0001193125-13-272087.txt : 20130626 0001193125-13-272087.hdr.sgml : 20130626 20130626130626 ACCESSION NUMBER: 0001193125-13-272087 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 20130430 FILED AS OF DATE: 20130626 DATE AS OF CHANGE: 20130626 EFFECTIVENESS DATE: 20130626 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Oppenheimer International Diversified Fund CENTRAL INDEX KEY: 0001329067 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0407 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-21775 FILM NUMBER: 13933948 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY CITY: CENTENNIAL STATE: CO ZIP: 80112 BUSINESS PHONE: 303-768-3200 MAIL ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY CITY: CENTENNIAL STATE: CO ZIP: 80112 0001329067 S000008825 Oppenheimer International Diversified Fund C000024038 A C000024039 B C000024040 C C000024041 N C000024042 Y C000117880 I N-CSR 1 d528978dncsr.htm OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND Oppenheimer International Diversified Fund

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-21775

 

 

Oppenheimer International Diversified Fund

(Exact name of registrant as specified in charter)

 

 

6803 South Tucson Way, Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

 

 

Arthur S. Gabinet

OFI Global Asset Management, Inc.

Two World Financial Center, New York, New York 10281-1008

(Name and address of agent for service)

 

 

Registrant’s telephone number, including area code: (303) 768-3200

Date of fiscal year end: April 30

Date of reporting period: 4/30/2013

 

 

 


Item 1. Reports to Stockholders.


   
4   30   2013

ANNUAL REPORT

Oppenheimer International Diversified Fund

LOGO


Table of Contents

 

Fund Performance Discussion      3   
Top Holdings and Allocations      6   
Fund Expenses      9   
Statement of Investments      11   
Statement of Assets and Liabilities      12   
Statement of Operations      14   
Statements of Changes in Net Assets      16   
Financial Highlights      17   
Notes to Financial Statements      23   
Report of Independent Registered Public Accounting Firm      35   
Federal Income Tax Information      36   
Portfolio Proxy Voting Policies and Procedures; Updates to Statement of Investments      37   
Trustees and Officers Bios      38   
Privacy Policy Notice      45   

 


Class A Shares

AVERAGE ANNUAL TOTAL RETURNS AT 4/30/13

 

    Class A Shares of the  Fund

    MSCI All
Country
World  ex
USA Index
    MSCI
EAFE
Index
    MSCI
World
Index
 
    Without Sales Charge     With Sales Charge        
1-Year     18.06     11.27     14.15     19.39     16.70
5-Year     3.22        2.00        –0.84        –0.93        1.81   
Since Inception (9/27/05)     6.76        5.93        4.94        4.08        4.81   

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum applicable sales charge except where “without sales charge” is indicated. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677).

 

2   OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND


Fund Performance Discussion

The Fund’s Class A shares (without sales charge) returned 18.06% during the reporting period. In comparison, the Fund’s benchmarks, the MSCI All Country World ex USA Index, the MSCI EAFE Index and the MSCI World Index, returned 14.15%, 19.39% and 16.70%, respectively.

 

MARKET OVERVIEW

In spite of the fear caused by the so-called U.S. fiscal cliff and related sequester, ongoing European concerns, China’s slowing growth, and continued deleveraging on every level, global equities generally rallied during the period. Central banks throughout the world announced new accommodative policy measures intended to promote market liquidity and stimulate greater economic growth. In September 2012, the U.S. Federal Reserve (the “Fed”) embarked on a new round of open-ended quantitative easing

involving monthly purchases of $40 billion of mortgage-backed securities issued by U.S. government agencies, also known as “QE3”. The Fed later increased its monthly purchases to $85 billion. Meanwhile, the head of the European Central Bank (the “ECB”) had reassured investors that the ECB was committed to supporting the Eurozone, and the ECB signaled its conditional intention to purchase massive amounts of debt from troubled members of the European Union. Even in Japan, which had been mired in economic weakness for years,

 

 


LOGO

 

 

OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND     3   


new government leadership adopted economic policies and the central bank announced a massive quantitative easing program.

These stimulative measures helped to buoy global equity markets. While developing market equities also performed positively, they experienced some volatility and underperformed their developed market counterparts. This was largely the result of a slippage in economic output expansion coupled with a deceleration of credit growth and falling inflationary momentum in certain emerging markets.

FUND PERFORMANCE1

The Fund’s diversified portfolio consisted primarily of six Oppenheimer mutual funds: on the equity side, Oppenheimer International Growth Fund, Oppenheimer International Value Fund, Oppenheimer Master International Value Fund, LLC, Oppenheimer Developing Markets Fund and Oppenheimer International Small Company Fund. On the fixed-income side, the Fund invested in Oppenheimer International Bond Fund. Each of the underlying funds outperformed their respective benchmarks during the period.

Within the equity component of the Fund, Oppenheimer International Growth Fund gained 17.53% during the reporting period and outperformed the MSCI All Country World ex USA Index, which returned 14.15%. This underlying fund’s positive performance was driven by investments in

the consumer discretionary, information technology and health care sectors. Oppenheimer International Value Fund and Oppenheimer Master International Value Fund, LLC, produced total returns of 27.42% and 27.32%, respectively, and also outperformed the MSCI All Country World ex-U.S. Index. These two underlying funds received substantial contributions from its investments in the financials and consumer discretionary sectors. Oppenheimer Developing Markets Fund gained 7.78% during the period. As mentioned earlier, developing market equities underperformed developed market equities this period. However, this underlying fund substantially outperformed the MSCI Emerging Markets Index’s return of 3.97%, with strong contributions from consumer staples and financials holdings. Oppenheimer International Small Company Fund returned 22.61% and outperformed the MSCI All Country World Ex U.S. Small Cap Index’s return of 14.41%. The underlying fund’s health care holdings fared particularly well this period.

On the fixed-income side, Oppenheimer International Bond Fund gained 8.53%, outperforming its Reference Index, which is a customized weighted index currently comprised of 50% of the Citigroup Non-U.S. Dollar World Government Bond Index, 30% of the JPMorgan Government Bond Index—Emerging Markets Global Diversified, and 20% of the JPMorgan Emerging Markets Bond Index Global Diversified, which returned 4.00%.

 

 

1The Fund invested in Class Y shares of all underlying funds discussed in this Fund Performance Discussion, except for Oppenheimer Master International Value Fund, LLC, which does not offer Class Y shares.

 

4   OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND


STRATEGY & OUTLOOK

We continue to seek to provide investors with exposure to multiple international asset classes and the aptitude to take advantage of global economic shifts. The Fund’s comprehensive approach to international investing seeks to spread out the risks associated with market capitalizations, investment styles, sectors, regions and countries, and equity and fixed income asset classes. Through this approach, we seek to provide an attractive balance between risk and reward.

 

LOGO   LOGO

George R. Evans, CFA

Portfolio Manager

 

 

OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND     5   


Top Holdings and Allocations

ASSET CLASS ALLOCATION

 

Foreign Equity Funds   91.0%  

Oppenheimer International Growth Fund, Cl. Y

    31.3   

Oppenheimer Master International Value Fund, LLC

    19.6   

Oppenheimer International Small Company Fund, Cl. Y

    15.6   

Oppenheimer Developing Markets Fund, Cl. Y

    14.2   

Oppenheimer International Value Fund, Cl. Y

    10.3   
Foreign Fixed Income Funds   8.9  

Oppenheimer International Bond Fund, Cl. Y

    8.9   
Money Market Fund   0.1  

Oppenheimer Institutional Money Market Fund, Cl. E

    0.1   

Portfolio holdings and allocations are subject to change. Percentages are as of April 30, 2013, and are based on the total market value of investments.

 

6   OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND


Share Class Performance

AVERAGE ANNUAL TOTAL RETURNS WITHOUT SALES CHARGE AS OF 4/30/13

 

    Inception Date      1-Year     5-Year     Since Inception  
CLASS A (OIDAX)     9/27/05         18.06     3.22     6.76
CLASS B (OIDBX)     9/27/05         17.07     2.32     6.04
CLASS C (OIDCX)     9/27/05         17.20     2.44     5.96
CLASS I (OIDIX)     8/28/12         N/A        N/A        20.33
CLASS N (OIDNX)     9/27/05         17.64     2.89     6.43
CLASS Y (OIDYX)     9/27/05         18.31     3.53     7.11
AVERAGE ANNUAL TOTAL RETURNS WITH SALES CHARGE AS OF 4/30/13   
    Inception Date      1-Year     5-Year     Since Inception  
CLASS A (OIDAX)     9/27/05         11.27     2.00     5.93
CLASS B (OIDBX)     9/27/05         12.07     1.96     6.04
CLASS C (OIDCX)     9/27/05         16.20     2.44     5.96
CLASS I (OIDIX)     8/28/12         N/A        N/A        20.33
CLASS N (OIDNX)     9/27/05         16.64     2.89     6.43
CLASS Y (OIDYX)     9/27/05         18.31     3.53     7.11

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns do not consider capital gains or income taxes on an individual’s investment. For performance data current to the most recent month-end, visit oppenheimerfunds.com or call 1.800.CALL OPP (225.5677). Fund returns include changes in share price, reinvested distributions, and the applicable sales charge: for Class A shares, the current maximum initial sales charge of 5.75%; for Class B shares, the contingent deferred sales charge of 5% (1-year) and 2% (5-year); and for Class C and N shares, the contingent deferred sales charge of 1% for the 1-year period. There is no sales charge for Class I and Y shares. Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B shares uses Class A performance for the period after conversion. Returns for periods of less than one year are cumulative and not annualized.

The Fund’s performance is compared to the performance of the MSCI All Country World ex USA Index, the MSCI EAFE Index and the MSCI World Index. The MSCI All Country World ex USA Index is designed to measure the equity market performance of developed and emerging markets and excludes the U.S. The MSCI EAFE Index (Europe, Australasia,

 

OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND     7   


Share Class Performance  Continued

Far East) is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI World Index is designed to measure the equity market performance of developed markets. Indices are unmanaged and cannot be purchased by investors. Index performance includes reinvestment of income, but does not reflect transaction costs, fees, expenses or taxes. Index performance is shown for illustrative purposes only as a benchmark for the Fund’s performance, and does not predict or depict performance of the Fund. The Fund’s performance reflects the effects of the Fund’s business and operating expenses.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc. or its affiliates.

Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com, or calling 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.

Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

 

8   OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND


Fund Expenses

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended April 30, 2013.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads), or a $12.00 fee imposed annually on accounts valued at less than $500.00 (subject to exceptions described in the Statement of Additional Information). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND     9   


Fund Expenses  Continued

 

Actual   Beginning
Account
Value
November 1, 2012
    Ending
Account
Value
April 30, 2013
    Expenses
Paid During
6 Months Ended
April 30, 2013
 
Class A   $ 1,000.00      $ 1,138.30      $ 3.50   
Class B     1,000.00        1,133.80        8.12   
Class C     1,000.00        1,134.10        7.49   
Class I     1,000.00        1,141.40        0.96   
Class N     1,000.00        1,136.80        5.31   
Class Y     1,000.00        1,139.20        2.12   
Hypothetical
(5% return before expenses)
                 
Class A     1,000.00        1,021.52        3.31   
Class B     1,000.00        1,017.21        7.68   
Class C     1,000.00        1,017.80        7.08   
Class I     1,000.00        1,023.90        0.90   
Class N     1,000.00        1,019.84        5.02   
Class Y     1,000.00        1,022.81        2.01   

Expenses are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Those annualized expense ratios, excluding indirect expenses from underlying funds, based on the 6-month period ended April 30, 2013 are as follows:

 

Class    Expense Ratios  
Class A      0.66
Class B      1.53   
Class C      1.41   
Class I      0.18   
Class N      1.00   
Class Y      0.40   

The expense ratios reflect voluntary waivers and/or reimbursements of expenses by the Fund’s Transfer Agent. Some of these undertakings may be modified or terminated at any time, as indicated in the Fund’s prospectus. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

 

10   OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND


STATEMENT OF INVESTMENTS    April 30, 2013

 

    Shares     Value  
Investment Companies—99.9%1                
Foreign Equity Funds—90.9%                
Oppenheimer Developing Markets Fund, Cl. Y     9,169,933      $ 324,340,529   
Oppenheimer International Growth Fund, Cl. Y     21,532,557        718,326,100   
Oppenheimer International Small Company Fund, Cl. Y     14,077,727        358,418,927   
Oppenheimer International Value Fund, Cl. Y     13,632,937        236,258,803   
Oppenheimer Master International Value Fund, LLC     42,562,276       

450,435,823

  

              2,087,780,182   
Foreign Fixed Income Fund—8.9%                
Oppenheimer International Bond Fund, Cl. Y     30,836,692        203,830,533   
Money Market Fund—0.1%                
Oppenheimer Institutional Money Market Fund, Cl. E, 0.12%2     1,985,948        1,985,948   
Total Investments, at Value (Cost $1,752,963,771)     99.9     2,293,596,663   
Other Assets Net of Liabilities     0.1        2,435,929   
   


 


Net Assets     100.0   $ 2,296,032,592   
   


 


Footnotes to Statement of Investments

1. Is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended April 30, 2013, by virtue of the Fund owning at least 5% of the voting securities of the issuer or as a result of the Fund and the issuer having the same investment adviser. Transactions during the period in which the issuer was an affiliate are as follows:

 

    Shares
April 30, 2012
  Gross
Additions
  Gross
Reductions
  Shares
April 30, 2013
Oppenheimer Developing Markets Fund, Cl. Y       9,205,750         766,224         802,041         9,169,933  
Oppenheimer Institutional Money Market Fund, Cl. E       1,324,259         169,664,753         169,003,064         1,985,948  
Oppenheimer International Bond Fund, Cl. Y       29,710,642         3,837,657         2,711,607         30,836,692  
Oppenheimer International Growth Fund, Cl. Y       21,482,679         1,868,573         1,818,695         21,532,557  
Oppenheimer International Small Company Fund, Cl. Y       14,049,398         1,274,891         1,246,562         14,077,727  
Oppenheimer International Value Fund, Cl. Y       13,406,470         226,467                 13,632,937  
Oppenheimer Master International Value Fund, LLC       43,545,916         8,110,423         9,094,063         42,562,276  
        Value   Income   Realized
Gain (Loss)
Oppenheimer Developing Markets Fund, Cl. Y               $ 324,340,529       $ 2,176,214       $ (2,317,158 )
Oppenheimer Institutional Money Market Fund, Cl. E                 1,985,948         2,407          
Oppenheimer International Bond Fund, Cl. Y                 203,830,533         6,214,506         (66,164 )
Oppenheimer International Growth Fund, Cl. Y                 718,326,100         9,048,038         (225,699 )
Oppenheimer International Small Company Fund, Cl. Y                 358,418,927         4,729,358         (5,037,490 )
Oppenheimer International Value Fund, Cl. Y                 236,258,803         3,430,984          
Oppenheimer Master International Value Fund, LLC                 450,435,823         8,776,678 a       39,208,946 a
               


                $ 2,293,596,663       $ 34,378,185       $ 31,562,435  
               


a. Represents the amount allocated to the Fund from Oppenheimer Master International Value Fund, LLC.

2. Rate shown is the 7-day yield as of April 30, 2013.

See accompanying Notes to Financial Statements.

 

OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND     11   


STATEMENT OF ASSETS AND LIABILITIES    April 30, 2013

 

Assets      
Investments, at value—see accompanying statement of investments—affiliated companies (cost $1,752,963,771)   $ 2,293,596,663   
Cash     337,675   
Receivables and other assets:        
Shares of beneficial interest sold     6,641,179   
Dividends     695,328   
Expense waivers/reimbursements due from manager     9,224   
Other    

95,081

  

Total assets     2,301,375,150   
Liabilities      
Payables and other liabilities:        
Shares of beneficial interest redeemed     2,365,749   
Investments purchased     1,805,933   
Transfer and shareholder servicing agent fees     414,151   
Distribution and service plan fees     393,139   
Shareholder communications     180,039   
Trustees’ compensation     144,119   
Other    

39,428

  

Total liabilities     5,342,558   
Net Assets   $

2,296,032,592

  

Composition of Net Assets      
Par value of shares of beneficial interest   $ 175,754   
Additional paid-in capital     2,360,408,318   
Accumulated net investment income     9,075,199   
Accumulated net realized loss on investments     (614,259,571
Net unrealized appreciation on investments    

540,632,892

  

Net Assets   $

2,296,032,592

  

 

12   OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND


Net Asset Value Per Share      
Class A Shares:        
Net asset value and redemption price per share (based on net assets of $1,344,557,002 and 102,548,966 shares of beneficial interest outstanding)   $ 13.11   
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price)   $ 13.91   
Class B Shares:        
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $82,631,625 and 6,431,928 shares of beneficial interest outstanding)   $ 12.85   
Class C Shares:        
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $409,449,856 and 31,872,291 shares of beneficial interest outstanding)   $ 12.85   
Class I Shares:        
Net asset value, redemption price and offering price per share (based on net assets of $10,195,944 and 770,208 shares of beneficial interest outstanding)   $ 13.24   
Class N Shares:        
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $140,797,719 and 10,858,257 shares of beneficial interest outstanding)   $ 12.97   
Class Y Shares:        
Net asset value, redemption price and offering price per share (based on net assets of $308,400,446 and 23,272,414 shares of beneficial interest outstanding)   $ 13.25   

See accompanying Notes to Financial Statements.

 

 

OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND     13   


STATEMENT OF OPERATIONS    For the Year Ended April 30, 2013

 

Allocation of Income and Expenses from Master Fund1      
Net investment income allocated from Oppenheimer Master International Value Fund, LLC:        
Dividends (net of foreign withholding taxes of $1,430,752)   $ 8,776,678   
Expenses2    

   (3,127,240



Net investment income from Oppenheimer Master International Value Fund, LLC     5,649,438   
Investment Income      
Dividends from affiliated companies     25,601,507   
Interest     808   
Other income    

22,903

  

Total investment income     25,625,218   
Expenses      
Distribution and service plan fees:        
Class A     2,879,735   
Class B     884,938   
Class C     3,607,643   
Class N     592,228   
Transfer and shareholder servicing agent fees:        
Class A     2,838,105   
Class B     414,228   
Class C     885,596   
Class I     996   
Class N     401,692   
Class Y     649,090   
Shareholder communications:        
Class A     311,219   
Class B     54,094   
Class C     93,985   
Class I     10   
Class N     17,230   
Class Y     35,365   
Trustees’ compensation     46,999   
Custodian fees and expenses     19,820   
Other    

104,264

  

Total expenses     13,837,237   
Less waivers and reimbursements of expenses    

(270,885



Net expenses     13,566,352   
Net Investment Income     17,708,304   

1. The Fund invests in an affiliated mutual fund that expects to be treated as a partnership for tax purposes. See Note 1 of the accompanying Notes.

2. Net of expense waivers and/or reimbursements of $132,781.

 

14   OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND


Realized and Unrealized Gain (Loss)      
Net realized gain (loss) on:        
Investments from affiliated companies   $ (7,646,511
Distributions received from affiliated companies     2,707,228   
Net realized gain allocated from Oppenheimer Master International Value Fund, LLC    

39,208,946

  

Net realized gain     34,269,663   
Net change in unrealized appreciation/depreciation on investments     236,187,632   
Net change in unrealized appreciation/deprecation allocated from Oppenheimer Master International Value Fund, LLC    

48,052,555

  

Net change in unrealized appreciation/depreciation     284,240,187   
Net Increase in Net Assets Resulting from Operations   $

336,218,154

  

See accompanying Notes to Financial Statements.

 

 

OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND     15   


STATEMENTS OF CHANGES IN NET ASSETS    

 

    Year Ended
April 30,
2013
    Year Ended
April 30,
2012
 
Operations            
Net investment income   $ 17,708,304      $ 33,860,957   
Net realized gain (loss)     34,269,663        (100,859,257
Net change in unrealized appreciation/depreciation    

284,240,187

  

   

(183,433,430



Net increase (decrease) in net assets resulting from operations     336,218,154        (250,431,730
Dividends and/or Distributions to Shareholders            
Dividends from net investment income:                
Class A     (20,207,344     (25,461,403
Class B     (665,546     (1,467,412
Class C     (3,842,323     (5,513,402
Class I     (189,990       
Class N     (1,840,900     (2,254,523
Class Y    

(5,005,387



   

(4,606,548



      (31,751,490     (39,303,288
Beneficial Interest Transactions            
Net increase (decrease) in net assets resulting from beneficial interest transactions:                
Class A     13,052,339        67,897,348   
Class B     (34,062,380     (17,423,587
Class C     (15,370,710     (35,880,056
Class I     9,617,997          
Class N     6,350,516        9,357,270   
Class Y    

53,211,727

  

   

32,847,886

  

      32,799,489        56,798,861   
Net Assets            
Total increase (decrease)     337,266,153        (232,936,157
Beginning of period    

1,958,766,439

  

   

2,191,702,596

  

End of period (including accumulated net investment income of $9,075,199 and $23,618,531, respectively)   $

2,296,032,592

  

  $

1,958,766,439

  

See accompanying Notes to Financial Statements.

 

16   OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND


FINANCIAL HIGHLIGHTS

 

     Year Ended
April 30,
    Year Ended
April 30,
    Year Ended
April 29,
    Year Ended
April 30,
    Year Ended
April 30,
 
Class A    2013     2012     20111     2010     2009  
                                          
Per Share Operating Data                               
Net asset value, beginning of period    $ 11.30      $ 13.03      $ 11.04      $ 7.57      $ 12.86   
Income (loss) from investment operations:                                         
Net investment income2      .12        .22        .30        .20        .19   
Net realized and unrealized gain (loss)     

1.90

  

   

(1.69



   

1.93

  

   

3.49

  

   

(5.05



Total from investment operations      2.02        (1.47     2.23        3.69        (4.86
Dividends and/or distributions to shareholders:                                         
Dividends from net investment income      (.21     (.26     (.24     (.22       
Distributions from net realized gain     



 

   



 

   



 

   



 

   

(.43



Total dividends and/or distributions to shareholders      (.21     (.26     (.24     (.22     (.43
Net asset value, end of period    $

13.11

  

  $

11.30

  

  $

13.03

  

  $

11.04

  

  $

7.57

  

Total Return, at Net Asset Value3      18.06     (11.09 )%      20.31     48.79     (37.65 )% 
                                          
Ratios/Supplemental Data                               
Net assets, end of period (in thousands)      $1,344,557        $1,153,159        $1,251,013        $910,248        $514,535   
Average net assets (in thousands)      $1,163,778        $1,116,268        $1,016,021        $744,582        $738,073   
Ratios to average net assets:4,5                                         
Net investment income      1.05     1.99     2.56     2.02     2.03
Total expenses6      0.68     0.68     0.67     0.68     0.60
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses      0.67     0.68     0.67     0.68     0.57
Portfolio turnover rate      9 %       13 %       5 %       9 %       34 %  

1. April 29, 2011 represents the last business day of the Fund’s 2011 fiscal year.

2. Per share amounts calculated based on the average shares outstanding during the period.

3. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated expenses and/or net investment income from Oppenheimer Master International Value Fund, LLC.

6. Total expenses including indirect expenses from affiliated funds were as follows:

Year Ended April 30, 2013      1.40
Year Ended April 30, 2012      1.37
Year Ended April 29, 2011      1.34
Year Ended April 30, 2010      1.40
Year Ended April 30, 2009      1.42

See accompanying Notes to Financial Statements.

 

OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND     17   


FINANCIAL HIGHLIGHTS    Continued

 

    Year Ended
April 30,
    Year Ended
April 30,
    Year Ended
April 29,
    Year Ended
April 30,
    Year Ended
April 30,
 
Class B   2013     2012     20111     2010     2009  
                                         
Per Share Operating Data                              
Net asset value, beginning of period   $ 11.06      $ 12.73      $ 10.80      $ 7.42      $ 12.73   
Income (loss) from investment operations:                                        
Net investment income2     .02        .11        .18        .11        .11   
Net realized and unrealized gain (loss)    

1.86

  

   

(1.64



   

1.89

  

   

3.41

  

   

(4.99



Total from investment operations     1.88        (1.53     2.07        3.52        (4.88
Dividends and/or distributions to shareholders:                                        
Dividends from net investment income     (.09     (.14     (.14     (.14       
Distributions from net realized gain    



  

   



  

   



  

   



  

   

(.43



Total dividends and/or distributions to shareholders     (.09     (.14     (.14     (.14     (.43
Net asset value, end of period   $

12.85

  

  $

11.06

  

  $

12.73

  

  $

10.80

  

  $

7.42

  

Total Return, at Net Asset Value3     17.07     (11.87 )%      19.24     47.52     (38.19 )% 
                                         
Ratios/Supplemental Data                              
Net assets, end of period (in thousands)     $82,632        $104,293        $140,225        $120,338        $  81,764   
Average net assets (in thousands)     $88,638        $115,004        $123,708        $108,398        $112,481   
Ratios to average net assets:4,5                                        
Net investment income     0.15     1.04     1.63     1.13     1.18
Total expenses6     1.69     1.68     1.66     1.70     1.56
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses     1.57     1.57     1.57     1.54     1.43
Portfolio turnover rate     9 %       13 %       5 %       9 %       34 %  

1. April 29, 2011 represents the last business day of the Fund’s 2011 fiscal year.

2. Per share amounts calculated based on the average shares outstanding during the period.

3. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated expenses and/or net investment income from Oppenheimer Master International Value Fund, LLC.

6. Total expenses including indirect expenses from affiliated funds were as follows:

Year Ended April 30, 2013      2.41
Year Ended April 30, 2012      2.37
Year Ended April 29, 2011      2.33
Year Ended April 30, 2010      2.42
Year Ended April 30, 2009      2.38

See accompanying Notes to Financial Statements.

 

18   OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND


    Year Ended
April 30,
    Year Ended
April 30,
    Year Ended
April 29,
    Year Ended
April 30,
    Year Ended
April 30,
 
Class C   2013     2012     20111     2010     2009  
                                         
Per Share Operating Data                              
Net asset value, beginning of period   $ 11.08      $ 12.75      $ 10.83      $ 7.44      $ 12.74   
Income (loss) from investment operations:                                        
Net investment income2     .04        .13        .20        .12        .11   
Net realized and unrealized gain (loss)    

1.86

  

   

(1.64



   

1.88

  

   

3.42

  

   

(4.98



Total from investment operations     1.90        (1.51     2.08        3.54        (4.87
Dividends and/or distributions to shareholders:                                        
Dividends from net investment income     (.13     (.16     (.16     (.15       
Distributions from net realized gain    



 

   



 

   



 

   



 

   

(.43



Total dividends and/or distributions to shareholders     (.13     (.16     (.16     (.15     (.43
Net asset value, end of period   $

12.85

  

  $

11.08

  

  $

12.75

  

  $

10.83

  

  $

7.44

  

Total Return, at Net Asset Value3     17.20     (11.70 )%      19.25     47.65     (38.09 )% 
                                         
Ratios/Supplemental Data                              
Net assets, end of period (in thousands)     $409,450        $370,541        $468,816        $383,642        $240,961   
Average net assets (in thousands)     $362,107        $389,384        $400,491        $330,282        $343,343   
Ratios to average net assets:4,5                                        
Net investment income     0.31     1.16     1.76     1.22     1.25
Total expenses6     1.43     1.45     1.43     1.44     1.35
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses     1.42     1.45     1.43     1.44     1.33
Portfolio turnover rate     9 %       13 %       5 %       9 %       34 %  

1. April 29, 2011 represents the last business day of the Fund’s 2011 fiscal year.

2. Per share amounts calculated based on the average shares outstanding during the period.

3. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated expenses and/or net investment income from Oppenheimer Master International Value Fund, LLC.

6. Total expenses including indirect expenses from affiliated funds were as follows:

Year Ended April 30, 2013      2.15
Year Ended April 30, 2012      2.14
Year Ended April 29, 2011      2.10
Year Ended April 30, 2010      2.16
Year Ended April 30, 2009      2.17

See accompanying Notes to Financial Statements.

