Td (that ) Tj ET Q q 0 0 0 rg BT 279.43 279.10 Td (have ) Tj ET Q q 0 0 0 rg BT 300.15 279.10 Td (not ) Tj ET Q q 0 0 0 rg BT 314.77 279.10 Td (been ) Tj ET Q q 0 0 0 rg BT 335.50 279.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 374.54 279.10 Td (or ) Tj ET Q q 0 0 0 rg BT 384.72 279.10 Td (received ) Tj ET Q q 0 0 0 rg BT 420.42 279.10 Td (by ) Tj ET Q q 0 0 0 rg BT 432.27 279.10 Td (the ) Tj ET Q q 0 0 0 rg BT 446.33 279.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 487.06 279.10 Td (on ) Tj ET Q q 0 0 0 rg BT 498.91 279.10 Td (settlement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 267.10 Td (date. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 243.10 Td (Note 9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.49 243.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.99 243.10 Td (Collateralized Securities T) Tj ET Q q 0 0 0 rg BT 208.66 243.10 Td (ransactions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.33 243.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 219.10 Td (The ) Tj ET Q q 0 0 0 rg BT 89.89 219.10 Td (Company) Tj ET Q q 0 0 0 rg BT 131.55 219.10 Td (s ) Tj ET Q q 0 0 0 rg BT 137.78 219.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 177.88 219.10 Td (and ) Tj ET Q q 0 0 0 rg BT 194.66 219.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 233.66 219.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 273.76 219.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 312.20 219.10 Td (involve ) Tj ET Q q 0 0 0 rg BT 344.53 219.10 Td (the ) Tj ET Q q 0 0 0 rg BT 359.08 219.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 400.31 219.10 Td (using ) Tj ET Q q 0 0 0 rg BT 424.32 219.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 464.42 219.10 Td (as ) Tj ET Q q 0 0 0 rg BT 475.09 219.10 Td (collateral. ) Tj ET Q q 0 0 0 rg BT 517.13 219.10 Td (In ) Tj ET Q q 0 0 0 rg BT 527.80 219.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 207.10 Td (event ) Tj ET Q q 0 0 0 rg BT 95.75 207.10 Td (that ) Tj ET Q q 0 0 0 rg BT 112.84 207.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.16 207.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 179.79 207.10 Td (does ) Tj ET Q q 0 0 0 rg BT 200.22 207.10 Td (not ) Tj ET Q q 0 0 0 rg BT 215.09 207.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 236.62 207.10 Td (its ) Tj ET Q q 0 0 0 rg BT 248.17 207.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 294.68 207.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 337.33 207.10 Td (to ) Tj ET Q q 0 0 0 rg BT 347.21 207.10 Td (return ) Tj ET Q q 0 0 0 rg BT 373.18 207.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 413.04 207.10 Td (used ) Tj ET Q q 0 0 0 rg BT 433.47 207.10 Td (as ) Tj ET Q q 0 0 0 rg BT 443.90 207.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 483.19 207.10 Td (\(e.g., ) Tj ET Q q 0 0 0 rg BT 505.56 207.10 Td (pursuant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 195.10 Td (to ) Tj ET Q q 0 0 0 rg BT 82.91 195.10 Td (the ) Tj ET Q q 0 0 0 rg BT 98.26 195.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 123.61 195.10 Td (of ) Tj ET Q q 0 0 0 rg BT 135.07 195.10 Td (a ) Tj ET Q q 0 0 0 rg BT 142.64 195.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 189.08 195.10 Td (agreement\), ) Tj ET Q q 0 0 0 rg BT 239.68 195.10 Td (or ) Tj ET Q q 0 0 0 rg BT 251.15 195.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 294.82 195.10 Td (do ) Tj ET Q q 0 0 0 rg BT 307.96 195.10 Td (not ) Tj ET Q q 0 0 0 rg BT 323.87 195.10 Td (deposit ) Tj ET Q q 0 0 0 rg BT 355.89 195.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 399.01 195.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 439.91 195.10 Td (or ) Tj ET Q q 0 0 0 rg BT 451.37 195.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 472.27 195.10 Td (for ) Tj ET Q q 0 0 0 rg BT 487.06 195.10 Td (mar) Tj ET Q q 0 0 0 rg BT 502.43 195.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 518.34 195.10 Td (when ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 183.10 Td (required, ) Tj ET Q q 0 0 0 rg BT 110.20 183.10 Td (the ) Tj ET Q q 0 0 0 rg BT 124.80 183.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 166.06 183.10 Td (may ) Tj ET Q q 0 0 0 rg BT 185.66 183.10 Td (be ) Tj ET Q q 0 0 0 rg BT 197.48 183.10 Td (exposed ) Tj ET Q q 0 0 0 rg BT 232.63 183.10 Td (to ) Tj ET Q q 0 0 0 rg BT 242.79 183.10 Td (the ) Tj ET Q q 0 0 0 rg BT 257.39 183.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 274.77 183.10 Td (of ) Tj ET Q q 0 0 0 rg BT 285.49 183.10 Td (reacquiring ) Tj ET Q q 0 0 0 rg BT 333.40 183.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.00 183.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 388.14 183.10 Td (or ) Tj ET Q q 0 0 0 rg BT 398.86 183.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 427.90 183.10 Td (the ) Tj ET Q q 0 0 0 rg BT 442.50 183.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 482.65 183.10 Td (at ) Tj ET Q q 0 0 0 rg BT 492.25 183.10 Td (unfavorable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 171.10 Td (market ) Tj ET Q q 0 0 0 rg BT 102.43 171.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 128.98 171.10 Td (in ) Tj ET Q q 0 0 0 rg BT 139.42 171.10 Td (order ) Tj ET Q q 0 0 0 rg BT 163.19 171.10 Td (to ) Tj ET Q q 0 0 0 rg BT 173.63 171.10 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 202.41 171.10 Td (its ) Tj ET Q q 0 0 0 rg BT 214.52 171.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 261.64 171.10 Td (to ) Tj ET Q q 0 0 0 rg BT 272.08 171.10 Td (its ) Tj ET Q q 0 0 0 rg BT 284.20 171.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 327.41 171.10 Td (or ) Tj ET Q q 0 0 0 rg BT 338.41 171.10 Td (counterparties. ) Tj ET Q q 0 0 0 rg BT 400.02 171.10 Td (The ) Tj ET Q q 0 0 0 rg BT 418.24 171.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 459.79 171.10 Td (seeks ) Tj ET Q q 0 0 0 rg BT 484.12 171.10 Td (to ) Tj ET Q q 0 0 0 rg BT 494.57 171.10 Td (control ) Tj ET Q q 0 0 0 rg BT 525.56 171.10 Td (this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 159.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 88.77 159.10 Td (by ) Tj ET Q q 0 0 0 rg BT 100.55 159.10 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 146.77 159.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.76 159.10 Td (market ) Tj ET Q q 0 0 0 rg BT 190.29 159.10 Td (value ) Tj ET Q q 0 0 0 rg BT 213.72 159.10 Td (of ) Tj ET Q q 0 0 0 rg BT 223.83 159.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 263.36 159.10 Td (pledged ) Tj ET Q q 0 0 0 rg BT 296.79 159.10 Td (or ) Tj ET Q q 0 0 0 rg BT 306.90 159.10 Td (used ) Tj ET Q q 0 0 0 rg BT 327.00 159.10 Td (as ) Tj ET Q q 0 0 0 rg BT 337.11 159.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 376.08 159.10 Td (on ) Tj ET Q q 0 0 0 rg BT 387.85 159.10 Td (a ) Tj ET Q q 0 0 0 rg BT 394.06 159.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 415.83 159.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 437.61 159.10 Td (and ) Tj ET Q q 0 0 0 rg BT 453.82 159.10 Td (requiring ) Tj ET Q q 0 0 0 rg BT 492.25 159.10 Td (adjustments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 147.10 Td (in ) Tj ET Q q 0 0 0 rg BT 82.62 147.10 Td (the ) Tj ET Q q 0 0 0 rg BT 97.67 147.10 Td (event ) Tj ET Q q 0 0 0 rg BT 122.17 147.10 Td (of ) Tj ET Q q 0 0 0 rg BT 133.33 147.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 162.27 147.10 Td (market ) Tj ET Q q 0 0 0 rg BT 192.87 147.10 Td (exposure. ) Tj ET Q q 0 0 0 rg BT 234.10 147.10 Td (The ) Tj ET Q q 0 0 0 rg BT 252.49 147.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 294.21 147.10 Td (also ) Tj ET Q q 0 0 0 rg BT 313.16 147.10 Td (uses ) Tj ET Q q 0 0 0 rg BT 333.22 147.10 Td (unaf) Tj ET Q q 0 0 0 rg BT 350.81 147.10 Td (filiated ) Tj ET Q q 0 0 0 rg BT 381.97 147.10 Td (third ) Tj ET Q q 0 0 0 rg BT 403.69 147.10 Td (party ) Tj ET Q q 0 0 0 rg BT 427.08 147.10 Td (custodians ) Tj ET Q q 0 0 0 rg BT 472.13 147.10 Td (to ) Tj ET Q q 0 0 0 rg BT 482.75 147.10 Td (administer ) Tj ET Q q 0 0 0 rg BT 527.80 147.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 135.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 117.83 135.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 157.52 135.10 Td (for ) Tj ET Q q 0 0 0 rg BT 171.68 135.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.40 135.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 222.78 135.10 Td (of ) Tj ET Q q 0 0 0 rg BT 233.61 135.10 Td (its ) Tj ET Q q 0 0 0 rg BT 245.56 135.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 289.71 135.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 329.98 135.10 Td (to ) Tj ET Q q 0 0 0 rg BT 340.26 135.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 375.53 135.10 Td (risk.) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream BT /F3 11.00 Tf ET q 0 0 0 rg BT 103.65 755.30 Td (Notes to the Statement of Financial Condition as of June 30, 2016 \(unaudited\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 48.60 Td (16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 731.10 Td (In ) Tj ET Q q 0 0 0 rg BT 83.07 731.10 Td (a ) Tj ET Q q 0 0 0 rg BT 90.25 731.10 Td (reverse ) Tj ET Q q 0 0 0 rg BT 121.85 731.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 167.90 731.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 212.28 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.23 731.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 268.86 731.10 Td (purchases ) Tj ET Q q 0 0 0 rg BT 311.03 731.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 348.75 731.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 398.15 731.10 Td (from ) Tj ET Q q 0 0 0 rg BT 420.33 731.10 Td (a ) Tj ET Q q 0 0 0 rg BT 427.51 731.10 Td (seller) Tj ET Q q 0 0 0 rg BT 448.76 731.10 Td (, ) Tj ET Q q 0 0 0 rg BT 454.00 731.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 491.73 731.10 Td (in ) Tj ET Q q 0 0 0 rg BT 502.25 731.10 Td (exchange ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 719.10 Td (for ) Tj ET Q q 0 0 0 rg BT 85.91 719.10 Td (cash, ) Tj ET Q q 0 0 0 rg BT 108.44 719.10 Td (and ) Tj ET Q q 0 0 0 rg BT 125.13 719.10 Td (agrees ) Tj ET Q q 0 0 0 rg BT 152.92 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 162.95 719.10 Td (resell ) Tj ET Q q 0 0 0 rg BT 186.86 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.33 719.10 Td (same ) Tj ET Q q 0 0 0 rg BT 224.13 719.10 Td (or ) Tj ET Q q 0 0 0 rg BT 234.71 719.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 287.52 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.99 719.10 Td (same ) Tj ET Q q 0 0 0 rg BT 324.79 719.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 362.02 719.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 410.94 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 420.97 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 435.44 719.10 Td (seller ) Tj ET Q q 0 0 0 rg BT 459.35 719.10 Td (at ) Tj ET Q q 0 0 0 rg BT 468.82 719.10 Td (a ) Tj ET Q q 0 0 0 rg BT 475.51 719.10 Td (stated ) Tj ET Q q 0 0 0 rg BT 501.09 719.10 Td (price ) Tj ET Q q 0 0 0 rg BT 523.33 719.10 Td (plus ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 707.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 105.34 707.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 137.02 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 147.06 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 161.53 707.10 Td (future. ) Tj ET Q q 0 0 0 rg BT 190.16 707.10 Td (In ) Tj ET Q q 0 0 0 rg BT 200.74 707.10 Td (a ) Tj ET Q q 0 0 0 rg BT 207.43 707.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 252.99 707.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 299.39 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 313.86 707.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 355.00 707.10 Td (sells ) Tj ET Q q 0 0 0 rg BT 375.03 707.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 412.26 707.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 461.18 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 471.21 707.10 Td (a ) Tj ET Q q 0 0 0 rg BT 477.90 707.10 Td (buyer) Tj ET Q q 0 0 0 rg BT 500.27 707.10 Td (, ) Tj ET Q q 0 0 0 rg BT 505.02 707.10 Td (typically ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 695.10 Td (for ) Tj ET Q q 0 0 0 rg BT 86.27 695.10 Td (cash, ) Tj ET Q q 0 0 0 rg BT 109.15 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 126.19 695.10 Td (agrees ) Tj ET Q q 0 0 0 rg BT 154.34 695.10 Td (to ) Tj ET Q q 0 0 0 rg BT 164.73 695.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 210.64 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 225.47 695.10 Td (same ) Tj ET Q q 0 0 0 rg BT 248.62 695.10 Td (or ) Tj ET Q q 0 0 0 rg BT 259.56 695.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 312.72 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 327.55 695.10 Td (same ) Tj ET Q q 0 0 0 rg BT 350.70 695.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 388.29 695.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 437.57 695.10 Td (from ) Tj ET Q q 0 0 0 rg BT 459.61 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 474.44 695.10 Td (buyer ) Tj ET Q q 0 0 0 rg BT 499.82 695.10 Td (at ) Tj ET Q q 0 0 0 rg BT 509.64 695.10 Td (a ) Tj ET Q q 0 0 0 rg BT 516.69 695.10 Td (stated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 683.10 Td (price ) Tj ET Q q 0 0 0 rg BT 95.12 683.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 114.92 683.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 149.14 683.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 181.71 683.10 Td (at ) Tj ET Q q 0 0 0 rg BT 192.06 683.10 Td (a ) Tj ET Q q 0 0 0 rg BT 199.64 683.10 Td (future ) Tj ET Q q 0 0 0 rg BT 226.65 683.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 248.94 683.10 Td (Even ) Tj ET Q q 0 0 0 rg BT 272.62 683.10 Td (though ) Tj ET Q q 0 0 0 rg BT 303.53 683.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 349.97 683.10 Td (and ) Tj ET Q q 0 0 0 rg BT 367.55 683.10 Td (reverse ) Tj ET Q q 0 0 0 rg BT 399.55 683.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 445.99 683.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 494.66 683.10 Td (involve ) Tj ET Q q 0 0 0 rg BT 527.79 683.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 671.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 94.44 671.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 127.99 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 139.33 671.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 184.00 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 195.34 671.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 233.33 671.10 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 285.50 671.10 Td (they ) Tj ET Q q 0 0 0 rg BT 305.73 671.10 Td (are ) Tj ET Q q 0 0 0 rg BT 320.94 671.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 364.49 671.10 Td (for ) Tj ET Q q 0 0 0 rg BT 379.15 671.10 Td (as ) Tj ET Q q 0 0 0 rg BT 390.49 671.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 431.27 671.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 488.14 671.10 Td (because ) Tj ET Q q 0 0 0 rg BT 522.79 671.10 Td (they ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 659.10 Td (require ) Tj ET Q q 0 0 0 rg BT 102.82 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 117.53 659.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 155.01 659.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 204.18 659.10 Td (to ) Tj ET Q q 0 0 0 rg BT 214.46 659.10 Td (be ) Tj ET Q q 0 0 0 rg BT 226.39 659.10 Td (repurchased ) Tj ET Q q 0 0 0 rg BT 277.20 659.10 Td (or ) Tj ET Q q 0 0 0 rg BT 288.03 659.10 Td (resold ) Tj ET Q q 0 0 0 rg BT 314.97 659.10 Td (at ) Tj ET Q q 0 0 0 rg BT 324.69 659.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 361.07 659.10 Td (of ) Tj ET Q q 0 0 0 rg BT 371.90 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 386.61 659.10 Td (agreement.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 635.10 Td (In ) Tj ET Q q 0 0 0 rg BT 82.55 635.10 Td (a ) Tj ET Q q 0 0 0 rg BT 89.21 635.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 129.20 635.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 169.74 635.10 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 218.33 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.77 635.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 273.88 635.10 Td (borrows ) Tj ET Q q 0 0 0 rg BT 308.88 635.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 348.86 635.10 Td (from ) Tj ET Q q 0 0 0 rg BT 370.52 635.10 Td (a ) Tj ET Q q 0 0 0 rg BT 377.18 635.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 429.93 635.10 Td (in ) Tj ET Q q 0 0 0 rg BT 439.93 635.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 479.91 635.10 Td (for ) Tj ET Q q 0 0 0 rg BT 493.79 635.10 Td (cash. ) Tj ET Q q 0 0 0 rg BT 516.12 635.10 Td (When ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 87.02 623.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 128.71 623.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 159.28 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 174.30 623.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 217.36 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.38 623.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 285.71 623.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 316.28 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 331.30 623.10 Td (cash. ) Tj ET Q q 0 0 0 rg BT 354.37 623.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 387.16 623.10 Td (is ) Tj ET Q q 0 0 0 rg BT 396.63 623.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 436.64 623.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 456.65 623.10 Td (periodically ) Tj ET Q q 0 0 0 rg BT 507.21 623.10 Td (over ) Tj ET Q q 0 0 0 rg BT 527.79 623.