In the sentence, "The quarterly report on market trends was delivered to the board," what is the function of the prepositional phrase 'on market trends'?
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A
It acts as an adverb, modifying the verb 'was delivered'.
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B
It acts as a noun, serving as the object of the verb.
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C
It acts as an adjective, modifying the noun 'report'.
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D
It acts as a conjunction, connecting two clauses.