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0001193125-21-159071.txt : 20210512 0001193125-21-159071.hdr.sgml : 20210512 20210512161617 ACCESSION NUMBER: 0001193125-21-159071 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 55 CONFORMED PERIOD OF REPORT: 20210331 FILED AS OF DATE: 20210512 DATE AS OF CHANGE: 20210512 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HENNESSY ADVISORS INC CENTRAL INDEX KEY: 0001145255 STANDARD INDUSTRIAL CLASSIFICATION: INVESTMENT ADVICE [6282] IRS NUMBER: 680176227 FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36423 FILM NUMBER: 21915309 BUSINESS ADDRESS: STREET 1: 7250 REDWOOD BLVD. STREET 2: SUITE 200 CITY: NOVATO STATE: CA ZIP: 94945 BUSINESS PHONE: 415-899-1555 MAIL ADDRESS: STREET 1: 7250 REDWOOD BLVD. STREET 2: SUITE 200 CITY: NOVATO STATE: CA ZIP: 94945 10-Q 1 d126276d10q.htm FORM 10-Q Form 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2021

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-36423

HENNESSY ADVISORS, INC.

(Exact name of registrant as specified in its charter)


California		68-0176227
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

7250 Redwood Boulevard, Suite 200 Novato, California		94945
(Address of principal executive office)		(Zip code)

(415) 899-1555

(Registrant’s telephone number)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

symbol

Name of each exchange

on which registered

Common stock, no par value

HNNA

The NASDAQ

Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 7, 2021, there were 7,364,091shares of common stock issued and outstanding.

HENNESSY ADVISORS, INC.

TABLE OF CONTENTS


PART I	Financial Information

Item 1	Unaudited Condensed Financial Statements	1

	Balance Sheets	1

	Statements of Income	2

	Statements of Changes in Stockholders’ Equity	3

	Statements of Cash Flows	4

	Notes to Unaudited Condensed Financial Statements	5

Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14

Item 4	Controls and Procedures	25

PART II	Other Information

Item 6	Exhibits	26

	Signatures	27

PART I: FINANCIAL INFORMATION

Item 1:

Unaudited Condensed Financial Statements

Balance Sheets

(In thousands, except share and per share amounts)


	March 31, 2021		September 30, 2020
	(Unaudited)
Assets
Current assets
Cash and cash equivalents	$	11,476	$	9,955
Investments in marketable securities, at fair value		10		9
Investment fee income receivable		2,772		2,403
Prepaid expenses		534		637
Other accounts receivable		286		378

Total current assets		15,078		13,382

Property and equipment, net of accumulated depreciation of $1,743 and $1,618, respectively		302		294
Operating lease right-of-use asset		1,191		276
Management contracts		80,643		80,643
Other assets		199		191

Total assets	$	97,413	$	94,786

Liabilities and Stockholders’ Equity
Current liabilities
Accrued liabilities and accounts payable	$	2,642	$	3,813
Operating lease liability		384		330
Income taxes payable		847		949

Total current liabilities		3,873		5,092

Long-term operating lease liability		826		—
Net deferred income tax liability		12,143		11,516

Total liabilities		16,842		16,608

Commitments and contingencies (Note 8)
Stockholders’ equity
Common stock, no par value, 22,500,000 shares authorized; 7,363,081 shares issued and outstanding as of March 31, 2021, and 7,356,822 as of September 30, 2020		19,462		18,705
Retained earnings		61,109		59,473

Total stockholders’ equity		80,571		78,178

Total liabilities and stockholders’ equity	$	97,413	$	94,786

See Notes to Unaudited Condensed Financial Statements

Statements of Income

(In thousands, except share and per share amounts)

(Unaudited)


	Three Months Ended March 31,					Six Months Ended March 31,
	2021		2020			2021			2020
Revenue
Investment advisory fees	$	7,347	$	8,201		$	14,555		$	17,650
Shareholder service fees		587		678			1,168			1,473

Total revenue		7,934		8,879			15,723			19,123

Operating expenses
Compensation and benefits		2,252		2,414			4,356			4,927
General and administrative		1,132		1,288			2,440			2,780
Mutual fund distribution		120		115			241			254
Sub-advisory fees		1,804		2,008			3,589			4,324
Depreciation		63		61			125			114

Total operating expenses		5,371		5,886			10,751			12,399

Net operating income		2,563		2,993			4,972			6,724
Interest expense		—		260			—			447
Other income		—		(32	)		(1	)		(88	)

Income before income tax expense		2,563		2,765			4,973			6,365
Income tax expense		677		795			1,314			1,767

Net income	$	1,886	$	1,970		$	3,659		$	4,598

Earnings per share
Basic	$	0.26	$	0.27		$	0.50		$	0.62

Diluted	$	0.26	$	0.27		$	0.50		$	0.62

Weighted average shares outstanding
Basic		7,360,928		7,363,938			7,359,389			7,432,918

Diluted		7,382,854		7,393,167			7,372,708			7,466,169

Cash dividends declared per share	$	0.14	$	0.14		$	0.28		$	0.28

See Notes to Unaudited Condensed Financial Statements

Statements of Changes in Stockholders’ Equity

(In thousands, except share data)

(Unaudited)


	Six Months Ended March 31, 2021
										Total
	Common Stock						Retained			Stockholders’
	Shares			Amount			Earnings			Equity
Balance at September 30, 2020		7,356,822		$	18,705		$	59,473		$	78,178
Net income		—			—			1,773			1,773
Dividends declared		—			—			(1,011	)		(1,011	)
Shares issued for auto-investments pursuant to the 2018 Dividend Reinvestment and Stock Purchase Plan		652			6			—			6
Shares issued for dividend reinvestment pursuant to the 2018 Dividend Reinvestment and Stock Purchase Plan		2,165			19			—			19
Stock-based compensation		—			352			—			352

Balance at December 31, 2020		7,359,639		$	19,082		$	60,235		$	79,317

Net income		—			—			1,886			1,886
Dividends declared		—			—			(1,012	)		(1,012	)
Shares issued for auto-investments pursuant to the 2018 Dividend Reinvestment and Stock Purchase Plan		306			3			—			3
Shares issued for auto-investments pursuant to the 2021 Dividend Reinvestment and Stock Purchase Plan		838			7			—			7
Shares issued for dividend reinvestment pursuant to the 2021 Dividend Reinvestment and Stock Purchase Plan		2,298			19			—			19
Stock-based compensation		—			351			—			351

Balance at March 31, 2021		7,363,081		$	19,462		$	61,109		$	80,571


	Six Months Ended March 31, 2020
										Total
	Common Stock						Retained			Stockholders’
	Shares			Amount			Earnings			Equity
Balance at September 30, 2019		7,527,040		$	17,673		$	57,855		$	75,528
Net income		—			—			2,628			2,628
Dividends declared		—			—			(1,032	)		(1,032	)
Shares issued for auto-investments pursuant to the 2018 Dividend Reinvestment and Stock Purchase Plan		1,702			20			—			20
Shares issued for dividend reinvestment pursuant to the 2018 Dividend Reinvestment and Stock Purchase Plan		1,596			18			—			18
Stock-based compensation		—			447			—			447
Shares repurchased pursuant to stock buyback program		(64,787	)		(128	)		(557	)		(685	)

Balance at December 31, 2019		7,465,551		$	18,030		$	58,894		$	76,924

Net income		—			—			1,970			1,970
Dividends declared		—			—			(1,011	)		(1,011	)
Shares issued for auto-investments pursuant to the 2018 Dividend Reinvestment and Stock Purchase Plan		46			—			—			—
Shares issued for dividend reinvestment pursuant to the 2018 Dividend Reinvestment and Stock Purchase Plan		1,835			18			—			18
Stock-based compensation		—			447			—			447
Shares repurchased pursuant to stock buyback program		(206,109	)		(406	)		(1,622	)		(2,028	)

Balance at March 31, 2020		7,261,323		$	18,089		$	58,231		$	76,320

See Notes to Unaudited Condensed Financial Statements

Statements of Cash Flows

(In thousands)

(Unaudited)


	Six Months Ended March 31,
	2021			2020
Cash flows from operating activities
Net income	$	3,659		$	4,598
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation		125			114
Unrealized (gain) loss on marketable securities		(1	)		1
Change in right-of-use asset and operating lease liability		(35	)		(27	)
Deferred income taxes		627			950
Deferred offering costs		(7	)		—
Stock-based compensation		703			894
Interest expense associated with debt issuance cost		—			125
Change in operating assets and liabilities
Investment fee income receivable		(369	)		841
Prepaid expenses		103			140
Other accounts receivable		92			50
Other assets		(1	)		—
Accrued liabilities and accounts payable		(1,171	)		(2,436	)
Income taxes payable		(102	)		39

Net cash provided by operating activities		3,623			5,289

Cash flows from investing activities
Purchases of property and equipment		(133	)		(69	)
Payments related to management contracts		—			(710	)

Net cash used in investing activities		(133	)		(779	)

Cash flows from financing activities
Principal payments on bank loan		—			(17,500	)
Shares repurchased pursuant to stock buyback program		—			(2,713	)
Proceeds from shares issued pursuant to the 2018 Dividend Reinvestment and Stock Repurchase Plan		9			20
Proceeds from shares issued pursuant to the 2021 Dividend Reinvestment and Stock Repurchase Plan		7			—
Dividend payments		(1,985	)		(2,007	)

Net cash used in financing activities		(1,969	)		(22,200	)

Net increase (decrease) in cash and cash equivalents		1,521			(17,690	)
Cash and cash equivalents at the beginning of the period		9,955			24,687

Cash and cash equivalents at the end of the period	$	11,476		$	6,997

Supplemental disclosures of cash flow information
Cash paid for income taxes	$	790		$	798
Cash paid for interest	$	—		$	381

See Notes to Unaudited Condensed Financial Statements

HENNESSY ADVISORS, INC.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

(1)

Basis of Financial Statement Presentation

The accompanying condensed balance sheet as of September 30, 2020, which has been derived from audited financial statements, and the unaudited interim condensed financial statements as of and for the three and six months ended March 31, 2021, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission and include the accounts of Hennessy Advisors, Inc. (the “Company,” “we,” “us,” or “our”). Certain information and footnote disclosures in these unaudited interim condensed financial statements, normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States, have been condensed or omitted pursuant to rules and regulations of the Securities and Exchange Commission for Quarterly Reports on Form 10-Q. In the opinion of management, the unaudited interim condensed financial statements reflect all adjustments necessary for a fair statement of the Company’s financial position at March 31, 2021, the Company’s operating results for the three and six months ended March 31, 2021 and 2020, and the Company’s cash flows for the three and six months ended March 31, 2021 and 2020. These unaudited interim condensed financial statements and notes should be read in conjunction with the Company’s audited financial statements and notes thereto for fiscal year 2020, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2020.

The preparation of financial statements requires management to make estimates and assumptions. Making estimates requires management to exercise significant judgment. Accordingly, the actual results could differ substantially from those estimates.

The Company’s operating activities consist primarily of providing investment advisory services to 16 open-end mutual funds branded as the Hennessy Funds. The Company serves as the investment advisor to all classes of the Hennessy Cornerstone Growth Fund, the Hennessy Focus Fund, the Hennessy Cornerstone Mid Cap 30 Fund, the Hennessy Cornerstone Large Growth Fund, the Hennessy Cornerstone Value Fund, the Hennessy Total Return Fund, the Hennessy Equity and Income Fund, the Hennessy Balanced Fund, the Hennessy BP Energy Fund, the Hennessy BP Midstream Fund, the Hennessy Gas Utility Fund, the Hennessy Japan Fund, the Hennessy Japan Small Cap Fund, the Hennessy Large Cap Financial Fund, the Hennessy Small Cap Financial Fund, and the Hennessy Technology Fund. The Company also provides shareholder services to shareholders of the Hennessy Funds.

The Company’s operating revenues consist of contractual investment advisory and shareholder service fees paid to it by the Hennessy Funds. The Company earns investment advisory fees from each Hennessy Fund by, among other things:

•

acting as portfolio manager for the fund or overseeing the sub-advisor acting as portfolio manager for the fund, which includes managing the composition of the fund’s portfolio (including the purchase, retention, and disposition of portfolio securities in accordance with the fund’s investment objectives, policies, and restrictions), seeking best execution for the fund’s portfolio, managing the use of soft dollars for the fund, and managing proxy voting for the fund;

•

performing a daily reconciliation of portfolio positions and cash for the fund;

•

monitoring the liquidity of the fund;

•

monitoring the fund’s compliance with its investment objectives and restrictions and federal securities laws;

•

monitoring compliance with federal securities laws, maintaining a compliance program (including a code of ethics), conducting ongoing reviews of the compliance programs of the fund’s service providers (including any sub-advisor), conducting onsite visits to the fund’s service providers (including any sub-advisor) as feasible, monitoring incidents of abusive trading practices, reviewing fund expense accruals, payments, and fixed expense ratios, evaluating insurance providers for fidelity bond, D&O/E&O insurance, and cybersecurity insurance coverage, managing regulatory examination compliance and responses, conducting employee compliance training, reviewing reports provided by service providers, and maintaining books and records;

•

if applicable, overseeing the selection and continued employment of the fund’s sub-advisor, reviewing the fund’s investment performance, and monitoring the sub-advisor’s adherence to the fund’s investment objectives, policies, and restrictions;

•

overseeing service providers that provide accounting, administration, distribution, transfer agency, custodial, sales, marketing, public relations, audit, information technology, and legal services to the fund;

•

maintaining in-house marketing and distribution departments on behalf of the fund;

•

preparing or directing the preparation of all regulatory filings for the fund, including writing and annually updating the fund’s prospectus and related documents;

•

preparing or reviewing a written summary of the fund’s performance during the most recent 12-month period for each annual report of the fund;

•

monitoring and overseeing the accessibility of the fund on third-party platforms;

•

paying the incentive compensation of the fund’s compliance officers and employing other staff such as legal, marketing, national accounts, distribution, sales, administrative, and trading oversight personnel, as well as management executives;

•

providing a quarterly compliance certification to the Board of Trustees of Hennessy Funds Trust (the “Funds’ Board of Trustees”); and

•

preparing or reviewing materials for the Funds’ Board of Trustees, presenting to or leading discussions with the Funds’ Board of Trustees, preparing or reviewing all meeting minutes, and arranging for training and education of the Funds’ Board of Trustees.

The Company earns shareholder service fees from Investor Class shares of the Hennessy Funds by, among other things, maintaining a toll-free number that the current investors in the Hennessy Funds may call to ask questions about their accounts or the funds or to get help with processing exchange and redemption requests or changing account options. These fee revenues are earned and calculated daily by the Hennessy Funds’ accountants at U.S. Bank Global Fund Services and are subsequently reviewed by management. The fees are computed and billed monthly, at which time they are recognized in accordance with Accounting Standards Codification 606 — Revenue Recognition.

The Company waived a portion of its fees with respect to the Hennessy Cornerstone Large Growth Fund and the Hennessy BP Energy Fund through the expiration of each fund’s expense limitation agreement on November 30, 2019, and October 25, 2020, respectively. The Company continues to waive a portion of its fees with respect to the Hennessy BP Midstream Fund and the Hennessy Technology Fund to comply with contractual expense ratio limitations. The fee waivers are calculated daily by the Hennessy Funds’ accountants at U.S. Bank Global Fund Services, reviewed by management, and then charged to expense monthly as offsets to the Company’s revenues. Each waived fee is then deducted from investment advisory fee income and reduces the aggregate amount of advisory fees the Company receives from such fund in the subsequent month. To date, the Company has only waived fees based on contractual obligations, but the Company has the ability to waive fees at its discretion. Any decision to waive fees would apply only on a going-forward basis.

The Company’s contractual agreements for investment advisory and shareholder services prove that a contract exists with fixed and determinable fees, and the services are rendered daily. The collectability is deemed probable because the fees are received from the Hennessy Funds in the month subsequent to the month in which the services are provided.

The Company is subject to risks and uncertainties as a result of the COVID-19 pandemic, particularly risks and uncertainties related to the increased volatility in the stock market. The Company cannot reasonably estimate the continued extent of the impact of the COVID-19 pandemic on its business. As of the date of issuance of the Company’s financial statements, the extent to which the COVID-19 pandemic may materially impact the Company’s financial condition, liquidity, or results of operations remains uncertain.

(2)

Management Contracts Purchased

Throughout its history, the Company has completed 10 purchases of the assets related to the management of 30 different mutual funds, some of which were reorganized into already existing Hennessy Funds. In accordance with Financial Accounting Standards Board (“FASB”) guidance, the Company periodically reviews the carrying value of its management contracts asset to determine if any impairment has occurred. The fair value of the management contracts asset was estimated as of September 30, 2020, by applying the income approach and is based on management estimates and assumptions, including third-party valuations that utilize appropriate valuation techniques. It was determined there was no impairment as of such date. As of March 31, 2021, management performed a qualitative analysis and determined it was more likely than not that there continued to be no impairment.

Under Accounting Standards Codification 350 — Intangibles – Goodwill and Other, intangible assets that have indefinite useful lives are not amortized but are tested at least annually for impairment. The Company reviews the useful life of the management contracts each reporting period to determine if they continue to have an indefinite useful life.

The Company completed its most recent asset purchase on October 26, 2018, when it purchased the assets related to the management of the BP Capital TwinLine Energy Fund and the BP Capital TwinLine MLP Fund (the “BP Funds”), which were reorganized into the Hennessy BP Energy Fund and the Hennessy BP Midstream Fund, respectively, two new series of Hennessy Funds Trust.

(3)

Investment Advisory Agreements

The Company has investment advisory agreements with Hennessy Funds Trust under which it provides investment advisory services to all classes of the 16 Hennessy Funds.

The investment advisory agreements must be renewed annually (except in limited circumstances) by (a) the Funds’ Board of Trustees or the vote of a majority of the outstanding shares of the applicable Hennessy Fund and (b) the vote of a majority of the trustees of Hennessy Funds Trust who are not interested persons of the Hennessy Funds. If an investment advisory agreement is not renewed, it terminates automatically. There are two additional circumstances in which an investment advisory agreement terminates. First, an investment advisory agreement automatically terminates if the Company assigns them to another advisor (assignment includes “indirect assignment,” which is the transfer of the Company’s common stock in sufficient quantities deemed to constitute a controlling block). Second, an investment advisory agreement may be terminated prior to its expiration upon 60 days’ written notice by either the applicable Hennessy Fund or the Company.