 

OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND     19   


FINANCIAL HIGHLIGHTS    Continued

 

Class I   Period Ended
April 30,
20131
 
         
Per Share Operating Data      
Net asset value, beginning of period     $11.25   
Income (loss) from investment operations:        
Net investment income2     .05   
Net realized and unrealized gain     2.21   
   


Total from investment operations     2.26   
Dividends and/or distributions to shareholders:        
Dividends from net investment income     (.27
Distributions from net realized gain      
   


Total dividends and/or distributions to shareholders     (.27
Net asset value, end of period     $13.24   
   


         
Total Return, at Net Asset Value3     20.33
         
Ratios/Supplemental Data      
Net assets, end of period (in thousands)     $10,196   
Average net assets (in thousands)     $  4,967   
Ratios to average net assets:4,5        
Net investment income     0.59
Total expenses6     0.27
Expenses after payments, waivers and/or reimbursements and reduction to
custodian expenses
    0.26
Portfolio turnover rate     9

1. For the period from August 28, 2012 (inception of offering) to April 30, 2013. See Note 1 of the accompanying Notes.

2. Per share amounts calculated based on the average shares outstanding during the period.

3. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated expenses and/or net investment income from Oppenheimer Master International Value Fund, LLC.

6. Total expenses including indirect expenses from affiliated funds were as follows:

Period Ended April 30, 2013      0.99

See accompanying Notes to Financial Statements.

 

20   OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND


    Year Ended
April 30,
    Year Ended
April 30,
    Year Ended
April 29,
    Year Ended
April 30,
    Year Ended
April 30,
 
Class N   2013     2012     20111     2010     2009  
                                         
Per Share Operating Data                              
Net asset value, beginning of period   $ 11.19      $ 12.89      $ 10.94      $ 7.51      $ 12.81   
Income (loss) from investment operations:                                        
Net investment income2     .09        .19        .25        .17        .17   
Net realized and unrealized gain (loss)    

1.87

  

   

(1.67



   

1.90

  

   

3.46

  

   

(5.04



Total from investment operations     1.96        (1.48     2.15        3.63        (4.87
Dividends and/or distributions to shareholders:                                        
Dividends from net investment income     (.18     (.22     (.20     (.20       
Distributions from net realized gain    



 

   



 

   



 

   



 

   

(.43



Total dividends and/or distributions to shareholders     (.18     (.22     (.20     (.20     (.43
Net asset value, end of period   $

12.97

  

  $

11.19

  

  $

12.89

  

  $

10.94

  

  $

7.51

  

Total Return, at Net Asset Value3     17.64     (11.28 )%      19.81     48.39     (37.87 )% 
                                         
Ratios/Supplemental Data                              
Net assets, end of period (in thousands)     $140,798        $116,120        $122,550        $91,748        $47,209   
Average net assets (in thousands)     $119,129        $111,079        $101,565        $71,007        $54,203   
Ratios to average net assets:4,5                                        
Net investment income     0.76     1.67     2.20     1.72     1.89
Total expenses6     1.01     1.00     1.04     1.02     0.97
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses     1.00     1.00     1.03     0.98     0.88
Portfolio turnover rate     9 %       13 %       5 %       9 %       34 %  

1. April 29, 2011 represents the last business day of the Fund’s 2011 fiscal year.

2. Per share amounts calculated based on the average shares outstanding during the period.

3. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated expenses and/or net investment income from Oppenheimer Master International Value Fund, LLC.

6. Total expenses including indirect expenses from affiliated funds were as follows:

Year Ended April 30, 2013      1.73
Year Ended April 30, 2012      1.69
Year Ended April 29, 2011      1.71
Year Ended April 30, 2010      1.74
Year Ended April 30, 2009      1.79

See accompanying Notes to Financial Statements.

 

OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND     21   


FINANCIAL HIGHLIGHTS    Continued

 

    Year Ended
April 30,
    Year Ended
April 30,
    Year Ended
April 29,
    Year Ended
April 30,
    Year Ended
April 30,
 
Class Y   2013     2012     20111     2010     2009  
                                         
Per Share Operating Data                              
Net asset value, beginning of period   $ 11.42      $ 13.16      $ 11.16      $ 7.65      $ 12.93   
Income (loss) from investment operations:                                        
Net investment income2     .16        .24        .35        .25        .24   
Net realized and unrealized gain (loss)    

1.91

  

   

(1.70



   

1.93

  

   

3.51

  

   

(5.09



Total from investment operations     2.07        (1.46     2.28        3.76        (4.85
Dividends and/or distributions to shareholders:                                        
Dividends from net investment income     (.24     (.28     (.28     (.25       
Distributions from net realized gain    



  

   



  

   



  

   



  

   

(.43



Total dividends and/or distributions to shareholders     (.24     (.28     (.28     (.25     (.43
Net asset value, end of period   $

13.25

  

  $

11.42

  

  $

13.16

  

  $

11.16

  

  $

7.65

  

Total Return, at Net Asset Value3     18.31     (10.85 )%      20.56     49.32     (37.36 )% 
                                         
Ratios/Supplemental Data                              
Net assets, end of period (in thousands)     $308,400        $214,653        $209,099        $78,793        $21,871   
Average net assets (in thousands)     $246,307        $192,114        $122,708        $46,070        $24,956   
Ratios to average net assets:4,5                                        
Net investment income     1.36     2.13     2.98     2.41     2.65
Total expenses6     0.44     0.49     0.42     0.29     0.22
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses     0.43     0.49     0.40     0.29     0.21
Portfolio turnover rate     9 %       13 %       5 %       9 %       34 %  

1. April 29, 2011 represents the last business day of the Fund’s 2011 fiscal year.

2. Per share amounts calculated based on the average shares outstanding during the period.

3. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

4. Annualized for periods less than one full year.

5. Includes the Fund’s share of the allocated expenses and/or net investment income from Oppenheimer Master International Value Fund, LLC.

6. Total expenses including indirect expenses from affiliated funds were as follows:

Year Ended April 30, 2013      1.16
Year Ended April 30, 2012      1.18
Year Ended April 29, 2011      1.09
Year Ended April 30, 2010      1.01
Year Ended April 30, 2009      1.04

See accompanying Notes to Financial Statements.

 

22   OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND


NOTES TO FINANCIAL STATEMENTS

 


 

1. Significant Accounting Policies

Oppenheimer International Diversified Fund (the “Fund”) is registered under the Investment Company Act of 1940, as amended, as a diversified open-end management investment company. The Fund’s investment objective is to seek high total return through both capital appreciation and income. The Fund’s investment adviser was OppenheimerFunds, Inc. (“OFI” or the “Sub-Adviser”), through December 31, 2012. Effective January 1, 2013, the Fund’s investment adviser is OFI Global Asset Management, Inc. (“OFI Global” or the “Manager”), a wholly-owned subsidiary of OFI. The Manager has entered into a sub-advisory agreement with OFI, as of the same effective date.

The Fund offers Class A, Class C, Class I, Class N and Class Y shares, and previously offered Class B shares for new purchase through June 29, 2012. Subsequent to that date, no new purchases of Class B shares are permitted, however reinvestment of dividend and/or capital gain distributions and exchanges of Class B shares into and from other Oppenheimer funds will be allowed. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class C and Class N shares are sold, and Class B shares were sold, without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class N shares are sold only through retirement plans. Retirement plans that offer Class N shares may impose charges on those accounts. Class I and Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class I and Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B, C and N shares have separate distribution and/or service plans under which they pay fees. Class I and Class Y shares do not pay such fees. Class B shares will automatically convert to Class A shares 72 months after the date of purchase. Class I shares were first publicly offered on August 28, 2012.

The following is a summary of significant accounting policies consistently followed by the Fund.

 


Risks of Investing in the Underlying Funds. Each of the Underlying Funds in which the Fund invests has its own investment risks, and those risks can affect the value of the Fund’s investments and therefore the value of the Fund’s shares. To the extent that the Fund invests more of its assets in one Underlying Fund than in another, the Fund will have greater exposure to the risks of that Underlying Fund.

 


Investment in Oppenheimer Institutional Money Market Fund. The Fund is permitted to invest daily available cash balances in an affiliated money market fund. The Fund may invest the available cash in Class E shares of Oppenheimer Institutional Money Market Fund (“IMMF”) to seek current income while preserving liquidity. IMMF is a registered open-end management investment company, regulated as a money market fund under

 

OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND     23   


NOTES TO FINANCIAL STATEMENTS    Continued

 


 

1. Significant Accounting Policies Continued

 

the Investment Company Act of 1940, as amended. The Manager is the investment adviser of IMMF, and the Sub-Adviser provides investment and related advisory services to IMMF. When applicable, the Fund’s investment in IMMF is included in the Statement of Investments. Shares of IMMF are valued at their net asset value per share. As a shareholder, the Fund is subject to its proportional share of IMMF’s Class E expenses, including its management fee.

 


Investment in Oppenheimer Master Fund. The Fund is permitted to invest in entities sponsored and/or advised by the Manager or an affiliate. Certain of these entities in which the Fund invests are mutual funds registered under the Investment Company Act of 1940 that expect to be treated as partnerships for tax purposes, specifically Oppenheimer Master International Value Fund, LLC (the “Master Fund”). The Master Fund has its own investment risks, and those risks can affect the value of the Fund’s investments and therefore the value of the Fund’s shares. To the extent that the Fund invests more of its assets in one Master Fund than in another, the Fund will have greater exposure to the risks of that Master Fund.

The investment objective of the Master Fund is to seek long-term capital appreciation by investing in common stocks of foreign companies that the Manager believes are undervalued. The Fund’s investment in the Master Fund is included in the Statement of Investments. The Fund recognizes income and gain (loss) on its investment in the Master Fund according to its allocated pro-rata share, based on its relative proportion of total outstanding Master Fund shares held, of the total net income earned and the net gain (loss) realized on investments sold by the Master Fund. As a shareholder, the Fund is subject to its proportional share of the Master Fund’s expenses, including its management fee.

 


Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

 


Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remain open for the three preceding fiscal reporting period ends.

The tax components of capital shown in the following table represent distribution requirements the Fund must satisfy under the income tax regulations, losses the Fund may be able to offset against income and gains realized in future years and unrealized appreciation or depreciation of securities and other investments for federal income tax purposes.

 

24   OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND


Undistributed
Net Investment
Income
   Undistributed
Long-Term
Gain
     Accumulated
Loss
Carryforward1,2,3
     Net Unrealized
Appreciation
Based on Cost of
Securities and  Other
Investments for Federal
Income Tax Purposes
 
$19,605,611    $       $ 499,963,742       $ 426,337,485   

1. As of April 30, 2013, the Fund had $499,963,742 of net capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. Details of the capital loss carryforwards are included in the table below. Capital loss carryovers with no expiration, if any, must be utilized prior to those with expiration dates.

 

Expiring         
2017      $ 119,567,079   
2018        315,770,085   
No expiration        64,626,578   
      


Total      $ 499,963,742   
      


2. During the fiscal year ended April 30, 2013, the Fund utilized $38,833,115 of capital loss carryforward to offset capital gains realized in that fiscal year.

3. During the fiscal year ended April 30, 2012, the Fund did not utilize any capital loss carryforward.

Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

Accordingly, the following amounts have been reclassified for April 30, 2013. Net assets of the Fund were unaffected by the reclassifications.

 

Increase to
Paid-in Capital
     Reduction
to Accumulated
Net Investment
Income 
 
$500,146      $ 500,146   

The tax character of distributions paid during the years ended April 30, 2013 and April 30, 2012 was as follows:

 

       Year Ended
April 30, 2013
       Year Ended
April 30, 2012
 
Distributions paid from:                      
Ordinary income      $ 31,751,490         $ 39,303,288   

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of April 30, 2013 are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.

 

OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND     25   


NOTES TO FINANCIAL STATEMENTS    Continued

 


 

1. Significant Accounting Policies Continued

 

 

 

Federal tax cost of securities      $ 1,867,259,178   
      


Gross unrealized appreciation      $ 488,348,826   
Gross unrealized depreciation        (62,011,341
      


Net unrealized appreciation      $ 426,337,485   
      


Certain foreign countries impose a tax on capital gains which is accrued by the Fund based on unrealized appreciation, if any, on affected securities. The tax is paid when the gain is realized.

 


Trustees’ Compensation. The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s independent trustees. Benefits are based on years of service and fees paid to each trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active independent trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan. During the year ended April 30, 2013, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:

 

Projected Benefit Obligations Increased      $ 12,331   
Payments Made to Retired Trustees        8,740   
Accumulated Liability as of April 30, 2013        64,456   

The Board of Trustees has adopted a compensation deferral plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of trustees’ fees under the plan will not affect the net assets of the Fund, and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

 


Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles, are recorded on the ex-dividend date. Income and capital gain distributions, if any, are declared and paid annually or at other times as deemed necessary by the Manager.

 


Investment Income. Dividend distributions received from the Underlying Funds are recorded on the ex-dividend date. Upon receipt of notification from an Underlying Fund,

 

26   OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND


and subsequent to the ex-dividend date, some of the dividend income originally recorded by the Fund may be reclassified as a tax return of capital by reducing the cost basis of the Underlying Fund and/or increasing the realized gain on sales of investments in the Underlying Fund.

 


Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdraft at a rate equal to the 1 Month LIBOR Rate plus 2.00%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

 


Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

 


Indemnifications. The Fund’s organizational documents provide current and former trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

 


Other. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

 


2. Securities Valuation

The Fund calculates the net asset value of its shares based upon the net asset value of the applicable Underlying Fund. For each Underlying Fund, the net asset value per share for a class of shares is determined as of the close of the New York Stock Exchange (the “Exchange”), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading by dividing the value of the Underlying Fund’s net assets attributable to that class by the number of outstanding shares of that class on that day.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a “fair valuation” for any security for which market quotations

 

OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND     27   


NOTES TO FINANCIAL STATEMENTS    Continued

 


 

2. Securities Valuation Continued

 

are not “readily available.” The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

Valuations Methods and Inputs

To determine their net asset values, the Underlying Funds’ assets are valued primarily on the basis of current market quotations as generally supplied by third party portfolio pricing services or by dealers. Such market quotations are typically based on unadjusted quoted prices in active markets for identical securities or other observable market inputs.

The net asset value per share of the Subsidiary is determined as of the close of the Exchange, on each day the Exchange is open for trading. The net asset value per share is determined by dividing the value of the Subsidiary’s net assets by the number of shares that are outstanding. The Subsidiary values its investments in the same manner as the Fund as described above.

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those Underlying Funds.

To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs are used

 

28   OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND


in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

 

1)   Level 1—unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)
2)   Level 2—inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)
3)   Level 3—significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The Fund classifies each of its investments in those Underlying Funds which are publicly offered and reported on an exchange as Level 1, and those Underlying Funds which are not publicly offered as Level 2, without consideration as to the classification level of the specific investments held by the Underlying Funds.

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of April 30, 2013 based on valuation input level:

 

     Level 1—
Unadjusted
Quoted Prices
   Level 2—
Other Significant
Observable Inputs
   Level 3—
Significant
Unobservable
Inputs
   Value
Assets Table                                            
Investments, at Value:                                            
Investment Companies      $ 1,843,160,840        $ 450,435,823        $        $ 2,293,596,663  
      


Total Assets      $ 1,843,160,840        $ 450,435,823        $        $ 2,293,596,663  
      


Currency contracts and forwards, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

 

OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND     29   


NOTES TO FINANCIAL STATEMENTS    Continued

 

 


3. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:

 

     Year Ended April 30, 20131      Year Ended April 30, 2012  
     Shares      Amount      Shares      Amount  
Class A                                    
Sold      26,997,419       $ 318,082,188         32,413,062       $ 363,447,167   
Dividends and/or
distributions reinvested
     1,556,257         18,768,420         2,307,102         23,440,081   
Redeemed      (28,033,371      (323,798,269      (28,726,404      (318,989,900
    


Net increase      520,305       $ 13,052,339         5,993,760       $ 67,897,348   
    


                                     
Class B                                    
Sold      360,409       $ 4,008,136         1,535,604       $ 17,180,749   
Dividends and/or
distributions reinvested
     54,216         642,461         141,148         1,407,220   
Redeemed      (3,409,591      (38,712,977      (3,267,211      (36,011,556
    


Net decrease      (2,994,966    $ (34,062,380      (1,590,459    $ (17,423,587
    


                                     
Class C                                    
Sold      5,551,544       $ 64,810,332         6,032,076       $ 66,690,656   
Dividends and/or
distributions reinvested
     292,628         3,464,709         494,290         4,933,012   
Redeemed      (7,412,441      (83,645,751      (9,842,528      (107,503,724
    


Net decrease      (1,568,269    $ (15,370,710      (3,316,162    $ (35,880,056
    


                                     
Class I                                    
Sold      806,100       $ 10,073,299               $   
Dividends and/or
distributions reinvested
     15,604         189,748                   
Redeemed      (51,496      (645,050                
    


Net increase      770,208       $ 9,617,997               $   
    


                                     
Class N                                    
Sold      4,013,220       $ 46,964,377         4,202,048       $ 46,598,904   
Dividends and/or
distributions reinvested
     142,970         1,707,058         197,341         1,985,249   
Redeemed      (3,678,438      (42,320,919      (3,523,033      (39,226,883
    


Net increase      477,752       $ 6,350,516         876,356       $ 9,357,270   
    


                                     
Class Y                                    
Sold      13,812,275       $ 164,126,360         10,192,672       $ 115,650,090   
Dividends and/or
distributions reinvested
     368,152         4,484,098         395,855         4,061,474   
Redeemed      (9,702,981      (115,398,731      (7,676,914      (86,863,678
    


Net increase      4,477,446       $ 53,211,727         2,911,613       $ 32,847,886   
    


1. For the year ended April 30, 2013 for Class A, Class B, Class C, Class N and Class Y shares, and for the period from August 28, 2012 (inception of offering) to April 30, 2013 for Class I shares.

 

30   OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND



4. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations and investments in IMMF, for the year ended April 30, 2013, were as follows:

 

       Purchases        Sales  
Investment securities      $ 188,454,653         $ 176,033,246   

 


5. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Manager does not charge a management fee, but rather collects indirect management fees from the Fund’s investments in the Underlying Funds. The weighted indirect management fees collected from the Fund’s investment in the Underlying Funds, as a percent of average daily net assets of the Fund for the year ended April 30, 2013 was 0.72%. This amount is gross of any waivers or reimbursements of management fees implemented at the Underlying Fund level.

 


Sub-Adviser Fees. The Manager has retained the Sub-Adviser to provide the day-to-day portfolio management of the Fund. Under the Sub-Advisory Agreement, the Manager pays the Sub-Adviser an annual fee in monthly installments, equal to a percentage of the investment management fee collected by the Manager from the Fund, which shall be calculated after any investment management fee waivers. The fee paid to the Sub-Adviser is paid by the Manager, not by the Fund.

 


Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of OFI, acted as the transfer and shareholder servicing agent for the Fund through December 31, 2012. Effective January 1, 2013, OFI Global (the “Transfer Agent”) serves as the transfer and shareholder servicing agent for the Fund. The Fund pays the Transfer Agent a per account fee.

Additionally, Class Y shares are subject to minimum fees of $10,000 annually for assets of $10 million or more. The Class Y shares are subject to the minimum fees in the event that the per account fee does not equal or exceed the applicable minimum fees. The Transfer Agent may voluntarily waive the minimum fees.

 


Sub-Transfer Agent Fees. Effective January 1, 2013, the Transfer Agent has retained Shareholder Services, Inc., a wholly-owned subsidiary of OFI, (the “Sub-Transfer Agent”) to provide the day-to-day transfer agent and shareholder servicing of the Fund. Under the Sub-Transfer Agency Agreement, the Transfer Agent pays the Sub-Transfer Agent an annual fee in monthly installments, equal to a percentage of the transfer agent fee collected by the Transfer Agent from the Fund, which shall be calculated after any applicable fee waivers. The fee paid to the Sub-Transfer Agent is paid by the Transfer Agent, not by the Fund.

 


Distribution and Service Plan (12b-1) Fees. Under its General Distributor’s Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the “Distributor”) acts as the Fund’s principal underwriter in the continuous public offering of the Fund’s classes of shares.

 

OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND     31   


NOTES TO FINANCIAL STATEMENTS    Continued

 


 

5. Fees and Other Transactions with Affiliates Continued

 

Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares under Rule 12b-1 of the Investment Company Act of 1940. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.25% of the daily net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

 


Distribution and Service Plans for Class B, Class C and Class N Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B, Class C and Class N shares under Rule 12b-1 of the Investment Company Act of 1940 to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and Class C shares daily net assets and 0.25% on Class N shares daily net assets. The Distributor also receives a service fee of 0.25% per year under each plan. If either the Class B, Class C or Class N plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations. The Distributor determines its uncompensated expenses under the Plans at calendar quarter ends. The Distributor’s aggregate uncompensated expenses under the Plans at March 31, 2013 were as follows:

 

Class B      $ 296,007   
Class C        5,230,739   
Class N        1,449,983   

 


Sales Charges. Front-end sales charges and contingent deferred sales charges (“CDSC”) do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the following table for the period indicated.

 

Year Ended   

Class A

Front-End
Sales Charges
Retained by
Distributor

     Class A
Contingent
Deferred
Sales Charges
Retained by
Distributor
    

Class B

Contingent
Deferred
Sales Charges
Retained by
Distributor

     Class C
Contingent
Deferred
Sales Charges
Retained by
Distributor
     Class N
Contingent
Deferred
Sales Charges
Retained by
Distributor
 
April 30, 2013    $ 428,489       $ 1,673       $ 130,467       $ 21,296       $ 1,001   

 

32   OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND



Waivers and Reimbursements of Expenses. The Transfer Agent has voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class.

During the year ended April 30, 2013, the Transfer Agent waived transfer and shareholder servicing agent fees as follows:

 

Class B      $

 

103,996

 

  

 

During the year ended April 30, 2013, the Transfer Agent voluntarily waived $166,889 of fees.

Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein.

 


6. Pending Litigation

Since 2009, a number of class action lawsuits have been pending in federal courts against OppenheimerFunds, Inc. (“OFI”), OppenheimerFunds Distributor, Inc., the Fund’s principal underwriter and distributor (the “Distributor”), and certain funds (but not including the Fund) advised by the Manager and distributed by the Distributor (the “Defendant Funds”). Several of these lawsuits also name as defendants certain officers and current and former trustees of the respective Defendant Funds. The lawsuits raise claims under federal securities law and allege, among other things, that the disclosure documents of the respective Defendant Funds contained misrepresentations and omissions and that the respective Defendant Funds’ investment policies were not followed. The plaintiffs in these actions seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. The Defendant Funds’ Boards of Trustees have also engaged counsel to represent the Funds and the present and former Independent Trustees named in those suits.

Other class action and individual lawsuits have been filed since 2008 in various state and federal courts against OFI and certain of its affiliates by investors seeking to recover investments they allegedly lost as a result of the “Ponzi” scheme run by Bernard L. Madoff and his firm, Bernard L. Madoff Investment Securities, LLC (“BLMIS”). Plaintiffs in these suits allege that they suffered losses as a result of their investments in several funds managed by an affiliate of OFI and assert a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and awards of attorneys’ fees and litigation expenses. Neither the Distributor, nor any of the Oppenheimer mutual funds, their independent trustees or directors are named as defendants in these lawsuits. None of the Oppenheimer mutual funds invested in any funds or accounts managed by Madoff or BLMIS. On February 28, 2011, a stipulation of partial settlement of three groups of consolidated putative class action lawsuits relating to these matters was filed in the U.S. District Court for the Southern District of New York. On August 19, 2011, the court entered an order and final judgment approving the settlement as fair, reasonable and adequate. In September 2011, certain parties filed notices of appeal

 

OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND     33   


NOTES TO FINANCIAL STATEMENTS    Continued

 


 

6. Pending Litigation Continued

 

from the court’s order approving the settlement. The settlement does not resolve other outstanding lawsuits against OFI and its affiliates relating to BLMIS.

On April 16, 2010, a lawsuit was filed in New York state court against (i) OFI, (ii) an affiliate of OFI and (iii) AAArdvark IV Funding Limited (“AAArdvark IV”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark IV. Plaintiffs allege breach of contract and common law fraud claims against the defendants and seek compensatory damages, costs and disbursements, including attorney fees. On April 11, 2013, the court granted defendants’ motion for summary judgment, dismissing plaintiffs’ fraud claim with prejudice and dismissing their contract claim without prejudice, and granted plaintiffs leave to replead their contract claim to assert a cause of action for specific performance within 30 days. On May 9, 2013, plaintiffs filed a notice of appeal from the court’s dismissal order. On July 15, 2011, a lawsuit was filed in New York state court against OFI, an affiliate of OFI and AAArdvark Funding Limited (“AAArdvark I”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark I. The complaint alleges breach of contract and common law fraud claims against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees. On November 9, 2011, a lawsuit was filed in New York state court against OFI, an affiliate of OFI and AAArdvark XS Funding Limited (“AAArdvark XS”), an entity advised by OFI’s affiliate, in connection with investments made by the plaintiffs in AAArdvark XS. The complaint alleges breach of contract against the defendants and seeks compensatory damages, costs and disbursements, including attorney fees.

OFI believes the lawsuits and appeals described above are without legal merit and, with the exception of actions it has settled, is defending against them vigorously. While it is premature to render any opinion as to the outcome in these lawsuits, or whether any costs that the Defendant Funds may bear in defending the suits might not be reimbursed by insurance, OFI believes that these suits should not impair the ability of OFI or the Distributor to perform their respective duties to the Fund, and that the outcome of all of the suits together should not have any material effect on the operations of any of the Oppenheimer mutual funds.

 

34   OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 


 

The Board of Trustees and Shareholders of Oppenheimer International Diversified Fund:

We have audited the accompanying statement of assets and liabilities of Oppenheimer International Diversified Fund, including the statement of investments, as of April 30, 2013, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2013, by correspondence with the transfer agent of the underlying funds. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer International Diversified Fund as of April 30, 2013, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG LLP

Denver, Colorado

June 17, 2013

 

OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND     35   


FEDERAL INCOME TAX INFORMATION    Unaudited

 


 

In early 2013, if applicable, shareholders of record received information regarding all dividends and distributions paid to them by the Fund during calendar year 2012.

Dividends, if any, paid by the Fund during the fiscal year ended April 30, 2013 which are not designated as capital gain distributions should be multiplied by the maximum amount allowable but not less than 0.15% to arrive at the amount eligible for the corporate dividend-received deduction.

A portion, if any, of the dividends paid by the Fund during the fiscal year ended April 30, 2013 which are not designated as capital gain distributions are eligible for lower individual income tax rates to the extent that the Fund has received qualified dividend income as stipulated by recent tax legislation. The maximum amount allowable but not less than $19,384,595 of the Fund’s fiscal year taxable income may be eligible for the lower individual income tax rates. In early 2013, shareholders of record received information regarding the percentage of distributions that are eligible for lower individual income tax rates.

Recent tax legislation allows a regulated investment company to designate distributions not designated as capital gain distributions, as either interest related dividends or short-term capital gain dividends, both of which are exempt from the U.S. withholding tax applicable to non U.S. taxpayers. For the fiscal year ended April 30, 2013, the maximum amount allowable but not less than $304,053 of the ordinary distributions to be paid by the Fund qualifies as an interest related dividend.

The Fund has elected the application of Section 853 of the Internal Revenue Code to permit shareholders to take a federal income tax credit or deduction, at their option, on a per share basis. The maximum amount allowable but not less than $3,391,819 of foreign income taxes were paid by the Fund during the fiscal year ended April 30, 2013. A separate notice will be mailed to each shareholder, which will reflect the proportionate share of such foreign taxes which must be treated by shareholders as gross income for federal income tax purposes.

Gross income of the maximum amount allowable but not less than $30,509,063 was derived from sources within foreign countries or possessions of the United States.

The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance.

