%PDF-1.6 % 1 0 obj <>/Font<>/ProcSet[/PDF/Text]/ExtGState 135 0 R/XObject 136 0 R>>/Rotate 0/StructParents 8/Type/Page/Tabs/S>> endobj 2 0 obj <>stream /CS0 cs 1 scn 36 766.552 576 -694.552 re f /P <>BDC q 36 72 576 695 re W n BT 0 scn /TT0 1 Tf 0.016 Tw 10.5517 0 0 10.5517 60.8276 757.2414 Tm [(down)-22( had)-38( the)-22( effect)-25( of)-48( reducing)-47( the)-22( NAV)-3( of)-48( the)-22( fund)-54( as)-3( at)-48( March)-46( 31,)-22( 2015,)-27( resulting)-44( in)-45( a)-32( lower)]TJ ET EMC Q BT /P <>BDC 0 scn /TT0 1 Tf 0.016 Tw 10.5517 0 0 10.5517 60.8276 744.2069 Tm [(redemption)-57( price)-9( for)-9( PSP)-58( Investment)-50( Board\222s)-22( Class)-29( A)-39( shares.)-15( According)-25( to)-48( PSP)-58( Investment)-50( Board\222s)]TJ EMC /P <>BDC 0 -1.235 TD [(complaint,)-31( the)-22( valuation)-57( method)-18( used)-8( by)-3( Saba)-18( Capital)-6( Management)-46( for)-9( the)-22( March)-45( 31,)-22( 2015)]TJ EMC /P <>BDC 0 -1.235 TD [(valuation)-57( differed)-18( substantially)-27( from the)-22( methods)-47( previously)-28( used.)-25( Further,)-28( according)-18( to)-48( PSP)]TJ EMC /P <>BDC 0 -1.235 TD [(Investment)-50( Board)-38( less)-45( than)-54( one)-38( month)-45( later,)-12( Saba)-18( Capital)-6( reverted)-38( back)-6( to)-48( its previous)-44( valuation)]TJ EMC /P <>BDC 0 -1.235 TD [(method,)-34( marking)-32(-)-20(up)-6( the)-22( value)-22( of)-48( the)-22( same)-26( MNI)-49( Bonds)-47( from their)-55( March)-46( 31,)-22( 2015)-11( valuation.)-14( PSP)]TJ EMC /P <>BDC 0 -1.235 TD [(Investment)-50( Board)-38( also)-48( alleges)-8( that)-38( Saba)-18( Capital)-6( Management)-46( made)-28( these)-25( abrupt)-47( changes)-43( in)-45( its)]TJ EMC /P <>BDC T* [(valuation)-57( methods)-47( in)-45( order)-19( to)-48( artificially)-7( materially)-16( depress)-31( the)-22( value)-22( of)-48( the)-22( MNI)-49( Bonds)-47( in)-45( the)]TJ EMC /P <>BDC 0 -1.235 TD [(calculation)-41( of)-48( the)-22( redemption)-57( price)-9( of)-48( PSP)-58( Investment)-50( Board\222s)-22( interest)-15( in)-45( Saba)-18( Capital)-6( Fund.)]TJ EMC /P <>BDC 0 -2.176 TD [(The)-42( MNI)-49( Bonds)-47( are)-26( illiquid)-46( securities.)-28( They)-12( are)-26( neither)-2( listed)-19( on)-6( a)-32( national)-27( securities)-12( exchange)-17( nor)]TJ EMC /P <>BDC 0 -1.235 TD [(quoted)-1( on)-6( the)-22( NASDAQ,)-28( but)-22( are,)-42( however,)-2( traded)-47( over)-55( the)-22( counter)-18( \(pink)-9( sheets\).)-31( The)-42( lack)-45( of)-48( a)-32( liquid)]TJ EMC /P <>BDC 0 -1.235 TD [(market)-3( for)-9( a)-32( particular)-6( type)-51( of)-48( security)-25( makes)-55( its valuation)-57( very)-52( difficult.)