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 611.10 Td (life ) Tj ET Q q 0 0 0 rg BT 87.83 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 98.66 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 113.37 611.10 Td (transaction.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 587.10 Td (In ) Tj ET Q q 0 0 0 rg BT 83.80 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 99.48 587.10 Td (normal ) Tj ET Q q 0 0 0 rg BT 131.28 587.10 Td (course ) Tj ET Q q 0 0 0 rg BT 160.84 587.10 Td (of ) Tj ET Q q 0 0 0 rg BT 172.64 587.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 212.50 587.10 Td (the ) Tj ET Q q 0 0 0 rg BT 228.19 587.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 270.54 587.10 Td (obtains ) Tj ET Q q 0 0 0 rg BT 302.90 587.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 344.13 587.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 388.13 587.10 Td (under ) Tj ET Q q 0 0 0 rg BT 414.37 587.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 463.37 587.10 Td (to ) Tj ET Q q 0 0 0 rg BT 474.62 587.10 Td (resell, ) Tj ET Q q 0 0 0 rg BT 502.24 587.10 Td (securities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 575.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 112.34 575.10 Td (and ) Tj ET Q q 0 0 0 rg BT 128.80 575.10 Td (mar) Tj ET Q q 0 0 0 rg BT 144.17 575.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 158.97 575.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 206.52 575.10 Td (on ) Tj ET Q q 0 0 0 rg BT 218.54 575.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 242.78 575.10 Td (that ) Tj ET Q q 0 0 0 rg BT 259.80 575.10 Td (permit ) Tj ET Q q 0 0 0 rg BT 287.92 575.10 Td (it ) Tj ET Q q 0 0 0 rg BT 295.50 575.10 Td (to ) Tj ET Q q 0 0 0 rg BT 305.30 575.10 Td (repledge ) Tj ET Q q 0 0 0 rg BT 341.75 575.10 Td (or ) Tj ET Q q 0 0 0 rg BT 352.10 575.10 Td (resell ) Tj ET Q q 0 0 0 rg BT 375.77 575.10 Td (the ) Tj ET Q q 0 0 0 rg BT 390.01 575.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 429.80 575.10 Td (to ) Tj ET Q q 0 0 0 rg BT 439.60 575.10 Td (others, ) Tj ET Q q 0 0 0 rg BT 468.56 575.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 505.57 575.10 Td (pursuant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 563.10 Td (to ) Tj ET Q q 0 0 0 rg BT 81.13 563.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 125.78 563.10 Td (agreements. ) Tj ET Q q 0 0 0 rg BT 175.07 563.10 Td (The ) Tj ET Q q 0 0 0 rg BT 191.96 563.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 232.20 563.10 Td (obtained ) Tj ET Q q 0 0 0 rg BT 267.98 563.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 307.09 563.10 Td (with ) Tj ET Q q 0 0 0 rg BT 326.22 563.10 Td (a ) Tj ET Q q 0 0 0 rg BT 332.01 563.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 347.23 563.10 Td (value ) Tj ET Q q 0 0 0 rg BT 370.24 563.10 Td (of ) Tj ET Q q 0 0 0 rg BT 379.92 563.10 Td (approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.03 563.10 Td ($175.1 ) Tj ET Q q 0 0 0 rg BT 467.88 563.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.77 563.10 Td ( ) Tj ET Q q 0 0 0 rg BT 498.12 563.10 Td (at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.68 563.10 Td (June30, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 551.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.00 551.10 Td (, ) Tj ET Q q 0 0 0 rg BT 97.33 551.10 Td (of ) Tj ET Q q 0 0 0 rg BT 108.50 551.10 Td (which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.77 551.10 Td ($163.2 ) Tj ET Q q 0 0 0 rg BT 166.10 551.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.99 551.10 Td ( ) Tj ET Q q 0 0 0 rg BT 197.83 551.10 Td (had ) Tj ET Q q 0 0 0 rg BT 215.10 551.10 Td (been ) Tj ET Q q 0 0 0 rg BT 236.81 551.10 Td (pledged ) Tj ET Q q 0 0 0 rg BT 271.30 551.10 Td (or ) Tj ET Q q 0 0 0 rg BT 282.46 551.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 324.17 551.10 Td (transferred ) Tj ET Q q 0 0 0 rg BT 370.31 551.10 Td (to ) Tj ET Q q 0 0 0 rg BT 380.92 551.10 Td (satisfy ) Tj ET Q q 0 0 0 rg BT 409.87 551.10 Td (its ) Tj ET Q q 0 0 0 rg BT 422.15 551.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 479.42 551.10 Td (under ) Tj ET Q q 0 0 0 rg BT 505.02 551.10 Td (financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 539.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 121.17 539.10 Td (and ) Tj ET Q q 0 0 0 rg BT 138.10 539.10 Td (other ) Tj ET Q q 0 0 0 rg BT 161.15 539.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 201.98 539.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 240.59 539.10 Td (sold, ) Tj ET Q q 0 0 0 rg BT 262.26 539.10 Td (but ) Tj ET Q q 0 0 0 rg BT 277.54 539.10 Td (not ) Tj ET Q q 0 0 0 rg BT 292.82 539.10 Td (yet ) Tj ET Q q 0 0 0 rg BT 307.54 539.10 Td (purchased.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 515.10 Td (The ) Tj ET Q q 0 0 0 rg BT 88.93 515.10 Td (following ) Tj ET Q q 0 0 0 rg BT 129.21 515.10 Td (is ) Tj ET Q q 0 0 0 rg BT 137.26 515.10 Td (a ) Tj ET Q q 0 0 0 rg BT 143.09 515.10 Td (summary ) Tj ET Q q 0 0 0 rg BT 181.69 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 191.41 515.10 Td (the ) Tj ET Q q 0 0 0 rg BT 205.01 515.10 Td (Company) Tj ET Q q 0 0 0 rg BT 246.68 515.10 Td (s ) Tj ET Q q 0 0 0 rg BT 251.96 515.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 291.11 515.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 309.16 515.10 Td (under ) Tj ET Q q 0 0 0 rg BT 333.32 515.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 380.24 515.10 Td (to ) Tj ET Q q 0 0 0 rg BT 389.40 515.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 434.09 515.10 Td (\("Repurchase ) Tj ET Q q 0 0 0 rg BT 489.54 515.10 Td (Liabilities"\), ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 86.37 503.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 102.40 503.10 Td (market ) Tj ET Q q 0 0 0 rg BT 132.31 503.10 Td (value ) Tj ET Q q 0 0 0 rg BT 156.12 503.10 Td (of ) Tj ET Q q 0 0 0 rg BT 166.60 503.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 205.95 503.10 Td (pledged ) Tj ET Q q 0 0 0 rg BT 239.76 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 256.35 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 270.72 503.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 302.31 503.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 319.45 503.10 Td (char) Tj ET Q q 0 0 0 rg BT 336.47 503.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 353.06 503.10 Td (by ) Tj ET Q q 0 0 0 rg BT 365.21 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.58 503.10 Td (Company) Tj ET Q q 0 0 0 rg BT 421.25 503.10 Td (s ) Tj ET Q q 0 0 0 rg BT 427.29 503.10 Td (counterparty) Tj ET Q q 0 0 0 rg BT 477.18 503.10 Td (, ) Tj ET Q q 0 0 0 rg BT 481.83 503.10 Td (which ) Tj ET Q q 0 0 0 rg BT 508.42 503.10 Td (is ) Tj ET Q q 0 0 0 rg BT 517.24 503.10 Td (based ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 491.10 Td (on ) Tj ET Q q 0 0 0 rg BT 84.50 491.10 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 117.00 491.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 136.17 491.10 Td (an ) Tj ET Q q 0 0 0 rg BT 148.11 491.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 191.70 491.10 Td (mar) Tj ET Q q 0 0 0 rg BT 207.06 491.10 Td (gin, ) Tj ET Q q 0 0 0 rg BT 224.84 491.10 Td (as ) Tj ET Q q 0 0 0 rg BT 235.67 491.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.50 491.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 282.33 491.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.33 491.10 Td (:) Tj ET Q 1 1 1 rg /GS0 gs 71.50 444.60 232.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 456.6 m 383.5 456.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 456.6 m 461.5 456.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 456.6 m 539.5 456.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 408.6 m 383.5 408.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 408.6 m 461.5 408.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 408.6 m 383.5 408.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 397.6 m 383.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 395.6 m 383.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 408.6 m 461.5 408.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 397.6 m 461.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 395.6 m 461.5 395.6 l s BT /F4 10.00 Tf ET q 0 0 0 rg BT 322.80 471.33 Td (Repurchase) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 399.55 471.33 Td (Fair Market) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 74.00 460.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 326.60 459.33 Td (Liabilities) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 413.95 459.33 Td (Value) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 476.15 459.33 Td (InterestRate) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 447.33 Td (Term up to 30 day maturities:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.00 435.22 Td (Mortgage-backed securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.50 435.22 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.00 435.22 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 435.22 Td (21,767) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.00 435.22 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.15 435.22 Td (31,291) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.15 435.22 Td (2.21 - 2.48%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 423.33 Td (On demand maturities:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.00 411.22 Td (U.S. government securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.50 411.22 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 411.22 Td (11,964) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.15 411.22 Td (11,724) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.05 411.22 Td (0.20%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.00 399.22 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 399.22 Td (33,731) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.00 399.22 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.15 399.22 Td (43,015) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 373.10 Td (Reverse ) Tj ET Q q 0 0 0 rg BT 106.33 373.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 151.76 373.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 201.91 373.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 247.34 373.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 294.99 373.10 Td (and ) Tj ET Q q 0 0 0 rg BT 311.55 373.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 351.44 373.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 391.88 373.10 Td (and ) Tj ET Q q 0 0 0 rg BT 408.44 373.10 Td (loaned ) Tj ET Q q 0 0 0 rg BT 437.21 373.10 Td (are ) Tj ET Q q 0 0 0 rg BT 451.54 373.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 486.98 373.10 Td (on ) Tj ET Q q 0 0 0 rg BT 499.10 373.10 Td (a ) Tj ET Q q 0 0 0 rg BT 505.66 373.10 Td (net ) Tj ET Q q 0 0 0 rg BT 520.00 373.10 Td (basis ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 361.10 Td (by ) Tj ET Q q 0 0 0 rg BT 84.78 361.10 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 138.10 361.10 Td (when ) Tj ET Q q 0 0 0 rg BT 162.54 361.10 Td (a ) Tj ET Q q 0 0 0 rg BT 169.76 361.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 191.98 361.10 Td (right ) Tj ET Q q 0 0 0 rg BT 213.65 361.10 Td (of ) Tj ET Q q 0 0 0 rg BT 224.76 361.10 Td (of) Tj ET Q q 0 0 0 rg BT 232.91 361.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 250.13 361.10 Td (exists. ) Tj ET Q q 0 0 0 rg BT 278.00 361.10 Td (There ) Tj ET Q q 0 0 0 rg BT 304.09 361.10 Td (were ) Tj ET Q q 0 0 0 rg BT 326.31 361.10 Td (no ) Tj ET Q q 0 0 0 rg BT 339.09 361.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 362.99 361.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 399.66 361.10 Td (of) Tj ET Q q 0 0 0 rg BT 407.80 361.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 425.03 361.10 Td (on ) Tj ET Q q 0 0 0 rg BT 437.81 361.10 Td (the ) Tj ET Q q 0 0 0 rg BT 452.81 361.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 493.91 361.10 Td (of ) Tj ET Q q 0 0 0 rg BT 505.03 361.10 Td (financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 349.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 111.76 349.10 Td (for ) Tj ET Q q 0 0 0 rg BT 125.42 349.10 Td (reverse ) Tj ET Q q 0 0 0 rg BT 156.27 349.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 201.57 349.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 251.59 349.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 291.35 349.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 331.66 349.10 Td (or ) Tj ET Q q 0 0 0 rg BT 341.98 349.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 387.28 349.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 434.80 349.10 Td (at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.01 349.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 479.33 349.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.33 349.10 Td (, ) Tj ET Q q 0 0 0 rg BT 503.82 349.10 Td (as ) Tj ET Q q 0 0 0 rg BT 514.14 349.10 Td (a ) Tj ET Q q 0 0 0 rg BT 520.57 349.10 Td (legal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 337.10 Td (right ) Tj ET Q q 0 0 0 rg BT 92.96 337.10 Td (of ) Tj ET Q q 0 0 0 rg BT 103.36 337.10 Td (of) Tj ET Q q 0 0 0 rg BT 111.51 337.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 128.02 337.10 Td (did ) Tj ET Q q 0 0 0 rg BT 142.87 337.10 Td (not ) Tj ET Q q 0 0 0 rg BT 157.73 337.10 Td (exist. ) Tj ET Q q 0 0 0 rg BT 181.03 337.10 Td (The ) Tj ET Q q 0 0 0 rg BT 198.65 337.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 239.61 337.10 Td (had ) Tj ET Q q 0 0 0 rg BT 256.13 337.10 Td (no ) Tj ET Q q 0 0 0 rg BT 268.20 337.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 316.94 337.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 356.77 337.10 Td (lending ) Tj ET Q q 0 0 0 rg BT 388.84 337.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 444.77 337.10 Td (as ) Tj ET Q q 0 0 0 rg BT 455.18 337.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.58 337.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 500.98 337.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.98 337.10 Td (. ) Tj ET Q q 0 0 0 rg BT 525.56 337.10 Td (See ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 325.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 93.94 325.10 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.94 325.10 Td ( ) Tj ET Q q 0 0 0 rg BT 101.44 325.10 Td (for ) Tj ET Q q 0 0 0 rg BT 115.60 325.10 Td (information ) Tj ET Q q 0 0 0 rg BT 165.31 325.10 Td (related ) Tj ET Q q 0 0 0 rg BT 195.01 325.10 Td (to ) Tj ET Q q 0 0 0 rg BT 205.29 325.10 Td (the ) Tj ET Q q 0 0 0 rg BT 220.01 325.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 267.09 325.10 Td (of) Tj ET Q q 0 0 0 rg BT 275.24 325.10 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 307.73 325.10 Td (of ) Tj ET Q q 0 0 0 rg BT 318.56 325.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 361.04 325.10 Td (contracts. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 301.10 Td (Note 10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.49 301.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.99 301.10 Td (Investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.20 301.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 277.10 Td (The ) Tj ET Q q 0 0 0 rg BT 89.97 277.10 Td (Company) Tj ET Q q 0 0 0 rg BT 131.63 277.10 Td (s ) Tj ET Q q 0 0 0 rg BT 137.94 277.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 188.13 277.10 Td (include ) Tj ET Q q 0 0 0 rg BT 219.98 277.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 270.18 277.10 Td (in ) Tj ET Q q 0 0 0 rg BT 280.37 277.10 Td (private ) Tj ET Q q 0 0 0 rg BT 310.56 277.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 355.74 277.10 Td (and ) Tj ET Q q 0 0 0 rg BT 372.59 277.10 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 426.39 277.10 Td (registered ) Tj ET Q q 0 0 0 rg BT 468.23 277.10 Td (mutual ) Tj ET Q q 0 0 0 rg BT 498.42 277.10 Td (funds, ) Tj ET Q q 0 0 0 rg BT 525.56 277.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 265.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 108.93 265.10 Td (of ) Tj ET Q q 0 0 0 rg BT 119.76 265.10 Td (public ) Tj ET Q q 0 0 0 rg BT 147.25 265.10 Td (and ) Tj ET Q q 0 0 0 rg BT 164.19 265.10 Td (private ) Tj ET Q q 0 0 0 rg BT 194.46 265.10 Td (companies.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 230.60000000000002 m 539.5 230.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 194.60000000000002 m 539.5 194.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 183.60000000000002 m 539.5 183.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 181.60000000000002 m 539.5 181.60000000000002 l s BT /F4 10.00 Tf ET q 0 0 0 rg BT 486.20 245.33 Td (June 30,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 74.00 234.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 494.00 233.33 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 221.22 Td (Investments at fair value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.50 221.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.00 221.22 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.15 221.22 Td (6,567) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 209.22 Td (Investments at cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.50 209.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.15 209.22 Td (1,680) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 197.22 Td (Investments accounted for under the equity method) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.50 197.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 197.22 Td (54,488) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.00 185.22 Td (Total investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.50 185.