As provided in each investment advisory agreement, the Company receives investment advisory fees monthly based on a percentage of the applicable fund’s average daily net asset value.

The Company has entered into sub-advisory agreements for the Hennessy Focus Fund, the Hennessy Equity and Income Fund, the Hennessy BP Energy Fund, the Hennessy BP Midstream Fund, the Hennessy Japan Fund, and the Hennessy Japan Small Cap Fund. Under each of these sub-advisory agreements, the sub-advisor is responsible for the investment and reinvestments of the assets of the applicable Hennessy Fund in accordance with the terms of such agreement and the applicable Hennessy Fund’s Prospectus and Statement of Additional Information. The sub-advisors are subject to the direction, supervision, and control of the Company and the Funds’ Board of Trustees. The sub-advisory agreements must be renewed annually (except in limited circumstances) in the same manner as, and are subject to the same termination provisions as, the investment advisory agreements.

In exchange for the sub-advisory services, the Company (not the Hennessy Funds) pays sub-advisory fees to the sub-advisors out of its own assets. Sub-advisory fees are calculated as a percentage of the applicable sub-advised fund’s average daily net asset value.

(4)

Fair Value Measurements

The Company applies Accounting Standards Codification 820 — Fair Value Measurement for all financial assets and liabilities, which establishes a framework for measuring fair value and expands disclosures about fair value measurements. The standard defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” It also establishes a fair value hierarchy consisting of the following three levels that prioritize the inputs to the valuation techniques used to measure fair value:

•

Level 1 – Unadjusted, quoted prices in active markets for identical assets or liabilities that an entity has the ability to access at the measurement date;

•

Level 2 – Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets); and

•

Level 3 – Significant unobservable inputs (including the entity’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are not available.

Based on the definitions, the following tables represent the Company’s assets categorized in the Level 1 to Level 3 hierarchies:


	March 31, 2021
	Level 1		Level 2		Level 3		Total
	(In thousands)
Money market fund deposits	$	8,053	$	—	$	—	$	8,053
Mutual fund investments		10		—		—		10

Total	$	8,063	$	—	$	—	$	8,063

Amounts included in:
Cash and cash equivalents	$	8,053	$	—	$	—	$	8,053
Investments in marketable securities		10		—		—		10

Total	$	8,063	$	—	$	—	$	8,063


	September 30, 2020
	Level 1		Level 2		Level 3		Total
	(In thousands)
Money market fund deposits	$	6,053	$	—	$	—	$	6,053
Mutual fund investments		9		—		—		9
Total	$	6,062	$	—	$	—	$	6,062

Amounts included in:
Cash and cash equivalents	$	6,053	$	—	$	—	$	6,053
Investments in marketable securities		9		—		—		9
Total	$	6,062	$	—	$	—	$	6,062

There were no transfers between levels during the six months ended March 31, 2021, or the year ended September 30, 2020.

(5)

Leases

The Company determines if an arrangement is an operating lease at inception. Operating leases are included in operating lease right-of-use assets and current and long-term operating lease liabilities on the Company’s balance sheet. There were no long-term operating leases as of September 30, 2020. During the quarter ended March 31, 2021, the Company renewed the lease for its office in Novato, California for an additional three years. The renewed lease expires on July 31, 2024. The lease renewal created a long-term operating lease as of March 31, 2021.

Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. In determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date. The Company’s lease terms may include options to extend the lease when it is reasonably certain that it will exercise any such options. For its leases, the Company concluded that it is not reasonably certain that any renewal options would be exercised, and, therefore, the amounts are not recognized as part of operating lease right-of-use assets or operating lease liabilities. Leases with initial terms of 12 months or less, and certain office equipment leases that are deemed insignificant, are not recorded on the balance sheet and are expensed as incurred and included within rent expense under general and administrative expense. Lease expense related to operating leases is recognized on a straight-line basis over the expected lease terms.

The Company’s most significant leases are real estate leases of office facilities. The Company leases office space under non-cancelable operating leases. Its principal executive office is located in Novato, California, and it has additional offices in Austin, Texas, Boston, Massachusetts, and Chapel Hill, North Carolina. Only the office lease in Novato, California has been capitalized because the other operating leases have terms of 12 months or less, including leases that are month-to-month in nature. The classification of the Company’s operating lease right-of-use assets and operating lease liabilities and other supplemental information related to the Company’s operating leases are as follows:


	March 31, 2021
	(In thousands, except years and percentages)
Operating lease right-of-use assets	$	1,191
Current operating lease liability	$	384
Long-term operating lease liability	$	826
Weighted average remaining lease term		3.3
Weighted average discount rate		0.90	%

For the six months ended March 31, 2021, rent expense, which is recorded under general and administrative expense in the statements of income, totaled $200,574.

The undiscounted cash flows for future maturities of the Company’s operating lease liabilities and the reconciliation to the balance of operating lease liabilities reflected on the Company’s balance sheet are as follows:


	March 31, 2021
	(In thousands)
Remainder of fiscal year 2021	$	206
Fiscal year 2022		363
Fiscal year 2023		374
Fiscal year 2024		286

Total undiscounted cash flows		1,229

Present value discount		(19	)

Total operating lease liabilities	$	1,210

(6)

Accrued Liabilities and Accounts Payable

Details relating to accrued liabilities and accounts payable reflected on the Company’s balance sheet are as follows:


	March 31,		September 30,
	2021		2020
	(In thousands)
Accrued bonus liabilities	$	1,446	$	2,571
Accrued sub-advisor fees		615		552
Other accrued expenses		581		690

Total accrued liabilities and accounts payable	$	2,642	$	3,813

(7)

Income Taxes

The Company’s effective income tax rates for the six months ended March 31, 2021 and 2020, were 26.4% and 27.8%, respectively. The effective income tax rate was lower for the six months ended March 31, 2021, due to changes in discrete items on the Company’s tax returns (mainly a reduction in disallowed executive compensation under Section 162(m) of the Internal Revenue Code).

The Company is subject to income tax in the U.S. federal jurisdiction and multiple state jurisdictions. Following is a list of jurisdictions that the Company has identified as its major tax jurisdictions with the tax years that remain open and subject to examination by the appropriate governmental agencies marked:

Tax Jurisdiction

2021

2020

2019

2018

2017

Federal

United States

State

California

Colorado

Connecticut

District of Columbia

Florida

Georgia

Illinois

Indiana

Iowa

Louisiana

Maryland

Massachusetts

Michigan

Minnesota

New Hampshire

New Jersey

New York

North Carolina

Oregon

Pennsylvania

Texas

Wisconsin

Total State Jurisdictions

For state tax jurisdictions with unfiled tax returns, the statutes of limitations remains open indefinitely.

(8)

Commitments and Contingencies

The Company has no commitments and no significant contingencies with original terms in excess of one year other than operating leases, which are discussed in Note 5.

(9)

Equity

Amended and Restated 2013 Omnibus Incentive Plan

The Company has adopted, and the Company’s shareholders have approved, the Amended and Restated 2013 Omnibus Incentive Plan (the “Omnibus Plan”). Under the Omnibus Plan, participants may be granted RSUs, each of which represents an unfunded, unsecured right to receive a share of the Company’s common stock on the date specified in the recipient’s award. The Company issues new shares of its common stock when it is required to deliver shares to an RSU recipient. The RSUs granted under the Omnibus Plan vest over four years at a rate of 25% per year. The Company recognizes stock-based compensation expense on a straight-line basis over the four-year vesting term of each award.

A summary of RSU activity is as follows:


	Six Months Ended March 31, 2021
	Shares			Weighted Average Grant Date Fair Value per Share
Non-vested balance at beginning of period		322,181		$	9.76
Granted		—			—
Vested ⁽¹⁾		(64,534	)		(10.89	)
Forfeited		—			—

Non-vested balance at end of period		257,647		$	9.48

⁽¹⁾

Represents partially vested RSUs for which the Company already has recognized the associated compensation expense but has not yet issued to employees the related shares of common stock.

Additional information related to RSUs is as follows:


	March 31, 2021
	(In thousands, except years)
Total expected compensation expense related to RSUs	$	16,056
Recognized compensation expense related to RSUs		(13,614	)

Unrecognized compensation expense related to RSUs	$	2,442

Weighted average remaining years to expense for RSUs		2.6

Dividend Reinvestment and Stock Purchase Plan

In January 2021, the Company adopted a Dividend Reinvestment and Stock Purchase Plan (the “DRSPP”), replacing the previous Dividend Reinvestment and Stock Purchase Plan that had been in place since 2018. The DRSPP provides shareholders and new investors with a convenient and economical means of purchasing shares of the Company’s common stock and reinvesting cash dividends paid on the Company’s common stock. Under the DRSPP and its predecessor plan, the Company issued 6,259 and 5,179 shares of common stock during the six months ended March 31, 2021 and 2020, respectively. The maximum number of shares that may be issued under the DRSPP is 1,470,000, of which 1,466,864 shares remained available for issuance as of March 31, 2021.

Stock Buyback Program

In August 2010, the Company adopted a stock buyback program. The program provides that the Company may repurchase up to 1,500,000 shares of its common stock and has no expiration date. Share repurchases may be made in the open market, in privately negotiated transactions, or otherwise. A total of 596,368 shares remains available for repurchase under the stock buyback program. The Company temporarily suspended repurchases under the stock buyback program as of March 24, 2020, so the Company did not repurchase any shares of its common stock pursuant to the stock buyback program during the six months ended March 31, 2021.

(10)

Earnings per Share and Dividends per Share

Basic earnings per share is determined by dividing net earnings by the weighted average number of shares of common stock outstanding, while diluted earnings per share is determined by dividing net earnings by the weighted average number of shares of common stock outstanding adjusted for the dilutive effect of common stock equivalents, which consist of restricted stock units (“RSUs”).

For the three and six months ended March 31, 2021, the Company excluded 74,352 and 227,410 common stock equivalents, respectively, from the diluted earnings per share calculations because they were not dilutive. For both the three and six months ended March 31, 2020, the Company excluded 184,871 common stock equivalents from the diluted earnings per share calculations because they were not dilutive. In all cases, the excluded common stock equivalents consisted of non-vested RSUs.

The Company paid a quarterly cash dividend of $0.1375 per share on March 9, 2021, to shareholders of record as of February 24, 2021.

(11)

Recently Issued and Adopted Accounting Standards

The Company has reviewed accounting pronouncements issued between the filing date of its most recent Form 10-K, which was December 1, 2020, and the filing date of this Form 10-Q and has determined that no accounting pronouncements issued would have a material impact on the Company’s financial position, results of operations, or disclosures.

(12)

Subsequent Events

The Company has evaluated subsequent events through the date these financial statements were issued and has concluded that no material events occurred during this period that require recognition or disclosure.

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

This report contains “forward-looking statements” within the meaning of the securities laws, for which we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by terminology such as “expect,” “anticipate,” “intend,” “may,” “plan,” “will,” “should,” “could,” “would,” “assume,” “believe,” “estimate,” “predict,” “potential,” “project,” “continue,” “seek,” and similar expressions, as well as statements in the future tense. We have based these forward-looking statements on our current expectations and projections about future events, based on information currently available to us. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at which, or means by which, such performance or results will be achieved.

Forward-looking statements are subject to risks, uncertainties, and assumptions, including those described in the section entitled “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the fiscal year ended September 30, 2020. Unforeseen developments could cause actual performance or results to differ substantially from those expressed in or suggested by the forward-looking statements. Management does not assume responsibility for the accuracy or completeness of these forward-looking statements. There is no regulation requiring an update of any of the forward-looking statements after the date of this report to conform these statements to actual results or to changes in our expectations.

Our business activities are affected by many factors, including, without limitation, redemptions by mutual fund shareholders, taxes, general economic and business conditions, including those related to the COVID-19 pandemic, movement of interest rates, competitive conditions, industry regulation, and fluctuations in the stock market, many of which are beyond the control of our management. Further, the business and regulatory environments in which we operate remain complex, uncertain, and subject to change. We expect that regulatory requirements and developments will cause us to incur additional administrative and compliance costs. In addition, while current domestic economic conditions are relatively favorable, changes in short-term interest rates, policy changes by the new administration in Washington, D.C., and developments in international financial markets could influence economic and financial conditions significantly. Notwithstanding the variability in our economic and regulatory environments, we remain focused on the investment performance of the Hennessy Funds and on providing high-quality customer service to investors.

Our business strategy centers on (a) the identification, completion, and integration of future acquisitions and (b) organic growth, through both the retention of the mutual fund assets we currently manage and the generation of inflows into the mutual funds we manage. The success of our business strategy may be influenced by the factors discussed in the section entitled “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the fiscal year ended September 30, 2020. All statements regarding our business strategy, as well as statements regarding market trends and risks and assumptions about changes in the marketplace, are forward-looking by their nature.

Our Continuing Response to the COVID-19 Pandemic

In mid-March 2020, in response to the COVID-19 pandemic, we invoked our business continuity plan to ensure a smooth transition to remote work for our employees. We have continued to effectively operate the Company and remain committed to providing the same high level of services to the 16 Hennessy Funds and their shareholders. Further, we have undertaken various initiatives to ensure our continuing success in the work-from-home environment and prepare for our employees’ return to the office, including the following:

•

Regularly engaging with key partners and service providers to garner assurance regarding their ability to continue to provide high-quality services to us and to the Hennessy Funds;

•

Strengthening our digital marketing and public relations, including by expanding our online presence and speaking on and moderating panels at virtual industry-related conferences;

•

Keeping open lines of communication with our employees as they work from home to help ensure seamless operations, productive interactions, and early identification of issues;

•

Maintaining effective governance and internal controls in a remote work setting; and

•

Establishing a “return-to-work committee” to manage the following:

•

Creating and updating a thorough return-to-work plan;

•

Training all employees on such plan to prepare for their eventual return to in-office work; and

•

Interpreting and communicating ongoing changes to pandemic-related governmental mandates.

Given the dynamic nature of the COVID-19 pandemic and its effects, we will continue to revise our approach to these initiatives and take any additional actions we deem appropriate to meet the needs of our employees, our partners, and the Hennessy Funds and their shareholders. While we cannot reasonably estimate the duration and severity of the COVID-19 pandemic or its ultimate impact on our business and revenues, we believe we have positioned the Company to emerge from the current crisis prepared for long-term growth.

Overview

Our primary business activity is providing investment advisory services to a family of open-end mutual funds branded as the Hennessy Funds. We manage 10 of the 16 Hennessy Funds internally. For the remaining six funds, we have delegated the day-to-day portfolio management responsibilities to sub-advisors, subject to our oversight. We oversee the selection and continued employment of each sub-advisor, review each fund’s investment performance, and monitor each sub-advisor’s adherence to each applicable fund’s investment objectives, policies, and restrictions. In addition, we conduct ongoing reviews of the compliance programs of sub-advisors and make onsite visits to sub-advisors, as feasible. Our secondary business activity is providing shareholder services to shareholders of the Hennessy Funds.

We derive our operating revenues from investment advisory fees and shareholder service fees paid to us by the Hennessy Funds. These fees are calculated as a percentage of the average daily net assets of each Hennessy Fund. The percentage amount of the investment advisory fees varies by fund. The percentage amount of the shareholder service fees is consistent across all funds, but shareholder service fees are charged on Investor Class shares only. The dollar amount of the fees we receive fluctuates with changes in the average net asset value of each Hennessy Fund, which is affected by each fund’s investment performance, purchases and redemptions of shares, general market conditions, and the success of our marketing, sales, and public relations efforts.

On a total return basis, the Dow Jones Industrial Average was up 8.29% and 19.91% for the three and six months ended March 31, 2021, respectively. During the most recent quarter, equity prices rallied as the rollout of COVID-19 vaccination centers around the United States and in various countries around the world became a reality. The availability of the vaccine, as well as improvement in key COVID-19 metrics, gave rise to hope for a further reopening of the economy. The unemployment rate, after having peaked at 14.7% in April 2020, is at 6.0% as of March 31, 2021, as the opening of the economy has necessitated the hiring and re-hiring of personnel. With all of this promising news has come the concern that inflation may be imminent. However, while it seems inevitable that prices may rise in some instances due to temporary supply chain disruptions, the consensus among market experts is that inflation should remain relatively subdued in the near term. With interest rates remaining low and employment trends improving, we expect interest rates and inflation to be an ongoing discussion in upcoming quarters. The Federal Reserve continues to stress that it remains accommodative and will abstain from interest rate hikes during 2021.

Long-term U.S. bond yields increased during the three months ended March 31, 2021, as the economic outlook improved and the likelihood of inflation increased. While inflation trends remained muted, investors are starting to anticipate a day when the Federal Reserve may be forced to adjust rate policy.

The Japanese equity market, as measured by the Tokyo Stock Price Index, was up 2.08% and 16.02% (in U.S. dollar terms) for the three and six months ended March 31, 2021, respectively. While Japan has fared relatively well compared to the United States with respect to the number of COVID-19 cases, infection rates in Japan rose during the recent quarter. This setback, coupled with a slower vaccine rollout compared to the United States, seems to have dampened economic growth in the quarter.

In the one-year period ended March 31, 2021, each of the 16 Hennessy Funds generated double-digit or triple-digit positive returns as the market recovered quickly from the sharp pandemic-induced decline in 2020. Over the longer term, 14 of the Hennessy Funds posted positive annualized returns in each of the three-year, five-year, ten-year, and since inception periods ended March 31, 2021, the exception being the two Hennessy BP Funds, which focus exclusively on the more volatile Energy sector.

As always, we are committed to providing superior service to investors and employing a consistent and disciplined approach to investing based on a buy-and-hold philosophy that rejects the idea of market timing. Our goal is to provide products that investors can have confidence in, knowing their money is invested as promised and with their best interests in mind. Accordingly, we continually seek new and improved ways to support investors in the Hennessy Funds, including by providing thought leadership and other resources to help them navigate through this unprecedented market disruption due to the COVID-19 pandemic. We operate a robust and leading-edge marketing automation and customer relationship management (CRM) system, with a database of over 100,000 financial advisors in addition to retail investors. We utilize this technology in an effort to both retain assets and drive new purchases into the Hennessy Funds. We employ a comprehensive marketing and sales program consisting of content, digital, social media, and traditional marketing initiatives and proactive meetings. In addition, our consistent annual public relations campaign has resulted in the Hennessy brand name appearing on TV, radio, print, or online media on average once every two to three days.