-22( In)-48( this)-32( situation,)-57( funds)-25( will)]TJ EMC /P <>BDC 0 -1.235 TD [(typically)-32( rely)-36( on)-6( prices)-39( made)-28( readily)-55( available)-54( by)-3( external)-31( pricing)-55( sources,)-44( such)-6( as)-3( independent)]TJ EMC /P <>BDC T* [(pricing)-55( services)-39( and)-38( dealer)-44( quotations)-33( from market)-3( makers)-16( or)-52( financial)-38( institutions)-41( regularly)-48( engaged)]TJ EMC /P <>BDC 0 -1.235 TD [(in)-45( the)-22( practice)-28( of)-48( trading)-2( or)-52( pricing)-55( that)-38( security.)-42( In)-48( its proceedings)-24( before)-47( the)-22( New)-59( York)-3( State)]TJ EMC /P <>BDC 0 -1.235 TD [(Supreme)-2( Court,)-42( PSP)-58( Investment)-50( Board)-38( states)-38( that)-38( in)-46( order)-19( to)-48( value)-22( the)-22( MNI)-49( Bonds,)-5( Saba)-18( Capital)]TJ EMC /P <>BDC 0 -1.235 TD [(Management)-46( had)-38( always)-3( relied)-26( on)-6( the)-22( pricing)-55( provided)-47( by)-3( these)-25( external)-31( pricing)-55( sources.)-44( However,)]TJ EMC /P <>BDC 0 -1.235 TD [(a)-32( different)-34( method)-18( was)-45( used)-8( in)-45( connection)-46( with)-45( the)-22( redemption)-57( of)-48( the)-22( Class)-29( A)-39( shares)-58( of)-48( PSP)]TJ EMC /P <>BDC T* [(Investment)-50( Board.)]TJ EMC /P <>BDC 0 -2.176 TD [(In)-48( this)-32( latter)-12( case,)-22( it)-29( rather)-35( initiated)-25( a)-32( bids)-48(-)-20(wanted)-11(-)-20(in)-45(-)-20(competition)-5( \(\223BWIC\224\))-57( process,)-44( whereby)-45( the)]TJ EMC /P <>BDC 0 -1.235 TD [(MNI)-49( Bonds)-47( held)-51( by)-3( Saba)-18( Capital)-6( Fund)-15( were)-9( listed)-19( with)-45( various)-12( securities)-12( dealers)-15( who,)-6( in)-46( turn,)-58( were)]TJ EMC /P <>BDC 0 -1.235 TD [(allowed)-22( to)-48( makes)-55( various)-12( bids)-48( on)-6( them.)-28( This)-52( process)-28( led)-19( to)-48( depressed)-37( bids)-48( reflecting)-2( a)-32( significant)]TJ EMC /P <>BDC 0 -1.235 TD [(liquidity)-19( discount)-41( from the)-22( values)-51( previously)-28( arrived)-3( at)-48( under)-31( the)-22( valuation)-57( methods)-47( previously)-28( used)]TJ EMC /P <>BDC 0 -1.235 TD [(by)-3( Saba)-18( Capital)-6( Fund.)-31( The)-42( bids)-48( obtained)-46( by)-3( Saba)-18( Capital)-6( Management)-46( were)-9( used)-8( to)-48( value)-22( its MNI)]TJ EMC /P <>BDC 0 -1.235 TD [(Bonds,)-5( although)-46( Saba)-18( Capital)-6( Fund)-15( did)-19( not)-22( accept)-54( any)-35( of)-48( these)-25( bids.)-6( As)-9( a)-32( result,)-42( according)-18( to)-48( PSP)]TJ EMC /P <>BDC T* [(Investment)-50( Board,)-54( the)-22( MNI)-49( Bonds)-47( that)-38( were)-9( previously)-28( valued)-54( to)-48( 60)-6( cents)-22( on)-6( the)-22( dollar)-26( at)-48( the)-22( end)-38( of)]TJ EMC /P <>BDC 0 -1.471 TD [(the)-22( 1)]TJ EMC /P <>BDC 0 Tw 8.6897 0 0 8.6897 85.0345 399.7242 Tm (st)Tj EMC /P <>BDC 0.016 Tw 10.5517 0 0 10.5517 91.8621 396 Tm [( quarter)-8( of)-48( 2015)-11( were)-9( valued)-54( at)-48( 31)-6( cents)-22( on)-6( the)-22( dollar)-26( as)-3( of)-48( March)-45( 31,)-22( 2015.)