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 185.22 Td (62,735) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 159.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.34 159.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 122.00 159.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 142.00 159.10 Td (, ) Tj ET Q q 0 0 0 rg BT 147.84 159.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 198.95 159.10 Td (carried ) Tj ET Q q 0 0 0 rg BT 230.04 159.10 Td (on ) Tj ET Q q 0 0 0 rg BT 243.38 159.10 Td (a ) Tj ET Q q 0 0 0 rg BT 251.16 159.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 270.60 159.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 293.94 159.10 Td (had ) Tj ET Q q 0 0 0 rg BT 311.72 159.10 Td (an ) Tj ET Q q 0 0 0 rg BT 324.49 159.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 366.15 159.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 383.36 159.10 Td (market ) Tj ET Q q 0 0 0 rg BT 414.47 159.10 Td (value ) Tj ET Q q 0 0 0 rg BT 439.46 159.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.13 159.10 Td ($3.0 ) Tj ET Q q 0 0 0 rg BT 471.96 159.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.85 159.10 Td (. ) Tj ET Q q 0 0 0 rg BT 506.69 159.10 Td (Because ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 147.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 112.47 147.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 152.95 147.10 Td (were ) Tj ET Q q 0 0 0 rg BT 175.63 147.10 Td (based ) Tj ET Q q 0 0 0 rg BT 201.66 147.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 224.92 147.10 Td (management) Tj ET Q q 0 0 0 rg BT 278.79 147.10 Td (s ) Tj ET Q q 0 0 0 rg BT 285.94 147.10 Td (judgment, ) Tj ET Q q 0 0 0 rg BT 329.48 147.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 380.51 147.10 Td (carried ) Tj ET Q q 0 0 0 rg BT 411.53 147.10 Td (at ) Tj ET Q q 0 0 0 rg BT 422.00 147.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 441.37 147.10 Td (would ) Tj ET Q q 0 0 0 rg BT 469.63 147.10 Td (be ) Tj ET Q q 0 0 0 rg BT 482.33 147.10 Td (categorized ) Tj ET Q q 0 0 0 rg BT 531.67 147.10 Td (as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 135.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 97.26 135.10 Td (III ) Tj ET Q q 0 0 0 rg BT 109.75 135.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 135.58 135.10 Td (in ) Tj ET Q q 0 0 0 rg BT 145.86 135.10 Td (the ) Tj ET Q q 0 0 0 rg BT 160.58 135.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 176.96 135.10 Td (value ) Tj ET Q q 0 0 0 rg BT 201.11 135.10 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 238.22 135.10 Td (, ) Tj ET Q q 0 0 0 rg BT 243.22 135.10 Td (if ) Tj ET Q q 0 0 0 rg BT 251.82 135.10 Td (they ) Tj ET Q q 0 0 0 rg BT 271.54 135.10 Td (were ) Tj ET Q q 0 0 0 rg BT 293.47 135.10 Td (carried ) Tj ET Q q 0 0 0 rg BT 323.72 135.10 Td (at ) Tj ET Q q 0 0 0 rg BT 333.44 135.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 349.82 135.10 Td (value.) Tj ET Q endstream endobj 35 0 obj <> endobj 36 0 obj <> stream BT /F3 11.00 Tf ET q 0 0 0 rg BT 103.65 755.30 Td (Notes to the Statement of Financial Condition as of June 30, 2016 \(unaudited\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 48.60 Td (17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 731.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 122.97 731.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 166.16 731.10 Td (for ) Tj ET Q q 0 0 0 rg BT 180.46 731.10 Td (under ) Tj ET Q q 0 0 0 rg BT 205.88 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 220.75 731.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 248.39 731.10 Td (method ) Tj ET Q q 0 0 0 rg BT 281.04 731.10 Td (include ) Tj ET Q q 0 0 0 rg BT 313.12 731.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 344.10 731.10 Td (partnership ) Tj ET Q q 0 0 0 rg BT 391.73 731.10 Td (interests. ) Tj ET Q q 0 0 0 rg BT 430.01 731.10 Td (The ) Tj ET Q q 0 0 0 rg BT 448.21 731.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 484.17 731.10 Td (value ) Tj ET Q q 0 0 0 rg BT 508.48 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 519.46 731.10 Td (these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 719.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 122.43 719.10 Td (is ) Tj ET Q q 0 0 0 rg BT 131.77 719.10 Td (based ) Tj ET Q q 0 0 0 rg BT 157.20 719.10 Td (on ) Tj ET Q q 0 0 0 rg BT 169.86 719.10 Td (the ) Tj ET Q q 0 0 0 rg BT 184.73 719.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 231.28 719.10 Td (vehicle) Tj ET Q q 0 0 0 rg BT 262.93 719.10 Td (s ) Tj ET Q q 0 0 0 rg BT 269.48 719.10 Td (net ) Tj ET Q q 0 0 0 rg BT 284.36 719.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 306.46 719.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 333.08 719.10 Td (The ) Tj ET Q q 0 0 0 rg BT 351.29 719.10 Td (net ) Tj ET Q q 0 0 0 rg BT 366.17 719.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 392.16 719.10 Td (of ) Tj ET Q q 0 0 0 rg BT 403.15 719.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 449.69 719.10 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 501.23 719.10 Td (consist ) Tj ET Q q 0 0 0 rg BT 531.67 719.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 707.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 122.23 707.10 Td (in ) Tj ET Q q 0 0 0 rg BT 132.46 707.10 Td (both ) Tj ET Q q 0 0 0 rg BT 152.70 707.10 Td (marketable ) Tj ET Q q 0 0 0 rg BT 199.57 707.10 Td (and ) Tj ET Q q 0 0 0 rg BT 216.46 707.10 Td (non-marketable ) Tj ET Q q 0 0 0 rg BT 281.67 707.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 324.21 707.10 Td (The ) Tj ET Q q 0 0 0 rg BT 342.21 707.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 387.99 707.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 438.22 707.10 Td (held ) Tj ET Q q 0 0 0 rg BT 457.89 707.10 Td (by ) Tj ET Q q 0 0 0 rg BT 470.35 707.10 Td (such ) Tj ET Q q 0 0 0 rg BT 491.13 707.10 Td (partnerships ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 695.10 Td (are ) Tj ET Q q 0 0 0 rg BT 86.63 695.10 Td (valued ) Tj ET Q q 0 0 0 rg BT 115.71 695.10 Td (based ) Tj ET Q q 0 0 0 rg BT 140.91 695.10 Td (on ) Tj ET Q q 0 0 0 rg BT 153.33 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 167.98 695.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 208.72 695.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 225.03 695.10 Td (value ) Tj ET Q q 0 0 0 rg BT 249.11 695.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 296.51 695.10 Td (by ) Tj ET Q q 0 0 0 rg BT 308.94 695.10 Td (management ) Tj ET Q q 0 0 0 rg BT 362.45 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 373.21 695.10 Td (our ) Tj ET Q q 0 0 0 rg BT 388.96 695.10 Td (af) Tj ET Q q 0 0 0 rg BT 396.55 695.10 Td (filiated ) Tj ET Q q 0 0 0 rg BT 427.30 695.10 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 478.60 695.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 497.97 695.10 Td (in ) Tj ET Q q 0 0 0 rg BT 508.17 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 522.81 695.10 Td (case ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 83.02 683.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 133.49 683.10 Td (in ) Tj ET Q q 0 0 0 rg BT 143.96 683.10 Td (unaf) Tj ET Q q 0 0 0 rg BT 161.55 683.10 Td (filiated ) Tj ET Q q 0 0 0 rg BT 192.56 683.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 239.13 683.10 Td (partnerships, ) Tj ET Q q 0 0 0 rg BT 293.20 683.10 Td (are ) Tj ET Q q 0 0 0 rg BT 308.10 683.10 Td (based ) Tj ET Q q 0 0 0 rg BT 333.56 683.10 Td (on ) Tj ET Q q 0 0 0 rg BT 346.25 683.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 383.92 683.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 428.83 683.10 Td (prepared ) Tj ET Q q 0 0 0 rg BT 466.50 683.10 Td (by ) Tj ET Q q 0 0 0 rg BT 479.19 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 494.10 683.10 Td (unaf) Tj ET Q q 0 0 0 rg BT 511.68 683.10 Td (filiated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 671.10 Td (general ) Tj ET Q q 0 0 0 rg BT 103.92 671.10 Td (partners.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 647.10 Td (Note 1) Tj ET Q q 0 0 0 rg BT 98.94 647.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.94 647.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.44 647.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 132.09 647.10 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.09 647.10 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 600.6 m 539.5 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 516.6 m 539.5 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 505.6 m 539.5 505.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 503.6 m 539.5 503.6 l s BT /F4 10.00 Tf ET q 0 0 0 rg BT 486.20 615.33 Td (June 30,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 74.00 604.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 494.00 603.33 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 591.22 Td (Net deferred income tax assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.50 591.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.00 591.22 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 591.22 Td (74,445) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 579.22 Td (Fee receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.50 579.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.15 579.22 Td (8,167) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 567.22 Td (Accrued interest receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.50 567.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.15 567.22 Td (2,488) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 555.22 Td (Forgivable loans, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.50 555.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.15 555.22 Td (8,526) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 543.22 Td (Income tax receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.50 543.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 543.22 Td (12,484) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 531.22 Td (Prepaid expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.50 531.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.15 531.22 Td (5,258) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 519.22 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.50 519.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.15 519.22 Td (7,559) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.00 507.22 Td (Total other assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.50 507.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.00 507.22 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.15 507.22 Td (118,927) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 481.10 Td (Note 12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.49 481.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.99 481.10 Td (Goodwill and Intangible ) Tj ET Q q 0 0 0 rg BT 207.64 481.10 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.64 481.10 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 410.6 m 539.5 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 399.6 m 539.5 399.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 397.6 m 539.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 338.6 m 539.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 338.6 m 539.5 338.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 327.6 m 539.5 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 325.6 m 539.5 325.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 74.00 450.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 437.33 Td (Goodwill) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 425.22 Td (Balance at December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.50 425.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.00 425.22 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 425.22 Td (21,132) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 413.22 Td (Goodwill acquired) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.50 413.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 413.22 Td (62,553) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 401.22 Td (Balance at June 30, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.50 401.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.00 401.22 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 401.22 Td (83,685) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 377.33 Td (Intangible assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 365.22 Td (Balance at December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.50 365.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.00 365.22 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.15 365.22 Td (8,256) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 353.22 Td (Intangible assets acquired) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.50 353.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 353.22 Td (11,253) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 341.22 Td (Amortization of intangible assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.50 341.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.80 341.22 Td (\(4,121) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 341.22 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 329.22 Td (Balance at June 30, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.50 329.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.00 329.22 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 329.22 Td (15,388) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 303.10 Td (The addition of goodwill and intangible assets during the six months ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.29 303.10 Td (June30, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.12 303.10 Td (, related to the acquisition ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 291.10 Td (of Simmons, as discussed in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.56 291.10 Td (Note 4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.50 291.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 267.10 Td (Note 13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.49 267.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.99 267.10 Td (Short-T) Tj ET Q q 0 0 0 rg BT 136.63 267.10 Td (erm Financing) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.79 267.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 243.10 Td (The ) Tj ET Q q 0 0 0 rg BT 90.66 243.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 132.67 243.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 159.68 243.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 193.33 243.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 243.64 243.10 Td (paper ) Tj ET Q q 0 0 0 rg BT 268.97 243.10 Td (to ) Tj ET Q q 0 0 0 rg BT 279.86 243.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 301.31 243.10 Td (a ) Tj ET Q q 0 0 0 rg BT 308.86 243.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 340.87 243.10 Td (of ) Tj ET Q q 0 0 0 rg BT 352.31 243.10 Td (its ) Tj ET Q q 0 0 0 rg BT 364.88 243.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 405.76 243.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 443.44 243.10 Td (. ) Tj ET Q q 0 0 0 rg BT 448.83 243.10 Td (The ) Tj ET Q q 0 0 0 rg BT 467.49 243.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 517.80 243.10 Td (paper ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 231.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 95.68 231.10 Td (\(CP) Tj ET Q q 0 0 0 rg BT 115.31 231.10 Td ( ) Tj ET Q q 0 0 0 rg BT 117.88 231.10 Td (Notes\) ) Tj ET Q q 0 0 0 rg BT 151.55 231.10 Td (can ) Tj ET Q q 0 0 0 rg BT 167.99 231.10 Td (be ) Tj ET Q q 0 0 0 rg BT 180.00 231.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 207.57 231.10 Td (with ) Tj ET Q q 0 0 0 rg BT 227.92 231.10 Td (maturities ) Tj ET Q q 0 0 0 rg BT 270.48 231.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.38 231.10 Td (27) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.38 231.10 Td ( ) Tj ET Q q 0 0 0 rg BT 293.95 231.10 Td (days ) Tj ET Q q 0 0 0 rg BT 314.85 231.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.20 231.10 Td (270) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.20 231.10 Td ( ) Tj ET Q q 0 0 0 rg BT 342.77 231.10 Td (days ) Tj ET Q q 0 0 0 rg BT 363.67 231.10 Td (from ) Tj ET Q q 0 0 0 rg BT 385.67 231.10 Td (the ) Tj ET Q q 0 0 0 rg BT 400.46 231.10 Td (date ) Tj ET Q q 0 0 0 rg BT 419.69 231.10 Td (of ) Tj ET Q q 0 0 0 rg BT 430.59 231.10 Td (issuance. ) Tj ET Q q 0 0 0 rg BT 469.35 231.10 Td (The ) Tj ET Q q 0 0 0 rg BT 487.46 231.10 Td (CP) Tj ET Q q 0 0 0 rg BT 499.32 231.10 Td ( ) Tj ET Q q 0 0 0 rg BT 501.89 231.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 527.79 231.10 Td (are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 219.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 99.94 219.10 Td (under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.64 219.10 Td (three) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.63 219.10 Td ( ) Tj ET Q q 0 0 0 rg BT 148.56 219.10 Td (separate ) Tj ET Q q 0 0 0 rg BT 184.25 219.10 Td (programs, ) Tj ET Q q 0 0 0 rg BT 227.46 219.10 Td (CP) Tj ET Q q 0 0 0 rg BT 239.32 219.10 Td ( ) Tj ET Q q 0 0 0 rg BT 242.25 219.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 268.98 219.10 Td (A, ) Tj ET Q q 0 0 0 rg BT 281.64 219.10 Td (CP) Tj ET Q q 0 0 0 rg BT 293.50 219.10 Td ( ) Tj ET Q q 0 0 0 rg BT 296.43 219.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 323.81 219.10 Td (II ) Tj ET Q q 0 0 0 rg BT 332.76 219.10 Td (A) Tj ET Q q 0 0 0 rg BT 339.43 219.10 Td ( ) Tj ET Q q 0 0 0 rg BT 342.36 219.10 Td (and ) Tj ET Q q 0 0 0 rg BT 359.74 219.10 Td (CP) Tj ET Q q 0 0 0 rg BT 371.60 219.10 Td ( ) Tj ET Q q 0 0 0 rg BT 374.53 219.