We provide service to nearly 170,000 mutual fund accounts nationwide, including accounts held by shareholders who employ financial advisors to assist them with investing as well as accounts held by retail shareholders who invest directly with us. We serve nearly 14,000 financial advisors who utilize the Hennessy Funds on behalf of their clients, including nearly 300 who purchased one of our Funds for the first time during the most recent quarter. Approximately 17% of such advisors own two or more Hennessy Funds, and over 550 advisors hold a position of over $500,000, demonstrating strong brand loyalty.

Total assets under management as of March 31, 2021, was $4.0 billion, an increase of $0.7 billion, or 21.2%, compared to March 31, 2020. The increase in total assets was attributable to market appreciation.

The following table illustrates the quarter-by-quarter changes in our assets under management since March 31, 2020:


	Fiscal Quarter Ended
	March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020
	(In thousands)
Beginning assets under management	$	3,832,551		$	3,564,597		$	3,491,768		$	3,319,932		$	4,978,502
Acquisition inflows		—			—			—			—			—
Organic inflows		208,253			213,502			118,027			104,742			161,368
Redemptions		(369,846	)		(401,160	)		(280,273	)		(471,129	)		(685,621	)
Market appreciation (depreciation)		352,406			455,612			235,075			538,223			(1,134,317	)

Ending assets under management	$	4,023,364		$	3,832,551		$	3,564,597		$	3,491,768		$	3,319,932

As stated above, the fees we receive for providing investment advisory and shareholder service are based on average assets under management. The following table shows average assets under management by share class for each quarter since March 31, 2020:


	Fiscal Quarter Ended
	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020
	(In thousands)
Investor Class	$	2,378,675	$	2,308,369	$	2,209,305	$	2,130,287	$	2,724,261
Institutional Class		1,539,714		1,477,001		1,405,683		1,318,522		1,653,242

Total	$	3,918,389	$	3,785,370	$	3,614,988	$	3,448,809	$	4,377,503

The principal asset on our balance sheet, management contracts, represents the capitalized costs incurred in connection with the purchase of the assets related to the management of mutual funds. As of March 31, 2021, this asset had a net balance of $80.6 million, unchanged since September 30, 2020.

The principal liability on our balance sheet is the net deferred tax liability of $12.1 million generated due to the continued write off of our management contracts asset for tax purposes, which creates a book-to-tax difference.

Results of Operations

The following tables set forth items in the statements of income as dollar amounts and as percentages of total revenue for the three and six months ended March 31, 2021:


	Three Months Ended March 31,
	2021						2020
	Amounts			Percent of Total Revenue			Amounts			Percent of Total Revenue
	(In thousands, except percentages)
Revenue
Investment advisory fees	$	7,347			92.6	%	$	8,201			92.4	%
Shareholder service fees		587			7.4			678			7.6

Total revenue		7,934			100.0			8,879			100.0

Operating expenses
Compensation and benefits		2,252			28.4			2,414			27.2
General and administrative		1,132			14.3			1,288			14.5
Mutual fund distribution		120			1.5			115			1.3
Sub-advisory fees		1,804			22.7			2,008			22.6
Depreciation		63			0.8			61			0.7

Total operating expenses		5,371			67.7			5,886			66.3

Net operating income		2,563			32.3			2,993			33.7
Interest expense		—			—			260			2.9
Other income		—			—			(32	)		(0.3	)

Income before income tax expense		2,563			32.3			2,765			31.1
Income tax expense		677			8.5			795			8.9

Net income	$	1,886			23.8	%	$	1,970			22.2	%


	Six Months Ended March 31,
	2021						2020
	Amounts			Percent of Total Revenue			Amounts			Percent of Total Revenue
	(In thousands, except percentages)
Revenue
Investment advisory fees	$	14,555			92.6	%	$	17,650			92.3	%
Shareholder service fees		1,168			7.4			1,473			7.7

Total revenue		15,723			100.0			19,123			100.0

Operating expenses
Compensation and benefits		4,356			27.7			4,927			25.8
General and administrative		2,440			15.5			2,780			14.5
Mutual fund distribution		241			1.5			254			1.3
Sub-advisory fees		3,589			22.8			4,324			22.6
Depreciation		125			0.9			114			0.6

Total operating expenses		10,751			68.4			12,399			64.8

Net operating income		4,972			31.6			6,724			35.2
Interest expense		—			—			447			2.3
Other income		(1	)		(0.0	)		(88	)		(0.4	)

Income before income tax expense		4,973			31.6			6,365			33.3
Income tax expense		1,314			8.3			1,767			9.3

Net income	$	3,659			23.3	%	$	4,598			24.0	%

Revenue – Investment Advisory Fees and Shareholder Service Fees

Total revenue comprises investment advisory fees and shareholder service fees. Comparing the three months ended March 31, 2020, to the three months ended March 31, 2021, total revenue decreased by 10.6%, from $8.9 million to $7.9 million, investment advisory fees decreased by 10.4%, from $8.2 million to $7.3 million, and shareholder service fees decreased by 13.4%, from $0.7 million to $0.6 million.

Comparing the six months ended March 31, 2020, to the six months ended March 31, 2021, total revenue decreased by 17.8%, from $19.1 million to $15.7 million, investment advisory fees decreased by 17.5%, from $17.7 million to $14.6 million, and shareholder service fees decreased by 20.7%, from $1.5 million to $1.2 million.

In both periods, the decrease in investment advisory fees was due mainly to decreased average daily net assets of the Hennessy Funds, and the decrease in shareholder service fees was due to a decrease in the average daily net assets held in Investor Class shares of the Hennessy Funds. Assets held in Investor Class shares of the Hennessy Funds are subject to a shareholder service fee, whereas assets held in Institutional Class shares of the Hennessy Funds are not subject to a shareholder service fee.

We collect investment advisory fees from each of the Hennessy Funds at differing annual rates. These annual rates range between 0.40% and 1.25% of average daily net assets. Average daily net assets of the Hennessy Funds for the three months ended March 31, 2021, was $3.9 billion, which represents a decrease of $0.5 billion, or 10.5%, compared to the three months ended March 31, 2020, and average daily net assets for the six months ended March 31, 2021, was $3.9 billion, which represents a decrease of $0.8 billion, or 17.4%, compared to the six months ended March 31, 2020. The Hennessy Fund with the largest average daily net assets for the three and six months ended March 31, 2021, was the Hennessy Focus Fund, with $1.1 billion in each period. We collect an investment advisory fee from the Hennessy Focus Fund at an annual rate of 0.90% of average daily net assets. However, we pay a sub-advisory fee at an annual rate of 0.29% to the fund’s sub-advisor, which reduces the net operating profit contribution of the fund to our financial operations. The Hennessy Fund with the second largest average daily assets for the three and six months ended March 31, 2021, was the Hennessy Japan Fund, with $0.9 billion in each period. We collect an investment advisory fee from the Hennessy Japan Fund at an annual rate of 0.90% of average daily net assets. However, we pay a sub-advisory fee at an annual rate in the range of 0.35% to 0.42% (depending on asset level) to the fund’s sub-advisor, which reduces the net operating profit contribution of the fund to our financial operations.

Total assets under management as of March 31, 2021, was $4.0 billion, an increase of $0.7 billion, or 21.2%, compared to March 31, 2020. The increase was attributable to market appreciation.

The Hennessy Funds with net inflows were as follows:


Three Months Ended March 31, 2021
Fund Name	Amount
Hennessy Japan Fund	$	23 million
Hennessy Small Cap Financial Fund	$	20 million
Hennessy Japan Small Cap Fund	$	3 million


Six Months Ended March 31, 2021
Fund Name	Amount
Hennessy Japan Fund	$	122 million
Hennessy Small Cap Financial Fund	$	18 million
Hennessy Japan Small Cap Fund	$	2 million

The Hennessy Funds with the three largest amounts of net outflows were as follows:


Three Months Ended March 31, 2021
Fund Name	Amount
Hennessy Focus Fund	$	(110) million
Hennessy Gas Utility Fund	$	(44) million
Hennessy Cornerstone Mid Cap 30 Fund	$	(27) million


Six Months Ended March 31, 2021
Fund Name	Amount
Hennessy Focus Fund	$	(292) million
Hennessy Gas Utility Fund	$	(99) million
Hennessy Cornerstone Mid Cap 30 Fund	$	(53) million

Redemptions as a percentage of assets under management decreased from an average of 4.9% per month during the three months ended March 31, 2020, to an average of 3.2% per month during the three months ended March 31, 2021. Redemptions as a percentage of assets under management decreased from an average of 3.6% per month during the six months ended March 31, 2020, to an average of 3.4% per month during the six months ended March 31, 2021.

Operating Expenses

Comparing the three months ended March 31, 2020, to the three months ended March 31, 2021, total operating expenses decreased by 8.7%, from $5.9 million to $5.4 million. The decrease in operating expenses was due to decreases in all expense categories other than mutual fund distribution expense and depreciation expense, which moderately increased. As a percentage of total revenue, total operating expenses increased 1.4 percentage points to 67.7%.

Comparing the six months ended March 31, 2020, to the six months ended March 31, 2021, total operating expenses decreased by 13.3%, from $12.4 million to $10.8 million. The decrease in operating expenses was due to decreases in all expense categories other than depreciation expense, which moderately increased. As a percentage of total revenue, total operating expenses increased 3.6 percentage points to 68.4%.

Although the dollar value decreased in both periods, operating expenses increased as a percentage of total revenue due to our fixed costs, which did not decrease at as high of a rate as revenue did.

Compensation and Benefits Expense: Comparing the three months ended March 31, 2020, to the three months ended March 31, 2021, compensation and benefits expense decreased by 6.7%, from $2.4 million to $2.3 million. As a percentage of total revenue, compensation and benefits expense increased 1.2 percentage points to 28.4%.

Comparing the six months ended March 31, 2020, to the six months ended March 31, 2021, compensation and benefits expense decreased by 11.6%, from $4.9 million to $4.4 million. As a percentage of total revenue, compensation and benefits expense increased 1.9 percentage points to 27.7%.

In both periods, the decrease in compensation and benefits expense was due primarily to a decrease in incentive-based compensation. Although the dollar value decreased in both periods, compensation and benefits expense increased as a percentage of total revenue due to our fixed salary and benefits costs.

General and Administrative Expense: Comparing the three months ended March 31, 2020, to the three months ended March 31, 2021, general and administrative expense decreased by 12.1% from $1.3 million to $1.1 million. As a percentage of total revenue, general and administrative expense decreased 0.2 percentage points to 14.3%. The decrease in general and administrative expenses was due mainly to a decrease in conference and travel expense.

Comparing the six months ended March 31, 2020, to the six months ended March 31, 2021, general and administrative expense decreased by 12.2% from $2.8 million to $2.4 million. As a percentage of total revenue, general and administrative expense increased 1.0 percentage points to 15.5%. Although the dollar value decreased due to a decrease in conference and travel expense, general and administrative expenses increased as a percentage of total revenue due to our other fixed costs, such as rent and professional fees.

Mutual Fund Distribution Expense: Mutual fund distribution expense consists of fees paid to various financial institutions that offer the Hennessy Funds as potential investments to their clients. When the Hennessy Funds are purchased through one of these financial institutions, the institution typically charges an asset-based fee, which is recorded in “mutual fund distribution expense” in our statement of operations to the extent paid by us. When the Hennessy Funds are purchased directly, we do not incur any such expense. These fees generally increase or decrease in line with the net assets of the Hennessy Funds held through these financial institutions, which are affected by inflows, outflows, and fund performance. In addition, some financial institutions charge a minimum fee if the average daily net assets of a Hennessy Fund held by such an institution are less than a threshold amount. In such cases, we pay the minimum fee.

Comparing the three months ended March 31, 2020, to the three months ended March 31, 2021, mutual fund distribution expense increased by 4.3%, from $0.115 million to $0.120 million.

Comparing the six months ended March 31, 2020, to the six months ended March 31, 2021, mutual fund distribution expense decreased by 5.1%, from $0.25 million to $0.24 million.

Mutual fund distribution expenses fluctuated in both periods based on the following factors:

•

average daily net assets held by financial institutions;

•

the split of average daily net assets held by financial institutions in Institutional Class shares of the Hennessy Funds versus Investor Class shares of the Hennessy Funds; and

•

fee minimums at various financial institutions.

For both the three and six months ended March 31, 2021, mutual fund distribution expense as a percentage of total revenue increased 0.2 percentage points to 1.5%. The increase in mutual fund distribution expense as a percentage of total revenue was due to a larger portion of the fees being attributable to fixed minimum fees, which do not fluctuate in line with revenue.

Sub-Advisory Fees Expense: Comparing the three months ended March 31, 2020, to the three months ended March 31, 2021, sub-advisory fees expense decreased by 10.2%, from $2.0 million to $1.8 million. As a percentage of total revenue, sub-advisory fees expense increased 0.1 percentage points to 22.7%.

Comparing the six months ended March 31, 2020, to the six months ended March 31, 2021, sub-advisory fees expense decreased by 17.0%, from $4.3 million to $3.6 million. As a percentage of total revenue, sub-advisory fees expense increased 0.2 percentage points to 22.8%.

In both periods, the dollar value decrease in sub-advisory fees expense was due to decreased average daily net assets held in the sub-advised Hennessy Funds. Although the dollar value decreased, sub-advisory fees expense increased as a percentage of total revenue because the decrease in average daily net assets held by the Hennessy Funds that we internally manage was larger than the decrease in average daily net assets of the sub-advised Hennessy Funds.

Depreciation Expense: Comparing the three months ended March 31, 2020, to the three months ended March 31, 2021, depreciation expense increased by 3.3%, from $0.061 million to $0.063 million. As a percentage of total revenue, depreciation expense increased 0.1 percentage points to 0.8%.

Comparing the six months ended March 31, 2020, to the six months ended March 31, 2021, depreciation expense increased by 9.6%, from $0.11 million to $0.13 million. As a percentage of total revenue, depreciation expense increased 0.3 percentage points to 0.9%.

In both periods, the increase in depreciation expense resulted from fixed asset purchases.

Interest Expense

Comparing the three and six months ended March 31, 2020, to the three and six months ended March 31, 2021, interest expense decreased by 100.0% from $0.26 million and $0.45 million to $0.

In both periods, the decrease in interest expense was due to the payoff in full of the remaining outstanding balance under our term loan agreement with U.S. Bank National Association on March 26, 2020.

Income Tax Expense

Comparing the three months ended March 31, 2020, to the three months ended March 31, 2021, income tax expense decreased by 14.8%, from $0.8 million to $0.7 million. Comparing the six months ended March 31, 2020, to the six months ended March 31, 2021, income tax expense decreased by 25.6%, from $1.8 million to $1.3 million.

In both periods, the decrease in income tax expense was due primarily to lower net operating income in the current period and secondarily to a lower effective income tax rate as discussed above.

Net Income

Comparing the three months ended March 31, 2020, to the three months ended March 31, 2021, net income decreased by 4.3%, from $2.0 million to $1.9 million. Comparing the six months ended March 31, 2020, to the six months ended March 31, 2021, net income decreased by 20.4%, from $4.6 million to $3.7 million.

In both periods, the decrease in net income was primarily due to lower net operating income in the current period.

Critical Accounting Policies

Our financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States, which require the use of estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. These accounting policies, methods, and estimates are an integral part of the financial statements prepared by management and are based upon management’s current judgments. Those judgments are normally based on knowledge and experience with regard to past and current events and assumptions about future events. Certain accounting policies, methods, and estimates are particularly sensitive because of their significance to the financial statements and because future events affecting them may differ markedly from management’s current judgment. For a discussion of the accounting policies that we believe are most critical to understanding our results of operations and financial position, see the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2020.

Liquidity and Capital Resources

We continually review our capital requirements to ensure that we have funding available to support our business model. Management anticipates that cash and other liquid assets on hand as of March 31, 2021, will be sufficient to meet our capital requirements for at least one year from the issuance date of this report. To the extent that liquid resources and cash provided by operations are not adequate to meet long-term capital requirements, management plans to raise additional capital by either, or both, seeking to increase our borrowing capacity or accessing the capital markets. There can be no assurance that we will be able to raise additional capital.

Our total assets under management as of March 31, 2021, was $4.0 billion, an increase of $0.7 billion or 21.2%, compared to March 31, 2020. The primary sources of our revenue, liquidity, and cash flow are our investment advisory fees and shareholder service fees, which are based on and generated by our average assets under management. Our average assets under management for the six months ended March 31, 2021, was $3.9 billion, a decrease of $0.8 billion or 17.4%, compared to the six months ended March 31, 2020. As of March 31, 2021, we had cash and cash equivalents of $11.5 million.

The following table compares the six months ended March 31, 2021, to the six months ended March 31, 2020, with respect to key financial data relating to our liquidity and use of cash:


	For the Six Months Ended March 31,
	2021			2020
	(In thousands)
Net cash provided by operating activities	$	3,623		$	5,289
Net cash used in investing activities		(133	)		(779	)
Net cash used in financing activities		(1,969	)		(22,200	)

Net increase (decrease) in cash and cash equivalents	$	1,521		$	(17,690	)

The decrease in cash provided by operating activities of $1.7 million was due mainly to decreased operating income.

The decrease in cash used in investing activities of $0.6 million was due to a payment for the purchase of assets related to the management of the BP Funds made in the prior period that was not made in the current period.

The decrease in cash used for financing activities of $20.2 million was due primarily to the prepayment of the remaining outstanding balance payable under our term loan agreement with U.S. Bank National Association in the prior period.

Item 4.

Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Management performed an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of the end of the period covered by this report. Based on such evaluation, management, including the Company’s principal executive officer and principal financial officer, concluded that the Company’s disclosure controls and procedures are effective as of the end of the period covered by this report.

Changes in Internal Controls over Financial Reporting

There have been no changes in the Company’s internal control over financial reporting as defined in Rules 13a-15(f) of the Exchange Act that occurred during the fiscal quarter ended March 31, 2021, and that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II: OTHER INFORMATION

Item 6.

Exhibits

Set forth below is a list of all exhibits to this Quarterly Report on Form 10-Q.


31.1		Rule 13a-14a Certification of the Principal Executive Officer.

31.2		Rule 13a-14a Certification of the Principal Financial Officer.

32.1		Written Statement of the Principal Executive Officer, Pursuant to 18 U.S.C. § 1350.

32.2		Written Statement of the Principal Financial Officer, Pursuant to 18 U.S.C. § 1350.

101		Financial statements from the Quarterly Report on Form 10-Q of Hennessy Advisors, Inc. for the quarter ended March 31, 2021, filed on May 12, 2021, formatted in XBRL: (i) the Condensed Balance Sheets; (ii) the Condensed Statements of Income; (iii) the Condensed Statements of Changes in Stockholders’ Equity; (iv) the Condensed Statements of Cash Flows; and (v) the Notes to Unaudited Condensed Financial Statements.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized:


	HENNESSY ADVISORS, INC.

