0000928816-12-000831.txt : 20130115 0000928816-12-000831.hdr.sgml : 20130115 20120530094405 ACCESSION NUMBER: 0000928816-12-000831 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 43 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120530 DATE AS OF CHANGE: 20121126 EFFECTIVENESS DATE: 20120530 FILER: COMPANY DATA: COMPANY CONFORMED NAME: John Hancock Funds III CENTRAL INDEX KEY: 0001329954 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-21777 FILM NUMBER: 12875945 BUSINESS ADDRESS: STREET 1: 601 CONGRESS STREET CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 6176633000 MAIL ADDRESS: STREET 1: 601 CONGRESS STREET CITY: BOSTON STATE: MA ZIP: 02210 0001329954 S000021539 John Hancock Rainier Growth Fund C000061643 Class A RGROX C000061644 Class R4 RGRFX C000061645 Class R5 RGRVX C000061646 Class ADV RGRDX C000061647 Class B RGRBX C000061648 Class C RGRCX C000061649 Class I RGRIX C000061650 Class NAV RGRNX C000061652 Class R1 RGRWX C000061654 Class R3 RGRHX C000066458 Class T JRGTX C000106447 Class R6 RGRUX C000113316 Class R2 RGRTX 0001329954 S000021761 John Hancock Leveraged Companies Fund C000062452 Class A JVCAX C000062453 Class B JVCBX C000062454 Class C JVCCX C000062455 Class I JVCIX 0001329954 S000022404 John Hancock Small Cap Opportunities Fund C000064445 Class A JCPAX C000064446 Class B JCPBX C000064447 Class C JCPCX C000064448 Class I JCPIX 0001329954 S000023715 John Hancock Disciplined Value Fund C000069762 Class A JVLAX C000069763 Class B JVLBX C000069764 Class C JVLCX C000069765 Class ADV JVLDX C000069766 Class I JVLIX C000069767 Class I2 JVLTX C000076624 Class R1 JDVOX C000076625 Class R3 JDVHX C000076626 Class R4 JDVFX C000076627 Class R5 JDVVX C000078798 Class 1 C000078799 Class NAV C000104499 Class R6 JDVWX C000111293 Class R2 JDVPX 0001329954 S000025272 John Hancock Core High Yield Fund C000075286 Class A JYIAX C000075287 Class B C000075288 Class C C000075289 Class NAV C000075290 Class I JVIIX 0001329954 S000026800 John Hancock Small Company Fund C000080572 Class A JCSAX C000080573 Class I JCSIX C000080574 Class ADV JCSDX C000080575 Class NAV C000088573 Class R1 JCSOX C000088574 Class R3 JCSHX C000088575 Class R4 JCSFX C000088576 Class R5 JCSVX C000106448 Class R6 JCSWX C000113317 Class R2 JCSPX 0001329954 S000028882 John Hancock Disciplined Value Mid Cap Fund C000088535 Class A JVMAX C000088536 Class I JVMIX C000088537 Class ADV JVMVX C000088538 Class NAV C000105879 Class C JVMCX C000106449 Class R6 JVMRX C000113318 Class R2 JVMSX 0001329954 S000030739 John Hancock International Value Equity Fund C000095346 Class A JIEAX C000095347 Class I JIEEX C000095348 Class NAV 0001329954 S000035055 John Hancock Strategic Growth Fund C000107855 Class A C000107856 Class I C000107857 Class NAV N-CSR 1 a_jhfundsiii.htm JOHN HANCOCK FUNDS III a_jhfundsiii.htm
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 811-21777 
 
John Hancock Funds III 
(Exact name of registrant as specified in charter) 
 
601 Congress Street, Boston, Massachusetts 02210 
(Address of principal executive offices) (Zip code) 
 
Salvatore Schiavone
Treasurer
 
601 Congress Street 
 
Boston, Massachusetts 02210 
 
(Name and address of agent for service) 
Registrant's telephone number, including area code: 617-663-4497 
 
Date of fiscal year end:  March 31 
 
Date of reporting period:  March 31, 2012 

 

ITEM 1. REPORTS TO STOCKHOLDERS.




A look at performance

Total returns for the period ended March 31, 2012

  Average annual total returns (%)    Cumulative total returns (%)   
  with maximum sales charge    with maximum sales charge   
  1-year  5-year  10-year  1-year  5-year  10-year 
Class A1  1.78  1.20  4.18  1.78  6.13  50.56 
Class B1  1.32  0.95  3.56  1.32  4.82  41.93 
Class C1  5.27  1.32  3.56  5.27  6.77  41.87 
Class i1,2  7.54  2.63  5.06  7.54  13.87  63.87 
Class R11,2  6.67  1.71  3.97  6.67  8.87  47.57 
Class R21,2  5.69  0.70  3.09  5.69  3.53  35.51 
Class R31,2  6.79  1.83  4.08  6.79  9.47  49.13 
Class R41,2  7.06  2.12  4.39  7.06  11.08  53.60 
Class R51,2  7.42  2.44  4.70  7.42  12.78  58.31 
Class R61,2  7.63  2.66  5.11  7.63  14.04  64.61 
Class T1,2  1.66  0.74  3.57  1.66  3.74  42.05 
Class AdV 1,2  7.26  2.37  4.80  7.26  12.42  59.77 
Class NAV 1,2  7.63  2.70  5.15  7.63  14.26  65.26 


Performance figures assume all dividends have been reinvested. Figures reflect maximum sales charge on Class A and Class T shares of 5%, and the applicable contingent deferred sales charge (CDSC) on Class B and Class C shares. The Class B shares’ CDSC declines annually between years 1 to 6 according to the following schedule: 5, 4, 3, 3, 2, 1%. No sales charge will be assessed after the sixth year. Class C shares held for less than one year are subject to a 1% CDSC. Sales charges are not applicable for the following classes: I, R1, R2, R3, R4, R5, R6, ADV and NAV shares.

The expense ratios of the Fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the Fund and may differ from those disclosed in the Financial highlights tables in this report. The fee waivers and expense limitations are contractual at least until 6-30-12 for Class R1, Class R3, Class R4, Class R5 and Class ADV shares and 6-30-13 for Class R2 shares. Had the fee waivers and expense limitations not been in place gross expenses would apply. For all other classes the net expenses equal the gross expenses. The expense ratios are as follows:

  Class A  Class B  Class C  Class I  Class R1  Class R2  Class R3  Class R4  Class R5  Class R6  Class T  Class ADV  Class NAV 
Net (%)  1.28  2.06  2.09  0.89  1.70  1.45  1.60  1.30  1.00  0.84  1.35  1.14  0.80 
Gross (%)  1.28  2.06  2.09  0.89  8.24  2.76  16.43  16.16  15.88  0.84  1.35  1.35  0.80 


The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, the Fund’s current performance may be higher or lower than the performance shown. For performance data current to the most recent month end, please call 1-800-225-5291 or visit the Fund’s Web site at www.jhfunds.com.

The performance table above and the chart on the next page do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Fund’s performance results reflect any applicable expense reductions, without which the expenses would increase and results would have been less favorable.

6  Rainier Growth Fund | Annual report 

 


 
 
 

 
    Without  With maximum     
  Start date  sales charge  sales charge  Index 1  Index 2 
Class B 3  3-31-02  $14,193  $14,193  $15,213  $14,972 
Class C3  3-31-02  14,187  14,187  15,213  14,972 
Class I 2  3-31-02  16,387  16,387  15,213  14,972 
Class R1 2  3-31-02  14,757  14,757  15,213  14,972 
Class R22  3-31-02  13,551  13,551  15,213  14,972 
Class R32  3-31-02  14,913  14,913  15,213  14,972 
Class R4 2  3-31-02  15,360  15,360  15,213  14,972 
Class R5 2  3-31-02  15,831  15,831  15,213  14,972 
Class R6 2  3-31-02  16,461  16,461  15,213  14,972 
Class T 2  3-31-02  14,954  14,205  15,213  14,972 
Class ADV 2  3-31-02  15,977  15,977  15,213  14,972 
Class NAV 2  3-31-02  16,526  16,526  15,213  14,972 


Russell 1000 growth index is an unmanaged index containing those securities in the Russell 1000 Index with a greater-than-average growth orientation.

S&P 500 index is an unmanaged index that includes 500 widely traded common stocks.

It is not possible to invest directly in an index. Index figures do not reflect sales charges, which would have resulted in lower values if they did.

1 On 4-25-08, through a reorganization, the Fund acquired all of the assets of the Rainier Large Cap Growth Equity Portfolio (the Predecessor Fund). On that date, the Predecessor Fund offered its Original Class shares and Institutional Class shares in exchange for Class A and Class I shares, respectively, of John Hancock Rainier Growth Fund. Class A, Class B, Class C, Class I, Class R1, Class R3, Class R4, Class R5, Class ADV and Class NAV shares of John Hancock Rainier Growth Fund were first offered on 4-28-08. The Predecessor Fund’s Original Class shares’ returns have been recalculated to reflect the gross fees and expenses of Class A shares. The returns prior to 4-28-08 are those of Class A shares that have been recalculated to apply the gross fees and expenses of Class B, Class C, Class I, Class R1, Class R3, Class R4, Class R5, Class ADV and Class NAV shares, respectively. Class T shares were first offered 10-6-08; the returns prior to this date are those of Class A shares that have been recalculated to apply the gross fees and expenses of Class T shares. Class R6 and Class R2 shares were first offered 9-1-11 and 3-1-12, respectively; the returns prior to these dates are those of Class A shares that have been recalculated to apply the gross fees and expenses of Class R6 and Class R2 shares.

2 For certain types of investors, as described in the Fund’s prospectuses.

3 No contingent deferred sales charge is applicable.

Annual report | Rainier Growth Fund  7 

 


Management’s discussion of

Fund performance

By Rainier investment Management, inc.

Stocks fell sharply in the first half of the year ended March 31, 2012, pressured by fears that Europe’s sovereign debt problems would trigger a financial meltdown and worries that the U.S. was headed for another recession. The market then rebounded sharply in the fourth quarter and into 2012, buoyed by signs of stabilization in Europe and continued economic expansion domestically.

For the 12 months ended March 31, 2012, John Hancock Rainier Growth Fund’s Class A shares returned 7.13%, excluding sales charges. The Fund lagged the 11.02% gain of its benchmark, the Russell 1000 Growth Index, but beat the average 6.93% advance of the Morningstar, Inc. large-cap growth funds category. Bottom-up stock picking, which was focused on companies with above-average earnings growth and reasonable stock valuations, detracted in the information technology, industrials, energy and materials sectors. In tech, the Fund lost ground from not owning large index components, such as Microsoft Corp. and IBM Corp., whose steady growth and mega capitalization attracted investors. One information technology company that performed well was electronic card processor Visa Inc., which profited from the strong secular trend of more people paying with plastic and from the removal of regulatory headwinds. Exposure in the first half of the period to economically sensitive stocks, such as factory automation equipment company Rockwell Automation, Inc. also hurt, as the slowing global economy pressured its return. In energy, shares of energy services provider Baker Hughes Inc. fell as declining natural gas prices negatively affected its pressure pumping business. Conversely, the Fund benefited from stock picks in consumer staples, financials, health care and consumer discretionary. Top individual contributors included energy drink company Monster Beverage Corp. (formerly Hansen Natural Corp.), a consumer staples name benefiting from expansion overseas. Rockwell Automation and Baker Hughes were no longer in the Fund at period end.

This commentary reflects the views of the portfolio management team through the end of the period discussed in this report. The team’s statements reflect its own opinions. As such, they are in no way guarantees of future events and are not intended to be used as investment advice or a recommendation regarding any specific security. They are also subject to change at any time as market and other conditions warrant.

Past performance is no guarantee of future results.

Sector investing is subject to greater risks than the market as a whole. Because the Fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors.

8  Rainier Growth Fund | Annual report 

 


Your expenses

These examples are intended to help you understand your ongoing operating expenses.

Understanding fund expenses

As a shareholder of the Fund, you incur two types of costs:

■ Transaction costs which include sales charges (loads) on purchases or redemptions (varies by share class), minimum account fee charge, etc.

■ Ongoing operating expenses including management fees, distribution and service fees (if applicable), and other fund expenses.

We are going to present only your ongoing operating expenses here.

Actual expenses/actual returns

This example is intended to provide information about the Fund’s actual ongoing operating expenses, and is based on the Fund’s actual return. It assumes an account value of $1,000.00 on October 1, 2011 with the same investment held until March 31, 2012.

  Account value  Ending value  Expenses paid during 
  on 10-1-11  on 3-31-12  period ended 3-31-121 
Class A  $1,000.00  $1,260.50  $7.35 
Class B  1,000.00  1,266.10  11.90 
Class C  1,000.00  1,255.50  11.84 
Class I  1,000.00  1,263.00  5.32 
Class R1  1,000.00  1,258.40  9.60 
Class R3  1,000.00  1,259.00  9.04 
Class R4  1,000.00  1,260.20  7.35 
Class R5  1,000.00  1,262.80  5.66 
Class R6  1,000.00  1,263.30  4.87 
Class T  1,000.00  1,260.60  7.86 
Class ADV  1,000.00  1,261.60  6.45 
Class NAV  1,000.00  1,263.80  4.58 


For the class noted below, the example assumes an account value of $1,000 on March 1, 2012, with the same investment held until March 31, 2012.

 

 

 

  Account value  Ending value  Expenses paid during 
  on 3-1-12  on 3-31-12  period ended 3-31-122 
 
Class R2  $1,000.00  $1,036.50  $1.25 


Together with the value of your account, you may use this information to estimate the operating expenses that you paid over the period. Simply divide your account value at March 31, 2012, by $1,000.00, then multiply it by the “expenses paid” for your share class from the table above. For example, for an account value of $8,600.00, the operating expenses should be calculated as follows:

 

 

Annual report | Rainier Growth Fund  9 

 


Your expenses

 

 

 

Hypothetical example for comparison purposes

This table allows you to compare the Fund’s ongoing operating expenses with those of any other fund. It provides an example of the Fund’s hypothetical account values and hypothetical expenses based on each class’s actual expense ratio and an assumed 5% annualized return before expenses (which is not the Fund’s actual return). It assumes an account value of $1,000.00 on October 1, 2011, with the same investment held until March 31, 2012. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses.

  Account value  Ending value  Expenses paid during 
  on 10-1-11  on 3-31-12  period ended 3-31-123 
Class A  $1,000.00  $1,018.50  $6.56 
Class B  1,000.00  1,014.50  10.58 
Class C  1,000.00  1,014.50  10.58 
Class I  1,000.00  1,020.30  4.75 
Class R1  1,000.00  1,016.50  8.57 
Class R2  1,000.00  1,017.80  7.31 
Class R3  1,000.00  1,017.00  8.07 
Class R4  1,000.00  1,018.50  6.56 
Class R5  1,000.00  1,020.00  5.05 
Class R6  1,000.00  1,020.70  4.34 
Class T  1,000.00  1,018.10  7.01 
Class ADV  1,000.00  1,019.30  5.76 
Class NAV  1,000.00  1,021.00  4.09 


Remember, these examples do not include any transaction costs, therefore, these examples will not help you to determine the relative total costs of owning different funds. If transaction costs were included, your expenses would have been higher. See the prospectus for details regarding transaction costs.

1 Expenses are equal to the Fund’s annualized expense ratio of 1.30%, 2.10%, 2.10%, 0.94%, 1.70%, 1.60%, 1.30%, 1.00%, 0.86% 1.39%, 1.14% and 0.81% for Class A, Class B, Class C, Class I, Class R1, Class R3, Class R4, Class R5, Class R6, Class T, Class ADV and Class NAV shares, respectively, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

2 Expenses are equal to the Fund’s annualized expense ratio of 1.45% for Class R2 shares, respectively, multiplied by the average account value over the period, multiplied by 31/365 (to reflect the period).

3 Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

10  Rainier Growth Fund | Annual report 

 


Portfolio summary

Top 10 Holdings (28.0% of Net Assets on 3-31-12)1,2     
Apple, Inc.  6.8%  Precision Castparts Corp.  2.2% 
Google, Inc., Class A  3.3%  Costco Wholesale Corp.  2.1% 
QUALCOMM, Inc.  3.1%  EMC Corp.  2.0% 
Schlumberger, Ltd.  2.4%  American Tower Corp.  1.9% 
Philip Morris International, Inc.  2.4%  Allergan, Inc.  1.8% 
 
Sector Composition1,3       
Information Technology  33.8%  Energy  6.8% 
Consumer Discretionary  15.3%  Financials  5.2% 
Health Care  11.9%  Materials  4.5% 
Consumer Staples  10.4%  Telecommunication Services  1.9% 
Industrials  9.4%  Short-Term Investments & Other  0.8% 

 

 

 

 

 

 

1 As a percentage of net assets on 3-31-12.
2 Cash and cash equivalents not included.
3 Sector investing is subject to greater risks than the market as a whole. Because the Fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors.

Annual report | Rainier Growth Fund  11 

 


Fund’s investments

As of 3-31-12

  Shares  Value 
Common Stocks 99.2%  $1,248,840,331 
(Cost $953,947,647)     
 
Consumer Discretionary 15.3%    192,165,634 
 
Auto Components 0.8%     
BorgWarner, Inc. (I)(L)  120,790  10,187,429 
 
Hotels, Restaurants & Leisure 2.1%     
Las Vegas Sands Corp.  193,040  11,113,313 
Starbucks Corp.  272,720  15,242,321 
 
Internet & Catalog Retail 1.8%     
Amazon.com, Inc. (I)  47,990  9,718,455 
priceline.com, Inc. (I)(L)  17,840  12,800,200 
 
Media 1.0%     
DIRECTV, Class A (I)  255,150  12,589,101 
 
Specialty Retail 5.0%     
Bed Bath & Beyond, Inc. (I)  133,310  8,767,799 
Dick’s Sporting Goods, Inc.  184,210  8,856,817 
Limited Brands, Inc.  233,870  11,225,760 
O’Reilly Automotive, Inc. (I)  106,490  9,727,862 
PetSmart, Inc.  245,510  14,048,082 
Tractor Supply Company  117,610  10,650,762 
 
Textiles, Apparel & Luxury Goods 4.6%     
Coach, Inc.  209,830  16,215,662 
Lululemon Athletica, Inc. (I)  93,500  6,982,580 
NIKE, Inc., Class B  201,915  21,895,663 
Ralph Lauren Corp.  69,660  12,143,828 
 
Consumer Staples 10.4%    131,457,006 
 
Beverages 2.7%     
Monster Beverage Corp. (I)  214,640  13,326,998 
The Coca-Cola Company  287,140  21,251,231 
 
Food & Staples Retailing 3.6%     
Costco Wholesale Corp.  292,520  26,560,816 
Whole Foods Market, Inc.  224,110  18,645,952 
 
Personal Products 1.7%     
The Estee Lauder Companies, Inc., Class A (L)  355,770  22,036,394 
 
Tobacco 2.4%     
Philip Morris International, Inc.  334,450  29,635,615 

 

12  Rainier Growth Fund | Annual report  See notes to financial statements 

 


  Shares  Value 
Energy 6.8%    $85,980,117 
 
Energy Equipment & Services 3.1%     
Ensco International PLC, ADR  164,630  8,713,866 
Schlumberger, Ltd.  432,500  30,244,725 
 
Oil, Gas & Consumable Fuels 3.7%     
Anadarko Petroleum Corp.  177,170  13,879,498 
Noble Energy, Inc.  158,980  15,545,064 
Plains Exploration & Production Company (I)  412,590  17,596,964 
 
Financials 5.2%    65,874,904 
 
Capital Markets 1.5%     
Invesco, Ltd.  706,700  18,847,689 
 
Commercial Banks 1.5%     
Wells Fargo & Company  548,170  18,714,524 
 
Consumer Finance 1.2%     
American Express Company  263,500  15,246,110 
 
Diversified Financial Services 1.0%     
IntercontinentalExchange, Inc. (I)  95,085  13,066,581 
 
Health Care 11.9%    149,224,520 
 
Biotechnology 3.4%     
Alexion Pharmaceuticals, Inc. (I)  151,880  14,103,577 
Biogen Idec, Inc. (I)  143,680  18,099,370 
Gilead Sciences, Inc. (I)  209,980  10,257,523 
 
Health Care Equipment & Supplies 1.0%     
Intuitive Surgical, Inc. (I)  24,080  13,045,340 
 
Health Care Technology 1.3%     
Cerner Corp. (I)(L)  207,620  15,812,339 
 
Life Sciences Tools & Services 0.9%     
Agilent Technologies, Inc.  253,920  11,301,979 
 
Pharmaceuticals 5.3%     
Allergan, Inc.  241,095  23,007,696 
Novo Nordisk A/S, ADR (L)  69,870  9,691,668 
Perrigo Company  98,640  10,190,498 
Shire PLC, ADR  141,160  13,374,910 
Valeant Pharmaceuticals International, Inc. (Toronto Exchange) (I)(L)  192,580  10,339,620 
 
Industrials 9.4%    118,045,830 
 
Aerospace & Defense 2.2%     
Precision Castparts Corp.  162,960  28,175,784 
 
Air Freight & Logistics 1.1%     
FedEx Corp.  145,240  13,356,270 
 
Construction & Engineering 1.1%     
Fluor Corp.  222,940  13,385,318 
 
Electrical Equipment 1.8%     
AMETEK, Inc.  468,440  22,724,024 
 
Machinery 2.0%     
Eaton Corp.  260,390  12,975,234 
Joy Global, Inc.  165,120  12,136,320 

 

See notes to financial statements  Annual report | Rainier Growth Fund  13 

 


  Shares  Value 
Professional Services 0.5%     
Verisk Analytics, Inc., Class A (I)  132,820  $6,238,555 
 
Road & Rail 0.7%     
CSX Corp.  420,740  9,054,325 
 
Information Technology 33.8%    425,717,475 
 
Communications Equipment 6.6%     
BancTec, Inc. (I)(R)(S)  197,026  591,078 
Cisco Systems, Inc.  667,630  14,120,375 
F5 Networks, Inc. (I)  88,460  11,938,562 
JDS Uniphase Corp. (I)  511,280  7,408,447 
QUALCOMM, Inc.  568,640  38,678,893 
Riverbed Technology, Inc. (I)  366,210  10,283,177 
 
Computers & Peripherals 8.8%     
Apple, Inc. (I)  143,420  85,975,987 
EMC Corp. (I)  845,365  25,259,506 
 
Electronic Equipment, Instruments & Components 1.0%     
Trimble Navigation, Ltd. (I)  229,480  12,488,302 
 
Internet Software & Services 5.3%     
Baidu, Inc., ADR (I)  66,450  9,686,417 
eBay, Inc. (I)  426,770  15,743,545 
Google, Inc., Class A (I)  65,140  41,770,374 
 
IT Services 6.4%     
Accenture PLC, Class A  306,980  19,800,210 
Cognizant Technology Solutions Corp., Class A (I)  163,460  12,578,247 
MasterCard, Inc., Class A  47,290  19,887,337 
Teradata Corp. (I)  139,910  9,534,867 
Visa, Inc., Class A  160,475  18,936,050 
 
Semiconductors & Semiconductor Equipment 0.9%     
Avago Technologies, Ltd.  273,800  10,669,986 
 
Software 4.8%     
Autodesk, Inc. (I)  365,810  15,481,079 
Check Point Software Technologies, Ltd. (I)  212,190  13,546,210 
Citrix Systems, Inc. (I)  129,540  10,222,001 
Intuit, Inc.  209,370  12,589,418 
Salesforce.com, Inc. (I)(L)  55,190  8,527,407 
 
Materials 4.5%    56,849,485 
 
Chemicals 4.5%     
Ecolab, Inc.  293,640  18,123,461 
Monsanto Company  242,080  19,308,301 
Praxair, Inc.  169,380  19,417,723 
 
Telecommunication Services 1.9%    23,525,360 
 
Diversified Telecommunication Services 1.9%     
American Tower Corp.  373,300  23,525,360 

 

14  Rainier Growth Fund | Annual report  See notes to financial statements 

 


  Yield (%)  Shares  Value 
Securities Lending Collateral 4.1%      $51,298,236 
(Cost $51,283,040)       
John Hancock Collateral Investment Trust (W)  0.3698 (Y)  5,125,416  51,298,236 
 
    Par value  Value 
Short-Term Investments 1.0%      $13,152,000 
(Cost $13,152,000)       
 
Repurchase Agreement 1.0%      13,152,000 
 
Repurchase Agreement with State Street Corp. dated 3-30-12 at     
0.010% to be repurchased at $13,152,011 on 4-2-12, collateralized     
by $13,400,000 Federal Home Loan Mortgage Corp., 0.400% due     
2-27-14 (valued at $13,416,750, including interest)    $13,152,000  13,152,000 
 
Total investments (Cost $1,018,382,687)† 104.3%  $1,313,290,567 
 
Other assets and liabilities, net (4.3%)      ($54,184,098) 
 
Total net assets 100.0%    $1,259,106,469 


The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the Fund.

ADR American Depositary Receipts

(I) Non-income producing security.

(L) All or a portion of this security is on loan as of 3-31-12.

(R) Direct placement securities are restricted to resale and the Fund has limited rights to registration under the Securities Act of 1933.

 

      Value as a percentage of  Value as of 
Issuer, description  Acquisition date  Acquisition cost  Fund’s net assets  3-31-12 
 
BancTec, Inc.  6-20-07  $4,728,640  0.05%  $591,078 


(S) These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration.

(W) Investment is an affiliate of the Fund, the adviser and/or subadviser. Also, it represents the investment of securities lending collateral received.

(Y) The rate shown is the annualized seven-day yield as of 3-31-12.

† At 3-31-12, the aggregate cost of investment securities for federal income tax purposes was $1,027,053,446. Net unrealized appreciation aggregated $286,237,121, of which $294,458,148 related to appreciated investment securities and $8,221,027 related to depreciated investment securities.

See notes to financial statements  Annual report | Rainier Growth Fund  15 

 


F I N A N C I A L  S T A T E M E N T S

Financial statements

Statement of assets and liabilities 3-31-12

This Statement of assets and liabilities is the Fund’s balance sheet. It shows the value of what the Fund owns, is due and owes. You’ll also find the net asset value and the maximum public offering price per share.

Assets   
Investments in unaffiliated issuers, at value (Cost $967,099,647) including   
$50,266,191 of securities loaned  $1,261,992,331 
Investments in affiliated issuers, at value (Cost $51,283,040)  51,298,236 
 
Total investments, at value (Cost $1,018,382,687)  1,313,290,567 
Cash  170 
Receivable for investments sold  10,277,348 
Receivable for fund shares sold  823,009 
Dividends and interest receivable  1,054,148 
Receivable for securities lending income  12,396 
Receivable due from adviser  873 
Other receivables and prepaid expenses  268,355 
 
Total assets  1,325,726,866 
 
Liabilities   
Payable for investments purchased  5,994,822 
Payable for fund shares repurchased  8,962,117 
Payable upon return of securities loaned  51,284,304 
Payable to affiliates   
Accounting and legal services fees  19,146 
Transfer agent fees  107,733 
Distribution and service fees  79 
Trustees’ fees  72,075 
Other liabilities and accrued expenses  180,121 
 
Total liabilities  66,620,397 
 
Net assets   
Paid-in capital  $1,156,455,234 
Accumulated net investment loss  (746,014) 
Accumulated net realized loss on investments and foreign   
currency transactions  (191,510,631) 
Net unrealized appreciation (depreciation) on investments  294,907,880 
 
Net assets  $1,259,106,469 

 

16  Rainier Growth Fund | Annual report  See notes to financial statements 

 


F I N A N C I A L  S T A T E M E N T S

Statement of assets and liabilities (continued)

Net asset value per share   
Based on net asset values and shares outstanding — the Fund has an   
unlimited number of shares authorized with no par value   
Class A ($368,580,748 ÷ 16,138,319 shares)  $22.84 
Class B ($25,131,951 ÷ 1,131,277 shares)1  $22.22 
Class C ($19,702,233 ÷ 887,156 shares)1  $22.21 
Class I ($255,961,001 ÷ 11,015,042 shares)  $23.24 
Class R1 ($279,941 ÷ 12,416 shares)  $22.55 
Class R2 ($103,651 ÷ 4,454 shares)  $23.27 
Class R3 ($100,830 ÷ 4,452 shares)  $22.65 
Class R4 ($102,025 ÷ 4,452.36 shares)  $22.91 
Class R5 ($103,235 ÷ 4,458 shares)  $23.16 
Class R6 ($4,192,488 ÷ 180,174 shares)  $23.27 
Class T ($77,126,602 ÷ 3,399,737 shares)  $22.69 
Class ADV ($20,446,930 ÷ 887,132 shares)  $23.05 
Class NAV ($487,274,834 ÷ 20,933,205 shares)  $23.28 
 
Maximum offering price per share   
Class A (net asset value per share ÷ 95%)2  $24.04 
Class T (net asset value per share ÷ 95%)2  $23.88 



1 Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.
2 On single retail sales of less than $50,000. On sales of $50,000 or more and on group sales the offering price is reduced.

 

 

 

 

See notes to financial statements  Annual report | Rainier Growth Fund  17 

 

F I N A N C I A L  S T A T E M E N T S

Statement of operations For the year ended 3-31-12

This Statement of operations summarizes the Fund’s investment income earned and expenses incurred in operating the Fund. It also shows net gains (losses) for the period stated.

Investment income   
Dividends  $11,488,301 
Securities lending  167,163 
Interest  1,254 
Less foreign taxes withheld  (118,787) 
 
Total investment income  11,537,931 
 
Expenses   
Investment management fees  10,548,332 
Distribution and service fees  1,645,048 
Accounting and legal services fees  219,160 
Transfer agent fees  1,214,509 
Trustees’ fees  99,154 
State registration fees  167,454 
Printing and postage  138,797 
Professional fees  157,485 
Custodian fees  189,341 
Registration and filing fees  44,885 
Other  19,904 
 
Total expenses  14,444,069 
Less expense reductions  (104,477) 
 
Net expenses  14,339,592 
 
Net investment loss  (2,801,661) 
 
Realized and unrealized gain (loss)   
Net realized gain (loss) on   
Investments in unaffiliated issuers  120,268,276 
Investments in affiliated issuers  (1,558) 
Capital gain distributions received from affiliated underlying funds  2,220 
Foreign currency transactions  525 
  120,269,463 
Change in net unrealized appreciation (depreciation) of   
Investments in unaffiliated issuers  (57,592,223) 
Investments in affiliated issuers  13,032 
Translation of assets and liabilities in foreign currencies  (544) 
  (57,579,735) 
Net realized and unrealized gain  62,689,728 
 
Increase in net assets from operations  $59,888,067 

 

18  Rainier Growth Fund | Annual report  See notes to financial statements 

 


F I N A N C I A L  S T A T E M E N T S

Statements of changes in net assets

These Statements of changes in net assets show how the value of the Fund’s net assets has changed during the last two periods. The difference reflects earnings less expenses, any investment gains and losses, distributions, if any, paid to shareholders and the net of Fund share transactions.

  Year  Year 
  ended  ended 
  3-31-12  3-31-11 
Increase (decrease) in net assets     
 
From operations     
Net investment loss  ($2,801,661)  ($892,366) 
Net realized gain  120,269,463  130,626,108 
Change in net unrealized appreciation (depreciation)  (57,579,735)  102,962,390 
 
Increase in net assets resulting from operations  59,888,067  232,696,132 
 
Distributions to shareholders     
From net investment income     
Class I  —  (217,850) 
Class R5  —  (41) 
Class NAV  —  (907,978) 
 
Total distributions  —  (1,125,869) 
 
From Fund share transactions  (422,108,385)  (72,729,494) 
 
Total increase (decrease)  (362,220,318)  158,840,769 
 
Net assets     
Beginning of year  1,621,326,787  1,462,486,018 
 
End of year  $1,259,106,469  $1,621,326,787 
 
Accumulated net investment loss  ($746,014)  ($54,521) 

 

See notes to financial statements  Annual report | Rainier Growth Fund  19 

 


Financial highlights

The Financial highlights show how the Fund’s net asset value for a share has changed during the period.

CLASS A SHARES Period ended  3-31-12  3-31-11  3-31-10  3-31-091  3-31-082 
 
Per share operating performance           
Net asset value, beginning of period  $21.32  $18.31  $12.84  $20.91  $20.44 
Net investment loss  (0.09)3  (0.06)3  (0.03)3  (0.01)3  (0.02) 
Net realized and unrealized gain (loss) on investments  1.61  3.07  5.50  (8.06)  0.49 
Total from investment operations  1.52  3.01  5.47  (8.07)  0.47 
Net asset value, end of period  $22.84  $21.32  $18.31  $12.84  $20.91 
Total return (%)4  7.13  16.44  42.605  (38.59)5  2.305 
 
Ratios and supplemental data           
 
Net assets, end of period (in millions)  $369  $413  $384  $193  $164 
Ratios (as a percentage of average net assets):           
Expenses before reductions  1.27  1.30  1.45  1.47  1.176 
Expenses net of fee waivers  1.27  1.30  1.38  1.18  1.196 
Expenses net of fee waivers and credits  1.27  1.30  1.34  1.18  1.196 
Net investment loss  (0.45)  (0.33)  (0.18)  (0.04)  (0.27) 
Portfolio turnover (%)  90  90  102  101  86 
 



1 After the close of business on 4-25-08, holders of Original Shares of the former Rainier Large Cap Growth Equity Portfolio (the Predecessor Fund) became owners of an equal number of full and fractional Class A shares of the John Hancock Rainier Growth Fund. These shares were first offered on 4-28-08. Additionally, the accounting and performance history of the Original Shares of the Predecessor Fund was redesignated as that of John Hancock Rainier Growth Fund Class A.
2 Audited by previous independent registered public accounting firm.
3 Based on the average daily shares outstanding.
4 Does not reflect the effect of sales charges, if any.
5 Total returns would have been lower had certain expenses not been reduced during the periods shown.
6 Prior to the reorganization, the Fund was subject to a contractual expense reimbursement and recoupment plan.

 

CLASS B SHARES Period ended  3-31-12  3-31-11  3-31-10  3-31-091 
 
Per share operating performance         
Net asset value, beginning of period  $20.90  $18.10  $12.79  $22.46 
Net investment loss2  (0.25)  (0.21)  (0.15)  (0.09) 
Net realized and unrealized gain (loss) on investments  1.57  3.01  5.46  (9.58) 
Total from investment operations  1.32  2.80  5.31  (9.67) 
Net asset value, end of period  $22.22  $20.90  $18.10  $12.79 
Total return (%)3  6.32  15.474  41.524  (43.05)4,5 
 
Ratios and supplemental data         
Net assets, end of period (in millions)  $25  $31  $37  $27 
Ratios (as a percentage of average net assets):         
Expenses before reductions  2.07  2.13  2.45  2.826 
Expenses net of fee waivers  2.07  2.10  2.11  2.056 
Expenses net of fee waivers and credits  2.07  2.10  2.09  2.046 
Net investment loss  (1.24)  (1.13)  (0.94)  (0.75)6 
Portfolio turnover (%)  90  90  102  1017 
 


 


1 The inception date for Class B shares is 4-28-08.
2 Based on the average daily shares outstanding.
3 Does not reflect the effect of sales charges, if any.
4 Total returns would have been lower had certain expenses not been reduced during the periods shown.
5 Not annualized.
6 Annualized.
7 Portfolio turnover is shown for the period from 4-1-08 to 3-31-09.

 

 

20  Rainier Growth Fund | Annual report  See notes to financial statements 

 
CLASS C SHARES Period ended  3-31-12  3-31-11  3-31-10  3-31-091 
 
Per share operating performance         
Net asset value, beginning of period  $20.90  $18.10  $12.79  $22.46 
Net investment loss2  (0.26)  (0.21)  (0.15)  (0.09) 
Net realized and unrealized gain (loss) on investments  1.57  3.01  5.46  (9.58) 
Total from investment operations  1.31  2.80  5.31  (9.67) 
Net asset value, end of period  $22.21  $20.90  $18.10  $12.79 
Total return (%)3,4  6.27  15.47  41.52  (43.05)5 
 
Ratios and supplemental data         
Net assets, end of period (in millions)  $20  $22  $24  $15 
Ratios (as a percentage of average net assets):         
Expenses before reductions  2.11  2.16  2.34  2.826 
Expenses net of fee waivers  2.10  2.10  2.21  2.056 
Expenses net of fee waivers and credits  2.10  2.10  2.09  2.046 
Net investment loss  (1.27)  (1.13)  (0.93)  (0.77)6 
Portfolio turnover (%)  90  90  102  1017 
 


1 The inception date for Class C shares is 4-28-08.
2 Based on the average daily shares outstanding.
3 Does not reflect the effect of sales charges, if any.
4 Total returns would have been lower had certain expenses not been reduced during the periods shown.
5 Not annualized.
6 Annualized.
7 Portfolio turnover is shown for the period from 4-1-08 to 3-31-09.

 

 

 

CLASS I SHARES Period ended  3-31-12  3-31-11  3-31-10  3-31-091  3-31-082 
 
Per share operating performance           
Net asset value, beginning of period  $21.61  $18.50  $12.92  $20.98  $20.44 
Net investment income (loss)3  (0.02)  0.02  0.04  0.04  —4 
Net realized and unrealized gain (loss) on investments  1.65  3.11  5.54  (8.09)  0.54 
Total from investment operations  1.63  3.13  5.58  (8.05)  0.54 
Less distributions           
From net investment income  —  (0.02)  —4  (0.01)  — 
Net asset value, end of period  $23.24  $21.61  $18.50  $12.92  $20.98 
Total return (%)  7.54  16.93  43.20  (38.36)  2.64 
 
Ratios and supplemental data           
Net assets, end of period (in millions)  $256  $237  $208  $133  $136 
Ratios (as a percentage of average net assets):           
Expenses before reductions  0.91  0.86  0.90  0.86  0.925 
Expenses net of fee waivers and credits  0.91  0.86  0.90  0.86  0.945 
Net investment income (loss)  (0.08)  0.10  0.26  0.22  (0.02) 
Portfolio turnover (%)  90  90  102  101  86 
 


1 After the close of business on 4-25-08, holders of Institutional Shares of the former Rainier Large Cap Growth Equity Portfolio (the Predecessor Fund) became owners of an equal number of full and fractional Class I shares of the John Hancock Rainier Growth Fund. These shares were first offered on 4-28-08. Additionally, the accounting and performance history of the Institutional Shares of the Predecessor Fund was redesignated as that of John Hancock Rainier Growth Fund Class I.
2 Audited by previous independent registered public accounting firm.
3 Based on the average daily shares outstanding.
4 Less than ($0.005) per share.
5 Prior to the reorganization, the Fund was subject to a contractual expense reimbursement and recoupment plan.

 

 

 

 

See notes to financial statements  Annual report | Rainier Growth Fund  21 

 
CLASS R1 SHARES Period ended  3-31-12  3-31-11  3-31-10  3-31-091 
 
Per share operating performance         
Net asset value, beginning of period  $21.14  $18.23  $12.84  $22.46 
Net investment loss2  (0.17)  (0.14)  (0.11)  (0.08) 
Net realized and unrealized gain (loss) on investments  1.58  3.05  5.50  (9.54) 
Total from investment operations  1.41  2.91  5.39  (9.62) 
Net asset value, end of period  $22.55  $21.14  $18.23  $12.84 
Total return (%)3  6.67  15.96  41.98  (42.83)4 
 
Ratios and supplemental data         
Net assets, end of period (in millions)  —5  —5  —5  —5 
Ratios (as a percentage of average net assets):         
Expenses before reductions  7.03  8.39  13.91  8.706 
Expenses net of fee waivers and credits  1.70  1.72  1.78  1.646 
Net investment loss  (0.86)  (0.75)  (0.65)  (0.50)6 
Portfolio turnover (%)  90  90  102  1017 
 


1 The inception date for Class R1 shares is 4-28-08.
2 Based on the average daily shares outstanding.
3 Total returns would have been lower had certain expenses not been reduced during the periods shown.
4 Not annualized.
5 Less than $500,000.
6 Annualized.
7 Portfolio turnover is shown for the period from 4-1-08 to 3-31-09.

 

CLASS R2 SHARES Period ended  3-31-121 
 
Per share operating performance   
Net asset value, beginning of period  $22.45 
Net investment loss2  —3 
Net realized and unrealized gain on investments  0.82 
Total from investment operations  0.82 
Net asset value, end of period  $23.27 
Total return (%)4  3.655 
 
Ratios and supplemental data   
Net assets, end of period ended (in millions)  —6 
Ratios (as a percentage of average net assets):   
Expenses before reductions  15.967 
Expenses net of all fee waivers and credits  1.457 
Net investment loss  (0.12)7 
Portfolio turnover (%)  908 
 


1 The inception date for Class R2 shares is 3-1-12.
2 Based on the average daily shares outstanding.
3 Less than ($0.005) per share.
4 Total returns would have been lower had certain expenses not been reduced during the periods shown.
5 Not annualized.
6 Less than $500,000.
7 Annualized.
8 Portfolio turnover is shown for the period from 4-1-11 to 3-31-12.

 

 

 

22  Rainier Growth Fund | Annual report  See notes to financial statements 

 
CLASS R3 SHARES Period ended  3-31-12  3-31-11  3-31-10  3-31-091 
 
Per share operating performance         
Net asset value, beginning of period  $21.21  $18.27  $12.85  $22.46 
Net investment loss2  (0.16)  (0.12)  (0.07)  (0.06) 
Net realized and unrealized gain (loss) on investments  1.60  3.06  5.49  (9.55) 
Total from investment operations  1.44  2.94  5.42  (9.61) 
Net asset value, end of period  $22.65  $21.21  $18.27  $12.85 
Total return (%)3  6.79  16.09  42.18  (42.79)4 
 
Ratios and supplemental data         
Net assets, end of period (in millions)  —5  —5  —5  —5 
Ratios (as a percentage of average net assets):         
Expenses before reductions  15.86  16.72  13.68  8.576 
Expenses net of fee waivers and credits  1.59  1.61  1.62  1.546 
Net investment loss  (0.76)  (0.64)  (0.46)  (0.40)6 
Portfolio turnover (%)  90  90  102  1017 
 


1 The inception date for Class R3 shares is 4-28-08.
2 Based on the average daily shares outstanding.
3 Total returns would have been lower had certain expenses not been reduced during the periods shown.
4 Not annualized.
5 Less than $500,000.
6 Annualized.
7 Portfolio turnover is shown for the period from 4-1-08 to 3-31-09.

 

 

 

CLASS R4 SHARES Period ended  3-31-12  3-31-11  3-31-10  3-31-091 
 
Per share operating performance         
Net asset value, beginning of period  $21.40  $18.38  $12.88  $22.46 
Net investment loss2  (0.10)  (0.06)  (0.03)  (0.02) 
Net realized and unrealized gain (loss) on investments  1.61  3.08  5.53  (9.56) 
Total from investment operations  1.51  3.02  5.50  (9.58) 
Net asset value, end of period  $22.91  $21.40  $18.38  $12.88 
Total return (%)3  7.06  16.43  42.70  (42.65)4 
 
Ratios and supplemental data         
Net assets, end of period (in millions)  —5  —5  —5  —5 
Ratios (as a percentage of average net assets):         
Expenses before reductions  15.46  16.45  13.33  8.266 
Expenses net of fee waivers and credits  1.29  1.31  1.32  1.246 
Net investment loss  (0.46)  (0.34)  (0.16)  (0.10)6 
Portfolio turnover (%)  90  90  102  1017 
 


 


1 The inception date for Class R4 shares is 4-28-08.
2 Based on the average daily shares outstanding.
3 Total returns would have been lower had certain expenses not been reduced during the periods shown.
4 Not annualized.
5 Less than $500,000.
6 Annualized.
7 Portfolio turnover is shown for the period from 4-1-08 to 3-31-09.

 

 

 

See notes to financial statements  Annual report | Rainier Growth Fund  23 

 
CLASS R5 SHARES Period ended  3-31-12  3-31-11  3-31-10  3-31-091 
 
Per share operating performance         
Net asset value, beginning of period  $21.56  $18.47  $12.91  $22.46 
Net investment income (loss)2  (0.03)  (0.02)  0.02  0.03 
Net realized and unrealized gain (loss) on investments  1.63  3.12  5.54  (9.57) 
Total from investment operations  1.60  3.10  5.56  (9.54) 
Less distributions         
From net investment income  —  (0.01)  —3  (0.01) 
Net asset value, end of period  $23.16  $21.56  $18.47  $12.91 
Total return (%)4  7.42  16.78  43.07  (42.48)5 
 
Ratios and supplemental data         
Net assets, end of period (in millions)  —6  —6  —6  —6 
Ratios (as a percentage of average net assets):         
Expenses before reductions  15.07  16.17  12.97  7.957 
Expenses net of fee waivers and credits  0.99  1.01  1.02  0.947 
Net investment income  (0.16)  (0.03)  0.14  0.207 
Portfolio turnover (%)  90  90  102  1018 
 


1 The inception date for Class R5 shares is 4-28-08.
2 Based on the average daily shares outstanding.
3 Less than ($0.005) per share.
4 Total returns would have been lower had certain expenses not been reduced during the periods shown.
5 Not annualized.
6 Less than $500,000.
7 Annualized.
8 Portfolio turnover is shown for the period from 4-1-08 to 3-31-09.

 

 

 

CLASS R6 SHARES Period ended  3-31-121 
 
Per share operating performance   
Net asset value, beginning of period  $20.01 
Net investment income2  0.03 
Net realized and unrealized gain on investments  3.23 
Total from investment operations  3.26 
Net asset value, end of period  $23.27 
Total return (%)3  16.294 
 
Ratios and supplemental data   
Net assets, end of period (in millions)  $4 
Ratios (as a percentage of average net assets):   
Expenses before reductions  1.585 
Expenses net of fee waivers and credits  0.865 
Net investment income  0.205 
Portfolio turnover (%)  906 
 


1 The inception date for Class R6 shares is 9-1-11.
2 Based on the average daily shares outstanding.
3 Total returns would have been lower had certain expenses not been reduced during the periods shown.
4 Not annualized.
5 Annualized.
6 Portfolio turnover is shown for the period from 4-1-11 to 3-31-12.

 

 

 

24  Rainier Growth Fund | Annual report  See notes to financial statements 

 
CLASS T SHARES Period ended  3-31-12  3-31-11  3-31-10  3-31-091 
 
Per share operating performance         
Net asset value, beginning of period  $21.20  $18.24  $12.86  $16.59 
Net investment loss2  (0.11)  (0.09)  (0.11)  (0.05) 
Net realized and unrealized gain (loss) on investments  1.60  3.05  5.49  (3.68) 
Total from investment operations  1.49  2.96  5.38  (3.73) 
Net asset value, end of period  $22.69  $21.20  $18.24  $12.86 
Total return (%)3  7.03  16.23  41.84  (22.48)4,5 
 
Ratios and supplemental data         
Net assets, end of period (in millions)  $77  $83  $83  $72 
Ratios (as a percentage of average net assets):         
Expenses before reductions  1.37  1.47  1.84  2.076 
Expenses net of fee waivers  1.37  1.47  1.84  1.996 
Expenses net of fee waivers and credits  1.37  1.47  1.84  1.986 
Net investment loss  (0.54)  (0.50)  (0.69)  (0.74)6 
Portfolio turnover (%)  90  90  102  1017 
 


1 The inception date for Class T shares is 10-6-08.
2 Based on the average daily shares outstanding.
3 Does not reflect the effect of sales charges, if any.
4 Total returns would have been lower had certain expenses not been reduced during the periods shown.
5 Not annualized.
6 Annualized.
7 Portfolio turnover is shown for the period from 4-1-08 to 3-31-09.

 

 

 

CLASS ADV SHARES Period ended  3-31-12  3-31-11  3-31-10  3-31-091 
 
Per share operating performance         
Net asset value, beginning of period  $21.49  $18.43  $12.90  $22.46 
Net investment income (loss)2  (0.06)  (0.03)  —3  (0.01) 
Net realized and unrealized gain (loss) on investments  1.62  3.09  5.53  (9.55) 
Total from investment operations  1.56  3.06  5.53  (9.56) 
Net asset value, end of period  $23.05  $21.49  $18.43  $12.90 
Total return (%)  7.264  16.604  42.874  (42.56)5 
 
Ratios and supplemental data         
Net assets, end of period (in millions)  $20  $22  $18  $17 
Ratios (as a percentage of average net assets):         
Expenses before reductions  1.35  1.37  1.25  1.146 
Expenses net of fee waivers and credits  1.14  1.14  1.14  1.146 
Net investment income (loss)  (0.31)  (0.17)  0.01  (0.04)6 
Portfolio turnover (%)  90  90  102  1017 
 


1 The inception date for Class ADV shares is 4-28-08.
2 Based on the average daily shares outstanding.
3 Less than $0.005 per share.
4 Total returns would have been lower had certain expenses not been reduced during the periods shown.
5 Not annualized.
6 Annualized.
7 Portfolio turnover is shown for the period from 4-1-08 to 3-31-09.

 

 

 

 

See notes to financial statements  Annual report | Rainier Growth Fund  25 

 
CLASS NAV SHARES Period ended  3-31-12  3-31-11  3-31-10  3-31-091 
 
Per share operating performance         
Net asset value, beginning of period  $21.63  $18.51  $12.91  $22.46 
Net investment income2  0.01  0.03  0.05  0.04 
Net realized and unrealized gain (loss) on investments  1.64  3.11  5.55  (9.57) 
Total from investment operations  1.65  3.14  5.60  (9.53) 
Less distributions         
From net investment income  —  (0.02)  —3  (0.02) 
Net asset value, end of period  $23.28  $21.63  $18.51  $12.91 
Total return (%)  7.63  17.00  43.38  (42.44)4 
 
Ratios and supplemental data         
Net assets, end of period (in millions)  $487  $813  $708  $400 
Ratios (as a percentage of average net assets):         
Expenses before reductions  0.80  0.80  0.82  0.835 
Expenses net of fee waivers and credits  0.80  0.80  0.82  0.835 
Net investment income  0.05  0.16  0.33  0.265 
Portfolio turnover (%)  90  90  102  1016 
 


1 The inception date for Class NAV shares is 4-28-08.
2 Based on the average daily shares outstanding.
3 Less than ($0.005) per share.
4 Not annualized.
5 Annualized.
6 Portfolio turnover is shown for the period from 4-1-08 to 3-31-09.

 

 

 

26  Rainier Growth Fund | Annual report  See notes to financial statements 

 

Notes to financial statements

Note 1 — Organization

John Hancock Rainier Growth Fund (the Fund) is a series of John Hancock Funds III (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the Fund is to seek to maximize long-term capital appreciation.

The Fund may offer multiple classes of shares. The shares currently offered are detailed in the Statement of Assets and Liabilities. Class A, Class B and Class C shares are offered to all investors. Class I shares are offered to institutions and certain investors. Class R1, Class R2, Class R3, Class R4 and Class R5 shares are available only to certain retirement plans. Class R6 shares are available only to certain retirement plans, institutions and other investors. Class T and Class ADV shares are closed to new investors. Class NAV shares are sold to John Hancock affiliated funds of funds. Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, printing and postage, transfer agent fees and state registration fees for each class may differ. Class B shares convert to Class A shares eight years after purchase. Certain Class I shares may be exchanged for Class R6 shares within one year after the commencement of operations of Class R6.

Note 2 — Significant accounting policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security valuation. Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. The Fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities. Level 2 includes securities valued using significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Fund’s own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

Annual report | Rainier Growth Fund  27 

 


The following is a summary of the values by input classification of the Fund’s investments as of March 31, 2012, by major security category or type:

        LEVEL 3 
      LEVEL 2  SIGNIFICANT 
  TOTAL MARKET  LEVEL 1  SIGNIFICANT  UNOBSERVABLE 
  VALUE AT 3-31-12  QUOTED PRICE  OBSERVABLE INPUTS  INPUTS 
Common Stocks         
Consumer Discretionary  $192,165,634  $192,165,634  —  — 
Consumer Staples  131,457,006  131,457,006  —  — 
Energy  85,980,117  85,980,117  —  — 
Financials  65,874,904  65,874,904  —  — 
Health Care  149,224,520  149,224,520  —  — 
Industrials  118,045,830  118,045,830  —  — 
Information Technology  425,717,475  425,126,397  —  $591,078 
Materials  56,849,485  56,849,485  —  — 
Telecommunication         
Services  23,525,360  23,525,360  —  — 
Securities Lending         
Collateral  51,298,236  51,298,236  —  — 
Short-Term Investments  13,152,000  —  $13,152,000  — 
 
Total Investments in         
Securities  $1,313,290,567  $1,299,547,489  $13,152,000  $591,078 


Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. During the year ended March 31, 2012, there were no significant transfers into or out of Level 1, Level 2 or Level 3.

In order to value the securities, the Fund uses the following valuation techniques. Equity securities held by the Fund are valued at the last sale price or official closing price on the principal securities exchange on which they trade. In the event there were no sales during the day or closing prices are not available, then securities are valued using the last quoted bid or evaluated price. Investments by the Funds in open-end mutual funds, including John Hancock Collateral Investment Trust (JHCIT), are valued at their respective net asset values each business day. Certain securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Certain short-term securities are valued at amortized cost. Other portfolio securities and assets, where market quotations are not readily available, are valued at fair value, as determined in good faith by the Fund’s Pricing Committee, following procedures established by the Board of Trustees.

Repurchase agreements. The Fund may enter into repurchase agreements. When the Fund enters into a repurchase agreement, it receives collateral which is held in a segregated account by the Fund’s custodian. The collateral amount is marked-to-market and monitored on a daily basis to ensure that the collateral held is in an amount not less than the principal amount of the repurchase agreement plus any accrued interest. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the collateral value may decline.

Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Dividend income is recorded on the ex-date, except for dividends of foreign securities where the dividend may not be known until after the ex-date. In those cases, dividend income is recorded when the Fund becomes aware of the dividends. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

28  Rainier Growth Fund | Annual report 

 


Securities lending. The Fund may lend its securities to earn additional income. It receives cash collateral from the borrower in an amount not less than the market value of the loaned securities. The Fund will invest its collateral in JHCIT, an affiliate of the Fund, and as a result, the Fund will receive the benefit of any gains and bear any losses generated by JHCIT. Although risk of the loss of the securities lent is mitigated by holding the collateral, the Fund could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities or if collateral investments decline in value. The Fund may receive compensation for lending its securities by retaining a portion of the return on the investment of the collateral and compensation from fees earned from borrowers of the securities. Net income received from JHCIT is a component of securities lending income as recorded on the Statement of operations.

Line of credit. The Fund may borrow from banks for temporary or emergency purposes, including meeting redemption requests that otherwise might require the untimely sale of securities. Pursuant to the custodian agreement, the custodian may loan money to the Fund to make properly authorized payments. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses. The custodian may have a lien, security interest or security entitlement in any Fund property that is not otherwise segregated or pledged, to the maximum extent permitted by law, to the extent of any overdraft.

In addition, the Fund and other affiliated funds have entered into an agreement with Citibank N.A. which enables them to participate in a $100 million unsecured committed line of credit. A commitment fee, payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund on a pro rata basis and is reflected in other expenses on the Statement of operations. For the year ended March 31, 2012, the Fund had no borrowings under the line of credit.

Expenses. Expenses that are directly attributable to an individual fund are allocated to the Fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund’s relative net assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Class allocations. Income, common expenses, and realized and unrealized gains (losses) are determined at the fund level and allocated daily to each class of shares based on the net asset value of the class. Class-specific expenses, such as distribution and service fees, if any, printing and postage, transfer agent fees and state registration fees, for all classes, are calculated daily at the class level based on the appropriate net asset value of each class and the specific expense rates applicable to each class.

Federal income taxes. The Fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.

Under the Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Any losses incurred during those taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

For federal income tax purposes, the Fund has a capital loss carryforward of $154,254,966 available to offset future net realized capital gains as of March 31, 2012.

Annual report | Rainier Growth Fund  29 

 


The following table details the capital loss carryforward available as of March 31, 2012:

CAPITAL LOSS CARRYFORWARD EXPIRING AT MARCH 31   
2016  2017  2018 
$17,658,687  $20,700,267  $115,896,012 


Availability of a certain amount of the loss carryforward, which was acquired in a merger, may be limited in a given year. Net capital losses of $28,584,906, that are the result of security transactions occurring after October 31, 2011, are treated as occurring on April 1, 2012, the first day of the Fund’s next taxable year.

Qualified late year ordinary losses of $689,951 are treated as occurring on April 1, 2012, the first day of the Fund’s next taxable year.

As of March 31, 2012, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition or disclosure. The Fund’s federal tax return is subject to examination by the Internal Revenue Service for a period of three years.

Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The Fund generally declares and pays dividends and capital gain distributions, if any, annually. The tax character of distributions for the year ended March 31, 2012 and year ended March 31, 2011 was as follows:

  MARCH 31, 2012  MARCH 31, 2011 
Ordinary Income  —  $1,125,869 


Distributions paid by the Fund with respect to each class of shares are calculated in the same manner, at the same time and are in the same amount, except for the effect of expenses that may be applied differently to each class. As of March 31, 2012, the Fund has no distributable earnings on a tax basis.

Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Material distributions in excess of tax basis earnings and profits, if any, are reported in the Fund’s financial statements as a return of capital.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to net operating losses, expiration of capital loss carryforward, wash sale loss deferrals and litigation proceeds.

New accounting pronouncement. In May 2011, Accounting Standards Update 2011-04 (ASU 2011-04), Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, was issued and is effective during interim and annual periods beginning after December 15, 2011. ASU 2011-04 may result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.

Note 3 — Guarantees and indemnifications

Under the Fund’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss from such claims is considered remote.

30  Rainier Growth Fund | Annual report 

 


Note 4 — Fees and transactions with affiliates

John Hancock Investment Management Services, LLC (the Adviser) serves as investment adviser for the Fund. John Hancock Funds, LLC (the Distributor), an affiliate of the Adviser, serves as principal underwriter of the Trust. The Adviser and the Distributor are indirect wholly owned subsidiaries of Manulife Financial Corporation (MFC).

Management fee. The Fund has an investment management contract with the Adviser under which the Fund pays a daily management fee to the Adviser based on aggregate net assets of the Fund and John Hancock Growth Equity Trust (Growth Equity). Growth Equity is a series of John Hancock Variable Insurance Trust (JHVIT), an affiliate of the Fund, managed by the Adviser. The management fee is equivalent, on an annual basis, to the sum of: (a) 0.750% of the first $3,000,000,000 of the Fund’s aggregate net assets; (b) 0.725% of the next $3,000,000,000; and (c) 0.700% of the Fund’s aggregate net assets in excess of $6,000,000,000. The Adviser has a subadvisory agreement with Rainier Investment Management, Inc. The Fund is not responsible for payment of the subadvisory fees.

The Adviser has agreed to reimburse or limit certain expenses for each share class of the Fund. This agreement excludes certain expenses such as taxes, portfolio brokerage commissions, interest expense, litigation and indemnification expenses, shareholder services fees and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. The fee waivers and/or expense reimbursements are such that these expenses will not exceed 1.35%, 2.10%, 2.10%, 1.04%, 1.70%, 1.45%, 1.60%, 1.30%, 1.00%, 0.86%, 1.40% and 1.14% for Class A, Class B, Class C, Class I, Class R1, Class R2, Class R3, Class R4, Class R5, Class R6, Class T and Class ADV shares, respectively. The fee waivers and/or expense reimbursements will continue in effect until June 30, 2012 for Class A, Class B, Class C, Class I, Class R1, Class R3, Class R4, Class R5, Class T and Class ADV shares and June 30, 2013 for Class R2 and Class R6 shares, unless renewed by mutual agreement of the Fund and the Adviser based upon a determination that this is appropriate under the circumstances at the time. Prior to August 1, 2011, the fee waivers and/or reimbursements were such that the above expenses would not exceed 1.69%, 1.59%, 1.29% and 0.99% for Class R1, Class R3, Class R4 and Class R5 shares, respectively and the limits for the remainder of the share classes above were unchanged.

For the year ended March 31, 2012, expense reductions amounted to the following:

  EXPENSE 
CLASS  REDUCTIONS 
Class A  — 
Class B  — 
Class C  $1,688 
Class I  — 
Class R1  12,427 
Class R2  1,215 
Class R3  12,950 
Class R4  12,993 
Class R5  13,039 
Class R6  8,548 
Class T  — 
Class ADV  41,617 
 
Total  $104,477 

 

The investment management fees, including the impact of the waivers and expense reimbursements described above, incurred for the year ended March 31, 2012 were equivalent to the net annual effective rate of 0.74% of the Fund’s average daily net assets.

Annual report | Rainier Growth Fund  31 

 


Accounting and legal services. Pursuant to a service agreement, the Fund reimburses the Adviser for all expenses associated with providing the administrative, financial, legal, accounting and recordkeeping services to the Fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred These accounting and legal services fees incurred for the year ended March 31, 2012 amounted to an annual rate of 0.02% of the Fund’s average daily net assets.

Distribution and service plans. The Fund has a distribution agreement with the Distributor. The Fund has adopted distribution and service plans with respect to Class A, Class B, Class C, Class R1, Class R2, Class R3, Class R4, Class T and Class ADV shares pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for services provided as the distributor of shares of the Fund. In addition, under a service plan for Class R1, Class R2, Class R3, Class R4 and Class R5 shares, the Fund pays for certain other services. The Fund may pay up to the following contractual rates of distribution and service fees under these arrangements, expressed as an annual percentage of average daily net assets for each class of the Fund’s shares.

CLASS  12b–1 FEE  SERVICE FEE 
Class A  0.30%  — 
Class B  1.00%  — 
Class C  1.00%  — 
Class R1  0.50%  0.25% 
Class R2  0.25%  0.25% 
Class R3  0.50%  0.15% 
Class R4  0.25%  0.10% 
Class R5  —  0.05% 
Class T  0.30%  — 
Class ADV  0.25%  — 


Currently, only 0.25% is charged to Class A shares for 12b-1 fees.

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $105,725 for the year ended March 31, 2012. Of this amount, $12,059 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $76,225 was paid as sales commissions to broker-dealers and $17,441 was paid as sales commissions to sales personnel of Signator Investors, Inc. (Signator Investors), a broker-dealer affiliate of the Adviser.

Class B and Class C shares are subject to contingent deferred sales charges (CDSC). Class B shares that are redeemed within six years of purchase are subject to CDSC, at declining rates, beginning at 5.00% of the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC on the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the year ended March 31, 2012, CDSCs received by the Distributor amounted to $31,878 and $841 for Class B and Class C shares, respectively.

Transfer agent fees. The Fund has a transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services), an affiliate of the Adviser. The transfer agent fees paid to Signature Services are determined based on the cost to Signature Services (Signature Services Cost) of providing recordkeeping services. The Signature Services Cost includes a component of allocated John Hancock corporate overhead for providing transfer agent services to the Fund and to all other John Hancock affiliated funds. It also includes out-of-pocket expenses that are comprised of

32  Rainier Growth Fund | Annual report 

 


payments made to third-parties for recordkeeping services provided to their clients who invest in one or more John Hancock funds. In addition, Signature Services Cost may be reduced by certain fees that Signature Services receives in connection with retirement and small accounts. Signature Services Cost is calculated monthly and allocated, as applicable, to four categories of share classes: Institutional Share Classes, Retirement Share Classes, Municipal Bond Classes and all other Retail Share Classes. Within each of these categories, the applicable costs are allocated to the affected John Hancock affiliated funds and/or classes, based on the relative average daily net assets.

Class level expenses. Class level expenses for the year ended March 31, 2012 were:

  DISTRIBUTION  TRANSFER  STATE  PRINTING AND 
CLASS  AND SERVICE FEES  AGENT FEES  REGISTRATION FEES  POSTAGE 
Class A  $918,361  $713,259  $22,810  $76,976 
Class B  258,462  50,056  13,957  4,303 
Class C  192,842  37,402  14,328  7,040 
Class I  —  229,877  20,785  10,661 
Class R1  1,314  81  13,002  110 
Class R2  21  3  1,241  3 
Class R3  453  31  13,153  30 
Class R4  227  32  13,153  31 
Class R5  —  32  13,153  31 
Class R6  —  393  8,607  17 
Class T  223,539  144,619  18,317  34,524 
Class ADV  49,829  38,724  14,948  5,071 
 
Total  $1,645,048  $1,214,509  $167,454  $138,797 


Trustee expenses. The Fund compensates each Trustee who is not an employee of the Adviser or its affiliates. These Trustees may, for tax purposes, elect to defer receipt of this compensation under the John Hancock Group of Funds Deferred Compensation Plan (the Plan). Deferred amounts are invested in various John Hancock funds and remain in the funds until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting liability are included within Other receivables and prepaid expenses and Payable to affiliates — Trustees’ fees, respectively, in the accompanying Statement of assets and liabilities.

Note 5 — Fund share transactions

Transactions in Fund shares for the years ended March 31, 2012 and March 31, 2011 were as follows:

    Year ended 3-31-12  Year ended 3-31-11 
  Shares  Amount  Shares  Amount 
Class A shares         
Sold  2,982,111  $60,697,246  3,094,419  $57,820,459 
Repurchased  (6,197,404)  (126,529,063)  (4,714,525)  (89,251,765) 
 
Net decrease  (3,215,293)  ($65,831,817)  (1,620,106)  ($31,431,306) 
 
Class B shares         
Sold  155,579  $3,179,748  142,985  $2,677,017 
   
Repurchased  (484,924)  (9,781,399)  (748,365)  (13,742,006) 
 
Net decrease  (329,345)  ($6,601,651)  (605,380)  ($11,064,989) 
 
Class C shares         
Sold  48,801  $987,160  52,563  $977,754 
Repurchased  (200,676)  (4,023,972)  (321,596)  (5,930,646) 
 
Net decrease  (151,875)  ($3,036,812)  (269,033)  ($4,952,892) 

 

Annual report | Rainier Growth Fund  33 

 


    Year ended 3-31-12  Year ended 3-31-11 
  Shares  Amount  Shares  Amount 
Class I shares         
Sold  3,692,205  $79,386,454  2,591,470  $49,596,314 
Distributions reinvested  —  —  8,647  178,817 
Repurchased  (3,646,337)  (75,657,265)  (2,889,847)  (53,823,414) 
 
Net increase (decrease)  45,868  $3,729,189  (289,730)  ($4,048,283) 
 
Class R1 shares         
Sold  1,655  $34,233  1,300  $26,275 
Repurchased  (120)  (2,418)  (125)  (2,162) 
 
Net increase  1,535  $31,815  1,175  $24,113 
 
Class R2 shares1         
Sold  4,454  $100,000  —  — 
 
Net increase  4,454  $100,000  —  — 
 
Class R5 shares         
Distributions reinvested  —  —  2  $41 
 
Net increase  —  —  2  $41 
 
Class R6 shares2         
Sold  201,117  $4,115,663  —  — 
Repurchased  (20,943)  (463,792)  —  — 
 
Net increase  180,174  $3,651,871  —  — 
 
Class T shares         
Sold  59,064  $1,198,635  87,219  $1,620,253 
Repurchased  (588,255)  (12,008,541)  (707,067)  (13,076,910) 
 
Net decrease  (529,191)  ($10,809,906)  (619,848)  ($11,456,657) 
 
Class ADV shares         
Sold  307,836  $6,173,627  410,535  $7,788,383 
Repurchased  (454,933)  (9,293,059)  (340,936)  (6,229,450) 
 
Net increase (decrease)  (147,097)  ($3,119,432)  69,599  $1,558,933 
 
Class NAV shares         
Sold  553,245  $11,322,437  2,133,669  $40,791,972 
Distributions reinvested  —  —  43,885  907,978 
Repurchased  (17,225,950)  (351,544,079)  (2,810,046)  (53,058,404) 
 
Net decrease  (16,672,705)  ($340,221,642)  (632,492)  ($11,358,454) 
 
Net decrease  (20,813,475)  ($422,108,385)  (3,965,813)  ($72,729,494) 


1 Period from 3-1-12 (inception date) to 3-31-12.
2 Period from 9-1-11 (inception date) to 3-31-12.

There were no Fund share transactions for the years ended March 31, 2012 and March 31, 2011 for Class R3 and Class R4 shares.

Affiliates of the Fund owned 72%, 100%, 100%, 100%, 100% and 100% of shares of beneficial interest of Class R1, Class R2, Class R3, Class R4, Class R5 and Class NAV shares, respectively, on March 31, 2012.

34  Rainier Growth Fund | Annual report 

 


Note 6 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $1,264,921,898 and $1,674,711,093, respectively, for the year ended March 31, 2012.

Note 7 — Investment by affiliated funds

Certain investors in the Fund are affiliated funds and are managed by the Adviser and its affiliates. The affiliated funds do not invest in the Fund for the purpose of exercising management or control; however, this investment may represent a significant portion of the Fund’s net assets. For the year ended March 31, 2012, the following funds had an affiliate ownership concentration of 5% or more of the Fund’s net assets:

FUND  AFFILIATE CONCENTRATION 
John Hancock Lifestyle Aggressive Portfolio  8.0% 
John Hancock Lifestyle Balanced Portfolio  11.0% 
John Hancock Lifestyle Growth Portfolio  18.3% 

 

Annual report | Rainier Growth Fund  35 

 


Auditor’s report

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Funds III and Shareholders of John Hancock Rainier Growth Fund:

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of John Hancock Rainier Growth Fund (the “Fund”) at March 31, 2012, and the results of its operations for the year ended, the changes in its net assets for each of the two years then ended and the financial highlights for each of the four years then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements 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 are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2012 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinion.

The financial highlights of the Fund for the periods ending on or before March 31, 2008 were audited by another independent registered public accounting firm, whose report dated May 20, 2008 expressed an unqualified opinion thereon.

PricewaterhouseCoopers LLP
Boston, Massachusetts
May 18, 2012

36  Rainier Growth Fund | Annual report 

 


Trustees and Officers

This chart provides information about the Trustees and Officers who oversee your John Hancock fund. Officers elected by the Trustees manage the day-to-day operations of the Fund and execute policies formulated by the Trustees.

Independent Trustees

Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Steven R. Pruchansky, Born: 1944  2006  48 
Chairman (since January 2011); Chairman and Chief Executive Officer, Greenscapes of Southwest 
Florida, Inc. (since 2000); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); 
Member, Board of Advisors, First American Bank (until 2010); Managing Director, Jon James, LLC (real 
estate) (since 2000); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty 
Trust (until 1994); President, Maxwell Building Corp. (until 1991).     
 
William H. Cunningham, Born: 1944  2006  48 
Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System 
and former President of the University of Texas, Austin, Texas; Director of the following: LIN Television 
(since 2009); Lincoln National Corporation (insurance) (Chairman since 2009 and Director since 2006); 
Resolute Energy Corporation (since 2009); Nanomedical Systems, Inc. (biotechnology company) 
(Chairman since 2008); Yorktown Technologies, LP (tropical fish) (Chairman since 2007); Greater Austin 
Crime Commission (since 2001); Southwest Airlines (since 2000); former Director of the following: 
Introgen (manufacturer of biopharmaceuticals) (until 2008); Hicks Acquisition Company I, Inc. (until 
2007); Jefferson-Pilot Corporation (diversified life insurance company) (until 2006); and former Advisory 
Director, JP Morgan Chase Bank (formerly Texas Commerce Bank–Austin) (until 2009).   
 
Deborah C. Jackson, Born: 1952  2008  48 
President, Cambridge College, Cambridge, Massachusetts (since May 2011); Chief Executive Officer, 
American Red Cross of Massachusetts Bay (2002–May 2011); Board of Directors of Eastern Bank 
Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); 
Board of Directors of American Student Assistance Corp. (1996–2009); Board of Directors of Boston 
Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits 
company) (2007–2011).     
 
Stanley Martin,2 Born: 1947  2008  48 
Director, The St. Joe Company (real estate development company) (since May 2012); Senior Vice 
President/Audit Executive, Federal Home Loan Mortgage Corporation (2004–2006); Executive Vice 
President/Consultant, HSBC Bank USA (2000–2003); Chief Financial Officer/Executive Vice President, 
Republic New York Corporation & Republic National Bank of New York (1998–2000); Partner, KPMG 
LLP (1971–1998).     
 
Dr. John A. Moore,2 Born: 1939  2006  48 
President and Chief Executive Officer, Institute for Evaluating Health Risks, (nonprofit institution) 
(1989–2001); Senior Scientist, Sciences International (health research) (2000–2003); Former Assistant 
Administrator & Deputy Administrator, Environmental Protection Agency (1983–1989); Principal, 
Hollyhouse (consulting) (since 2000); Director, CIIT Center for Health Science Research (nonprofit 
research) (until 2007).     

 

Annual report | Rainier Growth Fund  37 

 


Independent Trustees (continued)

Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Patti McGill Peterson,2 Born: 1943  2006  48 
Presidential Advisor for Global Initiatives, American Council on Education (since 2011); Chairperson 
of the Board of the Trust (during 2009 and 2010); Principal, PMP Globalinc (consulting) (2007–2011); 
Senior Associate, Institute for Higher Education Policy (2007–2011); Executive Director, CIES 
(international education agency) (until 2007); Vice President, Institute of International Education (until 
2007); Former President Wells College, St. Lawrence University and the Association of Colleges and 
Universities of the State of New York. Director of the following: Mutual Fund Directors Forum (since 
2011); Niagara Mohawk Power Corporation (until 2003); Security Mutual Life (insurance) (until 1997); 
ONBANK (until 1993). Trustee of the following: Board of Visitors, The University of Wisconsin, Madison 
(since 2007); Ford Foundation, International Fellowships Program (until 2007); UNCF, International 
Development Partnerships (until 2005); Roth Endowment (since 2002); Council for International 
Educational Exchange (since 2003).     
 
Gregory A. Russo, Born: 1949  2008  48 
Member, Audit Committee and Finance Committee of NCH Healthcare System, Inc. (since 2011); Vice 
Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002–2006); Vice Chairman, Industrial 
Markets, KPMG (1998–2002).     
 
Non-Independent Trustees3     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Hugh McHaffie, Born: 1959  2010  48 
Executive Vice President, John Hancock Financial Services (since 2006, including prior positions); 
President of John Hancock Variable Insurance Trust and John Hancock Funds II (since 2009); Trustee, 
John Hancock retail funds (since 2010); Chairman and Director, John Hancock Advisers, LLC, 
John Hancock Investment Management Services, LLC and John Hancock Funds, LLC (since 2010). 
 
John G. Vrysen, Born: 1955  2009  48 
Senior Vice President, John Hancock Financial Services (since 2006); Director, Executive Vice President 
and Chief Operating Officer, John Hancock Advisers, LLC, John Hancock Investment Management 
Services, LLC and John Hancock Funds, LLC (since 2005); Chief Operating Officer, John Hancock 
Funds II and John Hancock Variable Insurance Trust (since 2007); Chief Operating Officer, John Hancock 
retail funds (until 2009); Trustee, John Hancock retail funds (since 2009).     

 

38  Rainier Growth Fund | Annual report 

 


Principal officers who are not Trustees

Name, Year of Birth  Officer 
Position(s) held with Fund  of the 
Principal occupation(s) and other  Trust 
directorships during past 5 years  since 
 
Keith F. Hartstein, Born: 1956  2006 
President and Chief Executive Officer   
Senior Vice President, John Hancock Financial Services (since 2004); Director, President and Chief   
Executive Officer, John Hancock Advisers, LLC and John Hancock Funds, LLC (since 2005); Director, 
John Hancock Asset Management a division of Manulife Asset Management (US) LLC (since 2005); 
Director, John Hancock Investment Management Services, LLC (since 2006); President and Chief   
Executive Officer, John Hancock retail funds (since 2005); Member, Investment Company Institute Sales 
Force Marketing Committee (since 2003).   
 
Andrew G. Arnott, Born: 1971  2009 
Senior Vice President and Chief Operating Officer   
Senior Vice President, John Hancock Financial Services (since 2009); Executive Vice President,   
John Hancock Advisers, LLC (since 2005); Executive Vice President, John Hancock Investment   
Management Services, LLC (since 2006); Executive Vice President, John Hancock Funds, LLC (since   
2004); Chief Operating Officer, John Hancock retail funds (since 2009); Senior Vice President,   
John Hancock retail funds (since 2010); Vice President, John Hancock Funds II and John Hancock   
Variable Insurance Trust (since 2006); Senior Vice President, Product Management and Development, 
John Hancock Funds, LLC (until 2009).   
 
Thomas M. Kinzler, Born: 1955  2006 
Secretary and Chief Legal Officer   
Vice President, John Hancock Financial Services (since 2006); Secretary and Chief Legal Counsel,   
John Hancock Advisers, LLC, John Hancock Investment Management Services, LLC and John Hancock 
Funds, LLC (since 2007); Secretary and Chief Legal Officer, John Hancock retail funds, John Hancock 
Funds II and John Hancock Variable Insurance Trust (since 2006).   
 
Francis V. Knox, Jr., Born: 1947  2006 
Chief Compliance Officer   
Vice President, John Hancock Financial Services (since 2005); Chief Compliance Officer, John Hancock 
retail funds, John Hancock Funds II, John Hancock Variable Insurance Trust, John Hancock Advisers, 
LLC and John Hancock Investment Management Services, LLC (since 2005); Vice President and Chief 
Compliance Officer, John Hancock Asset Management a division of Manulife Asset Management (US) 
LLC (2005–2008).   
 
Charles A. Rizzo, Born: 1957  2007 
Chief Financial Officer   
Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock   
Advisers, LLC and John Hancock Investment Management Services, LLC (since 2008); Chief Financial 
Officer, John Hancock retail funds, John Hancock Funds II and John Hancock Variable Insurance Trust 
(since 2007); Assistant Treasurer, Goldman Sachs Mutual Fund Complex (2005–2007); Vice President, 
Goldman Sachs (2005–2007).   

 

Annual report | Rainier Growth Fund  39 

 


Principal officers who are not Trustees (continued)

Name, Year of Birth  Officer 
Position(s) held with Fund  of the 
Principal occupation(s) and other  Trust 
directorships during past 5 years  since 
 
Salvatore Schiavone, Born: 1965  2010 
Treasurer   
Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock 
Advisers, LLC and John Hancock Investment Management Services, LLC (since 2007); Treasurer,   
John Hancock retail funds (since 2010); Treasurer, John Hancock closed-end funds (since 2009);   
Assistant Treasurer, John Hancock Funds II and John Hancock Variable Insurance Trust (since   
October 2010) and (2007–2009); Assistant Treasurer, John Hancock retail funds (2007–2009);   
Assistant Treasurer, Fidelity Group of Funds (2005–2007); Vice President, Fidelity Management   
Research Company (2005–2007).   


The business address for all Trustees and Officers is 601 Congress Street, Boston, Massachusetts 02210-2805.

