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1011006/000119312520229896/0001193125-20-229896.txt

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  1. <SEC-DOCUMENT>0001193125-20-229896.txt : 20200825
  2. <SEC-HEADER>0001193125-20-229896.hdr.sgml : 20200825
  3. <ACCEPTANCE-DATETIME>20200825160554
  4. ACCESSION NUMBER: 0001193125-20-229896
  5. CONFORMED SUBMISSION TYPE: N-CSRS
  6. PUBLIC DOCUMENT COUNT: 4
  7. CONFORMED PERIOD OF REPORT: 20200630
  8. FILED AS OF DATE: 20200825
  9. DATE AS OF CHANGE: 20200825
  10. EFFECTIVENESS DATE: 20200825
  11.  
  12. FILER:
  13.  
  14. COMPANY DATA:
  15. COMPANY CONFORMED NAME: ALTABA INC.
  16. CENTRAL INDEX KEY: 0001011006
  17. IRS NUMBER: 770398689
  18. STATE OF INCORPORATION: DE
  19. FISCAL YEAR END: 1231
  20.  
  21. FILING VALUES:
  22. FORM TYPE: N-CSRS
  23. SEC ACT: 1940 Act
  24. SEC FILE NUMBER: 811-23264
  25. FILM NUMBER: 201132314
  26.  
  27. BUSINESS ADDRESS:
  28. STREET 1: ALTABA INC.
  29. STREET 2: 140 E. 45TH STREET 15TH FLOOR
  30. CITY: NEW YORK
  31. STATE: NY
  32. ZIP: 10017
  33. BUSINESS PHONE: (646) 679-2000
  34.  
  35. MAIL ADDRESS:
  36. STREET 1: 140 E. 45TH STREET
  37. STREET 2: 15TH FLOOR
  38. CITY: NEW YORK
  39. STATE: NY
  40. ZIP: 10017
  41.  
  42. FORMER COMPANY:
  43. FORMER CONFORMED NAME: YAHOO INC
  44. DATE OF NAME CHANGE: 19960320
  45. </SEC-HEADER>
  46. <DOCUMENT>
  47. <TYPE>N-CSRS
  48. <SEQUENCE>1
  49. <FILENAME>d928563dncsrs.htm
  50. <DESCRIPTION>N-CSRS
  51. <TEXT>
  52. <HTML><HEAD>
  53. <TITLE>N-CSRS</TITLE>
  54. </HEAD>
  55. <BODY BGCOLOR="WHITE">
  56. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  57.  
  58.  
  59. <Center><DIV STYLE="width:8.5in" align="left">
  60. <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
  61. <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
  62. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
  63. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
  64. <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
  65. STYLE="white-space:nowrap">N-CSR</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
  66. <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CERTIFIED
  67. SHAREHOLDER REPORT OF REGISTERED </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>MANAGEMENT INVESTMENT COMPANIES </B></P>
  68. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">811-23264</FONT> </B></P>
  69. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Investment Company Act file number </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
  70. <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Altaba Inc.
  71. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in charter) </B></P>
  72. <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
  73. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>140 East 45<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Street, 15<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor
  74. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>New York, New York 10017 </B></P>
  75. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices) (Zip code) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
  76. <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Arthur Chong
  77. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Altaba Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>140
  78. East 45<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Street, 15<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor </B></P>
  79. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>New York, New York 10017 </B></P>
  80. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name and address of agent for service) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
  81. <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>(646) <FONT
  82. STYLE="white-space:nowrap">679-2000</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code </B></P>
  83. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Date of fiscal year end: December&nbsp;31, 2020 </B></P>
  84. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Date of reporting period: June&nbsp;30, 2020 </B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  85. <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
  86. </DIV></Center>
  87.  
  88.  
  89. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  90. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  91. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  92.  
  93.  
  94. <Center><DIV STYLE="width:8.5in" align="left">
  95. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"><B><U>Item&nbsp;1. Reports to Stockholders. </U></B></P>
  96. <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
  97. </DIV></Center>
  98.  
  99.  
  100. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  101. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  102. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  103.  
  104.  
  105. <Center><DIV STYLE="width:8.5in" align="left">
  106. <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  107. <P STYLE="font-size:72pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center"><B>
  108.  
  109.  
  110. <IMG SRC="g928563g47l53.jpg" ALT="LOGO">
  111. </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  112. <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Arial" ALIGN="right">Semi-Annual
  113. Report </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Arial" ALIGN="right">June 30, 2020 </P>
  114. </DIV></Center>
  115.  
  116.  
  117. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  118. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  119. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  120.  
  121.  
  122. <Center><DIV STYLE="width:8.5in" align="left">
  123. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">IMPORTANT NOTE: Beginning on January&nbsp;1, 2021, as permitted by regulations adopted by the
  124. Securities and Exchange Commission, paper copies of Altaba Inc.&#146;s (&#147;Altaba&#148; or the &#147;Fund&#148;) annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the
  125. shareholder reports from Altaba or from your financial intermediary, such as a broker-dealer or bank. Instead, annual and semi-annual shareholder reports will be available on Altaba&#146;s website (www.altaba.com), and you will be notified by mail
  126. each time a report is posted and you will be provided with a website address to access the reports. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">If you already elected to receive
  127. shareholder reports electronically, you will not be affected by this change and you need not take any action.&nbsp;You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your
  128. financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor and your shares are held with our transfer agent, Computershare, you may log into your Investor Center account at www.computershare.com/investor and go to
  129. &#147;Communication Preferences&#148;.&nbsp;You may also call Computershare at <FONT STYLE="white-space:nowrap">(877)&nbsp;946-6487.</FONT> </P>
  130. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">You may elect to receive all future reports in paper form at no cost to you.&nbsp;If you invest through a financial intermediary, you can
  131. contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with the Fund, you can call Computershare at (877) <FONT STYLE="white-space:nowrap">946-6487.</FONT> Your
  132. election to receive reports in paper form will apply to all funds held in your account with your financial intermediary or, if you invest directly, to all <FONT STYLE="white-space:nowrap">closed-end</FONT> funds you hold. </P>
  133. </DIV></Center>
  134.  
  135.  
  136. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  137. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  138. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  139.  
  140.  
  141. <Center><DIV STYLE="width:8.5in" align="left">
  142. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>ALTABA INC. </B></P>
  143. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc"></A>TABLE OF CONTENTS </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  144. <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">
  145.  
  146.  
  147. <TR>
  148.  
  149. <TD WIDTH="96%"></TD>
  150.  
  151. <TD VALIGN="bottom" WIDTH="3%"></TD>
  152. <TD></TD>
  153. <TD></TD>
  154. <TD></TD></TR>
  155. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7pt">
  156. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
  157. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
  158. <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Page</B></TD>
  159. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD></TR>
  160.  
  161.  
  162. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  163. <TD VALIGN="top"><FONT STYLE="font-size:8pt"><B>Consolidated Financial Statements for the Period From January 1, 2020 to June 30, 2020 (unaudited)</B></FONT></TD>
  164. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  165. <TD VALIGN="bottom"></TD>
  166. <TD VALIGN="bottom"></TD>
  167. <TD VALIGN="bottom"></TD></TR>
  168. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  169. <TD VALIGN="top"><FONT STYLE="font-size:8pt"><A HREF="#toc928563_1">Consolidated Statement of Assets and Liabilities (unaudited) </A></FONT></TD>
  170. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  171. <TD VALIGN="bottom">&nbsp;</TD>
  172. <TD VALIGN="bottom" ALIGN="right">1</TD>
  173. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  174. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  175. <TD VALIGN="top"><FONT STYLE="font-size:8pt"><A HREF="#toc928563_2">Consolidated Schedule of Investments (unaudited) </A></FONT></TD>
  176. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  177. <TD VALIGN="bottom">&nbsp;</TD>
  178. <TD VALIGN="bottom" ALIGN="right">2</TD>
  179. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  180. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  181. <TD VALIGN="top"><FONT STYLE="font-size:8pt"><A HREF="#toc928563_3">Consolidated Statement of Operations (unaudited) </A></FONT></TD>
  182. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  183. <TD VALIGN="bottom">&nbsp;</TD>
  184. <TD VALIGN="bottom" ALIGN="right">4</TD>
  185. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  186. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  187. <TD VALIGN="top"><FONT STYLE="font-size:8pt"><A HREF="#toc928563_5">Consolidated Statement of Changes in Net Assets (unaudited) </A></FONT></TD>
  188. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  189. <TD VALIGN="bottom">&nbsp;</TD>
  190. <TD VALIGN="bottom" ALIGN="right">5</TD>
  191. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  192. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  193. <TD VALIGN="top"><FONT STYLE="font-size:8pt"><A HREF="#toc928563_6">Consolidated Financial Highlights (unaudited) </A></FONT></TD>
  194. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  195. <TD VALIGN="bottom">&nbsp;</TD>
  196. <TD VALIGN="bottom" ALIGN="right">6</TD>
  197. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  198. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  199. <TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><FONT STYLE="font-size:8pt"><A HREF="#toc928563_7">Notes to Consolidated Financial Statements (unaudited) </A></FONT></TD>
  200. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
  201. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  202. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">7</TD>
  203. <TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD></TR>
  204. <TR STYLE="page-break-inside:avoid ; ">
  205. <TD VALIGN="bottom"></TD>
  206. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  207. <TD VALIGN="bottom"></TD>
  208. <TD VALIGN="bottom"></TD>
  209. <TD VALIGN="bottom"></TD></TR>
  210. </TABLE>
  211. </DIV></Center>
  212.  
  213.  
  214. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  215. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  216. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  217.  
  218.  
  219. <Center><DIV STYLE="width:8.5in" align="left">
  220. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc928563_1"></A>ALTABA INC. </B></P>
  221. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES </B></P>
  222. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>As of June&nbsp;30, 2020 (unaudited) </B></P>
  223. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>($ in thousands, except per share amounts) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  224. <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">
  225.  
  226.  
  227. <TR>
  228.  
  229. <TD WIDTH="86%"></TD>
  230.  
  231. <TD VALIGN="bottom" WIDTH="2%"></TD>
  232. <TD></TD>
  233. <TD></TD>
  234. <TD VALIGN="bottom" WIDTH="2%"></TD></TR>
  235.  
  236.  
  237. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  238. <TD VALIGN="top"><FONT STYLE="font-size:9pt"><B>ASSETS</B></FONT></TD>
  239. <TD VALIGN="bottom">&nbsp;</TD>
  240. <TD VALIGN="bottom"></TD>
  241. <TD VALIGN="bottom"></TD>
  242. <TD VALIGN="bottom"></TD></TR>
  243. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  244. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Interest receivable</FONT></TD>
  245. <TD VALIGN="bottom">&nbsp;</TD>
  246. <TD VALIGN="bottom">$</TD>
  247. <TD VALIGN="bottom" ALIGN="right">5,728</TD>
  248. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  249. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  250. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Dividend receivable</FONT></TD>
  251. <TD VALIGN="bottom">&nbsp;</TD>
  252. <TD VALIGN="bottom">&nbsp;</TD>
  253. <TD VALIGN="bottom" ALIGN="right">850</TD>
  254. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  255. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  256. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Unaffiliated investments (cost $12,775,962)</FONT></TD>
  257. <TD VALIGN="bottom">&nbsp;</TD>
  258. <TD VALIGN="bottom">&nbsp;</TD>
  259. <TD VALIGN="bottom" ALIGN="right">12,779,847</TD>
  260. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  261. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  262. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Other assets</FONT></TD>
  263. <TD VALIGN="bottom">&nbsp;</TD>
  264. <TD VALIGN="bottom">&nbsp;</TD>
  265. <TD VALIGN="bottom" ALIGN="right">126,865</TD>
  266. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  267. <TR STYLE="font-size:1px; ">
  268. <TD VALIGN="bottom"></TD>
  269. <TD VALIGN="bottom">&nbsp;</TD>
  270. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  271. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  272. <TD>&nbsp;</TD></TR>
  273. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  274. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Total assets</FONT></TD>
  275. <TD VALIGN="bottom">&nbsp;</TD>
  276. <TD VALIGN="bottom">$</TD>
  277. <TD VALIGN="bottom" ALIGN="right">12,913,290</TD>
  278. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  279. <TR STYLE="font-size:1px; ">
  280. <TD VALIGN="bottom"></TD>
  281. <TD VALIGN="bottom">&nbsp;</TD>
  282. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  283. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  284. <TD>&nbsp;</TD></TR>
  285. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  286. <TD VALIGN="top"><FONT STYLE="font-size:9pt"><B>LIABILITIES</B></FONT></TD>
  287. <TD VALIGN="bottom">&nbsp;</TD>
  288. <TD VALIGN="bottom"></TD>
  289. <TD VALIGN="bottom"></TD>
  290. <TD VALIGN="bottom"></TD></TR>
  291. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  292. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Deferred and other tax liabilities</FONT></TD>
  293. <TD VALIGN="bottom">&nbsp;</TD>
  294. <TD VALIGN="bottom">$</TD>
  295. <TD VALIGN="bottom" ALIGN="right">171,528</TD>
  296. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  297. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  298. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Payable to directors, officers and employees</FONT></TD>
  299. <TD VALIGN="bottom">&nbsp;</TD>
  300. <TD VALIGN="bottom">&nbsp;</TD>
  301. <TD VALIGN="bottom" ALIGN="right">63,288</TD>
  302. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  303. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  304. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Payable to advisor</FONT></TD>
  305. <TD VALIGN="bottom">&nbsp;</TD>
  306. <TD VALIGN="bottom">&nbsp;</TD>
  307. <TD VALIGN="bottom" ALIGN="right">685</TD>
  308. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  309. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  310. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Other liabilities</FONT></TD>
  311. <TD VALIGN="bottom">&nbsp;</TD>
  312. <TD VALIGN="bottom">&nbsp;</TD>
  313. <TD VALIGN="bottom" ALIGN="right">256,368</TD>
  314. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  315. <TR STYLE="font-size:1px; ">
  316. <TD VALIGN="bottom"></TD>
  317. <TD VALIGN="bottom">&nbsp;</TD>
  318. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  319. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  320. <TD>&nbsp;</TD></TR>
  321. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  322. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Total liabilities</FONT></TD>
  323. <TD VALIGN="bottom">&nbsp;</TD>
  324. <TD VALIGN="bottom">$</TD>
  325. <TD VALIGN="bottom" ALIGN="right">491,869</TD>
  326. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  327. <TR STYLE="font-size:1px; ">
  328. <TD VALIGN="bottom"></TD>
  329. <TD VALIGN="bottom">&nbsp;</TD>
  330. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  331. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  332. <TD>&nbsp;</TD></TR>
  333. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  334. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Net assets</FONT></TD>
  335. <TD VALIGN="bottom">&nbsp;</TD>
  336. <TD VALIGN="bottom">$</TD>
  337. <TD VALIGN="bottom" ALIGN="right">12,421,421</TD>
  338. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  339. <TR STYLE="font-size:1px; ">
  340. <TD VALIGN="bottom"></TD>
  341. <TD VALIGN="bottom">&nbsp;</TD>
  342. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  343. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  344. <TD>&nbsp;</TD></TR>
  345. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  346. <TD VALIGN="top"><FONT STYLE="font-size:9pt"><B>Net assets consist of:</B></FONT></TD>
  347. <TD VALIGN="bottom">&nbsp;</TD>
  348. <TD VALIGN="bottom"></TD>
  349. <TD VALIGN="bottom"></TD>
  350. <TD VALIGN="bottom"></TD></TR>
  351. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  352. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Total distributable earnings, net of deferred taxes</FONT></TD>
  353. <TD VALIGN="bottom">&nbsp;</TD>
  354. <TD VALIGN="bottom">$</TD>
  355. <TD VALIGN="bottom" ALIGN="right">12,421,421</TD>
  356. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  357. <TR STYLE="font-size:1px; ">
  358. <TD VALIGN="bottom"></TD>
  359. <TD VALIGN="bottom">&nbsp;</TD>
  360. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  361. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  362. <TD>&nbsp;</TD></TR>
  363. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  364. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Total net assets</FONT></TD>
  365. <TD VALIGN="bottom">&nbsp;</TD>
  366. <TD VALIGN="bottom">$</TD>
  367. <TD VALIGN="bottom" ALIGN="right">12,421,421</TD>
  368. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  369. <TR STYLE="font-size:1px; ">
  370. <TD VALIGN="bottom"></TD>
  371. <TD VALIGN="bottom">&nbsp;</TD>
  372. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  373. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  374. <TD>&nbsp;</TD></TR>
  375. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  376. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Shares outstanding</FONT></TD>
  377. <TD VALIGN="bottom">&nbsp;</TD>
  378. <TD VALIGN="bottom">&nbsp;</TD>
  379. <TD VALIGN="bottom" ALIGN="right">519,511,366</TD>
  380. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  381. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  382. <TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><FONT STYLE="font-size:9pt">NAV per share</FONT></TD>
  383. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  384. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">$</TD>
  385. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">23.91</TD>
  386. <TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD></TR>
  387. </TABLE> <P STYLE="margin-top:240pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">See Notes to Consolidated Financial Statements. </P>
  388. <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">1 </P>
  389.  
  390. </DIV></Center>
  391.  
  392.  
  393. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  394. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  395. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  396.  
  397.  
  398. <Center><DIV STYLE="width:8.5in" align="left">
  399. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc928563_2"></A>ALTABA INC. </B></P>
  400. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>CONSOLIDATED SCHEDULE OF INVESTMENTS </B></P>
  401. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>As of June&nbsp;30, 2020 (unaudited) </B></P>
  402. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>($ in thousands) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  403. <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7.5pt" ALIGN="center">
  404.  
  405.  
  406. <TR>
  407.  
  408. <TD WIDTH="57%"></TD>
  409.  
  410. <TD VALIGN="bottom"></TD>
  411. <TD></TD>
  412. <TD></TD>
  413. <TD VALIGN="bottom" WIDTH="1%"></TD>
  414.  
  415. <TD VALIGN="bottom"></TD>
  416. <TD></TD>
  417. <TD></TD>
  418. <TD VALIGN="bottom" WIDTH="1%"></TD>
  419.  
  420. <TD VALIGN="bottom"></TD>
  421. <TD></TD>
  422. <TD></TD>
  423. <TD VALIGN="bottom" WIDTH="1%"></TD>
  424.  
  425. <TD VALIGN="bottom"></TD>
  426. <TD></TD>
  427. <TD></TD>
  428. <TD VALIGN="bottom" WIDTH="1%"></TD>
  429.  
  430. <TD VALIGN="bottom"></TD>
  431. <TD></TD>
  432. <TD></TD>
  433. <TD VALIGN="bottom" WIDTH="1%"></TD></TR>
  434.  
  435.  
  436. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7pt">
  437. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Description</B></TD>
  438. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  439. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  440. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  441. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  442. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  443. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  444. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  445. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  446. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  447. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  448. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  449. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  450. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  451. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>&nbsp;</B></TD>
  452. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="center"><B>Shares</B></TD>
  453. <TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>&nbsp;</B></TD>
  454. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  455. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>&nbsp;</B></TD>
  456. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="center"><B>Fair Value $</B></TD>
  457. <TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>&nbsp;</B></TD></TR>
  458. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  459. <TD VALIGN="top"><FONT STYLE="font-size:8pt"><B>Unaffiliated Investments:</B></FONT></TD>
  460. <TD VALIGN="bottom">&nbsp;</TD>
  461. <TD VALIGN="bottom"></TD>
  462. <TD VALIGN="bottom"></TD>
  463. <TD VALIGN="bottom"></TD>
  464. <TD VALIGN="bottom">&nbsp;</TD>
  465. <TD VALIGN="bottom"></TD>
  466. <TD VALIGN="bottom"></TD>
  467. <TD VALIGN="bottom"></TD>
  468. <TD VALIGN="bottom">&nbsp;</TD>
  469. <TD VALIGN="bottom"></TD>
  470. <TD VALIGN="bottom"></TD>
  471. <TD VALIGN="bottom"></TD>
  472. <TD VALIGN="bottom">&nbsp;</TD>
  473. <TD VALIGN="bottom"></TD>
  474. <TD VALIGN="bottom"></TD>
  475. <TD VALIGN="bottom"></TD>
  476. <TD VALIGN="bottom">&nbsp;</TD>
  477. <TD VALIGN="bottom"></TD>
  478. <TD VALIGN="bottom"></TD>
  479. <TD VALIGN="bottom"></TD></TR>
  480. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  481. <TD VALIGN="top"><FONT STYLE="font-size:8pt"><B></B><B><I>Common Shares &#151; 0.0%</I></B><B></B></FONT></TD>
  482. <TD VALIGN="bottom">&nbsp;</TD>
  483. <TD VALIGN="bottom"></TD>
  484. <TD VALIGN="bottom"></TD>
  485. <TD VALIGN="bottom"></TD>
  486. <TD VALIGN="bottom">&nbsp;</TD>
  487. <TD VALIGN="bottom"></TD>
  488. <TD VALIGN="bottom"></TD>
  489. <TD VALIGN="bottom"></TD>
  490. <TD VALIGN="bottom">&nbsp;</TD>
  491. <TD VALIGN="bottom"></TD>
  492. <TD VALIGN="bottom"></TD>
  493. <TD VALIGN="bottom"></TD>
  494. <TD VALIGN="bottom">&nbsp;</TD>
  495. <TD VALIGN="bottom"></TD>
  496. <TD VALIGN="bottom"></TD>
  497. <TD VALIGN="bottom"></TD>
  498. <TD VALIGN="bottom">&nbsp;</TD>
  499. <TD VALIGN="bottom"></TD>
  500. <TD VALIGN="bottom"></TD>
  501. <TD VALIGN="bottom"></TD></TR>
  502. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  503. <TD VALIGN="top"><FONT STYLE="font-size:8pt"><I>Internet Software&nbsp;&amp; Services &#151; 0.0%</I></FONT></TD>
  504. <TD VALIGN="bottom">&nbsp;</TD>
  505. <TD VALIGN="bottom"></TD>
  506. <TD VALIGN="bottom"></TD>
  507. <TD VALIGN="bottom"></TD>
  508. <TD VALIGN="bottom">&nbsp;</TD>
  509. <TD VALIGN="bottom"></TD>
  510. <TD VALIGN="bottom"></TD>
  511. <TD VALIGN="bottom"></TD>
  512. <TD VALIGN="bottom">&nbsp;</TD>
  513. <TD VALIGN="bottom"></TD>
  514. <TD VALIGN="bottom"></TD>
  515. <TD VALIGN="bottom"></TD>
  516. <TD VALIGN="bottom">&nbsp;</TD>
  517. <TD VALIGN="bottom"></TD>
  518. <TD VALIGN="bottom"></TD>
  519. <TD VALIGN="bottom"></TD>
  520. <TD VALIGN="bottom">&nbsp;</TD>
  521. <TD VALIGN="bottom"></TD>
  522. <TD VALIGN="bottom"></TD>
  523. <TD VALIGN="bottom"></TD></TR>
  524. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  525. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:8pt; font-family:Times New Roman">SeatGeek, Inc.<SUP STYLE="font-size:85%; vertical-align:top">(1)(2)</SUP></P></TD>
  526. <TD VALIGN="bottom">&nbsp;</TD>
  527. <TD VALIGN="bottom"></TD>
  528. <TD VALIGN="bottom"></TD>
  529. <TD VALIGN="bottom"></TD>
  530. <TD VALIGN="bottom">&nbsp;</TD>
  531. <TD VALIGN="bottom"></TD>
  532. <TD VALIGN="bottom"></TD>
  533. <TD VALIGN="bottom"></TD>
  534. <TD VALIGN="bottom">&nbsp;</TD>
  535. <TD VALIGN="bottom"></TD>
  536. <TD VALIGN="bottom"></TD>
  537. <TD VALIGN="bottom"></TD>
  538. <TD VALIGN="bottom">&nbsp;</TD>
  539. <TD VALIGN="bottom">&nbsp;</TD>
  540. <TD VALIGN="bottom" ALIGN="right">47,463</TD>
  541. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  542. <TD VALIGN="bottom">&nbsp;</TD>
  543. <TD VALIGN="bottom">&nbsp;</TD>
  544. <TD VALIGN="bottom" ALIGN="right">185</TD>
  545. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  546. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  547. <TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><FONT STYLE="font-size:8pt"><B>Total Common Shares (Cost &#151; $9)</B></FONT></TD>
  548. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  549. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  550. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  551. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  552. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  553. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  554. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  555. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  556. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  557. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  558. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  559. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  560. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  561. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  562. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  563. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  564. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  565. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>&nbsp;</B></TD>
  566. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right"><B>185</B></TD>
  567. <TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>&nbsp;</B></TD></TR>
  568. <TR STYLE="font-size:1pt" BGCOLOR="#dddddd">
  569. <TD HEIGHT="16"></TD>
  570. <TD HEIGHT="16" COLSPAN="4"></TD>
  571. <TD HEIGHT="16" COLSPAN="4"></TD>
  572. <TD HEIGHT="16" COLSPAN="4"></TD>
  573. <TD HEIGHT="16" COLSPAN="4"></TD>
  574. <TD HEIGHT="16" COLSPAN="4"></TD></TR>
  575. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7pt">
  576. <TD VALIGN="bottom"></TD>
  577. <TD VALIGN="bottom">&nbsp;</TD>
  578. <TD VALIGN="bottom"></TD>
  579. <TD VALIGN="bottom"></TD>
  580. <TD VALIGN="bottom"></TD>
  581. <TD VALIGN="bottom">&nbsp;</TD>
  582. <TD VALIGN="bottom"><B>&nbsp;</B></TD>
  583. <TD VALIGN="bottom" ALIGN="center"><B>Rate&nbsp;%<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></B></TD>
  584. <TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
  585. <TD VALIGN="bottom">&nbsp;</TD>
  586. <TD VALIGN="bottom"><B>&nbsp;</B></TD>
  587. <TD VALIGN="bottom" ALIGN="center"><B>Final&nbsp;Maturity<SUP STYLE="font-size:85%; vertical-align:top">(4)</SUP></B></TD>
  588. <TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
  589. <TD VALIGN="bottom">&nbsp;</TD>
  590. <TD VALIGN="bottom"><B>&nbsp;</B></TD>
  591. <TD VALIGN="bottom" ALIGN="center"><B>Shares</B></TD>
  592. <TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
  593. <TD VALIGN="bottom">&nbsp;</TD>
  594. <TD VALIGN="bottom"><B>&nbsp;</B></TD>
  595. <TD VALIGN="bottom" ALIGN="center"><B>Fair&nbsp;Value&nbsp;$</B></TD>
  596. <TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
  597. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  598. <TD VALIGN="top"><FONT STYLE="font-size:8pt"><B><I>Fixed Income Securities</I></B></FONT></TD>
  599. <TD VALIGN="bottom">&nbsp;</TD>
  600. <TD VALIGN="bottom"></TD>
  601. <TD VALIGN="bottom"></TD>
  602. <TD VALIGN="bottom"></TD>
  603. <TD VALIGN="bottom">&nbsp;</TD>
  604. <TD VALIGN="bottom"></TD>
  605. <TD VALIGN="bottom"></TD>
  606. <TD VALIGN="bottom"></TD>
  607. <TD VALIGN="bottom">&nbsp;</TD>
  608. <TD VALIGN="bottom"></TD>
  609. <TD VALIGN="bottom"></TD>
  610. <TD VALIGN="bottom"></TD>
  611. <TD VALIGN="bottom">&nbsp;</TD>
  612. <TD VALIGN="bottom"></TD>
  613. <TD VALIGN="bottom"></TD>
  614. <TD VALIGN="bottom"></TD>
  615. <TD VALIGN="bottom">&nbsp;</TD>
  616. <TD VALIGN="bottom"></TD>
  617. <TD VALIGN="bottom"></TD>
  618. <TD VALIGN="bottom"></TD></TR>
  619. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  620. <TD VALIGN="top"><FONT STYLE="font-size:8pt"><I>Money Market Funds &#151; 74.1%</I></FONT></TD>
  621. <TD VALIGN="bottom">&nbsp;</TD>
  622. <TD VALIGN="bottom"></TD>
  623. <TD VALIGN="bottom"></TD>
  624. <TD VALIGN="bottom"></TD>
  625. <TD VALIGN="bottom">&nbsp;</TD>
  626. <TD VALIGN="bottom"></TD>
  627. <TD VALIGN="bottom"></TD>
  628. <TD VALIGN="bottom"></TD>
  629. <TD VALIGN="bottom">&nbsp;</TD>
  630. <TD VALIGN="bottom"></TD>
  631. <TD VALIGN="bottom"></TD>
  632. <TD VALIGN="bottom"></TD>
  633. <TD VALIGN="bottom">&nbsp;</TD>
  634. <TD VALIGN="bottom"></TD>
  635. <TD VALIGN="bottom"></TD>
  636. <TD VALIGN="bottom"></TD>
  637. <TD VALIGN="bottom">&nbsp;</TD>
  638. <TD VALIGN="bottom"></TD>
  639. <TD VALIGN="bottom"></TD>
  640. <TD VALIGN="bottom"></TD></TR>
  641. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  642. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:8pt; font-family:Times New Roman">Federated Hermes Treasury Obligations Fund&nbsp;&#151; Institutional Class</P></TD>
  643. <TD VALIGN="bottom">&nbsp;</TD>
  644. <TD VALIGN="bottom"></TD>
  645. <TD VALIGN="bottom"></TD>
  646. <TD VALIGN="bottom"></TD>
  647. <TD VALIGN="bottom">&nbsp;</TD>
  648. <TD VALIGN="bottom">&nbsp;</TD>
  649. <TD VALIGN="bottom" ALIGN="right">0.10</TD>
  650. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  651. <TD VALIGN="bottom">&nbsp;</TD>
  652. <TD VALIGN="bottom"></TD>
  653. <TD VALIGN="bottom"></TD>
  654. <TD VALIGN="bottom"></TD>
  655. <TD VALIGN="bottom">&nbsp;</TD>
  656. <TD VALIGN="bottom">&nbsp;</TD>
  657. <TD VALIGN="bottom" ALIGN="right">604,317</TD>
  658. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  659. <TD VALIGN="bottom">&nbsp;</TD>
  660. <TD VALIGN="bottom">&nbsp;</TD>
  661. <TD VALIGN="bottom" ALIGN="right">604,317</TD>
  662. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  663. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  664. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:8pt; font-family:Times New Roman">Fidelity Government Portfolio&nbsp;&#151;&nbsp;Class&nbsp;I</P></TD>
  665. <TD VALIGN="bottom">&nbsp;</TD>
  666. <TD VALIGN="bottom"></TD>
  667. <TD VALIGN="bottom"></TD>
  668. <TD VALIGN="bottom"></TD>
  669. <TD VALIGN="bottom">&nbsp;</TD>
  670. <TD VALIGN="bottom">&nbsp;</TD>
  671. <TD VALIGN="bottom" ALIGN="right">0.10</TD>
  672. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  673. <TD VALIGN="bottom">&nbsp;</TD>
  674. <TD VALIGN="bottom"></TD>
  675. <TD VALIGN="bottom"></TD>
  676. <TD VALIGN="bottom"></TD>
  677. <TD VALIGN="bottom">&nbsp;</TD>
  678. <TD VALIGN="bottom">&nbsp;</TD>
  679. <TD VALIGN="bottom" ALIGN="right">5,000,000</TD>
  680. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  681. <TD VALIGN="bottom">&nbsp;</TD>
  682. <TD VALIGN="bottom">&nbsp;</TD>
  683. <TD VALIGN="bottom" ALIGN="right">5,000,000</TD>
  684. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  685. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  686. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:8pt; font-family:Times New Roman">Federated Government Obligations Fund&nbsp;&#151;&nbsp;Premier&nbsp;Shares</P></TD>
  687. <TD VALIGN="bottom">&nbsp;</TD>
  688. <TD VALIGN="bottom"></TD>
  689. <TD VALIGN="bottom"></TD>
  690. <TD VALIGN="bottom"></TD>
  691. <TD VALIGN="bottom">&nbsp;</TD>
  692. <TD VALIGN="bottom">&nbsp;</TD>
  693. <TD VALIGN="bottom" ALIGN="right">0.11</TD>
  694. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  695. <TD VALIGN="bottom">&nbsp;</TD>
  696. <TD VALIGN="bottom"></TD>
  697. <TD VALIGN="bottom"></TD>
  698. <TD VALIGN="bottom"></TD>
  699. <TD VALIGN="bottom">&nbsp;</TD>
  700. <TD VALIGN="bottom">&nbsp;</TD>
  701. <TD VALIGN="bottom" ALIGN="right">3,595,344</TD>
  702. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  703. <TD VALIGN="bottom">&nbsp;</TD>
  704. <TD VALIGN="bottom">&nbsp;</TD>
  705. <TD VALIGN="bottom" ALIGN="right">3,595,344</TD>
  706. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  707. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  708. <TD VALIGN="top" COLSPAN="4" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><FONT STYLE="font-size:8pt"><B>Total Money Market Investments (Cost &#151; $9,199,661)</B></FONT></TD>
  709. <TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8pt; font-family:Times New Roman"><B>&nbsp;</B></P></TD>
  710. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  711. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  712. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  713. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  714. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  715. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  716. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  717. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  718. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  719. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>&nbsp;</B></TD>
  720. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right"><B>9,199,661</B></TD>
  721. <TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>&nbsp;</B></TD>
  722. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  723. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>&nbsp;</B></TD>
  724. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right"><B>9,199,661</B></TD>
  725. <TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>&nbsp;</B></TD></TR>
  726. <TR STYLE="font-size:1pt">
  727. <TD HEIGHT="16"></TD>
  728. <TD HEIGHT="16" COLSPAN="4"></TD>
  729. <TD HEIGHT="16" COLSPAN="4"></TD>
  730. <TD HEIGHT="16" COLSPAN="4"></TD>
  731. <TD HEIGHT="16" COLSPAN="4"></TD>
  732. <TD HEIGHT="16" COLSPAN="4"></TD></TR>
  733. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7pt">
  734. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
  735. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  736. <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Rate&nbsp;Type</B></TD>
  737. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  738. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  739. <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Rate&nbsp;%<SUP STYLE="font-size:85%; vertical-align:top">(5)(6)</SUP></B></TD>
  740. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  741. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  742. <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Final&nbsp;Maturity</B></TD>
  743. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  744. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  745. <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Principal&nbsp;$</B></TD>
  746. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  747. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  748. <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Fair&nbsp;Value&nbsp;$</B></TD>
  749. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD></TR>
  750. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  751. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:8pt; font-family:Times New Roman"><I>Short Term</I></P></TD>
  752. <TD VALIGN="bottom">&nbsp;</TD>
  753. <TD VALIGN="top"></TD>
  754. <TD VALIGN="top"></TD>
  755. <TD VALIGN="top"></TD>
  756. <TD VALIGN="bottom">&nbsp;</TD>
  757. <TD VALIGN="top"></TD>
  758. <TD VALIGN="top"></TD>
  759. <TD VALIGN="top"></TD>
  760. <TD VALIGN="bottom">&nbsp;</TD>
  761. <TD VALIGN="top"></TD>
  762. <TD VALIGN="top"></TD>
  763. <TD VALIGN="top"></TD>
  764. <TD VALIGN="bottom">&nbsp;</TD>
  765. <TD VALIGN="top"></TD>
  766. <TD VALIGN="top"></TD>
  767. <TD VALIGN="top"></TD>
  768. <TD VALIGN="bottom">&nbsp;</TD>
  769. <TD VALIGN="top"></TD>
  770. <TD VALIGN="top"></TD>
  771. <TD VALIGN="top"></TD></TR>
  772. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  773. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:8pt; font-family:Times New Roman"><B>Corporate Debt &#151; 0.7%</B></P></TD>
  774. <TD VALIGN="bottom">&nbsp;</TD>
  775. <TD VALIGN="top"></TD>
  776. <TD VALIGN="top"></TD>
  777. <TD VALIGN="top"></TD>
  778. <TD VALIGN="bottom">&nbsp;</TD>
  779. <TD VALIGN="top"></TD>
  780. <TD VALIGN="top"></TD>
  781. <TD VALIGN="top"></TD>
  782. <TD VALIGN="bottom">&nbsp;</TD>
  783. <TD VALIGN="top"></TD>
  784. <TD VALIGN="top"></TD>
  785. <TD VALIGN="top"></TD>
  786. <TD VALIGN="bottom">&nbsp;</TD>
  787. <TD VALIGN="top"></TD>
  788. <TD VALIGN="top"></TD>
  789. <TD VALIGN="top"></TD>
  790. <TD VALIGN="bottom">&nbsp;</TD>
  791. <TD VALIGN="top"></TD>
  792. <TD VALIGN="top"></TD>
  793. <TD VALIGN="top"></TD></TR>
  794. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  795. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:8pt; font-family:Times New Roman"><I>Financial &#151; 0.7%</I></P></TD>
  796. <TD VALIGN="bottom">&nbsp;</TD>
  797. <TD VALIGN="top"></TD>
  798. <TD VALIGN="top"></TD>
  799. <TD VALIGN="top"></TD>
  800. <TD VALIGN="bottom">&nbsp;</TD>
  801. <TD VALIGN="top"></TD>
  802. <TD VALIGN="top"></TD>
  803. <TD VALIGN="top"></TD>
  804. <TD VALIGN="bottom">&nbsp;</TD>
  805. <TD VALIGN="top"></TD>
  806. <TD VALIGN="top"></TD>
  807. <TD VALIGN="top"></TD>
  808. <TD VALIGN="bottom">&nbsp;</TD>
  809. <TD VALIGN="top"></TD>
  810. <TD VALIGN="top"></TD>
  811. <TD VALIGN="top"></TD>
  812. <TD VALIGN="bottom">&nbsp;</TD>
  813. <TD VALIGN="top"></TD>
  814. <TD VALIGN="top"></TD>
  815. <TD VALIGN="top"></TD></TR>
  816. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  817. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">Mass Mutual Global Funding II</P></TD>
  818. <TD VALIGN="bottom">&nbsp;</TD>
  819. <TD VALIGN="top">&nbsp;</TD>
  820. <TD VALIGN="top" ALIGN="right">Fixed</TD>
  821. <TD NOWRAP VALIGN="top">&nbsp;</TD>
  822. <TD VALIGN="bottom">&nbsp;</TD>
  823. <TD VALIGN="top">&nbsp;</TD>
  824. <TD VALIGN="top" ALIGN="right">1.95</TD>
  825. <TD NOWRAP VALIGN="top">&nbsp;</TD>
  826. <TD VALIGN="bottom">&nbsp;</TD>
  827. <TD VALIGN="top">&nbsp;</TD>
  828. <TD VALIGN="top" ALIGN="right">9/22/2020</TD>
  829. <TD NOWRAP VALIGN="top">&nbsp;</TD>
  830. <TD VALIGN="bottom">&nbsp;</TD>
  831. <TD VALIGN="top">&nbsp;</TD>
  832. <TD VALIGN="top" ALIGN="right">20,000</TD>
  833. <TD NOWRAP VALIGN="top">&nbsp;</TD>
  834. <TD VALIGN="bottom">&nbsp;</TD>
  835. <TD VALIGN="top">&nbsp;</TD>
  836. <TD VALIGN="top" ALIGN="right">20,072</TD>
  837. <TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
  838. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  839. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">Protective Life Global Funding</P></TD>
  840. <TD VALIGN="bottom">&nbsp;</TD>
  841. <TD VALIGN="top">&nbsp;</TD>
  842. <TD VALIGN="top" ALIGN="right">Fixed</TD>
  843. <TD NOWRAP VALIGN="top">&nbsp;</TD>
  844. <TD VALIGN="bottom">&nbsp;</TD>
  845. <TD VALIGN="top">&nbsp;</TD>
  846. <TD VALIGN="top" ALIGN="right">2.16</TD>
  847. <TD NOWRAP VALIGN="top">&nbsp;</TD>
  848. <TD VALIGN="bottom">&nbsp;</TD>
  849. <TD VALIGN="top">&nbsp;</TD>
  850. <TD VALIGN="top" ALIGN="right">9/25/2020</TD>
  851. <TD NOWRAP VALIGN="top">&nbsp;</TD>
  852. <TD VALIGN="bottom">&nbsp;</TD>
  853. <TD VALIGN="top">&nbsp;</TD>
  854. <TD VALIGN="top" ALIGN="right">7,000</TD>