-27( As)-9( a)-32( result,)-42( the)]TJ EMC /P <>BDC -2.941 -1.235 Td [(NAV)-3( of)-48( PSP)-58( Investment)-50( Board\222s)-22( Class)-29( A)-39( shares)-58( was)-45( reduced)-34( \(the)-42( amount)-18( of)-48( the)-22( reduction)-5( is)-43( not)]TJ EMC /P <>BDC 0 -1.235 TD [(disclosed)-8( in)-45( the)-22( proceedings\))-43( and)-38( so)-3( was)-45( the)-22( redemption)-57( price)-9( paid)-51( to)-48( it.)]TJ EMC /P <>BDC 0 -2.176 TD [(PSP)-58( Investment)-50( Board)-38( seeks)-35( compensatory)-14( damages)-5( from defendants)-52( for)-9( an)-6( amount)-18( to)-48( be)]TJ EMC /P <>BDC 0 -1.235 TD [(determined)-57( at)-48( trial.)]TJ EMC /P <>BDC /CS1 cs 0.475 0.71 0.173 scn /TT1 1 Tf 0 -2.176 TD [(LESSONS)-44( FOR)-7( PRIVATE)-19( HEDGE)-32( FUNDS)-27( AND)-10( PRIVATE)-19( EQUITY)-42( FUNDS)-27( MANAGERS)]TJ EMC /P <>BDC 0.255 0.294 0.314 scn 0 -1.235 TD [(TARGETING)-52( CONSISTENCY)-12( IN THE VALUATION)-49( METHODS PRIOR)-9( TO)-23( REDEMPTIONS)]TJ EMC /P <>BDC /CS0 cs 0 scn /TT0 1 Tf 0 -2.176 TD [(Hedge)-54( funds\222)-38( organizational)-10( documents)-50( will)-24( generally)-2( require)-6( the)-22( manager)-54( to)-48( perform)-26( periodic,)]TJ EMC /P <>BDC 0 -1.235 TD [(usually)-6( monthly)-28( or,)-9( in)-45( certain)-58( instances,)-27( quarterly,)-8( valuations)-27( of)-48( the)-22( fund\222s)-38( assets)-51( and)-38( liabilities.)]TJ EMC /P <>BDC 0 -1.235 TD [(Managers)-25( of)-48( open)-11(-)-20(ended)-43( private)-58( equity)-38( funds)-25( will)-24( usually)-6( also)-48( be)-6( required)-38( to)-48( produce)-34( quarterly)]TJ EMC /P <>BDC T* [(valuations)-27( of)-48( their)-55( fund\222s)-38( assets)-51( and)-38( liabilities.)]TJ EMC /P <>BDC 0 -2.176 TD [(A)-39( fund\222s)-38( manager\222s)-38( compensation)-10( will)-24( typically)-32( be)-6( structured)-24( so)-3( as)-3( to)-48( foster)-28( an)-6( alignment)-18( of)-48( the)]TJ EMC /P <>BDC 0 -1.235 TD [(manager\222s)-38( interest)-15( with)-46( the)-22( interest)-15( of)-48( all)-59( other)-15( investors)-58( through)-21( the)-22( carried)-3( interest)-15( or)-52( performance)]TJ EMC /P <>BDC 0 -1.235 TD [(fee)-22( it)-29( is)-43( entitled)-11( to)-48( receive.)-28( However,)-12( in)-45( the)-22( context)-11( of)-48( a)-32( contemplated)-56( redemption)-57( of)-48( interests)-44( in)-45( the)]TJ EMC /P <>BDC 0 -1.235 TD [(fund,)-11( the)-22( interest)-15( of)-48( the)-22( manager)-54( and)-38( the)-22( redeeming)-41( partner)-8( may)-52( significantly)-8( differ)-12( in)-45( that)-38( while)-16( the)]TJ EMC /P <>BDC 0 -1.235 TD [(redeeming)-41( partner\222s)-51( interest)-15( is)-43( to)-48( maximize)-13( its short)-12(-)-20(term redemption)-57( price,)-26( the)-22( manager\222s)-38( interest)]TJ EMC /P <>BDC T* [(will)-24( be)-6( to)-48( maximize)-13( its long)-51(-)-20(term carried)-3( interest)-15( or)-52( performance)-34( fee.)