The Statement of Additional Information of the Fund includes additional information about members of the Board of Trustees of the Fund and is available without charge, upon request, by calling 1-800-225-5291.

1 Each Trustee holds office until his or her successor is elected and qualified, or until the Trustee’s death, retirement, resignation or removal.

2 Member of Audit Committee.

3 Because Messrs. McHaffie and Vrysen are senior executives or directors with the Adviser and/or its affiliates, each of them is considered an “interested person,” as defined in the Investment Company Act of 1940, of the Fund.

 

 

 

40  Rainier Growth Fund | Annual report 

 


More information

Trustees  Investment adviser 
Steven R. Pruchansky, Chairman  John Hancock Investment Management 
William H. Cunningham  Services, LLC 
Deborah C. Jackson   
Stanley Martin*  Subadviser 
Hugh McHaffie†  Rainier Investment Management, Inc. 
Dr. John A. Moore,* Vice Chairman   
Patti McGill Peterson*  Principal distributor
Gregory A. Russo  John Hancock Funds, LLC 
John G. Vrysen†   
  Custodian
Officers  State Street Bank and Trust Company 
Keith F. Hartstein   
President and Chief Executive Officer  Transfer agent
  John Hancock Signature Services, Inc.
Andrew G. Arnott   
Senior Vice President and Chief Operating Officer  Legal counsel
  K&L Gates LLP
Thomas M. Kinzler   
Secretary and Chief Legal Officer  Independent registered
  public accounting firm
Francis V. Knox, Jr.  PricewaterhouseCoopers LLP 
Chief Compliance Officer   
 
Charles A. Rizzo   
Chief Financial Officer   
 
Salvatore Schiavone   
Treasurer   
 
*Member of the Audit Committee   
†Non-Independent Trustee   


The Fund’s proxy voting policies and procedures, as well as the Fund’s proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) Web site at www.sec.gov or on our Web site.

The Fund’s complete list of portfolio holdings, for the first and third fiscal quarters, is filed with the SEC on Form N-Q. The Fund’s Form N-Q is available on our Web site and the SEC’s Web site, www.sec.gov, and can be reviewed and copied (for a fee) at the SEC’s Public Reference Room in Washington, DC. Call 1-202-551-8090 to receive information on the operation of the SEC’s Public Reference Room.

We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our Web site at www.jhfunds.com or by calling 1-800-225-5291.

You can also contact us:     
1-800-225-5291  Regular mail:  Express mail: 
jhfunds.com  John Hancock Signature Services, Inc.  John Hancock Signature Services, Inc. 
  P.O. Box 55913  Mutual Fund Image Operations 
  Boston, MA 02205-5913  30 Dan Road 
    Canton, MA 02021 

 

Annual report | Rainier Growth Fund  41 

 



1-800-225-5291
1-800-554-6713 TDD
1-800-338-8080 EASI-Line
www.jhfunds.com

Now available: electronic delivery
www.jhfunds.com/edelivery

 

 

 

This report is for the information of the shareholders of John Hancock Rainier Growth Fund.  3340A 3/12 
It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.  5/12 

 




John Hancock Leveraged Companies Fund

Table of Contents

Management’s discussion of Fund performance  Page 3 
 
A look at performance  Page 4 
 
Your expenses  Page 6 
 
Portfolio summary  Page 7 
 
Portfolio of investments  Page 8 
 
Financial statements  Page 12 
 
Financial highlights  Page 15 
 
Notes to financial statements  Page 19 
 
Trustees and Officers  Page 29 
 
More information  Page 33 

 


John Hancock Leveraged Companies Fund

Management’s Discussion of Fund Performance
By John Hancock Asset Management a division of Manulife Asset Management (US) LLC

Markets endured a bumpy ride in the 12 months ended March 31, 2012 with investors initially fleeing risk assets of all kinds in favor of U.S. Treasuries. Worry about the possibility of another recession, the European sovereign debt crisis and a lack of confidence by investors in further monetary or fiscal remedies all contributed to the sell-off. But signs of better economic growth in the U.S. and coordinated central bank action to provide liquidity for troubled European banks led to a sharp rebound by risk markets beginning in late 2011.

In that environment, the Fund had a negative return and trailed its benchmark, the Credit Suisse Leveraged Equity Index. For the 12 months ended March 31, 2012, John Hancock Leveraged Companies Fund’s Class A shares declined 11.33%, excluding sales charges. That compares with the 5.58% decline of the Fund’s benchmark, the 8.54% gain of the broad S&P 500 Index, the 5.63% return of the Bank of America Merrill Lynch U.S. High Yield Master II Index and the 1.25% average return of Morningstar, Inc.’s aggressive allocation fund category.

A leading detractor for the 12 months was a stake in cable television provider Cablevision Systems Corp., which struggled with competition and asset divestitures. Ford Motor Company was another key detractor, due to rising fuel costs and product recalls. In addition, auto parts suppliers Federal-Mogul Corp. and Tenneco, Inc. underperformed, as did The Goodyear Tire & Rubber Company, on weakness in the automotive markets. Rising fuel costs also hit airline securities United Continental Holdings, Inc., US Airways Group, Inc. and Air Canada. The bonds of firearm manufacturer Colt Defense LLC underperformed because of weakness in municipal law enforcement spending. A leading contributor for the period was Sirius XM Radio, Inc., which benefited from subscriber growth, locking up premium content and expectations that revenue per subscriber will rise going forward.

This commentary reflects the views of the portfolio management team through the end of the period discussed in this report. The team’s statements reflect its own opinions. As such, they are in no way guarantees of future events, and are not intended to be used as investment advice or a recommendation regarding any specific security. They are also subject to change at any time as market and other conditions warrant. Sector investing is subject to greater risks than the market as a whole. Because the Fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors.

Past performance is no guarantee of future results.

3 

 


A look at performance

Total returns for the period ended March 31, 2012

  Average annual total returns (%)    Cumulative total returns (%)   
  with maximum sales charge    with maximum sales charge   
        Since        Since 
  1-year  5-year  10-year  inception1  1-year  5-year  10-year  inception1 
Class A  –15.73  —  —  3.70  –15.73  —  —  15.30 
Class B  –16.34  —  —  3.67  –16.34  —  —  15.16 
Class C  –12.93  —  —  4.33  –12.93  —  —  18.05 
Class I2  –11.07  —  —  5.44  –11.07  —  —  23.09 

 

Performance figures assume all dividends have been reinvested. Figures reflect maximum sales charges on Class A shares of 5%, and the applicable contingent deferred sales charge (CDSC) on Class B shares and Class C shares. The Class B shares’ CDSC declines annually between years 1 to 6 according to the following schedule: 5, 4, 3, 3, 2, 1%. No sales charge will be assessed after the sixth year. Class C shares held for less than one year are subject to a 1% CDSC. Sales charges are not applicable for Class I shares.

The expense ratios of the Fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the Fund and may differ from those disclosed in the Financial highlights tables in this report. The fee waivers and expense limitations are contractual at least until 6-30-12 for all classes. Had the fee waivers and expense limitations not been in place gross expenses would apply. The expense ratios are as follows:

  Class A  Class B  Class C  Class I 
Net (%)  1.35  2.05  2.05  0.99 
Gross (%)  7.48  8.18  8.18  7.06 

 

The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, the Fund’s current performance may be higher or lower than the performance shown. For current to the most recent month-end performance data, please call 1-800-225-5291 or visit the Fund’s Web site at www.jhfunds.com.

The performance table above and the chart on the next page do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Fund’s performance results reflect any applicable expense reductions, without which the expenses increase and results would have been less favorable.

Footnotes on the following page.

Leveraged Companies Fund | Annual report 
4 

 


      With       
    Without  maximum       
  Start date  sales charge  sales charge  Index 1  Index 2  Index 3 
Class B3  5-1-08  $11,816  $11,516  $9,300  $11,098  $14,513 
Class C3  5-1-08  11,805  11,805  9,300  11,098  14,513 
Class I2  5-1-08  12,309  12,309  9,300  11,098  14,513 

 

Credit Suisse Leveraged Equity Index — Index 1 — is an unmanaged market-weighted index designed to represent securities of the investable universe of the U.S. dollar denominated high-yield debt market.

S&P 500 Index — Index 2 — is an unmanaged index that includes 500 widely traded common stocks.

Bank of America Merrill Lynch U.S. High Yield Master II Index — Index 3 — is an unmanaged index composed of U.S. currency high-yield bonds issued by U.S. and non-U.S. issuers.

It is not possible to invest directly in an index. Index figures do not reflect sales charges, which would have resulted in lower values if they did.

1 From 5-1-08.

2 For certain types of investors, as described in the Fund’s prospectus.

3 The contingent deferred sales charge, if any, is not applicable.

  Annual report | Leveraged Companies Fund 
5   

 


Leveraged Companies Fund
Your expenses

These examples are intended to help you understand your ongoing operating expenses.

Understanding fund expenses

As a shareholder of the Fund, you incur two types of costs:

• Transaction costs which include sales charges (loads) on purchases or redemptions (varies by share class), minimum account fee charge, etc.

• Ongoing operating expenses including management fees, distribution and service fees (if applicable), and other fund expenses.

We are going to present only your ongoing operating expenses here.

Actual expenses/actual returns

This example is intended to provide information about the Fund’s actual ongoing operating expenses, and is based on the Fund’s actual return. It assumes an ac count value of $1,000.00 on October 1, 2011 with the same investment held until March 31, 2012.

  Account value  Ending value  Expenses paid during 
  on 10-1-11  on 3-31-12  period ended 3-31-121 
Class A  $1,000.00  $1,240.40  $7.56 
Class B  1,000.00  1,235.70  11.46 
Class C  1,000.00  1,234.40  11.45 
Class I  1,000.00  1,241.20  5.55 

 

Together with the value of your account, you may use this information to estimate the operating expenses that you paid over the period. Simply divide your account value at March 31, 2012 by $1,000.00, then multiply it by the “expenses paid” for your share class from the table above. For example, for an account value of $8,600.00, the operating expenses should be calculated as follows:

Example

[ My account value $8,600.00 / $1,000.00 = 8.6 ] x $[ “expenses paid” from table ] = My actual expenses

Hypothetical example for comparison purposes

This table allows you to compare the Fund’s ongoing operating expenses with those of any other fund. It provides an example of the Fund’s hypothetica l account values and hypothetical expenses based on each class’s actual expense ratio and an assumed 5% annualized return before expenses (which is not your fund’s actual return). It assumes an account value of $1,000.00 on October 1, 2011, with the same investment held until March 31, 2012. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses.

  Account value  Ending value  Expenses paid during 
  on 10-1-11  on 3-31-12  period ended 3-31-121 
Class A  $1,000.00  $1,018.20  $6.81 
Class B  1,000.00  1,014.70  10.33 
Class C  1,000.00  1,014.70  10.33 
Class I  1,000.00  1,020.00  5.00 

 

Remember, these examples do not include any transaction costs, therefore, these examples will not help you to determine the relative total costs of owning different funds. If transaction costs were included, your expenses would have been higher. See the prospectus for details regarding transaction costs.

1 Expenses are equal to the Fund's annualized expense ratio of 1.35%, 2.05%, 2.05% and 0.99% for Class A, Class B, Class C and Class I shares, respectively, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

6 

 


Leveraged Companies Fund
Portfolio Summary

Top 10 Holdings (48.8% of Net Assets on 3-31-12)1   
Greektown Superholdings, Inc., Series A (Preferred)  8.8% 
United Continental Holdings, Inc.  6.1% 
Beazer Homes USA, Inc.  5.8% 
Sirius XM Radio, Inc.  5.8% 
Charter Communications, Inc., Class A  5.3% 
Delta Air Lines, Inc.  4.4% 
LyondellBasell Industries NV, Class A  3.7% 
Cablevision Systems Corp., Class A  3.1% 
Air Canada  3.0% 
TAL International Group, Inc.  2.8% 
 
 
Sector Composition2,3   
Consumer Discretionary  44.2% 
Industrials  23.8% 
Materials  11.7% 
Financials  1.9% 
Consumer Staples  1.7% 
Investment Companies  1.5% 
Energy  1.4% 
Health Care  0.5% 
Telecommunication Services  0.5% 
Securities Lending Collateral  12.8% 
 
 
Portfolio Composition2   
Common Stocks  72.9% 
Preferred Securities  8.2% 
Warrants  2.2% 
Investment Companies  1.5% 
Convertible Bonds  1.2% 
Corporate Bonds  1.2% 
Securities Lending Collateral  12.8% 

 

1 As a percentage of net assets. Cash and cash equivalents are not included in Top 10 Holdings.

2 As a percentage of total investments.

3 Sector investing is subject to greater risks than the market as a whole. Because the Fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors.

7 

 


Leveraged Companies Fund
Portfolio of Investments
As of 3-31-12

  Shares  Value 
Common Stocks 84.5%    $1,221,420 
(Cost $927,136)     
 
Consumer Discretionary 38.0%    548,805 
 
Auto Components 8.6%     
Autoliv, Inc.  150  10,057 
Dana Holding Corp.  225  3,487 
Federal-Mogul Corp. (I)  800  13,768 
Lear Corp.  610  28,359 
Tenneco, Inc. (I)(L)  964  35,813 
TRW Automotive Holdings Corp. (I)  700  32,515 
 
Automobiles 0.2%     
Ford Motor Company  195  2,436 
 
Hotels, Restaurants & Leisure 0.8%     
Greektown Superholdings, Inc. (I)  92  4,600 
The Wendy's Company  1,285  6,438 
Trump Entertainment Resorts, Inc. (I)  260  520 
 
Household Durables 6.6%     
Beazer Homes USA, Inc. (I)  26,000  84,500 
KB Home (L)  1,210  10,769 
 
Internet & Catalog Retail 0.2%     
Liberty Interactive Corp., Series A (I)  135  2,577 
 
Media 21.6%     
AMC Networks, Inc. (I)  302  13,478 
Cablevision Systems Corp., Class A  3,063  44,965 
Canadian Satellite Radio Holdings, Inc., Class A (I)  5,900  17,745 
Charter Communications, Inc., Class A (I)  1,215  77,092 
Cinemark Holdings, Inc.  100  2,195 
DISH Network Corp.  843  27,760 
Sinclair Broadcast Group, Inc., Class A  3,056  33,799 
Sirius XM Radio, Inc. (I)  36,237  83,707 
Time Warner Cable, Inc.  150  12,225 
 
Consumer Staples 2.0%    29,280 
 
Food & Staples Retailing 1.3%     
Rite Aid Corp. (I)  10,800  18,792 
 
Household Products 0.7%     
Spectrum Brands Holdings, Inc. (I)  300  10,488 
 
Energy 1.6%    23,493 
 
Energy Equipment & Services 1.5%     
Vantage Drilling Company (I)  13,705  21,928 
 
Oil, Gas & Consumable Fuels 0.1%     
YPF SA, ADR  55  1,565 
 
Financials 1.9%    28,051 
 
Capital Markets 1.2%     
Solar Senior Capital, Ltd.  506  8,152 
Tetragon Financial Group, Ltd.  1,391  9,880 

 

See notes to financial statements

 

8 

 


Leveraged Companies Fund
Portfolio of Investments
As of 3-31-12

  Shares  Value 
Financials (continued)     
 
Consumer Finance 0.5%     
Discover Financial Services  215  $7,168 
 
Diversified Financial Services 0.2%     
Citigroup, Inc.  78  2,851 
 
Health Care 0.6%    8,843 
 
Health Care Equipment & Supplies 0.6%     
Alere, Inc. (I)  340  8,843 
 
Industrials 26.2%    378,950 
 
Airlines 17.8%     
Air Canada (I)  47,422  43,740 
Alaska Air Group, Inc. (I)  240  8,597 
Delta Air Lines, Inc. (I)  6,419  63,612 
JetBlue Airways Corp. (I)  4,600  22,494 
United Continental Holdings, Inc. (I)(L)  4,125  88,687 
US Airways Group, Inc. (I)(L)  3,966  30,102 
 
Building Products 2.4%     
Masco Corp.  1,060  14,172 
USG Corp. (I)(L)  1,209  20,795 
 
Road & Rail 2.7%     
CSX Corp.  1,517  32,646 
Union Pacific Corp.  65  6,986 
 
Trading Companies & Distributors 3.3%     
TAL International Group, Inc. (L)  1,120  41,115 
United Rentals, Inc. (I)(L)  140  6,004 
 
Materials 13.6%    196,027 
 
Chemicals 3.7%     
LyondellBasell Industries NV, Class A  1,225  53,471 
 
Construction Materials 1.4%     
Eagle Materials, Inc.  555  19,286 
 
Containers & Packaging 5.1%     
Rock-Tenn Company, Class A  568  38,374 
Sealed Air Corp.  1,851  35,743 
 
Paper & Forest Products 3.4%     
Domtar Corp.  260  24,799 
Sappi, Ltd., ADR (I)  6,600  24,354 
 
Telecommunication Services 0.6%    7,971 
 
Diversified Telecommunication Services 0.2%     
American Tower Corp.  40  2,521 
 
Wireless Telecommunication Services 0.4%     
Leap Wireless International, Inc. (I)  275  2,401 
SBA Communications Corp., Class A (I)  60  3,049 

 

See notes to financial statements

 

9 

 


Leveraged Companies Fund
Portfolio of Investments
As of 3-31-12

      Shares  Value 
Preferred Securities 9.5%        $137,374 
 
Consumer Discretionary 9.3%        134,938 
 
Auto Components 0.4%         
The Goodyear Tire & Rubber Company, 5.875%      126  5,220 
 
Automobiles 0.1%         
General Motors Company, Series B, 4.750%      55  2,302 
 
Hotels, Restaurants & Leisure 8.8%         
Greektown Superholdings, Inc., Series A (I)      1,563  127,416 
 
Financials 0.2%        2,436 
 
Diversified Financial Services 0.2%         
2010 Swift Mandatory Common Exchange Security Trust, 6.000% (S)    225  2,436 
 
    Maturity  Par value   
  Rate (%)  date    Value 
Corporate Bonds 1.4%        $20,237 
(Cost $50,276)         
 
Consumer Discretionary 0.0%        62 
 
Hotels, Restaurants & Leisure 0.0%         
Fontainebleau Las Vegas Holdings LLC (H)(S)  10.250  06/15/15  $100,000  62 
 
Industrials 1.4%        20,175 
 
Aerospace & Defense 1.4%         
Colt Defense LLC  8.750  11/15/17  30,000  20,175 
 
Convertible Bonds 1.4%        $20,668 
(Cost $11,952)         
 
Consumer Discretionary 1.4%        20,668 
 
Media 1.4%         
XM Satellite Radio, Inc. (S)  7.000  12/01/14  14,000  20,668 
 
Escrow Certificates 0.0%        $0 
(Cost $0)         
 
Consumer Discretionary 0.0%        0 
 
SuperMedia, Inc. (I)  8.000  11/15/16  115,000  0 
 
      Shares  Value 
Investment Companies 1.8%        $25,528 
(Cost $16,593)         
 
AP Alternative Assets LP      350  3,308 
ProShares Ultra Dow 30      315  22,220 

 

See notes to financial statements

 

10 

 


Leveraged Companies Fund
Portfolio of Investments
As of 3-31-12

    Shares  Value 
Warrants 2.5%      $36,113 
(Cost $66,806)       
 
Consumer Discretionary 2.5%      35,550 
Charter Communications, Inc., Class A (Expiration Date: 11/30/14; Strike Price: $46.86)     
(I)    102  2,142 
Ford Motor Company (Expiration Date: 01/01/2013; Strike Price: $9.20) (I)  9,600  33,408 
 
Financials 0.0%      563 
American International Group, Inc. (Expiration Date: 01/19/2021; Strike Price: $45.00)     
(I)    53  563 
 
  Yield  Shares  Value 
Securities Lending Collateral 14.7%      $213,337 
(Cost $213,328)       
 
John Hancock Collateral Investment Trust (W)  0.3698%(Y)  21,315  213,337 
 
Total investments (Cost $1,454,462)† 115.8%      $1,674,677 
 
Other assets and liabilities, net (15.8%)      ($228,483) 
 
Total net assets 100.0%      $1,446,194 
 

 

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the Fund.

ADR American Depositary Receipts

(H) Non-income producing - Issuer is in default.

(I) Non-income producing security.

(L) A portion of this security is on loan as of 3-31-12.

(S) These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration.

(W) Investment is an affiliate of the Fund, the adviser and/or subadviser. Also, it represents the investment of securities lending collateral received.

(Y) The rate shown is the annualized seven-day yield as of 3-31-12.

† At 3-31-12, the aggregate cost of investment securities for federal income tax purposes was $1,454,334. Net unrealized appreciation aggregated $220,343, of which $367,973 related to appreciated investment securities and $147,630 related to depreciated investment securities.

See notes to financial statements

11 

 


Leveraged Companies Fund

Statement of Assets and Liabilities — March 31, 2012

Assets     
Investments in unaffiliated issuers, at value     
(Cost $1,241,134) including $202,934 of     
securities loaned  $  1,461,340 
Investments in affiliated issuers, at value (Cost     
$213,328)    213,337 
 
Total investments, at value (Cost $1,454,462)    1,674,677 
 
Cash    51,401 
Dividends and interest receivable    1,592 
Receivable for securities lending income    62 
Receivable due from adviser    2,479 
Other receivables and prepaid expenses    121 
 
Total assets    1,730,332 
 
 
Liabilities     
Payable for investments purchased    22,394 
Payable upon return of securities loaned    213,300 
Payable to affiliates     
Accounting and legal services fees    25 
Transfer agent fees    198 
Trustees' fees    12 
Other liabilities and accrued expenses    48,209 
 
Total liabilities    284,138 
 
 
Net assets     
Paid-in capital  $  1,455,076 
Undistributed net investment income    1,553 
Accumulated net realized loss on investments     
and foreign currency transactions    (230,650) 
Net unrealized appreciation (depreciation) on     
investments    220,215 
 
Net assets  $  1,446,194 
 
 
Net asset value per share     
Based on net asset values and shares     
outstanding-the Fund has an unlimited number     
of shares authorized with no par value     
Class A ($303,470 ÷ 29,729 shares)  $  10.21 
Class B ($295,264 ÷ 28,960 shares)1  $  10.20 
Class C ($295,250 ÷ 28,961 shares)1  $  10.19 
Class I ($552,210 ÷ 54,006 shares)  $  10.22 
 
 
Maximum offering price per share     
Class A (net asset value per share ÷ 95%)2  $  10.75 

 

1 Redemption price is equal to net asset value less any applicable contingent deferred sales charge.

2 On single retail sales of less than $50,000. On sales of $50,000 or more and on group sales the offering price is reduced.

See notes to financial statements

12 

 


Leveraged Companies Fund

Statement of Operations — For the Year Ended March 31, 2012

Investment income     
Interest  $  16,840 
Dividends    13,163 
Securities lending    414 
Less foreign taxes withheld    (277) 
 
Total investment income    30,140 
 
 
Expenses     
Investment management fees    11,198 
Distribution and service fees    6,649 
Accounting and legal services fees    232 
Transfer agent fees    2,247 
Trustees' fees    101 
Professional fees    49,168 
Custodian fees    14,370 
Registration and filing fees    12,548 
Other    7,713 
 
Total expenses    104,226 
 
Less expense reductions    (82,522) 
 
Net expenses    21,704 
 
Net investment income    8,436 
 
 
Realized and unrealized gain (loss)     
Net realized gain (loss) on     
Investments in unaffiliated issuers    (208,015) 
Investments in affiliated issuers    14 
Foreign currency transactions    252 
 
    (207,749) 
 
Change in net unrealized appreciation     
(depreciation) of     
Investments in unaffiliated issuers    (19,145) 
Investments in affiliated issuers    13 
Translation of assets and liabilities in foreign     
currencies    24 
 
    (19,108) 
 
Net realized and unrealized loss    (226,857) 
 
Decrease in net assets from operations  $  (218,421) 

 

See notes to financial statements

 

13 

 


Leveraged Companies Fund

Statements of Changes in Net Assets

    Year ended    Year ended 
    3/31/12    3/31/11 
Increase (decrease) in net assets         
From operations         
Net investment income  $  8,436  $  12,907 
Net realized loss    (207,749)    (6,797) 
Change in net unrealized appreciation         
(depreciation)    (19,108)    146,022 
 
Increase (decrease) in net assets resulting         
from operations    (218,421)    152,132 
 
 
Distributions to shareholders         
From net investment income         
Class A    (3,546)    (3,450) 
Class B    (1,329)    (1,313) 
Class C    (1,329)    (1,312) 
Class I    (10,214)    (6,583) 
From net realized gain         
Class A    —    (8,144) 
Class B    —    (8,052) 
Class C    —    (8,053) 
Class I    —    (11,545) 
 
Total distributions    (16,418)    (48,452) 
 
From Fund share transactions    (84,123)    319,964 
 
 
Total increase (decrease)    (318,962)    423,644 
 
Net assets         
Beginning of year    1,765,156    1,341,512 
 
End of year  $  1,446,194  $  1,765,156 
 
Undistributed net investment income  $  1,553  $  5,336 

 

See notes to financial statements

 

14 

 


Leveraged Companies Fund
Financial Highlights (For a share outstanding throughout the period)

Class A Shares                 
 
Period ended                 
    3-31-12    3-31-11    3-31-10    3-31-091 
Per share operating performance                 
  
 
 
 
Net asset value, beginning of period  $  11.68  $  10.78  $  4.19  $  10.00 
Net investment income2    0.07    0.12    0.29    0.33 
Net realized and unrealized gain (loss) on                 
investments    (1.42)    1.19    7.00    (5.83) 
 
Total from investment operations    (1.35)    1.31    7.29    (5.50) 
 
Less distributions                 
From net investment income    (0.12)    (0.12)    (0.54)    (0.31) 
From net realized gain    —    (0.29)    (0.16)    — 
 
Total distributions    (0.12)    (0.41)    (0.70)    (0.31) 
 
Net asset value, end of period  $  10.21  $  11.68  $  10.78  $  4.19 
 
Total return (%)3,4    (11.33)    12.09    177.42    (55.97)5 
 
Ratios and supplemental data                 
  
 
 
 
Net assets, end of period (in thousands)  $  303  $  342  $  305  $  110 
Ratios (as a percentage of average net                 
assets):                 
Expenses before reductions    6.92    7.43    10.56    13.916 
Expenses net of fee waivers    1.35    1.35    1.41    1.216 
Expenses net of fee waivers and credits    1.35    1.35    1.35    1.216 
Net investment income    0.66    1.07    3.63    4.876 
Portfolio turnover (%)    49    34    83    18 

 

1 The inception date for Class A shares is 5-1-08.
2 Based on the average daily shares outstanding.
3 Does not reflect the effect of sales charges, if any.
4 Total returns would have been lower had certain expenses not been reduced during the periods shown.
5 Not annualized.
6 Annualized.

See notes to financial statements

15 

 


Leveraged Companies Fund
Financial Highlights (For a share outstanding throughout the period)

Class B Shares                 
 
Period ended                 
    3-31-12    3-31-11    3-31-10    3-31-091 
Per share operating performance                 
  
 
 
 
Net asset value, beginning of period  $  11.65  $  10.76  $  4.19  $  10.00 
Net investment income (loss)2    —3  0.04    0.23    0.28 
Net realized and unrealized gain (loss) on                 
investments    (1.40)    1.19    6.99    (5.82) 
 
Total from investment operations    (1.40)    1.23    7.22    (5.54) 
 
Less distributions                 
From net investment income    (0.05)    (0.05)    (0.49)    (0.27) 
From net realized gain    —    (0.29)    (0.16)    — 
 
Total distributions    (0.05)    (0.34)    (0.65)    (0.27) 
 
Net asset value, end of period  $  10.20  $  11.65  $  10.76  $  4.19 
 
Total return (%)4,5    (11.97)    11.33    175.60    (56.26)6 
 
Ratios and supplemental data                 
  
 
 
 
Net assets, end of period (in thousands)  $  295  $  335  $  301  $  109 
Ratios (as a percentage of average net                 
assets):                 
Expenses before reductions    7.62    8.13    11.27    14.587 
Expenses net of fee waivers    2.05    2.05    2.11    1.917 
Expenses net of fee waivers and credits    2.05    2.05    2.05    1.917 
Net investment income (loss)    (0.04)    0.37    2.93    4.167 
Portfolio turnover (%)    49    34    83    18 

 

1 The inception date for Class B shares is 5-1-08.
2 Based on the average daily shares outstanding.
3 Less than ($0.005) per share.
4 Does not reflect the effect of sales charges, if any.
5 Total returns would have been lower had certain expenses not been reduced during the periods shown.
6 Not annualized.
7 Annualized.

See notes to financial statements

16 

 


Leveraged Companies Fund
Financial Highlights (For a share outstanding throughout the period)

Class C Shares                 
 
Period ended                 
    3-31-12    3-31-11    3-31-10    3-31-091 
Per share operating performance                 
  
 
 
 
Net asset value, beginning of period  $  11.65  $  10.76  $  4.19  $  10.00 
Net investment income (loss)2    —3    0.04    0.23    0.28 
Net realized and unrealized gain (loss) on                 
investments    (1.41)    1.19    6.99    (5.82) 
 
Total from investment operations    (1.41)    1.23    7.22    (5.54) 
 
Less distributions                 
From net investment income    (0.05)    (0.05)    (0.49)    (0.27) 
From net realized gain    —    (0.29)    (0.16)    — 
 
Total distributions    (0.05)    (0.34)    (0.65)    (0.27) 
 
Net asset value, end of period  $  10.19  $  11.65  $  10.76  $  4.19 
 
Total return (%)4,5    (12.05)    11.33    175.60    (56.26)6 
 
Ratios and supplemental data                 
  
 
 
 
Net assets, end of period (in thousands)  $  295  $  335  $  301  $  109 
Ratios (as a percentage of average net                 
assets):                 
Expenses before reductions    7.62    8.13    11.27    14.597 
Expenses net of fee waivers    2.05    2.05    2.11    1.917 
Expenses net of fee waivers and credits    2.05    2.05    2.05    1.917 
Net investment income (loss)    (0.04)    0.37    2.93    4.167 
Portfolio turnover (%)    49    34    83    18 

 

1 The inception date for Class C shares is 5-1-08.
2 Based on the average daily shares outstanding.
3 Less than ($0.005) per share.
4 Does not reflect the effect of sales charges, if any.
5 Total returns would have been lower had certain expenses not been reduced during the periods shown.
6 Not annualized.
7 Annualized.

See notes to financial statements

17 

 


Leveraged Companies Fund
Financial Highlights (For a share outstanding throughout the period)

Class I Shares                 
 
Period ended                 
    3-31-12    3-31-11    3-31-10    3-31-091 
Per share operating performance                 
  
 
 
 
Net asset value, beginning of period  $  11.71  $  10.79  $  4.19  $  10.00 
Net investment income2    0.11    0.17    0.32    0.35 
Net realized and unrealized gain (loss) on                 
investments    (1.44)    1.20    7.00    (5.83) 
 
Total from investment operations    (1.33)    1.37    7.32    (5.48) 
 
Less distributions                 
From net investment income    (0.16)    (0.16)    (0.56)    (0.33) 
From net realized gain    —    (0.29)    (0.16)    — 
 
Total distributions    (0.16)    (0.45)    (0.72)    (0.33) 
 
Net asset value, end of period  $  10.22  $  11.71  $  10.79  $  4.19 
 
Total return (%)3    (11.07)    12.66    178.23    (55.85)4 
 
Ratios and supplemental data                 
  
 
 
 
Net assets, end of period (in thousands)  $  552  $  752  $  433  $  111 
Ratios (as a percentage of average net                 
assets):                 
Expenses before reductions    6.42    7.03    9.14    13.625 
Expenses net of fee waivers    0.95    0.93    1.09    0.905 
Expenses net of fee waivers and credits    0.95    0.93    1.04    0.905 
Net investment income    1.09    1.48    4.01    5.185 
Portfolio turnover (%)    49    34    83    18 

 

1 The inception date for Class I shares is 5-1-08.
2 Based on the average daily shares outstanding.
3 Total returns would have been lower had certain expenses not been reduced during the periods shown.
4 Not annualized.
5 Annualized.

See notes to financial statements

18 

 


Leveraged Companies Fund
Notes to financial statements

Note 1 — Organization

John Hancock Leveraged Companies Fund (the Fund) is a series of John Hancock Funds III (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the Fund is to seek capital appreciation.

The Fund may offer multiple classes of shares. The shares currently offered are detailed in the Statement of assets and liabilities. Class A, Class B and Class C shares are offered to all investors. Class I shares are offered to institutions and certain investors. Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, and transfer agent fees for each class may differ. Class B shares convert to Class A shares eight years after purchase.

Note 2 - Significant accounting policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security valuation. Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. The Fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities. Level 2 includes securities valued using significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Fund’s own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The following is a summary of the values by input classification of the Fund’s investments as of March 31, 2012, by major security category or type:

  Total    Level 2  Level 3 
  Market  Level 1  Significant  Significant 
  Value at  Quoted  Observable  Unobservable 
  3-31-12  Price  Inputs  Inputs 
Common Stocks  $1,221,420  $1,206,420  $9,880  $5,120 
Preferred Securities  137,374  7,522  2,436  127,416 
Corporate Bonds  20,237  —  20,237  — 
Convertible Bonds  20,668  —  20,668  — 
Investment Companies  25,528  25,528  —  — 
Warrants  36,113  36,113  —  — 
Securities Lending Collateral  213,337  213,337  —  — 
 
Total Investments in Securities  $1,674,677  $1,488,920  $53,221  $132,536 

 

19 

 


Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. During the year ended March 31, 2012, there were no significant transfers into or out of Level 1, Level 2 or Level 3.

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value. Transfers into or out of Level 3 represent the beginning value of any security or instrument where a change in the level has occurred from the beginning to the end of the period.

  Common  Preferred   
Investment in Securities  Stocks  Securities  Total 
Balance as of 3-31-11  $9,364  $139,216  $148,580 
Realized gain (loss)  —  —  — 
Change in unrealized appreciation       
(depreciation)  (4,244)  (11,800)  (16,044) 
Purchases  —  —  — 
Sales  —  —  — 
Transfers into Level 3  —  —  — 
Transfers out of Level 3  —  —  — 
Balance as of 3-31-12  $5,120  $127,416  $132,536 
Change in unrealized at period end*  ($4,244)  ($11,800)  ($16,044) 

 

*Change in unrealized appreciation (depreciation) attributable to Level 3 securities held at period end.

In order to value the securities, the Fund uses the following valuation techniques. Equity securities held by the Fund are valued at the last sale price or official closing price on the principal securities exchange on which they trade. In the event there were no sales during the day or closing prices are not available, then securities are valued using the last quoted bid or evaluated price. Investments by the Fund in open-end mutual funds, including John Hancock Collateral Investment Trust (JHCIT), are valued at their respective net asset values each business day. Debt obligations are valued based on the evaluated prices provided by an independent pricing service, which utilizes both dealer-supplied and electronic data processing techniques, taking into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rates supplied by an independent pricing service. Certain securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Other portfolio securities and assets, where market quotations are not readily available, are valued at fair value, as determined in good faith by the Fund’s Pricing Committee, following procedures established by the Board of Trustees.

Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful. Dividend income is recorded on the ex-date, except for dividends of foreign securities where the dividend may not be known until after the ex-date. In those cases, dividend income is recorded when the Fund becomes aware of the dividends. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

20 

 


Securities lending. The Fund may lend its securities to earn additional income. It receives cash collateral from the borrower in an amount not less than the market value of the loaned securities. The Fund will invest its collateral in JHCIT, an affiliate of the Fund, and as a result, the Fund will receive the benefit of any gains and bear any losses generated by JHCIT. Although risk of the loss of the securities lent is mitigated by holding the collateral, the Fund could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities or if collateral investments decline in value. The Fund may receive compensation for lending its securities by retaining a portion of the return on the investment of the collateral and compensation from fees earned from borrowers of the securities. Net income received from JHCIT is a component of securities lending income as recorded on the Statement of operations.

Line of credit. The Fund may borrow from banks for temporary or emergency purposes, including meeting redemption requests that otherwise might require the untimely sale of securities. Pursuant to the custodian agreement, the custodian may loan money to the Fund to make properly authorized payments. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses. The custodian may have a lien, security interest or security entitlement in any Fund property that is not otherwise segregated or pledged, to the maximum extent permitted by law, to the extent of any overdraft.

In addition, the Fund and other affiliated funds have entered into an agreement with Citibank N.A. which enables them to participate in a $100 million unsecured committed line of credit. A commitment fee, payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund on a pro rata basis and is reflected in other expenses on the Statement of operations. For the year ended March 31, 2012, the Fund had no borrowings under the line of credit.

Expenses. Expenses that are directly attributable to an individual fund are allocated to the Fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund’s relative net assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Class allocations. Income, common expenses and realized and unrealized gains (losses) are determined at the fund level and allocated daily to each class of shares based on the net assets of the class. Class-specific expenses, such as distribution and service fees, if any, and transfer agent fees are calculated daily for each class, based on the net asset value of the class and the applicable specific expense rates.

Federal income taxes. The Fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.

Under the Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses for an unlimited period. Capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

For federal income tax purposes, as of March 31, 2012, the Fund has $43,585 of long-term capital loss carryforward available to offset future net realized capital gains. Net capital losses of $187,193 that are the result of security transactions occurring after October 31, 2011, are treated as occurring on April 1, 2012, the first day of the Fund’s next taxable year.

21 

 


As of March 31, 2012, the Fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The Fund’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.

Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The Fund generally declares and pays dividends and capital gain distributions, if any, annually. The tax character of distributions for the years ended March 31, 2012 and March 31, 2011 was as follows:

  March 31, 2012  March 31, 2011 
Ordinary Income  $16,418  $44,990 
Long-Term Capital Gain  -  3,462 

 

Distributions paid by the Fund with respect to each class of shares are calculated in the same manner, at the same time and in the same amount, except for the effect of class level expenses that may be applied differently to each class. As of March 31, 2012, the components of distributable earnings on a tax basis included $1,563 of undistributed ordinary income.

Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Material distributions in excess of tax basis earnings and profits, if any, are reported in the Fund’s financial statements as a return of capital.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to partnerships.

New accounting pronouncement. In May 2011, Accounting Standards Update 2011-04 (ASU 2011-04), Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, was issued and is effective during interim and annual periods beginning after December 15, 2011. ASU 2011-04 may result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.

Note 3 — Derivative instruments

The Fund may invest in derivatives in order to meet its investment objective. The use of derivatives may involve risks different from, or potentially greater than, the risks associated with investing directly in securities. Specifically, the Fund is exposed to the risk that the counterparty to an over-the-counter (OTC) derivatives contract will be unable or unwilling to make timely settlement payments or otherwise honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction. If the counterparty defaults, the Fund will have contractual remedies, but there is no assurance that the counterparty will meet its contractual obligations or that the Fund will succeed in enforcing them.

Forward foreign currency contracts. A forward foreign currency contract is an agreement between two parties to buy and sell a specific currency at a price that is set on the date of the contract. The forward contract calls for delivery of the currency on a future date that is specified in the contract. Risks related to the use of forwards include the possible failure of counterparties to meet the terms of the forward agreement, the risk that currency movements will not occur thereby reducing the Fund’s total return, and the potential for losses in ex cess of the amounts recognized on the Statement of assets and liabilities.

The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked-to-market daily and the change in value is recorded by the Fund as an unrealized gain or loss. Realized gains or losses,

22 

 


equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, are recorded upon delivery or receipt of the currency or settlement with the counterparty.

During the year ended March 31, 2012, the Fund used forward foreign currency contracts to manage currency exposure and held forward foreign currency contracts with USD absolute values ranging up to approximately $28,500, as measured at each quarter end. There were no open forward foreign currency contracts on March 31, 2012.

Effect of derivative instruments on the Statement of operations

The table below summarizes the net realized gain (loss) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended March 31, 2012:

  STATEMENT OF     
  OPERATIONS  FOREIGN CURRENCY   
RISK  LOCATION  TRANSACTIONS*  TOTAL 
Foreign Exchange  Net realized gain (loss)  $127  $127 
Contracts       
Totals    $127  $127 

 

*Realized gain/loss associated with forward foreign currency contracts is included in this caption on the Statement of operations.

The table below summarizes the net change in unrealized appreciation (depreciation) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended March 31, 2012:

    TRANSLATION OF   
    ASSETS AND   
  STATEMENT OF  LIABILITIES IN   
  OPERATIONS  FOREIGN   
RISK  LOCATION  CURRENCIES*  TOTAL 
Foreign Exchange  Change in net unrealized  $24  $24 
Contracts  appreciation     
  (depreciation)     
Totals    $24  $24 

 

*Change in unrealized appreciation/depreciation associated with forward foreign currency contracts is included in this caption on the Statement of operations.

Note 4 - Guarantees and indemnifications

Under the Fund’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss from such claims is considered remote.

Note 5 – Fees and transactions with affiliates

John Hancock Investment Management Services, LLC (the Adviser) serves as investment adviser for the Trust. John Hancock Funds, LLC (the Distributor), an affiliate of the Adviser, serves as principal underwriter of the Trust. The Adviser and the Distributor are indirect, wholly owned subsidiaries of Manulife Financial Corporation (MFC).

23 

 


Management fee. The Fund has an investment management agreement with the Adviser under which the Fund pays a daily management fee to the Adviser equivalent, on an annual basis, to the sum of: (a) 0.750% of the first $500,000,000 of the Fund’s average daily net assets; (b) 0.725% of the next $500,000,000 of the Fund’s average daily net assets; and (c) 0.700% of the Fund’s average daily net assets in excess of $1,000,000,000. The Adviser has a subadvisory agreement with John Hancock Asset Management a division of Manulife Asset Management (US) LLC, an indirectly owned subsidiary of MFC and an affiliate of the Adviser. The Fund is not responsible for payment of the subadvisory fees.

The Adviser has contractually agreed to waive fees and/or reimburse certain expenses for each share class of the Fund. This agreement excludes certain expenses suchs as taxes, brokerage commissions, interest, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. The fee waivers and/or reimbursements are such that these expenses will not exceed 1.35% for Class A, 2.05% for Class B, 2.05% for Class C and 0.99% for Class I shares. The fee waivers and/or reimbursements will continue in effect until June 30, 2012. Prior to August 1, 2011, the fee waivers and/or reimbursements were such that these expenses would not exceed the amounts listed above for Class A, Class B and Class C shares and 0.89% for Class I shares.

Accordingly, these expense reductions amounted to $16,442, $16,047, $16,047 and $33,986 for Class A, Class B, Class C, and Class I shares, respectively, for the year ended March 31, 2012.

The investment management fees, including the impact of the waivers and/or reimbursements described above, incurred for the year ended March 31, 2012 were equivalent to a net annual effective rate of 0.00% of the Fund’s average daily net assets.

Accounting and legal services. Pursuant to a service agreement, the Fund reimburses the Adviser for all expenses associated with providing the administrative, financial, legal, accounting and recordkeeping services to the Fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. These accounting and legal services fees incurred for the year ended March 31, 2012 amounted to an annual rate of 0.02% of the Fund’s average daily net assets.

Distribution and service plans. The Fund has a distribution agreement with the Distributor. The Fund has adopted distribution and service plans with respect to Class A, Class B and Class C shares pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for services provided as the distributor of shares of the Fund. The Fund may pay up to the following contractual rates of distribution and service fees under these arrangements, expressed as an annual percentage of average daily net assets for each class of the Fund’s shares.

CLASS  12b-1 FEES 
Class A  0.30% 
Class B  1.00% 
Class C  1.00% 

 

Sales charges. Class A shares are assessed up-front sales charges. For the year ended March 31, 2012, there were no up-front sales charges received by the Distributor with regard to sales of Class A shares.

Class B and Class C shares are subject to contingent deferred sales charges (CDSCs). Class B shares that are redeemed within six years of purchase are subject to CDSCs, at declining rates, beginning at 5.00% of the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC on the lesser of the current market value at

24 

 


the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the year ended March 31, 2012, there were no CDCSs received by the Distributor for Class B or Class C shares.

Transfer agent fees. The Fund has a transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services), an affiliate of the Adviser. The transfer agent fees paid to Signature Services are determined based on the cost to Signature Services (Signature Services Cost) of providing recordkeeping services. The Signature Services Cost includes a component of allocated John Hancock corporate overhead for providing transfer agent services to the Fund and to all other John Hancock affiliated funds. It also includes out-of-pocket expenses that are comprised of payments made to third-parties for recordkeeping services provided to their clients who invest in one or more John Hancock funds. In addition, Signature Services Cost may be reduced by certain fees that Signature Services receives in connection with retirement and small accounts. Signature Services Cost is calculated monthly and allocated, as applicable, to four categories of share classes: Institutional Share Classes, Retirement Share Classes, Municipal Bond Classes and all other Retail Share Classes. Within each of these categories, the applicable costs are allocated to the affected John Hancock affiliated funds and/or classes, based on the relative average daily net assets.

Class level expenses. Class level expenses for the year ended March 31, 2012 were:

CLASS  DISTRIBUTION AND SERVICE FEES  TRANSFER AGENT FEES 
 
Class A  $885  $568 
Class B  2,882  555 
Class C  2,882  555 
Class I  -  569 
Total  $6,649  $2,247 

 

Trustee expenses. The Fund compensates each Trustee who is not an employee of the Adviser or its affiliates. These Trustees may, for tax purposes, elect to defer receipt of this compensation under the John Hancock Group of Funds Deferred Compensation Plan (the Plan). Deferred amounts are invested in various John Hancock funds and remain in the funds until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting liability are included within Other receivables and prepaid expenses and Payable to affiliates - Trustees' fees, respectively, in the accompanying Statement of assets and liabilities.

Note 6 - Fund share transactions

Transactions in Fund shares for the years ended March 31, 2012 and March 31, 2011 were as follows:

  Year ended Year ended
  3/31/12 3/31/11
  Shares  Amount  Shares  Amount 
Class A shares         
Distributions reinvested  422  $3,546  980  $11,594 
Class B shares         
Distributions reinvested  158  $1,329  792  $9,365 
Class C shares         
Distributions reinvested  158  $1,329  792  $9,365 
Class I shares         
Sold  —  —  22,532  $271,512 
Distributions reinvested  1,006  $8,453  1,530  18,128 
Repurchased  (11,221)  (98,780)  —  — 
Net increase (decrease)  (10,215)  ($90,327)  24,062  $289,640 
Net increase (decrease)  (9,477)  ($84,123)  26,626  $319,964 

 

25 

 


Affiliates of the Fund owned 100% of shares of beneficial interest of the Fund on March 31, 2012.

Note 7 - Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $718,334 and $735,499, respectively, for the year ended March 31, 2012.

26 

 


Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Funds III and Shareholders of
John Hancock Leveraged Companies Fund:

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of John Hancock Leveraged Companies Fund (the “Fund”) at March 31, 2012, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements 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 are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2012 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
May 22, 2012

27 

 


Tax Information (Unaudited)

For federal income tax purposes, the following information is furnished with respect to the distributions of the Fund, if any, paid during its taxable year ended March 31, 2012.

The Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends-received deduction.

The Fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Eligible shareholders will be mailed a 2012 Form 1099-DIV in early 2013. This will reflect the tax character of all distributions paid in calendar year 2012.

28 

 


Trustees and Officers

This chart provides information about the Trustees and Officers who oversee your John Hancock fund. Officers elected by the Trustees manage the day-to-day operations of the Fund and execute policies formulated by the Trustees.

Independent Trustees     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Steven R. Pruchansky, Born: 1944  2006  48 
Chairman (since January 2011); Chairman and Chief Executive Officer, Greenscapes of Southwest 
Florida, Inc. (since 2000); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); 
Member, Board of Advisors, First American Bank (until 2010); Managing Director, Jon James, LLC (real 
estate) (since 2000); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty 
Trust (until 1994); President, Maxwell Building Corp. (until 1991).     
 
William H. Cunningham, Born: 1944  2006  48 
Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System 
and former President of the University of Texas, Austin, Texas; Director of the following: LIN Television 
(since 2009); Lincoln National Corporation (insurance) (Chairman since 2009 and Director since 2006); 
Resolute Energy Corporation (since 2009); Nanomedical Systems, Inc. (biotechnology company) 
(Chairman since 2008); Yorktown Technologies, LP (tropical fish) (Chairman since 2007); Greater Austin 
Crime Commission (since 2001); Southwest Airlines (since 2000); former Director of the following: 
Introgen (manufacturer of biopharmaceuticals) (until 2008); Hicks Acquisition Company I, Inc. (until 
2007); Jefferson-Pilot Corporation (diversified life insurance company) (until 2006); and former Advisory 
Director, JP Morgan Chase Bank (formerly Texas Commerce Bank–Austin) (until 2009).   
 
Deborah C. Jackson, Born: 1952  2008  48 
President, Cambridge College, Cambridge, Massachusetts (since May 2011); Chief Executive Officer, 
American Red Cross of Massachusetts Bay (2002–May 2011); Board of Directors of Eastern Bank 
Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); 
Board of Directors of American Student Assistance Corp. (1996–2009); Board of Directors of Boston 
Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits 
company) (2007–2011).     
 
Stanley Martin,2 Born: 1947  2008  48 
Director, The St. Joe Company (real estate development company) (since May 2012); Senior Vice 
President/Audit Executive, Federal Home Loan Mortgage Corporation (2004–2006); Executive Vice 
President/Consultant, HSBC Bank USA (2000–2003); Chief Financial Officer/Executive Vice President, 
Republic New York Corporation & Republic National Bank of New York (1998–2000); Partner, KPMG 
LLP (1971–1998).     
 
Dr. John A. Moore,2 Born: 1939  2006  48 
President and Chief Executive Officer, Institute for Evaluating Health Risks, (nonprofit institution) 
(1989–2001); Senior Scientist, Sciences International (health research) (2000–2003); Former Assistant 
Administrator & Deputy Administrator, Environmental Protection Agency (1983–1989); Principal, 
Hollyhouse (consulting) (since 2000); Director, CIIT Center for Health Science Research (nonprofit 
research) (until 2007).     

 

Leveraged Companies Fund | Annual report   
  29 

 


Independent Trustees (continued)     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Patti McGill Peterson,2 Born: 1943  2006  48 
Presidential Advisor for Global Initiatives, American Council on Education (since 2011); Chairperson 
of the Board of the Trust (during 2009 and 2010); Principal, PMP Globalinc (consulting) (2007–2011); 
Senior Associate, Institute for Higher Education Policy (2007–2011); Executive Director, CIES 
(international education agency) (until 2007); Vice President, Institute of International Education (until 
2007); Former President Wells College, St. Lawrence University and the Association of Colleges and 
Universities of the State of New York. Director of the following: Mutual Fund Directors Forum (since 
2011); Niagara Mohawk Power Corporation (until 2003); Security Mutual Life (insurance) (until 1997); 
ONBANK (until 1993). Trustee of the following: Board of Visitors, The University of Wisconsin, Madison 
(since 2007); Ford Foundation, International Fellowships Program (until 2007); UNCF, International 
Development Partnerships (until 2005); Roth Endowment (since 2002); Council for International 
Educational Exchange (since 2003).     
 
Gregory A. Russo, Born: 1949  2008  48 
Member, Audit Committee and Finance Committee of NCH Healthcare System, Inc. (since 2011); Vice 
Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002–2006); Vice Chairman, Industrial 
Markets, KPMG (1998–2002).     
 
Non-Independent Trustees3     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Hugh McHaffie, Born: 1959  2010  48 
Executive Vice President, John Hancock Financial Services (since 2006, including prior positions); 
President of John Hancock Variable Insurance Trust and John Hancock Funds II (since 2009); Trustee, 
John Hancock retail funds (since 2010); Chairman and Director, John Hancock Advisers, LLC, 
John Hancock Investment Management Services, LLC and John Hancock Funds, LLC (since 2010). 
 
John G. Vrysen, Born: 1955  2009  48 
Senior Vice President, John Hancock Financial Services (since 2006); Director, Executive Vice President 
and Chief Operating Officer, John Hancock Advisers, LLC, John Hancock Investment Management 
Services, LLC and John Hancock Funds, LLC (since 2005); Chief Operating Officer, John Hancock 
Funds II and John Hancock Variable Insurance Trust (since 2007); Chief Operating Officer, John Hancock 
retail funds (until 2009); Trustee, John Hancock retail funds (since 2009).     

 

  Annual report | Leveraged Companies Fund 
30   

 


Principal officers who are not Trustees   
 
Name, Year of Birth  Officer 
Position(s) held with Fund  of the 
Principal occupation(s) and other  Trust 
directorships during past 5 years  since 
 
Keith F. Hartstein, Born: 1956  2006 
President and Chief Executive Officer   
Senior Vice President, John Hancock Financial Services (since 2004); Director, President and Chief   
Executive Officer, John Hancock Advisers, LLC and John Hancock Funds, LLC (since 2005); Director, 
John Hancock Asset Management a division of Manulife Asset Management (US) LLC (since 2005); 
Director, John Hancock Investment Management Services, LLC (since 2006); President and Chief   
Executive Officer, John Hancock retail funds (since 2005); Member, Investment Company Institute Sales 
Force Marketing Committee (since 2003).   
 
Andrew G. Arnott, Born: 1971  2009 
Senior Vice President and Chief Operating Officer   
Senior Vice President, John Hancock Financial Services (since 2009); Executive Vice President,   
John Hancock Advisers, LLC (since 2005); Executive Vice President, John Hancock Investment   
Management Services, LLC (since 2006); Executive Vice President, John Hancock Funds, LLC (since   
2004); Chief Operating Officer, John Hancock retail funds (since 2009); Senior Vice President,   
John Hancock retail funds (since 2010); Vice President, John Hancock Funds II and John Hancock   
Variable Insurance Trust (since 2006); Senior Vice President, Product Management and Development, 
John Hancock Funds, LLC (until 2009).   
 
Thomas M. Kinzler, Born: 1955  2006 
Secretary and Chief Legal Officer   
Vice President, John Hancock Financial Services (since 2006); Secretary and Chief Legal Counsel,   
John Hancock Advisers, LLC, John Hancock Investment Management Services, LLC and John Hancock 
Funds, LLC (since 2007); Secretary and Chief Legal Officer, John Hancock retail funds, John Hancock 
Funds II and John Hancock Variable Insurance Trust (since 2006).   
 
Francis V. Knox, Jr., Born: 1947  2006 
Chief Compliance Officer   
Vice President, John Hancock Financial Services (since 2005); Chief Compliance Officer, John Hancock 
retail funds, John Hancock Funds II, John Hancock Variable Insurance Trust, John Hancock Advisers, 
LLC and John Hancock Investment Management Services, LLC (since 2005); Vice President and Chief 
Compliance Officer, John Hancock Asset Management a division of Manulife Asset Management (US) 
LLC (2005–2008).   
 
Charles A. Rizzo, Born: 1957  2007 
Chief Financial Officer   
Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock   
Advisers, LLC and John Hancock Investment Management Services, LLC (since 2008); Chief Financial 
Officer, John Hancock retail funds, John Hancock Funds II and John Hancock Variable Insurance Trust 
(since 2007); Assistant Treasurer, Goldman Sachs Mutual Fund Complex (2005–2007); Vice President, 
Goldman Sachs (2005–2007).   

 

Leveraged Companies Fund | Annual report   
  31 

 


Principal officers who are not Trustees (continued)   
 
Name, Year of Birth  Officer 
Position(s) held with Fund  of the 
Principal occupation(s) and other  Trust 
directorships during past 5 years  since 
 
Salvatore Schiavone, Born: 1965  2010 
Treasurer   
Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock 
Advisers, LLC and John Hancock Investment Management Services, LLC (since 2007); Treasurer,   
John Hancock retail funds (since 2010); Treasurer, John Hancock closed-end funds (since 2009);   
Assistant Treasurer, John Hancock Funds II and John Hancock Variable Insurance Trust (since   
October 2010) and (2007–2009); Assistant Treasurer, John Hancock retail funds (2007–2009);   
Assistant Treasurer, Fidelity Group of Funds (2005–2007); Vice President, Fidelity Management   
Research Company (2005–2007).   

 

The business address for all Trustees and Officers is 601 Congress Street, Boston, Massachusetts 02210-2805.

The Statement of Additional Information of the Fund includes additional information about members of the Board of Trustees of the Fund and is available without charge, upon request, by calling 1-800-225-5291.

1 Each Trustee holds office until his or her successor is elected and qualified, or until the Trustee’s death, retirement, resignation or removal.

2 Member of Audit Committee.

3 Because Messrs. McHaffie and Vrysen are senior executives or directors with the Adviser and/or its affiliates, each of them is considered an “interested person,” as defined in the Investment Company Act of 1940, of the Fund.

  Annual report | Leveraged Companies Fund 
32   

 


More information

Trustees  Investment adviser 
Steven R. Pruchansky, Chairperson  John Hancock Investment Management Services, LLC 
William H. Cunningham   
Deborah C. Jackson  Subadviser 
Stanley Martin*  John Hancock Asset Management a division of Manulife Asset 
Hugh McHaffie†  Management (US) LLC 
Dr. John A. Moore,* Vice Chairman ^   
Patti McGill Peterson*  Principal distributor 
Gregory A. Russo  John Hancock Funds, LLC 
John G. Vrysen†   
  Custodian 
  State Street Bank and Trust Company 
Officers   
Keith F. Hartstein  Transfer agent 
President and Chief Executive Officer  John Hancock Signature Services, Inc. 
 
Andrew G. Arnott   
Senior Vice President and Chief Operating Officer  Legal counsel 
  K&L Gates LLP 
Thomas M. Kinzler 
Secretary and Chief Legal Officer  Independent registered public accounting firm 
  PricewaterhouseCoopers LLP 
Francis V. Knox, Jr. 
Chief Compliance Officer 
 
Charles A. Rizzo   
Chief Financial Officer   
 
Salvatore Schiavone   
Treasurer   
 
*Member of the Audit Committee   
†Non-Independent Trustee   
^Effective 1-1-12   

 

The Fund’s proxy voting policies and procedures, as well as the Fund’s proxy voting record, if any, for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) Web site at www.sec.gov or on our Web site.

The Fund’s complete list of portfolio holdings, for the first and third fiscal quarters, is filed with the SEC on Form N-Q. The Fund’s Form N-Q is available on our Web site and the SEC’s Web site, www.sec.gov, and can be reviewed and copied (for a fee) at the SEC’s Public Reference Room in Washington, DC. Call 1-202-551-8090 to receive information on the operation of the SEC's Public Reference Room.

We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our Web site www.jhfunds.com or by calling 1-800-225-5291.

You can also contact us:     
1-800-225-5291  Regular mail:  Express mail: 
www. jhfunds.com  John Hancock Signature Services, Inc.  John Hancock Signature Services, Inc. 
  P.O. Box 55913  Mutual Fund Image Operations 
  Boston, MA 02205-5913  30 Dan Road 
    Canton, MA 02021 

 

33 

 




John Hancock Small Cap Opportunities Fund

Table of Contents

Management’s discussion of Fund performance  Page 3 
A look at performance  Page 4 
Your expenses  Page 6 
Portfolio summary  Page 7 
Portfolio of investments  Page 8 
Financial statements  Page 12 
Financial highlights  Page 15 
Notes to financial statements  Page 19 
Trustees and Officers  Page 29 
More information  Page 33 

 


John Hancock Small Cap Opportunities Fund

Management’s Discussion of Fund Performance
By John Hancock Asset Management a division of Manulife Asset Management (US) LLC

The year ended March 31, 2012 featured two distinct periods for the U.S. equity market. During the first half of the period, stocks declined as evidence of slowing economic activity and a worsening sovereign debt crisis in Europe weighed on investor confidence. Over the last half of the period, however, the stock market experienced a dramatic turnaround, rising sharply as improving economic data quelled fears of a recession and efforts by the European authorities helped ease the debt crisis. For the full 12-month period, the positives outweighed the negatives as the broad equity indexes gained approximately 7%. Large-cap stocks led the market’s advance, while growth-oriented issues outperformed value shares across all market capitalizations.

Fund performance

For the 12-month period ended March 31, 2012, John Hancock Small Cap Opportunities Fund’s Class A shares declined 0.87%, excluding sales charges, trailing both the 0.52% return of the average small growth fund, according to Morningstar, Inc., and the 0.68% return of the Fund’s benchmark, the Russell 2000 Growth Index.

Portfolio review

The Fund’s underperformance of its benchmark and peer group average for the one-year period was driven primarily by an overweight position in the materials sector (one of the weaker performing sectors in the Russell 2000 Growth Index), as well as stock selection in the financials and information technology sectors. Among individual holdings, the most notable detractors included Canadian metals producer Avalon Rare Metals, Inc., marine electronics maker KVH Industries, Inc. and online marketing materials provider VistaPrint, Inc.

On the positive side, stock selection in the energy and health care sectors added value during the 12-month period. The top individual performance contributors in these two sectors were oil and gas producer Africa Oil Corp. (which gained more than 100% for the period) and medical products maker SonoSite. Elsewhere in the Fund’s portfolio, the leading contributors included Chinese for-profit education firm Global Education & Technology Group, mattress maker Tempur-Pedic International, Inc. and Latin American airline operator Copa Holdings SA. We sold VistaPrint, SonoSite and Global Education & Technology during the period.

This commentary reflects the views of the portfolio managers through the end of the period discussed in this report. The managers’ statements reflect their own opinions. As such, they are in no way guarantees of future events and are not intended to be used as investment advice or a recommendation regarding any specific security. They are also subject to change at any time as market and other conditions warrant.

Past performance is no guarantee of future results.

Investments in smaller companies may involve greater risks than those in larger, more well-known companies. See the prospectus for the risks of investing in small-cap stocks. Sector investing is subject to greater risks than the market as a whole. Because the Fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors.

3 

 


A look at performance

Total returns for the period ended March 31, 2012

  Average annual total returns (%)    Cumulative total returns (%)   
  with maximum sales charge    with maximum sales charge   
        Since        Since 
  1-year  5-year  10-year  inception1  1-year  5-year  10-year  inception1 
Class A  –5.80  —  —  23.49  –5.80  —  —  98.39 
Class B  –5.31  —  —  24.03  –5.31  —  —  101.21 
Class C  –2.31  —  —  24.60  –2.31  —  —  104.21 
Class I 2  –0.48  —  —  25.94  –0.48  —  —  111.46 

 

Performance figures assume all dividends have been reinvested. Figures reflect maximum sales charge on Class A shares of 5%, and the applicable contingent deferred sales charge (CDSC) on Class B and Class C shares. The Class B shares’ CDSC declines annually between years 1 to 6 according to the following schedule: 5, 4, 3, 3, 2, 1%. No sales charge will be assessed after the sixth year. Class C shares held for less than one year are subject to a 1% CDSC. Sales charges are not applicable for Class I shares.

The expense ratios of the Fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the Fund and may differ from those disclosed in the Financial highlights tables in this report. The fee waivers and expense limitations are contractual at least until 6-30-12 for Class A, Class B, Class C and Class I shares. Had the fee waivers and expense limitations not been in place gross expenses would apply. The expense ratios are as follows:

  Class A  Class B  Class C  Class I 
Net (%)  1.60  2.30  2.30  1.24 
Gross (%)  3.76  4.46  4.46  3.34 

 

The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, the Fund’s current performance may be higher or lower than the performance shown. For performance data current to the most recent month end, please call 1-800-225-5291 or visit the Fund’s Web site at www.jhfunds.com.

The performance table above and the chart on the next page do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Fund’s performance results reflect any applicable expense reductions, without which the expenses would increase and results would have been less favorable.

Footnotes on the following page.

Small Cap Opportunities Fund | Annual report 

 

4 

 



    Without  With maximum   
  Start date  sales charge  sales charge  Index 
Class B   1-2-09  $20,421  $20,121  $19,091 
Class C3  1-2-09  20,421  20,421  19,091 
Class I 2  1-2-09  21,146  21,146  19,091 

 

Russell 2000 Growth Index is an unmanaged index which measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

It is not possible to invest directly in an index. Index figures do not reflect sales charges, which would have resulted in lower values if they did.

1 From 1-2-09.

2 For certain types of investors, as described in the Fund’s prospectus.

3 The contingent deferred sales charge, if any, is not applicable.

Annual report | Small Cap Opportunities Fund 

 

5 

 


Small Cap Opportunities Fund

Your expenses

These examples are intended to help you understand your ongoing operating expenses.

Understanding your fund expenses

As a shareholder of the Fund, you incur two types of costs:

• Transaction costs which include sales charges (loads) on purchases or redemptions (varies by share class), minimum account fee charge, etc.

• Ongoing operating expenses including management fees, distribution and service fees (if applicable), and other fund expenses.

We are going to present only your ongoing operating expenses here.

Actual expenses/actual returns

This example is intended to provide information about your fund’s actual ongoing operating expenses, and is based on the fund’s actual return. It assumes an account value of $1,000.00 on October 1, 2011 with the same investment held until March 31, 2012.

  Account value  Ending value  Expenses paid during 
  on 10-1-11  on 3-31-12  period ended 3-31-121 
Class A  $1,000.00  $1,349.50  $9.40 
Class B  1,000.00  1,345.30  13.49 
Class C  1,000.00  1,345.30  13.49 
Class I  1,000.00  1,351.70  7.29 

 

Together with the value of your account, you may use this information to estimate the operating expenses that you paid over the period. Simply divide your account value at March 31, 2012 by $1,000.00, then multiply it by the “expenses paid” for your share class from the table above. For example, for an account value of $8,600.00, the operating expenses should be calculated as follows:

Example

[My account value $8,600.00 / $1,000.00 = 8.6 ] x $[ “expenses paid” from table ] = My actual expenses

Hypothetical example for comparison purposes

This table allows you to compare your fund’s ongoing operating expenses with those of any other fund. It provides an example of the Fund’s h ypothetical account values and hypothetical expenses based on each class’s actual expense ratio and an assumed 5% annualized return before expenses (which is not your fund’s actual return). It assumes an account value of $1,000.00 on October 1, 2011, with the same investment held until March 31, 2012. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses.

  Account value  Ending value  Expenses paid during 
  on 10-1-11  on 3-31-12  period ended 3-31-121 
Class A  $1,000.00  $1,017.00  $8.07 
Class B  1,000.00  1,013.50  11.58 
Class C  1,000.00  1,013.50  11.58 
Class I  1,000.00  1,018.80  6.26 

 

Remember, these examples do not include any transaction costs, therefore, these examples will not help you to determine the relative total costs of owning different funds. If transaction costs were included, your expenses would have been higher. See the prospectus for details regarding transaction costs.

1 Expenses are equal to the Fund's annualized expense ratio of 1.60%, 2.30%, 2.30% and 1.24% for Class A, Class B, Class C and Class I shares, respectively, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

6 

 


Small Cap Opportunities Fund
Portfolio Summary
As of 3-31-12

  Value as a 
  percentage of 
Top 10 Holdings1 (24.5% of Net Assets)  Fund's net assets 
IMAX Corp.  2.9% 
Hexcel Corp.  2.6% 
VeriFone Systems, Inc.  2.6% 
MEDNAX, Inc.  2.5% 
KVH Industries, Inc.  2.5% 
Align Technology, Inc.  2.4% 
Cardtronics, Inc.  2.4% 
Americas Petrogas, Inc.  2.3% 
Lufkin Industries, Inc.  2.2% 
Concur Technologies, Inc.  2.1% 
 
  Value as a 
  percentage of 
Sector Composition2  Fund's net assets 
Information Technology  29.3% 
Consumer Discretionary  16.2% 
Industrials  14.2% 
Health Care  13.0% 
Energy  8.2% 
Financials  6.1% 
Materials  6.0% 
Consumer Staples  3.5% 
Other  3.5% 
 
  Value as a 
  percentage of 
Country Composition  Fund's net assets 
United States  86.5% 
Canada  11.2% 
Panama  1.2% 
Ireland  1.1% 

 

1 Cash and cash equivalents are not included in Top 10 Holdings.

2 Sector investing is subject to greater risks than the market as a whole. Because the Fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors.

7 

 


Small Cap Opportunities Fund
Portfolio of Investments
As of 3-31-12

  Shares  Value 
 
Common Stocks 96.5%    $4,000,558 
(Cost $3,206,395)     
 
Consumer Discretionary 16.2%    672,148 
 
Auto Components 0.9%     
Dorman Products, Inc. (I)  772  39,060 
 
Hotels, Restaurants & Leisure 3.5%     
Bally Technologies, Inc. (I)  1,391  65,030 
Bravo Brio Restaurant Group, Inc. (I)  2,600  51,896 
Buffalo Wild Wings, Inc. (I)  295  26,754 
 
Household Durables 3.1%     
iRobot Corp. (I)  2,129  58,037 
Tempur-Pedic International, Inc. (I)  829  69,992 
 
Internet & Catalog Retail 1.4%     
CafePress Inc. (I)  405  7,756 
HomeAway, Inc. (I)  2,020  51,247 
 
Media 2.9%     
IMAX Corp. (I)  4,945  120,856 
 
Specialty Retail 2.1%     
Lumber Liquidators Holdings, Inc. (I)  2,109  52,957 
Teavana Holdings, Inc. (I)  1,651  32,558 
 
Textiles, Apparel & Luxury Goods 2.3%     
G-III Apparel Group, Ltd. (I)  1,576  44,790 
Steven Madden, Ltd. (I)  1,198  51,215 
 
Consumer Staples 3.5%    144,492 
 
Food Products 3.5%     
Darling International, Inc. (I)  3,967  69,105 
TreeHouse Foods, Inc. (I)  1,267  75,387 
 
Energy 8.2%    340,760 
 
Energy Equipment & Services 2.2%     
Lufkin Industries, Inc.  1,140  91,941 
 
Oil, Gas & Consumable Fuels 6.0%     
Africa Oil Corp. (I)  14,792  62,285 
Americas Petrogas, Inc. (I)  62,315  96,602 
BlackPearl Resources, Inc. (I)  9,054  38,306 
Ivanhoe Energy, Inc. (I)  37,115  38,971 
Solazyme, Inc. (I)  865  12,655 
 
Financials 6.1%    252,050 
Capital Markets 2.6%     
Evercore Partners, Inc., Class A  2,225  64,681 
Solar Senior Capital, Ltd.  2,616  42,144 
 
Commercial Banks 0.6%     
SVB Financial Group (I)  422  27,151 

 

See notes to financial statements

8 

 


Small Cap Opportunities Fund
As of 3-31-12

  Shares  Value 
 
Financials (continued)     
 
Consumer Finance 1.6%     
Cash America International, Inc.  1,362  $65,281 
 
Real Estate Investment Trusts 1.3%     
Equity Lifestyle Properties, Inc.  757  52,793 
 
Health Care 13.0%    540,945 
 
Biotechnology 1.1%     
Alkermes PLC (I)  2,427  45,021 
 
Health Care Equipment & Supplies 4.2%     
Align Technology, Inc. (I)  3,645  100,420 
Arthrocare Corp. (I)  998  26,796 
Thoratec Corp. (I)  1,463  49,318 
 
Health Care Providers & Services 4.0%     
Coventry Health Care, Inc.  1,689  60,078 
MEDNAX, Inc. (I)  1,412  105,010 
 
Health Care Technology 0.8%     
Greenway Medical Technologies (I)  2,183  33,356 
 
Pharmaceuticals 2.9%     
Impax Laboratories, Inc. (I)  1,613  39,648 
Par Pharmaceutical Companies, Inc. (I)  1,340  51,898 
Salix Pharmaceuticals, Ltd. (I)  560  29,400 
 
Industrials 14.2%    587,621 
 
Aerospace & Defense 7.4%     
BE Aerospace, Inc. (I)  1,419  65,941 
Hexcel Corp. (I)  4,431  106,388 
The KEYW Holding Corp. (I)  9,988  77,407 
Triumph Group, Inc.  904  56,645 
 
Airlines 1.2%     
Copa Holdings SA, Class A  610  48,312 
 
Building Products 3.4%     
Quanex Building Products Corp.  3,572  62,974 
Trex Company, Inc. (I)  2,387  76,575 
 
Machinery 1.4%     
Graham Corp.  2,762  60,460 
 
Professional Services 0.8%     
Mistras Group, Inc. (I)  1,382  32,919 
 
Information Technology 29.3%    1,214,052 
 
Communications Equipment 2.5%     
KVH Industries, Inc. (I)  9,786  102,753 
 
Internet Software & Services 5.8%     
Ancestry.com, Inc. (I)  3,196  72,677 
Bankrate, Inc. (I)  2,055  50,861 
Millennial Media, Inc. (I)  980  23,030 
TechTarget, Inc. (I)  7,187  49,806 

 

See notes to financial statements

9 

 


Small Cap Opportunities Fund
As of 3-31-12

  Shares  Value 
 
Information Technology (continued)     
XO Group, Inc. (I)  4,599  $43,185 
 
IT Services 6.2%     
Cardtronics, Inc. (I)  3,810  100,012 
VeriFone Systems, Inc. (I)  2,041  105,867 
Wright Express Corp. (I)  800  51,784 
 
Semiconductors & Semiconductor Equipment 2.9%     
Cavium, Inc. (I)  2,175  67,294 
Ceva, Inc. (I)  2,378  54,004 
 
Software 11.9%     
Aspen Technology, Inc. (I)  2,833  58,161 
Bottomline Technologies, Inc. (I)  741  20,704 
BroadSoft, Inc. (I)  1,562  59,746 
Concur Technologies, Inc. (I)  1,483  85,096 
Fortinet, Inc. (I)  1,551  42,885 
Monotype Imaging Holdings, Inc. (I)  5,380  80,162 
RealPage, Inc. (I)  2,373  45,490 
Synchronoss Technologies, Inc. (I)  622  19,854 
Ultimate Software Group, Inc. (I)  1,101  80,681 
 
Materials 6.0%    248,490 
 
Chemicals 1.6%     
Karnalyte Resources, Inc. (I)  3,332  32,069 
LSB Industries, Inc. (I)  909  35,378 
 
Metals & Mining 4.4%     
Avalon Rare Metals, Inc. (I)  34,903  40,615 
Carpenter Technology Corp.  1,196  62,467 
Focus Metals, Inc. (I)  8,760  10,539 
Pretium Resources, Inc. (I)  33,203  67,422 
 
Warrants 0.1%    $2,506 
(Cost $0)     
 
Focus Metals, Inc. (Expiration Date: 5-13-13, Strike Price: CAD 1.25) (I)  6,951  2,440 
Frontier Rare Earths, Ltd. (Expiration Date: 11-17-12, Strike Price: CAD 4.60) (I)  4,395  66 
 
Total investments (Cost $3,206,395)† 96.6%    $4,003,064 
 
Other assets and liabilities, net 3.4%    $140,287 
 
Total net assets 100.0%    $4,143,351 

 

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the Fund.

CAD Canadian Dollar

(I) Non-income producing security.

† At 3-31-12, the aggregate cost of investment securities for federal income tax purposes was $3,296,434. Net unrealized appreciation aggregated $706,630, of which $875,235 related to appreciated investment securities and $168,605 related to depreciated investment securities.

See notes to financial statements

10 

 


Small Cap Opportunities Fund
As of 3-31-12

The Fund had the following country composition as a percentage of total net assets on 3-31-12:

United States  86.5% 
Canada  11.2% 
Panama  1.2% 
Ireland  1.1% 

 

See notes to financial statements

11 

 


Small Cap Opportunities Fund

Statement of Assets and Liabilities — March 31, 2012

Assets     
Investments, at value (Cost $3,206,395)  $  4,003,064 
Cash    177,645 
Receivable for investments sold    36,084 
Dividends receivable    804 
Receivable due from adviser    3,478 
Other receivables and prepaid expenses    255 
 
Total assets    4,221,330 
 
 
Liabilities     
Payable for investments purchased    36,200 
Payable to affiliates     
Accounting and legal services fees    74 
Transfer agent fees    604 
Trustees' fees    6 
Other liabilities and accrued expenses    41,095 
 
Total liabilities    77,979 
 
 
Net assets     
Paid-in capital  $  3,432,313 
Accumulated net investment loss    (85,345) 
Accumulated net realized loss on investments,     
written options and foreign currency transactions    (274) 
Net unrealized appreciation (depreciation) on     
investments and translation of assets and     
liabilities in foreign currencies    796,657 
 
Net assets  $  4,143,351 
 
 
Net asset value per share     
Based on net asset values and shares     
outstanding-the Fund has an unlimited number     
of shares authorized with no par value     
Class A ($1,044,283 ÷ 80,969 shares)  $  12.90 
Class B ($1,020,880 ÷ 80,335 shares)1  $  12.71 
Class C ($1,020,888 ÷ 80,335 shares)1  $  12.71 
Class I ($1,057,300 ÷ 81,332 shares)  $  13.00 
 
Maximum offering price per share     
Class A (net asset value per share ÷ 95%)2  $  13.58 

 

1 Redemption price is equal to net asset value less any applicable contingent deferred sales charge.

2 On single retail sales of less than $50,000. On sales of $50,000 or more and on group sales the offering price is reduced.