 

36   OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND


PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES;

UPDATES TO STATEMENTS OF INVESTMENTS    Unaudited

 


 

The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), (ii) on the Fund’s website at oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.CALL OPP (225.5677), and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at www.sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Householding—Delivery of Shareholder Documents

This is to inform you about OppenheimerFunds’ “householding” policy. If more than one member of your household maintains an account in a particular fund, OppenheimerFunds will mail only one copy of the fund’s prospectus (or, if available, the fund’s summary prospectus), annual and semiannual report and privacy policy. The consolidation of these mailings, called householding, benefits your fund through reduced mailing expense, and benefits you by reducing the volume of mail you receive from OppenheimerFunds. Householding does not affect the delivery of your account statements.

Please note that we will continue to household these mailings for as long as you remain an OppenheimerFunds shareholder, unless you request otherwise. If you prefer to receive multiple copies of these materials, please call us at 1.800.CALL-OPP (225-5677). You may also notify us in writing or via email. We will begin sending you individual copies of the prospectus (or, if available, the summary prospectus), reports and privacy policy within 30 days of receiving your request to stop householding.

 

OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND     37   


TRUSTEES AND OFFICERS    Unaudited

 

Name, Position(s) Held with the Fund, Length of Service, Age   Principal Occupation(s) During the Past 5 Years; Other Trusteeships/Directorships Held; Number of Portfolios in the Fund Complex Currently Overseen
INDEPENDENT TRUSTEES   The address of each Trustee in the chart below is 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Trustee serves for an indefinite term, or until his or her resignation, retirement, death or removal.

Brian F. Wruble,

Chairman of the Board of Trustees (since 2007),
Trustee (since 2005)

Year of Birth: 1943

  Director of Community Foundation of the Florida Keys (non-profit) (since July 2012); Chairman Emeritus and Non-Voting Trustee of The Jackson Laboratory (non-profit) (since August 2011); Director of Special Value Opportunities Fund, LLC (registered investment company) (affiliate of the Sub-Adviser’s parent company) (since September 2004); Member of Zurich Insurance Advisory Council (insurance) (since 2004); Treasurer (since 2007) and Trustee of the Institute for Advanced Study (non-profit educational institute) (since May 1992); Chairman (August 2007-August 2011) and Trustee (since August 1991) of the Board of Trustees of The Jackson Laboratory (non-profit); General Partner of Odyssey Partners, L.P. (hedge fund) (September 1995-December 2007); Special Limited Partner of Odyssey Investment Partners, LLC (private equity investment) (January 1999-September 2004). Oversees 50 portfolios in the OppenheimerFunds complex. Mr. Wruble has served on the Boards of certain Oppenheimer funds since April 2001, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

David K. Downes,

Trustee (since 2007)

Year of Birth: 1940

  Director of THL Credit Inc. (since June 2009); Independent Chairman GSK Employee Benefit Trust (since April 2006); Trustee of Employee Trusts (since January 2006); Chief Executive Officer and Board Member of Community Capital Management (investment management company) (since January 2004); President of The Community Reinvestment Act Qualified Investment Fund (investment management company) (since 2004); Director of Internet Capital Group (information technology company) (since October 2003); Director of Correctnet (January 2006-2007); Independent Chairman of the Board of Trustees of Quaker Investment Trust (registered investment company) (2004-2007); Chief Operating Officer and Chief Financial Officer of Lincoln National Investment Companies, Inc. (subsidiary of Lincoln National Corporation, a publicly traded company) and Delaware Investments U.S., Inc. (investment management subsidiary of Lincoln National Corporation) (1993-2003); President, Chief Executive Officer and Trustee of Delaware Investment Family of Funds (1993-2003); President and Board Member of Lincoln National Convertible Securities Funds, Inc. and the Lincoln National Income Funds, TDC (1993-2003); Chairman and Chief Executive Officer of Retirement Financial Services, Inc. (registered transfer agent and investment adviser and subsidiary of Delaware Investments U.S., Inc.) (1993-2003); President and Chief Executive Officer of Delaware Service Company, Inc. (1995-2003); Chief Administrative Officer, Chief Financial Officer, Vice Chairman and Director of Equitable Capital Management Corporation (investment subsidiary of Equitable Life Assurance Society) (1985-1992); Corporate Controller of Merrill Lynch Company (financial services holding company) (1977-1985); held the following positions at the Colonial Penn Group, Inc. (insurance company): Corporate Budget Director (1974-1977), Assistant Treasurer (1972-1974) and Director of Corporate Taxes (1969-1972); held the following positions at Price Waterhouse Company (financial services firm): Tax Manager (1967-1969), Tax Senior (1965-1967) and Staff Accountant (1963-1965); United States Marine Corps (1957-1959). Oversees 50 portfolios in the OppenheimerFunds complex. Mr. Downes has served on the Boards of certain Oppenheimer funds since December 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

 

38   OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND


Matthew P. Fink,

Trustee (since 2005)

Year of Birth: 1941

  Trustee of the Committee for Economic Development (policy research foundation) (2005-2011); Director of ICI Education Foundation (education foundation) (October 1991-August 2006); President of the Investment Company Institute (trade association) (October 1991-June 2004); Director of ICI Mutual Insurance Company (insurance company) (October 1991-June 2004); Author of The Rise of Mutual Funds: An Insider’s View published by Oxford University Press (second edition 2010). Oversees 50 portfolios in the OppenheimerFunds complex. Mr. Fink has served on the Boards of certain Oppenheimer funds since January 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Edmund P. Giambastiani, Jr.,

Advisory Board Member

(since 2013)

Year of Birth: 1948

  Advisory Board Member of the Maxwell School of Citizenship and Public Affairs of Syracuse University (since April 2012); Director of Mercury Defense Systems Inc. (information technology) (August 2011-February 2013); Trustee of the U.S. Naval Academy Foundation (since November 2010); Advisory Board Member of the Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development center) (since May 2010); Director of The Boeing Company (aerospace and defense) (since October 2009); Trustee of MITRE Corporation (federally-funded research development center) (since September 2008); Independent Director of QinetiQ Group Plc (defense technology and security) (February 2008-August 2011); Director of Monster Worldwide, Inc. (on-line career services) (since January 2008, Lead Director since June 2011); Chairman of Alenia North America, Inc. (military and defense products) (January 2008-October 2009); Director of SRA International, Inc. (information technology and services) (January 2008-July 2011); President of Giambastiani Group LLC (national security and energy consulting) (since October 2007); United States Navy, career nuclear submarine officer (June 1970-October 2007), Vice Chairman of the Joint Chiefs of Staff (2005-October 2007), NATO Supreme Allied Commander Transformation (2003-2005), Commander, U.S. Joint Forces Command (2002-2005). Since his retirement from the U.S. Navy in October 2007, Admiral Giambastiani has also served on numerous U.S. Government advisory boards, investigations and task forces for the Secretaries of Defense, State and Interior and the Central Intelligence Agency. Oversees 50 portfolios in the OppenheimerFunds complex as an Advisory Board Member/Trustee/Director. Admiral Giambastiani has served on the Boards of certain Oppenheimer funds since February 2013, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Phillip A. Griffiths,

Trustee (since 2005)

Year of Birth: 1938

  Fellow of the Carnegie Corporation (since 2007); Member of the National Academy of Sciences (since 1979); Council on Foreign Relations (since 2002); Foreign Associate of Third World Academy of Sciences (since 2002); Chair of Science Initiative Group (since 1999); Member of the American Philosophical Society (since 1996); Trustee of Woodward Academy (since 1983); Director of GSI Lumonics Inc. (precision technology products company) (2001-2010); Senior Advisor of The Andrew W. Mellon Foundation (2001-2010); Distinguished Presidential Fellow for International Affairs of the National Academy of Science (2002-2010); Director of the Institute for Advanced Study (1991-2004); Director of Bankers Trust New York Corporation (1994-1999); Provost at Duke University (1983-1991). Oversees 50 portfolios in the OppenheimerFunds complex. Mr. Griffiths has served on the Boards of certain Oppenheimer funds since June 1999, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

 

OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND     39   


TRUSTEES AND OFFICERS    Unaudited / Continued

 

Mary F. Miller,

Trustee (since 2005)

Year of Birth: 1942

  Trustee of International House (not-for-profit) (since June 2007); Trustee of the American Symphony Orchestra (not-for-profit) (October 1998-November 2011); and Senior Vice President and General Auditor of American Express Company (financial services company) (July 1998-February 2003). Oversees 50 portfolios in the OppenheimerFunds complex. Ms. Miller has served on the Boards of certain Oppenheimer funds since August 2004, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Joel W. Motley,

Trustee (since 2005)

Year of Birth: 1952

  Member of the Vestry of Trinity Wall Street (since April 2012); Director of Southern Africa Legal Services Foundation (since March 2012); Board Member of Pulitzer Center for Crisis Reporting (non-profit journalism) (since December 2010); Managing Director of Public Capital Advisors, LLC (privately-held financial advisor) (since January 2006); Managing Director of Carmona Motley, Inc. (privately-held financial advisor) (since January 2002); Director of Columbia Equity Financial Corp. (privately-held financial advisor) (2002-2007); Managing Director of Carmona Motley Hoffman Inc. (privately-held financial advisor) (January 1998-December 2001); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee and Board of Historic Hudson Valley. Oversees 50 portfolios in the OppenheimerFunds complex. Mr. Motley has served on the Boards of certain Oppenheimer funds since October 2002, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Joanne Pace,

Advisory Board Member (since 2012)

Year of Birth: 1952

  Board Director of Horizon Blue Cross Blue Shield of New Jersey (since November 2012); Advisory Board Director of The Alberleen Group LLC (since March, 2012); Advisory Board Director of The Agile Trading Group LLC (since March, 2012); Advisory Council Member of 100 Women in Hedge Funds (non-profit) (since December, 2012); Advisory Council Member of Morgan Stanley Children’s Hospital (non-profit) (since May, 2012); Board Director of The Komera Project (non-profit) (since April, 2012); New York Advisory Board Director of Peace First (non-profit) (since March, 2010); Senior Advisor of SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer of Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer of FrontPoint Partners, LLC (hedge fund) (2005-2006); held the following positions at Credit Suisse: Managing Director (2003-2005); Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004); held the following positions at Morgan Stanley: Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003); Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999). Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC of Oppenheimer Asset Management (2011-2012); Board Director of Managed Funds Association (2008-2010); Board Director of Morgan Stanley Foundation (2007-2010) and Investment Committee Chair (2008-2010). Ms. Pace has served on the Boards of certain Oppenheimer funds since 2012, during which time she has become familiar with the Funds (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations. Oversees 50 portfolios in the OppenheimerFunds complex as an Advisory Board Member/Trustee/Director. Ms. Pace has served on the Boards of certain Oppenheimer funds since November 2012, during which time she has become familiar with the Funds (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Board’s deliberations.

 

40   OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND


Mary Ann Tynan,

Trustee (since 2008)

Year of Birth: 1945

  Director and Secretary of the Appalachian Mountain Club (non-profit outdoor organization) (since January 2012); Director of Opera House Arts (non-profit arts organization) (since October 2011); Independent Director of the ICI Board of Governors (non-profit) (since October 2011); Vice Chair of Board of Trustees of Brigham and Women’s/Faulkner Hospitals (non-profit hospital) (since 2000); Chair of Board of Directors of Faulkner Hospital (non-profit hospital) (since 1990); Member of Audit and Compliance Committee of Partners Health Care System (non-profit) (since 2004); Board of Trustees of Middlesex School (educational institution) (since 1994); Chair of Board of Directors of Idealswork, Inc. (financial services provider) (since 2003); Partner, Senior Vice President and Director of Regulatory Affairs of Wellington Management Company, LLP (global investment manager) (1976-2002); Vice President and Corporate Secretary, John Hancock Advisers, Inc. (mutual fund investment adviser) (1970-1976). Oversees 50 portfolios in the OppenheimerFunds complex. Ms. Tynan has served on the Boards of certain Oppenheimer funds since October 2008, during which time she has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Joseph M. Wikler,

Trustee (since 2005)

Year of Birth: 1941

  Director of C-TASC (bio-statistics services) (2007-2012); formerly, Director of the following medical device companies: Medintec (1992-2011) and Cathco (1996-2011); Member of the Investment Committee of the Associated Jewish Charities of Baltimore (since 1994); Director of Lakes Environmental Association (environmental protection organization) (1996-2008); Director of Fortis/Hartford mutual funds (1994-December 2001). Oversees 50 portfolios in the OppenheimerFunds complex. Mr. Wikler has served on the Boards of certain Oppenheimer funds since August 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.

Peter I. Wold,

Trustee (since 2005)

Year of Birth: 1948

  Director of Arch Coal, Inc. (since 2010); President of Wold Oil Properties, Inc. (oil and gas exploration and production company) (since 1994); Vice President of American Talc Company, Inc. (talc mining and milling) (since 1999); Managing Member of Hole-in-the-Wall Ranch (cattle ranching) (since 1979); Director and Chairman of Wyoming Enhanced Oil Recovery Institute Commission (enhanced oil recovery study) (2004-2012); Director and Chairman of the Denver Branch of the Federal Reserve Bank of Kansas City (1993-1999); and Director of PacifiCorp. (electric utility) (1995-1999). Oversees 50 portfolios in the OppenheimerFunds complex. Mr. Wold has served on the Boards of certain Oppenheimer funds since August 2005, during which time he has become familiar with the Fund’s (and other Oppenheimer funds’) financial, accounting, regulatory and investment matters and has contributed to the Boards’ deliberations.
INTERESTED TRUSTEE AND OFFICER   Mr. Glavin is an “Interested Trustee” because he is affiliated with the Manager and the Sub-Adviser by virtue of his positions as an officer and director of the Manager and a director of the Sub-Adviser, and as a shareholder of the Sub-Adviser’s parent company. Both as a Trustee and as an officer, he serves for an indefinite term, or until his resignation, retirement, death or removal. Mr. Glavin’s address is Two World Financial Center, 225 Liberty Street, 11th Floor, New York, New York 10281-1008.

 

OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND     41   


TRUSTEES AND OFFICERS    Unaudited / Continued

 

William F. Glavin, Jr.,

Trustee, President and Principal Executive Officer (since 2009)

Year of Birth: 1958

  Director, Chairman, Chief Executive Officer and President of the Manager (since January 2013); Chairman of the Sub-Adviser (December 2009-December 2012); Chief Executive Officer (January 2009-December 2012) and Director of the Sub-Adviser (since January 2009); President of the Sub-Adviser (May 2009-December 2012); Management Director (since June 2009), President (since December 2009) and Chief Executive Officer (since January 2011) of Oppenheimer Acquisition Corp. (“OAC”) (the Sub-Adviser’s parent holding company); Director of Oppenheimer Real Asset Management, Inc. (since March 2010); Executive Vice President (March 2006-February 2009) and Chief Operating Officer (July 2007-February 2009) of Massachusetts Mutual Life Insurance Company (OAC’s parent company); Director (May 2004-March 2006) and Chief Operating Officer and Chief Compliance Officer (May 2004-January 2005), President (January 2005-March 2006) and Chief Executive Officer (June 2005-March 2006) of Babson Capital Management LLC; Director (March 2005-March 2006), President (May 2003-March 2006) and Chief Compliance Officer (July 2005-March 2006) of Babson Capital Securities, Inc. (a broker-dealer); President (May 2003-March 2006) of Babson Investment Company, Inc.; Director (May 2004-August 2006) of Babson Capital Europe Limited; Director (May 2004-October 2006) of Babson Capital Guernsey Limited; Director (May 2004-March 2006) of Babson Capital Management LLC; Non-Executive Director (March 2005-March 2007) of Baring Asset Management Limited; Director (February 2005-June 2006) Baring Pension Trustees Limited; Director and Treasurer (December 2003-November 2006) of Charter Oak Capital Management, Inc.; Director (May 2006-September 2006) of C.M. Benefit Insurance Company; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of C.M. Life Insurance Company; President (March 2006-May 2007) of MassMutual Assignment Company; Director (January 2005-December 2006), Deputy Chairman (March 2005-December 2006) and President (February 2005-March 2005) of MassMutual Holdings (Bermuda) Limited; Director (May 2008-June 2009) and Executive Vice President (June 2007-July 2009) of MML Bay State Life Insurance Company; Chief Executive Officer and President (April 2007-January 2009) of MML Distributors, LLC; and Chairman (March 2006-December 2008) and Chief Executive Officer (May 2007-December 2008) of MML Investors Services, Inc. An officer of 86 portfolios in the OppenheimerFunds complex.
OTHER OFFICERS OF THE FUND   The addresses of the Officers in the chart below are as follows: for Messrs. Evans, Gabinet and Ms. Nasta, Two World Financial Center, 225 Liberty Street, New York, New York 10281-1008, for Messrs. Vandehey and Wixted, 6803 S. Tucson Way, Centennial, Colorado 80112-3924. Each Officer serves for an indefinite term or until his or her resignation, retirement, death or removal.

George R. Evans,

Vice President (since 2005)

Year of Birth: 1959

  CIO Equities of the Sub-Adviser (since January 2013); Director of Equities of the Sub-Adviser (October 2010-December 2012); Senior Vice President of the Sub-Adviser (since July 2004). Director of International Equities of the Sub-Adviser (since July 2004); Vice President of HarbourView Asset Management Corporation (July 1994-November 2001) and Vice President of the Sub-Adviser (October 1993-July 2004). A portfolio manager and officer of other portfolios in the OppenheimerFunds complex.

 

42   OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND


Arthur S. Gabinet,

Secretary and Chief Legal Officer (since 2011)

Year of Birth: 1958

  Executive Vice President, Secretary and General Counsel of the Manager (since January 2013); General Counsel OFI SteelPath, Inc. (since January 2013); Executive Vice President (May 2010-December 2012) and General Counsel (since January 2011) of the Sub-Adviser; General Counsel of the Distributor (since January 2011); General Counsel of Centennial Asset Management Corporation (January 2011-December 2012); Executive Vice President (January 2011-December 2012) and General Counsel of HarbourView Asset Management Corporation (since January 2011); Assistant Secretary (since January 2011) and Director (since January 2011) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Director of Oppenheimer Real Asset Management, Inc. (January 2011-December 2012) and General Counsel (since January 2011); Executive Vice President (January 2011-December 2011) and General Counsel of Shareholder Financial Services, Inc. and Shareholder Services, Inc. (since January 2011); Executive Vice President (January 2011-December 2012) and General Counsel of OFI Private Investments Inc. (since January 2011); Vice President of OppenheimerFunds Legacy Program (January 2011-December 2011); Executive Vice President (January 2011-December 2012) and General Counsel of OFI Institutional Asset Management, Inc. (since January 2011); General Counsel, Asset Management of the Sub-Adviser (May 2010-December 2010); Principal, The Vanguard Group (November 2005-April 2010); District Administrator, U.S. Securities and Exchange Commission (January 2003-October 2005). An officer of 86 portfolios in the OppenheimerFunds complex.

Christina M. Nasta,

Vice President and Chief Business Officer (since 2011)

Year of Birth: 1973

  Senior Vice President of OppenheimerFunds Distributor, Inc. (since January 2013); Senior Vice President of the Sub-Adviser (July 2010-December 2012); Vice President of the Sub-Adviser (January 2003-July 2010); Vice President of OppenheimerFunds Distributor, Inc. (January 2003-July 2010). An officer of 86 portfolios in the OppenheimerFunds complex.

Mark S. Vandehey,

Vice President and Chief Compliance Officer (since 2005)

Year of Birth: 1950

  Senior Vice President and Chief Compliance Officer of the Manager (since January 2013); Chief Compliance Officer of OFI SteelPath, Inc. (since January 2013); Senior Vice President of the Sub-Adviser (March 2004-December 2012); Chief Compliance Officer of the Sub-Adviser, OppenheimerFunds Distributor, Inc., OFI Trust Company, OFI Institutional Asset Management, Inc., Oppenheimer Real Asset Management, Inc., OFI Private Investments, Inc., Harborview Asset Management Corporation, Trinity Investment Management Corporation, and Shareholder Services, Inc. (since March 2004); Vice President of OppenheimerFunds Distributor, Inc., Centennial Asset Management Corporation and Shareholder Services, Inc. (June 1983-December 2012). An officer of 86 portfolios in the OppenheimerFunds complex.

Brian W. Wixted,

Treasurer and Principal Financial & Accounting Officer (since 2005)

Year of Birth: 1959

  Senior Vice President of the Manager (since January 2013); Treasurer of the Sub-Adviser, HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder Services, Inc., and Oppenheimer Real Asset Management, Inc. (March 1999-June 2008), OFI Private Investments, Inc. (March 2000-June 2008), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional Asset Management, Inc. (November 2000-June 2008), and OppenheimerFunds Legacy Program (charitable trust program established by the Sub-Adviser) (June 2003-December 2011); Treasurer and Chief Financial Officer of OFI Trust Company (since May 2000); Assistant Treasurer of Oppenheimer Acquisition Corporation (March 1999-June 2008). An officer of 86 portfolios in the OppenheimerFunds complex.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and Officers and is available without charge upon request, by calling 1.800.CALL OPP (225.5677).

 

OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND     43   


OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND

 

Manager   OFI Global Asset Management, Inc.
Sub-Adviser   OppenheimerFunds, Inc.
Distributor   OppenheimerFunds Distributor, Inc.
Transfer and Shareholder Servicing Agent   OFI Global Asset Management, Inc.
Sub-Transfer Agent  

Shareholder Services, Inc.

DBA OppenheimerFunds Services

Independent Registered Public Accounting Firm   KPMG LLP
Legal Counsel   Kramer Levin Naftalis & Frankel LLP
    The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

©2013 OppenheimerFunds, Inc. All rights reserved.

 

 

44   OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND


PRIVACY POLICY NOTICE

 

As an Oppenheimer fund shareholder, you are entitled to know how we protect your personal information and how we limit its disclosure.

Information Sources

We obtain nonpublic personal information about our shareholders from the following sources:

l  

Applications or other forms

l  

When you create a user ID and password for online account access

l  

When you enroll in eDocs Direct, our electronic document delivery service

l  

Your transactions with us, our affiliates or others

l  

A software program on our website, often referred to as a “cookie,” which indicates which parts of our site you’ve visited

l  

When you set up challenge questions to reset your password online

If you visit oppenheimerfunds.com and do not log on to the secure account information areas, we do not obtain any personal information about you. When you do log on to a secure area, we do obtain your user ID and password to identify you. We also use this information to provide you with products and services you have requested, to inform you about products and services that you may be interested in and assist you in other ways.

We do not collect personal information through our website unless you willingly provide it to us, either directly by email or in those areas of the website that request information. In order to update your personal information (including your mailing address, email address and phone number) you must first log on and visit your user profile.

If you have set your browser to warn you before accepting cookies, you will receive the warning message with each cookie. You can refuse cookies by turning them off in your browser. However, doing so may limit your access to certain sections of our website.

We use cookies to help us improve and manage our website. For example, cookies help us recognize new versus repeat visitors to the site, track the pages visited, and enable some special features on the website. This data helps us provide a better service for our website visitors.

Protection of Information

We do not disclose any non-public personal information (such as names on a customer list) about current or former customers to anyone, except as permitted by law.

Disclosure of Information

We send your financial advisor (as designated by you) copies of confirmations, account statements and other documents reporting activity in your fund accounts. We may also use details about you and your investments to help us, our financial service affiliates, or firms that jointly market their financial products and services with ours, to better serve your investment needs or suggest financial services or educational material that may be of interest to you. If this requires us to provide you with an opportunity to “opt in” or “opt out” of such information sharing with a firm not affiliated with us, you will receive notification on how to do so, before any such sharing takes place.

Right of Refusal

We will not disclose your personal information to unaffiliated third parties (except as permitted by law), unless we first offer you a reasonable opportunity to refuse or “opt out” of such disclosure.

Internet Security and Encryption

In general, the email services provided by our website are encrypted and provide a secure and private means of communication with us. To protect your own privacy, confidential and/or personal information should only be communicated via email when you are advised that you are using a secure website.

 

OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND     45   


PRIVACY POLICY NOTICE

 

As a security measure, we do not include personal or account information in non-secure emails, and we advise you not to send such information to us in non-secure emails. Instead, you may take advantage of the secure features of our website to encrypt your email correspondence. To do this, you will need to use a browser that supports Secure Sockets Layer (SSL) protocol.

We do not guarantee or warrant that any part of our website, including files available for download, are free of viruses or other harmful code. It is your responsibility to take appropriate precautions, such as use of an anti-virus software package, to protect your computer hardware and software.

l  

All transactions, including redemptions, exchanges and purchases, are secured by SSL and 128-bit encryption. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format.

l  

Encryption is achieved through an electronic scrambling technology that uses a “key” to code and then decode the data. Encryption acts like the cable converter box you may have on your television set. It scrambles data with a secret code so that no one can make sense of it while it is being transmitted. When the data reaches its destination, the same software unscrambles the data.

l  

You can exit the secure area by either closing your browser, or for added security, you can use the Log Out button before you close your browser.

Other Security Measures

We maintain physical, electronic and procedural safeguards to protect your personal account information. Our employees and agents have access to that information only so that they may offer you products or provide services, for example, when responding to your account questions.

How You Can Help

You can also do your part to keep your account information private and to prevent unauthorized transactions. If you obtain a user ID and password for your account, do not allow it to be used by anyone else. Also, take special precautions when accessing your account on a computer used by others.

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds, Inc., and each of its financial institution subsidiaries, the trustee of OppenheimerFunds Individual Retirement Accounts (IRAs) and the custodian of the OppenheimerFunds 403(b)(7) tax sheltered custodial accounts. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated November 2012. In the event it is updated or changed, we will post an updated notice on our website at oppenheimerfunds.com. If you have any questions about these privacy policies, write to us at P.O. Box 5270, Denver, CO 80217-5270, email us by clicking on the Contact Us section of our website at oppenheimerfunds.com or call us at 1.800.CALL OPP (225.5677).

 

46   OPPENHEIMER INTERNATIONAL DIVERSIFIED FUND


Visit us at oppenheimerfunds.com for 24-hr access to account information and transactions or call us at 1.800.CALL OPP (1.800.225.5677) for 24-hr automated information and automated transactions. Representatives also available Mon-Fri 8am-8pm ET.

OppenheimerFunds are distributed by OppenheimerFunds Distributor, Inc.

RA0195.001.0413 June 21, 2013

LOGO


Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions.

 

Item 3. Audit Committee Financial Expert.

The Board of Trustees of the registrant has determined that David Downes, the Board’s Audit Committee Chairman, is an audit committee financial expert and that Mr. Downes is “independent” for purposes of this Item 3.

 

Item 4. Principal Accountant Fees and Services.

 

(a) Audit Fees

The principal accountant for the audit of the registrant’s annual financial statements billed $18,700 in fiscal 2013 and $18,300 in fiscal 2012.

 

(b) Audit-Related Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2013 and no such fees in fiscal 2012.

The principal accountant for the audit of the registrant’s annual financial statements billed $538,480 in fiscal 2013 and $402,806 in fiscal 2012 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such services include: Internal control reviews, compliance procedures, GIPS attestation procedures, internal audit training, surprise exams, and system conversion testing

 

(c) Tax Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2013 and $750 in fiscal 2012.

The principal accountant for the audit of the registrant’s annual financial statements billed $434,876 in fiscal 2013 and no such fees in fiscal 2012 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.


Such services include: tax compliance, tax planning and tax advice. Tax compliance generally involves preparation of original and amended tax returns, claims for a refund and tax payment-planning services. Tax planning and tax advice includes assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities.

 

(d) All Other Fees

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2013 and no such fees in fiscal 2012.

The principal accountant for the audit of the registrant’s annual financial statements billed no such fees in fiscal 2013 and no such fees in fiscal 2012 to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

Such fees would include the cost to the principal accountant of attending audit committee meetings and consultations regarding the registrant’s retirement plan with respect to its Trustees.

 

(e) (1) During its regularly scheduled periodic meetings, the registrant’s audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the registrant.

The audit committee has delegated pre-approval authority to its Chairman for any subsequent new engagements that arise between regularly scheduled meeting dates provided that any fees such pre-approved are presented to the audit committee at its next regularly scheduled meeting.