  855. <TD NOWRAP VALIGN="top">&nbsp;</TD>
  856. <TD VALIGN="bottom">&nbsp;</TD>
  857. <TD VALIGN="top">&nbsp;</TD>
  858. <TD VALIGN="top" ALIGN="right">7,028</TD>
  859. <TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
  860. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  861. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">US Bank</P></TD>
  862. <TD VALIGN="bottom">&nbsp;</TD>
  863. <TD VALIGN="top">&nbsp;</TD>
  864. <TD VALIGN="top" ALIGN="right">Fixed</TD>
  865. <TD NOWRAP VALIGN="top">&nbsp;</TD>
  866. <TD VALIGN="bottom">&nbsp;</TD>
  867. <TD VALIGN="top">&nbsp;</TD>
  868. <TD VALIGN="top" ALIGN="right">2.05</TD>
  869. <TD NOWRAP VALIGN="top">&nbsp;</TD>
  870. <TD VALIGN="bottom">&nbsp;</TD>
  871. <TD VALIGN="top">&nbsp;</TD>
  872. <TD VALIGN="top" ALIGN="right">10/23/2020</TD>
  873. <TD NOWRAP VALIGN="top">&nbsp;</TD>
  874. <TD VALIGN="bottom">&nbsp;</TD>
  875. <TD VALIGN="top">&nbsp;</TD>
  876. <TD VALIGN="top" ALIGN="right">25,000</TD>
  877. <TD NOWRAP VALIGN="top">&nbsp;</TD>
  878. <TD VALIGN="bottom">&nbsp;</TD>
  879. <TD VALIGN="top">&nbsp;</TD>
  880. <TD VALIGN="top" ALIGN="right">25,104</TD>
  881. <TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
  882. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  883. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">Wells Fargo Bank</P></TD>
  884. <TD VALIGN="bottom">&nbsp;</TD>
  885. <TD VALIGN="top">&nbsp;</TD>
  886. <TD VALIGN="top" ALIGN="right">Fixed</TD>
  887. <TD NOWRAP VALIGN="top">&nbsp;</TD>
  888. <TD VALIGN="bottom">&nbsp;</TD>
  889. <TD VALIGN="top">&nbsp;</TD>
  890. <TD VALIGN="top" ALIGN="right">2.60</TD>
  891. <TD NOWRAP VALIGN="top">&nbsp;</TD>
  892. <TD VALIGN="bottom">&nbsp;</TD>
  893. <TD VALIGN="top">&nbsp;</TD>
  894. <TD VALIGN="top" ALIGN="right">1/15/2021</TD>
  895. <TD NOWRAP VALIGN="top">&nbsp;</TD>
  896. <TD VALIGN="bottom">&nbsp;</TD>
  897. <TD VALIGN="top">&nbsp;</TD>
  898. <TD VALIGN="top" ALIGN="right">35,000</TD>
  899. <TD NOWRAP VALIGN="top">&nbsp;</TD>
  900. <TD VALIGN="bottom">&nbsp;</TD>
  901. <TD VALIGN="top">&nbsp;</TD>
  902. <TD VALIGN="top" ALIGN="right">35,439</TD>
  903. <TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
  904. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  905. <TD VALIGN="top"><FONT STYLE="font-size:8pt"><B>Total Corporate Debt (Cost &#151; $86,883)</B></FONT></TD>
  906. <TD VALIGN="bottom">&nbsp;</TD>
  907. <TD VALIGN="bottom"></TD>
  908. <TD VALIGN="bottom"></TD>
  909. <TD VALIGN="bottom"></TD>
  910. <TD VALIGN="bottom">&nbsp;</TD>
  911. <TD VALIGN="bottom"></TD>
  912. <TD VALIGN="bottom"></TD>
  913. <TD VALIGN="bottom"></TD>
  914. <TD VALIGN="bottom">&nbsp;</TD>
  915. <TD VALIGN="bottom"></TD>
  916. <TD VALIGN="bottom"></TD>
  917. <TD VALIGN="bottom"></TD>
  918. <TD VALIGN="bottom">&nbsp;</TD>
  919. <TD VALIGN="bottom"><B>&nbsp;</B></TD>
  920. <TD VALIGN="bottom" ALIGN="right"><B>87,000</B></TD>
  921. <TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
  922. <TD VALIGN="bottom">&nbsp;</TD>
  923. <TD VALIGN="bottom"><B>&nbsp;</B></TD>
  924. <TD VALIGN="bottom" ALIGN="right"><B>87,643</B></TD>
  925. <TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
  926. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7pt">
  927. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:8pt; font-family:Times New Roman"><B>Commercial Paper &#151; 7.1%</B></P></TD>
  928. <TD VALIGN="bottom">&nbsp;</TD>
  929. <TD VALIGN="bottom"></TD>
  930. <TD VALIGN="bottom"></TD>
  931. <TD VALIGN="bottom"></TD>
  932. <TD VALIGN="bottom">&nbsp;</TD>
  933. <TD VALIGN="bottom"></TD>
  934. <TD VALIGN="bottom"></TD>
  935. <TD VALIGN="bottom"></TD>
  936. <TD VALIGN="bottom">&nbsp;</TD>
  937. <TD VALIGN="bottom"></TD>
  938. <TD VALIGN="bottom"></TD>
  939. <TD VALIGN="bottom"></TD>
  940. <TD VALIGN="bottom">&nbsp;</TD>
  941. <TD VALIGN="bottom"></TD>
  942. <TD VALIGN="bottom"></TD>
  943. <TD VALIGN="bottom"></TD>
  944. <TD VALIGN="bottom">&nbsp;</TD>
  945. <TD VALIGN="bottom"></TD>
  946. <TD VALIGN="bottom"></TD>
  947. <TD VALIGN="bottom"></TD></TR>
  948. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  949. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">Bank of Nova Scotia</P></TD>
  950. <TD VALIGN="bottom">&nbsp;</TD>
  951. <TD VALIGN="bottom">&nbsp;</TD>
  952. <TD VALIGN="bottom" ALIGN="right">Zero&nbsp;Coupon</TD>
  953. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  954. <TD VALIGN="bottom">&nbsp;</TD>
  955. <TD VALIGN="bottom">&nbsp;</TD>
  956. <TD VALIGN="bottom" ALIGN="right">0.22</TD>
  957. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  958. <TD VALIGN="bottom">&nbsp;</TD>
  959. <TD VALIGN="bottom">&nbsp;</TD>
  960. <TD VALIGN="bottom" ALIGN="right">7/17/2020</TD>
  961. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  962. <TD VALIGN="bottom">&nbsp;</TD>
  963. <TD VALIGN="bottom">&nbsp;</TD>
  964. <TD VALIGN="bottom" ALIGN="right">35,000</TD>
  965. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  966. <TD VALIGN="bottom">&nbsp;</TD>
  967. <TD VALIGN="bottom">&nbsp;</TD>
  968. <TD VALIGN="bottom" ALIGN="right">34,996</TD>
  969. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  970. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  971. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">Bank of Nova Scotia</P></TD>
  972. <TD VALIGN="bottom">&nbsp;</TD>
  973. <TD VALIGN="bottom">&nbsp;</TD>
  974. <TD VALIGN="bottom" ALIGN="right">Zero Coupon</TD>
  975. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  976. <TD VALIGN="bottom">&nbsp;</TD>
  977. <TD VALIGN="bottom">&nbsp;</TD>
  978. <TD VALIGN="bottom" ALIGN="right">0.22</TD>
  979. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  980. <TD VALIGN="bottom">&nbsp;</TD>
  981. <TD VALIGN="bottom">&nbsp;</TD>
  982. <TD VALIGN="bottom" ALIGN="right">7/24/2020</TD>
  983. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  984. <TD VALIGN="bottom">&nbsp;</TD>
  985. <TD VALIGN="bottom">&nbsp;</TD>
  986. <TD VALIGN="bottom" ALIGN="right">50,000</TD>
  987. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  988. <TD VALIGN="bottom">&nbsp;</TD>
  989. <TD VALIGN="bottom">&nbsp;</TD>
  990. <TD VALIGN="bottom" ALIGN="right">49,993</TD>
  991. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  992. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  993. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">Bank of Nova Scotia</P></TD>
  994. <TD VALIGN="bottom">&nbsp;</TD>
  995. <TD VALIGN="bottom">&nbsp;</TD>
  996. <TD VALIGN="bottom" ALIGN="right">Zero Coupon</TD>
  997. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  998. <TD VALIGN="bottom">&nbsp;</TD>
  999. <TD VALIGN="bottom">&nbsp;</TD>
  1000. <TD VALIGN="bottom" ALIGN="right">0.23</TD>
  1001. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1002. <TD VALIGN="bottom">&nbsp;</TD>
  1003. <TD VALIGN="bottom">&nbsp;</TD>
  1004. <TD VALIGN="bottom" ALIGN="right">8/10/2020</TD>
  1005. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1006. <TD VALIGN="bottom">&nbsp;</TD>
  1007. <TD VALIGN="bottom">&nbsp;</TD>
  1008. <TD VALIGN="bottom" ALIGN="right">100,000</TD>
  1009. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1010. <TD VALIGN="bottom">&nbsp;</TD>
  1011. <TD VALIGN="bottom">&nbsp;</TD>
  1012. <TD VALIGN="bottom" ALIGN="right">99,974</TD>
  1013. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  1014. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  1015. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">Eli Lilly and Company</P></TD>
  1016. <TD VALIGN="bottom">&nbsp;</TD>
  1017. <TD VALIGN="bottom">&nbsp;</TD>
  1018. <TD VALIGN="bottom" ALIGN="right">Zero Coupon</TD>
  1019. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1020. <TD VALIGN="bottom">&nbsp;</TD>
  1021. <TD VALIGN="bottom">&nbsp;</TD>
  1022. <TD VALIGN="bottom" ALIGN="right">0.19</TD>
  1023. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1024. <TD VALIGN="bottom">&nbsp;</TD>
  1025. <TD VALIGN="bottom">&nbsp;</TD>
  1026. <TD VALIGN="bottom" ALIGN="right">8/4/2020</TD>
  1027. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1028. <TD VALIGN="bottom">&nbsp;</TD>
  1029. <TD VALIGN="bottom">&nbsp;</TD>
  1030. <TD VALIGN="bottom" ALIGN="right">127,000</TD>
  1031. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1032. <TD VALIGN="bottom">&nbsp;</TD>
  1033. <TD VALIGN="bottom">&nbsp;</TD>
  1034. <TD VALIGN="bottom" ALIGN="right">126,977</TD>
  1035. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  1036. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  1037. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">Exxon Mobil Corporation</P></TD>
  1038. <TD VALIGN="bottom">&nbsp;</TD>
  1039. <TD VALIGN="bottom">&nbsp;</TD>
  1040. <TD VALIGN="bottom" ALIGN="right">Zero Coupon</TD>
  1041. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1042. <TD VALIGN="bottom">&nbsp;</TD>
  1043. <TD VALIGN="bottom">&nbsp;</TD>
  1044. <TD VALIGN="bottom" ALIGN="right">0.19</TD>
  1045. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1046. <TD VALIGN="bottom">&nbsp;</TD>
  1047. <TD VALIGN="bottom">&nbsp;</TD>
  1048. <TD VALIGN="bottom" ALIGN="right">7/22/2020</TD>
  1049. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1050. <TD VALIGN="bottom">&nbsp;</TD>
  1051. <TD VALIGN="bottom">&nbsp;</TD>
  1052. <TD VALIGN="bottom" ALIGN="right">22,000</TD>
  1053. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1054. <TD VALIGN="bottom">&nbsp;</TD>
  1055. <TD VALIGN="bottom">&nbsp;</TD>
  1056. <TD VALIGN="bottom" ALIGN="right">21,997</TD>
  1057. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  1058. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  1059. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">Nestle Capital Corporation</P></TD>
  1060. <TD VALIGN="bottom">&nbsp;</TD>
  1061. <TD VALIGN="bottom">&nbsp;</TD>
  1062. <TD VALIGN="bottom" ALIGN="right">Zero Coupon</TD>
  1063. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1064. <TD VALIGN="bottom">&nbsp;</TD>
  1065. <TD VALIGN="bottom">&nbsp;</TD>
  1066. <TD VALIGN="bottom" ALIGN="right">0.13</TD>
  1067. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1068. <TD VALIGN="bottom">&nbsp;</TD>
  1069. <TD VALIGN="bottom">&nbsp;</TD>
  1070. <TD VALIGN="bottom" ALIGN="right">8/13/2020</TD>
  1071. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1072. <TD VALIGN="bottom">&nbsp;</TD>
  1073. <TD VALIGN="bottom">&nbsp;</TD>
  1074. <TD VALIGN="bottom" ALIGN="right">50,000</TD>
  1075. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1076. <TD VALIGN="bottom">&nbsp;</TD>
  1077. <TD VALIGN="bottom">&nbsp;</TD>
  1078. <TD VALIGN="bottom" ALIGN="right">49,992</TD>
  1079. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  1080. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  1081. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">Nestle Capital Corporation</P></TD>
  1082. <TD VALIGN="bottom">&nbsp;</TD>
  1083. <TD VALIGN="bottom">&nbsp;</TD>
  1084. <TD VALIGN="bottom" ALIGN="right">Zero Coupon</TD>
  1085. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1086. <TD VALIGN="bottom">&nbsp;</TD>
  1087. <TD VALIGN="bottom">&nbsp;</TD>
  1088. <TD VALIGN="bottom" ALIGN="right">0.13</TD>
  1089. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1090. <TD VALIGN="bottom">&nbsp;</TD>
  1091. <TD VALIGN="bottom">&nbsp;</TD>
  1092. <TD VALIGN="bottom" ALIGN="right">8/17/2020</TD>
  1093. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1094. <TD VALIGN="bottom">&nbsp;</TD>
  1095. <TD VALIGN="bottom">&nbsp;</TD>
  1096. <TD VALIGN="bottom" ALIGN="right">25,000</TD>
  1097. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1098. <TD VALIGN="bottom">&nbsp;</TD>
  1099. <TD VALIGN="bottom">&nbsp;</TD>
  1100. <TD VALIGN="bottom" ALIGN="right">24,996</TD>
  1101. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  1102. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  1103. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">Nestle Capital Corporation</P></TD>
  1104. <TD VALIGN="bottom">&nbsp;</TD>
  1105. <TD VALIGN="bottom">&nbsp;</TD>
  1106. <TD VALIGN="bottom" ALIGN="right">Zero&nbsp;Coupon</TD>
  1107. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1108. <TD VALIGN="bottom">&nbsp;</TD>
  1109. <TD VALIGN="bottom">&nbsp;</TD>
  1110. <TD VALIGN="bottom" ALIGN="right">0.13</TD>
  1111. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1112. <TD VALIGN="bottom">&nbsp;</TD>
  1113. <TD VALIGN="bottom">&nbsp;</TD>
  1114. <TD VALIGN="bottom" ALIGN="right">8/19/2020</TD>
  1115. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1116. <TD VALIGN="bottom">&nbsp;</TD>
  1117. <TD VALIGN="bottom">&nbsp;</TD>
  1118. <TD VALIGN="bottom" ALIGN="right">50,000</TD>
  1119. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1120. <TD VALIGN="bottom">&nbsp;</TD>
  1121. <TD VALIGN="bottom">&nbsp;</TD>
  1122. <TD VALIGN="bottom" ALIGN="right">49,991</TD>
  1123. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  1124. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  1125. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">Nestle Capital Corporation</P></TD>
  1126. <TD VALIGN="bottom">&nbsp;</TD>
  1127. <TD VALIGN="bottom">&nbsp;</TD>
  1128. <TD VALIGN="bottom" ALIGN="right">Zero Coupon</TD>
  1129. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1130. <TD VALIGN="bottom">&nbsp;</TD>
  1131. <TD VALIGN="bottom">&nbsp;</TD>
  1132. <TD VALIGN="bottom" ALIGN="right">0.15</TD>
  1133. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1134. <TD VALIGN="bottom">&nbsp;</TD>
  1135. <TD VALIGN="bottom">&nbsp;</TD>
  1136. <TD VALIGN="bottom" ALIGN="right">9/14/2020</TD>
  1137. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1138. <TD VALIGN="bottom">&nbsp;</TD>
  1139. <TD VALIGN="bottom">&nbsp;</TD>
  1140. <TD VALIGN="bottom" ALIGN="right">25,000</TD>
  1141. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1142. <TD VALIGN="bottom">&nbsp;</TD>
  1143. <TD VALIGN="bottom">&nbsp;</TD>
  1144. <TD VALIGN="bottom" ALIGN="right">24,992</TD>
  1145. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  1146. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  1147. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">The Coca-Cola Company</P></TD>
  1148. <TD VALIGN="bottom">&nbsp;</TD>
  1149. <TD VALIGN="bottom">&nbsp;</TD>
  1150. <TD VALIGN="bottom" ALIGN="right">Zero Coupon</TD>
  1151. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1152. <TD VALIGN="bottom">&nbsp;</TD>
  1153. <TD VALIGN="bottom">&nbsp;</TD>
  1154. <TD VALIGN="bottom" ALIGN="right">0.19</TD>
  1155. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1156. <TD VALIGN="bottom">&nbsp;</TD>
  1157. <TD VALIGN="bottom">&nbsp;</TD>
  1158. <TD VALIGN="bottom" ALIGN="right">7/20/2020</TD>
  1159. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1160. <TD VALIGN="bottom">&nbsp;</TD>
  1161. <TD VALIGN="bottom">&nbsp;</TD>
  1162. <TD VALIGN="bottom" ALIGN="right">25,000</TD>
  1163. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1164. <TD VALIGN="bottom">&nbsp;</TD>
  1165. <TD VALIGN="bottom">&nbsp;</TD>
  1166. <TD VALIGN="bottom" ALIGN="right">24,997</TD>
  1167. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  1168. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  1169. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">The Coca-Cola Company</P></TD>
  1170. <TD VALIGN="bottom">&nbsp;</TD>
  1171. <TD VALIGN="bottom">&nbsp;</TD>
  1172. <TD VALIGN="bottom" ALIGN="right">Zero Coupon</TD>
  1173. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1174. <TD VALIGN="bottom">&nbsp;</TD>
  1175. <TD VALIGN="bottom">&nbsp;</TD>
  1176. <TD VALIGN="bottom" ALIGN="right">0.19</TD>
  1177. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1178. <TD VALIGN="bottom">&nbsp;</TD>
  1179. <TD VALIGN="bottom">&nbsp;</TD>
  1180. <TD VALIGN="bottom" ALIGN="right">7/21/2020</TD>
  1181. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1182. <TD VALIGN="bottom">&nbsp;</TD>
  1183. <TD VALIGN="bottom">&nbsp;</TD>
  1184. <TD VALIGN="bottom" ALIGN="right">15,000</TD>
  1185. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1186. <TD VALIGN="bottom">&nbsp;</TD>
  1187. <TD VALIGN="bottom">&nbsp;</TD>
  1188. <TD VALIGN="bottom" ALIGN="right">14,998</TD>
  1189. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  1190. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  1191. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">The Coca-Cola Company</P></TD>
  1192. <TD VALIGN="bottom">&nbsp;</TD>
  1193. <TD VALIGN="bottom">&nbsp;</TD>
  1194. <TD VALIGN="bottom" ALIGN="right">Zero Coupon</TD>
  1195. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1196. <TD VALIGN="bottom">&nbsp;</TD>
  1197. <TD VALIGN="bottom">&nbsp;</TD>
  1198. <TD VALIGN="bottom" ALIGN="right">0.20</TD>
  1199. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1200. <TD VALIGN="bottom">&nbsp;</TD>
  1201. <TD VALIGN="bottom">&nbsp;</TD>
  1202. <TD VALIGN="bottom" ALIGN="right">7/23/2020</TD>
  1203. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1204. <TD VALIGN="bottom">&nbsp;</TD>
  1205. <TD VALIGN="bottom">&nbsp;</TD>
  1206. <TD VALIGN="bottom" ALIGN="right">32,070</TD>
  1207. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1208. <TD VALIGN="bottom">&nbsp;</TD>
  1209. <TD VALIGN="bottom">&nbsp;</TD>
  1210. <TD VALIGN="bottom" ALIGN="right">32,066</TD>
  1211. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  1212. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  1213. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">The Coca-Cola Company</P></TD>
  1214. <TD VALIGN="bottom">&nbsp;</TD>
  1215. <TD VALIGN="bottom">&nbsp;</TD>
  1216. <TD VALIGN="bottom" ALIGN="right">Zero Coupon</TD>
  1217. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1218. <TD VALIGN="bottom">&nbsp;</TD>
  1219. <TD VALIGN="bottom">&nbsp;</TD>
  1220. <TD VALIGN="bottom" ALIGN="right">0.22</TD>
  1221. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1222. <TD VALIGN="bottom">&nbsp;</TD>
  1223. <TD VALIGN="bottom">&nbsp;</TD>
  1224. <TD VALIGN="bottom" ALIGN="right">8/13/2020</TD>
  1225. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1226. <TD VALIGN="bottom">&nbsp;</TD>
  1227. <TD VALIGN="bottom">&nbsp;</TD>
  1228. <TD VALIGN="bottom" ALIGN="right">48,000</TD>
  1229. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1230. <TD VALIGN="bottom">&nbsp;</TD>
  1231. <TD VALIGN="bottom">&nbsp;</TD>
  1232. <TD VALIGN="bottom" ALIGN="right">47,987</TD>
  1233. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  1234. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  1235. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">The Coca-Cola Company</P></TD>
  1236. <TD VALIGN="bottom">&nbsp;</TD>
  1237. <TD VALIGN="bottom">&nbsp;</TD>
  1238. <TD VALIGN="bottom" ALIGN="right">Zero&nbsp;Coupon</TD>
  1239. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1240. <TD VALIGN="bottom">&nbsp;</TD>
  1241. <TD VALIGN="bottom">&nbsp;</TD>
  1242. <TD VALIGN="bottom" ALIGN="right">0.23</TD>
  1243. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1244. <TD VALIGN="bottom">&nbsp;</TD>
  1245. <TD VALIGN="bottom">&nbsp;</TD>
  1246. <TD VALIGN="bottom" ALIGN="right">8/18/2020</TD>
  1247. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1248. <TD VALIGN="bottom">&nbsp;</TD>
  1249. <TD VALIGN="bottom">&nbsp;</TD>
  1250. <TD VALIGN="bottom" ALIGN="right">70,000</TD>
  1251. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1252. <TD VALIGN="bottom">&nbsp;</TD>
  1253. <TD VALIGN="bottom">&nbsp;</TD>
  1254. <TD VALIGN="bottom" ALIGN="right">69,978</TD>
  1255. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  1256. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  1257. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">The Coca-Cola Company</P></TD>
  1258. <TD VALIGN="bottom">&nbsp;</TD>
  1259. <TD VALIGN="bottom">&nbsp;</TD>
  1260. <TD VALIGN="bottom" ALIGN="right">Zero Coupon</TD>
  1261. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1262. <TD VALIGN="bottom">&nbsp;</TD>
  1263. <TD VALIGN="bottom">&nbsp;</TD>
  1264. <TD VALIGN="bottom" ALIGN="right">0.24</TD>
  1265. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1266. <TD VALIGN="bottom">&nbsp;</TD>
  1267. <TD VALIGN="bottom">&nbsp;</TD>
  1268. <TD VALIGN="bottom" ALIGN="right">9/15/2020</TD>
  1269. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1270. <TD VALIGN="bottom">&nbsp;</TD>
  1271. <TD VALIGN="bottom">&nbsp;</TD>
  1272. <TD VALIGN="bottom" ALIGN="right">90,000</TD>
  1273. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1274. <TD VALIGN="bottom">&nbsp;</TD>
  1275. <TD VALIGN="bottom">&nbsp;</TD>
  1276. <TD VALIGN="bottom" ALIGN="right">89,953</TD>
  1277. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  1278. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  1279. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">The Coca-Cola Company</P></TD>
  1280. <TD VALIGN="bottom">&nbsp;</TD>
  1281. <TD VALIGN="bottom">&nbsp;</TD>
  1282. <TD VALIGN="bottom" ALIGN="right">Zero Coupon</TD>
  1283. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1284. <TD VALIGN="bottom">&nbsp;</TD>
  1285. <TD VALIGN="bottom">&nbsp;</TD>
  1286. <TD VALIGN="bottom" ALIGN="right">0.25</TD>
  1287. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1288. <TD VALIGN="bottom">&nbsp;</TD>
  1289. <TD VALIGN="bottom">&nbsp;</TD>
  1290. <TD VALIGN="bottom" ALIGN="right">9/22/2020</TD>
  1291. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1292. <TD VALIGN="bottom">&nbsp;</TD>
  1293. <TD VALIGN="bottom">&nbsp;</TD>
  1294. <TD VALIGN="bottom" ALIGN="right">25,000</TD>
  1295. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1296. <TD VALIGN="bottom">&nbsp;</TD>
  1297. <TD VALIGN="bottom">&nbsp;</TD>
  1298. <TD VALIGN="bottom" ALIGN="right">24,985</TD>
  1299. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  1300. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  1301. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">Toyota Motor Credit Corporation</P></TD>
  1302. <TD VALIGN="bottom">&nbsp;</TD>
  1303. <TD VALIGN="bottom">&nbsp;</TD>
  1304. <TD VALIGN="bottom" ALIGN="right">Zero Coupon</TD>
  1305. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1306. <TD VALIGN="bottom">&nbsp;</TD>
  1307. <TD VALIGN="bottom">&nbsp;</TD>
  1308. <TD VALIGN="bottom" ALIGN="right">0.27</TD>
  1309. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1310. <TD VALIGN="bottom">&nbsp;</TD>
  1311. <TD VALIGN="bottom">&nbsp;</TD>
  1312. <TD VALIGN="bottom" ALIGN="right">7/20/2020</TD>
  1313. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1314. <TD VALIGN="bottom">&nbsp;</TD>
  1315. <TD VALIGN="bottom">&nbsp;</TD>
  1316. <TD VALIGN="bottom" ALIGN="right">15,000</TD>
  1317. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1318. <TD VALIGN="bottom">&nbsp;</TD>
  1319. <TD VALIGN="bottom">&nbsp;</TD>
  1320. <TD VALIGN="bottom" ALIGN="right">14,998</TD>
  1321. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  1322. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  1323. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">Toyota Motor Credit Corporation</P></TD>
  1324. <TD VALIGN="bottom">&nbsp;</TD>
  1325. <TD VALIGN="bottom">&nbsp;</TD>
  1326. <TD VALIGN="bottom" ALIGN="right">Zero&nbsp;Coupon</TD>
  1327. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1328. <TD VALIGN="bottom">&nbsp;</TD>
  1329. <TD VALIGN="bottom">&nbsp;</TD>
  1330. <TD VALIGN="bottom" ALIGN="right">0.27</TD>
  1331. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1332. <TD VALIGN="bottom">&nbsp;</TD>
  1333. <TD VALIGN="bottom">&nbsp;</TD>
  1334. <TD VALIGN="bottom" ALIGN="right">7/21/2020</TD>
  1335. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1336. <TD VALIGN="bottom">&nbsp;</TD>
  1337. <TD VALIGN="bottom">&nbsp;</TD>
  1338. <TD VALIGN="bottom" ALIGN="right">75,000</TD>
  1339. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1340. <TD VALIGN="bottom">&nbsp;</TD>
  1341. <TD VALIGN="bottom">&nbsp;</TD>
  1342. <TD VALIGN="bottom" ALIGN="right">74,988</TD>
  1343. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  1344. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  1345. <TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><FONT STYLE="font-size:8pt"><B>Total Commercial Paper (Cost &#151; $877,390)</B></FONT></TD>
  1346. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  1347. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  1348. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  1349. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  1350. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  1351. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  1352. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  1353. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  1354. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  1355. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  1356. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  1357. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  1358. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  1359. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>&nbsp;</B></TD>
  1360. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right"><B>879,070</B></TD>
  1361. <TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>&nbsp;</B></TD>
  1362. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  1363. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>&nbsp;</B></TD>
  1364. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right"><B>878,858</B></TD>
  1365. <TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>&nbsp;</B></TD></TR></TABLE>
  1366. <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">2 </P>
  1367.  
  1368. </DIV></Center>
  1369.  
  1370.  
  1371. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  1372. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  1373. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  1374.  
  1375.  
  1376. <Center><DIV STYLE="width:8.5in" align="left">
  1377.  
  1378. <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7.5pt" ALIGN="center">
  1379.  
  1380.  
  1381. <TR>
  1382.  
  1383. <TD WIDTH="42%"></TD>
  1384.  
  1385. <TD VALIGN="bottom"></TD>
  1386. <TD></TD>
  1387. <TD></TD>
  1388. <TD VALIGN="bottom" WIDTH="1%"></TD>
  1389.  
  1390. <TD VALIGN="bottom"></TD>
  1391. <TD></TD>
  1392. <TD></TD>
  1393. <TD VALIGN="bottom" WIDTH="1%"></TD>
  1394.  
  1395. <TD VALIGN="bottom"></TD>
  1396. <TD></TD>
  1397. <TD></TD>
  1398. <TD VALIGN="bottom" WIDTH="1%"></TD>
  1399.  
  1400. <TD VALIGN="bottom"></TD>
  1401. <TD></TD>
  1402. <TD></TD>
  1403. <TD VALIGN="bottom" WIDTH="1%"></TD>
  1404.  
  1405. <TD VALIGN="bottom"></TD>
  1406. <TD></TD>
  1407. <TD></TD>
  1408. <TD VALIGN="bottom" WIDTH="1%"></TD></TR>
  1409.  
  1410. <TR STYLE="font-size:1pt">
  1411. <TD HEIGHT="16"></TD>
  1412. <TD HEIGHT="16" COLSPAN="4"></TD>
  1413. <TD HEIGHT="16" COLSPAN="4"></TD>
  1414. <TD HEIGHT="16" COLSPAN="4"></TD>
  1415. <TD HEIGHT="16" COLSPAN="4"></TD>
  1416. <TD HEIGHT="16" COLSPAN="4"></TD></TR>
  1417. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7pt">
  1418. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
  1419. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  1420. <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Rate&nbsp;Type</B></TD>
  1421. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  1422. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  1423. <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Rate&nbsp;%<SUP STYLE="font-size:85%; vertical-align:top">(5)(6)</SUP></B></TD>
  1424. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  1425. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  1426. <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Final&nbsp;Maturity</B></TD>
  1427. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  1428. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  1429. <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Principal&nbsp;$</B></TD>
  1430. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  1431. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  1432. <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Fair&nbsp;Value&nbsp;$</B></TD>
  1433. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD></TR>
  1434.  
  1435.  
  1436. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7pt">
  1437. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:8pt; font-family:Times New Roman"><B>Certificates of Deposits &#151; 2.4%</B></P></TD>
  1438. <TD VALIGN="bottom">&nbsp;</TD>
  1439. <TD VALIGN="bottom"></TD>
  1440. <TD VALIGN="bottom"></TD>
  1441. <TD VALIGN="bottom"></TD>
  1442. <TD VALIGN="bottom">&nbsp;</TD>
  1443. <TD VALIGN="bottom"></TD>
  1444. <TD VALIGN="bottom"></TD>
  1445. <TD VALIGN="bottom"></TD>
  1446. <TD VALIGN="bottom">&nbsp;</TD>
  1447. <TD VALIGN="bottom"></TD>
  1448. <TD VALIGN="bottom"></TD>
  1449. <TD VALIGN="bottom"></TD>
  1450. <TD VALIGN="bottom">&nbsp;</TD>
  1451. <TD VALIGN="bottom"></TD>
  1452. <TD VALIGN="bottom"></TD>
  1453. <TD VALIGN="bottom"></TD>
  1454. <TD VALIGN="bottom">&nbsp;</TD>
  1455. <TD VALIGN="bottom"></TD>
  1456. <TD VALIGN="bottom"></TD>
  1457. <TD VALIGN="bottom"></TD></TR>
  1458. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  1459. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">Bank of Montreal</P></TD>
  1460. <TD VALIGN="bottom">&nbsp;</TD>
  1461. <TD VALIGN="bottom">&nbsp;</TD>
  1462. <TD VALIGN="bottom" ALIGN="right">Fixed</TD>
  1463. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1464. <TD VALIGN="bottom">&nbsp;</TD>
  1465. <TD VALIGN="bottom">&nbsp;</TD>
  1466. <TD VALIGN="bottom" ALIGN="right">1.80</TD>
  1467. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1468. <TD VALIGN="bottom">&nbsp;</TD>
  1469. <TD VALIGN="bottom">&nbsp;</TD>
  1470. <TD VALIGN="bottom" ALIGN="right">7/10/2020</TD>
  1471. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1472. <TD VALIGN="bottom">&nbsp;</TD>
  1473. <TD VALIGN="bottom">&nbsp;</TD>
  1474. <TD VALIGN="bottom" ALIGN="right">100,000</TD>
  1475. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1476. <TD VALIGN="bottom">&nbsp;</TD>
  1477. <TD VALIGN="bottom">&nbsp;</TD>
  1478. <TD VALIGN="bottom" ALIGN="right">100,046</TD>
  1479. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  1480. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  1481. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">Bank of Montreal</P></TD>
  1482. <TD VALIGN="bottom">&nbsp;</TD>
  1483. <TD VALIGN="bottom">&nbsp;</TD>
  1484. <TD VALIGN="bottom" ALIGN="right">Fixed</TD>
  1485. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1486. <TD VALIGN="bottom">&nbsp;</TD>
  1487. <TD VALIGN="bottom">&nbsp;</TD>
  1488. <TD VALIGN="bottom" ALIGN="right">1.80</TD>
  1489. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1490. <TD VALIGN="bottom">&nbsp;</TD>
  1491. <TD VALIGN="bottom">&nbsp;</TD>
  1492. <TD VALIGN="bottom" ALIGN="right">7/2/2020</TD>
  1493. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1494. <TD VALIGN="bottom">&nbsp;</TD>
  1495. <TD VALIGN="bottom">&nbsp;</TD>
  1496. <TD VALIGN="bottom" ALIGN="right">75,000</TD>
  1497. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1498. <TD VALIGN="bottom">&nbsp;</TD>
  1499. <TD VALIGN="bottom">&nbsp;</TD>
  1500. <TD VALIGN="bottom" ALIGN="right">75,007</TD>
  1501. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  1502. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  1503. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">BNP Paribas</P></TD>
  1504. <TD VALIGN="bottom">&nbsp;</TD>
  1505. <TD VALIGN="bottom">&nbsp;</TD>
  1506. <TD VALIGN="bottom" ALIGN="right">Fixed</TD>
  1507. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1508. <TD VALIGN="bottom">&nbsp;</TD>
  1509. <TD VALIGN="bottom">&nbsp;</TD>
  1510. <TD VALIGN="bottom" ALIGN="right">1.85</TD>
  1511. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1512. <TD VALIGN="bottom">&nbsp;</TD>
  1513. <TD VALIGN="bottom">&nbsp;</TD>
  1514. <TD VALIGN="bottom" ALIGN="right">7/2/2020</TD>
  1515. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1516. <TD VALIGN="bottom">&nbsp;</TD>
  1517. <TD VALIGN="bottom">&nbsp;</TD>
  1518. <TD VALIGN="bottom" ALIGN="right">50,000</TD>
  1519. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1520. <TD VALIGN="bottom">&nbsp;</TD>
  1521. <TD VALIGN="bottom">&nbsp;</TD>
  1522. <TD VALIGN="bottom" ALIGN="right">50,005</TD>
  1523. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  1524. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  1525. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">BNP Paribas</P></TD>
  1526. <TD VALIGN="bottom">&nbsp;</TD>
  1527. <TD VALIGN="bottom">&nbsp;</TD>
  1528. <TD VALIGN="bottom" ALIGN="right">Floating</TD>
  1529. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1530. <TD VALIGN="bottom">&nbsp;</TD>
  1531. <TD VALIGN="bottom">&nbsp;<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7.5pt; font-family:Times New Roman"></P></TD>
  1532. <TD VALIGN="bottom" ALIGN="right">0.42&nbsp;(3&nbsp;month<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7.5pt; font-family:Times New Roman" ALIGN="right">LIBOR&nbsp;USD&nbsp;+&nbsp;0.10)</P></TD>
  1533. <TD NOWRAP VALIGN="bottom">&nbsp;<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:7.5pt; font-family:Times New Roman">&nbsp;</P></TD>
  1534. <TD VALIGN="bottom">&nbsp;</TD>
  1535. <TD VALIGN="bottom">&nbsp;</TD>
  1536. <TD VALIGN="bottom" ALIGN="right">9/11/2020</TD>
  1537. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1538. <TD VALIGN="bottom">&nbsp;</TD>
  1539. <TD VALIGN="bottom">&nbsp;</TD>
  1540. <TD VALIGN="bottom" ALIGN="right">75,000</TD>
  1541. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1542. <TD VALIGN="bottom">&nbsp;</TD>
  1543. <TD VALIGN="bottom">&nbsp;</TD>
  1544. <TD VALIGN="bottom" ALIGN="right">75,006</TD>
  1545. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  1546. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  1547. <TD VALIGN="top"><FONT STYLE="font-size:8pt"><B>Total Certificates of Deposits (Cost &#151; $300,000)</B></FONT></TD>
  1548. <TD VALIGN="bottom">&nbsp;</TD>
  1549. <TD VALIGN="bottom"></TD>
  1550. <TD VALIGN="bottom"></TD>
  1551. <TD VALIGN="bottom"></TD>
  1552. <TD VALIGN="bottom">&nbsp;</TD>
  1553. <TD VALIGN="bottom"></TD>
  1554. <TD VALIGN="bottom"></TD>
  1555. <TD VALIGN="bottom"></TD>
  1556. <TD VALIGN="bottom">&nbsp;</TD>
  1557. <TD VALIGN="bottom"></TD>
  1558. <TD VALIGN="bottom"></TD>
  1559. <TD VALIGN="bottom"></TD>
  1560. <TD VALIGN="bottom">&nbsp;</TD>
  1561. <TD VALIGN="bottom"><B>&nbsp;</B></TD>
  1562. <TD VALIGN="bottom" ALIGN="right"><B>300,000</B></TD>
  1563. <TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
  1564. <TD VALIGN="bottom">&nbsp;</TD>
  1565. <TD VALIGN="bottom"><B>&nbsp;</B></TD>
  1566. <TD VALIGN="bottom" ALIGN="right"><B>300,064</B></TD>
  1567. <TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
  1568. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7pt">
  1569. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:8pt; font-family:Times New Roman"><B>U.S. Government Debt &#151; 18.6%</B></P></TD>
  1570. <TD VALIGN="bottom">&nbsp;</TD>
  1571. <TD VALIGN="bottom"></TD>
  1572. <TD VALIGN="bottom"></TD>
  1573. <TD VALIGN="bottom"></TD>
  1574. <TD VALIGN="bottom">&nbsp;</TD>
  1575. <TD VALIGN="bottom"></TD>
  1576. <TD VALIGN="bottom"></TD>
  1577. <TD VALIGN="bottom"></TD>
  1578. <TD VALIGN="bottom">&nbsp;</TD>
  1579. <TD VALIGN="bottom"></TD>
  1580. <TD VALIGN="bottom"></TD>
  1581. <TD VALIGN="bottom"></TD>
  1582. <TD VALIGN="bottom">&nbsp;</TD>
  1583. <TD VALIGN="bottom"></TD>
  1584. <TD VALIGN="bottom"></TD>
  1585. <TD VALIGN="bottom"></TD>
  1586. <TD VALIGN="bottom">&nbsp;</TD>
  1587. <TD VALIGN="bottom"></TD>
  1588. <TD VALIGN="bottom"></TD>
  1589. <TD VALIGN="bottom"></TD></TR>
  1590. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  1591. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">United States Treasury</P></TD>
  1592. <TD VALIGN="bottom">&nbsp;</TD>
  1593. <TD VALIGN="bottom">&nbsp;</TD>
  1594. <TD VALIGN="bottom" ALIGN="right">Zero&nbsp;Coupon</TD>
  1595. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1596. <TD VALIGN="bottom">&nbsp;</TD>
  1597. <TD VALIGN="bottom">&nbsp;</TD>
  1598. <TD VALIGN="bottom" ALIGN="right">0.06</TD>
  1599. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1600. <TD VALIGN="bottom">&nbsp;</TD>
  1601. <TD VALIGN="bottom">&nbsp;</TD>
  1602. <TD VALIGN="bottom" ALIGN="right">7/2/2020</TD>
  1603. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1604. <TD VALIGN="bottom">&nbsp;</TD>
  1605. <TD VALIGN="bottom">&nbsp;</TD>
  1606. <TD VALIGN="bottom" ALIGN="right">300,000</TD>
  1607. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1608. <TD VALIGN="bottom">&nbsp;</TD>
  1609. <TD VALIGN="bottom">&nbsp;</TD>
  1610. <TD VALIGN="bottom" ALIGN="right">299,999</TD>
  1611. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  1612. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  1613. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">United States Treasury</P></TD>
  1614. <TD VALIGN="bottom">&nbsp;</TD>
  1615. <TD VALIGN="bottom">&nbsp;</TD>
  1616. <TD VALIGN="bottom" ALIGN="right">Zero Coupon</TD>
  1617. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1618. <TD VALIGN="bottom">&nbsp;</TD>
  1619. <TD VALIGN="bottom">&nbsp;</TD>
  1620. <TD VALIGN="bottom" ALIGN="right">0.10</TD>
  1621. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1622. <TD VALIGN="bottom">&nbsp;</TD>
  1623. <TD VALIGN="bottom">&nbsp;</TD>
  1624. <TD VALIGN="bottom" ALIGN="right">7/7/2020</TD>
  1625. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1626. <TD VALIGN="bottom">&nbsp;</TD>
  1627. <TD VALIGN="bottom">&nbsp;</TD>
  1628. <TD VALIGN="bottom" ALIGN="right">1,540,000</TD>
  1629. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1630. <TD VALIGN="bottom">&nbsp;</TD>
  1631. <TD VALIGN="bottom">&nbsp;</TD>
  1632. <TD VALIGN="bottom" ALIGN="right">1,539,970</TD>
  1633. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  1634. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  1635. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">United States Treasury</P></TD>
  1636. <TD VALIGN="bottom">&nbsp;</TD>
  1637. <TD VALIGN="bottom">&nbsp;</TD>
  1638. <TD VALIGN="bottom" ALIGN="right">Fixed</TD>
  1639. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1640. <TD VALIGN="bottom">&nbsp;</TD>
  1641. <TD VALIGN="bottom">&nbsp;</TD>
  1642. <TD VALIGN="bottom" ALIGN="right">2.63</TD>
  1643. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1644. <TD VALIGN="bottom">&nbsp;</TD>
  1645. <TD VALIGN="bottom">&nbsp;</TD>
  1646. <TD VALIGN="bottom" ALIGN="right">8/15/2020</TD>
  1647. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1648. <TD VALIGN="bottom">&nbsp;</TD>
  1649. <TD VALIGN="bottom">&nbsp;</TD>
  1650. <TD VALIGN="bottom" ALIGN="right">71,567</TD>
  1651. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1652. <TD VALIGN="bottom">&nbsp;</TD>
  1653. <TD VALIGN="bottom">&nbsp;</TD>
  1654. <TD VALIGN="bottom" ALIGN="right">71,779</TD>
  1655. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  1656. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  1657. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">United States Treasury</P></TD>
  1658. <TD VALIGN="bottom">&nbsp;</TD>
  1659. <TD VALIGN="bottom">&nbsp;</TD>
  1660. <TD VALIGN="bottom" ALIGN="right">Fixed</TD>
  1661. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1662. <TD VALIGN="bottom">&nbsp;</TD>
  1663. <TD VALIGN="bottom">&nbsp;</TD>
  1664. <TD VALIGN="bottom" ALIGN="right">2.13</TD>
  1665. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1666. <TD VALIGN="bottom">&nbsp;</TD>
  1667. <TD VALIGN="bottom">&nbsp;</TD>
  1668. <TD VALIGN="bottom" ALIGN="right">8/31/2020</TD>
  1669. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1670. <TD VALIGN="bottom">&nbsp;</TD>
  1671. <TD VALIGN="bottom">&nbsp;</TD>
  1672. <TD VALIGN="bottom" ALIGN="right">100,000</TD>
  1673. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1674. <TD VALIGN="bottom">&nbsp;</TD>
  1675. <TD VALIGN="bottom">&nbsp;</TD>
  1676. <TD VALIGN="bottom" ALIGN="right">100,328</TD>
  1677. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  1678. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  1679. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">United States Treasury</P></TD>
  1680. <TD VALIGN="bottom">&nbsp;</TD>
  1681. <TD VALIGN="bottom">&nbsp;</TD>
  1682. <TD VALIGN="bottom" ALIGN="right">Fixed</TD>
  1683. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1684. <TD VALIGN="bottom">&nbsp;</TD>
  1685. <TD VALIGN="bottom">&nbsp;</TD>
  1686. <TD VALIGN="bottom" ALIGN="right">1.38</TD>
  1687. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1688. <TD VALIGN="bottom">&nbsp;</TD>
  1689. <TD VALIGN="bottom">&nbsp;</TD>
  1690. <TD VALIGN="bottom" ALIGN="right">9/15/2020</TD>
  1691. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1692. <TD VALIGN="bottom">&nbsp;</TD>
  1693. <TD VALIGN="bottom">&nbsp;</TD>
  1694. <TD VALIGN="bottom" ALIGN="right">100,000</TD>
  1695. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1696. <TD VALIGN="bottom">&nbsp;</TD>
  1697. <TD VALIGN="bottom">&nbsp;</TD>
  1698. <TD VALIGN="bottom" ALIGN="right">100,250</TD>
  1699. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  1700. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  1701. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">United States Treasury</P></TD>
  1702. <TD VALIGN="bottom">&nbsp;</TD>
  1703. <TD VALIGN="bottom">&nbsp;</TD>
  1704. <TD VALIGN="bottom" ALIGN="right">Fixed</TD>
  1705. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1706. <TD VALIGN="bottom">&nbsp;</TD>
  1707. <TD VALIGN="bottom">&nbsp;</TD>
  1708. <TD VALIGN="bottom" ALIGN="right">2.00</TD>
  1709. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1710. <TD VALIGN="bottom">&nbsp;</TD>
  1711. <TD VALIGN="bottom">&nbsp;</TD>
  1712. <TD VALIGN="bottom" ALIGN="right">9/30/2020</TD>
  1713. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1714. <TD VALIGN="bottom">&nbsp;</TD>
  1715. <TD VALIGN="bottom">&nbsp;</TD>
  1716. <TD VALIGN="bottom" ALIGN="right">100,000</TD>
  1717. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1718. <TD VALIGN="bottom">&nbsp;</TD>
  1719. <TD VALIGN="bottom">&nbsp;</TD>
  1720. <TD VALIGN="bottom" ALIGN="right">100,469</TD>