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 401.91 219.10 Td (III ) Tj ET Q q 0 0 0 rg BT 414.19 219.10 Td (A, ) Tj ET Q q 0 0 0 rg BT 426.84 219.10 Td (and ) Tj ET Q q 0 0 0 rg BT 444.22 219.10 Td (are ) Tj ET Q q 0 0 0 rg BT 459.36 219.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 492.83 219.10 Td (by ) Tj ET Q q 0 0 0 rg BT 505.77 219.10 Td (dif) Tj ET Q q 0 0 0 rg BT 516.70 219.10 Td (ferent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 207.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 112.57 207.10 Td (classes. ) Tj ET Q q 0 0 0 rg BT 144.58 207.10 Td (As ) Tj ET Q q 0 0 0 rg BT 157.94 207.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.51 207.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 204.09 207.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.09 207.10 Td (, ) Tj ET Q q 0 0 0 rg BT 228.83 207.10 Td (the ) Tj ET Q q 0 0 0 rg BT 243.29 207.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 282.19 207.10 Td (average ) Tj ET Q q 0 0 0 rg BT 315.51 207.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 351.64 207.10 Td (of ) Tj ET Q q 0 0 0 rg BT 362.21 207.10 Td (CP) Tj ET Q q 0 0 0 rg BT 374.07 207.10 Td ( ) Tj ET Q q 0 0 0 rg BT 376.31 207.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 402.50 207.10 Td (A, ) Tj ET Q q 0 0 0 rg BT 414.46 207.10 Td (CP) Tj ET Q q 0 0 0 rg BT 426.32 207.10 Td ( ) Tj ET Q q 0 0 0 rg BT 428.57 207.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 455.25 207.10 Td (II ) Tj ET Q q 0 0 0 rg BT 463.65 207.10 Td (A) Tj ET Q q 0 0 0 rg BT 470.32 207.10 Td ( ) Tj ET Q q 0 0 0 rg BT 472.57 207.10 Td (and ) Tj ET Q q 0 0 0 rg BT 489.25 207.10 Td (CP) Tj ET Q q 0 0 0 rg BT 501.11 207.10 Td ( ) Tj ET Q q 0 0 0 rg BT 503.35 207.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 530.03 207.10 Td (III ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 195.10 Td (A) Tj ET Q q 0 0 0 rg BT 78.67 195.10 Td ( ) Tj ET Q q 0 0 0 rg BT 81.29 195.10 Td (was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.45 195.10 Td (81) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.45 195.10 Td ( ) Tj ET Q q 0 0 0 rg BT 112.07 195.10 Td (days, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.52 195.10 Td (29) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.52 195.10 Td ( ) Tj ET Q q 0 0 0 rg BT 148.13 195.10 Td (days ) Tj ET Q q 0 0 0 rg BT 169.08 195.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.13 195.10 Td (12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.13 195.10 Td ( ) Tj ET Q q 0 0 0 rg BT 198.75 195.10 Td (days, ) Tj ET Q q 0 0 0 rg BT 222.20 195.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 269.86 195.10 Td (. ) Tj ET Q q 0 0 0 rg BT 274.78 195.10 Td (The ) Tj ET Q q 0 0 0 rg BT 292.95 195.10 Td (CP) Tj ET Q q 0 0 0 rg BT 304.81 195.10 Td ( ) Tj ET Q q 0 0 0 rg BT 307.42 195.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 333.37 195.10 Td (are ) Tj ET Q q 0 0 0 rg BT 348.19 195.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 380.24 195.10 Td (bearing ) Tj ET Q q 0 0 0 rg BT 412.84 195.10 Td (or ) Tj ET Q q 0 0 0 rg BT 423.79 195.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 443.08 195.10 Td (at ) Tj ET Q q 0 0 0 rg BT 452.91 195.10 Td (a ) Tj ET Q q 0 0 0 rg BT 459.96 195.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 496.47 195.10 Td (to ) Tj ET Q q 0 0 0 rg BT 506.86 195.10 Td (par ) Tj ET Q q 0 0 0 rg BT 522.25 195.10 Td (with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 183.10 Td (an ) Tj ET Q q 0 0 0 rg BT 82.88 183.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 113.75 183.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 130.17 183.10 Td (based ) Tj ET Q q 0 0 0 rg BT 154.37 183.10 Td (on ) Tj ET Q q 0 0 0 rg BT 165.81 183.10 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 197.25 183.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 215.35 183.10 Td (an ) Tj ET Q q 0 0 0 rg BT 226.23 183.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 268.76 183.10 Td (mar) Tj ET Q q 0 0 0 rg BT 284.12 183.10 Td (gin. ) Tj ET Q q 0 0 0 rg BT 300.84 183.10 Td (CP) Tj ET Q q 0 0 0 rg BT 312.70 183.10 Td ( ) Tj ET Q q 0 0 0 rg BT 314.14 183.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 340.01 183.10 Td (III ) Tj ET Q q 0 0 0 rg BT 351.12 183.10 Td (A) Tj ET Q q 0 0 0 rg BT 357.79 183.10 Td ( ) Tj ET Q q 0 0 0 rg BT 359.23 183.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 393.99 183.10 Td (a ) Tj ET Q q 0 0 0 rg BT 399.87 183.10 Td (covenant ) Tj ET Q q 0 0 0 rg BT 437.40 183.10 Td (that ) Tj ET Q q 0 0 0 rg BT 453.83 183.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 487.47 183.10 Td (the ) Tj ET Q q 0 0 0 rg BT 501.13 183.10 Td (Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 171.10 Td (to ) Tj ET Q q 0 0 0 rg BT 83.67 171.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 122.56 171.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 152.55 171.10 Td (net ) Tj ET Q q 0 0 0 rg BT 168.67 171.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 199.21 171.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.44 171.10 Td ($120 ) Tj ET Q q 0 0 0 rg BT 235.33 171.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.22 171.10 Td (. ) Tj ET Q q 0 0 0 rg BT 269.76 171.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.66 171.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 320.88 171.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.88 171.10 Td (, ) Tj ET Q q 0 0 0 rg BT 347.28 171.10 Td (the ) Tj ET Q q 0 0 0 rg BT 363.39 171.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 406.17 171.10 Td (had ) Tj ET Q q 0 0 0 rg BT 424.51 171.10 Td (CP) Tj ET Q q 0 0 0 rg BT 436.37 171.10 Td ( ) Tj ET Q q 0 0 0 rg BT 440.26 171.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 467.49 171.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.71 171.10 Td ($263.4 ) Tj ET Q q 0 0 0 rg BT 511.11 171.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 159.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 121.17 159.10 Td (with ) Tj ET Q q 0 0 0 rg BT 141.44 159.10 Td (a ) Tj ET Q q 0 0 0 rg BT 148.38 159.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 187.54 159.10 Td (average ) Tj ET Q q 0 0 0 rg BT 221.12 159.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 253.05 159.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 270.54 159.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.37 159.10 Td (1.99%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.20 159.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 135.10 Td (The ) Tj ET Q q 0 0 0 rg BT 89.79 135.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 130.93 135.10 Td (has ) Tj ET Q q 0 0 0 rg BT 146.50 135.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 191.52 135.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 235.42 135.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 257.10 135.10 Td (line ) Tj ET Q q 0 0 0 rg BT 274.34 135.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 314.35 135.10 Td (available ) Tj ET Q q 0 0 0 rg BT 352.69 135.10 Td (on ) Tj ET Q q 0 0 0 rg BT 364.93 135.10 Td (a ) Tj ET Q q 0 0 0 rg BT 371.62 135.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 404.40 135.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 426.65 135.10 Td (and ) Tj ET Q q 0 0 0 rg BT 443.33 135.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 498.35 135.10 Td (short-term ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 123.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 94.23 123.10 Td (line ) Tj ET Q q 0 0 0 rg BT 112.02 123.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 152.58 123.10 Td (available ) Tj ET Q q 0 0 0 rg BT 191.46 123.10 Td (on ) Tj ET Q q 0 0 0 rg BT 204.26 123.10 Td (both ) Tj ET Q q 0 0 0 rg BT 224.83 123.10 Td (a ) Tj ET Q q 0 0 0 rg BT 232.06 123.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 265.40 123.10 Td (and ) Tj ET Q q 0 0 0 rg BT 282.63 123.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 325.96 123.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 351.05 123.10 Td (The ) Tj ET Q q 0 0 0 rg BT 369.39 123.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 411.07 123.10 Td (uses ) Tj ET Q q 0 0 0 rg BT 431.09 123.10 Td (these ) Tj ET Q q 0 0 0 rg BT 454.43 123.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 479.99 123.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 517.21 123.10 Td (in ) Tj ET Q q 0 0 0 rg BT 527.79 123.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 111.10 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 107.53 111.10 Td (course ) Tj ET Q q 0 0 0 rg BT 135.29 111.10 Td (of ) Tj ET Q q 0 0 0 rg BT 145.28 111.10 Td (business ) Tj ET Q q 0 0 0 rg BT 180.82 111.10 Td (to ) Tj ET Q q 0 0 0 rg BT 190.26 111.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 210.25 111.10 Td (a ) Tj ET Q q 0 0 0 rg BT 216.34 111.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 246.88 111.10 Td (of ) Tj ET Q q 0 0 0 rg BT 256.87 111.10 Td (its ) Tj ET Q q 0 0 0 rg BT 267.98 111.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 289.63 111.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 332.94 111.10 Td (and ) Tj ET Q q 0 0 0 rg BT 349.04 111.10 Td (the ) Tj ET Q q 0 0 0 rg BT 362.91 111.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 394.56 111.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 434.54 111.10 Td (under ) Tj ET Q q 0 0 0 rg BT 458.96 111.10 Td (these ) Tj ET Q q 0 0 0 rg BT 481.17 111.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 505.59 111.10 Td (facilities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 99.10 Td (varies ) Tj ET Q q 0 0 0 rg BT 98.38 99.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 120.87 99.10 Td (based ) Tj ET Q q 0 0 0 rg BT 146.14 99.10 Td (on ) Tj ET Q q 0 0 0 rg BT 158.64 99.10 Td (the ) Tj ET Q q 0 0 0 rg BT 173.36 99.10 Td (Company) Tj ET Q q 0 0 0 rg BT 215.02 99.10 Td (s ) Tj ET Q q 0 0 0 rg BT 221.41 99.10 Td (funding ) Tj ET Q q 0 0 0 rg BT 255.02 99.10 Td (needs. ) Tj ET Q endstream endobj 37 0 obj <> endobj 38 0 obj <> stream BT /F3 11.00 Tf ET q 0 0 0 rg BT 103.65 755.30 Td (Notes to the Statement of Financial Condition as of June 30, 2016 \(unaudited\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 48.60 Td (18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 731.10 Td (The ) Tj ET Q q 0 0 0 rg BT 91.27 731.10 Td (Company) Tj ET Q q 0 0 0 rg BT 132.94 731.10 Td (s ) Tj ET Q q 0 0 0 rg BT 140.55 731.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 187.05 731.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 232.43 731.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 255.59 731.10 Td (line ) Tj ET Q q 0 0 0 rg BT 274.31 731.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 315.80 731.10 Td (at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.75 731.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 363.80 731.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.80 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 387.53 731.10 Td (consisted ) Tj ET Q q 0 0 0 rg BT 428.47 731.10 Td (of ) Tj ET Q q 0 0 0 rg BT 440.53 731.10 Td (a ) Tj ET Q q 0 0 0 rg BT 448.69 731.10 Td (one-year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.39 731.10 Td ($250 ) Tj ET Q q 0 0 0 rg BT 511.12 731.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 719.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 116.85 719.10 Td (revolving ) Tj ET Q q 0 0 0 rg BT 157.26 719.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 182.10 719.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 212.50 719.10 Td (with ) Tj ET Q q 0 0 0 rg BT 232.36 719.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 252.23 719.10 Td (Bank, ) Tj ET Q q 0 0 0 rg BT 277.92 719.10 Td (N.A., ) Tj ET Q q 0 0 0 rg BT 301.94 719.10 Td (which ) Tj ET Q q 0 0 0 rg BT 328.46 719.10 Td (was ) Tj ET Q q 0 0 0 rg BT 346.10 719.10 Td (renewed ) Tj ET Q q 0 0 0 rg BT 382.05 719.10 Td (in ) Tj ET Q q 0 0 0 rg BT 391.91 719.10 Td (December ) Tj ET Q q 0 0 0 rg BT 435.07 719.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 459.19 719.10 Td (Advances ) Tj ET Q q 0 0 0 rg BT 500.70 719.10 Td (under ) Tj ET Q q 0 0 0 rg BT 525.55 719.10 Td (this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 707.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 103.54 707.10 Td (are ) Tj ET Q q 0 0 0 rg BT 118.96 707.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 152.72 707.10 Td (by ) Tj ET Q q 0 0 0 rg BT 165.94 707.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 196.36 707.10 Td (marketable ) Tj ET Q q 0 0 0 rg BT 243.99 707.10 Td (securities. ) Tj ET Q q 0 0 0 rg BT 287.24 707.10 Td (The ) Tj ET Q q 0 0 0 rg BT 306.01 707.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 337.54 707.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 374.09 707.10 Td (a ) Tj ET Q q 0 0 0 rg BT 381.74 707.10 Td (covenant ) Tj ET Q q 0 0 0 rg BT 421.05 707.10 Td (that ) Tj ET Q q 0 0 0 rg BT 439.27 707.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 474.69 707.10 Td (the ) Tj ET Q q 0 0 0 rg BT 490.13 707.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 532.23 707.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 695.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 109.10 695.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 150.10 695.10 Td (net ) Tj ET Q q 0 0 0 rg BT 164.42 695.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 193.18 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 203.62 695.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.73 695.10 Td ($120 ) Tj ET Q q 0 0 0 rg BT 227.84 695.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.73 695.10 Td (, ) Tj ET Q q 0 0 0 rg BT 261.34 695.10 Td (and ) Tj ET Q q 0 0 0 rg BT 277.88 695.10 Td (the ) Tj ET Q q 0 0 0 rg BT 292.21 695.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 321.54 695.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 359.19 695.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 391.29 695.10 Td (of ) Tj ET Q q 0 0 0 rg BT 401.73 695.10 Td (all ) Tj ET Q q 0 0 0 rg BT 413.83 695.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 452.58 695.10 Td (under ) Tj ET Q q 0 0 0 rg BT 477.46 695.10 Td (this ) Tj ET Q q 0 0 0 rg BT 494.02 695.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 524.45 695.10 Td (will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 683.10 Td (be ) Tj ET Q q 0 0 0 rg BT 83.09 683.10 Td (due ) Tj ET Q q 0 0 0 rg BT 99.17 683.10 Td (on ) Tj ET Q q 0 0 0 rg BT 110.82 683.10 Td (December17, ) Tj ET Q q 0 0 0 rg BT 168.55 683.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 192.58 683.10 Td (The ) Tj ET Q q 0 0 0 rg BT 209.78 683.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 250.31 683.10 Td (pays ) Tj ET Q q 0 0 0 rg BT 270.29 683.10 Td (a ) Tj ET Q q 0 0 0 rg BT 276.38 683.10 Td (nonrefundable ) Tj ET Q q 0 0 0 rg BT 335.78 683.10 Td (commitment ) Tj ET Q q 0 0 0 rg BT 387.97 683.10 Td (fee ) Tj ET Q q 0 0 0 rg BT 401.83 683.10 Td (on ) Tj ET Q q 0 0 0 rg BT 413.48 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 427.34 683.10 Td (unused ) Tj ET Q q 0 0 0 rg BT 457.32 683.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 487.85 683.10 Td (of ) Tj ET Q q 0 0 0 rg BT 497.83 683.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.70 683.10 Td (facility ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 671.10 Td (on ) Tj ET Q q 0 0 0 rg BT 84.50 671.10 Td (a ) Tj ET Q q 0 0 0 rg BT 91.44 671.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 130.03 671.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 154.48 671.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.98 671.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 202.81 671.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.81 671.10 Td (, ) Tj ET Q q 0 0 0 rg BT 227.81 671.10 Td (the ) Tj ET Q q 0 0 0 rg BT 242.53 671.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 283.91 671.10 Td (had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.85 671.10 Td (no) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.85 671.10 Td ( ) Tj ET Q q 0 0 0 rg BT 313.35 671.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 352.50 671.10 Td (against ) Tj ET Q q 0 0 0 rg BT 383.32 671.10 Td (this ) Tj ET Q q 0 0 0 rg BT 400.27 671.10 Td (line ) Tj ET Q q 0 0 0 rg BT 417.77 671.10 Td (of ) Tj ET Q q 0 0 0 rg BT 428.60 671.10 Td (credit.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 647.10 Td (The ) Tj ET Q q 0 0 0 rg BT 90.31 647.10 Td (Company) Tj ET Q q 0 0 0 rg BT 131.98 647.10 Td (s ) Tj ET Q q 0 0 0 rg BT 138.63 647.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 194.16 647.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 227.46 647.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 249.11 647.10 Td (at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.09 647.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 295.19 647.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.19 647.10 Td ( ) Tj ET Q q 0 0 0 rg BT 317.95 647.10 Td (totaled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.93 647.10 Td ($185 ) Tj ET Q q 0 0 0 rg BT 370.69 647.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.58 647.10 Td ( ) Tj ET Q q 0 0 0 rg BT 402.35 647.10 Td (with ) Tj ET Q q 0 0 0 rg BT 422.89 647.10 Td (two ) Tj ET Q q 0 0 0 rg BT 440.65 647.10 Td (banks ) Tj ET Q q 0 0 0 rg BT 466.75 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 483.95 647.10 Td (are ) Tj ET Q q 0 0 0 rg BT 498.92 647.10 Td (dependent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 635.10 Td (on ) Tj ET Q q 0 0 0 rg BT 85.72 635.10 Td (having ) Tj ET Q q 0 0 0 rg BT 116.65 635.