Pending balances appear on the website when processing of a transaction has yet to begin or is still underway. Once processing is complete, pending balances will convert to settled balances on the website. Possible reasons for a transaction not being processed may vary depending on the transaction type and other circumstances. These may include (in the case of a pending contribution) waiting for the contribution deposit to arrive in order to release trades for execution by the custodian/trade agent. Other circumstances may also include waiting for settlement details on trades that have already been executed by the custodian/trade agent. Our system enables us to reflect upcoming transactions (awaiting trade execution or settlement) on the Participant Portal to keep Participants in the loop about upcoming/ongoing activity affecting their accounts. Pending transaction balances appear as pending but their value does not count toward your overall account balance. This is particularly important in the case of an investment transfer transaction which is still ongoing; your overall balance will appear to have dropped by the value of the transfer because pending balances are not part of your balance calculations. Pending balances are approximations or estimates based on the prior day's market close. Actual values will be determined following the execution and settlement of the corresponding trades.