  1721. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  1722. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  1723. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">United States Treasury</P></TD>
  1724. <TD VALIGN="bottom">&nbsp;</TD>
  1725. <TD VALIGN="bottom">&nbsp;</TD>
  1726. <TD VALIGN="bottom" ALIGN="right">Fixed</TD>
  1727. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1728. <TD VALIGN="bottom">&nbsp;</TD>
  1729. <TD VALIGN="bottom">&nbsp;</TD>
  1730. <TD VALIGN="bottom" ALIGN="right">2.75</TD>
  1731. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1732. <TD VALIGN="bottom">&nbsp;</TD>
  1733. <TD VALIGN="bottom">&nbsp;</TD>
  1734. <TD VALIGN="bottom" ALIGN="right">9/30/2020</TD>
  1735. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1736. <TD VALIGN="bottom">&nbsp;</TD>
  1737. <TD VALIGN="bottom">&nbsp;</TD>
  1738. <TD VALIGN="bottom" ALIGN="right">100,000</TD>
  1739. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  1740. <TD VALIGN="bottom">&nbsp;</TD>
  1741. <TD VALIGN="bottom">&nbsp;</TD>
  1742. <TD VALIGN="bottom" ALIGN="right">100,641</TD>
  1743. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  1744. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  1745. <TD VALIGN="top" COLSPAN="4"><FONT STYLE="font-size:8pt"><B>Total U.S. Government Debt (Cost &#151; $2,312,019)</B></FONT></TD>
  1746. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8pt; font-family:Times New Roman"><B>&nbsp;</B></P></TD>
  1747. <TD VALIGN="bottom">&nbsp;</TD>
  1748. <TD VALIGN="bottom"></TD>
  1749. <TD VALIGN="bottom"></TD>
  1750. <TD VALIGN="bottom"></TD>
  1751. <TD VALIGN="bottom">&nbsp;</TD>
  1752. <TD VALIGN="bottom"></TD>
  1753. <TD VALIGN="bottom"></TD>
  1754. <TD VALIGN="bottom"></TD>
  1755. <TD VALIGN="bottom">&nbsp;</TD>
  1756. <TD VALIGN="bottom"><B>&nbsp;</B></TD>
  1757. <TD VALIGN="bottom" ALIGN="right"><B>2,311,567</B></TD>
  1758. <TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
  1759. <TD VALIGN="bottom">&nbsp;</TD>
  1760. <TD VALIGN="bottom"><B>&nbsp;</B></TD>
  1761. <TD VALIGN="bottom" ALIGN="right"><B>2,313,436</B></TD>
  1762. <TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
  1763. <TR STYLE="font-size:1pt">
  1764. <TD HEIGHT="8" COLSPAN="9"></TD>
  1765. <TD HEIGHT="8" COLSPAN="4"></TD>
  1766. <TD HEIGHT="8" COLSPAN="4"></TD>
  1767. <TD HEIGHT="8" COLSPAN="4"></TD></TR>
  1768. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  1769. <TD VALIGN="top" COLSPAN="8"><FONT STYLE="font-size:8pt"><B>Total Short Term Fixed Income Securities (Cost &#151; $3,576,292) &#151; 28.8%</B></FONT></TD>
  1770. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8pt; font-family:Times New Roman"><B>&nbsp;</B></P></TD>
  1771. <TD VALIGN="bottom">&nbsp;</TD>
  1772. <TD VALIGN="bottom"></TD>
  1773. <TD VALIGN="bottom"></TD>
  1774. <TD VALIGN="bottom"></TD>
  1775. <TD VALIGN="bottom">&nbsp;</TD>
  1776. <TD VALIGN="bottom"><B>&nbsp;</B></TD>
  1777. <TD VALIGN="bottom" ALIGN="right"><B>3,577,637</B></TD>
  1778. <TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
  1779. <TD VALIGN="bottom">&nbsp;</TD>
  1780. <TD VALIGN="bottom"><B>&nbsp;</B></TD>
  1781. <TD VALIGN="bottom" ALIGN="right"><B>3,580,001</B></TD>
  1782. <TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
  1783. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  1784. <TD VALIGN="top" COLSPAN="8"><FONT STYLE="font-size:8pt"><B>Total Unaffiliated Investments (Cost &#151; $12,775,962)</B></FONT></TD>
  1785. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8pt; font-family:Times New Roman"><B>&nbsp;</B></P></TD>
  1786. <TD VALIGN="bottom">&nbsp;</TD>
  1787. <TD VALIGN="bottom"></TD>
  1788. <TD VALIGN="bottom"></TD>
  1789. <TD VALIGN="bottom"></TD>
  1790. <TD VALIGN="bottom">&nbsp;</TD>
  1791. <TD VALIGN="bottom"><B>&nbsp;</B></TD>
  1792. <TD VALIGN="bottom" ALIGN="right"><B>12,777,298</B></TD>
  1793. <TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
  1794. <TD VALIGN="bottom">&nbsp;</TD>
  1795. <TD VALIGN="bottom"><B>&nbsp;</B></TD>
  1796. <TD VALIGN="bottom" ALIGN="right"><B>12,779,847</B></TD>
  1797. <TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
  1798. <TR STYLE="font-size:1px; ">
  1799. <TD VALIGN="bottom"></TD>
  1800. <TD VALIGN="bottom">&nbsp;</TD>
  1801. <TD VALIGN="bottom"></TD>
  1802. <TD VALIGN="bottom"></TD>
  1803. <TD VALIGN="bottom"></TD>
  1804. <TD VALIGN="bottom">&nbsp;</TD>
  1805. <TD VALIGN="bottom"></TD>
  1806. <TD VALIGN="bottom"></TD>
  1807. <TD VALIGN="bottom"></TD>
  1808. <TD VALIGN="bottom">&nbsp;</TD>
  1809. <TD VALIGN="bottom"></TD>
  1810. <TD VALIGN="bottom"></TD>
  1811. <TD VALIGN="bottom"></TD>
  1812. <TD VALIGN="bottom">&nbsp;</TD>
  1813. <TD VALIGN="bottom"></TD>
  1814. <TD VALIGN="bottom"></TD>
  1815. <TD VALIGN="bottom"></TD>
  1816. <TD VALIGN="bottom">&nbsp;</TD>
  1817. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  1818. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  1819. <TD>&nbsp;</TD></TR>
  1820. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  1821. <TD VALIGN="top"><FONT STYLE="font-size:8pt"><B>Total Investments &#151; 102.9%</B></FONT></TD>
  1822. <TD VALIGN="bottom">&nbsp;</TD>
  1823. <TD VALIGN="bottom"></TD>
  1824. <TD VALIGN="bottom"></TD>
  1825. <TD VALIGN="bottom"></TD>
  1826. <TD VALIGN="bottom">&nbsp;</TD>
  1827. <TD VALIGN="bottom"></TD>
  1828. <TD VALIGN="bottom"></TD>
  1829. <TD VALIGN="bottom"></TD>
  1830. <TD VALIGN="bottom">&nbsp;</TD>
  1831. <TD VALIGN="bottom"></TD>
  1832. <TD VALIGN="bottom"></TD>
  1833. <TD VALIGN="bottom"></TD>
  1834. <TD VALIGN="bottom">&nbsp;</TD>
  1835. <TD VALIGN="bottom"></TD>
  1836. <TD VALIGN="bottom"></TD>
  1837. <TD VALIGN="bottom"></TD>
  1838. <TD VALIGN="bottom">&nbsp;</TD>
  1839. <TD VALIGN="bottom"><B>&nbsp;</B></TD>
  1840. <TD VALIGN="bottom" ALIGN="right"><B>12,779,847</B></TD>
  1841. <TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
  1842. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  1843. <TD VALIGN="top"><FONT STYLE="font-size:8pt"><B>Other Liabilities/Other Assets &#151; (2.9)%</B></FONT></TD>
  1844. <TD VALIGN="bottom">&nbsp;</TD>
  1845. <TD VALIGN="bottom"></TD>
  1846. <TD VALIGN="bottom"></TD>
  1847. <TD VALIGN="bottom"></TD>
  1848. <TD VALIGN="bottom">&nbsp;</TD>
  1849. <TD VALIGN="bottom"></TD>
  1850. <TD VALIGN="bottom"></TD>
  1851. <TD VALIGN="bottom"></TD>
  1852. <TD VALIGN="bottom">&nbsp;</TD>
  1853. <TD VALIGN="bottom"></TD>
  1854. <TD VALIGN="bottom"></TD>
  1855. <TD VALIGN="bottom"></TD>
  1856. <TD VALIGN="bottom">&nbsp;</TD>
  1857. <TD VALIGN="bottom"></TD>
  1858. <TD VALIGN="bottom"></TD>
  1859. <TD VALIGN="bottom"></TD>
  1860. <TD VALIGN="bottom">&nbsp;</TD>
  1861. <TD VALIGN="bottom"><B>&nbsp;</B></TD>
  1862. <TD VALIGN="bottom" ALIGN="right"><B>(358,426)</B></TD>
  1863. <TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
  1864. <TR STYLE="font-size:1px; ">
  1865. <TD VALIGN="bottom"></TD>
  1866. <TD VALIGN="bottom">&nbsp;</TD>
  1867. <TD VALIGN="bottom"></TD>
  1868. <TD VALIGN="bottom"></TD>
  1869. <TD VALIGN="bottom"></TD>
  1870. <TD VALIGN="bottom">&nbsp;</TD>
  1871. <TD VALIGN="bottom"></TD>
  1872. <TD VALIGN="bottom"></TD>
  1873. <TD VALIGN="bottom"></TD>
  1874. <TD VALIGN="bottom">&nbsp;</TD>
  1875. <TD VALIGN="bottom"></TD>
  1876. <TD VALIGN="bottom"></TD>
  1877. <TD VALIGN="bottom"></TD>
  1878. <TD VALIGN="bottom">&nbsp;</TD>
  1879. <TD VALIGN="bottom"></TD>
  1880. <TD VALIGN="bottom"></TD>
  1881. <TD VALIGN="bottom"></TD>
  1882. <TD VALIGN="bottom">&nbsp;</TD>
  1883. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  1884. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  1885. <TD>&nbsp;</TD></TR>
  1886. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  1887. <TD VALIGN="top" COLSPAN="8" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><FONT STYLE="font-size:8pt"><B>Net Assets Applicable to Common Shares &#151; 100.0%</B></FONT></TD>
  1888. <TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8pt; font-family:Times New Roman"><B>&nbsp;</B></P></TD>
  1889. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  1890. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  1891. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  1892. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  1893. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  1894. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  1895. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  1896. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  1897. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  1898. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>$</B></TD>
  1899. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right"><B>12,421,421</B></TD>
  1900. <TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>&nbsp;</B></TD></TR>
  1901. </TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  1902. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  1903. <TR style = "page-break-inside:avoid">
  1904. <TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
  1905. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify"><FONT STYLE="white-space:nowrap">Non-income</FONT> producing securities. </P></TD></TR></TABLE>
  1906. <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  1907. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  1908. <TR style = "page-break-inside:avoid">
  1909. <TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
  1910. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">Fair-value investment. Represents fair value measured in good faith under procedures approved by the Board of
  1911. Directors. Holdings equal to less than 1% of the net assets of the Fund. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  1912. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  1913. <TR style = "page-break-inside:avoid">
  1914. <TD WIDTH="5%" VALIGN="top" ALIGN="left">(3)</TD>
  1915. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">Presented rate represents the Money Market Fund&#146;s average <FONT STYLE="white-space:nowrap">7-day</FONT>
  1916. % yield as of June&nbsp;30, 2020. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  1917. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  1918. <TR style = "page-break-inside:avoid">
  1919. <TD WIDTH="5%" VALIGN="top" ALIGN="left">(4)</TD>
  1920. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">Money Market Funds do not have a set maturity date. </P></TD></TR></TABLE>
  1921. <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  1922. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  1923. <TR style = "page-break-inside:avoid">
  1924. <TD WIDTH="5%" VALIGN="top" ALIGN="left">(5)</TD>
  1925. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">For fixed and floating rate bonds, the rate presented is the coupon rate as of June&nbsp;30, 2020. LIBOR
  1926. stands for London Interbank Offered Rate. EFFR stands for Effective Federal Funds Rate. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  1927. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  1928. <TR style = "page-break-inside:avoid">
  1929. <TD WIDTH="5%" VALIGN="top" ALIGN="left">(6)</TD>
  1930. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">For zero coupon bonds, the rate presented is Yield as of June&nbsp;30, 2020. </P></TD></TR></TABLE>
  1931. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">At June&nbsp;30, 2020, the tax basis cost of the Fund&#146;s investments was $12,775,962 and the unrealized appreciation was $3,885. </P>
  1932. <P STYLE="margin-top:165pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">See Notes to Consolidated Financial Statements. </P>
  1933. <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">3 </P>
  1934.  
  1935. </DIV></Center>
  1936.  
  1937.  
  1938. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  1939. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  1940. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  1941.  
  1942.  
  1943. <Center><DIV STYLE="width:8.5in" align="left">
  1944. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc928563_3"></A>ALTABA INC. </B></P>
  1945. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>CONSOLIDATED STATEMENT OF OPERATIONS </B></P>
  1946. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>For the Period from January&nbsp;1, 2020 through June&nbsp;30, 2020 (unaudited) </B></P>
  1947. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>($ in thousands) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  1948. <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">
  1949.  
  1950.  
  1951. <TR>
  1952.  
  1953. <TD WIDTH="87%"></TD>
  1954.  
  1955. <TD VALIGN="bottom" WIDTH="3%"></TD>
  1956. <TD></TD>
  1957. <TD></TD>
  1958. <TD VALIGN="bottom" WIDTH="2%"></TD></TR>
  1959.  
  1960.  
  1961. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  1962. <TD VALIGN="top"><FONT STYLE="font-size:9pt"><B>INVESTMENT INCOME:</B></FONT></TD>
  1963. <TD VALIGN="bottom">&nbsp;</TD>
  1964. <TD VALIGN="bottom"></TD>
  1965. <TD VALIGN="bottom"></TD>
  1966. <TD VALIGN="bottom"></TD></TR>
  1967. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  1968. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Dividend income</FONT></TD>
  1969. <TD VALIGN="bottom">&nbsp;</TD>
  1970. <TD VALIGN="bottom">$</TD>
  1971. <TD VALIGN="bottom" ALIGN="right">5,131</TD>
  1972. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  1973. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  1974. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Interest income</FONT></TD>
  1975. <TD VALIGN="bottom">&nbsp;</TD>
  1976. <TD VALIGN="bottom">&nbsp;</TD>
  1977. <TD VALIGN="bottom" ALIGN="right">67,153</TD>
  1978. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  1979. <TR STYLE="font-size:1px; ">
  1980. <TD VALIGN="bottom"></TD>
  1981. <TD VALIGN="bottom">&nbsp;</TD>
  1982. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  1983. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  1984. <TD>&nbsp;</TD></TR>
  1985. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  1986. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Total investment income</FONT></TD>
  1987. <TD VALIGN="bottom">&nbsp;</TD>
  1988. <TD VALIGN="bottom">&nbsp;</TD>
  1989. <TD VALIGN="bottom" ALIGN="right">72,284</TD>
  1990. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  1991. <TR STYLE="font-size:1px; ">
  1992. <TD VALIGN="bottom"></TD>
  1993. <TD VALIGN="bottom">&nbsp;</TD>
  1994. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  1995. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  1996. <TD>&nbsp;</TD></TR>
  1997. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  1998. <TD VALIGN="top"><FONT STYLE="font-size:9pt"><B>EXPENSES:</B></FONT></TD>
  1999. <TD VALIGN="bottom">&nbsp;</TD>
  2000. <TD VALIGN="bottom"></TD>
  2001. <TD VALIGN="bottom"></TD>
  2002. <TD VALIGN="bottom"></TD></TR>
  2003. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2004. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Professional fees</FONT></TD>
  2005. <TD VALIGN="bottom">&nbsp;</TD>
  2006. <TD VALIGN="bottom">&nbsp;</TD>
  2007. <TD VALIGN="bottom" ALIGN="right">6,660</TD>
  2008. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  2009. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2010. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Directors, officers and employees compensation and benefits</FONT></TD>
  2011. <TD VALIGN="bottom">&nbsp;</TD>
  2012. <TD VALIGN="bottom">&nbsp;</TD>
  2013. <TD VALIGN="bottom" ALIGN="right">14,676</TD>
  2014. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  2015. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2016. <TD VALIGN="top"><FONT STYLE="font-size:9pt">General and administrative costs</FONT></TD>
  2017. <TD VALIGN="bottom">&nbsp;</TD>
  2018. <TD VALIGN="bottom">&nbsp;</TD>
  2019. <TD VALIGN="bottom" ALIGN="right">1,291</TD>
  2020. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  2021. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2022. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Outside administrative fees</FONT></TD>
  2023. <TD VALIGN="bottom">&nbsp;</TD>
  2024. <TD VALIGN="bottom">&nbsp;</TD>
  2025. <TD VALIGN="bottom" ALIGN="right">295</TD>
  2026. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  2027. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2028. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Other expenses</FONT></TD>
  2029. <TD VALIGN="bottom">&nbsp;</TD>
  2030. <TD VALIGN="bottom">&nbsp;</TD>
  2031. <TD VALIGN="bottom" ALIGN="right">3,636</TD>
  2032. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  2033. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2034. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Legal and other settlements</FONT></TD>
  2035. <TD VALIGN="bottom">&nbsp;</TD>
  2036. <TD VALIGN="bottom">&nbsp;</TD>
  2037. <TD VALIGN="bottom" ALIGN="right">(1,190</TD>
  2038. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
  2039. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2040. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Non-income tax benefit</FONT></TD>
  2041. <TD VALIGN="bottom">&nbsp;</TD>
  2042. <TD VALIGN="bottom">&nbsp;</TD>
  2043. <TD VALIGN="bottom" ALIGN="right">(16,075</TD>
  2044. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
  2045. <TR STYLE="font-size:1px; ">
  2046. <TD VALIGN="bottom"></TD>
  2047. <TD VALIGN="bottom">&nbsp;</TD>
  2048. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2049. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2050. <TD>&nbsp;</TD></TR>
  2051. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2052. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Total expenses</FONT></TD>
  2053. <TD VALIGN="bottom">&nbsp;</TD>
  2054. <TD VALIGN="bottom">&nbsp;</TD>
  2055. <TD VALIGN="bottom" ALIGN="right">9,293</TD>
  2056. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  2057. <TR STYLE="font-size:1px; ">
  2058. <TD VALIGN="bottom"></TD>
  2059. <TD VALIGN="bottom">&nbsp;</TD>
  2060. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2061. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2062. <TD>&nbsp;</TD></TR>
  2063. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2064. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Net investment income, before current and deferred taxes</FONT></TD>
  2065. <TD VALIGN="bottom">&nbsp;</TD>
  2066. <TD VALIGN="bottom">&nbsp;</TD>
  2067. <TD VALIGN="bottom" ALIGN="right">62,991</TD>
  2068. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  2069. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2070. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Current and deferred income tax benefit</FONT></TD>
  2071. <TD VALIGN="bottom">&nbsp;</TD>
  2072. <TD VALIGN="bottom">&nbsp;</TD>
  2073. <TD VALIGN="bottom" ALIGN="right">221,461</TD>
  2074. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  2075. <TR STYLE="font-size:1px; ">
  2076. <TD VALIGN="bottom"></TD>
  2077. <TD VALIGN="bottom">&nbsp;</TD>
  2078. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2079. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2080. <TD>&nbsp;</TD></TR>
  2081. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2082. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Net investment income</FONT></TD>
  2083. <TD VALIGN="bottom">&nbsp;</TD>
  2084. <TD VALIGN="bottom">&nbsp;</TD>
  2085. <TD VALIGN="bottom" ALIGN="right">284,452</TD>
  2086. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  2087. <TR STYLE="font-size:1px; ">
  2088. <TD VALIGN="bottom"></TD>
  2089. <TD VALIGN="bottom">&nbsp;</TD>
  2090. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2091. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2092. <TD>&nbsp;</TD></TR>
  2093. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2094. <TD VALIGN="top"><FONT STYLE="font-size:9pt"><B>REALIZED AND UNREALIZED GAIN (LOSS):</B></FONT></TD>
  2095. <TD VALIGN="bottom">&nbsp;</TD>
  2096. <TD VALIGN="bottom"></TD>
  2097. <TD VALIGN="bottom"></TD>
  2098. <TD VALIGN="bottom"></TD></TR>
  2099. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2100. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Net realized gain (loss) on:</FONT></TD>
  2101. <TD VALIGN="bottom">&nbsp;</TD>
  2102. <TD VALIGN="bottom"></TD>
  2103. <TD VALIGN="bottom"></TD>
  2104. <TD VALIGN="bottom"></TD></TR>
  2105. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2106. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:9pt; font-family:Times New Roman">Unaffiliated investments, before current and deferred taxes</P></TD>
  2107. <TD VALIGN="bottom">&nbsp;</TD>
  2108. <TD VALIGN="bottom">&nbsp;</TD>
  2109. <TD VALIGN="bottom" ALIGN="right">1,093,971</TD>
  2110. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  2111. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2112. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:9pt; font-family:Times New Roman">Controlled affiliate, before current and deferred taxes</P></TD>
  2113. <TD VALIGN="bottom">&nbsp;</TD>
  2114. <TD VALIGN="bottom">&nbsp;</TD>
  2115. <TD VALIGN="bottom" ALIGN="right">58,000</TD>
  2116. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  2117. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2118. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:9pt; font-family:Times New Roman">Current and deferred income tax expense</P></TD>
  2119. <TD VALIGN="bottom">&nbsp;</TD>
  2120. <TD VALIGN="bottom">&nbsp;</TD>
  2121. <TD VALIGN="bottom" ALIGN="right">(210,130</TD>
  2122. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
  2123. <TR STYLE="font-size:1px; ">
  2124. <TD VALIGN="bottom"></TD>
  2125. <TD VALIGN="bottom">&nbsp;</TD>
  2126. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2127. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2128. <TD>&nbsp;</TD></TR>
  2129. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2130. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Net realized gain</FONT></TD>
  2131. <TD VALIGN="bottom">&nbsp;</TD>
  2132. <TD VALIGN="bottom">&nbsp;</TD>
  2133. <TD VALIGN="bottom" ALIGN="right">941,841</TD>
  2134. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  2135. <TR STYLE="font-size:1px; ">
  2136. <TD VALIGN="bottom"></TD>
  2137. <TD VALIGN="bottom">&nbsp;</TD>
  2138. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2139. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2140. <TD>&nbsp;</TD></TR>
  2141. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2142. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Net change in unrealized appreciation (depreciation):</FONT></TD>
  2143. <TD VALIGN="bottom">&nbsp;</TD>
  2144. <TD VALIGN="bottom"></TD>
  2145. <TD VALIGN="bottom"></TD>
  2146. <TD VALIGN="bottom"></TD></TR>
  2147. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2148. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:9pt; font-family:Times New Roman">Unaffiliated investments and foreign currency translation, before current and deferred taxes</P></TD>
  2149. <TD VALIGN="bottom">&nbsp;</TD>
  2150. <TD VALIGN="bottom">&nbsp;</TD>
  2151. <TD VALIGN="bottom" ALIGN="right">(1,022,062</TD>
  2152. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
  2153. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2154. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:9pt; font-family:Times New Roman">Controlled affiliate, before current and deferred taxes</P></TD>
  2155. <TD VALIGN="bottom">&nbsp;</TD>
  2156. <TD VALIGN="bottom">&nbsp;</TD>
  2157. <TD VALIGN="bottom" ALIGN="right">(52,500</TD>
  2158. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
  2159. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2160. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:9pt; font-family:Times New Roman">Current and deferred income tax benefit</P></TD>
  2161. <TD VALIGN="bottom">&nbsp;</TD>
  2162. <TD VALIGN="bottom">&nbsp;</TD>
  2163. <TD VALIGN="bottom" ALIGN="right">209,816</TD>
  2164. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  2165. <TR STYLE="font-size:1px; ">
  2166. <TD VALIGN="bottom"></TD>
  2167. <TD VALIGN="bottom">&nbsp;</TD>
  2168. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2169. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2170. <TD>&nbsp;</TD></TR>
  2171. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2172. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Net change in unrealized appreciation (depreciation):</FONT></TD>
  2173. <TD VALIGN="bottom">&nbsp;</TD>
  2174. <TD VALIGN="bottom">$</TD>
  2175. <TD VALIGN="bottom" ALIGN="right">(864,746</TD>
  2176. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
  2177. <TR STYLE="font-size:1px; ">
  2178. <TD VALIGN="bottom"></TD>
  2179. <TD VALIGN="bottom">&nbsp;</TD>
  2180. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2181. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2182. <TD>&nbsp;</TD></TR>
  2183. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2184. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Net realized and unrealized gain (loss) on investments</FONT></TD>
  2185. <TD VALIGN="bottom">&nbsp;</TD>
  2186. <TD VALIGN="bottom">&nbsp;</TD>
  2187. <TD VALIGN="bottom" ALIGN="right">77,095</TD>
  2188. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  2189. <TR STYLE="font-size:1px; ">
  2190. <TD VALIGN="bottom"></TD>
  2191. <TD VALIGN="bottom">&nbsp;</TD>
  2192. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2193. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2194. <TD>&nbsp;</TD></TR>
  2195. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2196. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Net increase in net assets resulting from operations</FONT></TD>
  2197. <TD VALIGN="bottom">&nbsp;</TD>
  2198. <TD VALIGN="bottom">$</TD>
  2199. <TD VALIGN="bottom" ALIGN="right">361,547</TD>
  2200. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  2201. <TR STYLE="font-size:1px; ">
  2202. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  2203. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  2204. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; BORDER-BOTTOM:1.00pt solid #000000;border-top:3.00px double #000000">&nbsp;</P></TD>
  2205. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; BORDER-BOTTOM:1.00pt solid #000000;border-top:3.00px double #000000">&nbsp;</P></TD>
  2206. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD></TR>
  2207. </TABLE> <P STYLE="margin-top:99pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">See Notes to Consolidated Financial Statements. </P>
  2208. <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">4 </P>
  2209.  
  2210. </DIV></Center>
  2211.  
  2212.  
  2213. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  2214. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  2215. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  2216.  
  2217.  
  2218. <Center><DIV STYLE="width:8.5in" align="left">
  2219. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc928563_5"></A>ALTABA INC. </B></P>
  2220. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS </B></P>
  2221. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>($ in thousands) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  2222. <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8.5pt" ALIGN="center">
  2223.  
  2224.  
  2225. <TR>
  2226.  
  2227. <TD WIDTH="70%"></TD>
  2228.  
  2229. <TD VALIGN="bottom" WIDTH="3%"></TD>
  2230. <TD></TD>
  2231. <TD></TD>
  2232. <TD VALIGN="bottom" WIDTH="2%"></TD>
  2233.  
  2234. <TD VALIGN="bottom" WIDTH="3%"></TD>
  2235. <TD></TD>
  2236. <TD></TD>
  2237. <TD VALIGN="bottom" WIDTH="2%"></TD></TR>
  2238. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
  2239. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
  2240. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  2241. <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000">
  2242. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>For&nbsp;the&nbsp;Period<BR>from&nbsp;January&nbsp;1,<BR>2020&nbsp;through<BR>June&nbsp;30,&nbsp;2020</B></P>
  2243. <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(unaudited)</B></P></TD>
  2244. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  2245. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  2246. <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>For&nbsp;the<BR>Year&nbsp;Ended<BR>December&nbsp;31,&nbsp;2019</B></TD>
  2247. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD></TR>
  2248.  
  2249.  
  2250. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2251. <TD VALIGN="top"><FONT STYLE="font-size:9pt"><B>NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:</B></FONT></TD>
  2252. <TD VALIGN="bottom">&nbsp;</TD>
  2253. <TD VALIGN="bottom"></TD>
  2254. <TD VALIGN="bottom"></TD>
  2255. <TD VALIGN="bottom"></TD>
  2256. <TD VALIGN="bottom">&nbsp;</TD>
  2257. <TD VALIGN="bottom"></TD>
  2258. <TD VALIGN="bottom"></TD>
  2259. <TD VALIGN="bottom"></TD></TR>
  2260. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2261. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Net investment income, net of current and deferred taxes</FONT></TD>
  2262. <TD VALIGN="bottom">&nbsp;</TD>
  2263. <TD VALIGN="bottom">$</TD>
  2264. <TD VALIGN="bottom" ALIGN="right">284,452</TD>
  2265. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2266. <TD VALIGN="bottom">&nbsp;</TD>
  2267. <TD VALIGN="bottom">$</TD>
  2268. <TD VALIGN="bottom" ALIGN="right">750,252</TD>
  2269. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  2270. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2271. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Net realized gain on investments, net of current and deferred taxes</FONT></TD>
  2272. <TD VALIGN="bottom">&nbsp;</TD>
  2273. <TD VALIGN="bottom">&nbsp;</TD>
  2274. <TD VALIGN="bottom" ALIGN="right">941,841</TD>
  2275. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2276. <TD VALIGN="bottom">&nbsp;</TD>
  2277. <TD VALIGN="bottom">&nbsp;</TD>
  2278. <TD VALIGN="bottom" ALIGN="right">34,558,916</TD>
  2279. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  2280. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2281. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Net change in unrealized appreciation (depreciation) on investments, net of current and deferred taxes</FONT></TD>
  2282. <TD VALIGN="bottom">&nbsp;</TD>
  2283. <TD VALIGN="bottom">&nbsp;</TD>
  2284. <TD VALIGN="bottom" ALIGN="right">(864,746</TD>
  2285. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
  2286. <TD VALIGN="bottom">&nbsp;</TD>
  2287. <TD VALIGN="bottom">&nbsp;</TD>
  2288. <TD VALIGN="bottom" ALIGN="right">(28,265,996</TD>
  2289. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
  2290. <TR STYLE="font-size:1px; ">
  2291. <TD VALIGN="bottom"></TD>
  2292. <TD VALIGN="bottom">&nbsp;</TD>
  2293. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2294. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2295. <TD>&nbsp;</TD>
  2296. <TD VALIGN="bottom">&nbsp;</TD>
  2297. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2298. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2299. <TD>&nbsp;</TD></TR>
  2300. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2301. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Net increase in net assets resulting from operations</FONT></TD>
  2302. <TD VALIGN="bottom">&nbsp;</TD>
  2303. <TD VALIGN="bottom">&nbsp;</TD>
  2304. <TD VALIGN="bottom" ALIGN="right">361,547</TD>
  2305. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2306. <TD VALIGN="bottom">&nbsp;</TD>
  2307. <TD VALIGN="bottom">&nbsp;</TD>
  2308. <TD VALIGN="bottom" ALIGN="right">7,043,172</TD>
  2309. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  2310. <TR STYLE="font-size:1px; ">
  2311. <TD VALIGN="bottom"></TD>
  2312. <TD VALIGN="bottom">&nbsp;</TD>
  2313. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2314. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2315. <TD>&nbsp;</TD>
  2316. <TD VALIGN="bottom">&nbsp;</TD>
  2317. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2318. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2319. <TD>&nbsp;</TD></TR>
  2320. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2321. <TD VALIGN="top"><FONT STYLE="font-size:9pt"><B>LIQUIDATING DISTRIBUTIONS TO COMMON SHAREHOLDERS:</B></FONT></TD>
  2322. <TD VALIGN="bottom">&nbsp;</TD>
  2323. <TD VALIGN="bottom"></TD>
  2324. <TD VALIGN="bottom"></TD>
  2325. <TD VALIGN="bottom"></TD>
  2326. <TD VALIGN="bottom">&nbsp;</TD>
  2327. <TD VALIGN="bottom"></TD>
  2328. <TD VALIGN="bottom"></TD>
  2329. <TD VALIGN="bottom"></TD></TR>
  2330. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2331. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Liquidating distribution from distributable earnings (Note 12)</FONT></TD>
  2332. <TD VALIGN="bottom">&nbsp;</TD>
  2333. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2334. <TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
  2335. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2336. <TD VALIGN="bottom">&nbsp;</TD>
  2337. <TD VALIGN="bottom">&nbsp;</TD>
  2338. <TD VALIGN="bottom" ALIGN="right">(26,754,835</TD>
  2339. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
  2340. <TR STYLE="font-size:1px; ">
  2341. <TD VALIGN="bottom"></TD>
  2342. <TD VALIGN="bottom">&nbsp;</TD>
  2343. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2344. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2345. <TD>&nbsp;</TD>
  2346. <TD VALIGN="bottom">&nbsp;</TD>
  2347. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2348. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2349. <TD>&nbsp;</TD></TR>
  2350. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2351. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Net decrease in net assets from distributions</FONT></TD>
  2352. <TD VALIGN="bottom">&nbsp;</TD>
  2353. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2354. <TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
  2355. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2356. <TD VALIGN="bottom">&nbsp;</TD>
  2357. <TD VALIGN="bottom">&nbsp;</TD>
  2358. <TD VALIGN="bottom" ALIGN="right">(26,754,835</TD>
  2359. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
  2360. <TR STYLE="font-size:1px; ">
  2361. <TD VALIGN="bottom"></TD>
  2362. <TD VALIGN="bottom">&nbsp;</TD>
  2363. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2364. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2365. <TD>&nbsp;</TD>
  2366. <TD VALIGN="bottom">&nbsp;</TD>
  2367. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2368. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2369. <TD>&nbsp;</TD></TR>
  2370. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2371. <TD VALIGN="top"><FONT STYLE="font-size:9pt"><B>CAPITAL SHARE TRANSACTIONS:</B></FONT></TD>
  2372. <TD VALIGN="bottom">&nbsp;</TD>
  2373. <TD VALIGN="bottom"></TD>
  2374. <TD VALIGN="bottom"></TD>
  2375. <TD VALIGN="bottom"></TD>
  2376. <TD VALIGN="bottom">&nbsp;</TD>
  2377. <TD VALIGN="bottom"></TD>
  2378. <TD VALIGN="bottom"></TD>
  2379. <TD VALIGN="bottom"></TD></TR>
  2380. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2381. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Repurchase of common shares</FONT></TD>
  2382. <TD VALIGN="bottom">&nbsp;</TD>
  2383. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2384. <TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
  2385. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2386. <TD VALIGN="bottom">&nbsp;</TD>
  2387. <TD VALIGN="bottom">&nbsp;</TD>
  2388. <TD VALIGN="bottom" ALIGN="right">(3,384,377</TD>
  2389. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
  2390. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2391. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Offering expenses associated with repurchase of common shares</FONT></TD>
  2392. <TD VALIGN="bottom">&nbsp;</TD>
  2393. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2394. <TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
  2395. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2396. <TD VALIGN="bottom">&nbsp;</TD>
  2397. <TD VALIGN="bottom">&nbsp;</TD>
  2398. <TD VALIGN="bottom" ALIGN="right">(161</TD>
  2399. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
  2400. <TR STYLE="font-size:1px; ">
  2401. <TD VALIGN="bottom"></TD>
  2402. <TD VALIGN="bottom">&nbsp;</TD>
  2403. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2404. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2405. <TD>&nbsp;</TD>
  2406. <TD VALIGN="bottom">&nbsp;</TD>
  2407. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2408. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2409. <TD>&nbsp;</TD></TR>
  2410. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2411. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Net decrease in net assets from capital share transactions</FONT></TD>
  2412. <TD VALIGN="bottom">&nbsp;</TD>
  2413. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2414. <TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
  2415. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2416. <TD VALIGN="bottom">&nbsp;</TD>
  2417. <TD VALIGN="bottom">&nbsp;</TD>
  2418. <TD VALIGN="bottom" ALIGN="right">(3,384,538</TD>
  2419. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
  2420. <TR STYLE="font-size:1px; ">
  2421. <TD VALIGN="bottom"></TD>
  2422. <TD VALIGN="bottom">&nbsp;</TD>
  2423. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2424. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2425. <TD>&nbsp;</TD>
  2426. <TD VALIGN="bottom">&nbsp;</TD>
  2427. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2428. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2429. <TD>&nbsp;</TD></TR>
  2430. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2431. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Net increase (decrease) in net assets</FONT></TD>
  2432. <TD VALIGN="bottom">&nbsp;</TD>
  2433. <TD VALIGN="bottom">&nbsp;</TD>
  2434. <TD VALIGN="bottom" ALIGN="right">361,547</TD>
  2435. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2436. <TD VALIGN="bottom">&nbsp;</TD>
  2437. <TD VALIGN="bottom">&nbsp;</TD>
  2438. <TD VALIGN="bottom" ALIGN="right">(23,096,201</TD>
  2439. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
  2440. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2441. <TD VALIGN="top"><FONT STYLE="font-size:9pt"><B>NET ASSETS:</B></FONT></TD>
  2442. <TD VALIGN="bottom">&nbsp;</TD>
  2443. <TD VALIGN="bottom"></TD>
  2444. <TD VALIGN="bottom"></TD>
  2445. <TD VALIGN="bottom"></TD>
  2446. <TD VALIGN="bottom">&nbsp;</TD>
  2447. <TD VALIGN="bottom"></TD>
  2448. <TD VALIGN="bottom"></TD>
  2449. <TD VALIGN="bottom"></TD></TR>
  2450. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2451. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Beginning of period</FONT></TD>
  2452. <TD VALIGN="bottom">&nbsp;</TD>
  2453. <TD VALIGN="bottom">&nbsp;</TD>
  2454. <TD VALIGN="bottom" ALIGN="right">12,059,874</TD>
  2455. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2456. <TD VALIGN="bottom">&nbsp;</TD>
  2457. <TD VALIGN="bottom">&nbsp;</TD>
  2458. <TD VALIGN="bottom" ALIGN="right">35,156,075</TD>
  2459. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  2460. <TR STYLE="font-size:1px; ">
  2461. <TD VALIGN="bottom"></TD>
  2462. <TD VALIGN="bottom">&nbsp;</TD>
  2463. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2464. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2465. <TD>&nbsp;</TD>
  2466. <TD VALIGN="bottom">&nbsp;</TD>
  2467. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2468. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2469. <TD>&nbsp;</TD></TR>
  2470. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2471. <TD VALIGN="top"><FONT STYLE="font-size:9pt">End of period</FONT></TD>
  2472. <TD VALIGN="bottom">&nbsp;</TD>
  2473. <TD VALIGN="bottom">$</TD>
  2474. <TD VALIGN="bottom" ALIGN="right">12,421,421</TD>
  2475. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2476. <TD VALIGN="bottom">&nbsp;</TD>
  2477. <TD VALIGN="bottom">$</TD>
  2478. <TD VALIGN="bottom" ALIGN="right">12,059,874</TD>
  2479. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  2480. <TR STYLE="font-size:1px; ">
  2481. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  2482. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  2483. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; BORDER-BOTTOM:1.00pt solid #000000;border-top:3.00px double #000000">&nbsp;</P></TD>
  2484. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; BORDER-BOTTOM:1.00pt solid #000000;border-top:3.00px double #000000">&nbsp;</P></TD>
  2485. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  2486. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  2487. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; BORDER-BOTTOM:1.00pt solid #000000;border-top:3.00px double #000000">&nbsp;</P></TD>
  2488. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; BORDER-BOTTOM:1.00pt solid #000000;border-top:3.00px double #000000">&nbsp;</P></TD>
  2489. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD></TR>
  2490. </TABLE> <P STYLE="margin-top:277pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">See Notes to Consolidated Financial Statements. </P>
  2491. <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">5 </P>
  2492.  
  2493. </DIV></Center>
  2494.  
  2495.  
  2496. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  2497. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  2498. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  2499.  
  2500.  
  2501. <Center><DIV STYLE="width:8.5in" align="left">
  2502. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc928563_6"></A>ALTABA INC. </B></P>
  2503. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>CONSOLIDATED FINANCIAL HIGHLIGHTS </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  2504. <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8.5pt" ALIGN="center">
  2505.  
  2506.  
  2507. <TR>
  2508.  
  2509. <TD WIDTH="53%"></TD>
  2510.  
  2511. <TD VALIGN="bottom"></TD>
  2512. <TD></TD>
  2513. <TD></TD>
  2514. <TD VALIGN="bottom" WIDTH="4%"></TD>
  2515.  
  2516. <TD VALIGN="bottom" WIDTH="2%"></TD>
  2517. <TD></TD>
  2518. <TD></TD>
  2519. <TD VALIGN="bottom" WIDTH="2%"></TD>
  2520.  
  2521. <TD VALIGN="bottom" WIDTH="2%"></TD>
  2522. <TD></TD>
  2523. <TD></TD>
  2524. <TD VALIGN="bottom" WIDTH="2%"></TD>
  2525.  