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 165.90 635.10 Td (collateral, ) Tj ET Q q 0 0 0 rg BT 209.32 635.10 Td (as ) Tj ET Q q 0 0 0 rg BT 221.36 635.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 270.06 635.10 Td (by ) Tj ET Q q 0 0 0 rg BT 283.78 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 299.71 635.10 Td (bank ) Tj ET Q q 0 0 0 rg BT 322.87 635.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 370.73 635.10 Td (to ) Tj ET Q q 0 0 0 rg BT 382.22 635.10 Td (secure ) Tj ET Q q 0 0 0 rg BT 411.48 635.10 Td (an ) Tj ET Q q 0 0 0 rg BT 424.63 635.10 Td (advance ) Tj ET Q q 0 0 0 rg BT 461.10 635.10 Td (under ) Tj ET Q q 0 0 0 rg BT 487.59 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 503.52 635.10 Td (line. ) Tj ET Q q 0 0 0 rg BT 524.47 635.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 623.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 119.20 623.10 Td (of ) Tj ET Q q 0 0 0 rg BT 129.74 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 144.17 623.10 Td (Company) Tj ET Q q 0 0 0 rg BT 185.83 623.10 Td (s ) Tj ET Q q 0 0 0 rg BT 191.93 623.10 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 246.91 623.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 268.01 623.10 Td (are ) Tj ET Q q 0 0 0 rg BT 282.43 623.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 312.96 623.10 Td (to ) Tj ET Q q 0 0 0 rg BT 322.95 623.10 Td (approval ) Tj ET Q q 0 0 0 rg BT 360.15 623.10 Td (by ) Tj ET Q q 0 0 0 rg BT 372.36 623.10 Td (the ) Tj ET Q q 0 0 0 rg BT 386.79 623.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 429.55 623.10 Td (banks ) Tj ET Q q 0 0 0 rg BT 455.09 623.10 Td (each ) Tj ET Q q 0 0 0 rg BT 475.62 623.10 Td (time ) Tj ET Q q 0 0 0 rg BT 495.60 623.10 Td (an ) Tj ET Q q 0 0 0 rg BT 507.25 623.10 Td (advance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 611.10 Td (is ) Tj ET Q q 0 0 0 rg BT 81.17 611.10 Td (requested ) Tj ET Q q 0 0 0 rg BT 121.99 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 138.92 611.10 Td (may ) Tj ET Q q 0 0 0 rg BT 158.64 611.10 Td (be ) Tj ET Q q 0 0 0 rg BT 170.58 611.10 Td (denied. ) Tj ET Q q 0 0 0 rg BT 201.68 611.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.18 611.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 250.01 611.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.01 611.10 Td (, ) Tj ET Q q 0 0 0 rg BT 275.01 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 289.73 611.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 331.12 611.10 Td (had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.05 611.10 Td (no) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.05 611.10 Td ( ) Tj ET Q q 0 0 0 rg BT 360.55 611.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 399.70 611.10 Td (against ) Tj ET Q q 0 0 0 rg BT 430.53 611.10 Td (these ) Tj ET Q q 0 0 0 rg BT 453.57 611.10 Td (lines ) Tj ET Q q 0 0 0 rg BT 474.96 611.10 Td (of ) Tj ET Q q 0 0 0 rg BT 485.79 611.10 Td (credit. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 587.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 94.49 587.10 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.49 587.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.99 587.10 Td (Contingencies ) Tj ET Q q 0 0 0 rg BT 166.70 587.10 Td (and ) Tj ET Q q 0 0 0 rg BT 184.20 587.10 Td (Commitments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.20 587.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 563.10 Td (Legal ) Tj ET Q q 0 0 0 rg BT 98.39 563.10 Td (Contingencies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 539.10 Td (The ) Tj ET Q q 0 0 0 rg BT 89.12 539.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 129.58 539.10 Td (has ) Tj ET Q q 0 0 0 rg BT 144.48 539.10 Td (been ) Tj ET Q q 0 0 0 rg BT 164.94 539.10 Td (named ) Tj ET Q q 0 0 0 rg BT 193.16 539.10 Td (as ) Tj ET Q q 0 0 0 rg BT 203.07 539.10 Td (a ) Tj ET Q q 0 0 0 rg BT 209.08 539.10 Td (defendant ) Tj ET Q q 0 0 0 rg BT 250.08 539.10 Td (in ) Tj ET Q q 0 0 0 rg BT 259.43 539.10 Td (various ) Tj ET Q q 0 0 0 rg BT 290.44 539.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 311.45 539.10 Td (actions, ) Tj ET Q q 0 0 0 rg BT 343.85 539.10 Td (including ) Tj ET Q q 0 0 0 rg BT 383.20 539.10 Td (complaints ) Tj ET Q q 0 0 0 rg BT 428.65 539.10 Td (and ) Tj ET Q q 0 0 0 rg BT 444.66 539.10 Td (litigation ) Tj ET Q q 0 0 0 rg BT 482.35 539.10 Td (and ) Tj ET Q q 0 0 0 rg BT 498.36 539.10 Td (arbitration ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 527.10 Td (claims, ) Tj ET Q q 0 0 0 rg BT 103.00 527.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 132.61 527.10 Td (from ) Tj ET Q q 0 0 0 rg BT 154.44 527.10 Td (its ) Tj ET Q q 0 0 0 rg BT 166.28 527.10 Td (business ) Tj ET Q q 0 0 0 rg BT 202.57 527.10 Td (activities. ) Tj ET Q q 0 0 0 rg BT 243.56 527.10 Td (Such ) Tj ET Q q 0 0 0 rg BT 265.96 527.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 296.67 527.10 Td (include ) Tj ET Q q 0 0 0 rg BT 328.50 527.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 357.00 527.10 Td (related ) Tj ET Q q 0 0 0 rg BT 386.60 527.10 Td (to ) Tj ET Q q 0 0 0 rg BT 396.77 527.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 436.93 527.10 Td (brokerage ) Tj ET Q q 0 0 0 rg BT 479.30 527.10 Td (and ) Tj ET Q q 0 0 0 rg BT 496.13 527.10 Td (investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 515.10 Td (banking ) Tj ET Q q 0 0 0 rg BT 107.52 515.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 149.42 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 167.16 515.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 197.67 515.10 Td (class ) Tj ET Q q 0 0 0 rg BT 220.41 515.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 252.03 515.10 Td (that ) Tj ET Q q 0 0 0 rg BT 270.33 515.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 310.84 515.10 Td (allege ) Tj ET Q q 0 0 0 rg BT 338.02 515.10 Td (violations ) Tj ET Q q 0 0 0 rg BT 380.76 515.10 Td (of ) Tj ET Q q 0 0 0 rg BT 392.40 515.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 433.46 515.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 455.10 515.10 Td (and ) Tj ET Q q 0 0 0 rg BT 472.84 515.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 493.91 515.10 Td (unspecified ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 503.10 Td (damages, ) Tj ET Q q 0 0 0 rg BT 111.04 503.10 Td (which ) Tj ET Q q 0 0 0 rg BT 137.04 503.10 Td (could ) Tj ET Q q 0 0 0 rg BT 160.81 503.10 Td (be ) Tj ET Q q 0 0 0 rg BT 171.81 503.10 Td (substantial. ) Tj ET Q q 0 0 0 rg BT 218.30 503.10 Td (Also, ) Tj ET Q q 0 0 0 rg BT 241.25 503.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.02 503.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 295.46 503.10 Td (is ) Tj ET Q q 0 0 0 rg BT 303.69 503.10 Td (involved ) Tj ET Q q 0 0 0 rg BT 340.25 503.10 Td (from ) Tj ET Q q 0 0 0 rg BT 361.24 503.10 Td (time ) Tj ET Q q 0 0 0 rg BT 380.57 503.10 Td (to ) Tj ET Q q 0 0 0 rg BT 389.91 503.10 Td (time ) Tj ET Q q 0 0 0 rg BT 409.24 503.10 Td (in ) Tj ET Q q 0 0 0 rg BT 418.58 503.10 Td (investigations ) Tj ET Q q 0 0 0 rg BT 475.68 503.10 Td (and ) Tj ET Q q 0 0 0 rg BT 491.68 503.10 Td (proceedings ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 491.10 Td (by ) Tj ET Q q 0 0 0 rg BT 86.28 491.10 Td (governmental ) Tj ET Q q 0 0 0 rg BT 145.54 491.10 Td (agencies ) Tj ET Q q 0 0 0 rg BT 184.25 491.10 Td (and ) Tj ET Q q 0 0 0 rg BT 202.97 491.10 Td (self-regulatory ) Tj ET Q q 0 0 0 rg BT 266.11 491.10 Td (or) Tj ET Q q 0 0 0 rg BT 274.26 491.10 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 324.08 491.10 Td (\(SROs\) ) Tj ET Q q 0 0 0 rg BT 367.24 491.10 Td (which ) Tj ET Q q 0 0 0 rg BT 395.96 491.10 Td (could ) Tj ET Q q 0 0 0 rg BT 422.46 491.10 Td (result ) Tj ET Q q 0 0 0 rg BT 448.96 491.10 Td (in ) Tj ET Q q 0 0 0 rg BT 461.02 491.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 495.83 491.10 Td (judgments, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 479.10 Td (settlement, ) Tj ET Q q 0 0 0 rg BT 118.10 479.10 Td (penalties, ) Tj ET Q q 0 0 0 rg BT 158.64 479.10 Td (fines ) Tj ET Q q 0 0 0 rg BT 180.58 479.10 Td (or ) Tj ET Q q 0 0 0 rg BT 191.41 479.10 Td (other ) Tj ET Q q 0 0 0 rg BT 214.46 479.10 Td (relief.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 455.10 Td (Given ) Tj ET Q q 0 0 0 rg BT 101.36 455.10 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 157.38 455.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 200.62 455.10 Td (the ) Tj ET Q q 0 0 0 rg BT 217.76 455.10 Td (timing, ) Tj ET Q q 0 0 0 rg BT 251.30 455.10 Td (scope, ) Tj ET Q q 0 0 0 rg BT 281.49 455.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 316.41 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 335.78 455.10 Td (outcome ) Tj ET Q q 0 0 0 rg BT 375.14 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 388.39 455.10 Td (pending ) Tj ET Q q 0 0 0 rg BT 425.53 455.10 Td (and ) Tj ET Q q 0 0 0 rg BT 444.90 455.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 484.81 455.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 509.17 455.10 Td (actions, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 443.10 Td (investigations ) Tj ET Q q 0 0 0 rg BT 129.67 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 146.22 443.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 189.43 443.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 239.87 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 256.42 443.10 Td (other ) Tj ET Q q 0 0 0 rg BT 279.08 443.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 310.91 443.10 Td (the ) Tj ET Q q 0 0 0 rg BT 325.24 443.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 361.25 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 371.69 443.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 406.57 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 423.12 443.10 Td (ranges ) Tj ET Q q 0 0 0 rg BT 451.34 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 461.79 443.10 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 507.22 443.10 Td (possible ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 431.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 98.67 431.10 Td (are ) Tj ET Q q 0 0 0 rg BT 113.65 431.10 Td (dif) Tj ET Q q 0 0 0 rg BT 124.58 431.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 148.46 431.10 Td (to ) Tj ET Q q 0 0 0 rg BT 159.02 431.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 201.78 431.10 Td (and ) Tj ET Q q 0 0 0 rg BT 218.99 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 230.10 431.10 Td (necessity ) Tj ET Q q 0 0 0 rg BT 269.53 431.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 300.63 431.10 Td (to ) Tj ET Q q 0 0 0 rg BT 311.19 431.10 Td (future ) Tj ET Q q 0 0 0 rg BT 337.84 431.10 Td (revision. ) Tj ET Q q 0 0 0 rg BT 375.34 431.10 Td (Subject ) Tj ET Q q 0 0 0 rg BT 408.11 431.10 Td (to ) Tj ET Q q 0 0 0 rg BT 418.67 431.10 Td (the ) Tj ET Q q 0 0 0 rg BT 433.66 431.10 Td (foregoing, ) Tj ET Q q 0 0 0 rg BT 477.81 431.10 Td (management ) Tj ET Q q 0 0 0 rg BT 531.68 431.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 419.10 Td (the ) Tj ET Q q 0 0 0 rg BT 85.80 419.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 126.26 419.10 Td (believes, ) Tj ET Q q 0 0 0 rg BT 163.11 419.10 Td (based ) Tj ET Q q 0 0 0 rg BT 187.45 419.10 Td (on ) Tj ET Q q 0 0 0 rg BT 199.03 419.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 236.71 419.10 Td (available ) Tj ET Q q 0 0 0 rg BT 274.38 419.10 Td (information, ) Tj ET Q q 0 0 0 rg BT 325.67 419.10 Td (after ) Tj ET Q q 0 0 0 rg BT 345.56 419.10 Td (consultation ) Tj ET Q q 0 0 0 rg BT 396.02 419.10 Td (with ) Tj ET Q q 0 0 0 rg BT 415.38 419.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 445.85 419.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 466.86 419.10 Td (counsel ) Tj ET Q q 0 0 0 rg BT 498.99 419.10 Td (and ) Tj ET Q q 0 0 0 rg BT 515.01 419.10 Td (taking ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 407.10 Td (into ) Tj ET Q q 0 0 0 rg BT 91.15 407.10 Td (account ) Tj ET Q q 0 0 0 rg BT 125.84 407.10 Td (its ) Tj ET Q q 0 0 0 rg BT 138.89 407.10 Td (established ) Tj ET Q q 0 0 0 rg BT 186.92 407.10 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 225.77 407.10 Td (that ) Tj ET Q q 0 0 0 rg BT 244.36 407.10 Td (pending ) Tj ET Q q 0 0 0 rg BT 280.18 407.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 303.21 407.10 Td (actions, ) Tj ET Q q 0 0 0 rg BT 337.63 407.10 Td (investigations ) Tj ET Q q 0 0 0 rg BT 396.78 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 414.81 407.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 459.50 407.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 511.41 407.10 Td (will ) Tj ET Q q 0 0 0 rg BT 530.56 407.10 Td (be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 395.10 Td (resolved ) Tj ET Q q 0 0 0 rg BT 108.38 395.10 Td (with ) Tj ET Q q 0 0 0 rg BT 128.66 395.10 Td (no ) Tj ET Q q 0 0 0 rg BT 141.16 395.10 Td (material ) Tj ET Q q 0 0 0 rg BT 176.41 395.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 209.45 395.10 Td (ef) Tj ET Q q 0 0 0 rg BT 217.04 395.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 234.52 395.10 Td (on ) Tj ET Q q 0 0 0 rg BT 247.02 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 261.74 395.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 302.56 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 313.39 395.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 350.87 395.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 391.15 395.10 Td (of ) Tj ET Q q 0 0 0 rg BT 401.98 395.10 Td (the ) Tj ET Q q 0 0 0 rg BT 416.69 395.10 Td (Company) Tj ET Q q 0 0 0 rg BT 454.93 395.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 371.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 118.39 371.10 Td (Lease ) Tj ET Q q 0 0 0 rg BT 145.33 371.10 Td (Commitments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 347.10 Td (The ) Tj ET Q q 0 0 0 rg BT 88.94 347.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 129.21 347.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 154.48 347.10 Td (of) Tj ET Q q 0 0 0 rg BT 162.63 347.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 179.01 347.10 Td (space ) Tj ET Q q 0 0 0 rg BT 202.61 347.10 Td (throughout ) Tj ET Q q 0 0 0 rg BT 247.88 347.10 Td (the ) Tj ET Q q 0 0 0 rg BT 261.49 347.10 Td (United ) Tj ET Q q 0 0 0 rg BT 290.10 347.10 Td (States. ) Tj ET Q q 0 0 0 rg BT 317.57 347.10 Td (Aggregate ) Tj ET Q q 0 0 0 rg BT 360.60 347.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 400.89 347.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 422.26 347.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 478.09 347.10 Td (under ) Tj ET Q q 0 0 0 rg BT 502.25 347.10 Td (operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 335.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 98.38 335.10 Td (as ) Tj ET Q q 0 0 0 rg BT 109.21 335.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.04 335.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 155.87 335.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.87 335.10 Td ( ) Tj ET Q q 0 0 0 rg BT 178.37 335.10 Td (are ) Tj ET Q q 0 0 0 rg BT 193.07 335.10 Td (as ) Tj ET Q q 0 0 0 rg BT 203.90 335.10 Td (follows:) Tj ET Q 1 1 1 rg /GS0 gs 71.50 312.60 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 459.50 312.60 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 300.60 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 459.50 300.60 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 288.60 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 459.50 288.60 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 276.60 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 459.50 276.60 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 264.60 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 459.50 264.60 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 252.60 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 459.50 252.60 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 71.50 240.60 388.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 459.50 240.60 10.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 469.50 240.60 70.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 240.60000000000002 m 539.5 240.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 240.60000000000002 m 539.5 240.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 229.60000000000002 m 539.5 229.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 227.60000000000002 m 539.5 227.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 74.00 316.55 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.00 316.55 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 303.22 Td (Remainder of 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.50 303.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.00 303.22 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.15 303.22 Td (6,613) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 291.22 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.50 291.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 291.22 Td (12,139) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 279.22 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.50 279.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 279.22 Td (11,332) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 267.22 Td (2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.50 267.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 267.22 Td (10,134) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 255.22 Td (2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.50 255.