Date: May 12, 2021	By:	/s/ Teresa M. Nilsen
		Teresa M. Nilsen
		President

EX-31.1 2 d126276dex311.htm EX-31.1 EX-31.1

Exhibit 31.1

Rule 13a – 14a Certification of the Principal Executive Officer

I, Teresa M. Nilsen, certify that:

I have reviewed this quarterly report on Form 10-Q of Hennessy Advisors, Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state 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;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be 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 being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial 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 principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ Teresa M. Nilsen

Teresa M. Nilsen, President

Hennessy Advisors, Inc.

Date: May 12, 2021

EX-31.2 3 d126276dex312.htm EX-31.2 EX-31.2

Exhibit 31.2

Rule 13a – 14a Certification of the Principal Financial Officer

I, Kathryn R. Fahy, certify that:

I have reviewed this quarterly report on Form 10-Q of Hennessy Advisors, Inc.;

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ Kathryn R. Fahy

Kathryn R. Fahy, Chief Financial Officer

Hennessy Advisors, Inc.

Date: May 12, 2021

EX-32.1 4 d126276dex321.htm EX-32.1 EX-32.1

Exhibit 32.1

Written Statement of the Principal Executive Officer

Pursuant to 18 U.S.C. § 1350

Solely for the purposes of complying with 18 U.S.C. § 1350, I, the undersigned President of Hennessy Advisors, Inc. (the “Company”), hereby certify, based on my knowledge, that the Quarterly Report on Form 10-Q of the Company for the quarter ended March 31, 2021 (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Teresa M. Nilsen

Teresa M. Nilsen, President

Hennessy Advisors, Inc.

Date: May 12, 2021

EX-32.2 5 d126276dex322.htm EX-32.2 EX-32.2

Exhibit 32.2

Written Statement of the Principal Financial Officer

Pursuant to 18 U.S.C. § 1350

Solely for the purposes of complying with 18 U.S.C. § 1350, I, the undersigned Chief Financial Officer of Hennessy Advisors, Inc. (the “Company”), hereby certify, based on my knowledge, that the Quarterly Report on Form 10-Q of the Company for the quarter ended March 31, 2021 (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Kathryn R. Fahy

Kathryn R. Fahy, Chief Financial Officer

Hennessy Advisors, Inc.

Date: May 12, 2021

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<div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(1)</div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Basis of Financial Statement Presentation </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;">The accompanying condensed balance sheet as of September 30, 2020, which has been derived from audited financial statements, and the unaudited interim condensed financial statements as of and for the three and six months ended March 31, 2021, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission and include the accounts of Hennessy Advisors, Inc. (the “Company,” “we,” “us,” or “our”). Certain information and footnote disclosures in these unaudited interim condensed financial statements, normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States, have been condensed or omitted pursuant to rules and regulations of the Securities and Exchange Commission for Quarterly Reports on Form <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">10-Q.</div> In the opinion of management, the unaudited interim condensed financial statements reflect all adjustments necessary for a fair statement of the Company’s financial position at March 31, 2021, the Company’s operating results for the three and six months ended March 31, 2021 and 2020, and the Company’s cash flows for the three and six months ended March 31, 2021 and 2020. These unaudited interim condensed financial statements and notes should be read in conjunction with the Company’s audited financial statements and notes thereto for fiscal year 2020, which are included in the Company’s Annual Report on <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Form 10-K</div> for the fiscal year ended September 30, 2020. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The preparation of financial statements requires management to make estimates and assumptions. Making estimates requires management to exercise significant judgment. Accordingly, the actual results could differ substantially from those estimates. </div></div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;">The Company’s operating activities consist primarily of providing investment advisory services to 16 <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">open-end</div> mutual funds branded as the Hennessy Funds. The Company serves as the investment advisor to all classes of the Hennessy Cornerstone Growth Fund, the Hennessy Focus Fund, the Hennessy Cornerstone Mid Cap 30 Fund, the Hennessy Cornerstone Large Growth Fund, the Hennessy Cornerstone Value Fund, the Hennessy Total Return Fund, the Hennessy Equity and Income Fund, the Hennessy Balanced Fund, the Hennessy BP Energy Fund, the Hennessy BP Midstream Fund, the Hennessy Gas Utility Fund, the Hennessy Japan Fund, the Hennessy Japan Small Cap Fund, the Hennessy Large Cap Financial Fund, the Hennessy Small Cap Financial Fund, and the Hennessy Technology Fund. The Company also provides shareholder services to shareholders of the Hennessy Funds. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt;"><div style="display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company’s operating revenues consist of contractual investment advisory and shareholder service fees paid to it by the Hennessy Funds. The Company earns investment advisory fees from each Hennessy Fund by, among other things: </div></div></div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="display:inline;">•</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"><div style="display:inline;">acting as portfolio manager for the fund or overseeing the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">sub-advisor</div> acting as portfolio manager for the fund, which includes managing the composition of the fund’s portfolio (including the purchase, retention, and disposition of portfolio securities in accordance with the fund’s investment objectives, policies, and restrictions), seeking best execution for the fund’s portfolio, managing the use of soft dollars for the fund, and managing proxy voting for the fund; </div></div></td></tr></table> <div style="margin-block: 0em; margin-top: 0pt; line-height: 8pt;"> </div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="display:inline;">•</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;"> </div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">performing a daily reconciliation of portfolio positions and cash for the fund; </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="display:inline;">•</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;"> </div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">monitoring the liquidity of the fund; </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="display:inline;">•</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;"> </div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">monitoring the fund’s compliance with its investment objectives and restrictions and federal securities laws; </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="display:inline;">•</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"><div style="display:inline;">monitoring compliance with federal securities laws, maintaining a compliance program (including a code of ethics), conducting ongoing reviews of the compliance programs of the fund’s service providers (including any <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">sub-advisor),</div> conducting onsite visits to the fund’s service providers (including any <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">sub-advisor)</div> as feasible, monitoring incidents of abusive trading practices, reviewing fund expense accruals, payments, and fixed expense ratios, evaluating insurance providers for fidelity bond, D&O/E&O insurance, and cybersecurity insurance coverage, managing regulatory examination compliance and responses, conducting employee compliance training, reviewing reports provided by service providers, and maintaining books and records; </div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="display:inline;">•</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"><div style="display:inline;">if applicable, overseeing the selection and continued employment of the fund’s <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">sub-advisor,</div> reviewing the fund’s investment performance, and monitoring the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">sub-advisor’s</div> adherence to the fund’s investment objectives, policies, and restrictions; </div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="display:inline;">•</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;"> </div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">overseeing service providers that provide accounting, administration, distribution, transfer agency, custodial, sales, marketing, public relations, audit, information technology, and legal services to the fund; </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="display:inline;">•</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"><div style="display:inline;">maintaining <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">in-house</div> marketing and distribution departments on behalf of the fund; </div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="display:inline;">•</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;"> </div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">preparing or directing the preparation of all regulatory filings for the fund, including writing and annually updating the fund’s prospectus and related documents; </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="display:inline;">•</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"><div style="display:inline;">preparing or reviewing a written summary of the fund’s performance during the most recent <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">12-month</div> period for each annual report of the fund; </div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="display:inline;">•</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;"> </div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">monitoring and overseeing the accessibility of the fund on third-party platforms; </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="display:inline;">•</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;"> </div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">paying the incentive compensation of the fund’s compliance officers and employing other staff such as legal, marketing, national accounts, distribution, sales, administrative, and trading oversight personnel, as well as management executives; </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="display:inline;">•</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;"> </div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">providing a quarterly compliance certification to the Board of Trustees of Hennessy Funds Trust (the “Funds’ Board of Trustees”); and </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="display:inline;">•</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;"> </div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">preparing or reviewing materials for the Funds’ Board of Trustees, presenting to or leading discussions with the Funds’ Board of Trustees, preparing or reviewing all meeting minutes, and arranging for training and education of the Funds’ Board of Trustees. </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="font-size: 1px; margin-top: 0px; margin-bottom: 0px;"><div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;">The Company earns shareholder service fees from Investor Class shares of the Hennessy Funds by, among other things, maintaining a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">toll-free</div> number that the current investors in the Hennessy Funds may call to ask questions about their accounts or the funds or to get help with processing exchange and redemption requests or changing account options. These fee revenues are earned and calculated daily by the Hennessy Funds’ accountants at U.S. Bank Global Fund Services and are subsequently reviewed by management. The fees are computed and billed monthly, at which time they are recognized in accordance with Accounting Standards Codification 606 — Revenue Recognition. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;">The Company waived a portion of its fees with respect to the Hennessy Cornerstone Large Growth Fund and the Hennessy BP Energy Fund through the expiration of each fund’s expense limitation agreement on November 30, 2019, and October 25, 2020, respectively. The Company continues to waive a portion of its fees with respect to the Hennessy BP Midstream Fund and the Hennessy Technology Fund to comply with contractual expense ratio limitations. The fee waivers are calculated daily by the Hennessy Funds’ accountants at U.S. Bank Global Fund Services, reviewed by management, and then charged to expense monthly as offsets to the Company’s revenues. Each waived fee is then deducted from investment advisory fee income and reduces the aggregate amount of advisory fees the Company receives from such fund in the subsequent month. To date, the Company has only waived fees based on contractual obligations, but the Company has the ability to waive fees at its discretion. Any decision to waive fees would apply only on a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">going-forward</div> basis. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company’s contractual agreements for investment advisory and shareholder services prove that a contract exists with fixed and determinable fees, and the services are rendered daily. The collectability is deemed probable because the fees are received from the Hennessy Funds in the month subsequent to the month in which the services are provided. </div></div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;">The Company is subject to risks and uncertainties as a result of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> pandemic, particularly risks and uncertainties related to the increased volatility in the stock market. The Company cannot reasonably estimate the continued extent of the impact of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> pandemic on its business. As of the date of issuance of the Company’s financial statements, the extent to which the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> pandemic may materially impact the Company’s financial condition, liquidity, or results of operations remains uncertain. </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;">The accompanying condensed balance sheet as of September 30, 2020, which has been derived from audited financial statements, and the unaudited interim condensed financial statements as of and for the three and six months ended March 31, 2021, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission and include the accounts of Hennessy Advisors, Inc. (the “Company,” “we,” “us,” or “our”). Certain information and footnote disclosures in these unaudited interim condensed financial statements, normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States, have been condensed or omitted pursuant to rules and regulations of the Securities and Exchange Commission for Quarterly Reports on Form <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">10-Q.</div> In the opinion of management, the unaudited interim condensed financial statements reflect all adjustments necessary for a fair statement of the Company’s financial position at March 31, 2021, the Company’s operating results for the three and six months ended March 31, 2021 and 2020, and the Company’s cash flows for the three and six months ended March 31, 2021 and 2020. These unaudited interim condensed financial statements and notes should be read in conjunction with the Company’s audited financial statements and notes thereto for fiscal year 2020, which are included in the Company’s Annual Report on <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Form 10-K</div> for the fiscal year ended September 30, 2020. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The preparation of financial statements requires management to make estimates and assumptions. Making estimates requires management to exercise significant judgment. Accordingly, the actual results could differ substantially from those estimates. </div></div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;">The Company’s operating activities consist primarily of providing investment advisory services to 16 <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">open-end</div> mutual funds branded as the Hennessy Funds. The Company serves as the investment advisor to all classes of the Hennessy Cornerstone Growth Fund, the Hennessy Focus Fund, the Hennessy Cornerstone Mid Cap 30 Fund, the Hennessy Cornerstone Large Growth Fund, the Hennessy Cornerstone Value Fund, the Hennessy Total Return Fund, the Hennessy Equity and Income Fund, the Hennessy Balanced Fund, the Hennessy BP Energy Fund, the Hennessy BP Midstream Fund, the Hennessy Gas Utility Fund, the Hennessy Japan Fund, the Hennessy Japan Small Cap Fund, the Hennessy Large Cap Financial Fund, the Hennessy Small Cap Financial Fund, and the Hennessy Technology Fund. The Company also provides shareholder services to shareholders of the Hennessy Funds. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt;"><div style="display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company’s operating revenues consist of contractual investment advisory and shareholder service fees paid to it by the Hennessy Funds. The Company earns investment advisory fees from each Hennessy Fund by, among other things: </div></div></div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="display:inline;">•</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"><div style="display:inline;">acting as portfolio manager for the fund or overseeing the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">sub-advisor</div> acting as portfolio manager for the fund, which includes managing the composition of the fund’s portfolio (including the purchase, retention, and disposition of portfolio securities in accordance with the fund’s investment objectives, policies, and restrictions), seeking best execution for the fund’s portfolio, managing the use of soft dollars for the fund, and managing proxy voting for the fund; </div></div></td></tr></table> <div style="margin-block: 0em; margin-top: 0pt; line-height: 8pt;"> </div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="display:inline;">•</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;"> </div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">performing a daily reconciliation of portfolio positions and cash for the fund; </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="display:inline;">•</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;"> </div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">monitoring the liquidity of the fund; </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="display:inline;">•</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;"> </div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">monitoring the fund’s compliance with its investment objectives and restrictions and federal securities laws; </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="display:inline;">•</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"><div style="display:inline;">monitoring compliance with federal securities laws, maintaining a compliance program (including a code of ethics), conducting ongoing reviews of the compliance programs of the fund’s service providers (including any <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">sub-advisor),</div> conducting onsite visits to the fund’s service providers (including any <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">sub-advisor)</div> as feasible, monitoring incidents of abusive trading practices, reviewing fund expense accruals, payments, and fixed expense ratios, evaluating insurance providers for fidelity bond, D&O/E&O insurance, and cybersecurity insurance coverage, managing regulatory examination compliance and responses, conducting employee compliance training, reviewing reports provided by service providers, and maintaining books and records; </div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="display:inline;">•</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"><div style="display:inline;">if applicable, overseeing the selection and continued employment of the fund’s <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">sub-advisor,</div> reviewing the fund’s investment performance, and monitoring the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">sub-advisor’s</div> adherence to the fund’s investment objectives, policies, and restrictions; </div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="display:inline;">•</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;"> </div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">overseeing service providers that provide accounting, administration, distribution, transfer agency, custodial, sales, marketing, public relations, audit, information technology, and legal services to the fund; </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="display:inline;">•</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"><div style="display:inline;">maintaining <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">in-house</div> marketing and distribution departments on behalf of the fund; </div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="display:inline;">•</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;"> </div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">preparing or directing the preparation of all regulatory filings for the fund, including writing and annually updating the fund’s prospectus and related documents; </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="display:inline;">•</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"><div style="display:inline;">preparing or reviewing a written summary of the fund’s performance during the most recent <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">12-month</div> period for each annual report of the fund; </div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="display:inline;">•</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;"> </div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">monitoring and overseeing the accessibility of the fund on third-party platforms; </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="display:inline;">•</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;"> </div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">paying the incentive compensation of the fund’s compliance officers and employing other staff such as legal, marketing, national accounts, distribution, sales, administrative, and trading oversight personnel, as well as management executives; </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="display:inline;">•</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;"> </div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">providing a quarterly compliance certification to the Board of Trustees of Hennessy Funds Trust (the “Funds’ Board of Trustees”); and </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:4%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="display:inline;">•</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;"> </div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">preparing or reviewing materials for the Funds’ Board of Trustees, presenting to or leading discussions with the Funds’ Board of Trustees, preparing or reviewing all meeting minutes, and arranging for training and education of the Funds’ Board of Trustees. </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="font-size: 1px; margin-top: 0px; margin-bottom: 0px;"><div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;">The Company earns shareholder service fees from Investor Class shares of the Hennessy Funds by, among other things, maintaining a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">toll-free</div> number that the current investors in the Hennessy Funds may call to ask questions about their accounts or the funds or to get help with processing exchange and redemption requests or changing account options. These fee revenues are earned and calculated daily by the Hennessy Funds’ accountants at U.S. Bank Global Fund Services and are subsequently reviewed by management. The fees are computed and billed monthly, at which time they are recognized in accordance with Accounting Standards Codification 606 — Revenue Recognition. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;">The Company waived a portion of its fees with respect to the Hennessy Cornerstone Large Growth Fund and the Hennessy BP Energy Fund through the expiration of each fund’s expense limitation agreement on November 30, 2019, and October 25, 2020, respectively. The Company continues to waive a portion of its fees with respect to the Hennessy BP Midstream Fund and the Hennessy Technology Fund to comply with contractual expense ratio limitations. The fee waivers are calculated daily by the Hennessy Funds’ accountants at U.S. Bank Global Fund Services, reviewed by management, and then charged to expense monthly as offsets to the Company’s revenues. Each waived fee is then deducted from investment advisory fee income and reduces the aggregate amount of advisory fees the Company receives from such fund in the subsequent month. To date, the Company has only waived fees based on contractual obligations, but the Company has the ability to waive fees at its discretion. Any decision to waive fees would apply only on a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">going-forward</div> basis. </div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company’s contractual agreements for investment advisory and shareholder services prove that a contract exists with fixed and determinable fees, and the services are rendered daily. The collectability is deemed probable because the fees are received from the Hennessy Funds in the month subsequent to the month in which the services are provided. </div></div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;">The Company is subject to risks and uncertainties as a result of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> pandemic, particularly risks and uncertainties related to the increased volatility in the stock market. The Company cannot reasonably estimate the continued extent of the impact of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> pandemic on its business. As of the date of issuance of the Company’s financial statements, the extent to which the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> pandemic may materially impact the Company’s financial condition, liquidity, or results of operations remains uncertain. </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="margin-block: 0em;"> </div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(2)</div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Management Contracts Purchased </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;">Throughout its history, the Company has completed 10 purchases of the assets related to the management of 30 different mutual funds, some of which were reorganized into already existing Hennessy Funds. In accordance with Financial Accounting Standards Board (“FASB”) guidance, the Company periodically reviews the carrying value of its management contracts asset to determine if any impairment has occurred. The fair value of the management contracts asset was estimated as of September 30, 2020, by applying the income approach and is based on management estimates and assumptions, including <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">third-party</div> valuations that utilize appropriate valuation techniques. It was determined there was no impairment as of such date. As of March 31, 2021, management performed a qualitative analysis and determined it was more likely than not that there continued to be no impairment. </div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div> </div><div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Under Accounting Standards Codification 350 — Intangibles – Goodwill and Other, intangible assets that have indefinite useful lives are not amortized but are tested at least annually for impairment. The Company reviews the useful life of the management contracts each reporting period to determine if they continue to have an indefinite useful life. </div></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-size: 1px; margin-top: 0px; margin-bottom: 0px;"><div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company completed its most recent asset purchase on October 26, 2018, when it purchased the assets related to the management of the BP Capital TwinLine Energy Fund and the BP Capital TwinLine MLP Fund (the “BP Funds”), which were reorganized into the Hennessy BP Energy Fund and the Hennessy BP Midstream Fund, respectively, two new series of Hennessy Funds Trust. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 0 0 <div style="margin-block: 0em;"> </div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(3)</div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Investment Advisory Agreements </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company has investment advisory agreements with Hennessy Funds Trust under which it provides investment advisory services to all classes of the 16 Hennessy Funds. </div></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The investment advisory agreements must be renewed annually (except in limited circumstances) by (a) the Funds’ Board of Trustees or the vote of a majority of the outstanding shares of the applicable Hennessy Fund and (b) the vote of a majority of the trustees of Hennessy Funds Trust who are not interested persons of the Hennessy Funds. If an investment advisory agreement is not renewed, it terminates automatically. There are two additional circumstances in which an investment advisory agreement terminates. First, an investment advisory agreement automatically terminates if the Company assigns them to another advisor (assignment includes “indirect assignment,” which is the transfer of the Company’s common stock in sufficient quantities deemed to constitute a controlling block). Second, an investment advisory agreement may be terminated prior to its expiration upon 60 days’ written notice by either the applicable Hennessy Fund or the Company. </div></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">As provided in each investment advisory agreement, the Company receives investment advisory fees monthly based on a percentage of the applicable fund’s average daily net asset value. </div></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;">The Company has entered into <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">sub-advisory</div> agreements for the Hennessy Focus Fund, the Hennessy Equity and Income Fund, the Hennessy BP Energy Fund, the Hennessy BP Midstream Fund, the Hennessy Japan Fund, and the Hennessy Japan Small Cap Fund. Under each of these <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">sub-advisory</div> agreements, the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">sub-advisor</div> is responsible for the investment and reinvestments of the assets of the applicable Hennessy Fund in accordance with the terms of such agreement and the applicable Hennessy Fund’s Prospectus and Statement of Additional Information. The <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">sub-advisors</div> are subject to the direction, supervision, and control of the Company and the Funds’ Board of Trustees. The <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">sub-advisory</div> agreements must be renewed annually (except in limited circumstances) in the same manner as, and are subject to the same termination provisions as, the investment advisory agreements. </div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;">In exchange for the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">sub-advisory</div> services, the Company (not the Hennessy Funds) pays <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">sub-advisory</div> fees to the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">sub-advisors</div> out of its own assets. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Sub-advisory</div> fees are calculated as a percentage of the applicable <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">sub-advised</div> fund’s average daily net asset value. </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="margin-block: 0em; margin-bottom: 0px; margin-top: 0px;"> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(4)</div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Fair Value Measurements </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt;"><div style="display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company applies Accounting Standards Codification 820 — Fair Value Measurement for all financial assets and liabilities, which establishes a framework for measuring fair value and expands disclosures about fair value measurements. The standard defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” It also establishes a fair value hierarchy consisting of the following three levels that prioritize the inputs to the valuation techniques used to measure fair value: </div></div></div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:9%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;;width:3%;"><div style="display:inline;">•</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;"> </div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Level 1 – Unadjusted, quoted prices in active markets for identical assets or liabilities that an entity has the ability to access at the measurement date; </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:9%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;;width:3%;"><div style="display:inline;">•</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"><div style="display:inline;">Level 2 – Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">model-derived</div> valuations in which all significant inputs and significant value drivers are observable in active markets); and </div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"><div style="display:inline;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:9%;"><div style="display:inline;"> </div></td><td style="text-align:left;;vertical-align:top;;width:3%;"><div style="display:inline;">•</div></td><td style="vertical-align:top;;width:1%;"><div style="display:inline;"> </div></td><td style="font-size: 10pt;;text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"><div style="display:inline;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Level 3 – Significant unobservable inputs (including the entity’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are not available. </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Based on the definitions, the following tables represent the Company’s assets categorized in the Level 1 to Level 3 hierarchies: </div></div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:92%;"><tr style="font-size: 0px;"><td style="width: 74%;"></td><td style="width: 3%;;vertical-align:bottom;"></td><td></td><td></td><td></td><td style="width: 3%;;vertical-align:bottom;"></td><td></td><td></td><td></td><td style="width: 3%;;vertical-align:bottom;"></td><td></td><td></td><td></td><td style="width: 3%;;vertical-align:bottom;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="14" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">March 31, 2021</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">Level 1</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">Level 2</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">Level 3</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">Total</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="vertical-align:bottom;;width:;"> </td><td style="vertical-align:bottom;;width:;">  </td><td colspan="14" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">(In thousands)</div></td><td style="vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 74%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Money market fund deposits</div></div></td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">8,053</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">8,053</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 74%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Mutual fund investments</div></div></td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">10</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">10</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 74%;;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 74%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 5em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Total</div></div></td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">8,063</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">8,063</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 74%;;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 74%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Amounts included in:</div></div></td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 74%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Cash and cash equivalents</div></div></td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">8,053</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">8,053</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 74%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Investments in marketable securities</div></div></td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">10</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">10</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 74%;;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 74%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 5em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Total</div></div></td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">8,063</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">8,063</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 74%;;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr><tr style="font-size: 1pt;"><td style="font-family: "times new roman";;width:;;height:16;"> </td><td colspan="16" style="font-family: "times new roman";;width:;;height:16;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="14" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">September 30, 2020</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">Level 1</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">Level 2</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">Level 3</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">Total</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="vertical-align:bottom;;width:;"> </td><td style="vertical-align:bottom;;width:;">  </td><td colspan="14" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">(In thousands)</div></td><td style="vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 74%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Money market fund deposits</div></div></td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">6,053</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">6,053</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 74%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Mutual fund investments</div></div></td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">9</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">9</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 74%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 5em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Total</div></div></td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">6,062</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">6,062</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 74%;;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 74%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Amounts included in:</div></div></td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 74%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Cash and cash equivalents</div></div></td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">6,053</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">6,053</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 74%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Investments in marketable securities</div></div></td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">9</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">9</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 74%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 5em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Total</div></div></td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">6,062</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">6,062</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 74%;;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">There were no transfers between levels during the six months ended March 31, 2021, or the year ended September 30, 2020. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Based on the definitions, the following tables represent the Company’s assets categorized in the Level 1 to Level 3 hierarchies: </div></div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:92%;"><tr style="font-size: 0px;"><td style="width: 74%;"></td><td style="width: 3%;;vertical-align:bottom;"></td><td></td><td></td><td></td><td style="width: 3%;;vertical-align:bottom;"></td><td></td><td></td><td></td><td style="width: 3%;;vertical-align:bottom;"></td><td></td><td></td><td></td><td style="width: 3%;;vertical-align:bottom;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="14" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">March 31, 2021</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">Level 1</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">Level 2</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">Level 3</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">Total</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="vertical-align:bottom;;width:;"> </td><td style="vertical-align:bottom;;width:;">  </td><td colspan="14" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">(In thousands)</div></td><td style="vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 74%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Money market fund deposits</div></div></td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">8,053</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">8,053</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 74%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Mutual fund investments</div></div></td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">10</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">10</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 74%;;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 74%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 5em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Total</div></div></td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">8,063</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">8,063</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 74%;;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 74%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Amounts included in:</div></div></td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 74%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Cash and cash equivalents</div></div></td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">8,053</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">8,053</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 74%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Investments in marketable securities</div></div></td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">10</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">10</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 74%;;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 74%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 5em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Total</div></div></td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">8,063</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">8,063</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 74%;;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr><tr style="font-size: 1pt;"><td style="font-family: "times new roman";;width:;;height:16;"> </td><td colspan="16" style="font-family: "times new roman";;width:;;height:16;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="14" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">September 30, 2020</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">Level 1</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">Level 2</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">Level 3</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">Total</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="vertical-align:bottom;;width:;"> </td><td style="vertical-align:bottom;;width:;">  </td><td colspan="14" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">(In thousands)</div></td><td style="vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 74%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Money market fund deposits</div></div></td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">6,053</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">6,053</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 74%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Mutual fund investments</div></div></td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">9</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">9</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 74%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 5em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Total</div></div></td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">6,062</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">6,062</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 74%;;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 74%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Amounts included in:</div></div></td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 74%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Cash and cash equivalents</div></div></td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">6,053</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">6,053</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 74%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Investments in marketable securities</div></div></td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">9</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">9</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 74%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 5em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Total</div></div></td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">6,062</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 3%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">6,062</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 74%;;vertical-align:bottom;"> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 3%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr></table> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