  2526. <TD VALIGN="bottom" WIDTH="1%"></TD>
  2527. <TD></TD>
  2528. <TD></TD>
  2529. <TD VALIGN="bottom" WIDTH="3%"></TD></TR>
  2530. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
  2531. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
  2532. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  2533. <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>For&nbsp;the&nbsp;Period<BR>from&nbsp;January&nbsp;1,<BR>2020 through<BR>June&nbsp;30, 2020<BR>(unaudited)</B></TD>
  2534. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  2535. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  2536. <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>For&nbsp;the<BR>Year Ended<BR>December&nbsp;31,<BR>2019</B></TD>
  2537. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  2538. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  2539. <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>For the<BR>Year Ended<BR>December&nbsp;31,<BR>2018</B></TD>
  2540. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  2541. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  2542. <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>For&nbsp;the&nbsp;Period<BR>From
  2543. June&nbsp;16,<BR>2017<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>&nbsp;Through<BR>December&nbsp;31,&nbsp;2017</B></TD>
  2544. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD></TR>
  2545.  
  2546.  
  2547. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2548. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Net asset value&nbsp;&#151;&nbsp;beginning of period</FONT></TD>
  2549. <TD VALIGN="bottom">&nbsp;</TD>
  2550. <TD VALIGN="bottom"><B></B>$</TD>
  2551. <TD VALIGN="bottom" ALIGN="right"><B></B>23.21</TD>
  2552. <TD NOWRAP VALIGN="bottom"><B></B>&nbsp;</TD>
  2553. <TD VALIGN="bottom">&nbsp;</TD>
  2554. <TD VALIGN="bottom">$</TD>
  2555. <TD VALIGN="bottom" ALIGN="right">61.95</TD>
  2556. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2557. <TD VALIGN="bottom">&nbsp;</TD>
  2558. <TD VALIGN="bottom">$</TD>
  2559. <TD VALIGN="bottom" ALIGN="right">75.75</TD>
  2560. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2561. <TD VALIGN="bottom">&nbsp;</TD>
  2562. <TD VALIGN="bottom">$</TD>
  2563. <TD VALIGN="bottom" ALIGN="right">52.33</TD>
  2564. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  2565. <TR STYLE="font-size:1px; ">
  2566. <TD VALIGN="bottom"></TD>
  2567. <TD VALIGN="bottom">&nbsp;</TD>
  2568. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2569. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2570. <TD>&nbsp;</TD>
  2571. <TD VALIGN="bottom">&nbsp;</TD>
  2572. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2573. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2574. <TD>&nbsp;</TD>
  2575. <TD VALIGN="bottom">&nbsp;</TD>
  2576. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2577. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2578. <TD>&nbsp;</TD>
  2579. <TD VALIGN="bottom">&nbsp;</TD>
  2580. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2581. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2582. <TD>&nbsp;</TD></TR>
  2583. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2584. <TD VALIGN="top"><FONT STYLE="font-size:9pt"><B>Income (loss) from investment operations:</B></FONT></TD>
  2585. <TD VALIGN="bottom">&nbsp;</TD>
  2586. <TD VALIGN="bottom"></TD>
  2587. <TD VALIGN="bottom"></TD>
  2588. <TD VALIGN="bottom"></TD>
  2589. <TD VALIGN="bottom">&nbsp;</TD>
  2590. <TD VALIGN="bottom"></TD>
  2591. <TD VALIGN="bottom"></TD>
  2592. <TD VALIGN="bottom"></TD>
  2593. <TD VALIGN="bottom">&nbsp;</TD>
  2594. <TD VALIGN="bottom"></TD>
  2595. <TD VALIGN="bottom"></TD>
  2596. <TD VALIGN="bottom"></TD>
  2597. <TD VALIGN="bottom">&nbsp;</TD>
  2598. <TD VALIGN="bottom"></TD>
  2599. <TD VALIGN="bottom"></TD>
  2600. <TD VALIGN="bottom"></TD></TR>
  2601. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2602. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Net investment income (loss)<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></FONT></TD>
  2603. <TD VALIGN="bottom">&nbsp;</TD>
  2604. <TD VALIGN="bottom">&nbsp;</TD>
  2605. <TD VALIGN="bottom" ALIGN="right">0.55</TD>
  2606. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2607. <TD VALIGN="bottom">&nbsp;</TD>
  2608. <TD VALIGN="bottom">&nbsp;</TD>
  2609. <TD VALIGN="bottom" ALIGN="right">1.42</TD>
  2610. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2611. <TD VALIGN="bottom">&nbsp;</TD>
  2612. <TD VALIGN="bottom">&nbsp;</TD>
  2613. <TD VALIGN="bottom" ALIGN="right">0.37</TD>
  2614. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2615. <TD VALIGN="bottom">&nbsp;</TD>
  2616. <TD VALIGN="bottom">&nbsp;</TD>
  2617. <TD VALIGN="bottom" ALIGN="right">(1.00</TD>
  2618. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
  2619. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2620. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Net realized and unrealized gain (loss) on investments</FONT></TD>
  2621. <TD VALIGN="bottom">&nbsp;</TD>
  2622. <TD VALIGN="bottom">&nbsp;</TD>
  2623. <TD VALIGN="bottom" ALIGN="right">0.15</TD>
  2624. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2625. <TD VALIGN="bottom">&nbsp;</TD>
  2626. <TD VALIGN="bottom">&nbsp;</TD>
  2627. <TD VALIGN="bottom" ALIGN="right">11.10</TD>
  2628. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2629. <TD VALIGN="bottom">&nbsp;</TD>
  2630. <TD VALIGN="bottom">&nbsp;</TD>
  2631. <TD VALIGN="bottom" ALIGN="right">(11.07</TD>
  2632. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
  2633. <TD VALIGN="bottom">&nbsp;</TD>
  2634. <TD VALIGN="bottom">&nbsp;</TD>
  2635. <TD VALIGN="bottom" ALIGN="right">23.53</TD>
  2636. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  2637. <TR STYLE="font-size:1px; ">
  2638. <TD VALIGN="bottom"></TD>
  2639. <TD VALIGN="bottom">&nbsp;</TD>
  2640. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2641. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2642. <TD>&nbsp;</TD>
  2643. <TD VALIGN="bottom">&nbsp;</TD>
  2644. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2645. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2646. <TD>&nbsp;</TD>
  2647. <TD VALIGN="bottom">&nbsp;</TD>
  2648. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2649. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2650. <TD>&nbsp;</TD>
  2651. <TD VALIGN="bottom">&nbsp;</TD>
  2652. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2653. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2654. <TD>&nbsp;</TD></TR>
  2655. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2656. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Total income from investment operations</FONT></TD>
  2657. <TD VALIGN="bottom">&nbsp;</TD>
  2658. <TD VALIGN="bottom">&nbsp;</TD>
  2659. <TD VALIGN="bottom" ALIGN="right">0.70</TD>
  2660. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2661. <TD VALIGN="bottom">&nbsp;</TD>
  2662. <TD VALIGN="bottom">&nbsp;</TD>
  2663. <TD VALIGN="bottom" ALIGN="right">12.52</TD>
  2664. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2665. <TD VALIGN="bottom">&nbsp;</TD>
  2666. <TD VALIGN="bottom">&nbsp;</TD>
  2667. <TD VALIGN="bottom" ALIGN="right">(10.70</TD>
  2668. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
  2669. <TD VALIGN="bottom">&nbsp;</TD>
  2670. <TD VALIGN="bottom">&nbsp;</TD>
  2671. <TD VALIGN="bottom" ALIGN="right">22.53</TD>
  2672. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  2673. <TR STYLE="font-size:1px; ">
  2674. <TD VALIGN="bottom"></TD>
  2675. <TD VALIGN="bottom">&nbsp;</TD>
  2676. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2677. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2678. <TD>&nbsp;</TD>
  2679. <TD VALIGN="bottom">&nbsp;</TD>
  2680. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2681. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2682. <TD>&nbsp;</TD>
  2683. <TD VALIGN="bottom">&nbsp;</TD>
  2684. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2685. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2686. <TD>&nbsp;</TD>
  2687. <TD VALIGN="bottom">&nbsp;</TD>
  2688. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2689. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2690. <TD>&nbsp;</TD></TR>
  2691. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2692. <TD VALIGN="top"><FONT STYLE="font-size:9pt"><B>Less liquidating distribution:</B></FONT></TD>
  2693. <TD VALIGN="bottom">&nbsp;</TD>
  2694. <TD VALIGN="bottom"></TD>
  2695. <TD VALIGN="bottom"></TD>
  2696. <TD VALIGN="bottom"></TD>
  2697. <TD VALIGN="bottom">&nbsp;</TD>
  2698. <TD VALIGN="bottom"></TD>
  2699. <TD VALIGN="bottom"></TD>
  2700. <TD VALIGN="bottom"></TD>
  2701. <TD VALIGN="bottom">&nbsp;</TD>
  2702. <TD VALIGN="bottom"></TD>
  2703. <TD VALIGN="bottom"></TD>
  2704. <TD VALIGN="bottom"></TD>
  2705. <TD VALIGN="bottom">&nbsp;</TD>
  2706. <TD VALIGN="bottom"></TD>
  2707. <TD VALIGN="bottom"></TD>
  2708. <TD VALIGN="bottom"></TD></TR>
  2709. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2710. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Liquidating distribution from net realized gains (Note 12)</FONT></TD>
  2711. <TD VALIGN="bottom">&nbsp;</TD>
  2712. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2713. <TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
  2714. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2715. <TD VALIGN="bottom">&nbsp;</TD>
  2716. <TD VALIGN="bottom">&nbsp;</TD>
  2717. <TD VALIGN="bottom" ALIGN="right">(51.50</TD>
  2718. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
  2719. <TD VALIGN="bottom">&nbsp;</TD>
  2720. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2721. <TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
  2722. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2723. <TD VALIGN="bottom">&nbsp;</TD>
  2724. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2725. <TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
  2726. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  2727. <TR STYLE="font-size:1px; ">
  2728. <TD VALIGN="bottom"></TD>
  2729. <TD VALIGN="bottom">&nbsp;</TD>
  2730. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2731. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2732. <TD>&nbsp;</TD>
  2733. <TD VALIGN="bottom">&nbsp;</TD>
  2734. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2735. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2736. <TD>&nbsp;</TD>
  2737. <TD VALIGN="bottom">&nbsp;</TD>
  2738. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2739. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2740. <TD>&nbsp;</TD>
  2741. <TD VALIGN="bottom">&nbsp;</TD>
  2742. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2743. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2744. <TD>&nbsp;</TD></TR>
  2745. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2746. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Total liquidating distribution</FONT></TD>
  2747. <TD VALIGN="bottom">&nbsp;</TD>
  2748. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2749. <TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
  2750. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2751. <TD VALIGN="bottom">&nbsp;</TD>
  2752. <TD VALIGN="bottom">&nbsp;</TD>
  2753. <TD VALIGN="bottom" ALIGN="right">(51.50</TD>
  2754. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
  2755. <TD VALIGN="bottom">&nbsp;</TD>
  2756. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2757. <TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
  2758. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2759. <TD VALIGN="bottom">&nbsp;</TD>
  2760. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2761. <TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
  2762. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  2763. <TR STYLE="font-size:1px; ">
  2764. <TD VALIGN="bottom"></TD>
  2765. <TD VALIGN="bottom">&nbsp;</TD>
  2766. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2767. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2768. <TD>&nbsp;</TD>
  2769. <TD VALIGN="bottom">&nbsp;</TD>
  2770. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2771. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2772. <TD>&nbsp;</TD>
  2773. <TD VALIGN="bottom">&nbsp;</TD>
  2774. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2775. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2776. <TD>&nbsp;</TD>
  2777. <TD VALIGN="bottom">&nbsp;</TD>
  2778. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2779. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2780. <TD>&nbsp;</TD></TR>
  2781. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2782. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Accretive (dilutive) impact from capital activity (Note 12)</FONT></TD>
  2783. <TD VALIGN="bottom">&nbsp;</TD>
  2784. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2785. <TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
  2786. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2787. <TD VALIGN="bottom">&nbsp;</TD>
  2788. <TD VALIGN="bottom">&nbsp;</TD>
  2789. <TD VALIGN="bottom" ALIGN="right">0.24</TD>
  2790. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2791. <TD VALIGN="bottom">&nbsp;</TD>
  2792. <TD VALIGN="bottom">&nbsp;</TD>
  2793. <TD VALIGN="bottom" ALIGN="right">(3.10</TD>
  2794. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
  2795. <TD VALIGN="bottom">&nbsp;</TD>
  2796. <TD VALIGN="bottom">&nbsp;</TD>
  2797. <TD VALIGN="bottom" ALIGN="right">0.89</TD>
  2798. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  2799. <TR STYLE="font-size:1px; ">
  2800. <TD VALIGN="bottom"></TD>
  2801. <TD VALIGN="bottom">&nbsp;</TD>
  2802. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2803. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2804. <TD>&nbsp;</TD>
  2805. <TD VALIGN="bottom">&nbsp;</TD>
  2806. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2807. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2808. <TD>&nbsp;</TD>
  2809. <TD VALIGN="bottom">&nbsp;</TD>
  2810. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2811. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2812. <TD>&nbsp;</TD>
  2813. <TD VALIGN="bottom">&nbsp;</TD>
  2814. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2815. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2816. <TD>&nbsp;</TD></TR>
  2817. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2818. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Net increase (decrease) in net asset value</FONT></TD>
  2819. <TD VALIGN="bottom">&nbsp;</TD>
  2820. <TD VALIGN="bottom">&nbsp;</TD>
  2821. <TD VALIGN="bottom" ALIGN="right">0.70</TD>
  2822. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2823. <TD VALIGN="bottom">&nbsp;</TD>
  2824. <TD VALIGN="bottom">&nbsp;</TD>
  2825. <TD VALIGN="bottom" ALIGN="right">(38.74</TD>
  2826. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
  2827. <TD VALIGN="bottom">&nbsp;</TD>
  2828. <TD VALIGN="bottom">&nbsp;</TD>
  2829. <TD VALIGN="bottom" ALIGN="right">(13.80</TD>
  2830. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
  2831. <TD VALIGN="bottom">&nbsp;</TD>
  2832. <TD VALIGN="bottom">&nbsp;</TD>
  2833. <TD VALIGN="bottom" ALIGN="right">23.42</TD>
  2834. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  2835. <TR STYLE="font-size:1px; ">
  2836. <TD VALIGN="bottom"></TD>
  2837. <TD VALIGN="bottom">&nbsp;</TD>
  2838. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2839. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2840. <TD>&nbsp;</TD>
  2841. <TD VALIGN="bottom">&nbsp;</TD>
  2842. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2843. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2844. <TD>&nbsp;</TD>
  2845. <TD VALIGN="bottom">&nbsp;</TD>
  2846. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2847. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2848. <TD>&nbsp;</TD>
  2849. <TD VALIGN="bottom">&nbsp;</TD>
  2850. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2851. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  2852. <TD>&nbsp;</TD></TR>
  2853. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2854. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Net asset value&nbsp;&#151;&nbsp;end of period</FONT></TD>
  2855. <TD VALIGN="bottom">&nbsp;</TD>
  2856. <TD VALIGN="bottom">$</TD>
  2857. <TD VALIGN="bottom" ALIGN="right">23.91</TD>
  2858. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2859. <TD VALIGN="bottom">&nbsp;</TD>
  2860. <TD VALIGN="bottom">$</TD>
  2861. <TD VALIGN="bottom" ALIGN="right">23.21</TD>
  2862. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2863. <TD VALIGN="bottom">&nbsp;</TD>
  2864. <TD VALIGN="bottom">$</TD>
  2865. <TD VALIGN="bottom" ALIGN="right">61.95</TD>
  2866. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2867. <TD VALIGN="bottom">&nbsp;</TD>
  2868. <TD VALIGN="bottom">$</TD>
  2869. <TD VALIGN="bottom" ALIGN="right">75.75</TD>
  2870. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  2871. <TR STYLE="font-size:1px; ">
  2872. <TD VALIGN="bottom"></TD>
  2873. <TD VALIGN="bottom">&nbsp;</TD>
  2874. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  2875. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  2876. <TD>&nbsp;</TD>
  2877. <TD VALIGN="bottom">&nbsp;</TD>
  2878. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  2879. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  2880. <TD>&nbsp;</TD>
  2881. <TD VALIGN="bottom">&nbsp;</TD>
  2882. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  2883. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  2884. <TD>&nbsp;</TD>
  2885. <TD VALIGN="bottom">&nbsp;</TD>
  2886. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  2887. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  2888. <TD>&nbsp;</TD></TR>
  2889. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2890. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Per common share market value&nbsp;&#151;&nbsp;end of period</FONT></TD>
  2891. <TD VALIGN="bottom">&nbsp;</TD>
  2892. <TD VALIGN="bottom">&nbsp;</TD>
  2893. <TD VALIGN="bottom" ALIGN="right">N/A</TD>
  2894. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2895. <TD VALIGN="bottom">&nbsp;</TD>
  2896. <TD VALIGN="bottom">&nbsp;</TD>
  2897. <TD VALIGN="bottom" ALIGN="right">N/A</TD>
  2898. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2899. <TD VALIGN="bottom">&nbsp;</TD>
  2900. <TD VALIGN="bottom">$</TD>
  2901. <TD VALIGN="bottom" ALIGN="right">57.94</TD>
  2902. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2903. <TD VALIGN="bottom">&nbsp;</TD>
  2904. <TD VALIGN="bottom">$</TD>
  2905. <TD VALIGN="bottom" ALIGN="right">69.85</TD>
  2906. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  2907. <TR STYLE="font-size:1px; ">
  2908. <TD VALIGN="bottom"></TD>
  2909. <TD VALIGN="bottom">&nbsp;</TD>
  2910. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  2911. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  2912. <TD>&nbsp;</TD>
  2913. <TD VALIGN="bottom">&nbsp;</TD>
  2914. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  2915. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  2916. <TD>&nbsp;</TD>
  2917. <TD VALIGN="bottom">&nbsp;</TD>
  2918. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  2919. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  2920. <TD>&nbsp;</TD>
  2921. <TD VALIGN="bottom">&nbsp;</TD>
  2922. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  2923. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  2924. <TD>&nbsp;</TD></TR>
  2925. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2926. <TD VALIGN="top"><FONT STYLE="font-size:9pt"><B>Total return based on net asset value<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></B></FONT></TD>
  2927. <TD VALIGN="bottom">&nbsp;</TD>
  2928. <TD VALIGN="bottom">&nbsp;</TD>
  2929. <TD VALIGN="bottom" ALIGN="right">3.02</TD>
  2930. <TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
  2931. <TD VALIGN="bottom">&nbsp;</TD>
  2932. <TD VALIGN="bottom">&nbsp;</TD>
  2933. <TD VALIGN="bottom" ALIGN="right">36.36</TD>
  2934. <TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
  2935. <TD VALIGN="bottom">&nbsp;</TD>
  2936. <TD VALIGN="bottom">&nbsp;</TD>
  2937. <TD VALIGN="bottom" ALIGN="right">(18.22</TD>
  2938. <TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
  2939. <TD VALIGN="bottom">&nbsp;</TD>
  2940. <TD VALIGN="bottom">&nbsp;</TD>
  2941. <TD VALIGN="bottom" ALIGN="right">44.75</TD>
  2942. <TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
  2943. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2944. <TD VALIGN="top"><FONT STYLE="font-size:9pt"><B>Total return based on market value<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></B></FONT></TD>
  2945. <TD VALIGN="bottom">&nbsp;</TD>
  2946. <TD VALIGN="bottom">&nbsp;</TD>
  2947. <TD VALIGN="bottom" ALIGN="right">N/A</TD>
  2948. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2949. <TD VALIGN="bottom">&nbsp;</TD>
  2950. <TD VALIGN="bottom">&nbsp;</TD>
  2951. <TD VALIGN="bottom" ALIGN="right">23.31</TD>
  2952. <TD NOWRAP VALIGN="bottom">% <SUP STYLE="font-size:85%; vertical-align:top">(8)</SUP>&nbsp;</TD>
  2953. <TD VALIGN="bottom">&nbsp;</TD>
  2954. <TD VALIGN="bottom">&nbsp;</TD>
  2955. <TD VALIGN="bottom" ALIGN="right">(17.05</TD>
  2956. <TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
  2957. <TD VALIGN="bottom">&nbsp;</TD>
  2958. <TD VALIGN="bottom">&nbsp;</TD>
  2959. <TD VALIGN="bottom" ALIGN="right">32.85</TD>
  2960. <TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
  2961. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2962. <TD VALIGN="top"><FONT STYLE="font-size:9pt"><B>Ratios and supplemental data:</B></FONT></TD>
  2963. <TD VALIGN="bottom">&nbsp;</TD>
  2964. <TD VALIGN="bottom"></TD>
  2965. <TD VALIGN="bottom"></TD>
  2966. <TD VALIGN="bottom"></TD>
  2967. <TD VALIGN="bottom">&nbsp;</TD>
  2968. <TD VALIGN="bottom"></TD>
  2969. <TD VALIGN="bottom"></TD>
  2970. <TD VALIGN="bottom"></TD>
  2971. <TD VALIGN="bottom">&nbsp;</TD>
  2972. <TD VALIGN="bottom"></TD>
  2973. <TD VALIGN="bottom"></TD>
  2974. <TD VALIGN="bottom"></TD>
  2975. <TD VALIGN="bottom">&nbsp;</TD>
  2976. <TD VALIGN="bottom"></TD>
  2977. <TD VALIGN="bottom"></TD>
  2978. <TD VALIGN="bottom"></TD></TR>
  2979. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2980. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Net assets, end of period (in thousands)</FONT></TD>
  2981. <TD VALIGN="bottom">&nbsp;</TD>
  2982. <TD VALIGN="bottom">$</TD>
  2983. <TD VALIGN="bottom" ALIGN="right">12,421,421</TD>
  2984. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2985. <TD VALIGN="bottom">&nbsp;</TD>
  2986. <TD VALIGN="bottom">$</TD>
  2987. <TD VALIGN="bottom" ALIGN="right">12,059,874</TD>
  2988. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2989. <TD VALIGN="bottom">&nbsp;</TD>
  2990. <TD VALIGN="bottom">$</TD>
  2991. <TD VALIGN="bottom" ALIGN="right">35,156,075</TD>
  2992. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  2993. <TD VALIGN="bottom">&nbsp;</TD>
  2994. <TD VALIGN="bottom">$</TD>
  2995. <TD VALIGN="bottom" ALIGN="right">62,485,919</TD>
  2996. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  2997. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  2998. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Ratio of expenses to average net assets including current and deferred income taxes<SUP STYLE="font-size:85%; vertical-align:top">(4)(5)</SUP></FONT></TD>
  2999. <TD VALIGN="bottom">&nbsp;</TD>
  3000. <TD VALIGN="bottom">&nbsp;</TD>
  3001. <TD VALIGN="bottom" ALIGN="right">(1.50</TD>
  3002. <TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
  3003. <TD VALIGN="bottom">&nbsp;</TD>
  3004. <TD VALIGN="bottom">&nbsp;</TD>
  3005. <TD VALIGN="bottom" ALIGN="right">4.14</TD>
  3006. <TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
  3007. <TD VALIGN="bottom">&nbsp;</TD>
  3008. <TD VALIGN="bottom">&nbsp;</TD>
  3009. <TD VALIGN="bottom" ALIGN="right">(5.83</TD>
  3010. <TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
  3011. <TD VALIGN="bottom">&nbsp;</TD>
  3012. <TD VALIGN="bottom">&nbsp;</TD>
  3013. <TD VALIGN="bottom" ALIGN="right">(9.27</TD>
  3014. <TD NOWRAP VALIGN="bottom">)%&nbsp;</TD></TR>
  3015. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  3016. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Ratio of expenses to average net assets excluding current and deferred income taxes<SUP STYLE="font-size:85%; vertical-align:top">(4)(5)</SUP></FONT></TD>
  3017. <TD VALIGN="bottom">&nbsp;</TD>
  3018. <TD VALIGN="bottom">&nbsp;</TD>
  3019. <TD VALIGN="bottom" ALIGN="right">0.29</TD>
  3020. <TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
  3021. <TD VALIGN="bottom">&nbsp;</TD>
  3022. <TD VALIGN="bottom">&nbsp;</TD>
  3023. <TD VALIGN="bottom" ALIGN="right">0.46</TD>
  3024. <TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
  3025. <TD VALIGN="bottom">&nbsp;</TD>
  3026. <TD VALIGN="bottom">&nbsp;</TD>
  3027. <TD VALIGN="bottom" ALIGN="right">0.63</TD>
  3028. <TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
  3029. <TD VALIGN="bottom">&nbsp;</TD>
  3030. <TD VALIGN="bottom">&nbsp;</TD>
  3031. <TD VALIGN="bottom" ALIGN="right">0.36</TD>
  3032. <TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
  3033. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  3034. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Ratio of net investment income (loss) including current and deferred income taxes to average net assets<SUP STYLE="font-size:85%; vertical-align:top">(4)(6)</SUP></FONT></TD>
  3035. <TD VALIGN="bottom">&nbsp;</TD>
  3036. <TD VALIGN="bottom">&nbsp;</TD>
  3037. <TD VALIGN="bottom" ALIGN="right">2.67</TD>
  3038. <TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
  3039. <TD VALIGN="bottom">&nbsp;</TD>
  3040. <TD VALIGN="bottom">&nbsp;</TD>
  3041. <TD VALIGN="bottom" ALIGN="right">2.34</TD>
  3042. <TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
  3043. <TD VALIGN="bottom">&nbsp;</TD>
  3044. <TD VALIGN="bottom">&nbsp;</TD>
  3045. <TD VALIGN="bottom" ALIGN="right">0.46</TD>
  3046. <TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
  3047. <TD VALIGN="bottom">&nbsp;</TD>
  3048. <TD VALIGN="bottom">&nbsp;</TD>
  3049. <TD VALIGN="bottom" ALIGN="right">(1.50</TD>
  3050. <TD NOWRAP VALIGN="bottom">)%&nbsp;</TD></TR>
  3051. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  3052. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Ratio of net investment income (loss) excluding current and deferred income taxes to average net assets<SUP STYLE="font-size:85%; vertical-align:top">(4)(6)</SUP></FONT></TD>
  3053. <TD VALIGN="bottom">&nbsp;</TD>
  3054. <TD VALIGN="bottom">&nbsp;</TD>
  3055. <TD VALIGN="bottom" ALIGN="right">0.88</TD>
  3056. <TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
  3057. <TD VALIGN="bottom">&nbsp;</TD>
  3058. <TD VALIGN="bottom">&nbsp;</TD>
  3059. <TD VALIGN="bottom" ALIGN="right">0.78</TD>
  3060. <TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
  3061. <TD VALIGN="bottom">&nbsp;</TD>
  3062. <TD VALIGN="bottom">&nbsp;</TD>
  3063. <TD VALIGN="bottom" ALIGN="right">(0.06</TD>
  3064. <TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
  3065. <TD VALIGN="bottom">&nbsp;</TD>
  3066. <TD VALIGN="bottom">&nbsp;</TD>
  3067. <TD VALIGN="bottom" ALIGN="right">(0.19</TD>
  3068. <TD NOWRAP VALIGN="bottom">)%&nbsp;</TD></TR>
  3069. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  3070. <TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><FONT STYLE="font-size:9pt">Portfolio turnover rate<SUP STYLE="font-size:85%; vertical-align:top">(7)</SUP></FONT></TD>
  3071. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3072. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3073. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">0.00</TD>
  3074. <TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">%&nbsp;</TD>
  3075. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3076. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3077. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">0.35</TD>
  3078. <TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">%&nbsp;</TD>
  3079. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3080. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3081. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">0.55</TD>
  3082. <TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">%&nbsp;</TD>
  3083. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3084. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3085. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">0.49</TD>
  3086. <TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">%&nbsp;</TD></TR>
  3087. </TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  3088. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  3089. <TR style = "page-break-inside:avoid">
  3090. <TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
  3091. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">Commencement of operations. </P></TD></TR></TABLE>
  3092. <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  3093. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  3094. <TR style = "page-break-inside:avoid">
  3095. <TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
  3096. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">Calculated by using weighted average shares method. </P></TD></TR></TABLE>
  3097. <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  3098. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  3099. <TR style = "page-break-inside:avoid">
  3100. <TD WIDTH="5%" VALIGN="top" ALIGN="left">(3)</TD>
  3101. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">Not annualized for periods less than one year. Total return in the above table represents the rate that the
  3102. investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions, if any. The net asset value and market price returns will differ depending upon the level of any discount from or premium to net asset value at
  3103. which the Fund&#146;s shares traded during the period. Total return based on market value does not reflect sales load. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  3104. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  3105. <TR style = "page-break-inside:avoid">
  3106. <TD WIDTH="5%" VALIGN="top" ALIGN="left">(4)</TD>
  3107. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">All income and expenses are annualized for periods of less than one year, with the exception of current and
  3108. deferred income taxes and other non-recurring fees. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  3109. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  3110. <TR style = "page-break-inside:avoid">
  3111. <TD WIDTH="5%" VALIGN="top" ALIGN="left">(5)</TD>
  3112. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">For the period from January 1, 2020 through June 30, 2020, the Fund accrued $221,147 in current and deferred
  3113. income taxes. For the year ended December 31, 2019, the Fund accrued $1,180,785 in current and deferred income taxes. For the year ended December 31, 2018, the Fund accrued $3,763,567 in current and deferred income tax benefit. For the period from
  3114. June 16, 2017 through December 31, 2017, the Fund accrued $5,591,421 in current and deferred income taxes. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  3115. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  3116. <TR style = "page-break-inside:avoid">
  3117. <TD WIDTH="5%" VALIGN="top" ALIGN="left">(6)</TD>
  3118. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">For the period from January 1, 2020 through June 30, 2020, the Fund accrued $221,461 in current and deferred
  3119. income tax benefit applicable to net investment income. For the year ended December&nbsp;31, 2019, the Fund accrued $500,325 in current and deferred income tax benefit applicable to net investment income. For the year ended December&nbsp;31, 2018,
  3120. the Fund accrued $302,327 in current and deferred income tax benefit applicable to net investment income. For the period from June&nbsp;16, 2017 through December&nbsp;31, 2017, the Fund accrued $762,338 in current and deferred income tax expense
  3121. applicable to net investment income. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  3122. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  3123. <TR style = "page-break-inside:avoid">
  3124. <TD WIDTH="5%" VALIGN="top" ALIGN="left">(7)</TD>
  3125. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">Not annualized. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  3126. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  3127. <TR style = "page-break-inside:avoid">
  3128. <TD WIDTH="5%" VALIGN="top" ALIGN="left">(8)</TD>
  3129. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">For the period from January 1, 2019 through October 4, 2019 (date of delisting). </P></TD></TR></TABLE>
  3130. <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">See Notes to Consolidated Financial Statements. </P>
  3131. <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">6 </P>
  3132.  
  3133. </DIV></Center>
  3134.  
  3135.  
  3136. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  3137. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  3138. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  3139.  
  3140.  
  3141. <Center><DIV STYLE="width:8.5in" align="left">
  3142. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc928563_7"></A>ALTABA INC. </B></P>
  3143. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS </B></P>
  3144. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>June&nbsp;30, 2020 </B></P>
  3145. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>(unaudited) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:13pt; font-family:Times New Roman"><B>Note
  3146. 1&nbsp;&nbsp;&nbsp;&nbsp;Organization and Investment Objective </B></P> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
  3147. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B><I>Organization </I></B></P>
  3148. <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Altaba Inc. (&#147;Altaba&#148; or the &#147;Fund&#148;) is an independent <FONT STYLE="white-space:nowrap">non-diversified,</FONT> <FONT
  3149. STYLE="white-space:nowrap">closed-end</FONT> management investment company registered under the Investment Company Act of 1940 (the &#147;1940 Act&#148;). The Fund is organized as a Delaware corporation. On June&nbsp;13, 2017, Yahoo! Inc.
  3150. (&#147;Yahoo&#148;) completed the sale of its operating business to Verizon Communications Inc. (&#147;Verizon&#148;) (the &#147;Sale Transaction&#148;). On June&nbsp;16, 2017, Yahoo changed its name to &#147;Altaba Inc.&#148; and filed a
  3151. Notification of Registration on Form <FONT STYLE="white-space:nowrap">N-8A</FONT> and a Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> with the Securities and Exchange Commission (the &#147;SEC&#148;) in order to register
  3152. as an investment company under the 1940 Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B><I>Plan of Liquidation and Dissolution </I></B></P>
  3153. <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">In seeking to achieve its investment objective of returning capital to stockholders, the Fund&#146;s Board of Directors (the &#147;Board&#148;)
  3154. unanimously approved and adopted a Plan of Complete Liquidation and Dissolution (the &#147;Plan of Liquidation and Dissolution&#148;) on April&nbsp;2, 2019 and recommended approval of the Plan of Liquidation and Dissolution to the Fund&#146;s
  3155. stockholders. Stockholders of the Fund approved the Plan of Liquidation and Dissolution at a special meeting of stockholders held on June&nbsp;27, 2019 (the &#147;Special Meeting&#148;). The Fund made a
  3156. <FONT STYLE="white-space:nowrap">pre-dissolution</FONT> liquidating distribution of $51.50 in cash per share of its common stock on September&nbsp;23, 2019, to stockholders of record as of September&nbsp;16, 2019. </P>
  3157. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">On October&nbsp;4, 2019, the Fund filed a certificate of dissolution (the &#147;Certificate of Dissolution&#148;) with the Secretary of State
  3158. of the State of Delaware. The Certificate of Dissolution, which became effective at 4:00 p.m. Eastern Time on October&nbsp;4, 2019 (the &#147;Effective Time&#148;), provides for the dissolution of the Fund under the General Corporation Law of the
  3159. State of Delaware (the &#147;DGCL&#148;). In connection with the Plan of Liquidation and Dissolution, effective as of the Effective Time, the Fund closed its stock transfer books and discontinued recording transfers of its common stock, $0.001 par
  3160. value per share (&#147;the Shares&#148;). Record holders of Shares are no longer able to transfer record ownership of their Shares on the Fund&#146;s stock transfer books, other than transfers by will, intestate succession or operation of law. The
  3161. Fund also ceased to be traded on The NASDAQ Global Select Market (&#147;Nasdaq&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">On May&nbsp;28, 2020, in furtherance of the Plan of
  3162. Liquidation and Dissolution, the Fund filed with the Court of Chancery of the State of Delaware (the &#147;Chancery Court&#148;) a verified petition (the &#147;Petition&#148;) for determinations pursuant to Section&nbsp;280 of the DGCL (<I>In re
  3163. Altaba</I>, Case No. <FONT STYLE="white-space:nowrap">2020-0413-JTL</FONT> (Del. Ch. Ct.) (&#147;Delaware Proceeding&#148;). The Petition requests an interim order and final order determining the amount and form of security that will be reasonably
  3164. likely to be sufficient to provide compensation for: (i)&nbsp;claims that are the subject of a pending action, suit or proceeding to which the Fund is a party; (ii)&nbsp;other claims asserted in response to a notice provided by the Fund under
  3165. Section&nbsp;280(a)(i) of the DGCL, as to which the amount and form of security for such claims has not been agreed upon by the parties; (iii)&nbsp;costs and expenses through the completion of the <FONT STYLE="white-space:nowrap">wind-up</FONT>
  3166. process; and (iv)&nbsp;other claims, if any, that are not barred under Section&nbsp;280 and have not been made known to the Fund or that have not yet arisen but that, based on facts known to the Fund, are likely to arise or become known within five
  3167. years after the Effective Time, including contingent, conditional or otherwise unmatured contractual claims. A copy of the Petition was filed with the SEC as an exhibit to the Fund&#146;s Current Report on Form
  3168. <FONT STYLE="white-space:nowrap">8-K</FONT> on May&nbsp;28, 2020 and any description of the Petition contained in this semi-annual report is qualified in its entirety by the contents of the Petition. </P>
  3169. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">In the Petition, the Fund sought an interim order from the Chancery Court (the &#147;Interim Order&#148;) that approves an initial conservative
  3170. aggregate amount of security. In addition to undisputed claims (including claims where the Fund has agreed with the claimant on the required amount of security, either initially or following negotiation), this security amount would include, for each
  3171. claim as to which the amount was in dispute, the full amount requested by the relevant claimant at that time. The Fund requested the Interim Order in the Petition to be able to make a cash distribution of all of the Fund&#146;s assets in excess of
  3172. </P>
  3173. <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">7 </P>
  3174.  
  3175. </DIV></Center>
  3176.  
  3177.  
  3178. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  3179. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  3180. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  3181.  
  3182.  
  3183. <Center><DIV STYLE="width:8.5in" align="left">
  3184. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">
  3185. the aggregate security amount approved in the Interim Order without having to wait for the Chancery Court to adjudicate the amount of security reasonably likely to provide sufficient compensation
  3186. for the claims in dispute. Additional distributions are not expected to be made until a judicial determination has been reached regarding the amount and form of security reasonably likely to provide sufficient compensation for such disputed claims
  3187. and the issuance of a final order, as described below. For further information regarding the matters described above, please refer to the full text of the Petition. </P>
  3188. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">On June&nbsp;16, 2020, the U.S. Department of Justice (the &#147;DOJ&#148;) on behalf of the Internal Revenue Service (the &#147;IRS&#148;),
  3189. filed a Notice of Removal, removing the Delaware Proceeding to the U.S. District Court for the District of Delaware (the &#147;Delaware District Court&#148;). On June 16, 2020, the DOJ, on behalf of the IRS, also filed a complaint commencing an
  3190. action in the Delaware District Court (the &#147;Collection Action&#148;) seeking a judgment against Altaba in respect of the tax claims and amounts raised by the IRS that are described in the Petition. </P>
  3191. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">On August&nbsp;10, 2020, the Delaware District Court entered an order remanding the Delaware Proceeding back to the Chancery Court, with the
  3192. exception of IRS tax claims and Verizon&#146;s tax indemnity claims, which continued to be before the Delaware District Court. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">On August
  3193. 18, 2020, the Fund and the DOJ, on behalf of the IRS, filed a joint motion with the Delaware District Court (the &#147;Joint Motion&#148;), pursuant to which the Fund agreed to retain as security for the claims of the IRS an aggregate amount of
  3194. $1.76 billion (which is the amount the Chancery Court is being requested to retain as security for the claims of the IRS in the Interim Order Motion described below), subject to agreed upon mechanisms for the release of this security as portions of
  3195. the IRS claims are resolved over time. In the Joint Motion, the Fund and the DOJ, on behalf of the IRS, requested that the Delaware District Court dismiss the portion of the Delaware Proceeding relating to the IRS tax claims that had been removed to
  3196. the Delaware District Court and remand Verizon&#146;s tax indemnity claims back to the Chancery Court. The Delaware District Court has not yet ruled on the Joint Motion. The Fund and the DOJ, on behalf of the IRS, have agreed that within three days
  3197. after the date on which the Delaware District Court enters an order substantially in the form attached to the Joint Motion, the DOJ will file a motion requesting that the Delaware District Court dismiss the Collection Action without prejudice. </P>
  3198. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">On August 18, 2020, as requested by the Fund in the Petition, the Chancery Court entered an order barring claims from potential claimants who
  3199. received notice of the Fund&#146;s dissolution and did not submit a claim by the claims deadline. For further information, please refer to the full text of the Petition. </P>
  3200. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">On August 20, 2020, the Fund filed with the Chancery Court a Motion for an Interim Order Approving Interim Holdbacks and Permitting Certain
  3201. Distributions to Stockholders (the &#147;Interim Order Motion&#148;). In the Interim Order Motion, the Fund requested that the Chancery Court establish an initial conservative aggregate amount of security of $7.347&nbsp;billion, which if approved
  3202. would allow the Fund to distribute up to $5.155&nbsp;billion to stockholders. It is not typical for such an Interim Order to be requested in proceedings of this kind. There can be no assurance that the Chancery Court will approve the Interim Order,
  3203. that the Chancery Court will authorize the aggregate security amount proposed by the Fund in the Interim Order Motion, that the distribution of excess assets based on the Interim Order will occur or, if approved, when any such distribution will
  3204. occur. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">After the Chancery Court rules on the Interim Order Motion, the Fund will request a final order from the Chancery Court (the
  3205. &#147;Final Order&#148;, and together with the Interim Order, the &#147;Court Orders&#148;) establishing the final amount and form of security for contested known, contingent and potential future claims that are likely to arise or become known
  3206. within five years of the Effective Time (or such longer period of time as the Chancery Court may determine not to exceed ten years after the Effective Time), pay or make reasonable provision for the Fund&#146;s uncontested known claims and expenses
  3207. (including any changes to amounts agreed by the Fund and claimants following the issuance of the Interim Order), and establish reserves for other claims as required by the Final Order. </P>
  3208. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The Final Order will reflect the Chancery Court&#146;s, and, as applicable, the Delaware District Court&#146;s, own determination as to the
  3209. amount and form of security reasonably likely to provide sufficient compensation for all known, contingent and potential future claims against the Fund. There can be no assurance regarding the timing and provisions of the Final Order and the
  3210. Chancery Court, and, as applicable, the Delaware District Court, may require the Fund to withhold an aggregate amount of </P>
  3211. <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">8 </P>
  3212.  
  3213. </DIV></Center>
  3214.  
  3215.  
  3216. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  3217. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  3218. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  3219.  
  3220.  