-38( The)-42( required)-38( valuation)-57( of)-48( the)]TJ EMC /P <>BDC 0 -1.235 TD [(fund\222s)-38( assets)-51( and)-38( liabilities)-45( to)-48( determine)-25( the)-22( price)-9( payable)-27( to)-48( the)-22( redeeming)-41( partner)-8( will)-24( have)-8( a)]TJ EMC /P <>BDC 0 -1.235 TD [(direct)-26( impact)-55( on)-6( the)-22( proceeds)-5( received)-44( by)-3( the)-22( redeeming)-41( partner,)-25( as)-3( was)-45( the)-22( case)-6( with)-45( PSP)]TJ EMC /P <>BDC T* [(Investment)-50( Board.)-54( This)-52( conflict)-6( and,)-54( consequently,)-6( the)-22( risk)-33( of)-48( ensuing)-27( litigation)-38( is)-43( exacerbated)-26( by)-3( the)]TJ EMC /P <>BDC 0 -1.235 TD [(fact)-35( that)-38( the)-22( valuation)-57( of)-48( the)-22( fund\222s)-38( assets)-51( and)-38( liabilities)-45( is)-43( carried)-3( out)-22( as)-3( a)-32( going)-25( concern,)-47( without)]TJ EMC /P <>BDC 0 -1.235 TD [(the)-22( fund)-54( being)-25( actually)-22( liquidated.)]TJ EMC ET endstream endobj 3 0 obj <>/Font<>/ProcSet[/PDF/Text]/ExtGState 159 0 R/XObject 160 0 R>>/Rotate 0/StructParents 12/Type/Page/Tabs/S>> endobj 4 0 obj <>stream /CS0 cs 1 scn 36 766.552 576 -694.552 re f BT /P <>BDC 0 scn /TT0 1 Tf 0.016 Tw 10.5517 0 0 10.5517 60.8276 754.1379 Tm [(For)-29( this)-32( reason,)-18( fund)-54( managers)-25( should)-54( try)-7( to)-48( avoid,)-38( as)-3( much)-26( as)-3( possible,)-54( using)-22( a)-32( method)-18( of)]TJ EMC /P <>BDC 0 -1.235 TD [(valuation)-57( for)-9( the)-22( purpose)-34( of)-48( determining)-11( the)-22( price)-9( to)-48( be)-6( paid)-51( to)-48( the)-22( redeeming)-41( investors)-58( that)-38( is)]TJ EMC /P <>BDC 0 -1.235 TD [(different)-34( from the)-22( method)-18( ordinarily)-3( used)-8( in)-45( the)-22( past.)-8( It)-32( will)-24( be)-6( difficult)-6( for)-9( a)-32( redeeming)-41( investor)-28( to)]TJ EMC /P <>BDC 0 -1.235 TD [(assert)-42( that)-38( the)-22( manager)-54( has)-35( been)-11( manipulating)-37( the)-22( valuation)-57( of)-48( the)-22( fund\222s)-38( assets)-51( for)-9( the)-22( purpose)-34( of)]TJ EMC /P <>BDC 0 -1.235 TD [(reducing)-47( the)-22( redemption)-57( price)-9( of)-48( its interest)-15( if)-29( the)-22( valuation)-57( method)-18( used)-8( by)-3( the)-22( manager)-54( has)-35( been)]TJ EMC /P <>BDC 0 -1.235 TD [(used)-8( consistently)-11( and)-38( reported)-41( periodically)-58( to)-48( the)-22( investors)-58( without)-8( any)-35( issue.)]TJ EMC /P <>BDC 0 -2.176 TD [(A)-39( liquidity)-19( shock)-35( caused)-11( by)-3( the)-22( sudden)-14( request)-18( for)-9( redemption)-57( of)-48( an)-6( important)-8( investor)-28( or)-52( other)]TJ EMC /P <>BDC 0 -1.235 TD [(particular)-6( circumstances)-22( \(such)-26( as)-3( the)-22( acquisition)-41( of)-48( newly)-32(-)-20(created)-18( instruments\))-28( may,)-9( however,)]TJ EMC /P <>BDC 0 -1.235 TD [(prevent)-18( the)-22( manager,)-11( in)-46( order)-19( for)-9( it)-29( to)-48( be)-6( fair)-23( and)-38( equitable)-60( to)-48( all)-59( investors,)-15( to)-48( continue)-43( using)-22( the)]TJ EMC /P <>BDC 0 -1.235 TD [(valuation)-57( methods)-47( employed)-18( in)-46( the)-22( past.)