See notes to financial statements

12 

 


Small Cap Opportunities Fund

Statement of Operations — For the Year Ended March 31, 2012

Investment income     
Dividends  $  9,872 
Securities lending    1,507 
 
Total investment income    11,379 
 
Expenses     
Investment management fees    34,256 
Distribution and service fees    21,673 
Accounting and legal services fees    581 
Transfer agent fees    6,402 
Trustees' fees    249 
Professional fees    34,815 
Custodian fees    27,297 
Registration and filing fees    13,340 
Other    7,654 
 
Total expenses    146,267 
 
Less expense reductions    (75,647) 
 
Net expenses    70,620 
 
Net investment loss    (59,241) 
 
 
Realized and unrealized gain (loss)     
Net realized gain (loss) on     
Investments in unaffiliated issuers    279,619 
Investments in affiliated issuers    22 
Written options    (3,364) 
Foreign currency transactions    (413) 
 
    275,864 
 
Change in net unrealized appreciation     
(depreciation) of     
Investments in unaffiliated issuers    (262,872) 
Investments in affiliated issuers    (7) 
Translation of assets and liabilities in foreign     
currencies    (304) 
 
    (263,183) 
 
Net realized and unrealized gain    12,681 
 
Decrease in net assets from operations  $  (46,560) 

 

See notes to financial statements

13 

 


Small Cap Opportunities Fund

Statements of Changes in Net Assets

    Year ended    Year ended 
    3/31/12    3/31/11 
 
Increase (decrease) in net assets         
From operations         
Net investment loss  $  (59,241)  $  (44,485) 
Net realized gain    275,864    823,097 
Change in net unrealized appreciation         
(depreciation)    (263,183)    281,400 
 
Increase (decrease) in net assets resulting         
from operations    (46,560)    1,060,012 
 
 
Distributions to shareholders         
From net investment income         
Class A    (31,771)    (4,267) 
Class B    (24,616)    — 
Class C    (24,616)    — 
Class I    (35,481)    (6,925) 
From net realized gain         
Class A    (177,977)    (105,616) 
Class B    (177,486)    (105,671) 
Class C    (177,486)    (105,671) 
Class I    (178,309)    (105,579) 
 
Total distributions    (827,742)    (433,729) 
 
From Fund share transactions    827,742    433,729 
 
 
Total increase (decrease)    (46,560)    1,060,012 
 
Net assets         
Beginning of year    4,189,911    3,129,899 
 
End of year  $  4,143,351  $  4,189,911 
 
Accumulated net investment loss  $  (85,345)  $  (8,816) 

 

See notes to financial statements

14 

 


Small Cap Opportunities Fund
Financial Highlights (For a share outstanding throughout the period)

Class A Shares                 
 
Period ended                 
    3-31-12    3-31-11    3-31-10    3-31-091 
Per share operating performance                 
  
 
 
 
Net asset value, beginning of period  $  17.18  $  14.49  $  9.39  $  10.00 
Net investment loss 2    (0.19)    (0.16)    (0.14)    (0.03) 
Net realized and unrealized gain (loss) on                 
investments    (0.67)    4.88    6.35    (0.58) 
 
Total from investment operations    (0.86)    4.72    6.21    (0.61) 
 
Less distributions                 
From net investment income    (0.52)    (0.08)    —    — 
From net realized gain    (2.90)    (1.95)    (1.11)    — 
 
Total distributions    (3.42)    (2.03)    (1.11)    — 
 
Net asset value, end of period  $  12.90  $  17.18  $  14.49  $  9.39 
 
Total return (%) 3,4    (0.87)    34.27    67.14    (6.10) 5 
 
Ratios and supplemental data                 
  
 
 
 
Net assets, end of period (in thousands)  $  1,044  $  1,053  $  785  $  470 
Ratios (as a percentage of average net                 
assets):                 
Expenses before reductions    3.60    3.71    4.03    12.346 
Expenses net of fee waivers and credits  1.61  1.59  1.36  1.65 6 
Net investment loss  (1.31)  (1.08)  (1.07)  (1.42)6 
Portfolio turnover (%)    89    105    101    27 

 

1 The inception date for Class A shares is 1-2-09.
2 Based on the average daily shares outstanding.
3 Does not reflect the effect of sales charges, if any.
4 Total returns w ould have been low er had certain expenses not been reduced during the periods shown.
5 Not annualized.
6 Annualized.

See notes to financial statements

15 

 


Small Cap Opportunities Fund
Financial Highlights (For a share outstanding throughout the period)

Class B Shares                 
 
Period ended                 
    3-31-12    3-31-11    3-31-10    3-31-091 
Per share operating performance                 
  
 
 
 
Net asset value, beginning of period  $  16.96  $  14.36  $  9.38  $  10.00 
Net investment loss2    (0.28)    (0.26)    (0.23)    (0.05) 
Net realized and unrealized gain (loss) on                 
investments    (0.67)    4.81    6.32    (0.57) 
 
Total from investment operations    (0.95)    4.55    6.09    (0.62) 
 
Less distributions                 
From net investment income    (0.40)    —    —    — 
From net realized gain    (2.90)    (1.95)    (1.11)    — 
 
Total distributions    (3.30)    (1.95)    (1.11)    — 
 
Net asset value, end of period  $  12.71  $  16.96  $  14.36  $  9.38 
 
Total return (%)3,4    (1.56)    33.31    65.91    (6.20)5 
 
Ratios and supplemental data                 
  
 
 
 
Net assets, end of period (in thousands)  $  1,021  $  1,037  $  778  $  469 
Ratios (as a percentage of average net                 
assets):                 
Expenses before reductions    4.30    4.41    4.73    13.046 
Expenses net of fee waivers and credits    2.31    2.29    2.06    2.356 
Net investment loss    (2.01)    (1.78)    (1.77)    (2.12)6 
Portfolio turnover (%)    89    105    101    27 

 

1 The inception date for Class B shares is 1-2-09.
2 Based on the average daily shares outstanding.
3 Does not reflect the effect of sales charges, if any.
4 Total returns would have been lower had certain expenses not been reduced during the periods shown.
5 Not annualized.
6 Annualized.

See notes to financial statements

16 

 


Small Cap Opportunities Fund
Financial Highlights (For a share outstanding throughout the period)

Class C Shares                 
 
Period ended                 
    3-31-12    3-31-11    3-31-10    3-31-091 
Per share operating performance                 
  
 
 
 
Net asset value, beginning of period  $  16.96  $  14.36  $  9.38  $  10.00 
Net investment loss2    (0.28)    (0.26)    (0.23)    (0.05) 
Net realized and unrealized gain (loss) on                 
investments    (0.67)    4.81    6.32    (0.57) 
 
Total from investment operations    (0.95)    4.55    6.09    (0.62) 
 
Less distributions                 
From net investment income    (0.40)    —    —    — 
From net realized gain    (2.90)    (1.95)    (1.11)    — 
 
Total distributions    (3.30)    (1.95)    (1.11)    — 
 
Net asset value, end of period  $  12.71  $  16.96  $  14.36  $  9.38 
 
Total return (%)3,4    (1.56)    33.31    65.91    (6.20)5 
 
Ratios and supplemental data                 
  
 
 
 
Net assets, end of period (in thousands)  $  1,021  $  1,037  $  778  $  469 
Ratios (as a percentage of average net                 
assets):                 
Expenses before reductions    4.30    4.41    4.73    13.046 
Expenses net of fee waivers and credits    2.31    2.29    2.06    2.356 
Net investment loss    (2.01)    (1.78)    (1.77)    (2.12)6 
Portfolio turnover (%)    89    105    101    27 

 

1 The inception date for Class C shares is 1-2-09.
2 Based on the average daily shares outstanding.
3 Does not reflect the effect of sales charges, if any.
4 Total returns would have been lower had certain expenses not been reduced during the periods shown.
5 Not annualized.
6 Annualized

See notes to financial statements

17 

 


Small Cap Opportunities Fund
Financial Highlights (For a share outstanding throughout the period)

Class I Shares                 
 
Period ended                 
    3-31-12    3-31-11    3-31-10    3-31-091 
Per share operating performance                 
  
 
 
 
Net asset value, beginning of period  $  17.29  $  14.56  $  9.41  $  10.00 
Net investment loss2    (0.13)    (0.10)    (0.10)    (0.02) 
Net realized and unrealized gain (loss) on                 
investments    (0.68)    4.91    6.36    (0.57) 
 
Total from investment operations    (0.81)    4.81    6.26    (0.59) 
 
Less distributions                 
From net investment income    (0.58)    (0.13)    —    — 
From net realized gain    (2.90)    (1.95)    (1.11)    — 
 
Total distributions    (3.48)    (2.08)    (1.11)    — 
 
Net asset value, end of period  $  13.00  $  17.29  $  14.56  $  9.41 
 
Total return (%)3    (0.48)    34.77    67.54    (5.90)4 
 
Ratios and supplemental data                 
  
 
 
 
Net assets, end of period (in thousands)  $  1,057  $  1,062  $  788  $  470 
Ratios (as a percentage of average net                 
assets):                 
Expenses before reductions    3.20    3.30    3.72    12.045 
Expenses net of fee waivers and credits    1.22    1.17    1.06    1.105 
Net investment loss    (0.92)    (0.66)    (0.77)    (0.87)5 
Portfolio turnover (%)    89    105    101    27 

 

1 The inception date for Class I shares is 1-2-09.
2 Based on the average daily shares outstanding.
3 Total returns would have been lower had certain expenses not been reduced during the periods shown.
4 Not annualized.
5 Annualized.

See notes to financial statements

18 

 


Small Cap Opportunities Fund
Notes to financial statements

Note 1 - Organization

John Hancock Small Cap Opportunities Fund (the Fund) is a series of John Hancock Funds III (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the Fund is to seek long-term capital appreciation.

The Fund may offer multiple classes of shares. The shares currently offered are detailed in the Statement of assets and liabilities. Class A, Class B and Class C shares are offered to all investors. Class I shares are offered to institutions and certain investors. Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, transfer agent fees, printing and postage and state registration fees for each class may differ. Class B shares convert to Class A shares eight years after purchase.

Note 2 - Significant accounting policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security valuation. Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. The Fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities. Level 2 includes securities valued using significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Fund’s own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

As of March 31, 2012, all investments are categorized as Level 1 under the hierarchy described above.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. During the year ended March 31, 2012, there were no significant transfers into or out of Level 1, Level 2 or Level 3.

In order to value the securities, the Fund uses the following valuation techniques. Equity securities held by the Fund are valued at the last sale price or official closing price on the principal securities exchange on which they trade. In the event there were no sales during the day or closing prices are not available, then securities are valued using the last quoted bid or evaluated price. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rates supplied by an independent pricing service. Certain securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Certain short-term securities are valued at amortized cost.

19 

 


Other portfolio securities and assets, where market quotations are not readily available, are valued at fair value, as determined in good faith by the Fund’s Pricing Committee, following procedures established by the Board of Trustees.

Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Dividend income is recorded on the ex-date, except for dividends of foreign securities where the dividend may not be known until after the ex-date. In those cases, dividend income is recorded when the Fund becomes aware of the dividends. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

Securities lending. The Fund may lend its securities to earn additional income. It receives cash collateral from the borrower in an amount not less than the market value of the loaned securities. The Fund will invest its collateral in John Hancock Collateral Investment Trust (JHCIT), an affiliate of the Fund, which has a floating net asset value (NAV) and invests in short-term investments as part of the securities lending program, and as a result, the Fund will receive the benefit of any gains and bear any losses generated by JHCIT. Although risk of the loss of the securities lent is mitigated by holding the collateral, the Fund could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities or if collateral investments decline in value. The Fund may receive compensation for lending its securities by retaining a portion of the return on the investment of the collateral and compensation from fees earned from borrowers of the securities. Net income received from JHCIT is a component of securities lending income as recorded on the Statement of operations.

Foreign currency translation. Assets, including investments and liabilities denominated in foreign currencies, are translated into U.S. dollar values each day at the prevailing exchange rate. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on the value of securities is reflected as a component of the realized and unrealized gains (losses) on investments.

Funds that invest internationally generally carry more risk than funds that invest strictly in U.S. securities. Risks can result from differences in economic and political conditions, regulations, market practices (including higher transaction costs) and accounting standards. Foreign investments are also subject to a decline in the value of a foreign currency versus the U.S. dollar, which reduces the dollar value of securities denominated in that currency.

Line of credit. The Fund may borrow from banks for temporary or emergency purposes, including meeting redemption requests that otherwise might require the untimely sale of securities. Pursuant to the custodian agreement, the custodian may loan money to the Fund to make properly authorized payments. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses. The custodian may have a lien, security interest or security entitlement in any Fund property that is not otherwise segregated or pledged, to the maximum extent permitted by law, to the extent of any overdraft.

In addition, the Fund and other affiliated funds have entered into an agreement with Citibank N.A. which enables them to participate in a $100 million unsecured committed line of credit. A commitment fee, payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund on a pro rata basis and is reflected in other expenses on the Statement of operations. For the year ended March 31, 2012, the Fund had no borrowings under the lines of credit.

Expenses. Within the John Hancock Funds complex, expenses that are directly attributable to an individual fund are allocated to the fund. Expenses that are not readily attributable to a specific

20 

 


fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund’s relative net assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Class allocations. Income, common expenses and realized and unrealized gains (losses) are determined at the fund level and allocated daily to each class of shares based on the net assets of the class. Class-specific expenses, such as distribution and service fees, if any, transfer agent fees, state registration fees and printing and postage, for all classes, are calculated daily at the class level based on the appropriate net assets of each class and the specific expense rates applicable to each class.

Federal income taxes. The Fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.

Net capital losses of $50,842, that are the result of security transactions occurring after October 31, 2011, are treated as occurring on April 1, 2012, the first day of the Fund’s taxable year.

As of March 31, 2012, the Fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The Fund’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.

Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The Fund generally declares and pays dividends and capital gain distributions, if any, annually. The tax character of distributions for the years ended March 31, 2012 and March 31, 2011 was as follows:

  March 31, 2012  March 31, 2011 
Ordinary Income  $347,629  $224,463 
Long-Term Capital Gain  $480,113  $209,266 

 

Distributions paid by the Fund with respect to each class of shares are calculated in the same manner, at the same time and in the same amount, except for the effect of class level expenses that may be applied differently to each class. As of March 31, 2012, the components of distributable earnings on a tax basis included $59,113 of undistributed long-term capital gains.

Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Material distributions in excess of tax basis earnings and profits, if any, are reported in the Fund’s financial statements as a return of capital.

Capital accounts within financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to net operating losses, passive foreign investment companies, wash sale loss deferrals and straddle loss deferrals.

New accounting pronouncements. In May 2011, Accounting Standards Update 2011-04 (ASU 2011-04), Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, was issued and is effective during interim and annual periods beginning after December 15, 2011. ASU 2011-04 may result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.

21 

 


In December 2011, the Financial Accounting Standards Board issued Accounting Standards Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities . The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of assets and liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within those annual periods. Management is currently evaluating the impact, if any, on the Fund’s financial statement disclosures.

Note 3 – Derivative instruments

The Fund may invest in derivatives in order to meet its investment objectives. The use of derivatives may involve risks different from, or potentially greater than, the risks associated with investing directly in securities. Specifically, the Fund is exposed to the risk that the counterparty to an over-the-counter (OTC) derivatives contract will be unable or unwilling to make timely settlement payments or otherwise honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction. If the counterparty defaults, the Fund will have contractual remedies, but there is no assurance that the counterparty will meet its contractual obligations or that the Fund will succeed in enforcing them.

Options. There are two types of options, a put option and a call option. Options are traded either over-the-counter or on an exchange. A call option gives the purchaser of the option the right to buy (and the seller the obligation to sell) the underlying instrument at the exercise price. A put option gives the purchaser of the option the right to sell (and the writer the obligation to buy) the underlying instrument at the exercise price. Writing puts and buying calls may increase the Fund’s exposure to changes in th e value of the underlying instrument. Buying puts and writing calls may decrease the Fund’s exposure to such changes. Risks related to the use of options include the loss of the premium, possible illiquidity of the options markets, trading restrictions imposed by an exchange and movements in underlying security values, and for written options, potential losses in excess of the amounts recognized on the Statement of assets and liabilities.

Options listed on an exchange are valued at their closing price. If no closing price is available, then they are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. For options not listed on an exchange, an independent pricing source is used to value the options at the mean between the last bid and ask prices. When the Fund purchases an option, the premium paid by the Fund is included in the Portfolio of investments and subsequently “marked-to-market” to reflect current market value. If the purchased option expires, the Fund realizes a loss equal to the cost of the option. If the Fund exercises a call option, the cost of the securities acquired by exercising the call is increased by the premium paid to buy the call. If the Fund exercises a put option, it realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are decreased by the premium paid. If the Fund enters into a closing sale transaction, the Fund realizes a gain or loss, depending on whether proceeds from the closing sale are greater or less than the original cost. When the Fund writes an option, the premium received is included as a liability and subsequently “marked-to-market” to reflect current market value of the option written. Premiums received from writing options that expire unexercised are recorded as realized gains. Premiums received from writing options which are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option on a security is exercised, the premium received reduces the cost basis of the securities purchased by the Fund.

During the year ended March 31, 2012, the Fund used purchased options to provide protection against a decline in the value of the Fund’s securities. During the year ended March 31, 2012, the Fund held purchased options with market values up to $12,600, as measured at each quarter end.

22 

 


During the year ended March 31, 2012, the Fund wrote option contracts to provide protection against a decline in the value of the Fund’s securities . The following table summarizes the Fund’s written options activities during the year ended March 31, 2012 and there were no open written option contracts as of March 31, 2012.

  NUMBER OF  PREMIUMS 
  CONTRACTS  RECEIVED 
Outstanding, beginning of period  -  - 
Options written  204  $10,437 
Option closed  (171)  (9,150) 
Option exercised  (14)  (540) 
Options expired  (19)  (747) 
Outstanding, end of period  -  - 

 

Effect of derivative instruments on the Statement of operations

The table below summarizes the net realized gain (loss) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the year ended March 31, 2012:

    Investments  Written   
    (Purchased  Options   
Risk  Statement of Operations Location  Options)  Contracts  Total 
Equity         
contracts  Net realized gain (loss)  $11,336  ($3,364)  $7,972 
Total    $11,336  ($3,364)  $7,972 

 

Note 4 – Guarantees and indemnifications

Under the Fund’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss from such claims is considered remote.

Note 5 – Fees and transactions with affiliates

John Hancock Investment Management Services, LLC (the Adviser) serves as investment adviser for the Trust. John Hancock Funds, LLC (the Distributor), an affiliate of the Adviser, serves as principal underwriter of the Trust. The Adviser and the Distributor are indirect, wholly owned subsidiaries of Manulife Financial Corporation (MFC).

Management fee. The Fund has an investment management contract with the Adviser under which the Fund pays a daily management fee to the Adviser equivalent, on an annual basis, to the sum of: (a) 0.90% of the first $1,000,000,000 of the Fund’s average daily net assets; and (b) 0.85% of the Fund’s average daily net assets in excess of $1,000,000,000. The Adviser has a subadvisory agreement with John Hancock Asset Management a division of Manulife Asset

23 

 


Management (US) LLC, an indirectly owned subsidiary of MFC and an affiliate of the Adviser. The Fund is not responsible for payment of the subadvisory fees.

The Adviser has contractually agreed to waive fees and/or reimburse certain expenses for each share class of the Fund. This agreement excludes taxes, brokerage commissions, interest, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. The fee waivers and/or reimbursements are such that these expenses will not exceed 1.60% for Class A, 2.30% for Class B, 2.30% for Class C and 1.24% for Class I shares. The fee waivers and/or reimbursements continue in effect until June 30, 2012. The fee waivers and/or reimbursements were such that these expenses would not exceed 1.65% for Class A, 2.35% for Class B and 2.35% for Class C shares prior to July 1, 2011 and 1.19% for Class I shares prior to August 1, 2011.

In addition, the Adviser voluntarily agreed to waive fees and/or reimburse certain fund level expenses to 0.27% of the Fund’s average net assets which are allocated pro rata to all share classes of the Fund. This agreement excludes brokerage commissions, interest, advisory fees, distribution and service fees, transfer agent fees, state registration fees, printing and postage, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business.

Accordingly, the expense reductions amounted to $19,081, $18,706, $18,706 and $19,154 for Class A, Class B, Class C and Class I shares, respectively, for the year ended March 31, 2012.

The investment management fees, including the impact of the waivers and reimbursements described above, incurred for the year ended March 31, 2012 were equivalent to a net effective rate of 0.00% of the Fund’s average daily net assets.

Accounting and legal services. Pursuant to the service agreement, the Fund reimburses the Adviser for all expenses associated with providing administrative, financial, legal, accounting and recordkeeping services to the Fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. These accounting and legal services fees incurred for the year ended March 31, 2012 amounted to an annual rate of 0.02% of the Fund’s average daily net assets.

Distribution and service plans. The Fund has a distribution agreement with the Distributor. The Fund has adopted distribution and service plans with respect to Class A, Class B and Class C shares pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for services provided as the distributor of shares of the Fund. The Fund may pay up to the following contractual rates of distribution and service fees under these arrangements, expressed as an annual percentage of average daily net assets for each class of the Fund’s shares.

Class  12b-1 Fee 
Class A  0.30% 
Class B  1.00% 
Class C  1.00% 

 

Sales charges. Class A shares are assessed up-front sales charges. For the year ended March 31, 2012, there were no up-front sales charges received by the Distributor with regard to sales of Class A shares.

Class B and Class C shares are subject to contingent deferred sales charges (CDSCs). Class B shares that are redeemed within six years of purchase are subject to CDSCs, at declining rates, beginning at 5.00% of the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC on the lesser of the current market value at

24 

 


the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the year ended March 31, 2012, there were no CDSCs received by the Distributor for Class B and Class C shares.

Transfer agent fees. The Fund has a transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services), an affiliate of the Adviser. The transfer agent fees paid to Signature Services are determined based on the cost to Signature Services (Signature Services Cost) of providing recordkeeping services. The Signature Services Cost includes a component of allocated John Hancock corporate overhead for providing transfer agent services to the Fund and to all other John Hancock affiliated funds. It also includes out-of-pocket expenses that are comprised of payments made to third-parties for recordkeeping services provided to their clients who invest in one or more John Hancock funds. In addition, Signature Services Cost may be reduced by certain fees that Signature Services receives in connection with retirement and small accounts. Signature Services Cost is calculated monthly and allocated, as applicable, to four categories of share classes: Institutional Share Classes, Retirement Share Classes, Municipal Bond Classes and all other Retail Share Classes. Within each of these categories, the applicable costs are allocated to the affected John Hancock affiliated funds and/or classes, based on the relative average daily net assets.

Class level expenses. Class level expenses for the year ended March 31, 2012 were:

  Distribution and   
Class  service fees  Transfer agent fees 
A  $2,874  $1,856 
B  9,399  1,822 
C  9,400  1,822 
I  -  902 
Total  $21,673  $6,402 

 

Trustee expenses. The Fund compensates each Trustee who is not an employee of the Adviser or its affiliates. These Trustees may, for tax purposes, elect to defer receipt of this compensation under the John Hancock Group of Funds Deferred Compensation Plan (the Plan). Deferred amounts are invested in various John Hancock funds and remain in the funds until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting liability are included within Other receivables and prepaid expenses and Payable to affiliates - Trustees' fees, respectively, in the accompanying Statement of assets and liabilities.

Note 6 - Fund share transactions

Transactions in Fund shares for the years ended March 31, 2012 and March 31, 2011 were as follows:

  Year ended  Year ended 
  3/31/12 3/31/11
 
 
  Shares  Amount  Shares  Amount 
Class A shares         
Distributions reinvested  19,640  $209,748  7,172  $109,883 
 
 
 
 
Net increase  19,640  $209,748  7,172  $109,883 
 
 
 
 
Class B shares         
Distributions reinvested  19,174  $202,102  6,975  $105,671 
 
 
 
 
Net increase  19,174  $202,102  6,975  $105,671 
 
 
 
 
Class C shares         
Distributions reinvested  19,174  $202,102  6,975  $105,671 
 
 
 
 
Net increase  19,174  $202,102  6,975  $105,671 
 
 
 
 

 

25 

 


Class I shares         
Distributions reinvested  19,888  $213,790  7,305  $112,504 
 
 
 
 
Net increase  19,888  $213,790  7,305  $112,504 
 
 
 
 
Net increase  77,876  $827,742  28,427  $433,729 
 
 
 
 

 

Affiliates of the Fund owned 100% of shares of beneficial interest of Class A, Class B, Class C and Class I on March 31, 2012.

Note 7 - Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $3,372,444 and $3,420,725, respectively, for the year ended March 31, 2012.

26 

 


To the Board of Trustees of John Hancock Funds III and Shareholders of John Hancock Small Cap Opportunities Fund:

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of John Hancock Small Cap Opportunities Fund (the “Fund”) at March 31, 2012, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements 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 are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2012 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
May 18, 2012

27 

 


Tax information
Unaudited

For federal income tax purposes, the following information is furnished with respect to the distributions of the Fund, if any, paid during its taxable year ended March 31, 2012.

The Fund paid $480,113 in capital gain dividends.

The Fund reports the maximum amount allowable of its net taxable income as eligible for the dividends-received deduction.

The Fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Eligible shareholders will be mailed a 2012 Form 1099-DIV in early 2013. This will reflect the tax character of all distributions paid in calendar year 2012.

28 

 


Trustees and Officers

This chart provides information about the Trustees and Officers who oversee your John Hancock fund. Officers elected by the Trustees manage the day-to-day operations of the Fund and execute policies formulated by the Trustees.

Independent Trustees     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Steven R. Pruchansky, Born: 1944  2006  48 
Chairman (since January 2011); Chairman and Chief Executive Officer, Greenscapes of Southwest 
Florida, Inc. (since 2000); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); 
Member, Board of Advisors, First American Bank (until 2010); Managing Director, Jon James, LLC (real 
estate) (since 2000); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty 
Trust (until 1994); President, Maxwell Building Corp. (until 1991).     
 
William H. Cunningham, Born: 1944  2006  48 
Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System 
and former President of the University of Texas, Austin, Texas; Director of the following: LIN Television 
(since 2009); Lincoln National Corporation (insurance) (Chairman since 2009 and Director since 2006); 
Resolute Energy Corporation (since 2009); Nanomedical Systems, Inc. (biotechnology company) 
(Chairman since 2008); Yorktown Technologies, LP (tropical fish) (Chairman since 2007); Greater Austin 
Crime Commission (since 2001); Southwest Airlines (since 2000); former Director of the following: 
Introgen (manufacturer of biopharmaceuticals) (until 2008); Hicks Acquisition Company I, Inc. (until 
2007); Jefferson-Pilot Corporation (diversified life insurance company) (until 2006); and former Advisory 
Director, JP Morgan Chase Bank (formerly Texas Commerce Bank–Austin) (until 2009).   
 
Deborah C. Jackson, Born: 1952  2008  48 
President, Cambridge College, Cambridge, Massachusetts (since May 2011); Chief Executive Officer, 
American Red Cross of Massachusetts Bay (2002–May 2011); Board of Directors of Eastern Bank 
Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); 
Board of Directors of American Student Assistance Corp. (1996–2009); Board of Directors of Boston 
Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits 
company) (2007–2011).     
 
Stanley Martin,2 Born: 1947  2008  48 
Director, The St. Joe Company (real estate development company) (since May 2012); Senior Vice 
President/Audit Executive, Federal Home Loan Mortgage Corporation (2004–2006); Executive Vice 
President/Consultant, HSBC Bank USA (2000–2003); Chief Financial Officer/Executive Vice President, 
Republic New York Corporation & Republic National Bank of New York (1998–2000); Partner, KPMG 
LLP (1971–1998).     
 
Dr. John A. Moore,2 Born: 1939  2006  48 
President and Chief Executive Officer, Institute for Evaluating Health Risks, (nonprofit institution) 
(1989–2001); Senior Scientist, Sciences International (health research) (2000–2003); Former Assistant 
Administrator & Deputy Administrator, Environmental Protection Agency (1983–1989); Principal, 
Hollyhouse (consulting) (since 2000); Director, CIIT Center for Health Science Research (nonprofit 
research) (until 2007).     

 

Small Cap Opportunities Fund | Annual report 

 

29 

 


Independent Trustees (continued)     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Patti McGill Peterson,2 Born: 1943  2006  48 
Presidential Advisor for Global Initiatives, American Council on Education (since 2011); Chairperson 
of the Board of the Trust (during 2009 and 2010); Principal, PMP Globalinc (consulting) (2007–2011); 
Senior Associate, Institute for Higher Education Policy (2007–2011); Executive Director, CIES 
(international education agency) (until 2007); Vice President, Institute of International Education (until 
2007); Former President Wells College, St. Lawrence University and the Association of Colleges and 
Universities of the State of New York. Director of the following: Mutual Fund Directors Forum (since 
2011); Niagara Mohawk Power Corporation (until 2003); Security Mutual Life (insurance) (until 1997); 
ONBANK (until 1993). Trustee of the following: Board of Visitors, The University of Wisconsin, Madison 
(since 2007); Ford Foundation, International Fellowships Program (until 2007); UNCF, International 
Development Partnerships (until 2005); Roth Endowment (since 2002); Council for International 
Educational Exchange (since 2003).     
 
Gregory A. Russo, Born: 1949  2008  48 
Member, Audit Committee and Finance Committee of NCH Healthcare System, Inc. (since 2011); Vice 
Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002–2006); Vice Chairman, Industrial 
Markets, KPMG (1998–2002).     
 
Non-Independent Trustees3     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Hugh McHaffie, Born: 1959  2010  48 
Executive Vice President, John Hancock Financial Services (since 2006, including prior positions); 
President of John Hancock Variable Insurance Trust and John Hancock Funds II (since 2009); Trustee, 
John Hancock retail funds (since 2010); Chairman and Director, John Hancock Advisers, LLC, 
John Hancock Investment Management Services, LLC and John Hancock Funds, LLC (since 2010). 
 
John G. Vrysen, Born: 1955  2009  48 
Senior Vice President, John Hancock Financial Services (since 2006); Director, Executive Vice President 
and Chief Operating Officer, John Hancock Advisers, LLC, John Hancock Investment Management 
Services, LLC and John Hancock Funds, LLC (since 2005); Chief Operating Officer, John Hancock 
Funds II and John Hancock Variable Insurance Trust (since 2007); Chief Operating Officer, John Hancock 
retail funds (until 2009); Trustee, John Hancock retail funds (since 2009).     

 

Annual report | Small Cap Opportunities Fund 

 

30 

 


Principal officers who are not Trustees   
 
Name, Year of Birth  Officer 
Position(s) held with Fund  of the 
Principal occupation(s) and other  Trust 
directorships during past 5 years  since 
 
Keith F. Hartstein, Born: 1956  2006 
President and Chief Executive Officer   
Senior Vice President, John Hancock Financial Services (since 2004); Director, President and Chief   
Executive Officer, John Hancock Advisers, LLC and John Hancock Funds, LLC (since 2005); Director, 
John Hancock Asset Management a division of Manulife Asset Management (US) LLC (since 2005); 
Director, John Hancock Investment Management Services, LLC (since 2006); President and Chief   
Executive Officer, John Hancock retail funds (since 2005); Member, Investment Company Institute Sales 
Force Marketing Committee (since 2003).   
 
Andrew G. Arnott, Born: 1971  2009 
Senior Vice President and Chief Operating Officer   
Senior Vice President, John Hancock Financial Services (since 2009); Executive Vice President,   
John Hancock Advisers, LLC (since 2005); Executive Vice President, John Hancock Investment   
Management Services, LLC (since 2006); Executive Vice President, John Hancock Funds, LLC (since   
2004); Chief Operating Officer, John Hancock retail funds (since 2009); Senior Vice President,   
John Hancock retail funds (since 2010); Vice President, John Hancock Funds II and John Hancock   
Variable Insurance Trust (since 2006); Senior Vice President, Product Management and Development, 
John Hancock Funds, LLC (until 2009).   
 
Thomas M. Kinzler, Born: 1955  2006 
Secretary and Chief Legal Officer   
Vice President, John Hancock Financial Services (since 2006); Secretary and Chief Legal Counsel,   
John Hancock Advisers, LLC, John Hancock Investment Management Services, LLC and John Hancock 
Funds, LLC (since 2007); Secretary and Chief Legal Officer, John Hancock retail funds, John Hancock 
Funds II and John Hancock Variable Insurance Trust (since 2006).   
 
Francis V. Knox, Jr., Born: 1947  2006 
Chief Compliance Officer   
Vice President, John Hancock Financial Services (since 2005); Chief Compliance Officer, John Hancock 
retail funds, John Hancock Funds II, John Hancock Variable Insurance Trust, John Hancock Advisers, 
LLC and John Hancock Investment Management Services, LLC (since 2005); Vice President and Chief 
Compliance Officer, John Hancock Asset Management a division of Manulife Asset Management (US) 
LLC (2005–2008).   
 
Charles A. Rizzo, Born: 1957  2007 
Chief Financial Officer   
Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock   
Advisers, LLC and John Hancock Investment Management Services, LLC (since 2008); Chief Financial 
Officer, John Hancock retail funds, John Hancock Funds II and John Hancock Variable Insurance Trust 
(since 2007); Assistant Treasurer, Goldman Sachs Mutual Fund Complex (2005–2007); Vice President, 
Goldman Sachs (2005–2007).   

 

Small Cap Opportunities Fund | Annual report 

 

31 

 


Principal officers who are not Trustees (continued)   
 
Name, Year of Birth  Officer 
Position(s) held with Fund  of the 
Principal occupation(s) and other  Trust 
directorships during past 5 years  since 
 
Salvatore Schiavone, Born: 1965  2010 
Treasurer   
Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock 
Advisers, LLC and John Hancock Investment Management Services, LLC (since 2007); Treasurer,   
John Hancock retail funds (since 2010); Treasurer, John Hancock closed-end funds (since 2009);   
Assistant Treasurer, John Hancock Funds II and John Hancock Variable Insurance Trust (since   
October 2010) and (2007–2009); Assistant Treasurer, John Hancock retail funds (2007–2009);   
Assistant Treasurer, Fidelity Group of Funds (2005–2007); Vice President, Fidelity Management   
Research Company (2005–2007).   

 

The business address for all Trustees and Officers is 601 Congress Street, Boston, Massachusetts 02210-2805.

The Statement of Additional Information of the Fund includes additional information about members of the Board of Trustees of the Fund and is available without charge, upon request, by calling 1-800-225-5291.

1 Each Trustee holds office until his or her successor is elected and qualified, or until the Trustee’s death, retirement, resignation or removal.

2 Member of Audit Committee.

3 Because Messrs. McHaffie and Vrysen are senior executives or directors with the Adviser and/or its affiliates, each of them is considered an “interested person,” as defined in the Investment Company Act of 1940, of the Fund.

Annual report | Small Cap Opportunities Fund 

 

32 

 


More information

Trustees  Investment adviser 
Steven R. Pruchansky, Chairman  John Hancock Investment Management Services, LLC 
William H. Cunningham   
Deborah C. Jackson  Subadviser 
Stanley Martin*  John Hancock Asset Management a division of 
Hugh McHaffie†  Manulife Asset Management (US) LLC 
Dr. John A. Moore,* Vice Chairman   
Patti McGill Peterson*  Principal distributor 
Gregory A. Russo  John Hancock Funds, LLC 
John G. Vrysen†   
  Custodian 
  State Street Bank and Trust Company 
 
Officers  Transfer agent 
Keith F. Hartstein  John Hancock Signature Services, Inc. 
President and Chief Executive Officer   
Andrew G. Arnott  Legal counsel 
Senior Vice President and Chief Operating Officer  K&L Gates LLP 
Thomas M. Kinzler   
Secretary and Chief Legal Officer  Independent registered public accounting firm 
Francis V. Knox, Jr.  PricewaterhouseCoopers LLP 
Chief Compliance Officer   
Charles A. Rizzo   
Chief Financial Officer   
Salvatore Schiavone   
Treasurer   
 
*Member of the Audit Committee   
†Non-Independent Trustee   

 

The Fund’s proxy voting policies and procedures, as well as the Fund’s proxy voting record, if any, for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) Web site at www.sec.gov or on our Web site.

The Fund’s complete list of portfolio holdings, for the first and third fiscal quarters, is filed with the SEC on Form N-Q. The Fund’s Form N-Q is available on our Web site and the SEC’s Web site, www.sec.gov, and can be reviewed and copied (for a fee) at the SEC’s Public Reference Room in Washington, DC. Call 1-202-551-8090 to receive information on the operation of the SEC's Public Reference Room.

We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our Web site at www.jhfunds.com or by calling 1-800-225-5291.

You can also contact us:     
1-800-225-5291  Regular mail:  Express mail: 
www. jhfunds.com  John Hancock Signature Services, Inc.  John Hancock Signature Services, Inc. 
  P.O. Box 55913  Mutual Fund Image Operations 
  Boston, MA 02205-5913  30 Dan Road 
    Canton, MA 02021 

 

33 

 




A look at performance

Total returns for the period ended March 31, 2012

  Average annual total returns (%)    Cumulative total returns (%)   
  with maximum sales charge    with maximum sales charge   
        Since        Since 
  1-year  5-year  10-year  inception  1-year  5-year  10-year  inception 
Class A1  1.57  1.21  4.67  —  1.57  6.19  57.77  — 
Class B1  0.99  0.92  4.16  —  0.99  4.70  50.38  — 
Class C1  5.07  1.30  4.17  —  5.07  6.65  50.49  — 
Class I1,2  7.27  2.60  5.60  —  7.27  13.69  72.38  — 
Class I21,2  7.24  2.51  5.40  —  7.24  13.19  69.25  — 
Class R11,2  6.41  1.86  4.81  —  6.41  9.64  60.04  — 
Class R21,2  6.69  1.99  4.97  —  6.69  10.33  62.42  — 
Class R31,2  6.52  1.96  4.92  —  6.52  10.21  61.68  — 
Class R41,2  6.86  2.27  5.24  —  6.86  11.87  66.59  — 
Class R51,2  7.20  2.58  5.56  —  7.20  13.61  71.72  — 
Class R61,2  7.29  2.60  5.63  —  7.29  13.72  72.85  — 
Class NAV 2  7.38  —  —  18.263  7.38  —  —  61.043 

 

Performance figures assume all dividends have been reinvested. Performance figures reflect maximum sales charge on Class A shares of 5%, and the applicable contingent deferred sales charge (CDSC) on Class B and Class C shares. The Class B shares’ CDSC declines annually between years 1 to 6 according to the following schedule: 5, 4, 3, 3, 2, 1%. No sales charge will be assessed after the sixth year. Class C shares held for less than one year are subject to a 1% CDSC. Sales charges are not applicable for the following classes: I, I2, R1, R2, R3, R4, R5, R6 and NAV shares.

The expense ratios of the Fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the Fund and may differ from those disclosed in the Financial highlights tables in this report. The fee waivers and expense limitations are contractual at least until 6-30-12 for Class B, Class C, Class I2, Class R1, Class R3, Class R4 and Class R5 shares and 6-30-13 for Class R2 shares. Had the fee waivers and expense limitations not been in place gross expenses would apply. For all other classes the net expenses equal the gross expenses. The expense ratios are as follows:

  Class A  Class B  Class C  Class I  Class I2  Class R1  Class R2  Class R3  Class R4  Class R5  Class R6  Class NAV 
Net (%)  1.26  2.05  2.05  0.89  0.85  1.65  1.40  1.55  1.25  0.95  0.84  0.79 
Gross (%)  1.26  2.26  2.08  0.89  0.95  3.14  1.45*  20.07  2.78  1.23  0.84*  0.79 

 

* Expenses have been estimated for the Class’s first full year of operations.

The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, the Fund’s current performance may be higher or lower than the performance shown. For performance data current to the most recent month end, please call 1-800-225-5291 or visit the Fund’s Web site at www.jhfunds.com.

The performance table above and the chart on the next page do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Fund’s performance results reflect any applicable expense reductions, without which the expenses would increase and results would have been less favorable.

6   Disciplined Value Fund | Annual report 

 


 


    Without  With maximum     
  Start date  sales charge  sales charge  Index 1  Index 2 
Class B4  3-31-02  $15,038  $15,038  $15,642  $14,972 
Class C4  3-31-02  15,049  15,049  15,642  14,972 
Class I2  3-31-02  17,238  17,238  15,642  14,972 
Class I22  3-31-02  16,925  16,925  15,642  14,972 
Class R12  3-31-02  16,004  16,004  15,642  14,972 
Class R22  3-31-02  16,242  16,242  15,642  14,972 
Class R32  3-31-02  16,168  16,168  15,642  14,972 
Class R42  3-31-02  16,659  16,659  15,642  14,972 
Class R52  3-31-02  17,172  17,172  15,642  14,972 
Class R62  3-31-02  17,285  17,285  15,642  14,972 
Class NAV2  5-29-09  16,104  16,104  15,961  16,469 

 

Russell 1000 Value Index is an unmanaged index containing those securities in the Russell 1000 Index with a lower price-to-book ratio and less-than-average growth orientation.

S&P 500 Index is an unmanaged index that includes 500 widely traded common stocks.

It is not possible to invest directly in an index. Index figures do not reflect sales charges, which would have resulted in lower values if they did.

1 On 12-19-08, through a reorganization, the Fund acquired all of the assets of the Robeco Boston Partners Large Cap Value Fund (the predecessor fund). On that date, the predecessor fund offered its Investor share class in exchange for Class A shares (inception 12-22-08) and its institutional class in exchange for Class I shares. Class B and Class C shares were first offered on 12-22-08; the inception date of Class R3, Class R4 and Class R5 shares is 5-22-09; the inception date of Class R1 shares is 7-13-09. The returns prior to these dates are those of Class A shares that have been recalculated to apply the gross fees and expenses of Class B, Class C, Class R3, Class R4, Class R5 and Class R1, respectively. The predecessor fund’s Institutional share class returns have been recalculated to reflect the gross fees and expenses of Class I shares. The inception date of Class I2 shares is 12-22-08; returns prior to that date are those of Class I shares recalculated to apply the gross fees and expenses of Class I2 shares. The inception dates of Class R6 and Class R2 shares are 9-1-11 and 3-1-12 respectively; the returns prior to this date are those of Class A shares that have been recalculated to apply the gross fees and expenses of Class R6 and Class R2 shares.

2 For certain types of investors, as described in the Fund’s prospectuses.

3 From 5-29-09.

4 No contingent deferred sales charge is applicable.

Annual report | Disciplined Value Fund   7 

 


Management’s discussion of

Fund performance

By Robeco Investment Management, Inc.

During the first half of the 12-month period ended March 31, 2012, stock prices endured sharp losses as a number of factors alarmed investors — including the sovereign debt crisis in Europe and signs of stalled economic growth in the United States. Conditions dramatically improved, however, beginning in the fourth quarter of 2011. Mounting evidence of a recovering U.S. economy, along with additional stimulus on the part of the Federal Reserve, helped boost investors’ confidence. Also, productive steps taken by monetary policymakers in Europe appeared to have prevented a meltdown of the eurozone banking system. These events drew investors back into the stock market, improving its performance.

For the 12-month period ended March 31, 2012, John Hancock Disciplined Value Fund’s Class A shares had a total return of 6.91%, excluding sales charges, outpacing the 3.93% return of the average large-cap value fund, according to Morningstar, Inc., as well as the 4.79% return of the Fund’s benchmark, the Russell 1000 Value Index. Strong stock selection, particularly within the financials sector, was the key factor in the Fund’s favorable performance. The Fund was supported by its holdings in banks U.S. Bancorp and SunTrust Banks, Inc. as well as credit card issuer Discover Financial Services. Minimal or no ownership of poor performing investment banks such as Goldman Sachs Group Inc., Morgan Stanley and Bank of America Corp. helped returns. Within other sectors, the Fund’s lack of exposure to certain underperforming oil services stocks, especially Baker Hughes Inc., was very advantageous as these stocks lost considerable value. An overweighting in the consumer discretionary sector — including media giant CBS Corp. and retailer Macy’s, Inc. — also helped results, as did a sizable position in computer and personal electronics manufacturer Apple, Inc. in the information technology sector.

On the downside, the Fund’s very small allocation to the utilities sector hindered performance, as these stocks benefited from their relatively high dividends in an environ ment of very low interest rates. The Fund’s underweighting in the consumer staples sector also hurt results to a lesser extent, given this group’s favorable performance amid the recovering economy. Of final note, in the information technology sector, the Fund missed out on performance opportunities because it did not own semiconductor manufacturer Intel Corp. or network communications equipment manufacturer Cisco Systems, Inc., although a position in the latter was initiated late in the period.

This commentary reflects the views of the portfolio managers through the end of the period discussed in this report. The managers’ statements reflect their own opinions. As such, they are in no way guarantees of future events and are not intended to be used as investment advice or a recommendation regarding any specific security. They are also subject to change at any time as market and other conditions warrant.

Past performance is no guarantee of future results.

Sector investing is subject to greater risks than the market as a whole. Because the Fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors.

8   Disciplined Value Fund | Annual report 

 


Your expenses

These examples are intended to help you understand your ongoing operating expenses.

Understanding fund expenses

As a shareholder of the Fund, you incur two types of costs:

■ Transaction costs which include sales charges (loads) on purchases or redemptions (varies by share class), minimum account fee charge, etc.

■ Ongoing operating expenses including management fees, distribution and service fees (if applicable), and other fund expenses.

We are going to present only your ongoing operating expenses here.

Actual expenses/actual returns

This example is intended to provide information about the Fund’s actual ongoing operating expenses, and is based on the Fund’s actual return. It assumes an account value of $1,000.00 on October 1, 2011 with the same investment held until March 31, 2012.

  Account value  Ending value  Expenses paid during 
  on 10-1-11  on 3-31-12  period ended 3-31-121 
Class A  $1,000.00  $1,294.80  $7.23 
Class B  1,000.00  1,288.60  11.73 
Class C  1,000.00  1,289.50  11.73 
Class I  1,000.00  1,297.20  5.23 
Class I2  1,000.00  1,296.60  4.88 
Class R1  1,000.00  1,291.40  9.45 
Class R3  1,000.00  1,291.60  8.88 
Class R4  1,000.00  1,294.60  7.17 
Class R5  1,000.00  1,296.10  5.22 
Class R6  1,000.00  1,296.20  4.94 
Class NAV  1,000.00  1,297.20  4.42 

 

For the class noted below, the example assumes an account value of $1,000 on March 1, 2012, with the same investment held until March 31, 2012.

  Account value  Ending value  Expenses paid during 
  on 3-1-12  on 3-31-12  period ended 3-31-122 
Class R2  $1,000.00  $1,037.80  $1.21 

 

Together with the value of your account, you may use this information to estimate the operating expenses that you paid over the period. Simply divide your account value at March 31, 2012, by $1,000.00, then multiply it by the “expenses paid” for your share class from the table above. For example, for an account value of $8,600.00, the operating expenses should be calculated as follows:

  Annual report | Disciplined Value Fund   9 

 


Your expenses

 

 


Hypothetical example for comparison purposes

This table allows you to compare the Fund’s ongoing operating expenses with those of any other fund. It provides an example of the Fund’s hypothetical account values and hypothetical expenses based on each class’s actual expense ratio and an assumed 5% annualized return before expenses (which is not the Fund’s actual return). It assumes an account value of $1,000.00 on October 1, 2011, with the same investment held until March 31, 2012. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses.

  Account value  Ending value  Expenses paid during 
  on 10-1-11  on 3-31-12  period ended 3-31-123 
Class A  $1,000.00  $1,018.70  $6.36 
Class B  1,000.00  1,014.70  10.33 
Class C  1,000.00  1,014.70  10.33 
Class I  1,000.00  1,020.40  4.60 
Class I2  1,000.00  1,020.70  4.29 
Class R1  1,000.00  1,016.70  8.32 
Class R2  1,000.00  1,018.00  7.06 
Class R3  1,000.00  1,017.20  7.82 
Class R4  1,000.00  1,018.70  6.31 
Class R5  1,000.00  1,020.40  4.60 
Class R6  1,000.00  1,020.70  4.34 
Class NAV  1,000.00  1,021.10  3.89 

 

Remember, these examples do not include any transaction costs, therefore, these examples will not help you to determine the relative total costs of owning different funds. If transaction costs were included, your expenses would have been higher. See the prospectus for details regarding transaction costs.

1 Expenses are equal to the Fund’s annualized expense ratio of 1.26%, 2.05%, 2.05%, 0.91%, 0.85%, 1.65%, 1.55%, 1.25%, 0.91%, 0.86% and 0.77% for Class A, Class B, Class C, Class I, Class I2, Class R1, Class R3, Class R4, Class R5, Class R6 and Class NAV shares, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

2 Expenses are equal to the Fund’s annualized expense ratio of 1.40% for Class R2 shares, multiplied by the average account value over the period, multiplied by 31/365 (to reflect the period).

3 Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

10   Disciplined Value Fund | Annual report 

 


Portfolio summary

Top 10 Holdings (28.7% of Net Assets on 3-31-12)1,2     
Wells Fargo & Company  4.3%  Johnson & Johnson  2.5% 
JPMorgan Chase & Company  3.5%  Microsoft Corp.  2.4% 
Pfizer, Inc.  3.3%  Cisco Systems, Inc.  2.4% 
General Electric Company  3.2%  Citigroup, Inc.  2.1% 
Berkshire Hathaway, Inc., Class B  2.9%  Occidental Petroleum Corp.  2.1% 
 
Sector Composition1,3       
Financials  24.7%  Consumer Staples  3.4% 
Health Care  16.5%  Utilities  1.3% 
Consumer Discretionary  16.5%  Telecommunication Services  1.0% 
Information Technology  14.4%  Materials  0.7% 
Energy  9.2%  Short-Term Investments & Other  3.3% 
Industrials  9.0%   

 

 

 

 

 

 

1 As a percentage of net assets on 3-31-12.

2 Cash and cash equivalents not included.

3 Sector investing is subject to greater risks than the market as a whole. Because the Fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors.

Annual report | Disciplined Value Fund   11 

 


Fund’s investments

As of 3-31-12

  Shares  Value 
Common Stocks 96.7%  $2,157,403,878 
(Cost $1,822,119,681)     
 
Consumer Discretionary 16.5%    366,942,716 
 
Auto Components 2.1%     
Autoliv, Inc. (L)  252,105  16,903,640 
Lear Corp.  629,929  29,285,399 
 
Internet & Catalog Retail 0.7%     
Expedia, Inc. (L)  459,017  15,349,528 
 
Media 9.1%     
CBS Corp., Class B  1,150,025  38,997,348 
Comcast Corp., Class A  1,430,870  42,940,409 
Liberty Media Corp. – Liberty Capital, Series A (I)  193,727  17,077,035 
Omnicom Group, Inc. (L)  490,405  24,839,013 
Sirius XM Radio, Inc. (I)(L)  7,061,230  16,311,441 
The McGraw-Hill Companies, Inc.  569,230  27,590,578 
Time Warner, Inc.  683,395  25,798,161 
Viacom, Inc., Class B  211,735  10,048,943 
 
Multiline Retail 3.2%     
Kohl’s Corp.  333,867  16,703,366 
Macy’s, Inc. (L)  645,355  25,639,954 
Target Corp.  501,380  29,215,413 
 
Specialty Retail 1.4%     
Staples, Inc. (L)  1,128,610  18,260,910 
The Home Depot, Inc.  238,155  11,981,578 
 
Consumer Staples 3.4%    75,283,941 
 
Beverages 0.8%     
Anheuser-Busch InBev NV, ADR (L)  231,090  16,804,865 
 
Food & Staples Retailing 1.6%     
CVS Caremark Corp.  578,950  25,936,960 
Wal-Mart Stores, Inc.  174,590  10,684,908 
 
Food Products 0.5%     
Kellogg Company  202,525  10,861,416 
 
Tobacco 0.5%     
Philip Morris International, Inc.  124,092  10,995,792 

 

12   Disciplined Value Fund | Annual report  See notes to financial statements 

 


  Shares  Value 
Energy 9.2%    $204,676,684 
 
Oil, Gas & Consumable Fuels 9.2%     
Chevron Corp.  357,745  38,364,574 
EOG Resources, Inc.  312,335  34,700,419 
Exxon Mobil Corp.  540,944  46,916,073 
Occidental Petroleum Corp.  492,950  46,943,629 
Royal Dutch Shell PLC, ADR  373,465  26,191,100 
WPX Energy, Inc. (I)  641,915  11,560,889 
 
Financials 24.7%    551,661,979 
 
Capital Markets 0.3%     
Raymond James Financial, Inc.  192,080  7,016,682 
 
Commercial Banks 9.2%     
Fifth Third Bancorp  987,540  13,874,937 
PNC Financial Services Group, Inc. (L)  616,875  39,782,269 
SunTrust Banks, Inc.  482,025  11,650,544 
U.S. Bancorp  1,374,200  43,534,656 
Wells Fargo & Company  2,823,140  96,382,000 
 
Consumer Finance 2.9%     
Capital One Financial Corp. (L)  462,825  25,797,866 
Discover Financial Services  408,815  13,629,892 
SLM Corp.  1,664,760  26,236,618 
 
Diversified Financial Services 5.6%     
Citigroup, Inc.  1,305,879  47,729,877 
JPMorgan Chase & Company  1,676,200  77,071,676 
 
Insurance 6.7%     
Berkshire Hathaway, Inc., Class B (I)  787,124  63,875,113 
Marsh & McLennan Companies, Inc.  505,465  16,574,197 
MetLife, Inc. (L)  851,598  31,807,185 
Reinsurance Group of America, Inc.  183,810  10,931,181 
The Travelers Companies, Inc.  200,469  11,867,765 
Validus Holdings, Ltd.  449,096  13,899,521 
 
Health Care 16.5%    367,883,057 
 
Biotechnology 1.3%     
Amgen, Inc. (L)  432,400  29,398,876 
 
Health Care Equipment & Supplies 1.9%     
CareFusion Corp. (I)  575,910  14,933,346 
Covidien PLC  522,155  28,551,435 
 
Health Care Providers & Services 6.7%     
AmerisourceBergen Corp.  255,100  10,122,368 
CIGNA Corp.  477,040  23,494,220 
DaVita, Inc. (I)  311,380  28,077,135 
Humana, Inc.  282,120  26,090,458 
McKesson Corp.  371,730  32,626,742 
UnitedHealth Group, Inc.  475,425  28,021,550 

 

See notes to financial statements  Annual report | Disciplined Value Fund   13 

 


  Shares  Value 
Pharmaceuticals 6.6%     
Johnson & Johnson  849,711  $56,046,938 
Pfizer, Inc.  3,227,040  73,124,726 
Sanofi, ADR  448,910  17,395,263 
 
Industrials 9.0%    201,806,697 
 
Aerospace & Defense 3.3%     
Honeywell International, Inc.  576,475  35,193,799 
Northrop Grumman Corp. (L)  242,505  14,812,205 
Raytheon Company  469,075  24,757,779 
 
Industrial Conglomerates 4.7%     
General Electric Company  3,610,745  72,467,652 
Tyco International, Ltd.  578,510  32,500,692 
 
Machinery 1.0%     
Xylem, Inc.  795,480  22,074,570 
 
Information Technology 14.4%    321,746,374 
 
Communications Equipment 3.5%     
Cisco Systems, Inc.  2,515,780  53,208,747 
Harris Corp. (L)  579,920  26,142,794 
 
Computers & Peripherals 2.8%     
Apple, Inc. (I)  49,630  29,751,696 
Seagate Technology PLC  1,255,160  33,826,562 
 
Electronic Equipment, Instruments & Components 0.9%     
TE Connectivity, Ltd.  541,090  19,885,058 
 
Internet Software & Services 1.6%     
eBay, Inc. (I)  802,665  29,610,312 
InterActiveCorp  114,300  5,610,970 
 
IT Services 0.8%     
The Western Union Company  1,028,955  18,109,608 
 
Office Electronics 0.8%     
Xerox Corp.  2,134,865  17,249,709 
 
Software 4.0%     
CA, Inc. (L)  448,400  12,357,904 
Microsoft Corp.  1,662,464  53,614,464 
Oracle Corp.  767,440  22,378,550 
 
Materials 0.7%    15,394,222 
 
Containers & Packaging 0.7%     
Rock-Tenn Company, Class A  227,860  15,394,222 
 
Telecommunication Services 1.0%    22,457,719 
 
Wireless Telecommunication Services 1.0%     
Vodafone Group PLC, ADR  811,627  22,457,719 
 
Utilities 1.3%    29,550,489 
 
Electric Utilities 1.3%     
American Electric Power Company, Inc.  417,235  16,096,924 
Edison International  316,480  13,453,565 

 

14   Disciplined Value Fund | Annual report  See notes to financial statements 

 


  Yield  Shares  Value 
Securities Lending Collateral 5.8%      $129,346,285 
(Cost $129,317,934)       
John Hancock Collateral Investment Trust (W)  0.3698% (Y)  12,923,514  129,346,285 
 
    Par value  Value 
 
Short-Term Investments 2.8%      $62,193,000 
(Cost $62,193,000)       
 
Repurchase Agreement 2.8%      62,193,000 
 
Repurchase Agreement with State Street Corp. dated 3-30-12 at 0.010% to     
be repurchased at $62,193,052 on 4-2-12, collateralized by $60,275,000     
U.S. Treasury Notes, 2.625% due 7-31-14 (valued at $63,439,438,     
including Interest)    $62,193,000  62,193,000 
 
Total investments (Cost $2,013,630,615)† 105.3%  $2,348,943,163 
 
Other assets and liabilities, net (5.3%)      ($119,011,093) 
 
Total net assets 100.0%    $2,229,932,070 

 

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the Fund.

ADR American Depositary Receipts

(I) Non-income producing security.

(L) A portion of this security is on loan as of 3-31-12.

(W) Investment is an affiliate of the Fund, the adviser and/or subadviser. Also, it represents the investment of securities lending collateral received.

(Y) The rate shown is the annualized seven-day yield as of 3-31-12.

† At 3-31-12, the aggregate cost of investment securities for federal income tax purposes was $2,017,100,906. Net unrealized appreciation aggregated $331,842,257, of which $339,446,802 related to appreciated investment securities and $7,604,545 related to depreciated investment securities.

See notes to financial statements  Annual report | Disciplined Value Fund   15 

 


F I N A N C I A L   S T A T E M E N T S

Financial statements

Statement of assets and liabilities 3-31-12

This Statement of assets and liabilities is the Fund’s balance sheet. It shows the value of what the Fund owns, is due and owes. You’ll also find the net asset value and the maximum offering price per share.

Assets   
Investments in unaffiliated issuers, at value (Cost $1,884,312,681)   
including $126,426,695 of securities loaned  $2,219,596,878 
Investments in affiliated issuers, at value (Cost $129,317,934)  129,346,285 
 
Total investments, at value (Cost $2,013,630,615)  2,348,943,163 
Cash  855 
Receivable for investments sold  13,181,986 
Receivable for fund shares sold  9,123,277 
Dividends and interest receivable  3,244,447 
Receivable for securities lending income  22,762 
Due from adviser  1,196 
Other receivables and prepaid expenses  289,640 
 
Total assets  2,374,807,326 
 
Liabilities   
Payable for investments purchased  2,035,826 
Payable for fund shares repurchased  12,944,207 
Payable upon return of securities loaned  129,337,068 
Payable to affiliates   
Accounting and legal services fees  47,158 
Transfer agent fees  247,828 
Distribution and service fees  5,219 
Trustees’ fees  3,250 
Other liabilities and accrued expenses  254,700 
 
Total liabilities  144,875,256 
 
Net assets   
Paid-in capital  $1,923,157,341 
Undistributed net investment income  4,666,993 
Accumulated net realized loss on investments and foreign   
currency transactions  (33,204,812) 
Net unrealized appreciation (depreciation) on investments  335,312,548 
 
Net assets  $2,229,932,070 

 

16   Disciplined Value Fund | Annual report  See notes to financial statements 

 


F I N A N C I A L   S T A T E M E N T S

Statement of assets and liabilities (continued)

Net asset value per share   
Based on net asset values and shares outstanding — the Fund has an   
unlimited number of shares authorized with no par value   
Class A ($1,067,777,124 ÷ 74,527,252 shares)  $14.33 
Class B ($9,879,193 ÷ 719,414 shares)1  $13.73 
Class C ($39,783,406 ÷ 2,895,680 shares)1  $13.74 
Class I ($710,613,582 ÷ 50,811,760 shares)  $13.99 
Class I2 ($24,731,018 ÷ 1,767,250 shares)  $13.99 
Class R1 ($3,197,913 ÷ 228,576 shares)  $13.99 
Class R2 ($103,755 ÷ 7,413 shares)  $14.00 
Class R3 ($251,875 ÷ 18,003 shares)  $13.99 
Class R4 ($1,419,586 ÷ 101,466 shares)  $13.99 
Class R5 ($32,859,975 ÷ 2,346,534 shares)  $14.00 
Class R6 ($1,345,521 ÷ 96,079 shares)  $14.00 
Class NAV ($337,969,122 ÷ 24,138,346 shares)  $14.00 
 
Maximum offering price per share   
Class A (net asset value per share ÷ 95%)2  $15.08 

 

1 Redemption price is equal to net asset value less any applicable contingent deferred sales charge.

2 On single retail sales of less than $50,000. On sales of $50,000 or more and on group sales the offering price is reduced.

See notes to financial statements  Annual report | Disciplined Value Fund   17 

 


F I N A N C I A L   S T A T E M E N T S

Statement of operations For the year ended 3-31-12

This Statement of operations summarizes the Fund’s investment income earned and expenses incurred in operating the Fund. It also shows net gains (losses) for the period stated.

Investment income   
Dividends  $33,254,975 
Securities lending  322,847 
Interest  3,711 
Less foreign taxes withheld  (258,444) 
 
Total investment income  33,323,089 
 
Expenses   
Investment management fees  11,662,106 
Distribution and service fees  2,189,464 
Accounting and legal services fees  258,934 
Transfer agent fees  1,927,470 
Trustees’ fees  98,861 
State registration fees  215,785 
Printing and postage  108,897 
Professional fees  154,774 
Custodian fees  229,579 
Registration and filing fees  62,938 
Other  37,937 
 
Total expenses  16,946,745 
Less expense reductions  (90,234) 
 
Net expenses  16,856,511 
 
Net investment income  16,466,578 
 
Realized and unrealized gain (loss)   
 
Net realized gain (loss) on   
Investments in unaffiliated issuers  41,365,810 
Investments in affiliated issuers  (11,251) 
Capital gain distributions received from affiliated underlying funds  1,783 
Foreign currency transactions  1,797 
  41,358,139 
Change in net unrealized appreciation (depreciation) of   
Investments in unaffiliated issuers  109,090,212 
Investments in affiliated issuers  26,963 
Translation of assets and liabilities in foreign currencies  (412) 
  109,116,763 
Net realized and unrealized gain  150,474,902 
 
Increase in net assets from operations  $166,941,480 

 

18   Disciplined Value Fund | Annual report  See notes to financial statements 

 


F I N A N C I A L   S T A T E M E N T S

Statements of changes in net assets

These Statements of changes in net assets show how the value of the Fund’s net assets has changed during the last two periods. The difference reflects earnings less expenses, any investment gains and losses, distributions, if any, paid to shareholders and the net of Fund share transactions.

  Year  Year 
  ended  ended 
  3-31-12  3-31-11 
 
Increase (decrease) in net assets     
 
From operations     
Net investment income  $16,466,578  $6,127,516 
Net realized gain  41,358,139  37,500,037 
Change in net unrealized appreciation (depreciation)  109,116,763  155,610,472 
 
Increase in net assets resulting from operations  166,941,480  199,238,025 
 
Distributions to shareholders     
From net investment income     
Class A  (3,573,341)  (1,174,517) 
Class I  (5,497,106)  (1,922,243) 
Class I2  (210,756)  (119,077) 
Class R1  (5,055)  — 
Class R3  (492)  (34) 
Class R4  (7,863)  (2,863) 
Class R5  (237,744)  (895) 
Class R6  (12,137)  — 
Class ADV  (310)  (163) 
Class NAV  (3,348,427)  (2,402,882) 
From net realized gain     
Class A  (14,867,447)  (2,592,490) 
Class B  (210,085)  (34,905) 
Class C  (847,810)  (133,777) 
Class I  (13,965,536)  (1,734,582) 
Class I2  (513,807)  (107,108) 
Class R1  (64,136)  (5,586) 
Class R3  (4,087)  (518) 
Class R4  (32,158)  (4,917) 
Class R5  (644,662)  (855) 
Class R6  (29,890)  — 
Class ADV  (890)  (191) 
Class NAV  (7,696,684)  (1,991,992) 
 
Total distributions  (51,770,423)  (12,229,595) 
 
From Fund share transactions  630,377,585  705,112,078 
 
Total increase  745,548,642  892,120,508 
Net assets     
Beginning of year  1,484,383,428  592,262,920 
 
End of year  $2,229,932,070  $1,484,383,428 
 
Undistributed net investment income  $4,666,993  $1,141,305 

 

See notes to financial statements  Annual report | Disciplined Value Fund   19 

 


Financial highlights

The Financial highlights show how the Fund’s net asset value for a share has changed during the period.

CLASS A SHARES Period ended  3-31-12  3-31-11  3-31-10  3-31-091,2  8-31-083  8-31-073 
 
Per share operating performance             
Net asset value, beginning of period  $13.83  $12.31  $8.09  $12.32  $15.62  $14.77 
Net investment income4  0.11  0.05  0.08  0.08  0.15  0.15 
Net realized and unrealized gain (loss)             
on investments  0.77  1.57  4.18  (4.18)  (1.90)  2.07 
Total from investment operations  0.88  1.62  4.26  (4.10)  (1.75)  2.22 
Less distributions             
From net investment income  (0.07)  (0.03)  (0.04)  (0.13)  (0.15)  (0.13) 
From net realized gain  (0.31)  (0.07)  —  —  (1.40)  (1.24) 
Total distributions  (0.38)  (0.10)  (0.04)  (0.13)  (1.55)  (1.37) 
Net asset value, end of period  $14.33  $13.83  $12.31  $8.09  $12.32  $15.62 
Total return (%)5  6.91  13.20  52.686  (33.33)6,7  (12.29)6  15.456 
 
Ratios and supplemental data             
Net assets, end of period (in millions)  $1,068  $601  $162  $10  $16  $23 
Ratios (as a percentage of average             
net assets):             
Expenses before reductions  1.24  1.24  1.26  1.768  1.39  1.32 
Expenses net of fee waivers  1.24  1.24  1.06  1.008  1.00  1.00 
Expenses net of fee waivers and credits  1.24  1.24  1.05  1.008  1.00  1.00 
Net investment income  0.82  0.38  0.74  1.458  1.10  0.95 
Portfolio turnover (%)  44  50  59  529  78  62 
 

 

1 For the seven-month period ended 3-31-09. The Fund changed its fiscal year end from August 31 to March 31.
2 After the close of business on 12-19-08, holders of Investor share class of the former Robeco Large Cap Value Fund
(the Predecessor Fund) became owners of an equal number of full and fractional Class A shares of John Hancock
Disciplined Value Fund. These shares were first offered on 12-22-08. Additionally, the accounting and performance
history of the Investor share class of the Predecessor Fund was redesignated as that of John Hancock Disciplined
Value Fund Class A.
3 Audited by previous independent registered public accounting firm.
4 Based on the average daily shares outstanding.
5 Does not reflect the effect of sales charges, if any.
6 Total returns would have been lower had certain expenses not been reduced during the periods shown.
7 Not annualized.
8 Annualized.
9 Portfolio turnover is shown for the period from 9-1-08 to 3-31-09.

20   Disciplined Value Fund | Annual report  See notes to financial statements 

 


CLASS B SHARES Period ended  3-31-12  3-31-11  3-31-10  3-31-091 
 
Per share operating performance         
Net asset value, beginning of period  $13.30  $11.91  $7.88  $8.82 
Net investment income (loss)2  —3  (0.05)  (0.03)  0.02 
Net realized and unrealized gain (loss) on investments  0.74  1.51  4.06  (0.96) 
Total from investment operations  0.74  1.46  4.03  (0.94) 
Less distributions         
From net realized gain  (0.31)  (0.07)  —  — 
Net asset value, end of period  $13.73  $13.30  $11.91  $7.88 
Total return (%)4,5  5.99  12.28  51.14  (10.66)6 
 
Ratios and supplemental data         
Net assets, end of period (in millions)  $10  $8  $5  —7 
Ratios (as a percentage of average net assets):         
Expenses before reductions  2.14  2.27  2.58  4.248 
Expenses net of fee waivers  2.05  2.05  2.12  2.078 
Expenses net of fee waivers and credits  2.05  2.05  2.05  2.058 
Net investment income (loss)  0.01  (0.45)  (0.25)  1.188 
Portfolio turnover (%)  44  50  59  529 
 

 

1 The inception date for Class B shares is 12-22-08.
2 Based on the average daily shares outstanding.
3 Less than $0.005 per share.
4 Does not reflect the effect of sales charges, if any.
5 Total returns would have been lower had certain expenses not been reduced during the periods shown.
6 Not annualized.
7 Less than $500,000.
8 Annualized.
9 Portfolio turnover is shown for the period from 9-1-08 to 3-31-09.

CLASS C SHARES Period ended  3-31-12  3-31-11  3-31-10  3-31-091 
 
Per share operating performance         
Net asset value, beginning of period  $13.30  $11.91  $7.87  $8.82 
Net investment income (loss)2  0.01  (0.05)  (0.03)  0.02 
Net realized and unrealized gain (loss) on investments  0.74  1.51  4.07  (0.97) 
Total from investment operations  0.75  1.46  4.04  (0.95) 
Less distributions         
From net realized gain  (0.31)  (0.07)  —  — 
Net asset value, end of period  $13.74  $13.30  $11.91  $7.87 
Total return (%)3  6.07  12.284  51.334  (10.77)4,5 
 
Ratios and supplemental data         
Net assets, end of period (in millions)  $40  $30  $19  —6 
Ratios (as a percentage of average net assets):         
Expenses before reductions  2.02  2.07  2.24  4.417 
Expenses net of fee waivers  2.02  2.05  2.08  2.067 
Expenses net of fee waivers and credits  2.02  2.05  2.05  2.057 
Net investment income (loss)  0.04  (0.45)  (0.27)  1.267 
Portfolio turnover (%)  44  50  59  528 
 

 

1 The inception date for Class C shares is 12-22-08.
2 Based on the average daily shares outstanding.
3 Does not reflect the effect of sales charges, if any.
4 Total returns would have been lower had certain expenses not been reduced during the periods shown.
5 Not annualized.
6 Less than $500,000.
7 Annualized.
8 Portfolio turnover is shown for the period from 9-1-08 to 3-31-09.

See notes to financial statements  Annual report | Disciplined Value Fund   21 

 


CLASS I SHARES Period ended  3-31-12  3-31-11  3-31-10  3-31-091,2  8-31-083  8-31-073 
 
Per share operating performance             
Net asset value, beginning of period  $13.52  $12.03  $7.90  $12.08  $15.34  $14.53 
Net investment income4  0.15  0.09  0.11  0.09  0.18  0.20 
Net realized and unrealized gain (loss)             
on investments  0.75  1.54  4.08  (4.10)  (1.84)  2.02 
Total from investment operations  0.90  1.63  4.19  (4.01)  (1.66)  2.22 
Less distributions             
From net investment income  (0.12)  (0.07)  (0.06)  (0.17)  (0.20)  (0.17) 
From net realized gain  (0.31)  (0.07)  —  —  (1.40)  (1.24) 
Total distributions  (0.43)  (0.14)  (0.06)  (0.17)  (1.60)  (1.41) 
Net asset value, end of period  $13.99  $13.52  $12.03  $7.90  $12.08  $15.34 
Total return (%)  7.27  13.66  53.145  (33.33)5,6  (11.99)5  15.705 
 
Ratios and supplemental data             
Net assets, end of period (in millions)  $711  $399  $158  $33  $44  $43 
Ratios (as a percentage of average             
net assets):             
Expenses before reductions  0.88  0.86  0.88  1.377  1.14  1.07 
Expenses net of fee waivers and credits  0.88  0.86  0.80  0.757  0.75  0.75 
Net investment income  1.18  0.75  1.01  1.727  1.37  1.20 
Portfolio turnover (%)  44  50  59  528  78  62 
 

 

1 For the seven-month period ended 3-31-09. The Fund changed its fiscal year end from August 31 to March 31.
2 After the close of business on 12-19-08, holders of Institutional share class of the former Robeco Large Cap
Value Fund (the Predecessor Fund) became owners of an equal number of full and fractional Class I shares of
John Hancock Disciplined Value Fund. These shares were first offered on 12-22-08. Additionally, the accounting
and performance history of the Institutional share class of the Predecessor Fund was redesignated as that of John
Hancock Disciplined Value Fund Class I.
3 Audited by previous independent registered public accounting firm.
4 Based on the average daily shares outstanding.
5 Total returns would have been lower had certain expenses not been reduced during the periods shown.
6 Not annualized.
7 Annualized.
8 Portfolio turnover is shown for the period from 9-1-08 to 3-31-09.

CLASS I2 SHARES Period ended  3-31-12  3-31-11  3-31-10  3-31-091 
 
Per share operating performance         
Net asset value, beginning of period  $13.53  $12.04  $7.90  $8.82 
Net investment income2  0.15  0.09  0.11  0.05 
Net realized and unrealized gain (loss) on investments  0.75  1.54  4.09  (0.97) 
Total from investment operations  0.90  1.63  4.20  (0.92) 
Less distributions         
From net investment income  (0.13)  (0.07)  (0.06)  — 
From net realized gain  (0.31)  (0.07)  —  — 
Total distributions  (0.44)  (0.14)  (0.06)  — 
Net asset value, end of period  $13.99  $13.53  $12.04  $7.90 
Total return (%)3  7.24  13.65  53.27  (10.43)4 
 
Ratios and supplemental data         
Net assets, end of period (in millions)  $25  $23  $19  —5 
Ratios (as a percentage of average net assets):         
Expenses before reductions  0.93  0.92  1.13  5.086 
Expenses net of fee waivers and credits  0.85  0.85  0.75  0.756 
Net investment income  1.21  0.74  0.99  2.236 
Portfolio turnover (%)  44  50  59  527 
 

 

1 The inception date for Class I2 shares is 12-22-08.
2 Based on the average daily shares outstanding.
3 Total returns would have been lower had certain expenses not been reduced during the periods shown.
4 Not annualized.
5 Less than $500,000.
6 Annualized.
7 Portfolio turnover is shown for the period from 9-1-08 to 3-31-09.

22   Disciplined Value Fund | Annual report  See notes to financial statements 

 


CLASS R1 SHARES Period ended  3-31-12  3-31-11  3-31-101 
 
Per share operating performance       
Net asset value, beginning of period  $13.52  $12.05  $9.01 
Net investment income2  0.06  —3  0.02 
Net realized and unrealized gain on investments  0.74  1.54  3.02 
Total from investment operations  0.80  1.54  3.04 
Less distributions       
From net investment income  (0.02)  —  — 
From net realized gain  (0.31)  (0.07)  — 
Total distributions  (0.33)  (0.07)  — 
Net asset value, end of period  $13.99  $13.52  $12.05 
Total return (%)4  6.41  12.80  33.745 
 
Ratios and supplemental data       
Net assets, end of period (in millions)  $3  $1  —6 
Ratios (as a percentage of average net assets):       
Expenses before reductions  2.16  3.21  2.967 
Expenses net of fee waivers and credits  1.65  1.61  1.507 
Net investment income  0.45  0.01  0.297 
Portfolio turnover (%)  44  50  598 
 

 

1 The inception date for Class R1 shares is 7-13-09.
2 Based on the average daily shares outstanding.
3 Less than $0.005 per share.
4 Total returns would have been lower had certain expenses not been reduced during the periods shown.
5 Not annualized.
6 Less than $500,000.
7 Annualized.
8 Portfolio turnover is shown for the period from 4-1-09 to 3-31-10.

CLASS R2 SHARES Period ended  3-31-121 
 
Per share operating performance   
Net asset value, beginning of period  $13.49 
Net investment income2  —3 
Net realized and unrealized gain on investments  0.51 
Total from investment operations  0.51 
Net asset value, end of period  $14.00 
Total return (%)4  3.785 
Ratios and supplemental data   
Net assets, end of period (in millions)  —6 
Ratios (as a percentage of average net assets):   
Expenses before reductions  15.967 
Expenses net of fee waivers and credits  1.407 
Net investment income  0.417 
Portfolio turnover (%)  448 
 

 

1 Period from 3-1-12 (inception date) to 3-31-12.
2 Based on the average daily shares outstanding.
3 Less than $0.005 per share.
4 Total returns would have been lower had certain expenses not been reduced during the period shown.
5 Not annualized.
6 Less than $500,000.
7 Annualized.
8 Portfolio turnover is shown for the period from 4-1-11 to 3-31-12.

See notes to financial statements  Annual report | Disciplined Value Fund   23 

 


CLASS R3 SHARES Period ended  3-31-12  3-31-11  3-31-101 
 
Per share operating performance       
Net asset value, beginning of period  $13.52  $12.04  $8.98 
Net investment income2  0.07  0.01  0.04 
Net realized and unrealized gain on investments  0.75  1.54  3.02 
Total from investment operations  0.82  1.55  3.06 
Less distributions       
From net investment income  (0.04)  —3  — 
From net realized gain  (0.31)  (0.07)  — 
Total distributions  (0.35)  (0.07)  — 
Net asset value, end of period  $13.99  $13.52  $12.04 
Total return (%)4  6.52  12.93  34.085 
 
Ratios and supplemental data       
Net assets, end of period (in millions)  —6  —6  —6 
Ratios (as a percentage of average net assets):       
Expenses before reductions  11.16  20.34  10.237 
Expenses net of fee waivers and credits  1.55  1.52  1.407 
Net investment income  0.54  0.10  0.437 
Portfolio turnover (%)  44  50  598 
 

 

1 The inception date for Class R3 shares is 5-22-09.
2 Based on the average daily shares outstanding.
3 Less than ($0.005) per share.
4 Total returns would have been lower had certain expenses not been reduced during the periods shown.
5 Not annualized.
6 Less than $500,000.
7 Annualized.
8 Portfolio turnover is shown for the period from 4-1-09 to 3-31-10.

CLASS R4 SHARES Period ended  3-31-12  3-31-11  3-31-101 
 
Per share operating performance       
Net asset value, beginning of period  $13.52  $12.04  $8.98 
Net investment income2  0.11  0.05  0.07 
Net realized and unrealized gain on investments  0.75  1.54  3.02 
Total from investment operations  0.86  1.59  3.09 
Less distributions       
From net investment income  (0.08)  (0.04)  (0.03) 
From net realized gain  (0.31)  (0.07)  — 
Total distributions  (0.39)  (0.11)  (0.03) 
Net asset value, end of period  $13.99  $13.52  $12.04 
Total return (%)3  6.86  13.25  34.424 
 
Ratios and supplemental data       
Net assets, end of period (in millions)  $1  $1  $1 
Ratios (as a percentage of average net assets):       
Expenses before reductions  2.35  2.81  2.885 
Expenses net of fee waivers and credits  1.25  1.20  1.105 
Net investment income  0.85  0.40  0.755 
Portfolio turnover (%)  44  50  596 
 

 

1 The inception date for Class R4 shares is 5-22-09.
2 Based on the average daily shares outstanding.
3 Total returns would have been lower had certain expenses not been reduced during the periods shown.
4 Not annualized.
5 Annualized.
6 Portfolio turnover is shown for the period from 4-1-09 to 3-31-10.

24   Disciplined Value Fund | Annual report  See notes to financial statements 

 


CLASS R5 SHARES Period ended  3-31-12  3-31-11  3-31-101 
 
Per share operating performance       
Net asset value, beginning of period  $13.53  $12.04  $8.98 
Net investment income2  0.15  0.08  0.10 
Net realized and unrealized gain on investments  0.74  1.55  3.02 
Total from investment operations  0.89  1.63  3.12 
Less distributions       
From net investment income  (0.11)  (0.07)  (0.06) 
From net realized gain  (0.31)  (0.07)  — 
Total distributions  (0.42)  (0.14)  (0.06) 
Net asset value, end of period  $14.00  $13.53  $12.04 
Total return (%)  7.20  13.613  34.773,4 
 
Ratios and supplemental data       
Net assets, end of period (in millions)  $33  $15  —5 
Ratios (as a percentage of average net assets):       
Expenses before reductions  0.90  1.23  9.546 
Expenses net of fee waivers and credits  0.90  0.94  0.806 
Net investment income  1.19  0.59  1.036 
Portfolio turnover (%)  44  50  597 
 

 

1 The inception date for Class R5 shares is 5-22-09.
2 Based on the average daily shares outstanding.
3 Total returns would have been lower had certain expenses not been reduced during the periods shown.
4 Not annualized.
5 Less than $500,000.
6 Annualized.
7 Portfolio turnover is shown for the period from 4-1-09 to 3-31-10.