Under applicable laws, pre-approval of non-audit services may be waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to its principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit.

(2) 0%

 

(f) Not applicable as less than 50%.

 

(g) The principal accountant for the audit of the registrant’s annual financial statements billed $973,356 in fiscal 2013 and $403,556 in fiscal 2012 to the registrant and the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934.


(h) The registrant’s audit committee of the board of Trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. No such services were rendered.

 

Item 5. Audit Committee of Listed Registrants

Not applicable.

 

Item 6. Schedule of Investments.

a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

b) Not applicable.

 

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

 

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

 

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

 

Item 10. Submission of Matters to a Vote of Security Holders.

The Fund’s Governance Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards

None


Item 11. Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 4/30/2013, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 12. Exhibits.

 

(a) (1) Exhibit attached hereto.

(2) Exhibits attached hereto.

(3) Not applicable.

 

(b) Exhibit attached hereto.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Oppenheimer International Diversified Fund
By:   /s/ William F. Glavin, Jr.
  William F. Glavin, Jr.
  Principal Executive Officer
Date: 6/11/2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:   /s/ William F. Glavin, Jr.
  William F. Glavin, Jr.
  Principal Executive Officer
Date: 6/11/2013
By:   /s/ Brian W. Wixted
  Brian W. Wixted
  Principal Financial Officer
Date: 6/11/2013

 

EX-99.CODE ETH 2 d528978dex99codeeth.htm CODE OF ETHICS Code of Ethics

CODE OF ETHICS

FOR PRINCIPAL EXECUTIVE AND FINANCIAL OFFICERS

OF THE OPPENHEIMER FUNDS

AND OPPENHEIMERFUNDS, INC.

This Code of Ethics for Principal Executive and Financial Officers (referred to in this document as the “Code”) has been adopted by each of the investment companies for which OppenheimerFunds, Inc. or one of its subsidiaries or affiliates (referred to collectively in this document as “OFI”) acts as investment adviser (individually, a “Fund” and collectively, the “Funds”), and by OFI to effectuate compliance with Section 406 under the Sarbanes-Oxley Act of 2002 and the rules adopted to implement Section 406.

This Code applies to OFI’s and each Fund’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions (“Covered Officers”). A listing of positions currently within the ambit of Covered Officers is attached as Exhibit A.1

 

1. Purpose of the Code

This Code sets forth standards and procedures that are reasonably designed to deter wrongdoing and promote:

 

   

honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

 

   

full, fair, accurate, timely, and understandable disclosure in reports and documents that a Fund files with, or submits to, the U.S. Securities and Exchange Commission (“SEC”) and in other public communications made by the Fund;

 

   

compliance with applicable governmental laws, rules and regulations;

 

   

the prompt internal reporting of violations of this Code to the Code Administrator identified below; and

 

   

accountability for adherence to this Code.

In general, the principles that govern honest and ethical conduct, including the avoidance of conflicts of interest between personal and professional relationships, reflect, at the minimum, the following: (1) the duty at all times in performing any responsibilities as a Fund financial officer, controller, accountant or principal executive officer to place the interests of the Funds ahead of personal interests; (2) the fundamental standard that Covered Officers should not take inappropriate advantage of their positions; (3) the duty to assure that a Fund’s financial statements and reports to its shareholders are prepared honestly and accurately in accordance with applicable rules, regulations and accounting standards; and (4) the duty to conduct the Funds’ business and affairs in an honest and ethical manner. Each Covered Officer should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

 

 

1  The obligations imposed by this Code on Covered Officers are separate from and in addition to any obligations that may be imposed on such persons as Covered Persons under the Code of Ethics adopted by OFI and the Funds under Rule 17j-1 of the Investment Company Act of 1940, as amended and any other code of conduct applicable to Covered Officers in whatever capacity they serve. This Code does not incorporate by reference any provisions of the Rule 17j-1 Code of Ethics and accordingly, any violations or waivers granted under the Rule 17j-1 Code of Ethics will not be considered a violation or waiver under this Code.


It is acknowledged that, as a result of the contractual relationship between each Fund and OFI, of which the Covered Officers are also officers or employees, and subject to OFI’s fiduciary duties to each Fund, the Covered Officers will, in the normal course of their duties, be involved in establishing policies and implementing decisions that will have different effects on OFI and the Funds. It is further acknowledged that the participation of the Covered Officers in such activities is inherent in the contractual relationship between each Fund and OFI and is consistent with the expectations of the Board of Trustees/Directors of the performance by the Covered Officers of their duties as officers of the Funds.

 

2. Prohibitions

The specific provisions and reporting requirements of this Code are concerned primarily with promoting honest and ethical conduct and avoiding conflicts of interest in personal and professional relationships. No Covered Officer may use information concerning the business and affairs of a Fund, including the investment intentions of a Fund, or use his or her ability to influence such investment intentions, for personal gain to himself or herself, his or her family or friends or any other person or in a manner detrimental to the interests of a Fund or its shareholders.

No Covered Officer may use his or her personal influence or personal relationships to influence the preparation and issuance of financial reports of a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund and its shareholders.

No Covered Officer shall intentionally for any reason take any action or fail to take any action in connection with his or her official acts on behalf of a Fund that causes the Fund to violate applicable laws, rules and regulations.

No Covered Officer shall, in connection with carrying out his or her official duties and responsibilities on behalf of a Fund:

 

  (i) employ any device, scheme or artifice to defraud a Fund or its shareholders;

 

  (ii) intentionally cause a Fund to make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading in its official documents, regulatory filings, financial statements or communications to the public;

 

  (iii) engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any Fund or its shareholders;

 

  (iv) engage in any manipulative practice with respect to any Fund;

 

  (v) use his or her personal influence or personal relationships to influence any business decision, investment decisions, or financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund or its shareholders;


  (vi) intentionally cause a Fund to fail to comply with applicable laws, rules and regulations, including failure to comply with the requirement of full, fair, accurate, understandable and timely disclosure in reports and documents that a Fund files with, or submits to, the SEC and in other public communications made by the Fund;

 

  (vii) intentionally mislead or omit to provide material information to the Fund’s independent auditors or to the Board of Trustees/Directors or the officers of the Fund or its investment adviser in connection with financial reporting matters;

 

  (viii) fail to notify the Code Administrator or the Chief Executive Officer of the Fund or its investment adviser promptly if he or she becomes aware of any existing or potential violations of this Code or applicable laws;

 

  (ix) retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of this Code; or

 

  (x) fails to acknowledge or certify compliance with this Code if requested to do so.

 

3. Reports of Conflicts of Interests

If a Covered Officer becomes aware of a conflict of interest under this Code or, to the Covered Officer’s reasonable belief, the appearance of one, he or she must immediately report the matter to the Code’s Administrator. If the Code Administrator is involved or believed to be involved in the conflict of interest or appearance of conflict of interest, the Covered Officer shall report the matter directly to the OFI’s Chief Executive Officer.

Upon receipt of a report of a conflict, the Code Administrator will take prompt steps to determine whether a conflict of interest exists. If the Code Administrator determines that an actual conflict of interest exists, the Code Administrator will take steps to resolve the conflict. If the Code Administrator determines that the appearance of a conflict exists, the Code Administrator will take appropriate steps to remedy such appearance. If the Code Administrator determines that no conflict or appearance of a conflict exists, the Code Administrator shall meet with the Covered Officer to advise him or her of such finding and of his or her reason for taking no action. In lieu of determining whether a conflict or appearance of conflict exists, the Code Administrator may in his or her discretion refer the matter to the Fund’s Board of Trustees/Directors.


4. Waivers

Any Covered Officer requesting a waiver of any of the provisions of this Code must submit a written request for such waiver to the Code Administrator, setting forth the basis of such request and all necessary facts upon which such request can be evaluated. The Code Administrator shall review such request and make a written determination thereon, which shall be binding. The Code Administrator may in reviewing such request, consult at his discretion with legal counsel to OFI or to the Fund.

In determining whether to waive any of the provisions of this Code, the Code Administrator shall consider whether the proposed waiver:

 

  (i) is prohibited by this Code;

 

  (ii) is consistent with honest and ethical conduct; and

 

  (iii) will result in a conflict of interest between the Covered Officer’s personal and professional obligations to a Fund.

In lieu of determining whether to grant a waiver, the Code Administrator in his or her discretion may refer the matter to the appropriate Fund’s Board of Trustees/Directors.

 

5. Reporting Requirements

(a) Each Covered Officer shall, upon becoming subject to this Code, be provided with a copy of this Code and shall affirm in writing that he or she has received, read, understands and shall adhere to this Code.

(b) At least annually, all Covered Officers shall be provided with a copy of this Code and shall certify that they have read and understand this Code and recognize that they are subject thereto.

(c) At least annually, all Covered Officers shall certify that they have complied with the requirements of this Code and that they have disclosed or reported any violations of this Code to the Code Administrator or the Chief Executive Officer of the Fund or its investment adviser.

(d) The Code Administrator shall submit a quarterly report to the Board of Trustees/Directors of each Fund containing (i) a description of any report of a conflict of interest or apparent conflict and the disposition thereof; (ii) a description of any request for a waiver from this Code and the disposition thereof; (iii) any violation of the Code that has been reported or found and the sanction imposed; (iv) interpretations issued under the Code by the Code Administrator; and (v) any other significant information arising under the Code including any proposed amendments.

(e) Each Covered Officer shall notify the Code Administrator promptly if he or she knows of or has a reasonable belief that any violation of this Code has occurred or is likely to occur. Failure to do so is itself a violation of this Code.


(f) Any changes to or waivers of this Code, including “implicit” waivers as defined in applicable SEC rules, will, to the extent required, be disclosed by the Code Administrator or his or her designee as provided by applicable SEC rules.2

 

6. Annual Review

At least annually, the Board of Trustees/Directors of each Fund shall review the Code and consider whether any amendments are necessary or desirable.

 

7. Sanctions

Any violation of this Code of Ethics shall be subject to the imposition of such sanctions by OFI as may be deemed appropriate under the circumstances to achieve the purposes of this Code and may include, without limitation, a letter of censure, suspension from employment or termination of employment, in the sole discretion of OFI.

 

8. Administration and Construction

(a) The administration of this Code of Ethics shall be the responsibility of OFI’s General Counsel or his designee as the “Code Administrator” of this Code, acting under the terms of this Code and the oversight of the Trustees/Directors of the Funds.

(b) The duties of such Code Administrator will include:

 

  (i) Continuous maintenance of a current list of the names of all Covered Officers;

 

  (ii) Furnishing all Covered Officers a copy of this Code and initially and periodically informing them of their duties and obligations thereunder;

 

  (iii) Maintaining or supervising the maintenance of all records required by this Code, including records of waivers granted hereunder;

 

  (iv) Issuing interpretations of this Code which appear to the Code Administrator to be consistent with the objectives of this Code and any applicable laws or regulations;

 

  (v) Conducting such inspections or investigations as shall reasonably be required to detect and report any violations of this Code, with his or her recommendations, to the Chief Executive Officer of OFI and to the Trustees/Directors of the affected Fund(s) or any committee appointed by them to deal with such information; and Periodically conducting educational training programs as needed to explain and reinforce the terms of this Code.

(c) In carrying out the duties and responsibilities described under this Code, the Code Administrator may consult with legal counsel, who may include legal counsel to the applicable Funds, and such other persons as the Administrator shall deem necessary or desirable. The Code Administrator shall be protected from any liability hereunder or under any applicable law, rule or regulation, for decisions made in good faith based upon his or her reasonable judgment.

 

 

2  An “implicit waiver” is the failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to the General Counsel, the Code Administrator, and an executive officer of the Fund or OFI.


9. Required Records

The Administrator shall maintain and cause to be maintained in an easily accessible place, the following records for the period required by applicable SEC rules (currently six years following the end of the fiscal year of OFI in which the applicable event or report occurred):

 

  (a) A copy of any Code which has been in effect during the period;

 

  (b) A record of any violation of any such Code and of any action taken as a result of such violation, during the period;

 

  (c) A copy of each annual report pursuant to the Code made by a Covered Officer during the period;

 

  (d) A copy of each report made by the Code Administrator pursuant to this Code during the period;

 

  (e) A list of all Covered Officers who are or have been required to make reports pursuant to this Code during the period, plus those person(s) who are or were responsible for reviewing these reports;

 

  (f) A record of any request to waive any requirement of this Code, the decision thereon and the reasons supporting the decision; and

 

  (g) A record of any report of any conflict of interest or appearance of a conflict of interest received by the Code Administrator or discovered by the Code Administrator during the period, the decision thereon and the reasons supporting the decision.

 

10. Amendments and Modifications

Other than non-substantive or administrative changes, this Code may not be amended or modified unless approved or ratified by the Board of Trustees/Directors of each Fund.

 

11. Confidentiality.

This Code is identified for the internal use of the Funds and OFI. Reports and records prepared or maintained under this Code are considered confidential and shall be maintained and protected accordingly to the extent permitted by applicable laws, rules and regulations. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trustees/Directors of the affected Fund(s) and their counsel, the independent auditors of the affected Funds and/or OFI, and to OFI, except as such disclosure may be required pursuant to applicable judicial or regulatory process.

 

Dated as of: June 25, 2003, as revised August 30, 2006 and further revised as of March 5, 2010.


Exhibit A

Positions Covered by this Code of Ethics for Principal Executive and Financial Officers*

Each Oppenheimer fund

President (Principal Executive Officer)

Treasurer (Principal Financial Officer)

OFI

President and Chief Executive Officer (Principal Executive Officer)

Chief Financial Officer and Treasurer (Principal Financial Officer)

 

* There are no other positions with the Funds or OFI who perform similar functions to those listed above.
EX-99.CERT 3 d528978dex99cert.htm SECTION 302 CERTIFICATIONS Section 302 Certifications

Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, William F. Glavin, Jr., certify that:

 

1. I have reviewed this report on Form N-CSR of Oppenheimer International Diversified Fund;

 

2. 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;

 

3. 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, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  (a) 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;

 

  (b) 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;

 

  (c) 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 a date within 90 days prior to the filing date of this report based on such evaluation; and

 

  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and


5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of Trustees (or persons performing the equivalent functions):

 

  (a) 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

 

  (b) 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.

Date: 6/11/2013

 

/s/ William F. Glavin, Jr.
William F. Glavin, Jr.
Principal Executive Officer


Exhibit 99.CERT

Section 302 Certifications

CERTIFICATIONS

I, Brian W. Wixted, certify that:

 

1. I have reviewed this report on Form N-CSR of Oppenheimer International Diversified Fund;

 

2. 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;

 

3. 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, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  (a) 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;

 

  (b) 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;

 

  (c) 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 a date within 90 days prior to the filing date of this report based on such evaluation; and

 

  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and


5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of Trustees (or persons performing the equivalent functions):

 

  (a) 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

 

  (b) 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.

Date: 6/11/2013

 

/s/ Brian W. Wixted
Brian W. Wixted
Principal Financial Officer
EX-99.906CERT 4 d528978dex99906cert.htm SECTION 906 CERTIFICATIONS Section 906 Certifications

EX-99.906CERT

Section 906 Certifications

CERTIFICATION PURSUANT TO 18 U.S.C SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

William F. Glavin, Jr., Principal Executive Officer, and Brian W. Wixted, Principal Financial Officer, of Oppenheimer International Diversified Fund (the “Registrant”), each certify to the best of his knowledge that:

 

1. The Registrant’s periodic report on Form N-CSR for the period ended 4/30/2013 (the “Form N-CSR”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and

 

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

 

Principal Executive Officer     Principal Financial Officer
Oppenheimer International Diversified Fund     Oppenheimer International Diversified Fund
/s/ William F. Glavin, Jr.     /s/ Brian W. Wixted
William F. Glavin, Jr.     Brian W. Wixted
   