-8( In)-48( cases)-35( where)-42( conditions)-27( supporting)-37( previous)-44( valuations)]TJ EMC /P <>BDC 0 -1.235 TD [(have)-8( changed,)-4( the)-22( manager)-54( should)-54( engage)-17( with)-45( investors)-58( to)-48( ensure)-2( consensus)-43( on)-6( the)-22( fairest)]TJ EMC /P <>BDC 0 -1.235 TD [(valuation)-57( method)-18( in)-45( the)-22( new)-48( circumstances.)-38( This)-52( may)-52( however)-45( not)-22( be)-6( possible)-38( or)-52( even)-8( desirable)]TJ EMC /P <>BDC T* [(after)-58( receipt)-58( of)-48( a)-32( redemption)-57( request)-18( as)-3( the)-22( immediate)-35( pecuniary)-18( interest)-15( of)-48( the)-22( redeeming)-41( investors)]TJ EMC /P <>BDC 0 -1.235 TD [(may)-52( make)-26( a)-32( consensus)-44( impossible)-42( to)-48( achieve.)]TJ EMC /P <>BDC /CS1 cs 0.255 0.294 0.314 scn /TT1 1 Tf 0 -2.176 TD [(ADOPTING)-16( A)-43( SEPARATE)-26( VALUATION)-49( POLICY)]TJ EMC /P <>BDC /CS0 cs 0 scn /TT0 1 Tf T* [(The)-42( valuation)-57( methods)-47( intended)-46( to)-48( be)-6( followed)-38( by)-3( the)-22( manager)-54( of)-48( an)-6( hedge)-44( fund)-54( or)-52( private)-58( equity)]TJ EMC /P <>BDC 0 -1.235 TD [(fund)-54( will)-24( typically)-32( be)-6( described)-18( in)-46( organizational)-10( documents)-50( and)-38( the)-22( offering)-18( or)-52( private)-58( placement)]TJ EMC /P <>BDC T* [(memoranda)-18( of)-48( such)-6( hedge)-43( fund)-54( or)-52( private)-58( equity)-38( fund.)-11( However,)-12( they)-51( will)-24( generally)-2( be)-6( limited)-52( to)-48( a)]TJ EMC /P <>BDC 0 -1.235 TD [(high)-51( level)-3( overview)-55( of)-48( how)-48( the)-22( manager)-54( intends)-11( to)-48( actually)-22( proceed)-34( to)-48( value)-22( the)-22( fund\222s)-38( assets)-51( and)]TJ EMC /P <>BDC 0 Tw 0 -1.235 TD (liabilities.)Tj EMC /P <>BDC 0.016 Tw 0 -2.176 TD [(While)-29( this)-32( level)-3( of)-48( flexibility)-45( is)-43( welcomed)-28( by)-3( managers)-25( to)-48( prevent)-18( having)-54( to)-48( amend)-2( organizational)-10( or)]TJ EMC /P <>BDC 0 -1.235 TD [(offering)-18( documents)-50( frequently)-21( \(which)-52( can)-35( involve)-6( significant)-25( costs\),)-55( it)-29( can)-35( lead)-51( to)-48( conflicts)-35( such)-6( as)]TJ EMC /P <>BDC 0 -1.235 TD [(the)-22( one)-38( between)-43( PSP)-58( Investment)-50( Board)-38( and)-38( Saba)-18( Capital)-6( Management,)-4( especially)-22( if)-29( the)-22( procedure)]TJ EMC /P <>BDC 0 -1.235 TD [(followed)-38( by)-3( the)-22( manager)-54( varies)-39( over)-55( time)-52( with)-45( respect)-15( to)-48( a)-32( certain)-58( type)-51( of)-48( assets.)]TJ EMC /P <>BDC 0 -2.176 TD [(Having)-6( a)-32( formal)-45( valuation)-57( policy)-32( in)-46( place)-22( \(separate)-11( from