CLASS R6 SHARES Period ended  3-31-121 
 
Per share operating performance   
Net asset value, beginning of period  $12.19 
Net investment income2  0.10 
Net realized and unrealized gain on investments  2.15 
Total from investment operations  2.25 
Less distributions   
From net investment income  (0.13) 
From net realized gain  (0.31) 
Total distributions  (0.44) 
Net asset value, end of period  $14.00 
Total return (%)3  19.094 
 
Ratios and supplemental data   
Net assets, end of period (in millions)  $1 
Ratios (as a percentage of average net assets):   
Expenses before reductions  2.325 
Expenses net of fee waivers and credits  0.865 
Net investment income  1.315 
Portfolio turnover (%)  446 
 

 

1 Period from 9-1-11 (inception date) to 3-31-12.
2 Based on the average daily shares outstanding.
3 Total returns would have been lower had certain expenses not been reduced during the period shown.
4 Not annualized.
5 Annualized.
6 Portfolio turnover is shown for the period from 4-1-11 to 3-31-12.

See notes to financial statements  Annual report | Disciplined Value Fund   25 

 


CLASS NAV SHARES Period ended  3-31-12  3-31-11  3-31-101 
 
Per share operating performance       
Net asset value, beginning of period  $13.53  $12.04  $9.18 
Net investment income2  0.16  0.10  0.10 
Net realized and unrealized gain on investments  0.75  1.54  2.82 
Total from investment operations  0.91  1.64  2.92 
Less distributions       
From net investment income  (0.13)  (0.08)  (0.06) 
From net realized gain  (0.31)  (0.07)  — 
Total distributions  (0.44)  (0.15)  (0.06) 
Net asset value, end of period  $14.00  $13.53  $12.04 
Total return (%)  7.38  13.71  31.893,4 
 
Ratios and supplemental data       
Net assets, end of period (in millions)  $338  $405  $228 
Ratios (as a percentage of average net assets):       
Expenses before reductions  0.77  0.79  0.835 
Expenses net of fee waivers and credits  0.77  0.79  0.755 
Net investment income  1.28  0.82  1.055 
Portfolio turnover (%)  44  50  596 
 

 

1 The inception date for Class NAV shares is 5-29-09.
2 Based on the average daily shares outstanding.
3 Total returns would have been lower had certain expenses not been reduced during the periods shown.
4 Not annualized.
5 Annualized.
6 Portfolio turnover is shown for the period from 4-1-09 to 3-31-10.

26   Disciplined Value Fund | Annual report  See notes to financial statements 

 


Notes to financial statements

Note 1 — Organization

John Hancock Disciplined Value Fund (the Fund) is a series of John Hancock Funds III (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the Fund is to provide long-term growth of capital primarily through investment in equity securities. Current income is a secondary objective.

The Fund may offer multiple classes of shares. The shares currently offered are detailed in the Statement of assets and liabilities. Class A, Class B and Class C shares are offered to all investors. Class I shares are offered to institutions and certain investors. Class I2 shares are closed to new investors. Class R1, Class R2, Class R3, Class R4 and Class R5 shares are available only to certain retirement plans. Class R6 shares are available only to certain retirement plans, institutions and other investors. Class NAV shares are sold to John Hancock affiliated funds of funds. Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, transfer agent fees, printing and postage and state registration fees for each class may differ. Class B shares convert to Class A shares eight years after purchase. Certain Class I shares may be exchanged for Class R6 shares within one year after the commencement of operations of Class R6 shares. Effective at the close of business on December 20, 2011, Class ADV shares were liquidated.

Note 2 — Significant accounting policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security valuation. Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. The Fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities. Level 2 includes securities valued using significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Fund’s own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

As of March 31, 2012, all investments are categorized as Level 1, except for repurchase agreements which are categorized as Level 2, under the hierarchy described above. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. During the year ended March 31, 2012, there were no significant transfers into or out of Level 1, Level 2 or Level 3.

Annual report | Disciplined Value Fund   27 

 


In order to value the securities, the Fund uses the following valuation techniques. Equity securities held by the Fund are valued at the last sale price or official closing price on the principal securities exchange on which they trade. In the event there were no sales during the day or closing prices are not available, then securities are valued using the last quoted bid or evaluated price. Investments by the Fund in open-end mutual funds, including John Hancock Collateral Investment Trust (JHCIT), are valued at their respective net asset values each business day. Certain securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Other portfolio securities and assets, where market quotations are not readily available, are valued at fair value, as determined in good faith by the Fund’s Pricing Committee, following procedures established by the Board of Trustees.

Repurchase agreements. The Fund may enter into repurchase agreements. When the Fund enters into a repurchase agreement, it receives collateral which is held in a segregated account by the Fund’s custodian. The collateral amount is marked-to-market and monitored on a daily basis to ensure that the collateral held is in an amount not less than the principal amount of the repurchase agreement plus any accrued interest. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the collateral value may decline.

Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Dividend income is recorded on the ex-date, except for dividends of foreign securities where the dividend may not be known until after the ex-date. In those cases, dividend income is recorded when the Fund becomes aware of the dividends. Foreign taxes are provided for based on the Fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

Securities lending. The Fund may lend its securities to earn additional income. It receives cash collateral from the borrower in an amount not less than the market value of the loaned securities. The Fund will invest its collateral in JHCIT, an affiliate of the Fund, and as a result, the Fund will receive the benefit of any gains and bear any losses generated by JHCIT. Although risk of the loss of the securities lent is mitigated by holding the collateral, the Fund could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities or if collateral investments decline in value. The Fund may receive compensation for lending its securities by retaining a portion of the return on the investment of the collateral and compensation from fees earned from borrowers of the securities. Net income received from JHCIT is a component of securities lending income as recorded on the Statement of operations.

Line of credit. The Fund may borrow from banks for temporary or emergency purposes, including meeting redemption requests that otherwise might require the untimely sale of securities. Pursuant to the custodian agreement, the custodian may loan money to the Fund to make properly authorized payments. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses. The custodian may have a lien, security interest or security entitlement in any Fund property that is not otherwise segregated or pledged, to the maximum extent permitted by law, to the extent of any overdraft.

In addition, the Fund and other affiliated funds have entered into an agreement with Citibank N.A. which enables them to participate in a $100 million unsecured committed line of credit. A commitment fee, payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund on a pro rata basis and is reflected in other expenses on the Statement of operations. For the year ended March 31, 2012, the Fund had no borrowings under the line of credit.

28   Disciplined Value Fund | Annual report 

 


Expenses. Expenses that are directly attributable to an individual fund are allocated to the Fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund’s relative net assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Class allocations. Income, common expenses and realized and unrealized gains (losses) are determined at the fund level and allocated daily to each class of shares based on the net assets of the class. Class-specific expenses, such as distribution and service fees, if any, transfer agent fees, printing and postage and state registration fees, for all classes, are calculated daily at the class level based on the appropriate net assets of each class and the specific expense rates applicable to each class.

Federal income taxes. The Fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.

Under the Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Any losses incurred during those taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

For federal income tax purposes, the Fund has a capital loss carryforward of $57,465,809 available to offset future net realized capital gains as of March 31, 2012. Availability of a certain amount of the loss carryforward, which was acquired in a merger, may be limited in a given year. The loss carryforward expires as follows: March 31, 2016 — $14,852,134 and March 31, 2017 — $42,613,675.

As of March 31, 2012, the Fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The Fund’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.

Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The Fund generally declares and pays dividends and capital gain distributions, if any, annually. The tax character of distributions for the years ended March 31, 2012 and 2011 was as follows:

  MARCH 31, 2012  MARCH 31, 2011 
Ordinary Income  $13,175,687  $5,622,674 
Long-Term Capital Gain  38,594,736  6,606,921 

 

Distributions paid by the Fund with respect to each class of shares are calculated in the same manner, at the same time and in the same amount, except for the effect of class level expenses that may be applied differently to each class. As of March 31, 2012, the components of distributable earnings on a tax basis included $4,674,252 of undistributed ordinary income and $27,731,288 of long-term capital gains.

Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Material distributions in excess of tax basis earnings and profits, if any, are reported in the Fund’s financial statements as a return of capital.

Annual report | Disciplined Value Fund    29 

 


Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to wash sale loss deferrals.

New accounting pronouncement. In May 2011, Accounting Standards Update 2011-04 (ASU 2011-04), Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, was issued and is effective during interim and annual periods beginning after December 15, 2011. ASU 2011-04 may result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.

Note 3 — Guarantees and indemnifications

Under the Fund’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss from such claims is considered remote.

Note 4 — Fees and transactions with affiliates

John Hancock Investment Management Services, LLC (the Adviser) serves as investment adviser for the Trust. John Hancock Funds, LLC (the Distributor), an affiliate of the Adviser, serves as principal underwriter of the Trust. The Adviser and the Distributor are indirect wholly owned subsidiaries of Manulife Financial Corporation (MFC).

Management fee. The Fund has an investment management contract with the Adviser under which the Fund pays a daily management fee to the Adviser equivalent, on an annual basis, to the sum of: (a) 0.750% of the first $500,000,000 of the Fund’s average daily net assets; (b) 0.725% of the next $500,000,000; (c) 0.700% of the next $500,000,000; (d) 0.675% of the next $1,000,000,000; and (e) 0.650% of the Fund’s average daily net assets in excess of $2,500,000,000 The Adviser has a subadvisory agreement with Robeco Investment Management, Inc. The Fund is not responsible for payment of the subadvisory fees.

The Adviser has contractually agreed to reimburse or limit certain expenses for each share class of the Fund. This agreement excludes certain expenses such as taxes, portfolio brokerage commissions, interest expense, litigation and indemnification expenses, and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. The reimbursements and limits are such that these expenses will not exceed 1.30%, 2.05%, 2.05%, 0.99%, 0.85%, 1.65%, 1.40%, 1.55%, 1.25%, 0.95%, 0.86% and 1.00% for Class A, Class B, Class C, Class I, Class I2, Class R1, Class R2, Class R3, Class R4, Class R5, Class R6 and Class ADV shares, respectively. The fee waivers and/or expense reimbursements will continue in effect until June 30, 2012 for Class A, Class B, Class C, Class I, Class I2, Class R1, Class R3, Class R4 and Class R5 shares and June 30, 2013 for Class R2 and Class R6 shares. Prior to July 1, 2011, the fee waivers and/or reimbursements were such that the above expenses would not exceed 0.90% for Class I shares. Prior to August 1, 2011, the fee waivers and/or reimbursements were such that the above expenses would not exceed 1.64%, 1.54%, 1.24% and 0.94% for Class R1, Class R3, Class R4 and Class R5 shares, respectively, and the limits for the remainder of the share classes above were unchanged.

30   Disciplined Value Fund | Annual report 

 


For the year ended March 31, 2012, the expense reductions amounted to the following:

  EXPENSE 
CLASS  REDUCTIONS 
Class A  — 
Class B  $7,363 
Class C  — 
Class I  — 
Class I2  17,808 
Class R1  10,644 
Class R2  1,216 
Class R3  13,726 
Class R4  12,638 
Class R5  — 
Class R6  8,864 
Class ADV  17,975 
Total  $90,234 

 

The investment management fees, including the impact of the waivers and reimbursements described above, incurred for the year ended March 31, 2012 were equivalent to a net annual effective rate of 0.72% of the Fund’s average daily net assets.

Accounting and legal services. Pursuant to a service agreement, the Fund reimburses the Adviser for all expenses associated with providing the administrative, financial, legal, accounting and recordkeeping services to the Fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. These accounting and legal services fees incurred for the year ended March 31, 2012 amounted to an annual rate of 0.02% of the Fund’s average daily net assets.

Distribution and service plans. The Fund has a distribution agreement with the Distributor. The Fund has adopted distribution and service plans with respect to Class A, Class B, Class C, Class R1, Class R2, Class R3 and Class R4 shares pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for services provided as the distributor of shares of the Fund. In addition, under a service plan for Class R1, Class R2, Class R3, Class R4 and Class R5 shares, the Fund pays for certain other services. The Fund may pay up to the following contractual rates of distribution and service fees under these arrangements, expressed as an annual percentage of average daily net assets for each class of the Fund’s shares.

CLASS  12b–1 FEE  SERVICE FEE 
Class A  0.30%  — 
Class B  1.00%  — 
Class C  1.00%  — 
Class R1  0.50%  0.25% 
Class R2  0.25%  0.25% 
Class R3  0.50%  0.15% 
Class R4  0.25%  0.10% 
Class R5  —  0.05% 
Class ADV  0.25%  — 

 

Currently, only 0.25% is charged to Class A shares for 12b-1 fees and 0.00% is charged to Class R2 shares for service fees.

Annual report | Disciplined Value Fund   31 

 


Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $690,591 for the year ended March 31, 2012. Of this amount, $58,231 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $624,785 was paid as sales commissions to broker-dealers and $7,575 was paid as sales commissions to sales personnel of Signator Investors, Inc., a broker-dealer affiliate of the Adviser.

Class B and Class C shares are subject to contingent deferred sales charges (CDSCs). Class B shares that are redeemed within six years of purchase are subject to CDSCs, at declining rates, beginning at 5.00% of the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC on the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the year ended March 31, 2012, CDSCs received by the Distributor amounted to $24,038 and $5,202 for Class B and Class C shares, respectively.

Transfer agent fees. The Fund has a transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services), an affiliate of the Adviser. The transfer agent fees paid to Signature Services are determined based on the cost to Signature Services (Signature Services Cost) of providing recordkeeping services. The Signature Services Cost includes a component of allocated John Hancock corporate overhead for providing transfer agent services to the Fund and to all other John Hancock affiliated funds. It also includes out-of-pocket expenses that are comprised of payments made to third-parties for recordkeeping services provided to their clients who invest in one or more John Hancock funds. In addition, Signature Services Cost may be reduced by certain fees that Signature Services receives in connection with retirement and small accounts. Signature Services Cost is calculated monthly and allocated, as applicable, to four categories of share classes: Institutional Share Classes, Retirement Share Classes, Municipal Bond Classes and all other Retail Share Classes. Within each of these categories, the applicable costs are allocated to the affected John Hancock affiliated funds and/or classes, based on the relative average daily net assets.

Class level expenses. Class level expenses for the year ended March 31, 2012 were:

  DISTRIBUTION  TRANSFER  STATE  PRINTING AND 
CLASS  AND SERVICE FEES  AGENT FEES  REGISTRATION FEES  POSTAGE 
Class A  $1,736,791  $1,358,809  $40,004  $88,123 
Class B  84,545  16,528  13,560  767 
Class C  341,986  66,868  15,435  2,384 
Class I  —  455,505  49,941  15,895 
Class I2  —  20,396  13,907  463 
Class R1  14,415  723  13,368  243 
Class R2  21  3  1,241  3 
Class R3  924  49  13,799  61 
Class R4  3,840  400  13,799  61 
Class R5  6,877  7,925  13,799  751 
Class R6  —  214  9,140  15 
Class ADV  65  50  17,792  131 
 
Total  $2,189,464  $1,927,470  $215,785  $108,897 

 

Trustee expenses. The Fund compensates each Trustee who is not an employee of the Adviser or its affiliates. These Trustees may, for tax purposes, elect to defer receipt of this compensation under the John Hancock Group of Funds Deferred Compensation Plan (the Plan). Deferred amounts are invested in various John Hancock funds and remain in the funds until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting liability are included within Other receivables and prepaid expenses and Payable to affiliates — Trustees’ fees, respectively, in the accompanying Statement of assets and liabilities.

32   Disciplined Value Fund | Annual report 

 


Note 5 — Fund share transactions

Transactions in Fund shares for the years ended March 31, 2012 and 2011 were as follows:

    Year ended 3-31-12    Year ended 3-31-11 
  Shares  Amount  Shares  Amount 
Class A shares         
Sold  47,165,205  $613,909,671  36,716,106  $445,364,310 
Distributions reinvested  1,509,990  18,225,580  286,656  3,680,665 
Repurchased  (17,591,855)  (227,625,452)  (6,747,902)  (84,227,777) 
 
Net increase  31,083,340  $404,509,799  30,254,860  $364,817,198 
 
Class B shares         
Sold  294,727  $3,720,698  243,352  $2,966,977 
Distributions reinvested  16,172  187,440  2,470  30,553 
Repurchased  (190,036)  (2,322,193)  (87,333)  (1,047,461) 
 
Net increase  120,863  $1,585,945  158,489  $1,950,069 
 
Class C shares         
Sold  1,390,989  $17,717,572  1,078,990  $13,057,994 
Distributions reinvested  60,818  705,490  8,799  108,844 
Repurchased  (843,283)  (10,209,275)  (384,621)  (4,559,653) 
 
Net increase  608,524  $8,213,787  703,168  $8,607,185 
 
Class I shares         
Sold  31,759,192  $403,682,504  19,998,813  $232,555,941 
Distributions reinvested  1,547,013  18,208,343  273,381  3,425,460 
Repurchased  (12,037,630)  (153,493,373)  (3,865,108)  (47,125,267) 
 
Net increase  21,268,575  $268,397,474  16,407,086  $188,856,134 
 
Class I2 shares         
Sold  82,853  $1,075,000  157,294  $1,966,666 
Distributions reinvested  61,419  722,904  17,994  225,645 
Repurchased  (84,676)  (1,095,000)  (18,139)  (225,000) 
 
Net increase  59,596  $702,904  157,149  $1,967,311 
 
Class R1 shares         
Sold  150,887  $1,802,459  88,526  $1,050,353 
Distributions reinvested  5,864  69,191  445  5,586 
Repurchased  (30,750)  (391,643)  (12,676)  (152,985) 
 
Net increase  126,001  $1,480,007  76,295  $902,954 
 
Class R2 shares1         
Sold  7,413  $100,000  —  — 
Net increase  7,413  $100,000  —  — 
 
Class R3 shares         
Sold  17,304  $218,440  7,879  $97,121 
Distributions reinvested  388  4,579  28  353 
Repurchased  (7,449)  (84,238)  (3,295)  (44,100) 
 
Net increase  10,243  $138,781  4,612  $53,374 
 
Class R4 shares         
Sold  43,619  $550,529  39,785  $482,048 
Distributions reinvested  3,397  40,021  620  7,780 
Repurchased  (22,892)  (291,837)  (22,003)  (271,391) 
 
Net increase  24,124  $298,713  18,402  $218,437 

 

Annual report | Disciplined Value Fund   33 

 


    Year ended 3-31-12    Year ended 3-31-11 
  Shares  Amount  Shares  Amount 
Class R5 shares         
Sold  1,721,488  $21,976,086  1,183,682  $15,138,724 
Distributions reinvested  73,217  862,499  109  1,366 
Repurchased  (535,361)  (7,318,050)  (99,788)  (1,314,672) 
 
Net increase  1,259,344  $15,520,535  1,084,003  $13,825,418 
 
Class R6 shares2         
Sold  105,937  $1,240,727  —  — 
Distributions reinvested  3,265  38,455  —  — 
Repurchased  (13,123)  (158,206)  —  — 
 
Net increase  96,079  $1,120,976  —  — 
 
Class ADV shares         
Distributions reinvested  102  $1,200  29  $354 
Repurchased  (2,975)  (34,754)  —  — 
 
Net increase (decrease)  (2,873)  ($33,554)  29  $354 
 
Class NAV shares         
 
Sold  884,501  $11,692,753  11,061,089  $124,314,742 
Distributions reinvested  937,616  11,045,111  350,468  4,394,874 
Repurchased  (7,635,342)  (94,395,646)  (384,097)  (4,795,972) 
 
Net increase (decrease)  (5,813,225)  ($71,657,782)  11,027,460  $123,913,644 
 
Net increase  48,848,004  $630,377,585  59,891,553  $705,112,078 

 

1 Period from 3-1-12 (inception date) to 3-31-12.

2 Period from 9-1-11 (inception date) to 3-31-12.

Affiliates of the Fund owned 100% of shares of beneficial interest of Class R2 and Class NAV on March 31, 2012.

Note 6 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $1,272,796,260 and $705,894,026, respectively, for the year ended March 31, 2012.

Note 7 — Investment by affiliated funds

Certain investors in the Fund are affiliated funds and are managed by the Adviser and its affiliates. The affiliated funds do not invest in the Fund for the purpose of exercising management or control; however, this investment may represent a significant portion of the Fund’s net assets. At March 31, 2012, John Hancock Lifestyle Growth Portfolio had an affiliate ownership concentration of 7.07% of the Fund’s net assets.

34   Disciplined Value Fund | Annual report 

 


Auditor’s report

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Funds III and Shareholders of
John Hancock Disciplined Value Fund:

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of John Hancock Disciplined Value Fund (the “Fund”) at March 31, 2012, and the results of its operations for the year then ended, the changes in its net assets for each of the two years then ended and the financial highlights for each of the fiscal periods ending March 31, 2009, 2010, 2011 and 2012, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements 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 are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2012 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinion.

The financial highlights of the Fund for periods ending on and before August 31, 2008 were audited by another independent registered public accounting firm, whose report dated October 30, 2008 expressed an unqualified opinion thereon.

PricewaterhouseCoopers LLP
Boston, Massachusetts
May 18, 2012

Annual report | Disciplined Value Fund   35 

 


Tax information

Unaudited

For federal income tax purposes, the following information is furnished with respect to the distributions of the Fund, if any, paid during its taxable year ended March 31, 2012.

The Fund paid $38,594,736 in capital gain dividends.

The Fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

The Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends-received deduction.

Eligible shareholders will be mailed a 2012 Form 1099-DIV in early 2013. This Form will reflect the tax character of all distributions paid in calendar year 2012.

36   Disciplined Value Fund | Annual report 

 


Trustees and Officers

This chart provides information about the Trustees and Officers who oversee your John Hancock fund. Officers elected by the Trustees manage the day-to-day operations of the Fund and execute policies formulated by the Trustees.

Independent Trustees     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Steven R. Pruchansky, Born: 1944  2006  48 
Chairman (since January 2011); Chairman and Chief Executive Officer, Greenscapes of Southwest 
Florida, Inc. (since 2000); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); 
Member, Board of Advisors, First American Bank (until 2010); Managing Director, Jon James, LLC (real 
estate) (since 2000); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty 
Trust (until 1994); President, Maxwell Building Corp. (until 1991).     
  
William H. Cunningham, Born: 1944  2006  48 
Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System 
and former President of the University of Texas, Austin, Texas; Director of the following: LIN Television 
(since 2009); Lincoln National Corporation (insurance) (Chairman since 2009 and Director since 2006); 
Resolute Energy Corporation (since 2009); Nanomedical Systems, Inc. (biotechnology company) 
(Chairman since 2008); Yorktown Technologies, LP (tropical fish) (Chairman since 2007); Greater Austin 
Crime Commission (since 2001); Southwest Airlines (since 2000); former Director of the following: 
Introgen (manufacturer of biopharmaceuticals) (until 2008); Hicks Acquisition Company I, Inc. (until 
2007); Jefferson-Pilot Corporation (diversified life insurance company) (until 2006); and former Advisory 
Director, JP Morgan Chase Bank (formerly Texas Commerce Bank–Austin) (until 2009).   
  
Deborah C. Jackson, Born: 1952  2008  48 
President, Cambridge College, Cambridge, Massachusetts (since May 2011); Chief Executive Officer, 
American Red Cross of Massachusetts Bay (2002–May 2011); Board of Directors of Eastern Bank 
Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); 
Board of Directors of American Student Assistance Corp. (1996–2009); Board of Directors of Boston 
Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits 
company) (2007–2011).     
  
Stanley Martin,2 Born: 1947  2008  48 
Director, The St. Joe Company (real estate development company) (since May 2012); Senior Vice 
President/Audit Executive, Federal Home Loan Mortgage Corporation (2004–2006); Executive Vice 
President/Consultant, HSBC Bank USA (2000–2003); Chief Financial Officer/Executive Vice President, 
Republic New York Corporation & Republic National Bank of New York (1998–2000); Partner, KPMG 
LLP (1971–1998).     
  
Dr. John A. Moore,2 Born: 1939  2006  48 
President and Chief Executive Officer, Institute for Evaluating Health Risks, (nonprofit institution) 
(1989–2001); Senior Scientist, Sciences International (health research) (2000–2003); Former Assistant 
Administrator & Deputy Administrator, Environmental Protection Agency (1983–1989); Principal, 
Hollyhouse (consulting) (since 2000); Director, CIIT Center for Health Science Research (nonprofit 
research) (until 2007).     

 

Annual report | Disciplined Value Fund   37 

 


Independent Trustees (continued)     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Patti McGill Peterson,2 Born: 1943  2006  48 
Presidential Advisor for Global Initiatives, American Council on Education (since 2011); Chairperson 
of the Board of the Trust (during 2009 and 2010); Principal, PMP Globalinc (consulting) (2007–2011); 
Senior Associate, Institute for Higher Education Policy (2007–2011); Executive Director, CIES 
(international education agency) (until 2007); Vice President, Institute of International Education (until 
2007); Former President Wells College, St. Lawrence University and the Association of Colleges and 
Universities of the State of New York. Director of the following: Mutual Fund Directors Forum (since 
2011); Niagara Mohawk Power Corporation (until 2003); Security Mutual Life (insurance) (until 1997); 
ONBANK (until 1993). Trustee of the following: Board of Visitors, The University of Wisconsin, Madison 
(since 2007); Ford Foundation, International Fellowships Program (until 2007); UNCF, International 
Development Partnerships (until 2005); Roth Endowment (since 2002); Council for International 
Educational Exchange (since 2003).     
 
Gregory A. Russo, Born: 1949  2008  48 
Member, Audit Committee and Finance Committee of NCH Healthcare System, Inc. (since 2011); Vice 
Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002–2006); Vice Chairman, Industrial 
Markets, KPMG (1998–2002).     
 
Non-Independent Trustees3     
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Hugh McHaffie, Born: 1959  2010  48 
Executive Vice President, John Hancock Financial Services (since 2006, including prior positions); 
President of John Hancock Variable Insurance Trust and John Hancock Funds II (since 2009); Trustee, 
John Hancock retail funds (since 2010); Chairman and Director, John Hancock Advisers, LLC, 
John Hancock Investment Management Services, LLC and John Hancock Funds, LLC (since 2010). 
 
John G. Vrysen, Born: 1955  2009  48 
Senior Vice President, John Hancock Financial Services (since 2006); Director, Executive Vice President 
and Chief Operating Officer, John Hancock Advisers, LLC, John Hancock Investment Management 
Services, LLC and John Hancock Funds, LLC (since 2005); Chief Operating Officer, John Hancock 
Funds II and John Hancock Variable Insurance Trust (since 2007); Chief Operating Officer, John Hancock 
retail funds (until 2009); Trustee, John Hancock retail funds (since 2009).     

 

38 Disciplined Value Fund | Annual report 

 


Principal officers who are not Trustees   
 
Name, Year of Birth  Officer 
Position(s) held with Fund  of the 
Principal occupation(s) and other  Trust 
directorships during past 5 years  since 
 
Keith F. Hartstein, Born: 1956  2006 
President and Chief Executive Officer   
Senior Vice President, John Hancock Financial Services (since 2004); Director, President and Chief   
Executive Officer, John Hancock Advisers, LLC and John Hancock Funds, LLC (since 2005); Director, 
John Hancock Asset Management a division of Manulife Asset Management (US) LLC (since 2005); 
Director, John Hancock Investment Management Services, LLC (since 2006); President and Chief   
Executive Officer, John Hancock retail funds (since 2005); Member, Investment Company Institute Sales 
Force Marketing Committee (since 2003).   
 
Andrew G. Arnott, Born: 1971  2009 
Senior Vice President and Chief Operating Officer   
Senior Vice President, John Hancock Financial Services (since 2009); Executive Vice President,   
John Hancock Advisers, LLC (since 2005); Executive Vice President, John Hancock Investment   
Management Services, LLC (since 2006); Executive Vice President, John Hancock Funds, LLC (since   
2004); Chief Operating Officer, John Hancock retail funds (since 2009); Senior Vice President,   
John Hancock retail funds (since 2010); Vice President, John Hancock Funds II and John Hancock   
Variable Insurance Trust (since 2006); Senior Vice President, Product Management and Development, 
John Hancock Funds, LLC (until 2009).   
 
Thomas M. Kinzler, Born: 1955  2006 
Secretary and Chief Legal Officer   
Vice President, John Hancock Financial Services (since 2006); Secretary and Chief Legal Counsel,   
John Hancock Advisers, LLC, John Hancock Investment Management Services, LLC and John Hancock 
Funds, LLC (since 2007); Secretary and Chief Legal Officer, John Hancock retail funds, John Hancock 
Funds II and John Hancock Variable Insurance Trust (since 2006).   
 
Francis V. Knox, Jr., Born: 1947  2006 
Chief Compliance Officer   
Vice President, John Hancock Financial Services (since 2005); Chief Compliance Officer, John Hancock 
retail funds, John Hancock Funds II, John Hancock Variable Insurance Trust, John Hancock Advisers, 
LLC and John Hancock Investment Management Services, LLC (since 2005); Vice President and Chief 
Compliance Officer, John Hancock Asset Management a division of Manulife Asset Management (US) 
LLC (2005–2008).   
 
Charles A. Rizzo, Born: 1957  2007 
Chief Financial Officer   
Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock   
Advisers, LLC and John Hancock Investment Management Services, LLC (since 2008); Chief Financial 
Officer, John Hancock retail funds, John Hancock Funds II and John Hancock Variable Insurance Trust 
(since 2007); Assistant Treasurer, Goldman Sachs Mutual Fund Complex (2005–2007); Vice President, 
Goldman Sachs (2005–2007).   

 

Annual report | Disciplined Value Fund   39 

 


Principal officers who are not Trustees (continued)   
 
Name, Year of Birth  Officer 
Position(s) held with Fund  of the 
Principal occupation(s) and other  Trust 
directorships during past 5 years  since 
 
Salvatore Schiavone, Born: 1965  2010 
Treasurer   
Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock 
Advisers, LLC and John Hancock Investment Management Services, LLC (since 2007); Treasurer,   
John Hancock retail funds (since 2010); Treasurer, John Hancock closed-end funds (since 2009);   
Assistant Treasurer, John Hancock Funds II and John Hancock Variable Insurance Trust (since   
October 2010) and (2007–2009); Assistant Treasurer, John Hancock retail funds (2007–2009);   
Assistant Treasurer, Fidelity Group of Funds (2005–2007); Vice President, Fidelity Management   
Research Company (2005–2007).   

 

The business address for all Trustees and Officers is 601 Congress Street, Boston, Massachusetts 02210-2805.

The Statement of Additional Information of the Fund includes additional information about members of the Board of Trustees of the Fund and is available without charge, upon request, by calling 1-800-225-5291.

1 Each Trustee holds office until his or her successor is elected and qualified, or until the Trustee’s death, retirement, resignation or removal.

2 Member of Audit Committee.

3 Because Messrs. McHaffie and Vrysen are senior executives or directors with the Adviser and/or its affiliates, each of them is considered an “interested person,” as defined in the Investment Company Act of 1940, of the Fund.

40   Disciplined Value Fund | Annual report 

 


More information

Trustees  Investment adviser 
Steven R. Pruchansky, Chairman  John Hancock Investment Management 
William H. Cunningham  Services, LLC 
Deborah C. Jackson   
Stanley Martin*  Subadviser 
Hugh McHaffie†  Robeco Investment Management, Inc. 
Dr. John A. Moore,* Vice Chairman   
Patti McGill Peterson*  Principal distributor 
Gregory A. Russo  John Hancock Funds, LLC 
John G. Vrysen†   
  Custodian 
Officers  State Street Bank and Trust Company  
Keith F. Hartstein   
President and Chief Executive Officer  Transfer agent 
  John Hancock Signature Services, Inc. 
Andrew G. Arnott   
Senior Vice President and Chief Operating Officer  Legal counsel 
  K&L Gates LLP 
Thomas M. Kinzler   
Secretary and Chief Legal Officer  Independent registered 
  public accounting firm 
Francis V. Knox, Jr.  PricewaterhouseCoopers LLP 
Chief Compliance Officer   
 
Charles A. Rizzo   
Chief Financial Officer   
 
Salvatore Schiavone   
Treasurer   

 

*Member of the Audit Committee †Non-Independent Trustee

The Fund’s proxy voting policies and procedures, as well as the Fund’s proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) Web site at www.sec.gov or on our Web site.

The Fund’s complete list of portfolio holdings, for the first and third fiscal quarters, is filed with the SEC on Form N-Q. The Fund’s Form N-Q is available on our Web site and the SEC’s Web site, www.sec.gov, and can be reviewed and copied (for a fee) at the SEC’s Public Reference Room in Washington, DC. Call 1-202-551-8090 to receive information on the operation of the SEC’s Public Reference Room.

We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our Web site at www.jhfunds.com or by calling 1-800-225-5291.

You can also contact us:     
1-800-225-5291  Regular mail:  Express mail: 
jhfunds.com  John Hancock Signature Services, Inc.  John Hancock Signature Services, Inc. 
  P.O. Box 55913  Mutual Fund Image Operations 
  Boston, MA 02205-5913  30 Dan Road 
    Canton, MA 02021 

 

Annual report | Disciplined Value Fund   41 

 



1-800-225-5291
1-800-554-6713 TDD
1-800-338-8080 EASI-Line
www.jhfunds.com

Now available: electronic delivery
www.jhfunds.com/edelivery

This report is for the information of the shareholders of John Hancock Disciplined Value Fund.  3400A 3/12 
It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.  5/12 

 




A look at performance

Total returns for the period ended March 31, 2012

                  SEC 30-day  SEC 30-day 
  Average annual total returns (%)  Cumulative total returns (%)  yield (%)  yield (%) 
  with maximum sales charge    with maximum sales charge  subsidized  unsubsidized2 
        Since        Since  as of  as of 
  1-year  5-year  10-year  inception1  1-year  5-year  10-year  inception1  3-31-12  3-31-12 
Class A  3.30  —  —  18.66  3.30  —  —  64.84  7.86  6.80 
Class I3  8.39  —  —  20.93  8.39  —  —  74.20  8.55  –26.93 

 

Performance figures assume all dividends have been reinvested. Figures reflect maximum sales charge on Class A shares of 4.5%. Sales charges are not applicable for Class I shares.

The expense ratios of the Fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the Fund and may differ from those disclosed in the Financial highlights tables in this report. The fee waivers and expense limitations are contractual at least until 6-30-13 for Class A and Class I shares. Had the fee waivers and expense limitations not been in place gross expenses would apply. The expense ratios are as follows:

  Class A  Class I 
Net (%)  1.18  0.87 
Gross (%)  1.77  63.11 

 

The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, the Fund’s current performance may be higher or lower than the performance shown. For performance data current to the most recent month end, please call 1-800-225-5291 or visit the Fund’s Web site at www.jhfunds.com.

The performance table above and the chart on the next page do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Fund’s performance results reflect any applicable expense reductions, without which the expenses would increase and results would have been less favorable.

6  Core High Yield Fund | Annual report 

 


    Without  With maximum   
  Start date  sales charge  sales charge  Index 
Class I 3  4-30-09  $17,420  $17,420  $17,278 

 

Bank of America Merrill Lynch U.S. High Yield Master II Constrained Index is an unmanaged index composed of U.S. currency high-yield bonds issued by U.S. and non-U.S. issuers.

It is not possible to invest directly in an index. Index figures do not reflect sales charges, which would have resulted in lower values if they did.

1 From 4-30-09.

2 Unsubsidized yields reflect what the yield would have been without the effect of reimbursements and waivers.

3 For certain types of investors, as described in the Fund’s prospectus.

Annual report | Core High Yield Fund  7 

 


Management’s discussion of
Fund performance

By John Hancock Asset Management a division of Manulife Asset Management (North America) Limited

The 12 months ended March 31, 2012, represented an extremely volatile period for high-yield bonds, as macroeconomic concerns dominated trading and led to a series of “risk-on/risk-off” market moves. Worry about the ongoing European sovereign debt crisis, the pace of economic growth and other challenges meant high-yield bonds and other risk assets endured some very difficult months. But signs of better economic growth in the U.S. and coordinated central bank actions to provide liquidity for troubled European banks led to a sharp rebound by risk markets beginning in late 2011.

For the 12 months ended March 31, 2012, John Hancock Core High Yield Fund’s Class A shares posted a total return of 8.12%, excluding sales charges. At the same time, the Bank of America Merrill Lynch U.S. High Yield Master II Constrained Index, the Fund’s benchmark, returned 5.63%. The average return of the high-yield bond funds tracked by Morningstar, Inc. was 4.62%. The key theme explaining the Fund’s solid performance was security selection among what we believed to be attractively valued, well-structured credits. A number of these securities benefited from improving economic and consumer conditions, such as gaming concerns MTR Gaming and Circus Circus Enterprises, a casino owned by Mandalay Resort Group. We sold the Fund’s stakes in MTR Gaming. Similarly, the Fund had exposure to a number of commodity-related firms whose securities did well as better economic growth meant commodity prices generally strengthened. Good examples are driller Offshore Group Investments, Ltd., Connacher Oil and Gas, which we sold, and Optima Specialty Steel. At the other end of the spectrum, the leading detractor for the period was a stake in OnCure Holdings, Inc., which manages cancer treatment centers in the U.S. OnCure’s securities suffered as the company had a dispute with a supplier that could negatively affect OnCure’s cost structure and earnings. A stake in energy trader Dynegy Holdings LLC also hurt performance after the firm filed for bankruptcy in a bid to restructure its debt. Another notable detractor was Geokinetics Holdings USA, Inc., which faced difficult business conditions and saw its debt downgraded several notches by Standard & Poor’s during the period.

This commentary reflects the views of the portfolio managers through the end of the period discussed in this report. The managers’ statements reflect their own opinions. As such, they are in no way guarantees of future events and are not intended to be used as investment advice or a recommendation regarding any specific security. They are also subject to change at any time as market and other conditions warrant.

Past performance is no guarantee of future results.

The major risk factors in this Fund’s performance are interest-rate and credit risk. When interest rates rise, bond prices usually fall. Generally, an increase in the Fund’s average maturity will make it more sensitive to interest-rate risk. Investments in high-yield securities involve greater degrees of credit and market risk than investments in higher-rated securities and tend to be more sensitive to market conditions. Sector investing is subject to greater risks than the market as a whole. Because the Fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors.

8  Core High Yield Fund | Annual report 

 


Your expenses

These examples are intended to help you understand your ongoing operating expenses.

Understanding fund expenses

As a shareholder of the Fund, you incur two types of costs:

▪ Transaction costs which include sales charges (loads) on purchases or redemptions (varies by share class), minimum account fee charge, etc.

▪ Ongoing operating expenses including management fees, distribution and service fees (if applicable), and other fund expenses.

We are going to present only your ongoing operating expenses here.

Actual expenses/actual returns

This example is intended to provide information about the Fund’s actual ongoing operating expenses, and is based on the Fund’s actual return. It assumes an account value of $1,000.00 on October 1, 2011 with the same investment held until March 31, 2012.

  Account value  Ending value  Expenses paid during 
  on 10-1-11  on 3-31-12  period ended 3-31-121 
Class A  $1,000.00  $1,116.90  $6.56 
Class I  1,000.00  1,118.60  4.93 

 

Together with the value of your account, you may use this information to estimate the operating expenses that you paid over the period. Simply divide your account value at March 31, 2012, by $1,000.00, then multiply it by the “expenses paid” for your share class from the table above. For example, for an account value of $8,600.00, the operating expenses should be calculated as follows:

 

 
 
Annual report | Core High Yield Fund  9 

 


Your expenses

Hypothetical example for comparison purposes

This table allows you to compare the Fund’s ongoing operating expenses with those of any other fund. It provides an example of the Fund’s hypothetical account values and hypothetical expenses based on each class’s actual expense ratio and an assumed 5% annualized return before expenses (which is not the Fund’s actual return). It assumes an account value of $1,000.00 on October 1, 2011, with the same investment held until March 31, 2012. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses.

  Account value  Ending value  Expenses paid during 
  on 10-1-11  on 3-31-12  period ended 3-31-121 
Class A  $1,000.00  $1,018.80  $6.26 
Class I  1,000.00  1,020.40  4.70 

 

Remember, these examples do not include any transaction costs, therefore, these examples will not help you to determine the relative total costs of owning different funds. If transaction costs were included, your expenses would have been higher. See the prospectus for details regarding transaction costs.

1 Expenses are equal to the Fund’s annualized expense ratio of 1.24% and 0.93% for Class A and Class I shares, respectively, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

10  Core High Yield Fund | Annual report 

 


Portfolio summary

Top 10 Issuers (44.8% of Net Assets on 3-31-12)1,2     
Columbus International, Inc.  5.2%  Kratos Defense & Security   
TMX Finance LLC  5.1%  Solutions, Inc.  4.0% 
  
BioScrip, Inc.  5.0%  Reddy Ice Corp.  4.0% 
  
Southern States Cooperative, Inc.  5.0%  Goodman Networks, Inc.  3.7% 
  
Mandalay Resort Group  4.7%  Reliance Intermediate Holdings LP  3.4% 
  
Alliance One International, Inc.  4.7%     
 
Sector Composition1,3       
Consumer Staples  18.4%  Energy  7.7% 
  
Consumer Discretionary  16.4%  Telecommunication Services  5.3% 
  
Industrials  15.3%  Information Technology  1.2% 
  
Financials  13.2%  Utilities  1.0% 
  
Health Care  9.4%  Short-Term Investments & Other  4.3% 
  
Materials  7.8%     
  
 
Quality Composition1,4       
BB  10.5%     
  
B  61.5%     
  
CCC & Below  21.9%     
  
Not Rated  1.7%     
  
Short-Term Investments & Other  4.4%     
  

 

1 As a percentage of net assets on 3-31-12.

2 Cash and cash equivalents not included.

3 Sector investing is subject to greater risks than the market as a whole. Because the Fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors.

4 Ratings are from Moody’s Investor Services, Inc. If not available, we have used S&P ratings. In the absence of ratings from these agencies, we have used Fitch, Inc. ratings. “Not Rated” securities are those with no ratings available from these agencies. All are as of 3-31-12 and do not reflect subsequent downgrades or upgrades, if any.

Annual report | Core High Yield Fund  11 

 


Fund’s investments

As of 3-31-12

  Rate  Maturity     
  (%)  date  Par value  Value 
 
Corporate Bonds 93.3%        $15,039,686 
(Cost $14,397,908)         
 
Consumer Discretionary 15.8%        2,549,753 
 
Auto Components 1.6%         
UCI International, Inc.  8.625  02-15-19  $250,000  256,873 
 
Diversified Consumer Services 1.5%         
Monitronics International, Inc. (S)  9.125  04-01-20  250,000  253,125 
 
Hotels, Restaurants & Leisure 7.0%         
Caesars Entertainment Operating         
Company, Inc.  11.250  06-01-17  250,000  272,500 
Mandalay Resort Group  7.625  07-15-13  750,000  761,250 
Marina District Finance Company, Inc.  9.875  08-15-18  100,000  89,750 
 
Media 5.7%         
American Media, Inc. (S)  11.500  12-15-17  94,000  84,130 
Columbus International, Inc. (S)  11.500  11-20-14  750,000  832,125 
 
Consumer Staples 18.4%        2,961,275 
 
Food Products 10.6%         
Del Monte Corp.  7.625  02-15-19  250,000  248,750 
Reddy Ice Corp.  11.250  03-15-15  680,000  649,400 
Southern States Cooperative, Inc. (S)  11.250  05-15-15  750,000  800,625 
 
Tobacco 7.8%         
Alliance One International, Inc.  10.000  07-15-16  750,000  753,750 
North Atlantic Trading Company, Inc. (S)  11.500  07-15-16  500,000  508,750 
 
Energy 7.6%        1,226,563 
 
Energy Equipment & Services 4.5%         
Geokinetics Holdings USA, Inc.  9.750  12-15-14  250,000  188,125 
Offshore Group Investments, Ltd.  11.500  08-01-15  250,000  275,000 
Pioneer Drilling Company  9.875  03-15-18  250,000  265,000 
 
Oil, Gas & Consumable Fuels 3.1%         
Energy Partners, Ltd.  8.250  02-15-18  250,000  253,438 
Green Field Energy Services, Inc. (S)  13.000  11-15-16  250,000  245,000 
 
Financials 13.2%        2,119,000 
 
Consumer Finance 5.2%         
TMX Finance LLC  13.250  07-15-15  750,000  828,750 
 
Diversified Financial Services 4.8%         
CNG Holdings, Inc. (S)  12.250  02-15-15  200,000  216,500 
Reliance Intermediate Holdings LP (S)  9.500  12-15-19  500,000  552,500 

 

12  Core High Yield Fund | Annual report  See notes to financial statements 

 


  Rate  Maturity     
  (%)  date  Par value  Value 
Real Estate Management & Development 3.2%       
Kennedy-Wilson, Inc.  8.750  04-01-19  $500,000  $521,250 
 
Health Care 9.4%        1,518,375 
 
Health Care Equipment & Supplies 1.5%         
Apria Healthcare Group, Inc.  12.375  11-01-14  250,000  249,375 
 
Health Care Providers & Services 7.9%         
American Renal Holdings Company, Inc.  8.375  05-15-18  100,000  106,375 
BioScrip, Inc.  10.250  10-01-15  750,000  811,875 
OnCure Holdings, Inc.  11.750  05-15-17  175,000  114,625 
Radiation Therapy Services, Inc.  9.875  04-15-17  150,000  120,375 
Radnet Management, Inc.  10.375  04-01-18  50,000  49,750 
Rotech Healthcare, Inc.  10.500  03-15-18  100,000  66,000 
 
Industrials 13.6%        2,193,052 
 
Aerospace & Defense 4.0%         
Kratos Defense & Security Solutions, Inc.  10.000  06-01-17  600,000  649,500 
 
Commercial Services & Supplies 3.9%         
Casella Waste Systems, Inc.  7.750  02-15-19  100,000  99,000 
Garda World Security Corp. (S)  9.750  03-15-17  100,000  106,500 
The Sheridan Group, Inc.  12.500  04-15-14  486,312  414,581 
 
Marine 1.7%         
Commercial Barge Line Company  12.500  07-15-17  250,000  280,938 
 
Professional Services 1.8%         
TransUnion LLC  11.375  06-15-18  250,000  293,125 
 
Trading Companies & Distributors 2.2%         
FGI Operating Company, Inc.  10.250  08-01-15  325,000  349,408 
 
Information Technology 1.2%        195,730 
 
IT Services 1.2%         
Unisys Corp.  12.500  01-15-16  184,000  195,730 
 
Materials 7.8%        1,260,438 
 
Construction Materials 1.6%         
Summit Materials LLC (S)  10.500  01-31-20  250,000  261,250 
 
Metals & Mining 2.8%         
AM Castle & Company (S)  12.750  12-15-16  75,000  81,188 
Novelis, Inc.  8.750  12-15-20  100,000  109,500 
Optima Specialty Steel, Inc. (S)  12.500  12-15-16  250,000  262,500 
 
Paper & Forest Products 3.4%         
UPM-Kymmene OYJ (S)  7.450  11-26-27  600,000  546,000 
 
Telecommunication Services 5.3%        849,250 
 
Diversified Telecommunication Services 1.5%       
Wind Acquisition Finance SA (S)  11.750  07-15-17  250,000  246,250 
Wireless Telecommunication Services 3.8%         
Goodman Networks, Inc. (S)  12.125  07-01-18  600,000  603,000 
 
Utilities 1.0%        166,250 
 
Independent Power Producers & Energy Traders 1.0%       
Dynegy Holdings LLC (H)  8.375  05-01-16  250,000  166,250 

 

See notes to financial statements  Annual report | Core High Yield Fund  13 

 


  Rate  Maturity     
  (%)  date  Par value  Value 
 
Convertible Bonds 1.7%        $267,000 
(Cost $295,507)         
 
Industrials 1.7%        267,000 
Sea Trucks Group (10.000% Steps up to         
11.000% on 7-31-12)  11.000  01-31-15  $300,000  267,000 
 
 
Term Loans (M) 0.6%        $99,750 
(Cost $97,559)         
 
Consumer Discretionary 0.6%        99,750 
Fertitta Morton’s Restaurants, Inc.  8.750%  02-02-17  $100,000  99,750 
 
      Shares  Value 
 
Warrants 0.1%        $16,250 
(Cost $17,500)         
 
Energy 0.1%        16,250 
Green Field Energy Services, Inc. (Strike Price: $0.01,       
Expiration Date: 11-15-21) (I)      250  16,250 
 
      Par value  Value 
 
Short-Term Investments 0.9%        $143,000 
(Cost $143,000)         
 
Repurchase Agreement 0.9%        143,000 
Repurchase Agreement with State Street Corp. dated 3-30-12 at       
0.010% to be repurchased at $143,000 on 4-2-12, collateralized     
by $145,000 U.S. Treasury Notes, 1.500% due 12-31-13 (valued at     
$148,511 including interest)      $143,000  143,000 
 
Total investments (Cost $14,951,474)† 96.6%      $15,565,686 
 
Other assets and liabilities, net 3.4%        $550,574 
 
Total net assets 100.0%        $16,116,260 

 

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the Fund.

(H) Non-income producing — Issuer is in default.

(I) Non-income producing security.

(M) Term loans are variable rate obligations. The coupon rate shown represents the rate at period end.

(S) These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $5,599,443 or 34.7% of the Fund’s net assets as of 3-31-12.

† At 3-31-12, the aggregate cost of investment securities for federal income tax purposes was $14,952,967. Net unrealized appreciation aggregated $612,719, of which $951,621 related to appreciated investment securities and $338,902 related to depreciated investment securities.

The Fund had the following country concentration as a percentage of net assets on 3-31-12:

United States  82.4% 
Barbados  5.2% 
Canada  4.1% 
Finland  3.4% 
Cayman Islands  1.7% 
Nigeria  1.7% 
Luxembourg  1.5% 

 

14  Core High Yield Fund | Annual report  See notes to financial statements 

 


F I N A N C I A L   S T A T E M E N T S

Financial statements

Statement of assets and liabilities 3-31-12

This Statement of assets and liabilities is the Fund’s balance sheet. It shows the value of what the Fund owns, is due and owes. You’ll also find the net asset value and the maximum offering price per share.

Assets   
Investments, at value (Cost $14,951,474)  $15,565,686 
Cash  772 
Receivable for fund shares sold  281,187 
Interest receivable  427,320 
Receivable due from adviser  1,302 
Other receivables and prepaid expenses  46,139 
 
Total assets  16,322,406 
 
Liabilities   
Payable for fund shares repurchased  124 
Distributions payable  124,311 
Payable to affiliates   
Accounting and legal services fees  261 
Transfer agent fees  2,660 
Trustees’ fees  76 
Other liabilities and accrued expenses  78,714 
 
Total liabilities  206,146 
 
Net assets   
Paid-in capital  $15,326,213 
Undistributed net investment income  4,269 
Accumulated net realized gain on investments  171,566 
Net unrealized appreciation (depreciation) on investments  614,212 
 
Net assets  $16,116,260 
 
Net asset value per share   
Based on net asset values and shares outstanding — the Fund has an   
unlimited number of shares authorized with no par value   
Class A ($15,990,210 ÷ 1,520,108 shares)  $10.52 
Class I ($126,050 ÷ 11,982 shares)  $10.52 
 
Maximum offering price per share   
Class A (net asset value per share ÷ 95.5%)1  $11.02 

 

1 On single retail sales of less than $50,000. On sales of $50,000 or more and on group sales the offering price is reduced.

 

See notes to financial statements  Annual report | Core High Yield Fund  15 

 


F I N A N C I A L   S T A T E M E N T S

Statement of operations For the year ended 3-31-12

This Statement of operations summarizes the Fund’s investment income earned and expenses incurred in operating the Fund. It also shows net gains (losses) for the period stated.

Investment income   
Interest  $1,799,958 
 
Total investment income  1,799,958 
 
Expenses   
Investment management fees  105,736 
Distribution and service fees  40,600 
Accounting and legal services fees  2,170 
Transfer agent fees  31,673 
Trustees’ fees  1,154 
State registration fees  1,577 
Printing and postage  247 
Professional fees  58,675 
Custodian fees  12,050 
Registration and filing fees  14,227 
Other  6,033 
 
Total expenses  274,142 
Less expense reductions  (72,334) 
 
Net expenses  201,808 
 
Net investment income  1,598,150 
 
Realized and unrealized gain (loss)   
 
Net realized gain on   
Investments  738,397 
  738,397 
Change in net unrealized appreciation (depreciation) of   
Investments  (1,121,740) 
 
  (1,121,740) 
 
Net realized and unrealized loss  (383,343) 
 
Increase in net assets from operations  $1,214,807 

 

16  Core High Yield Fund | Annual report  See notes to financial statements 

 


F I N A N C I A L   S T A T E M E N T S

Statements of changes in net assets

These Statements of changes in net assets show how the value of the Fund’s net assets has changed during the last two periods. The difference reflects earnings less expenses, any investment gains and losses, distributions, if any, paid to shareholders and the net of Fund share transactions.

  Year  Year 
  ended  ended 
  3-31-12  3-31-11 
  
Increase (decrease) in net assets     
 
From operations     
Net investment income  $1,598,150  $1,745,119 
Net realized gain  738,397  1,053,074 
Change in net unrealized appreciation (depreciation)  (1,121,740)  298,683 
 
Increase in net assets resulting from operations  1,214,807  3,096,876 
 
Distributions to shareholders     
From net investment income     
Class A  (1,553,413)  (1,775,169) 
Class I  (2,686)  (3,068) 
From net realized gain     
Class A  (910,315)  (1,675,553) 
Class I  (1,520)  (2,797) 
 
Total distributions  (2,467,934)  (3,456,587) 
 
From Fund share transactions  337,709  — 
 
Total decrease  (915,418)  (359,711) 
 
Net assets     
Beginning of year  17,031,678  17,391,389 
 
End of year  $16,116,260  $17,031,678 
 
Undistributed net investment income  $4,269  $5,697 

 

See notes to financial statements  Annual report | Core High Yield Fund  17 

 


Financial highlights

The Financial highlights show how the Fund’s net asset value for a share has changed during the period.

CLASS A SHARES Period ended  3-31-12  3-31-11  3-31-101 
 
Per share operating performance       
Net asset value, beginning of period  $11.35  $11.59  $10.00 
Net investment income2  1.07  1.16  0.99 
Net realized and unrealized gain (loss) on investments  (0.25)  0.92  2.21 
Total from investment operations  0.82  2.08  3.20 
Less distributions       
From net investment income  (1.04)  (1.20)  (0.98) 
From net realized gain  (0.61)  (1.12)  (0.63) 
Total distributions  (1.65)  (2.32)  (1.61) 
Net asset value, end of period  $10.52  $11.35  $11.59 
Total return (%)3,4  8.12  19.34  33.755 
 
Ratios and supplemental data       
Net assets, end of period (in millions)  $16  $17  $17 
Ratios (as a percentage of average net assets):       
Expenses before reductions  1.68  1.55  1.366 
Expenses net of fee waivers  1.24  1.21  1.136 
Net investment income  9.82  9.99  9.826 
Portfolio turnover (%)  64  207  389 

 

1 Period from 4-30-09 (inception date) to 3-31-10.
2 Based on the average daily shares outstanding.
3 Does not reflect the effect of sales charges, if any.
4 Total returns would have been lower had certain expenses not been reduced during the periods shown.
5 Not annualized.
6 Annualized.

 

CLASS I SHARES Period ended  3-31-12  3-31-11  3-31-101 
 
Per share operating performance       
Net asset value, beginning of period  $11.36  $11.59  $10.00 
Net investment income2  1.10  1.21  1.02 
Net realized and unrealized gain (loss) on investments  (0.26)  0.92  2.20 
Total from investment operations  0.84  2.13  3.22 
Less distributions       
From net investment income  (1.07)  (1.24)  (1.00) 
From net realized gain  (0.61)  (1.12)  (0.63) 
Total distributions  (1.68)  (2.36)  (1.63) 
Net asset value, end of period  $10.52  $11.36  $11.59 
Total return (%)3  8.39  19.87  34.084 
 
Ratios and supplemental data       
Net assets, end of period (in millions)  —5  —5  —5 
Ratios (as a percentage of average net assets):       
Expenses before reductions  4.23  1.35  3.526 
Expenses net of fee waivers  0.90  0.85  0.856 
Net investment income  10.17  10.35  10.106 
Portfolio turnover (%)  64  207  389 

 

1 Period from 4-30-09 (inception date) to 3-31-10.
2 Based on the average daily shares outstanding.
3 Total returns would have been lower had certain expenses not been reduced during the periods shown.
4 Not annualized.
5 Less than $500,000.
6 Annualized.

 

18  Core High Yield Fund | Annual report  See notes to financial statements 

 


Notes to financial statements

Note 1 — Organization

John Hancock Core High Yield Fund (the Fund) is a series of John Hancock Funds III (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the Fund is to seek total return, consisting of a high level of current income and capital appreciation.

The Fund may offer multiple classes of shares. The shares currently offered are detailed in the Statement of assets and liabilities. Class A shares are offered to all investors. Class I shares are offered to institutions and certain investors. Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, transfer agent fees, printing and postage and state registration fees for each class may differ.

Note 2 — Significant accounting policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security valuation. Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. The Fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities. Level 2 includes securities valued using significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Fund’s own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

Annual report | Core High Yield Fund  19 

 


The following is a summary of the values by input classification of the Fund’s investments as of March 31, 2012, by major security category or type:

        LEVEL 3 
      LEVEL 2  SIGNIFICANT 
  TOTAL MARKET  LEVEL 1  SIGNIFICANT  UNOBSERVABLE 
  VALUE AT 3-31-12  QUOTED PRICE  OBSERVABLE INPUTS  INPUTS 
Corporate Bonds         
Consumer Discretionary  $2,549,753  —  $2,549,753  — 
Consumer Staples  2,961,275  —  2,961,275  — 
Energy  1,226,563  —  1,226,563  — 
Financials  2,119,000  —  2,119,000  — 
Health Care  1,518,375  —  1,518,375  — 
Industrials  2,193,052  —  2,193,052  — 
Information Technology  195,730  —  195,730  — 
Materials  1,260,438  —  1,260,438  — 
Telecommunication         
Services  849,250  —  849,250  — 
Utilities  166,250  —  166,250  — 
Convertible Bonds         
Industrials  267,000  —  —  $267,000 
Term Loans  99,750  —  99,750  — 
Warrants  16,250  —  16,250  — 
Short-Term Investments  143,000  —  143,000  — 
 
Total Investments in         
Securities  $15,565,686  —  $15,298,686  $267,000 

 

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. During the year ended March 31, 2012, there were no significant transfers into or out of Level 1 or Level 2.

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value. Transfers into or out of Level 3 represent the beginning value of any security or instrument where a change in the level has occurred from the beginning to the end of the period.

  CONVERTIBLE BONDS 
Balance as of 3-31-11  — 
Realized gain (loss)  — 
Change in unrealized appreciation (depreciation)  ($36,000) 
Purchases  — 
Sales  — 
Transfers into Level 3  303,000 
Transfers out of Level 3  — 
Balance as of 3-31-12  $267,000 
Change in unrealized at period end*  ($36,000) 

 

*Change in unrealized appreciation (depreciation) attributable to Level 3 securities held at the period end.

In order to value the securities, the Fund uses the following valuation techniques. Debt obligations are valued based on the evaluated prices provided by an independent pricing service, which utilizes both dealer-supplied and electronic data processing techniques, taking into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rates supplied by an independent pricing service. Certain securities traded only in the over-the-counter market are valued at the last

20  Core High Yield Fund | Annual report 

 


bid price quoted by brokers making markets in the securities at the close of trading. Other portfolio securities and assets, where market quotations are not readily available, are valued at fair value, as determined in good faith by the Fund’s Pricing Committee, following procedures established by the Board of Trustees.

Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

Line of credit. The Fund may borrow from banks for temporary or emergency purposes, including meeting redemption requests that otherwise might require the untimely sale of securities. Pursuant to the custodian agreement, the custodian may loan money to the Fund to make properly authorized payments. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses. The custodian may have a lien, security interest or security entitlement in any Fund property that is not otherwise segregated or pledged, to the maximum extent permitted by law, to the extent of any overdraft.

In addition, the Fund and other affiliated funds have entered into an agreement with Citibank N.A. which enables them to participate in a $100 million unsecured committed line of credit. A commitment fee, payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund on a pro rata basis and is reflected in other expenses on the Statement of operations. For the year ended March 31, 2012, the Fund had no borrowings under the lines of credit.

Expenses. Expenses that are directly attributable to an individual fund are allocated to the fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund’s relative net assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Class allocations. Income, common expenses and realized and unrealized gains (losses) are determined at the fund level and allocated daily to each class of shares based on the net assets of the class. Class-specific expenses, such as distribution and service fees, if any, transfer agent fees, state registration fees and printing and postage, for all classes, are calculated daily at the class level based on the appropriate net assets of each class and the specific expense rates applicable to each class.

Federal income taxes. The Fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.

As of March 31, 2012, the Fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The Fund’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.

Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The Fund generally declares dividends daily

Annual report | Core High Yield Fund  21 

 


and pays them monthly. Capital gains distributions, if any, are paid annually. The tax character of distributions for the years ended March 31, 2012 and March 31, 2011 was as follows:

  MARCH 31, 2012  MARCH 31, 2011 
Ordinary Income  $1,833,029  $3,318,242 
Long-Term Capital Gain  634,905  138,345 

 

Distributions paid by the Fund with respect to each class of shares are calculated in the same manner, at the same time and in the same amount, except for the effect of class level expenses that may be applied differently to each class. As of March 31, 2012, the components of distributable earnings on a tax basis included $217,997 of undistributed ordinary income and $83,711 of long-term capital gains.

Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Material distributions in excess of tax basis earnings and profits, if any, are reported in the Fund’s financial statements as a return of capital.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to defaulted bonds, distributions payable and tender consent fees.

New accounting pronouncement. In May 2011, Accounting Standards Update 2011-04 (ASU 2011-04), Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, was issued and is effective during interim and annual periods beginning after December 15, 2011. ASU 2011-04 may result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.

Note 3 — Guarantees and indemnifications

Under the Fund’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss from such claims is considered remote.

Note 4 — Fees and transactions with affiliates

John Hancock Investment Management Services, LLC (the Adviser) serves as investment adviser for the Trust. John Hancock Funds, LLC (the Distributor), an affiliate of the Adviser, serves as principal underwriter of the Trust. The Adviser and the Distributor are indirect, wholly owned subsidiaries of Manulife Financial Corporation (MFC).

Management fee. The Fund has an investment management contract with the Adviser under which the Fund pays a daily management fee to the Adviser equivalent, on an annual basis, to the sum of: (a) 0.650% of the first $250,000,000 of the Fund’s average daily net assets; (b) 0.625% of the next $250,000,000 of the Fund’s average daily net assets; (c) 0.600% of the next $500,000,000 of the Fund’s average daily net assets; (d) 0.550% of the next $1,500,000,000 of the Fund’s average daily net assets; and (e) 0.525% of the Fund’s average daily net assets in excess of $2,500,000,000. The Adviser has a subadvisory agreement with John Hancock Asset Management a division of Manulife Asset Management (North America) Limited, an indirectly owned subsidiary of MFC and an affiliate of the Adviser. The Fund is not responsible for payment of the subadvisory fees.

22  Core High Yield Fund | Annual report 

 


The Adviser has contractually agreed to waive fees and/or reimburse certain expenses for each share class of the Fund. This agreement excludes certain expenses such as taxes, brokerage commissions, interest, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. The fee waivers and/or reimbursements are such that these expenses will not exceed 1.18% for Class A shares and 0.87% for Class I shares. From August 1, 2011 until March 1, 2012, the fee waivers and/or reimbursements were such that these expenses did not exceed 1.25% for Class A shares and 0.94% for Class I shares. Prior to August 1, 2011, the fee waivers and/or reimbursements were such that these expenses did not exceed 1.25% for Class A shares and 0.84% for Class I shares. The fee waivers and/or reimbursements will continue in effect until June 30, 2013. In addition, the Adviser has voluntarily agreed to limit the Fund’s total expenses, excluding management fees, transfer agent fees, distribution and service fees, brokerage commissions, interest and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, to 0.19% of the Fund’s average daily net asset value, on an annual basis. The voluntary fee waiver and/or reimbursement may be amended or terminated at any time by the Adviser.

Accordingly, the expense reductions or reimbursements related to these agreements were $71,431 and $903, for Class A and Class I shares, respectively, for the year ended March 31, 2012.

The investment management fees, including the impact of the waivers and reimbursements described above, incurred for the year ended March 31, 2012 were equivalent to a net effective rate of 0.21% of the Fund’s average daily net assets.

Accounting and legal services. Pursuant to a service agreement, the Fund reimburses the Adviser for all expenses associated with providing the administrative, financial, legal, accounting and recordkeeping services to the Fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. These accounting and legal services fees incurred for the year ended March 31, 2012 amounted to an annual rate of 0.01% of the Fund’s average daily net assets.

Distribution and service plans. The Fund has a distribution agreement with the Distributor. The Fund has adopted distribution and service plans with respect to Class A shares pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for services provided as the distributor of shares of the Fund. The Fund may pay up to an annual rate of 0.30% of average daily net assets for Class A shares for distribution and service fees. Currently, only 0.25% is charged to Class A shares for distribution and service fees.

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $524 for the year ended March 31, 2012. Of this amount, $78 was retained and used for printing prospectuses, advertising, sales literature and other purposes and $446 was paid as sales commissions to broker-dealers.

Transfer agent fees. The Fund has a transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services), an affiliate of the Adviser. The transfer agent fees paid to Signature Services are determined based on the cost to Signature Services (Signature Services Cost) of providing recordkeeping services. The Signature Services Cost includes a component of allocated John Hancock corporate overhead for providing transfer agent services to the Fund and to all other John Hancock affiliated funds. It also includes out-of-pocket expenses that are comprised of payments made to third-parties for recordkeeping services provided to their clients who invest in one or more John Hancock funds. In addition, Signature Services Cost may be reduced by certain fees that Signature Services receives in connection with retirement and small accounts. Signature Services Cost is calculated monthly and allocated, as applicable, to four categories of share classes:

Annual report | Core High Yield Fund  23 

 


Institutional Share Classes, Retirement Share Classes, Municipal Bond Classes and all other Retail Share Classes. Within each of these categories, the applicable costs are allocated to the affected John Hancock affiliated funds and/or classes, based on the relative average daily net assets.

Class level expenses. Class level expenses for the year ended March 31, 2012 were:

  DISTRIBUTION  TRANSFER  STATE  PRINTING AND 
CLASS  AND SERVICE FEES  AGENT FEES  REGISTRATION FEES  POSTAGE 
Class A  $40,600  $31,647  $789  $246 
Class I  —  26  788  1 
 
Total  $40,600  $31,673  $1,577  $247 

 

Trustee expenses. The Fund compensates each Trustee who is not an employee of the Adviser or its affiliates. These Trustees may, for tax purposes, elect to defer receipt of this compensation under the John Hancock Group of Funds Deferred Compensation Plan (the Plan). Deferred amounts are invested in various John Hancock funds and remain in the funds until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting liability are included within Other receivables and prepaid expenses and Payable to affiliates — Trustees’ fees, respectively, in the accompanying Statement of assets and liabilities.

Note 5 — Fund share transactions

Transactions in Fund shares for the year ended March 31, 2012 and March 31, 2011 were as follows:

  Year ended 3-31-12  Year ended 3-31-11 
  Shares  Amount  Shares  Amount 
Class A shares         
Sold  22,608  $237,953  —  — 
Distributions reinvested  12  130  —  — 
Repurchased  (12)  (124)  —  — 
 
Net increase  22,608  $237,959  —  — 
 
Class I shares         
Sold  9,482  $99,750  —  — 
 
Net increase  9,482  $99,750  —  — 
 
Net increase  32,090  $337,709  —  — 

 

Affiliates of the Fund owned 99% and 100% of shares of beneficial interest of Class A and Class I, respectively, on March 31, 2012.

Note 6 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $10,187,487 and $11,653,459, respectively, for the year ended March 31, 2012.

24  Core High Yield Fund | Annual report 

 


Auditor’s report

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Funds III and Shareholders of John Hancock Core High Yield Fund:

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of John Hancock Core High Yield Fund (the “Fund”) at March 31, 2012, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements 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 are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2012 by correspondence with the custodian and agent bank, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
May 18, 2012

Annual report | Core High Yield Fund  25 

 


Tax information

Unaudited

For federal income tax purposes, the following information is furnished with respect to the distributions of the Fund, if any, paid during its taxable year ended March 31, 2012.

The Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends-received deduction.

The Fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

The Fund paid $634,905 in capital gain dividends.

Eligible shareholders will be mailed a 2012 Form 1099-DIV in early 2013. This will reflect the tax character of all distributions paid in calendar year 2012.

26  Core High Yield Fund | Annual report 

 


Trustees and Officers

This chart provides information about the Trustees and Officers who oversee your John Hancock fund. Officers elected by the Trustees manage the day-to-day operations of the Fund and execute policies formulated by the Trustees.

Independent Trustees     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Steven R. Pruchansky, Born: 1944  2006  48 
Chairman (since January 2011); Chairman and Chief Executive Officer, Greenscapes of Southwest 
Florida, Inc. (since 2000); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); 
Member, Board of Advisors, First American Bank (until 2010); Managing Director, Jon James, LLC (real 
estate) (since 2000); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty 
Trust (until 1994); President, Maxwell Building Corp. (until 1991).     
 
William H. Cunningham, Born: 1944  2006  48 
Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System 
and former President of the University of Texas, Austin, Texas; Director of the following: LIN Television 
(since 2009); Lincoln National Corporation (insurance) (Chairman since 2009 and Director since 2006); 
Resolute Energy Corporation (since 2009); Nanomedical Systems, Inc. (biotechnology company) 
(Chairman since 2008); Yorktown Technologies, LP (tropical fish) (Chairman since 2007); Greater Austin 
Crime Commission (since 2001); Southwest Airlines (since 2000); former Director of the following: 
Introgen (manufacturer of biopharmaceuticals) (until 2008); Hicks Acquisition Company I, Inc. (until 
2007); Jefferson-Pilot Corporation (diversified life insurance company) (until 2006); and former Advisory 
Director, JP Morgan Chase Bank (formerly Texas Commerce Bank–Austin) (until 2009).   
 
Deborah C. Jackson, Born: 1952  2008  48 
President, Cambridge College, Cambridge, Massachusetts (since May 2011); Chief Executive Officer, 
American Red Cross of Massachusetts Bay (2002–May 2011); Board of Directors of Eastern Bank 
Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); 
Board of Directors of American Student Assistance Corp. (1996–2009); Board of Directors of Boston 
Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits 
company) (2007–2011).     
 
Stanley Martin,2 Born: 1947  2008  48 
Director, The St. Joe Company (real estate development company) (since May 2012); Senior Vice 
President/Audit Executive, Federal Home Loan Mortgage Corporation (2004–2006); Executive Vice 
President/Consultant, HSBC Bank USA (2000–2003); Chief Financial Officer/Executive Vice President, 
Republic New York Corporation & Republic National Bank of New York (1998–2000); Partner, KPMG 
LLP (1971–1998).     
 
Dr. John A. Moore,2 Born: 1939  2006  48 
President and Chief Executive Officer, Institute for Evaluating Health Risks, (nonprofit institution) 
(1989–2001); Senior Scientist, Sciences International (health research) (2000–2003); Former Assistant 
Administrator & Deputy Administrator, Environmental Protection Agency (1983–1989); Principal, 
Hollyhouse (consulting) (since 2000); Director, CIIT Center for Health Science Research (nonprofit 
research) (until 2007).     

 

Annual report | Core High Yield Fund  27 

 


Independent Trustees (continued)     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Patti McGill Peterson,2 Born: 1943  2006  48 
Presidential Advisor for Global Initiatives, American Council on Education (since 2011); Chairperson 
of the Board of the Trust (during 2009 and 2010); Principal, PMP Globalinc (consulting) (2007–2011); 
Senior Associate, Institute for Higher Education Policy (2007–2011); Executive Director, CIES 
(international education agency) (until 2007); Vice President, Institute of International Education (until 
2007); Former President Wells College, St. Lawrence University and the Association of Colleges and 
Universities of the State of New York. Director of the following: Mutual Fund Directors Forum (since 
2011); Niagara Mohawk Power Corporation (until 2003); Security Mutual Life (insurance) (until 1997); 
ONBANK (until 1993). Trustee of the following: Board of Visitors, The University of Wisconsin, Madison 
(since 2007); Ford Foundation, International Fellowships Program (until 2007); UNCF, International 
Development Partnerships (until 2005); Roth Endowment (since 2002); Council for International 
Educational Exchange (since 2003).     
 
Gregory A. Russo, Born: 1949  2008  48 
Member, Audit Committee and Finance Committee of NCH Healthcare System, Inc. (since 2011); Vice 
Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002–2006); Vice Chairman, Industrial 
Markets, KPMG (1998–2002).     
 
Non-Independent Trustees3     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Hugh McHaffie, Born: 1959  2010  48 
Executive Vice President, John Hancock Financial Services (since 2006, including prior positions); 
President of John Hancock Variable Insurance Trust and John Hancock Funds II (since 2009); Trustee, 
John Hancock retail funds (since 2010); Chairman and Director, John Hancock Advisers, LLC, 
John Hancock Investment Management Services, LLC and John Hancock Funds, LLC (since 2010). 
 
John G. Vrysen, Born: 1955  2009  48 
Senior Vice President, John Hancock Financial Services (since 2006); Director, Executive Vice President 
and Chief Operating Officer, John Hancock Advisers, LLC, John Hancock Investment Management 
Services, LLC and John Hancock Funds, LLC (since 2005); Chief Operating Officer, John Hancock 
Funds II and John Hancock Variable Insurance Trust (since 2007); Chief Operating Officer, John Hancock 
retail funds (until 2009); Trustee, John Hancock retail funds (since 2009).     

 

28  Core High Yield Fund | Annual report 

 


Principal officers who are not Trustees   
 
Name, Year of Birth  Officer 
Position(s) held with Fund  of the 
Principal occupation(s) and other  Trust 
directorships during past 5 years  since 
 
Keith F. Hartstein, Born: 1956  2006 
President and Chief Executive Officer   
Senior Vice President, John Hancock Financial Services (since 2004); Director, President and Chief   
Executive Officer, John Hancock Advisers, LLC and John Hancock Funds, LLC (since 2005); Director, 
John Hancock Asset Management a division of Manulife Asset Management (US) LLC (since 2005); 
Director, John Hancock Investment Management Services, LLC (since 2006); President and Chief   
Executive Officer, John Hancock retail funds (since 2005); Member, Investment Company Institute Sales 
Force Marketing Committee (since 2003).   
 
Andrew G. Arnott, Born: 1971  2009 
Senior Vice President and Chief Operating Officer   
Senior Vice President, John Hancock Financial Services (since 2009); Executive Vice President,   
John Hancock Advisers, LLC (since 2005); Executive Vice President, John Hancock Investment   
Management Services, LLC (since 2006); Executive Vice President, John Hancock Funds, LLC (since   
2004); Chief Operating Officer, John Hancock retail funds (since 2009); Senior Vice President,   
John Hancock retail funds (since 2010); Vice President, John Hancock Funds II and John Hancock   
Variable Insurance Trust (since 2006); Senior Vice President, Product Management and Development, 
John Hancock Funds, LLC (until 2009).   
 
Thomas M. Kinzler, Born: 1955  2006 
Secretary and Chief Legal Officer   
Vice President, John Hancock Financial Services (since 2006); Secretary and Chief Legal Counsel,   
John Hancock Advisers, LLC, John Hancock Investment Management Services, LLC and John Hancock 
Funds, LLC (since 2007); Secretary and Chief Legal Officer, John Hancock retail funds, John Hancock 
Funds II and John Hancock Variable Insurance Trust (since 2006).   
 
Francis V. Knox, Jr., Born: 1947  2006 
Chief Compliance Officer   
Vice President, John Hancock Financial Services (since 2005); Chief Compliance Officer, John Hancock 
retail funds, John Hancock Funds II, John Hancock Variable Insurance Trust, John Hancock Advisers, 
LLC and John Hancock Investment Management Services, LLC (since 2005); Vice President and Chief 
Compliance Officer, John Hancock Asset Management a division of Manulife Asset Management (US) 
LLC (2005–2008).   
 
Charles A. Rizzo, Born: 1957  2007 
Chief Financial Officer   
Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock   
Advisers, LLC and John Hancock Investment Management Services, LLC (since 2008); Chief Financial 
Officer, John Hancock retail funds, John Hancock Funds II and John Hancock Variable Insurance Trust 
(since 2007); Assistant Treasurer, Goldman Sachs Mutual Fund Complex (2005–2007); Vice President, 
Goldman Sachs (2005–2007).   

 

Annual report | Core High Yield Fund  29 

 


Principal officers who are not Trustees (continued)   
 
Name, Year of Birth  Officer 
Position(s) held with Fund  of the 
Principal occupation(s) and other  Trust 
directorships during past 5 years  since 
 
Salvatore Schiavone, Born: 1965  2010 
Treasurer   
Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock 
Advisers, LLC and John Hancock Investment Management Services, LLC (since 2007); Treasurer,   
John Hancock retail funds (since 2010); Treasurer, John Hancock closed-end funds (since 2009);   
Assistant Treasurer, John Hancock Funds II and John Hancock Variable Insurance Trust (since   
October 2010) and (2007–2009); Assistant Treasurer, John Hancock retail funds (2007–2009);   
Assistant Treasurer, Fidelity Group of Funds (2005–2007); Vice President, Fidelity Management   
Research Company (2005–2007).   

 

The business address for all Trustees and Officers is 601 Congress Street, Boston, Massachusetts 02210-2805.

The Statement of Additional Information of the Fund includes additional information about members of the Board of Trustees of the Fund and is available without charge, upon request, by calling 1-800-225-5291.

1 Each Trustee holds office until his or her successor is elected and qualified, or until the Trustee’s death, retirement, resignation or removal.

2 Member of Audit Committee.

3 Because Messrs. McHaffie and Vrysen are senior executives or directors with the Adviser and/or its affiliates, each of them is considered an “interested person,” as defined in the Investment Company Act of 1940, of the Fund.