Date: 6/11/2013     Date: 6/11/2013
GRAPHIC 5 g528978g31m81.jpg GRAPHIC begin 644 g528978g31m81.jpg M_]C_X``02D9)1@`!`@$`8`!@``#_[0_N4&AO=&]S:&]P(#,N,``X0DE-`^T` M`````!``8`````$``0!@`````0`!.$))300-```````$````'CA"24T$&0`` M````!````!XX0DE-`_,```````D```````````$`.$))300*```````!```X M0DE-)Q````````H``0`````````".$))30/U``````!(`"]F9@`!`&QF9@`& M```````!`"]F9@`!`*&9F@`&```````!`#(````!`%H````&```````!`#4` M```!`"T````&```````!.$))30/X``````!P``#_____________________ M________`^@`````_____________________________P/H`````/______ M______________________\#Z`````#_____________________________ M`^@``#A"24T$"```````$`````$```)````"0``````X0DE-!!X```````0` M````.$))300:``````!M````!@``````````````0P```'\````&`&<`,P`Q M`&T`.``Q`````0`````````````````````````!``````````````!_```` M0P`````````````````````````````````````````````X0DE-!!$````` M``$!`#A"24T$%```````!`````(X0DE-!`P`````#5(````!````<````#L` M``%0``!-<```#38`&``!_]C_X``02D9)1@`!`@$`2`!(``#_[@`.061O8F4` M9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,#`P, M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+"PT.#1`.#A`4#@X. M%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P, M#`P,#`S_P``1"``[`'`#`2(``A$!`Q$!_]T`!``'_\0!/P```04!`0$!`0$` M`````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@) M"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D M%5+!8C,T)E\K.$P]-U MX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$` M`@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D M8N%R@I)#4Q5C+RLX3#TW7C\T:4 MI(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B7I[?'_]H`#`,!``(1 M`Q$`/P#U5))8_7.H9GJT]'Z38QG5,T%_JO&\8V.T[;\]]7^$WIK\RAN>[5N*;&BTZ;_P"9W>I]#WJGU'K5XS'=)Z/2 MW+ZFU@?=O);1C-?_`#5N;:W<[=9_@<2K]8O_`."I_3K#Z[1B=)Q<'HW3:7Y% M].13U"][B"^R[U0S!?FY3_\`M5U7J_H5OM_[BU9]GZ.O&4LKIN=TQU6+DOS+ M>DW#UNHYG3V_K%V6]V[)MSQCSG4X3V-KKI_9C=]-7Z&V[[/76DI)ELPL7(+. ML]:SNH]1(W?L[I[K:G`0Y[?3Z?T?]MO=]F_5;O3?L8QE^S+S;GZ[\*C^:24S?TW*ZAEW M8=.=D=7R*B*\[+RGNKZ=0X?3I9TW`.)3U#)V_3Q++;:Z/^U>0Q_Z&[HN@]"P MN@]/&#AR6E[K;'D`%UCS-C_3J;734W]RJFNNJM8K^AX'0NH])Q.@&[&OR+R; MJ!;=92[%J:YV;;DT6OMH9].JNN_;59]MR:/^$76)*4DDFD3'=)2Z22R^C_6' M`ZS?FU81+FX-@K-A'ML#A_/4'_"4>HRVIEOT+/2_1_HTE.HDDDDI_]#U#)R: M,3&MRLAXKHH8ZVUYX:Q@WO?I^ZUJYW!R;NG=/NZ]F467=7ZY8W[-@S#X(?\` MLSI;=X:RCT,??=F6.;^AM^VY%BG]:L[#=?1TW,L;7T^EO[1ZN]VH&-0[]7QW M,V/W_;^U_^ M"H9;=_@TE.)]5'8=G5D:\UKK_`%J[:H;^M4XWV>O( MO]_K?H/TMGI*]<]V/UW.ZQG!U'3>F8`97J,%74.H-G:_0XV(V7XN%[_`*&UI^T9GT/UNVS_`$52/]6> MIY?5NCU=2RJVT_:G668]8!!%!>X8A?N+MUEF/Z=N_P!GT_YM9_\`C!ZC9B?5 MJ_&QR?M?4?U2AH$G](#]H='\C%;>Y:E]N/T'H&S%^L77V4-%>+1]AQ**Q^:*<9K] MK?Y/IY-34?I7^5>MY?6CKBX@?T_IW@[:[_*>6W_CAS^H8 M73<5^9G7-HQZA+GN_!C&CWV6/^C757^DL?\`S:R9Z_UIWL+^B=,,;7$-.=BPQ3Z.3];NJN-F+DVC)P<5C#ZEK6GT.C,-;C^G MM]/9D=/Q_8S[;GV7V?IZZ+J7S,7JW3<)_P!87Y@P^N]0>RJS&N(MQOTI]'I_ M3B*]G_)WJ^I]LH_/^VY%WKX_Z.O5Z/\`59N`ZAV9FV]2^PM]+IK+FL8S'J:/ M2KV54-8RW*]']$_,M_2?Z+T?TB#EU4]?^LCL&YOK=-Z/2[[369V/RLMCJ65. M]NU_V;I[[]_O_P"UU22G(^H_4LGHGU6Z5B9W3,Y]=S'6UY>-6,JO9:YV34Y] M>(ZS-J_16L^GB*6/];/J_F=>MZMF76^CA3B]+J^RWN,N#?MV=M9CO>RVU_ZB MS_1U8]W_`'(>NV8QE;&UUM#&,`:UK1``&C6M:%S_`*?UAZ$^ZKI^&.L]/NML MOI9ZS*+Z#:Y]]V/^G;Z.3C^L_=19ZU=U>_T?TGI>HDI5_4NH]>#\#I6/DX.( M_P!N3U7(K=CGTR&[ATVB\-RGY-C'_H\BW'JQ\?\`G/TK]E:S_JKM1F9]QIK?B6L:Z]MW\YCW6?I?YWU?T_ MTUH8&!B].Q*\+#9Z=%((:V23))>][WNES[+'N=998_\`G+$E/,96`_ZM_4;+ MK9_3\BMM+WLUBZ_T^GXU=6O\UAL?1CT?\%0M+K=S^E](Q>C]).S.S-G3^FC_ M`$<,A^66_P"CP<6M^0[V_P"#KK_PBA]:[:#D=&Q;[6TU.SAE7/>[:&U855W4 M'6.?HUK&74T;W/0<+-K#,OZY=7=]GPQ26=.K<3->'(?ZSJW;/UOJMK:K/2V^ MIZ7V+&_G?424WLK+Z?\`5?HV/CUUOM%-8HP\6OW6VFMDQ_VW6Z[)O?\`HZJ_ M4OM6?]0^@5=/Z)A9U[SD9^5C5N-KP&^E58/M`PL:MOMIJ:]^^_\`PF5D?I[O M\%732ZQC]0/0,_J_4:P[J_5JVX&%A@[1BU9CV8M6(QQ^EE_IOM&?=_A+J_29 M^KX]2[*JME53*JQ#*VAK1X`#:U)3-))))3__TO550Z/T?%Z/B.QL=S[#;;9? M??;M-EMMKO4MNN=6RICGN^C_`#?T%?224I,"'`.&H(D%.DDI22222E))))*: M75.B]*ZQ755U/&9E5T6-NK99)`>WZ.YOY[=??4_]%9_A%F]2V]1^L^!TMY/H M8%1ZI>SLZP/^S=-:[7Z-=GVK)_X['QUOKENN_:/^QMKWV9&5L=_W$70+`^J6ST\[;]+UQZGK;_MN_TJO5_:OJ>S[1 MO_F?LGZE]D]#[)^A6^DI22222G__V3A"24T$(0``````50````$!````#P!! M`&0`;P!B`&4`(`!0`&@`;P!T`&\`T9;%;=F&FKO91#+X7)J/HN6 M*&F)TM`W@C@CFJ3SHE\='1(86<5&$Q1I*WH4DN:%Y1K"Q72O6_V<^UR^MJMK M>`?*KS1J6;77;C*[)D9;0!_F65JLCI.5:\;C5"\M2>.:1)CC`1\^J/I181"X M$PXXT![9MRYC@DU;&W+&3$RT,[@KM>5D,LFOZWI\]5S,7RM7.?LN8J^E5>4Y M4*E[=HTK6%$FV?/6XA6$0"TJI#]$X\*^RW,#OJJP9K0T3O[06^Y1%W5_BNA- M#:5M&1Q7`F>Y=]T6%YK6+Y(AL5@ MY'"6(ZA]?6>&+.E+]@2%%E@`(7!FF!<;P#P#P#P#P#P#P/_T-_'@1==MS5UG>H[%O&V MY"1%JWJR)O$SEST<`1QA#4SI1J!)6Y"5\RIW?74_@$C<@3A,5N"\\E,G`8<: M6`0*J8Z):=(0>=[E]NE?03E6L\.?+"JW&MW-#5,J6R71C`P'R-3-+Q@TQ;U< M+F.JW-D)4+)*[+$BE/$B?@S,X@<)6+7`%MY@Y,C\$L7[C7$WM_+WK;C\RO%Y MS/&6Q:G=+PO^5RUYTSGS+C\RB!,%0JA]?E+V?%4;RR%)7'I4W:TJ?B4TV)'M M:D+K).0C8-$K=C[7]BT/D^1^%<^M0.'++E,`S,VDOCHW-C16]O6;&%"+3.C+ M*6*EJ-J41\T,,(7NZ\;:*(?,K^ELN&6!1]?T^D=82EDK@TQYW1/;`N,4..!:H0 MP*P=UX!X!X!X$7W!=54T!"C+%N>=Q^NH27((E%.R*2*NI4)DDG`>`>!__1W\>`IZ5I5>[=T+.K7*G,LX[XCG+VSE](X8 MR']Z$+;.OAJT*]7PC+2*7_#?KB:9%&]M=Y\C`(9+B^&-4:,X9\7A+P)DKK0M)^MO*F>*PTE.3'C4]D1Q1.7^E M*U9WBS]%7UHZUUSS:UY+ZVIN+IG&Q)44\6S)'D?5PTA;:W@,*+5JDX?E\!55 MH8)F7LWWJXSJ7M\I]24RKC.Z&Y*O24HMKG^W5RR>W':Q8`1=&A)A`B>1=FP6R'8N)P^6:(N=D53^4)`-+8RYHPA^=HY@=R5G`&&GP4+S!IC*TIW M!C",,@/-X66:8:#P.[P-7UBVY-["]D.@F!YB%DZ0BC)#,]T[(R.I7;-F-FAU M42>!P]_;1B/ZUW'=+NL+E\_"`T0"%?&EH^'?P83C@M]EG4E.[*IQJORA'Q=* M:K?Y18<5C##W_/0 M\#R.FM>PG-$QR[6[HQO$SL?6E^QZC:TAD=.2%NO"#$*V26-8[AQ5\?A#JG@K M6I=G48.=&(/"B0_`9P1<"BVH-U6R=["L58^SBXLR"$.&GNP#61QL@@SZCF>$`.?\#*7[HE9NO* M2]B5FG*D[IGWUR5X.JZ@:@KPJ&.>;TDSS`U=C61TD:;C:H>;EC.TTM!D8/W2R MURA@K>BJY`/H#[.T!:3VA@=+UZ6,(@#(32:P'Q"4M4!^/V;=Q0I[SH2>\\!6 M=D3W^B6<8+Z_:KLQP7:7E<0'8FJ--M+>I>I15YEZSQP#9&@$;`VL[@ZSK3FD MKA?7:/TE"$Z4]P?96:7LND(JYW!=EE76ZZ//:%%$PMR<;/S/(&5]6L2NPW-?/S3TSL\)'+K@ MU=#3EG7&.;\L]>'6HZX0)+!EB9.GL*ZY/N'K%%H5/0>9:6E\AK+=E\.LU@].7-`50R)% M2>C$+6C7-2:(L+*OK7SNRQAKQM6T5A&SM3LL-,1_J#[3I MTH<7S,=!N;63U42[,.FK<:W24/I"L(2W./PY:2=TXMS$$03+[K=BN&'O6OI2 MXHHL5)+6?XGVFZ-_'@'QMZ$7^.] M\"W^-<\LV3,GYTS2Q$IBD-(TY`*Z-&C.-4IUCM'(ZA1/[H!2<2G.4]>'X"E6 M(T98!F".Z(0>=[WG@9Q9UI`FR_:M:^]0IW2?Q7$^(UQG2PO5G6D%$1]B6:J.>W MYMFDEQYB2V]1:$F"5(8F.G.SM\VZEC+U9AG!!4#*$]-E8V1U*C/5G'-+*Z($ MA7^VX7WP&;;=TD;E'--AVZRLA$OL4`&2"TG7YHA_4LF][,?6Z!4Y`2BB5"12 M:1([`D"$M8,LPO[5NXH4C&64088`%>[&R\CI'U=9FPNA>1O$*WFTZ4 MJ#D[K85J278M9:"T+9SJ>4B7&*GFQWJ*RAY6]-+&7\5QGS_$L'0]!P>AM&4[ MEBL'>WKPF*.'PYL5(&A%\2%3I(9;*WL[J2,P*!15K)5R&VVEWIC)G0E+:^]?Z%WZ&068@4$]&FDNZI M*Q+?LY,0Y(5?0CJ=`,Z-(N\^1[5/1OQ3IP9^5`((1!^UB3"HD36PHT=#.UZ5 M&V8N#]ARAN&T'Q/L3`BXP]C1[28)*-!]O]J).+I?0=!WH?`__]/0UK'2"ZP= MYQ2O:Y@?+J=L@(UZ6F:S(6JBF&P_8M;D!$JCRV?/*%L=2814F/T)@$QIB#G+E18JXK]W7*49B=8M2N/`E;'RVG+=_\` MHTV,W0&/M#*P^N_"M+9-J]GB*$EK@[`RNRUCG2Q$S-C<),UH%,2>I[)&#B?B M;G""B1\*'P`A\$&C:WK6@E%578UT6>^$QJNJIA4EL";/QX!G!:XS$VA6]O"H MM,3P2A:J"B1CX2G*"(Y0=T)981#$$/0HU@FK;'E[I/MZZ1854=OO4"!M*@=: M.O"3E>8LJ-Q_'*I*)+-YP1A$S?"!@E4]&`00'RQQ,2\#]NV)/@$/>X*L:9V? M5<2];UM+LNSE0=$N[1)KAT88N=RCFR"J@M:D$(8G99\ MA`GR7%!$$](4O+X'@O\`Y^U8)=A%OM1^=$;[94LE@85+G)!7_*N0)(91L0BU M14"RLD""M7$Q2/**$C$>?B4)/T""E;^J$6G3!,^@6%8_9ZI)VI[',&9/2M[J M\U9FK8&?9I.%K"`5M)T\5O?2;[_!%,2#JI$4HK]QDK.ZN5BWXH6F(7?EQ+KMBT+7L>>:&EB:6UBT/?5 MX?MIN94$?J/*4',1+TZ;[M11.(CD4N>.GE=4$6)P;8RLYH<@Z-VI85K*,U/ZIV>V&1XEC8GNW15_ M0V"Q-H,EM@6):U5YUD-)5=!:\@:5N4+I5,G69ZP2*470J4A#<^_M]3XEAJ],I;TK)"S^D)FB97X^L MRGX2Z<]3\&<>(2%GXD;2Q?=`S;P#P/_4>KEFTH5E[(U%79&:QBMV^TOV75\N MT-&:NCCL(4OLB4Z+?7"_5/95(S#7HZM\U4?RQ&]MD,G,Y^);FIF0)"C%BH+0 ME,"YH(U$/65Z_M(79H][2Z#LY?$YO=VJ9JZ,Z;AVE[ND[`CC#;7;)'E296G( MB[\H+9:^A4>$4,A*T`;T70#,$:,P%"^I+U)WC69VOKYB]GVQZ_;RF,^BM4-+ M/`X)7,@JF5.-65M'.<97\,*.F] M:TSHO0UELI7">G%J(ZSV19-/5Z)Q$K)"1T;BE7IPD*!&?0$,D(#0KWL[.]8X MSQ1>:R57D_R"X=KSVC*!TUL_0TJ9VN6NM6SVQ&J+VEU2^,*2)Q.J:\K3/KM, M1QIE9$:%L:3>A,$!0J-4*#P]_0.A8OEO&NC]K/L.?01_4^GYE;.5:82M!T?L M&X$=DM=?TIDFO8G$5R-.Z,\NT(UU\RN3>WK$Y2EK3/G!KRTW$RD)(03#(A"\ M-:=QD#7EJPMA>X[E;V0;\TU>\G=&V+0^<:ZFDXQM`;"?VI<]$<-+C5>5Q:,@ M8F-M(4?DBC`HZH?VZW]<1!&I5#:%B5(M:X<@8T73"UWWQ1X-# MK_UO6BNC2Y>YLF6LZW+;CY*',"+DEL.=L,7E=GS>;O!9@PHE,PLN>F+'`T@/ M>$B6K^$$AX7PL'`KW!9Y*/7=ZB,OLI#"38.FCJ+HFGJOK@A4629<&S[DC;62 MCCQ!PDZM,80N+D>'I2,[O@3'5S94OJBPT4^7G-EL@?D M2Y78-\6$VL:U^L#1NK[ND8'.:KHG$F@E2_S"?6[:S_\`C8TQI0'J0IQH6\KO MTDX1!"A^2(Q?]Y>W=[OC71+2WSZG\&,PNB\.1XQ8[5=C%V@>X]G+6_BCC0183.K_`"N(J(>5Y10T?7:0 M3E&=8K@WGBYT;5%$'_C,+6B,(!QG@5CU)E*N]71&,,DN=9A!9M6LP1652MTU M@[)(];%*68VM[@THIM`7MQ;7MG$H.9W=6@<&QU0.3&\MJLY&X(E28P1?@4T/ MR1[5AD&MA/M]8R&\/TPHWKOKNI`V>?(%2:8,3D["LKD%6'F)1!*Z(B,HP<$# MY^`Y\?EX%?\`57K.DY*:AM$26;:D]EML9^T57-KR:J+HL:OV^)SN!DDO,8F2 M.N\YQ))G_)B*7P[DA22=E$O:2E@E4>`1Q:88I-"I"SU)4?=6G;\8=F;0@2NK MFRHESX3BK([L]QV0+:;&]MY\?DFB+L=(4\O<1D^@IW'S1HV=O(6.#=`F)4H3 MIS37->N4`"\ENYVH:_C8&=>%.5K;AE72Y//:Z%8L-89?R%S-(G-2IY)'0OB) M:%L=BR#>AX:7SG>_`/>_Y"'O`F7P%0^ZU]9FKU^S-DEDO+K>`63>^,ZBM.T' M!24@B]9T_:6Q**A-N3.<.I[PP)6B&-];/#H2N//6)T_`J`@.,`4,8PAT.9B% M6X-`)O9!824^/YFIQDEL4]=<9DB52PEOT1D[/^.LW=4C;7I.VN+&HN*.&G,< M)3KRB#&^!EFN`BRS'XP)0<3,K<+V+7^DWW/VHQ5E^E)#(X[ZWHN#)#U/KA7#N*[_9/KXL\ M"^,6[K,5`5.ZEMJ,E(Y53B.)(Z(4K&)]3%C[*(PX7X38"U(KXI4$=-5G\*Z6 M'XE\!KW@'@'@?__6W\>!"U49WIBD)%<WEZG<]5 M-;>R<=W1RD#FZJTZ)O9VLA,A;4HR&QN(#T"5.2$8^"":?`X_%)0E1B/G#_K% MIRE(A=2J0INE'&'%`X!9TGB,P_@TXOF*"9TT`>A$(/`C#WH?X$6:`0!<_ MUYX"S?;8^+?ZK1#.$;?E<&5[7C/$+?=/X[Z1R(2)>OH M%BE#A2-"12J.$6F3'FEA)>,,[(,F94H7.J M);QV5576[`PR>0_*`!LOGZD@3S9,Y6<+`4#KC.K``>`>`>`>`>`>`>`>`>`K;W"_A_P"FAGYKX?1_GG-OXS]= M_>OYS_9?YIAWZG_4S]`_WW]M?V;[3]`_+_\`J7YWZ?[)_P`!^1\!>\'_`'/_ M`+%\<_SK_8[^4_C-/TO_`+8OX$^X_3/XY GRAPHIC 6 g528978g49z20.jpg GRAPHIC begin 644 g528978g49z20.jpg M_]C_X``02D9)1@`!`@$`8`!@``#_[0O44&AO=&]S:&]P(#,N,``X0DE-`^T` M`````!``8`````$``0!@`````0`!.$))300-```````$````'CA"24T$&0`` M````!````!XX0DE-`_,```````D```````````$`.$))300*```````!```X M0DE-)Q````````H``0`````````".$))30/U``````!(`"]F9@`!`&QF9@`& M```````!`"]F9@`!`*&9F@`&```````!`#(````!`%H````&```````!`#4` M```!`"T````&```````!.$))30/X``````!P``#_____________________ M________`^@`````_____________________________P/H`````/______ M______________________\#Z`````#_____________________________ M`^@``#A"24T$"```````$`````$```)````"0``````X0DE-!!X```````0` M````.$))300:``````!M````!@``````````````[0```9@````&`&<`-``Y M`'H`,@`P`````0`````````````````````````!``````````````&8```` M[0`````````````````````````````````````````````X0DE-!!$````` M``$!`#A"24T$%```````!`````(X0DE-!`P`````"3@````!````<````$$` M``%0``!54```"1P`&``!_]C_X``02D9)1@`!`@$`2`!(``#_[@`.061O8F4` M9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,#`P, M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+"PT.#1`.#A`4#@X. M%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P, M#`P,#`S_P``1"`!!`'`#`2(``A$!`Q$!_]T`!``'_\0!/P```04!`0$!`0$` M`````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@) M"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D M%5+!8C,T)E\K.$P]-U MX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$` M`@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D M8N%R@I)#4Q5C+RLX3#TW7C\T:4 MI(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B7I[?'_]H`#`,!``(1 M`Q$`/P#U54?L3/M!MVWSN+I.39L_[9];T]G_``?IJ[(6?]CN^U&P8>,`7EWJ M^J\O@S^D]+[/MW_R/6_ZXB"0IDW%`!=ON)D$,]8@#4>P!A:W:IC&:#+77/\` M:6_SSB.&MG5W\XW;]-0&+E"DM%=`=[2UOOVR"TZN^EV_<3_9+"W8:*=C9+&; MGZK7&)PV;XU,^L[G5NWZ7]M2&-[3_`#T^TB;"=1N=[=?^$1<5 MCV5!CV,K(/T6$N&ON2!'\\Z=9G\[^4C/PJWNW%]@ M^D0`]P`W![3[?^N*PDE9[JMKC#K#B=]AD@[=[MH+3O;#0?WA_P"B_H)FX3&[ M8LN.TSK8XS_6U]RLI)6>ZK:WV&O9M]2[4@D^H\G2?SMWYVY+[#7[/TETL$`^ MH^2"=_N]WN5E)*SW5:*BD4LV;W6:SN>=QX`^E\D5))!3_]#TP=-P1'Z%NAD? M&0[_`+ZU'9]!OP079^&QY8ZUK7`[2#S/M'_?VHS/H-^`24R22224I)43U7'' M56=.#P;7,+BR"3(U'O\`YMOM:_\`1?SMGO\`]"KH(,P9C0^12I2Z2222E))) MI`B>_"2ETDDDE*25.WJ%3KKL/'=NRJJR]Y`+F5DC=4W(>WVL>_=O;3_.^G^D M2=9G2TAU.T'WD[ICV^UO_3]R-?15/__1]4@RQ>H=0SCC M_P!*'9]7NJ/KV_M=[7Y$#,L%3`8TG[`[^=Q+/;L_36YGI_SG\\MG#P\7!QJ\ M7$K;314(8QO`D[G'^4][COL>[WV/1T'6TO,YG1.I873V9N."_*Q+QD?9:WNM M]0$MKR+7W&NJW(S7T?0VTUUT8W^3\6C\^Z[TGJ.1^T3B95-F-9T%F M#BN=4/<`\4Y&555;MO\`=Z=WJ9>#77_HO3_6[P!U)H(=G+ZYA5M=5B6UY>:; M/0KQJWASO5X[!WO;_`$RV[U/^$]"J[T2#!ZR!3CT86'@.->P9M!#CC5Z;\:JE]=7J M7?FT6_T?_"VTU_T>_7Z?T[&Z=C^CC@F3NMM>2^RQY^E=D7.]]MKOWG?