the)-22( organizational)-10( and)-38( offering)-18( documents)]TJ EMC /P <>BDC 0 -1.235 TD [(so)-3( that)-38( it)-29( can)-35( be)-6( amended)-7( without)-8( requiring)-51( significant)-25( costs)-19( for)-9( the)-22( fund)-54( and)-38( the)-22( investors\))-19( providing)]TJ EMC /P <>BDC 0 -1.235 TD [(for)-9( a)-32( more)-16( detailed)-27( description)-47( of)-48( the)-22( valuation)-57( procedures)-57( followed)-38( by)-3( the)-22( manager)-54( would)-35( therefore)]TJ EMC /P <>BDC 0 -1.235 TD [(be)-6( a)-32( best)-51( practice)-28( for)-9( hedge)-43( fund)-54( and)-38( open)-11(-)-20(ended)-43( private)-58( equity)-38( fund)-54( managers.)-41( This)-52( valuation)]TJ EMC /P <>BDC 0 -1.235 TD [(policy)-32( should)-54( remain)-3( available)-54( for)-9( review)-52( by)-3( existing)-22( and)-38( potential)-43( investors.)-15( The)-42( disclosure)-28( on)]TJ EMC /P <>BDC 0 -1.235 TD [(valuation)-57( contained)-17( in)-45( the)-22( offering)-18( documents)-50( should)-54( cross)-23(-)-20(reference)-11( the)-22( policy)-32( to)-48( ensure)-2( that)-38( all)]TJ EMC /P <>BDC T* [(investors)-58( are)-26( aware)-42( of)-48( its existence.)-27( It)-32( should)-54( further)-51( specify)-6( that)-38( a)-32( copy)-6( can)-35( be)-6( obtained)-46( upon)]TJ EMC /P <>BDC 0 -1.235 TD [(request.)-34( The)-42( manager)-54( should)-54( also)-48( review)-52( the)-22( valuation)-57( policy)-32( periodically)-58( to)-48( ensure)-2( that)-38( it)-29( still)]TJ EMC /P <>BDC 0 -1.235 TD [(adequately)-49( reflects)-12( the)-22( process)-28( currently)-48( followed)-38( by)-3( the)-22( manager.)]TJ EMC /P <>BDC 0 -2.176 TD [(The)-42( valuation)-57( policy)-32( should)-54( describe)-44( in)-45( details)-51( the)-22( valuation)-57( methods)-47( that)-38( the)-22( manager)-54( will)-24( use)-35( for)]TJ EMC /P <>BDC 0 -1.235 TD [(each)-8( type)-51( of)-48( instrument)-38( or)-52( securities.)-28( The)-42( policy)-32( should)-54( also)-48( state)-8( the)-22( external)-31( pricing)-55( sources)]TJ EMC /P <>BDC 0 -1.235 TD [(intended)-46( to)-48( be)-6( used)-8( by)-3( the)-22( manager,)-11( if)-29( any,)-51( the)-22( hierarchy)-6( between)-43( these)-24( pricing)-55( sources)-28( and,)-54( if)]TJ EMC /P <>BDC 0 -1.235 TD [(possible,)-54( the)-22( accepted)-1( tolerance)-5( levels)-32( for)-9( any)-35( discrepancies)-5( between)-44( different)-34( pricing)-55( sources.)-44( It)]TJ EMC /P <>BDC 0 -1.235 TD [(should)-54( further)-51( clarify)-36( how)-48( exceptions,)-1( if)-29( any,)-51( will)-24( be)-6( managed.)]TJ EMC /P <>BDC 0 -2.176 TD [(Moreover,)-28( if)-29( the)-22( manager)-54( intends)-11( to)-48( use)-35( certain)-58( unusual)-27( types)-22( of)-48( valuation)-57( practices,)-15( they)-51( should)-54( be)]TJ EMC /P <>BDC 0 -1.235 TD [(specifically)-48( provided)-47( in)-46( the)-22( organizational)-10( documents.)