30  Core High Yield Fund | Annual report 

 


More information

Trustees  Investment adviser 
Steven R. Pruchansky, Chairman  John Hancock Investment Management 
William H. Cunningham  Services, LLC 
Deborah C. Jackson   
Stanley Martin*  Subadviser 
Hugh McHaffie†  John Hancock Asset Management 
Dr. John A. Moore,* Vice Chairman  a division of Manulife Asset Management 
Patti McGill Peterson*  (North America) Limited 
Gregory A. Russo   
John G. Vrysen†  Principal distributor 
  John Hancock Funds, LLC 
Officers   
Keith F. Hartstein  Custodian 
President and Chief Executive Officer  State Street Bank and Trust Company 
   
Andrew G. Arnott  Transfer agent 
Senior Vice President and Chief Operating Officer  John Hancock Signature Services, Inc. 
   
Thomas M. Kinzler  Legal counsel 
Secretary and Chief Legal Officer  K&L Gates LLP 
   
Francis V. Knox, Jr.  Independent registered 
Chief Compliance Officer  public accounting firm 
  PricewaterhouseCoopers LLP 
Charles A. Rizzo   
Chief Financial Officer   
 
Salvatore Schiavone   
Treasurer   
 
*Member of the Audit Committee   
†Non-Independent Trustee   

 

The Fund’s proxy voting policies and procedures, as well as the Fund’s proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) Web site at www.sec.gov or on our Web site.

The Fund’s complete list of portfolio holdings, for the first and third fiscal quarters, is filed with the SEC on Form N-Q. The Fund’s Form N-Q is available on our Web site and the SEC’s Web site, www.sec.gov, and can be reviewed and copied (for a fee) at the SEC’s Public Reference Room in Washington, DC. Call 1-202-551-8090 to receive information on the operation of the SEC’s Public Reference Room.

We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our Web site at www.jhfunds.com or by calling 1-800-225-5291.

You can also contact us:     
1-800-225-5291  Regular mail:  Express mail: 
jhfunds.com  John Hancock Signature Services, Inc.  John Hancock Signature Services, Inc. 
  P.O. Box 55913  Mutual Fund Image Operations 
  Boston, MA 02205-5913  30 Dan Road 
    Canton, MA 02021 

 

Annual report | Core High Yield Fund  31 

 



1-800-225-5291
1-800-554-6713 TDD
1-800-338-8080 EASI-Line
www.jhfunds.com

Now available: electronic delivery
www.jhfunds.com/edelivery

This report is for the information of the shareholders of John Hancock Core High Yield Fund.  3460A 3/12 
It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.  5/12 

 




A look at performance

Total returns for the period ended March 31, 2012

  Average annual total returns (%)    Cumulative total returns (%)   
  with maximum sales charge    with maximum sales charge   
  1-year  5-year  10-year  1-year  5-year  10-year 
Class A1  –7.58  1.08  5.73  –7.58  5.54  74.63 
Class I1,2  –2.34  2.47  6.67  –2.34  12.99  90.65 
Class R11,2  –3.09  1.70  5.83  –3.09  8.77  76.30 
Class R21,2  –4.17  0.59  4.70  –4.17  3.00  58.22 
Class R31,2  –2.95  1.81  5.94  –2.95  9.37  78.15 
Class R41,2  –2.66  2.10  6.26  –2.66  10.97  83.47 
Class R51,2  –2.34  2.41  6.58  –2.34  12.67  89.08 
Class R61,2  –2.35  2.52  6.69  –2.35  13.24  91.17 
Class ADV1,2  –2.61  2.04  6.14  –2.61  10.63  81.38 

 

Performance figures assume all dividends have been reinvested. Figures reflect maximum sales charge on Class A shares of 5%. Sales charges are not applicable for Class I, Class R1, Class R2, Class R3, Class R4, Class R5, Class R6 and Class ADV shares.

The expense ratios of the Fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the Fund and may differ from those disclosed in the Financial highlights tables in this report. The fee waivers and expense limitations are contractual at least until 6-30-12 for Class A, Class I, Class R1, Class R3, Class R4, Class R5 and Class ADV shares and 6-30-13 for Class R2 and Class R6 shares. Had the fee waivers and expense limitations not been in place gross expenses would apply. The expense ratios are as follows:

  Class A  Class I  Class R1  Class R2  Class R3  Class R4  Class R5  Class R6  Class ADV 
Net (%)  1.50  1.04  1.80  1.55  1.70  1.40  1.10  1.04  1.34 
Gross (%)  1.55  1.15  7.00  2.99*  2.96  7.16  3.57  1.10*  4.97 

 

* Expenses have been estimated for the Class’s first full year of operations.

The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, the Fund’s current performance may be higher or lower than the performance shown. For performance data current to the most recent month end, please call 1-800-225-5291 or visit the Fund’s Web site at www.jhfunds.com.

The performance table above and the chart on the next page do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Fund’s performance results reflect any applicable expense reductions, without which the expenses would increase and results would have been less favorable.

6  Small Company Fund | Annual report 

 



    Without  With maximum   
  Start date  sales charge  sales charge  Index 
Class I2  3-31-02  $19,065  $19,065  $18,681 
Class R12  3-31-02  17,630  17,630  18,681 
Class R22  3-31-02  15,822  15,822  18,681 
Class R32  3-31-02  17,815  17,815  18,681 
Class R42  3-31-02  18,347  18,347  18,681 
Class R52  3-31-02  18,908  18,908  18,681 
Class R62  3-31-02  19,117  19,117  18,681 
Class ADV2  3-31-02  18,138  18,138  18,681 

 

Russell 2000 Index is an index that measures performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of total market capitalization of the Russell 3000 Index.

It is not possible to invest directly in an index. Index figures do not reflect sales charges, which would have resulted in lower values if they did.

1 On 12-11-09, through a reorganization, the Fund acquired all of the assets of the FMA Small Company Portfolio (the Predecessor Fund). On that date, the Predecessor Fund offered its Investor share class in exchange for Class A shares and the Institutional share class in exchange for Class I shares. Class A, Class I and Class ADV shares were first offered on 12-14-09. The Class A and Class ADV returns prior to that date are those of the Predecessor Fund’s Investor shares that have been recalculated to apply the gross fees and expenses of Class A and Class ADV shares, respectively. The Predecessor Fund’s Institutional share class returns have been recalculated to reflect the gross fees and expenses of Class I shares. The Class I returns prior to 5-1-08 are those of the Predecessor Fund’s Investor shares that have been recalculated to apply the gross fees and expenses of Class I shares. The inception date of Class R1, Class R3, Class R4 and Class R5 shares is 4-30-10. The inception dates for Class R6 and R2 are 9-1-11 and 3-1-12, respectively; returns prior to that date are those of Class A shares recalculated to apply the gross fees and expenses of Class R1, Class R2, Class R3, Class R4, Class R5 and Class R6 shares.

2 For certain types of investors, as described in the Fund’s prospectuses.

Annual report | Small Company Fund  7 

 


Management’s discussion of

Fund performance

By Fiduciary Management Associates, LLC

The 12-month period ended March 31, 2012 was characterized by two very different sets of market conditions. The period’s first half witnessed several extremely disruptive world events, most notably the ongoing sovereign debt crisis in Europe. In the United States, unemployment remained stubbornly high and the economy’s recovery appeared vulnerable. Against this backdrop, stock prices lost considerable ground. In the second half of the reporting period, efforts by European policymakers to resolve the continent’s debt crisis were generally greeted with enthusiasm by investors, while an increasingly favorable economic picture began to emerge in the United States. In response, investors grew more confident, creating a positive environment for the small-cap stock market.

For the 12-month period ended March 31, 2012, John Hancock Small Company Fund’s Class A shares declined 2.71%, excluding sales charges. That performance lagged the –0.32% result of the average small blend fund, according to Morningstar, Inc., as well as the –0.18% result of the Fund’s benchmark, the Russell 2000 Index. The Fund’s underperformance relative to the benchmark was largely the result of disappointing stock selection in two sectors that are historically sensitive to the health of the overall economy — financials and materials. In materials, the Fund was hurt most by positions in metals recycler Schnitzer Steel Industries, Inc. and aluminum producer Century Aluminum Co., both of which we sold. In financials, the Fund’s performance relative to the benchmark index was hampered most notably by prematurely selling the Fund’s positions in lodging real estate investment trust LaSalle Hotel Properties and other companies that investors deemed more risky during the market’s downturn, but which rallied in the period’s second half.

On the positive side, several of the biggest contributors to the Fund’s performance in relative terms were health care stocks Questcor Pharmaceuticals, Inc. and American Medical Systems Holdings Inc., which was acquired by Endo Pharmaceuticals. The Fund no longer holds the latter position. In the industrials sector, Woodward, Inc. was a notable outperformer for the Fund, while technology holding SolarWinds Inc. and financial company Delphi Financial Group, Inc. (which we sold), also supported results. We also sold Woodward and SolarWinds as they grew too large for the Fund’s small-cap focus.

This commentary reflects the views of the portfolio managers through the end of the period discussed in this report. The managers’ statements reflect their own opinions. As such, they are in no way guarantees of future events and are not intended to be used as investment advice or a recommendation regarding any specific security. They are also subject to change at any time as market and other conditions warrant.

Past performance is no guarantee of future results.

Investments in smaller companies may involve greater risks than those in larger, more well-known companies. See the prospectus for the risks of investing in small-cap stocks. Sector investing is subject to greater risks than the market as a whole. Because the Fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors.

8  Small Company Fund | Annual report 

 


Your expenses

These examples are intended to help you understand your ongoing operating expenses.

Understanding fund expenses

As a shareholder of the Fund, you incur two types of costs:

▪ Transaction costs which include sales charges (loads) on purchases or redemptions (varies by share class), minimum account fee charge, etc.

▪ Ongoing operating expenses including management fees, distribution and service fees (if applicable), and other fund expenses.

We are going to present only your ongoing operating expenses here.

Actual expenses/actual returns

This example is intended to provide information about the Fund’s actual ongoing operating expenses, and is based on the Fund’s actual return. It assumes an account value of $1,000.00 on October 1, 2011 with the same investment held until March 31, 2012.

  Account value  Ending value  Expenses paid during 
  on 10-1-11  on 3-31-12  period ended 3-31-121 
Class A  $1,000.00  $1,266.50  $8.50 
Class I  1,000.00  1,269.30  5.90 
Class R1  1,000.00  1,019.50  9.09 
Class R3  1,000.00  1,265.10  9.63 
Class R4  1,000.00  1,267.20  7.94 
Class R5  1,000.00  1,269.40  6.24 
Class R6  1,000.00  1,264.30  5.89 
Class ADV  1,000.00  1,269.90  7.60 

 

For the class noted below, the example assumes an account value of $1,000 on March 1, 2012, with the same investment held until March 31, 2012.

 

  Account value  Ending value  Expenses paid during 
  on 3-1-12  on 3-31-12  period ended 3-31-122 
Class R2  $1,000.00  $1,265.10  $1.49 

 

Together with the value of your account, you may use this information to estimate the operating expenses that you paid over the period. Simply divide your account value at March 31, 2012, by $1,000.00, then multiply it by the “expenses paid” for your share class from the table above. For example, for an account value of $8,600.00, the operating expenses should be calculated as follows:

 

Annual report | Small Company Fund  9 

 


Your expenses

Hypothetical example for comparison purposes

This table allows you to compare the Fund’s ongoing operating expenses with those of any other fund. It provides an example of the Fund’s hypothetical account values and hypothetical expenses based on each class’s actual expense ratio and an assumed 5% annualized return before expenses (which is not the Fund’s actual return). It assumes an account value of $1,000.00 on October 1, 2011, with the same investment held until March 31, 2012. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses.

  Account value  Ending value  Expenses paid during 
  on 10-1-11  on 3-31-12  period ended 3-31-123 
Class A  $1,000.00  $1,017.50  $7.57 
Class I  1,000.00  1,019.80  5.25 
Class R1  1,000.00  1,016.00  9.07 
Class R2  1,000.00  1,017.20  7.82 
Class R3  1,000.00  1,016.50  8.57 
Class R4  1,000.00  1,018.00  7.06 
Class R5  1,000.00  1,019.40  5.55 
Class R6  1,000.00  1,019.80  5.25 
Class ADV  1,000.00  1,018.30  6.76 

 

Remember, these examples do not include any transaction costs, therefore, these examples will not help you to determine the relative total costs of owning different funds. If transaction costs were included, your expenses would have been higher. See the prospectus for details regarding transaction costs.

1 Expenses are equal to the Fund’s annualized expense ratio of 1.50%, 1.04%, 1.80%, 1.70%, 1.40%, 1.10%, 1.04% and 1.34% for Class A, Class I, Class R1, Class R3, Class R4, Class R5, Class R6 and Class ADV shares, respectively, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

2 Expenses are equal to the Fund’s annualized expense ratio of 1.55% for Class R2 shares, multiplied by the average account value over the period, multiplied by 31/366 (to reflect the period).

3 Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

10  Small Company Fund | Annual report 

 


Portfolio summary

Top 10 Holdings (15.3% of Net Assets on 3-31-12)1,2  
Extra Space Storage, Inc.  1.6%  Webster Financial Corp.  1.5% 
  
Fulton Financial Corp.  1.6%  Actuant Corp., Class A  1.5% 
  
Susquehanna Bancshares, Inc.  1.6%  Entertainment Properties Trust  1.5% 
  
OSI Systems, Inc.  1.5%  Brunswick Corp.  1.5% 
  
Medical Properties Trust, Inc.  1.5%  Zebra Technologies Corp., Class A  1.5% 
  
 
Sector Composition1,3       
Financials  24.9%  Utilities  5.5% 
  
Industrials  18.5%  Energy  4.8% 
  
Information Technology  18.0%  Consumer Staples  3.5% 
  
Consumer Discretionary  12.8%  Materials  3.0% 
  
Health Care  6.8%  Short-Term Investments & Other  2.2% 
  

 

1 As a percentage of net assets on 3-31-12.

2 Excludes cash and cash equivalents.

3 Sector investing is subject to greater risks than the market as a whole. Because the Fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors.

Annual report | Small Company Fund  11 

 


Fund’s investments

As of 3-31-12

  Shares  Value 
Common Stocks 97.8%    $194,426,507 
(Cost $170,372,040)     
 
Consumer Discretionary 12.8%    25,374,618 
 
Auto Components 1.3%     
Dana Holding Corp.  162,130  2,513,015 
 
Hotels, Restaurants & Leisure 2.5%     
Shuffle Master, Inc. (I)  134,140  2,360,863 
Vail Resorts, Inc.  62,670  2,710,478 
 
Household Durables 1.0%     
Ethan Allen Interiors, Inc.  75,090  1,901,279 
 
Leisure Equipment & Products 1.5%     
Brunswick Corp.  114,460  2,947,345 
 
Specialty Retail 5.4%     
Asbury Automotive Group, Inc. (I)  94,190  2,543,130 
Express, Inc. (I)  79,880  1,995,402 
Hibbett Sports, Inc. (I)  37,220  2,030,351 
Monro Muffler Brake, Inc.  53,040  2,200,630 
The Buckle, Inc.  41,410  1,983,539 
 
Textiles, Apparel & Luxury Goods 1.1%     
Steven Madden, Ltd. (I)  51,195  2,188,586 
 
Consumer Staples 3.5%    6,938,934 
 
Food Products 2.1%     
Snyders-Lance, Inc.  76,710  1,982,954 
TreeHouse Foods, Inc. (I)  35,380  2,105,110 
 
Personal Products 1.4%     
Elizabeth Arden, Inc. (I)  81,500  2,850,870 
 
Energy 4.8%    9,470,001 
 
Energy Equipment & Services 2.7%     
Gulfmark Offshore, Inc., Class A (I)  62,220  2,859,631 
Key Energy Services, Inc. (I)  161,320  2,492,394 
 
Oil, Gas & Consumable Fuels 2.1%     
GeoResources, Inc. (I)  60,040  1,965,710 
Rosetta Resources, Inc. (I)  44,140  2,152,266 

 

12  Small Company Fund | Annual report  See notes to financial statements 

 


  Shares  Value 
Financials 24.9%    $49,473,624 
 
Capital Markets 2.3%     
Evercore Partners, Inc., Class A  88,010  2,558,451 
Waddell & Reed Financial, Inc., Class A  64,010  2,074,564 
 
Commercial Banks 11.6%     
Bank of the Ozarks, Inc.  69,070  2,159,128 
First Midwest Bancorp, Inc.  171,240  2,051,455 
FNB Corp.  205,200  2,478,816 
Fulton Financial Corp.  309,800  3,252,900 
Old National Bancorp  200,120  2,629,577 
Prosperity Bancshares, Inc.  56,940  2,607,852 
Susquehanna Bancshares, Inc.  321,970  3,181,064 
TCF Financial Corp.  142,240  1,691,234 
Webster Financial Corp.  131,890  2,989,946 
 
Real Estate Investment Trusts 9.7%     
Colonial Properties Trust  119,760  2,602,385 
EastGroup Properties, Inc.  56,750  2,849,985 
Entertainment Properties Trust  63,740  2,956,261 
Extra Space Storage, Inc.  113,690  3,273,135 
Glimcher Realty Trust  202,920  2,073,842 
Highwoods Properties, Inc.  77,500  2,582,300 
Medical Properties Trust, Inc.  322,420  2,992,058 
 
Thrifts & Mortgage Finance 1.3%     
Washington Federal, Inc.  146,770  2,468,671 
 
Health Care 6.8%    13,550,629 
 
Health Care Equipment & Supplies 1.4%     
Teleflex, Inc.  45,390  2,775,599 
 
Health Care Providers & Services 1.2%     
LifePoint Hospitals, Inc. (I)  59,510  2,347,074 
 
Life Sciences Tools & Services 1.0%     
PAREXEL International Corp. (I)  75,140  2,026,526 
 
Pharmaceuticals 3.2%     
Akorn, Inc. (I)  183,421  2,146,026 
Impax Laboratories, Inc. (I)  84,860  2,085,859 
Questcor Pharmaceuticals, Inc. (I)  57,670  2,169,545 
 
Industrials 18.5%    36,859,779 
 
Aerospace & Defense 3.2%     
Esterline Technologies Corp. (I)  33,810  2,416,063 
Hexcel Corp. (I)  82,240  1,974,582 
Orbital Sciences Corp., Class A (I)  144,280  1,897,282 
 
Building Products 1.4%     
AO Smith Corp.  63,920  2,873,204 
 
Electrical Equipment 1.0%     
Belden, Inc.  50,560  1,916,730 

 

See notes to financial statements  Annual report | Small Company Fund  13 

 


  Shares  Value 
Machinery 6.2%     
Actuant Corp., Class A  102,580  $2,973,794 
Barnes Group, Inc.  106,520  2,802,541 
Chart Industries, Inc. (I)  4,540  332,918 
CLARCOR, Inc.  44,500  2,184,505 
Robbins & Myers, Inc.  42,280  2,200,674 
Terex Corp. (I)  86,380  1,943,550 
 
Professional Services 1.1%     
Acacia Research (I)  50,680  2,115,383 
 
Road & Rail 1.8%     
Old Dominion Freight Line, Inc. (I)  46,420  2,212,841 
RailAmerica, Inc. (I)  63,610  1,365,071 
 
Trading Companies & Distributors 3.3%     
Beacon Roofing Supply, Inc. (I)  75,540  1,945,910 
United Rentals, Inc. (I)  61,360  2,631,730 
WESCO International, Inc. (I)  30,540  1,994,567 
 
Transportation Infrastructure 0.5%     
Wesco Aircraft Holdings, Inc. (I)  66,570  1,078,434 
 
Information Technology 18.0%    35,819,514 
 
Communications Equipment 2.4%     
ADTRAN, Inc.  68,520  2,137,139 
ViaSat, Inc. (I)  55,910  2,695,421 
 
Computers & Peripherals 1.1%     
Stratasys, Inc. (I)  57,630  2,104,648 
 
Electronic Equipment, Instruments & Components 4.6%     
Coherent, Inc. (I)  34,610  2,018,801 
FEI Company (I)  41,270  2,026,770 
Littelfuse, Inc.  34,170  2,142,459 
OSI Systems, Inc. (I)  49,620  3,041,706 
 
Internet Software & Services 3.3%     
Liquidity Services, Inc. (I)  49,650  2,224,320 
LivePerson, Inc. (I)  128,360  2,152,597 
Stamps.com, Inc. (I)  82,200  2,291,736 
 
Office Electronics 1.5%     
Zebra Technologies Corp., Class A (I)  70,680  2,910,602 
 
Semiconductors & Semiconductor Equipment 3.7%     
Cirrus Logic, Inc. (I)  103,430  2,461,634 
Fairchild Semiconductor International, Inc. (I)  184,780  2,716,266 
Power Integrations, Inc.  56,700  2,104,704 
 
Software 1.4%     
ACI Worldwide, Inc. (I)  69,300  2,790,711 
 
Materials 3.0%    5,994,501 
 
Chemicals 2.0%     
H.B. Fuller Company  60,570  1,988,513 
Minerals Technologies, Inc.  30,670  2,006,125 

 

14  Small Company Fund | Annual report  See notes to financial statements 

 


    Shares  Value 
Construction Materials 1.0%       
Eagle Materials, Inc.    57,550  $1,999,863 
 
Utilities 5.5%      10,944,907 
 
Electric Utilities 2.8%       
ALLETE, Inc.    69,440  2,881,066 
UniSource Energy Corp.    73,600  2,691,552 
 
Gas Utilities 1.3%       
WGL Holdings, Inc.    64,510  2,625,557 
 
Multi-Utilities 1.4%       
NorthWestern Corp.    77,460  2,746,732 
 
Short-Term Investments 2.6%      $5,146,192 
(Cost $5,146,192)       
  Yield  Shares  Value 
Money Market Funds 2.6%      $5,146,192 
 
State Street Institutional Liquid Reserves Fund  0.2340% (Y)  5,146,192  5,146,192 
 
Total investments (Cost $175,518,232)† 100.4%    $199,572,699 
 
Other assets and liabilities, net (0.4%)      ($779,941) 
 
Total net assets 100.0%      $198,792,758 
 

 

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the Fund.

(I) Non-income producing security.

(Y) The rate shown is the annualized seven-day yield as of 3-31-12.

† At 3-31-12, the aggregate cost of investment securities for federal income tax purposes was $176,538,746. Net unrealized appreciation aggregated $23,033,953, of which $24,701,649 related to appreciated investment securities and $1,667,696 related to depreciated investment securities.

See notes to financial statements  Annual report | Small Company Fund  15 

 


F I N A N C I A L   S T A T E M E N T S

Financial statements

Statement of assets and liabilities 3-31-12

This Statement of assets and liabilities is the Fund’s balance sheet. It shows the value of what the Fund owns, is due and owes. You’ll also find the net asset value and the maximum offering price per share.

Assets   
Investments, at value (Cost $175,518,232)  $199,572,699 
Receivable for investments sold  2,086,252 
Receivable for fund shares sold  33,705 
Dividends and interest receivable  211,036 
Receivable due from adviser  2,694 
Other receivables and prepaid expenses  118,950 
 
Total assets  202,025,336 
 
Liabilities   
Payable for investments purchased  2,155,580 
Payable for fund shares repurchased  921,907 
Payable to affiliates   
Accounting and legal services fees  3,351 
Transfer agent fees  28,203 
Distribution and service fees  327 
Trustees’ fees  7,597 
Other liabilities and accrued expenses  115,613 
 
Total liabilities  3,232,578 
 
Net assets   
Paid-in capital  $209,558,010 
Accumulated distributions in excess of net investment income  (164,473) 
Accumulated net realized loss on investments  (34,655,246) 
Net unrealized appreciation (depreciation) on investments  24,054,467 
 
Net assets  $198,792,758 
 
Net asset value per share   
Based on net asset values and shares outstanding — the Fund has an   
unlimited number of shares authorized with no par value   
Class A ($128,690,306 ÷ 6,170,710 shares)  $20.86 
Class I ($68,541,064 ÷ 3,269,931 shares)  $20.96 
Class R1 ($154,367 ÷ 7,453 shares)  $20.71 
Class R2 ($101,931 ÷ 4,864 shares)  $20.96 
Class R3 ($442,504 ÷ 21,320 shares)  $20.76 
Class R4 ($54,602 ÷ 2,616 shares)  $20.87 
Class R5 ($190,523 ÷ 9,091 shares)  $20.96 
Class R6 ($115,139 ÷ 5,491.7 shares)  $20.97 
Class ADV ($502,322 ÷ 24,059 shares)  $20.88 
 
Maximum offering price per share   
Class A (net asset value per share ÷ 95%)1  $21.96 

 

1 On single retail sales of less than $50,000. On sales of $50,000 or more and on group sales the offering price is reduced.

 

16  Small Company Fund | Annual report  See notes to financial statements 

 


F I N A N C I A L   S T A T E M E N T S

Statement of operations For the year ended 3-31-12

This Statement of operations summarizes the Fund’s investment income earned and expenses incurred in operating the Fund. It also shows net gains (losses) for the period stated.

Investment income   
Dividends  $2,744,638 
Interest  9,893 
 
Total investment income  2,754,531 
 
Expenses   
Investment management fees  1,800,946 
Distribution and service fees  399,349 
Accounting and legal services fees  34,017 
Transfer agent fees  318,680 
Trustees’ fees  12,343 
State registration fees  124,002 
Printing and postage  51,000 
Professional fees  52,383 
Custodian fees  36,907 
Registration and filing fees  49,247 
Other  17,483 
 
Total expenses  2,896,357 
Less expense reductions  (282,086) 
 
Net expenses  2,614,271 
 
Net investment income  140,260 
 
Realized and unrealized gain (loss)   
 
Net realized gain (loss) on   
Investments in unaffiliated issuers  (5,207,731) 
 
  (5,207,731) 
Change in net unrealized appreciation (depreciation) of   
Investments in unaffiliated issuers  (2,370,555) 
 
  (2,370,555) 
 
Net realized and unrealized loss  (7,578,286) 
 
Decrease in net assets from operations  ($7,438,026) 

 

See notes to financial statements  Annual report | Small Company Fund  17 

 


F I N A N C I A L   S T A T E M E N T S

Statements of changes in net assets

These Statements of changes in net assets show how the value of the Fund’s net assets has changed during the last two periods. The difference reflects earnings less expenses, any investment gains and losses, distributions, if any, paid to shareholders and the net of Fund share transactions.

  Year  Year 
  ended  ended 
  3-31-12  3-31-11 
 
Increase (decrease) in net assets     
 
From operations     
Net investment income (loss)  $140,260  ($92,010) 
Net realized gain (loss)  (5,207,731)  22,658,659 
Change in net unrealized appreciation (depreciation)  (2,370,555)  3,181,254 
 
Increase (decrease) in net assets resulting from operations  (7,438,026)  25,747,903 
 
Distributions to shareholders     
From net investment income     
Class I  (138,917)  — 
Class R5  (281)  — 
Class R6  (220)  — 
 
Total distributions  (139,418)  — 
 
Increase in capital from settlement payments  —  231,252 
 
From Fund share transactions  50,599,884  2,290,103 
 
Total increase  43,022,440  28,269,258 
 
Net assets     
Beginning of year  155,770,318  127,501,060 
 
End of year  $198,792,758  $155,770,318 
 
Undistributed (accumulated distributions in excess of)     
net investment income  ($164,473)  $139,186 

 

18  Small Company Fund | Annual report  See notes to financial statements 

 


Financial highlights

The Financial highlights show how the Fund’s net asset value for a share has changed during the period.

CLASS A SHARES Period ended  3-31-12  3-31-11  3-31-101,2  10-31-09  10-31-083  10-31-07 
 
Per share operating performance             
Net asset value, beginning of period  $21.44  $17.82  $14.68  $13.83  $22.55  $23.04 
Net investment income (loss)4  (0.01)  (0.03)  (0.02)  —5  0.05  (0.04) 
Net realized and unrealized gain (loss)             
on investments  (0.57)  3.62  3.18  0.87  (6.01)  2.06 
Total from investment operations  (0.58)  3.59  3.16  0.87  (5.96)  2.02 
Less distributions             
From net investment income  —  —  (0.02)  (0.02)  (0.01)  (0.01) 
From net realized gain  —  —  —  —  (2.75)  (2.50) 
Total distributions  —  —  (0.02)  (0.02)  (2.76)  (2.51) 
Non-recurring reimbursement  —  0.036  —  —  —  — 
Net asset value, end of period  $20.86  $21.44  $17.82  $14.68  $13.83  $22.55 
Total return (%)7,8  (2.71)  20.31  21.519  6.34  (29.67)  9.43 
 
Ratios and supplemental data             
Net assets, end of period (in millions)  $129  $88  $92  $87  $104  $209 
Ratios (as a percentage of average net             
assets):             
Expenses before reductions  1.54  1.49  1.6610  1.42  1.37  1.30 
Expenses net of fee waivers  1.44  1.34  1.3910  1.39  1.31  1.25 
Net investment income (loss)  (0.07)  (0.17)  (0.23)10  (0.01)  0.27  (0.20) 
Portfolio turnover (%)  133  159  4211  155  177  132 

 

1 For the five month period ended 3-31-10. The Fund changed its fiscal year end from October 31 to March 31.
2 After the close of business on 12-11-09, holders of Investor Shares of the former FMA Small Company Portfolio (the Predecessor Fund) became owners of an equal number of full and fractional Class A shares of John Hancock Small Company Fund. These shares were first offered on 12-14-09. Additionally, the accounting and performance history of the Investor Shares of the Predecessor Fund was redesignated as that of John Hancock Small Company Fund Class A.
3 Prior to 5-1-08, Investor Shares were offered as Institutional Shares.
4 Based on the average daily shares outstanding.
5 Less than ($0.005) per share.
6 Reflects a non-recurring reimbursement pursuant to a settlement between the SEC and Millennium Partners, L.P., Millennium Management, L.L.C., and Millennium International Management, L.L.C., which amounted to $0.03 per share.
7 Does not reflect the effect of sales charges, if any.
8 Total returns would have been lower had certain expenses not been reduced during the periods shown.
9 Not annualized.
10 Annualized.
11 Portfolio turnover is shown for the period from 11-1-09 to 3-31-10.

 

See notes to financial statements  Annual report | Small Company Fund  19 

 


CLASS I SHARES Period ended  3-31-12  3-31-11  3-31-101,2   10-31-09  10-31-083 
 
Per share operating performance           
Net asset value, beginning of period  $21.51  $17.84  $14.71  $13.84  $17.99 
Net investment income4  0.07  0.02  —5  0.03  0.04 
Net realized and unrealized gain (loss) on investments  (0.58)  3.62  3.18  0.87  (4.17) 
Total from investment operations  (0.51)  3.64  3.18  0.90  (4.13) 
Less distributions           
From net investment income  (0.04)  —  (0.05)  (0.03)  (0.02) 
Non-recurring reimbursement  —  0.036  —  —  — 
Net asset value, end of period  $20.96  $21.51  $17.84  $14.71  $13.84 
Total return (%)7  (2.34)  20.57  21.678  6.56  (22.95)8 
 
Ratios and supplemental data           
Net assets, end of period (in millions)  $69  $67  $36  $23  $27 
Ratios (as a percentage of average net assets):           
Expenses before reductions  1.16  1.12  1.189  1.17  1.189 
Expenses net of fee waivers  1.04  1.11  1.149  1.14  1.089 
Net investment income  0.34  0.09  0.019  0.24  0.559 
Portfolio turnover (%)  133  159  4210  155  177 

 

1 For the five month period ended 3-31-10. The Fund changed its fiscal year end from October 31 to March 31.
2 After the close of business on 12-11-09, holders of Institutional Shares of the former FMA Small Company Portfolio (the Predecessor Fund) became owners of an equal number of full and fractional Class I shares of John Hancock Small Company Fund. These shares were first offered on 12-14-09. Additionally, the accounting and performance history of the Institutional Shares of the Predecessor Fund was redesignated as that of John Hancock Small Company Fund Class I.
3 Commencement of operations 5-2-08.
4 Based on the average daily shares outstanding.
5 Less than $0.005 per share.
6 Reflects a non-recurring reimbursement pursuant to a settlement between the SEC and Millennium Partners, L.P., Millennium Management, L.L.C., and Millennium International Management, L.L.C., which amounted to $0.03 per share.
7 Total returns would have been lower had certain expenses not been reduced during the periods shown.
8 Not annualized.
9 Annualized.
10 Portfolio turnover is shown for the period from 11-1-09 to 3-31-10.

 

CLASS R1 SHARES Period ended  3-31-12  3-31-111 
 
Per share operating performance     
Net asset value, beginning of period  $21.37  $19.38 
Net investment loss2  (0.08)  (0.07) 
Net realized and unrealized gain (loss) on investments  (0.58)  2.03 
Total from investment operations  (0.66)  1.96 
Non-recurring reimbursement  —  0.033 
Net asset value, end of period  $20.71  $21.37 
Total return (%)4  (3.09)  10.275 
 
Ratios and supplemental data     
Net assets, end of period (in millions)  —6  —6 
Ratios (as a percentage of average net assets):     
Expenses before reductions  13.34  7.227 
Expenses net of fee waivers  1.80  1.807 
Net investment loss  (0.40)  (0.42)7 
Portfolio turnover (%)  133  159 

 

1 Period from 4-30-10 (inception date) to 3-31-11.
2 Based on the average daily shares outstanding.
3 Reflects a non-recurring reimbursement pursuant to a settlement between the SEC and Millennium Partners, L.P., Millennium Management, L.L.C., and Millennium International Management, L.L.C., which amounted to $0.03 per share.
4 Total returns would have been lower had certain expenses not been reduced during the periods shown.
5 Not annualized.
6 Less than $500,000.
7 Annualized.

 

20  Small Company Fund | Annual report  See notes to financial statements 

 


CLASS R2 SHARES Period ended  3-31-121 
 
Per share operating performance   
Net asset value, beginning of period  $20.56 
Net investment income2  0.02 
Net realized and unrealized gain on investments  0.38 
Total from investment operations  0.40 
Net asset value, end of period  $20.96 
Total return (%)3  1.954 
 
Ratios and supplemental data   
Net assets, end of period (in millions)  —5 
Ratios (as a percentage of average net assets):   
Expenses before reductions  16.316 
Expenses net of fee waivers  1.556 
Net investment income  1.316 
Portfolio turnover (%)  1337 

 

1 Period from 3-1-12 (inception date) to 3-31-12.
2 Based on the average daily shares outstanding.
3 Total returns would have been lower had certain expenses not been reduced during the periods shown.
4 Not annualized.
5 Less than $500,000.
6 Annualized.
7 Portfolio turnover is shown for the period from 4-1-11 to 3-31-12.

 

CLASS R3 SHARES Period ended  3-31-12  3-31-111 
 
Per share operating performance     
Net asset value, beginning of period  $21.39  $19.38 
Net investment loss2  (0.06)  (0.10) 
Net realized and unrealized gain (loss) on investments  (0.57)  2.08 
Total from investment operations  (0.63)  1.98 
Non-recurring reimbursement  —  0.033 
Net asset value, end of period  $20.76  $21.39 
Total return (%)4  (2.95)  10.375 
 
Ratios and supplemental data     
Net assets, end of period (in millions)  —6  —6 
Ratios (as a percentage of average net assets):     
Expenses before reductions  4.65  3.007 
Expenses net of fee waivers  1.70  1.707 
Net investment loss  (0.32)  (0.52)7 
Portfolio turnover (%)  133  159 

 

1 Period from 4-30-10 (inception date) to 3-31-11.
2 Based on the average daily shares outstanding.
3 Reflects a non-recurring reimbursement pursuant to a settlement between the SEC and Millennium Partners, L.P., Millennium Management, L.L.C., and Millennium International Management, L.L.C., which amounted to $0.03 per share.
4 Total returns would have been lower had certain expenses not been reduced during the periods shown.
5 Not annualized.
6 Less than $500,000.
7 Annualized.

 

See notes to financial statements  Annual report | Small Company Fund  21 

 


CLASS R4 SHARES Period ended  3-31-12  3-31-111 
 
Per share operating performance     
Net asset value, beginning of period  $21.44  $19.38 
Net investment loss2  (0.01)  (0.03) 
Net realized and unrealized gain (loss) on investments  (0.56)  2.06 
Total from investment operations  (0.57)  2.03 
Non-recurring reimbursement  —  0.033 
Net asset value, end of period  $20.87  $21.44 
Total return (%)4  (2.66)  10.635 
 
Ratios and supplemental data     
Net assets, end of period (in millions)  —6  —6 
Ratios (as a percentage of average net assets):     
Expenses before reductions  28.72  7.407 
Expenses net of fee waivers  1.40  1.407 
Net investment loss  (0.03)  (0.16)7 
Portfolio turnover (%)  133  159 

 

1 Period from 4-30-10 (inception date) to 3-31-11.
2 Based on the average daily shares outstanding.
3 Reflects a non-recurring reimbursement pursuant to a settlement between the SEC and Millennium Partners, L.P., Millennium Management, L.L.C., and Millennium International Management, L.L.C., which amounted to $0.03 per share.
4 Total returns would have been lower had certain expenses not been reduced during the periods shown.
5 Not annualized.
6 Less than $500,000.
7 Annualized.

 

CLASS R5 SHARES Period ended  3-31-12  3-31-111 
 
Per share operating performance     
Net asset value, beginning of period  $21.50  $19.38 
Net investment income2  0.05  0.01 
Net realized and unrealized gain (loss) on investments  (0.56)  2.08 
Total from investment operations  (0.51)  2.09 
Less distributions     
From net investment income  (0.03)  — 
Non-recurring reimbursement  —  0.033 
Net asset value, end of period  $20.96  $21.50 
Total return (%)4  (2.34)  10.945 
 
Ratios and supplemental data     
Net assets, end of period (in millions)  —6  —6 
Ratios (as a percentage of average net assets):     
Expenses before reductions  8.75  3.667 
Expenses net of fee waivers  1.10  1.107 
Net investment income  0.28  0.057 
Portfolio turnover (%)  133  159 

 

1 Period from 4-30-10 (inception date) to 3-31-11.
2 Based on the average daily shares outstanding.
3 Reflects a non-recurring reimbursement pursuant to a settlement between the SEC and Millennium Partners, L.P., Millennium Management, L.L.C., and Millennium International Management, L.L.C., which amounted to $0.03 per share.
4 Total returns would have been lower had certain expenses not been reduced during the periods shown.
5 Not annualized.
6 Less than $500,000.
7 Annualized.

 

22  Small Company Fund | Annual report  See notes to financial statements 

 


CLASS R6 SHARES Period ended  3-31-121 
 
Per share operating performance   
Net asset value, beginning of period  $18.69 
Net investment income2  0.06 
Net realized and unrealized gain on investments  2.26 
Total from investment operations  2.32 
Less distributions   
From net investment income  (0.04) 
Net asset value, end of period  $20.97 
Total return (%)3  12.454 
 
Ratios and supplemental data   
Net assets, end of period (in millions)  —5 
Ratios (as a percentage of average net assets):   
Expenses before reductions  15.466 
Expenses net of fee waivers  1.046 
Net investment income  0.556 
Portfolio turnover (%)  1337 

 

1 Period from 9-1-11 (inception date) to 3-31-12.
2 Based on the average daily shares outstanding.
3 Total returns would have been lower had certain expenses not been reduced during the periods shown.
4 Not annualized.
5 Less than $500,000.
6 Annualized.
7 Portfolio turnover is shown for the period from 4-1-11 to 3-31-12.

 

CLASS ADV SHARES Period ended  3-31-12  3-31-11  3-31-101 
 
Per share operating performance       
Net asset value, beginning of period  $21.44  $17.82  $15.71 
Net investment income2  0.01  (0.01)  (0.01) 
Net realized and unrealized gain (loss) on investments  (0.57)  3.60  2.12 
Total from investment operations  (0.56)  3.59  2.11 
Non-recurring reimbursement  —  0.033  — 
Net asset value, end of period  $20.88  $21.44  $17.82 
Total return (%)4  (2.61)  20.31  13.435 
 
Ratios and supplemental data       
Net assets, end of period (in millions)  $1  $1  —6 
Ratios (as a percentage of average net assets):       
Expenses before reductions  4.34  4.99  2.767 
Expenses net of fee waivers  1.34  1.34  1.337 
Net investment income  0.03  (0.07)  (0.17)7 
Portfolio turnover (%)  133  159  428 

 

1 Period from 12-14-09 (inception date) to 3-31-10.
2 Based on the average daily shares outstanding.
3 Reflects a non-recurring reimbursement pursuant to a settlement between the SEC and Millennium Partners, L.P., Millennium Management, L.L.C., and Millennium International Management, L.L.C., which amounted to $0.03 per share.
4 Total returns would have been lower had certain expenses not been reduced during the periods shown.
5 Not annualized.
6 Less than $500,000.
7 Annualized.
8 Portfolio turnover is shown for the period from 11-1-09 to 3-31-10.

 

See notes to financial statements  Annual report | Small Company Fund  23 

 


Notes to financial statements

Note 1 — Organization

John Hancock Small Company Fund (the Fund) is a series of John Hancock Funds III (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the Fund is to seek maximum long-term total return.

The Fund may offer multiple classes of shares. The shares currently offered are detailed in the Statement of assets and liabilities. Class A shares are offered to all investors. Class I shares are offered to institutions and certain investors. Class R1, Class R2, Class R3, Class R4 and Class R5 shares are available only to certain retirement plans. Class R6 shares are available only to certain retirement plans, institutions and other investors. Class ADV shares are available to investors who acquired Class A shares as a result of the reorganization of the FMA Small Company Portfolio (the Predecessor Fund) into the Fund and are closed to new investors. Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, transfer agent fees, printing and postage and state registration fees for each class may differ. Certain Class I shares may be exchanged for Class R6 shares within one year after the commencement of operations of Class R6 shares.

Note 2 — Significant accounting policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security valuation. Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. The Fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities. Level 2 includes securities valued using significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Fund’s own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

As of March 31, 2012, all investments are categorized as Level 1 under the hierarchy described above. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. During the year ended March 31, 2012, there were no significant transfers in or out of Level 1, Level 2 or Level 3.

In order to value the securities, the Fund uses the following valuation techniques. Equity securities held by the Fund are valued at the last sale price or official closing price on the principal securities exchange on which they trade. In the event there were no sales during the day or closing prices are

24  Small Company Fund | Annual report 

 


not available, then securities are valued using the last quoted bid or evaluated price. Investments by the Fund in other open-end management investment companies are valued at their respective net asset values each business day. Certain securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Certain short-term securities are valued at amortized cost. Other portfolio securities and assets, where market quotations are not readily available, are valued at fair value, as determined in good faith by the Fund’s Pricing Committee, following procedures established by the Board of Trustees.

Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Dividend income is recorded on the ex-date. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

Real estate investment trusts. The Fund may invest in real estate investment trusts (REITs) and, as a result, will estimate the components of distributions from these securities. Such estimates are revised when actual components of distributions are known. Distributions from REITs received in excess of income may be recorded as a reduction of cost of investments and/or as a realized gain.

Line of credit. The Fund may borrow from banks for temporary or emergency purposes, including meeting redemption requests that otherwise might require the untimely sale of securities. Pursuant to the custodian agreement, the custodian may loan money to the Fund to make properly authorized payments. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses. The custodian may have a lien, security interest or security entitlement in any Fund property that is not otherwise segregated or pledged, to the maximum extent permitted by law, to the extent of any overdraft.

In addition, the Fund and other affiliated funds have entered into an agreement with Citibank N.A. which enables them to participate in a $100 million unsecured committed line of credit. A commitment fee, payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund on a pro rata basis and is reflected in other expenses on the Statement of operations. For the year ended March 31, 2012, the Fund had no borrowings under the line of credit.

Expenses. Expenses that are directly attributable to an individual fund are allocated to the Fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund’s relative net assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Class allocations. Income, common expenses and realized and unrealized gains (losses) are determined at the fund level and allocated daily to each class of shares based on the net assets of the class. Class-specific expenses, such as distribution and service fees, if any, transfer agent fees, state registration fees and printing and postage, for all classes, are calculated daily at the class level based on the appropriate net assets of each class and the specific expense rates applicable to each class.

Federal income taxes. The Fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.

Under the Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an

Annual report | Small Company Fund  25 

 


unlimited period. Any losses incurred during those taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

For federal income tax purposes, as of March 31, 2012, the Fund has $33,634,732 of capital loss carryforward available to offset future net realized capital gains. Qualified late year ordinary losses of $158,399 are treated as occurring on April 1, 2012, the first day of the Fund’s next taxable year. The following table details the capital loss carryforward available as of March 31, 2012:

CAPITAL LOSS CARRYFORWARD EXPIRING AT MARCH 31  NO EXPIRATION DATE 
2016  2017  SHORT-TERM  LONG-TERM 
$16,819,535  $11,636,898  $5,178,299  — 

 

As of March 31, 2012, the Fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The Fund’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.

Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The Fund generally declares and pays dividends and capital gain distributions, if any, annually. The tax character of distributions for the year ended March 31, 2012 was $139,418 and $0 for the year ended March 31, 2011 of ordinary income.

Distributions paid by the Fund with respect to each class of shares are calculated in the same manner, at the same time and in the same amount, except for the effect of class level expenses that may be applied differently to each class. As of March 31, 2012 the Fund has no distributable earnings on a tax basis.

Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Material distributions in excess of tax basis earnings and profits, if any, are reported in the Fund’s financial statements as a return of capital.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to wash sale loss deferrals, net operating losses, merger related transactions and real estate investment trusts.

New accounting pronouncement. In May 2011, Accounting Standards Update 2011-04 (ASU 2011-04), Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, was issued and is effective during interim and annual periods beginning after December 15, 2011. ASU 2011-04 may result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.

Note 3 — Guarantees and indemnifications

Under the Fund’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss from such claims is considered remote.

26  Small Company Fund | Annual report 

 


Note 4 — Fees and transactions with affiliates

John Hancock Investment Management Services, LLC (the Adviser) serves as investment adviser for the Trust. John Hancock Funds, LLC (the Distributor), an affiliate of the Adviser, serves as principal underwriter of the Trust. The Adviser and the Distributor are indirect, wholly owned subsidiaries of Manulife Financial Corporation (MFC).

Management Fee. The Fund has an investment management agreement with the Adviser under which the Fund pays a daily management fee to the Adviser equivalent, on an annual basis, to the sum of: (a) 0.90% of the first $500,000,000 of the Fund’s average daily net assets; (b) 0.85% of the next $500,000,000; and (c) 0.80% of the Fund’s average daily net assets in excess of $1,000,000,000. The Adviser has a subadvisory agreement with Fiduciary Management Associates, LLC. The Fund is not responsible for payment of the subadvisory fees.

The Adviser has contractually agreed to waive fees and/or reimburse certain expenses for each share class of the Fund. This agreement excludes taxes, portfolio brokerage commissions, interest expense, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. The fee waivers and/or reimbursements are such that these expenses will not exceed 1.50%, 1.04%, 1.80%, 1.55%, 1.70%, 1.40%, 1.10%, 1.04% and 1.34% for Class A, Class I, Class R1, Class R2, Class R3, Class R4, Class R5, Class R6 and Class ADV shares, respectively. The fee waivers and/or reimbursements will continue in effect until June 30, 2012 for Class A, Class I, Class R1, Class R3, Class R4, Class R5 and Class ADV shares and June 30, 2013 for Class R2 and Class R6 shares. Prior to May 4, 2011, the fee waivers and/or reimbursements for Class I shares were such that these expenses would not exceed 1.11% of the average net assets of Class I. In addition, prior to August 1, 2011, the fee waivers and/or reimbursements for Class A were such that these expenses would not exceed 1.34% of the average net assets for Class A. Fee waivers and/or reimbursements for all other classes remained the same during the period.

Accordingly, the expense reductions or reimbursements related to these agreements were $126,551, $78,503, $12,900, $1,224, $13,126, $13,100, $13,116, $8,628 and $14,938 for Class A, Class I, Class R1, Class R2, Class R3, Class R4, Class R5, Class R6 and Class ADV shares, respectively, for the year ended March 31, 2012.

The investment management fees, including the impact of the waivers and/or reimbursements described above, incurred for the year ended March 31, 2012 were equivalent to a net annual effective rate of 0.76% of the Fund’s average daily net assets.

Accounting and legal services. Pursuant to a service agreement, the Fund reimburses the Adviser for all expenses associated with providing the administrative, financial, legal, accounting and recordkeeping services to the Fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. These accounting and legal services fees incurred for the year ended March 31, 2012 amounted to an annual rate of 0.02% of the Fund’s average daily net assets.

Distribution and service plans. The Fund has a distribution agreement with the Distributor. The Fund has adopted distribution and service plans with respect to Class A, Class R1, Class R2, Class R3, Class R4 and Class ADV shares pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for services provided as the distributor of shares of the Fund. In addition, under a service plan for Class R1, Class R2, Class R3, Class R4 and Class R5 shares, the Fund pays for certain other services. The Fund may pay up to the following contractual rates of distribution and service fees under these arrangements, expressed as an annual percentage of average daily net assets for each class of the Fund’s shares.

Annual report | Small Company Fund  27 

 


CLASS  12b–1 FEE  SERVICE FEE 
Class A  0.30%  — 
Class R1  0.50%  0.25% 
Class R2  0.25%  0.25% 
Class R3  0.50%  0.15% 
Class R4  0.25%  0.10% 
Class R5  —  0.05% 
Class ADV  0.25%  — 

 

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $72,998 for the year ended March 31, 2012. Of this amount, $11,279 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $54,304 was paid as sales commissions to broker-dealers and $7,415 was paid as sales commissions to sales personnel of Signator Investors, Inc., a broker-dealer affiliate of the Adviser.

Transfer agent fees. The Fund has a transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services), an affiliate of the Adviser. The transfer agent fees paid to Signature Services are determined based on the cost to Signature Services (Signature Services Cost) of providing recordkeeping services. The Signature Services Cost includes a component of allocated John Hancock corporate overhead for providing transfer agent services to the Fund and to all other John Hancock affiliated funds. It also includes out-of-pocket expenses that are comprised of payments made to third-parties for recordkeeping services provided to their clients who invest in one or more John Hancock funds. In addition, Signature Services Cost may be reduced by certain fees that Signature Services receives in connection with retirement and small accounts. Signature Services Cost is calculated monthly and allocated, as applicable, to four categories of share classes: Institutional Share Classes, Retirement Share Classes, Municipal Bond Classes and all other Retail Share Classes. Within each of these categories, the applicable costs are allocated to the affected John Hancock affiliated funds and/or classes, based on the relative average daily net assets.

Class level expenses. Class level expenses for the year ended March 31, 2012 were:

  DISTRIBUTION  TRANSFER  STATE  PRINTING AND 
SHARE CLASS  AND SERVICE FEES  AGENT FEES  REGISTRATION FEES  POSTAGE FEES 
Class A  $394,251  $254,292  $24,171  $32,060 
Class I  —  63,128  23,620  18,379 
Class R1  755  39  12,935  57 
Class R2  21  3  1,241  3 
Class R3  2,853  154  13,085  143 
Class R4  150  16  13,085  40 
Class R5  76  60  13,085  62 
Class R6  —  22  8,607  15 
Class ADV  1,243  966  14,173  241 
Total  $399,349  $318,680  $124,002  $51,000 

 

Trustee expenses. The Fund compensates each Trustee who is not an employee of the Adviser or its affiliates. These Trustees may, for tax purposes, elect to defer receipt of this compensation under the John Hancock Group of Funds Deferred Compensation Plan (the Plan). Deferred amounts are invested in various John Hancock funds and remain in the funds until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting liability are included within Other receivables and prepaid expenses and Payable to affiliates — Trustees’ fees, respectively, in the accompanying Statement of assets and liabilities.

 

28  Small Company Fund | Annual report 

 


Note 5 — Fund share transactions

Transactions in Fund shares for the years ended March 31, 2012 and March 31, 2011 were as follows:

  Year ended 3-31-12  Year ended 3-31-111 
  Shares  Amount  Shares  Amount 
Class A shares         
Sold  699,031  $13,720,055  1,125,695  $20,882,210 
Issued in reorganization (Note 7)  3,452,513  74,129,240  —  — 
Repurchased  (2,077,751)  (41,861,589)  (2,180,365)  (39,600,144) 
 
Net increase (decrease)  2,073,793  $45,987,706  (1,054,670)  ($18,717,934) 
 
Class I shares         
Sold  931,738  $19,378,865  1,751,999  $32,912,574 
Issued in reorganization (Note 7)  8,264  178,025  —  — 
Distributions reinvested  6,556  121,548  —  — 
Repurchased  (773,501)  (15,317,349)  (651,679)  (13,027,537) 
 
Net increase  173,057  $4,361,089  1,100,320  $19,885,037 
 
Class R1 shares         
Sold  4,195  $83,646  7,061  $146,595 
Repurchased  (2,200)  (45,925)  (1,603)  (33,713) 
 
Net increase  1,995  $37,721  5,458  $112,882 
 
Class R2 shares2         
Sold  4,864  $100,000  —  — 
 
Net increase  4,864  $100,000  —  — 
 
Class R3 shares         
Sold  5,491  $109,696  22,905  $461,120 
Repurchased  (5,518)  (107,131)  (1,558)  (32,422) 
 
Net increase (decrease)  (27)  $2,565  21,347  $428,698 
 
Class R4 shares         
Sold  683  $13,627  2,245  $42,744 
Repurchased  (169)  (3,517)  (143)  (2,929) 
 
Net increase  514  $10,110  2,102  $39,815 
 
Class R5 shares         
Sold  2,954  $57,579  9,517  $188,219 
Distributions reinvested  15  281  —  — 
Repurchased  (1,520)  (29,369)  (1,875)  (39,006) 
 
Net increase  1,449  $28,491  7,642  $149,213 
 
Class R6 shares3         
Sold  5,492  $102,944  —  — 
 
Net increase  5,492  $102,944  —  — 
 
Class ADV shares         
Sold  113  $2,200  23,836  $433,429 
Repurchased  (1,716)  (32,942)  (2,074)  (41,037) 
 
Net increase (decrease)  (1,603)  ($30,742)  21,762  $392,392 
 
Net increase  2,259,534  $50,599,884  103,961  $2,290,103 

 

1 Period from 4-30-10 (inception date) to 3-31-11 for Class R1, Class R3, Class R4 and Class R5 shares.

2 Period from 3-1-12 (inception date) to 3-31-12.

3 Period from 9-1-11 (inception date) to 3-31-12.

Annual report | Small Company Fund  29 

 


Affiliates of the Fund owned 100%, 49% and 98% of shares of beneficial interest of Class R2, Class R4 and Class R6, respectively, on March 31, 2012.

Note 6 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $256,136,016 and $275,262,895, respectively, for the year ended March 31, 2012.

Note 7 — Reorganization

On March 23, 2011, the shareholders of John Hancock Growth Opportunities Fund (the Acquired Fund) voted to approve an Agreement and Plan of Reorganization (the Agreement) in exchange for a representative amount of shares of John Hancock Small Company Fund (the Acquiring Fund).

The Agreement provided for (a) the acquisition of all the assets, subject to all the liabilities, of the Acquired Fund in exchange for a representative amount of shares of the Acquiring Fund; (b) the liquidation of the Acquired Fund; and (c) the distribution to the Acquired Fund’s shareholders of such Acquiring Fund’s shares. The reorganization consolidated the Acquired Fund with a fund with a similar objective and the combined fund is better positioned in the market to increase asset size and achieve economies of scale. As a result of the reorganization, the Acquiring Fund is the legal and accounting survivor.

Based on the opinion of tax counsel, the reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized by the Acquired Fund or its shareholders. Thus, the investments were transferred to the Acquiring Fund at the Acquiring Fund’s identified cost. All distributable amounts of net income and realized gains from the Acquired Fund were distributed prior to the reorganization. In addition, the expenses of the reorganization were borne by the Acquired Fund. The effective time of the reorganization occurred immediately after the close of regularly scheduled trading on the New York Stock Exchange (NYSE) on April 8, 2011.

The following outlines the reorganization:

        SHARES  SHARES     
    ACQUIRED NET  APPRECIATION  REDEEMED  ISSUED  ACQUIRING  ACQUIRING 
    ASSET VALUE OF  OF ACQUIRED  BY THE  BY THE  FUND NET  FUND TOTAL NET 
ACQUIRING  ACQUIRED  THE ACQUIRED  FUND’S  ACQUIRED  ACQUIRING  ASSETS PRIOR TO  ASSETS AFTER 
FUND  FUND  FUND  INVESTMENTS  FUND  FUND  COMBINATION  COMBINATION 
Small  Growth  $74,307,265  $357,619  2,999,974  3,460,777  $156,083,429  $230,390,694 
Company  Opportunities             
Fund  Fund             

 

Because the combined Fund has been managed as a single integrated Fund since the reorganization was completed, it is not practicable to separate the amounts of net investment income and gains attributable to the Acquired Fund that have been included in the Acquiring Fund’s Statement of Operations for the year ended March 31, 2012. See Note 5 for capital shares issued in connection with the above referenced reorganization.

 

30  Small Company Fund | Annual report 

 


Auditor’s report

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Funds III and Shareholders of
John Hancock Small Company Fund:

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of John Hancock Small Company Fund (the “Fund”) at March 31, 2012, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements 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 are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2012 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
May 18, 2012

Annual report | Small Company Fund  31 

 


Tax information

Unaudited

For federal income tax purposes, the following information is furnished with respect to the distributions of the Fund, if any, paid during its taxable year ended March 31, 2012.

The Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends-received deduction.

The Fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Eligible shareholders will be mailed a 2012 Form 1099-DIV in early 2013. This will reflect the tax character of all distributions paid in calendar year 2012.

32  Small Company Fund | Annual report 

 


Trustees and Officers

This chart provides information about the Trustees and Officers who oversee your John Hancock fund. Officers elected by the Trustees manage the day-to-day operations of the Fund and execute policies formulated by the Trustees.

Independent Trustees     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Steven R. Pruchansky, Born: 1944  2006  48 
Chairman (since January 2011); Chairman and Chief Executive Officer, Greenscapes of Southwest 
Florida, Inc. (since 2000); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); 
Member, Board of Advisors, First American Bank (until 2010); Managing Director, Jon James, LLC (real 
estate) (since 2000); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty 
Trust (until 1994); President, Maxwell Building Corp. (until 1991).     
 
William H. Cunningham, Born: 1944  2006  48 
Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System 
and former President of the University of Texas, Austin, Texas; Director of the following: LIN Television 
(since 2009); Lincoln National Corporation (insurance) (Chairman since 2009 and Director since 2006); 
Resolute Energy Corporation (since 2009); Nanomedical Systems, Inc. (biotechnology company) 
(Chairman since 2008); Yorktown Technologies, LP (tropical fish) (Chairman since 2007); Greater Austin 
Crime Commission (since 2001); Southwest Airlines (since 2000); former Director of the following: 
Introgen (manufacturer of biopharmaceuticals) (until 2008); Hicks Acquisition Company I, Inc. (until 
2007); Jefferson-Pilot Corporation (diversified life insurance company) (until 2006); and former Advisory 
Director, JP Morgan Chase Bank (formerly Texas Commerce Bank–Austin) (until 2009).   
 
Deborah C. Jackson, Born: 1952  2008  48 
President, Cambridge College, Cambridge, Massachusetts (since May 2011); Chief Executive Officer, 
American Red Cross of Massachusetts Bay (2002–May 2011); Board of Directors of Eastern Bank 
Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); 
Board of Directors of American Student Assistance Corp. (1996–2009); Board of Directors of Boston 
Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits 
company) (2007–2011).     
 
Stanley Martin,2 Born: 1947  2008  48 
Director, The St. Joe Company (real estate development company) (since May 2012); Senior Vice 
President/Audit Executive, Federal Home Loan Mortgage Corporation (2004–2006); Executive Vice 
President/Consultant, HSBC Bank USA (2000–2003); Chief Financial Officer/Executive Vice President, 
Republic New York Corporation & Republic National Bank of New York (1998–2000); Partner, KPMG 
LLP (1971–1998).     
 
Dr. John A. Moore,2 Born: 1939  2006  48 
President and Chief Executive Officer, Institute for Evaluating Health Risks, (nonprofit institution) 
(1989–2001); Senior Scientist, Sciences International (health research) (2000–2003); Former Assistant 
Administrator & Deputy Administrator, Environmental Protection Agency (1983–1989); Principal, 
Hollyhouse (consulting) (since 2000); Director, CIIT Center for Health Science Research (nonprofit 
research) (until 2007).     

 

Annual report | Small Company Fund  33 

 


Independent Trustees (continued)     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Patti McGill Peterson,2 Born: 1943  2006  48 
Presidential Advisor for Global Initiatives, American Council on Education (since 2011); Chairperson 
of the Board of the Trust (during 2009 and 2010); Principal, PMP Globalinc (consulting) (2007–2011); 
Senior Associate, Institute for Higher Education Policy (2007–2011); Executive Director, CIES 
(international education agency) (until 2007); Vice President, Institute of International Education (until 
2007); Former President Wells College, St. Lawrence University and the Association of Colleges and 
Universities of the State of New York. Director of the following: Mutual Fund Directors Forum (since 
2011); Niagara Mohawk Power Corporation (until 2003); Security Mutual Life (insurance) (until 1997); 
ONBANK (until 1993). Trustee of the following: Board of Visitors, The University of Wisconsin, Madison 
(since 2007); Ford Foundation, International Fellowships Program (until 2007); UNCF, International 
Development Partnerships (until 2005); Roth Endowment (since 2002); Council for International 
Educational Exchange (since 2003).     
 
Gregory A. Russo, Born: 1949  2008  48 
Member, Audit Committee and Finance Committee of NCH Healthcare System, Inc. (since 2011); Vice 
Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002–2006); Vice Chairman, Industrial 
Markets, KPMG (1998–2002).     
 
Non-Independent Trustees3     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Hugh McHaffie, Born: 1959  2010  48 
Executive Vice President, John Hancock Financial Services (since 2006, including prior positions); 
President of John Hancock Variable Insurance Trust and John Hancock Funds II (since 2009); Trustee, 
John Hancock retail funds (since 2010); Chairman and Director, John Hancock Advisers, LLC, 
John Hancock Investment Management Services, LLC and John Hancock Funds, LLC (since 2010). 
 
John G. Vrysen, Born: 1955  2009  48 
Senior Vice President, John Hancock Financial Services (since 2006); Director, Executive Vice President 
and Chief Operating Officer, John Hancock Advisers, LLC, John Hancock Investment Management 
Services, LLC and John Hancock Funds, LLC (since 2005); Chief Operating Officer, John Hancock 
Funds II and John Hancock Variable Insurance Trust (since 2007); Chief Operating Officer, John Hancock 
retail funds (until 2009); Trustee, John Hancock retail funds (since 2009).     

 

34  Small Company Fund | Annual report 

 


Principal officers who are not Trustees   
 
Name, Year of Birth  Officer 
Position(s) held with Fund  of the 
Principal occupation(s) and other  Trust 
directorships during past 5 years  since 
 
Keith F. Hartstein, Born: 1956  2006 
President and Chief Executive Officer   
Senior Vice President, John Hancock Financial Services (since 2004); Director, President and Chief   
Executive Officer, John Hancock Advisers, LLC and John Hancock Funds, LLC (since 2005); Director, 
John Hancock Asset Management a division of Manulife Asset Management (US) LLC (since 2005); 
Director, John Hancock Investment Management Services, LLC (since 2006); President and Chief   
Executive Officer, John Hancock retail funds (since 2005); Member, Investment Company Institute Sales 
Force Marketing Committee (since 2003).   
 
Andrew G. Arnott, Born: 1971  2009 
Senior Vice President and Chief Operating Officer   
Senior Vice President, John Hancock Financial Services (since 2009); Executive Vice President,   
John Hancock Advisers, LLC (since 2005); Executive Vice President, John Hancock Investment   
Management Services, LLC (since 2006); Executive Vice President, John Hancock Funds, LLC (since   
2004); Chief Operating Officer, John Hancock retail funds (since 2009); Senior Vice President,   
John Hancock retail funds (since 2010); Vice President, John Hancock Funds II and John Hancock   
Variable Insurance Trust (since 2006); Senior Vice President, Product Management and Development, 
John Hancock Funds, LLC (until 2009).   
 
Thomas M. Kinzler, Born: 1955  2006 
Secretary and Chief Legal Officer   
Vice President, John Hancock Financial Services (since 2006); Secretary and Chief Legal Counsel,   
John Hancock Advisers, LLC, John Hancock Investment Management Services, LLC and John Hancock 
Funds, LLC (since 2007); Secretary and Chief Legal Officer, John Hancock retail funds, John Hancock 
Funds II and John Hancock Variable Insurance Trust (since 2006).   
 
Francis V. Knox, Jr., Born: 1947  2006 
Chief Compliance Officer   
Vice President, John Hancock Financial Services (since 2005); Chief Compliance Officer, John Hancock 
retail funds, John Hancock Funds II, John Hancock Variable Insurance Trust, John Hancock Advisers, 
LLC and John Hancock Investment Management Services, LLC (since 2005); Vice President and Chief 
Compliance Officer, John Hancock Asset Management a division of Manulife Asset Management (US) 
LLC (2005–2008).   
 
Charles A. Rizzo, Born: 1957  2007 
Chief Financial Officer   
Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock   
Advisers, LLC and John Hancock Investment Management Services, LLC (since 2008); Chief Financial 
Officer, John Hancock retail funds, John Hancock Funds II and John Hancock Variable Insurance Trust 
(since 2007); Assistant Treasurer, Goldman Sachs Mutual Fund Complex (2005–2007); Vice President, 
Goldman Sachs (2005–2007).   

 

Annual report | Small Company Fund  35 

 


Principal officers who are not Trustees (continued)   
 
Name, Year of Birth  Officer 
Position(s) held with Fund  of the 
Principal occupation(s) and other  Trust 
directorships during past 5 years  since 
 
Salvatore Schiavone, Born: 1965  2010 
Treasurer   
Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock 
Advisers, LLC and John Hancock Investment Management Services, LLC (since 2007); Treasurer,   
John Hancock retail funds (since 2010); Treasurer, John Hancock closed-end funds (since 2009);   
Assistant Treasurer, John Hancock Funds II and John Hancock Variable Insurance Trust (since   
October 2010) and (2007–2009); Assistant Treasurer, John Hancock retail funds (2007–2009);   
Assistant Treasurer, Fidelity Group of Funds (2005–2007); Vice President, Fidelity Management   
Research Company (2005–2007).   

 

The business address for all Trustees and Officers is 601 Congress Street, Boston, Massachusetts 02210-2805.

The Statement of Additional Information of the Fund includes additional information about members of the Board of Trustees of the Fund and is available without charge, upon request, by calling 1-800-225-5291.

1 Each Trustee holds office until his or her successor is elected and qualified, or until the Trustee’s death, retirement, resignation or removal.

2 Member of Audit Committee.

3 Because Messrs. McHaffie and Vrysen are senior executives or directors with the Adviser and/or its affiliates, each of them is considered an “interested person,” as defined in the Investment Company Act of 1940, of the Fund.

36  Small Company Fund | Annual report 

 


More information

Trustees  Investment adviser 
Steven R. Pruchansky, Chairman  John Hancock Investment Management 
William H. Cunningham  Services, LLC 
Deborah C. Jackson   
Stanley Martin*  Subadviser 
Hugh McHaffie†  Fiduciary Management Associates, LLC 
Dr. John A. Moore,* Vice Chairman 
Patti McGill Peterson*  Principal distributor 
Gregory A. Russo  John Hancock Funds, LLC 
John G. Vrysen† 
  Custodian 
Officers  State Street Bank and Trust Company 
Keith F. Hartstein 
President and Chief Executive Officer  Transfer agent 
  John Hancock Signature Services, Inc. 
Andrew G. Arnott 
Senior Vice President and Chief Operating Officer  Legal counsel 
  K&L Gates LLP 
Thomas M. Kinzler 
Secretary and Chief Legal Officer  Independent registered 
  public accounting firm 
Francis V. Knox, Jr.  PricewaterhouseCoopers LLP 
Chief Compliance Officer   
 
Charles A. Rizzo   
Chief Financial Officer   
 
Salvatore Schiavone   
Treasurer   
 
*Member of the Audit Committee   
†Non-Independent Trustee   

 

The Fund’s proxy voting policies and procedures, as well as the Fund’s proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) Web site at www.sec.gov or on our Web site.

The Fund’s complete list of portfolio holdings, for the first and third fiscal quarters, is filed with the SEC on Form N-Q. The Fund’s Form N-Q is available on our Web site and the SEC’s Web site, www.sec.gov, and can be reviewed and copied (for a fee) at the SEC’s Public Reference Room in Washington, DC. Call 1-202-551-8090 to receive information on the operation of the SEC’s Public Reference Room.

We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our Web site at www.jhfunds.com or by calling 1-800-225-5291.

You can also contact us:     
1-800-225-5291  Regular mail:  Express mail: 
jhfunds.com  John Hancock Signature Services, Inc.  John Hancock Signature Services, Inc. 
  P.O. Box 55913  Mutual Fund Image Operations 
  Boston, MA 02205-5913  30 Dan Road 
    Canton, MA 02021 

 

Annual report | Small Company Fund  37 

 



1-800-225-5291
1-800-554-6713 TDD
1-800-338-8080 EASI-Line
www.jhfunds.com

Now available: electronic delivery
www.jhfunds.com/edelivery

This report is for the information of the shareholders of John Hancock Small Company Fund.  3480A 3/12 
It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.  5/12 

 




A look at performance

Total returns for the period ended March 31, 2012

  Average annual total returns (%)    Cumulative total returns (%)   
  with maximum sales charge    with maximum sales charge   
  1-year  5-year  10-year  1-year  5-year  10-year 
Class A1  –1.27  4.67  7.98  –1.27  25.64  115.43 
Class C1  2.17  4.95  7.70  2.17  27.32  109.92 
Class I1,2  4.28  6.16  8.94  4.28  34.81  135.42 
Class R21,2  3.71  5.57  8.35  3.71  31.15  122.89 
Class R61,2  4.31  6.23  9.02  4.31  35.27  137.20 
Class ADV1,2  3.94  5.74  8.52  3.94  32.21  126.60 

 

Performance figures assume all dividends have been reinvested. Figures reflect maximum sales charges on Class A shares of 5% and the applicable contingent deferred sales charge (CDSC) on Class C shares. Class C shares held for less than one year are subject to a 1% CDSC. Sales charges are not applicable for Class I, Class R2, Class R6 and Class ADV shares.

The expense ratios of the Fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the Fund and may differ from those disclosed in the Financial highlights tables in this report. The fee waivers and expense limitations are contractual at least until 7-31-12 for Class A and Class C shares, 7-9-12 for Class I and Class ADV shares and 6-30-13 for Class R2 shares. Had the fee waivers and expense limitations not been in place gross expenses would apply. For Class R6 shares the net expenses equal the gross expenses. The expense ratios are as follows:

  Class A  Class C  Class I  Class R2  Class R6  Class ADV 
Net (%)  1.35  2.10  1.00  1.45  0.97  1.25 
Gross (%)  1.38  2.21*  1.03  1.61*  0.97*  5.80 

 

* Expenses have been estimated for the Class’s first full year of operations.

The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, the Fund’s current performance may be higher or lower than the performance shown. For current to the most recent month-end performance data, please call 1-800-225-5291 or visit the Fund’s Web site at www.jhfunds.com.

The performance table above and the chart on the next page do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Fund’s performance results reflect any applicable expense reductions, without which the expenses increase and results would have been less favorable.

6  Disciplined Value Mid Cap Fund | Annual report 

 


    Without  With maximum   
  Start date  sales charge  sales charge  Index 
Class C3   3-31-02  $20,992  $20,992  $21,620 
Class I2  3-31-02  23,542  23,542  21,620 
Class R22  3-31-02  22,289  22,289  21,620 
Class R62  3-31-02  23,720  23,720  21,620 
Class ADV2  3-31-02  22,660  22,660  21,620 

 

Russell Midcap Value Index is an unmanaged index that measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values.

It is not possible to invest directly in an index. Index figures do not reflect sales charges, which would have resulted in lower values if they did.

1 After the close of business on 7-9-10, holders of Investor Class Shares and Institutional Class Shares of the former Robeco Boston Partners Mid Cap Value Fund (the Predecessor Fund) became owners of an equal number of full and fractional Class A and Class I shares, respectively, of the John Hancock Disciplined Value Mid Cap Fund. Class A, Class I and Class ADV shares were first offered on 7-12-10. The returns prior to this date for Class A and Class ADV shares are those of the Predecessor Fund’s Investor Class Shares recalculated to reflect the gross fees and expenses of the Fund’s Class A and Class ADV shares. For Class I shares, the returns prior to this date are for the Predecessor Fund’s Institutional Class Shares recalculated to reflect the gross fees and expenses of the Fund’s Class I shares. Class C, Class R6, and Class R2 shares were first offered on 8-15-11, 9-1-11 and 3-1-12 respectively; the returns prior to these dates are those of Class A shares that have been recalculated to apply the gross fees and expenses of Class C, Class R6 and Class R2 shares.

2 For certain types of investors, as described in the Fund’s prospectuses.

3 No contingent deferred sales charge is applicable.

Annual report | Disciplined Value Mid Cap Fund  7 

 


Management’s discussion of

Fund performance

By Robeco Investment Management, Inc.

The 12-month period ended March 31, 2012, was a very volatile stretch, with six months of poor stock market performance followed by six months of strong results from equities. The most challenging time span was the third quarter of 2011, when concerns about the sovereign debt crisis in Europe and the health of the U.S. economy were at their peak. Conditions shifted dramatically, however, in the second half of the period. Evidence of an improving U.S. economy was supported by falling unemployment figures, while in Europe, policymakers took effective steps to avoid an imminent financial crisis in the eurozone. Given this favorable news, investors returned to the stock market, which then produced very good performance between September 2011 and March 2012.

For the 12-month period ended March 31, 2012, John Hancock Disciplined Value Mid Cap Fund’s Class A shares had a total return of 3.92%, excluding sales charges. By a healthy margin, that performance outpaced the 0.74% return of the average mid-cap value fund, according to Morningstar, Inc., as well as the 2.28% return of the Fund’s benchmark, the Russell Midcap Value Index.

The Fund’s performance relative to the Russell Midcap Value Index was bolstered by highly favorable stock selection — both avoiding underperforming stocks and choosing securities that did well. On a relative basis, the Fund was greatly helped by maintaining limited exposure to energy services stocks, which struggled during the period. The consumer discretionary sector also supported returns, due to careful stock selection and the Fund’s overweighting in this positive group. The Fund’s best contributors in this sector were media company CBS Corp. and home-products retailer Bed Bath & Beyond, Inc. Good stock picking in the financials and information technology sectors also was helpful.

The primary source of disappointing results was the utilities sector, where, despite adequate security selection, the portfolio’s modest allocation to this strong performing category proved to be negative. On an individual basis, the Fund’s returns were tempered notably by staffing company Manpower, Inc., pharmaceuticals manufacturer Hospira, Inc. and specialty materials and chemicals maker Ferro Corp., the last two of which we sold before period end.

This commentary reflects the views of the portfolio managers through the end of the period discussed in this report. The managers’ statements reflect their own opinions. As such, they are in no way guarantees of future events and are not intended to be used as investment advice or a recommendation regarding any specific security. They are also subject to change at any time as market and other conditions warrant.

Past performance is no guarantee of future results.

Sector investing is subject to greater risks than the market as a whole. Because the Fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors.

8  Disciplined Value Mid Cap Fund | Annual report 

 


Your expenses

These examples are intended to help you understand your ongoing operating expenses.

Understanding fund expenses

As a shareholder of the Fund, you incur two types of costs:

▪ Transaction costs which include sales charges (loads) on purchases or redemptions (varies by share class), minimum account fee charge, etc.

▪ Ongoing operating expenses including management fees, distribution and service fees (if applicable), and other fund expenses.

We are going to present only your ongoing operating expenses here.

Actual expenses/actual returns

This example is intended to provide information about the Fund’s actual ongoing operating expenses, and is based on the Fund’s actual return. It assumes an account value of $1,000.00 on October 1, 2011 with the same investment held until March 31, 2012.

  Account value  Ending value  Expenses paid during 
  on 10-1-11  on 3-31-12  period ended 3-31-121 
Class A  $1,000.00  $1,288.80  $7.50 
Class C  1,000.00  1,284.40  11.99 
Class I  1,000.00  1,290.90  5.73 
Class R6  1,000.00  1,291.20  5.67 
Class ADV  1,000.00  1,289.30  7.15 

 

For the class noted below, the example assumes an account value of $1,000 on March 1, 2012, with the same investment held until March 31, 2012.

 

  Account value  Ending value  Expenses paid during 
  on 3-1-12  on 3-31-12  period ended 3-31-122 
Class R2  $1,000.00  $1,028.20  $1.25 

 

Together with the value of your account, you may use this information to estimate the operating expenses that you paid over the period. Simply divide your account value at March 31, 2012, by $1,000.00, then multiply it by the “expenses paid” for your share class from the table above. For example, for an account value of $8,600.00, the operating expenses should be calculated as follows:

 

Annual report | Disciplined Value Mid Cap Fund  9 

 


Your expenses

Hypothetical example for comparison purposes

This table allows you to compare the Fund’s ongoing operating expenses with those of any other fund. It provides an example of the Fund’s hypothetical account values and hypothetical expenses based on each class’s actual expense ratio and an assumed 5% annualized return before expenses (which is not the Fund’s actual return). It assumes an account value of $1,000.00 on October 1, 2011, with the same investment held until March 31, 2012. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses.

  Account value  Ending value  Expenses paid during 
  on 10-1-11  on 3-31-12  period ended 3-31-123 
Class A  $1,000.00  $1,018.40  $6.61 
Class C  1,000.00  1,014.50  10.58 
Class I  1,000.00  1,020.00  5.05 
Class R2  1,000.00  1,017.70  7.31 
Class R6  1,000.00  1,020.00  5.00 
Class ADV  1,000.00  1,018.70  6.31 

 

Remember, these examples do not include any transaction costs, therefore, these examples will not help you to determine the relative total costs of owning different funds. If transaction costs were included, your expenses would have been higher. See the prospectus for details regarding transaction costs.

1 Expenses are equal to the Fund’s annualized expense ratio of 1.31%, 2.10%, 1.00%, 0.99% and 1.25% for Class A, Class C, Class I, Class R6 and Class ADV shares, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

2 Expenses are equal to the Fund’s annualized expense ratio of 1.45% for Class R2 shares, multiplied by the average account value over the period, multiplied by 31/365 (to reflect the period).