^>T>* MOET_--]FAB=;./5Z'42Z[(81Z-U%3WMR:W:X^15Z#7U;[6^RVO?_`#V__`>F MAY'U@L?BD4L^S7O>:_6=%U=8G9N:[%=97D9F[]#5TUC_`+4_)_P?V?\`3HYZ M`QECAC7OJQ'Z_8=?0:3_`#GILI?0[99^=CN>_%_G/T'Z1.WH3&O`%C6UCE[* MF57D1M]+[1CBIK*]GL_14UW>G_ADN(;U_+R5?@U^BU9OH&S8^O&%;_2JW#<7 MN)/K6V`.=DY=W\Y?D;ZZO5?^A^T?TE:!-_I_0M_9`TF?:[^4HLR@7&MCJG.:#H+!,#\[;M24VDE M49G,L>&5OH>]WT6MM!)TGV@-4K,OTC%IJK.FCK8YX^DSR24V56ZCB#-P,G#+ MMGVBI]8?^Z7`M:_^P[W)QD.-1N'I&H`DV"SV@-^E[MFWVPHLS0]^QCJ7/)]K M1:"3'EM_DO2!HVIQL/2-43ZGJ>V/'?LVHDWTI3825:O+]1VVLU/=J=K;9,`Q.C$S\P,=M>Z MEK@8(=:`08W=V?NH*;22`Z^QK0]PK#3$.-D`S]'78HUY1M(%1J>2-P#;9T_> MT9_*24V4E6&;6+/3>^EI:2'CU07`@3JS:W]YJL`@@$&0=00DI__3]2N_FG_U M2J]?T_[)7S`DDI^F<;Z5/]G_`*A$R_Y_^RS_`*MR^8DDE/U&?Z$[_BS^1`I_ MGV?VO^_+YC224_3N5_/_`.9^2U%L_H;O@OEU))3]08WTQ_;_`.J:AW?TC_KH M_P"H8OF-))3]27_S+?BW\H0\/D?U!^4KY?224_3?^'M_KO\`^HK5UGT&_`+Y M7224_P#_V3A"24T$(0``````50````$!````#P!!`&0`;P!B`&4`(`!0`&@` M;P!T`&\`8V#&U)G8G M-S(S05%A-#49<7)CE=4VEM98EZ?760H1``(!`P,"!`((`P0&!PD````!`A$# M!"$2!3$&05$B$V%Q@9$R0E(C%`>AL17PP8(6T>%B4O7]FLJG]?PG,'0P]@C^V? M;DHQD_W0XE-K\=O^^^G]:3^!Z)<'A-)_UW'^N/\`WSS_`/FU\I/_`.H;FC_] M,[$__A+)_P#UCVY__4>)_P"G:_\`N"?Z'A?_`)W'^N/_`'S*SB%SCW/R5V-, M4C8?`_D1QFA8RIO;$WOVTXF?CZV_D6LG%,4:VD>Q4>E^))/F\@JNF#<[HX%; M'[DRDZG+YKNGL_B>W\"UF8/>>#R%Z5U1=NS*+FDU)[_3IR"1NDY:+F^N/,>.LVN;/=W">N MF];TA1>0]OKM<;UELBYBJD%&FM/0D6ZG8YHF^(K6"X786U[KGD7,6$I.;I*?N1OW)JW*3BML5!1495R6[%N_<_2^VHV MU&U227JK.5M-U\:J3:BW314I1DJG^56Y:S9=H5)ZUU!(OM%0EQO%VD&;2U-# M[`K=2K6E+J-:U_7U;*\6@K'(PNY`8)OG;V30"78H$\H*1;WW9;%N@I6-SC&,'LDWNK;]>..%CSA9FG<2N-)=/2 MVYJLG355A6B2T;UTUJ49RGW#;;$I"UFC1,+%VC;$UK2FV^WU"W(P5>6JULV# M4YU";$MAC";!G#DI!7X)Q2T8W9JJK1ZZ@F0(\<8[G;?%8MA7LC,E.Y;QHW;D M(3ANEOA:G%Q]+]J/YFVLU-R25R*I)PC$L+'MPW3N-RC!2:35751:IH]JUIK6 MO5=:*WU:Y9;*BB'V]+14=-4F[5>F6>1U^V>3SR;@Y9;@_8N23N.HD@Y>C$QT M6K(T%1@9N=@HJ^7E!%-$C[D-&E)1[/JLH%UR"DVB"QWQ#.S0 MJJJ0(I/_``T/E_R[Q;MY+MY3E:@E.2C*$YP<+.?<=OW$E&LEC0DUM]/N).KA M5X_T=BDZ3;BM71IM4C>E2J5-=B?32OPU\SKESMZNF1BK'!TR5EK3:;?0ZL]I ME)NLLG!3>M]ZV'1]BGYNL)W!U+VQC:E8,LI%Q;)S&KLUW!(U5XYZ^HY:/:_% MWZW+%Z[&U;MPN35RY;CNC=QXY$(QGL48.&[9.S5.X=J[+KFX)JU5N&UZE0X2!@TJ\FWESW%I> MI325`VG/NI%V]=IL643$N;X1HR0!J9TJ"0J+&2,7PSZCDN*XWC[_`!=K&R)W MW>G*6ZL?;=M9%VS%))5Q9G8C";GN;==*44Y17TO;5Z MT,9[3RJWI`:>GIZ"4HYC0=,>TZ-FIJ,F)*TK;$CN";+EL2]R2H2B,`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``4,F8NB[LKT%X&7]%9FG M*-U[8QJZ+K'UNOS]*7SDC^T;E;N;8BVN5(;7L-`PVTKG4DH*]X;;V+58JG&DF]1V.\G=4UG94#Z1L#79*5)V'DCQZK4WKZ2 MC6%V>S,@JXJFRDDCV"*FBM)J#>BX8^$D[3%/8X7#\7@9-W*]MWFY90 M%(2ID5IU63.WD&[T'[-8C)H**CL6+UW/A:N7H6HPK*,4I_I,:\ MZPHY7/K4[94GU"D)=2O51[(<8H2_1PU]A-OI8\2LPE9,JH'*J M8DCVDD!30%T+5")\;QL>6[/Q+6+/]+=R=DU<4=TTLN5M[G%1W5BJ=/3K"LMN MYP[%A9''6XVW[ZE7^8XZTI73ZNFM*NXB&Y++JP8NDRE5G&3D'.D.]+8U M])=K40-T,2%6,(*BF@<`#Z9\#XK'Y+W,RWDP< M:9'_``K?MP_(Q'?5(M)JKCMEITJT8GCPO5N1FJ>O[,:+T6W/I]%']9#*GRCV MY99.MUE>.UA$S.R?BF4ILRNQLRD!4X>_-^24L_86YL>Q-W5BE4XKCFHBR7:K MQ:2DE/((F1$C85'7UY7;G%X]O(R%UJ"W92`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`J\9_OYM]AJ"C&VI.:K)*-9 M/T%ARBHW)4G*VHZITW[ZU=%6FS2B5:]=-;J4#?NVI*_:_K6R:B2BUNR/;!7& MMF?:SM[`NQ+8S;V>3C8UBRK:]-*:-JG2&["YAW:G7ZVZYCZ76I*?KUOF=:-A5>RI$7>P=A M4]&[<7F`E()>^-O#!H_:3:A3%%J^32(@/XC`7Z\'M7#RL+%SYY=R-BY:C=>B MTM6KGMYC^=MN,K:\8MM]#):P+=RU;NNXU%Q4O#[,72Y]6C7PZEOW^YMXV;W( MP@[)#0L!&SW$=2`\QZ^XL36QYSORAF[J;5%QM\;"]';%IJ,XSN)QGK22OD9"SN]]CL^.];VLTA85*72FY:+V;- M1U3L=[A:;!U%];(:TWV*UM#6:#NUKAQEZRB/IK*16D8]@^.Y'SH,E$U]'9X; M`GSN1QLKLW:<(NS%SA;E.L%67= M,X;F=K+3FRJFYE7EA>&ND>]5=.X]ZY;LHIBOVIJ*BO;:I&44Y3E]F=8/TF>&'"%N-R2_,V3JG1];4IQ M=*:>#6K?1Z/0^=,Y?;;ME9I-_D=?#3=8VE;7MKE=A2FM;I(L*Q3=@,7KMM5W M5>3ML78)12'=)-6K^^-$U8!D601=K19&Y'(H3E]K\9C9&7@V\[W>1MJ[!6E= MMISN6FDYJ6QQ6Y;G'&E2[+:XJXY.-5S`L0G+X^5>+AIL\V*:MO:J$>3DBY.P%H*[J/ATFX"J>6"Z[;XMRE M;5S)3-RCM^P_3;@MVZBN77+16B?T5AMQ3G6E*Z=5!S;:ITZ) M:UZRK]T^M.Y%[$V?"U?8+FN3M/@4MB<>Y*IH%A9VLM;;#;QN%AU=9]=3:PNY5BFV9*/R)>$V(#)116,K@<'CKV3@QR(7;_`+&2I^J,W"6/ M"-Z%V.U+VU>E%VHPDW)1K63WI*+F):LRG:4U*6R==4Z."4E)4Z;FMM'K3QU- MAV>%-4,`8`P!@#`/_]#OXP!@#`&`,`8`P#'&YZVX]W*"VVZ`=2<@^1`SO1N26M:[:/5T:;,]O+O6W9:NMPMR346WM33K MTK_(IA=*\:4;!$V]#7%1:M-=B]BJ[!-]81*%.CK1,6^/G#66GQ9:>";Z]DLT M$4$WT0HHN54QNH"J8I@R_P"8.:>/D8[Y&\W>:WS=R>^45"4-DI;M;>V33BTU MT\-"WZW)V3@[TO4]75U:HU2M=51]"ZT%2]4%LDO9H.A4^-N4T:'L]@G"49A! MVR3NRC&V[LG!+15=$O@CZLVVL8\#$BX2K-AJL M_`5\$HVOL$30'AR.#S#ZP5:*Y/D\FW0CEC+T"JS$'.H2!9&'L=*CQ;R"$Q.^YY9&6A)R*(V,P8MD&IF["NP[1@B02=J3)JB@4`23(4N.]DY.1<5Z_D3G=JWNE)MU1(U.G.V2;DQ9" M,&!A7#5-XM3DJ@8KQF+4Z17*M`=)Q8@:'4*V_[L8"#99N9&:N++NJXO'= M*OV_O4CCC5VE:X<+&KK36T4NRK4 M71@F4:-7$7;6FMC,(V)J17C>)\RC560-VR23$!!F@FD3H0I2!TS2Y7E)P=J7 M)9#MNX[E'1?:H[\]NZO5]7X]>OQZGTDHC4-N+ M+0&4I<=K-SL>5NY8R[L)PHXN,Y)QVM[:-/2C;I3HVZ=65C>N1:<+LDUTHVJ M4Z?4?5UKK4E<9)SA]=4-BWJ$!,H,G+6EP!5H2O+RC>WS<=%`WC?&9Q[^?BD9 M%=NAVD7?()KF*94A3!9\ER,_V/G=WE9.,JD,QDIV:A#HL M5;)+RC1@DN_G6OND2$LE>#&"X+7D(.5=,B,@-Y8K1RJB!`34.4OK!/T^ M4MM4JD_9:^[D5J++3U=BYB8KKYPW0<2J]:DWS)RZ@G#IO&I&6.W41,J"!`,( M]I0##9S,S'M9%C'RKENS=24XQE*,9I5HII-*2572M:5?F5C=N0C*$+DE&75) MM)_/S^D\;J4 MW1JG5].M/E76GF>*K4?3WFK!.5"CZ_;/Y&TRKVSRL-48*/?R=Q;H34'+2DR\ M;QK=U(S9V4_(-SNU3**JMGZY0.9-P?OS7>1Y&["U:O9]Z5N$%&*5C[:T?LF#&,:(M5C3K!K(E,"9#E>H)+_`$53*8)O\ER6 M30OW+LE1N5R4FUM<*-MMM;6X_[K<>C:)E?O7&Y3O2DWXMM^%/Y:?+0^ MGL/5LY/M)A:A4F0LFOIV45AIIY481:7J\_92M+7./Z_*.(\SN,?3J\V1V\<- M5"'T>MU><3=(S=;@*G`P\#,)/FQF M;U*4AXY@VCY!-XT.*2I54S@HF(E-U*/3%_D>0R;]O)RO3E&<[LG-=&VVU\F>B?UY0+9-UVRVFC4^RV.GKFY(@EK8SL[&LW\?&S+MNQ= M5)QC.48S5&J22:4M)26J>C:Z-B-V[",X0N24)=4FTG\UX]7]9\)36>MYR*<0 M4UKZD2\&\:PS%W#2E4@9"*=,JY(O)BO,W$<[8*M%VL#+R#ATR3,02-7*ZBJ0 M%.A>3DU)3DFG-*,FFG6LHI*3\4DG5(1O7HR4HW9*6NJ; MKKH_K6C/0^H=2?,:C&^BM6#&@RL-,4MM#%-"HUEU`L7$1'I0R<6+1-C'A`O7 M$:HU3`&ZLB4HQDDM%**:U2)>1?DXN5Z;:5%J]$G737S2?S1Y6FCM*L%*X MLQT_JYFK3S/3U)5IK^IMU*L>1:HL9`]<.C$D-"&?LFZ:*PMA2%5(A2&ZE*`! M:7,KU4;;5:T>I+R>LL8F-8MF#25\V85?,)IE6\0>[N M[OKF&_GY^5>GD9.;>N9$H[7*4Y2DXTIMB)2-M#IDUC63-S8F+YFNUFW#1G" MLT4CN2JF32:(E*(%2(!:VLS,L7+%VQEW(7;2:A*,I)P3;;46G6*;E)NE*N3? MBR(W;D'"4;DE*/1IO3Y>75_6>9'7&O&\0E7T*'3$8%%,B*,(C5X-.(223J(4 M!-)*-(Q*R333H90A"E`@`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`2QZ[IA)/R0C(%ETCD55!HB!C#X1.V;7(\A8MW+-C/O0M3BHR MC&J7A_%_66_V3QUH.T)&@.IL M@QT=KN>]Q1,##UG6XLW,@:?BK*Y'UF:HLUZY?ALE*4[M4MLH+TQN1MSI&3V^Y":C]U(RV8,FX7\8H@J4IP^9\MR4[,L>[FW)V7:]I*4G)1ANA+; M#XD(8YC$*,*[$2E$PB4HB2X)$$0#Z=0*4/^H`_LS)OC^!%-LOQGX^` MMN__`),W#_W(^_\`O/&^/X$-LOQEPM;:PO-,FW,I9MPV&_,EHY5DE#R4>HT: M(KJ+MU@?=[B;F!%9(B`D+V%3'H<>IA`1`:RDFM(T)2:ZRJ4Q365B-(R"A19! M%.['*7`&8.!!4;.MP+QZK-.1K%:9(,'#AF=ZF\BI&WNG+9R9FX=,R&!*80 M_$151/N,8`,(%ZC'A0%L(O7]TCUFRKMY"OBRQJK)SZ;%FO&BUFH39#&ZO%N] MQ*219([I.:E@%5,C;KX"!/#Z"7LM5?V^1%&31*OS+"LT\B+=)W*5600D5HPK ME--.13%E*1;MLDX5$C?S*366,NW\0Q$Q,I)XRD6[XT-K^X5U=[X*9W*"J"\W+MU$ M04Z*]@`J8I#E[2S5:T(HWU/?&ZZ4&00&:@8Y=(;5`V*8?+"Q63ETF6JW58,5 MUT,+MZ[C;5WN`\ABRZ4.66(]$Q1^H=(;U02T91VNN;<915P=1 MA'.).E3\@\%J\5(5CM2PGGRKOD%42F6*U0:V==(JZ8=Q2HE[0^OUG81+%Q!7Y&MUY59B*5?E)R!I<1&BFBP,O%M#N'L3)N1.@8Q M4_-]YA!50X`4NGF*?`E-?JTFQO;B:*.S$5P("/@$!'N(H(EAO2A--:D.<:\MJY;(BU<.&$S*S0K(64QXE! M@BD%@?3#*;2+%K(3\A)M(DWD!3=>&"(.11(95N41&:K3R(H]?,N0]82C9M1Y M!C`"H>O]2/:['O6!5FC=S7W4=X$XX")B@0U?/4G MR(@RK5MA`A%X*,4:SC.MKMIU<\PV-5YI4(&3-%1IV(N#.3RL79U6P`]\HAU8 ME4#Q3`8J)9JG6KTJ11KIU)#K^H3=-=2K%X_CI.(=QU<.U+5]6BHT8!^ MJ];.968577JRA$7*1?'\JG:7*"WAD$`.*95>G4A>D[E5^7^LBC/`ZUU-N6[W MRL`K7HA_-/UT:Y$.*TZ?Q@NZ?2X-E.M#2*@PK%[%/X%[V*MU?-ID<@NGU4,H MEBJTUU(H_(N31J]-0DG9W4JBW!":>F?10(NCKFAV!Y29<$KABG4.446YG@O2 MG3_`"S]9`H%2;H]8;3H62I4N1E21@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P M!@#`&`,`8`P#_]+OXP!@#`/FJJD@DHNNHFBBBF=5994Y4TDDDRB=1110X@0B M9"`(B(B```=1P#!=?[E_"-NLL@INY(QT%5$3F0U[M9RB8Z9Q(847+:BJMW"0 MB7\)TS&(17?'S/E_YFO"'^-G_P"V^W/_`+"QLEY#?'S+M:=Y MA<<=_61Y4-3;);VJR,8I:;<1*E:N=><>EMUV[9P[;FM-=A$'A4%W28'*B=0Y M`.`B`!]K`WM5D=N;.!-C1%AHM'=2$6YBRP[%TY14:`X\0JHH1 M1=?`5?TEWJU8K"I=)ZD6!:&?N:]1-?V5>8AHM]"H/Y*VSVRXM\1*+>S=@49, M6[>E-S)$%TNH!U5!,H8!*!8\*DEAX?>=]E-),+[#I5:X;!N*E18TNF,ZE;*; M'MYZQQK2;D8)\_FK#,K6=&`@_./#R#(&J"Z#$XD)U'H$T5:>!%=/B5)[O]U( M3YW%5DX`U44T%7]S03%[4++*RMH-9XO9\DR1]VQD^TKM68QZ%*:*G3=,W"KL M%E4DSD.)#%4^NHK_`")>PV9/I:4EMD.)&`LTLTCSR386%-L]'BBAX;+]WKPU MAL,Y+KG;J+'ZN2N$TU@$O80O01-%-:$UTJ?ISR$K+1Y)LU:M=Q,WD)J'KZQ& M5=,A=IFO;0AM/2T76A]S@JW7:WRQQS;Q98D6U,F\*L544TW!D9VL5(S6.2L$ MJO&0=H9/FUGF+5:HM./2-76"\.Q5W%?=9:[8RD;)69"5>RTZ\J`LECQJ+]NV M=IG5=G:MSIJ"BS" M)C:6U,8QA$1$=E/5I.FZ^I%2DG+4[%Q(5FJ0,"]79*+(N#LUG<4P:KJM3KMDS MBF8PD$Z91Z=2@(&V^K)HO(AQ]`ZV4F'<^:,>>L/6\NSZ8@Y1_,3,O8[?*6!^M"*0]AS+@%#/T7ZS]!04'IW*'5/%10F<#4&D')NIU63 MEYRP2-=KM:E9N84CP=2;*L2-HE(UPNUB(Z)B6[LSRX/14\LV02$HD*5,I2`& M*DENV7'S7Q8BKURQ)/[]6:5V!5:S?@A[+`PI6\(-I%$5JOZ8HM7B)V!A63MG$3]4+2%V!'A@;L*NA,7B981$ M2F!"E8MHM38+]!L!>OAM2HI_7P@$56Q1'M;4."&B.*1)V*S?L&+!$4B"V`$P[#*"8P_B'K]%?$4TH4N5TG395N@EXDTP8,1ZVJNKHEQ`4UJYC81=PU>%BU'2CIJU=H1,;$.733Q M^Y9)>6+&$=/1$YO-2"J[H_5=PL=0W4E*A/<@#`&`,`8`P!@#`&`,`8`P!@#` M&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8!__]3OXP!@#`/DN*Y4%C-D MTE7)4E!;I+K';H*K@01236<)H.E$$CJ=`,H%-TZ"!I9=;<^^J#IR# M3BWP\!J"ZP-@4LTBN<&_B&\$#KCR!8BL?P^G4_@H]P_7L)_PA>D/-E?5Y'P^ M7?ON_P#XM\.?_J&1_J+Q2'FQZO(RAXFWO[EMFV)+1_,/2F@->ZT3JCYW$SVL M)UZYL"MN3DXE)A&*LE-E[`37CW,8N[4.8R+4$S(E_:B(@F>'M\&R57Q1C6]K MVT0>;`UH$9@2J:,C_2700;U*(M>Q*H\::_ONH`W56;OO':%1KWA3U/-4[.+!C)'TZ9AK_ M`#!KMUQ!;1?6'6T;/1][<#>[12.+UJ=R2,CX*L7P^D-,VB7G)0!*F5A'75Y3 M=KI#(@KTD$Y1D5,>HEZVT(,CZAM7>=SD:Q`M=AV!%U8IG4WRM&G2@D:M'-BGED926CTSIO%W*J,FQ#(HNHU('79VW>-Q\UY M+3\M!,H>0XXSM?UR%8:'-;4G5]O2EXM;V37AUY]!*G*0T6BMX#ILSC062*]3 M.I*L#!/F/(O=L9[M%EL>]1U$LMII);7MJ'CG]D@J]7YUZC`P_$/8%M:A%$N= M;M5=:HJ[`JL4FLL9DKWF$S.ZY"_ZE@75Q97;7E@FG;:\WRL-Z?=V%>BE96T-]7(REYJ=6J%4?3F MT;2V<5V2&+BA0BDX9J/8SHNX4`@@0.4O\`S#293*D$EMA2<;.=H,]>HIU6+N'*KA1P M>2/$R>P0,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@# M`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@'__7[^,`^0H(F631)<[9,QR@(`84RB/7M#H!]<`AFQO]O;Y_DRT?W(^P2NJ M)G@@8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8 M`P!@#`&`,`8`P!@#`&`,`8`P!@#`/__0[^,`8`P"&;&_V]OG^3+1_"!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@ M#`&`,`8`P!@#`&`,`8`P!@#`&`,`_]'OXP!@#`(9L;_;V^?Y,M']R/L$KJB9 MX(&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`, M`8`P!@#`&`,`8`P!@#`&`,`8`P#_TN_C`&`,`AFQO]O;Y_DRT?W(^P2NJ)G@ M@8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P! M@#`&`,`8`P!@#`&`,`8`P!@#`/_3[^,`8`P"&;&_V]OG^3+1_"! M@#`&`,`8`P!@#`&`,`_"BA$B'55.1--,AE%%%#`0A"$`3'.ZF/=ZJ_=,^\Q&08`P!@#`&`,`8`P!@#`&`,`8`P!@#`&` M,`8`P!@#`&`,`8`P!@#`/,]*L=F[(W=`Q7.V7*@],DFN5FL9(X)NC(JB5)8& MYQ`XE,(%-TZ#],M!I2BY1K&JT\_A])*ZJJJC5/I*U[&C=$J0,CL&[M-JZ?YR M4/76ZI5>U$OL5LI:W<@Z)69MO"3%@0>/ZS0['6KTFZ"):MX)VS>(G(+=*Y?&P+G-*_;P;+XW*X>Y=QX[/;E:V8UR<7*,6E.Y&=MK?)W(RBT]SE'T;O M(A9>3N5J+L7,:4H*FUQI"354NLDU2KJFO&JTRGH#ZY4OD#;ZQLV2D'I=@16R M]A:WE4MG2"EM?RL%`L*/8HWY!BDVJS%>61?)>9%5=!0`24\ MWFPQ,OA,7(XZW%>Q*U:NQ]E1F[D[=R6Z-V,I.Y%^U-M24'%[:1:U7Q75;N8M MN=E);7&,EMH]S4G523=5Z76M*:=3#B>Y![(OFR]U0<+*;"<)S$_QMB=?:336 MLVF)12LK;5WC0[FT;;.<14+(4R5O$15VUL7D6SI-XI'((Q+#P, M+C^(O7K=A.$,J5W(]%];_9Q[EMNSNDKBMRF[*BUM4F[LO2T??'%LVK./*48: M*XY3TFJ[827IUJDVXTI2M9/0O%IRT[43L/'6^[(GYRS5K954IFL&Q(_9+]DM M"[HAJ'LA_L,UMUBA`MJKK405VJD:2G)AV;L;M40.LIVF$"]I3"`$>A]O:RGJI+WJ*NT"YID"9P$K: MC.P;0#4&H%%=7U5V5!FNW*)@`%4CG3,8>TIA'Z8%#R?.&FP,U*;:=`2\Y5EK MNW.O;(1!$]1;M)B07L1UUGB:",2C'UR2<&6.8I00C7BG_`U<&3`_=BLU?N&I M+C8:O,1\]"O:?=$6\C&N4W+8SF.8R\7)LE#$$3-Y"*E&2S1VW4`J[5TBHBJ0 MBJ9R@)\2Y^"!@#`&`,`8`P!@#`&`,`Q6Y(7>363A]-4U4#6[8)BH2*I%!($- M63',5XN[.4!\N@^225\4X_1-FBN80#J4+N7>MP3$J M"1!-T&?[?\M8[+EWED)Q@[D*6VM?8EZ?=?CK-PVJGV*SK1HVT^&R(<2^2EI& MJI'QVO3=]+:I\->E#>WI:]EV+K>MV-14JDD+3TV<`H_B)-1O1L],SS?: M5P4O4>B:Q6/W8:GKB^$XY\2*.ZY90Y#-R)967FW;F4X;7.4FY..S9M;>K3AZ77JFZUJR9W[MV M?N7+DG.E*MZTI3K\M#[K:XTQ8[1<(WXUK"4M,/J7;;C98F%CH)];YNG6YI9J M\G8)V#\A-V88&QUYNJNB\469KAWMEBJIBX1S);Y;E+4;$8Y]UV[<)PA&4G*, M(W(.$]D95C&L9-5BDUU332:M')OK;%794BFDFZI)IIT3T6C\/HU*_88.I7O1SMFLGY>.5,Q*V-U1\0#=N9+G([GWI8\YNXW.U5S7TIH^ZZYO-)K+$UD.>=;P^W;'7%59MC'IH0 M\#'MSHM$7#I=1V[$U+92G`6S3,?8XE;8,,Q;W6Y;*W1-O",IF0/#[6V12.0% M/>U:(CS.X\DCJ>,/O8'"*:SAL]%.'.@8@^H^+'P34R<;ZI<5?2FR&5HD'!YV M=?;OV/)H52RVB+A8M_L29LUM&`8.63F"=S3&";R*3473EN@#YPFJ[!JU\P+9 M.2/%&3^"!