  3221. <Center><DIV STYLE="width:8.5in" align="left">
  3222. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">
  3223. security in excess of the amount that we believe is reasonably likely to satisfy the Fund&#146;s potential claims and liabilities. In addition, the Fund cannot predict the impact, if any, of the <FONT
  3224. STYLE="white-space:nowrap">Covid-19</FONT> pandemic on the timing of proceedings in the Chancery Court or the Delaware District Court, and it is possible that delays could result. There also can be no assurance as to the timing or amount of any
  3225. additional distributions that we may make subsequent to the distribution we intend to make immediately following the entry of the Interim Order. </P>
  3226. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Any amounts proposed or determined to be held as security for claims against the Fund in the Petition, the Interim Order or the Final Order, or
  3227. any such amounts actually held as security by the Fund, have not been, and will not be, calculated in accordance with, or by reference to, U.S. GAAP and do not, and will not, reflect any change in the Fund&#146;s current position with respect to its
  3228. liabilities and reserves from an accounting perspective. Rather, in the case of the Interim Order, such amounts will reflect either the amount of security currently requested by the claimant, or the security amount such claimant has negotiated with
  3229. the Fund. For the Interim Order or the Final Order, the Fund may agree with a claimant to set aside an amount as security that exceeds the amount the Fund believes it will ultimately owe such claimant, in order to allow more efficient distribution
  3230. of excess funds pending final resolution of the liability. Furthermore, under the Final Order, for claims for which a security amount has not been separately negotiated, the amounts held as security will be those calculated by the Chancery Court
  3231. and/or the Delaware District Court to ensure that the Fund has sufficient assets to comply with its obligations to retain adequate security pursuant to the dissolution procedures under Section&nbsp;280 of the DGCL, which is generally a more
  3232. conservative standard than the determination required by U.S. GAAP. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The Fund currently expects to deregister as an investment company
  3233. under the 1940 Act following the issuance of the Final Order, and after the Fund has reduced its remaining assets to cash and distributed substantially all of its assets. </P>
  3234. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The Fund&#146;s activities are limited to winding up its business affairs in accordance with the Plan of Liquidation and Dissolution and the
  3235. Court Orders. Pursuant to the Plan of Liquidation and Dissolution, the Fund has sold, distributed or otherwise disposed of substantially all of its remaining <FONT STYLE="white-space:nowrap">non-cash</FONT> assets in order to maximize value for the
  3236. Fund&#146;s stockholders and creditors. The Fund intends to return substantially all of its cash, including any new cash generated by asset sales, net of its obligations and expenses, to stockholders through liquidating distributions and in
  3237. accordance with the Court Orders. The Fund will retain sufficient cash and other assets to satisfy its potential obligations to creditors, including possible tax liabilities and other claims, and for working capital and to comply with the Court
  3238. Orders. The timing, amount and method of any return of capital will be determined by the Board, subject to the Court Orders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The approval
  3239. of the Plan of Liquidation and Dissolution by the requisite vote of the stockholders granted full and complete authority to our Board and officers, without further stockholder action, to proceed with the liquidation and dissolution of the Fund
  3240. pursuant to the Plan of Liquidation and Dissolution in accordance with any applicable provision of Delaware law. Accordingly, the Board may, in order to seek to maximize value for the Fund&#146;s stockholders and creditors, authorize actions in
  3241. implementing the Plan of Liquidation and Dissolution, including the timing of any distributions to stockholders, without further stockholder approval. </P>
  3242. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Proceeds generated from asset sales generally are held in cash, money market funds and marketable debt securities (the &#147;Marketable Debt
  3243. Securities Portfolio&#148;) until returned to stockholders or used to satisfy the Fund&#146;s obligations. The Fund may hold all or any portion of its assets, including cash, for an indefinite period of time. </P>
  3244. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The Fund does not currently anticipate making new investments other than for ordinary course cash management purposes or to protect or enhance
  3245. the value of the Fund&#146;s assets. The Fund&#146;s investment objective is not fundamental and may be changed without notice to stockholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:13pt; font-family:Times New Roman"><B>Note
  3246. 2&nbsp;&nbsp;&nbsp;&nbsp;Consolidation </B></P> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
  3247. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">At June&nbsp;30, 2020, Altaba Holdings Hong Kong Limited (&#147;Altaba HK&#148;), a wholly owned subsidiary of the Fund, no longer engages in
  3248. any business or operations, and owns no assets. </P>
  3249. <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">9 </P>
  3250.  
  3251. </DIV></Center>
  3252.  
  3253.  
  3254. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  3255. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  3256. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  3257.  
  3258.  
  3259. <Center><DIV STYLE="width:8.5in" align="left">
  3260. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Altaba HK MC Limited (&#147;Altaba HK MC&#148;) is a wholly owned subsidiary of Altaba HK.
  3261. Altaba HK MC was a special purpose entity formed for the sole purpose of acting as the borrower under the Fund&#146;s margin loan agreement, which was repaid in April 2019. Altaba HK MC no longer engages in any business or operations, and owns no
  3262. assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">All assets, liabilities, income and expenses of Altaba HK and Altaba HK MC are consolidated in the financial statements of the
  3263. Fund, and all significant intercompany balances and expenses have been eliminated in consolidation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:13pt; font-family:Times New Roman" ALIGN="justify"><B>Note
  3264. 3&nbsp;&nbsp;&nbsp;&nbsp;Significant Accounting Policies </B></P> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
  3265. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The following is a summary of significant accounting policies followed by the Fund. These policies are prepared in conformity with accounting
  3266. principles generally accepted in the United States of America (&#147;GAAP&#148;) for investment companies, which require the use of estimates by Fund management. Management believes that estimates and valuations are appropriate; however, actual
  3267. results may differ from those estimates and valuations reflected in the consolidated financial statements may differ from the value the Fund ultimately realizes. The Fund follows the investment company accounting and reporting guidance of the
  3268. Financial Accounting Standards Board (&#147;FASB&#148;) Accounting Standard Codification Topic 946 Financial Services &#151; Investment Companies. </P>
  3269. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B><I>Use of Estimates </I></B></P>
  3270. <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect
  3271. the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual amounts could differ from those estimates. </P>
  3272. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B><I>Securities Valuation </I></B></P>
  3273. <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The Fund&#146;s investments are reported at fair value, which is defined as the price that would be received to sell an asset or paid to
  3274. transfer a liability in an orderly transaction between market participants at the measurement date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The following describes the valuation
  3275. techniques applied to the Fund&#146;s major categories of assets measured at fair value on a recurring basis. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  3276. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  3277. <TR style = "page-break-inside:avoid">
  3278. <TD WIDTH="4%">&nbsp;</TD>
  3279. <TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
  3280. <TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
  3281. <TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">Fixed income securities &#151; The fair value of this investment class is estimated using various techniques,
  3282. which may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (when observable), bond spreads, fundamental data relating to the issuer and credit default swap spreads. Most corporate
  3283. debt securities, commercial paper and certificates of deposit are priced based on transaction prices, quotations, or similar observable inputs and are categorized in Level&nbsp;2. U.S. government debt securities are valued using a model that
  3284. incorporates market observable data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. </P></TD></TR></TABLE>
  3285. <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  3286. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  3287. <TR style = "page-break-inside:avoid">
  3288. <TD WIDTH="4%">&nbsp;</TD>
  3289. <TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
  3290. <TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
  3291. <TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">Money market funds are valued at their respective publicly available net asset value. Money market funds are
  3292. categorized in Level&nbsp;1. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  3293. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  3294. <TR style = "page-break-inside:avoid">
  3295. <TD WIDTH="4%">&nbsp;</TD>
  3296. <TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
  3297. <TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
  3298. <TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">Private placement investment &#151; A market approach is used for valuing this investment class. Under the
  3299. market approach, the Fund utilizes information from management along with publicly-traded comparable market transaction information to determine a price per share. The private placement investment is categorized in Level&nbsp;3.
  3300. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The Board has adopted methods for valuing securities, including in circumstances in which market quotes are not readily
  3301. available, and will generally delegate authority to management of the Fund to apply those methods in making fair value determinations, subject to Board oversight. Fund management will administer, implement, and oversee the valuation process, and
  3302. will make fair value decisions. Fund management will review changes in fair value measurements from period to period and may, as deemed appropriate, obtain approval from the Board to change the valuation guidelines to better reflect the results of
  3303. comparisons of fair value determinations with actual trade prices and address new or evolving issues. The Board and Audit Committee will periodically review reports that describe fair value determinations and methods. </P>
  3304. <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">10 </P>
  3305.  
  3306. </DIV></Center>
  3307.  
  3308.  
  3309. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  3310. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  3311. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  3312.  
  3313.  
  3314. <Center><DIV STYLE="width:8.5in" align="left">
  3315. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B><I>Federal Income Taxes </I></B></P>
  3316. <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The Fund is currently not treated as a &#147;regulated investment company&#148; under the Internal Revenue Code (the &#147;Code&#148;). Instead,
  3317. the Fund is currently treated as a regular corporation, or a &#147;C&#148; corporation, for U.S. federal income tax purposes and, unlike most registered investment companies, will be subject to corporate income tax to the extent the Fund recognizes
  3318. taxable income and taxable gains. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Deferred income taxes are determined based on the differences between the financial reporting and tax
  3319. bases of assets and liabilities and are measured using the currently enacted tax rates and laws. Significant judgment will be required in evaluating the Fund&#146;s uncertain tax positions and determining its provision for income taxes. The Fund
  3320. establishes liabilities for <FONT STYLE="white-space:nowrap">tax-related</FONT> uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. These liabilities are established when the Fund believes that certain
  3321. positions might be challenged despite its belief that its tax return positions are in accordance with applicable tax laws. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will affect
  3322. the provision for income taxes in the period in which such determination is made. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B><I>Foreign Currency </I></B></P>
  3323. <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Foreign-denominated assets, including investment securities, have been translated into U.S. dollars at the exchange rates on June&nbsp;30, 2020.
  3324. Purchases and sales of investment securities, interest and dividend income received and expenses denominated in foreign currencies have been translated into U.S. dollars at the exchange rate on the trade date. </P>
  3325. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The Fund does not&nbsp;isolate&nbsp;that portion of the results of operations resulting from changes in&nbsp;foreign&nbsp;exchange rates on
  3326. investments from the fluctuations arising from changes in the market prices of securities held. The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. </P>
  3327. <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B><I>Leases </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Leases are
  3328. classified as either operating leases or finance leases. The Fund currently leases office space under operating lease arrangements.&nbsp;Whether a lease is classified as an operating lease or a finance lease, the Fund must record a <FONT
  3329. STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> asset and a lease liability for all leases at the commencement date of the lease, other than for leases with an initial term of 12&nbsp;months or less. <FONT
  3330. STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-of-use</FONT></FONT> assets and lease liabilities are reported in other assets and other liabilities, respectively, on the consolidated statement of assets and liabilities. A lease
  3331. liability is initially and subsequently reported at the present value of the outstanding lease payments determined by discounting those lease payments over the remaining lease term using the incremental borrowing rate of the legal entity entering
  3332. into the lease as of the commencement date.&nbsp;A <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> asset is initially reported at the present value of the corresponding lease liability plus any prepaid
  3333. lease payments and initial direct costs of entering into the lease, and reduced by any lease incentives. Subsequently, a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> asset is reported at the present
  3334. value of the lease liability adjusted for any prepaid or accrued lease payments, remaining balances of any lease incentives received, unamortized initial direct costs of entering into the lease and any impairments of the <FONT
  3335. STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> asset.&nbsp;The Fund tests for possible impairments of <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> assets
  3336. annually or more frequently whenever events or changes in circumstances indicate that the carrying value of a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> asset may exceed its fair value.&nbsp;If the
  3337. carrying value of the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> asset exceeds its fair value, then the carrying value of the
  3338. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> asset is reduced to its fair value. Subsequent to an impairment, the carrying value of the
  3339. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> asset is amortized on a straight-line basis over the remaining lease term. </P>
  3340. <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B><I>Other </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The Fund
  3341. records security transactions based on the trade date. Dividend income is recognized on the <FONT STYLE="white-space:nowrap">ex-dividend</FONT> date, and interest income is recognized on an accrual basis. Discounts and premiums on securities
  3342. purchased are accreted and amortized over the lives of the respective securities. Realized gains and losses from security transactions are determined using the specific identification method. </P>
  3343. <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">11 </P>
  3344.  
  3345. </DIV></Center>
  3346.  
  3347.  
  3348. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  3349. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  3350. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  3351.  
  3352.  
  3353. <Center><DIV STYLE="width:8.5in" align="left">
  3354. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Fund expenses are accrued in the period to which they relate based on estimates performed by
  3355. management and adjustments are made when actual amounts are known. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:13pt; font-family:Times New Roman" ALIGN="justify"><B>Note 4&nbsp;&nbsp;&nbsp;&nbsp;Fair Value Measurements </B></P>
  3356. <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B><I>Hierarchy of Fair Value
  3357. Inputs </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy
  3358. consisting of three levels as shown below: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Level 1&#151;Unadjusted quoted prices in active markets for identical assets or
  3359. liabilities that the Fund has the ability to access. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Level 2&#151;Observable inputs other than quoted prices included in
  3360. Level&nbsp;1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds,
  3361. credit risk, yield curves, default rates, and similar data. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Level 3&#151;Unobservable inputs for the asset or liability to
  3362. the extent that relevant observable inputs are not available, representing management&#146;s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information
  3363. available. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure
  3364. purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. </P>
  3365. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The following table reflects the valuation level used in the consolidated schedule of investments as of June&nbsp;30, 2020 for the Fund&#146;s
  3366. assets (in thousands): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  3367. <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7.5pt" ALIGN="center">
  3368.  
  3369.  
  3370. <TR>
  3371.  
  3372. <TD WIDTH="64%"></TD>
  3373.  
  3374. <TD VALIGN="bottom" WIDTH="1%"></TD>
  3375. <TD></TD>
  3376. <TD></TD>
  3377. <TD VALIGN="bottom" WIDTH="1%"></TD>
  3378.  
  3379. <TD VALIGN="bottom" WIDTH="1%"></TD>
  3380. <TD></TD>
  3381. <TD></TD>
  3382. <TD VALIGN="bottom" WIDTH="1%"></TD>
  3383.  
  3384. <TD VALIGN="bottom" WIDTH="1%"></TD>
  3385. <TD></TD>
  3386. <TD></TD>
  3387. <TD VALIGN="bottom" WIDTH="1%"></TD>
  3388.  
  3389. <TD VALIGN="bottom" WIDTH="1%"></TD>
  3390. <TD></TD>
  3391. <TD></TD>
  3392. <TD VALIGN="bottom" WIDTH="1%"></TD></TR>
  3393. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
  3394. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
  3395. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3396. <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Level&nbsp;1</B></TD>
  3397. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3398. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3399. <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Level&nbsp;2</B></TD>
  3400. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3401. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3402. <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Level&nbsp;3</B></TD>
  3403. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3404. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3405. <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Total</B></TD>
  3406. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD></TR>
  3407.  
  3408.  
  3409. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  3410. <TD VALIGN="top"><FONT STYLE="font-size:8pt">Unaffiliated investments:</FONT></TD>
  3411. <TD VALIGN="bottom">&nbsp;</TD>
  3412. <TD VALIGN="bottom"></TD>
  3413. <TD VALIGN="bottom"></TD>
  3414. <TD VALIGN="bottom"></TD>
  3415. <TD VALIGN="bottom">&nbsp;</TD>
  3416. <TD VALIGN="bottom"></TD>
  3417. <TD VALIGN="bottom"></TD>
  3418. <TD VALIGN="bottom"></TD>
  3419. <TD VALIGN="bottom">&nbsp;</TD>
  3420. <TD VALIGN="bottom"></TD>
  3421. <TD VALIGN="bottom"></TD>
  3422. <TD VALIGN="bottom"></TD>
  3423. <TD VALIGN="bottom">&nbsp;</TD>
  3424. <TD VALIGN="bottom"></TD>
  3425. <TD VALIGN="bottom"></TD>
  3426. <TD VALIGN="bottom"></TD></TR>
  3427. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  3428. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:8pt; font-family:Times New Roman">Common shares</P></TD>
  3429. <TD VALIGN="bottom">&nbsp;</TD>
  3430. <TD NOWRAP VALIGN="bottom">$</TD>
  3431. <TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
  3432. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3433. <TD VALIGN="bottom">&nbsp;</TD>
  3434. <TD NOWRAP VALIGN="bottom">$</TD>
  3435. <TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
  3436. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3437. <TD VALIGN="bottom">&nbsp;</TD>
  3438. <TD VALIGN="bottom">$</TD>
  3439. <TD VALIGN="bottom" ALIGN="right">185</TD>
  3440. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3441. <TD VALIGN="bottom">&nbsp;</TD>
  3442. <TD VALIGN="bottom">$</TD>
  3443. <TD VALIGN="bottom" ALIGN="right">185</TD>
  3444. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  3445. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  3446. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:8pt; font-family:Times New Roman">Money market funds</P></TD>
  3447. <TD VALIGN="bottom">&nbsp;</TD>
  3448. <TD VALIGN="bottom">&nbsp;</TD>
  3449. <TD VALIGN="bottom" ALIGN="right">9,199,661</TD>
  3450. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3451. <TD VALIGN="bottom">&nbsp;</TD>
  3452. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3453. <TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
  3454. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3455. <TD VALIGN="bottom">&nbsp;</TD>
  3456. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3457. <TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
  3458. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3459. <TD VALIGN="bottom">&nbsp;</TD>
  3460. <TD VALIGN="bottom">&nbsp;</TD>
  3461. <TD VALIGN="bottom" ALIGN="right">9,199,661</TD>
  3462. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  3463. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  3464. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:8pt; font-family:Times New Roman">Fixed income securities:</P></TD>
  3465. <TD VALIGN="bottom">&nbsp;</TD>
  3466. <TD VALIGN="bottom"></TD>
  3467. <TD VALIGN="bottom"></TD>
  3468. <TD VALIGN="bottom"></TD>
  3469. <TD VALIGN="bottom">&nbsp;</TD>
  3470. <TD VALIGN="bottom"></TD>
  3471. <TD VALIGN="bottom"></TD>
  3472. <TD VALIGN="bottom"></TD>
  3473. <TD VALIGN="bottom">&nbsp;</TD>
  3474. <TD VALIGN="bottom"></TD>
  3475. <TD VALIGN="bottom"></TD>
  3476. <TD VALIGN="bottom"></TD>
  3477. <TD VALIGN="bottom">&nbsp;</TD>
  3478. <TD VALIGN="bottom"></TD>
  3479. <TD VALIGN="bottom"></TD>
  3480. <TD VALIGN="bottom"></TD></TR>
  3481. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  3482. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">Corporate debt&#151;short term</P></TD>
  3483. <TD VALIGN="bottom">&nbsp;</TD>
  3484. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3485. <TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
  3486. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3487. <TD VALIGN="bottom">&nbsp;</TD>
  3488. <TD VALIGN="bottom">&nbsp;</TD>
  3489. <TD VALIGN="bottom" ALIGN="right">87,643</TD>
  3490. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3491. <TD VALIGN="bottom">&nbsp;</TD>
  3492. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3493. <TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
  3494. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3495. <TD VALIGN="bottom">&nbsp;</TD>
  3496. <TD VALIGN="bottom">&nbsp;</TD>
  3497. <TD VALIGN="bottom" ALIGN="right">87,643</TD>
  3498. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  3499. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  3500. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">Commercial paper</P></TD>
  3501. <TD VALIGN="bottom">&nbsp;</TD>
  3502. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3503. <TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
  3504. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3505. <TD VALIGN="bottom">&nbsp;</TD>
  3506. <TD VALIGN="bottom">&nbsp;</TD>
  3507. <TD VALIGN="bottom" ALIGN="right">878,858</TD>
  3508. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3509. <TD VALIGN="bottom">&nbsp;</TD>
  3510. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3511. <TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
  3512. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3513. <TD VALIGN="bottom">&nbsp;</TD>
  3514. <TD VALIGN="bottom">&nbsp;</TD>
  3515. <TD VALIGN="bottom" ALIGN="right">878,858</TD>
  3516. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  3517. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  3518. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">Certificates of deposits</P></TD>
  3519. <TD VALIGN="bottom">&nbsp;</TD>
  3520. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3521. <TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
  3522. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3523. <TD VALIGN="bottom">&nbsp;</TD>
  3524. <TD VALIGN="bottom">&nbsp;</TD>
  3525. <TD VALIGN="bottom" ALIGN="right">300,064</TD>
  3526. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3527. <TD VALIGN="bottom">&nbsp;</TD>
  3528. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3529. <TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
  3530. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3531. <TD VALIGN="bottom">&nbsp;</TD>
  3532. <TD VALIGN="bottom">&nbsp;</TD>
  3533. <TD VALIGN="bottom" ALIGN="right">300,064</TD>
  3534. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  3535. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  3536. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">U.S. government debt</P></TD>
  3537. <TD VALIGN="bottom">&nbsp;</TD>
  3538. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3539. <TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
  3540. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3541. <TD VALIGN="bottom">&nbsp;</TD>
  3542. <TD VALIGN="bottom">&nbsp;</TD>
  3543. <TD VALIGN="bottom" ALIGN="right">2,313,436</TD>
  3544. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3545. <TD VALIGN="bottom">&nbsp;</TD>
  3546. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3547. <TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
  3548. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3549. <TD VALIGN="bottom">&nbsp;</TD>
  3550. <TD VALIGN="bottom">&nbsp;</TD>
  3551. <TD VALIGN="bottom" ALIGN="right">2,313,436</TD>
  3552. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  3553. <TR STYLE="font-size:1px; ">
  3554. <TD VALIGN="bottom"></TD>
  3555. <TD VALIGN="bottom">&nbsp;</TD>
  3556. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  3557. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  3558. <TD>&nbsp;</TD>
  3559. <TD VALIGN="bottom">&nbsp;</TD>
  3560. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  3561. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  3562. <TD>&nbsp;</TD>
  3563. <TD VALIGN="bottom">&nbsp;</TD>
  3564. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  3565. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  3566. <TD>&nbsp;</TD>
  3567. <TD VALIGN="bottom">&nbsp;</TD>
  3568. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  3569. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  3570. <TD>&nbsp;</TD></TR>
  3571. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  3572. <TD VALIGN="top"><FONT STYLE="font-size:8pt">Total financial assets at fair value</FONT></TD>
  3573. <TD VALIGN="bottom">&nbsp;</TD>
  3574. <TD VALIGN="bottom">$</TD>
  3575. <TD VALIGN="bottom" ALIGN="right">9,199,661</TD>
  3576. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3577. <TD VALIGN="bottom">&nbsp;</TD>
  3578. <TD VALIGN="bottom">$</TD>
  3579. <TD VALIGN="bottom" ALIGN="right">3,580,001</TD>
  3580. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3581. <TD VALIGN="bottom">&nbsp;</TD>
  3582. <TD VALIGN="bottom">$</TD>
  3583. <TD VALIGN="bottom" ALIGN="right">185</TD>
  3584. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3585. <TD VALIGN="bottom">&nbsp;</TD>
  3586. <TD VALIGN="bottom">$</TD>
  3587. <TD VALIGN="bottom" ALIGN="right">12,779,847</TD>
  3588. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  3589. <TR STYLE="font-size:1px; ">
  3590. <TD VALIGN="bottom"></TD>
  3591. <TD VALIGN="bottom">&nbsp;</TD>
  3592. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  3593. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  3594. <TD>&nbsp;</TD>
  3595. <TD VALIGN="bottom">&nbsp;</TD>
  3596. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  3597. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  3598. <TD>&nbsp;</TD>
  3599. <TD VALIGN="bottom">&nbsp;</TD>
  3600. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  3601. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  3602. <TD>&nbsp;</TD>
  3603. <TD VALIGN="bottom">&nbsp;</TD>
  3604. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  3605. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  3606. <TD>&nbsp;</TD></TR>
  3607. <TR STYLE="page-break-inside:avoid ; ">
  3608. <TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3609. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3610. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3611. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3612. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3613. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3614. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3615. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3616. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3617. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3618. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3619. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3620. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3621. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3622. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3623. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3624. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD></TR>
  3625. </TABLE>
  3626. <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">12 </P>
  3627.  
  3628. </DIV></Center>
  3629.  
  3630.  
  3631. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  3632. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  3633. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  3634.  
  3635.  
  3636. <Center><DIV STYLE="width:8.5in" align="left">
  3637. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The following is a reconciliation of investments for which significant unobservable inputs
  3638. (Level 3) were used in determining fair value (in thousands): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  3639. <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7.5pt" ALIGN="center">
  3640.  
  3641.  
  3642. <TR>
  3643.  
  3644. <TD WIDTH="67%"></TD>
  3645.  
  3646. <TD VALIGN="bottom" WIDTH="3%"></TD>
  3647. <TD></TD>
  3648. <TD></TD>
  3649. <TD VALIGN="bottom" WIDTH="3%"></TD>
  3650.  
  3651. <TD VALIGN="bottom" WIDTH="3%"></TD>
  3652. <TD></TD>
  3653. <TD></TD>
  3654. <TD VALIGN="bottom" WIDTH="3%"></TD>
  3655.  
  3656. <TD VALIGN="bottom" WIDTH="3%"></TD>
  3657. <TD></TD>
  3658. <TD></TD>
  3659. <TD VALIGN="bottom" WIDTH="3%"></TD></TR>
  3660. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
  3661. <TD VALIGN="bottom">&nbsp;</TD>
  3662. <TD VALIGN="bottom">&nbsp;</TD>
  3663. <TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Assets</B></TD>
  3664. <TD VALIGN="bottom">&nbsp;</TD></TR>
  3665. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
  3666. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
  3667. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3668. <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Total<BR>Investments</B></TD>
  3669. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3670. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3671. <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Unaffiliated<BR>Investments</B></TD>
  3672. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3673. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3674. <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Investment&nbsp;in<BR>Controlled<BR>Affiliate</B></TD>
  3675. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD></TR>
  3676.  
  3677.  
  3678. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  3679. <TD VALIGN="top"><FONT STYLE="font-size:8pt">Balance as of January&nbsp;1, 2020</FONT></TD>
  3680. <TD VALIGN="bottom">&nbsp;</TD>
  3681. <TD VALIGN="bottom">$</TD>
  3682. <TD VALIGN="bottom" ALIGN="right">52,685</TD>
  3683. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3684. <TD VALIGN="bottom">&nbsp;</TD>
  3685. <TD VALIGN="bottom">$</TD>
  3686. <TD VALIGN="bottom" ALIGN="right">185</TD>
  3687. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3688. <TD VALIGN="bottom">&nbsp;</TD>
  3689. <TD VALIGN="bottom">$</TD>
  3690. <TD VALIGN="bottom" ALIGN="right">52,500</TD>
  3691. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  3692. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  3693. <TD VALIGN="top"><FONT STYLE="font-size:8pt">Purchases</FONT></TD>
  3694. <TD VALIGN="bottom">&nbsp;</TD>
  3695. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3696. <TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
  3697. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3698. <TD VALIGN="bottom">&nbsp;</TD>
  3699. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3700. <TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
  3701. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3702. <TD VALIGN="bottom">&nbsp;</TD>
  3703. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3704. <TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
  3705. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  3706. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  3707. <TD VALIGN="top"><FONT STYLE="font-size:8pt">Sales</FONT></TD>
  3708. <TD VALIGN="bottom">&nbsp;</TD>
  3709. <TD VALIGN="bottom">&nbsp;</TD>
  3710. <TD VALIGN="bottom" ALIGN="right">(58,000</TD>
  3711. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
  3712. <TD VALIGN="bottom">&nbsp;</TD>
  3713. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3714. <TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
  3715. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3716. <TD VALIGN="bottom">&nbsp;</TD>
  3717. <TD VALIGN="bottom">&nbsp;</TD>
  3718. <TD VALIGN="bottom" ALIGN="right">(58,000</TD>
  3719. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
  3720. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  3721. <TD VALIGN="top"><FONT STYLE="font-size:8pt">Change in unrealized appreciation (depreciation)</FONT></TD>
  3722. <TD VALIGN="bottom">&nbsp;</TD>
  3723. <TD VALIGN="bottom">&nbsp;</TD>
  3724. <TD VALIGN="bottom" ALIGN="right">(52,500</TD>
  3725. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
  3726. <TD VALIGN="bottom">&nbsp;</TD>
  3727. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3728. <TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
  3729. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3730. <TD VALIGN="bottom">&nbsp;</TD>
  3731. <TD VALIGN="bottom">&nbsp;</TD>
  3732. <TD VALIGN="bottom" ALIGN="right">(52,500</TD>
  3733. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
  3734. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  3735. <TD VALIGN="top"><FONT STYLE="font-size:8pt">Realized gain (loss)</FONT></TD>
  3736. <TD VALIGN="bottom">&nbsp;</TD>
  3737. <TD VALIGN="bottom">&nbsp;</TD>
  3738. <TD VALIGN="bottom" ALIGN="right">58,000</TD>
  3739. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3740. <TD VALIGN="bottom">&nbsp;</TD>
  3741. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3742. <TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
  3743. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3744. <TD VALIGN="bottom">&nbsp;</TD>
  3745. <TD VALIGN="bottom">&nbsp;</TD>
  3746. <TD VALIGN="bottom" ALIGN="right">58,000</TD>
  3747. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  3748. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  3749. <TD VALIGN="top"><FONT STYLE="font-size:8pt">Transfers out of Level&nbsp;3</FONT></TD>
  3750. <TD VALIGN="bottom">&nbsp;</TD>
  3751. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3752. <TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
  3753. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3754. <TD VALIGN="bottom">&nbsp;</TD>
  3755. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3756. <TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
  3757. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3758. <TD VALIGN="bottom">&nbsp;</TD>
  3759. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3760. <TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
  3761. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  3762. <TR STYLE="font-size:1px; ">
  3763. <TD VALIGN="bottom"></TD>
  3764. <TD VALIGN="bottom">&nbsp;</TD>
  3765. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  3766. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  3767. <TD>&nbsp;</TD>
  3768. <TD VALIGN="bottom">&nbsp;</TD>
  3769. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  3770. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  3771. <TD>&nbsp;</TD>
  3772. <TD VALIGN="bottom">&nbsp;</TD>
  3773. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  3774. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  3775. <TD>&nbsp;</TD></TR>
  3776. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  3777. <TD VALIGN="top"><FONT STYLE="font-size:8pt">Balance as of June&nbsp;30, 2020</FONT></TD>
  3778. <TD VALIGN="bottom">&nbsp;</TD>
  3779. <TD VALIGN="bottom">$</TD>
  3780. <TD VALIGN="bottom" ALIGN="right">185</TD>
  3781. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3782. <TD VALIGN="bottom">&nbsp;</TD>
  3783. <TD VALIGN="bottom">$</TD>
  3784. <TD VALIGN="bottom" ALIGN="right">185</TD>
  3785. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  3786. <TD VALIGN="bottom">&nbsp;</TD>
  3787. <TD NOWRAP VALIGN="bottom">$</TD>
  3788. <TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
  3789. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  3790. <TR STYLE="font-size:1px; ">
  3791. <TD VALIGN="bottom"></TD>
  3792. <TD VALIGN="bottom">&nbsp;</TD>
  3793. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  3794. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  3795. <TD>&nbsp;</TD>
  3796. <TD VALIGN="bottom">&nbsp;</TD>
  3797. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  3798. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  3799. <TD>&nbsp;</TD>
  3800. <TD VALIGN="bottom">&nbsp;</TD>
  3801. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  3802. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  3803. <TD>&nbsp;</TD></TR>
  3804. <TR STYLE="page-break-inside:avoid ; ">
  3805. <TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3806. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3807. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3808. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3809. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3810. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3811. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3812. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3813. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3814. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3815. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3816. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3817. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD></TR>
  3818. </TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The change in unrealized appreciation (depreciation) attributable to assets owned on June&nbsp;30, 2020, which
  3819. were valued using significant unobservable inputs (Level&nbsp;3) amounted to nil. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The fair values of Altaba&#146;s Level&nbsp;1 financial
  3820. assets and liabilities are based on quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. The fair values of Altaba&#146;s Level&nbsp;2 financial assets and liabilities are obtained using quoted
  3821. prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets in markets that are not active; and inputs other than quoted prices (e.g., interest rates and yield curves). Altaba utilizes a pricing service
  3822. to assist in obtaining fair value pricing for the marketable debt securities. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  3823. <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">
  3824.  
  3825.  
  3826. <TR>
  3827.  
  3828. <TD WIDTH="55%"></TD>
  3829.  
  3830. <TD VALIGN="bottom" WIDTH="1%"></TD>
  3831. <TD></TD>
  3832. <TD></TD>
  3833. <TD VALIGN="bottom" WIDTH="2%"></TD>
  3834.  
  3835. <TD VALIGN="bottom" WIDTH="1%"></TD>
  3836. <TD WIDTH="14%"></TD>
  3837.  
  3838. <TD VALIGN="bottom" WIDTH="1%"></TD>
  3839. <TD WIDTH="12%"></TD>
  3840.  
  3841. <TD VALIGN="bottom" WIDTH="1%"></TD>
  3842. <TD></TD></TR>
  3843. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7pt">
  3844. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Type of investment</B></TD>
  3845. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3846. <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Fair&nbsp;Value&nbsp;at<BR>June&nbsp;30,&nbsp;2020<BR>(in&nbsp;thousands)</B></TD>
  3847. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3848. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3849. <TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Valuation&nbsp;Technique</B></TD>
  3850. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3851. <TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Unobservable&nbsp;Inputs</B></TD></TR>
  3852.  
  3853.  
  3854. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  3855. <TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><FONT STYLE="font-size:8pt">Unaffiliated investments&#151;common shares</FONT></TD>
  3856. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3857. <TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000">$</TD>
  3858. <TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">185</TD>
  3859. <TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3860. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3861. <TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000">Valuation&nbsp;model</TD>
  3862. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3863. <TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000">Price&nbsp;per&nbsp;share</TD>
  3864. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  3865. <TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000">$3.90</TD></TR>
  3866. </TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:13pt; font-family:Times New Roman" ALIGN="justify"><B>Note 5&nbsp;&nbsp;&nbsp;&nbsp;Contingencies </B></P>
  3867. <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B><I>Legal Contingencies
  3868. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>General </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The Fund has been
  3869. regularly involved in claims, suits, government investigations, and proceedings arising from the ordinary course of the Fund&#146;s business, including actions with respect to intellectual property claims, privacy, consumer protection, information
  3870. security, data protection or law enforcement matters, commercial claims, stockholder derivative actions, purported class action lawsuits, liquidation proceedings and other matters. Except as otherwise specifically described in this Note 5, during
  3871. the periods presented we have not: (i)&nbsp;recorded any accrual for loss contingencies associated with the legal proceedings described in such Note 5; (ii)&nbsp;determined that an unfavorable outcome is probable; or (iii)&nbsp;determined that the
  3872. amount or range of any possible loss is reasonably estimable. The ultimate outcome of legal proceedings involves judgments, estimates and inherent uncertainties, and cannot be predicted with certainty. Furthermore, in the case of the Security
  3873. Incidents described herein, alleged damages have not been specified, and there are significant factual and legal issues to be resolved. The Fund will continue to evaluate information as it becomes known and will record an accrual for estimated
  3874. losses at the time or times it is determined that a loss is both probable and reasonably estimable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">In the event of a determination
  3875. adverse to the Fund, its subsidiary, directors, or officers in these matters, the Fund may incur substantial monetary liability, and be required to change its business practices. Either of these events could have a material adverse effect on the
  3876. Fund&#146;s financial position, results of operations, or cash flows. The Fund may also incur substantial legal fees, which are expensed as incurred, in defending against these claims. </P>
  3877. <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">13 </P>
  3878.  
  3879. </DIV></Center>
  3880.  
  3881.  
  3882. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  3883. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  3884. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  3885.  
  3886.  
  3887. <Center><DIV STYLE="width:8.5in" align="left">
  3888. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">From time to time the Fund may enter into confidential discussions regarding the potential
  3889. settlement of pending proceedings, claims or litigation. There are a variety of factors that influence our decisions to settle and the amount (if any) we may choose to pay, including the strength of our case, developments in the litigation, the
  3890. behavior of other interested parties, the demand on management time and the possible distraction of our employees associated with the case and/or the possibility that we may be subject to an injunction or other equitable remedy. In light of the
  3891. numerous factors that go into a settlement decision, it is difficult to predict whether any particular settlement is possible, the appropriate terms of a settlement or the opportune time to settle a matter. The settlement of any pending litigation
  3892. or other proceedings could require us to make substantial settlement payments and result in us incurring substantial costs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">As discussed
  3893. in Note&nbsp;1, the Fund is involved in litigation in the Delaware District Court and the Chancery Court relating to the dissolution process. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Security
  3894. Incidents Contingencies </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">On September&nbsp;22, 2016, the Fund disclosed that a copy of certain user account information for
  3895. approximately 500&nbsp;million user accounts was stolen from the Fund&#146;s network in late 2014 (the &#147;2014 Security Incident&#148;). On December&nbsp;14, 2016, the Fund disclosed that, based on its outside forensic expert&#146;s analysis of
  3896. data files provided to the Fund in November 2016 by law enforcement, the Fund believes an unauthorized third party stole data associated with more than one billion user accounts in August 2013 (the &#147;2013 Security Incident&#148;). Verizon
  3897. subsequently disclosed that the 2013 Security Incident involved over three billion user accounts. In November and December 2016, the Fund disclosed that based on an investigation by its outside forensic experts, it believes an unauthorized third
  3898. party accessed the Fund&#146;s proprietary code to learn how to forge certain cookies. The outside forensic experts have identified approximately 32&nbsp;million user accounts for which they believe forged cookies were used or taken in 2015 and 2016
  3899. (the &#147;Cookie Forging Activity&#148;). The 2013 Security Incident, the 2014 Security Incident, and the Cookie Forging Activity are collectively referred to herein as the &#147;Security Incidents.&#148; The total cumulative amount accrued related
  3900. to the Security Incidents was $151&nbsp;million, of which $65&nbsp;million is included in other liabilities on the consolidated statement of assets and liabilities. Subsequent to June&nbsp;30, 2020, $65 million was paid into settlement accounts.
  3901. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Numerous putative consumer class action lawsuits were filed against the Fund in U.S. federal and state courts, and in foreign courts,
  3902. relating to the Security Incidents, including the following: (1)<I>&nbsp;In Re: Yahoo! Inc. Customer Data Security Breach Litigation, U.S. District Court for the Northern District of California Case <FONT STYLE="white-space:nowrap"><FONT
  3903. STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">No.&nbsp;5:16-md-02752-LHK</FONT></FONT></FONT> (&#147;federal consumer class action&#148;); (2)&nbsp;Yahoo! Inc. Private Information Disclosure Cases, Superior Court of California, County
  3904. of Orange Case No.&nbsp;JCCP 4895 (&#147;California consumer class action&#148;); (3)&nbsp;Demers v. Yahoo! Inc., et al., Province of Quebec, District of Montreal Superior Court Case Nos. <FONT STYLE="white-space:nowrap"><FONT
  3905. STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">500-06-000841-177</FONT></FONT></FONT> and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">500-06-000842-175;</FONT></FONT></FONT>
  3906. (4)&nbsp;Gill v. Yahoo! Canada Co., et al., Supreme Court of British Columbia, Vancouver Registry Case No. <FONT STYLE="white-space:nowrap">S-168873;</FONT> (5)&nbsp;Karasik v. Yahoo! Inc., et al., Ontario Superior Court of Justice Case No. <FONT
  3907. STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">CV-16-566248-00CP</FONT></FONT> (&#147;Karasik&#148;); (6)&nbsp;Larocque v. Yahoo! Inc., et al., Court of Queen&#146;s Bench for Saskatchewan Case No. QBG 1242 of 2017; (&#147;Saskatchewan
  3908. action&#148;) (7)&nbsp;Sidhu v. Yahoo Canada Co., et al., Court of Queen&#146;s Bench for Alberta Case No.&nbsp;1603-22837; (8)&nbsp;Lahav v. Yahoo! Inc., Tel Aviv-Jaffa District Court Case <FONT STYLE="white-space:nowrap"><FONT
  3909. STYLE="white-space:nowrap">No.&nbsp;61020-09-16</FONT></FONT> (&#147;Lahav&#148;); and (9)&nbsp;Reinzilber v. Yahoo! Inc., Tel Aviv-Jaffa District Court Case
  3910. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">No.&nbsp;7406-08-17</FONT></FONT> (&#147;Reinzilber&#148;). Plaintiffs, who purport to represent various classes of users, generally claim to have been harmed by the Fund&#146;s
  3911. alleged actions and/or omissions in connection with the Security Incidents and assert a variety of common law and statutory claims seeking monetary damages or other related relief. In October 2018, the Fund announced that it had reached an agreement
  3912. with plaintiffs&#146; counsel to resolve all pending claims in the federal and California consumer class actions. On December&nbsp;3, 2018, the Tel Aviv-Jaffa District Court granted plaintiffs&#146; counsel petition to dismiss the Lahav and
  3913. Reinzilber actions, in view of the proposed settlement of the federal consumer class action. On January&nbsp;28, 2019, the Court in the federal consumer class action denied the plaintiff&#146;s motion for preliminary approval of the proposed
  3914. settlement. On April&nbsp;8, 2019, the parties filed a revised settlement agreement and renewed motion for preliminary approval. On July&nbsp;20, 2019, the Court granted preliminary approval. On July&nbsp;22, 2020 the Court granted final approval
  3915. and entered judgment. One class member who objected to the settlement has filed an appeal, which is pending. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The Fund has also reached
  3916. an agreement with plaintiffs in the Karasik action with the aim of resolving pending claims in the Canadian consumer class action cases. The agreement is subject to certain conditions, including Court approval and therefore
  3917. </P>
  3918. <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">14 </P>
  3919.  
  3920. </DIV></Center>
  3921.  
  3922.  
  3923. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  3924. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  3925. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  3926.  
  3927.  
  3928. <Center><DIV STYLE="width:8.5in" align="left">
  3929. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">
  3930. may not result in a final settlement. On August&nbsp;5, 2020, plaintiffs in the Karasik action filed a motion with the Ontario Superior Court of Justice, seeking to certify a settlement class.
