Cash  Overlay  Services:  (add.  Completion  Strategies/Cash  Securitization  Strategies) The application of the strategy is that the offering will look to lessen the effects of cash drag on a client portfolio by equitizing (cash securitization) the aggregate level of cash held in the client’s custodial accounts. The Cash Overlay is a replication strategy and uses derivative transactions that mirror the exposure of the client's written benchmark asset allocation. The offering is tailored to each client’s Investment Policy Statement/ target index mix  and is intended to meet the investment objective need of being fully invested. In practice, Cash Overlay Services may be used by clients’ to help reduce cash drag and remain fully invested.