3 Expenses are equal to the Fund’s annualized expense ratio (defined above) multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

10  Disciplined Value Mid Cap Fund | Annual report 

 


Portfolio summary

Top 10 Holdings (15.0% of Net Assets on 3-31-12)1,2     
CBS Corp.  2.0%  Equifax, Inc.  1.4% 
  
Moody’s Corp.  1.6%  Raymond James Financial, Inc.  1.4% 
  
Robert Half International, Inc.  1.6%  Lear Corp.  1.4% 
  
WESCO International, Inc.  1.5%  McKesson Corp.  1.3% 
  
Discover Financial Services  1.5%  CareFusion Corp.  1.3% 
  
 
Sector Composition1,3       
Financials  25.6%  Utilities  6.1% 
  
Industrials  14.7%  Energy  3.7% 
  
Information Technology  12.7%  Consumer Staples  1.7% 
  
Consumer Discretionary  12.3%  Telecommunication Services  0.3% 
  
Health Care  11.4%  Short-Term Investments & Other  4.2% 
  
Materials  7.3%     
  

 

 

1 As a percentage of net assets on 3-31-12.

2 Cash and cash equivalents not included.

3 Sector investing is subject to greater risks than the market as a whole. Because the Fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors.

Annual report | Disciplined Value Mid Cap Fund  11 

 


Fund’s investments

As of 3-31-12

  Shares  Value 
Common Stocks 95.8%  $1,426,304,971 
(Cost $1,279,550,873)     
 
Consumer Discretionary 12.3%    182,612,919 
 
Auto Components 2.1%     
Johnson Controls, Inc.  318,855  10,356,410 
Lear Corp.  442,710  20,581,588 
 
Internet & Catalog Retail 0.6%     
Expedia, Inc. (L)  268,282  8,971,350 
 
Media 4.1%     
CBS Corp., Class B  878,705  29,796,887 
Omnicom Group, Inc. (L)  280,845  14,224,799 
The McGraw-Hill Companies, Inc.  351,560  17,040,113 
 
Multiline Retail 2.1%     
Kohl’s Corp. (L)  308,050  15,411,742 
Macy’s, Inc.  410,275  16,300,226 
 
Specialty Retail 2.8%     
Bed Bath & Beyond, Inc. (I)  181,545  11,940,215 
Guess?, Inc. (L)  227,900  7,121,875 
Staples, Inc.  809,840  13,103,211 
Williams-Sonoma, Inc. (L)  248,440  9,311,531 
 
Textiles, Apparel & Luxury Goods 0.6%     
VF Corp. (L)  57,905  8,452,972 
 
Consumer Staples 1.7%    26,111,885 
 
Beverages 1.2%     
Coca-Cola Enterprises, Inc.  489,715  14,005,849 
Dr. Pepper Snapple Group, Inc. (L)  121,550  4,887,526 
 
Tobacco 0.5%     
Lorillard, Inc. (L)  55,750  7,218,510 
 
Energy 3.7%    54,433,541 
 
Oil, Gas & Consumable Fuels 3.7%     
Noble Energy, Inc.  199,415  19,498,799 
Rosetta Resources, Inc. (I)(L)  344,460  16,795,870 
SemGroup Corp., Class A (I)  105,505  3,074,416 
SM Energy Company  212,865  15,064,456 

 

12  Disciplined Value Mid Cap Fund | Annual report  See notes to financial statements 

 


  Shares  Value 
Financials 25.6%    $380,463,655 
 
Capital Markets 4.1%     
Affiliated Managers Group, Inc. (I)  89,455  10,001,964 
Federated Investors, Inc., Class B (L)  211,675  4,743,637 
Raymond James Financial, Inc.  575,380  21,018,631 
SEI Investments Company  303,075  6,270,622 
TD Ameritrade Holding Corp.  958,520  18,921,185 
 
Commercial Banks 4.9%     
Comerica, Inc. (L)  384,735  12,450,025 
East West Bancorp, Inc.  679,315  15,685,383 
Fifth Third Bancorp  1,094,595  15,379,060 
Huntington Bancshares, Inc.  1,442,200  9,302,190 
M&T Bank Corp. (L)  98,970  8,598,514 
SunTrust Banks, Inc.  469,715  11,353,012 
 
Consumer Finance 3.6%     
Capital One Financial Corp.  341,890  19,056,949 
Discover Financial Services  657,570  21,923,384 
SLM Corp.  810,630  12,775,529 
 
Diversified Financial Services 1.6%     
Moody’s Corp. (L)  555,390  23,381,919 
 
Insurance 6.8%     
Alleghany Corp. (I)  45,417  14,946,735 
Arch Capital Group, Ltd. (I)  196,145  7,304,440 
Loews Corp.  211,635  8,437,887 
Marsh & McLennan Companies, Inc.  508,925  16,687,651 
Reinsurance Group of America, Inc.  232,670  13,836,885 
Symetra Financial Corp.  722,755  8,333,365 
The Hanover Insurance Group, Inc.  247,140  10,162,397 
Torchmark Corp. (L)  175,700  8,758,645 
Willis Group Holdings PLC  370,920  12,974,782 
 
Real Estate Investment Trusts 4.6%     
American Assets Trust, Inc.  205,020  4,674,456 
Duke Realty Corp.  390,815  5,604,287 
Equity Residential  171,695  10,751,541 
Kimco Realty Corp. (L)  772,635  14,880,950 
Regency Centers Corp. (L)  182,080  8,098,918 
Taubman Centers, Inc. (L)  105,090  7,666,316 
Ventas, Inc. (L)  114,360  6,529,956 
Vornado Realty Trust (L)  118,200  9,952,440 
 
Health Care 11.4%    169,178,471 
 
Health Care Equipment & Supplies 2.4%     
CareFusion Corp. (I)(L)  770,060  19,967,656 
Hologic, Inc. (I)  752,115  16,208,078 
 
Health Care Providers & Services 7.9%     
AmerisourceBergen Corp.  478,745  18,996,602 
Chemed Corp. (L)  173,041  10,846,210 
CIGNA Corp.  152,600  7,515,550 

 

See notes to financial statements  Annual report | Disciplined Value Mid Cap Fund  13 

 


  Shares  Value 
Health Care Providers & Services (continued)     
DaVita, Inc. (I)  191,495  $17,267,104 
Humana, Inc.  126,455  11,694,558 
Lincare Holdings, Inc. (L)  315,450  8,163,846 
McKesson Corp.  228,760  20,078,265 
Omnicare, Inc. (L)  420,775  14,966,967 
Quest Diagnostics, Inc.  116,605  7,130,396 
 
Life Sciences Tools & Services 1.1%     
ICON PLC, ADR (I)  336,757  7,145,984 
PAREXEL International Corp. (I)  341,018  9,197,255 
 
Industrials 14.7%    218,274,680 
 
Aerospace & Defense 1.1%     
Curtiss-Wright Corp. (L)  453,725  16,792,362 
 
Building Products 0.4%     
Masco Corp.  450,340  6,021,046 
 
Electrical Equipment 1.0%     
Thomas & Betts Corp. (I)  213,400  15,345,594 
 
Machinery 4.2%     
AGCO Corp. (I)(L)  165,850  7,829,779 
Flowserve Corp.  126,760  14,642,048 
Ingersoll-Rand PLC (L)  182,980  7,566,223 
Kennametal, Inc. (L)  304,330  13,551,815 
Stanley Black & Decker, Inc.  175,965  13,542,266 
WABCO Holdings, Inc. (I)  80,390  4,861,987 
 
Professional Services 6.4%     
Equifax, Inc.  484,220  21,431,577 
FTI Consulting, Inc. (I)(L)  478,395  17,949,380 
Manpower, Inc.  356,935  16,908,011 
Robert Half International, Inc. (L)  763,830  23,144,049 
Towers Watson & Company, Class A  236,590  15,631,501 
 
Trading Companies & Distributors 1.6%     
WESCO International, Inc. (I)(L)  353,040  23,057,042 
 
Information Technology 12.7%    189,813,002 
 
Communications Equipment 1.1%     
Harris Corp. (L)  355,695  16,034,731 
 
Computers & Peripherals 2.2%     
Seagate Technology PLC  661,285  17,821,631 
Western Digital Corp. (I)  360,220  14,909,506 
 
Electronic Equipment, Instruments & Components 3.9%     
Arrow Electronics, Inc. (I)  150,205  6,304,104 
Avnet, Inc. (I)  319,795  11,637,340 
Flextronics International, Ltd. (I)  1,986,585  14,363,010 
Ingram Micro, Inc., Class A (I)  670,515  12,444,758 
TE Connectivity, Ltd.  369,065  13,563,139 
 
Internet Software & Services 0.5%     
Monster Worldwide, Inc. (I)(L)  801,360  7,813,260 

 

14  Disciplined Value Mid Cap Fund | Annual report  See notes to financial statements 

 


  Shares  Value 
IT Services 2.6%     
Alliance Data Systems Corp. (I)(L)  76,520  $9,638,459 
Amdocs, Ltd. (I)  394,585  12,460,994 
CGI Group, Inc., Class A (I)  274,570  6,120,165 
The Western Union Company (L)  616,260  10,846,176 
 
Office Electronics 1.0%     
Xerox Corp.  1,927,210  15,571,857 
 
Semiconductors & Semiconductor Equipment 0.6%     
Analog Devices, Inc.  218,875  8,842,550 
 
Software 0.8%     
Electronic Arts, Inc. (I)(L)  694,255  11,441,322 
 
Materials 7.3%    109,035,031 
 
Chemicals 3.0%     
Albemarle Corp.  84,600  5,407,632 
Ashland, Inc. (L)  209,155  12,771,004 
Cytec Industries, Inc.  295,965  17,991,712 
Minerals Technologies, Inc.  132,095  8,640,334 
 
Containers & Packaging 3.4%     
Ball Corp. (L)  369,215  15,831,939 
Crown Holdings, Inc. (I)  354,100  13,041,503 
Graphic Packaging Holding Company (I)  1,094,410  6,041,143 
Rock-Tenn Company, Class A  229,015  15,472,253 
 
Metals & Mining 0.9%     
Aurico Gold, Inc. (I)  484,810  4,300,265 
Globe Specialty Metals, Inc.  641,375  9,537,246 
 
Telecommunication Services 0.3%    5,063,463 
 
Diversified Telecommunication Services 0.3%     
Windstream Corp. (L)  432,405  5,063,463 
 
Utilities 6.1%    91,318,324 
 
Electric Utilities 3.4%     
American Electric Power Company, Inc.  185,935  7,173,372 
Edison International  353,125  15,011,344 
Great Plains Energy, Inc.  366,320  7,425,306 
NV Energy, Inc.  812,185  13,092,422 
Westar Energy, Inc.  288,600  8,060,595 
 
Independent Power Producers & Energy Traders 0.6%     
The AES Corp. (I)  651,890  8,520,202 
 
Multi-Utilities 2.1%     
Alliant Energy Corp. (L)  300,870  13,033,688 
Ameren Corp. (L)  319,405  10,406,215 
PG&E Corp.  198,000  8,595,180 

 

See notes to financial statements  Annual report | Disciplined Value Mid Cap Fund  15 

 


  Yield  Shares  Value 
Securities Lending Collateral 12.6%      $187,756,331 
(Cost $187,712,238)       
 
John Hancock Collateral Investment Trust (W)  0.3698% (Y)  18,759,500  187,756,331 
 
    Par value  Value 
Short-Term Investments 6.7%      $99,564,000 
(Cost $99,564,000)       
 
Repurchase Agreement 6.7%      99,564,000 
 
Repurchase Agreement with State Street Corp. dated 3-30-12 at 0.010% to     
be repurchased at $99,564,083 on 4-2-12, collateralized by $101,055,000     
Federal Home Loan Mortgage Corp., 1.120% due 12-15-14 (valued at     
$101,560,275, including interest)    $99,564,000  99,564,000 
 
Total investments (Cost $1,566,827,111)† 115.1%  $1,713,625,302 
 
Other assets and liabilities, net (15.1%)      ($225,286,485) 
 
Total net assets 100.0%    $1,488,338,817 
 

 

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the Fund.

ADR American Depositary Receipts

(I) Non-income producing security.

(L) A portion of this security is on loan as of 3-31-12.

(W) Investment is an affiliate of the Fund, the adviser and/or subadviser. Also, it represents the investment of securities lending collateral received.

(Y) The rate shown is the annualized seven-day yield as of 3-31-12.

† At 3-31-12, the aggregate cost of investment securities for federal income tax purposes was $1,573,009,991. Net unrealized appreciation aggregated $140,615,311, of which $149,699,415 related to appreciated investment securities and $9,084,104 related to depreciated investment securities.

16  Disciplined Value Mid Cap Fund | Annual report  See notes to financial statements 

 


F I N A N C I A L   S T A T E M E N T S

Financial statements

Statement of assets and liabilities 3-31-12

This Statement of assets and liabilities is the Fund’s balance sheet. It shows the value of what the Fund owns, is due and owes. You’ll also find the net asset value and the maximum offering price per share.

Assets   
Investments in unaffiliated issuers, at value (Cost $1,379,114,873)   
including $183,759,164 of securities loaned  $1,525,868,971 
Investments in affiliated issuers, at value (Cost $187,712,238)  187,756,331 
 
Total investments, at value (Cost $1,566,827,111)  1,713,625,302 
Cash  438 
Receivable for investments sold  5,563,361 
Receivable for fund shares sold  27,816,807 
Dividends and interest receivable  1,422,388 
Receivable for securities lending income  90,336 
Due from adviser  410 
Other receivables and prepaid expenses  136,970 
 
Total assets  1,748,656,012 
 
Liabilities   
Payable for investments purchased  70,795,306 
Payable for fund shares repurchased  1,413,490 
Payable upon return of securities loaned  187,729,900 
Payable to affiliates   
Accounting and legal services fees  32,051 
Transfer agent fees  157,356 
Trustees’ fees  678 
Other liabilities and accrued expenses  188,414 
 
Total liabilities  260,317,195 
 
Net assets   
Paid-in capital  $1,346,256,511 
Undistributed net investment income  2,194,707 
Accumulated net realized loss on investments  (6,910,592) 
Net unrealized appreciation (depreciation) on investments  146,798,191 
 
Net assets  $1,488,338,817 

 

See notes to financial statements  Annual report | Disciplined Value Mid Cap Fund  17 

 


F I N A N C I A L   S T A T E M E N T S

Statement of assets and liabilities (continued)

Net asset value per share   
Based on net asset values and shares outstanding — the Fund has an   
unlimited number of shares authorized with no par value   
Class A ($516,751,458 ÷ 41,635,699 shares)  $12.41 
Class C ($20,298,090 ÷ 1,593,803 shares)1  $12.74 
Class I ($948,243,210 ÷ 74,144,531 shares)  $12.79 
Class R2 ($102,829 ÷ 8,045 shares)  $12.78 
Class R6 ($2,081,963 ÷ 162,802 shares)  $12.79 
Class ADV ($861,267 ÷ 69,433 shares)  $12.40 
 
Maximum offering price per share   
Class A (net asset value per share ÷ 95%)2  $13.06 

 

1 Redemption price is equal to net asset value less any applicable contingent deferred sales charge.

2 On single retail sales of less than $50,000. On sales of $50,000 or more and on group sales the offering price is reduced.

18  Disciplined Value Mid Cap Fund | Annual report  See notes to financial statements 

 


F I N A N C I A L   S T A T E M E N T S

Statement of operations For the year ended 3-31-12

This Statement of operations summarizes the Fund’s investment income earned and expenses incurred in operating the Fund. It also shows net gains (losses) for the period stated.

Investment income   
Dividends  $12,098,275 
Securities lending  299,593 
Interest  3,238 
Less foreign taxes withheld  (4,411) 
 
Total investment income  12,396,695 
 
Expenses   
Investment management fees  6,078,746 
Distribution and service fees  781,053 
Accounting and legal services fees  133,771 
Transfer agent fees  1,067,596 
Trustees’ fees  38,389 
State registration fees  152,233 
Printing and postage  68,431 
Professional fees  83,073 
Custodian fees  130,948 
Registration and filing fees  90,647 
Other  17,694 
 
Total expenses  8,642,581 
Less expense reductions  (163,482) 
 
Net expenses  8,479,099 
 
Net investment income  3,917,596 
 
Realized and unrealized gain (loss)   
 
Net realized gain (loss) on   
Investments in unaffiliated issuers  (6,945,690) 
Investments in affiliated issuers  (12,993) 
Capital gain distributions received from affiliated underlying funds  4,450 
 
  (6,954,233) 
Change in net unrealized appreciation (depreciation) of   
Investments in unaffiliated issuers  90,877,385 
Investments in affiliated issuers  44,432 
 
  90,921,817 
 
Net realized and unrealized gain  83,967,584 
 
Increase in net assets from operations  $87,885,180 

 

See notes to financial statements  Annual report | Disciplined Value Mid Cap Fund  19 

 


F I N A N C I A L   S T A T E M E N T S

Statements of changes in net assets

These Statements of changes in net assets show how the value of the Fund’s net assets has changed during the last three periods. The difference reflects earnings less expenses, any investment gains and losses, distributions, if any, paid to shareholders and the net of Fund share transactions.

  Year  Period  Year 
  ended  ended  ended 
  3-31-12  3-31-111  8-31-10 
 
Increase (decrease) in net assets       
 
From operations       
Net investment income  $3,917,596  $341,663  $276,141 
Net realized gain (loss)  (6,954,233)  6,931,480  2,324,382 
Change in net unrealized       
appreciation (depreciation)  90,921,817  64,707,640  (8,884,774) 
 
Increase (decrease) in net assets resulting       
from operations  87,885,180  71,980,783  (6,284,251) 
 
Distributions to shareholders       
From net investment income       
Class A  —  (100,122)  (92,302) 
Class I  (1,140,707)  (372,245)  (307,672) 
Class R6  (240)  —  — 
Class ADV  (117)  (26)  — 
From net realized gain       
Class A  (1,042,548)  —  — 
Class C  (12,538)  —  — 
Class I  (1,636,417)  —  — 
Class R6  (309)  —  — 
Class ADV  (2,537)  —  — 
 
Total distributions  (3,835,413)  (472,393)  (399,974) 
 
From Fund share transactions  979,510,224  190,782,100  122,565,661 
 
Total increase  1,063,559,991  262,290,490  115,881,436 
 
Net assets       
Beginning of period  424,778,826  162,488,336  46,606,900 
 
End of period  $1,488,338,817  $424,778,826  $162,488,336 
 
Undistributed (Accumulated distributions in       
excess of) net investment income  $2,194,707  ($142)  $108,182 

 

1 For the seven-month period ended 3-31-11. The Fund changed its fiscal year end from August 31 to March 31.

 

20  Disciplined Value Mid Cap Fund | Annual report  See notes to financial statements 

 


Financial highlights

The Financial highlights show how the Fund’s net asset value for a share has changed during the period.

CLASS A SHARES Period ended  3-31-12  3-31-111  8-31-102  8-31-093  8-31-083  8-31-073 
 
Per share operating performance             
Net asset value, beginning of period  $11.98  $8.66  $8.10  $9.08  $11.16  $12.81 
Net investment income4  0.04  0.01  0.015  0.07  0.06  0.02 
Net realized and unrealized gain (loss)             
on investments  0.42  3.32  0.60  (0.98)6  (0.74)  2.39 
Total from investment operations  0.46  3.33  0.61  (0.91)  (0.68)  2.41 
Less distributions             
From net investment income  —  (0.01)  (0.05)  (0.07)  (0.04)  — 
From net realized gain  (0.03)  —  —  —7  (1.36)  (4.06) 
Total distributions  (0.03)  (0.01)  (0.05)  (0.07)  (1.40)  (4.06) 
Net asset value, end of period  $12.41  $11.98  $8.66  $8.10  $9.08  $11.16 
Total return (%)8,9  3.92  38.4710  7.54  (9.79)6  (6.62)  21.02 
 
Ratios and supplemental data             
Net assets, end of period (in millions)  $517  $171  $75  $14  $17  $13 
Ratios (as a percentage of average net assets):             
Expenses before reductions  1.33  1.3511  1.56  1.93  1.73  1.73 
Expenses net of fee waivers and credits  1.29  1.2511  1.25  1.25  1.25  1.25 
Net investment income  0.32  0.1011  0.09  1.09  0.55  0.14 
Portfolio turnover (%)  41  27  38  58  64  89 

 

1 For the seven-month period ended 3-31-11. The Fund changed its fiscal year end from August 31 to March 31.
2 After the close of business on 7-9-10, holders of Investor Class Shares of the former Robeco Boston Partners Mid Cap Value Fund (the Predecessor Fund) became owners of an equal number of full and fractional Class A shares of the John Hancock Disciplined Value Mid Cap Fund. These shares were first offered on 7-12-10. Additionally, the accounting and performance history of the Investor Class Shares of the Predecessor Fund was redesignated as that of John Hancock Disciplined Value Mid Cap Fund Class A.
3 Audited by previous independent registered public accounting firm.
4 Based on the average daily shares outstanding.
5 The amount shown for a share outstanding may differ with the distributions from net investment income for the period due to the timing of distributions in relations to fluctuations of shares outstanding during the period.
6 In 2009, the investment advisor fully reimbursed the Fund for a loss on a transaction not meeting the Fund’s investment guidelines, which otherwise would have reduced total return by 0.11% and net realized and unrealized gain/(loss) on investment by $0.01 per share.
7 Less than $0.01 per share.
8 Total returns would have been lower had certain expenses not been reduced during the periods shown.
9 Does not reflect the effect of sales charges, if any.
10 Not annualized.
11 Annualized.

 

See notes to financial statements  Annual report | Disciplined Value Mid Cap Fund  21 

 


CLASS C SHARES Period ended  3-31-121 
 
Per share operating performance   
Net asset value, beginning of period  $10.63 
Net investment loss2  (0.02) 
Net realized and unrealized gain on investments  2.16 
Total from investment operations  2.14 
Less distributions   
From net realized gain  (0.03) 
Net asset value, end of period  $12.74 
Total return (%)3,4  20.225 
 
Ratios and supplemental data   
Net assets, end of period (in millions)  $20 
Ratios (as a percentage of average net assets):   
Expenses before reductions  2.106 
Expenses net of fee waivers and credits  2.106 
Net investment loss  (0.26)6 
Portfolio turnover (%)  417 

 

1 Period from 8-15-11 (inception date) to 3-31-12.
2 Based on the average daily shares outstanding.
3 Does not reflect the effect of sales charges, if any.
4 Total returns would have been lower had certain expenses not been reduced during the period shown.
5 Not annualized.
6 Annualized.
7 Portfolio turnover is shown for the period from 4-1-11 to 3-31-12.

 

CLASS I SHARES Period ended  3-31-12  3-31-111  8-31-102  8-31-093  8-31-083  8-31-073 
 
Per share operating performance             
Net asset value, beginning of period  $12.33  $8.92  $8.34  $9.35  $11.45  $13.05 
Net investment income4  0.07  0.03  0.045  0.09  0.08  0.05 
Net realized and unrealized gain (loss)             
on investments  0.45  3.41  0.61  (1.01)6  (0.76)  2.44 
Total from investment operations  0.52  3.44  0.65  (0.92)  (0.68)  2.49 
Less distributions             
From net investment income  (0.03)  (0.03)  (0.07)  (0.09)  (0.06)  (0.03) 
From net realized gain  (0.03)  —  —  —7  (1.36)  (4.06) 
Total distributions  (0.06)  (0.03)  (0.07)  (0.09)  (1.42)  (4.09) 
Net asset value, end of period  $12.79  $12.33  $8.92  $8.34  $9.35  $11.45 
Total return (%)  4.28  38.648  7.769  (9.50)6,9  (6.41)9  21.329 
 
Ratios and supplemental data             
Net assets, end of period (in millions)  $948  $254  $87  $33  $35  $36 
Ratios (as a percentage of average net assets):             
Expenses before reductions  0.98  0.9910  1.28  1.69  1.48  1.48 
Expenses net of fee waivers and credits  0.98  0.9910  1.00  1.00  1.00  1.00 
Net investment income  0.63  0.3710  0.41  1.33  0.80  0.38 
Portfolio turnover (%)  41  27  38  58  64  89 

 

1 For the seven-month period ended 3-31-11. The Fund changed its fiscal year end from August 31 to March 31.
2 After the close of business on 7-9-10, holders of Institutional Class Shares of the former Robeco Boston Partners Mid Cap Value Fund (the Predecessor Fund) became owners of an equal number of full and fractional Class I shares of the John Hancock Disciplined Value Mid Cap Fund. These shares were first offered on 7-12-10. Additionally, the accounting and performance history of the Institutional Class Shares of the Predecessor Fund was redesignated as that of John Hancock Disciplined Value Mid Cap Fund Class I.
3 Audited by previous independent registered public accounting firm.
4 Based on the average daily shares outstanding.
5 The amount shown for a share outstanding may differ with the distributions from net investment income for the period due to the timing of distributions in relations to fluctuations of shares outstanding during the period.
6 In 2009, the investment advisor fully reimbursed the Fund for a loss on a transaction not meeting the Fund’s investment guidelines, which otherwise would have reduced total return by 0.11% and net realized and unrealized gain/(loss) on investment by $0.01 per share.
7 Less than $0.01 per share.
8 Not annualized.
9 Total returns would have been lower had certain expenses not been reduced during the periods shown.
10 Annualized.

 

22  Disciplined Value Mid Cap Fund | Annual report  See notes to financial statements 

 


CLASS R2 SHARES Period ended  3-31-121 
 
Per share operating performance   
Net asset value, beginning of period  $12.43 
Net investment income2  0.01 
Net realized and unrealized gain on investments  0.34 
Total from investment operations  0.35 
Net asset value, end of period  $12.78 
Total return (%)3  2.824 
 
Ratios and supplemental data   
Net assets, end of period (in millions)  —5 
Ratios (as a percentage of average net assets):   
Expenses before reductions  16.136 
Expenses net of fee waivers and credits  1.456 
Net investment income  1.006 
Portfolio turnover (%)  417 

 

1 Period from 3-1-12 (inception date) to 3-31-12.
2 Based on the average daily shares outstanding.
3 Total returns would have been lower had certain expenses not been reduced during the period shown.
4 Not annualized.
5 Less than $500,000.
6 Annualized.
7 Portfolio turnover is shown for the period from 4-1-11 to 3-31-12.

 

CLASS R6 SHARES Period ended  3-31-121 
 
Per share operating performance   
Net asset value, beginning of period  $10.95 
Net investment income2  0.08 
Net realized and unrealized gain on investments  1.82 
Total from investment operations  1.90 
Less distributions   
From net investment income  (0.03) 
From net realized gain  (0.03) 
Total distributions  (0.06) 
Net asset value, end of period  $12.79 
Total return (%)3  17.454 
 
Ratios and supplemental data   
Net assets, end of period (in millions)  $2 
Ratios (as a percentage of average net assets):   
Expenses before reductions  4.225 
Expenses net of fee waivers and credits  0.995 
Net investment income  1.255 
Portfolio turnover (%)  416 

 

1 Period from 9-1-11 (inception date) to 3-31-12.
2 Based on the average daily shares outstanding.
3 Total returns would have been lower had certain expenses not been reduced during the period shown.
4 Not annualized.
5 Annualized.
6 Portfolio turnover is shown for the period from 4-1-11 to 3-31-12.

 

See notes to financial statements  Annual report | Disciplined Value Mid Cap Fund  23 

 


CLASS ADV SHARES Period ended  3-31-12  3-31-111  8-31-102 
 
Per share operating performance       
Net asset value, beginning of period  $11.97  $8.65  $8.86 
Net investment income (loss)3  0.04  0.01  —4 
Net realized and unrealized gain (loss) on investments  0.43  3.32  (0.21) 
Total from investment operations  0.47  3.33  (0.21) 
Less distributions       
From net investment income  (0.01)  (0.01)  — 
From net realized gain  (0.03)  —  — 
Total distributions  (0.04)  (0.01)  — 
Net asset value, end of period  $12.40  $11.97  $8.65 
Total return (%)5  3.94  38.506  (2.37)6 
 
Ratios and supplemental data       
Net assets, end of period (in millions)  $1  —7  —7 
Ratios (as a percentage of average net assets):       
Expenses before reductions  4.18  5.788  1.428 
Expenses net of fee waivers and credits  1.25  1.258  1.258 
Net investment income (loss)  0.37  0.158  (0.37)8 
Portfolio turnover (%)  41  27  389 

 

1 For the seven-month period ended 3-31-11. The Fund changed its fiscal year end from August 31 to March 31.
2 Period from 7-12-10 (inception date) to 8-31-10.
3 Based on the average daily shares outstanding.
4 Less than ($0.005) per share.
5 Total returns would have been lower had certain expenses not been reduced during the periods shown.
6 Not annualized.
7 Less than $500,000.
8 Annualized.
9 Portfolio turnover is shown for the period from 9-1-09 to 8-31-10.

 

24  Disciplined Value Mid Cap Fund | Annual report  See notes to financial statements 

 


Notes to financial statements

Note 1 — Organization

John Hancock Disciplined Value Mid Cap Fund (the Fund) is a series of John Hancock Funds III (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the Fund is to seek long-term growth of capital with current income as a secondary objective.

The Fund may offer multiple classes of shares. The shares currently offered are detailed in the Statement of assets and liabilities. Class A and Class C shares are offered to all investors. Class I shares are offered to institutions and certain investors. Class R2 shares are available only to certain retirement plans. Class R6 shares are available only to certain retirement plans, institutions and other investors. Class ADV shares are available only to investors who acquired Class A shares as a result of the reorganization of the Robeco Boston Partners Mid Cap Value Fund (the Predecessor Fund) into the Fund and are closed to new investors. Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, transfer agent fees, printing and postage and state registration fees for each class may differ. Certain Class I shares may be exchanged for Class R6 shares within one year after the commencement of operations of Class R6 shares.

At the close of business on July 9, 2010, the Fund acquired substantially all the assets and assumed the liabilities of the Predecessor Fund pursuant to an agreement and plan of reorganization, in exchange for Class A and Class I shares of the Fund. As a result of the reorganization, the Fund is the legal survivor, however, the accounting and performance history of the Investor Class and Institutional Class shares of the Predecessor Fund have been redesignated as that of Class A and Class I shares of the Fund, respectively.

Note 2 — Significant accounting policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security valuation. Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. The Fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities. Level 2 includes securities valued using significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Fund’s own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

Annual report | Disciplined Value Mid Cap Fund  25 

 


As of March 31, 2012, all investments are categorized as Level 1, except for repurchase agreements which are Level 2, under the hierarchy described above. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. During the year ended March 31, 2012, there were no significant transfers into or out of Level 1, Level 2 or Level 3.

In order to value the securities, the Fund uses the following valuation techniques. Equity securities by the Fund are valued at the last sale price or official closing price on the principal securities exchange on which they trade. In the event there were no sales during the day or closing prices are not available, then securities are valued using the last quoted bid or evaluated price. Investments by the Fund in open-end mutual funds, including John Hancock Collateral Investment Trust (JHCIT), are valued at their respective net asset values each business day. Certain securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Other portfolio securities and assets, where market quotations are not readily available, are valued at fair value, as determined in good faith by the Fund’s Pricing Committee, following procedures established by the Board of Trustees.

Repurchase agreements. The Fund may enter into repurchase agreements. When the Fund enters into a repurchase agreement, it receives collateral which is held in a segregated account by the Fund’s custodian. The collateral amount is marked-to-market and monitored on a daily basis to ensure that the collateral held is in an amount not less than the principal amount of the repurchase agreement plus any accrued interest. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the collateral value may decline.

Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Dividend income is recorded on the ex-date, except for dividends of foreign securities where the dividend may not be known until after the ex-date. In those cases, dividend income is recorded when the Fund becomes aware of the dividends. Foreign taxes are provided for based on the Fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

Real estate investment trusts. The Fund may invest in real estate investment trusts (REITs) and, as a result, will estimate the components of distributions from these securities. Such estimates are revised when actual components of distributions are known. Distributions from REITs received in excess of income may be recorded as a reduction of cost of investments and/or as a realized gain.

Securities lending. The Fund may lend its securities to earn additional income. It receives cash collateral from the borrower in an amount not less than the market value of the loaned securities. The Fund will invest its collateral in JHCIT, an affiliate of the Fund, and as a result, the Fund will receive the benefit of any gains and bear any losses generated by JHCIT. Although risk of the loss of the securities lent is mitigated by holding the collateral, the Fund could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities or if collateral investments decline in value. The Fund may receive compensation for lending its securities by retaining a portion of the return on the investment of the collateral and compensation from fees earned from borrowers of the securities. Net income received from JHCIT is a component of securities lending income as recorded on the Statement of operations.

Line of credit. The Fund may borrow from banks for temporary or emergency purposes, including meeting redemption requests that otherwise might require the untimely sale of securities. Pursuant to the custodian agreement, the custodian may loan money to the Fund to make properly authorized payments. The Fund is obligated to repay the custodian for any overdraft, including any

26  Disciplined Value Mid Cap Fund | Annual report 

 


related costs or expenses. The custodian may have a lien, security interest or security entitlement in any Fund property that is not otherwise segregated or pledged, to the maximum extent permitted by law, to the extent of any overdraft.

In addition, the Fund and other affiliated funds have entered into an agreement with Citibank N.A. which enables them to participate in a $100 million unsecured committed line of credit. A commitment fee, payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund on a pro rata basis and is reflected in other expenses on the Statement of operations. For the year ended March 31, 2012, the Fund had no borrowings under the line of credit.

Expenses. Expenses that are directly attributable to an individual fund are allocated to the Fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund’s relative net assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Class allocations. Income, common expenses and realized and unrealized gains (losses) are determined at the fund level and allocated daily to each class of shares based on the net assets of the class. Class-specific expenses, such as distribution and service fees, if any, transfer agent fees, printing and postage and state registration fees for all classes, are calculated daily at the class level based on the appropriate net assets of each class and the specific expense rates applicable to each class.

Federal income taxes. The Fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.

Under the Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses incurred for an unlimited period. Capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

For federal income tax purposes, the Fund has $1,233,400 of short-term capital loss carryforward available to offset future net realized capital gains.

As of March 31, 2012, the Fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The Fund’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.

Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The Fund generally declares and pays dividends and capital gain distributions, if any, annually. The tax character of distributions for the year ended March 31, 2012, period ended March 31, 2011 and year ended August 31, 2010 was as follows:

  MARCH 31, 2012  MARCH 31, 2011  AUGUST 31, 2010 
Ordinary Income  $2,066,615  $472,393  $399,974 
Long-Term Capital Gain  $1,768,798  —  — 

 

Distributions paid by the Fund with respect to each class of shares are calculated in the same manner, at the same time and in the same amount, except for the effect of class level expenses that may be applied differently to each class. As of March 31, 2012, the components of distributable earnings on a tax basis included $2,196,062 of undistributed ordinary income.

 

Annual report | Disciplined Value Mid Cap Fund  27 

 


Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Material distributions in excess of tax basis earnings and profits, if any, are reported in the Fund’s financial statements as a return of capital.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to wash sale loss deferrals.

New accounting pronouncement. In May 2011, Accounting Standards Update 2011-04 (ASU 2011-04), Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, was issued and is effective during interim and annual periods beginning after December 15, 2011. ASU 2011-04 may result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.

Note 3 — Guarantees and indemnifications

Under the Fund’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss from such claims is considered remote.

Note 4 — Fees and transactions with affiliates

John Hancock Investment Management Services, LLC (the Adviser) serves as investment adviser for the Trust. John Hancock Funds, LLC (the Distributor), an affiliate of the Adviser, serves as principal underwriter of the Trust. The Adviser and the Distributor are indirect, wholly owned subsidiaries of Manulife Financial Corporation (MFC).

Management fee. The Fund has an investment management agreement with the Adviser under which the Fund pays a daily management fee to the Adviser equivalent, on an annual basis, to the sum of: (a) 0.800% of the first $500,000,000 of the Fund’s average daily net assets; (b) 0.775% of the next $500,000,000; (c) 0.750% of the next $500,000,000; (d) 0.725% of the next $1,000,000,000; and (e) 0.700% of the Fund’s average daily net assets in excess of $2,500,000,000. The Adviser has a subadvisory agreement with Robeco Investment Management, Inc. The Fund is not responsible for payment of the subadvisory fees.

The Adviser has contractually agreed to waive fees and/or reimburse certain expenses for each share class of the Fund. This agreement excludes certain expenses such as taxes, brokerage commissions, interest, litigation expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. The reimbursements are such that these expenses will not exceed 1.35%, 2.10%, 1.00%, 1.45%, 0.99% and 1.25% for Class A, Class C, Class I, Class R2, Class R6 and Class ADV shares, respectively. The expense reimbursements will continue in effect until at least July 31, 2012 for Class A and Class C shares, and thereafter until terminated by the Adviser, July 9, 2012 for Class I and Class ADV shares and June 30, 2013 for Class R2 and R6 shares. Prior to January 1, 2012 for Class A shares and July 1, 2011 for Class I and Class ADV shares, the fee waivers and/or reimbursements were such that these expenses would not exceed 1.25%, 1.00% and 1.25% for Class A, Class I and Class ADV shares, respectively.

28  Disciplined Value Mid Cap Fund | Annual report 

 


For the year ended March 31, 2012, the expense reductions amounted to the following:

  EXPENSE 
CLASS  REDUCTIONS 
Class A  $137,677 
Class C  93 
Class I  — 
Class R2  1,223 
Class R6  8,589 
Class ADV  15,900 
Total  $163,482 

 

The investment management fees, including the impact of the waivers and reimbursements described above, incurred for the year ended March 31, 2012 were equivalent to a net annual effective rate of 0.77% of the Fund’s average daily net assets.

Accounting and legal services. Pursuant to a service agreement, the Fund reimburses the Adviser for all expenses associated with providing the administrative, financial, legal, accounting and recordkeeping services to the Fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. These accounting and legal services fees incurred for the year ended March 31, 2012 amounted to an annual rate of 0.02% of the Fund’s average daily net assets.

Distribution and service plans. The Fund has a distribution agreement with the Distributor. The Fund has adopted distribution and service plans with respect to Class A, Class C, Class R2 and Class ADV shares pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for services provided as the distributor of shares of the Fund. In addition, under a service plan for Class R2 shares, the Fund pays for certain other services. The Fund may pay up to the following contractual rates of distribution and service fees under these arrangements, expressed as an annual percentage of average daily net assets for each class of the Fund’s shares.

CLASS  12b–1 FEE  SERVICE FEE 
Class A  0.30%  — 
Class C  1.00%  — 
Class R2  0.25%  0.25% 
Class ADV  0.25%  — 

 

Currently, only 0.25% is charged to Class A shares for 12b-1 fees and 0.00% is charged to Class R2 shares for service fees.

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $1,282,967 for the year ended March 31, 2012. Of this amount, $176,241 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $1,099,109 was paid as sales commissions to broker-dealers and $7,617 was paid as sales commissions to sales personnel of Signator Investors, Inc., a broker-dealer affiliate of the Adviser.

Class C shares are subject to contingent deferred sales charges (CDSCs). Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC on the lesser of the current market value at the time of redemption or the original purchase cost of the shares being redeemed. Proceeds from CDSCs are used to compensate the Distributor for providing distribution-related services in connection with the sale of these shares. During the year ended March 31, 2012, CDSCs received by the Distributor amounted to $95 for Class C shares.

Annual report | Disciplined Value Mid Cap Fund  29 

 


Transfer agent fees. The Fund has a transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services), an affiliate of the Adviser. The transfer agent fees paid to Signature Services are determined based on the cost to Signature Services (Signature Services Cost) of providing recordkeeping services. The Signature Services Cost includes a component of allocated John Hancock corporate overhead for providing transfer agent services to the Fund and to all other John Hancock affiliated funds. It also includes out-of-pocket expenses that are comprised of payments made to third-parties for recordkeeping services provided to their clients who invest in one or more John Hancock funds. In addition, Signature Services Cost may be reduced by certain fees that Signature Services receives in connection with retirement and small accounts. Signature Services Cost is calculated monthly and allocated, as applicable, to four categories of share classes: Institutional Share Classes, Retirement Share Classes, Municipal Bond Classes and all other Retail Share Classes. Within each of these categories, the applicable costs are allocated to the affected John Hancock affiliated funds and/or classes, based on the relative average daily net assets.

Class level expenses. Class level expenses for the year ended March 31, 2012 were:

  DISTRIBUTION  TRANSFER  STATE  PRINTING AND 
CLASS  AND SERVICE FEES  AGENT FEES  REGISTRATION FEES  POSTAGE 
Class A  $742,782  $593,404  $39,218  $49,864 
Class C  36,893  7,552  387  122 
Class I  —  465,420  87,490  18,141 
Class R2  21  3  1,241  2 
Class R6  —  90  8,607  15 
Class ADV  1,357  1,127  15,290  287 
Total  $781,053  $1,067,596  $152,233  $68,431 

 

Trustee expenses. The Fund compensates each Trustee who is not an employee of the Adviser or its affiliates. These Trustees may, for tax purposes, elect to defer receipt of this compensation under the John Hancock Group of Funds Deferred Compensation Plan (the Plan). Deferred amounts are invested in various John Hancock funds and remain in the funds until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting liability are included within Other receivables and prepaid expenses and Payable to affiliates — Trustees’ fees, respectively, in the accompanying Statement of assets and liabilities.

 

30  Disciplined Value Mid Cap Fund | Annual report 

 


Note 5 — Fund share transactions

Transactions in Fund shares for the year ended March 31, 2012, period ended March 31, 2011 and year ended August 31, 2010 were as follows:

  Year ended 3-31-12  Period ended 3-31-111  Year ended 8-31-10 
  Shares  Amount  Shares  Amount  Shares  Amount 
Class A shares             
Sold  40,929,038  $467,151,243  7,005,591  $77,872,436  8,777,014  $83,785,587 
Distributions             
reinvested  93,424  988,426  8,933  97,188  10,325  90,650 
Repurchased  (13,637,297)  (152,469,459)  (1,470,217)  (15,870,855)  (1,798,769)  (16,412,636) 
 
Net increase  27,385,165  $315,670,210  5,544,307  $62,098,769  6,988,570  $67,463,601 
 
Class C shares (Period from 8-15-11, inception date, to 3-31-12)     
Sold  1,637,864  $19,443,043  —  —  —  — 
Distributions             
reinvested  1,111  12,086  —  —  —  — 
Repurchased  (45,172)  (501,404)  —  —  —  — 
 
Net increase  1,593,803  $18,953,725  —  —  —  — 
 
Class I shares             
Sold  64,864,977  $773,298,013  11,421,411  $135,086,113  6,811,708  $64,123,319 
Distributions             
reinvested  77,502  843,998  13,096  146,545  33,541  302,876 
Repurchased  (11,396,628)  (132,055,818)  (601,401)  (6,597,427)  (1,000,633)  (9,349,135) 
 
Net increase  53,545,851  $642,086,193  10,833,106  $128,635,231  5,844,616  $55,077,060 
 
Class R2 shares (Period from 3-1-12, inception date, to 3-31-12)     
Sold  8,045  $100,000  —  —  —  — 
 
Net increase  8,045  $100,000  —  —  —  — 
 
Class R6 shares (Period from 9-1-11, inception date, to 3-31-12)     
Sold  175,316  $2,180,325  —  —  —  — 
Repurchased  (12,514)  (157,180)  —  —  —  — 
 
Net increase  162,802  $2,023,145  —  —  —  — 
 
Class ADV shares2           
Sold  70,774  $770,866  4,108  $48,100  2,822  $25,000 
Distributions             
reinvested  241  2,537  —  —  —  — 
Repurchased  (8,512)  (96,452)  —  —  —  — 
 
Net increase  62,503  $676,951  4,108  $48,100  2,822  $25,000 
 
Net increase  82,758,169  $979,510,224  16,381,521  $190,782,100  12,836,008  $122,565,661 

 

1For the seven-month period ended 3-31-11. The Fund changed its fiscal year end from August 31 to March 31.

2 The inception date for Class ADV shares is 7-12-10.

Affiliates of the Fund owned 100% of shares of beneficial interest of Class R2 on March 31, 2012.

Note 6 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $1,284,374,754 and $308,797,606, respectively, for the year ended March 31, 2012.

Annual report | Disciplined Value Mid Cap Fund  31 

 


Note 7 — Reorganization

At the close of business on July 9, 2010, the Fund acquired all the assets and liabilities of the Predecessor Fund in exchange for the Class A and Class I shares of the Fund. The Fund had no assets, liabilities or operations prior to the reorganization.

The Agreement provided for (a) the acquisition of all the assets, subject to all of the liabilities, of the Predecessor Fund in exchange for a representative amount of shares of the Fund; (b) the liquidation of the Predecessor Fund; and (c) the distribution to the Predecessor Fund’s shareholders of the Fund’s shares. The reorganization was intended to allow the Fund to be better positioned to increase asset size and achieve additional economies of scale by achieving net prices on securities trades and spread fixed expenses over a larger asset base. As a result of the reorganization, the Fund is the legal survivor, however, the accounting and performance history of the Investor Class and Institutional Class of the Predecessor Fund have been redesignated as that of Class A and Class I of the Fund.

Based on the opinion of tax counsel, the reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized by the Predecessor Fund or its shareholders. In addition, the expenses of the reorganization were borne by the Advisers of both the Predecessor Fund and the Fund. The effective time of the reorganization occurred immediately after the close of regularly scheduled trading on the NYSE on July 9, 2010. The following outlines the reorganization:

  ACQUIRED NET  DEPRECIATION OF     
  ASSET VALUE OF THE  ACQUIRED FUND’S  SHARES ISSUED  TOTAL NET ASSETS 
ACQUIRED FUND  ACQUIRED FUND  INVESTMENTS  BY THE FUND  AFTER COMBINATION 
Robeco Boston Partners  $154,240,210  ($5,243,829)  17,142,708  $154,240,210 
Mid Cap Value Fund         

 

32  Disciplined Value Mid Cap Fund | Annual report 

 


Auditor’s report

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Funds III and Shareholders of
John Hancock Disciplined Value Mid Cap Fund:

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of John Hancock Disciplined Value Mid Cap Fund (the “Fund”) at March 31, 2012, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods ending August 31, 2010, March 31, 2011 and March 31, 2012, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements 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 are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2012 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinion.

The financial highlights of the Fund for periods ending on or before August 31, 2009 were audited by another independent registered public accounting firm, whose report dated October 27, 2009 expressed an unqualified opinion thereon.

PricewaterhouseCoopers LLP
Boston, Massachusetts
May 18, 2012

Annual report | Disciplined Value Mid Cap Fund  33 

 


Tax information

Unaudited

For federal income tax purposes, the following information is furnished with respect to the distributions of the Fund, if any, paid during its taxable year ended March 31, 2012.

The Fund paid $1,768,798 in capital gain dividends.

The Fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

The Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends-received deduction.

Eligible shareholders will be mailed a 2012 Form 1099-DIV in early 2013. This will reflect the tax character of all distributions paid in calendar year 2012.

34  Disciplined Value Mid Cap Fund | Annual report 

 


Trustees and Officers

This chart provides information about the Trustees and Officers who oversee your John Hancock fund. Officers elected by the Trustees manage the day-to-day operations of the Fund and execute policies formulated by the Trustees.

Independent Trustees     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Steven R. Pruchansky, Born: 1944  2006  48 
Chairman (since January 2011); Chairman and Chief Executive Officer, Greenscapes of Southwest 
Florida, Inc. (since 2000); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); 
Member, Board of Advisors, First American Bank (until 2010); Managing Director, Jon James, LLC (real 
estate) (since 2000); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty 
Trust (until 1994); President, Maxwell Building Corp. (until 1991).     
 
William H. Cunningham, Born: 1944  2006  48 
Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System 
and former President of the University of Texas, Austin, Texas; Director of the following: LIN Television 
(since 2009); Lincoln National Corporation (insurance) (Chairman since 2009 and Director since 2006); 
Resolute Energy Corporation (since 2009); Nanomedical Systems, Inc. (biotechnology company) 
(Chairman since 2008); Yorktown Technologies, LP (tropical fish) (Chairman since 2007); Greater Austin 
Crime Commission (since 2001); Southwest Airlines (since 2000); former Director of the following: 
Introgen (manufacturer of biopharmaceuticals) (until 2008); Hicks Acquisition Company I, Inc. (until 
2007); Jefferson-Pilot Corporation (diversified life insurance company) (until 2006); and former Advisory 
Director, JP Morgan Chase Bank (formerly Texas Commerce Bank–Austin) (until 2009).   
 
Deborah C. Jackson, Born: 1952  2008  48 
President, Cambridge College, Cambridge, Massachusetts (since May 2011); Chief Executive Officer, 
American Red Cross of Massachusetts Bay (2002–May 2011); Board of Directors of Eastern Bank 
Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); 
Board of Directors of American Student Assistance Corp. (1996–2009); Board of Directors of Boston 
Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits 
company) (2007–2011).     
 
Stanley Martin,2 Born: 1947  2008  48 
Director, The St. Joe Company (real estate development company) (since May 2012); Senior Vice 
President/Audit Executive, Federal Home Loan Mortgage Corporation (2004–2006); Executive Vice 
President/Consultant, HSBC Bank USA (2000–2003); Chief Financial Officer/Executive Vice President, 
Republic New York Corporation & Republic National Bank of New York (1998–2000); Partner, KPMG 
LLP (1971–1998).     
 
Dr. John A. Moore,2 Born: 1939  2006  48 
President and Chief Executive Officer, Institute for Evaluating Health Risks, (nonprofit institution) 
(1989–2001); Senior Scientist, Sciences International (health research) (2000–2003); Former Assistant 
Administrator & Deputy Administrator, Environmental Protection Agency (1983–1989); Principal, 
Hollyhouse (consulting) (since 2000); Director, CIIT Center for Health Science Research (nonprofit 
research) (until 2007).     

 

Annual report | Disciplined Value Mid Cap Fund  35 

 


Independent Trustees (continued)     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Patti McGill Peterson,2 Born: 1943  2006  48 
Presidential Advisor for Global Initiatives, American Council on Education (since 2011); Chairperson 
of the Board of the Trust (during 2009 and 2010); Principal, PMP Globalinc (consulting) (2007–2011); 
Senior Associate, Institute for Higher Education Policy (2007–2011); Executive Director, CIES 
(international education agency) (until 2007); Vice President, Institute of International Education (until 
2007); Former President Wells College, St. Lawrence University and the Association of Colleges and 
Universities of the State of New York. Director of the following: Mutual Fund Directors Forum (since 
2011); Niagara Mohawk Power Corporation (until 2003); Security Mutual Life (insurance) (until 1997); 
ONBANK (until 1993). Trustee of the following: Board of Visitors, The University of Wisconsin, Madison 
(since 2007); Ford Foundation, International Fellowships Program (until 2007); UNCF, International 
Development Partnerships (until 2005); Roth Endowment (since 2002); Council for International 
Educational Exchange (since 2003).     
 
Gregory A. Russo, Born: 1949  2008  48 
Member, Audit Committee and Finance Committee of NCH Healthcare System, Inc. (since 2011); Vice 
Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002–2006); Vice Chairman, Industrial 
Markets, KPMG (1998–2002).     
 
Non-Independent Trustees3     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Hugh McHaffie, Born: 1959  2010  48 
Executive Vice President, John Hancock Financial Services (since 2006, including prior positions); 
President of John Hancock Variable Insurance Trust and John Hancock Funds II (since 2009); Trustee, 
John Hancock retail funds (since 2010); Chairman and Director, John Hancock Advisers, LLC, 
John Hancock Investment Management Services, LLC and John Hancock Funds, LLC (since 2010). 
 
John G. Vrysen, Born: 1955  2009  48 
Senior Vice President, John Hancock Financial Services (since 2006); Director, Executive Vice President 
and Chief Operating Officer, John Hancock Advisers, LLC, John Hancock Investment Management 
Services, LLC and John Hancock Funds, LLC (since 2005); Chief Operating Officer, John Hancock 
Funds II and John Hancock Variable Insurance Trust (since 2007); Chief Operating Officer, John Hancock 
retail funds (until 2009); Trustee, John Hancock retail funds (since 2009).     

 

36  Disciplined Value Mid Cap Fund | Annual report 

 


Principal officers who are not Trustees   
 
Name, Year of Birth  Officer 
Position(s) held with Fund  of the 
Principal occupation(s) and other  Trust 
directorships during past 5 years  since 
 
Keith F. Hartstein, Born: 1956  2006 
President and Chief Executive Officer   
Senior Vice President, John Hancock Financial Services (since 2004); Director, President and Chief   
Executive Officer, John Hancock Advisers, LLC and John Hancock Funds, LLC (since 2005); Director, 
John Hancock Asset Management a division of Manulife Asset Management (US) LLC (since 2005); 
Director, John Hancock Investment Management Services, LLC (since 2006); President and Chief   
Executive Officer, John Hancock retail funds (since 2005); Member, Investment Company Institute Sales 
Force Marketing Committee (since 2003).   
 
Andrew G. Arnott, Born: 1971  2009 
Senior Vice President and Chief Operating Officer   
Senior Vice President, John Hancock Financial Services (since 2009); Executive Vice President,   
John Hancock Advisers, LLC (since 2005); Executive Vice President, John Hancock Investment   
Management Services, LLC (since 2006); Executive Vice President, John Hancock Funds, LLC (since   
2004); Chief Operating Officer, John Hancock retail funds (since 2009); Senior Vice President,   
John Hancock retail funds (since 2010); Vice President, John Hancock Funds II and John Hancock   
Variable Insurance Trust (since 2006); Senior Vice President, Product Management and Development, 
John Hancock Funds, LLC (until 2009).   
 
Thomas M. Kinzler, Born: 1955  2006 
Secretary and Chief Legal Officer   
Vice President, John Hancock Financial Services (since 2006); Secretary and Chief Legal Counsel,   
John Hancock Advisers, LLC, John Hancock Investment Management Services, LLC and John Hancock 
Funds, LLC (since 2007); Secretary and Chief Legal Officer, John Hancock retail funds, John Hancock 
Funds II and John Hancock Variable Insurance Trust (since 2006).   
 
Francis V. Knox, Jr., Born: 1947  2006 
Chief Compliance Officer   
Vice President, John Hancock Financial Services (since 2005); Chief Compliance Officer, John Hancock 
retail funds, John Hancock Funds II, John Hancock Variable Insurance Trust, John Hancock Advisers, 
LLC and John Hancock Investment Management Services, LLC (since 2005); Vice President and Chief 
Compliance Officer, John Hancock Asset Management a division of Manulife Asset Management (US) 
LLC (2005–2008).   
 
Charles A. Rizzo, Born: 1957  2007 
Chief Financial Officer   
Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock   
Advisers, LLC and John Hancock Investment Management Services, LLC (since 2008); Chief Financial 
Officer, John Hancock retail funds, John Hancock Funds II and John Hancock Variable Insurance Trust 
(since 2007); Assistant Treasurer, Goldman Sachs Mutual Fund Complex (2005–2007); Vice President, 
Goldman Sachs (2005–2007).   

 

Annual report | Disciplined Value Mid Cap Fund  37 

 


Principal officers who are not Trustees (continued)   
 
Name, Year of Birth  Officer 
Position(s) held with Fund  of the 
Principal occupation(s) and other  Trust 
directorships during past 5 years  since 
 
Salvatore Schiavone, Born: 1965  2010 
Treasurer   
Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock 
Advisers, LLC and John Hancock Investment Management Services, LLC (since 2007); Treasurer,   
John Hancock retail funds (since 2010); Treasurer, John Hancock closed-end funds (since 2009);   
Assistant Treasurer, John Hancock Funds II and John Hancock Variable Insurance Trust (since   
October 2010) and (2007–2009); Assistant Treasurer, John Hancock retail funds (2007–2009);   
Assistant Treasurer, Fidelity Group of Funds (2005–2007); Vice President, Fidelity Management   
Research Company (2005–2007).   

 

The business address for all Trustees and Officers is 601 Congress Street, Boston, Massachusetts 02210-2805.

The Statement of Additional Information of the Fund includes additional information about members of the Board of Trustees of the Fund and is available without charge, upon request, by calling 1-800-225-5291.

1 Each Trustee holds office until his or her successor is elected and qualified, or until the Trustee’s death, retirement, resignation or removal.

2 Member of Audit Committee.

3 Because Messrs. McHaffie and Vrysen are senior executives or directors with the Adviser and/or its affiliates, each of them is considered an “interested person,” as defined in the Investment Company Act of 1940, of the Fund.

38  Disciplined Value Mid Cap Fund | Annual report 

 


More information

Trustees  Investment adviser 
Steven R. Pruchansky, Chairman  John Hancock Investment Management 
William H. Cunningham  Services, LLC 
Deborah C. Jackson   
Stanley Martin*  Subadviser 
Hugh McHaffie†  Robeco Investment Management, Inc. 
Dr. John A. Moore,* Vice Chairman 
Patti McGill Peterson*  Principal distributor 
Gregory A. Russo  John Hancock Funds, LLC 
John G. Vrysen† 
  Custodian 
Officers  State Street Bank and Trust Company
Keith F. Hartstein 
President and Chief Executive Officer  Transfer agent 
  John Hancock Signature Services, Inc. 
Andrew G. Arnott 
Senior Vice President and Chief Operating Officer  Legal counsel 
  K&L Gates LLP 
Thomas M. Kinzler 
Secretary and Chief Legal Officer  Independent registered 
  public accounting firm 
Francis V. Knox, Jr.  PricewaterhouseCoopers LLP 
Chief Compliance Officer   
 
Charles A. Rizzo   
Chief Financial Officer   
 
Salvatore Schiavone   
Treasurer   
 
*Member of the Audit Committee   
†Non-Independent Trustee   

 

The Fund’s proxy voting policies and procedures, as well as the Fund’s proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) Web site at www.sec.gov or on our Web site.

The Fund’s complete list of portfolio holdings, for the first and third fiscal quarters, is filed with the SEC on Form N-Q. The Fund’s Form N-Q is available on our Web site and the SEC’s Web site, www.sec.gov, and can be reviewed and copied (for a fee) at the SEC’s Public Reference Room in Washington, DC. Call 1-202-551-8090 to receive information on the operation of the SEC’s Public Reference Room.

We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our Web site at www.jhfunds.com or by calling 1-800-225-5291.

You can also contact us:     
1-800-225-5291  Regular mail:  Express mail: 
jhfunds.com  John Hancock Signature Services, Inc.  John Hancock Signature Services, Inc. 
  P.O. Box 55913  Mutual Fund Image Operations 
  Boston, MA 02205-5913  30 Dan Road 
    Canton, MA 02021 

 

Annual report | Disciplined Value Mid Cap Fund  39 

 



1-800-225-5291
1-800-554-6713 TDD
1-800-338-8080 EASI-Line
www.jhfunds.com

Now available: electronic delivery
www.jhfunds.com/edelivery

This report is for the information of the shareholders of John Hancock Disciplined Value Mid Cap Fund.  3630A 3/12 
It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.  5/12 

 




A look at performance

Total returns for the period ended March 31, 2012

  Average annual total returns (%)    Cumulative total returns (%)   
  with maximum sales charge    with maximum sales charge   
  1-year  5-year  10-year  1-year  5-year  10-year 
Class A1,2  –12.79  –3.45  6.27  –12.79  –16.09  83.74 
Class I1,2,3  –7.87  –2.39  6.86  –7.87  –11.38  94.19 
Class NAV1,2,3  –7.70  –1.95  7.36  –7.70  –9.38  103.47 

 

Performance figures assume all dividends have been reinvested. Figures reflect maximum sales charge on Class A shares of 5%. Sales charges are not applicable for Class I or Class NAV shares.

The expense ratios of the Fund, both net (including any fee waivers or expense limitations) and gross (excluding any fee waivers or expense limitations), are set forth according to the most recent publicly available prospectuses for the Fund and may differ from those disclosed in the Financial highlights tables in this report. The fee waivers and expense limitations are contractual at least until 2-11-13 for Class A and 6-30-12 for Class I. Had the fee waivers and expense limitations not been in place gross expenses would apply. For Class NAV the net expenses equal the gross expenses. The expense ratios are as follows:

  Class A  Class I  Class NAV 
Net (%)  1.60  1.18  1.17 
Gross (%)  14.68  12.93  1.17 

 

The returns reflect past results and should not be considered indicative of future performance. The return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Due to market volatility, the Fund’s current performance may be higher or lower than the performance shown. For performance data current to the most recent month end, please call 1-800-225-5291 or visit the Fund’s Web site at www.jhfunds.com.

The performance table above and the chart on the next page do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Fund’s performance results reflect any applicable expense reductions, without which the expenses would increase and results would have been less favorable.

6  International Value Equity Fund | Annual report 

 



    Without  With maximum     
  Start date  sales charge  sales charge  Index 1  Index 2 
Class I3  3-31-02  $19,419  $19,419  $18,941  $19,515 
Class NAV3  3-31-02  20,347  20,347  18,941  19,515 

 

MSCI World ex-USA Index (gross of foreign withholding taxes on dividends) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the United States of America.

MSCI World ex-USA Value Index (gross of foreign withholding taxes on dividends) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the United States of America, that have higher than average value characteristics.

It is not possible to invest directly in an index. Index figures do not reflect sales charges, which would have resulted in lower values if they did.

1 After the close of business on 2-11-11, holders of Class A shares of the former Optique International Value Fund (the Predecessor Fund) became owners of an equal number of full and fractional Class A shares of John Hancock International Value Equity Fund. These shares were first offered on 2-14-11. Additionally, the accounting and performance history of the Class A shares of the Predecessor Fund was redesignated as that of John Hancock International Value Equity Fund Class A. Class I shares were first offered on 2-14-11 and Class NAV shares were first offered on 12-16-11. Returns prior to these dates are those of Class A shares recalculated to apply the gross fees and expenses of Class I and Class NAV shares, respectively.

2 In October 2011, the adviser made a voluntary payment to the Fund of $6,950, or approximately $0.018 per share. Without this payment, performance would have been lower.

3 For certain types of investors, as described in the Fund’s prospectuses.

Annual report | International Value Equity Fund  7 

 


Management’s discussion of

Fund performance

By John Hancock Asset Management
a division of Manulife Asset Management (US) LLC

International developed stock markets lost ground during the 12-month period ended March 31, 2012, as the Fund’s benchmark, the MSCI World ex-USA Index, declined 6.19%, while the average foreign large-cap value fund monitored by Morningstar, Inc. lost 7.24%. The markets were weighed down in part by a downgrade of the U.S. sovereign debt rating in August, mediocre economic growth in developed nations and growing concerns about Europe’s sovereign debt crisis. In the final months of the period, share prices staged a partial rebound in the wake of the European Central Bank’s December launch of a low-cost loan program for the region’s ailing banks and progress in Greece’s debt negotiations.

During the 12-month period, John Hancock International Value Equity Fund’s Class A shares declined 8.20%, excluding sales charges, trailing the benchmark index and peer group average. On the negative side, our picks in France and Germany detracted, as did a sizable underweighting and unrewarding picks in Switzerland relative to the benchmark. At the stock level, significant contributors included South African consumer products company Tiger Brands, Ltd., Japanese drug store operator Tsuruha Holdings Inc. and South Korea’s LG Display Co. Ltd. Detractors included French banks Societe Generale S.A. and BNP Paribas S.A., as well as Japanese broker Nomura Holdings, Inc., all of which we were in the process of selling at period end. Swiss investment bank Credit Suisse Group AG and Canadian natural gas producer Encana Corp. also detracted. The Fund’s performance relative to the benchmark index was aided by stock selection in utilities and telecommunication services. Conversely, security selection in health care and an underweighting in consumer staples hurt the Fund’s results.

At March 31, 2012, the Fund’s exposure to eurozone banks was 1.65% as compared to the MSCI World ex-USA Index weighting of 3.18%. (This does not include the Fund’s holdings in banks in non-eurozone countries, i.e. those that did not adopt the euro as their currency, such as Switzerland and Norway.) The Fund’s remaining eurozone exposures at period end were in Deutsche Bank in Germany and Banco Santander in Spain, the latter of which we sold shortly after the period ended. We continue to monitor the risks in banks and stand ready to take further action to reduce the Fund’s eurozone banking exposure should conditions in Europe worsen.

This commentary reflects the views of the portfolio managers through the end of the period discussed in this report. The managers’ statements reflect their own opinions. As such, they are in no way guarantees of future events and are not intended to be used as investment advice or a recommendation regarding any specific security. They are also subject to change at any time as market and other conditions warrant.

Past performance is no guarantee of future results.

International investing involves special risks such as political, economic and currency risks and differences in accounting standards and financial reporting. Sector investing is subject to greater risks than the market as a whole. Because the Fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors.

8  International Value Equity Fund | Annual report 

 


Your expenses

These examples are intended to help you understand your ongoing operating expenses.

Understanding fund expenses

As a shareholder of the Fund, you incur two types of costs:

▪ Transaction costs which include sales charges (loads) on purchases or redemptions (varies by share class), minimum account fee charge, etc.

▪ Ongoing operating expenses including management fees, distribution and service fees (if applicable), and other fund expenses.

We are going to present only your ongoing operating expenses here.

Actual expenses/actual returns

This example is intended to provide information about the Fund’s actual ongoing operating expenses, and is based on the Fund’s actual return. It assumes an account value of $1,000.00 on October 1, 2011 with the same investment held until March 31, 2012.

  Account value  Ending value  Expenses paid during 
  on 10-1-11  on 3-31-12  period ended 3-31-121 
Class A  $1,000.00  $1,150.90  $8.60 
Class I  1,000.00  1,152.00  6.35 

 

For the class noted below, the example assumes an account value of $1,000 on December 16, 2011, with the same investment held until March 31, 2012.

 

  Account value  Ending value  Expenses paid during 
  on 12-16-11  on 3-31-12  period ended 3-31-122 
Class NAV  $1,000.00  $1,140.50  $3.38 

 

Together with the value of your account, you may use this information to estimate the operating expenses that you paid over the period. Simply divide your account value at March 31, 2012, by $1,000.00, then multiply it by the “expenses paid” for your share class from the table above. For example, for an account value of $8,600.00, the operating expenses should be calculated as follows:

 

 
Annual report | International Value Equity Fund  9 

 


Your expenses

Hypothetical example for comparison purposes

This table allows you to compare the Fund’s ongoing operating expenses with those of any other fund. It provides an example of the Fund’s hypothetical account values and hypothetical expenses based on each class’s actual expense ratio and an assumed 5% annualized return before expenses (which is not the Fund’s actual return). It assumes an account value of $1,000.00 on October 1, 2011, with the same investment held until March 31, 2012. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses.

  Account value  Ending value  Expenses paid during 
  on 10-1-11  on 3-31-12  period ended 3-31-123 
Class A  $1,000.00  $1,017.00  $8.07 
Class I  1,000.00  1,019.10  5.96 
Class NAV  1,000.00  1,019.60  5.45 

 

Remember, these examples do not include any transaction costs, therefore, these examples will not help you to determine the relative total costs of owning different funds. If transaction costs were included, your expenses would have been higher. See the prospectus for details regarding transaction costs.

1 Expenses are equal to the Fund’s annualized expense ratio of 1.60%, and 1.18% for Class A and Class I shares, respectively, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

2 Expenses are equal to the Fund’s annualized expense ratio of 1.08% for Class NAV shares multiplied by the average account value over the period, multiplied by 107/366 (to reflect the period).

3 Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

10  International Value Equity Fund | Annual report 

 


Portfolio summary

Top 10 Holdings (11.8% of Net Assets on 3-31-12)1,2     
Nestle SA  1.5%  Techtronic Industries Company  1.1% 
  
Magna International, Inc.  1.3%  Santos, Ltd.  1.1% 
  
CNOOC, Ltd.  1.2%  Electrolux AB  1.1% 
  
Husky Energy, Inc.  1.2%  Barclays PLC  1.1% 
  
Honda Motor Company, Ltd.  1.1%  Novartis AG  1.1% 
  
 
Sector Composition1,3       
Financials  19.8%  Consumer Staples  7.5% 
  
Industrials  13.8%  Utilities  5.9% 
  
Consumer Discretionary  11.0%  Telecommunication Services  5.5% 
  
Energy  10.3%  Information Technology  4.0% 
  
Health Care  9.3%  Short-Term Investments & Other  4.8% 
  
Materials  8.1%     
 
Top Ten Countries1,2,3       
Japan  19.6%  Hong Kong  5.9% 
  
United Kingdom  14.0%  France  5.8% 
  
Germany  8.1%  Switzerland  4.6% 
  
Canada  7.8%  Netherlands  4.2% 
  
Australia  6.3%  China  3.0% 
  

 

1 As a percentage of net assets on 3-31-12.

2 Cash, cash equivalents and securities lending collateral not included.

3 International investing involves special risks such as political, economic and currency risks and differences in accounting standards and financial reporting. Sector investing is subject to greater risks than the market as a whole. Because the Fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors.

Annual report | International Value Equity Fund  11 

 


Fund’s investments

As of 3-31-12

  Shares  Value 
Common Stocks 93.3%    $109,794,723 
(Cost $97,805,073)     
 
Australia 6.3%    7,393,330 
 
AGL Energy, Ltd.  64,550  986,440 
Amcor, Ltd.  114,677  884,010 
BHP Billiton, Ltd.  32,515  1,175,941 
BHP Billiton, Ltd., ADR  338  24,471 
National Australia Bank, Ltd.  37,518  956,462 
Santos, Ltd.  90,335  1,335,755 
Sonic Healthcare, Ltd.  81,038  1,053,522 
Westpac Banking Corp.  43,056  976,729 
 
Austria 1.5%    1,785,965 
 
OMV AG  30,114  1,070,304 
Telekom Austria AG  61,398  715,661 
 
Bermuda 0.9%    1,025,894 
 
Hiscox, Ltd.  161,886  1,025,894 
 
Canada 7.8%    9,166,909 
 
Bank of Montreal  18,145  1,078,749 
Bombardier, Inc.  185,894  771,569 
Encana Corp. (L)  62,610  1,229,666 
Husky Energy, Inc. (L)  53,457  1,360,207 
Magna International, Inc. (L)  31,473  1,500,683 
Potash Corp. of Saskatchewan, Inc.  19,135  873,636 
Sun Life Financial, Inc.  943  22,340 
Sun Life Financial, Inc. (Toronto Stock Exchange) (L)  50,504  1,198,486 
The Toronto-Dominion Bank (L)  13,332  1,131,573 
 
Chile 0.8%    971,321 
 
Enersis SA, ADR  48,109  971,321 
 
China 3.0%    3,546,132 
 
China Petroleum & Chemical Corp., H Shares  1,114,000  1,210,503 
CNOOC, Ltd.  695,000  1,420,767 
Sinotrans, Ltd., H Shares  4,885,000  914,862 
 
France 5.8%    6,781,914 
 
BNP Paribas SA  211  10,023 
Cie de Saint-Gobain  21,259  950,049 
GDF Suez  35,463  915,522 
Sanofi  11,877  920,797 

 

12  International Value Equity Fund | Annual report  See notes to financial statements 

 


  Shares  Value 
France (continued)     
 
Societe BIC SA  9,563  $959,361 
Societe Generale SA (I)  318  9,299 
Total SA  33,916  1,178,270 
Vinci SA  20,008  1,043,883 
Vivendi SA  43,239  794,710 
 
Germany 8.1%    9,527,002 
 
Allianz SE  7,525  899,300 
BASF SE  12,358  1,082,131 
Bayer AG  14,044  988,664 
Deutsche Bank AG  19,999  994,905 
Deutsche Boerse AG  13,148  885,273 
E.ON AG  42,848  1,026,290 
Muenchener Rueckversicherungs AG  6,046  912,401 
Rheinmetall AG  17,591  1,042,464 
Rhoen-Klinikum AG  45,590  915,567 
Siemens AG  7,728  780,007 
 
Hong Kong 5.9%    6,941,686 
 
China Mobile, Ltd.  109,000  1,200,536 
Guangdong Investment, Ltd.  1,518,000  1,053,936 
Hang Lung Group, Ltd.  174,000  1,107,717 
Swire Pacific, Ltd., Class A  79,500  890,702 
Swire Properties, Ltd.  55,650  138,701 
Techtronic Industries Company  986,500  1,339,473 
Yue Yuen Industrial Holdings, Ltd.  343,500  1,210,621 
 
Israel 0.9%    1,029,083 
 
Teva Pharmaceutical Industries, Ltd.  22,224  1,000,019 
Teva Pharmaceutical Industries, Ltd., ADR  645  29,064 
 
Japan 19.6%    23,112,921 
 
Aderans Company, Ltd. (I)  61,800  705,298 
Aisin Seiki Company, Ltd.  34,200  1,216,096 
Asahi Glass Company, Ltd.  117,000  1,002,984 
Astellas Pharma, Inc.  23,700  979,274 
Daiichi Sankyo Company, Ltd. (L)  50,100  919,535 
Disco Corp.  15,600  864,989 
East Japan Railway Company  13,100  828,130 
Fujitsu, Ltd.  175,000  924,375 
Honda Motor Company, Ltd.  35,000  1,345,379 
JGC Corp. (L)  37,000  1,151,007 
Komatsu, Ltd.  36,700  1,051,168 
Kyocera Corp.  11,400  1,055,259 
Mitsubishi Corp. (L)  46,400  1,081,774 
Mitsubishi UFJ Financial Group  219,100  1,101,693 
Nidec Corp. (L)  10,900  995,062 
Nippon Telegraph & Telephone Corp.  18,300  832,717 
Nomura Holdings, Inc.  6,700  29,878 
Secom Company, Ltd.  19,600  964,346 
Sony Corp.  53,600  1,115,055 

 

See notes to financial statements  Annual report | International Value Equity Fund  13 

 


  Shares  Value 
Japan (continued)     
 
Sumitomo Chemical Company, Ltd.  250,000  $1,072,793 
Tokyo Electron, Ltd.  16,000  917,145 
Toyo Suisan Kaisha, Ltd.  39,000  1,012,703 
Tsuruha Holdings, Inc.  17,000  1,003,977 
Yamada Denki Company, Ltd.  15,000  942,284 
 
Netherlands 4.2%    5,004,499 
 
Aegon NV (I)  188,700  1,046,735 
Heineken Holding NV  24,478  1,145,603 
Koninklijke Philips Electronics NV — NY Shares (I)  1,028  20,920 
Koninklijke Philips Electronics NV (I)  36,990  749,676 
Royal Dutch Shell PLC, A Shares  32,208  1,128,556 
TNT Express NV  73,834  913,009 
 
Norway 1.9%    2,299,203 
 
DNB ASA  96,581  1,240,482 
Fred Olsen Energy ASA  26,976  1,058,721 
 
Singapore 2.8%    3,264,768 
 
DBS Group Holdings, Ltd.  98,500  1,110,545 
Fraser and Neave, Ltd.  201,000  1,070,998 
Singapore Telecommunications, Ltd.  434,000  1,083,225 
 
South Africa 1.0%    1,152,750 
 
Tiger Brands, Ltd.  32,788  1,152,750 
 
South Korea 0.8%    960,526 
 
POSCO  2,788  937,592 
POSCO, ADR  274  22,934 
 
Spain 1.5%    1,739,794 
 
Banco Santander SA  120,209  924,131 
Telefonica SA  48,429  794,461 
Telefonica SA, ADR  1,292  21,202 
 
Sweden 1.9%    2,295,654 
 
Electrolux AB, Series B (L)  60,049  1,269,295 
Securitas AB, Series B  106,348  1,026,359 
 
Switzerland 4.6%    5,367,910 
 
Credit Suisse Group AG (I)  39,737  1,132,106 
Credit Suisse Group AG, ADR  864  24,633 
Nestle SA  28,067  1,766,389 
Novartis AG  22,007  1,218,845 
Novartis AG, ADR  515  28,536 
Xstrata PLC  69,919  1,197,401 
 
United Kingdom 14.0%    16,427,462 
 
Anglo American PLC  28,719  1,072,613 
AstraZeneca PLC  20,363  905,562 
Aviva PLC  206,920  1,097,520 
Barclays PLC  330,446  1,247,974 
British Sky Broadcasting Group PLC  77,711  839,831 
Debenhams PLC  873,219  1,127,765 
Diageo PLC  43,783  1,054,251 

 

14  International Value Equity Fund | Annual report  See notes to financial statements 

 


    Shares  Value 
United Kingdom (continued)       
 
GlaxoSmithKline PLC    40,915  $913,646 
HSBC Holdings PLC    116,793  1,036,701 
National Grid PLC    97,476  983,525 
Reed Elsevier PLC    117,663  1,042,528 
Smith & Nephew PLC    102,322  1,037,878 
Smith & Nephew PLC, ADR (L)    537  27,119 
Standard Chartered PLC (I)    43,496  1,084,629 
Unilever PLC    28,488  940,409 
United Utilities Group PLC    100,769  969,397 
Vodafone Group PLC    378,872  1,046,114 
 
Preferred Securities 1.9%      $2,241,143 
(Cost $2,039,646)       
 
Brazil 1.9%      2,241,143 
 
Petroleo Brasileiro SA    84,830  1,085,092 
Vale SA    50,900  1,156,051 
 
  Yield  Shares  Value 
Securities Lending Collateral 8.4%      $9,945,923 
(Cost $9,945,520)       
 
John Hancock Collateral Investment Trust (W)  0.3731% (Y)  993,738  9,945,923 
 
Total investments (Cost $109,790,239)† 103.6%    $121,981,789 
 
Other assets and liabilities, net (3.6%)      ($4,272,205) 
 
Total net assets 100.0%      $117,709,584 
 

 

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the Fund.

ADR American Depositary Receipts

(I) Non-income producing security.

(L) All or a portion of this security is on loan as of 3-31-12.

(W) Investment is an affiliate of the Fund, the adviser and/or subadviser. Also, it represents the investment of securities lending collateral received.

(Y) The rate shown is the annualized seven-day yield as of 3-31-12.

† At 3-31-12, the aggregate cost of investment securities for federal income tax purposes was $109,852,278. Net unrealized appreciation aggregated $12,129,511, of which $12,847,324 related to appreciated investment securities and $717,813 related to depreciated investment securities.

The Fund had the following sector composition as a percentage of net assets on 3-31-12:

Financials  19.8% 
Industrials  13.8% 
Consumer Discretionary  11.0% 
Energy  10.3% 
Health Care  9.3% 
Materials  8.1% 
Consumer Staples  7.5% 
Utilities  5.9% 
Telecommunication Services  5.5% 
Information Technology  4.0% 
Short-Term Investments & Other  4.8% 

 

See notes to financial statements  Annual report | International Value Equity Fund  15 

 


F I N A N C I A L   S T A T E M E N T S

Financial statements

Statement of assets and liabilities 3-31-12

This Statement of assets and liabilities is the Fund’s balance sheet. It shows the value of what the Fund owns, is due and owes. You’ll also find the net asset value and the maximum offering price per share.