  3931. Ms. Laroque (the named plaintiff in the Saskatchewan action) has filed a motion, opposing certification. If the Court grants certification, it would schedule another hearing in the future to decide whether to approve the proposed settlement. </P>
  3932. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Additional lawsuits and claims related to the Security Incidents may be asserted by or on behalf of users, partners, or others seeking damages
  3933. or other related relief. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Following the consummation of the Sale Transaction, pursuant to the transaction agreement with Verizon, the Fund
  3934. continues to be responsible for 50&nbsp;percent of certain post-closing cash liabilities under consumer class action cases related to the Security Incidents. </P>
  3935. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:13pt; font-family:Times New Roman"><B>Note 6&nbsp;&nbsp;&nbsp;&nbsp;Defined Contribution Plan </B></P>
  3936. <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Altaba maintains a 401(k) plan for
  3937. its full-time employees. The 401(k) plan allows employees of Altaba to contribute up to the Internal Revenue Code prescribed maximum amount. Employees may elect to contribute from 1&nbsp;percent to 100&nbsp;percent of their annual eligible pretax
  3938. compensation to the 401(k) plan. Altaba matches employee contributions 100&nbsp;percent up to 6&nbsp;percent of eligible pretax compensation deferred. Both employee and employer contributions vest immediately upon contributions. For the semi-annual
  3939. period ended June&nbsp;30, 2020, Altaba&#146;s contributions to the 401(k) plan amounted to approximately $173&nbsp;thousand. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:13pt; font-family:Times New Roman"><B>Note
  3940. 7&nbsp;&nbsp;&nbsp;&nbsp;Long-Term Incentive Plan </B></P> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
  3941. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify"><B><I>Long-Term Deferred Compensation Incentive Plan </I></B></P>
  3942. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The Altaba Inc. Long-Term Deferred Compensation Incentive Plan (the &#147;Plan&#148;), was originally adopted by the Fund&#146;s stockholders
  3943. at its 2017 annual meeting of stockholders, to attract, retain and appropriately incentivize the Fund&#146;s executive officers and other key employees by providing them with grants of incentive cash awards and the
  3944. <FONT STYLE="white-space:nowrap">non-employee</FONT> members of the Board by providing them with the opportunity to defer director fees into a deferral account under the Plan, in each case, as determined by the Compensation Committee pursuant to the
  3945. terms of the Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">As adopted originally, the Plan calculated incentive award payouts based on the change in the Fund&#146;s trading
  3946. discount (measured based on the publicly traded share price of the shares) relative to the <FONT STYLE="white-space:nowrap">pre-tax</FONT> value of the Fund&#146;s net assets, as adjusted to eliminate any impact from share price movements of Alibaba
  3947. Shares, against a baseline level, as per the individual award agreements, with resulting payout multipliers established by the Fund&#146;s Compensation Committee. </P>
  3948. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The Compensation Committee recommended and the Board adopted an amendment to the Plan (as amended, the &#147;Amended Plan&#148;) that became
  3949. automatically effective as of the date the shares ceased to be listed on Nasdaq. Under the Amended Plan, changes in the Fund&#146;s trading discount are determined by reference to the per share net asset value of the Fund, as determined in
  3950. accordance with U.S. GAAP and with certain adjustments consistent with the Plan as originally adopted, including elimination of any impact from share price movements of Alibaba Shares (such per Share adjusted NAV, the &#147;Plan NAV&#148;). The
  3951. Amended Plan did not modify the performance targets, vesting schedule, individual incentive award amounts or individual or aggregate maximum payouts, as disclosed in the proxy statement. </P>
  3952. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Each incentive award was subject to a three-year vesting schedule, commencing on June&nbsp;13, 2017. The three-year term of the Plan was
  3953. completed as of June&nbsp;13, 2020 and Plan participants received payments under their respective incentive awards in the following amounts: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  3954. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  3955. <TR style = "page-break-inside:avoid">
  3956. <TD WIDTH="4%">&nbsp;</TD>
  3957. <TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
  3958. <TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
  3959. <TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">Mr.&nbsp;McInerney received a payment of $24&nbsp;million; </P></TD></TR></TABLE>
  3960. <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  3961. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  3962. <TR style = "page-break-inside:avoid">
  3963. <TD WIDTH="4%">&nbsp;</TD>
  3964. <TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
  3965. <TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
  3966. <TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">Mr.&nbsp;Chong received a payment of $12&nbsp;million; </P></TD></TR></TABLE>
  3967. <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">15 </P>
  3968.  
  3969. </DIV></Center>
  3970.  
  3971.  
  3972. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  3973. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  3974. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  3975.  
  3976.  
  3977. <Center><DIV STYLE="width:8.5in" align="left">
  3978.  
  3979. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  3980. <TR style = "page-break-inside:avoid">
  3981. <TD WIDTH="4%">&nbsp;</TD>
  3982. <TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
  3983. <TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
  3984. <TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">Ms.&nbsp;Wellman received a payment of $6&nbsp;million; and </P></TD></TR></TABLE>
  3985. <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  3986. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  3987. <TR style = "page-break-inside:avoid">
  3988. <TD WIDTH="4%">&nbsp;</TD>
  3989. <TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
  3990. <TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
  3991. <TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">Ms.&nbsp;Work received a payment of $4&nbsp;million. </P></TD></TR></TABLE>
  3992. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Other than continued deferral of independent director fees as described below, no additional amounts are payable under the Plan going forward.
  3993. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Deferral Accounts </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Each independent
  3994. director who is designated as a participant by the Compensation Committee under the Plan is required to defer a portion of not less than 50% and up to 100% of his or her director fees payable in cash for services rendered by such director during the
  3995. period following his or her deferral election. The amount of director fees so deferred is credited to the participant&#146;s deferral account under the Plan as of the regularly scheduled payment date of such fees, and the participant will be fully
  3996. vested in his or her deferral account. The amounts deferred are subject to increase in accordance with the same performance goals as apply to the incentive awards granted to the Fund&#146;s executive officers and other key employees and will become
  3997. payable in a single lump sum cash payment upon the earlier to occur of the participant&#146;s separation from service for any reason or a change in control of the Fund. </P>
  3998. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Under the Amended Plan&#146;s terms, the deferral accounts of independent directors will remain subject to the terms described above; provided
  3999. that, with respect to independent directors who remain in continuous service on the Board through the first distribution (the &#147;First Distribution&#148;) to stockholders following issuance of the Final Order, as of the date of the First
  4000. Distribution, their deferral accounts will be credited by reference to the then-current Plan NAV, and distributed when they separate from service. Independent directors who do not remain in continuous service on the Board through the First
  4001. Distribution will receive a prorated distribution determined by reference to the Plan NAV on the date of their separation from service. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:13pt; font-family:Times New Roman"><B>Note
  4002. 8&nbsp;&nbsp;&nbsp;&nbsp;Income Taxes </B></P> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
  4003. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The Fund is not treated as a &#147;regulated investment company&#148; under the Code. Instead, the Fund is treated as a regular corporation, or
  4004. a &#147;C&#148; corporation, for U.S. federal income tax purposes and, as a result, unlike most investment companies, will be subject to corporate income tax to the extent the Fund recognizes taxable income and taxable gains. The Fund will recognize
  4005. tax expense on its taxable income and taxable gains on investments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Deferred income taxes reflect the tax effects of temporary differences
  4006. between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The components of deferred income tax assets and liabilities as of June&nbsp;30, 2020 are as follows (in
  4007. thousands): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  4008. <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">
  4009.  
  4010.  
  4011. <TR>
  4012.  
  4013. <TD WIDTH="91%"></TD>
  4014.  
  4015. <TD VALIGN="bottom" WIDTH="1%"></TD>
  4016. <TD></TD>
  4017. <TD></TD>
  4018. <TD VALIGN="bottom" WIDTH="2%"></TD></TR>
  4019.  
  4020.  
  4021. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4022. <TD VALIGN="top"><FONT STYLE="font-size:8pt">Deferred income tax assets:</FONT></TD>
  4023. <TD VALIGN="bottom">&nbsp;</TD>
  4024. <TD VALIGN="bottom"></TD>
  4025. <TD VALIGN="bottom"></TD>
  4026. <TD VALIGN="bottom"></TD></TR>
  4027. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4028. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:8pt; font-family:Times New Roman">Net operating loss and tax credits carryforwards</P></TD>
  4029. <TD VALIGN="bottom">&nbsp;</TD>
  4030. <TD VALIGN="bottom">$</TD>
  4031. <TD VALIGN="bottom" ALIGN="right"> 14,064</TD>
  4032. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  4033. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4034. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:8pt; font-family:Times New Roman">Other deferred tax assets</P></TD>
  4035. <TD VALIGN="bottom">&nbsp;</TD>
  4036. <TD VALIGN="bottom">&nbsp;</TD>
  4037. <TD VALIGN="bottom" ALIGN="right">77,245</TD>
  4038. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  4039. <TR STYLE="font-size:1px; ">
  4040. <TD VALIGN="bottom"></TD>
  4041. <TD VALIGN="bottom">&nbsp;</TD>
  4042. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  4043. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  4044. <TD>&nbsp;</TD></TR>
  4045. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4046. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">Total deferred income tax assets</P></TD>
  4047. <TD VALIGN="bottom">&nbsp;</TD>
  4048. <TD VALIGN="bottom">&nbsp;</TD>
  4049. <TD VALIGN="bottom" ALIGN="right">91,309</TD>
  4050. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  4051. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4052. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">Valuation allowance</P></TD>
  4053. <TD VALIGN="bottom">&nbsp;</TD>
  4054. <TD VALIGN="bottom">&nbsp;</TD>
  4055. <TD VALIGN="bottom" ALIGN="right">(11,700</TD>
  4056. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
  4057. <TR STYLE="font-size:1px; ">
  4058. <TD VALIGN="bottom"></TD>
  4059. <TD VALIGN="bottom">&nbsp;</TD>
  4060. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  4061. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  4062. <TD>&nbsp;</TD></TR>
  4063. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4064. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">Net deferred income tax assets</P></TD>
  4065. <TD VALIGN="bottom">&nbsp;</TD>
  4066. <TD VALIGN="bottom">&nbsp;</TD>
  4067. <TD VALIGN="bottom" ALIGN="right">79,609</TD>
  4068. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  4069. <TR STYLE="font-size:1px; ">
  4070. <TD VALIGN="bottom"></TD>
  4071. <TD VALIGN="bottom">&nbsp;</TD>
  4072. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  4073. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  4074. <TD>&nbsp;</TD></TR>
  4075. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8.5pt">
  4076. <TD VALIGN="top"><FONT STYLE="font-size:9pt">Deferred income tax liabilities:</FONT></TD>
  4077. <TD VALIGN="bottom">&nbsp;</TD>
  4078. <TD VALIGN="bottom"></TD>
  4079. <TD VALIGN="bottom"></TD>
  4080. <TD VALIGN="bottom"></TD></TR>
  4081. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4082. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:8pt; font-family:Times New Roman">Unrealized investment gains</P></TD>
  4083. <TD VALIGN="bottom">&nbsp;</TD>
  4084. <TD VALIGN="bottom">&nbsp;</TD>
  4085. <TD VALIGN="bottom" ALIGN="right">(864</TD>
  4086. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
  4087. <TR STYLE="font-size:1px; ">
  4088. <TD VALIGN="bottom"></TD>
  4089. <TD VALIGN="bottom">&nbsp;</TD>
  4090. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  4091. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  4092. <TD>&nbsp;</TD></TR>
  4093. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4094. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">Total deferred income tax liabilities</P></TD>
  4095. <TD VALIGN="bottom">&nbsp;</TD>
  4096. <TD VALIGN="bottom">&nbsp;</TD>
  4097. <TD VALIGN="bottom" ALIGN="right">(864</TD>
  4098. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
  4099. <TR STYLE="font-size:1px; ">
  4100. <TD VALIGN="bottom"></TD>
  4101. <TD VALIGN="bottom">&nbsp;</TD>
  4102. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  4103. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  4104. <TD>&nbsp;</TD></TR>
  4105. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4106. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:8pt; font-family:Times New Roman">Net deferred income tax assets (liabilities)</P></TD>
  4107. <TD VALIGN="bottom">&nbsp;</TD>
  4108. <TD VALIGN="bottom">$</TD>
  4109. <TD VALIGN="bottom" ALIGN="right"> 78,745</TD>
  4110. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  4111. <TR STYLE="font-size:1px; ">
  4112. <TD VALIGN="bottom"></TD>
  4113. <TD VALIGN="bottom">&nbsp;</TD>
  4114. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  4115. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  4116. <TD>&nbsp;</TD></TR>
  4117. <TR STYLE="page-break-inside:avoid ; ">
  4118. <TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  4119. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  4120. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  4121. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  4122. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD></TR>
  4123. </TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">At June&nbsp;30, 2020, the Fund&#146;s federal and California net operating loss carryforwards for income tax
  4124. purposes were approximately $60&nbsp;million and $21&nbsp;million, respectively. The federal and California net operating loss carryforwards are subject to various limitations under Section&nbsp;382 of the Internal Revenue Code and applicable state
  4125. tax law. If not utilized, the </P>
  4126. <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">16 </P>
  4127.  
  4128. </DIV></Center>
  4129.  
  4130.  
  4131. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  4132. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  4133. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  4134.  
  4135.  
  4136. <Center><DIV STYLE="width:8.5in" align="left">
  4137. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">
  4138. federal and California net operating loss carryforwards will begin to expire in 2021. During the period, the Fund recorded a valuation allowance against the federal and California net operating
  4139. loss carryforwards. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Pursuant to the transaction agreement with Verizon, Altaba is obligated to indemnify Verizon Media Group (formerly
  4140. known as &#147;Yahoo Holdings, Inc.&#148;) for future utilization of certain deferred tax assets. Altaba has therefore recorded an indemnification liability to Verizon Media Group of $59&nbsp;million included in other assets on the consolidated
  4141. statement of assets and liabilities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The provision (benefit) for income taxes is composed of the following as of June&nbsp;30, 2020 (in
  4142. thousands): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  4143. <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">
  4144.  
  4145.  
  4146. <TR>
  4147.  
  4148. <TD WIDTH="90%"></TD>
  4149.  
  4150. <TD VALIGN="bottom" WIDTH="1%"></TD>
  4151. <TD></TD>
  4152. <TD></TD>
  4153. <TD VALIGN="bottom" WIDTH="2%"></TD></TR>
  4154.  
  4155.  
  4156. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4157. <TD VALIGN="top"><FONT STYLE="font-size:8pt">Current:</FONT></TD>
  4158. <TD VALIGN="bottom">&nbsp;</TD>
  4159. <TD VALIGN="bottom"></TD>
  4160. <TD VALIGN="bottom"></TD>
  4161. <TD VALIGN="bottom"></TD></TR>
  4162. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4163. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:8pt; font-family:Times New Roman">United States federal</P></TD>
  4164. <TD VALIGN="bottom">&nbsp;</TD>
  4165. <TD VALIGN="bottom">$</TD>
  4166. <TD VALIGN="bottom" ALIGN="right"> 143,150</TD>
  4167. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  4168. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4169. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:8pt; font-family:Times New Roman">State</P></TD>
  4170. <TD VALIGN="bottom">&nbsp;</TD>
  4171. <TD VALIGN="bottom">&nbsp;</TD>
  4172. <TD VALIGN="bottom" ALIGN="right">(387,623</TD>
  4173. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
  4174. <TR STYLE="font-size:1px; ">
  4175. <TD VALIGN="bottom"></TD>
  4176. <TD VALIGN="bottom">&nbsp;</TD>
  4177. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  4178. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  4179. <TD>&nbsp;</TD></TR>
  4180. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4181. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">Total current provision (benefit) for income taxes</P></TD>
  4182. <TD VALIGN="bottom">&nbsp;</TD>
  4183. <TD VALIGN="bottom">&nbsp;</TD>
  4184. <TD VALIGN="bottom" ALIGN="right">(244,473</TD>
  4185. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
  4186. <TR STYLE="font-size:1px; ">
  4187. <TD VALIGN="bottom"></TD>
  4188. <TD VALIGN="bottom">&nbsp;</TD>
  4189. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  4190. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  4191. <TD>&nbsp;</TD></TR>
  4192. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4193. <TD VALIGN="top"><FONT STYLE="font-size:8pt">Deferred:</FONT></TD>
  4194. <TD VALIGN="bottom">&nbsp;</TD>
  4195. <TD VALIGN="bottom"></TD>
  4196. <TD VALIGN="bottom"></TD>
  4197. <TD VALIGN="bottom"></TD></TR>
  4198. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4199. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:8pt; font-family:Times New Roman">United States federal</P></TD>
  4200. <TD VALIGN="bottom">&nbsp;</TD>
  4201. <TD VALIGN="bottom">&nbsp;</TD>
  4202. <TD VALIGN="bottom" ALIGN="right">36,450</TD>
  4203. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  4204. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4205. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:8pt; font-family:Times New Roman">State</P></TD>
  4206. <TD VALIGN="bottom">&nbsp;</TD>
  4207. <TD VALIGN="bottom">&nbsp;</TD>
  4208. <TD VALIGN="bottom" ALIGN="right">(13,124</TD>
  4209. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
  4210. <TR STYLE="font-size:1px; ">
  4211. <TD VALIGN="bottom"></TD>
  4212. <TD VALIGN="bottom">&nbsp;</TD>
  4213. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  4214. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  4215. <TD>&nbsp;</TD></TR>
  4216. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4217. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:8pt; font-family:Times New Roman">Total deferred provision (benefit) for income taxes</P></TD>
  4218. <TD VALIGN="bottom">&nbsp;</TD>
  4219. <TD VALIGN="bottom">&nbsp;</TD>
  4220. <TD VALIGN="bottom" ALIGN="right">23,326</TD>
  4221. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  4222. <TR STYLE="font-size:1px; ">
  4223. <TD VALIGN="bottom"></TD>
  4224. <TD VALIGN="bottom">&nbsp;</TD>
  4225. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  4226. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  4227. <TD>&nbsp;</TD></TR>
  4228. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4229. <TD VALIGN="top"><FONT STYLE="font-size:8pt">Total provision (benefit) for income taxes</FONT></TD>
  4230. <TD VALIGN="bottom">&nbsp;</TD>
  4231. <TD VALIGN="bottom">$</TD>
  4232. <TD VALIGN="bottom" ALIGN="right">(221,147</TD>
  4233. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
  4234. <TR STYLE="font-size:1px; ">
  4235. <TD VALIGN="bottom"></TD>
  4236. <TD VALIGN="bottom">&nbsp;</TD>
  4237. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  4238. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  4239. <TD>&nbsp;</TD></TR>
  4240. <TR STYLE="page-break-inside:avoid ; ">
  4241. <TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  4242. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  4243. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  4244. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  4245. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD></TR>
  4246. </TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The income tax benefit differs from the amount computed by applying the federal statutory income tax rate of
  4247. 21% to net investment income and realized and unrealized gains (losses) on investments before taxes for the year ended June&nbsp;30, 2020 were as follows (in thousands): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  4248. <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7.5pt" ALIGN="center">
  4249.  
  4250.  
  4251. <TR>
  4252.  
  4253. <TD WIDTH="80%"></TD>
  4254.  
  4255. <TD VALIGN="bottom" WIDTH="2%"></TD>
  4256. <TD></TD>
  4257. <TD></TD>
  4258. <TD VALIGN="bottom" WIDTH="2%"></TD>
  4259.  
  4260. <TD VALIGN="bottom" WIDTH="1%"></TD>
  4261. <TD></TD>
  4262. <TD></TD>
  4263. <TD VALIGN="bottom" WIDTH="3%"></TD></TR>
  4264.  
  4265.  
  4266. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4267. <TD VALIGN="top"><FONT STYLE="font-size:8pt">Income tax at the U.S. federal statutory rate of 21&nbsp;percent</FONT></TD>
  4268. <TD VALIGN="bottom">&nbsp;</TD>
  4269. <TD VALIGN="bottom">$</TD>
  4270. <TD VALIGN="bottom" ALIGN="right"> 29,484</TD>
  4271. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  4272. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  4273. <TD VALIGN="bottom">&nbsp;</TD>
  4274. <TD VALIGN="bottom" ALIGN="right">21.00</TD>
  4275. <TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
  4276. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4277. <TD VALIGN="top"><FONT STYLE="font-size:8pt">State income taxes, net of federal benefit</FONT></TD>
  4278. <TD VALIGN="bottom">&nbsp;</TD>
  4279. <TD VALIGN="bottom">&nbsp;</TD>
  4280. <TD VALIGN="bottom" ALIGN="right">2,006</TD>
  4281. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  4282. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  4283. <TD VALIGN="bottom">&nbsp;</TD>
  4284. <TD VALIGN="bottom" ALIGN="right">1.43</TD>
  4285. <TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
  4286. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4287. <TD VALIGN="top"><FONT STYLE="font-size:8pt">California settlement</FONT></TD>
  4288. <TD VALIGN="bottom">&nbsp;</TD>
  4289. <TD VALIGN="bottom">&nbsp;</TD>
  4290. <TD VALIGN="bottom" ALIGN="right">(212,774</TD>
  4291. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
  4292. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  4293. <TD VALIGN="bottom">&nbsp;</TD>
  4294. <TD VALIGN="bottom" ALIGN="right">(151.55</TD>
  4295. <TD NOWRAP VALIGN="bottom">)%&nbsp;</TD></TR>
  4296. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4297. <TD VALIGN="top"><FONT STYLE="font-size:8pt">New York State and New York City settlements</FONT></TD>
  4298. <TD VALIGN="bottom">&nbsp;</TD>
  4299. <TD VALIGN="bottom">&nbsp;</TD>
  4300. <TD VALIGN="bottom" ALIGN="right">(103,686</TD>
  4301. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
  4302. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  4303. <TD VALIGN="bottom">&nbsp;</TD>
  4304. <TD VALIGN="bottom" ALIGN="right">(73.85</TD>
  4305. <TD NOWRAP VALIGN="bottom">)%&nbsp;</TD></TR>
  4306. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4307. <TD VALIGN="top"><FONT STYLE="font-size:8pt">Change in uncertain tax positions</FONT></TD>
  4308. <TD VALIGN="bottom">&nbsp;</TD>
  4309. <TD VALIGN="bottom">&nbsp;</TD>
  4310. <TD VALIGN="bottom" ALIGN="right">10,060</TD>
  4311. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  4312. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  4313. <TD VALIGN="bottom">&nbsp;</TD>
  4314. <TD VALIGN="bottom" ALIGN="right">7.17</TD>
  4315. <TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
  4316. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4317. <TD VALIGN="top"><FONT STYLE="font-size:8pt">Change in valuation allowance</FONT></TD>
  4318. <TD VALIGN="bottom">&nbsp;</TD>
  4319. <TD VALIGN="bottom">&nbsp;</TD>
  4320. <TD VALIGN="bottom" ALIGN="right">11,700</TD>
  4321. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  4322. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  4323. <TD VALIGN="bottom">&nbsp;</TD>
  4324. <TD VALIGN="bottom" ALIGN="right">8.33</TD>
  4325. <TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
  4326. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4327. <TD VALIGN="top"><FONT STYLE="font-size:8pt">Change in Verizon indemnification</FONT></TD>
  4328. <TD VALIGN="bottom">&nbsp;</TD>
  4329. <TD VALIGN="bottom">&nbsp;</TD>
  4330. <TD VALIGN="bottom" ALIGN="right">15,238</TD>
  4331. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  4332. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  4333. <TD VALIGN="bottom">&nbsp;</TD>
  4334. <TD VALIGN="bottom" ALIGN="right">10.85</TD>
  4335. <TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
  4336. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4337. <TD VALIGN="top"><FONT STYLE="font-size:8pt">Return to provision true-ups</FONT></TD>
  4338. <TD VALIGN="bottom">&nbsp;</TD>
  4339. <TD VALIGN="bottom">&nbsp;</TD>
  4340. <TD VALIGN="bottom" ALIGN="right">24,916</TD>
  4341. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  4342. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  4343. <TD VALIGN="bottom">&nbsp;</TD>
  4344. <TD VALIGN="bottom" ALIGN="right">17.75</TD>
  4345. <TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
  4346. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4347. <TD VALIGN="top"><FONT STYLE="font-size:8pt">Other</FONT></TD>
  4348. <TD VALIGN="bottom">&nbsp;</TD>
  4349. <TD VALIGN="bottom">&nbsp;</TD>
  4350. <TD VALIGN="bottom" ALIGN="right">1,909</TD>
  4351. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  4352. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  4353. <TD VALIGN="bottom">&nbsp;</TD>
  4354. <TD VALIGN="bottom" ALIGN="right">1.36</TD>
  4355. <TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
  4356. <TR STYLE="font-size:1px; ">
  4357. <TD VALIGN="bottom"></TD>
  4358. <TD VALIGN="bottom">&nbsp;</TD>
  4359. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  4360. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  4361. <TD>&nbsp;</TD>
  4362. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  4363. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  4364. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  4365. <TD>&nbsp;</TD></TR>
  4366. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4367. <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:8pt; font-family:Times New Roman">Provision (benefit) for income taxes</P></TD>
  4368. <TD VALIGN="bottom">&nbsp;</TD>
  4369. <TD VALIGN="bottom">$</TD>
  4370. <TD VALIGN="bottom" ALIGN="right">(221,147</TD>
  4371. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
  4372. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  4373. <TD VALIGN="bottom">&nbsp;</TD>
  4374. <TD VALIGN="bottom" ALIGN="right">(157.51</TD>
  4375. <TD NOWRAP VALIGN="bottom">)%&nbsp;</TD></TR>
  4376. <TR STYLE="font-size:1px; ">
  4377. <TD VALIGN="bottom"></TD>
  4378. <TD VALIGN="bottom">&nbsp;</TD>
  4379. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  4380. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  4381. <TD>&nbsp;</TD>
  4382. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  4383. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  4384. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  4385. <TD>&nbsp;</TD></TR>
  4386. <TR STYLE="page-break-inside:avoid ; ">
  4387. <TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  4388. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  4389. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  4390. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  4391. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  4392. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
  4393. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  4394. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  4395. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD></TR>
  4396. </TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The Fund recorded a decrease of its gross unrecognized tax benefits of approximately $479&nbsp;million during
  4397. the year. The decrease was primarily due to the settlement of certain prior year state taxes with state tax authorities, resulting in a reversal of such unrecognized tax benefits and associated interest and penalties. </P>
  4398. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The Fund has accounted for tax obligations under the Tax Cuts and Jobs Act (the &#147;TCJA&#148;) based on the best information available and
  4399. will continue to assess the applicability of new guidance issued by the U.S. Treasury Department and IRS as it relates to the impacts of the TCJA. Any additional information obtained or related legislation issued could change the Fund&#146;s tax
  4400. obligations under the TCJA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The total amount of gross unrecognized tax benefits was $269&nbsp;million as of June&nbsp;30, 2020, of which
  4401. up to $97&nbsp;million would affect Altaba&#146;s effective tax rate if realized. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): </P>
  4402. <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  4403. <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">
  4404.  
  4405.  
  4406. <TR>
  4407.  
  4408. <TD WIDTH="90%"></TD>
  4409.  
  4410. <TD VALIGN="bottom" WIDTH="1%"></TD>
  4411. <TD></TD>
  4412. <TD></TD>
  4413. <TD VALIGN="bottom" WIDTH="2%"></TD></TR>
  4414.  
  4415.  
  4416. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4417. <TD VALIGN="top"><FONT STYLE="font-size:8pt">Unrecognized tax benefits balance at January&nbsp;1, 2020</FONT></TD>
  4418. <TD VALIGN="bottom">&nbsp;</TD>
  4419. <TD VALIGN="bottom">$</TD>
  4420. <TD VALIGN="bottom" ALIGN="right"> 713,877</TD>
  4421. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  4422. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4423. <TD VALIGN="top"><FONT STYLE="font-size:8pt">Gross increase for tax positions of prior years</FONT></TD>
  4424. <TD VALIGN="bottom">&nbsp;</TD>
  4425. <TD VALIGN="bottom">&nbsp;</TD>
  4426. <TD VALIGN="bottom" ALIGN="right">34,202</TD>
  4427. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  4428. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4429. <TD VALIGN="top"><FONT STYLE="font-size:8pt">Settlements</FONT></TD>
  4430. <TD VALIGN="bottom">&nbsp;</TD>
  4431. <TD VALIGN="bottom">&nbsp;</TD>
  4432. <TD VALIGN="bottom" ALIGN="right">(479,209</TD>
  4433. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
  4434. <TR STYLE="font-size:1px; ">
  4435. <TD VALIGN="bottom"></TD>
  4436. <TD VALIGN="bottom">&nbsp;</TD>
  4437. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  4438. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  4439. <TD>&nbsp;</TD></TR>
  4440. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4441. <TD VALIGN="top"><FONT STYLE="font-size:8pt">Unrecognized tax benefits balance at June&nbsp;30, 2020</FONT></TD>
  4442. <TD VALIGN="bottom">&nbsp;</TD>
  4443. <TD VALIGN="bottom">$</TD>
  4444. <TD VALIGN="bottom" ALIGN="right"> 268,870</TD>
  4445. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  4446. <TR STYLE="font-size:1px; ">
  4447. <TD VALIGN="bottom"></TD>
  4448. <TD VALIGN="bottom">&nbsp;</TD>
  4449. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  4450. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  4451. <TD>&nbsp;</TD></TR>
  4452. <TR STYLE="page-break-inside:avoid ; ">
  4453. <TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  4454. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  4455. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  4456. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  4457. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD></TR>
  4458. </TABLE>
  4459. <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">17 </P>
  4460.  
  4461. </DIV></Center>
  4462.  
  4463.  
  4464. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  4465. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  4466. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  4467.  
  4468.  
  4469. <Center><DIV STYLE="width:8.5in" align="left">
  4470. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The balances are recorded on the Fund&#146;s consolidated statement of assets and liabilities
  4471. as of June&nbsp;30, 2020 as follows (in thousands): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  4472. <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">
  4473.  
  4474.  
  4475. <TR>
  4476.  
  4477. <TD WIDTH="91%"></TD>
  4478.  
  4479. <TD VALIGN="bottom" WIDTH="1%"></TD>
  4480. <TD></TD>
  4481. <TD></TD>
  4482. <TD VALIGN="bottom" WIDTH="1%"></TD></TR>
  4483.  
  4484.  
  4485. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4486. <TD VALIGN="top"><FONT STYLE="font-size:8pt">Total unrecognized tax benefits balance</FONT></TD>
  4487. <TD VALIGN="bottom">&nbsp;</TD>
  4488. <TD VALIGN="bottom">$</TD>
  4489. <TD VALIGN="bottom" ALIGN="right">268,870</TD>
  4490. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  4491. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4492. <TD VALIGN="top"><FONT STYLE="font-size:8pt">Amounts netted against related deferred tax assets</FONT></TD>
  4493. <TD VALIGN="bottom">&nbsp;</TD>
  4494. <TD VALIGN="bottom">&nbsp;</TD>
  4495. <TD VALIGN="bottom" ALIGN="right">(35,325</TD>
  4496. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
  4497. <TR STYLE="font-size:1px; ">
  4498. <TD VALIGN="bottom"></TD>
  4499. <TD VALIGN="bottom">&nbsp;</TD>
  4500. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  4501. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
  4502. <TD>&nbsp;</TD></TR>
  4503. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4504. <TD VALIGN="top"><FONT STYLE="font-size:8pt">Unrecognized tax benefits recorded on consolidated statement of assets and liabilities</FONT></TD>
  4505. <TD VALIGN="bottom">&nbsp;</TD>
  4506. <TD VALIGN="bottom">$</TD>
  4507. <TD VALIGN="bottom" ALIGN="right">233,545</TD>
  4508. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  4509. <TR STYLE="font-size:1px; ">
  4510. <TD VALIGN="bottom"></TD>
  4511. <TD VALIGN="bottom">&nbsp;</TD>
  4512. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  4513. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
  4514. <TD>&nbsp;</TD></TR>
  4515. <TR STYLE="page-break-inside:avoid ; ">
  4516. <TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  4517. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  4518. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  4519. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  4520. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD></TR>
  4521. </TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">As primary obligor, Altaba is generally responsible for all United States federal, state and local uncertain
  4522. tax benefits through the date of the Sale Transaction and, as such, the uncertain tax benefits are recorded in other liabilities on the consolidated statement of assets and liabilities. Pursuant to the transaction agreement with Verizon, Verizon
  4523. Media Group is obligated to indemnify the Fund for certain <FONT STYLE="white-space:nowrap">pre-acquisition</FONT> tax liabilities. The Fund has therefore recorded an indemnification asset from Verizon Media Group of $134&nbsp;million included in
  4524. other assets on the consolidated statement of assets and liabilities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Altaba recognizes interest and/or penalties related to uncertain tax
  4525. positions in income tax expense. To the extent accrued interest and penalties do not ultimately become payable, amounts accrued will be reduced and reflected as a reduction of the overall income tax provision in the period that such determination is
  4526. made. The amount of accrued interest and penalties recorded on the consolidated statement of assets and liabilities as of June&nbsp;30, 2020 was approximately $17&nbsp;million of which $6&nbsp;million is indemnified by Verizon Media Group pursuant
  4527. to the transaction agreement with Verizon, whereby Verizon Media Group is obligated to indemnify the Fund for certain <FONT STYLE="white-space:nowrap">pre-acquisition</FONT> tax liabilities. </P>
  4528. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The Fund is in various stages of examination and appeal in connection with its taxes both in U.S. federal, state and local jurisdictions. These
  4529. audits generally span tax years 2005 through 2019. The Fund settled in appeals with the California Franchise Tax Board for the tax years 2005 through 2008 returns during the period. The Fund&#146;s 2007 through 2010 and 2015 through 2017 California
  4530. tax returns are currently under examination. The Fund&#146;s 2011 tax year through the current tax year remain subject to examination by the California Franchise Tax Board for California tax purposes. While it is difficult to determine when the
  4531. examinations will be settled or their final outcomes, certain audits in various jurisdictions are expected to be resolved in the foreseeable future. The Fund believes that it has adequately provided for any reasonably foreseeable adverse adjustment
  4532. to its tax returns, including indemnification by Verizon Media Group for certain tax liabilities, and that any settlement will not have a material adverse effect on its consolidated financial position, results of operations, or cash flows. </P>
  4533. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">During the period from January&nbsp;1, 2020 through June&nbsp;30, 2020, the Fund reached a favorable settlement on the New York sales and use
  4534. tax audit covering 2015 to 2017 resulting in a benefit of $16&nbsp;million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:13pt; font-family:Times New Roman"><B>Note 9&nbsp;&nbsp;&nbsp;&nbsp;Agreements and Related Party Transactions
  4535. </B></P> <P STYLE="line-height:3.5pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B><I>Advisory Agreements
  4536. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">From January&nbsp;1, 2020 through February&nbsp;14, 2020, the Fund retained BlackRock Advisors, LLC (&#147;BlackRock&#148;) and
  4537. Morgan Stanley Smith Barney LLC (&#147;Morgan Stanley&#148; or &#147;MSSB&#148;) as external investment advisers to manage the Marketable Debt Securities Portfolio, with each managing approximately half of the marketable securities portfolio. On
  4538. February&nbsp;14, 2020, Morgan Stanley began managing 100% of the marketable securities portfolio. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">From January&nbsp;1, 2020 through
  4539. February&nbsp;14, 2020, the Fund paid BlackRock a monthly fee in arrears at the corresponding annual rate set forth below for all of the Fund&#146;s assets managed by BlackRock: </P>
  4540. <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  4541. <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">
  4542.  
  4543.  
  4544. <TR>
  4545.  
  4546. <TD WIDTH="91%"></TD>
  4547.  
  4548. <TD VALIGN="bottom" WIDTH="1%"></TD>
  4549. <TD></TD>
  4550. <TD></TD>
  4551. <TD VALIGN="bottom" WIDTH="3%"></TD></TR>
  4552.  
  4553.  
  4554. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4555. <TD VALIGN="top"><FONT STYLE="font-size:8pt">BR Asset level between $10&nbsp;billion and $15&nbsp;billion</FONT></TD>
  4556. <TD VALIGN="bottom">&nbsp;</TD>
  4557. <TD VALIGN="bottom">&nbsp;</TD>
  4558. <TD VALIGN="bottom" ALIGN="right">0.0200</TD>
  4559. <TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
  4560. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4561. <TD VALIGN="top"><FONT STYLE="font-size:8pt">BR Asset level between $15&nbsp;billion and $20&nbsp;billion</FONT></TD>
  4562. <TD VALIGN="bottom">&nbsp;</TD>
  4563. <TD VALIGN="bottom">&nbsp;</TD>
  4564. <TD VALIGN="bottom" ALIGN="right">0.0150</TD>
  4565. <TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
  4566. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4567. <TD VALIGN="top"><FONT STYLE="font-size:8pt">BR Asset level over $20&nbsp;billion</FONT></TD>
  4568. <TD VALIGN="bottom">&nbsp;</TD>
  4569. <TD VALIGN="bottom">&nbsp;</TD>
  4570. <TD VALIGN="bottom" ALIGN="right">0.0100</TD>
  4571. <TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
  4572. <TR STYLE="page-break-inside:avoid ; ">
  4573. <TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  4574. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  4575. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  4576. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  4577. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD></TR>
  4578. </TABLE>
  4579. <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">18 </P>
  4580.  
  4581. </DIV></Center>
  4582.  
  4583.  
  4584. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  4585. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  4586. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  4587.  
  4588.  
  4589. <Center><DIV STYLE="width:8.5in" align="left">
  4590. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">From January&nbsp;1, 2020 through February&nbsp;10, 2020, the Fund paid Morgan Stanley
  4591. compensation, quarterly in arrears, at an annual rate as follows based on the total amount of assets managed by Morgan Stanley: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  4592. <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">
  4593.  
  4594.  
  4595. <TR>
  4596.  
  4597. <TD WIDTH="91%"></TD>
  4598.  
  4599. <TD VALIGN="bottom" WIDTH="1%"></TD>
  4600. <TD></TD>
  4601. <TD></TD>
  4602. <TD VALIGN="bottom" WIDTH="3%"></TD></TR>
  4603.  
  4604.  
  4605. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4606. <TD VALIGN="top"><FONT STYLE="font-size:8pt">MSSB Asset level between $4B and $5B</FONT></TD>
  4607. <TD VALIGN="bottom">&nbsp;</TD>
  4608. <TD VALIGN="bottom">&nbsp;</TD>
  4609. <TD VALIGN="bottom" ALIGN="right">0.0350</TD>
  4610. <TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
  4611. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4612. <TD VALIGN="top"><FONT STYLE="font-size:8pt">MSSB Asset level between $5B and $7B</FONT></TD>
  4613. <TD VALIGN="bottom">&nbsp;</TD>
  4614. <TD VALIGN="bottom">&nbsp;</TD>
  4615. <TD VALIGN="bottom" ALIGN="right">0.0300</TD>
  4616. <TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
  4617. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4618. <TD VALIGN="top"><FONT STYLE="font-size:8pt">MSSB Asset level between $7B and $10B</FONT></TD>
  4619. <TD VALIGN="bottom">&nbsp;</TD>
  4620. <TD VALIGN="bottom">&nbsp;</TD>
  4621. <TD VALIGN="bottom" ALIGN="right">0.0200</TD>
  4622. <TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
  4623. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4624. <TD VALIGN="top"><FONT STYLE="font-size:8pt">MSSB Asset level between $10B and $15B</FONT></TD>
  4625. <TD VALIGN="bottom">&nbsp;</TD>
  4626. <TD VALIGN="bottom">&nbsp;</TD>
  4627. <TD VALIGN="bottom" ALIGN="right">0.0150</TD>
  4628. <TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
  4629. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4630. <TD VALIGN="top"><FONT STYLE="font-size:8pt">MSSB Asset level between $15B and $20B</FONT></TD>
  4631. <TD VALIGN="bottom">&nbsp;</TD>
  4632. <TD VALIGN="bottom">&nbsp;</TD>
  4633. <TD VALIGN="bottom" ALIGN="right">0.0125</TD>
  4634. <TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
  4635. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4636. <TD VALIGN="top"><FONT STYLE="font-size:8pt">MSSB Asset level over $20B</FONT></TD>
  4637. <TD VALIGN="bottom">&nbsp;</TD>
  4638. <TD VALIGN="bottom">&nbsp;</TD>
  4639. <TD VALIGN="bottom" ALIGN="right">0.0100</TD>
  4640. <TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
  4641. <TR STYLE="page-break-inside:avoid ; ">
  4642. <TD VALIGN="top"></TD>
  4643. <TD VALIGN="bottom">&nbsp;</TD>
  4644. <TD VALIGN="bottom"></TD>
  4645. <TD VALIGN="bottom"></TD>
  4646. <TD VALIGN="bottom"></TD></TR>
  4647. <TR STYLE="font-size:1px; ">
  4648. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  4649. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  4650. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; BORDER-BOTTOM:1.00pt solid #000000;border-top:1.00px solid #000000">&nbsp;</P></TD>
  4651. <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; BORDER-BOTTOM:1.00pt solid #000000;border-top:1.00px solid #000000">&nbsp;</P></TD>
  4652. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD></TR>
  4653. </TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Beginning on February&nbsp;10, 2020, the Fund pays Morgan Stanley compensation, quarterly in arrears, at an
  4654. annual rate of 0.015%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B><I>Administration, Accounting&nbsp;&amp; Custodian </I></B></P>
  4655. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The Fund has engaged U.S. Bancorp Fund Services, LLC (&#147;USBFS&#148;) to serve as the Fund&#146;s administrator and fund accountant. The
  4656. Fund has engaged U.S. Bank, N.A. (&#147;U.S. Bank&#148;) to serve as the Fund&#146;s custodian. The Fund pays a flat fee of $837,000 per year. </P>
  4657. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B><I>Transfer Agent </I></B></P>
  4658. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Computershare Inc. serves as transfer, dividend paying and shareholder servicing agent for the Fund. </P>
  4659. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:13pt; font-family:Times New Roman"><B>Note 10&nbsp;&nbsp;&nbsp;&nbsp;Purchases and Sales of Securities </B></P>
  4660. <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Purchase and sales of investment
  4661. securities, excluding short-term securities and U.S. government obligations, for the period ended June&nbsp;30, 2020, totaled nil and $1.3&nbsp;billion, respectively. </P>
  4662. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:13pt; font-family:Times New Roman"><B>Note 11&nbsp;&nbsp;&nbsp;&nbsp;Investment in Affiliates </B></P>
  4663. <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">If the Fund&#146;s holding
  4664. represents ownership of 5% or more of voting securities of a company, the company is deemed to be an affiliate as defined in the 1940 Act. The Fund had the following transactions during the period ended June&nbsp;30, 2020 with affiliated companies<SUP
  4665. STYLE="font-size:85%; vertical-align:top">(1)</SUP>: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  4666. <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">
  4667.  
  4668.  
  4669. <TR>
  4670.  
  4671. <TD WIDTH="84%"></TD>
  4672.  
  4673. <TD VALIGN="bottom" WIDTH="6%"></TD>
  4674. <TD></TD>
  4675. <TD></TD>
  4676. <TD VALIGN="bottom" WIDTH="4%"></TD></TR>
  4677. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
  4678. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
  4679. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  4680. <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><B>Excalibur&nbsp;IP,&nbsp;LLC</B></TD>
  4681. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD></TR>
  4682.  
  4683.  