8053000 8053000

10000

6053000 6053000

9000

The classification of the Company’s operating lease <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">right-of-use</div></div> assets and operating lease liabilities and other supplemental information related to the Company’s operating leases are as follows:<table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:68%;"><tr style="font-size: 0px;"><td style="width: 82%;"></td><td style="width: 14%;;vertical-align:bottom;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">March 31, 2021</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="vertical-align:bottom;;width:;"> </td><td style="vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">(In thousands,<br/> except years and<br/> percentages)</div></td><td style="vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 82%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;">Operating lease <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">right-of-use</div></div> assets</div></td><td style="background-color: rgb(204, 238, 255); width: 14%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">1,191</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 82%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Current operating lease liability</div></div></td><td style="width: 14%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;">$</td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">384</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr><td style="background-color: rgb(204, 238, 255); width: 82%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;"><div style="display:inline;">Long-term operating lease liability<br/></div></div></td><td style="background-color: rgb(204, 238, 255); width: 14%;;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px;"> </div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px;"><div style="display:inline;">$</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; text-align: right;"><div style="display:inline;">82<div style="display:inline;">6</div></div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px;"> </div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(255, 255, 255); width: 82%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Weighted average remaining lease term</div></div></td><td style="background-color: rgb(255, 255, 255); width: 14%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(255, 255, 255);;text-align:right;;vertical-align:bottom;">3.3</td><td style="white-space: nowrap; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 82%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Weighted average discount rate</div></div></td><td style="background-color: rgb(204, 238, 255); width: 14%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">0.90</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">% </td></tr></table> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The undiscounted cash flows for future maturities of the Company’s operating lease liabilities and the reconciliation to the balance of operating lease liabilities reflected on the Company’s balance sheet are as follows: </div></div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:68%;"><tr style="font-size: 0px;"><td style="width: 83%;"></td><td style="width: 11%;;vertical-align:bottom;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">March 31, 2021</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="vertical-align:bottom;;width:;"> </td><td style="vertical-align:bottom;;width:;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">(In thousands)</div></td><td style="vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 83%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Remainder of fiscal year 2021</div></div></td><td style="background-color: rgb(204, 238, 255); width: 11%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">206</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 83%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Fiscal year 2022</div></div></td><td style="width: 11%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">363</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr><td style="background-color: rgb(204, 238, 255); width: 83%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;"><div style="display:inline;">Fiscal year 2023<br/></div></div></td><td style="background-color: rgb(204, 238, 255); width: 11%;;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px;"> </div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px;"> </div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; text-align: right;"><div style="display:inline;">374</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px;"> </div></td></tr><tr><td style="background-color: rgb(255, 255, 255); width: 83%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;"><div style="display:inline;">Fiscal year 2024<br/></div></div></td><td style="background-color: rgb(255, 255, 255); width: 11%;;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px;"> </div></td><td style="white-space: nowrap; background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px;"> </div></td><td style="white-space: nowrap; background-color: rgb(255, 255, 255);"><div style="margin-bottom: 0px; margin-top: 0px; text-align: right;"><div style="display:inline;">286</div></div></td><td style="white-space: nowrap; background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px;"> </div></td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 83%;;vertical-align:bottom;"> </td><td style="background-color: rgb(255, 255, 255); width: 11%;;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 83%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total undiscounted cash flows</div></div></td><td style="background-color: rgb(204, 238, 255); width: 11%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">1,229</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 83%;;vertical-align:bottom;"> </td><td style="background-color: rgb(255, 255, 255); width: 11%;;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(255, 255, 255); width: 83%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Present value discount</div></div></td><td style="background-color: rgb(255, 255, 255); width: 11%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(255, 255, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(255, 255, 255);;text-align:right;;vertical-align:bottom;">(19</td><td style="white-space: nowrap; background-color: rgb(255, 255, 255);;vertical-align:bottom;">) </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 83%;;vertical-align:bottom;"> </td><td style="background-color: rgb(255, 255, 255); width: 11%;;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 83%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total operating lease liabilities</div></div></td><td style="background-color: rgb(204, 238, 255); width: 11%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">1,210</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; background-color: rgb(255, 255, 255); width: 83%;;vertical-align:bottom;"> </td><td style="background-color: rgb(255, 255, 255); width: 11%;;vertical-align:bottom;">  </td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);;vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="background-color: rgb(255, 255, 255);"> </td></tr></table> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Details relating to accrued liabilities and accounts payable reflected on the Company’s balance sheet are as follows: </div></div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:76%;"><tr style="font-size: 0px;"><td style="width: 76%;"></td><td style="width: 7%;;vertical-align:bottom;"></td><td></td><td></td><td></td><td style="width: 7%;;vertical-align:bottom;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="margin-top: 0px; margin-bottom: 0px;"><div style="font-weight:bold;display:inline;"><div style="display:inline;">March<div style="display:inline;"> </div>31,</div></div><br/></div><div style="margin-top: 0px; margin-bottom: 0px;"><div style="font-weight:bold;display:inline;">2021</div><br/></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="margin-top: 0px; margin-bottom: 0px;"><div style="font-weight:bold;display:inline;"><div style="display:inline;">September<div style="display:inline;"> </div>30,</div></div><br/></div><div style="margin-top: 0px; margin-bottom: 0px;"><div style="font-weight:bold;display:inline;">2020</div><br/></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="vertical-align:bottom;;width:;"> </td><td style="vertical-align:bottom;;width:;">  </td><td colspan="6" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">(In thousands)</div></td><td style="vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 76%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Accrued bonus liabilities</div></div></td><td style="background-color: rgb(204, 238, 255); width: 7%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">1,446</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 7%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">2,571</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 76%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;">Accrued <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">sub-advisor</div> fees</div></td><td style="width: 7%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">615</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 7%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">552</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 76%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Other accrued expenses</div></div></td><td style="background-color: rgb(204, 238, 255); width: 7%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">581</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 7%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">690</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 76%;;vertical-align:bottom;"> </td><td style="width: 7%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 7%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 76%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total accrued liabilities and accounts payable</div></div></td><td style="width: 7%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;">$</td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">2,642</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 7%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;">$</td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">3,813</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 76%;;vertical-align:bottom;"> </td><td style="width: 7%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 7%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr></table> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

0 0 0 0 0

<div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Additional information related to RSUs is as follows: </div></div><div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:68%;"><tr style="font-size: 0px;"><td style="width:72%;"></td><td style="vertical-align:bottom;;width:20%;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">March 31, 2021</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">(In thousands, except years)</div></td><td style="vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Total expected compensation expense related to RSUs</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">16,056</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Recognized compensation expense related to RSUs</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">(13,614</td><td style="white-space: nowrap;;vertical-align:bottom;">) </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Unrecognized compensation expense related to RSUs</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">2,442</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Weighted average remaining years to expense for RSUs</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">2.6</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="margin-block: 0em;"> </div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(10)</div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Earnings per Share and Dividends per Share </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Basic earnings per share is determined by dividing net earnings by the weighted average number of shares of common stock outstanding, while diluted earnings per share is determined by dividing net earnings by the weighted average number of shares of common stock outstanding adjusted for the dilutive effect of common stock equivalents, which consist of restricted stock units (“RSUs”). </div></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;">For the three and six months ended March 31, 2021, the Company excluded 74,352 and 227,410 common stock equivalents, respectively, from the diluted earnings per share calculations because they were not dilutive. For both the three and six months ended March 31, 2020, the Company excluded 184,871 common stock equivalents from the diluted earnings per share calculations because they were not dilutive. In all cases, the excluded common stock equivalents consisted of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-vested</div> RSUs. </div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company paid a quarterly cash dividend of $0.1375 per share on March 9, 2021, to shareholders of record as of February 24, 2021.</div></div><div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