Assets   
Investments in unaffiliated issuers, at value (Cost $99,844,719) including   
$9,510,558 of securities loaned  $112,035,866 
Investments in affiliated issuers, at value (Cost $9,945,520)  9,945,923 
 
Total investments, at value (Cost $109,790,239)  121,981,789 
 
Cash  5,129,291 
Foreign currency, at value (Cost $110,977)  110,764 
Dividends and interest receivable  497,004 
Receivable for securities lending income  10,260 
Receivable due from adviser  373 
Other receivables and prepaid expenses  18,153 
 
Total assets  127,747,634 
 
Liabilities   
Payable for fund shares repurchased  6,947 
Payable upon return of securities loaned  9,945,568 
Payable to affiliates   
Accounting and legal services fees  5,563 
Transfer agent fees  526 
Trustees’ fees  40 
Other liabilities and accrued expenses  79,406 
 
Total liabilities  10,038,050 
 
Net assets   
Paid-in capital  $103,818,873 
Undistributed net investment income  820,698 
Accumulated net realized gain (loss) on investments and foreign   
currency transactions  878,358 
Net unrealized appreciation (depreciation) on investments and translation   
of assets and liabilities in foreign currencies  12,191,655 
 
Net assets  $117,709,584 
 
Net asset value per share   
Based on net asset values and shares outstanding — the Fund has an   
unlimited number of shares authorized with no par value   
Class A ($2,925,780 ÷ 356,149 shares)  $8.22 
Class I ($743,939 ÷ 90,590 shares)  $8.21 
Class NAV ($114,039,865 ÷ 13,874,268 shares)  $8.22 
 
Maximum offering price per share   
Class A (net asset value per share ÷ 95%)1  $8.65 

 

1 On single retail sales of less than $50,000. On sales of $50,000 or more and on group sales the offering price is reduced.

 

16  International Value Equity Fund | Annual report  See notes to financial statements 

 


F I N A N C I A L   S T A T E M E N T S

Statement of operations For the year ended 3-31-12

This Statement of operations summarizes the Fund’s investment income earned and expenses incurred in operating the Fund. It also shows net gains (losses) for the period stated.

Investment income   
Dividends  $1,206,886 
Securities lending  18,366 
Less foreign taxes withheld  (84,286) 
 
Total investment income  1,140,966 
 
Expenses   
Investment management fees  311,174 
Distribution and service fees  6,985 
Accounting and legal services fees  9,913 
Transfer agent fees  2,879 
Trustees’ fees  1,476 
State registration fees  23,771 
Printing and postage  6,188 
Professional fees  41,229 
Custodian fees  29,078 
Registration and filing fees  29,360 
 
Total expenses  462,053 
Less expense reductions  (72,585) 
 
Net expenses  389,468 
 
Net investment income  751,498 
 
Realized and unrealized gain (loss)   
 
Net realized gain (loss) on   
Investments in unaffiliated issuers  993,153 
Investments in affiliated issuers  (40) 
Foreign currency transactions  123,045 
 
  1,116,158 
Change in net unrealized appreciation (depreciation) of   
Investments in unaffiliated issuers  11,916,999 
Investments in affiliated issuers  403 
Translation of assets and liabilities in foreign currencies  (1,399) 
 
  11,916,003 
 
Net realized and unrealized gain  13,032,161 
 
Increase in net assets from operations  $13,783,659 

 

See notes to financial statements  Annual report | International Value Equity Fund  17 

 


F I N A N C I A L   S T A T E M E N T S

Statements of changes in net assets

These Statements of changes in net assets show how the value of the Fund’s net assets has changed during the last three periods. The difference reflects earnings less expenses, any investment gains and losses, distributions, if any, paid to shareholders and the net of Fund share transactions.

  Year  Year  Year 
  ended  ended  ended 
  3-31-12  3-31-111  10-31-10 
 
Increase (decrease) in net assets       
 
From operations       
Net investment income  $751,498  $6,302  $30,644 
Net realized gain  1,116,158  210,201  4,881,630 
Change in net unrealized appreciation (depreciation)  11,916,003  53,725  (2,718,136) 
 
Increase in net assets resulting from operations  13,783,659  270,228  2,194,138 
 
Distributions to shareholders       
From net investment income       
Class A  (19,630)  (102,551)  (168,896) 
Class I  (3,078)  —  — 
Class NAV  (34,119)  —  — 
From net realized gain       
Class A  (18,251)  (766,235)  — 
Class I  (1,758)  —  — 
 
Total distributions  (76,836)  (868,786)  (168,896) 
 
Contribution from adviser2  6,950  —  — 
 
From Fund share transactions  100,946,197  371,078  (28,639,625) 
 
Total increase (decrease)  114,659,970  (227,480)  (26,614,383) 
 
Net assets       
Beginning of year  3,049,614  3,277,094  29,891,477 
 
End of year  $117,709,584  $3,049,614  $3,277,094 
 
Undistributed net investment income  $820,698  $2,511  $95,016 

 

1 For the five-month period ended 3-31-11. The fund changed its fiscal year end from October 31 to March 31.

2 In October 2011, the adviser made a voluntary payment to the fund.

18  International Value Equity Fund | Annual report  See notes to financial statements 

 


Financial highlights

The Financial highlights show how the Fund’s net asset value for a share has changed during the period.

CLASS A SHARES Period ended  3-31-12  3-31-111,2  10-31-103  10-31-093  10-31-083  10-31-073 
 
Per share operating performance             
Net asset value, beginning of period  $9.09  $11.26  $9.90  $7.97  $$18.21  $16.62 
Net investment income  0.144  0.024  0.034  0.074  0.284  0.26 
Net realized and unrealized gain (loss)             
on investments  (0.92)5  0.79  1.396  2.546  (7.82)6  3.066 
Total from investment operations  (0.78)  0.81  1.42  2.61  (7.54)  3.32 
Less distributions             
From net investment income  (0.06)  (0.28)  (0.06)  (0.68)  (0.25)  (0.26) 
From net realized gain  (0.05)  (2.70)  —  —  (2.45)  (1.47) 
Total distributions  (0.11)  (2.98)  (0.06)  (0.68)  (2.70)  (1.73) 
Contribution from adviser  0.027  —  —  —  —  — 
Net asset value, end of period  $8.22  $9.09  $11.26  $9.90  $7.97  $18.21 
Total return (%)  (8.20)7,8  9.138,9  14.468  35.618  (48.17)  21.61 
 
Ratios and supplemental data             
Net assets, end of period (in millions)  $3  $3  $3  $30  $24  $111 
Ratios (as a percentage of average             
net assets):             
Expenses before reductions  3.73  16.0510  6.71  2.68  1.56  1.38 
Expenses net of fee waivers and credits  1.60  1.7710  1.85  1.85  1.56  1.38 
Net investment income  1.68  0.4810  0.33  0.88  2.09  1.58 
Portfolio turnover (%)  21  1211  80  123  13  21 

 

1 For the five-month period ended 3-31-11. The fund changed its fiscal year end from October 31 to March 31.
2 After the close of business on 2-11-11, holders of Class A shares of the former Optique International Value Fund (the Predecessor Fund) became owners of an equal number of full and fractional Class A shares of John Hancock International Value Equity Fund. These shares were first offered on 2-14-11. Additionally, the accounting and performance history of the Class A shares of the Predecessor Fund was redesignated as that of John Hancock International Value Equity Fund Class A.
3 Audited by previous independent registered public accounting firm.
4 Based on the average daily shares outstanding.
5 The amount shown for a share outstanding does not correspond with the aggregate gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
6 Includes redemption fees retained by the Fund. Such redemption fees represent less than $0.01 per share.
7 In October 2011, the adviser made a voluntary payment to the fund of $6,950. Without this payment, performance would have been lower.
8 Total returns would have been lower had certain expenses not been reduced during the periods shown.
9 Not annualized.
10 Annualized.
11 Portfolio turnover is shown for the period from 11-1-10 to 3-31-11.

 

See notes to financial statements  Annual report | International Value Equity Fund  19 

 


CLASS I SHARES Period ended  3-31-12  3-31-111 
 
Per share operating performance     
Net asset value, beginning of period  $9.09  $8.98 
Net investment income2  0.19  0.02 
Net realized and unrealized gain (loss) on investments  (0.95)3  0.09 
Total from investment operations  (0.76)  0.11 
Less distributions     
From net investment income  (0.09)  — 
From net realized gain  (0.05)  — 
Total distributions  (0.14)  — 
Contribution from adviser  0.024  — 
Net asset value, end of period  $8.21  $9.09 
Total return (%)  (7.87)4,5  1.226 
 
Ratios and supplemental data     
Net assets, end of period (in millions)  $1  —7 
Ratios (as a percentage of average net assets):     
Expenses before reductions  7.59  12.908 
Expenses net of fee waivers and credits  1.18  1.188 
Net investment income  2.36  1.898 
Portfolio turnover (%)  21  129 

 

1 Period from 2-14-11 (inception date) to 3-31-11.
2 Based on the average daily shares outstanding.
3 The amount shown for a share outstanding does not correspond with the aggregate gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
4 In October 2011, the adviser made a voluntary payment to the fund of $6,950. Without this payment, performance would have been lower.
5 Total returns would have been lower had certain expenses not been reduced during the periods shown.
6 Not annualized.
7 Less than $500,000.
8 Annualized.
9 Portfolio turnover is shown for the period from 11-1-10 to 3-31-11.

 

CLASS NAV SHARES Period ended  3-31-121 
 
Per share operating performance   
Net asset value, beginning of period  $7.21 
Net investment income2  0.05 
Net realized and unrealized gain on investments  0.96 
Total from investment operations  1.01 
Less distributions   
From net investment income  —3 
Net asset value, end of period  $8.22 
Total return (%)  14.054 
 
Ratios and supplemental data   
Net assets, end of period (in millions)  $114 
Ratios (as a percentage of average net assets):   
Expenses before reductions  1.085 
Expenses net of fee waivers and credits  1.085 
Net investment income  2.215 
Portfolio turnover (%)  216 

 

1 Period from 12-16-11 (inception date) to 3-31-12.
2 Based on the average daily shares outstanding.
3 Less than ($0.005) per share.
4 Not annualized.
5 Annualized.
6 Portfolio turnover is shown for the period from 4-1-11 to 3-31-12.

 

20  International Value Equity Fund | Annual report  See notes to financial statements 

 


Notes to financial statements

Note 1 — Organization

John Hancock International Value Equity Fund (the Fund) is a series of John Hancock Funds III (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the Fund is to seek long-term capital appreciation.

The Fund may offer multiple classes of shares. The shares currently offered are detailed in the Statement of assets and liabilities. Class A shares are offered to all investors. Class I shares are offered to institutions and certain investors. Class NAV shares are sold to John Hancock affiliated funds of funds. Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, transfer agent fees, printing and postage and state registration fees for each class may differ.

Note 2 — Significant accounting policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security valuation. Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. The Fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities. Level 2 includes securities valued using significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Fund’s own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

Annual report | International Value Equity Fund  21 

 


The following is a summary of the values by input classification of the Fund’s investments as of March 31, 2012, by major security category or type:

        LEVEL 3 
      LEVEL 2  SIGNIFICANT 
  TOTAL MARKET  LEVEL 1  SIGNIFICANT  UNOBSERVABLE 
  VALUE AT 3-31-12  QUOTED PRICE  OBSERVABLE INPUTS  INPUTS 
Common Stocks         
Australia  $7,393,330  $24,471  $7,368,859  — 
Austria  1,785,965  —  1,785,965  — 
Bermuda  1,025,894  —  1,025,894  — 
Canada  9,166,909  9,166,909  —  — 
Chile  971,321  971,321  —  — 
China  3,546,132  —  3,546,132  — 
France  6,781,914  —  6,781,914  — 
Germany  9,527,002  —  9,527,002  — 
Hong Kong  6,941,686  —  6,941,686  — 
Israel  1,029,083  29,064  1,000,019  — 
Japan  23,112,921  —  23,112,921  — 
Netherlands  5,004,499  20,920  4,983,579  — 
Norway  2,299,203  —  2,299,203  — 
Singapore  3,264,768  —  3,264,768  — 
South Africa  1,152,750  —  1,152,750  — 
South Korea  960,526  22,934  937,592  — 
Spain  1,739,794  21,202  1,718,592  — 
Sweden  2,295,654  —  2,295,654  — 
Switzerland  5,367,910  53,169  5,314,741  — 
United Kingdom  16,427,462  27,119  16,400,343  — 
Preferred Securities        — 
Brazil  2,241,143  2,241,143  —  — 
Securities Lending         
Collateral  9,945,923  9,945,923  —  — 
 
Total Investments in         
Securities  $121,981,789  $22,524,175  $99,457,614  — 

 

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. During the year ended March 31, 2012, there were no significant transfers into or out of Level 1, Level 2 or Level 3.

In order to value the securities, the Fund uses the following valuation techniques. Equity securities held by the Fund are valued at the last sale price or official closing price on the principal securities exchange on which they trade. In the event there were no sales during the day or closing prices are not available, then securities are valued using the last quoted bid or evaluated price. Investments by the Fund in open-end mutual funds, including John Hancock Collateral Investment Trust (JHCIT), are valued at their respective net asset values each business day. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rates supplied by an independent pricing service. Certain securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading.

Other portfolio securities and assets, where market quotations are not readily available, are valued at fair value, as determined in good faith by the Fund’s Pricing Committee, following procedures established by the Board of Trustees. Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of trading on the NYSE. Significant market events that affect the values of non-U.S. securities may occur between the time when the valuation of the securities is generally determined and the close of the NYSE. During significant

22  International Value Equity Fund | Annual report 

 


market events, these securities will be valued at fair value, as determined in good faith, following procedures established by the Board of Trustees. The Fund may use a fair valuation model to value non-U.S. securities in order to adjust for events which may occur between the close of foreign exchanges and the close of the NYSE.

Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Dividend income is recorded on the ex-date, except for dividends of foreign securities where the dividend may not be known until after the ex-date. In those cases, dividend income is recorded when the Fund becomes aware of the dividends. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

Securities lending. The Fund may lend its securities to earn additional income. It receives cash collateral from the borrower in an amount not less than the market value of the loaned securities. The Fund will invest its collateral in JHCIT, an affiliate of the Fund, and as a result, the Fund will receive the benefit of any gains and bear any losses generated by JHCIT. Although risk of the loss of the securities lent is mitigated by holding the collateral, the Fund could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities or if collateral investments decline in value. The Fund may receive compensation for lending its securities by retaining a portion of the return on the investment of the collateral and compensation from fees earned from borrowers of the securities. Net income received from JHCIT is a component of securities lending income as recorded on the Statement of operations.

Foreign currency translation. Assets, including investments and liabilities denominated in foreign currencies, are translated into U.S. dollar values each day at the prevailing exchange rate. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on the value of securities is reflected as a component of the realized and unrealized gains (losses) on investments.

Funds that invest internationally generally carry more risk than funds that invest strictly in U.S. securities. Risks can result from differences in economic and political conditions, regulations, market practices (including higher transaction costs) and accounting standards. Foreign investments are also subject to a decline in the value of a foreign currency versus the U.S. dollar, which reduces the dollar value of securities denominated in that currency.

Foreign taxes. The Fund may be subject to withholding tax on income or capital gains or repatriation taxes as imposed by certain countries in which it invests. Taxes are accrued based upon net investment income, net realized gains or net unrealized appreciation.

Line of credit. The Fund may borrow from banks for temporary or emergency purposes, including meeting redemption requests that otherwise might require the untimely sale of securities. Pursuant to the custodian agreement, the custodian may loan money to the Fund to make properly authorized payments. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses. The custodian may have a lien, security interest or security entitlement in any Fund property that is not otherwise segregated or pledged, to the maximum extent permitted by law, to the extent of any overdraft.

In addition, the Fund and other affiliated funds have entered into an agreement with Citibank N.A. which enables them to participate in a $100 million unsecured committed line of credit. A commitment fee, payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund on a pro rata basis and is reflected

Annual report | International Value Equity Fund  23 

 


in other expenses on the Statement of operations. For the year ended March 31, 2012, the Fund had no borrowings under the line of credit.

Expenses. Expenses that are directly attributable to an individual fund are allocated to the Fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund’s relative net assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Class allocations. Income, common expenses and realized and unrealized gains (losses) are determined at the fund level and allocated daily to each class of shares based on the net assets of the class. Class-specific expenses, such as distribution and service fees, if any, transfer agent fees, state registration fees and printing and postage, for all classes, are calculated daily at the class level based on the appropriate net assets of each class and the specific expense rates applicable to each class.

Federal income taxes. The Fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.

As of March 31, 2012, the Fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The Fund’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.

Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The Fund generally declares and pays dividends and capital gain distributions, if any, annually. The tax character of distributions for the years ended March 31, 2012 and March 31, 2011 was as follows:

  MARCH 31, 2012  MARCH 31, 2011 
Ordinary Income  $76,836  $868,786 

 

Distributions paid by the Fund with respect to each class of shares are calculated in the same manner, at the same time and in the same amount, except for the effect of class level expenses that may be applied differently to each class. As of March 31, 2012, the components of distributable earnings on a tax basis included $1,761,095 of undistributed ordinary income.

Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Material distributions in excess of tax basis earnings and profits, if any, are reported in the Fund’s financial statements as a return of capital.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to foreign currency transactions.

New accounting pronouncement. In May 2011, Accounting Standards Update 2011-04 (ASU 2011-04), Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, was issued and is effective during interim and annual periods beginning after December 15, 2011. ASU 2011-04 may result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.

24  International Value Equity Fund | Annual report 

 


Note 3 — Guarantees and indemnifications

Under the Fund’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss from such claims is considered remote.

Note 4 — Fees and transactions with affiliates

John Hancock Investment Management Services, LLC (the Adviser) serves as investment adviser for the Trust. John Hancock Funds, LLC (the Distributor), an affiliate of the Adviser, serves as principal underwriter of the Trust. The Adviser and the Distributor are indirect, wholly owned subsidiaries of Manulife Financial Corporation (MFC).

Management fee. The Fund has an investment management agreement with the Adviser under which the Fund pays a daily management fee to the Adviser equivalent, on an annual basis, to the sum of: (a) 0.900% of the first $100,000,000 of the Fund’s average daily net assets; (b) 0.875% of the next $900,000,000; (c) 0.850% of the next $1,000,000,000; (d) 0.825% of the next $1,000,000,000; (e) 0.800% of the next $1,000,000,000 and (f) 0.775% of the Fund’s average daily net assets in excess of $4,000,000,000. The Adviser has a subadvisory agreement with John Hancock Asset Management, a division of Manulife Asset Management (US) LLC, an indirectly owned subsidiary of MFC and an affiliate of the Adviser. The Fund is not responsible for payment of the subadvisory fees.

The Adviser has contractually agreed to waive all or a portion of its management fee and reimburse or pay operating expenses of the Fund to the extent necessary to maintain the Fund’s total operating expenses at 1.60% and 1.18% for Class A and Class I shares, respectively. This agreement excludes certain expenses such as taxes, brokerage commissions, interest expense, litigation, underlying fund expenses (acquired fund fees) and indemnification expenses and other extraordinary expenses not incurred in the course of the Fund’s business. For Class A shares, this expense limitation shall remain in effect until June 30, 2013 and thereafter until terminated by the Adviser. For Class I shares, this expense limitation shall remain in effect until June 30, 2012, and thereafter until terminated by the Adviser.

Accordingly, these expense reductions amounted to $59,645 and $12,940 Class A and Class I shares, respectively, for the year ended March 31, 2012.

The investment management fees, including the impact of the waivers and reimbursements described above, incurred for the year ended March 31, 2012 were equivalent to the net annual effective rate of 0.69% of the Fund’s average daily net assets.

Accounting and legal services. Pursuant to a service agreement, the Fund reimburses the Adviser for all expenses associated with providing the administrative, financial, legal, accounting and recordkeeping services to the Fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. These accounting and legal services fees incurred for the year ended March 31, 2012 amounted to an annual rate of 0.03% of the Fund’s average daily net assets.

Annual report | International Value Equity Fund  25 

 


Distribution and service plans. The Fund has a distribution agreement with the Distributor. The Fund has adopted distribution and service plans with respect to Class A shares pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for services provided as the distributor of shares of the Fund. The Fund may pay up to 0.30% of distribution and service fees for Class A shares under these arrangements, expressed as an annual percentage of average daily net assets. However, the Board of Trustees has agreed to limit the distribution and service fees to 0.25% of the average daily net assets for Class A shares until February 11, 2012.

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $3,883 for the year ended March 31, 2012. Of this amount, $627 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $117 was paid as sales commissions to broker-dealers and $3,139 was paid as sales commissions to sales personnel of Signator Investors, Inc., a broker-dealer affiliate of the Adviser.

Transfer agent fees. The Fund has a transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services), an affiliate of the Adviser. The transfer agent fees paid to Signature Services are determined based on the cost to Signature Services (Signature Services Cost) of providing recordkeeping services. The Signature Services Cost includes a component of allocated John Hancock corporate overhead for providing transfer agent services to the Fund and to all other John Hancock affiliated funds. It also includes out-of-pocket expenses that are comprised of payments made to third-parties for recordkeeping services provided to their clients who invest in one or more John Hancock funds. In addition, Signature Services Cost may be reduced by certain fees that Signature Services receives in connection with retirement and small accounts. Signature Services Cost is calculated monthly and allocated, as applicable, to four categories of share classes: Institutional Share Classes, Retirement Share Classes, Municipal Bond Classes and all other Retail Share Classes. Within each of these categories, the applicable costs are allocated to the affected John Hancock affiliated funds and/or classes, based on the relative average daily net assets.

Class level expenses. Class level expenses for the year ended March 31, 2012 were:

  DISTRIBUTION  TRANSFER  STATE  PRINTING AND 
CLASS  AND SERVICE FEES  AGENT FEES  REGISTRATION FEES  POSTAGE 
Class A  $6,985  $2,799  $13,724  $5,643 
Class I  —  80  10,047  545 
Total  $6,985  $2,879  $23,771  $6,188 

 

Trustee expenses. The Fund compensates each Trustee who is not an employee of the Adviser or its affiliates. These Trustees may, for tax purposes, elect to defer receipt of this compensation under the John Hancock Group of Funds Deferred Compensation Plan (the Plan). Deferred amounts are invested in various John Hancock funds and remain in the funds until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting liability are included within Other receivables and prepaid expenses and Payable to affiliates — Trustees’ fees, respectively, in the accompanying Statement of assets and liabilities.

 

26  International Value Equity Fund | Annual report 

 


Note 5 — Fund share transactions

Transactions in Fund shares for the periods ended March 31, 2012 and 2011 and October 31, 2010 were as follows:

  Year ended 3-31-12  Period ended 3-31-111  Year ended 10-31-10 
  Shares  Amount  Shares  Amount  Shares  Amount 
Class A shares             
Sold  158,837  $1,310,773  22,417  $207,807  188,187  $1,922,601 
Distributions             
reinvested  4,909  35,460  98,300  857,982  16,346  166,899 
Repurchased  (131,564)  (1,084,001)  (87,737)  (799,098)  (2,933,725)  (30,729,125) 
 
Net increase             
(decrease)  32,182  $262,232  32,980  $266,691  (2,729,192)  ($28,639,625) 
 
Class I shares             
Sold  81,569  $670,632  11,6142  $104,3872  —  — 
Distributions             
reinvested  447  3,226  —  —  —  — 
Repurchased  (3,040)  (24,012)  —  —  —  — 
 
Net increase  78,976  $649,846  11,614  $104,387  —  — 
 
Class NAV shares3           
Sold  13,869,626  $100,000,000  —  —  —  — 
Distributions             
reinvested  4,642  34,119  —  —  —  — 
 
Net increase  13,874,268  $100,034,119  —  —  —  — 
 
Net increase  13,985,426  $100,946,197  44,594  $371,078  (2,729,192)  ($28,639,625) 

 

1 For the five-month period ended 3-31-11. The Fund changed its fiscal year end from October 31 to March 31.

2 Period from 2-14-11 (inception date) to 3-31-11.

3 Period from 12-16-11 (inception date) to 3-31-12.

Affiliates of the Fund owned 12%, and 100% of shares of beneficial interest of Class I and Class NAV, respectively, on March 31, 2012.

Note 6 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $103,890,928 and $7,592,630, respectively, for the year ended March 31, 2012.

Note 7 — Reorganization

At the close of business on February 11, 2011, the Fund acquired all the assets and liabilities of Optique International Value Fund (the Acquired Fund) in exchange for the Class A shares of the Fund. The Fund had no assets, liabilities or operations prior to the reorganization.

The Agreement provided for (a) the acquisition of all the assets, subject to all of the liabilities, of the Acquired Fund in exchange for a representative amount of shares of the Fund; (b) the liquidation of the Acquired Fund; and (c) the distribution to the Acquired Fund’s shareholders of the Fund’s shares. The reorganization was intended to allow the Fund to be better positioned to increase asset size and achieve additional economies of scale by achieving net prices on securities trades and spread fixed expenses over a larger asset base. As a result of the reorganization, the Fund is the legal survivor, however, the accounting and performance history of the Capital Stock of the Acquired Fund have been redesignated as that of Class A shares of the Fund.

Annual report | International Value Equity Fund  27 

 


Based on the opinion of tax counsel, the reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized by the Acquired Fund or its shareholders. Thus, the investments were transferred to the Fund at the Acquired Fund’s identified cost. All distributable amounts of net income and realized gains from the Acquired Fund were distributed prior to the reorganization. In addition, the expenses of the reorganization were borne by the Advisers of both the Acquired Fund and the Fund. The effective time of the reorganization occurred immediately after the close of regularly scheduled trading on the NYSE on February 11, 2011. The following outlines the reorganization:

  ACQUIRED NET ASSET  APPRECIATION OF     
  VALUE OF THE  ACQUIRED FUND’S  SHARES ISSUED  TOTAL NET ASSETS 
ACQUIRED FUND  ACQUIRED FUND  INVESTMENTS  BY THE FUND  AFTER COMBINATION 
Optique International  $2,914,429  $288,668  324,714  $2,914,429 
Value Fund         

 

28  International Value Equity Fund | Annual report 

 


Auditor’s report

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Funds III and Shareholders of
John Hancock International Value Equity Fund:

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of John Hancock International Value Equity Fund (formerly Optique International Value Fund) (the “Fund”) at March 31, 2012, and the results of its operations, the changes in its net assets and the financial highlights for the periods ended March 31, 2011 and March 31, 2012, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements 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 are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2012 by correspondence with the custodian, provide a reasonable basis for our opinion.

The statement of changes in net assets for the year ending October 31, 2010 and the financial highlights for the years ending October 31, 2007 through October 31, 2010 were audited by another independent registered public accounting firm, whose report dated December 21, 2010 expressed an unqualified opinion on those financial statements and included an explanatory paragraph relating to the Fund’s ability to continue as a going concern, which was further discussed in Note 12 to those financial statements.

PricewaterhouseCoopers LLP
Boston, Massachusetts
May 18, 2012

Annual report | International Value Equity Fund  29 

 


Tax information

Unaudited

For federal income tax purposes, the following information is furnished with respect to the distributions of the Fund, if any, paid during its taxable year ended March 31, 2012.

The Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividend received deduction.

The Fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Eligible shareholders will be mailed a 2012 Form 1099-DIV in early 2013. This will reflect the tax character of all distributions paid in calendar year 2012.

30  International Value Equity Fund | Annual report 

 


Trustees and Officers

This chart provides information about the Trustees and Officers who oversee your John Hancock fund. Officers elected by the Trustees manage the day-to-day operations of the Fund and execute policies formulated by the Trustees.

Independent Trustees     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Steven R. Pruchansky, Born: 1944  2006  48 
Chairman (since January 2011); Chairman and Chief Executive Officer, Greenscapes of Southwest 
Florida, Inc. (since 2000); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); 
Member, Board of Advisors, First American Bank (until 2010); Managing Director, Jon James, LLC (real 
estate) (since 2000); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty 
Trust (until 1994); President, Maxwell Building Corp. (until 1991).     
 
William H. Cunningham, Born: 1944  2006  48 
Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System 
and former President of the University of Texas, Austin, Texas; Director of the following: LIN Television 
(since 2009); Lincoln National Corporation (insurance) (Chairman since 2009 and Director since 2006); 
Resolute Energy Corporation (since 2009); Nanomedical Systems, Inc. (biotechnology company) 
(Chairman since 2008); Yorktown Technologies, LP (tropical fish) (Chairman since 2007); Greater Austin 
Crime Commission (since 2001); Southwest Airlines (since 2000); former Director of the following: 
Introgen (manufacturer of biopharmaceuticals) (until 2008); Hicks Acquisition Company I, Inc. (until 
2007); Jefferson-Pilot Corporation (diversified life insurance company) (until 2006); and former Advisory 
Director, JP Morgan Chase Bank (formerly Texas Commerce Bank–Austin) (until 2009).   
 
Deborah C. Jackson, Born: 1952  2008  48 
President, Cambridge College, Cambridge, Massachusetts (since May 2011); Chief Executive Officer, 
American Red Cross of Massachusetts Bay (2002–May 2011); Board of Directors of Eastern Bank 
Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); 
Board of Directors of American Student Assistance Corp. (1996–2009); Board of Directors of Boston 
Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits 
company) (2007–2011).     
 
Stanley Martin,2 Born: 1947  2008  48 
Director, The St. Joe Company (real estate development company) (since May 2012); Senior Vice 
President/Audit Executive, Federal Home Loan Mortgage Corporation (2004–2006); Executive Vice 
President/Consultant, HSBC Bank USA (2000–2003); Chief Financial Officer/Executive Vice President, 
Republic New York Corporation & Republic National Bank of New York (1998–2000); Partner, KPMG 
LLP (1971–1998).     
 
Dr. John A. Moore,2 Born: 1939  2006  48 
President and Chief Executive Officer, Institute for Evaluating Health Risks, (nonprofit institution) 
(1989–2001); Senior Scientist, Sciences International (health research) (2000–2003); Former Assistant 
Administrator & Deputy Administrator, Environmental Protection Agency (1983–1989); Principal, 
Hollyhouse (consulting) (since 2000); Director, CIIT Center for Health Science Research (nonprofit 
research) (until 2007).     

 

Annual report | International Value Equity Fund  31 

 


Independent Trustees (continued)     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Patti McGill Peterson,2 Born: 1943  2006  48 
Presidential Advisor for Global Initiatives, American Council on Education (since 2011); Chairperson 
of the Board of the Trust (during 2009 and 2010); Principal, PMP Globalinc (consulting) (2007–2011); 
Senior Associate, Institute for Higher Education Policy (2007–2011); Executive Director, CIES 
(international education agency) (until 2007); Vice President, Institute of International Education (until 
2007); Former President Wells College, St. Lawrence University and the Association of Colleges and 
Universities of the State of New York. Director of the following: Mutual Fund Directors Forum (since 
2011); Niagara Mohawk Power Corporation (until 2003); Security Mutual Life (insurance) (until 1997); 
ONBANK (until 1993). Trustee of the following: Board of Visitors, The University of Wisconsin, Madison 
(since 2007); Ford Foundation, International Fellowships Program (until 2007); UNCF, International 
Development Partnerships (until 2005); Roth Endowment (since 2002); Council for International 
Educational Exchange (since 2003).     
 
Gregory A. Russo, Born: 1949  2008  48 
Member, Audit Committee and Finance Committee of NCH Healthcare System, Inc. (since 2011); Vice 
Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002–2006); Vice Chairman, Industrial 
Markets, KPMG (1998–2002).     
 
Non-Independent Trustees3     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Hugh McHaffie, Born: 1959  2010  48 
Executive Vice President, John Hancock Financial Services (since 2006, including prior positions); 
President of John Hancock Variable Insurance Trust and John Hancock Funds II (since 2009); Trustee, 
John Hancock retail funds (since 2010); Chairman and Director, John Hancock Advisers, LLC, 
John Hancock Investment Management Services, LLC and John Hancock Funds, LLC (since 2010). 
 
John G. Vrysen, Born: 1955  2009  48 
Senior Vice President, John Hancock Financial Services (since 2006); Director, Executive Vice President 
and Chief Operating Officer, John Hancock Advisers, LLC, John Hancock Investment Management 
Services, LLC and John Hancock Funds, LLC (since 2005); Chief Operating Officer, John Hancock 
Funds II and John Hancock Variable Insurance Trust (since 2007); Chief Operating Officer, John Hancock 
retail funds (until 2009); Trustee, John Hancock retail funds (since 2009).     

 

32  International Value Equity Fund | Annual report 

 


Principal officers who are not Trustees   
 
Name, Year of Birth  Officer 
Position(s) held with Fund  of the 
Principal occupation(s) and other  Trust 
directorships during past 5 years  since 
 
Keith F. Hartstein, Born: 1956  2006 
President and Chief Executive Officer   
Senior Vice President, John Hancock Financial Services (since 2004); Director, President and Chief   
Executive Officer, John Hancock Advisers, LLC and John Hancock Funds, LLC (since 2005); Director, 
John Hancock Asset Management a division of Manulife Asset Management (US) LLC (since 2005); 
Director, John Hancock Investment Management Services, LLC (since 2006); President and Chief   
Executive Officer, John Hancock retail funds (since 2005); Member, Investment Company Institute Sales 
Force Marketing Committee (since 2003).   
 
Andrew G. Arnott, Born: 1971  2009 
Senior Vice President and Chief Operating Officer   
Senior Vice President, John Hancock Financial Services (since 2009); Executive Vice President,   
John Hancock Advisers, LLC (since 2005); Executive Vice President, John Hancock Investment   
Management Services, LLC (since 2006); Executive Vice President, John Hancock Funds, LLC (since   
2004); Chief Operating Officer, John Hancock retail funds (since 2009); Senior Vice President,   
John Hancock retail funds (since 2010); Vice President, John Hancock Funds II and John Hancock   
Variable Insurance Trust (since 2006); Senior Vice President, Product Management and Development, 
John Hancock Funds, LLC (until 2009).   
 
Thomas M. Kinzler, Born: 1955  2006 
Secretary and Chief Legal Officer   
Vice President, John Hancock Financial Services (since 2006); Secretary and Chief Legal Counsel,   
John Hancock Advisers, LLC, John Hancock Investment Management Services, LLC and John Hancock 
Funds, LLC (since 2007); Secretary and Chief Legal Officer, John Hancock retail funds, John Hancock 
Funds II and John Hancock Variable Insurance Trust (since 2006).   
 
Francis V. Knox, Jr., Born: 1947  2006 
Chief Compliance Officer   
Vice President, John Hancock Financial Services (since 2005); Chief Compliance Officer, John Hancock 
retail funds, John Hancock Funds II, John Hancock Variable Insurance Trust, John Hancock Advisers, 
LLC and John Hancock Investment Management Services, LLC (since 2005); Vice President and Chief 
Compliance Officer, John Hancock Asset Management a division of Manulife Asset Management (US) 
LLC (2005–2008).   
 
Charles A. Rizzo, Born: 1957  2007 
Chief Financial Officer   
Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock   
Advisers, LLC and John Hancock Investment Management Services, LLC (since 2008); Chief Financial 
Officer, John Hancock retail funds, John Hancock Funds II and John Hancock Variable Insurance Trust 
(since 2007); Assistant Treasurer, Goldman Sachs Mutual Fund Complex (2005–2007); Vice President, 
Goldman Sachs (2005–2007).   

 

Annual report | International Value Equity Fund  33 

 


Principal officers who are not Trustees (continued)   
 
Name, Year of Birth  Officer 
Position(s) held with Fund  of the 
Principal occupation(s) and other  Trust 
directorships during past 5 years  since 
 
Salvatore Schiavone, Born: 1965  2010 
Treasurer   
Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock 
Advisers, LLC and John Hancock Investment Management Services, LLC (since 2007); Treasurer,   
John Hancock retail funds (since 2010); Treasurer, John Hancock closed-end funds (since 2009);   
Assistant Treasurer, John Hancock Funds II and John Hancock Variable Insurance Trust (since   
October 2010) and (2007–2009); Assistant Treasurer, John Hancock retail funds (2007–2009);   
Assistant Treasurer, Fidelity Group of Funds (2005–2007); Vice President, Fidelity Management   
Research Company (2005–2007).   

 

The business address for all Trustees and Officers is 601 Congress Street, Boston, Massachusetts 02210-2805.

The Statement of Additional Information of the Fund includes additional information about members of the Board of Trustees of the Fund and is available without charge, upon request, by calling 1-800-225-5291.

1 Each Trustee holds office until his or her successor is elected and qualified, or until the Trustee’s death, retirement, resignation or removal.

2 Member of Audit Committee.

3 Because Messrs. McHaffie and Vrysen are senior executives or directors with the Adviser and/or its affiliates, each of them is considered an “interested person,” as defined in the Investment Company Act of 1940, of the Fund.

34  International Value Equity Fund | Annual report 

 


More information

Trustees  Investment adviser 
Steven R. Pruchansky, Chairman  John Hancock Investment Management 
William H. Cunningham  Services, LLC 
Deborah C. Jackson   
Stanley Martin*  Subadviser 
Hugh McHaffie†  John Hancock Asset Management a division of 
Dr. John A. Moore,* Vice Chairman  Manulife Asset Management (US) LLC 
Patti McGill Peterson* 
Gregory A. Russo  Principal distributor 
John G. Vrysen†  John Hancock Funds, LLC 
 
Officers  Custodian 
Keith F. Hartstein  State Street Bank and Trust Company 
President and Chief Executive Officer 
  Transfer agent 
Andrew G. Arnott  John Hancock Signature Services, Inc. 
Senior Vice President and Chief Operating Officer 
  Legal counsel 
Thomas M. Kinzler  K&L Gates LLP 
Secretary and Chief Legal Officer 
  Independent registered 
Francis V. Knox, Jr.  public accounting firm 
Chief Compliance Officer  PricewaterhouseCoopers LLP 
 
Charles A. Rizzo   
Chief Financial Officer   
 
Salvatore Schiavone   
Treasurer   
 
*Member of the Audit Committee   
†Non-Independent Trustee   

 

The Fund’s proxy voting policies and procedures, as well as the Fund’s proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) Web site at www.sec.gov or on our Web site.

The Fund’s complete list of portfolio holdings, for the first and third fiscal quarters, is filed with the SEC on Form N-Q. The Fund’s Form N-Q is available on our Web site and the SEC’s Web site, www.sec.gov, and can be reviewed and copied (for a fee) at the SEC’s Public Reference Room in Washington, DC. Call 1-202-551-8090 to receive information on the operation of the SEC’s Public Reference Room.

We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our Web site at www.jhfunds.com or by calling 1-800-225-5291.

You can also contact us:     
1-800-225-5291  Regular mail:  Express mail: 
jhfunds.com  John Hancock Signature Services, Inc.  John Hancock Signature Services, Inc. 
  P.O. Box 55913  Mutual Fund Image Operations 
  Boston, MA 02205-5913  30 Dan Road 
    Canton, MA 02021 

 

Annual report | International Value Equity Fund  35 

 



1-800-225-5291
1-800-554-6713 TDD
1-800-338-8080 EASI-Line
www.jhfunds.com

Now available: electronic delivery
www.jhfunds.com/edelivery

This report is for the information of the shareholders of John Hancock International Value Equity Fund.  3660A 3/12 
It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.  5/12 

 




Your expenses

These examples are intended to help you understand your ongoing operating expenses.

Understanding fund expenses

As a shareholder of the Fund, you incur two types of costs:

■ Transaction costs which include sales charges (loads) on purchases or redemptions (varies by share class), minimum account fee charge, etc.

■ Ongoing operating expenses including management fees, distribution and service fees (if applicable), and other fund expenses.

We are going to present only your ongoing operating expenses here.

Actual expenses/actual returns

This example is intended to provide information about the Fund’s actual ongoing operating expenses, and is based on the Fund’s actual return. It assumes an account value of $1,000.00 on December 19, 2011 with the same investment held until March 31, 2012.

  Account value  Ending value  Expenses paid during 
  on 12-19-11  on 3-31-12  period ended 3-31-121 
Class A  $1,000.00  $1,214.10  $4.09 
Class I  1,000.00  1,216.30  2.96 
Class NAV  1,000.00  1,216.30  2.68 

 

Together with the value of your account, you may use this information to estimate the operating expenses that you paid over the period. Simply divide your account value at March 31, 2012, by $1,000.00, then multiply it by the “expenses paid” for your share class from the table above. For example, for an account value of $8,600.00, the operating expenses should be calculated as follows:



6  Strategic Growth Fund | Annual report 

 


Hypothetical example for comparison purposes

This table allows you to compare the Fund’s ongoing operating expenses with those of any other fund. It provides an example of the Fund’s hypothetical account values and hypothetical expenses based on each class’s actual expense ratio and an assumed 5% annualized return before expenses (which is not the Fund’s actual return). It assumes an account value of $1,000.00 on October 1, 2011, with the same investment held until March 31, 2012. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses.

  Account value  Ending value  Expenses paid during 
  on 10-1-11  on 3-31-12  period ended 3-31-122 
Class A  $1,000.00  $1,018.50  $6.56 
Class I  1,000.00  1,020.30  4.75 
Class NAV  1,000.00  1,020.70  4.29 


Remember, these examples do not include any transaction costs, therefore, these examples will not help you to determine the relative total costs of owning different funds. If transaction costs were included, your expenses would have been higher. See the prospectus for details regarding transaction costs.

1 Expenses are equal to the Fund’s annualized expense ratio of 1.30%, 0.94% and 0.85% for Class A, Class I and Class NAV shares, respectively, multiplied by the average account value over the period, multiplied by 104/366 (to reflect the period).

2 Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Annual report | Strategic Growth Fund  7 

 


Portfolio summary

Top 10 Holdings (33.4% of Net Assets on 3-31-12)1,2     
Apple, Inc.  9.3%  EMC Corp.  2.4% 
Google, Inc., Class A  3.5%  Accenture PLC, Class A  2.2% 
Philip Morris International, Inc.  3.5%  Caterpillar, Inc.  2.2% 
QUALCOMM, Inc.  3.3%  American Express Company  2.1% 
Amazon.com, Inc.  2.8%  The Boeing Company  2.1% 
 
Sector Composition1,3       
Information Technology  34.1%  Financials  7.8% 
Consumer Discretionary  21.1%  Energy  7.0% 
Industrials  11.2%  Consumer Staples  6.8% 
Health Care  9.4%  Net Other Assets and Liabilities  2.6% 

 


1 As a percentage of net assets on 3-31-12.
2 Cash and cash equivalents not included.
3 Sector investing is subject to greater risks than the market as a whole. Because the Fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors.

8  Strategic Growth Fund | Annual report 

 


Fund’s investments

As of 3-31-12

  Shares  Value 
Common Stocks 97.4%    $330,406,540 
(Cost $288,927,941)     
 
Consumer Discretionary 21.1%    71,592,846 
 
Auto Components 1.5%     
BorgWarner, Inc. (I)  58,315  4,918,287 
 
Hotels, Restaurants & Leisure 4.8%     
Las Vegas Sands Corp.  101,464  5,841,282 
Starbucks Corp.  98,062  5,480,685 
Yum! Brands, Inc.  68,277  4,859,957 
 
Internet & Catalog Retail 4.8%     
Amazon.com, Inc. (I)  46,474  9,411,450 
priceline.com, Inc. (I)  9,697  6,957,598 
 
Media 3.4%     
CBS Corp., Class B  130,904  4,438,955 
DIRECTV, Class A (I)  142,678  7,039,733 
 
Multiline Retail 1.6%     
Dollar Tree, Inc. (I)  58,451  5,523,035 
 
Specialty Retail 5.0%     
AutoZone, Inc. (I)  7,281  2,707,076 
Dick’s Sporting Goods, Inc.  74,274  3,571,094 
The Home Depot, Inc.  44,461  2,236,833 
Tractor Supply Company  52,206  4,727,775 
Ulta Salon Cosmetics & Fragrance, Inc.  41,760  3,879,086 
 
Consumer Staples 6.8%    23,073,610 
 
Food & Staples Retailing 0.7%     
Whole Foods Market, Inc.  27,570  2,293,824 
 
Food Products 1.5%     
Mead Johnson Nutrition Company  63,515  5,238,717 
 
Personal Products 1.1%     
Nu Skin Enterprises, Inc., Class A  64,035  3,708,267 
 
Tobacco 3.5%     
Philip Morris International, Inc.  133,538  11,832,802 
 
Energy 7.0%    23,625,401 
 
Energy Equipment & Services 2.8%     
Core Laboratories NV  17,815  2,343,920 
National Oilwell Varco, Inc.  52,671  4,185,764 
Oceaneering International, Inc.  55,306  2,980,440 

 

See notes to financial statements  Annual report | Strategic Growth Fund  9 

 


  Shares  Value 
Oil, Gas & Consumable Fuels 4.2%   
Apache Corp.  50,502  $5,072,421 
Chevron Corp.  36,560  3,920,694 
ConocoPhillips  67,388  5,122,162 
 
Financials 7.8%    26,645,553 
 
Commercial Banks 4.0%     
Signature Bank (I)  46,010  2,900,470 
U.S. Bancorp  157,550  4,991,184 
Wells Fargo & Company  167,464  5,717,221 
 
Consumer Finance 2.1%     
American Express Company  125,947  7,287,293 
 
Diversified Financial Services 1.7%   
JPMorgan Chase & Company  125,041  5,749,385 
 
Health Care 9.4%    31,758,433 
 
Biotechnology 3.1%     
Celgene Corp. (I)  76,528  5,932,451 
Gilead Sciences, Inc. (I)  92,353  4,511,444 
 
Health Care Equipment & Supplies 0.8%   
Intuitive Surgical, Inc. (I)  4,651  2,519,679 
 
Health Care Providers & Services 3.9%   
Express Scripts, Inc. (I)  130,065  7,046,922 
McKesson Corp.  39,348  3,453,574 
UnitedHealth Group, Inc.  46,474  2,739,178 
 
Pharmaceuticals 1.6%     
Perrigo Company  53,772  5,555,185 
 
Industrials 11.2%    37,955,795 
 
Aerospace & Defense 4.2%     
BE Aerospace, Inc. (I)  46,652  2,167,918 
The Boeing Company  95,112  7,073,479 
United Technologies Corp.  59,573  4,940,985 
 
Commercial Services & Supplies 0.8%   
Clean Harbors, Inc. (I)  42,952  2,891,958 
 
Machinery 3.3%     
Caterpillar, Inc.  70,005  7,456,933 
Joy Global, Inc.  50,527  3,713,734 
 
Road & Rail 2.3%     
CSX Corp.  247,401  5,324,070 
J.B. Hunt Transport Services, Inc.  44,615  2,425,718 
 
Trading Companies & Distributors 0.6%   
W.W. Grainger, Inc.  9,129  1,961,000 
 
Information Technology 34.1%  115,754,902 
 
Communications Equipment 3.8%   
QUALCOMM, Inc.  164,056  11,159,089 
Riverbed Technology, Inc. (I)  55,769  1,565,994 

 

10  Strategic Growth Fund | Annual report  See notes to financial statements 

 


  Shares  Value 
Computers & Peripherals 12.9%     
Apple, Inc. (I)  52,826  $31,667,602 
Dell, Inc. (I)  236,094  3,919,160 
EMC Corp. (I)  269,244  8,045,011 
 
Internet Software & Services 3.5%     
Google, Inc., Class A (I)  18,744  12,019,403 
 
IT Services 6.3%     
Accenture PLC, Class A  117,206  7,559,787 
Teradata Corp. (I)  36,560  2,491,564 
VeriFone Systems, Inc. (I)  112,097  5,814,471 
Visa, Inc., Class A  47,558  5,611,844 
 
Semiconductors & Semiconductor Equipment 0.6%     
ARM Holdings PLC, ADR  77,458  2,191,287 
 
Software 7.0%     
Check Point Software Technologies, Ltd. (I)  67,078  4,282,260 
Citrix Systems, Inc. (I)  32,198  2,540,744 
Oracle Corp.  175,705  5,123,557 
Red Hat, Inc. (I)  76,889  4,604,882 
Salesforce.com, Inc. (I)  16,111  2,489,311 
SolarWinds, Inc. (I)  28,194  1,089,698 
TIBCO Software, Inc. (I)  46,010  1,403,305 
VMware, Inc., Class A (I)  19,364  2,175,933 
 
Total investments (Cost $288,927,941)† 97.4%    $330,406,540 
 
Other assets and liabilities, net 2.6%    $8,803,467 
 
Total net assets 100.0%    $339,210,007 


The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the Fund.

ADR American Depositary Receipts

(I) Non-income producing security.

† At 3-31-12, the aggregate cost of investment securities for federal income tax purposes was $288,951,005. Net unrealized appreciation aggregated $41,455,535, of which $43,295,515 related to appreciated investment securities and $1,839,980 related to depreciated investment securities.

See notes to financial statements  Annual report | Strategic Growth Fund  11 

 


F I N A N C I A L  S T A T E M E N T S

Financial statements

Statement of assets and liabilities 3-31-12

This Statement of assets and liabilities is the Fund’s balance sheet. It shows the value of what the Fund owns, is due and owes. You’ll also find the net asset value and the maximum offering price per share.

Assets   
Investments, at value (Cost $288,927,941)  $330,406,540 
Cash  8,887,949 
Receivable for investments sold  5,392,614 
Receivable for fund shares sold  9,402 
Dividends receivable  267,512 
Receivable due from adviser  228 
Other receivables and prepaid expenses  52,041 
 
Total assets  345,016,286 
 
Liabilities   
Payable for investments purchased  5,707,150 
Payable to affiliates   
Accounting and legal services fees  4,685 
Transfer agent fees  475 
Trustees’ fees  55 
Other liabilities and accrued expenses  93,914 
 
Total liabilities  5,806,279 
 
Net assets   
Paid-in capital  $295,057,182 
Undistributed net investment income  73,246 
Accumulated net realized gain on investments  2,600,980 
Net unrealized appreciation (depreciation) on investments  41,478,599 
 
Net assets  $339,210,007 
 
Net asset value per share   
Based on net asset values and shares outstanding — the Fund has an   
unlimited number of shares authorized with no par value   
Class A ($3,045,933 ÷ 250,837 shares)  $12.14 
Class I ($449,091 ÷ 36,936 shares)  $12.16 
Class NAV ($335,714,983 ÷ 27,609,612 shares)  $12.16 
 
Maximum offering price per share   
Class A (net asset value per share ÷ 95%)1  $12.78 


1On single retail sales of less than $50,000. On sales of $50,000 or more and on group sales the offering price is reduced.

 

 

12  Strategic Growth Fund | Annual report  See notes to financial statements 

 


F I N A N C I A L  S T A T E M E N T S

Statement of operations For the period ended 3-31-121

This Statement of operations summarizes the Fund’s investment income earned and expenses incurred in operating the Fund. It also shows net gains (losses) for the period stated.

Investment income   
Dividends  $682,428 
Less foreign taxes withheld  (649) 
 
Total investment income  681,779 
 
Expenses   
Investment management fees  498,204 
Distribution and service fees  1,924 
Accounting and legal services fees  12,016 
Transfer agent fees  1,369 
Trustees’ fees  2,447 
State registration fees  8,583 
Printing and postage  205 
Professional fees  37,332 
Custodian fees  13,744 
Registration and filing fees  15,993 
Other  2,359 
 
Total expenses  594,176 
Less expense reductions  (9,154) 
 
Net expenses  585,022 
 
Net investment income  96,757 
 
Realized and unrealized gain   
Net realized gain on   
Investments  2,600,980 
  2,600,980 
Change in net unrealized appreciation (depreciation) of   
Investments  41,478,599 
  41,478,599 
Net realized and unrealized gain  44,079,579 
 
Increase in net assets from operations  $44,176,336 


1 Period from 12-19-11 (commencement of operations) to 3-31-12.

 

 

See notes to financial statements  Annual report | Strategic Growth Fund  13 

 


F I N A N C I A L  S T A T E M E N T S

 

Statement of changes in net assets

This Statement of changes in net assets show how the value of the Fund’s net assets has changed during the period. The difference reflects earnings less expenses, any investment gains and losses, distributions, if any, paid to shareholders and the net of Fund share transactions.

  Period 
  ended 
  3-31-121 
Increase (decrease) in net assets   
 
From operations   
Net investment income  $96,757 
Net realized gain  2,600,980 
Change in net unrealized appreciation (depreciation)  41,478,599 
 
Increase in net assets resulting from operations  44,176,336 
 
Distributions to shareholders   
From net investment income   
Class A  (181) 
Class I  (25) 
Class NAV  (24,845) 
 
Total distributions  (25,051) 
 
From Fund share transactions  295,058,722 
 
Total increase  339,210,007 
 
Net assets   
Beginning of period  —2 
End of period  339,210,007 
 
Undistributed net investment income  $73,246 


1 Period from 12-19-11 (commencement of operations) to 3-31-12.
2 Initial seed capital of $2,000,000 is included in Fund share transactions for the period ended 3-31-12.

 

 

14  Strategic Growth Fund | Annual report  See notes to financial statements 

 


Financial highlights

The Financial highlights show how the Fund’s net asset value for a share has changed during the period.

CLASS A SHARES Period ended  3-31-121 
 
Per share operating performance   
Net asset value, beginning of period  $10.00 
Net investment loss2  (0.01) 
Net realized and unrealized gain on investments  2.15 
Total from investment operations  2.14 
Less distributions   
From net investment income  —3 
Net asset value, end of period  $12.14 
Total return (%)4,5  21.416 
 
Ratios and supplemental data   
Net assets, end of period (in millions)  $3 
Ratios (as a percentage of average net assets):   
Expenses before reductions  2.057 
Expenses net of fee waivers  1.307 
Net investment loss  (0.32)7 
Portfolio turnover (%)  26 
 


1 Period from 12-19-11 (commencement of operations) to 3-31-12.
2 Based on the average daily shares outstanding.
3 Less than ($0.005) per share.
4 Does not reflect the effect of sales charges, if any.
5 Total returns would have been lower had certain expenses not been reduced during the period shown.
6 Not annualized.
7 Annualized.

 

 

CLASS I SHARES Period ended  3-31-121 
 
Per share operating performance   
Net asset value, beginning of period  $10.00 
Net investment income2  —3 
Net realized and unrealized gain on investments  2.16 
Total from investment operations  2.16 
Less distributions   
From net investment income  —4 
Net asset value, end of period  $12.16 
Total return (%)5  21.636 
 
Ratios and supplemental data   
Net assets, end of period (in millions)  —7 
Ratios (as a percentage of average net assets):   
Expenses before reductions  11.448 
Expenses net of fee waivers  0.948 
Net investment income  0.148 
Portfolio turnover (%)  26 
 


1 Period from 12-19-11 (commencement of operations) to 3-31-12.
2 Based on the average daily shares outstanding.
3 Less than $0.005 per share.
4 Less than ($0.005) per share.
5 Total returns would have been lower had certain expenses not been reduced during the period shown.
6 Not annualized.
7 Less than $500,000.
8 Annualized.

 

 

 

 

See notes to financial statements  Annual report | Strategic Growth Fund  15 

 
CLASS NAV SHARES Period ended  3-31-121 
 
Per share operating performance   
Net asset value, beginning of period  $10.00 
Net investment income2  —3 
Net realized and unrealized gain on investments  2.16 
Total from investment operations  2.16 
Less distributions   
From net investment income  —4 
Net asset value, end of period  $12.16 
Total return (%)  21.635 
 
Ratios and supplemental data   
Net assets, end of period (in millions)  $336 
Ratios (as a percentage of average net assets):   
Expenses before reductions  0.856 
Expenses net of fee waivers  0.856 
Net investment income  0.156 
Portfolio turnover (%)  26 
 


1 Period from 12-19-11 (commencement of operations) to 3-31-12.
2 Based on the average daily shares outstanding.
3 Less than $0.005 per share.
4 Less than ($0.005) per share.
5 Not annualized.
6 Annualized.

 

 

 

16  Strategic Growth Fund | Annual report  See notes to financial statements 

 

Notes to financial statements

Note 1 — Organization

John Hancock Strategic Growth Fund (the Fund) is a series of John Hancock Funds III (the Trust), an open-end management investment company organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (the 1940 Act). The investment objective of the Fund is to seek long-term capital appreciation.

The Fund may offer multiple classes of shares. The shares currently offered are detailed in the Statement of assets and liabilities. Class A shares are offered to all investors. Class I shares are offered to institutions and certain investors. Class NAV shares are sold to John Hancock affiliated funds of funds. Shareholders of each class have exclusive voting rights to matters that affect that class. The distribution and service fees, if any, transfer agent fees, printing and postage and state registration fees for each class may differ.

Note 2 — Significant accounting policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security valuation. Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. The Fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities. Level 2 includes securities valued using significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Fund’s own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

As of March 31, 2012, all investments are categorized as Level 1 under the hierarchy described above.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. During the period ended March 31, 2012, there were no significant transfers into or out of Level 1, Level 2 or Level 3.

In order to value the securities, the Fund uses the following valuation techniques. Equity securities, including exchange-traded funds, held by the Fund are valued at the last sale price or official closing price on the principal securities exchange on which they trade. In the event there were no sales during the day or closing prices are not available, then securities are valued using the last quoted bid or evaluated price. Certain securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Certain short-term securities are valued at amortized cost. Other portfolio

Annual report | Strategic Growth Fund  17 

 


securities and assets, where market quotations are not readily available, are valued at fair value, as determined in good faith by the Fund’s Pricing Committee, following procedures established by the Board of Trustees.

Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Dividend income is recorded on the ex-date, except for dividends of foreign securities where the dividend may not be known until after the ex-date. In those cases, dividend income is recorded when the Fund becomes aware of the dividends. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

Line of credit. The Fund may borrow from banks for temporary or emergency purposes, including meeting redemption requests that otherwise might require the untimely sale of securities. Pursuant to the custodian agreement, the custodian may loan money to the Fund to make properly authorized payments. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses. The custodian may have a lien, security interest or security entitlement in any Fund property that is not otherwise segregated or pledged, to the maximum extent permitted by law, to the extent of any overdraft.

In addition, the Fund and other affiliated funds have entered into an agreement with Citibank N.A. which enables them to participate in a $100 million unsecured committed line of credit. A commitment fee, payable at the end of each calendar quarter, based on the average daily unused portion of the line of credit, is charged to each participating fund on a pro rata basis and is reflected in other expenses on the Statement of operations. For the period ended March 31, 2012, the Fund had no borrowings under the line of credit.

Expenses. Expenses that are directly attributable to an individual fund are allocated to the Fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund’s relative net assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Class allocations. Income, common expenses and realized and unrealized gains (losses) are determined at the fund level and allocated daily to each class of shares based on the net assets of the class. Class-specific expenses, such as distribution and service fees, if any, transfer agent fees, state registration fees and printing and postage, for all classes, are calculated daily at the class level based on the appropriate net assets of each class and the specific expense rates applicable to each class.

Federal income taxes. The Fund intends to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.

As of March 31, 2012, the Fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The Fund’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.

Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. The Fund generally declares and pays dividends and capital gain distributions, if any, annually. The tax character of distributions for the period ended March 31, 2012 is $25,051 of ordinary income.

Distributions paid by the Fund with respect to each class of shares are calculated in the same manner, at the same time and in the same amount, except for the effect of class level expenses that

18  Strategic Growth Fund | Annual report 

 


may be applied differently to each class. As of March 31, 2012, the components of distributable earnings on a tax basis included $2,697,425 of undistributed ordinary income.

Such distributions and distributable earnings, on a tax basis, are determined in conformity with income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Material distributions in excess of tax basis earnings and profits, if any, are reported in the Fund’s financial statements as a return of capital.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. The Fund had no material book-tax differences at March 31, 2012.

New accounting pronouncement. In May 2011, Accounting Standards Update 2011-04 (ASU 2011-04), Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, was issued and is effective during interim and annual periods beginning after December 15, 2011. ASU 2011-04 may result in additional disclosure for transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy.

Note 3 — Guarantees and indemnifications

Under the Fund’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss from such claims is considered remote.

Note 4 — Fees and transactions with affiliates

John Hancock Investment Management Services, LLC (the Adviser) serves as investment adviser for the Trust. John Hancock Funds, LLC (the Distributor), an affiliate of the Adviser, serves as principal underwriter of the Trust. The Adviser and the Distributor are indirect, wholly owned subsidiaries of Manulife Financial Corporation (MFC).

Management fee. The Fund has an investment management agreement with the Adviser under which the Fund pays a daily management fee to the Adviser equivalent, on an annual basis, to the sum of: (a) 0.725% of the first $500,000,000 of the Fund’s average daily net assets; (b) 0.700% of the next $500,000,000; (c) 0.675% of the next $500,000,000; and (d) 0.650% of the Fund’s average daily net assets in excess of $1,500,000,000. The Adviser has a subadvisory agreement with John Hancock Asset Management a division of Manulife Asset Management (US) LLC, an indirectly owned subsidiary of MFC and an affiliate of the Adviser. The Fund is not responsible for payment of the subadvisory fees.

The Adviser has contractually agreed to waive all or a portion of its management fee and reimburse or pay operating expenses of the Fund to the extent necessary to maintain the Fund’s total operating expenses at 1.30% and 0.94% for Class A and Class I shares, respectively. This agreement excludes certain expenses such as taxes, brokerage commissions, interest, litigation and indemnification expenses and other extraordinary expenses. For Class A and Class I shares, this expense limitation shall remain in effect until June 30, 2013, unless renewed by mutual agreement of the Fund and the Adviser based upon a determination that this is appropriate under the circumstances at the time.

Accordingly, the expense reductions related to these agreements amounted to $4,832 and $4,322 for Class A and Class I shares, respectively, for the period ended March 31, 2012.

Annual report | Strategic Growth Fund  19 

 


The investment management fees, including the impact of the waivers and reimbursements described above, incurred for the period ended March 31, 2012 were equivalent to the net annual effective rate of 0.71% of the Fund’s average daily net assets.

Accounting and legal services. Pursuant to a service agreement, the Fund reimburses the Adviser for all expenses associated with providing the administrative, financial, legal, accounting and recordkeeping services to the Fund, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These expenses are allocated to each share class based on its relative net assets at the time the expense was incurred. These accounting and legal services fees incurred for the period ended March 31, 2012 amounted to an annual rate of 0.02% of the Fund’s average daily net assets.

Distribution and service plans. The Fund has a distribution agreement with the Distributor. The Fund has adopted distribution and service plans with respect to Class A shares pursuant to Rule 12b-1 under the 1940 Act, to pay the Distributor for services provided as the distributor of shares of the Fund. The Fund may pay up to the following contractual rate of distribution and service fees under the arrangement, expressed as an annual percentage of average daily net assets for Class A shares.

CLASS  12b–1 FEE 
Class A  0.30% 


Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $1,316 for the period ended March 31, 2012. Of this amount, $218 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $1,098 was paid as sales commissions to broker-dealers.

Transfer agent fees. The Fund has a transfer agent agreement with John Hancock Signature Services, Inc. (Signature Services), an affiliate of the Adviser. The transfer agent fees paid to Signature Services are determined based on the cost to Signature Services (Signature Services Cost) of providing recordkeeping services. The Signature Services Cost includes a component of allocated John Hancock corporate overhead for providing transfer agent services to the Fund and to all other John Hancock affiliated funds. It also includes out-of-pocket expenses that are comprised of payments made to third-parties for recordkeeping services provided to their clients who invest in one or more John Hancock funds. In addition, Signature Services Cost may be reduced by certain fees that Signature Services receives in connection with retirement and small accounts. Signature Services Cost is calculated monthly and allocated, as applicable, to four categories of share classes: Institutional Share Classes, Retirement Share Classes, Municipal Bond Classes and all other Retail Share Classes. Within each of these categories, the applicable costs are allocated to the affected John Hancock affiliated funds and/or classes, based on the relative average daily net assets.

Class level expenses. Class level expenses for the period ended March 31, 2012 were:

  DISTRIBUTION  TRANSFER  STATE  PRINTING AND 
CLASS  AND SERVICE FEES  AGENT FEES  REGISTRATION FEES  POSTAGE 
Class A  $1,924  $1,324  $4,292  $193 
Class I  —  45  4,291  12 
Total  $1,924  $1,369  $8,583  $205 


Trustee expenses. The Fund compensates each Trustee who is not an employee of the Adviser or its affiliates. These Trustees may, for tax purposes, elect to defer receipt of this compensation under the John Hancock Group of Funds Deferred Compensation Plan (the Plan). Deferred amounts are invested in various John Hancock funds and remain in the funds until distributed in accordance

 

20  Strategic Growth Fund | Annual report 

 


with the Plan. The investment of deferred amounts and the offsetting liability are included within Other receivables and prepaid expenses and Payable to affiliates — Trustees’ fees, respectively, in the accompanying Statement of assets and liabilities.

Note 5 — Fund share transactions

Transactions in Fund shares for the period ended March 31, 2012 were as follows:

  Period ended 3-31-121 
  Shares  Amount 
Class A shares     
Sold  251,934  $2,626,907 
Repurchased  (1,097)  (12,000) 
 
Net increase  250,837  $2,614,907 
 
Class I shares     
Sold  36,936  $425,659 
 
Net increase  36,936  $425,659 
 
Class NAV shares     
Sold  27,607,188  $291,993,311 
Distributions reinvested  2,424  24,845 
 
Net increase  27,609,612  $292,018,156 
 
Net increase  27,897,385  $295,058,722 


1 Period from 12-19-11 (commencement of operations) to 3-31-12.

Affiliates of the Fund owned 76%, 27% and 100% of shares of beneficial interest of Class A, Class I and Class NAV, respectively, on March 31, 2012.

Note 6 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities, aggregated $352,102,322 and $65,775,361, respectively, for the period ended March 31, 2012.

Annual report | Strategic Growth Fund  21 

 


Auditor’s report

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of John Hancock Funds III and Shareholders of John Hancock Strategic Growth Fund:

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statement of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of John Hancock Strategic Growth Fund (the “Fund”) at March 31, 2012, and the results of its operations, the changes in its net assets and the financial highlights for the period December 19, 2011 (commencement of operations) through March 31, 2012, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements 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 are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at March 31, 2012 by correspondence with the custodian, and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
May 18, 2012

22  Strategic Growth Fund | Annual report 

 


Tax information

Unaudited

For federal income tax purposes, the following information is furnished with respect to the distributions of the Fund, if any, paid during its taxable year ended March 31, 2012.

The Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends-received deduction.

The Fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Eligible shareholders will be mailed a 2012 Form 1099-DIV in early January 2013. This will reflect the tax character of all distributions paid in calendar year 2012.

Annual report | Strategic Growth Fund  23 

 


Board Consideration of Investment Advisory Agreement and Subadvisory Agreement

The Board of Trustees (the Board, the members of which are referred to as Trustees) of John Hancock Strategic Growth Fund (the Fund), a series of John Hancock Funds III, met in-person on December 4–6, 2011 to consider the initial approval of the Fund’s investment advisory agreement (the Advisory Agreement) with John Hancock Investment Management Services, LLC (the Adviser), the Fund’s investment adviser. The Board also considered the initial approval of the investment subadvisory agreement (the Subadvisory Agreement) between the Adviser and John Hancock Asset Management (US) LLC (the Subadviser) on behalf of the Fund. The Advisory Agreement and the Subadvisory Agreement are referred to as the Agreements.

Activities and composition of the Board

At the December 4–6, 2011 meeting, the Board consisted of eleven individuals, nine of whom were Independent Trustees. Independent Trustees are generally those individuals who are not employed by or have any significant business or professional relationship with the Adviser or the Subadviser. The Trustees are responsible for the oversight of operations of the Fund and perform various duties required of directors of investment companies by the Investment Company Act of 1940, as amended (the 1940 Act). The Independent Trustees have hired independent legal counsel to assist them in connection with their duties. The Board has appointed an Independent Trustee as Chairperson. The Board has established four standing committees that are composed entirely of Independent Trustees: the Audit Committee; the Compliance Committee; the Nominating, Governance and Administration Committee; and the Contracts/Operations Committee. Additionally, Investment Performance Committees A and B are standing committees of the Board that are each composed of Independent Trustees and one Trustee who is affiliated with the Adviser. Investment Performance Committee B oversees and monitors matters relating to the investment performance of the Fund. The Board has also designated an Independent Trustee as Vice Chairperson to serve in the absence of the Chairperson. The Board also designates working groups or ad hoc committees as it deems appropriate.

The approval process

At an in-person meeting held on December 4–6, 2011, the Board reviewed materials relating to its consideration of the Agreements. The Board considered what it believed were key relevant factors that are described under separate headings presented below.

In determining to approve the Agreements, the Board met with the relevant investment advisory personnel from the Adviser and the Subadviser and considered all information reasonably necessary to evaluate the terms of the Agreements. The Board received materials in advance of the December 2011 meeting relating to its consideration of the Agreements, including (a) fees and estimated expense ratios of class A shares of the Fund in comparison to the fees and expense ratios of the Fund’s proposed benchmark index and a Morningstar, Inc. peer group of funds selected by the Adviser (the Category); (b) information regarding the Adviser’s and Subadviser’s economic outlook for the Fund and their general investment outlook for the markets; (c) information regarding fees paid to service providers that are affiliates of the Adviser; (d) information regarding compliance records and regulatory matters relating to the Adviser and Subadviser; and (e) information outlining the legal duties of the Board under the 1940 Act with respect to the consideration and approval of the Agreements.

The Board also considered other matters important to the approval process, such as payments made to and by the Adviser or its affiliates relating to the distribution of Fund shares and other services. The Board reviewed services related to the valuation and pricing of Fund portfolio holdings. Other important matters considered by the Board were the direct and indirect benefits to the Adviser, the Subadviser and their affiliates from their relationship with the Fund and advice from independent legal counsel with respect to the review process and materials submitted for the Board’s review.

24  Strategic Growth Fund | Annual report 

 


Nature, extent and quality of services

The Board reviewed the nature, extent and quality of services expected to be provided by the Adviser and the Subadviser, including the investment advisory services. The Board received information concerning the investment philosophy and investment process to be used by the Adviser and Subadviser in managing the Fund, as well as a description of the capabilities, personnel and services of the Adviser and Subadviser. The Board considered the scope of the services to be provided by the Adviser and Subadviser to the Fund under the Agreements relative to services typically provided by third parties to other funds. The Board noted that the standard of care applicable under the Agreements was comparable to that found generally in investment company advisory and sub-advisory agreements. The Board concluded that the scope of the Adviser’s and Subadviser’s services to be provided to the Fund was consistent with the Fund’s requirements, including, in addition to seeking to meet its investment objective, compliance with investment restrictions services.

The Board also considered the quality of the services to be provided by the Adviser and Subadviser to the Fund. The Trustees evaluated the procedures of the Adviser and Subadviser designed to fulfill their fiduciary duty to the Fund with respect to possible conflicts of interest, including their code of ethics (regulating the personal trading of their officers and employees), the procedures by which the Adviser and Subadviser allocate trades among their various investment advisory clients, the integrity of the systems in place to ensure compliance with the foregoing and the record of compliance of the Adviser and Subadviser in each of these matters. The Trustees also considered the responsibilities of the Adviser’s and Subadviser’s compliance departments, and a report from the Fund’s Chief Compliance Officer (CCO) regarding the CCO Office’s review of the Subadviser’s compliance program.

The Board considered, among other factors, the number, education and experience of the Adviser’s and Subadviser’s investment professionals and other personnel who would provide services under the Agreements. The Trustees also took into account the time and attention to be devoted by senior management of the Adviser and Subadviser to the Fund. The Trustees also considered the business reputation of the Adviser and Subadviser and their financial resources and concluded that they would be able to meet any reasonably foreseeable obligation under the Agreements.

The Board also considered, among other things, the nature, cost and character of advisory and non-investment advisory services provided by the Adviser and its affiliates and by the Subadviser. The Board noted that, under separate agreements, the Adviser and its affiliates will provide the Fund with certain administrative, transfer agency, shareholder and other services (in addition to any such services provided to the Fund by third parties) and personnel as will be necessary for the operations of the Fund.

The Board also received information about the nature, extent and quality of services and fee rates offered by the Adviser and Subadviser to their other clients that are registered investment companies following a similar strategy. The Board reviewed a general analysis provided by the Adviser and the Subadviser concerning investment advisory fees charged to such other clients under similar investment mandates, the services provided to such other clients as compared to the services provided to the Fund, the performance of such other clients, and other factors relating to such other clients. The Board considered the significant differences between the Adviser’s and Subadviser’s services to the Fund and the services they provide to other clients.

Fund performance

The Board had previously received and considered information about the Adviser’s investment performance for other funds in relation to the Fund’s proposed benchmark index and the Category average. The Board considered historical performance information of a similar fund managed by the same investment professionals while employed by another firm. The Board, however, did not

Annual report | Strategic Growth Fund  25 

 


consider the performance history of the Fund because the Fund was newly organized and had not yet commenced operations as of the December 2011 meeting.

Expenses and fees

In connection with the initial approval of the Agreements, the Board reviewed the Fund’s contractual advisory fee rate payable by the Fund to the Adviser as compared with the other funds in its Category. The Board also received information about the investment subadvisory fee rate payable by the Adviser to the Subadviser for investment subadvisory services.

In addition, the Board considered the cost of the services provided to the Fund by the Adviser. The Board received and considered estimated expense information regarding the Fund’s various expense components, including advisory fees, distribution fees and fees other than advisory and distribution fees, including transfer agent fees, custodian fees, administration fees and other miscellaneous fees (e.g., fees for accounting and legal services). The Board considered comparisons of these expenses to the other funds in the Category. The Board also received and considered estimated expense information regarding the Fund’s total operating expense ratio (Gross Expense Ratio) and total operating expense ratio after taking the fee waiver/expense reimbursement arrangement into account (Net Expense Ratio). The Board received and considered information comparing the Gross Expense Ratio and Net Expense Ratio of the Fund to that of the funds in the Category. As part of its analysis, the Board reviewed the Adviser’s methodology in allocating its costs to the management of the Fund.

Following consideration of this information, the Board, including the Independent Trustees, concluded that the fees to be paid pursuant to the Agreements were fair and reasonable in light of the services expected to be provided.

As the Fund had not commenced operations as of the date of the December 2011 meeting, the Adviser was not able to provide the Board with specific information concerning the expected profits to be realized by the Adviser and its affiliates (including the Subadviser) from their relationships with the Fund.

Economies of scale

The Board, including the Independent Trustees, considered the extent to which economies of scale might be realized as the assets of the Fund increase. Since the Fund is newly formed, the Adviser was not able to provide the Board with specific information concerning the extent to which economies of scale would be realized as the Fund grows and whether fee levels would reflect such economies of scale, if any.

Other benefits to the Adviser and the Subadviser

The Board understands that the Adviser, the Subadviser or their affiliates may derive other ancillary benefits from their relationship with the Fund, both tangible and intangible, such as their ability to leverage investment professionals who manage other portfolios, an increase in their profile in the investment advisory community and the engagement of their affiliates and/or significant shareholders as service providers to the Fund, including for administrative, transfer agency and distribution services. The Board believes that certain of these benefits are difficult to quantify. The Board also was informed that the Subadviser may use third party research obtained by soft dollars generated by certain mutual fund transactions to assist itself in managing all or a number of its other client accounts.

The Board, including all of the Independent Trustees, concluded that these ancillary benefits that the Adviser, the Subadviser and their affiliates could receive with regard to providing investment advisory and other services to the Fund were consistent with those generally available to other mutual fund sponsors.

26  Strategic Growth Fund | Annual report 

 


Board determination

The Board approved the Advisory Agreement between the Adviser and John Hancock Funds III, on behalf of the Fund, for a two-year term and the Subadvisory Agreement between the Adviser and the Subadviser with respect to the Fund for a two-year term. Based upon its evaluation of relevant factors in their totality, the Board was satisfied that the terms of the Agreements, including the advisory and subadvisory fee rates, were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or any group of factors as all-important or controlling, but considered all factors together. Different Trustees may have attributed different weights to the various factors considered. The Independent Trustees were also assisted by independent legal counsel in making this determination.

Annual report | Strategic Growth Fund  27 

 


Trustees and Officers

This chart provides information about the Trustees and Officers who oversee your John Hancock fund. Officers elected by the Trustees manage the day-to-day operations of the Fund and execute policies formulated by the Trustees.

Independent Trustees

Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Steven R. Pruchansky, Born: 1944  2006  48 
Chairman (since January 2011); Chairman and Chief Executive Officer, Greenscapes of Southwest 
Florida, Inc. (since 2000); Director and President, Greenscapes of Southwest Florida, Inc. (until 2000); 
Member, Board of Advisors, First American Bank (until 2010); Managing Director, Jon James, LLC (real 
estate) (since 2000); Director, First Signature Bank & Trust Company (until 1991); Director, Mast Realty 
Trust (until 1994); President, Maxwell Building Corp. (until 1991).     
  
William H. Cunningham, Born: 1944  2006  48 
Professor, University of Texas, Austin, Texas (since 1971); former Chancellor, University of Texas System 
and former President of the University of Texas, Austin, Texas; Director of the following: LIN Television 
(since 2009); Lincoln National Corporation (insurance) (Chairman since 2009 and Director since 2006); 
Resolute Energy Corporation (since 2009); Nanomedical Systems, Inc. (biotechnology company) 
(Chairman since 2008); Yorktown Technologies, LP (tropical fish) (Chairman since 2007); Greater Austin 
Crime Commission (since 2001); Southwest Airlines (since 2000); former Director of the following: 
Introgen (manufacturer of biopharmaceuticals) (until 2008); Hicks Acquisition Company I, Inc. (until 
2007); Jefferson-Pilot Corporation (diversified life insurance company) (until 2006); and former Advisory 
Director, JP Morgan Chase Bank (formerly Texas Commerce Bank–Austin) (until 2009).   
 
Deborah C. Jackson, Born: 1952  2008  48 
President, Cambridge College, Cambridge, Massachusetts (since May 2011); Chief Executive Officer, 
American Red Cross of Massachusetts Bay (2002–May 2011); Board of Directors of Eastern Bank 
Corporation (since 2001); Board of Directors of Eastern Bank Charitable Foundation (since 2001); 
Board of Directors of American Student Assistance Corp. (1996–2009); Board of Directors of Boston 
Stock Exchange (2002–2008); Board of Directors of Harvard Pilgrim Healthcare (health benefits 
company) (2007–2011).     
 
Stanley Martin,2 Born: 1947  2008  48 
Director, The St. Joe Company (real estate development company) (since May 2012); Senior Vice 
President/Audit Executive, Federal Home Loan Mortgage Corporation (2004–2006); Executive Vice 
President/Consultant, HSBC Bank USA (2000–2003); Chief Financial Officer/Executive Vice President, 
Republic New York Corporation & Republic National Bank of New York (1998–2000); Partner, KPMG 
LLP (1971–1998).     
  