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.15 255.22 Td (9,974) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 243.22 Td (Thereafter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.50 243.22 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 243.22 Td (25,313) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.00 231.22 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 231.22 Td (75,505) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 193.10 Td (Note 15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.49 193.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.99 193.10 Td (Employee Benefit Plans) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.51 193.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 169.10 Td (The ) Tj ET Q q 0 0 0 rg BT 89.88 169.10 Td (Parent ) Tj ET Q q 0 0 0 rg BT 117.76 169.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 158.98 169.10 Td (has ) Tj ET Q q 0 0 0 rg BT 174.64 169.10 Td (various ) Tj ET Q q 0 0 0 rg BT 206.41 169.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 247.61 169.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 277.71 169.10 Td (plans, ) Tj ET Q q 0 0 0 rg BT 303.65 169.10 Td (and ) Tj ET Q q 0 0 0 rg BT 320.42 169.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 373.30 169.10 Td (all ) Tj ET Q q 0 0 0 rg BT 385.63 169.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 426.84 169.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 471.94 169.10 Td (are ) Tj ET Q q 0 0 0 rg BT 486.48 169.10 Td (covered ) Tj ET Q q 0 0 0 rg BT 520.45 169.10 Td (by ) Tj ET Q q 0 0 0 rg BT 532.79 169.10 Td (at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 157.10 Td (least ) Tj ET Q q 0 0 0 rg BT 92.83 157.10 Td (one ) Tj ET Q q 0 0 0 rg BT 109.76 157.10 Td (plan. ) Tj ET Q q 0 0 0 rg BT 131.80 157.10 Td (The ) Tj ET Q q 0 0 0 rg BT 149.85 157.10 Td (plans ) Tj ET Q q 0 0 0 rg BT 173.46 157.10 Td (include ) Tj ET Q q 0 0 0 rg BT 205.39 157.10 Td (health ) Tj ET Q q 0 0 0 rg BT 232.32 157.10 Td (and ) Tj ET Q q 0 0 0 rg BT 249.26 157.10 Td (welfare ) Tj ET Q q 0 0 0 rg BT 281.74 157.10 Td (plans ) Tj ET Q q 0 0 0 rg BT 305.34 157.10 Td (and ) Tj ET Q q 0 0 0 rg BT 322.28 157.10 Td (a ) Tj ET Q q 0 0 0 rg BT 329.22 157.10 Td (tax-qualified ) Tj ET Q q 0 0 0 rg BT 382.81 157.10 Td (retirement ) Tj ET Q q 0 0 0 rg BT 426.40 157.10 Td (plan. ) Tj ET Q endstream endobj 39 0 obj <> endobj 40 0 obj <> stream BT /F3 11.00 Tf ET q 0 0 0 rg BT 103.65 755.30 Td (Notes to the Statement of Financial Condition as of June 30, 2016 \(unaudited\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 48.60 Td (19) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 731.25 Td (Note 16) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 104.49 731.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.99 731.25 Td (Par) Tj ET Q q 0 0 0 rg BT 121.62 731.25 Td (ent Company Compensation Plans) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 260.22 731.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 707.25 Td (Stock-Based Compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 683.25 Td (The ) Tj ET Q q 0 0 0 rg BT 89.62 683.25 Td (Parent ) Tj ET Q q 0 0 0 rg BT 117.24 683.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 158.21 683.25 Td (maintains ) Tj ET Q q 0 0 0 rg BT 199.16 683.25 Td (a ) Tj ET Q q 0 0 0 rg BT 205.68 683.25 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 254.96 683.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 312.58 683.25 Td (plan, ) Tj ET Q q 0 0 0 rg BT 334.37 683.25 Td (the ) Tj ET Q q 0 0 0 rg BT 348.66 683.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 371.84 683.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 383.32 683.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 401.50 683.25 Td (Companies ) Tj ET Q q 0 0 0 rg BT 448.11 683.25 Td (Amended ) Tj ET Q q 0 0 0 rg BT 489.06 683.25 Td (and ) Tj ET Q q 0 0 0 rg BT 505.58 683.25 Td (Restated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 671.25 Td (2003 ) Tj ET Q q 0 0 0 rg BT 94.61 671.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 127.40 671.25 Td (and ) Tj ET Q q 0 0 0 rg BT 145.19 671.25 Td (Long-T) Tj ET Q q 0 0 0 rg BT 175.04 671.25 Td (erm ) Tj ET Q q 0 0 0 rg BT 193.93 671.25 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 234.48 671.25 Td (Plan ) Tj ET Q q 0 0 0 rg BT 255.61 671.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 274.51 671.25 Td ("Incentive ) Tj ET Q q 0 0 0 rg BT 319.14 671.25 Td (Plan"\). ) Tj ET Q q 0 0 0 rg BT 349.94 671.25 Td (The ) Tj ET Q q 0 0 0 rg BT 368.84 671.25 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 409.39 671.25 Td (Plan ) Tj ET Q q 0 0 0 rg BT 430.52 671.25 Td (permits ) Tj ET Q q 0 0 0 rg BT 463.86 671.25 Td (the ) Tj ET Q q 0 0 0 rg BT 479.43 671.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 503.32 671.25 Td (of ) Tj ET Q q 0 0 0 rg BT 515.00 671.25 Td (equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 659.25 Td (awards, ) Tj ET Q q 0 0 0 rg BT 104.94 659.25 Td (including ) Tj ET Q q 0 0 0 rg BT 144.83 659.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 184.15 659.25 Td (stock, ) Tj ET Q q 0 0 0 rg BT 209.87 659.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 249.19 659.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 272.42 659.25 Td (units ) Tj ET Q q 0 0 0 rg BT 293.98 659.25 Td (and ) Tj ET Q q 0 0 0 rg BT 310.54 659.25 Td (non-qualified ) Tj ET Q q 0 0 0 rg BT 366.52 659.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 389.75 659.25 Td (options, ) Tj ET Q q 0 0 0 rg BT 423.81 659.25 Td (to ) Tj ET Q q 0 0 0 rg BT 433.71 659.25 Td (the ) Tj ET Q q 0 0 0 rg BT 448.04 659.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 494.74 659.25 Td (employees. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 647.25 Td (The ) Tj ET Q q 0 0 0 rg BT 90.60 647.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 121.98 647.25 Td (granted ) Tj ET Q q 0 0 0 rg BT 155.03 647.25 Td (to ) Tj ET Q q 0 0 0 rg BT 165.86 647.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 211.69 647.25 Td (have ) Tj ET Q q 0 0 0 rg BT 233.62 647.25 Td (either ) Tj ET Q q 0 0 0 rg BT 259.44 647.25 Td (three-year ) Tj ET Q q 0 0 0 rg BT 303.02 647.25 Td (clif) Tj ET Q q 0 0 0 rg BT 316.17 647.25 Td (f ) Tj ET Q q 0 0 0 rg BT 322.56 647.25 Td (vesting ) Tj ET Q q 0 0 0 rg BT 354.50 647.25 Td (periods, ) Tj ET Q q 0 0 0 rg BT 389.50 647.25 Td (vest ) Tj ET Q q 0 0 0 rg BT 408.66 647.25 Td (ratably ) Tj ET Q q 0 0 0 rg BT 439.48 647.25 Td (over ) Tj ET Q q 0 0 0 rg BT 460.31 647.25 Td (three ) Tj ET Q q 0 0 0 rg BT 483.35 647.25 Td (years ) Tj ET Q q 0 0 0 rg BT 507.51 647.25 Td (in ) Tj ET Q q 0 0 0 rg BT 518.35 647.25 Td (equal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 635.25 Td (installments ) Tj ET Q q 0 0 0 rg BT 122.75 635.25 Td (or ) Tj ET Q q 0 0 0 rg BT 133.51 635.25 Td (clif) Tj ET Q q 0 0 0 rg BT 146.65 635.25 Td (f ) Tj ET Q q 0 0 0 rg BT 152.41 635.25 Td (vest ) Tj ET Q q 0 0 0 rg BT 170.94 635.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 193.36 635.25 Td (meeting ) Tj ET Q q 0 0 0 rg BT 228.00 635.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 257.63 635.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 310.57 635.25 Td (or ) Tj ET Q q 0 0 0 rg BT 321.33 635.25 Td (market-based ) Tj ET Q q 0 0 0 rg BT 377.62 635.25 Td (metrics. ) Tj ET Q q 0 0 0 rg BT 411.80 635.25 Td (The ) Tj ET Q q 0 0 0 rg BT 429.77 635.25 Td (maximum ) Tj ET Q q 0 0 0 rg BT 472.75 635.25 Td (term ) Tj ET Q q 0 0 0 rg BT 493.49 635.25 Td (of ) Tj ET Q q 0 0 0 rg BT 504.25 635.25 Td (the ) Tj ET Q q 0 0 0 rg BT 518.89 635.25 Td (stock ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 623.25 Td (options ) Tj ET Q q 0 0 0 rg BT 104.15 623.25 Td (granted ) Tj ET Q q 0 0 0 rg BT 136.85 623.25 Td (to ) Tj ET Q q 0 0 0 rg BT 147.33 623.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 192.80 623.25 Td (is ) Tj ET Q q 0 0 0 rg BT 202.18 623.25 Td (ten ) Tj ET Q q 0 0 0 rg BT 217.10 623.25 Td (years. ) Tj ET Q q 0 0 0 rg BT 243.21 623.25 Td (The ) Tj ET Q q 0 0 0 rg BT 261.46 623.25 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 301.37 623.25 Td (Plan ) Tj ET Q q 0 0 0 rg BT 321.86 623.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 359.00 623.25 Td (for ) Tj ET Q q 0 0 0 rg BT 373.37 623.25 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 421.03 623.25 Td (vesting ) Tj ET Q q 0 0 0 rg BT 452.63 623.25 Td (of ) Tj ET Q q 0 0 0 rg BT 463.66 623.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 494.69 623.25 Td (if ) Tj ET Q q 0 0 0 rg BT 503.50 623.25 Td (there ) Tj ET Q q 0 0 0 rg BT 526.20 623.25 Td (is ) Tj ET Q q 0 0 0 rg BT 535.57 623.25 Td (a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 611.25 Td (severance ) Tj ET Q q 0 0 0 rg BT 115.10 611.25 Td (event, ) Tj ET Q q 0 0 0 rg BT 142.94 611.25 Td (a ) Tj ET Q q 0 0 0 rg BT 151.07 611.25 Td (change ) Tj ET Q q 0 0 0 rg BT 183.07 611.25 Td (in ) Tj ET Q q 0 0 0 rg BT 194.53 611.25 Td (control ) Tj ET Q q 0 0 0 rg BT 226.55 611.25 Td (of ) Tj ET Q q 0 0 0 rg BT 238.56 611.25 Td (the ) Tj ET Q q 0 0 0 rg BT 254.47 611.25 Td (Parent ) Tj ET Q q 0 0 0 rg BT 283.70 611.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 326.27 611.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 341.62 611.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 375.29 611.25 Td (in ) Tj ET Q q 0 0 0 rg BT 386.76 611.25 Td (the ) Tj ET Q q 0 0 0 rg BT 402.66 611.25 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 443.55 611.25 Td (Plan\), ) Tj ET Q q 0 0 0 rg BT 470.84 611.25 Td (in ) Tj ET Q q 0 0 0 rg BT 482.31 611.25 Td (the ) Tj ET Q q 0 0 0 rg BT 498.21 611.25 Td (event ) Tj ET Q q 0 0 0 rg BT 523.55 611.25 Td (of ) Tj ET Q q 0 0 0 rg BT 535.57 611.25 Td (a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 599.25 Td (participant's ) Tj ET Q q 0 0 0 rg BT 122.95 599.25 Td (death, ) Tj ET Q q 0 0 0 rg BT 149.61 599.25 Td (and ) Tj ET Q q 0 0 0 rg BT 166.55 599.25 Td (at ) Tj ET Q q 0 0 0 rg BT 176.26 599.25 Td (the ) Tj ET Q q 0 0 0 rg BT 190.98 599.25 Td (discretion ) Tj ET Q q 0 0 0 rg BT 232.91 599.25 Td (of ) Tj ET Q q 0 0 0 rg BT 243.74 599.25 Td (the ) Tj ET Q q 0 0 0 rg BT 258.46 599.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 316.50 599.25 Td (committee ) Tj ET Q q 0 0 0 rg BT 361.21 599.25 Td (of ) Tj ET Q q 0 0 0 rg BT 372.04 599.25 Td (the ) Tj ET Q q 0 0 0 rg BT 386.76 599.25 Td (Parent ) Tj ET Q q 0 0 0 rg BT 414.80 599.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 461.88 599.25 Td (board ) Tj ET Q q 0 0 0 rg BT 487.15 599.25 Td (of ) Tj ET Q q 0 0 0 rg BT 497.98 599.25 Td (directors.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 575.25 Td (The ) Tj ET Q q 0 0 0 rg BT 91.36 575.25 Td (Parent ) Tj ET Q q 0 0 0 rg BT 120.72 575.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 163.42 575.25 Td (also ) Tj ET Q q 0 0 0 rg BT 183.34 575.25 Td (established ) Tj ET Q q 0 0 0 rg BT 231.58 575.25 Td (the ) Tj ET Q q 0 0 0 rg BT 247.61 575.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 271.42 575.25 Td (Employment ) Tj ET Q q 0 0 0 rg BT 326.90 575.25 Td (Inducement ) Tj ET Q q 0 0 0 rg BT 377.07 575.25 Td (A) Tj ET Q q 0 0 0 rg BT 383.37 575.25 Td (ward ) Tj ET Q q 0 0 0 rg BT 407.17 575.25 Td (Plan ) Tj ET Q q 0 0 0 rg BT 428.76 575.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 448.12 575.25 Td ("Inducement ) Tj ET Q q 0 0 0 rg BT 503.22 575.25 Td (Plan"\) ) Tj ET Q q 0 0 0 rg BT 532.22 575.25 Td (in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 563.25 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 121.49 563.25 Td (with ) Tj ET Q q 0 0 0 rg BT 141.54 563.25 Td (the ) Tj ET Q q 0 0 0 rg BT 156.03 563.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 202.19 563.25 Td (of ) Tj ET Q q 0 0 0 rg BT 212.80 563.25 Td (Simmons. ) Tj ET Q q 0 0 0 rg BT 255.19 563.25 Td (The ) Tj ET Q q 0 0 0 rg BT 273.02 563.25 Td (Parent ) Tj ET Q q 0 0 0 rg BT 300.84 563.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 342.00 563.25 Td (granted ) Tj ET Q q 0 0 0 rg BT 374.26 563.25 Td ($1) Tj ET Q q 0 0 0 rg BT 383.89 563.25 Td (1.6 ) Tj ET Q q 0 0 0 rg BT 398.67 563.25 Td (million ) Tj ET Q q 0 0 0 rg BT 429.83 563.25 Td (in ) Tj ET Q q 0 0 0 rg BT 439.89 563.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 479.36 563.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 502.75 563.25 Td (under ) Tj ET Q q 0 0 0 rg BT 527.79 563.25 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 551.25 Td (Inducement ) Tj ET Q q 0 0 0 rg BT 121.38 551.25 Td (Plan ) Tj ET Q q 0 0 0 rg BT 141.34 551.25 Td (on ) Tj ET Q q 0 0 0 rg BT 153.53 551.25 Td (May ) Tj ET Q q 0 0 0 rg BT 174.04 551.25 Td (15, ) Tj ET Q q 0 0 0 rg BT 188.72 551.25 Td (2016. ) Tj ET Q q 0 0 0 rg BT 213.24 551.25 Td (These ) Tj ET Q q 0 0 0 rg BT 239.30 551.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 266.47 551.25 Td (clif) Tj ET Q q 0 0 0 rg BT 279.62 551.25 Td (f ) Tj ET Q q 0 0 0 rg BT 285.13 551.25 Td (vest ) Tj ET Q q 0 0 0 rg BT 303.42 551.25 Td (in ) Tj ET Q q 0 0 0 rg BT 313.38 551.25 Td (three ) Tj ET Q q 0 0 0 rg BT 335.55 551.25 Td (years. ) Tj ET Q q 0 0 0 rg BT 361.33 551.25 Td (Employees ) Tj ET Q q 0 0 0 rg BT 407.94 551.25 Td (forfeit ) Tj ET Q q 0 0 0 rg BT 435.11 551.25 Td (unvested ) Tj ET Q q 0 0 0 rg BT 472.84 551.25 Td (Inducement ) Tj ET Q q 0 0 0 rg BT 522.22 551.25 Td (Plan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 539.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 99.49 539.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 121.99 539.25 Td (termination ) Tj ET Q q 0 0 0 rg BT 170.59 539.25 Td (of ) Tj ET Q q 0 0 0 rg BT 181.42 539.25 Td (employment. ) Tj ET Q q 0 0 0 rg BT 236.41 539.25 Td (See ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.35 539.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 275.29 539.25 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.29 539.25 Td ( ) Tj ET Q q 0 0 0 rg BT 282.79 539.25 Td (for ) Tj ET Q q 0 0 0 rg BT 296.95 539.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 339.44 539.25 Td (information ) Tj ET Q q 0 0 0 rg BT 389.15 539.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 429.96 539.25 Td (the ) Tj ET Q q 0 0 0 rg BT 444.68 539.25 Td (Simmons ) Tj ET Q q 0 0 0 rg BT 484.97 539.25 Td (acquisition.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 515.25 Td (Deferr) Tj ET Q q 0 0 0 rg BT 100.13 515.25 Td (ed ) Tj ET Q q 0 0 0 rg BT 112.63 515.25 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 176.80 515.25 Td (Plans) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 491.25 Td (The ) Tj ET Q q 0 0 0 rg BT 90.05 491.25 Td (Parent ) Tj ET Q q 0 0 0 rg BT 118.09 491.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 159.48 491.25 Td (maintains ) Tj ET Q q 0 0 0 rg BT 200.86 491.25 Td (various ) Tj ET Q q 0 0 0 rg BT 232.80 491.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 268.61 491.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 326.65 491.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 383.01 491.25 Td (for ) Tj ET Q q 0 0 0 rg BT 397.17 491.25 Td (employees.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 467.25 Td (The ) Tj ET Q q 0 0 0 rg BT 89.26 467.25 Td (nonqualified ) Tj ET Q q 0 0 0 rg BT 141.52 467.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 176.54 467.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 233.79 467.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 252.72 467.25 Td (is ) Tj ET Q q 0 0 0 rg BT 261.11 467.25 Td (an ) Tj ET Q q 0 0 0 rg BT 272.26 467.25 Td (unfunded ) Tj ET Q q 0 0 0 rg BT 311.74 467.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 330.67 467.25 Td (which ) Tj ET Q q 0 0 0 rg BT 356.82 467.25 Td (allows ) Tj ET Q q 0 0 0 rg BT 384.65 467.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 413.56 467.25 Td (highly ) Tj ET Q q 0 0 0 rg BT 440.83 467.25 Td (compensated ) Tj ET Q q 0 0 0 rg BT 494.75 467.25 Td (employees, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 455.25 Td (at ) Tj ET Q q 0 0 0 rg BT 83.07 455.25 Td (their ) Tj ET Q q 0 0 0 rg BT 105.25 455.25 Td (election, ) Tj ET Q q 0 0 0 rg BT 143.25 455.25 Td (to ) Tj ET Q q 0 0 0 rg BT 154.88 455.25 Td (defer ) Tj ET Q q 0 0 0 rg BT 179.27 455.25 Td (a ) Tj ET Q q 0 0 0 rg BT 187.56 455.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 234.71 455.25 Td (of ) Tj ET Q q 0 0 0 rg BT 246.89 455.25 Td (their ) Tj ET Q q 0 0 0 rg BT 269.07 455.25 Td (base ) Tj ET Q q 0 0 0 rg BT 290.69 455.25 Td (salary) Tj ET Q q 0 0 0 rg BT 313.92 455.25 Td (, ) Tj ET Q q 0 0 0 rg BT 320.27 455.25 Td (commissions ) Tj ET Q q 0 0 0 rg BT 376.35 455.25 Td (and/or ) Tj ET Q q 0 0 0 rg BT 405.75 455.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 427.37 455.25 Td (bonuses. ) Tj ET Q q 0 0 0 rg BT 465.66 455.25 Td (The ) Tj ET Q q 0 0 0 rg BT 485.06 455.25 Td (deferrals ) Tj ET Q q 0 0 0 rg BT 523.89 455.25 Td (vest ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 443.25 Td (immediately ) Tj ET Q q 0 0 0 rg BT 125.54 443.25 Td (and ) Tj ET Q q 0 0 0 rg BT 143.52 443.25 Td (are ) Tj ET Q q 0 0 0 rg BT 159.28 443.25 Td (non-forfeitable. ) Tj ET Q q 0 0 0 rg BT 225.04 443.25 Td (The ) Tj ET Q q 0 0 0 rg BT 244.14 443.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 281.58 443.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 318.43 443.25 Td (under ) Tj ET Q q 0 0 0 rg BT 344.75 443.25 Td (this ) Tj ET Q q 0 0 0 rg BT 362.75 443.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 383.52 443.25 Td (are ) Tj ET Q q 0 0 0 rg BT 399.27 443.25 Td (held ) Tj ET Q q 0 0 0 rg BT 420.04 443.25 Td (in ) Tj ET Q q 0 0 0 rg BT 431.37 443.25 Td (a ) Tj ET Q q 0 0 0 rg BT 439.36 443.25 Td (grantor ) Tj ET Q q 0 0 0 rg BT 471.78 443.25 Td (trust. ) Tj ET Q q 0 0 0 rg BT 495.35 443.25 Td (The ) Tj ET Q q 0 0 0 rg BT 514.45 443.25 Td (Parent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 431.