7356822

18705000

59473000

78178000

1773000

1011000

652 6000 6000

2165

19000

352000

7359639

19082000

60235000

79317000

1886000

1012000

306

447000

3000 3000

351000

7363081

19462000

61109000

7527040

17673000

57855000

75528000

2628000

1032000

1702 20000 20000

1596

18000

447000

-64787

128000

557000

685000

7465551

18030000

58894000

76924000

1970000

1011000

1835

18000

447000

-206109

406000

1622000

2028000

7261323

18089000

58231000

76320000

1229000

184871

<table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(7)</div></td><td style="text-align:left;;vertical-align:top;"><div style="font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;;text-align:left;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Income Taxes </div></div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company’s effective income tax rates for the six months ended March 31, 2021 and 2020, were 26.4% and 27.8%, respectively. The effective income tax rate was lower for the six months ended March 31, 2021, due to changes in discrete items on the Company’s tax returns (mainly a reduction in disallowed executive compensation under Section 162(m) of the Internal Revenue Code). </div></div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 9pt;"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="font-size: 1px; margin-top: 0px; margin-bottom: 0px;"><div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company is subject to income tax in the U.S. federal jurisdiction and multiple state jurisdictions. Following is a list of jurisdictions that the Company has identified as its major tax jurisdictions with the tax years that remain open and subject to examination by the appropriate governmental agencies marked: </div></div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="font-family: "times new roman"; width: 70%;"></td><td style="font-family: "times new roman"; width: 4%;;vertical-align:bottom;"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman"; width: 4%;;vertical-align:bottom;"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman"; width: 4%;;vertical-align:bottom;"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman"; width: 4%;;vertical-align:bottom;"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman"; width: 4%;;vertical-align:bottom;"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman";"></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="white-space: nowrap; padding-bottom: 1pt;;vertical-align:bottom;;width:;"><div style="font-family: "times new roman"; font-size: 8pt; margin-top: 0px; margin-bottom: 0px; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"><div style="font-family: "times new roman"; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Tax Jurisdiction</div></div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2021</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2018</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2017</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Federal</div></div></td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">United States</div></div></td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">State</div></div></td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">California</div></div></td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Colorado</div></div></td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Connecticut</div></div></td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">District of Columbia</div></div></td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Florida</div></div></td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Georgia</div></div></td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Illinois</div></div></td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Indiana</div></div></td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Iowa</div></div></td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Louisiana</div></div></td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Maryland</div></div></td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Massachusetts</div></div></td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Michigan</div></div></td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Minnesota</div></div></td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">New Hampshire</div></div></td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">New Jersey</div></div></td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">New York</div></div></td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">North Carolina</div></div></td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Oregon</div></div></td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Pennsylvania</div></div></td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Texas</div></div></td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Wisconsin</div></div></td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 70%;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 5em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total State Jurisdictions</div></div></td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">22</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">22</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">19</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">17</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">16</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 70%;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">For state tax jurisdictions with unfiled tax returns, the statutes of limitations remains open indefinitely. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="text-indent: 4%; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company is subject to income tax in the U.S. federal jurisdiction and multiple state jurisdictions. Following is a list of jurisdictions that the Company has identified as its major tax jurisdictions with the tax years that remain open and subject to examination by the appropriate governmental agencies marked: </div></div> <div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:100%;"><tr style="font-size: 0px;"><td style="font-family: "times new roman"; width: 70%;"></td><td style="font-family: "times new roman"; width: 4%;;vertical-align:bottom;"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman"; width: 4%;;vertical-align:bottom;"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman"; width: 4%;;vertical-align:bottom;"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman"; width: 4%;;vertical-align:bottom;"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman"; width: 4%;;vertical-align:bottom;"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman";"></td><td style="font-family: "times new roman";"></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="white-space: nowrap; padding-bottom: 1pt;;vertical-align:bottom;;width:;"><div style="font-family: "times new roman"; font-size: 8pt; margin-top: 0px; margin-bottom: 0px; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"><div style="font-family: "times new roman"; font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Tax Jurisdiction</div></div></div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2021</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2020</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2019</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2018</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">  </td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">2017</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Federal</div></div></td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">United States</div></div></td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">State</div></div></td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">California</div></div></td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Colorado</div></div></td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Connecticut</div></div></td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">District of Columbia</div></div></td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Florida</div></div></td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Georgia</div></div></td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Illinois</div></div></td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Indiana</div></div></td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Iowa</div></div></td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Louisiana</div></div></td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Maryland</div></div></td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Massachusetts</div></div></td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Michigan</div></div></td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Minnesota</div></div></td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">New Hampshire</div></div></td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">New Jersey</div></div></td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">New York</div></div></td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">North Carolina</div></div></td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Oregon</div></div></td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td><td style="font-family: "times new roman";;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Pennsylvania</div></div></td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="font-family: "times new roman"; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Texas</div></div></td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 3em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Wisconsin</div></div></td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255); width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">X</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 70%;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 70%;;vertical-align:top;"><div style="text-indent: -1em; font-family: "times new roman"; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 5em; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Total State Jurisdictions</div></div></td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">22</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">22</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">19</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">17</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">16</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman"; width: 70%;;vertical-align:bottom;"> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="width: 4%;;vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 838 7000 7000

2298

19000

9000

20000

7000

363000

P3Y

2024-07-31

2442000

7000

374000

286000

<table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="break-inside: avoid;"><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-weight:bold;display:inline;">(9)</div></td><td style="text-align:left;;vertical-align:top;"><div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: "times new roman"; line-height: normal;;text-align:left;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Equity</div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: "times new roman"; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Amended and Restated 2013 Omnibus Incentive Plan</div></div></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: "times new roman"; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt;">The Company has adopted, and the Company’s shareholders have approved, the Amended and Restated 2013 Omnibus Incentive Plan (the “Omnibus Plan”). Under the Omnibus Plan, participants may be granted RSUs, each of which represents an unfunded, unsecured right to receive a share of the Company’s common stock on the date specified in the recipient’s award. The Company issues new shares of its common stock when it is required to deliver shares to an RSU recipient. The RSUs granted under the Omnibus Plan vest over four years at a rate of 25% per year. The Company recognizes<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">stock-based</div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div>compensation expense on a<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">straight-line</div><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div>basis over the four-year vesting term of each award.<br/></div><div style="color: rgb(0, 0, 0); font-family: "times new roman"; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">A summary of RSU activity is as follows:</div></div><div style="color: rgb(0, 0, 0); font-family: "times new roman"; font-size: 12pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 0px; margin-bottom: 0px;"><div style="font-family: "times new roman"; font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 10pt; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:76%;"><tr style="font-size: 0px;"><td style="width:66%;"></td><td style="vertical-align:bottom;;width:11%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:10%;"></td><td></td><td></td><td></td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 8pt;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="6" style="border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Six Months Ended March 31, 2021</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 8pt;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Shares</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Weighted Average Grant</div><br/><div style="font-weight:bold;display:inline;">Date Fair Value per Share</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="margin-top: 0px; margin-bottom: 0px; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "times new roman"; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Non-vested</div><div style="letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"> </div>balance at beginning of period</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">322,181</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">9.76</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="vertical-align:top;"><div style="margin-top: 0px; margin-bottom: 0px; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: "times new roman"; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Granted</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="margin-top: 0px; margin-bottom: 0px; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: "times new roman"; line-height: normal;">Vested<div style="letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"> </div><div style="font-size: 11.3333px; vertical-align: top;;vertical-align: super;font-size: smaller;display:inline;">(1)</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(64,534</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(10.89</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="vertical-align:top;"><div style="margin-top: 0px; margin-bottom: 0px; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: "times new roman"; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Forfeited</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman";;vertical-align:bottom;"></td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="margin-top: 0px; margin-bottom: 0px; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "times new roman"; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Non-vested</div><div style="letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"> </div>balance at end of period</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">257,647</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">9.48</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;"></td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="color: rgb(0, 0, 0); font-family: "times new roman"; font-size: 12pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 0px; margin-bottom: 0px;"><div style="font-family: "times new roman"; font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="break-inside: avoid;"><td style="width:12%;"> </td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-size: 11.3333px; vertical-align: top;;vertical-align: super;font-size: smaller;display:inline;">(1)</div> </td><td style="text-align:left;;vertical-align:top;"><div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: "times new roman"; line-height: normal;;text-align:left;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Represents partially vested RSUs for which the Company already has recognized the associated compensation expense but has not yet issued to employees the related shares of common stock.</div></div></td><td style="width:11%;"> </td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 12pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: "times new roman"; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Additional information related to RSUs is as follows:</div></div><div style="color: rgb(0, 0, 0); font-family: "times new roman"; font-size: 12pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 0px; margin-bottom: 0px;"><div style="font-family: "times new roman"; font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 10pt; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:68%;"><tr style="font-size: 0px;"><td style="width:72%;"></td><td style="vertical-align:bottom;;width:20%;"></td><td></td><td></td><td></td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 8pt;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">March 31, 2021</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 8pt;"><td style="vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td colspan="2" style="text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">(In thousands, except years)</div></td><td style="vertical-align:bottom;"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="margin-top: 0px; margin-bottom: 0px; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "times new roman"; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Total expected compensation expense related to RSUs</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">16,056</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="vertical-align:top;"><div style="margin-top: 0px; margin-bottom: 0px; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "times new roman"; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Recognized compensation expense related to RSUs</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">(13,614</td><td style="white-space: nowrap;;vertical-align:bottom;">) </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman";;vertical-align:bottom;"></td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="margin-top: 0px; margin-bottom: 0px; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "times new roman"; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Unrecognized compensation expense related to RSUs</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">2,442</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman";;vertical-align:bottom;"></td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="vertical-align:top;"><div style="margin-top: 0px; margin-bottom: 0px; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "times new roman"; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Weighted average remaining years to expense for RSUs</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">2.6</td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman";;vertical-align:bottom;"></td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 18pt;"><div style="font-size: 18pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: "times new roman"; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Dividend Reinvestment and Stock Purchase Plan</div></div></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: "times new roman"; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In January 2021, the Company adopted a Dividend Reinvestment and Stock Purchase Plan (the “DRSPP”), replacing the previous Dividend Reinvestment and Stock Purchase Plan that had been in place since 2018. The DRSPP provides shareholders and new investors with a convenient and economical means of purchasing shares of the Company’s common stock and reinvesting cash dividends paid on the Company’s common stock. Under the DRSPP and its predecessor plan, the Company issued 6,259 and 5,179 shares of common stock during the six months ended March 31, 2021 and 2020, respectively. The maximum number of shares that may be issued under the DRSPP is 1,470,000, of which 1,466,864 shares remained available for issuance as of March 31, 2021.</div></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 18pt;"><div style="font-size: 18pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: "times new roman"; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Stock Buyback Program</div></div></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 6pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="color: rgb(0, 0, 0); font-family: "times new roman"; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In August 2010, the Company adopted a stock buyback program. The program provides that the Company may repurchase up to 1,500,000 shares of its common stock and has no expiration date. Share repurchases may be made in the open market, in privately negotiated transactions, or otherwise. A total of 596,368 shares remains available for repurchase under the stock buyback program. The Company temporarily suspended repurchases under the stock buyback program as of March 24, 2020, so the Company did not repurchase any shares of its common stock pursuant to the stock buyback program during the six months ended March 31, 2021.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="color: rgb(0, 0, 0); font-family: "times new roman"; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 0px; margin-bottom: 0px; text-indent: 4%; font-size: 10pt;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">A summary of RSU activity is as follows:</div></div><div style="color: rgb(0, 0, 0); font-family: "times new roman"; font-size: 12pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 0px; margin-bottom: 0px;"><div style="font-family: "times new roman"; font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 10pt; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:76%;"><tr style="font-size: 0px;"><td style="width:66%;"></td><td style="vertical-align:bottom;;width:11%;"></td><td></td><td></td><td></td><td style="vertical-align:bottom;;width:10%;"></td><td></td><td></td><td></td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 8pt;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="6" style="border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Six Months Ended March 31, 2021</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 8pt;"><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Shares</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td><td style="padding-bottom: 1pt;;vertical-align:bottom;">  </td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;;vertical-align:bottom;"><div style="font-weight:bold;display:inline;">Weighted Average Grant</div><br/><div style="font-weight:bold;display:inline;">Date Fair Value per Share</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="margin-top: 0px; margin-bottom: 0px; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "times new roman"; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Non-vested</div><div style="letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"> </div>balance at beginning of period</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">322,181</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">9.76</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="vertical-align:top;"><div style="margin-top: 0px; margin-bottom: 0px; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: "times new roman"; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Granted</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="margin-top: 0px; margin-bottom: 0px; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: "times new roman"; line-height: normal;">Vested<div style="letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"> </div><div style="font-size: 11.3333px; vertical-align: top;;vertical-align: super;font-size: smaller;display:inline;">(1)</div></div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(64,534</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">(10.89</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">) </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="vertical-align:top;"><div style="margin-top: 0px; margin-bottom: 0px; margin-left: 3em; text-indent: -1em; font-size: 10pt; font-family: "times new roman"; line-height: normal;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Forfeited</div></div></td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="vertical-align:bottom;">  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">—  </td><td style="white-space: nowrap;;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="font-family: "times new roman";;vertical-align:bottom;"></td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr><tr style="break-inside: avoid; font-family: 'times new roman'; font-size: 10pt;"><td style="background-color: rgb(204, 238, 255);;vertical-align:top;"><div style="margin-top: 0px; margin-bottom: 0px; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "times new roman"; line-height: normal;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Non-vested</div><div style="letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"> </div>balance at end of period</div></td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">257,647</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">  </td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">9.48</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"> </td></tr><tr style="font-size: 1px;"><td style="vertical-align:bottom;"></td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td><td style="vertical-align:bottom;">  </td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td style="vertical-align:bottom;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal;"> </div></td><td> </td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="color: rgb(0, 0, 0); font-family: "times new roman"; font-size: 12pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 0px; margin-bottom: 0px;"><div style="font-family: "times new roman"; font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: "times new roman"; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="break-inside: avoid;"><td style="width:12%;"> </td><td style="text-align:left;;vertical-align:top;;width:4%;"><div style="font-size: 11.3333px; vertical-align: top;;vertical-align: super;font-size: smaller;display:inline;">(1)</div> </td><td style="text-align:left;;vertical-align:top;"><div style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt; font-family: "times new roman"; line-height: normal;;text-align:left;"><div style="font-family: "times new roman"; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Represents partially vested RSUs for which the Company already has recognized the associated compensation expense but has not yet issued to employees the related shares of common stock.</div></div></td><td style="width:11%;"> </td></tr></table><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

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Schedule of Accrued Liabilities [Table Text Block] Schedule of accrued liabilities Schedule Of Tax Years Subject To Examination By Major Jurisdictions Table [Text Block] Summary of Federal and State Jurisdiction Tax Schedule Of Tax Years Subject To Examination By Major Jurisdictions Table [Text Block] Schedule Of Non Vested Restricted Stock Unit Compensation [Table Text Block] Schedule of Non-Vested Restricted Stock Units Compensation Schedule of non vested restricted stock unit compensation. Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] Schedule of Non-Vested Restricted Stock Units Activity Number Of Open End Mutual Funds Number of Hennessy funds to which company provides investment advisory services Number of open end mutual funds. Contractors [Abstract] Contracts In Progress Costs And Earnings [Table] Contracts In Progress Costs And Earnings [Table] Contracts In Progress Costs And Earnings [Table] Business Acquisition [Axis] Business Acquisition [Axis] Business Acquisition, Acquiree [Domain] Business Acquisition, Acquiree [Domain] Contracts In Progress Costs And Earnings [Line Items] Contracts In Progress Costs And Earnings [Line Items] Contracts In Progress Costs And Earnings [Line Items] Management Contracts Impairment Amount Management contracts impairment amount Management contracts impairment amount. Number of Mutual Funds Number of mutual funds Number of mutual funds. Investment Schedule [Abstract] Notice Period For Termination Of Agreement Notice period for termination of agreement Notice period for termination of agreement. Fair Value Measurements, Recurring and Nonrecurring [Table] Fair Value Measurements, Recurring and Nonrecurring [Table] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Cash and Cash Equivalents, Fair Value Disclosure Money market fund deposits Investments, Fair Value Disclosure Total Debt Securities, Trading, and Equity Securities, FV-NI Mutual fund investments Money Market Fund Deposits Amounts Included In Cash And Cash Equivalents Cash and cash equivalents Money market fund deposits amounts included in cash and cash equivalents. Fair Value Hierarchy and NAV [Axis] Fair Value Hierarchy and NAV [Axis] EX-101.PRE 11 hnna-20210331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 R1.htm IDEA: XBRL DOCUMENT

Cover Page - shares	6 Months Ended
Cover Page - shares	Mar. 31, 2021	May 07, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Trading Symbol	HNNA
Entity Registrant Name	HENNESSY ADVISORS INC
Entity Central Index Key	0001145255
Current Fiscal Year End Date	--09-30
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Entity Address, State or Province	CA
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common stock
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		7,364,091
Document Transition Report	false
Document Quarterly Report	true
Entity Address, Address Line One	7250 Redwood Boulevard, Suite 200
Entity Address, City or Town	Novato
Entity File Number	001-36423
Entity Tax Identification Number	68-0176227
City Area Code	415
Local Phone Number	899-1555
Entity Address, Postal Zip Code	94945

XML 13 R2.htm IDEA: XBRL DOCUMENT

Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Sep. 30, 2020
Current assets
Cash and cash equivalents	$ 11,476	$ 9,955
Investments in marketable securities, at fair value	10	9
Investment fee income receivable	2,772	2,403
Prepaid expenses	534	637
Other accounts receivable	286	378
Total current assets	15,078	13,382
Property and equipment, net of accumulated depreciation of $1,743 and $1,618, respectively	302	294
Operating lease right-of-use asset	1,191	276
Management contracts	80,643	80,643
Other assets	199	191
Total assets	97,413	94,786
Current liabilities
Accrued liabilities and accounts payable	2,642	3,813
Operating lease liability	384	330
Income taxes payable	847	949
Total current liabilities	3,873	5,092
Long-term operating lease liability	826
Net deferred income tax liability	12,143	11,516
Total liabilities	16,842	16,608
Commitments and contingencies (Note 8)
Stockholders' equity
Common stock, no par value, 22,500,000 shares authorized; 7,363,081 shares issued and outstanding as of March 31, 2021, and 7,356,822 as of September 30, 2020	19,462	18,705
Retained earnings	61,109	59,473
Total stockholders' equity	80,571	78,178
Total liabilities and stockholders' equity	$ 97,413	$ 94,786

XML 14 R3.htm IDEA: XBRL DOCUMENT

Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Sep. 30, 2020
Statement of Financial Position [Abstract]
Property and equipment, accumulated depreciation	$ 1,743	$ 1,618
Common stock, no par value	$ 0	$ 0
Common stock, shares authorized	22,500,000	22,500,000
Common stock, shares issued	7,363,081	7,356,822
Common stock, shares outstanding	7,363,081	7,356,822

XML 15 R4.htm IDEA: XBRL DOCUMENT

Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Statements of Income - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Revenue
Total revenue	$ 7,934	$ 8,879	$ 15,723	$ 19,123
Operating expenses
Compensation and benefits	2,252	2,414	4,356	4,927
General and administrative	1,132	1,288	2,440	2,780
Mutual fund distribution	120	115	241	254
Sub-advisory fees	1,804	2,008	3,589	4,324
Depreciation	63	61	125	114
Total operating expenses	5,371	5,886	10,751	12,399
Net operating income	2,563	2,993	4,972	6,724
Interest expense		260		447
Other income		(32)	(1)	(88)
Income before income tax expense	2,563	2,765	4,973	6,365
Income tax expense	677	795	1,314	1,767
Net income	$ 1,886	$ 1,970	$ 3,659	$ 4,598
Earnings per share
Basic	$ 0.26	$ 0.27	$ 0.50	$ 0.62
Diluted	$ 0.26	$ 0.27	$ 0.50	$ 0.62
Weighted average shares outstanding
Basic	7,360,928	7,363,938	7,359,389	7,432,918
Diluted	7,382,854	7,393,167	7,372,708	7,466,169
Cash dividends declared per share	$ 0.14	$ 0.14	$ 0.28	$ 0.28
Investment Advice [Member]
Revenue
Total revenue	$ 7,347	$ 8,201	$ 14,555	$ 17,650
Shareholder Service [Member]
Revenue
Total revenue	$ 587	$ 678	$ 1,168	$ 1,473