-7( For)-29( example,)-2( in)-45( order)-19( to)-48( prevent)-18( potential)]TJ EMC /P <>BDC 0 -1.235 TD [(lawsuits)-32( from the)-22( fund\222s)-38( investors,)-15( if)-29( the)-22( manager)-54( intends)-11( to)-48( \223side)-9(-)-20(pocket\224)-15( certain)-58( illiquid)-45( or)-52( hard)-58( to)]TJ EMC /P <>BDC 0 -1.235 TD [(value)-22( securities,)-28( it)-29( should)-54( be)-6( allowed)-22( do)-6( so)-3( only)-48( if)-29( its use)-35( is)-43( specifically)-48( authorized)-37( by)-3( the)-22( fund\222s)]TJ EMC /P <>BDC 0 -1.235 TD [(organizational)-10( documents.)-7( A)-39( simple)-52( reference)-11( to)-48( \223side)-9(-)-20(pocketing\224)-34( in)-45( the)-22( valuation)-57( policy)-32( may)-52( not)]TJ EMC /P <>BDC T* [(offer)-58( a)-32( sufficient)-54( protection.)]TJ EMC /P <>BDC /CS1 cs 0.475 0.71 0.173 scn /TT1 1 Tf 0 Tw 0 -2.176 TD (CONCLUSION)Tj EMC /P <>BDC /CS0 cs 0 scn /TT0 1 Tf 0.016 Tw T* [(The)-42( above)-41( recommendations)-53( are)-26( only)-48( a)-32( few)-32( of)-48( the)-22( best)-51( practices)-58( that)-38( can)-35( be)-6( put)-22( in)-46( place)-22( in)]TJ EMC ET endstream endobj 5 0 obj <>/Font<>/ProcSet[/PDF/Text]/ExtGState 183 0 R/XObject 184 0 R>>/Rotate 0/StructParents 16/Type/Page/Tabs/S>> endobj 6 0 obj <>stream /CS0 cs 1 scn 36 766.552 576 -142.138 re f /P <>BDC q 36 72 576 695 re W n BT 0 scn /TT0 1 Tf 0.016 Tw 10.5517 0 0 10.5517 60.8276 757.2414 Tm [(connection)-46( with)-45( the)-22( valuation)-57( of)-48( illiquid)-45( securities)-12( and,)-54( in)-46( any)-35( event,)-41( do)-6( not)-22( guarantee)-26( that)-38( investors)]TJ ET EMC Q BT /P <>BDC 0 scn /TT0 1 Tf 0.016 Tw 10.5517 0 0 10.5517 60.8276 744.2069 Tm [(will)-24( not)-22( challenge,)-30( by)-3( litigation)-38( if)-29( necessary,)-47( the)-22( manager\222s)-38( valuation)-57( of)-48( these)-25( securities.)-28( Indeed,)-17( in)]TJ EMC /P <>BDC 0 -1.235 TD [(PSP)-58( Investment)-50( Board\222s)-22( case,)-22( Saba)-18( Capital)-6( Management)-46( filed)-48( a)-32( motion)-58( to)-48( dismiss)-20( alleging)-25( that)]TJ EMC /P <>BDC 0 -1.235 TD [(\223[T]he)-35( valuation)-57( process)-28( PSP)-58( describes)-15( in)-45( its complaint)-15( is)-43( entirely)-12( consistent)-27( with)-45( the)-22( governing)]TJ EMC /P <>BDC 0 -1.235 TD [(documents\227indeed,)-5( they)-51( required)-38( it)-29( under)-31( the)-22( circumstances\224.)-58( As)-9( the)-22( case)-6( was)-46( referred)-28( to)]TJ EMC /P <>BDC 0 -1.235 TD [(mandatory)-41( mediation)-18( by)-3( the)-22( New)-59( York)-3( Supreme)-2( Court)-26( in)-45( early)-9( October)-31( 2015,)-27( Saba)-18( Capital\222s)-48( motion)]TJ EMC /P <>BDC 0 -1.235 TD [(to)-48( dismiss)-20( has)-35( not)-22( yet)-19( been)-11( decided.)-43( Nevertheless,)-5( following)-51( the)-22( above)-41( recommendations)-53( should)]TJ EMC /P 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