  4684. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4685. <TD VALIGN="top"><FONT STYLE="font-size:8pt">Balance of patents held and applications pending at January&nbsp;1, 2020</FONT></TD>
  4686. <TD VALIGN="bottom">&nbsp;</TD>
  4687. <TD VALIGN="bottom">&nbsp;</TD>
  4688. <TD VALIGN="bottom" ALIGN="right">2,863</TD>
  4689. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  4690. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4691. <TD VALIGN="top"><FONT STYLE="font-size:8pt">Change in patents held</FONT></TD>
  4692. <TD VALIGN="bottom">&nbsp;</TD>
  4693. <TD VALIGN="bottom">&nbsp;</TD>
  4694. <TD VALIGN="bottom" ALIGN="right">(2,863</TD>
  4695. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
  4696. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4697. <TD VALIGN="top"><FONT STYLE="font-size:8pt">Balance of patents held and applications pending at June&nbsp;30, 2020</FONT></TD>
  4698. <TD VALIGN="bottom">&nbsp;</TD>
  4699. <TD NOWRAP VALIGN="bottom">&nbsp;</TD>
  4700. <TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
  4701. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  4702. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4703. <TD VALIGN="top"><FONT STYLE="font-size:8pt">Fair value as of June&nbsp;30, 2020<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></FONT></TD>
  4704. <TD VALIGN="bottom">&nbsp;</TD>
  4705. <TD NOWRAP VALIGN="bottom">$</TD>
  4706. <TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
  4707. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  4708. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4709. <TD VALIGN="top"><FONT STYLE="font-size:8pt">Change in unrealized appreciation (depreciation)<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></FONT></TD>
  4710. <TD VALIGN="bottom">&nbsp;</TD>
  4711. <TD VALIGN="bottom">$</TD>
  4712. <TD VALIGN="bottom" ALIGN="right">(52,500</TD>
  4713. <TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
  4714. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4715. <TD VALIGN="top"><FONT STYLE="font-size:8pt">Distributions</FONT></TD>
  4716. <TD VALIGN="bottom">&nbsp;</TD>
  4717. <TD NOWRAP VALIGN="bottom">$</TD>
  4718. <TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
  4719. <TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
  4720. <TR BGCOLOR="#dddddd" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7.5pt">
  4721. <TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000"><FONT STYLE="font-size:8pt">Net realized gain (loss)<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></FONT></TD>
  4722. <TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
  4723. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">$</TD>
  4724. <TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right"> 58,000</TD>
  4725. <TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD></TR>
  4726. </TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  4727. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  4728. <TR style = "page-break-inside:avoid">
  4729. <TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
  4730. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">Affiliated issuer, as defined in the Investment Company Act of 1940, as amended. </P></TD></TR></TABLE>
  4731. <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  4732. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  4733. <TR style = "page-break-inside:avoid">
  4734. <TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
  4735. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">In thousands. </P></TD></TR></TABLE>
  4736. <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">19 </P>
  4737.  
  4738. </DIV></Center>
  4739.  
  4740.  
  4741. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  4742. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  4743. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  4744.  
  4745.  
  4746. <Center><DIV STYLE="width:8.5in" align="left">
  4747. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:Times New Roman"><B>Note 12&nbsp;&nbsp;&nbsp;&nbsp;Capital Share Transactions </B></P>
  4748. <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B><I>Common and Preferred Stock
  4749. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">As of June&nbsp;30, 2020, there were 5&nbsp;billion shares of $0.001 par value common stock authorized, 519,511,366 shares issued
  4750. and outstanding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The Board has the authority under the Fund&#146;s certificate of incorporation to issue up to 10&nbsp;million shares of
  4751. preferred stock and to determine the price, rights, preferences, privileges, and restrictions, including voting rights, of those shares without any further vote or action by the stockholders, though the Fund currently does not anticipate issuing any
  4752. preferred stock because it has filed the Certificate of Dissolution. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B><I>Share Repurchases </I></B></P>
  4753. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The Board of Directors of the Fund authorized a share repurchase program (the &#147;September 2018 Share Repurchase Program&#148;), pursuant to
  4754. which the Fund was authorized to, from time to time, purchase up to $5.75&nbsp;billion of its common stock through, without limitation, market purchases, privately negotiated transactions or other methods of acquiring shares. The date and time of
  4755. such repurchases were dependent upon market conditions. All repurchases were made in compliance with, and at such times as permitted by, federal securities laws. For the year ended December&nbsp;31, 2019, the Fund repurchased approximately
  4756. 48&nbsp;million shares at a weighted average price of $70.57 and average weighted premium of 5.1% of net asset value for an aggregate purchase price of approximately $3.4&nbsp;billion, which exhausted the September 2018 Share Repurchase
  4757. Program.<B><I> </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B><I>Liquidating Distributions to Shareholders </I></B></P>
  4758. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The pre-dissolution liquidating distribution to shareholders made on September&nbsp;23, 2019 was recorded on the ex-dividend date. Liquidating
  4759. distributions paid by the Fund, including the pre-dissolution liquidating distribution and any future distributions made by the Fund, are subject to recharacterization for tax purposes. See Note&nbsp;1, &#147;Plan of Liquidation and
  4760. Dissolution&#148; for additional information and for a general summary of certain material U.S. federal income tax consequences of the Plan of Liquidation and Dissolution, including the pre-dissolution liquidating distribution, see the Fund&#146;s
  4761. proxy statement dated May&nbsp;17, 2019 under &#147;Proposal No.&nbsp;1: Approval of the Plan of Liquidation and Dissolution&nbsp;&#151; Material U.S. Federal Income Tax Consequences of Liquidation and Dissolution.&#148; </P>
  4762. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:13pt; font-family:Times New Roman"><B>Note 13&nbsp;&nbsp;&nbsp;&nbsp;Principal Risks </B></P>
  4763. <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"><B>Risks Related to the Plan of Liquidation and
  4764. Dissolution </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify"><B><I>The Fund cannot assure stockholders of the timing or amount of any post-dissolution liquidating distribution
  4765. following entry of the Court Orders. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">We plan to make an initial post-dissolution liquidating distribution to our stockholders on
  4766. our transfer books as of the Effective Time (and permitted transferees) as soon as practicable following entry of the Interim Order, if granted. As described above, in the Petition, the Fund sought an Interim Order from the Chancery Court that
  4767. approves an initial conservative aggregate amount of security. In addition to undisputed claims (including claims where the Fund has agreed with the claimant on the required amount of security, either initially or following negotiation), this
  4768. security amount would include, for each claim as to which the amount was in dispute, the full amount requested by the relevant claimant at that time. The Fund requested the Interim Order in the Petition to be able to make a cash distribution of all
  4769. of the Fund&#146;s assets in excess of the aggregate security amount approved in the Interim Order without having to wait for the Chancery Court to adjudicate the amounts of security reasonably likely to provide sufficient compensation for the
  4770. claims in dispute. Additional distributions are not expected to be made until a judicial determination has been reached regarding the amount and form of security reasonably likely to provide sufficient compensation for such disputed claims and the
  4771. issuance of the Final Order, as described below. For further information regarding the matters described above, please refer to the full text of the Petition. </P>
  4772. <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">20 </P>
  4773.  
  4774. </DIV></Center>
  4775.  
  4776.  
  4777. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  4778. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  4779. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  4780.  
  4781.  
  4782. <Center><DIV STYLE="width:8.5in" align="left">
  4783. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">On June&nbsp;16, 2020, the DOJ, on behalf of the IRS, filed a Notice of Removal removing the
  4784. Delaware Proceeding to the Delaware District Court. On June&nbsp;16, 2020, the DOJ, on behalf of the IRS, also filed a complaint commencing an action in the Delaware District Court (the &#147;Collection Action&#148;) seeking a judgment against
  4785. Altaba in respect of the tax claims and amounts raised by the IRS that are described in the Petition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">On August&nbsp;10, 2020, the
  4786. Delaware District Court entered an order remanding the Delaware Proceeding back to the Chancery Court, with the exception of IRS tax claims and Verizon&#146;s tax indemnity claims, which continued to be before the Delaware District Court. </P>
  4787. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">On August&nbsp;18, 2020, the Fund and the DOJ, on behalf of the IRS, filed the Joint Motion pursuant to which the Fund agreed to retain as
  4788. security for the claims of the IRS an aggregate amount of $1.76&nbsp;billion (which is the amount the Chancery Court is being requested to retain as security for the claims of the IRS in the Interim Order Motion described below), subject to agreed
  4789. upon mechanisms for the release of this security as portions of the IRS claims are resolved over time. In the Joint Motion, the Fund and the DOJ, on behalf of the IRS, requested that the Delaware District Court dismiss the portion of the Delaware
  4790. Proceeding relating to the IRS claims which had been removed to the Delaware District Court, and remand Verizon&#146;s tax indemnity claims back to the Chancery Court. The Delaware District Court has not yet ruled on the Joint Motion. The Fund and
  4791. the DOJ, on behalf of the IRS, have agreed that within three days after the date on which the Delaware District Court enters an order substantially in the form attached to the Joint Motion, the DOJ will file a motion requesting that the Delaware
  4792. District Court dismiss the Collection Action without prejudice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">On August&nbsp;18, 2020, as requested by the Fund in the Petition, the
  4793. Chancery Court entered an order barring claims from potential claimants who received notice of the Fund&#146;s dissolution and did not submit a claim by the claims deadline. For further information, please refer to the full text of the Petition.
  4794. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">On August&nbsp;20, 2020, the Fund filed the Interim Order Motion with the Chancery Court. In the Interim Order Motion, the Fund requested
  4795. that the Chancery Court establish an initial conservative aggregate amount of security of $7.347 billion, which if approved would allow the Fund to distribute up to $5.155 billion to stockholders. It is not typical for such an Interim Order to be
  4796. requested in proceedings of this kind. There can be no assurance that the Chancery Court will approve the Interim Order, that the Chancery Court will authorize the aggregate security amount proposed by the Fund in the Interim Order Motion, that the
  4797. distribution of excess assets based on the Interim Order will occur or, if approved, when any such distribution will occur. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The removal of
  4798. the Delaware Proceeding to the Delaware District Court, and the related efforts to sever and remand the claims of all parties other than the IRS back to the Chancery Court, could affect the timing of any post-dissolution liquidating distributions.
  4799. In addition, the Fund cannot predict the impact, if any, of the <FONT STYLE="white-space:nowrap">Covid-19</FONT> pandemic on the timing of proceedings in the Chancery Court, or, as applicable, the Delaware District Court, and it is possible that
  4800. delays could result. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Following the Interim Order, if issued, the Fund will request the Final Order establishing the final amount and form
  4801. of security for contested known, contingent and potential future claims that are likely to arise or become known within five years of the Effective Time (or such longer period of time as the Chancery Court may determine not to exceed ten years after
  4802. the Effective Time), pay or make reasonable provision for the Fund&#146;s uncontested known claims and expenses (including any changes to amounts agreed by the Fund and claimants following the issuance of the Interim Order), and establish reserves
  4803. for other claims as required by the Final Order. The Final Order will reflect the Chancery Court&#146;s, and, as applicable, the Delaware District Court&#146;s, own determination as to the amount and form of security reasonably likely to be
  4804. sufficient to provide compensation for all known, contingent and potential future claims against the Fund. There can be no assurances that the Chancery Court, and, as applicable, the Delaware District Court, will not require the Fund to withhold
  4805. amounts in excess of the amounts that we believe are sufficient to satisfy the Fund&#146;s potential claims and liabilities. Accordingly, stockholders may not receive distributions of these additional amounts for a substantial period of time.
  4806. Factors that could impact the aggregate amount of security required to be retained by the Fund pursuant to the Court Orders, and consequently the amount of the initial post-dissolution liquidating distributions, include the following: </P>
  4807. <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  4808. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  4809. <TR style = "page-break-inside:avoid">
  4810. <TD WIDTH="4%">&nbsp;</TD>
  4811. <TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
  4812. <TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
  4813. <TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">whether any claims are resolved; </P></TD></TR></TABLE>
  4814. <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  4815. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  4816. <TR style = "page-break-inside:avoid">
  4817. <TD WIDTH="4%">&nbsp;</TD>
  4818. <TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
  4819. <TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
  4820. <TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">whether any litigation is brought against the Fund or its directors and officers; </P></TD></TR></TABLE>
  4821. <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">21 </P>
  4822.  
  4823. </DIV></Center>
  4824.  
  4825.  
  4826. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  4827. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  4828. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  4829.  
  4830.  
  4831. <Center><DIV STYLE="width:8.5in" align="left">
  4832.  
  4833. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  4834. <TR style = "page-break-inside:avoid">
  4835. <TD WIDTH="4%">&nbsp;</TD>
  4836. <TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
  4837. <TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
  4838. <TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">whether the Fund is able to receive any final determination from taxing authorities with respect to the amount
  4839. of taxes, if any, owed to them; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  4840. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  4841. <TR style = "page-break-inside:avoid">
  4842. <TD WIDTH="4%">&nbsp;</TD>
  4843. <TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
  4844. <TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
  4845. <TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">whether unforeseen claims are asserted against the Fund, in which case the Fund would have to defend or resolve
  4846. such claims and/or be required to establish additional reserves to provide for such claims; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  4847. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  4848. <TR style = "page-break-inside:avoid">
  4849. <TD WIDTH="4%">&nbsp;</TD>
  4850. <TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
  4851. <TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
  4852. <TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">whether any of the expenses incurred in
  4853. <FONT STYLE="white-space:nowrap">the&nbsp;winding-up&nbsp;process,</FONT> including expenses of required personnel and other operating expenses (including legal, accounting and other professional fees) necessary to dissolve and liquidate the Fund,
  4854. are more or less than the Fund&#146;s estimates. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify"><B><I>The Fund cannot assure stockholders of the timing or amount of
  4855. any additional post-dissolution liquidating distributions to stockholders under the Plan of Liquidation and Dissolution. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">To the
  4856. extent that claims for which the Fund has set aside reserves are resolved or satisfied at amounts less than such reserves, and assuming no need has arisen to establish additional reserves, the Fund would make additional distributions to stockholders
  4857. of any portion of the reserves established pursuant to the Final Order that the Board determines is no longer required because the relevant claim has been resolved or satisfied. However, there may be less funds available than currently anticipated
  4858. for additional liquidating distributions to the Fund&#146;s stockholders. The precise amount and timing of any additional liquidating distributions to the Fund&#146;s stockholders will depend on and could be delayed or diminished due to many
  4859. factors, including: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  4860. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  4861. <TR style = "page-break-inside:avoid">
  4862. <TD WIDTH="4%">&nbsp;</TD>
  4863. <TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
  4864. <TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
  4865. <TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">whether a claim is resolved for more than the amount of the reserve established for such claim pursuant to the
  4866. Final Order; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  4867. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  4868. <TR style = "page-break-inside:avoid">
  4869. <TD WIDTH="4%">&nbsp;</TD>
  4870. <TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
  4871. <TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
  4872. <TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">whether the Fund is unable to resolve claims with creditors or other third parties, including potential tax
  4873. claims, or if such resolutions take longer than expected; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  4874. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  4875. <TR style = "page-break-inside:avoid">
  4876. <TD WIDTH="4%">&nbsp;</TD>
  4877. <TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
  4878. <TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
  4879. <TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">whether a creditor or other third party seeks an injunction against the making of additional distributions to
  4880. stockholders on the basis that the amounts to be distributed are needed to satisfy the Fund&#146;s liabilities or other obligations to the extent not previously reserved for; </P></TD></TR></TABLE>
  4881. <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  4882. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  4883. <TR style = "page-break-inside:avoid">
  4884. <TD WIDTH="4%">&nbsp;</TD>
  4885. <TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
  4886. <TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
  4887. <TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">whether due to new facts and developments, a new claim, as the Board reasonably determines, requires additional
  4888. funds to be reserved for its satisfaction; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  4889. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  4890. <TR style = "page-break-inside:avoid">
  4891. <TD WIDTH="4%">&nbsp;</TD>
  4892. <TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
  4893. <TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
  4894. <TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">whether the expenses the Fund incurs in
  4895. <FONT STYLE="white-space:nowrap">the&nbsp;winding-up&nbsp;process,</FONT> including expenses of personnel required and other operating expenses (including legal, accounting and other professional fees), necessary to dissolve and liquidate the Fund
  4896. are more than anticipated. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">It is possible that new or existing claimants could bring additional claims against the Fund
  4897. after the date hereof. To the extent that any such claims are determined to be valid and not barred, then the existence of these claims could have an impact on the amount of funds available for distribution to the Fund&#146;s stockholders, or could
  4898. affect the timing of any such distributions. For example, if a new claim were to arise before the entry of the Interim Order, then the amount and/or timing of the initial distribution to be made after entry of the Interim Order and any subsequent
  4899. distributions could be affected. If such a claim were to arise after entry of the Interim Order but before entry of the Final Order, then the amount and/or timing of the initial distribution to be made after entry of the Final Order and any
  4900. subsequent distributions could be affected. And if such a claim were to arise after entry of the Final Order and the Fund&#146;s initial distribution to be made after entry of the Final Order, then the amount and/or timing any subsequent
  4901. distributions could be affected. In some cases, potential claims against the Fund may be subject to an extended statute of limitations under the law applicable to the claim (e.g., certain tax claims) or the claim may be made by a party that has
  4902. either not yet discovered the basis for the claim, or has the right or ability to revisit potential obligations of the Fund on a retroactive basis notwithstanding the passage of time. To the extent any claim is asserted that should be barred under
  4903. DGCL Section 280, then the Fund intends to vigorously enforce such bar. While the Fund is not presently aware of any circumstances that are expected to give rise to additional claims against the Fund, it is possible that such claims could arise, and
  4904. in that event the amount and/or timing of future distributions could be adversely affected, and that effect could be material. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Due to
  4905. these and other factors, the amounts of any additional post-dissolution liquidating distributions may be substantially less than the amounts currently estimated by the Fund. </P>
  4906. <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">22 </P>
  4907.  
  4908. </DIV></Center>
  4909.  
  4910.  
  4911. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  4912. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  4913. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  4914.  
  4915.  
  4916. <Center><DIV STYLE="width:8.5in" align="left">
  4917. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify"><B><I>Liquidating distributions to stockholders could be substantially reduced and/or delayed
  4918. due to uncertainty regarding the resolution of certain potential tax claims, litigation matters and other unresolved contingent liabilities of the Fund. </I></B></P>
  4919. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Among other liabilities, the Fund&#146;s major known, contingent and potential future liabilities include (i)&nbsp;known and potential U.S.
  4920. federal, state and local and foreign tax claims, which constitute a significant majority of the Fund&#146;s known, contingent and potential future liabilities, (ii)&nbsp;potential liabilities arising out of the Data Breaches and certain other legal
  4921. contingencies, and (iii)&nbsp;continuing third-party indemnification obligations. For a detailed description of such liabilities, see the Fund&#146;s proxy statement dated May&nbsp;17, 2019 under &#147;Proposal No.&nbsp;1: Approval of the Plan of
  4922. Liquidation and Dissolution &#151; Description of the Plan of Liquidation and Dissolution and the Dissolution and <FONT STYLE="white-space:nowrap">Winding-Up&nbsp;Process</FONT> &#151; Liabilities; Expenses; Reserves.&#148; </P>
  4923. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Whether any additional liquidating distributions can be made to stockholders would depend on whether claims for which the Fund has set aside
  4924. reserves are resolved or satisfied at amounts less than such reserves and whether a need has arisen to establish additional reserves. The Fund cannot assure stockholders that the Fund&#146;s liabilities can be settled for less than the amounts the
  4925. Fund has reserved, or that unknown liabilities that have not been accounted for will not arise. As a result, the Fund may continue to hold back funds and delay additional liquidating distributions to stockholders. It is important for the Fund to
  4926. retain sufficient funds to pay the expenses and liabilities actually owed to the Fund&#146;s creditors, because under Delaware law, if the Fund fails to do so, each stockholder could be held liable for the repayment to creditors, out of the amounts
  4927. previously received by such stockholder from us or from any liquidating trust or trusts, of such stockholder&#146;s pro rata share of such excess (up to the full amount actually received by such stockholder). </P>
  4928. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify"><B><I>The application of, and any changes in, applicable tax laws, regulations, administrative practices, principles and interpretations may
  4929. adversely affect the Fund&#146;s assets and the amount and timing of any liquidating distributions to stockholders. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The Fund may
  4930. be directly or indirectly affected by tax legislation, regulations and administrative practices or the modification of existing tax laws by U.S. or <FONT STYLE="white-space:nowrap">non-U.S.</FONT> taxing authorities or other governmental bodies. The
  4931. application of complex tax laws involves numerous uncertainties, and U.S. and <FONT STYLE="white-space:nowrap">non-U.S.</FONT> taxing authorities may review and challenge tax positions adopted by the Fund. These challenges may result in adjustments
  4932. to, or impact the timing or amount of, the Fund&#146;s taxable income, deductions, credits or other tax items, which may adversely affect our effective tax rate and tax liability. </P>
  4933. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">On December&nbsp;22, 2017, the United States enacted tax legislation commonly known as the TCJA, which significantly changed existing U.S. tax
  4934. law. Among other changes impacting the Fund and its prior investments in Alibaba and Yahoo Japan, the TCJA imposed a <FONT STYLE="white-space:nowrap">one-time</FONT> deemed repatriation tax on certain accumulated earnings of <FONT
  4935. STYLE="white-space:nowrap">non-U.S.</FONT> corporations owned by 10% U.S. shareholders, expanded the constructive ownership rules that are applied for purposes of determining whether a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> corporation is
  4936. a &#147;controlled foreign corporation&#148; (&#147;CFC&#148;), and made other significant changes to the CFC rules. These rules are complex and subject to change or differing interpretations, possibly with retroactive effect. In addition, the
  4937. application of these rules and their consequences to the Fund depend on a number of facts specific to Alibaba, Yahoo Japan, and their respective subsidiaries that are beyond our current knowledge and control. These and other uncertainties resulting
  4938. from the TCJA could materially affect the Fund&#146;s U.S. tax liabilities with respect to its prior investments in Alibaba and Yahoo Japan. </P>
  4939. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Furthermore, the treatment of the Fund and its assets, and any transactions involving such assets (including liquidating distributions by the
  4940. Fund), may raise novel and complex issues under other U.S. federal, state and local and foreign tax laws. Accordingly, the application of the relevant tax laws to the Fund&#146;s assets and any related past or future transactions, including in
  4941. connection with the Plan of Liquidation and Dissolution, may be uncertain in many respects. There can be no assurance that the Fund&#146;s treatment of such assets and transactions will not be challenged by the IRS or other U.S. or <FONT
  4942. STYLE="white-space:nowrap">non-U.S.</FONT> taxing authorities, and any such challenge could adversely affect the Fund&#146;s effective tax rate and tax liability, as well as the amount and timing of any liquidating distributions to stockholders.
  4943. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">For more information regarding the Fund&#146;s potential tax liabilities, see the Fund&#146;s proxy statement dated May&nbsp;17, 2019
  4944. under &#147;Proposal No.&nbsp;1: Approval of the Plan of Liquidation and Dissolution&nbsp;&#151; Description of the Plan of Liquidation and Dissolution and the Dissolution and Winding-Up Process&nbsp;&#151; Liabilities; Expenses;
  4945. Reserves&nbsp;&#151; Potential Tax Claims.&#148; </P>
  4946. <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">23 </P>
  4947.  
  4948. </DIV></Center>
  4949.  
  4950.  
  4951. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  4952. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  4953. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  4954.  
  4955.  
  4956. <Center><DIV STYLE="width:8.5in" align="left">
  4957. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify"><B><I>The Fund will continue to incur expenses that will reduce the amount available for
  4958. distribution, including expenses of complying with reporting requirements under the 1940 Act following the Effective Time and paying its service providers, including the external investment adviser managing its Marketable Debt Securities Portfolio.
  4959. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">As the Fund continues to wind up, the Fund will continue to incur expenses from operations, including severance costs,
  4960. compensation to employees who would implement the Plan of Liquidation and Dissolution, compensation to our independent directors, directors&#146; and officers&#146; insurance and other insurance premiums, income, payroll and other taxes (including
  4961. any taxes that may be imposed on the sale, distribution or other disposition of our <FONT STYLE="white-space:nowrap">remaining&nbsp;non-cash&nbsp;assets),</FONT> legal, accounting, financial advisory and consulting fees and general and
  4962. administrative expenses (including the fees of the external investment adviser for our Marketable Debt Securities Portfolio). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The Fund
  4963. continues to be registered as an investment company under the 1940 Act but we currently expect to deregister as an investment company under the 1940 Act following the issuance of the Final Court Order, and after the Fund has reduced its remaining
  4964. assets to cash and distributed substantially all of its assets. Accordingly, the Fund will continue complying with the applicable reporting requirements of the 1940 Act even though compliance with such reporting requirements will cause the Fund to
  4965. incur related expenses. In order to eliminate these expenses, we may seek relief from the SEC from the reporting requirements under the 1940 Act, but no assurances can be given as to when or if such relief will be obtained. If the Fund does not
  4966. obtain such relief and, in any event, until such time as it obtains such relief, the Fund will continue to incur costs in complying with its reporting requirements as a registered investment company under the 1940&nbsp;Act. </P>
  4967. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify"><B><I>If the Fund fails to retain sufficient funds to pay the liabilities actually owed to the Fund&#146;s creditors, each stockholder
  4968. receiving liquidating distributions could be liable for payment to the Fund&#146;s creditors of his, her or its pro rata share of any shortfall, up to the amount actually distributed to each stockholder in connection with the liquidation and
  4969. dissolution. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Under Delaware law, in the event the Fund fails to retain sufficient funds to pay the expenses and liabilities
  4970. actually owed to the Fund&#146;s creditors, each stockholder could be held liable for the repayment to those creditors who file unbarred claims before the end of <FONT STYLE="white-space:nowrap">the&nbsp;winding-up&nbsp;period,</FONT> out of the
  4971. amounts previously received by such stockholder from us or from any liquidating trust or trusts, of such stockholder&#146;s pro rata share of such excess liability (up to the full amount actually received by such stockholder). Moreover, in the event
  4972. a stockholder has paid taxes on amounts previously received pursuant to the Plan of Liquidation and Dissolution, a repayment of all or a portion of such amount could result in a stockholder incurring a net tax cost if the stockholder&#146;s
  4973. repayment of an amount previously distributed does not cause a reduction in taxes payable. There can be no guarantee that the reserves established by the Fund will be adequate to cover all such expenses and liabilities. </P>
  4974. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify"><B><I>Amounts held in the Marketable Debt Securities Portfolio will be subject to market, credit and interest rate risk. </I></B></P>
  4975. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">A substantial portion of the Fund&#146;s investment assets will be held in the Marketable Debt Securities Portfolio throughout the liquidation
  4976. and dissolution process. Pursuant to such guidelines, the Fund generally invests excess cash in money market funds, time deposits, and liquid debt instruments of the U.S. and foreign governments and their agencies, and high credit quality corporate
  4977. issuers which are classified as marketable debt securities and cash. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Investments in fixed rate and floating rate interest earning
  4978. instruments carry a degree of interest rate risk. Fixed rate securities may have their fair market value adversely impacted due to a rise in interest rates, while floating rate securities may produce less income than expected if interest rates fall.
  4979. Such securities also are subject to the risk that the issuer of the security will be unable to pay interest or repay principal on the security when due. Due in part to these factors, the amounts expected to be realized by the Fund in monetizing the
  4980. Marketable Debt Securities Portfolio may fall short of expectations due to changes in interest rates or the Fund may suffer losses in principal if it sells securities that have declined in market value due to changes in interest rates or changes in
  4981. credit quality. </P>
  4982. <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">24 </P>
  4983.  
  4984. </DIV></Center>
  4985.  
  4986.  
  4987. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  4988. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  4989. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  4990.  
  4991.  
  4992. <Center><DIV STYLE="width:8.5in" align="left">
  4993. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify"><B><I>The Shares have been delisted from Nasdaq, and the Fund closed its stock transfer books
  4994. at the Effective Time as required by Delaware law. Accordingly, the Shares held by the Fund&#146;s stockholders after the Effective Time generally are not transferable. </I></B></P>
  4995. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Nasdaq halted trading in the Shares on October&nbsp;2, 2019. In connection with the filing of a Certificate of Dissolution with the Secretary
  4996. of State of the State of Delaware, the Fund closed its transfer books as of 4:00 pm Eastern Time on October&nbsp;4, 2019. As a result, record holders of the Shares generally are prohibited from transferring record ownership of their Shares following
  4997. the Effective Time (except by will, intestate succession or operation of law). The Shares were delisted from Nasdaq on October&nbsp;7, 2019. DTC, as a record holder of Shares through its Cede&nbsp;&amp; Co. nominee, maintains records representing
  4998. the right to receive any post-dissolution liquidating distributions in accordance with Section&nbsp;4 of the Plan of Liquidation and Dissolution, including any transfers of such rights. Consequently, the Fund expects that any transfers of such
  4999. rights will be tracked by DTC. There is no assurance as to how long a market for interests in the Shares representing the right to receive any post-dissolution liquidating distributions will continue to be maintained or how actively such interests
  5000. in the Shares will trade. Both trading prices and volumes in any such <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;over-the-counter&#148;</FONT></FONT> market may be volatile and erratic. To the extent that a
  5001. stockholder&#146;s Shares were not held by a DTC participant as of the Effective Time, it may be more difficult for such stockholder to transfer such stockholder&#146;s rights to receive any post-dissolution liquidating distributions. </P>
  5002. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify"><B><I>Interests of stockholders in any liquidating trust that the Fund may establish pursuant to the Plan of Liquidation and Dissolution
  5003. generally will not be transferable. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">If the Fund establishes a liquidating trust, the interests of the Fund&#146;s stockholders in
  5004. such trust generally will not be transferable, which could adversely affect stockholders&#146; ability to realize the value of such interests. Even if transferable, the interests are not expected to be listed on a national securities exchange, and
  5005. the extent of any trading market therein cannot be predicted. In addition, the interests may not be accepted by commercial lenders as security for loans as readily as more conventional securities with established trading markets. Furthermore, given
  5006. that the Fund&#146;s stockholders will be deemed to have received a liquidating distribution equal to their pro rata share of the value of the net assets distributed to any entity which is treated as a liquidating trust for U.S. federal income tax
  5007. purposes, the distribution <FONT STYLE="white-space:nowrap">of&nbsp;non-transferable&nbsp;interests</FONT> would result in tax liability to the stockholders without their being readily able to realize the value of such interest to pay such taxes or
  5008. otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify"><B><I>Stockholders will generally not be able to recognize a loss for U.S. federal income tax purposes until they receive a
  5009. final distribution from us. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">As a result of the Fund&#146;s liquidation and dissolution, for U.S. federal income tax purposes, the
  5010. Fund&#146;s stockholders who are U.S. holders will generally recognize gain or loss equal to the difference between (i)&nbsp;the amount of cash and the fair market value (at the time of the distribution) of any other property distributed, less any
  5011. known liabilities assumed by the stockholder or to which the distributed property is subject, and (ii)&nbsp;such stockholder&#146;s tax basis in the Shares. Liquidating distributions pursuant to the Plan of Liquidation and Dissolution may occur at
  5012. various times and in more than one tax year. Any loss will generally be recognized only when a stockholder receives the final distribution from us and then only if the aggregate value of all liquidating distributions with respect to a Share is less
  5013. than the stockholder&#146;s tax basis in the Share. For a general summary of certain material U.S. federal income tax consequences of the Plan of Liquidation and Dissolution, see the Fund&#146;s proxy statement dated May&nbsp;17, 2019 under
  5014. &#147;Proposal No.&nbsp;1: Approval of the Plan of Liquidation and Dissolution &#151; Material U.S. Federal Income Tax Consequences of Liquidation and Dissolution.&#148; </P>
  5015. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify"><B><I>Further stockholder approval will not be required in connection with the implementation of the Plan of Liquidation and Dissolution,
  5016. including the sale or disposition of all or substantially all of the Fund&#146;s assets as contemplated in the Plan of Liquidation and Dissolution. </I></B></P>
  5017. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The approval of the Plan of Liquidation and Dissolution by the requisite vote of the stockholders granted full and complete authority to our
  5018. Board and officers, without further stockholder action, to proceed with the liquidation and dissolution of the Fund pursuant to Plan of Liquidation and Dissolution in accordance with any applicable provision of Delaware law. Accordingly, the Fund
  5019. may sell, distribute or otherwise dispose of its remaining&nbsp;assets, including <FONT STYLE="white-space:nowrap">non-cash&nbsp;assets,</FONT> without </P>
  5020. <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">25 </P>
  5021.  
  5022. </DIV></Center>
  5023.  
  5024.  
  5025. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  5026. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  5027. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  5028.  
  5029.  
  5030. <Center><DIV STYLE="width:8.5in" align="left">
  5031. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">
  5032. further stockholder approval. As a result, the Board may, in order to maximize value for the Fund&#146;s stockholders and creditors, authorize actions in implementing the Plan of Liquidation and
  5033. Dissolution, including the specific terms and prices for the sales and dispositions of its remaining assets, with which stockholders may not agree. </P>
  5034. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify"><B><I>The Fund will no longer hold annual meetings of stockholders to elect members of the Board, and consequently the Fund&#146;s stockholders
  5035. will no longer be able to influence management of the Fund through the election of directors. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Under Delaware law, dissolution of
  5036. the Fund became effective upon the filing of a Certificate of Dissolution on October&nbsp;4, 2019. Although the Fund&#146;s existence is required to continue for a period of three years from the Effective Time for the purpose of prosecuting and
  5037. defending suits, winding up the Fund and making distributions to stockholders, the Fund is not permitted to continue to engage in any business. As a result, the Fund will not convene annual meetings of stockholders during <FONT
  5038. STYLE="white-space:nowrap">the&nbsp;winding-up&nbsp;period.</FONT> Since the Fund will not hold annual meetings of stockholders to elect members of the Board after the Effective Time, the Fund&#146;s stockholders will not be able to influence
  5039. management of the Fund through the election of directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">As noted above, the approval of the Plan of Liquidation and Dissolution by the
  5040. requisite vote of the stockholders granted full and complete authority to our Board and officers, without further stockholder action, to proceed with the liquidation and dissolution of the Fund pursuant to Plan of Liquidation and Dissolution in
  5041. accordance with any applicable provision of Delaware law. See &#147;&#151; Further stockholder approval will not be required in connection with the implementation of the Plan of Liquidation and Dissolution, including the sale or disposition of all
  5042. or substantially all of the Fund&#146;s assets as contemplated in the Plan of Liquidation and Dissolution.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify"><B><I>The Board may
  5043. abandon, modify or delay implementation of the Plan of Liquidation and Dissolution, even after stockholder approval. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Even though
  5044. the Fund&#146;s stockholders have approved the Plan of Liquidation and Dissolution, the Board has reserved the right, at its discretion, to the extent permitted by Delaware law, to abandon or delay implementation of the Plan of Liquidation and
  5045. Dissolution if such action is determined to be in the Fund&#146;s best interests and in the best interests of its stockholders, in order, for example, to permit the Fund to pursue new business opportunities or strategic transactions that are
  5046. subsequently presented to the Board. Any such decision by the Board to abandon or delay implementation of the Plan of Liquidation and Dissolution prior to the Effective Time may result in the Fund incurring additional operating costs and
  5047. liabilities, which could reduce the amount available in any potential future distribution to the Fund&#146;s stockholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The Board also
  5048. may modify or amend the Plan of Liquidation and Dissolution, notwithstanding stockholder approval of the Plan of Liquidation and Dissolution, if the Board determines that, in light of new proposals presented or changes in circumstances, such action
  5049. would be in the best interests of the Fund and its stockholders. The Board has authority under the Plan of Liquidation and Dissolution to make any such modification or amendment to the Plan of Liquidation and Dissolution without further stockholder
  5050. approval, although it may determine, in its sole discretion, to submit any modification or amendment to the stockholders for approval. </P>
  5051. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify"><B><I>The tax treatment of <FONT STYLE="white-space:nowrap">any&nbsp;pre-dissolution&nbsp;liquidating</FONT> distribution and any other
  5052. liquidating distributions may vary from stockholder to stockholder, and stockholders should consult their own tax advisors. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The
  5053. Fund has not requested a ruling from the IRS with respect to the anticipated U.S. federal income tax consequences of the Plan of Liquidation and Dissolution. As described in the Fund&#146;s proxy statement dated May&nbsp;17, 2019 under
  5054. &#147;Proposal No.&nbsp;1: Approval of the Plan of Liquidation and Dissolution &#151; Material U.S. Federal Income Tax Consequences of Liquidation and Dissolution,&#148; we intend to accomplish the liquidation and dissolution in a manner that will
  5055. qualify as a &#147;complete liquidation&#148; of the Fund within the meaning of Section&nbsp;346(a) of the Code, but there can be no assurance that our efforts to do so will be successful. If any of the anticipated tax consequences of the Plan of
  5056. Liquidation and Dissolution described in the proxy statement proves to be incorrect, the result could be increased taxation at the corporate and/or stockholder level, thus reducing the benefit to the Fund&#146;s stockholders and the Fund from the
  5057. liquidation and dissolution. Tax considerations applicable to stockholders may vary with and be contingent upon the particular circumstances of each stockholder. Stockholders are urged </P>
  5058. <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">26 </P>
  5059.  
  5060. </DIV></Center>
  5061.  
  5062.  
  5063. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  5064. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  5065. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  5066.  
  5067.  
  5068. <Center><DIV STYLE="width:8.5in" align="left">
  5069. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">
  5070. to consult their own tax advisors as to the specific tax consequences to them of the Plan of Liquidation and Dissolution in light of each stockholder&#146;s particular circumstances. </P>
  5071. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"><B>Risks Related to the Fund&#146;s Operations as an Investment Company </B></P>
  5072. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify"><B><I>The Fund&#146;s revenue sources may be limited. </I></B></P>
  5073. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The Fund&#146;s investment assets are its interests in the Marketable Debt Securities Portfolio. The Fund&#146;s ability to meet its financial
  5074. obligations and other contractual commitments depends upon its ability to access cash. The Fund&#146;s potential sources of cash include available cash balances, including interest income from the Marketable Debt Securities Portfolio. </P>
  5075. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">For the period from January&nbsp;1, 2020 to June&nbsp;30, 2020, the Marketable Debt Securities Portfolio generated approximately
  5076. $72&nbsp;million of income. No assurance can be given that the Marketable Debt Securities Portfolio will produce as much income for the Fund in future periods. The emergence of the novel coronavirus in December of 2019 and the resulting <FONT
  5077. STYLE="white-space:nowrap">COVID-19</FONT> pandemic have adversely impacted economies, markets and businesses around the world. In response, many central banks, including the Federal Reserve Bank, have adopt policies seeking to reduce interest
  5078. rates. These policies and other policies adopted in response to the pandemic have reduced, and in the future may continue to reduce, the amount of income that the Fund can earn from the Marketable Debt Securities Portfolio. In addition, in response
  5079. to the market volatility and adverse economic environment caused by the pandemic, the Fund has worked with the External Advisor to reduce the duration of the Marketable Debt Securities Portfolio and invested it in securities of issuers with higher
  5080. credit quality, which also has reduced the income the Fund earns from the Marketable Debt Securities Portfolio. Volatility caused by the pandemic also may adversely impact the price the Fund receives for any securities it sells.The Fund is not able
  5081. generate material amounts of income from other sources. As a result, the Fund could be unable in the future to obtain cash in amounts sufficient to service its financial obligations or meet its other commitments unless it sells the Marketable Debt
  5082. Securities Portfolio which would cause the Fund to pay taxes on any capital gain that it realized in connection with the sale. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify"><B><I>The
  5083. Fund&#146;s use of service providers means that the Fund is reliant on third parties to perform their obligations. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The Fund relies
  5084. on service providers for certain functions that are integral to the Fund&#146;s operations and financial performance, including management of its Marketable Debt Securities Portfolio, custody of its assets and transfer agency, and administrative
  5085. services. Failure by any service provider to carry out its obligations to the Fund in accordance with the terms of its appointment, to exercise due care and skill, or to perform its obligations to the Fund at all as a result of insolvency,
  5086. bankruptcy, or other causes could have a material adverse effect on the Fund&#146;s performance and returns to stockholders. The termination of the Fund&#146;s relationship with any service provider, or any delay in appointing a replacement for such
  5087. service provider, could materially disrupt the business of the Fund and could have a material adverse effect on the Fund&#146;s performance and returns to stockholders. </P>
  5088. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify"><B><I>The Fund relies on the competence and continued service of its own officers and directors to manage the Fund, other than the Marketable
  5089. Debt Securities Portfolio. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The Fund is internally managed by its executive officers under the supervision of the Board and does
  5090. not currently intend to depend on a third-party investment adviser, except that the Fund has hired an External Advisor to manage the Marketable Debt Securities Portfolio. The Fund will incur the operating expenses associated with employing its
  5091. executive officers and employees. The Fund depends upon the members of its senior management for the monitoring of the Fund&#146;s investments, other than the Marketable Debt Securities Portfolio, and for seeking to manage and reduce its
  5092. liabilities. If the Fund loses the services of any senior management members the Fund may not be able to operate its business as expected, which could cause the Fund&#146;s results to suffer. The Fund&#146;s status as a registered investment company
  5093. may limit its ability to attract and retain highly qualified personnel. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify"><B><I>The Fund has hired an External Advisor to manage the
  5094. Marketable Debt Securities Portfolio. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The Marketable Debt Securities Portfolio is managed by an External Advisor that applies the
  5095. investment guidelines set by the Fund. There can be no assurances that the Fund&#146;s investment program for the Marketable Debt Securities Portfolio, as </P>
  5096. <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">27 </P>
  5097.  
  5098. </DIV></Center>
  5099.  
  5100.  
  5101. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  5102. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  5103. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  5104.  
  5105.  
  5106. <Center><DIV STYLE="width:8.5in" align="left">
  5107. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">
  5108. implemented by the External Advisor, will be successful. The External Advisor&#146;s investment strategies may not produce the desired results for the Marketable Debt Securities Portfolio.