XML 16 R5.htm IDEA: XBRL DOCUMENT

Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	2018 Dividend Reinvestment And Stock Purchase Plan [Member]	2021 Dividend Reinvestment And Stock Purchase Plan [Member]	Common Stock [Member]	Common Stock [Member] 2018 Dividend Reinvestment And Stock Purchase Plan [Member]	Common Stock [Member] 2021 Dividend Reinvestment And Stock Purchase Plan [Member]	Retained Earnings [Member]
Beginning balance at Sep. 30, 2019	$ 75,528			$ 17,673			$ 57,855
Beginning balance, Shares at Sep. 30, 2019				7,527,040
Net income	2,628						2,628
Dividends declared	(1,032)						(1,032)
Shares issued for auto-investments pursuant to the 2018 Dividend Reinvestment and Stock Purchase Plan	20			$ 20
Shares issued for auto-investments pursuant to the 2018 Dividend Reinvestment and Stock Purchase Plan, Shares				1,702
Shares issued for dividend reinvestment pursuant to the 2018 Dividend Reinvestment and Stock Purchase Plan	18			$ 18
Shares issued for dividend reinvestment pursuant to the 2018 Dividend Reinvestment and Stock Purchase Plan, Shares				1,596
Stock-based compensation	447			$ 447
Shares repurchased pursuant to stock buyback program	(685)			$ (128)			(557)
Shares repurchased pursuant to stock buyback program, Shares				(64,787)
Ending balance at Dec. 31, 2019	76,924			$ 18,030			58,894
Ending balance, shares at Dec. 31, 2019				7,465,551
Beginning balance at Sep. 30, 2019	75,528			$ 17,673			57,855
Beginning balance, Shares at Sep. 30, 2019				7,527,040
Net income	4,598
Ending balance at Mar. 31, 2020	76,320			$ 18,089			58,231
Ending balance, shares at Mar. 31, 2020				7,261,323
Beginning balance at Dec. 31, 2019	76,924			$ 18,030			58,894
Beginning balance, Shares at Dec. 31, 2019				7,465,551
Net income	1,970						1,970
Dividends declared	(1,011)						(1,011)
Shares issued for auto-investments pursuant to the 2018 Dividend Reinvestment and Stock Purchase Plan, Shares				46
Shares issued for dividend reinvestment pursuant to the 2018 Dividend Reinvestment and Stock Purchase Plan	18			$ 18
Shares issued for dividend reinvestment pursuant to the 2018 Dividend Reinvestment and Stock Purchase Plan, Shares				1,835
Stock-based compensation	447			$ 447
Shares repurchased pursuant to stock buyback program	(2,028)			$ (406)			(1,622)
Shares repurchased pursuant to stock buyback program, Shares				(206,109)
Ending balance at Mar. 31, 2020	76,320			$ 18,089			58,231
Ending balance, shares at Mar. 31, 2020				7,261,323
Beginning balance at Sep. 30, 2020	78,178			$ 18,705			59,473
Beginning balance, Shares at Sep. 30, 2020				7,356,822
Net income	1,773						1,773
Dividends declared	(1,011)						(1,011)
Shares issued for auto-investments pursuant to the 2018 Dividend Reinvestment and Stock Purchase Plan	6			$ 6
Shares issued for auto-investments pursuant to the 2018 Dividend Reinvestment and Stock Purchase Plan, Shares				652
Shares issued for dividend reinvestment pursuant to the 2018 Dividend Reinvestment and Stock Purchase Plan	19			$ 19
Shares issued for dividend reinvestment pursuant to the 2018 Dividend Reinvestment and Stock Purchase Plan, Shares				2,165
Stock-based compensation	352			$ 352
Ending balance at Dec. 31, 2020	79,317			$ 19,082			60,235
Ending balance, shares at Dec. 31, 2020				7,359,639
Beginning balance at Sep. 30, 2020	78,178			$ 18,705			59,473
Beginning balance, Shares at Sep. 30, 2020				7,356,822
Net income	3,659
Ending balance at Mar. 31, 2021	80,571			$ 19,462			61,109
Ending balance, shares at Mar. 31, 2021				7,363,081
Beginning balance at Dec. 31, 2020	79,317			$ 19,082			60,235
Beginning balance, Shares at Dec. 31, 2020				7,359,639
Net income	1,886						1,886
Dividends declared	(1,012)						(1,012)
Shares issued for auto-investments pursuant to the 2018 Dividend Reinvestment and Stock Purchase Plan		$ 3	$ 7		$ 3	$ 7
Shares issued for auto-investments pursuant to the 2018 Dividend Reinvestment and Stock Purchase Plan, Shares					306	838
Shares issued for dividend reinvestment pursuant to the 2018 Dividend Reinvestment and Stock Purchase Plan	19			$ 19
Shares issued for dividend reinvestment pursuant to the 2018 Dividend Reinvestment and Stock Purchase Plan, Shares				2,298
Stock-based compensation	351			$ 351
Ending balance at Mar. 31, 2021	$ 80,571			$ 19,462			$ 61,109
Ending balance, shares at Mar. 31, 2021				7,363,081

XML 17 R6.htm IDEA: XBRL DOCUMENT

Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
Statements of Cash Flows - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net income	$ 3,659	$ 4,598
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	125	114
Unrealized (gain) loss on marketable securities	(1)	1
Change in right-of-use asset and operating lease liability	(35)	(27)
Deferred income taxes	627	950
Deferred offering costs	(7)
Stock-based compensation	703	894
Interest expense associated with debt issuance cost		125
Change in operating assets and liabilities
Investment fee income receivable	(369)	841
Prepaid expenses	103	140
Other accounts receivable	92	50
Other assets	(1)
Accrued liabilities and accounts payable	(1,171)	(2,436)
Income taxes payable	(102)	39
Net cash provided by operating activities	3,623	5,289
Cash flows from investing activities
Purchases of property and equipment	(133)	(69)
Payments related to management contracts		(710)
Net cash used in investing activities	(133)	(779)
Cash flows from financing activities
Principal payments on bank loan		(17,500)
Shares repurchased pursuant to stock buyback program		(2,713)
Dividend payments	(1,985)	(2,007)
Net cash used in financing activities	(1,969)	(22,200)
Net increase (decrease) in cash and cash equivalents	1,521	(17,690)
Cash and cash equivalents at the beginning of the period	9,955	24,687
Cash and cash equivalents at the end of the period	11,476	6,997
Supplemental disclosures of cash flow information:
Cash paid for income taxes	790	798
Cash paid for interest		381
2018 Dividend Reinvestment And Stock Purchase Plan [Member]
Cash flows from financing activities
Proceeds from shares issued pursuant to the 2018 Dividend Reinvestment and Stock Repurchase Plan	9	$ 20
2021 Dividend Reinvestment And Stock Purchase Plan [Member]
Cash flows from financing activities
Proceeds from shares issued pursuant to the 2018 Dividend Reinvestment and Stock Repurchase Plan	$ 7

XML 18 R7.htm IDEA: XBRL DOCUMENT

Basis of Financial Statement Presentation

6 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Financial Statement Presentation

(1)	Basis of Financial Statement Presentation

10-Q.

In the opinion of management, the unaudited interim condensed financial statements reflect all adjustments necessary for a fair statement of the Company’s financial position at March 31, 2021, the Company’s operating results for the three and six months ended March 31, 2021 and 2020, and the Company’s cash flows for the three and six months ended March 31, 2021 and 2020. These unaudited interim condensed financial statements and notes should be read in conjunction with the Company’s audited financial statements and notes thereto for fiscal year 2020, which are included in the Company’s Annual Report on

Form 10-K

for the fiscal year ended September 30, 2020.

The Company’s operating activities consist primarily of providing investment advisory services to 16

open-end

mutual funds branded as the Hennessy Funds. The Company serves as the investment advisor to all classes of the Hennessy Cornerstone Growth Fund, the Hennessy Focus Fund, the Hennessy Cornerstone Mid Cap 30 Fund, the Hennessy Cornerstone Large Growth Fund, the Hennessy Cornerstone Value Fund, the Hennessy Total Return Fund, the Hennessy Equity and Income Fund, the Hennessy Balanced Fund, the Hennessy BP Energy Fund, the Hennessy BP Midstream Fund, the Hennessy Gas Utility Fund, the Hennessy Japan Fund, the Hennessy Japan Small Cap Fund, the Hennessy Large Cap Financial Fund, the Hennessy Small Cap Financial Fund, and the Hennessy Technology Fund. The Company also provides shareholder services to shareholders of the Hennessy Funds.

•

acting as portfolio manager for the fund or overseeing the

sub-advisor

acting as portfolio manager for the fund, which includes managing the composition of the fund’s portfolio (including the purchase, retention, and disposition of portfolio securities in accordance with the fund’s investment objectives, policies, and restrictions), seeking best execution for the fund’s portfolio, managing the use of soft dollars for the fund, and managing proxy voting for the fund;

•

performing a daily reconciliation of portfolio positions and cash for the fund;

•

monitoring the liquidity of the fund;

•

monitoring the fund’s compliance with its investment objectives and restrictions and federal securities laws;

•

sub-advisor),

conducting onsite visits to the fund’s service providers (including any

sub-advisor)

as feasible, monitoring incidents of abusive trading practices, reviewing fund expense accruals, payments, and fixed expense ratios, evaluating insurance providers for fidelity bond, D&O/E&O insurance, and cybersecurity insurance coverage, managing regulatory examination compliance and responses, conducting employee compliance training, reviewing reports provided by service providers, and maintaining books and records;

•

if applicable, overseeing the selection and continued employment of the fund’s

sub-advisor,

reviewing the fund’s investment performance, and monitoring the

sub-advisor’s

adherence to the fund’s investment objectives, policies, and restrictions;

•

maintaining

in-house

marketing and distribution departments on behalf of the fund;

•

preparing or directing the preparation of all regulatory filings for the fund, including writing and annually updating the fund’s prospectus and related documents;

•

preparing or reviewing a written summary of the fund’s performance during the most recent

12-month

period for each annual report of the fund;

•

monitoring and overseeing the accessibility of the fund on third-party platforms;

•

providing a quarterly compliance certification to the Board of Trustees of Hennessy Funds Trust (the “Funds’ Board of Trustees”); and

•

The Company earns shareholder service fees from Investor Class shares of the Hennessy Funds by, among other things, maintaining a

toll-free

number that the current investors in the Hennessy Funds may call to ask questions about their accounts or the funds or to get help with processing exchange and redemption requests or changing account options. These fee revenues are earned and calculated daily by the Hennessy Funds’ accountants at U.S. Bank Global Fund Services and are subsequently reviewed by management. The fees are computed and billed monthly, at which time they are recognized in accordance with Accounting Standards Codification 606 — Revenue Recognition.

going-forward

basis.

The Company is subject to risks and uncertainties as a result of the

COVID-19

pandemic, particularly risks and uncertainties related to the increased volatility in the stock market. The Company cannot reasonably estimate the continued extent of the impact of the

COVID-19

pandemic on its business. As of the date of issuance of the Company’s financial statements, the extent to which the

COVID-19

pandemic may materially impact the Company’s financial condition, liquidity, or results of operations remains uncertain.

XML 19 R8.htm IDEA: XBRL DOCUMENT

Management Contracts Purchased

6 Months Ended

Mar. 31, 2021

Text Block [Abstract]

Management Contracts Purchased

(2)	Management Contracts Purchased

third-party

valuations that utilize appropriate valuation techniques. It was determined there was no impairment as of such date. As of March 31, 2021, management performed a qualitative analysis and determined it was more likely than not that there continued to be no impairment.

XML 20 R9.htm IDEA: XBRL DOCUMENT

Investment Advisory Agreements

6 Months Ended

Mar. 31, 2021

Text Block [Abstract]

Investment Advisory Agreements

(3)	Investment Advisory Agreements

The Company has investment advisory agreements with Hennessy Funds Trust under which it provides investment advisory services to all classes of the 16 Hennessy Funds.

As provided in each investment advisory agreement, the Company receives investment advisory fees monthly based on a percentage of the applicable fund’s average daily net asset value.

The Company has entered into

sub-advisory

agreements for the Hennessy Focus Fund, the Hennessy Equity and Income Fund, the Hennessy BP Energy Fund, the Hennessy BP Midstream Fund, the Hennessy Japan Fund, and the Hennessy Japan Small Cap Fund. Under each of these

sub-advisory

agreements, the

sub-advisor

is responsible for the investment and reinvestments of the assets of the applicable Hennessy Fund in accordance with the terms of such agreement and the applicable Hennessy Fund’s Prospectus and Statement of Additional Information. The

sub-advisors

are subject to the direction, supervision, and control of the Company and the Funds’ Board of Trustees. The

sub-advisory

agreements must be renewed annually (except in limited circumstances) in the same manner as, and are subject to the same termination provisions as, the investment advisory agreements.

In exchange for the

sub-advisory

services, the Company (not the Hennessy Funds) pays

sub-advisory

fees to the

sub-advisors

out of its own assets.

Sub-advisory

fees are calculated as a percentage of the applicable

sub-advised

fund’s average daily net asset value.

XML 21 R10.htm IDEA: XBRL DOCUMENT

Fair Value Measurements

6 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

(4)	Fair Value Measurements

•

Level 1 – Unadjusted, quoted prices in active markets for identical assets or liabilities that an entity has the ability to access at the measurement date;

•

model-derived

valuations in which all significant inputs and significant value drivers are observable in active markets); and

•

Based on the definitions, the following tables represent the Company’s assets categorized in the Level 1 to Level 3 hierarchies:


	March 31, 2021
	Level 1		Level 2		Level 3		Total
	(In thousands)
Money market fund deposits	$	8,053	$	—	$	—	$	8,053
Mutual fund investments		10		—		—		10

Total	$	8,063	$	—	$	—	$	8,063

Amounts included in:
Cash and cash equivalents	$	8,053	$	—	$	—	$	8,053
Investments in marketable securities		10		—		—		10

Total	$	8,063	$	—	$	—	$	8,063


	September 30, 2020
	Level 1		Level 2		Level 3		Total
	(In thousands)
Money market fund deposits	$	6,053	$	—	$	—	$	6,053
Mutual fund investments		9		—		—		9
Total	$	6,062	$	—	$	—	$	6,062

Amounts included in:
Cash and cash equivalents	$	6,053	$	—	$	—	$	6,053
Investments in marketable securities		9		—		—		9
Total	$	6,062	$	—	$	—	$	6,062

There were no transfers between levels during the six months ended March 31, 2021, or the year ended September 30, 2020.

XML 22 R11.htm IDEA: XBRL DOCUMENT

Leases

6 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

(5)

Leases

The Company determines if an arrangement is an operating lease at inception. Operating leases are included in operating lease

right-of-use

assets and current and

long-term

operating lease liabilities on the Company’s balance sheet. There were no

long-term

operating leases as of September 30, 2020. During the quarter ended March 31, 2021, the Company renewed the lease for its office in Novato, California for an additional three years. The renewed lease expires on July 31, 2024. The lease renewal created a long-term operating lease as of March 31, 2021.

Right-of-use

assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease

right-of-use

assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. In determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date. The Company’s lease terms may include options to extend the lease when it is reasonably certain that it will exercise any such options. For its leases, the Company concluded that it is not reasonably certain that any renewal options would be exercised, and, therefore, the amounts are not recognized as part of operating lease

right-of-use

assets or operating lease liabilities. Leases with initial terms of 12 months or less, and certain office equipment leases that are deemed insignificant, are not recorded on the balance sheet and are expensed as incurred and included within rent expense under general and administrative expense. Lease expense related to operating leases is recognized on a straight-line basis over the expected lease terms.

The Company’s most significant leases are real estate leases of office facilities. The Company leases office space under

non-cancelable

operating leases. Its principal executive office is located in Novato, California, and it has additional offices in Austin, Texas, Boston, Massachusetts, and Chapel Hill, North Carolina. Only the office lease in Novato, California has been capitalized because the other operating leases have terms of 12 months or less, including leases that are

month-to-month

in nature. The classification of the Company’s operating lease

right-of-use

assets and operating lease liabilities and other supplemental information related to the Company’s operating leases are as follows:


	March 31, 2021
	(In thousands, except years and percentages)
Operating lease right-of-use assets	$	1,191
Current operating lease liability	$	384
Long-term operating lease liability	$	82 6
Weighted average remaining lease term		3.3
Weighted average discount rate		0.90	%

For the six months ended March 31, 2021, rent expense, which is recorded under general and administrative expense in the statements of income, totaled

$200,574.


	March 31, 2021
	(In thousands)
Remainder of fiscal year 2021	$	206
Fiscal year 2022		363
Fiscal year 2023		374
Fiscal year 2024		286

Total undiscounted cash flows		1,229

Present value discount		(19	)

Total operating lease liabilities	$	1,210

XML 23 R12.htm IDEA: XBRL DOCUMENT

Accrued Liabilities and Accounts Payable

6 Months Ended

Mar. 31, 2021

Accrued Liabilities, Current [Abstract]

Accrued Liabilities and Accounts Payable

(6)	Accrued Liabilities and Accounts Payable

Details relating to accrued liabilities and accounts payable reflected on the Company’s balance sheet are as follows:


	March 31, 2021		September 30, 2020
	(In thousands)
Accrued bonus liabilities	$	1,446	$	2,571
Accrued sub-advisor fees		615		552
Other accrued expenses		581		690

Total accrued liabilities and accounts payable	$	2,642	$	3,813

XML 24 R13.htm IDEA: XBRL DOCUMENT

Income Taxes

6 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

(7)	Income Taxes

Tax Jurisdiction

2021

2020

2019

2018

2017

Federal

United States

State

California

Colorado

Connecticut

District of Columbia

Florida

Georgia

Illinois

Indiana

Iowa

Louisiana

Maryland

Massachusetts

Michigan

Minnesota

New Hampshire

New Jersey

New York

North Carolina

Oregon

Pennsylvania

Texas

Wisconsin

Total State Jurisdictions

For state tax jurisdictions with unfiled tax returns, the statutes of limitations remains open indefinitely.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

XML 25 R14.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies

6 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

(8)	Commitments and Contingencies

The Company has no commitments and no significant contingencies with original terms in excess of one year other than operating leases, which are discussed in Note 5.

XML 26 R15.htm IDEA: XBRL DOCUMENT

Equity

6 Months Ended

Mar. 31, 2021

Federal Home Loan Banks [Abstract]

Equity

(9)

Equity

Amended and Restated 2013 Omnibus Incentive Plan

stock-based

compensation expense on a

straight-line

basis over the four-year vesting term of each award.