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 113.43 431.25 Td (invests, ) Tj ET Q q 0 0 0 rg BT 146.25 431.25 Td (as ) Tj ET Q q 0 0 0 rg BT 157.12 431.25 Td (a ) Tj ET Q q 0 0 0 rg BT 164.10 431.25 Td (principal, ) Tj ET Q q 0 0 0 rg BT 204.68 431.25 Td (in ) Tj ET Q q 0 0 0 rg BT 215.00 431.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 265.32 431.25 Td (to ) Tj ET Q q 0 0 0 rg BT 275.64 431.25 Td (economically ) Tj ET Q q 0 0 0 rg BT 332.05 431.25 Td (hedge ) Tj ET Q q 0 0 0 rg BT 358.46 431.25 Td (its ) Tj ET Q q 0 0 0 rg BT 370.45 431.25 Td (obligation ) Tj ET Q q 0 0 0 rg BT 413.55 431.25 Td (under ) Tj ET Q q 0 0 0 rg BT 438.86 431.25 Td (the ) Tj ET Q q 0 0 0 rg BT 453.62 431.25 Td (nonqualified ) Tj ET Q q 0 0 0 rg BT 506.70 431.25 Td (deferred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 419.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 130.04 419.25 Td (plan.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 395.25 Td (The ) Tj ET Q q 0 0 0 rg BT 90.03 395.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 113.61 395.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 125.09 395.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 143.67 395.25 Td (Companies ) Tj ET Q q 0 0 0 rg BT 191.15 395.25 Td (Mutual ) Tj ET Q q 0 0 0 rg BT 222.51 395.25 Td (Fund ) Tj ET Q q 0 0 0 rg BT 245.55 395.25 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 288.58 395.25 Td (Share ) Tj ET Q q 0 0 0 rg BT 313.82 395.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 360.74 395.25 Td (Plan ) Tj ET Q q 0 0 0 rg BT 380.99 395.25 Td (is ) Tj ET Q q 0 0 0 rg BT 390.14 395.25 Td (a ) Tj ET Q q 0 0 0 rg BT 397.06 395.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 418.43 395.25 Td (funded ) Tj ET Q q 0 0 0 rg BT 448.68 395.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 484.46 395.25 Td (compensation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 383.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 91.40 383.25 Td (which ) Tj ET Q q 0 0 0 rg BT 118.01 383.25 Td (allows ) Tj ET Q q 0 0 0 rg BT 146.30 383.25 Td (eligible ) Tj ET Q q 0 0 0 rg BT 178.47 383.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 223.41 383.25 Td (to ) Tj ET Q q 0 0 0 rg BT 233.37 383.25 Td (elect ) Tj ET Q q 0 0 0 rg BT 254.42 383.25 Td (to ) Tj ET Q q 0 0 0 rg BT 264.38 383.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 295.42 383.25 Td (a ) Tj ET Q q 0 0 0 rg BT 302.04 383.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 333.10 383.25 Td (of ) Tj ET Q q 0 0 0 rg BT 343.61 383.25 Td (the ) Tj ET Q q 0 0 0 rg BT 358.01 383.25 Td (incentive ) Tj ET Q q 0 0 0 rg BT 396.84 383.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 454.56 383.25 Td (they ) Tj ET Q q 0 0 0 rg BT 473.96 383.25 Td (would ) Tj ET Q q 0 0 0 rg BT 501.14 383.25 Td (otherwise ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 371.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 103.10 371.25 Td (in ) Tj ET Q q 0 0 0 rg BT 113.12 371.25 Td (the ) Tj ET Q q 0 0 0 rg BT 127.57 371.25 Td (form ) Tj ET Q q 0 0 0 rg BT 149.25 371.25 Td (of ) Tj ET Q q 0 0 0 rg BT 159.81 371.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 199.25 371.25 Td (stock, ) Tj ET Q q 0 0 0 rg BT 225.10 371.25 Td (instead ) Tj ET Q q 0 0 0 rg BT 255.66 371.25 Td (in ) Tj ET Q q 0 0 0 rg BT 265.68 371.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 305.12 371.25 Td (mutual ) Tj ET Q q 0 0 0 rg BT 335.13 371.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 355.70 371.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 382.93 371.25 Td (\("MFRS ) Tj ET Q q 0 0 0 rg BT 418.77 371.25 Td (A) Tj ET Q q 0 0 0 rg BT 425.07 371.25 Td (wards"\) ) Tj ET Q q 0 0 0 rg BT 458.60 371.25 Td (of ) Tj ET Q q 0 0 0 rg BT 469.17 371.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 515.29 371.25 Td (funds. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 359.25 Td (MFRS ) Tj ET Q q 0 0 0 rg BT 100.72 359.25 Td (A) Tj ET Q q 0 0 0 rg BT 107.03 359.25 Td (wards ) Tj ET Q q 0 0 0 rg BT 133.52 359.25 Td (vest ) Tj ET Q q 0 0 0 rg BT 152.25 359.25 Td (ratably ) Tj ET Q q 0 0 0 rg BT 182.62 359.25 Td (over ) Tj ET Q q 0 0 0 rg BT 203.01 359.25 Td (three ) Tj ET Q q 0 0 0 rg BT 225.61 359.25 Td (years ) Tj ET Q q 0 0 0 rg BT 249.32 359.25 Td (in ) Tj ET Q q 0 0 0 rg BT 259.71 359.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 283.98 359.25 Td (installments ) Tj ET Q q 0 0 0 rg BT 334.93 359.25 Td (and ) Tj ET Q q 0 0 0 rg BT 351.98 359.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 385.14 359.25 Td (for ) Tj ET Q q 0 0 0 rg BT 399.42 359.25 Td (continued ) Tj ET Q q 0 0 0 rg BT 441.47 359.25 Td (vesting ) Tj ET Q q 0 0 0 rg BT 472.97 359.25 Td (after ) Tj ET Q q 0 0 0 rg BT 493.90 359.25 Td (termination ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 347.25 Td (of ) Tj ET Q q 0 0 0 rg BT 83.42 347.25 Td (employment ) Tj ET Q q 0 0 0 rg BT 136.50 347.25 Td (so ) Tj ET Q q 0 0 0 rg BT 148.49 347.25 Td (long ) Tj ET Q q 0 0 0 rg BT 169.36 347.25 Td (as ) Tj ET Q q 0 0 0 rg BT 180.78 347.25 Td (the ) Tj ET Q q 0 0 0 rg BT 196.09 347.25 Td (employee ) Tj ET Q q 0 0 0 rg BT 238.06 347.25 Td (does ) Tj ET Q q 0 0 0 rg BT 259.48 347.25 Td (not ) Tj ET Q q 0 0 0 rg BT 275.35 347.25 Td (violate ) Tj ET Q q 0 0 0 rg BT 305.65 347.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 335.95 347.25 Td (post-termination ) Tj ET Q q 0 0 0 rg BT 405.14 347.25 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 452.66 347.25 Td (set ) Tj ET Q q 0 0 0 rg BT 466.86 347.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 489.40 347.25 Td (in ) Tj ET Q q 0 0 0 rg BT 500.27 347.25 Td (the ) Tj ET Q q 0 0 0 rg BT 515.57 347.25 Td (award ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 335.25 Td (agreement ) Tj ET Q q 0 0 0 rg BT 116.31 335.25 Td (or ) Tj ET Q q 0 0 0 rg BT 127.31 335.25 Td (any ) Tj ET Q q 0 0 0 rg BT 144.42 335.25 Td (agreement ) Tj ET Q q 0 0 0 rg BT 188.73 335.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 220.82 335.25 Td (into ) Tj ET Q q 0 0 0 rg BT 239.05 335.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 261.72 335.25 Td (termination. ) Tj ET Q q 0 0 0 rg BT 312.99 335.25 Td (MFRS ) Tj ET Q q 0 0 0 rg BT 341.75 335.25 Td (A) Tj ET Q q 0 0 0 rg BT 348.06 335.25 Td (wards ) Tj ET Q q 0 0 0 rg BT 374.61 335.25 Td (are ) Tj ET Q q 0 0 0 rg BT 389.49 335.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 418.82 335.25 Td (by ) Tj ET Q q 0 0 0 rg BT 431.49 335.25 Td (employee ) Tj ET Q q 0 0 0 rg BT 473.03 335.25 Td (recipients ) Tj ET Q q 0 0 0 rg BT 514.57 335.25 Td (and ) Tj ET Q q 0 0 0 rg BT 531.68 335.25 Td (as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 323.25 Td (such ) Tj ET Q q 0 0 0 rg BT 92.83 323.25 Td (are ) Tj ET Q q 0 0 0 rg BT 107.54 323.25 Td (not ) Tj ET Q q 0 0 0 rg BT 122.82 323.25 Td (included ) Tj ET Q q 0 0 0 rg BT 159.75 323.25 Td (on ) Tj ET Q q 0 0 0 rg BT 172.25 323.25 Td (the ) Tj ET Q q 0 0 0 rg BT 186.97 323.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 227.79 323.25 Td (of ) Tj ET Q q 0 0 0 rg BT 238.62 323.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 276.10 323.25 Td (condition.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 299.25 Td (The ) Tj ET Q q 0 0 0 rg BT 90.25 299.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 131.85 299.25 Td (has ) Tj ET Q q 0 0 0 rg BT 147.88 299.25 Td (also ) Tj ET Q q 0 0 0 rg BT 166.70 299.25 Td (granted ) Tj ET Q q 0 0 0 rg BT 199.39 299.25 Td (MFRS ) Tj ET Q q 0 0 0 rg BT 228.18 299.25 Td (A) Tj ET Q q 0 0 0 rg BT 234.49 299.25 Td (wards ) Tj ET Q q 0 0 0 rg BT 261.08 299.25 Td (to ) Tj ET Q q 0 0 0 rg BT 271.56 299.25 Td (new ) Tj ET Q q 0 0 0 rg BT 290.93 299.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 336.40 299.25 Td (as ) Tj ET Q q 0 0 0 rg BT 347.43 299.25 Td (a ) Tj ET Q q 0 0 0 rg BT 354.58 299.25 Td (recruiting ) Tj ET Q q 0 0 0 rg BT 396.16 299.25 Td (tool. ) Tj ET Q q 0 0 0 rg BT 416.92 299.25 Td (Employees ) Tj ET Q q 0 0 0 rg BT 464.06 299.25 Td (must ) Tj ET Q q 0 0 0 rg BT 486.22 299.25 Td (fulfill ) Tj ET Q q 0 0 0 rg BT 511.70 299.25 Td (service ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 287.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 126.70 287.25 Td (in ) Tj ET Q q 0 0 0 rg BT 136.98 287.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 177.23 287.25 Td (for ) Tj ET Q q 0 0 0 rg BT 191.39 287.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 216.67 287.25 Td (to ) Tj ET Q q 0 0 0 rg BT 226.95 287.25 Td (the ) Tj ET Q q 0 0 0 rg BT 241.67 287.25 Td (awards. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 263.25 Td (Note 17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.49 263.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.99 263.25 Td (Net Capital Requir) Tj ET Q q 0 0 0 rg BT 182.73 263.25 Td (ements and Other Regulatory Matters) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.37 263.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 239.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 95.72 239.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 107.20 239.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 125.91 239.25 Td (is ) Tj ET Q q 0 0 0 rg BT 135.19 239.25 Td (registered ) Tj ET Q q 0 0 0 rg BT 177.23 239.25 Td (as ) Tj ET Q q 0 0 0 rg BT 188.17 239.25 Td (a ) Tj ET Q q 0 0 0 rg BT 195.22 239.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 235.59 239.25 Td (broker ) Tj ET Q q 0 0 0 rg BT 264.30 239.25 Td (dealer ) Tj ET Q q 0 0 0 rg BT 291.34 239.25 Td (with ) Tj ET Q q 0 0 0 rg BT 311.73 239.25 Td (the ) Tj ET Q q 0 0 0 rg BT 326.55 239.25 Td (SEC ) Tj ET Q q 0 0 0 rg BT 347.51 239.25 Td (and ) Tj ET Q q 0 0 0 rg BT 364.56 239.25 Td (is ) Tj ET Q q 0 0 0 rg BT 373.84 239.25 Td (a ) Tj ET Q q 0 0 0 rg BT 380.89 239.25 Td (member ) Tj ET Q q 0 0 0 rg BT 416.26 239.25 Td (of ) Tj ET Q q 0 0 0 rg BT 427.20 239.25 Td (various ) Tj ET Q q 0 0 0 rg BT 459.25 239.25 Td (SROs ) Tj ET Q q 0 0 0 rg BT 485.21 239.25 Td (and ) Tj ET Q q 0 0 0 rg BT 502.26 239.25 Td (securities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 227.25 Td (exchanges. ) Tj ET Q q 0 0 0 rg BT 118.32 227.25 Td (FINRA) Tj ET Q q 0 0 0 rg BT 147.77 227.25 Td ( ) Tj ET Q q 0 0 0 rg BT 149.94 227.25 Td (serves ) Tj ET Q q 0 0 0 rg BT 177.10 227.25 Td (as ) Tj ET Q q 0 0 0 rg BT 187.61 227.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 210.89 227.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 222.37 227.25 Td (fray) Tj ET Q q 0 0 0 rg BT 241.24 227.25 Td (s ) Tj ET Q q 0 0 0 rg BT 247.31 227.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 281.13 227.25 Td (SRO. ) Tj ET Q q 0 0 0 rg BT 305.26 227.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 328.54 227.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 340.02 227.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 358.29 227.25 Td (is ) Tj ET Q q 0 0 0 rg BT 367.13 227.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 397.63 227.25 Td (to ) Tj ET Q q 0 0 0 rg BT 407.58 227.25 Td (the ) Tj ET Q q 0 0 0 rg BT 421.97 227.25 Td (uniform ) Tj ET Q q 0 0 0 rg BT 456.36 227.25 Td (net ) Tj ET Q q 0 0 0 rg BT 470.74 227.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 499.57 227.25 Td (rule ) Tj ET Q q 0 0 0 rg BT 517.29 227.25 Td (of ) Tj ET Q q 0 0 0 rg BT 527.79 227.25 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 215.25 Td (SEC ) Tj ET Q q 0 0 0 rg BT 92.99 215.25 Td (and ) Tj ET Q q 0 0 0 rg BT 110.08 215.25 Td (the ) Tj ET Q q 0 0 0 rg BT 124.95 215.25 Td (net ) Tj ET Q q 0 0 0 rg BT 139.82 215.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 169.13 215.25 Td (rule ) Tj ET Q q 0 0 0 rg BT 187.33 215.25 Td (of ) Tj ET Q q 0 0 0 rg BT 198.31 215.25 Td (FINRA. ) Tj ET Q q 0 0 0 rg BT 233.47 215.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 257.23 215.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 268.71 215.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 287.46 215.25 Td (has ) Tj ET Q q 0 0 0 rg BT 303.44 215.25 Td (elected ) Tj ET Q q 0 0 0 rg BT 334.41 215.25 Td (to ) Tj ET Q q 0 0 0 rg BT 344.84 215.25 Td (use ) Tj ET Q q 0 0 0 rg BT 360.82 215.25 Td (the ) Tj ET Q q 0 0 0 rg BT 375.69 215.25 Td (alternative ) Tj ET Q q 0 0 0 rg BT 420.54 215.25 Td (method ) Tj ET Q q 0 0 0 rg BT 453.19 215.25 Td (permitted ) Tj ET Q q 0 0 0 rg BT 494.16 215.25 Td (by ) Tj ET Q q 0 0 0 rg BT 506.81 215.25 Td (the ) Tj ET Q q 0 0 0 rg BT 521.68 215.25 Td (SEC ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 203.25 Td (rule, ) Tj ET Q q 0 0 0 rg BT 92.40 203.25 Td (which ) Tj ET Q q 0 0 0 rg BT 119.19 203.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 153.75 203.25 Td (that ) Tj ET Q q 0 0 0 rg BT 171.10 203.25 Td (it ) Tj ET Q q 0 0 0 rg BT 179.01 203.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 216.35 203.25 Td (minimum ) Tj ET Q q 0 0 0 rg BT 257.59 203.25 Td (net ) Tj ET Q q 0 0 0 rg BT 272.16 203.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 301.17 203.25 Td (of ) Tj ET Q q 0 0 0 rg BT 311.85 203.25 Td (the ) Tj ET Q q 0 0 0 rg BT 326.42 203.25 Td (greater ) Tj ET Q q 0 0 0 rg BT 356.52 203.25 Td (of ) Tj ET Q q 0 0 0 rg BT 367.21 203.25 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 387.06 203.25 Td (million ) Tj ET Q q 0 0 0 rg BT 418.30 203.25 Td (or ) Tj ET Q q 0 0 0 rg BT 428.99 203.25 Td (2 ) Tj ET Q q 0 0 0 rg BT 436.34 203.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 468.12 203.25 Td (of ) Tj ET Q q 0 0 0 rg BT 478.80 203.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 520.01 203.25 Td (debit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 191.25 Td (balances ) Tj ET Q q 0 0 0 rg BT 109.70 191.25 Td (arising ) Tj ET Q q 0 0 0 rg BT 140.19 191.25 Td (from ) Tj ET Q q 0 0 0 rg BT 162.90 191.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 202.83 191.25 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 256.37 191.25 Td (as ) Tj ET Q q 0 0 0 rg BT 267.97 191.25 Td (such ) Tj ET Q q 0 0 0 rg BT 289.58 191.25 Td (term ) Tj ET Q q 0 0 0 rg BT 311.17 191.25 Td (is ) Tj ET Q q 0 0 0 rg BT 321.12 191.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 354.38 191.25 Td (in ) Tj ET Q q 0 0 0 rg BT 365.43 191.25 Td (the ) Tj ET Q q 0 0 0 rg BT 380.92 191.25 Td (SEC ) Tj ET Q q 0 0 0 rg BT 402.53 191.25 Td (rule. ) Tj ET Q q 0 0 0 rg BT 423.86 191.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 452.12 191.25 Td (its ) Tj ET Q q 0 0 0 rg BT 464.84 191.25 Td (rules, ) Tj ET Q q 0 0 0 rg BT 490.05 191.25 Td (FINRA) Tj ET Q q 0 0 0 rg BT 519.51 191.25 Td ( ) Tj ET Q q 0 0 0 rg BT 522.78 191.25 Td (may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 179.25 Td (prohibit ) Tj ET Q q 0 0 0 rg BT 106.37 179.25 Td (a ) Tj ET Q q 0 0 0 rg BT 113.52 179.25 Td (member ) Tj ET Q q 0 0 0 rg BT 148.99 179.25 Td (firm ) Tj ET Q q 0 0 0 rg BT 168.91 179.25 Td (from ) Tj ET Q q 0 0 0 rg BT 191.06 179.25 Td (expanding ) Tj ET Q q 0 0 0 rg BT 235.42 179.25 Td (its ) Tj ET Q q 0 0 0 rg BT 247.57 179.25 Td (business ) Tj ET Q q 0 0 0 rg BT 284.17 179.25 Td (or ) Tj ET Q q 0 0 0 rg BT 295.21 179.25 Td (paying ) Tj ET Q q 0 0 0 rg BT 325.13 179.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 366.72 179.25 Td (if ) Tj ET Q q 0 0 0 rg BT 375.54 179.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 413.24 179.25 Td (net ) Tj ET Q q 0 0 0 rg BT 428.16 179.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 457.52 179.25 Td (would ) Tj ET Q q 0 0 0 rg BT 485.23 179.25 Td (be ) Tj ET Q q 0 0 0 rg BT 497.37 179.25 Td (less ) Tj ET Q q 0 0 0 rg BT 515.08 179.25 Td (than ) Tj ET Q q 0 0 0 rg BT 535.00 179.25 Td (5 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 167.25 Td (percent ) Tj ET Q q 0 0 0 rg BT 104.35 167.25 Td (of ) Tj ET Q q 0 0 0 rg BT 115.60 167.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 157.39 167.25 Td (debit ) Tj ET Q q 0 0 0 rg BT 180.31 167.25 Td (balances. ) Tj ET Q q 0 0 0 rg BT 219.51 167.25 Td (Advances ) Tj ET Q q 0 0 0 rg BT 261.87 167.25 Td (to ) Tj ET Q q 0 0 0 rg BT 272.57 167.25 Td (af) Tj ET Q q 0 0 0 rg BT 280.16 167.25 Td (filiates, ) Tj ET Q q 0 0 0 rg BT 312.79 167.25 Td (repayment ) Tj ET Q q 0 0 0 rg BT 357.92 167.25 Td (of ) Tj ET Q q 0 0 0 rg BT 369.18 167.25 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 423.76 167.25 Td (debt, ) Tj ET Q q 0 0 0 rg BT 446.40 167.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 484.32 167.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 525.57 167.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 155.25 Td (other ) Tj ET Q q 0 0 0 rg BT 95.26 155.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 122.96 155.25 Td (withdrawals ) Tj ET Q q 0 0 0 rg BT 174.55 155.25 Td (by ) Tj ET Q q 0 0 0 rg BT 187.26 155.25 Td (Piper ) Tj ET Q q 0 0 0 rg BT 211.08 155.25 Td (Jaf) Tj ET Q q 0 0 0 rg BT 222.56 155.25 Td (fray ) Tj ET Q q 0 0 0 rg BT 241.37 155.25 Td (are ) Tj ET Q q 0 0 0 rg BT 256.28 155.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 287.32 155.25 Td (to ) Tj ET Q q 0 0 0 rg BT 297.81 155.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 327.72 155.25 Td (notification ) Tj ET Q q 0 0 0 rg BT 376.53 155.25 Td (and ) Tj ET Q q 0 0 0 rg BT 393.67 155.25 Td (other ) Tj ET Q q 0 0 0 rg BT 416.93 155.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 461.31 155.25 Td (of ) Tj ET Q q 0 0 0 rg BT 472.35 155.25 Td (SEC ) Tj ET Q q 0 0 0 rg BT 493.40 155.25 Td (and ) Tj ET Q q 0 0 0 rg BT 510.55 155.25 Td (FINRA) Tj ET Q q 0 0 0 rg BT 540.00 155.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 143.25 Td (rules. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 119.25 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.10 119.25 Td (June30, ) Tj ET Q q 0 0 0 rg BT 119.54 119.25 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.54 119.25 Td (, ) Tj ET Q q 0 0 0 rg BT 144.14 119.25 Td (net ) Tj ET Q q 0 0 0 rg BT 158.46 119.