  5109. Additionally, the investment guidelines for the Marketable Debt Securities Portfolio may constrain the investment discretion of the External Advisor in a manner that results in the Marketable Debt Securities Portfolio achieving less desirable
  5110. results than if such investment guidelines were different or did not exist. Moreover, the External Advisor may fail to adhere to the investment guidelines for the Marketable Debt Securities Portfolio, which could result in losses, less desirable
  5111. results or a greater risk profile for the Marketable Debt Securities Portfolio than the Fund intends. There is no guarantee that the External Advisor will be able to achieve desirable results for the Marketable Debt Securities Portfolio. </P>
  5112. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify"><B><I>By hiring an External Adviser to manage the Marketable Debt Securities Portfolio, the Fund is subject to the risks associated with having
  5113. third parties exercise discretion over the investment of the Marketable Debt Securities Portfolio. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The Fund is subject to external
  5114. management risk because its Marketable Debt Securities Portfolio is actively managed by an External Adviser. The External Adviser applies investment techniques and risk analyses in making investment decisions for the Marketable Debt Securities
  5115. Portfolio, but there can be no guarantee that these will produce the desired results. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">A risk of loss also exists due to fraud on the part
  5116. of the External Adviser, intentional or inadvertent deviations from the Marketable Debt Securities Portfolio&#146;s investment guidelines or simply poor judgment. Although the Fund believes the External Adviser is operating with integrity and sound
  5117. operational and organizational standards, the Fund may have no, or only limited, access to information regarding the activities of the External Adviser, and the Fund cannot guarantee the accuracy or completeness of such information. As a
  5118. consequence, although the Fund monitors the activities of the External Adviser, it may be difficult, if not impossible, for the Fund to protect itself from the risk of fraud, misrepresentation or material strategy alteration. The Fund has no control
  5119. over the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> operations of the External Adviser. The failure of operations, information technology systems or contingency/disaster recovery plans may result in
  5120. significant losses for the Marketable Debt Securities Portfolio. There can be no assurance that the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic will not adversely impact the ability of the External Advisor to manage the Marketable Debt
  5121. Securities Portfolio. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify"><B><I>The Fund and its service providers, including the External Adviser, may be the subject of cyber-attacks that
  5122. could have severe negative impacts on the Fund. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">With the increased use of technologies such as the Internet to conduct business,
  5123. the Fund is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber-attacks include, but are not limited to, gaining unauthorized access to
  5124. digital systems (e.g., through &#147;hacking&#148; or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber-attacks may also be carried out in a manner
  5125. that does not require gaining unauthorized access, such as causing <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">denial-of-service</FONT></FONT> attacks on websites (i.e., efforts to make network services unavailable to intended
  5126. users). Cyber security failures or breaches by one or more of the External Adviser, or other service providers (including, but not limited to, fund accountants, custodians, transfer agents and administrators), and the issuers of securities in which
  5127. the Fund invests, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund&#146;s ability to calculate its net asset value, impediments to trading, the inability of
  5128. stockholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition, substantial costs may be
  5129. incurred in order to prevent any cyber incidents in the future. While the Fund has implemented business continuity plans in the event of, and risk management systems to prevent, cyber-attacks against its systems, there are inherent limitations in
  5130. such plans and systems, including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cyber security plans and systems put in place by service providers to the Fund and issuers in which the Fund
  5131. invests. The Fund and its stockholders could be negatively impacted as a result. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify"><B><I>Misconduct or misrepresentations by employees of
  5132. the Fund, the External Adviser or any of the Fund&#146;s other service providers could cause significant losses to the Fund. </I></B></P>
  5133. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Employee misconduct may include binding the Fund to transactions that exceed authorized limits or present unacceptable risks and unauthorized
  5134. trading activities, concealing unsuccessful trading activities (which, in any case, may result in </P>
  5135. <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">28 </P>
  5136.  
  5137. </DIV></Center>
  5138.  
  5139.  
  5140. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  5141. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  5142. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  5143.  
  5144.  
  5145. <Center><DIV STYLE="width:8.5in" align="left">
  5146. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">
  5147. unknown and unmanaged risks or losses) or making misrepresentations regarding any of the foregoing. Losses could also result from actions by the Fund&#146;s service providers, including, without
  5148. limitation, failing to recognize trades and misappropriating assets. In addition, employees and service providers may improperly use or disclose confidential information, which could result in litigation or serious financial harm, including limiting
  5149. the Fund&#146;s business prospects or future marketing activities. Despite the Fund&#146;s due diligence efforts, misconduct and intentional misrepresentations may be undetected or not fully comprehended, thereby potentially undermining the
  5150. Fund&#146;s due diligence efforts. As a result, no assurances can be given that the due diligence performed by the Fund will identify or prevent any such misconduct. </P>
  5151. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify"><B><I>Limitations imposed by the 1940 Act may adversely affect the Fund&#146;s operations. </I></B></P>
  5152. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The Fund is a registered <FONT STYLE="white-space:nowrap">closed-end</FONT> management investment company and as such is subject to regulation
  5153. under the 1940 Act. The 1940 Act regulates many aspects of the Fund&#146;s operations and imposes limitations such as limiting the Fund&#146;s ability to: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5154. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  5155. <TR style = "page-break-inside:avoid">
  5156. <TD WIDTH="4%">&nbsp;</TD>
  5157. <TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
  5158. <TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
  5159. <TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">use leverage; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5160. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  5161. <TR style = "page-break-inside:avoid">
  5162. <TD WIDTH="4%">&nbsp;</TD>
  5163. <TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
  5164. <TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
  5165. <TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">enter into transactions with affiliated persons; </P></TD></TR></TABLE>
  5166. <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5167. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  5168. <TR style = "page-break-inside:avoid">
  5169. <TD WIDTH="4%">&nbsp;</TD>
  5170. <TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
  5171. <TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
  5172. <TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">make certain types of investments; and </P></TD></TR></TABLE>
  5173. <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5174. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  5175. <TR style = "page-break-inside:avoid">
  5176. <TD WIDTH="4%">&nbsp;</TD>
  5177. <TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
  5178. <TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
  5179. <TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">use equity compensation plans to attract officers and employees to manage the Fund, and directors to oversee
  5180. the Fund. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">These and other limitations imposed by the 1940 Act may adversely affect the Fund&#146;s operations and
  5181. returns to investors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify"><B><I>The Fund is exposed to litigation and investigations. </I></B></P>
  5182. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The Fund is subject to pending litigation, and may become subject to further litigation, including potential actions by third parties against
  5183. the Fund, as well as direct actions by the Fund&#146;s security holders against the directors and/or officers of the Fund for alleged breaches of fiduciary duty or derivative actions brought by Fund stockholders in the name of the Fund. These claims
  5184. and investigations may adversely affect how the Fund operates its business, divert the attention of management from the operation of the Fund, and result in additional costs and potential fines. These potential actions and potential liabilities
  5185. could also have a significant adverse impact on the Fund&#146;s net asset value and could delay any actions or transactions aimed at returning assets to stockholders or realizing value for stockholders through transactions involving portfolio
  5186. assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:13pt; font-family:Times New Roman"><B>Note 14&nbsp;&nbsp;&nbsp;&nbsp;Subsequent Events </B></P>
  5187. <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The Fund has adopted standards,
  5188. which establish general standards of accounting for disclosure of events that occur after the consolidated statement of assets and liabilities date, but before the financial statements are issued. The Fund has performed an evaluation of subsequent
  5189. events through the date the financial statements were issued and has determined that no additional events have occurred that require disclosure. </P>
  5190. <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">29 </P>
  5191.  
  5192. </DIV></Center>
  5193.  
  5194.  
  5195. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  5196. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  5197. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  5198.  
  5199.  
  5200. <Center><DIV STYLE="width:8.5in" align="left">
  5201. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:Times New Roman"><B>Other Information </B></P>
  5202. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">June&nbsp;30, 2020 (unaudited) </P>
  5203. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B><I>Proxy Voting </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">A
  5204. description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i)&nbsp;without charge, upon request, by calling Alan Oshiki of Abernathy MacGregor at <FONT
  5205. STYLE="white-space:nowrap">(212)&nbsp;371-5999,</FONT> and (ii)&nbsp;on the SEC&#146;s website at http://www.sec.gov. In addition, the Fund is required to file Form <FONT STYLE="white-space:nowrap">N-PX,</FONT> with its complete proxy voting record
  5206. for the twelve months ended June&nbsp;30, no later than August&nbsp;31. The Fund&#146;s Form <FONT STYLE="white-space:nowrap">N-PX</FONT> filing is available (i)&nbsp;without charge, upon request, by calling Alan Oshiki of Abernathy MacGregor at <FONT
  5207. STYLE="white-space:nowrap">(212)&nbsp;371-5999</FONT> or (ii)&nbsp;by visiting the SEC&#146;s website at www.sec.gov. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B><I>Availability
  5208. of Quarterly Portfolio Schedules </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The Fund files its complete schedule of portfolio holdings with the SEC for the first and third
  5209. quarters of each fiscal year on Form <FONT STYLE="white-space:nowrap">NPORT-P.</FONT> The Fund&#146;s Form <FONT STYLE="white-space:nowrap">NPORT-P</FONT> is available, without charge and upon request, on the SEC&#146;s website at http://www.sec.gov
  5210. or may be reviewed and copied at the SEC&#146;s Public Reference Room in Washington, DC. Information on the Public Reference Room may be obtained by calling <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
  5211. STYLE="white-space:nowrap">1-800-SEC-0330.</FONT></FONT></FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B><I>Available Information </I></B></P>
  5212. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Our website is located at https://www.altaba.com. We make available free of charge on our website under &#147;SEC Filings&#148; all of our SEC
  5213. filings, and any amendments to those reports as soon as reasonably practicable after we electronically file or furnish such materials to the SEC. We refer our investors to our website homepage for available &#147;New&nbsp;&amp; Noteworthy&#148;
  5214. information about the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B><I>Privacy Principles of the Fund </I></B></P>
  5215. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The Fund is committed to maintaining the privacy of its stockholders and to safeguarding their
  5216. <FONT STYLE="white-space:nowrap">non-public</FONT> personal information. The Fund restricts access to <FONT STYLE="white-space:nowrap">non-public</FONT> personal information about its stockholders to its employees and service providers with a
  5217. legitimate business need for the information. The Fund maintains physical, electronic and procedural safeguards designed to protect the <FONT STYLE="white-space:nowrap">non-public</FONT> personal information of its stockholders. A statement of the
  5218. Fund&#146;s privacy policy may be found on the Fund&#146;s website at https://www.altaba.com/privacyterms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B><I>Miscellaneous
  5219. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">This report is sent to stockholders of the Fund for their information. It is not a prospectus, circular or representation intended
  5220. for use in the purchase or sale of interests in liquidating distributions of the Fund. </P>
  5221. <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center">30 </P>
  5222.  
  5223. </DIV></Center>
  5224.  
  5225.  
  5226. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  5227. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  5228. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  5229.  
  5230.  
  5231. <Center><DIV STYLE="width:8.5in" align="left">
  5232. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"><B><U>Item&nbsp;2. Code of Ethics. </U></B></P>
  5233. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Not applicable for semi-annual reports. </P>
  5234. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"><B><U>Item&nbsp;3. Audit Committee Financial Expert. </U></B></P>
  5235. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Not applicable for semi-annual reports. </P>
  5236. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"><B><U>Item&nbsp;4. Principal Accountant Fees and Services. </U></B></P>
  5237. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Not applicable for semi-annual reports. </P>
  5238. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"><B><U>Item&nbsp;5. Audit Committee of Listed Registrants. </U></B></P>
  5239. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Not applicable for semi-annual reports. </P>
  5240. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"><B><U>Item&nbsp;6. Investments. </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5241. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  5242. <TR style = "page-break-inside:avoid">
  5243. <TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
  5244. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
  5245. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5246. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  5247. <TR style = "page-break-inside:avoid">
  5248. <TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
  5249. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">Not Applicable. </P></TD></TR></TABLE>
  5250. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"><B><U>Item&nbsp;7. Disclosure of Proxy Voting Policies and Procedures for <FONT STYLE="white-space:nowrap">Closed-End</FONT> Management Investment Companies.
  5251. </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Not applicable for semi-annual reports. </P>
  5252. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"><B><U>Item&nbsp;8. Portfolio Managers of <FONT STYLE="white-space:nowrap">Closed-End</FONT> Management Investment Companies. </U></B></P>
  5253. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Not applicable for semi-annual reports. </P>
  5254. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"><B><U>Item&nbsp;9. Purchases of Equity Securities by <FONT STYLE="white-space:nowrap">Closed-End</FONT> Management Investment Company and Affiliated
  5255. Purchasers. </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">From January&nbsp;1, 2020 through June&nbsp;30, 2020 there was no share repurchase activity. </P>
  5256. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"><B><U>Item&nbsp;10. Submission of Matters to a Vote of Security Holders. </U></B></P>
  5257. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The Fund filed a certificate of dissolution with the Secretary of State of the State of Delaware on October&nbsp;4, 2019 after which its shares
  5258. of common stock were delisted from trading on trading on the Nasdaq Global Select Market.&nbsp;As a result, the Fund will no longer have stockholder meetings to elect its directors, which means that, effectively, stockholders may no longer recommend
  5259. nominees to the Fund&#146;s board of directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"><B><U>Item&nbsp;11. Controls and Procedures. </U></B></P>
  5260. <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5261. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  5262. <TR style = "page-break-inside:avoid">
  5263. <TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
  5264. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">The Registrant&#146;s Chief Executive Officer and Chief Financial and Accounting Officer have reviewed the
  5265. Registrant&#146;s disclosure controls and procedures (as defined in Rule <FONT STYLE="white-space:nowrap">30a-3(c)</FONT> under the Investment Company Act of 1940 (the &#147;Act&#148;)) as of a date within 90 days of the filing of this report, as
  5266. required by Rule <FONT STYLE="white-space:nowrap">30a-3(b)</FONT> under the Act and Rules <FONT STYLE="white-space:nowrap">13a-15(b)</FONT> or <FONT STYLE="white-space:nowrap">15d-15(b)</FONT> under the Securities Exchange Act of 1934. Based on
  5267. their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to
  5268. them by others within the Registrant and by the Registrant&#146;s service provider. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5269. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  5270. <TR style = "page-break-inside:avoid">
  5271. <TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
  5272. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">There were no changes in the Registrant&#146;s internal control over financial reporting (as defined in Rule <FONT
  5273. STYLE="white-space:nowrap">30a-3(d)</FONT> under the Act) that occurred during the last fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant&#146;s internal
  5274. control over financial reporting. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"><B><U>Item&nbsp;12. Disclosure of Securities Lending Activities for
  5275. <FONT STYLE="white-space:nowrap">Closed-End</FONT> Management Investment Companies. </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">The registrant did not engage in securities
  5276. lending activities during the fiscal period reported on this Form <FONT STYLE="white-space:nowrap">N-CSR.</FONT> </P>
  5277. </DIV></Center>
  5278.  
  5279.  
  5280. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  5281. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  5282. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  5283.  
  5284.  
  5285. <Center><DIV STYLE="width:8.5in" align="left">
  5286. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"><B><U>Item&nbsp;13. Exhibits. </U></B></P>
  5287. <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5288. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  5289. <TR style = "page-break-inside:avoid">
  5290. <TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
  5291. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">(1) <I>Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to
  5292. the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. </I>Not Applicable. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5293. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  5294. <TR style = "page-break-inside:avoid">
  5295. <TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
  5296. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">(2) <I><A HREF="d928563dex99cert.htm">A separate certification for each principal executive officer and principal
  5297. financial officer pursuant to Section</A></I><A HREF="d928563dex99cert.htm" --><I><U></U></I>&nbsp;302 of the Sarbanes-Oxley Act of 2002. Filed herewith. </A> </P></TD></TR></TABLE>
  5298. <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5299. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  5300. <TR style = "page-break-inside:avoid">
  5301. <TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
  5302. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">(3) <I>Any written solicitation to purchase securities under Rule
  5303. <FONT STYLE="white-space:nowrap">23c-1</FONT> under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. </I>Not applicable to <FONT STYLE="white-space:nowrap">closed-end</FONT>
  5304. investment companies. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5305. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  5306. <TR style = "page-break-inside:avoid">
  5307. <TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
  5308. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify"><I><A HREF="d928563dex99906cert.htm">Certifications pursuant to Section</A></I><A HREF="d928563dex99906cert.htm" -->
  5309. <I><U></U></I><I>&nbsp;906 of the Sarbanes-Oxley Act of 2002.</I> Furnished herewith. </A> </P></TD></TR></TABLE> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
  5310. </DIV></Center>
  5311.  
  5312.  
  5313. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  5314. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  5315. <h5 align="left"><a href="#toc">Table of Contents</a></h5>
  5316.  
  5317.  
  5318. <Center><DIV STYLE="width:8.5in" align="left">
  5319. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
  5320. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this
  5321. report to be signed on its behalf by the undersigned, thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5322. <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">
  5323.  
  5324.  
  5325. <TR>
  5326.  
  5327. <TD WIDTH="4%"></TD>
  5328.  
  5329. <TD VALIGN="bottom" WIDTH="1%"></TD>
  5330. <TD></TD>
  5331.  
  5332. <TD VALIGN="bottom" WIDTH="1%"></TD>
  5333. <TD WIDTH="53%"></TD>
  5334.  
  5335. <TD VALIGN="bottom"></TD>
  5336. <TD WIDTH="24%"></TD></TR>
  5337.  
  5338.  
  5339. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
  5340. <TD VALIGN="top"></TD>
  5341. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  5342. <TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">(Registrant)</P></TD>
  5343. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  5344. <TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Altaba Inc.</P></TD>
  5345. <TD VALIGN="bottom">&nbsp;</TD>
  5346. <TD VALIGN="bottom"></TD></TR>
  5347. <TR STYLE="font-size:1pt">
  5348. <TD HEIGHT="16"></TD>
  5349. <TD HEIGHT="16" COLSPAN="2"></TD>
  5350. <TD HEIGHT="16" COLSPAN="2"></TD>
  5351. <TD HEIGHT="16" COLSPAN="2"></TD></TR>
  5352. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
  5353. <TD VALIGN="top"></TD>
  5354. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  5355. <TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">By&nbsp;(Signature&nbsp;and&nbsp;Title)</P></TD>
  5356. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  5357. <TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:9pt; font-family:Times New Roman" ALIGN="justify">/s/ Thomas J. McInerney</P></TD>
  5358. <TD VALIGN="bottom">&nbsp;</TD>
  5359. <TD VALIGN="bottom"></TD></TR>
  5360. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
  5361. <TD VALIGN="top"></TD>
  5362. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  5363. <TD VALIGN="bottom"></TD>
  5364. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  5365. <TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">Thomas J. McInerney, Chief Executive Officer</P></TD>
  5366. <TD VALIGN="bottom">&nbsp;</TD>
  5367. <TD VALIGN="bottom"></TD></TR></TABLE>
  5368. <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">
  5369.  
  5370.  
  5371. <TR>
  5372.  
  5373. <TD WIDTH="4%"></TD>
  5374.  
  5375. <TD VALIGN="bottom" WIDTH="1%"></TD>
  5376. <TD></TD>
  5377.  
  5378. <TD VALIGN="bottom"></TD>
  5379. <TD WIDTH="66%"></TD>
  5380.  
  5381. <TD VALIGN="bottom"></TD>
  5382. <TD WIDTH="24%"></TD></TR>
  5383. <TR STYLE="font-size:1pt">
  5384. <TD HEIGHT="16"></TD>
  5385. <TD HEIGHT="16" COLSPAN="2"></TD>
  5386. <TD HEIGHT="16" COLSPAN="2"></TD>
  5387. <TD HEIGHT="16" COLSPAN="2"></TD></TR>
  5388.  
  5389. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
  5390. <TD VALIGN="top"></TD>
  5391. <TD VALIGN="bottom">&nbsp;</TD>
  5392. <TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">Date</P></TD>
  5393. <TD VALIGN="bottom">&nbsp;</TD>
  5394. <TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:9pt; font-family:Times New Roman" ALIGN="justify">August&nbsp;25, 2020</P></TD>
  5395. <TD VALIGN="bottom">&nbsp;</TD>
  5396. <TD VALIGN="bottom"></TD></TR>
  5397. </TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940,
  5398. this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5399. <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">
  5400.  
  5401.  
  5402. <TR>
  5403.  
  5404. <TD WIDTH="4%"></TD>
  5405.  
  5406. <TD VALIGN="bottom" WIDTH="1%"></TD>
  5407. <TD></TD>
  5408.  
  5409. <TD VALIGN="bottom" WIDTH="1%"></TD>
  5410. <TD WIDTH="51%"></TD>
  5411.  
  5412. <TD VALIGN="bottom" WIDTH="1%"></TD>
  5413. <TD WIDTH="26%"></TD></TR>
  5414.  
  5415.  
  5416. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
  5417. <TD VALIGN="top"></TD>
  5418. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  5419. <TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">By&nbsp;(Signature&nbsp;and&nbsp;Title)</P></TD>
  5420. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  5421. <TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:9pt; font-family:Times New Roman" ALIGN="justify">/s/ Thomas J. McInerney</P></TD>
  5422. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  5423. <TD VALIGN="top"></TD></TR>
  5424. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  5425. <TD VALIGN="top"></TD>
  5426. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  5427. <TD VALIGN="top"></TD>
  5428. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  5429. <TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">Thomas J. McInerney, Chief Executive Officer</P></TD>
  5430. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  5431. <TD VALIGN="top"></TD></TR></TABLE>
  5432. <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">
  5433.  
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  5436.  
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  5438.  
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  5446. <TD WIDTH="26%"></TD></TR>
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  5448. <TD HEIGHT="16"></TD>
  5449. <TD HEIGHT="16" COLSPAN="2"></TD>
  5450. <TD HEIGHT="16" COLSPAN="2"></TD>
  5451. <TD HEIGHT="16" COLSPAN="2"></TD></TR>
  5452.  
  5453. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
  5454. <TD VALIGN="top"></TD>
  5455. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  5456. <TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">Date</P></TD>
  5457. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  5458. <TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:9pt; font-family:Times New Roman" ALIGN="justify">August&nbsp;25, 2020</P></TD>
  5459. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  5460. <TD VALIGN="top"></TD></TR></TABLE>
  5461. <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">
  5462.  
  5463.  
  5464. <TR>
  5465.  
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  5467.  
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  5469. <TD></TD>
  5470.  
  5471. <TD VALIGN="bottom" WIDTH="1%"></TD>
  5472. <TD WIDTH="51%"></TD>
  5473.  
  5474. <TD VALIGN="bottom" WIDTH="1%"></TD>
  5475. <TD WIDTH="26%"></TD></TR>
  5476. <TR STYLE="font-size:1pt">
  5477. <TD HEIGHT="16"></TD>
  5478. <TD HEIGHT="16" COLSPAN="2"></TD>
  5479. <TD HEIGHT="16" COLSPAN="2"></TD>
  5480. <TD HEIGHT="16" COLSPAN="2"></TD></TR>
  5481.  
  5482. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
  5483. <TD VALIGN="top"></TD>
  5484. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  5485. <TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">By&nbsp;(Signature&nbsp;and&nbsp;Title)</P></TD>
  5486. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  5487. <TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:9pt; font-family:Times New Roman" ALIGN="justify">/s/ Alexi A. Wellman</P></TD>
  5488. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  5489. <TD VALIGN="top"></TD></TR>
  5490. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  5491. <TD VALIGN="top"></TD>
  5492. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  5493. <TD VALIGN="top"></TD>
  5494. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  5495. <TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">Alexi A. Wellman, Chief Financial and Accounting Officer</P></TD>
  5496. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  5497. <TD VALIGN="top"></TD></TR></TABLE>
  5498. <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">
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  5517. <TD HEIGHT="16" COLSPAN="2"></TD></TR>
  5518.  
  5519. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
  5520. <TD VALIGN="top"></TD>
  5521. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  5522. <TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">Date</P></TD>
  5523. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  5524. <TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:9pt; font-family:Times New Roman" ALIGN="justify">August&nbsp;25, 2020</P></TD>
  5525. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  5526. <TD VALIGN="top"></TD></TR>
  5527. </TABLE>
  5528. </DIV></Center>
  5529.  
  5530. </BODY></HTML>
  5531. </TEXT>
  5532. </DOCUMENT>
  5533. <DOCUMENT>
  5534. <TYPE>EX-99.CERT
  5535. <SEQUENCE>2
  5536. <FILENAME>d928563dex99cert.htm
  5537. <DESCRIPTION>CERTIFICATIONS PURSUANT TO SECTION 302
  5538. <TEXT>
  5539. <HTML><HEAD>
  5540. <TITLE>CERTIFICATIONS PURSUANT TO SECTION 302</TITLE>
  5541. </HEAD>
  5542. <BODY BGCOLOR="WHITE">
  5543.  
  5544.  
  5545. <Center><DIV STYLE="width:8.5in" align="left">
  5546. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right"><B>EX.99.CERT </B></P>
  5547. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>CERTIFICATIONS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">I, Thomas
  5548. J. McInerney, certify that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5549. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  5550. <TR style = "page-break-inside:avoid">
  5551. <TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
  5552. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">I have reviewed this report on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> of Altaba Inc.;
  5553. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5554. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  5555. <TR style = "page-break-inside:avoid">
  5556. <TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
  5557. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
  5558. a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </P></TD></TR></TABLE>
  5559. <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5560. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  5561. <TR style = "page-break-inside:avoid">
  5562. <TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
  5563. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">Based on my knowledge, the financial statements, and other financial information included in this report,
  5564. fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
  5565. periods presented in this report; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5566. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  5567. <TR style = "page-break-inside:avoid">
  5568. <TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
  5569. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining
  5570. disclosure controls and procedures (as defined in Rule <FONT STYLE="white-space:nowrap">30a-3(c)</FONT> under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
  5571. <FONT STYLE="white-space:nowrap">30a-3(d)</FONT> under the Investment Company Act of 1940) for the registrant and have: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5572. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  5573. <TR style = "page-break-inside:avoid">
  5574. <TD WIDTH="5%">&nbsp;</TD>
  5575. <TD WIDTH="6%" VALIGN="top" ALIGN="left">(a)</TD>
  5576. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
  5577. designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
  5578. being prepared; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5579. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  5580. <TR style = "page-break-inside:avoid">
  5581. <TD WIDTH="5%">&nbsp;</TD>
  5582. <TD WIDTH="6%" VALIGN="top" ALIGN="left">(b)</TD>
  5583. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">Designed such internal control over financial reporting, or caused such internal control over financial
  5584. reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
  5585. principles; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5586. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  5587. <TR style = "page-break-inside:avoid">
  5588. <TD WIDTH="5%">&nbsp;</TD>
  5589. <TD WIDTH="6%" VALIGN="top" ALIGN="left">(c)</TD>
  5590. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this
  5591. report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and </P></TD></TR></TABLE>
  5592. <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5593. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  5594. <TR style = "page-break-inside:avoid">
  5595. <TD WIDTH="5%">&nbsp;</TD>
  5596. <TD WIDTH="6%" VALIGN="top" ALIGN="left">(d)</TD>
  5597. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that
  5598. occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </P></TD></TR></TABLE>
  5599. <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5600. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  5601. <TR style = "page-break-inside:avoid">
  5602. <TD WIDTH="5%" VALIGN="top" ALIGN="left">5.</TD>
  5603. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and
  5604. the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions): </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5605. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  5606. <TR style = "page-break-inside:avoid">
  5607. <TD WIDTH="5%">&nbsp;</TD>
  5608. <TD WIDTH="6%" VALIGN="top" ALIGN="left">(a)</TD>
  5609. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">All significant deficiencies and material weaknesses in the design or operation of internal control over
  5610. financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial information; and </P></TD></TR></TABLE>
  5611. <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5612. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  5613. <TR style = "page-break-inside:avoid">
  5614. <TD WIDTH="5%">&nbsp;</TD>
  5615. <TD WIDTH="6%" VALIGN="top" ALIGN="left">(b)</TD>
  5616. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">Any fraud, whether or not material, that involves management or other employees who have a significant role
  5617. in the registrant&#146;s internal control over financial reporting. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5618. <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt">
  5619.  
  5620.  
  5621. <TR>
  5622.  
  5623. <TD WIDTH="47%"></TD>
  5624.  
  5625. <TD VALIGN="bottom" WIDTH="1%"></TD>
  5626. <TD WIDTH="4%"></TD>
  5627.  
  5628. <TD VALIGN="bottom"></TD>
  5629. <TD></TD>
  5630.  
  5631. <TD VALIGN="bottom" WIDTH="1%"></TD>
  5632. <TD WIDTH="46%"></TD></TR>
  5633.  
  5634.  
  5635. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
  5636. <TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">Date: August&nbsp;25, 2020</P></TD>
  5637. <TD VALIGN="bottom">&nbsp;</TD>
  5638. <TD VALIGN="bottom"></TD>
  5639. <TD VALIGN="bottom">&nbsp;</TD>
  5640. <TD VALIGN="bottom"></TD>
  5641. <TD VALIGN="bottom">&nbsp;</TD>
  5642. <TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:9pt; font-family:Times New Roman" ALIGN="justify">/s/ Thomas J. McInerney</P></TD></TR>
  5643. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
  5644. <TD VALIGN="top"></TD>
  5645. <TD VALIGN="bottom">&nbsp;</TD>
  5646. <TD VALIGN="bottom"></TD>
  5647. <TD VALIGN="bottom">&nbsp;</TD>
  5648. <TD VALIGN="bottom"></TD>
  5649. <TD VALIGN="bottom">&nbsp;</TD>
  5650. <TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">Thomas J. McInerney</P></TD></TR>
  5651. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
  5652. <TD VALIGN="top"></TD>
  5653. <TD VALIGN="bottom">&nbsp;</TD>
  5654. <TD VALIGN="bottom"></TD>
  5655. <TD VALIGN="bottom">&nbsp;</TD>
  5656. <TD VALIGN="bottom"></TD>
  5657. <TD VALIGN="bottom">&nbsp;</TD>
  5658. <TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">Chief Executive Officer, Altaba Inc.</P></TD></TR>
  5659. </TABLE>
  5660. </DIV></Center>
  5661.  
  5662.  
  5663. <p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
  5664. <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  5665.  
  5666.  
  5667. <Center><DIV STYLE="width:8.5in" align="left">
  5668. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>CERTIFICATIONS </B></P>
  5669. <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">I, Alexi A. Wellman, certify that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5670. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  5671. <TR style = "page-break-inside:avoid">
  5672. <TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
  5673. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">I have reviewed this report on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> of Altaba Inc.;
  5674. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5675. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  5676. <TR style = "page-break-inside:avoid">
  5677. <TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
  5678. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
  5679. a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </P></TD></TR></TABLE>
  5680. <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5681. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  5682. <TR style = "page-break-inside:avoid">
  5683. <TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
  5684. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">Based on my knowledge, the financial statements, and other financial information included in this report,
  5685. fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
  5686. periods presented in this report; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5687. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  5688. <TR style = "page-break-inside:avoid">
  5689. <TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
  5690. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining
  5691. disclosure controls and procedures (as defined in Rule <FONT STYLE="white-space:nowrap">30a-3(c)</FONT> under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
  5692. <FONT STYLE="white-space:nowrap">30a-3(d)</FONT> under the Investment Company Act of 1940) for the registrant and have: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5693. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  5694. <TR style = "page-break-inside:avoid">
  5695. <TD WIDTH="5%">&nbsp;</TD>
  5696. <TD WIDTH="6%" VALIGN="top" ALIGN="left">(a)</TD>
  5697. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
  5698. designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
  5699. being prepared; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5700. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  5701. <TR style = "page-break-inside:avoid">
  5702. <TD WIDTH="5%">&nbsp;</TD>
  5703. <TD WIDTH="6%" VALIGN="top" ALIGN="left">(b)</TD>
  5704. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">Designed such internal control over financial reporting, or caused such internal control over financial
  5705. reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
  5706. principles; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5707. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  5708. <TR style = "page-break-inside:avoid">
  5709. <TD WIDTH="5%">&nbsp;</TD>
  5710. <TD WIDTH="6%" VALIGN="top" ALIGN="left">(c)</TD>
  5711. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this
  5712. report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and </P></TD></TR></TABLE>
  5713. <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5714. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  5715. <TR style = "page-break-inside:avoid">
  5716. <TD WIDTH="5%">&nbsp;</TD>
  5717. <TD WIDTH="6%" VALIGN="top" ALIGN="left">(d)</TD>
  5718. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that
  5719. occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </P></TD></TR></TABLE>
  5720. <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5721. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  5722. <TR style = "page-break-inside:avoid">
  5723. <TD WIDTH="5%" VALIGN="top" ALIGN="left">5.</TD>
  5724. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and
  5725. the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions): </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5726. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  5727. <TR style = "page-break-inside:avoid">
  5728. <TD WIDTH="5%">&nbsp;</TD>
  5729. <TD WIDTH="6%" VALIGN="top" ALIGN="left">(a)</TD>
  5730. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">All significant deficiencies and material weaknesses in the design or operation of internal control over
  5731. financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial information; and </P></TD></TR></TABLE>
  5732. <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5733. <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  5734. <TR style = "page-break-inside:avoid">
  5735. <TD WIDTH="5%">&nbsp;</TD>
  5736. <TD WIDTH="6%" VALIGN="top" ALIGN="left">(b)</TD>
  5737. <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="justify">Any fraud, whether or not material, that involves management or other employees who have a significant role
  5738. in the registrant&#146;s internal control over financial reporting. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5739. <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">
  5740.  
  5741.  
  5742. <TR>
  5743.  
  5744. <TD WIDTH="51%"></TD>
  5745.  
  5746. <TD VALIGN="bottom" WIDTH="1%"></TD>
  5747. <TD WIDTH="48%"></TD></TR>
  5748.  
  5749.  
  5750. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
  5751. <TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">Date: August&nbsp;25, 2020</P></TD>
  5752. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  5753. <TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:9pt; font-family:Times New Roman" ALIGN="justify">/s/ Alexi A. Wellman</P></TD></TR>
  5754. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
  5755. <TD VALIGN="bottom"></TD>
  5756. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  5757. <TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">Alexi A. Wellman</P></TD></TR>
  5758. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
  5759. <TD VALIGN="bottom"></TD>
  5760. <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  5761. <TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">Chief Financial and Accounting Officer, Altaba Inc.</P></TD></TR>
  5762. </TABLE> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
  5763. </DIV></Center>
  5764.  
  5765. </BODY></HTML>
  5766. </TEXT>
  5767. </DOCUMENT>
  5768. <DOCUMENT>
  5769. <TYPE>EX-99.906CERT
  5770. <SEQUENCE>3
  5771. <FILENAME>d928563dex99906cert.htm
  5772. <DESCRIPTION>CERTIFICATIONS PURSUANT TO SECTION 906
  5773. <TEXT>
  5774. <HTML><HEAD>
  5775. <TITLE>CERTIFICATIONS PURSUANT TO SECTION 906</TITLE>
  5776. </HEAD>
  5777. <BODY BGCOLOR="WHITE">
  5778.  
  5779.  
  5780. <Center><DIV STYLE="width:8.5in" align="left">
  5781. <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right"><B>EX.99.906 CERT </B></P>
  5782. <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Certification Pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act </B></P>
  5783. <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">Pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Altaba Inc., does hereby certify, to
  5784. such officer&#146;s knowledge, that the report on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> of Altaba Inc. for the period ended June&nbsp;30, 2020 fully complies with the requirements of Section&nbsp;13(a) or 15(d) of the Securities
  5785. Exchange Act of 1934, as applicable, and that the information contained in the Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> fairly presents, in all material respects, the financial condition and results of operations of the Altaba Inc. for the
  5786. stated period. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  5787. <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt">
  5788.  
  5789.  
  5790. <TR>
  5791.  
  5792. <TD WIDTH="47%"></TD>
  5793.  
  5794. <TD VALIGN="bottom" WIDTH="1%"></TD>
  5795. <TD WIDTH="4%"></TD>
  5796.  
  5797. <TD VALIGN="bottom" WIDTH="1%"></TD>
  5798. <TD WIDTH="47%"></TD></TR>
  5799.  
  5800.  
  5801. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
  5802. <TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:9pt; font-family:Times New Roman" ALIGN="justify">/s/ Thomas J. McInerney</P></TD>
  5803. <TD VALIGN="bottom">&nbsp;</TD>
  5804. <TD VALIGN="bottom"></TD>
  5805. <TD VALIGN="bottom">&nbsp;</TD>
  5806. <TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:9pt; font-family:Times New Roman" ALIGN="justify">/s/ Alexi A. Wellman</P></TD></TR>
  5807. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
  5808. <TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">Thomas J. McInerney</P></TD>
  5809. <TD VALIGN="bottom">&nbsp;</TD>
  5810. <TD VALIGN="bottom"></TD>
  5811. <TD VALIGN="bottom">&nbsp;</TD>
  5812. <TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">Alexi A. Wellman</P></TD></TR>
  5813. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
  5814. <TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">Chief Executive Officer, Altaba Inc.</P></TD>
  5815. <TD VALIGN="bottom">&nbsp;</TD>
  5816. <TD VALIGN="bottom"></TD>
  5817. <TD VALIGN="bottom">&nbsp;</TD>
  5818. <TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">Chief Financial and Accounting Officer, Altaba Inc.</P></TD></TR>
  5819. <TR STYLE="font-size:1pt">
  5820. <TD HEIGHT="16"></TD>
  5821. <TD HEIGHT="16" COLSPAN="2"></TD>
  5822. <TD HEIGHT="16" COLSPAN="2"></TD></TR>
  5823. <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
  5824. <TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt">Dated: August&nbsp;25, 2020</P></TD>
  5825. <TD VALIGN="bottom">&nbsp;</TD>
  5826. <TD VALIGN="bottom"></TD>
  5827. <TD VALIGN="bottom">&nbsp;</TD>
  5828. <TD VALIGN="bottom"></TD></TR>
  5829. </TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="justify">This statement accompanies this report on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> pursuant to
  5830. Section&nbsp;906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Altaba Inc. for purposes of Section&nbsp;18 of the Securities Exchange Act of 1934. </P>
  5831. </DIV></Center>
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  5834. </TEXT>
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  6303. M[?BLWJ/M*)DMMT?G1IC#W;(B+=R_%SMJ"B9>Q'69.1XC<S+OQ-KG,QL"3O4X
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  6310. MO%FF4O;'D[1*Q&N:MJ,Y,9%V2YN3F;6CAPU[^[W_ RUC9;':1^_>Y<L5B8X
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  6325. M^+E7.*(*F;@<B,C)22RNUF9C=B/'JRKVM-G%_P!2;9US-(QF9C';I$\Y5ZZ^
  6326. MCN_O&WJW3(GM#I??:-QZ>[@U38*]<Q]?F>:-RMZ3M\?+VKNH2E$=>QIR'V.S
  6327. M&TUP<Y%TYN%F8N78RK/-RFK\J#1O5O2<6C%JSSX9CGW/00\#;;ZB[BX[O]&^
  6328. MA-=V_J/3>Y=NUBYYZ\X;K3C4;%U1UCIVM\0U>Q;%C?H\:3A]I[4F+U_89S79
  6329. M&NJF*XC\&]B6;%J0JJOW5S.9GGPAY^TBM<5KB9KG>M'"9ZH[([F^\_,XVN0,
  6330. MWL.9CR&7B0,1)3.5BQ.!DRDKDXT7AWLZ_CQD9AT7,N1D+UJQ5;P\#%MW,G,R
  6331. M:K>/8HJNW*:>93IJKC712&^;+;NX?D+[>Z;FO/'C_P!H2&G=7:%/0F;+[-YE
  6332. M[/A;DI.;%/VY'(YB8^Q"R675'8T?'1U/.5GVX^_=RKM^W1B?9L49%^FT[TYC
  6333. MJ]6[81&RBV_>D9F/\HY1WN3^$3>.U?CT[)[TR_1?D?V=$ZQVOJ6G1\7,ZYYD
  6334. M[1G*8V8U"8FLG[<O@U0>#(6\;+P]@R?L9&#CY_-%[&YMWK-NF[1<X5G$YGJ-
  6335. MO$;2*[MJ3B9_RCGU<DR_SH=OS&W>1^P/(W6?1_HSM'M+NB!ZDVR)R>N>DMYV
  6336. M_3H77HGMN%VW*M['M,+&9>''3U-OK[,QKFN6Z,B8QZI**OYF+CX.;3D\2M.8
  6337. MQB<SB>'C]U.PKB\7FU8K69C6T<<8C29[=)5I_B[Z^]'>+O</3?H+N7Q][ QN
  6338. MN-3L=@1VR7X+S?VG(2^-8V_K?;=2C\W&CLK7H^G,L8DQ,Q]_/HMY/&11'6\N
  6339. M]BV<O)M6L2_"LXG/*/X:=K-;TFM;TSI_E'*8SS3I?/YV-N'H7SWUMYLZ.\^>
  6340. MF^QMUE-ZZV[QE9+6>ANP9?58C2K^C;S9Q8B1F8V(S.;.Z?Q'8XFG.UGC%JR8
  6341. M>G&D+<M=P\JWC8^5.]HF(CNG\?VHZ/7=M-K6K$1$UUF..8S/'AIQX(G?A?I[
  6342. MD\ >KMQ[9]#^2/9$7I6V]$[3UABY^N^9NTYG*CYZ8W[K';,/+D<"]!1^3_">
  6343. M<#2I/'NW\"G.RZ,S(P:>,*JQ<OY&/&LXG,]2[;XVE(BMZ3,6S\4<HF/5/A\W
  6344. MWQA[;[TZRT?LWHZS@W^_NF,69QXS6)+*QHFCLK1IRK&S\W4[4IGW;&#';)"R
  6345. MF)Q*:M5)Y.'%7JI&?C<_*Q[DAAYF'.]<ZQQCEUL^PVL;.9BWPV_$]?\ *LO\
  6346. M?/JCU/\ #_WSN%79OF_M6K1NP,"/USM7K#:-9V/2)?+N0&7F7M:V[59*5A;F
  6347. M#>FM>JDY>B/YKMY4)/PTW)8G&5C5Y4=-QL(F:SYQ+3M*TVU8F+1F,XG/7QB>
  6348. M:PYL7MSU!\K.E9GG+R)YA[G\\]6]I8W^#7=_J_O*-QM>B]+ZQD^.,;=(?K.-
  6349. MP+V5A;?N6Q0UW(A,/B.GK^;A6)"OF_'0UG+XV[799FVD1CKGWAFW*[*=ZUZV
  6350. MF-:TKSGEGJAF_P V7EWL?GXM-4Z/\JZQLDGJ72&S=34;%HNKV<N6GYCI3KK5
  6351. M-@U^SCU1L?:JSMCY@]AN:3MTS;LXMZ_53 Y6PWZ.*8Z_<X[:/VQ$<C87C]6;
  6352. M7G6V=9TB)G7^8\4)'X<;HWT'Q[8SNW([5MPUKIS5.M=WUSLC9).+DXC7-@RI
  6353. MRUAV=>TFQDY=FQCS$U:V3&C=GNQ^/]^N,Q==N969SBUW<*G*A3XH[,Y7=)M7
  6354. M<B-)MG3KCK]_PO5+F$
  6355. M
  6356. M
  6357. M
  6358. M
  6359. M
  6360. M
  6361. M
  6362. M
  6363. M
  6364. M
  6365. M
  6366. M
  6367. M
  6368. M
  6369. M
  6370. M
  6371. M
  6372. M
  6373. M
  6374. M
  6375. M
  6376. M
  6377. M
  6378. M
  6379. M
  6380. M
  6381. M
  6382. M
  6383. M
  6384. M
  6385. , !__9
  6386.  
  6387. end
  6388. </TEXT>
  6389. </DOCUMENT>
  6390. </SEC-DOCUMENT>
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