A summary of RSU activity is as follows:


	Six Months Ended March 31, 2021
	Shares			Weighted Average Grant Date Fair Value per Share
Non-vested balance at beginning of period		322,181		$	9.76
Granted		—			—
Vested (1)		(64,534	)		(10.89	)
Forfeited		—			—

Non-vested balance at end of period		257,647		$	9.48

(1)

Represents partially vested RSUs for which the Company already has recognized the associated compensation expense but has not yet issued to employees the related shares of common stock.

Additional information related to RSUs is as follows:


	March 31, 2021
	(In thousands, except years)
Total expected compensation expense related to RSUs	$	16,056
Recognized compensation expense related to RSUs		(13,614	)

Unrecognized compensation expense related to RSUs	$	2,442

Weighted average remaining years to expense for RSUs		2.6

Dividend Reinvestment and Stock Purchase Plan

Stock Buyback Program

XML 27 R16.htm IDEA: XBRL DOCUMENT

Earnings per Share and Dividends per Share

6 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Earnings per Share and Dividends per Share

(10)	Earnings per Share and Dividends per Share

non-vested

RSUs.

The Company paid a quarterly cash dividend of $0.1375 per share on March 9, 2021, to shareholders of record as of February 24, 2021.

XML 28 R17.htm IDEA: XBRL DOCUMENT

Recently Issued and Adopted Accounting Standards

6 Months Ended

Mar. 31, 2021

Accounting Changes and Error Corrections [Abstract]

Recently Issued and Adopted Accounting Standards

(11)	Recently Issued and Adopted Accounting Standards

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (g)(2)
-URI http://asc.fasb.org/extlink&oid=113356391&loc=SL49131195-203048

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-URI http://asc.fasb.org/topic&trid=2122394

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=113356391&loc=SL49131195-203048

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section S99
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=112272810&loc=SL108384541-122693

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (i)(2)
-URI http://asc.fasb.org/extlink&oid=113356391&loc=SL49131195-203048

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (g)(1)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (j)
-URI http://asc.fasb.org/extlink&oid=113356391&loc=SL49131195-203048

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iv)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 11.M.Q2)
-URI http://asc.fasb.org/extlink&oid=112272810&loc=d3e31137-122693

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(3)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(1)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(2)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
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-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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-Paragraph 8
-Subparagraph (e)(1)

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(2)

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(3)

+ Details

XML 29 R18.htm IDEA: XBRL DOCUMENT

Subsequent Events

6 Months Ended

Mar. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

(12)	Subsequent Events

XML 30 R19.htm IDEA: XBRL DOCUMENT

Basis of Financial Statement Presentation (Policies)

6 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Revenue Recognition

10-Q.

Form 10-K

for the fiscal year ended September 30, 2020.

The Company’s operating activities consist primarily of providing investment advisory services to 16

open-end

•

acting as portfolio manager for the fund or overseeing the

sub-advisor

•

performing a daily reconciliation of portfolio positions and cash for the fund;

•

monitoring the liquidity of the fund;

•

monitoring the fund’s compliance with its investment objectives and restrictions and federal securities laws;

•

sub-advisor),

conducting onsite visits to the fund’s service providers (including any

sub-advisor)

•

if applicable, overseeing the selection and continued employment of the fund’s

sub-advisor,

reviewing the fund’s investment performance, and monitoring the

sub-advisor’s

adherence to the fund’s investment objectives, policies, and restrictions;

•

maintaining

in-house

marketing and distribution departments on behalf of the fund;

•

preparing or directing the preparation of all regulatory filings for the fund, including writing and annually updating the fund’s prospectus and related documents;

•

preparing or reviewing a written summary of the fund’s performance during the most recent

12-month

period for each annual report of the fund;

•

monitoring and overseeing the accessibility of the fund on third-party platforms;

•

providing a quarterly compliance certification to the Board of Trustees of Hennessy Funds Trust (the “Funds’ Board of Trustees”); and

•

The Company earns shareholder service fees from Investor Class shares of the Hennessy Funds by, among other things, maintaining a

toll-free

going-forward

basis.

The Company is subject to risks and uncertainties as a result of the

COVID-19

pandemic, particularly risks and uncertainties related to the increased volatility in the stock market. The Company cannot reasonably estimate the continued extent of the impact of the

COVID-19

pandemic on its business. As of the date of issuance of the Company’s financial statements, the extent to which the

COVID-19

pandemic may materially impact the Company’s financial condition, liquidity, or results of operations remains uncertain.

XML 31 R20.htm IDEA: XBRL DOCUMENT

Fair Value Measurements (Tables)

6 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Assets Categorized on Basis of Various Levels

Based on the definitions, the following tables represent the Company’s assets categorized in the Level 1 to Level 3 hierarchies:


	March 31, 2021
	Level 1		Level 2		Level 3		Total
	(In thousands)
Money market fund deposits	$	8,053	$	—	$	—	$	8,053
Mutual fund investments		10		—		—		10

Total	$	8,063	$	—	$	—	$	8,063

Amounts included in:
Cash and cash equivalents	$	8,053	$	—	$	—	$	8,053
Investments in marketable securities		10		—		—		10

Total	$	8,063	$	—	$	—	$	8,063


	September 30, 2020
	Level 1		Level 2		Level 3		Total
	(In thousands)
Money market fund deposits	$	6,053	$	—	$	—	$	6,053
Mutual fund investments		9		—		—		9
Total	$	6,062	$	—	$	—	$	6,062

Amounts included in:
Cash and cash equivalents	$	6,053	$	—	$	—	$	6,053
Investments in marketable securities		9		—		—		9
Total	$	6,062	$	—	$	—	$	6,062

XML 32 R21.htm IDEA: XBRL DOCUMENT

Leases (Tables)

6 Months Ended

Mar. 31, 2021

Leases [Abstract]

Detailed Information About In Operating Lease Right Of Use Assets Lease Liabilities and Others

The classification of the Company’s operating lease

right-of-use

assets and operating lease liabilities and other supplemental information related to the Company’s operating leases are as follows:


	March 31, 2021
	(In thousands, except years and percentages)
Operating lease right-of-use assets	$	1,191
Current operating lease liability	$	384
Long-term operating lease liability	$	82 6
Weighted average remaining lease term		3.3
Weighted average discount rate		0.90	%

Schedule Of Operating Lease Maturities


	March 31, 2021
	(In thousands)
Remainder of fiscal year 2021	$	206
Fiscal year 2022		363
Fiscal year 2023		374
Fiscal year 2024		286

Total undiscounted cash flows		1,229

Present value discount		(19	)

Total operating lease liabilities	$	1,210

XML 33 R22.htm IDEA: XBRL DOCUMENT

Accrued Liabilities and Accounts Payable (Table)

6 Months Ended

Mar. 31, 2021

Accrued Liabilities, Current [Abstract]

Schedule of accrued liabilities

Details relating to accrued liabilities and accounts payable reflected on the Company’s balance sheet are as follows:


	March 31, 2021		September 30, 2020
	(In thousands)
Accrued bonus liabilities	$	1,446	$	2,571
Accrued sub-advisor fees		615		552
Other accrued expenses		581		690

Total accrued liabilities and accounts payable	$	2,642	$	3,813

XML 34 R23.htm IDEA: XBRL DOCUMENT

Income Taxes (Tables)

6 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Summary of Federal and State Jurisdiction Tax

Tax Jurisdiction

2021

2020

2019

2018

2017

Federal

United States

State

California

Colorado

Connecticut

District of Columbia

Florida

Georgia

Illinois

Indiana

Iowa

Louisiana

Maryland

Massachusetts

Michigan

Minnesota

New Hampshire

New Jersey

New York

North Carolina

Oregon

Pennsylvania

Texas

Wisconsin

Total State Jurisdictions

XML 35 R24.htm IDEA: XBRL DOCUMENT

Equity (Tables)

6 Months Ended

Mar. 31, 2021

Federal Home Loan Banks [Abstract]

Schedule of Non-Vested Restricted Stock Units Activity

A summary of RSU activity is as follows:


	Six Months Ended March 31, 2021
	Shares			Weighted Average Grant Date Fair Value per Share
Non-vested balance at beginning of period		322,181		$	9.76
Granted		—			—
Vested (1)		(64,534	)		(10.89	)
Forfeited		—			—

Non-vested balance at end of period		257,647		$	9.48

(1)

Represents partially vested RSUs for which the Company already has recognized the associated compensation expense but has not yet issued to employees the related shares of common stock.

Schedule of Non-Vested Restricted Stock Units Compensation

Additional information related to RSUs is as follows:


	March 31, 2021
	(In thousands, except years)
Total expected compensation expense related to RSUs	$	16,056
Recognized compensation expense related to RSUs		(13,614	)

Unrecognized compensation expense related to RSUs	$	2,442

Weighted average remaining years to expense for RSUs		2.6

XML 36 R25.htm IDEA: XBRL DOCUMENT

Basis of Financial Statement Presentation - Additional Information (Detail)	6 Months Ended
	Mar. 31, 2021 Funds
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of Hennessy funds to which company provides investment advisory services	16

XML 37 R26.htm IDEA: XBRL DOCUMENT

Management Contracts Purchased - Additional Information (Detail)	Mar. 31, 2021 USD ($) Funds	Sep. 30, 2020 USD ($)
Contracts In Progress Costs And Earnings [Line Items]
Number of mutual funds \| Funds	30
Management contracts impairment amount \| $	$ 0	$ 0

XML 38 R27.htm IDEA: XBRL DOCUMENT

Investment Advisory Agreements - Additional Information (Detail)	6 Months Ended
	Mar. 31, 2021 Funds
Investment Schedule [Abstract]
Number of Hennessy funds to which company provides investment advisory services	16
Notice period for termination of agreement	60 days

XML 39 R28.htm IDEA: XBRL DOCUMENT

Fair Value Measurements - Assets Categorized on Basis of Various Levels (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Sep. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market fund deposits	$ 8,053	$ 6,053
Mutual fund investments	10	9
Cash and cash equivalents	8,053	6,053
Investments in marketable securities	10	9
Total	8,063	6,062
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market fund deposits	8,053	6,053
Mutual fund investments	10	9
Cash and cash equivalents	8,053	6,053
Investments in marketable securities	10	9
Total	$ 8,063	$ 6,062

XML 40 R29.htm IDEA: XBRL DOCUMENT

Fair Value Measurements - Additional Information (Detail) - USD ($)	6 Months Ended
	Mar. 31, 2021	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Transfer from fair value level 1 to level 2	$ 0	$ 0
Transfer from fair value level 2 to level 1	0	0
Transfer into (out of) level 3	$ 0	$ 0

XML 41 R30.htm IDEA: XBRL DOCUMENT

Leases - Schedule Of Operating Lease Maturities (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Sep. 30, 2020
Operating lease right-of-use assets	$ 1,191	$ 276
Current operating lease liability	384	$ 330
Long-term operating lease liability	$ 826
Weighted average remaining lease term	3 years 3 months 18 days
Weighted average discount rate	0.90%

XML 42 R31.htm IDEA: XBRL DOCUMENT

Leases - Detailed Information About In Operating Lease Right Of Use Assets Lease Liabilities and Others (Detail) $ in Thousands	Mar. 31, 2021 USD ($)
Remainder of fiscal year 2021	$ 206
Fiscal year 2022	363
Fiscal year 2023	374
Fiscal year 2024	286
Total undiscounted cash flows	1,229
Present value discount	(19)
Total operating lease liabilities	$ 1,210

XML 43 R32.htm IDEA: XBRL DOCUMENT

Leases - Additional Information (Detail)	3 Months Ended	6 Months Ended
Leases - Additional Information (Detail)	Mar. 31, 2021	Mar. 31, 2021 USD ($)
Novato California [Member]
Additional operating lease term	3 years	3 years
Operating lease expiry date	Jul. 31, 2024
General and Administrative Expense [Member]
Operating lease rent payments		$ 200,574

XML 44 R33.htm IDEA: XBRL DOCUMENT

Accrued Liabilities and Accounts Payable - Summary of accrued expenses reflected on the company's balance sheet (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Sep. 30, 2020
Accrued Liabilities, Current [Abstract]
Accrued bonus liabilities	$ 1,446	$ 2,571
Accrued sub-advisor fees	615	552
Other accrued expenses	581	690
Total accrued liabilities and accounts payable	$ 2,642	$ 3,813

XML 45 R34.htm IDEA: XBRL DOCUMENT

Income Taxes - Additional Information (Detail)	6 Months Ended
Income Taxes - Additional Information (Detail)	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Effective tax rates	26.40%	27.80%

XML 46 R35.htm IDEA: XBRL DOCUMENT

Income Taxes - Summary of Federal and State Jurisdiction Tax (Detail) - USD ($)	6 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Investments, Owned, Federal Income Tax Note [Line Items]
Tax Jurisdiction	$ 22	$ 22	$ 19	$ 17	$ 16
United States [Member]
Investments, Owned, Federal Income Tax Note [Line Items]
Tax Jurisdiction	0	0	0	0	0
California [Member]
Investments, Owned, Federal Income Tax Note [Line Items]
Tax Jurisdiction	0	0	0	0	0
COLORADO
Investments, Owned, Federal Income Tax Note [Line Items]
Tax Jurisdiction	0	0			0
CONNECTICUT
Investments, Owned, Federal Income Tax Note [Line Items]
Tax Jurisdiction	0	0	0	0	0
DISTRICT OF COLUMBIA
Investments, Owned, Federal Income Tax Note [Line Items]
Tax Jurisdiction	0	0	0	0	0
FLORIDA
Investments, Owned, Federal Income Tax Note [Line Items]
Tax Jurisdiction	0	0	0	0	0
GEORGIA
Investments, Owned, Federal Income Tax Note [Line Items]
Tax Jurisdiction	0	0	0	0	0
ILLINOIS
Investments, Owned, Federal Income Tax Note [Line Items]
Tax Jurisdiction	0	0	0	0	0
INDIANA
Investments, Owned, Federal Income Tax Note [Line Items]
Tax Jurisdiction	0	0
IOWA
Investments, Owned, Federal Income Tax Note [Line Items]
Tax Jurisdiction	0	0	0	0
LOUISIANA
Investments, Owned, Federal Income Tax Note [Line Items]
Tax Jurisdiction	0	0	0
MARYLAND
Investments, Owned, Federal Income Tax Note [Line Items]
Tax Jurisdiction	0	0	0	0	0
Massachusetts [Member]
Investments, Owned, Federal Income Tax Note [Line Items]
Tax Jurisdiction	0	0	0	0	0
MICHIGAN
Investments, Owned, Federal Income Tax Note [Line Items]
Tax Jurisdiction	0	0	0	0	0
MINNESOTA
Investments, Owned, Federal Income Tax Note [Line Items]
Tax Jurisdiction	0	0	0	0	0
NEW HAMPSHIRE
Investments, Owned, Federal Income Tax Note [Line Items]
Tax Jurisdiction	0	0	0	0	0
NEW JERSEY
Investments, Owned, Federal Income Tax Note [Line Items]
Tax Jurisdiction	0	0
NEW YORK
Investments, Owned, Federal Income Tax Note [Line Items]
Tax Jurisdiction	0	0	0	0	0
North Carolina [Member]
Investments, Owned, Federal Income Tax Note [Line Items]
Tax Jurisdiction	0	0	0	0	0
OREGON
Investments, Owned, Federal Income Tax Note [Line Items]
Tax Jurisdiction	0	0	0
PENNSYLVANIA
Investments, Owned, Federal Income Tax Note [Line Items]
Tax Jurisdiction	0	0	0	0
Texas [Member]
Investments, Owned, Federal Income Tax Note [Line Items]
Tax Jurisdiction	0	0	0	0	0
WISCONSIN
Investments, Owned, Federal Income Tax Note [Line Items]
Tax Jurisdiction	$ 0	$ 0	$ 0	$ 0	$ 0

XML 47 R36.htm IDEA: XBRL DOCUMENT

Equity - Additional Information (Detail) - shares	1 Months Ended	6 Months Ended
Equity - Additional Information (Detail) - shares	Aug. 31, 2010	Mar. 31, 2021	Mar. 31, 2020	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum common stock issuable under plan		22,500,000		22,500,000
Stock buyback program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance under plan		596,368
Repurchase of common stock shares	1,500,000
Dividend Reinvestment and Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during period shares		6,259	5,179
Maximum common stock issuable under plan		1,470,000
Shares available for issuance under plan		1,466,864
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Rate of restricted stock units vest under plan		25.00%

XML 48 R37.htm IDEA: XBRL DOCUMENT

Equity - Schedule of Non-Vested Restricted Stock Units Activity (Detail) - Restricted Stock Units (RSUs) [Member]	6 Months Ended
	Mar. 31, 2021 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested Beginning Balance, Number of Restricted Share Units \| shares	322,181
Granted, Number of Restricted Share Units \| shares	0
Vested, Number of Restricted Share Units \| shares	(64,534)
Forfeited, Number of Restricted Share Units \| shares	0
Non-vested Ending Balance, Number of Restricted Share Units \| shares	257,647
Non-vested Beginning Balance, Weighted Avg. Fair Value Per Share at Each Date \| $ / shares	$ 9.76
Granted, Weighted Avg. Fair Value Per Share at Each Date \| $ / shares	0
Vested, Weighted Avg. Fair Value per Share at Each Date \| $ / shares	(10.89)
Forfeited, Weighted Avg. Fair Value per Share at Each Date \| $ / shares	0
Non-vested Ending Balance, Weighted Avg. Fair Value Per Share at Each Date \| $ / shares	$ 9.48

XML 49 R38.htm IDEA: XBRL DOCUMENT

Equity - Schedule of Non-Vested Restricted Stock Units Compensation (Detail) - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total expected compensation expense related to RSUs	$ 703	$ 894
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total expected compensation expense related to RSUs	16,056
Recognized compensation expense related to RSUs	(13,614)
Unrecognized compensation expense related to RSUs	$ 2,442
Weighted average remaining years to expense for RSUs	2 years 7 months 6 days

XML 50 R39.htm IDEA: XBRL DOCUMENT

Earnings per Share and Dividends per Share - Additional Information (Detail) - $ / shares		3 Months Ended		6 Months Ended
	Mar. 09, 2021	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Weighted Average Amounts Used In Calculating Earnings Per Share [Line Items]
Dividends paid	$ 0.1375
Restricted Stock Units (RSUs) [Member]
Weighted Average Amounts Used In Calculating Earnings Per Share [Line Items]
Stock options excluded from diluted earnings per share		74,352	184,871	227,410	184,871

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company