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 187.21 119.25 Td (calculated ) Tj ET Q q 0 0 0 rg BT 229.85 119.25 Td (under ) Tj ET Q q 0 0 0 rg BT 254.72 119.25 Td (the ) Tj ET Q q 0 0 0 rg BT 269.04 119.25 Td (SEC ) Tj ET Q q 0 0 0 rg BT 289.48 119.25 Td (rule ) Tj ET Q q 0 0 0 rg BT 307.13 119.25 Td (was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.79 119.25 Td ($202.7 ) Tj ET Q q 0 0 0 rg BT 354.39 119.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.28 119.25 Td (, ) Tj ET Q q 0 0 0 rg BT 387.89 119.25 Td (and ) Tj ET Q q 0 0 0 rg BT 404.43 119.25 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 443.72 119.25 Td (the ) Tj ET Q q 0 0 0 rg BT 458.04 119.25 Td (minimum ) Tj ET Q q 0 0 0 rg BT 499.04 119.25 Td (net ) Tj ET Q q 0 0 0 rg BT 513.36 119.25 Td (capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 107.25 Td (required ) Tj ET Q q 0 0 0 rg BT 108.60 107.25 Td (under ) Tj ET Q q 0 0 0 rg BT 134.65 107.25 Td (the ) Tj ET Q q 0 0 0 rg BT 150.15 107.25 Td (SEC ) Tj ET Q q 0 0 0 rg BT 171.78 107.25 Td (rule ) Tj ET Q q 0 0 0 rg BT 190.61 107.25 Td (by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.89 107.25 Td ($201.6 ) Tj ET Q q 0 0 0 rg BT 234.67 107.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.56 107.25 Td (. ) Tj ET Q q 0 0 0 rg BT 269.11 107.25 Td (The ) Tj ET Q q 0 0 0 rg BT 287.94 107.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 330.11 107.25 Td (anticipates ) Tj ET Q q 0 0 0 rg BT 376.15 107.25 Td ($15.0 ) Tj ET Q q 0 0 0 rg BT 401.94 107.25 Td (million ) Tj ET Q q 0 0 0 rg BT 434.11 107.25 Td (of ) Tj ET Q q 0 0 0 rg BT 445.73 107.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 487.90 107.25 Td (to ) Tj ET Q q 0 0 0 rg BT 498.96 107.25 Td (the ) Tj ET Q q 0 0 0 rg BT 514.46 107.25 Td (Parent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 95.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 113.39 95.25 Td (within ) Tj ET Q q 0 0 0 rg BT 141.44 95.25 Td (the ) Tj ET Q q 0 0 0 rg BT 156.16 95.25 Td (next ) Tj ET Q q 0 0 0 rg BT 175.88 95.25 Td (six ) Tj ET Q q 0 0 0 rg BT 190.05 95.25 Td (months.) Tj ET Q endstream endobj 41 0 obj <> endobj 42 0 obj <> stream BT /F3 11.00 Tf ET q 0 0 0 rg BT 103.65 755.30 Td (Notes to the Statement of Financial Condition as of June 30, 2016 \(unaudited\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 48.60 Td (20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 731.10 Td (The ) Tj ET Q q 0 0 0 rg BT 90.37 731.10 Td (Company) Tj ET Q q 0 0 0 rg BT 132.04 731.10 Td (s ) Tj ET Q q 0 0 0 rg BT 138.76 731.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 184.35 731.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 228.84 731.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 254.43 731.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 285.57 731.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.73 731.10 Td ($250 ) Tj ET Q q 0 0 0 rg BT 319.56 731.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.45 731.10 Td ( ) Tj ET Q q 0 0 0 rg BT 351.28 731.10 Td (and ) Tj ET Q q 0 0 0 rg BT 368.54 731.10 Td (the ) Tj ET Q q 0 0 0 rg BT 383.59 731.10 Td (Parent ) Tj ET Q q 0 0 0 rg BT 411.96 731.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 459.37 731.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 486.63 731.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 510.57 731.10 Td (include ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 719.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 114.52 719.10 Td (requiring ) Tj ET Q q 0 0 0 rg BT 153.72 719.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 177.37 719.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 188.85 719.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 207.48 719.10 Td (to ) Tj ET Q q 0 0 0 rg BT 217.80 719.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 255.33 719.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 296.76 719.10 Td (net ) Tj ET Q q 0 0 0 rg BT 311.52 719.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 340.71 719.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.58 719.10 Td ($120 ) Tj ET Q q 0 0 0 rg BT 374.11 719.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.01 719.10 Td (. ) Tj ET Q q 0 0 0 rg BT 408.04 719.10 Td (CP) Tj ET Q q 0 0 0 rg BT 419.91 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 422.44 719.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 448.31 719.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 475.85 719.10 Td (under ) Tj ET Q q 0 0 0 rg BT 501.16 719.10 Td (CP) Tj ET Q q 0 0 0 rg BT 513.02 719.10 Td ( ) Tj ET Q q 0 0 0 rg BT 515.56 719.10 Td (Series ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 707.10 Td (III ) Tj ET Q q 0 0 0 rg BT 83.94 707.10 Td (A) Tj ET Q q 0 0 0 rg BT 90.61 707.10 Td ( ) Tj ET Q q 0 0 0 rg BT 93.11 707.10 Td (include ) Tj ET Q q 0 0 0 rg BT 125.04 707.10 Td (a ) Tj ET Q q 0 0 0 rg BT 131.98 707.10 Td (covenant ) Tj ET Q q 0 0 0 rg BT 170.57 707.10 Td (that ) Tj ET Q q 0 0 0 rg BT 188.07 707.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 222.78 707.10 Td (Piper ) Tj ET Q q 0 0 0 rg BT 246.38 707.10 Td (Jaf) Tj ET Q q 0 0 0 rg BT 257.86 707.10 Td (fray ) Tj ET Q q 0 0 0 rg BT 276.46 707.10 Td (to ) Tj ET Q q 0 0 0 rg BT 286.74 707.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 324.23 707.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 352.83 707.10 Td (net ) Tj ET Q q 0 0 0 rg BT 367.55 707.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 396.70 707.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.53 707.10 Td ($120 ) Tj ET Q q 0 0 0 rg BT 430.03 707.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.92 707.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 683.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 94.49 683.10 Td (18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.49 683.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.99 683.10 Td (Related ) Tj ET Q q 0 0 0 rg BT 140.03 683.10 Td (Party ) Tj ET Q q 0 0 0 rg BT 164.75 683.10 Td (T) Tj ET Q q 0 0 0 rg BT 169.76 683.10 Td (ransactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.43 683.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 659.10 Td (The ) Tj ET Q q 0 0 0 rg BT 89.77 659.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 130.89 659.10 Td (has ) Tj ET Q q 0 0 0 rg BT 146.44 659.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 190.88 659.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 240.87 659.10 Td (with ) Tj ET Q q 0 0 0 rg BT 260.88 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.32 659.10 Td (Parent ) Tj ET Q q 0 0 0 rg BT 303.09 659.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 344.21 659.10 Td (and ) Tj ET Q q 0 0 0 rg BT 360.87 659.10 Td (the ) Tj ET Q q 0 0 0 rg BT 375.32 659.10 Td (Parent ) Tj ET Q q 0 0 0 rg BT 403.09 659.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 449.90 659.10 Td (other ) Tj ET Q q 0 0 0 rg BT 472.67 659.10 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 524.45 659.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 647.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 113.06 647.10 Td (arranges ) Tj ET Q q 0 0 0 rg BT 149.10 647.10 Td (for ) Tj ET Q q 0 0 0 rg BT 162.93 647.10 Td (the ) Tj ET Q q 0 0 0 rg BT 177.32 647.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 215.03 647.10 Td (or ) Tj ET Q q 0 0 0 rg BT 225.54 647.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 243.25 647.10 Td (of ) Tj ET Q q 0 0 0 rg BT 253.76 647.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 296.19 647.10 Td (holds ) Tj ET Q q 0 0 0 rg BT 320.04 647.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 369.98 647.10 Td (in ) Tj ET Q q 0 0 0 rg BT 379.93 647.10 Td (funds ) Tj ET Q q 0 0 0 rg BT 404.33 647.10 Td (managed ) Tj ET Q q 0 0 0 rg BT 442.60 647.10 Td (by ) Tj ET Q q 0 0 0 rg BT 454.77 647.10 Td (af) Tj ET Q q 0 0 0 rg BT 462.36 647.10 Td (filiates ) Tj ET Q q 0 0 0 rg BT 491.74 647.10 Td (and ) Tj ET Q q 0 0 0 rg BT 508.35 647.10 Td (markets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 635.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 114.68 635.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 164.05 635.10 Td (for ) Tj ET Q q 0 0 0 rg BT 178.42 635.10 Td (af) Tj ET Q q 0 0 0 rg BT 186.01 635.10 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 218.23 635.10 Td (The ) Tj ET Q q 0 0 0 rg BT 236.48 635.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 278.07 635.10 Td (allocates ) Tj ET Q q 0 0 0 rg BT 315.75 635.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 354.56 635.10 Td (or ) Tj ET Q q 0 0 0 rg BT 365.59 635.10 Td (records ) Tj ET Q q 0 0 0 rg BT 397.72 635.10 Td (a ) Tj ET Q q 0 0 0 rg BT 404.86 635.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 436.46 635.10 Td (of ) Tj ET Q q 0 0 0 rg BT 447.49 635.10 Td (the ) Tj ET Q q 0 0 0 rg BT 462.41 635.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 500.65 635.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 530.00 635.10 Td (by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 623.10 Td (af) Tj ET Q q 0 0 0 rg BT 79.59 623.10 Td (filiates ) Tj ET Q q 0 0 0 rg BT 110.52 623.10 Td (in ) Tj ET Q q 0 0 0 rg BT 122.01 623.10 Td (return ) Tj ET Q q 0 0 0 rg BT 149.61 623.10 Td (for ) Tj ET Q q 0 0 0 rg BT 164.98 623.10 Td (services ) Tj ET Q q 0 0 0 rg BT 200.91 623.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 240.17 623.10 Td (to ) Tj ET Q q 0 0 0 rg BT 251.67 623.10 Td (af) Tj ET Q q 0 0 0 rg BT 259.26 623.10 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 292.69 623.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 325.84 623.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 367.32 623.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 409.63 623.10 Td (along ) Tj ET Q q 0 0 0 rg BT 435.57 623.10 Td (with ) Tj ET Q q 0 0 0 rg BT 457.06 623.10 Td (advances ) Tj ET Q q 0 0 0 rg BT 497.43 623.10 Td (for ) Tj ET Q q 0 0 0 rg BT 512.80 623.10 Td (certain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 611.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 124.24 611.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 159.52 611.10 Td (by ) Tj ET Q q 0 0 0 rg BT 171.48 611.10 Td (af) Tj ET Q q 0 0 0 rg BT 179.07 611.10 Td (filiates ) Tj ET Q q 0 0 0 rg BT 208.25 611.10 Td (are ) Tj ET Q q 0 0 0 rg BT 222.42 611.10 Td (initially ) Tj ET Q q 0 0 0 rg BT 255.49 611.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 274.67 611.10 Td (by ) Tj ET Q q 0 0 0 rg BT 286.64 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 300.82 611.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 341.67 611.10 Td (and ) Tj ET Q q 0 0 0 rg BT 358.07 611.10 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 412.25 611.10 Td (reimbursed ) Tj ET Q q 0 0 0 rg BT 459.20 611.10 Td (by ) Tj ET Q q 0 0 0 rg BT 471.17 611.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.35 611.10 Td (af) Tj ET Q q 0 0 0 rg BT 492.94 611.10 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 524.47 611.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 599.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 113.86 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q 0 0 0 rg BT 239.67 575.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 297.98 575.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 329.06 575.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 356.83 575.10 Td (to ) Tj ET Q q 0 0 0 rg BT 367.37 575.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 409.03 575.10 Td (employees. ) Tj ET Q q 0 0 0 rg BT 456.45 575.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.21 575.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 505.31 575.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.31 575.10 Td (, ) Tj ET Q q 0 0 0 rg BT 530.57 575.10 Td (an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 563.10 Td (intercompany ) Tj ET Q q 0 0 0 rg BT 131.02 563.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 166.16 563.10 Td (to ) Tj ET Q q 0 0 0 rg BT 177.98 563.10 Td (the ) Tj ET Q q 0 0 0 rg BT 194.24 563.10 Td (Parent ) Tj ET Q q 0 0 0 rg BT 223.83 563.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 266.75 563.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.13 563.10 Td ($52.0 ) Tj ET Q q 0 0 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0 0 rg BT 373.02 551.10 Td (from ) Tj ET Q q 0 0 0 rg BT 395.95 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.65 551.10 Td (Parent ) Tj ET Q q 0 0 0 rg BT 440.68 551.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 483.05 551.10 Td (during ) Tj ET Q q 0 0 0 rg BT 512.64 551.10 Td (the ) Tj ET Q q 0 0 0 rg BT 528.34 551.10 Td (six ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 539.10 Td (months ) Tj ET Q q 0 0 0 rg BT 103.60 539.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.63 539.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 165.12 539.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.12 539.10 Td (. ) Tj ET Q q 0 0 0 rg BT 189.61 539.10 Td (The ) Tj ET Q q 0 0 0 rg BT 207.31 539.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 248.35 539.10 Td (also ) Tj ET Q q 0 0 0 rg BT 266.61 539.10 Td (paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.98 539.10 Td ($35.0 ) Tj ET Q q 0 0 0 rg BT 310.64 539.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.53 539.10 Td ( ) Tj ET Q q 0 0 0 rg BT 341.68 539.10 Td (in ) Tj ET Q q 0 0 0 rg BT 351.61 539.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 392.65 539.10 Td (to ) Tj ET Q q 0 0 0 rg BT 402.59 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 416.96 539.10 Td (Parent ) Tj ET Q q 0 0 0 rg BT 444.66 539.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 485.70 539.10 Td (during ) Tj ET Q q 0 0 0 rg BT 513.96 539.10 Td (the ) Tj ET Q q 0 0 0 rg BT 528.33 539.10 Td (six ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 527.10 Td (months ) Tj ET Q q 0 0 0 rg BT 103.95 527.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.33 527.10 Td (June30, ) Tj ET Q q 0 0 0 rg BT 166.16 527.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.16 527.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 503.10 Td (Note 19) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.49 503.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.99 503.10 Td (Subsequent Events) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.69 503.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 479.10 Td (The ) Tj ET Q q 0 0 0 rg BT 89.01 479.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 129.37 479.10 Td (has ) Tj ET Q q 0 0 0 rg BT 144.17 479.10 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 183.94 479.10 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 229.85 479.10 Td (events ) Tj ET Q q 0 0 0 rg BT 256.86 479.10 Td (through ) Tj ET Q q 0 0 0 rg BT 289.12 479.10 Td (August ) Tj ET Q q 0 0 0 rg BT 319.47 479.10 Td (25, ) Tj ET Q q 0 0 0 rg BT 333.44 479.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 357.41 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 371.09 479.10 Td (date ) Tj ET Q q 0 0 0 rg BT 389.22 479.10 Td (the ) Tj ET Q q 0 0 0 rg BT 402.90 479.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 439.35 479.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 483.03 479.10 Td (were ) Tj ET Q q 0 0 0 rg BT 503.92 479.10 Td (available ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 467.10 Td (to ) Tj ET Q q 0 0 0 rg BT 81.69 467.10 Td (be ) Tj ET Q q 0 0 0 rg BT 93.04 467.10 Td (issued, ) Tj ET Q q 0 0 0 rg BT 122.45 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 138.80 467.10 Td (has ) Tj ET Q q 0 0 0 rg BT 154.04 467.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 200.94 467.10 Td (there ) Tj ET Q q 0 0 0 rg BT 222.83 467.10 Td (are ) Tj ET Q q 0 0 0 rg BT 236.95 467.10 Td (no ) Tj ET Q q 0 0 0 rg BT 248.86 467.10 Td (other ) Tj ET Q q 0 0 0 rg BT 271.32 467.10 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 317.67 467.10 Td (events ) Tj ET Q q 0 0 0 rg BT 345.13 467.10 Td (that ) Tj ET Q q 0 0 0 rg BT 362.04 467.10 Td (require ) Tj ET Q q 0 0 0 rg BT 392.26 467.10 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 434.72 467.10 Td (in ) Tj ET Q q 0 0 0 rg BT 444.41 467.10 Td (the ) Tj ET Q q 0 0 0 rg BT 458.54 467.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 505.03 467.10 Td (financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 455.10 Td (statements.) Tj ET Q endstream endobj 43 0 obj <> /View <>>>>> endobj 44 0 obj <> /View <>>>>> endobj 45 0 obj <> endobj 46 0 obj <> stream x x\/Z}}3hFH-ɲdcۀ قa Y  @0 " -!bf!$!~#ن{w>ȖIƃ2ʥفɰڴp=潳',%龷Ž'H/=;ٮ<8jCPD8Lw8ؔz˾D|!=Jw%D?Dd|kVSX̧z䉇tƒի>7RΪ~An*4i~LOnQǞp+-D#V~ߚs\|{yMwG'6N݌`|ˏZsN!'DBʣo\#O ~ƿOK#ђ>w8X}e|qcK')ا#9u߰|La2Iq?>:k(Q }_YL*UIbXWk&MQ¨(Fh0ZU>H'|69w̅Ø=bplQ3Žˈ{Y"#s6MqIdVq)>[bT:H%;_6jQ6I( Qf r(LǘPr GF楴ZZ#4ЅxoR/hcܧaMӭOޓy0˰. aF76q r*S5Ѩ˨n_[*DQ/6*Tn{ cz2Jp1wE6' QF(5z_55,"ľ=OIߤsXm/i??JAGh&?,~ a8"D28xM;P 4VAk5]A(]Я)4|^7ikYG,yNh[aX tJ4^>Kd6;OX&d3Y^,VQ>-_qQwtÇ_c]N|#ߣi{n~5ό8I9~r4Y&&ʷ# +91W/^ZY'>d{j[3z/wpva}9ՏH[göz>gB&I^l/h܅SL!PޏCT?3xxgp9]M~{YJ}%3p̷ |]J3J051/6)Z&qcζ_)ʟ4i旍|>τ4^/|(&OC>4zloKE'%]&?T6Vg 9Ơ$jIeKi c!פ=fٛhk>+qO z{yB` 5ڙEՏ[[Yxю~ i:.1g[ō׹WO2× 505'm >DSosP?FCWOid5nJEprSl4P^A7|7Βq3Ԣ i&-эǤm.I}A}`KfkbP8b5 !xc> bض'bjcnD9,6X5l\X-fl[4&g,gDasf[y~~n3VwE&,? zTFh=hL& mm`W h -V?[DEDѓC"J/Zxh#B&t:Yi8ـRmvkPTDD)Z,s/h"&I+b2GӚHTL)&M"]0}y/h]ZE<ƾDPD+Bl@OtC@B<{"~¸H%*Ђ )bx[ZKݼpCÐ\Ex="bQ:AM##(+TdTU5/MA27^f N SB9݀H%  /`!Oq F(0Fƿ)NQ)ҔP 0Ki(OeP1Xm'S Be ;꒰J5vSG4:{$.:U"Qi 84N7^TD8C8GJi+.4JChp78F4p{_h PE4poڭCp1܏jKK~@Ё72p9 x۴<-:&t`M:ItP :VߠC:X Uaߤ# HGDG~xNZ x*x+t:} Zm:L:΢Ϧo~N.tx.} pɍ|::B / ѷ/R:2:"]Ng^A>}s{Wӹ?s? 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