@#`&`,`8`P!@#`/#(R<=#LEY*6?LHN/:D`[E](.D6;-N03`4#+. M7!TT4BB8P`'40ZB/3`,4;QR[IT6NI#T%@K=9DP&*1ZHKZ/6VY@$I#+K/GA4W M+A!LH_M] MVAB\E^H[F[A:M]J8/JFY=+LXZ[%YQ6FZFLFXVTFY/;O.%XR&1*YGYU%Q]K5U M^\U]U?#S\](KKHYF_:UB>&G!35.W=4OO4>2W'>^1>VMI;#C5SHREC9S3N"86 M!S#(',F_/7-<6E.$%A^`/+LO-N5B%5=KCGN>VOW!_P`Y=V#\SQF1P_)9W&92_P#,8]V5N7QVNBDOA)4DO--'CKUF>+DW\:Y] MJ$FOJ_N?5?`SKW%NB%U7'(MB)#-W.9)X=;K#4#JN'2ZJGET'3TB'59%AY@>T MH`'BN#@*:0"(&,35QBY?(QRDH_,MOI+:EV-;IK66XDCQ]S>=++7163;HI+L' M[8KU>$;"V,9N8L>EW'1`IE#`!%DSF[D>F6E%44H]"(R=6I=3++,9<8`P!@#` M&`,`8`P!@#`&`,`8!BSRZY@Z9X7:K?;0V_.`W\4';.FTZ.,FM:[_`&)!L*Z4 M#6X\Q@$X]3$\R[5[&;%,Y3KJ$`Q`-Z3M?M;EN[>2AQW%V:TH[DW]BW&M-TW_ M`"BO5)Z)/6GVX.!DUZ)V0Y82T51'E1FGP^A5ZW/IDY_*KQI5B-C3@"BT[A+YYNQ^JJG1NX_VKQ? MT5[.[(Y1`M^U*[Q=_P![V])Q MJFZKJU3_`*O7R;-^B*R3A))=!5-9!9,BR*R)RJ)*I*%`Z:J2A!,11-0A@$I@ M$0$!ZAG%FG%N,E1H\QTT?4^F0!@#`&`,`8!_#&*0IC&,!2E`3&,80`I2@'43 M&$>@```'U'`.>/;>^^0_W2]^W?BOPPV,XU/Q/UH1**WMR3@45'3F[/7#A5!S M`4V58NF3EU$2145D6+5D[:A+(MEW+ESY%1-(_=.,X3@OVXX3#[D[LP%D]S9' MJQ\26BMI*JE<332DM')RB]C<8QCO3:]58Q<7A<6WF\A9WYT_L6WX?%KS\ZK2 MJ253;#Q$X/'.=W9?ZGELFMJ+]%J-5:MK_9C5Z^))=Q&T>5H8DF)(F,>-E_*D0$3`FW(4BQ MG212HA-2*'__UN_C`&`,`AFQO]O;Y_DRT?W(^P2NJ)G@@8`P!@#`&`,`8!X9 M.3CX:/>2LJ\;Q\;'MU7;UZ[5*BW;-T2B91550P@!2E`/_2(_0/KCJ.AKCNMI MD.2D-V#UWB_VTM<;B0YK]PN5AQW&]5933OW*:[:+=1M?= M@IW*534'J>DQ^W[5BVLKF+ZLV?PU]3^'C]2J_D9I<;N,VK?L^ZCOO,'E]:82 M_5:",E*"@U;-6#?PR=C5)91SH M^]N]\?G,7![=[-XO+%HF]:&(NZ%Q5> M+&THT&+.//#*(MB1\;.HK*NHYTN1!PYG&+%TZZ>>1*/@\++O8&7C9F)4H-23^M&FMW;EF[;OP=)QDFO@TZHA/VX+M:M)[QO7%1C,$L!YH$ MQ,L`&;1R*I2*F'C?VM(Z01YO2.KUD6;U]O+;.[[1:==[IK!-:*FH4JJ;DQI5(]/LLBKE_O M(VQ:@V7'[4I4?8VP)MY)/\A88T@CUC9IN0GF4BE,8Q_*N`,"R`B(B*1P`1[P M,`8Y1VNADB]RJ70RI(P!@#`&`,`8`P!@#`&`,`UEK7;NX MFR2[6)U+J]PG9)-2P&(JDPB;/8(\KN`J'?(`FFX3754DTDU`.FR7'H4>A=L_ MMGW/W&[5_P#2/%XIM.5Z\MBV^,H1=)3TJTTE!M4/9VB@T_0E45`'L9*6>MR M(NF<7/HH+><0CG9EEF!SB^DQ-(&22:^J[F[MXGMOB[G9G8BR#?U&X0)RJ-;'6[$*!TU[KKZ7*FYD(F88E5-V.TB&5,0HD=H.FAU MD,YGP'DHORZKK%II,T6)EY7'WE?QKE)>*\ M&O)KQ1KLXY\H=L_;*V#KS36ZK\;;W!'9-A4K&NMI3WB)W30,BF/;WWK$:;,H]*R=-)*DMS4+B>Z$STMRUB=P8]W*P[?M\G!5E!=)?%?'R?GI+JF=/2*R3 MA))=!5-9!9,BR*R)RJ)*I*%`Z:J2A!,11-0A@$I@$0$!ZAG!6G%N,E1H\ITT M?4^F0!@#`&`,`T/_`'%N3VSN16V&/VPN&#\'.Q;XF=IR1V?'KK'AM3Z[43+[ MDKLC)L0$&*BD8Y+ZVN_ZJBM M4<"M7P?&?0504M;VG0CBP7BPNG2#`CJ<,S27LM[OLJ4BJ9'BY$"+N0,=!E', M@10*JDDD0A><]Q\_R/=/+9/,(H724A%5H?%ZY>)OJK#"4BJW7HRKEO MT\2,L+QV9V$>+R;4,Y<'<"`"B@]:-1_$F'IA M-9Z:GYEO,R$E*L2O)&Y;DBD8Z*B3JK)IA*JQS%FE'M$BE>K=A!3455,)VK4: M=2?.I9:<&30H3U]!3M*E[+.5"?\`BVF%V,55WK*]2ULM$O7&]43KQ)8;"[CT MIJ+A^C+M(U4B!:MU"1SM849\2O@?_]?OXP!@#`(9L;_;V^?Y,M']R/L$KJB9 MX(&`,`8`P!@#`*;+R\7`1CV9FGS:-BXYN=T]?.U`20;HD_M,TVFS$U-QAU>DM,WK84R(MR/09F(#YON6[:H_'7C-IJSN>.E'G2 M2-3T?%OUVW_`')9FKQ@VBE91-;HHNX?)M88'1NUV=TH9T?M\Y\1 M^T7'7+5B[:R^_P#(MTE*E88T9).B7\4G25S24E&%(OU;EC=MV';M.-SF)K5^ M$$_[?.75T5$;@=/;%^Y?QMIC/6&L/M2Z=H]?BC@J=A0-@UIM&/G*B")2R4A( MH;%L3NPS2K4B9'#YW(/':QR=%%.XO:'%.4Y;D>;RYYW+97(I7E%]R"G-:K5]< M+MH_1W&`DQ'3E29.42-7+N>GVD>_EV3R&.^13653FK;UJ&_L/4:AL"N/ZY,H%$"N$4G:8"UD6*H@;R\I$/ MDTG;17H(I.42'#ZERJ='4L<%&PT=N<*>8=7K-BF'%8V+H.VM*6VO7AE2:R%( M;R*,IKZWJ>,E('?QP0,HFY1*L54@1*+5F=+M0.F/<.Q6N[>R^Y.R+E)9ME?J M<5-Z[D_5%>2WT3?_`+Z3/2\3_P"H\7G<3+_C0_,M_/R7TZ?XF;=M3<^.'6A+ M'*W"CUO74Z#J6DKO7ZA.,*K%/5DNDFA7)&Y,#7-MX?_`"3S!*\Z660` MQ4C(-SBB?6X?[/\`<,K*RN?S\/B\!=7=N1E)+SI%^W]#NQ9AL=LY:C[N;>MV M+?BY--KZM/KDB:57EY_YD32T[)HE2:Z2YP<39!Q=JC38.:/97&Q-,QSU!21: ML),\='JV"_%+ M:KBKIZ926V23<7N>L91>JU^;EN(_16[&5C7_`'<6:^VJ4KY:5T?AKX-&R7B= MOJK[$V#4[I354H>,W#!.DM@TQ!0#M*CM&+2?N)2+0(816*S7=H$=QZ@_4S.6 M(`@7ZE)SV2>UUZHTD6MRIT9M2S"91@#`&`,`8`P!@#`&`>=V[:L&KE\^*+M&$:1FLLQ,[>^$'>K>/PW[4\)QV5R7$V#HX]&XTE*;FHSVPJ>L4<7M_%LW+^/&YRD]:/I!?ZOAJW5)T1ECQ MZXO\>=(./;?"/1322N#9(8Z7Y);)1]PW%H*R((N'T7/S+5-"KG=))@H*;!NP M35$H]C`QNALYOW%WSW-W.Y+EN3DL1O2S;]%I>58K[5/!S]<_[13\7:4GC92E;QU3;Q:0P-TI)L MJZLK6,1+XS1VCW+L;O"-O^4C,P+O]LN0H`FY1$_>`@*H*;_MON#.[;Y?#Y;! MG^=:EJGTG%_:A+_9DM/-.C6J3,V)E7<#)M9=C[<7JO!KQ3^#_P!?4Q&^T'S! MM$/(R_V\.1TB".VM/LUPTM8WRQP1V-J^-2%=O!L';PQ%)!_6(D2N(XI0\56# M*9,R9#QJXGZ)^X_`8/(XF-^X7;<:\3F-?J(+K9O/1N273=+TS\%/@+F0\>)LM5EF-%>J:Z"G8NW5*9-0A#E,4.:9V!F\ M9E7<+D<2Y9RX.DH3BXR7T/P?5-:-:IM&DNV;MBY*U>MN-Q=4U1FJO[B_/>Z4 MBQQG"KAO'/+[S1VNFUC4/0TFSMMIJ"ED".U;)-KNBFC6MC5@S'=-BN3$;13( M?4WIB(E;INND]A]E8F9CW.[NZ[BL=I8U6]U4[\HNFR*6KANT=-9R_+@FW)QW M?$\9;N0?(\@]O'P\_OM>"^%?K>B\:>#2NC-9_:OX_3SZ1LC&WBP(F`EK1+6;U)JWI!:&[: MNLY:/K\$PGY8L].L8>,9S4Z1DE'%FI9LR01D98L>@8R#`LB\(=8$2")$N_M` M>@9B,AB%4>3DW+:GE-IL]3Q)4AVM"TJ1KT3*=P] MLK2THDV=1K-O)N59(R:)S(M?%?(VIJE4BI=I[L)",WK M]\7LEFAFM;<04U"R.P:,>I0X5:(EE7*'@JFD'B2KDR*/:J183%CPJ"+63D:Z MJ]OEJ:YKU,G)-J$*W:A4=E.)\\)*VK:=$U73V&TFPT5@MKD+'(7U-X@8`E%% M&D1*BBDN++]JH*D7D.6Q8P-QINZM5$W''2(>V+=:Y]E*DA(B&;(NYF`,`@NPMC576,`M8;4^%N@ M4#D8Q[8$UI:9=E+W$81+,ZJ(.'*@B`"8QTT4@'O5433`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`'DS6Q/3IJG[)%,XB;,>=RF? MR5WW^0S;V1?_`!7)RF_KDVRMV[?R);\B]*??`Z\_;0VQKWG-P MG),,]<4B5A/<=?5?2T^O17_ETXB0:V%T[=+RTSK;9#115J].LL(MG#Q1N)TR M+,RDZ?\`MOW#@Y5G,["[D:EPF?I;;_Y5YTV[6^FZ23B^D;BBZ4E)F^X3,M2C MY.W\[MGE\WA<^/YE MM^F5**Y;?V+D?A)==7MDG%ZQ9H^0PKO'Y=S'NK5/1^:\&OG_``=5X'1^`@(` M(#U`?J`A]0$!_L$!SS1B&`,`8`P!@#`&`8P\I>8>@>&]-CKKO>Z)UQI-R)(N MN0<>T6F;797156Q7YH.O,^KUZSA6[HJ[UQT*@W3$H&/XBJ*:GHNW.U>;[KR[ MF)PV)[DH1K*3>V$%K3=)Z)R:I%=6_"B;7V86!E628>"F5O5)"6-4KLJHH8"=B5*N*,#:7`%5,!!.DT.GW"` M`8>XO7+S'9?=/`;GRG"7[=I=9J.^W_\`,AN@OIE4MD\9GXE??Q9J/G2J^M57 M\36)]UKE):MHW.&^VSQQL"$?==CM$7_)+8"*JQX[5VJ#$3>R$%).&!_-I.9> M*$KF4;I]%W$>JWCDB+*R@)E]_P#MWP6%PW'Y/[B]R6__`$_%K^EMOK>O=%** M>CI+TP?13K-T5NKV_#XMG%L7.:SE^3;^POQ2\&OIT7QU\#*#B5Q2J26O:?4( MZ*E*]H37#$D52Z\9P5K)WN:*J<]BO-J;<_SN=W!RN9RW(7-V5>E6GA"/W81KTC%42^MU;;?G\K)O+UJ5N=637/(2J@]" MOVU:=IBW"$K;!NFJH^EE5$2"V*=4RC=F057.2,4M9&-RKHNAB<_XX?YQ*1%TKSENU5E*LR*H8"2J"8M&Q@.<# ML#BDL>=T9Z,;7'5&]#A#]R/27-"(;0C)RWIVV4V1S2^O)1P!PD?`1,H]=UAV ML1/U-L")#*G:G`KI$A3B`+(IBX-24&OD64JZ/J8!?]>/TJWHFS MZ3:XR?UQ;O&4CVL))-9-.37J\N^;M'JB4<@N4[Z,,=%9(.U9L>/P$\[B>;M2O]M9D)1O6TMS3<:*<55=5Z9T:;5)+6"3W'$`>:GWCZ<`I2FD>%&TV;9)05']7V9!PY]G/O0?Q5?Y0?\RQ=^D.9?W!IY2"Y>W`O%OC5#O&"G:,E2$%*)<*D.L/WV>;[![`L*]VK;?*]QS3I? MO1<86NJ5(N,6G\(+=)5K=BFD9%G<-P\-V`OU&:^DY*BC_!?PU?XET-CM*@]$ M:2UFCHB"X?4R"T39H]8UBI]O;,)BY[)8L.T'-OGFUE:FEKBO&"L!SO')7:;, M3)D33Y6/-97,WGR<'Z)QDX^W_LVU&BA'S44D^KJVZZ&]R> M=>R%E7+T_=71ITI\J=%\OI,/Y7@)L[4#^P[R^SMOV3H[^3;*N;EQHPWG&151(S]P@L"1^]1O,)E[4AZ1Q_[B\)W'8L<3^Y?$POPB MULRK<7&Y'Q]:MTE1_>=JB>B=I]3?6.;Q,^$+'-6%-+I<2HU\TM?GM_Z)>OC1 MJ#5OVTJ%;=G;;M+#:?-#9L8XL&\MFV&I$65!)`&9&_E>^>];O=.1:P./M?I^U\5[;%F*VIJ*VJY**TW4TC'I M;B]JUM4OKGA M?K)T>P[XW4^1&'5O24&'F6=!URP<)J&\HDDV'M$Z2A6XBFLLD=QY5LZ\$VHI M1CU-(E6LI&8?&7CE7N8U@8WFQTI>B\,M/M%*'QVTJR=OXIG,MHIX;S4Y+*M' M)7;Q1XY%9Q,/`7.Y?R;@41I2Q-;LPL]9':0D3<9:&2L2]DD6 M\A-R%K=P];8G!@T1)%,';LB9G9!4!%TUBI)])/5$U.6!];)RR5>6GTJA8Z!7 MTGFOB+5PM1ME@K,[.L;G"JVA5U<73HE3:MRF2>1C1(AUS%;`94PXJ00QUQ>J M[ZO$J+T]9 MR58J`=GW+V:TW4=*^53*A;?&]M7Q*J&T]5FEURI>!&V./=H-&+EX8PD; M%EW4(C-Q`'=&$!`J0-E.@=/"[A'IK]L9?9D8MTH_:1JQYL\V:YQL!>R[<6C- MF4C1RQG!:U0HY\5=U$S6TVK1P16%@&QC%4:ULC@LO*`8IG2B::BC@ M=IQ'$9_.Y^/Q?$X[N95UT27AYR;Z*,5K*3T2,V-BW\R_"S9ANNRZ+^]^27B8 M=\'>!V^ON=;)8)?;0;QC@PH5^G1#!-C'4C4C%T4 MR;A6/3;%(=EY'E>'_`&IXV[P7`2AD=ZWH4OY%$U9KKMC7Q76, M/.ER[]V!ZN[>QNW[$L7$:GRDEZY_A^"_N7TR\$=<4)"0U:AHJNUV*CH*`@HY ME$0L+$,F\=%1$5'-TVD?&QL>T32:LF+)JD5-)),I2)D*!2@`!G!;UZ[D7;M^ M_=E._.3E*4FW*4FZMMO5MO5MZMGE)2E.4ISDW)NK;ZME4S&5&`,`8`P!@%&L M5=@;=`356M$/'6"MV.+?0D]!3#1!_%3$1)ME&\;.6K73&3754-6WL\22AW= M6<+*=A'$O"S$$R1!P4IA=QR['Q3&7*;P^ZU\@H'7_LSAO<(=.F9 M+5F]?G&U8M2G2U-77,'[NO&GCY4'$?J"Y5#DCO2= M='KU&UMJ^PM+DP+8EP!N@ZN,Y55I%G&QS%\LF0[%)891\L;P$$R]%EV_1NV/ MVQY[FQ:O9&=&VTF]S6R*]4GTC+=8/!Y>3/?DPE9 MQ8JLI25-/@G3Z^BZOXZ_N+_V].0'+;99^8/-^;]6O,\"3RJ0/_RCV%!X_"PTN7EI M[224J:RTE-4BE"VMKRY_+V[=G^G<.G;Q%UG]Z;^#ZT?B^KZ:+1WHWA M]I[2L@#I>X\>H2=CC"H;WWH5VYUO?$[8V^8E?LK[E]>ZG_B?YB\J*:/CQN>Y;$HEDNY;7A+U? MQ?J_B?;@I]O/6]&MEY<4B1OL]39B5C%K3>MC'C1N\G'1K5`\7KU%Y#IH,"-F MKOQ5G"CL&WEV;5C&L1=+5NJ@YNNZXTVW6FB3 M;VJM/M2KCY+ELCEG:CC?B_]'E]+-FW(_F'HGB)`-(ZU/BK6$D0F MM6];5=)N,NI%H$4;M'+@IS(QM=@4S-C$!PY.0#%3/X)%3$,4/"1BY&M-B,B\3.5A9>3 M]]JZ$)4Z:5TB18'$42P)"DR5*V`YT2RYA=+F3."$0X'M.-FOQR(T^ZB?P'V1 MJEL2,F+KRZY#;BV]R'LYF;MYL:MV0D4RJ3AB991HPK"5CB9QU),FAU"D*=T1 M!$J21"M6K+H/6-].BT)V^;U/S7N`_-OC1)(N-2[H@>1-(C0,,?'6^1DM6[IA M$#!V)L*_:@5L-:L2:*?T,64?1Z:I0`A#($^@6]Q/1HJX>*>I=JC_`&ST]C2K M;8?-JTM[NU8+A.1.@ZM+2+/4U==D'S9I/8%E4]-G]IV)L(?M5%081*8BJ0&Z MZ2@F&LKC>BZ$J"74A^R)1+G)MJ$XB\?3QU8XFZ<"*D-K6BC,F4959*21*#9=T19\5-9NR04-*]"W/[3(?J>U?9-Q]5JU?I%;@ MZA58MK"5NMQ;.&A8ED3PVS&.8(D0;()AU$QA*0G4QS")SF$3&$3"(CB>NIDZ M%?P!@#`&`,`8!__2[^,`8`P"&;&_V]OG^3+1_"!@%G-Y;8C]145 M_/JJMAF79%F5=:.#E*FK("D8YWKDHB'[NBD>JZYA$I1`"I]Q3*%'+1CN=/`K M)[41#W5G$&A!M"_NI%R:(O-F:M;##0RK)8&K[:04?F9"AV'MKL'"Q>/AW5WW?_2@X_A;<+2Y'F)^WB+51^]/RTZT?DM7UT6IL";_8*]4H\E?K= MRMVD[YI2CT+C\P1T@L-18704S+J-3E'74UIW_FU]V7@19K!H;>VT9E)RI!3/M>U;&B(_9+"R,6[) M=%G:-?;&D85_.3[EP?PP;B\R2MHW_81=&<.I.3DGJHRAZ,+ MT#"^D!/XTJIW-VY^WQET_KY;E>*_:OC+W;W;EZ%_O"_&F1DT7Y*?W(K6DE]V M'A]NYKMB9;U['[?L2P\*2GR4UZY_A^"^/DOI?@CL9C8V.AHYA#P[!E%1,4R: MQL7%QK5!C'1LK;>K;U;/*-N3K/;E"!@#`&`,`8`P!@'/U]_ZC/( M_5'&SDU!MC*3FA-WM&CA9$O:JC!W-NUEP^YQM'?>QW M?$+[8%?4VALQV*S.Z;Y9IHKT+7\:18&DA)PDNZ(>$%FQ.?H><='%CXHD19)O M%U4PSL7;_P"WF#QF!'N?]P\AXG$K6&.ZJ]>?51:7JC7\$?S&JN3MQ57Z/#X: MU9LK.YB?MXWA#I*7PIU7RZ_[JU/YK3["6GY9E%VCEKNO3D,5W,3M/A'IU^GP_@_FS/+3?VO\` M@]Q^GX^Y4'3,0TG()-55G,V:3DK0X9B*!TUW)GEC=/UB]4#'`X"?PA*8>XHA MTZ>$YGOCNON"U/'Y7FKMS&D]8*D(.CJJP@HQ='TJF:C)Y//S(N&3E2E;?AHE M]223^D]F^_N8<-N.2/@6[:C"PRJ;@C(M=ULV]ZR"9R'2273.XBU2P+4[`%`% M9%1X18@%,`$$2B&>54)/P/@W+S+^:*Y1:$Y*0*-@TOLRMW-$[QD;'2<-ZZQ7_`.8?J59\N4&Z(]XG.E,8N3^! M$GM^9S>\<.,'(?[KFV;3M*^V6=J>AEI\/D+9S]H4D[?GK4R!AJ=!:*MQ8&69 M(-$&X=H%C8-H!`.150$F:F64E%412,6]6=7VCM$:JXXZ[AM6Z=J$=3ZA#$[P M;,R"H_EI%1---W.V&46[GTY/2'A%\9TX.=0Q2E(`E3(0A<+;;JS+2A=[(`P! M@&EK[H/VSX_DPDAN;4]?[MQQQXYK8HR)=Q\-(W*,0.BU:RC!^^\%B2RPJ($` M_F5"IN6270H^.BD57)"=-'T*2CXKJ81:;XJU;1(,G,O]HZY[>FTRE\*'E2&('42`(_2M( M+K*HK-](T/HOPNYSO^W9,CSBE?F2-[E8>!8,I9#5Y1/T.XCW""2C*(%D]5`O M>`U@Z(@D0#HG_#X;='IMT&V77=J?1ASQWEQT>-ZOSBT7-1+910&D5MW6+5K* M5F<4*`^&+IKZD:$,[62+XRI6KY!RF40`8],?IC8I:P8W-?:1#BI/X2I2;1T9,!ZF`L,V,8.T))5`39/IA\9#U3^ M$3:1IW2>L]"TYI1M75AG7(1`2K.U$^YQ*S_H*J)`.J0"PM:Y MD-K#2WEI]A>4?2U9XT7;6\0%I4<-[15.7U^D-::,=6:5&KMSTN6>6F,5"=:( MM9Q++,U3+23<31Q$R+&3"AD&.XX>W:8V-*VGT*C3< M4MN37LO#.K.@]8!8*"_L%9>FA)J1CZXK-1\BDS1>('\FW5*DZ(15(BI3%`*: MHN%<-W:QH,X2N6VR^DRQVC=\"`Q$X]3!NZ.JF@91S&QKQND)Q1,/0Q@Z`'4> MG4.ME&354M"KDDZ-ZGW8[JU%+5^;M,)LJD3\%6V1Y":=-O%0B5I]HW?]M+IDP=[.V,,>BWG]B6Q-)0SJ1? MN!\1TC!1[ATLE$QXJ'2CVANG4ZRBZZWC.[^[>1[OY:]R&;244OCY'D+W(Y$KUUM0^['PBO]/F_%_09CYY4UY:7<>A]-\A* MPVIN[-;U39=:92S&=8Q=JBTGZ1++XC/NX^0XN+<'2L7U371^:JM&E)4:36?'RE"; M5*KR_M_IZETFC1JP:MF+%LW9,F3=%HS9M$4VS5HU;)E1;MFS=$I$4&Z")`(0 MA``I2@````&:Z4I3E*7;V;*5+?ZB-N3\%&[6U)OX)3K]&FILN(O_`*;DL.ZW M2.])_*7I?\ZF%OV3]L>_N/D"R<.@7>H4J&CW*1S@9=-YKR1>TIVNK]>XRS]F M9DNB+W!RS,XF9)0/$!&2 M,4P=`.E"L_"!%0G/>?[AY?N7.ER/-YCN7==L>D(1?W81Z17\7UDV]319N?D\ MA>=V]^3Z1T/DV)?>U-?\`R4V'H"OP MK*@:IYE<@>:UTM/."*AK]L*2;"M7M'N_+35!H+5 MXD(]MN1\1W&VRP-TEA3(R*9>*9#W*&.]<&35;5E.NB+**1'^3GV69^FSKK(V,;6M0\60%"MY!U!;RH0)E=( M6RT2'L=ON/4AOG7+Z5DV;:+>0%N:7*4DFU M8)B=SLY4WO3&PH^JN_MU M[7Y+ZK/68V2=[GUXX>2"\(_?.I%-Y!-XNO4>P2,:6.*W(8Z[J5C2J*+@`)B4 M2'4Z%VKV=Q'<7'SOW^],3!Y)7'%6+J2;22I+?*Y"M:O2,9=.O5+;8/%XN=9< M[G)6[5ZK6V7EYU;7\$S33N?[@'!MW$3-MJ^J]T53?E/;J&IFOMRZRJZZP6-< MOD4D6%VBK&[F8.(9*K&.N+I$CDX)'*F3Q/#SU^'^RG<%W-Q%=Y+#N<1*2WW; M4W)J'5TC*"3DU]FC<:M-NE3[(=IY,WK*+K1?"J6OEU1MC^TUP1L& MBJO.F"CTNW(U3N5^]%:J#U@_3)C)Q:E%M23 MJFO`)M.JZG,5]HTJW'OEAR3XJOUETD=7;QNM=B@)1\#6(:2GIA MZL486_"AZ+FY+`P,'AH/UTWW*>;\/KK]"B;CM3L>;7,FG1NM^)-!#[?/"=P M4QEMGRY7*VX]I1SDJ:3B=;2B9F%CGG\R@!%05CU(]D!"G;&FG"1"(CQ-[4ZR M=9'F4G2BT1G#K'[*'!"C1L;[OHEDW#:&Z/?*6J^WBV(&EI-OCU^J3%>K MY$555#BDDJ@X,F7M[E%52^*-7.1.U&=&JN)O&31\DC-ZET-JJA6%LBX;(6>` MI4&WM:39VB+=TV):5&BMA!LZ0$2J)^9[#@(]P#U'*MM]631(R$R"1@#`&`,` M8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`?_]7OXP"TZNDM=JV8+:,2Y--KV!>Q M3#EQ*R4B-E<'K]UK3*'L1Y5R^6DZA!,-AS"D;!BQUGLMPN4PBO#P<\PACJJVR_S$DBM MY?QF;Y^HLW.DIVF*%65F%95&[N4F:!EE3*O99K,S$S)O MG;E1=[)3$W,R#AZ^>.5%73UXX5774454.

*+J8(([/U"IVOR06BKUVR>FN MT'\=Z_"1LQZ>^:K$<-GC+U%LY\J[;N$BG(HGVG(?.WU>S.IVAT4 M-+]1$3J'SM5G_P!>_9J[;ZY/$9U5Y^WCX'3=LX((E41*Z3-_TCTZK^TW"6JIW[C:3^[!>F$?\,%&/T5-5F9,\[+R,N?WY52\EX+Z%1'9.4I2E`I0`I2 M@!2E*``4I0#H```?0``,\\8#^X`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8` MP!@#`&`,`__6[^,`8`P"&;&_V]OG^3+1_"!@#`&`,`8`P!@#`&` M,`8`P!@#`&`,`Y]OO]T>2C-;\8^3-;>+0\_I+=`U]U.LF",@ZB(+8,>A)^KN M6*XIMI1I&S=":HD;K&[3G?B0.A55!SLO[07(\A/NSM2[+\OD,"6VOXX5BJ?& MEUR_P:]$>D[=I?\`ZCQTGZ;UET^:T_[5?H*5Q-^X>]U_<&^GMB3=1G#N5`5K M-71E&ZZ1'2:X(.R M)XG(X=RQEQZQG%Q?U-*J?@UH^J;1YJ[9OXMQVK]J49+P:H9>,YOR\EUDZ):GU8.'DQ3"J1"%=3=AE%57CM0``IEUC=I2D`I0XFW5U9YQ:%WL@#`&`, M`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@'_]?OXP!@#`(9L;_;V^?Y M,M']R/L$KJB9X(&`,`8`P!@#`&`,`8`P!@#`&`,`8`P"'W[7M%VI4YBA[*J% M3P?\`Q-L87H]-52D6Z?A]J3\9F_M<_P"] M!6.6Q(7[/G1*2_N^K:_B6?XZ?9$W+MZT^]/N+[1FI)A1G1*Q2]?TRT,IIS:H M*,*FH$[)W($UO18.67Z`*)&I9Q]T.HX6:*%3[\O/=^<#P_"OM_\`;FQ+BO"X2#A">LY.N[7[M7KITKX+ MIU;.BK3NC-0\?J@WH>F->UK7=60,54\=7F((K2+LJ94?49R57,XF+#+&1(4A MGC]PY='(4`,H(``!QAMOJSS=*%UL@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P M!@#`&`,`8`P!@#`/_]#OXP!@#`(9L;_;V^?Y,M']R/L$KJB9X(&`,`8`P!@# M`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,` M8`P!@#`&`,`8`P#_T>_C`&`,`AFQO]O;Y_DRT?W(^P2NJ)G@@8`P!@#`&`,` M8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@ M#`&`,`8`P!@#`/_2[^,`UE0]GV;2Z'==0.)K9]NNYKS4W4=?W4+N^-N^Q]6Q M-TUNKR3DZ/5;C(6.Q0,AK[75F<-8Z0@%T8N4E7C0(A$K[N;@)^):>5D^:!&4 MT:$9[?\`6B.=H(Z_[V%Y.BIQK2U[R94UO(V`LL0T)^HU>VMJ0!TY<"V?S7DP M51*W5D`/!.AGYJ*.N5CTM;H2PC8VQI>Q[IA**M?D[,E;BZ_>7*V,->KVPMK( M-J\8E>5;^`9^3U$\:5N9UW.A5,:2/$HJ-_Y?K3!4$_4`#HZN8O\">-'\V.TOZ+L#0>Z MN8O\">-'\V.TOZ+L#0>ZN8O\">-'\V.TOZ+L#0I:U_Y?HS>3$G0!#H0W40^G4-"J>ZN8O\">-'\V.T MOZ+L#0>ZN8O\">-'\V.TOZ+L#0>ZN8O\">-'\V.TOZ+L#0>ZN8O\">-'\V.T MOZ+L#0I$BXD2G M/]>O84>@"/0!#0JGNKF+_`GC1_-CM+^B[`T'NKF+_`GC1_-CM+^B[`T'NKF+ M_`GC1_-CM+^B[`T'NKF+_`GC1_-CM+^B[`T'NKF+_`GC1_-CM+^B[`T*7#W_ M`)?S+19XAH3C:D1&5G8DQ5N6.S^\5H&;D(-RH'9PP,'A+.(XQR?7KV&#J`#U M``T*I[JYB_P)XT?S8[2_HNP-![JYB_P)XT?S8[2_HNP-![JYB_P)XT?S8[2_ MHNP-![JYB_P)XT?S8[2_HNP-"EK7_E^C-Q\&;0G&T7$C%3$LDL'+'9_@D1AG M<$S734Z\,`/XJIYY,2=`$.A#=1#Z=0T*I[JYB_P)XT?S8[2_HNP-![JYB_P) MXT?S8[2_HNP-![JYB_P)XT?S8[2_HNP-![JYB_P)XT?S8[2_HNP-"ESM_P"7 M\#"3$XYT)QM6;PT5(2RZ*'+'9_C*HQS19XJFCXG#`A/%.1$0+W"`=1^HA@:% M4]U_P#+^9:+/$-"<;4B M(RL[$F*MRQV?WBM`SPP=0`>H`&A5/=7,7^!/&C M^;':7]%V!H/=7,7^!/&C^;':7]%V!H/=7,7^!/&C^;':7]%V!H/=7,7^!/&C M^;':7]%V!H4M:_\`+]&;CX,VA.-HN)&*F)9)8.6.S_!(C#.X)FNFIUX8`?Q5 M3SR8DZ`(="&ZB'TZAH53W5S%_@3QH_FQVE_1=@:#W5S%_@3QH_FQVE_1=@:# MW5S%_@3QH_FQVE_1=@:#W5S%_@3QH_FQVE_1=@:%+G;_`,OX&$F)QSH3C:LW MAHJ0EET4.6.S_&51CFBSQ5-'Q.&!">*[.LFS6;UF*0BNO(OK)J/4B\6Y37_"5%-N\(.+PA14(Q2B[0K3GQRS1RIJSK5!7PU_'31$T/(MRUUZWA:I;S5: M^^T+OH"QIVLG6(5**MCN4NUVKM-IS;S.O8EO94+?&[MD:I;XV7L=_A(0M6 MLH\>[.@P!=RC*/%VJ'A,CINVRB@4,P\$&-$+RJUQ:'MHBZI'VFQRM5O-PHSA MBS;5^.))J4C7E5V5,VR*EK%8X6`/0U82\PR+:5<.V[=PYDVXE_+J`XP30C<+ MS4TM-QGN3LM$;7&T1-*O;-*148G&1UF@M:/-T3>N3G:S3Q\\MK?5$4K8B'9H MN85[%$(NU?KE42[PH?-?FQJ)L4Z;IE:F4FZGFE>K$1)!3H=6Z.UY?9D&\=5^ M7E[BPJS6*AI#3MC!TYE9"-2!-@FHD*I'T<9V%&9>)F,=-,YDSHF.0IC(J"F* MB1C%`134%%15(3D$>@]IC%ZA]!$/K@@_>`6)V;R+UKJ2TQ-1MSJ5))25.NU\ M=KQL>5^PKM9HM;G+4^?61&H9\I&.RDZ`@H(":$+LW+2B M56QRE+G:9L(EP8(PKYA6&S*F2DE/MY.L[)O`J1IXZ[.XV.D(BKZ@GGRK"57C M9-4C'HT;N%%$B&"A[#\N-1'MXU".9;<,*Q8*-&KDYG)G)E")MVJZY`H7/UAM!IL]&YF0JUIJ+RBW9W0 MYJ.M1ZHNLK,L8"N6!VO&/J9:KA!OX]L2R$9JF*[!5&0:N4%$R&1'J(+GX!;O M;.SZOIC7-MVARTBNJNBQBX:(:*+-D7$O.2SM!FT(JJB MB9PN3Q%$R=QR@6RE^4>O846[AW'6;T7Y"HNLY:P`2M(,*]9=CP&L[%5#2+%] M9VEC?1+AEMF)\VZC&+].,*#E=YX#1LJY`30C"/,[4/MB$L0Q]Q:+6:Z5BD0% M66B8=*TRDYL.C1FP]=+DCBSYFK2-V&QL<6R8.'+A$$YJ6;L7OE7(+D1"C*Y4 MN6.L;EL>M:LBV=K2M5CCI9P*+R.BP2@YBO2FPX.RUJ<0:3;R53=UJ>U7.1S^ M3;-G5<:RK9)@>2!Z[9MUPH9.8(&`8V1/*;7%BD;=$5IE9YZ1J&W;=I1=NT:0 MC$DM;Z1J%KN.PO(MW.V")8HU1K$/$XP)1^JQ:&F#ID[@:K(.U1-"@5OF5IJR MN8PP>X8=@Z&=C'UBFF4,2%KUF@*_L6Y3-/DGT=.R2KN13I>I)F:3>QJ;^"=Q M2#9T@_53>L1 M'#&`G(:MUJ3>NF,\O$.%VL>Y49%=D14$H4*S#\J=562S:VK=9-9K&CM:Q,JQ M5+5$5]PXIHR,CH9YR08C*6!15%O&D>ZN1;.6Z9RBX*-0H2_3^ M\*9NV+=2U13EFJ",?59]HC-HQ[9W+T^^5YK::+=8Y&/DY0/;ENA7(J-!7,@\ M35071<-T%T5$RB*%XL`MWMG9]7TQKFV[0N1WP5VGQ9I)ZA%-2O9:175718Q< M-$-%%FR+B7G)9V@S:$5511,X7)XBB9.XY0+92_*/7L*+=P[CK-Z+\A476LNQX#6=BJAI%B^L[2QOHEPRVS$^;=1C%^G&%!RN\\!HV5<@)H42.Y M?:M?5,+2WAKZ4#N'IR5=M6$9*Y+1P:8<;^CK"G6H.3DWJD/9*(*'E3A^V+*O M4F#E-N[\9-(*,N'6-[TVV6_7E+C&%J2DMFZ6=[WK#]]`*M8!2FL).D1+Q@O- MBL=B>U-'&P8TZ[!N9P=NBJ"BQDRJMQ6$%Z<`8!C9$\IM<6*1MT16F5GGI&H; M=MVE%V[1I",22UOI&H6NX["\BW<[8(EBC5&L0\3C`E'ZK%H:8.F3N!JL@[5$ MT*!6^96FK*YC#![AAV#H9V,?6*:90Q(6O6:`K^Q;E,T^2?1T[)*NY%.EZDF9 MI-[&IOX)W%(-G2#]5-ZQ%P%&5,.5505IVU[FVHFTU&NEVD9(WR&>UV$KL\QC M'VO6&RGTFS:VNSP+-^Q@H!\*;@Y''[=T@MFA7437F%+H=NV-*2EM=E7*>$CW==HLJ+(PIJ'>+,EBIE M$J*QDQ-"WKWEE2FE@94EY1-DC=[##5F6JE'(PI3RPVU.SP,W9SQ+5LUO#AC` M3D-6ZU)O73&>7B'"[6/+_`,P>T?CG M_1[QOA[V!YWT?]O[8[_(_P")/,9!;6J,H;/\-^XVGO'Y5\U\+\3O2>GQ5[3^ M/?GUMZQ[=]H_X7\M[C]"^5O3_P!S>U_2/2?IVY)!9>1_3I\5\B_)?/WQ[\71 M/R%Z7\*^)^DKUOD_Z1[(]:_.?%WC>^/+=/\`43RGEO`^GE\@G70VR/?"\F[\ M?S7@>57\;R7G/.>%X1_$\IZ=^\/-=G7P_`_;=_3L_%TR2IJ>T#^ESW5N3]/O MZA_$]K2?HON#T?VY[/\`ACA=[A^)_P!1G[3VY\[??=]^'O(?!'C=/0^=WR%\._(G^#/:'M M[Y5\?W-^<\EY#R_[#T[`U-N]!]N>Q:7[.\?VC[3KGM;S/GO,>W/1V?HGF/5/ MWGX_IGA=_F?V_=U\3\?7)*DLP#6#RK_2C\[5#Y$^=/DKO0]S^P/>'L'V![+M MOJ7R?[D_TT^/?8/N+SGIO[R\+S_A?F\$JM",[@^$_G38_NW]1OS1WUCVS[._ M3OYCT+XWY>^![(]*_=?9\6>_O_GW_$?E?+^F_FN_()5:(^]?_25Y[6GM'Y5] M(^0H7SOIOLSTKP/U>5?]//R'ZG_BCV3\P^D^Q_1_WI[9\/U;\MXF21KJ9Q<: M?9_Q0W]E^[_)>_-P^X??_HWO7Y$^7KS\H^Y/;O[A]0^1O5.GD?R?@]G@?L>S M`?4OW@@Q2YF?"/PC.?/7OOVAV3WIWQK[W]Y^O>P[E_X'[(_'ZA[=]1\#U3]S M>8\/S/U\/!*KX&*KW]/7PUHWU'YT^)OU&L?4/<7P[Z_\@?/U3^/?E[W=_JK[ M6]Q>E>3]L_O#V=T]>_*^)D$ZU?F0>H?I4]/8]OZA_^T_G'Y+]?N7J/ MN3XB\A\J>GF^X_P`K MW>J>9_=OIN06=?$M5%?HZ]G)^'^HKVAXVP_>?^S_`*=\H_'?)KY+]9]!_+>Y M?@OWKV>U?\"^VO(>D_M?3<#4N_9_TX]NY^ORQU]9V7Z1YW]-WE?'_4?L/YF^ M'/E[]S^<_47X_F/7_P!]><]-]%_+=F!KH;(=3^Q/BW6OQ;Y/XQ]@4WXY].\3 MT_V)[=CO:'D?&_;>3]O^7\+O_%V=.OUR2I/\`U@\TOTH_)-6^5_G7Y`\LZ]: M^+O>'M_X^_3]RV[_`'YZW_I?[6^//D/P/(_X@\_XGA?L/.8)53X[5^)_U.2G MK/ZA_P!0W96OB/V/^G;SW_@FW/,^P_!_*>H?&ON3Q/DK\YZ'XWHOYCS>!K3X M$MTO^FCV]Q<^,OD+T/\`4/-_%_C^A=WKOZ1-O^S?>7C_`)OXW_3#X/MOR_[W M\MZ%YSZ^>P/,N#PM^'/:DE\4>_\`ROM/3GHWR1[6]8^&/CB-^"O;_M'\I['] MJ>8\EZC_`(@\YYSU']MVX#KXF:V"#%+F9\(_",Y\]>^_:'9/>G?&OO?WGZ][ M#N7_`('[(_'ZA[=]1\#U3]S>8\/S/U\/!*KX&*KW]/7PUHWU'YT^)OU&L?4/ M<7P[Z_\`('S]4_CWY>]W?ZJ^UO<7I7D_;/[P]G=/7OROB9!.M7YGLT!^G7U) MU[=^=?7_`(*O_7Y"]@^J_%WQ?Q0],[/0?V?J'QO[4]"\;]KXGK/J7Y_Q\#4R M.UK\6^\>)OM_W_ZK^D+97QEZS[=]/^+?5.)ON#WWY+\S[_\`,^V/)^G_`+N[ M/5/$^OE,DCS,O<$#`-2O'O\`2O[TVC^GC]1OF_:%_P#2?<73VWZ-\'<'?-?& M_P"I#\7?[#]F>F^X_P`KW>J>9_=OIN06=?$M5%?HZ]G)^'^HKVAXVP_>?^S_ M`*=\H_'?)KY+]9]!_+>Y?@OWKV>U?\"^VO(>D_M?3<#4R@Y#?&'D.1?J'Z@? M(_+>A/FSXX^&_3O)^TJAZ%ZI\G?N7X1\CZ=[S]0_!Y?S'FOW)Y[`\C8RV[_+ MH>+XWB>"EXGF?+^8[^PO?X_E/RGC=W_%X7[/NZ]OTZ9)4^V`:P>:7Z4?DFK? M*_SK\@>6=>M?%WO#V_\`'WZ?N6W?[\];_P!+_:WQY\A^!Y'_`!!Y_P`3POV' MG,$JI\=J_$_ZG)3UG]0_ZANRM?$?L?\`3MY[_P`$VYYGV'X/Y3U#XU]R>)\E M?G/0_&]%_,>;P-:?`ENE_P!-'M[BY\9?(7H?ZAYOXO\`']"[O7?TB;?]F^\O M'_-_&_Z8?!]M^7_>_EO0O.?7SV!YEX.+'LWU3D+Z#\B^\?F1K\I?(?Q/X_NS EXLUQZ;Z/\'?Z=^3]G^F^-W?OSS/?Y_\`#Y7`?@9;X(&`,`__V3\_ ` end GRAPHIC 7 g528978g92f65.jpg GRAPHIC begin 644 g528978g92f65.jpg M_]C_X``02D9)1@`!`@$`8`!@``#_[0E^4&AO=&]S:&]P(#,N,``X0DE-`^T` M`````!``8`````$``0!@`````0`!.$))300-```````$````'CA"24T$&0`` M````!````!XX0DE-`_,```````D```````````$`.$))300*```````!```X M0DE-)Q````````H``0`````````".$))30/U``````!(`"]F9@`!`&QF9@`& M```````!`"]F9@`!`*&9F@`&```````!`#(````!`%H````&```````!`#4` M```!`"T````&```````!.$))30/X``````!P``#_____________________ M________`^@`````_____________________________P/H`````/______ M______________________\#Z`````#_____________________________ M`^@``#A"24T$"```````$`````$```)````"0``````X0DE-!!X```````0` M````.$))300:``````!M````!@``````````````40```#X````&`&<`.0`R M`&8`-@`U`````0`````````````````````````!```````````````^```` M40`````````````````````````````````````````````X0DE-!!$````` M``$!`#A"24T$%```````!`````(X0DE-!`P`````!N(````!````/@```%$` M``"\```[?```!L8`&``!_]C_X``02D9)1@`!`@$`2`!(``#_[@`.061O8F4` M9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,#`P, M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+"PT.#1`.#A`4#@X. M%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P, M#`P,#`S_P``1"`!1`#X#`2(``A$!`Q$!_]T`!``$_\0!/P```04!`0$!`0$` M`````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@) M"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D M%5+!8C,T)E\K.$P]-U MX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$` M`@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D M8N%R@I)#4Q5C+RLX3#TW7C\T:4 MI(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B7I[?'_]H`#`,!``(1 M`Q$`/P"J`G3@+-ZQE9%097CF-P<;'-@D`>`*2DF9U-E'LIVVV\%NZ`#_`"EG MV_62UK@&5L)`ES9)(_!1I^K'4[@W*9186.@@G5Q[[FM_-1+/JYU>XO%>(3K[ MN&G;VD?U4E+,^MU>^+,=PK'+FF3]T+7DUXF,^^S4,&@')/YK5D_5;$MZIU5^1D`.8]XWM[0#OV_ M]!:_4L>R_I]U=;=SRWV@^(0_J"&5.O9:]H?42"TD"/-)3W^/6V`WCP"F^H`$ M]U4=U7#I:'.=`XGM^"63U/'II=:XG:8U^*2G+ZJ]QEK1KV7GWUD8]K_4:T$2 M6ND:KMLKK&(:C8^9/T1$&/$,^DO/^L9M=[;`VP'WDAO?[DE*^J.3>SK5=-;@ MUEP<+&GAP`+A_:7H6Q>:_5FNZSKF'Z0U]0$Q^Z/YS_H+U3TDE/\`_]$U;%GY M_0KCFU=2QVAVUVUP#9(:1^DLV#^<^^*\,GV^D/8U[:O\';9M]?\` MZ'TUW%^9N+,6D#U#J]W[K1R?[7T6KG?K+F=1?372WISWM#PYQ#V^/[S7)*:G M[&^KF3CLL%;F6-:!O+;`1\=X_P"J7(?6&K`HRGBCW%T!LP2`.3[2YON7HW3, MYS^C,&2P,N8W:YO.@^C_`-%>:?6.SUNHOLB`20(\DE-__%[BF_ZP-=,?9ZK+ M(\9BG_TN M5>;42T@#7M\5S+_KET;&]K39>1_HVZ?YSRQ5\K_&,&,C!P_?^_<[0?\`6Z__ M`$HDIZIU;G,)QK!4\_2<6[C^5JR^I-RV5%OVP[B9CTP9_%5N@=7ZADX+NJY; M6EEMSF$5M@#:&^[;K^<47-^LW36,=)!LXB-4E-3IANIJRYM+-I M_/J]6S^>24__T^"VPHN83HT<\E%C52`T24^G?4?`KN^I]53OSGVNGSWD?]]6 M'U7ZMY&7EEN&W<7:E[?H1^]ZGT4]-'6+,##^KU#G8^*QK'YUC='.=>?M#J'' M_1U5V>]BV,;ZR5LZY^R\6K?CBMS'6MU.^L2USG?N>STO^,24\3U3ZG68;-]] MLD]O-?2HK\`?YQ_\`99_WQ>?"E)37 MKJD$QPB^D81A6>!H/'NI;$E/_]3A._S4PL)))3[DWZ6=_P"&'_\`GD+%^H/] M-ZA\1_WY>3I)*?3_`/&=]/IW]6W_`-%+B`L=))3L]ON26,DDI__9.$))300A M``````!5`````0$````/`$$`9`!O`&(`90`@`%``:`!O`'0`;P!S`&@`;P!P M````$P!!`&0`;P!B`&4`(`!0`&@`;P!T`&\`::_9K[T3[>`R M0Q*NG)=?T:^_1-$X`9=W_)FGP)[Z/"!4.7`!WDOJ1Y7!G@!087B*:1;5#YMY,F0GM&(3F' ME-KX88JU\DZ/.A&M51Z(WDO7P'-2>KCC[+LHLBV;O8N-!8%3V]/=AL;",AFA M1DDM<>OB`6&0C_AYBHK6N=R4+4-E-\-L-^<8C91MOE%==QW#%]1K&28Z M75'+>Q'/@7-8PKSPI`G(K4=HHBHG4)[V*CE"?`QN2*B*GWI[_P"#[^`[R"?T M*BHGL31?OUY_=P'_T([3]'O3@`P\O=S<_Q*/CV-[=V!H0KBOR> M7EEI31::WNH594Q0@<"#7V"D*^3\[."TG9:I6(3W*J<`*N)^F5Y+YE'IMUZ7 M:O<`U+=QZN6"1,$^WOKH+FI-;>4U4X45M1%)(:Q4:8C6ECJX2L7F:%R2/C7C[.D*ER\5HHY%;CEP;&72)#(,*?6FD`:P;:B4V*PL;NHU805(U MW;U($29=Z6OEAB)I5W:8%75TM+%YBAD2F?398PAUBRCP8A71XHB:-1R"D)T_ M$-4:U55P`=&_Q3\7\NI]QL?K7XSNKMOD5@&XC3$B2*>RA60Y81A97H9`2H)Z MPA!$[#?A8]KNXCT:J`S;X5>5.*>7.V#,GK8WT7-,=^2K-PL5T*1M-*1 M!EN$@IE3:)'>0#D[V\^`__1'3=O<:BV9VXR M3K7(Y'/ZB- MY`^W@6.5SX<:O1@8:,&,80"8P8P,9IVPM:UJ-&QHTT3V(BJBD=[73(G=BE&JNZ5*-45A'HH.)?1EU1.A=>?Z5Y?SO)'; MV]W`V"W*Q?&JR/:Y!8X^]::))0*C6?$D1Y@3-:=K@O/&[*D8U?Q.:B)S5.`U M'T$1T^'6.Z]3F.34E??X98RZN?0RIL.(6N.XH@FG/<=S?F!3C$1HG"<]"(UN MG)JH@-'3O*C:+!ZZ%/MKDH`N/\@DD<63*BND-Z`IK(A-.V*/O/:BO/VFM3FJ MIRU#[N-Y,[>X1B5KE5M*E)5R4KS(8X#2(S66;(X87;*C7H[O/.C1Z(JN5VB< M!4GNCYA[53<:L,CMTM13)[%2ICEK#UME)B"$XJV-;CDL?UV1`<5KG,*HAC(Q MG4Q[DYH"?'F'O/0;@U^5BJLO@'(F8S[&!5%DLCV:A,60JD=7R5%,8QX"\^IJ M)R1%TZDX"'_3-QS,\C\X/'1V'1)!9[,_ASISHCD:X&.04-_S:KJT]VG`?_].1L>I^M&(C M-=41%Y>Q/?K[=>`#W?7P9S,N\N!>4.W-%4V;JW()%/?1(.(LO+*DQRVI9,7+ M,L?C\".LS,+FIG&AE$@6EG!AGD%&TB1].`/3B-8)$16J%6/F!X(VF.;4 MPO(S!?Y?&JDROYG3NK@&.Y0'$[O&LMJL>AP77UEB>]E9=1!JYA'2)\O M(:>)7OLBD.YSIDPSY"HJJT[6M^$%R?4*Q/87;[=+*A;>C%;3;*/4QZ=DX]98 M3JF'6!>.=-F)465U5027%@9[HH4DDE"AB&X[0F1S!.[4^T>U(4#J:__2#(16.&(N@4P^I9O#Y"WF'X9A%7X:YW>UERJC0(_QFWMFWGAUC M\/='&*;'L^Q[&S4EO5D-&LS"IZN1(CT9YA>HJ'FI5A%\R1"/1Q]5ZEU55!(7 MU%[UN9^0V3Y(V%'@1SSI\``XPT$,PJXR";)8QK6HB2%55335.`9/_==/!JY@ MX[N]YKY'V15V:4;MF=N((B@.>PK!75-D^3HE.`__]4_,!HT*\2JSDBM]R,/K`TNRHYEC53S[79I M685D,P@GW5Y)Q@&26DEP0%#%B/9(L:P8BQWF56)(0HQ.16]&CET`$O)2NW,Y M\RPO%MZMT/(;/Z"_JJ2NNTH(#L23$`38DW'[`10EBDO;5@QQI3@G57.<_1G3 MHCET0%2?.O+J.\W::*F[75%IXTBR&)G9#&F6;/J#8RLZEZ#`CR&M*BZ.:Y-% M35%X#U*_34H_%^1X'>-)?#^;06VQ7^&&/#QZRHXK(9IMR.$)F7'RF%VQ2X>; MERA);K@4IJ2!SU(CN6G`%R3&&_48_P"7_G'^[V?EDY_Q\!__UM?M?62\,]KR M/@U%>VJX)BX4K7/;KKT6F46>.`*S5/Q"0C=/9KP$.[F?O%P*6J?# MV$\;RDNWB_*O]WQ:BZ*O\`QJ+I[-%X`F?`CRV\@=U= MDKGR^W@I\>EX_GF]&6XA/BX/C[J2HJ(N.TN-%991*Q)UD8X)=M8G;($VX?@GO%YJXS6Y*?--@<RW(\6)EE1P-U8%[FN78MMSCS:B?*(.NOMOY6;9G#`7(H@")&B=9#0F249"> M'__74?6N'%5HQHKR$=HUFC5>U51$Z^?+H3W)R3^-5#&3JF3+8@(`?UZZR9AG M=/2S7IT:CD7I'W%O@RT159+#$(X2RQ:#9J&2]BO8JM:JC5JJC?PH&6HL7>:))* MP*=(0$-JB:J[LIU*U$1.:Z)P&[+BA6"8]CM!E"JE1$5&N$T:R$ZE3\3=6-73 MV:I]J)P'_]!45@U[SW*Q>MW2-K^GDW3XG-555??R7GP&4$!&1_B=VD(K5.7IK[?W.1[3;/8U2X!EWE7EM+)) M"R'(M!99)A.Q-KN=N!9K$SG8B=F?)A=7)&-X!/B-B0QIU=OX5T5KD3WIJJN=S_`Q$55YJB\!F M(N-RQHD.(HXD)1()QVO19TACB*X@AN]D7N-71SVJKU1-&]+DZN`S*TS>IK%< MO;YL1FK43MJO1V>GGJBA1?>GLX#_T5/'?KF_VDO]6G`9P7ZIO[(W]!_`>@/6 M_P!X^5'_`+!9[_\`/<#@*P/0-_[T>87]K@?U&3GAE_TUO'_`+UM @'P"N$7VC_9I_23@.7_5W?MXG^3P':=[&?M6_R2>`_]D_ ` end GRAPHIC 8 g528978logo_09.jpg GRAPHIC begin 644 g528978logo_09.jpg M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$! M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$" M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,# M`P,#`P,#`P,#_\``$0@`-`#P`P$1``(1`0,1`?_$`&X``0`"`P$!`0$````` M```````("08'"@4#`@0!`0`````````````````````0```'`0`"``4$`0,% M``````(#!`4&!P@!``D1$A,6%Q05&`HC(24F(B0T*!D1`0`````````````` M``````#_V@`,`P$``A$#$0`_`._CP/R,8"P",,$$``!$,8QBX$``!YT0A"$+ MO.!"'G/CWO?].<\"@O1ON$=;$DMAU!ZT(@NTL\T@Y54]Z9N6M&R'6ZHK:E[! M=9"WO4\SK0_Y&A\YUD_1H#!SAIT?`I8DXEI`DXWD\)K=P(0YHFFFZFAC3:,. MUY8%Q,,FDBQ&9O&&*+/VQ*B+:/`OPS7KU_L:T)IF'0]7)\_ZRKF)M,_<(&WS-//ZXMFKG5> M-C*N7/L_,:(H\S:OT`\!X#P'@/`>` M\!X#P'@/`>`\!X#P'@/`>`\!X#P'@/`>!^1C`6`1A@@@``(AC&,7`@``/.B$ M(0A=YP(0\Y\>][_ISG@5.O>RK[R"J_6NSPM]KIM='2'6COZVH^NE&98R< M08O9I%'\YPU"ZL"O7]B,ZM.:4:H0KT->MJ@OH%CPL/"-K,"H*ZLF7#ZZX/63 M7K-JL;=.(L])6UOHSV"T"E4US[/_`%FQ5&4G;`!>5,+$M>[QSK&$191BPQ!^ ML&!K+4DO;,Y-I*1)P.@O'=7TXHA\3TW$)M7-^63<=:LB:3ZYKF(QROS=+0HA M<8XU_+;`9H`M^S)5+FI@Z0G$Y]3@ZG4]6\0)VI(K,;2@\G=66)+?<1A-H4:[ M,\'V-F20+;0RU8SN6<%I!)S&_K?+JBGYB(92Y93=\17ALY._LH+EIV:0>1*():D!GD.+4@ M>D3I6MC-ZID6JNI@)#CR@&E"Z4>2(89IK'2$&Q_FB\M063Q0="Z+K.5V,\MZ M(82W%\['FL]4VQEJ,,`,D#Q*7?B=N1],Y]+BI47\_>!^/>!PZ8<5^W7;WIMOWVB8ATG=SQL*(Y0JRVG.D'2WGV2R!,WW M!"97"XK5!R1S>']UFK!6=GH9FC"Z18IV/*;EXR>(CB#.K5"H+`9[_8>]V^?L MLT1O^^O7!E4>,+K71$UDE\.LJ0-LJ'!YTT@)H2$,]]GLZUWMB_LY>IS&&>M`5_3-8U;9H72ZI0[U_-NM\ MUKVO7E]:GQQ<[:@T'3OS;8$M6-"9$68$P9*`1PQ?`!P@!#<[^W5J9=1RJ)-V M.:E9-[1G7D-SO(JS?'29.56O\>EC%92(X^/)TJK,$4VPK`ID\HT-GI8M":(B4KH.NFZT.'K+%ZH M`[*YS-YH!0(XXQ(6EC(.\*X(0^C"U7?ON^DV7O9IDK#E-12H[0@MD4_,M!:. MFZYP?'A]@55P)!:$PDXX:NB\C31Y+(&NNJ4D+B:6Y$*@EAZE,,"`D?S""OS% M'N(_L4^P>D$VBHN-*4]`2M$MO=I=#D:50 MKX5Q1PKZ0S0#"$7>@%\`3;^Q#[`*%T+=V<='YMRW%9]DS"%GZ9TRV1!UFTF( MCENBBB]VH>N6*0-MFN[(&-R:0V?5[>\'_,O4\$[.'2!EB$0%.$C/2?\`V)'[ M?U+;^NK9,1I^B(SAZ%U]9[LNK0,H"2YU_(V:V7.2+1H);,)&Z/#PU**V*3IT MZ,!7U5#BG(#]4Y06`(5=4C_;FUQ;L.W/;BK,V<8Q6&8:-%9L%*4&62JD3_,9 MS?U3TI3\"DRL$]`C7JE:>RE+HZ#;TB;ZB=C5#+ZG!\.A"R*E?8-_9ZT!4%7W MI6GK.PDX5U<4!B=FP)R=[E5QQQ=(;-V1%(XRZ*6-[T`B=VL3DS.))X2E!)9H M0&<^8//`UTS>[3W0Z;UQMG.'KZPQDN^FW$$P3U]9+M*9T]1!<9+4)T@B3LD; M7.2W-"8\[?O=AU_(RFH"?OR<0I"^FG"Y_G,"-:7WXVY[.,+P"K77CQAJ_P"R M?9WDG'EH6A15O2RM?M^GI4[N]L6=9,"L7]R;)/7QD?B=7+FE](X[+0EI%I73 M%`R5_4X`L[TQ160,T9KT+I:#>T;V!V[*L[4O8=U,%;=]OU]2YNFK_7T=6/D: MBC\Q,-HF.:R/RF3$(FU6$'0?,4LZ'YP]%SO@7!W+J:7YQ]<$\V)<3%%T5G53 MC]PO&<0YM"Z(8BHMIEJ?[I605E*<7-0\IV=WL'G&I$6>L&JX`XL(S^C^)G@5 MH85]S%H7YOMYQ7H2HH76[2YU?&V6K+3B_P!R(6V;[`J[/.?+KV5GX"*0O#P( M*RMPWUQ0TD\Z!02TLQW51RDXX'0!\;T]JFN%?L4DGK^RC7^=7!Z,OVLJ2AD_ MN)%9+DQ@ZV8]L#6.H'F4`A4O831BK5L6P%M:RTH0\.5O:M.?WIWZ?X!N9#NK M=N7-54[17L0J+,[C4&FS+19:0T/D)[MQ2)BGE45@\6TM@]LU+9;4Z/259-(K M&G3K2K:'582!0AX6:$031F)PT#26W/<7L'(Q'L6R_6^'?Q#+6JR)M3.+9@RV M](]`V17WMG:F]VT+&K6:JUCUS2Q5#SPMK87%!M*,3B%.O/^N'HDP3/>[Y M]K+M<-4G5KCNL?XW6#,JD!,W2RI2QQ2W*;K&4-6;I-8\C?&5/=:K[OE4.3S* MR&`30G:&Y02\Q-$I`%SVJ M>:EM.^GM1660/7=%?T,ABQ[PHO63K5)Q1I@1]L:$SL,ID?U9X`NHBD> MBL0C3%$8.QQ^+PZ*-:.,1F,11L;F6-1IECY(6AOCS$RM!"9K9VMD3HPI24B< MHLI,`KA80!X'Y>!6Y[+O849CV$D5S2<.9[PVA:43EC]3])+G,*".QN$Q)O5* MYYHF^G@LTH,#SQ5*%.8H='!2Y3B[]A^N.W6Z.4FY$P>T9.IL.O=4>KQ)(28;7LZ);:]F+6&85Y'EAX M5AA2I,40@JO:Q3L`QI7&@\H.;+J6T-)X-@?[XG;%J>BX_!+57!F2)L&E4-# M.^-JD@M$]-J]Q2!=]OUE>O;SZ7M507-S2[,UKV+#I'%0U5(W*.)IC%KWSI;K M=+O]A^I:BGL9T/[4]1LM?UI3QL8>VQ_,K1ZE M*N_I]-W.*.(3WF$1D5APJ"L$,1.G25!S0%8I'P"7B$Y8'8#&?ZJ]/JVJHD&T M?8?N/5]%Y^8XV='L\32QG)/3T>:X(PA;4$6C36I62=RBE?M+"4:WIT,?`T+2 M6P7T$Z@CG?AX%-WI8]2MT^S9JW;ME-LK8'KT:KDU;.XQR#9]=GNM2K`81A(M M'J*6MZ-\BXWB,Q'\I$(&H@9!B%.("DLGX"",(0A'[@/7KA+UV;8Q3BU'#=76 M=EVO8`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`8)9(3 MT)`CRR3E(C0JPLEKDO<%ZLLN,U1+X@D[LMQA[ M,R_I4YJ:+HWW4D((2E#Z2EYV-DDE=^)(OI!<7Z[5?]?>LMC4-95$Y?\`=$=< ME6OCQ9<*7WO&<^?B-N>*YA M\X6(-48N]7%L7AZAO8K[2YWIO8]'W"]230K[>_7SE&FOZE8H\CG6;"KI'DG+U71>[GW,K'IZFYO>L?CYE= M0YIE3TVJH;$C#G!`5TXDY(G&,\KI)8Q@#'_8'M_-7L^K>$^NG%UBDZ&?M$W- M38-.N\#C4J5Q/.^3*SL>-6O?TPN:4.L?11N!+G*,0K[<1L;J<0ZN;B\@2`3\ M&/X\"/-;Y;N.[O383MNJX\Z-N[>[0OSW(T@VC1*TK\\3ESN^>/[14IR161QT M&SW#EA*FBYC,/A249JQ*0<`9*R]G:H8:AB4/6*J_ALK&F<8?DO(C"$WZX2`FI'M*(L7>]."(+/ M]B:HO_8%R5KN+$^7+IN','JJBMJWO'#9U6UCU8?M715E1Q#42.+T1`)2Q1FU MI=%:+J&3RE_->"$!2=W>P@;""E`.A$I"(>JYQZQD9+=+?1[8-G59[6)U85=+ M:QS=EQ7?\)B\M?W^RHF&P6+5V9W!(12,!@+9#%CJL?CW=L8QD%E!5?54@))# MT.VGP.3W4L,T9E[V%JVPI(==#_H.SII;?K&:PU;*'*(.^Y]'MKG6=B6IK*>% MK7F,!;?6KEB`<-BR0Q.W&N-?.8BF_IB]N6')`WE!_8(7CC+AR:B(PLT;%I#9 MB;'7KBAAZSIMP^Q78OW=-7/3^J)--Q+U;2S4O,+J?7-6N>QEEH@`979Z$M&G M>F@@H*?-E8_]N6*Y_+K-T#HC.]V9O]CLHK!D]AE\/,9?*G:ZG2J7'B!9D1[N M]NA%XVS26))D@4AAS3*T[&I:6L*_O7%(PC5C5J0G)[+_`&/Y_OI90_KIV;G. MV*N4/3HTWM<>8H*Z,5HNVLJTCC2EBM\./$[UU9U/5S7FI+O M'&TI4K_*WR2KG&7.B3Z?WA(4QX$JQ4$2!K`0U%?]X&\]P9KED)?Z^GN8DL=7:4T;0^>D4P4.22 M)++QMZOJF2RA4S%HSG=-'5$]D+`2]J&HEQ3C4@3=-$0$\OH^!X,/Q#[,.GLU M2E`U.L8T-1LC:WV15W$&1R8;9@+N@>)9;\+8K(J:+M2QO?U"=PD5H5W*&Q_C MJ(D0U+VRN*53"MQXILIHF,AKK8. M6Y\P5VL9&^P'R%:!J:5-$&7R5[31J.(9BY,4M7HHRLD$C6DMZ(I:,@:M<:`@ MK@C1!#T,R)T]FI194EI@C0U&GW##&%?*9A4Y-LP$RRHI&&H`C'21R6"@?Q2A MB86TL`A*%BI*4G)YSO1CYSG@8S,-I8YKV-HIE/M99G@\0VGJ59!#*O,&6$"11TL/'1:\R<7XB2F-2*KUKW'7!&2_FFA:3%2%04$_IA)@0A[SCI/.K0X+VAVOVE6 MMV:I=75?NC8XVG!D3@VSRWVU(\5+"5Z)2^E*4<)+K+-$=T.:Z,3&50S[>]6M%SF/4H:FY]C+.75SA*D\ MX&Z2)C=TBQ"GXAZ:K2*B3B@C+,`(09?4FD,[W\IEZ.B+ZI>ZUE?.A3'/4M26 ME!['4PAZ/ZIX2T2\B'/KR;&G0[J,[Y4ZWA)HOI#^`?\`I%\`_C+U#F@T?2RM M$468/D;M*9=`7;<`&/D0HV3*X7=DJZ$,@[WD;IZ8MY[3*5W_`(L?@9^6BYPI)9+;6W7,4BXBY/G"NG M`A_(9_G_`'$UE/+7!)ZE&$WH:J:_9!Z\'N&RFQ67>F+W>OH.Z1MCFLZ:]1T> MX0V'O4R*?3X@SRF3I)R:R1]TE1$72:N`W*NDA'Q.;\@9"IWCAQ%8T M5IY9LS**2VYV*#`A%6J=$5"18TR'9Z%H`\!X#P(=[MQM!]U9QFE$2UZ?(4^+4;J\55:T3 M=)`RS&G;3%%I'%X]8L9TF!(]LLM0L;FW8M9ZG]4T*HD^3K\VT3"ZT+.9-25-"%4]CL2-B) MZC\CC[TB.;GAC?&=Q)4-[HTNC>H,(4)SRQE'%#$`8>A[WG@.(=.43T[G6YU]2R.99R]<C['$F!CBL8:6]@C499VR/QYB:4I*%J96-F1$-K2TMB).$!"-O;4 M"8LDDH`>`++!P/.@4?,,1@2B3`K04^H6YTU]J-%LUR-/ M)N>PA98=JDTU^]N]`S//F&B@U2G;380FE51QE3'#Y"]%(0+R/V4*9" M:K)X'Y@V_P"NCU[WUB3(=DT<2OKUAMH5&QRMJKGK1H*^;GB_WM&8!(V5%,E[ M%9$"B'*A:5_P"J1*'H0[I;T&2BF7!B8TEP,LRKI&'U M:1=:DG+L^/;ZUU/A^RI!?EX5?%2$4/96M/#;ENQIBBM"B6#4'!3(E(U2L/0I MDW@8D5Z6MVD'V`Q)[ZSF6PDU'['8K7LX/22APGLYN?>DDL)0'15GHW"K5"^" MV1%X=:*QL>#(_)5Z1Z+9&<@LA(A3C2]"2;KZ5W5NI_V!TO#K-+?HUJV!Y+SK M4CA<\WL:T)-5N9*2CI#%848.DDE)=G=B=%G+'L`4;;&>&]KC2EP0U] M-1Q^)/)J;CZD:W1T),"0`PD(0S[1'KWE]]7CLZWB9U%8`Z77Z^6[&^?):Q-1 MJN<5/.']PNUULNVWDU4TEEEKEZB3PI,A-0+!K>(HV,(1I#.%&##Q<#82N3/% M@3JZ[AYG=AFI>7\_X]I.J\Z)YLGJ>OZBSVHL1^1+WU^E;/'9%)Y!8,RL`:PX ML]M,%'D:8*1,K6]-4*#@JDL_^O#?ECT]`V9'IN'P6[JQR'4>8(Y.XR.8=8Y" M1;;WI91[.S9L@5LG0N;/H=JTL>9'S.).K"W.--RD_P#0&C--"$K+O]-=P3JW M?8?8D!MFMV"(WC4\P:<250XII$W16A+[O/'M58SO:]9NH9V%6K/D"2JJ@2(8 MIQ%QQ"A3/;M\0$"4]X(,&G_J%U.]YCJ"G:Z5TO7LMJ6W)//HJ^+=?[,E4LKU MU(I=IJ>H;2JZ\RH7&W]G=*\1/$K2.5>N$47P^0M;UWG%;>H&(8`L@H?`:VKM M/UG>,M7U?*6FFEH>(%!19:8@!`!!9QX#P'@/`>`\!X#P'@13V3EIFUK3*J`_F@#(>K>^-ZP;<(DY^2#;3@J]M_:3V\HTNHE>DE3'"*J>G.%-/L9R/#Y. M_P`?HM"XOO1\S_[>?6A.G91.HLRM[D2:G.?TI13BT.!PU)'V3U49U2'\WKP] M?<5TOJ!9L>TL.5W2%2-KA<;3.JS;YI.%N0M0:3AL_B+/4F\,Z9(F,1CB&(IW MR*LTE-"ZR=.;]8MW0K&XE8M_4O70ZJ_`>`\!X#P'@/`>`\!X#P'@/`>`\!X# MP'@/`>`\!X#P'@/`>`\"!^]_X+?C^(?S:^U_E^Z!?@[]']V?R&_)WZ`\!X#P'@/`>`\!X#P'@/`>`\!X#P'@/`>`\!X#P'@/`__V3\_ ` end