Dr. John A. Moore,2 Born: 1939  2006  48 
President and Chief Executive Officer, Institute for Evaluating Health Risks, (nonprofit institution) 
(1989–2001); Senior Scientist, Sciences International (health research) (2000–2003); Former Assistant 
Administrator & Deputy Administrator, Environmental Protection Agency (1983–1989); Principal, 
Hollyhouse (consulting) (since 2000); Director, CIIT Center for Health Science Research (nonprofit 
research) (until 2007).     

 

28  Strategic Growth Fund | Annual report 

 


Independent Trustees (continued)

Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Patti McGill Peterson,2 Born: 1943  2006  48 
Presidential Advisor for Global Initiatives, American Council on Education (since 2011); Chairperson 
of the Board of the Trust (during 2009 and 2010); Principal, PMP Globalinc (consulting) (2007–2011); 
Senior Associate, Institute for Higher Education Policy (2007–2011); Executive Director, CIES 
(international education agency) (until 2007); Vice President, Institute of International Education (until 
2007); Former President Wells College, St. Lawrence University and the Association of Colleges and 
Universities of the State of New York. Director of the following: Mutual Fund Directors Forum (since 
2011); Niagara Mohawk Power Corporation (until 2003); Security Mutual Life (insurance) (until 1997); 
ONBANK (until 1993). Trustee of the following: Board of Visitors, The University of Wisconsin, Madison 
(since 2007); Ford Foundation, International Fellowships Program (until 2007); UNCF, International 
Development Partnerships (until 2005); Roth Endowment (since 2002); Council for International 
Educational Exchange (since 2003).     
  
Gregory A. Russo, Born: 1949  2008  48 
Member, Audit Committee and Finance Committee of NCH Healthcare System, Inc. (since 2011); Vice 
Chairman, Risk & Regulatory Matters, KPMG LLP (KPMG) (2002–2006); Vice Chairman, Industrial 
Markets, KPMG (1998–2002).     
 
Non-Independent Trustees3     
 
Name, Year of Birth  Trustee  Number of John 
Position(s) held with Fund  of the  Hancock funds 
Principal occupation(s) and other  Trust  overseen by 
directorships during past 5 years  since1  Trustee 
 
Hugh McHaffie, Born: 1959  2010  48 
Executive Vice President, John Hancock Financial Services (since 2006, including prior positions); 
President of John Hancock Variable Insurance Trust and John Hancock Funds II (since 2009); Trustee, 
John Hancock retail funds (since 2010); Chairman and Director, John Hancock Advisers, LLC, 
John Hancock Investment Management Services, LLC and John Hancock Funds, LLC (since 2010). 
  
John G. Vrysen, Born: 1955  2009  48 
Senior Vice President, John Hancock Financial Services (since 2006); Director, Executive Vice President 
and Chief Operating Officer, John Hancock Advisers, LLC, John Hancock Investment Management 
Services, LLC and John Hancock Funds, LLC (since 2005); Chief Operating Officer, John Hancock 
Funds II and John Hancock Variable Insurance Trust (since 2007); Chief Operating Officer, John Hancock 
retail funds (until 2009); Trustee, John Hancock retail funds (since 2009).     

 

Annual report | Strategic Growth Fund  29 

 


Principal officers who are not Trustees

Name, Year of Birth  Officer 
Position(s) held with Fund  of the 
Principal occupation(s) and other  Trust 
directorships during past 5 years  since 
 
Keith F. Hartstein, Born: 1956  2006 
President and Chief Executive Officer   
Senior Vice President, John Hancock Financial Services (since 2004); Director, President and Chief   
Executive Officer, John Hancock Advisers, LLC and John Hancock Funds, LLC (since 2005); Director, 
John Hancock Asset Management a division of Manulife Asset Management (US) LLC (since 2005); 
Director, John Hancock Investment Management Services, LLC (since 2006); President and Chief   
Executive Officer, John Hancock retail funds (since 2005); Member, Investment Company Institute Sales 
Force Marketing Committee (since 2003).   
  
Andrew G. Arnott, Born: 1971  2009 
Senior Vice President and Chief Operating Officer   
Senior Vice President, John Hancock Financial Services (since 2009); Executive Vice President,   
John Hancock Advisers, LLC (since 2005); Executive Vice President, John Hancock Investment   
Management Services, LLC (since 2006); Executive Vice President, John Hancock Funds, LLC (since   
2004); Chief Operating Officer, John Hancock retail funds (since 2009); Senior Vice President,   
John Hancock retail funds (since 2010); Vice President, John Hancock Funds II and John Hancock   
Variable Insurance Trust (since 2006); Senior Vice President, Product Management and Development, 
John Hancock Funds, LLC (until 2009).   
  
Thomas M. Kinzler, Born: 1955  2006 
Secretary and Chief Legal Officer   
Vice President, John Hancock Financial Services (since 2006); Secretary and Chief Legal Counsel,   
John Hancock Advisers, LLC, John Hancock Investment Management Services, LLC and John Hancock 
Funds, LLC (since 2007); Secretary and Chief Legal Officer, John Hancock retail funds, John Hancock 
Funds II and John Hancock Variable Insurance Trust (since 2006).   
  
Francis V. Knox, Jr., Born: 1947  2006 
Chief Compliance Officer   
Vice President, John Hancock Financial Services (since 2005); Chief Compliance Officer, John Hancock 
retail funds, John Hancock Funds II, John Hancock Variable Insurance Trust, John Hancock Advisers, 
LLC and John Hancock Investment Management Services, LLC (since 2005); Vice President and Chief 
Compliance Officer, John Hancock Asset Management a division of Manulife Asset Management (US) 
LLC (2005–2008).   
  
Charles A. Rizzo, Born: 1957  2007 
Chief Financial Officer   
Vice President, John Hancock Financial Services (since 2008); Senior Vice President, John Hancock   
Advisers, LLC and John Hancock Investment Management Services, LLC (since 2008); Chief Financial 
Officer, John Hancock retail funds, John Hancock Funds II and John Hancock Variable Insurance Trust 
(since 2007); Assistant Treasurer, Goldman Sachs Mutual Fund Complex (2005–2007); Vice President, 
Goldman Sachs (2005–2007).   

 

30  Strategic Growth Fund | Annual report 

 


Principal officers who are not Trustees (continued)

Name, Year of Birth  Officer 
Position(s) held with Fund  of the 
Principal occupation(s) and other  Trust 
directorships during past 5 years  since 
 
Salvatore Schiavone, Born: 1965  2010 
Treasurer   
Assistant Vice President, John Hancock Financial Services (since 2007); Vice President, John Hancock 
Advisers, LLC and John Hancock Investment Management Services, LLC (since 2007); Treasurer,   
John Hancock retail funds (since 2010); Treasurer, John Hancock closed-end funds (since 2009);   
Assistant Treasurer, John Hancock Funds II and John Hancock Variable Insurance Trust (since   
October 2010) and (2007–2009); Assistant Treasurer, John Hancock retail funds (2007–2009);   
Assistant Treasurer, Fidelity Group of Funds (2005–2007); Vice President, Fidelity Management   
Research Company (2005–2007).   


The business address for all Trustees and Officers is 601 Congress Street, Boston, Massachusetts 02210-2805.

The Statement of Additional Information of the Fund includes additional information about members of the Board of Trustees of the Fund and is available without charge, upon request, by calling 1-800-225-5291.

1 Each Trustee holds office until his or her successor is elected and qualified, or until the Trustee’s death, retirement, resignation or removal.
2 Member of Audit Committee.
3 Because Messrs. McHaffie and Vrysen are senior executives or directors with the Adviser and/or its affiliates, each of them is considered an “interested person,” as defined in the Investment Company Act of 1940, of the Fund.

Annual report | Strategic Growth Fund  31 

 


More information

Trustees  Investment adviser 
Steven R. Pruchansky, Chairman  John Hancock Investment Management 
William H. Cunningham  Services, LLC 
Deborah C. Jackson   
Stanley Martin*  Subadviser 
Hugh McHaffie†  John Hancock Asset Management a division of 
Dr. John A. Moore,* Vice Chairman  Manulife Asset Management (US) LLC 
Patti McGill Peterson*   
Gregory A. Russo  Principal distributor
John G. Vrysen†  John Hancock Funds, LLC
   
Officers  Custodian
Keith F. Hartstein  State Street Bank and Trust Company
President and Chief Executive Officer   
  Transfer agent
Andrew G. Arnott  John Hancock Signature Services, Inc. 
Senior Vice President and Chief Operating Officer   
  Legal counsel
Thomas M. Kinzler  K&L Gates LLP 
Secretary and Chief Legal Officer   
  Independent registered
Francis V. Knox, Jr.  public accounting firm 
Chief Compliance Officer  PricewaterhouseCoopers LLP 
 
Charles A. Rizzo   
Chief Financial Officer   
 
Salvatore Schiavone   
Treasurer   
 
*Member of the Audit Committee   
†Non-Independent Trustee   


The Fund’s proxy voting policies and procedures, as well as the Fund’s proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) Web site at www.sec.gov or on our Web site.

The Fund’s complete list of portfolio holdings, for the first and third fiscal quarters, is filed with the SEC on Form N-Q. The Fund’s Form N-Q is available on our Web site and the SEC’s Web site, www.sec.gov, and can be reviewed and copied (for a fee) at the SEC’s Public Reference Room in Washington, DC. Call 1-202-551-8090 to receive information on the operation of the SEC’s Public Reference Room.

We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our Web site at www.jhfunds.com or by calling 1-800-225-5291.

You can also contact us:     
1-800-225-5291  Regular mail:  Express mail: 
jhfunds.com  John Hancock Signature Services, Inc.  John Hancock Signature Services, Inc. 
  P.O. Box 55913  Mutual Fund Image Operations 
  Boston, MA 02205-5913  30 Dan Road 
    Canton, MA 02021 

 

32  Strategic Growth Fund | Annual report 

 



1-800-225-5291
1-800-554-6713 TDD
1-800-338-8080 EASI-Line
www.jhfunds.com

Now available: electronic delivery
www.jhfunds.com/edelivery

 

 

 

 

This report is for the information of the shareholders of John Hancock Strategic Growth Fund.  3930A 3/12 
It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.  5/12 

 


ITEM 2. CODE OF ETHICS.

As of the end of the year, March 31, 2012, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Chief Executive Officer, Chief Financial Officer and Treasurer (respectively, the principal executive officer, the principal financial officer and the principal accounting officer, the “Covered Officers”). A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Stanley Martin is the audit committee financial expert and is “independent”, pursuant to general instructions on Form N-CSR Item 3.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees

The aggregate fees billed for professional services rendered by the principal accountant for the audits of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements amounted to the following for the fiscal years ended March 31, 2012 and 2011. These fees were billed to the registrant and were approved by the registrant’s audit committee.

Fund    March 31, 2012*    March 31, 2011 
Core High Yield Fund  $  55,320  $  39,791 
Disciplined Value Fund    32,818    28,874 
Disciplined Value Mid Cap Fund    31,069    27,210 
International Value Equity Fund    31,237    42,770 
Leveraged Companies Fund    37,389    30,387 
Rainier Growth Fund    35,621    32,144 
Small Cap Opportunities Fund    30,667    29,208 
Small Company Fund    41,255    34,396 
Strategic Growth Fund    28,900    - 
Total  $  324,276  $  264,780 
* Strategic Growth Fund commenced operations during the year ended March 31, 2012. 

 

(b) Audit-Related Services

Audit-related fees for assurance and related services by the principal accountant are billed to the registrant or to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser ("control affiliates") that provides ongoing services to the registrant. The nature of the services provided was affiliated service provider internal controls reviews. Amounts billed to the registrant were as follows:

Fund    March 31, 2012    March 31, 2011 
Core High Yield Fund  $  746  $  347 
Disciplined Value Fund    746    347 
Disciplined Value Mid Cap Fund    746    - 
International Value Equity Fund    746    347 
Leveraged Companies Fund    746    347 
Rainier Growth Fund    746    347 

 


Small Cap Opportunities Fund    746    347 
Small Company Fund    746    347 
Strategic Growth Fund    746    - 
Total  $  6,714  $  2,429 

 

Amounts billed to control affiliates were $96,255 and $91,670 for the fiscal years ended March 31, 2012 and 2011, respectively.

(c) Tax Fees

The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning (“tax fees”) amounted to the following for the fiscal years ended March 31, 2012 and 2011. The nature of the services comprising the tax fees was the review of the registrant’s tax returns and tax distribution requirements. These fees were billed to the registrant and were approved by the registrant’s audit committee.

Fund    March 31, 2012    March 31, 2011 
Core High Yield Fund  $  4,175  $  3,976 
Disciplined Value Fund    2,310    2,200 
Disciplined Value Mid Cap Fund    2,597    2,473 
International Value Equity Fund    3,901    3,715 
Leveraged Companies Fund    1,105    1,053 
Rainier Growth Fund    1,824    1,737 
Small Cap Opportunities Fund    2,514    2,395 
Small Company Fund    2,514    2,395 
Strategic Growth Fund    3,400    - 
Total  $  24,340  $  19,944 

 

(d) All Other Fees

Other fees billed for professional services rendered by the principal accountant to the registrant or to the control affiliates amounted to the following:

Fund    March 31, 2012    March 31, 2011 
Core High Yield Fund  $  246  $  19 
Disciplined Value Fund    393    19 
Disciplined Value Mid Cap Fund    393    - 
International Value Equity Fund    1,505    19 
Leveraged Companies Fund    3,247    19 
Rainier Growth Fund    394    19 
Small Cap Opportunities Fund    247    19 
Small Company Fund    394    19 
Strategic Growth Fund    395    - 
Total  $  7,214  $  133 

 

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The trust’s Audit Committee must pre-approve all audit and non-audit services provided by the independent registered public accounting firm (the “Auditor”) relating to the operations or financial reporting of the funds. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.


The trust’s Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of audit-related and non-audit services by the Auditor. The policies and procedures require that any audit-related and non-audit service provided by the Auditor and any non-audit service provided by the Auditor to a fund service provider that relates directly to the operations and financial reporting of a fund are subject to approval by the Audit Committee before such service is provided. Audit-related services provided by the Auditor that are expected to exceed $25,000 per year/per fund are subject to specific pre-approval by the Audit Committee. Tax services provided by the Auditor that are expected to exceed $30,000 per year/per fund are subject to specific pre-approval by the Audit Committee.

All audit services, as well as the audit-related and non-audit services that are expected to exceed the amounts stated above, must be approved in advance of provision of the service by formal resolution of the Audit Committee. At the regularly scheduled Audit Committee meetings, the Committee reviews a report summarizing the services, including fees, provided by the Auditor.

(e)(2) Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

Audit-Related Fees, Tax Fees and All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

(f) According to the registrant’s principal accountant for the fiscal year ended March 31, 2012, the percentage of hours spent on the audit of the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons who were not full-time, permanent employees of principal accountant was less than 50%.

(g) The aggregate non-audit fees billed by the registrant’s principal accountant for non-audit services rendered to the registrant and rendered to the registrant's control affiliates were $3,129,868 for the fiscal year ended March 31, 2012 and $1,985,439 for the fiscal year ended March 31, 2011.

(h) The audit committee of the registrant has considered the non-audit services provided by the registrant’s principal accountant to the control affiliates and has determined that the services that were not pre-approved are compatible with maintaining the principal accountant’s independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant has a separately-designated standing audit committee comprised of independent trustees. The members of the audit committee are as follows:

Stanley Martin - Chairman
Dr. John A. Moore
Patti McGill Peterson

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) Not applicable.
(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 registrant has adopted procedures by which shareholders may recommend nominees to the registrant's Board of Trustees. A copy of the procedures is filed as an exhibit to this Form N-CSR. See attached “John Hancock Funds – Nominating, Governance and Administration Committee Charter”.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this Form N-CSR, the registrant's principal executive officer and principal financial officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual 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) Code of Ethics for Covered Officers is attached.

(a)(2) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

(b)(1) Separate certifications for the registrant's principal executive officer and principal financial officer, as required by 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and Rule 30a-2(b) under the Investment Company Act of 1940, are attached. The certifications furnished pursuant to this paragraph are not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certifications are not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates them by reference.

(c)(1) Submission of Matters to a Vote of Security Holders is attached. See attached “John Hancock Funds – Nominating, Governance and Administration Committee Charter”.

(c)(2) Contact person at the registrant.


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.

 

John Hancock Funds III 
 
 
By:  /s/ Keith F. Hartstein 
  ------------------------------ 
  Keith F. Hartstein 
President and 
  Chief Executive Officer 
 
 
Date:  May 17, 2012 

 

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/ Keith F. Hartstein 
  ------------------------------- 
Keith F. Hartstein 
President and 
  Chief Executive Officer 
 
 
Date:  May 17, 2012 
 
 
 
By:  /s/ Charles A. Rizzo 
  -------------------------------- 
Charles A. Rizzo 
  Chief Financial Officer 
 
 
Date:  May 17, 2012 

 

 EX-99.CERT 2 b_jhiiicerts.htm CERTIFICATION b_jhiiicerts.htm

CERTIFICATION

I, Keith F. Hartstein, certify that:

1. I have reviewed this report on Form N-CSR of the John Hancock Funds III;

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(s) 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(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (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: May 17, 2012  /s/ Keith F. Hartstein 
  Keith F. Hartstein 
  President and Chief Executive Officer 

 


CERTIFICATION

I, Charles A. Rizzo, certify that:

1. I have reviewed this report on Form N-CSR of the John Hancock Funds III;

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(s) 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(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (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: May 17, 2012  /s/ Charles A. Rizzo 
  Charles A. Rizzo 
  Chief Financial Officer 

 

 EX-99.906 CERT 3 c_jhiiinoscerts.htm CERTIFICATION 906 c_jhiiinoscerts.htm
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of 
the Sarbanes-Oxley Act of 2002

 

In connection with the attached Report of John Hancock Funds III (the “registrant”) on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the registrant does hereby certify that, to the best of such officer's knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant as of, and for, the periods presented in the Report.

/s/ Keith F. Hartstein 
-------------------------------- 
Keith F. Hartstein 
President and Chief Executive Officer 
 
 
 
Dated:   May 17, 2012 
 
 
 
/s/ Charles A. Rizzo 
--------------------------------- 
Charles A. Rizzo 
Chief Financial Officer 
 
 
Dated:   May 17, 2012 

 

A signed original of this written statement, required by Section 906, has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.

 EX-99.CODE ETH 4 d_codeofethics.htm CODE OF ETHICS d_codeofethics.htm

John Hancock Trust

John Hancock Funds

John Hancock Funds II

John Hancock Funds III

 

Sarbanes-Oxley Code of Ethics

for

Principal Executive, Principal Financial Officers & Treasurer

 

 

I.                   Covered Officers/Purpose of the Code

This code of ethics (this “Code”) for John Hancock Trust, John Hancock Funds[1], John Hancock Funds II and John Hancock Funds III, each a registered management investment company under the Investment Company Act of 1940, as amended (“1940 Act”), which may issue shares in separate and distinct series (each investment company and series thereunder to be hereinafter referred to as a “Fund”), applies to each Fund’s Principal Executive Officer (“President”), Principal Financial Officer (“Chief Financial Officer”) and Treasurer (“Treasurer”) (the “Covered Officers” as set forth in Exhibit A) for the purpose of promoting:

 

⇒      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 the Fund files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Fund;

 

⇒      compliance with applicable laws and governmental rules and regulations;

 

⇒      the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

 

⇒      accountability for adherence to the Code.

1 of 6

 

Each of the Covered Officers should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

 

 

II.                Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

Overview

A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his service to, the Fund.  For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fund. Certain conflicts of interest arise out of the relationships between the Covered Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the “Investment Company Act”) and the Investment Advisers Act of 1940, as amended (the “Investment Advisers Act”). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as “affiliated persons” of the Fund. Each of the Covered Officers is an officer or employee of the investment adviser or a service provider (“Service Provider”) to the Fund. The Fund’s, the investment adviser’s and the Service Provider’s compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

 

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fund and the investment adviser and the Service Provider of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund, for the investment adviser or for the Service Provider), be involved in establishing policies and implementing decisions which will have different effects on the investment adviser, the Service Provider and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the investment adviser and the Service Provider and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if such participation is performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically. In addition, it is recognized by the Fund’s Board of Trustees/Directors (the “Board”) that the Covered Officers may also be officers or employees of one or more other investment companies covered by other Codes.

           

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but the Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of an Covered Officer should not be placed improperly before the interest of the Fund.

 

*                      *                      *

2 of 6

 

 

Each Covered Officer must:

 

⇒      not use his/her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

 

⇒      not cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than for the benefit of the Fund; and

 

⇒      not use material non-public knowledge of portfolio transactions made or contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

 

Additionally, conflicts of interest may arise in other situations, the propriety of which may be discussed, if material, with the Fund’s Chief Compliance Officer (“CCO”).  Examples of these include:

 

⇒      service as a director/trustee on the board of any public or private company;

 

⇒      the receipt of any non-nominal gifts;

 

⇒      the receipt of any entertainment from any company with which the Fund has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety (or other formulation as the Fund already uses in another code of conduct);

 

⇒      any ownership interest in, or any consulting or employment relationship with, any of the Fund’s service providers, other than its investment adviser, any sub-adviser, principal underwriter, administrator or any affiliated person thereof; and

 

⇒      a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.

 

 

III.             Disclosure & Compliance

⇒      Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Fund;

 

⇒      Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund’s directors and auditors, and to governmental regulators and self-regulatory organizations;

3 of 6

 

 

⇒      Each Covered Officer should, to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Fund and the Fund’s adviser or any sub-adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

 

⇒      It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

 

 

IV.              Reporting & Accountability

Each Covered Officer must:

 

⇒      upon adoption of the Code (or thereafter as applicable, upon becoming an Covered Officer), affirm in writing to the Fund’s CCO that he/she has received, read, and understands the Code;

 

⇒      annually thereafter affirm to the Fund’s CCO that he/she has complied with the requirements of the Code;

 

⇒      not retaliate against any employee or Covered Officer or their affiliated persons for reports of potential violations that are made in good faith;

 

⇒      notify the Fund’s CCO promptly if he/she knows of any violation of this Code (Note: failure to do so is itself a violation of this Code); and

 

⇒      report at least annually any change in his/her affiliations from the prior year.

 

The Fund’s CCO is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation.  However, any approvals or waivers sought by the Principal Executive Officer will be considered by the Fund’s Board or the Compliance Committee thereof (the “Committee”).

 

The Fund will follow these procedures in investigating and enforcing this Code:

 

⇒      the Fund’s CCO will take all appropriate action to investigate any potential violations reported to him/her;

 

⇒      if, after such investigation, the CCO believes that no violation has occurred, the CCO is not required to take any further action;

 

⇒      any matter that the CCO believes is a violation will be reported to the Board or, if applicable, Compliance Committee;

 

4 of 6

 

⇒      if the Board or, if applicable, Compliance Committee concurs that a violation has occurred, the Board, either upon its determination of a violation or upon recommendation of the Compliance Committee, if applicable, will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Service Provider or the investment adviser or its board; or a recommendation to dismiss the Registrant’s Executive Officer;

 

⇒      the Board, or if applicable the Compliance Committee, will be responsible for granting waivers, as appropriate; and

 

⇒      any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

 

 

V.                 Other Policies & Procedures

This Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Fund, the Fund’s adviser, any sub-adviser, principal underwriter or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Fund’s and its investment adviser’s codes of ethics under Rule 204A-1 under the Investment Advisers Act and Rule 17j-1 under the Investment Company Act, respectively, are separate requirements applying to the Covered Officers and others, and are not part of this Code.

 

 

VI.              Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Fund’s Board, including a majority of independent directors.

 

 

VII.           Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fund’s Board and its counsel, the investment adviser and the relevant Service Providers.

 

 

VIII.        Internal Use

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

5 of 6

 

Exhibit A

Persons Covered by this Code of Ethics

(As of September 2010)

 

John Hancock Trust

⇒      Principal Executive Officer and President – Hugh McHaffie

⇒      Principal Financial Officer and Chief Financial Officer – Charles Rizzo

⇒      Treasurer  – Michael J. Leary

 

John Hancock Funds

⇒      Principal Executive Officer and President – Keith Hartstein

⇒      Principal Financial Officer and Chief Financial Officer – Charles Rizzo

⇒      Treasurer  – Salvatore Schiavone

 

John Hancock Funds II

⇒      Principal Executive Officer and President – Hugh McHaffie

⇒      Principal Financial Officer and Chief Financial Officer – Charles Rizzo

⇒      Treasurer  – Michael J. Leary

 

John Hancock Funds III

⇒      Principal Executive Officer and President – Keith Hartstein

⇒      Principal Financial Officer and Chief Financial Officer – Charles Rizzo

⇒      Treasurer  – Salvatore Schiavone

 

[1] John Hancock Funds includes the following trusts: John Hancock Bank and Thrift Opportunity Fund; John Hancock Bond Trust; John Hancock California Tax-Free Income Fund; John Hancock Capital Series; John Hancock Current Interest; John Hancock Equity Trust; John Hancock Income Securities Trust; John Hancock Investment Trust; John Hancock Investment Trust II; John Hancock Investment Trust III; John Hancock Investors Trust; John Hancock Municipal Securities Trust; John Hancock Patriot Premium Dividend Fund II; Trust; John Hancock Preferred Income Fund; John Hancock Preferred Income Fund II; John Hancock Preferred Income Fund III; John Hancock Series Trust; John Hancock Sovereign Bond Fund; John Hancock Strategic Series; John Hancock Tax-Exempt Series Fund; John Hancock World Fund; John Hancock Tax-Advantaged Dividend Income Fund and John Hancock Tax-Advantaged Global Shareholder Yield Fund.

6 of 6

 EX-99 5 e_jhgovcommcharter.htm GOVERNANCE COMMITTEE CHARTER e_jhgovcommcharter_142012.htm
JOHN HANCOCK FUNDS
NOMINATING, GOVERNANCE AND ADMINISTRATION COMMITTEE CHARTER 

 

A. Composition. The Nominating, Governance and Administration Committee (the “Committee”) shall be composed entirely of Trustees who are “independent” as defined in the rules of the New York Stock Exchange (“NYSE”) and are not “interested persons” (as defined in the Investment Company Act of 1940) of any of the Funds, or of any Fund’s investment adviser, subadviser or principal underwriter (the “Independent Trustees”) who are designated for membership from time to time by the Board of Trustees. The Chairman of the Board shall be a member of the Committee.

B. Overview. The purpose of the Committee is (1) to make determinations and recommendations to the Board on issues related to (a) the composition and operation of the Board, (b) corporate governance matters applicable to the Independent Trustees, and (c) issues related to complex-wide matters and practices designed to facilitate uniformity and administration of the Board's oversight of the Funds, and (2) to discharge such additional duties, responsibilities and functions as are delegated to it from time to time.

C. Specific Responsibilities. The Committee shall have the following duties and powers, to be exercised at such times and in such manner as the Committee shall determine:

1. To identify individuals qualified to serve as Independent Trustees of the Funds, and to consider and determine nominations of individuals to serve as Trustees.

2. To consider, as it deems necessary or appropriate, the criteria for persons to fill existing or newly created Trustee vacancies. The Committee shall use the criteria and principles set forth in Annex A to guide its Trustee selection process.

3. To consider and determine the amount of compensation to be paid by the Funds to the Independent Trustees, including incremental amounts, if any, payable to Committee Chairmen, and to address compensation-related matters. The Chairman of the Board has been granted the authority to approve special compensation to Independent Trustees in recognition of any significant amount of additional time and service to the Funds provided by them, subject to ratification of any such special compensation by the Committee at the next regular meeting of the Committee.

4. To consider and determine the duties and compensation of the Chairman of the Board.

5. To consider and recommend changes to the Board regarding the size, structure, and composition of the Board.

6. To evaluate, from time to time, and determine changes to the retirement policies for the Independent Trustees, as appropriate.

1 

 


7. To monitor all expenditures and practices of the Board or the Committees or the Independent Trustees not otherwise incurred and/or monitored by a particular Committee, including, but not limited to: directors and officers liability insurance and fidelity bond coverage and costs; association dues, including Investment Company Institute and Mutual Fund Directors Forum membership dues; meeting expenditures and policies relating to reimbursement of travel expenses and expenses associated with offsite meetings; expenses and policies associated with Trustee attendance at educational or informational conferences; publication expenses; expenses of computers and related service charges; and fees of counsel to the Independent Trustees.

8. To consider, evaluate and make recommendations and necessary findings regarding independent legal counsel and any other advisers, experts or consultants that may be engaged by the Board of Trustees, by the Trustees who are not “interested persons” as defined in the Investment Company Act of 1940 of any of the Funds or any Fund’s investment adviser, subadviser or principal underwriter, or by the Committee, from time to time, other than as may be engaged directly by another Committee.

9. To make a recommendation to the Board of Trustees concerning the annual consideration of the agreements relating to legal services.

10. To periodically review the Board’s committee structure and, in collaboration with the Chairs of the various Committees, the charters of the Board’s committees, and recommend to the Board of Trustees changes to the committee structure and charters as it deems appropriate.

11. To coordinate and administer an annual self-evaluation of the Board, which will include, at a minimum, a review of its effectiveness in overseeing the number of Funds in the Fund complex and the effectiveness of its committee structure.

12. To retain and terminate any firm(s) to be used to identify or evaluate or assist in identifying or evaluating potential Independent Board nominees, subject to the Board’s sole authority to approve the firm’s fees and other retention terms.

13. To report its activities to Board of Trustees and to make such recommendations with respect to the matters described above and other matters as the Committee may deem necessary or appropriate.

D. Additional Responsibilities. The Committee will also perform other tasks assigned to it from time to time by the Chairman of the Board or by the Board of Trustees, and will report findings and recommendations to the Board of Trustees, as appropriate.

E. Governance. One member of the Committee shall be appointed as chair. The chair shall be responsible for leadership of the Committee, including scheduling meetings or

2 

 


reviewing and approving the schedule for them, preparing agendas or reviewing and approving them before meetings, and making reports to the Board of Trustees, as appropriate.

F. Miscellaneous. The Committee shall meet as often as it deems appropriate, with or without management, as circumstances require. The Committee shall have the resources and authority appropriate to discharge its responsibilities, including the authority to retain special counsel and other advisers, experts or consultants, at the Funds’ expense, as it determines necessary to carry out its duties. The Committee shall have direct access to such officers of and service providers to the Funds as it deems desirable.

G. Evaluation. At least annually, the Committee shall evaluate its performance consistent with the requirements of this charter and report the results to the Board of Trustees.

H. Review. The Committee shall review this charter periodically and shall recommend changes to the Board of Trustees, as it deems desirable.

Last revised: June 7, 2011

3 

 


ANNEX A 

 

General Criteria

1. Nominees should have a reputation for integrity, honesty and adherence to high ethical standards.

2. Nominees should have demonstrated business acumen, experience and ability to exercise sound judgments in matters that relate to the current and long-term objectives of the Funds and should be willing and able to contribute positively to the decision-making process of the Funds.

3. Nominees should have a commitment to understand the Funds, and the responsibilities of a trustee/director of an investment company and to regularly attend and participate in meetings of the Board and its committees.

4. Nominees should have the ability to understand the sometimes conflicting interests of the various constituencies of the Funds, including shareholders and the management company, and to act in the interests of all shareholders.

5. Nominees should not have, nor appear to have, a conflict of interest that would impair their ability to represent the interests of all the shareholders and to fulfill the responsibilities of a director/trustee.

Application of Criteria to Current Trustees

The renomination of current Trustees should not be viewed as automatic, but should be based on continuing qualification under the criteria set forth above based on, among other things, the current Trustee’s contribution to the Board and any committee.

Review of Nominations

1. The Committee believes that it is in the best interests of the Fund and its shareholders to obtain highly-qualified candidates to serve as members of the Board.

2. In nominating candidates who would be Independent Trustees, the Committee believes that no particular qualities or skills nor any specific minimum qualifications or disqualifications are controlling or paramount. The Committee shall take into consideration any such factors as it deems appropriate. These factors may include (but are not limited to) the person’s character, integrity, judgment, skill, diversity and experience with investment companies and other organizations of comparable purpose, complexity and size and subject to similar legal restrictions and oversight; the interplay of the candidate’s experience with the experience of other Board members; and the extent to which the candidate would be desirable addition to the Board and any Committees thereof. Other factors that the Committee may take into consideration include a person’s

4 

 


availability and commitment to attend meetings and perform his or her responsibilities; an whether or not the person had any relationships that might impair or appear to impair his or her independence, such as any business, financial or family relationships with Fund management, the investment adviser and/or subadviser of the Fund, as applicable, Fund service providers, or their affiliates or with Fund shareholders.

3. While the Committee is solely responsible for the selection and recommendation to the Board of Independent Board candidates, the Committee may consider nominees recommended by any source, including Fund shareholders, management and Committee members, as it deems appropriate. Any such recommendations from shareholders shall be directed to the Secretary of the relevant Fund at such address as is set forth in the Fund’s disclosure documents. Recommendations from management may be submitted to the Committee Chairperson. All recommendations shall include all information relating to such person that is required to be disclosed in solicitations of proxies for the election of Board members and as specified in the relevant Fund’s By-Laws, and must be accompanied by a written consent of the proposed candidate to stand for election if nominated for the Board and to serve if elected by shareholders.

4. The Committee may from time to time establish specific requirements and/or additional factors to be considered for Independent Board candidates as it deems necessary or appropriate.

5. After its consideration of relevant factors, the Committee shall present its recommendation(s) to the full Board for its consideration.

As long as a current Independent Trustee continues, in the opinion of the Committee, to satisfy the criteria listed above, the Committee generally would favor the re-nomination of a current Trustee rather than a new candidate. Consequently, while the Committee will consider nominees recommended by shareholders to serve as trustees, the Committee may only act upon such recommendations if there is a vacancy on the Board, or the Committee determines that the selection of a new or additional Trustee is in the best interests of the Fund.

5 

 

 GRAPHIC 7 corehighyieldx1x1.jpg GRAPHIC begin 644 corehighyieldx1x1.jpg M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP. M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=? M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@# M8`)*`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D* M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H MJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(! M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P M%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P# M`0`"$0,1`#\`SZ***]`X@HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`*TKFVM2\860PRO&C-%L+`$CL1S M^'O5*!XXY-\D?F`=%)P"??VK6AW6=FVK7)W74Y(MP>WJV/;M429<44-0MH;- MA`DAEF',C8P%_P!GZTECI\UZQ*86-2`SMT&>WN?:H[:WEO;I88P6DD/4_J36 MEJE^MO$-,LL"&+Y7D'5V[_Y_I0V]EN"MNS)F013/&'#A6*AEZ'!ZBF@$G`&2 M:2M32$`@GF#^6490\@ZHF"3CW.`*;=D2E=DD>FQ7'V2U/FQ7;1[GQ'D$$DC/ M(P0*2>W62Z_LS2TWX.))3U]5** M*V1DPHHHIB"I[2TENY=D0'`RS-P%'J34<4;S2K'&I9W.`!W-;=]=#1H!IUGM M\[`:>;'.[T'TJ)/HBDNK,B]M_LERT/F"3:!D@8[=*@I22223DGJ3252$%%%% M,04444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4^*)YI%CB1G=N`JC)-26EK+>7"PP@;CR2> MBCN3[5:N;J*U1K73S\O22?\`BD^GHOM4M]$-+JRQIFCQ7%ZL$\N]P"72+D(! MZMT]L#-;,]PES;S306T4[1R^1`"F0F!RQSP!_P#6JHB_V%X>9S\MW=<#U7_] M0_4US09@"`2`>HSUK.W.[FE^56.OMFCM5,MO%"LUXXCA(4C<`/F?Z9R<#';U MHEM;"._FN)((1%;I\XV#`Z]NFXG]`/6N1,LA*DNQ*<+ST^E!ED*E2[%6.2,\ M$T>S?<.?R.BO-,\^UMH(+6*&5_WKL!PJGHN?XC[>U.TRSE\TQF$P:=&#YIG3 M:9O5-DD\CK_`'6N0$CB,QA MV"'DJ#P?PH61U`"NPPM1G3;>[6PB>VBMRX\URHVD@Y(0'J3Z^F*Y;S9"A3>VTG)&>":/,?R`6.>)M\LIAVG)[`=>_4UDE M]**A=^H!1T'RD#\*U9(K;681<6MV\=Q;IMD=E(9U]3C^=2U9W*3NK'-S1F*9 MXR02C%21TXIE6KFQEMT\S*2Q=/,B;W6$M(/F);HQ':JK7T$[I+=VTDTRJ%9O.P'P,` MD8)S^-+<:S>2E5BD-M$@PLOU- M9]6O[2O_`/G]N?\`OZW^-']I7_\`S^W/_?UO\:I*RLA-W=RK15K^TK__`)_; MG_OZW^-']I7_`/S^W/\`W];_`!IZBT*M%6O[2O\`_G]N?^_K?XT?VE?_`//[ M<_\`?UO\:-0T*M%6O[2O_P#G]N?^_K?XT?VE?_\`/[<_]_6_QHU#0JT5:_M* M_P#^?VY_[^M_C1_:5_\`\_MS_P!_6_QHU#0JT5:_M*__`.?VY_[^M_C1_:5_ M_P`_MS_W];_&C4-"K4]G=S65PL\#;7'Y$>AI_P#:5_\`\_MS_P!_6_QH_M*_ M_P"?VY_[^M_C2U8%F;4;60RRQVKQ2RH5=5D_=DGOC'X_45F5:_M*_P#^?VY_ M[^M_C1_:5_\`\_MS_P!_6_QH2L-NY5HJU_:5_P#\_MS_`-_6_P`:;+?7GRQA%^ MT;_W3=R0,E?RS4KQ0+JFG11HC1.$5N`0^6*D_CBLM)I47:DKJN=V`Q`SZT-- M*^S=([>6,)EC\OT]*CE=R[JQ)@_8Y2R`'S5&=H!'#9'Z"K-U*IL('%O`IFW9 M*IC&#QBJ#D_I2:7:QRHYF*`RYBBWG^+'4?CM'XU2%S.(?)$SB/\`N[CB@7$P5%$T M@6,Y0!CA3ZCTI6=AW1/`@^P7A9!N39@E>1D\U4((.",'WJ5+NYC9F2XE5G.6 M(<@L?>HW=I'+NQ9F.2S')--$LT+PPI;1J`BN\*-@1#DYY.ZG%$%];_NTVM;A MB-@P3M))_.LZ2627;YDC/M&%W'.!Z"GBYG$/DB:01_W=QQ2Y2N8M6J0S6BQ2 M!4E=V$L874+I'B0%(G.TH,`A?3ZUG^8_E^7O;R\[MN>,^N* MS.#W'K58SS&42F5S(.CECD?C1-/+.^Z:1Y&`QECGBFDPN1T4451( M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1 M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%% M%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444 M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110` M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1 M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%% M%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444 M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110` M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1 M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%% M%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444 M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110` M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1 M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%% M%`!1110`4444`%%%%`!16IX>ED35$5'95=7W`'`.%.,U56#?";JZE=4=RH(7 MW*R!XIHG9),8R-C M=1VQ5-K&%K26>"Z\PP[?,7RRO!.,@]^?I2YE<.70HT5IG3+97MP]Z5%P@9/W M7(R2.>>!^-4)XF@N)(7QNC8J<>H.*::8FFB.BMJX%S=:)8CS@1NDW>;,%S@C M'WB,X_2DE-Q#X<*/-D?:0H"3!QMVGC@GCVI,J3`D#R5`` MS2`9R#C;@>IS35LDE9/(G#H49W++@Q@=T:XMI6E M",%=63:RYZ'J`NT*=J@$@=B0,D?6J]1:[N5?2QL6E[ M;I=VJ-*$@MHG7>RGYF8'.`!ZG]*@M&@CLKZ%[F-6E"JAVM@X8'TK.HHY0YC4 MGEMWET]EN4(AC5'^5N,$GT]ZJZDT(,'7:W&6)]/>L^BDHV! MRN;EQ=64TUU&UP/*N4CQ(J-\C(`.00.#STJK:R6MG/(AG,L3TK-HHY>@HSTZ^]9M%/EZAS&VVHPQQVL7G+/;^2(IX@K`]3R,CMQBLFYCBCF989A-' M_"P!''T-144*-@;N%%%%42%%%%`!1110`4444`%%%%`!1110`4444`%%%%`! M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%% M%%`!1110!/:6LMY.(8%RQY)/``]2?2K9LM/1MDFJ#<."4A++^>>:?;GR/#MS M*F=\TRQ$CLH&:RJC5LK1$DR)',RQR"1`>'`QG\*CJ[I5HEW>;9CB&-3)(1_= M%6$U.W><)+I]JML3@A4^=1Z[NN:=^@6,JBMZQT^"WUB^M;D"2**!SN8#('!! M]C@]:KVS0ZE=#S+:*"VMHVD=8A@LH[$]^U+F#E,FBMFTEAU2=K-[."'>I\IH MDPRL!D9/>L:FG<31:^R?\2O[;O\`^6WE;,?[.&VDEB64BZ.Q&^[NV#D_AFDY,%%&)16M(8K_ M`$F>X^SQ0SVSKDQ+M#*W'(^M9-4G3&<>@QZFK&E2I<12:9<-A)CF)C_``2=OSZ4NJ2+:0)I<)!$ M9W3L/XG]/H*F[V*LMRA*D"V\+1REI6W>8FW&SGCGOFH:T[BW5]+TORXU$LS2 M*6`P6.X`9-2W=U;Z?9(CM=Y5W,Y[\]J?,*Q3TFTCO=1BMY2P1]V2I MYX4G^E4ZZ&RM8[7Q/;"#/DRQF2//8%#5&Q2"WTV:_FB69_,$42.,J#C))]>* M7,/E(-.M([HW/F%AY5N\J[3U(Z9]JIUT&FW4-U;WY:WBAG6UDP8EVAEQSD=, MYQ7/TTVVQ-:(T+6P@DT\W=Q=F%?-\H`1;\G&?6H+N*VBV?9KEI\YW9CV8_4Y MK0MK<7'AS89XH<79.Z4D`_(..!5>"S2'4K)&GM[A9)E!$9+#&X<'(I)ZC:,Z MBK&H*J:A],M+*"&ZOY+@&2&R)`4\;VW84&ES=PY2A9P MK<7L$+DA9)%0D=<$XI+N)8+R>%22LN`<5JZ9?0W6IV\<]I;1@R`H\2; M"K`Y'U':LW4O^0G=_P#79_\`T(T)N]@:5BM1115DA1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`:6FSPM;SV%R_EQSX*R'HCCH3[&@Z'J&?D M@$BGHZ."I_'-9M%39]"K]S3TQULM2D@NR%21&AD(.0N?<4Y-"NA.!-L2W!^: M;>-NWU!K*HHL^@71OQ727FIZM/']QK20+GT``'\JIZ#=?++["JHO?KR2:RZ23>K!M+ M0T['_D!ZI]8?_0C69115I6);+.F_\A.T_P"NR?\`H0I=4_Y"MY_UW?\`]"-5 M:*+:W"^EC8FE\C2]&EQGRWD;'T<&K]W)K$T[3:;<--:R?,A1E^7V.>F*YBBH MY"N8W=.>Z?Q-`+V3?,BLI.0_>ZQ'*UK($CR"2,0R&?>-NTG/YU5]65S(LZ;_R$[3_`*[)_P"A"M1'C?4-6LI'"?:9&",W`W!R0#6%15.- MQ)V-S2](GM]2@EO5$,:2#!+#YFSP!CKSBLS4O^0G=_\`79__`$(U6HH2=[L& MU:R"BBBJ)"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BB MB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**** M`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH` M****`"BBB@`HHHH`****`"BBB@`HHHH`****`(58]R:F'-0J,U*.*\9R?@J'/-2*>*EREW&D2A5/\(_*K=C&HG;Y1_J9>W_`$S:JL=7+(_OV_ZX MR_\`H#5"G*^YHDK%$JO]T?E3<#/04\TVFIR[DM(>JK_='Y4X(G]U?RI%IXI. M6G]T?E2%$_NC\J<33&-)2EW%H,*KZ#\J;M'H*<3S15\TNXAFT>@HP/ M04\TPFCFEW"R$X]!2''I2$TTM57<=A-H]!3"!Z5(:8U'/+N%B)N*A+MGJ:F:H2.:M2?<+(4,?4T]23WI@IRT^ M9]R22E%,S2@U/-+N-(D`%+@4P>N:77<&D0%1Q M@<_2K]M:IGYD4Y]126]H0X>3&/3O5Q?F;Y1@"M(N7<(Q[EFWM+\7_?`J2SQ^0J67TK3F=MR[*Y62RMLM!/O3YGW#E78@^PVG_/K!_W[%)]AM/^?6#_`+]BIB:3=1S/ MN+E1%]BM/^?6#_OV*/L=I_SZP?\`?L5)F@FCF?*,@$*!]!5MEJ)EQG'Y57.^Y/*NQCW2M&^`3@],&JUO(YFVEF.# MW-:EP@?=N`!QQ6R0,/O$\U:D^YDXI&O"LW45 M6A=HWS_+TJWED(R_/>K4^R2//&150X*< M9S[TFW;*MV)S<-_UQE_]%M5*K>G_P"O;_KC+_Z+:I6Y2*YI.]%&:0F/ M%.J/-+NI6$V.---*.:7%,DCQ14FVF,*+A8834;-3V%1-5H0TM30:D!J%!3Q4L990U(#4"FI5-06B4&E%-6I!0,;C-``SC)IQ% M"+N<D,7O2C-.'-,!JP\=:7R1_>J0"D88 MIV0KC1$/6E\OWI,GTIH-5YQM8NO`SS4ES^[;!R4/!/I00#;,F_\`UQE_]%M5,&K6GG_2 M&_ZXR_\`HMJ%N,K=Z*6FDT$L=12`T4")5Z4N:;GBDS4@/S3&/-&::332`8U1 MD5(U,-6B1N*7%+13`*6FYI1S2&/6GJI-$29JY%%[5#9Iϐ,GM3C`<=*T4 MA]JE$/M2U-/9F,T!]*C\DCM6X;?/:F-;#TIZA[,Q3%3##6PUL/2H6M\=J.9B M]D9+Q$=JCV$'D5K-![5"\'M5*9+IV*2BG"GLFVFT[D#A4JGFHA3TZTAHL+4@ M%1I4JTB@-)R#Q4F*=#$SR#CBA("]"&,:YI\_"5*%VJ!5.XE/7;_=JD(:K"G<&G[4/\ M/ZTAA'44]1$;*JF@8H%.QB@,*0G/>F(-WM32Q!I<^]--(8C,IZU$R`\BGDBHR2.E)C M1&V13=U2%O:F,`1TJ2AI.:8QXIVTU&U`QIZU$XIY-,?I0!$ZDC@U'$,DY%3\ M,<4U5Q)SP^!3O,!0;N2M,[XXRQS3)+#0_NA57RJTU'[L#VJ+RZS M)<2IBGBFXIU9B$)I12$4"@!XJWIX_?M_UQE_]%M5(&K>GG]^_P#UQE_]%M0M MQD!-,)H+4"D(6EHHQ0`%L4W=2-3::1([=3NU1CK3R>*&"&MUI*,YHI@+129I M1S0-*XFW-2HE(!S4RK4MG1"F/C7%6XN*@059B6I-TK%F,U,*B04_.*8$E!Q4 M>^D+T7%85@*B8"D>2HS**15@8"H)%'-2EP:8W-!+10G'!JK6C)'D=*IR1;35 M(YYQ(B<4^,U&PIT?6J,BVAJ9*KI4\=(M$P]JT+*/)R15%1DXK3M#M'3-7!:E M$LC8;&*H28)-7Y>><529=SFKD5$6T7O5U4)J&WCP`*N``"HL7<14XHVXI^\` M5&7I@+FE#U-)]ZG8*W8#Z5"\0ZJ34E*PWK2 M8I-Q4X-*3Q2&(:B:I3434#(7J,U*XJ%C0`WKS[TYS\RGVJ,-D$>E*T@``]JT M1C(=O#;AZ"J_$ENV2,\@4U),QDCJ1BFHQ"<'C<35F;*IP2&'<QD#WH(-(C`IM2LO%18J"BC12`TN:R,@HI,T$T`+5G3S_I M#_\`7"7_`-%M50FK&G'-T_\`UPF_]%M5):AJT[;3E M%+BL[C*[+3"M6"F::5Q5)DV(@,4UNM2&HS5``%(:6F$TQ#@*D`IBFI.W%2SJ MIP%'!J56S4'-2(:#JCRX/6HIKU.F:IR7`/0TT@;1HK+[U/&=U8\E-VA$+'TJV4ARL! MTIY?CK5-9@'X&:<9#GTJ"RT.>]!('>J9N>PXJ(W!)ZY^E%QV+Q;%-+YJD;H) M]XT"Z0CA_P!*+C+A?BF^9@U3^TC/6G>:&%(I(M^;3UEW=:H;^>*L1GBE<;1: M#BGB0>M5-WK3-_S=:JY/*7B^:7(4:8:\!S[BHII,9'H.*C=\,!4< MC%^@K,9,/QUP*W=.7;;XH>P+<;(O6H=M79%J#;4%&$IJ0M*)*5BBSOQ3E?FJVXFG*W-%AE^-ZF$G%45 M<#O2M-@<&D,EN;C:IK!N[QLGFK=U(S`UE20NS9(-7%&M-\L MCM0%YJR"Y#(3BM:T;`%9-O&>*U+?*@5#+1H+)BH)9*-W%5Y7J"A2V:K4&9N:1M/=%@0S'Z=:JM*< MY#5F9(8JLBNPZ@&IH9'SN4EL=5-#C8<9)FDDS^]68[AA5"&99!E<@CJ#4P8X MJ#5&E%<[F`K023Y:Q+;E^!6H@.VD43M)\N:C1]S5%+G&,$U'$=@.0:0RZTN! MBHFFJM)<*#C-1-<+ZT6%L7@V13D8516Y7'44OVE<]13L)LT-]*#FJ2RY&WO4BA<^9C)(JB!,%W!%;]FN(5K(@CW.,5NQ+MC4 M>U)CB-D6H=M66&:CVTBCG`*4#BG8I*Q,1*0TIIG-,!2:LZJT!:E48H;!*XQN!59SDU8E-5CR:$;1B(!37.*E[5#)5FP*2 M35A%JO$.:N(O%2RHH,8I-V*5^*A).:15B8,2:E2,L:CA0DUHV\7`XI%6(EM, MCD4U[$8Z5JI&,=*4Q#'2JN39'/RV..U56MMIZ5TH60CE2*I2L*4%(Y=;&&!VD$;!C[&FQP!4:7[I)R`>.*Z M-R>X'X5!+;B88Q^E#G<2HVUN8D:!SOC/S=ZE$@[@@U?337C.5`ZYSZTZ>PR= MZJ,]ZELNS'6";V&?3K6T(/EXJCIL!&"1VK9\L[:6X7L43#@9/-5KI?DXF MZ8K+U&0HAZTF4G?016)#<88$.<=LU<\Q)(U93AL]<\4K`F;$5P'7)-2B7%8R2E M>2!MJW'=AL`@8/>DT55#D9(/TX-,F&"$7//;TJB2[INUW&.M:W:J.EVIACW,.35^I92&FFX MI])2&<]MI"E3!:-ME6XXMHZ59""G;:+!S$2C`I3TJ3;1MHL3<@8<52N%^4UHLM5 M;A?E-(I,P+@8)JH7.:T+M>M9D@P:M$2'%\TZ(G-0CK5F`9-,AEN(9JY$.:@A M6K<8YK.YDR=*F2HT'%3**I`A35JW7"$XJ*)-T@%7K@!(P!5]+EQ6HU2!UIQ( M(J*/I4Z+GK21H1G/84AZ:=A7*3HK]0#33;C%6S%@\4UHC18JY M0>W4]A31&JG@5<:'BD6#'6E8=RJ1@=,TC*2N,=:M>6%-(5Y%)@F+9PX'(JZ1 M3(1A13W/%4B602@WVD>;""5Z, M!FM8M'-.,DS%9G@;>WS`>E31W#1D8..]23Q&YE"*I"@Y8D8J.^0A1L4DBAI! M&Y92[)/8'N"*MI)QNR#Q6-&V]589W*<&K\;%5^7UK-FB-B.3YA_=(JP3@U1M MGWA<]>QK0*Y&:19&Q^6J[*3VYJUCBHP,AL]J2"6Q4ES&&P?F-`0%0Q./>IF4 MF/WQFHAAP,]#6B,&*JG'(R1W%2VD7FS@D]#92CH7@`J@4 M4II*1(AI*4T4#,7%+BE%+7$01D4FVGFDQ3`3;5JQ'[]O^N4G_H#56JU8C]\W M_7*3_P!`:FMT!"!2-3LX%1MS4B&DTF*7%**H0H%/44U33@:EC2%Q44J\&I-U M13-Q1'<5-RFB8&C-1,^T5`URHXS3N*Q:8U7FY4U']I4]Z#(&[TF-&?=QY!K% MN%P36_<\@UB7O!-.),BJC13(J4CYJIFD=KDL>!C-3*?2H4%2K042@ MT[-,!I:M$L0FF')J7@]:/E]:`("II&0XJ5F4=Z9O0G`-2,BV4PK\PJQVJ,#Y MJ5BKDJ\`?2FN:?CBH9#@4R2MA#8Q%!%*\`ZJO/UJ4QXY'>D#$4Q;E=H,=\5"Z.H.!D5H'#_>%,:$?PT",E MXV(SMZU4G@;!)3K6\UL3U;\JB-L@^\V?:G<&KG)R6SJ6*KQWJ6,C;\W#8YYZ MUO7=K(Z;8<*!ZBLY8'0XDBY[YZ&GN,USND61DF+$<"NJ`P,4(=1]!.])WI324S M$0T4&B@9C"D+4@/%-:N-$,=NI"U1EL4W=S56)N3AJM6)_?-_URD_]`:J(-6[ M`_OV_P"N4G_H#4):AM1RM46_FM%$5RV'I=^:JB2GJV M:7*%R?=4A91*MQ+Q4"U8C M-6B9$A3(JO+!N%6U-(R@U=B3'EM,YXJO]B`/2MMHLTSR1FE8=RA!;8QQ5ORL M"ITB`I[)Q0D#D9=T"%.*PYBY8]:Z*X3(-9[6@;G%(K=&4I?/4U9A9L\YJP;/ M':GI;[>U#!(K3'(-8]\.M;LT>`:QKY>30A2V,V!?WE;%LN*SX(_FK5@7`%*3 M,B[%TJPO6J\8JPG6LTM262K4RU&@J516J`>IP:>IR:C`R:>/EIEQ>A,#BGB0 M"JQ>FEZ5S1(N>;2^<,52,N!UJ)[C'>CF'RW+LEP!W'YU3EOMH^\/SJC/<^AJ MD6>9L#-3=LT44MR^;]Y9`J9)/I5^!'`W."/K3-*TX)^\D'/;]:TW5<$$52CU M)E);(9%DCFI?+ID?%39XJTC)C2,"J\B\\U.QP:C8@BA@BFZ9[5$0!UJU(,=* MHSL<\5#+0\(K=Z>(<=*I>>8V&>*N0W"N!S2T*:8\`C@T;5;M4P`84@3!JB"` MP#L3^%)Y)]35G936H'HBH+Y-2,_BF,U2HCN$C M9J$MBE9JB8UHD2R5&)-6$JO&.*G7BDP)A37I`U)FHL4F1AMCYK1M[D8'/ZUG M2#-5PS(XP:I*YT0G8ZV&3('-6T:L>RD+(N:T4;B@V>I=5_>G;QZU1,F*89JK MF#E-#>/6G`YK/20DU9C*FWBHI'&TTF-%"Z&`:PKWEC6S=R<&L>8;GS203V(H%YZ5H1 M"JT4=6XQ2;.=LL1BK*"H8Q5A!0A$J]*D%,7I3Q5C'+Q37>G$X%5G;FF:06A+ MNR*8S8%,#8%122U)LASRFJLLO7FFRS8S5)W9VP*5BQTDA=MJY-7;.'##-16T M("Y[U>A4@4Q&Y`P"#&.*1W#,*RUG*=:GBGR=W:JYC+E-`8XIPJ%)E89I_FKZ MU::)%;%1.P%.9Q5>1Z3&D-D?)P*B,88]*:6P:]E:L4W%3>PW& M^J-/(]:C;!J!9:-]5HP*?VI@J05#&`I#UI:3O0( M#S43)\U3"E(%+8I,T[+A!6@#\M9EH_RBKZ-D5)W1U0DC5"&.:F9>M,$WO50R$T@8U)21? M\[WJ.6;@\U6WFH99.*`>@V>3.>:JXW&G,E95 MR2SA1W-(T1"Q+Y]*=!&2:>L/2K,:!<50[DL,?K5I5XXID.*L@4K";*T\>Y:I M6\K12F-S\IZ5INO%4+J(=0.:=A7)_M.WBG)<\]:RS*1P_;O0)US]\?G4\I2: M9L&ZQQFHVNAZUF^83WXJ":^BAX+AF]!3LV)N*-,S@GDTX3`#K7-S:O+TCB&/ M]JE@U.Y8_,BD>U/D%SHZ-KK@Y/&*QY6$D[MZGK49N))>O`]**:5AWN(I M,;\=*OPRY'%9\G(]Q4EO)BDT-.VAJI*<5*)>*H(_%2*]18HMA^:<6S57S*<) M*!"R#BJ[K\M3DYJ-AFF0R"+AN?2FGF0U*1M%-C7+U2)9(BX6KEO@+S5=5RV. MU6`N!2N58?@,V!S5I1A<5!`,G-6.]:(PF];"4E+24$!2444`%%%%,#D0:=48 M-+FL3,4FF$T$TW.*I(D=5S3?^/E_^N$W_HMJH`Y-:&E_\?+?]<)?_1;4^H%3 M%(:D:F&D(8::">*+ M#+EK)@XS6I"^16`C[6!K4LY]PZU#5CJHSZ&JHR*7;38FR*F`IHWN1D$4QB0* ME85&PJBD5I.:A(%6&%0D4BR(TF.:?BE`J6(C;(%5I:MNM5IA@4B)O0A49-2@ M8IL?3FI*1RM@O6I`:B[U(M.Q).AQ5A*K)5E*:&BPE2**B2I5K1#%;[IJ!.M3 MDU#T:AFL1DG(-9UPA7YA6HV*K3(&6I-497VANN",4B7J^8`[JI]S5Z2`%,`# M-4)-(CE#%AEJI6!IFO;NK*""/SJR'Q7%7,EYHKJ\4C&(M@HV2*Z2UO'F@21E M(W#/K3::U)NKV9HLQ]:KS&D6X'>D:1&SDTKCL9]R5.:SI1STR*TYXPS<=*JO M$!S5(EIE'(`QN8>U,;8>G6II(L]!2+;DCD4R+,A"ESTJQ#">M2+%M'3%3H," M@:0!.:5L[<4IXIASD9Y'>D:#2,=:2,X:I&7/2F[>10(L*U.!(J$<4X'-38JY M(7.:<&J(FEIV%S%A&R*DQQ5=#@58S\AI,FY&_2B(8-!Y8#TI\8^;-(:+,*8' M-/D.T#ZTQ95`ZT!O-8`=*"MM2S;+^[R:EIJC:H`IU:+8Y6[L2BBB@0E%%%`! M1110,XW%+0*6LS)C>U--.)IAIHD45?TL_P"DM_UPF_\`1;50!JYIA_TE_P#K MA-_Z+:GU`B8U$QH)I#20B-C2`TXBF$50AVID/`1T%1D,.HK:,.:ADMLYXIF+AV,Q1FI0*EDMMO2HP"#S31ERLD0 M582H5SZ5*HQ5)%:JQZ>`F3GFD:^T5M3 M,RG3%`*],5:N;-U($9ZFF2V<&N?DOMBEDD//09JM'J-X#Q*3[$9JU&Y/.=.7IXYXK"MK^YD< M"1%/OC%;$;%E&:EJQ2=R7-`)'6F-STIX4XP:DH>.32@]J11VI?K3)9(#P*G# M<8JN/NBID&2!4L:%[$TZ-&9?EIK]<"M*"+_0_?)II7)D[%%+3Q3&H.[^Z:;M< M_P`)H"PTT]$9B,"FX.[&*OVD!ZD4FSHA1ON6K-"`*T5X%5X8\8XJR*A'3:PU MFQ4+2D5))562GJ"W22T,]-;MIL!MR/W!!X_2K/VVV9>)5IDMG!)RRC-4 M+C289,@,5'M1J3[)/9EXW$331JK*5B#-Q["M.#3(HQR!6FQS\H'%"Q'&<4G)LKDC'8I+:`29 M"C`JRT..%.*G"X.3Q21C,AJ&PM8([?`YI[`#BI">*A9N<4MP88%,/)]J5B3Q M2A4+,A$B=*F6HU%2BJ0Q:***L!#10:*`$HHHH& M<(S4TF@FFF@R'AJ?4(-2`T$LE6KVE_\`'R__`%PF_P#1;504U?TL_P"DO_UP MF_\`1;4NHD5@:>*BSS3PW%2`]JB)IQ/%1FF@&9R<5*?*-6,#[$`^<5!5^WM" M<%@:FMK,)R15P`#H*Z84K;G-*I?88D2H.!3Z**U,@I:**8!1110`E+110`4A MI:*`*FHP^;;D]UY%9,/7FMJXD"H0:Q(W5I&"UE4CU-:;Z$YP*C9AFGX-,*FL M3=$4G-59!@5;<5!*/:I92*Q?%-,I7H32N*B8CO31=R8778FAKCCK51\9Z8I` M/>F%T61+GTI&E^E5QP>M!-,'(5SOI`#2K3T%,AML1(\XXJ;;@4+Q2.V*EC2( MI*2,8%!!8T\#`J6#&EUP:B-/8#TYI@ZU:1FW<%'/-2`4W%.SM'O3$./''I3H MT,CA%YS47)Z=ZV=,M/+'F..:(QYF$I!74DU,GG`JD9=STC6,.I<7DU,JX%0P#.*M@<4B7H5W%0D5<=:@9:30TRJU,-3. MM,VU)8@%."TY%JU;P;V!JHQN[$RE8BM[8R,.#6S!;K&HXYIT,0C4<5+77""B M>HJSJ$H13ZUA6D^-3B8G@G%$]K%1W1U8;(YI"/>HMW3Z4NZ MN2YU)"LF.1S43IGJ*F#C%#$4#*4EN#TX-5&@D4\C(K4)4=:C.".*15V9#*=W MW332O'0BM9E&.E5I(QGI3#<*.:HD4G:O--!)/ MN>E-4%F'KV%:=G:8PS=:I1N2Y6#3[0M\S@UM(H``'2F1+L0"IE&!6T58QD[C ML<8IPIHIPJR0(RN*6,87%'?%.(P>*!$,]N'Y`YJDT;(<$5K*>*9)&'%1*%QI MF725+-$4:H:Q:L6+2444AB&C-!HH`X0TW%2$4TBD9#0*7%**#3$,(JUI7_'W M)_U[3_\`HIZK&K6E?\?FAHHU(C5%4]K$990`.*06N;&DVVX[R* MZ:UBP.E4-.M]B`8K9A3`Z5CN[G2ERJQ.@P*4TM(QJQ#'X%4IWQGFK*4=*`"EHHH`*:.30?2E%`!2TE%`"T44A.!S0 M`R5]J>]9MQ)M!)JU.^:J*/FS4LHZ M."?S(4?/44\OFL:SNA$?+<@*>A]#5\2 MM3*A\SWI=X[T7"P]B?6F$9-(7`Z4H-,=AICI/+%2;Q32XH$,*`= MJ8^*>SBH'>@!&QGBF,V*220**JR39.!UJDC-R'2R`!6R1D.4 M\_\`Z*>F@,ZN@T6U^0,1UK$@C\R8#'>NRTNW"PH,=JB;Z&M-:W-*VCQVJ\HQ M4,*XJ?-)(T;`FFDTA-,+4,!'/%9EVNX&M!FJI.,@U+-(Z&/%"%F/%;%NO`JH MD?SYK0A7`JKCDR8=*3-./`IA-#('9I:PIWRQ-7KZ? M.1FLUS38%2X:H$J689-,`VJ34,I%:\8!0OK6O9_\>J=^*YZ:0RW.T=`:Z"R_ MX]P/:L)NYO31*6IIE-(QP::<$5-C52:)1+QUI0^3UJM@XZTFXBERE\Z+9>E\ M['>J7F?6EW&CE#F1<,N>]-\WWJJ,GUI6=4&7(%/E)X"\+R:KRW1;A M.!4`/K3V(;;)2S/U)I5'H*:AR/05#+>QP\*=S>@HW%HMRVTBQ+ECSZ4V)9;M M]J@JM,LK26[/FS`\_=!KHK:T6!.G)K11,G*Y%!:B)0BBKT4>U0!UI8X\FJ.]/`SS5(3%%.'RT@'>G=:8@Q@8[U']Y\>E/=\# M=20C^(]Z0$JC"T$]*<1^M`7B@0T9S3NE*1CFBF(2E/-)10!5N;<,,@#-9[*4 M;!K;/(JKU-S6)9Q9-,8T9I*1F+1B@"G@4@&$ M59TL?Z7)_P!>\_\`Z*>H"*M:4N;QQZV\_P#Z*:F@L-TF`R3;B*[*RCPB_2L; M2;;8BG%=%;IA!6;=V=$5RQ+"C%!.**:QJ@&LU0L]$C56=JALM(D+U%(V>*B: M3%1&;+8J311+"+S5N(54A.:O1CBM$1(4]*814IIAH)1'2BE(I,4AAC)XJ_;Q M[5SBJT"9:M#HE;TH]3&I+H(AYJ7.:@6I%K=F(ZHY#Q4AJ&2A`PCYJ4TR(<4X MT,`)`%1EO2ACS0JY-`@4%C4P``I0,"BE<84C'C-+VJ":3:IH`21PH.363>W0 M&0#1=W)Y`K*DR[5>P"2R;VZU"_2I?+Q37&!2`IN.:KW;^5;D]S5O&YJSM1^9 ME3WK*3-8HJV:%GW'J370V@Q%BLRTAQBM>%<+7/)G1!#'ZU$QJ2;@YJ!FIH&@ MWXI/,Q4;&H9&XIDEAKD+V4_A4+7Q'15_*JLA)J(YIDMEIKV0]\?05$92QR22 M?MF.($A1T%7:QGOJQEK; MJHW;0`.G%6%4LV3TIV,D*.@I_P#LBJ2!B!=Q]J?C)QV%*>.*.@JA"CT%/`[" MFC@4X?*,^M`AXY&*4CL*13CGUILC;%+4Q#)#O.P5/&,+BH(4YW'O5GO2&QPY M%*3CGUI%ZTI]*!!_*DQB@<<4HY&*`$H-'M2F@0"D/Z4"E/3%`%&\M=V64?E6 M=Y;^AK>[8--\M:AP3*3/,3":3R3Z5K?9_:C[-[5S7->0RA$?2G>6:U/LWM1] MF]J+AR&68S6CH5L3>,Q'_+*4?^.-4@M3 M4E,')I(!Z\"ANE+T%,/)P*!L0#)J91M%(BXZT.X44F`I;%`'&34*R@MS3C+G M@4[!<UM=QR14MC2*B6VU"QK#FCWWGTKK[J,)$:Y=%W7C5A/0VAJ M6;>'`JXHP*(8^*E*X%8,W*I2014;"J):(&%1 MD5.143#%40T5ISQ581Y-6I%)/2KECIS2L&8$+_.J2OL9RT(+"P,I#,/E]/6N MELK/:`,=:DM;(*H8C`'05I11;%W'J>E:VMHC/?5B+'Y:A%[]:GVB-,#J:5$V MC>>M*JDMO-"0[@HVK[FG`;>:`,DFE`W'GI5"`#N>M*/4T8S]*=C/'I0(0#N: M M],0_K2D;A[BH]U!?`>1G\*!S]13"^.10S;2".]`$N,_6D-(K34ED31Y%5)8<'.*T5%0SJ,&J1+(+5]K5LPOTKGU;;)6Q:R;E'-6S5^]&YJ M*>*6F1G*T^D<[&FI(4R:;C)JY"@`YJX1NR)NR'=!BHI:?(>:CE/`KI1@*OW: M5.M-7[M"'FF(FS2(.:3-.6D,5J5%PM(`ED""JC,9#0Q+FIXHL8) MIC&)#WJ3:`:E(P*KOUZT+4EBNXJO)*V*>144F,<50(J2$D\U!)TR:GD8+G-5 M69G;':E)V+2'01[Y.:TXHP*KVL.%SWJZBU*&RK?K^Y:N5M5_TIS777Z_N&-< MK:#_`$E_K6-4UI&G&.*5QQ3T'RBDDX%:N6&FM!FG`=S3`3I2XP..] M*!W-`/&:!"_=7WI/NC)[T#YCDTUB6..PH&0S$_B:?$"H`-,/S.3V%*C_`#4A MEA#VIP':F'Y>:DSE0PIDC0N>*<%XQ2$X(-.SG!%`"!M6(D MID*9J[$E(3)8DQ5J'AC_`+I_E4:#%2Q_>/\`NG^1JT0QI/%0N>:>QJ)SS0P1 M&YJ%C4CFJ[MBH+1'(U19I':D'-!1*E13]ZE7BHYJ:$94_P`KYJ_8SC@9JEM`#P:E7I4*\T\G`H$.=] MHJNSEVQ0QW5)#'T)I#'0Q8Y-3C@4F<"DS2&*35>48.:F)IK8/6FA%9FXJ"1P M!Q3KMA'SVK/FF+\"AR*2"3+/ZTJ1DL.*=!'N()J]''4I7'>PZ%<(*G`Q2(N, M5(PXXJB+E2^_U+5REL<73CWKJKL'83VKE8\+>/6%8Z*)KI]T5#,^#3D<;:KS M-EJYSH2*MVV163*"6K4G&:J>42U-,;(HH^*G2')JS'`<=.*T;&R\Q^1\HIJ\ MG9$NR5V5;'33,X+#"@^E;:0K&JQQBK"1X4*HP!QFIU01INKLC%01QRGS,B6+ MRDX^\:=]Q?[G\*$7.6:F2,4;!ENM(.A)ZT[F0Y/2C[S9["@!!TR:!RU+VVBEV8&T=>], MD:#GBG*<<4C#:1BE)&`:`'CI31W![T@((R#2D\9]*`!1@X[4Y?E..U-SN7(Z MT`[AD=J0#_44@I5.Y?<4GO0`M%)1Q0(Y/-21KDU&!DU:@CK@.\GACJY&N*CB M3%3CBFB&QU.C/S'_`'3_`"-,S3HS\Q_W6_D:I;DD;&HF-/8U"YJ64B-S561J MFD;BJCGFI-$,/)IZBFA3FI`,4P`4R7I4E12G@TQ%*49S5<+@U-*W-0;ZLWI6 M+MO*5(K=L/GP?\]JYRU#2SJ`,C-=;I\&Q%R.U7!79GB9JVA=7Y4'TJ`\M4TI MP*A7J:Z4><*_W:8G(-/?D5''U(H`=$?FIS'FHE.U^:D/)&*`'I0Q[4J]*`N3 M0`D:9-3\(M`^0)O6JR6F:T M&`(I4(Z=Z&AID4,`45,$Q2TOO0%Q!Q3J2EZ4Q$!Q5:"3+*#ZBKL]X5'EC(.!T%<]." MEN=-2?+L!LH4'[Z3'L!FF""Q#<%L^X-5GG9\GDD&F&0LX#$@5MR170YW4D^I MIB.VX._CZ&I/[3MH2$3YN><9JJJ1!,YW54G\M.44`T1=GH@DW+=G66LL5P@: M,_+Z4\@2/CH!7'6][-;2AT/'<=C72V6I0WD2A&`D/4'K6ES.Q;(W-M'04CG) MP.E*1L7CJ:3[H]Z8AI'84K#`Q2CCDTGN:8"8P**4<\FE'/TH`0<`D]:`,#)I M<;C["C[QP.E`"*,\F@?-G/:E;KA:0CL*`&]3["F$YH5)W$CH*E#;AD=J8#L;3B@#:WL:3)(S3OO+ M[B@!1\K>U*>OUI!\RX[BCJ/<4@"C%!Z_6C%,1R\2Y-7H4Z56@6K\2\"N`[F2 MJ,4^DHS3(%S2QGYS_NM_(TS-+&?G/^ZW\C36X$+FH)&ISM5:5^:ALT2&NU0] M:&;-"TBF2`4$TTMBF,],D*1GJ%VJDA7&R)NIGD8'2K,8#5:BA#D"M M49MM$NCV84!V'/\`^JNBB`5!BJMK$$48JX.E;I61A*5V12FFJ*)#DTHZ51(C M5&O#4\]:;T-`"2##4].0*;(-W2G1\"D-DHZ4]0`*:IH=L+0(;*^>*2,9YIF< MFID&!3`?G%!.!28IC-2$!.:2DI:8Q#3#QS3C2,,B@!-]*)*C`.:`"#2&3A@: M<*A7(.*<&QP:8AS]*P-=?$1K;9NHKGO$)(@-1/8N&YGV7SRJ/?-:+J"Y)["J M.CC)9R.`*LW$PC4DGDUE31K4E<:^Q1VZU$H5CFJDTK.0,]:L+\J`9K4QW'S2 M\!5J!@6(%+RS<=!3F(C0NW`I#*\K!>"<`=:I&YE$X>%F7:>"*D;?M`",,8`H;Y1QUH7H6-"\\ MF@`^ZOO1]U,GJ:!\[9[4A^=L=A0!&1GD]:.E#'+$#H*;(V%I#$'))J(_?S4H MX3ZTW;0,E0]!4X&YL=A4$?"Y/6IE.U<=S0)CFYX%,<8!`ZTX<#WION:8B!LC M`%/3.<"C&6+'I0AQ^-(9(&PV*<#AO:D(!''6DSN'N*8AY^5LBG$XP131\RX[ MT*>JGK2`=W^M)FE'*X[BDW4`8<"XQ5Q.E<'_`&OJ?_01N_\`O^W^-']KZG_T M$;O_`+_M_C1]2?<3QB['?YII)K@O[7U/_H(W?_?]O\:/[7U/_H(W?_?]O\:/ MJ;[A]<78[PDT1$^8?]QO_037!_VOJ?\`T$;O_O\`M_C5O3-4U![EP]_=,!!, M<&9CR(V(/7UH^IM:W#ZVGI8Z=P:J2@Y-0U"TIK(_M?4_\`H(W?_?\`;_&C^U]3_P"@C=_]_P!O\:?U M-]Q?7%V-4R9I,UE_VOJ?_01N_P#O^W^-']KZG_T$;O\`[_M_C1]3?P?;?VOJ?\`T$;O_O\`M_C1_:^I_P#01N_^_P"W^-/V+[A[9=CTQ?G.U1]Z\U_M?4_^@C=_P#?]O\`&C^U]3_Z"-W_ M`-_V_P`:?L7W#VZ['I=)7FO]KZG_`-!&[_[_`+?XT?VOJ?\`T$;O_O\`M_C2 M]B^X>W78]*I#7FW]KZG_`-!&[_[_`+?XT?VOJ?\`T$;O_O\`M_C3]B^X>V78 M]%/6GJN5YZUYO_:^I_\`01N_^_[?XT?VOJ?_`$$;O_O^W^-+V+[A[==CTDCC M/<4AY&>]>;_VOJ?_`$$;O_O^W^-']KZG_P!!&[_[_M_C1[!]P]NNQZ*>5]ZP MM?&;?GN:Y?\`M?4_^@C=_P#?]O\`&C^U]3_Z"-W_`-_V_P`:3P[:W*6(2Z'0 M6ZBUL`?XFZ_E69<2M+)UXJE_:^I_]!&[_P"_[?XT?VOJ?_01N_\`O^W^-"P[ M74'B$^AW78['3-3((BG)XZ&MD$'YUZ5YK_:^I_\`01N_^_[?XT?VOJ?_ M`$$;O_O^W^--4'W%[==CTDCGE@!TH;K@5YQ_:^I_\`01N_^_[?XT?VOJ?_`$$; MO_O^W^-+V+[A[==CTACL7`ZTQOD3W->=?VOJ?_01N_\`O^W^-']KZG_T$;O_ M`+_M_C1[!]P]NNQZ$!TJ)SF3':N"_M?4_P#H(W?_`'_;_&C^U]3_`.@C=_\` M?]O\:/8/N/VZ['H!Z45Y_P#VOJ?_`$$;O_O^W^-']KZG_P!!&[_[_M_C1[!] MP]NNQZ(H^;VJ5>;_`-KZG_T$;O\`[_M_C1_:^I_]!&[_`._[?XT_8ON'MUV/1&'. M*51SS7G7]KZG_P!!&[_[_M_C1_:^I_\`01N_^_[?XTO8ON'MUV/21TII'S9% M>W78](5LMQ3F&&!KS7^ MU]3_`.@C=_\`?]O\:/[7U/\`Z"-W_P!_V_QI>Q?EG@@BGX6O,?[7U/ M_H(W?_?]O\:/[7U/_H(W?_?]O\:/8/N'MUV*5%%%=)S!1110`5=TK_C[?_KW MG_\`13U2J[I7_'V__7O/_P"BGI/8<=T4J***8@HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"KNE?\?;_P#7O/\` M^BGJE5W2O^/M_P#KWG_]%/2>PX[HI4444Q!1110`44^&)IYHXHQEY&"J/O:(VCM#B<3QR@C>%VX8'!'4TKI.PU%M7,FBK/]G7NTM]CN-H7<3Y38`]>G M2DBLKN=%>&UFD5C@%(R03Z<4[H+,KT5-]EN,2GR)<0_ZP[#\GU]*0VTZK$S0 MR!9O]62AP_T]:+BLR*BKD6G7!OK:VN(I;*TN9@QBMY9`IVL50G!]*1[6XCG$#P2K, M>D90AC^%5=$V9#14\EG=13)%+;3)(YPJ,A!8^P[U:L=#U"]ND@6WDBW$C?(C M!5QUR2UN'@F1D=#@A@0:BIB"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`*NZ5_Q]O\`]>\__HIZI5=TK_C[?_KWG_\`13TGL..Z*5%%%,04444`;WA& M",ZC)>W!"P6<9D9CV/;^OY5HW"6VI^';R.VO/M"=K=?\`OD5E37$MGX2S;2-$3?LN M4...3C]!7+T5*IC=5ZG?:A%Y]YKMK"`9YH(2J9`+8SG^E4;FR)3PY:R7`@=? M,S(I!V,-IQGIG(Q]:X^BA4[=?ZL#JWZ'<30F*STU7^T;EU6,8N)%=QGW'3UQ M7,^(O^0_>_\`74UFT548"'[4;BWG?SH[6548-NX+9ZC%<914^R\R_:^1W*&>XM]>-FOV>=W3 M"[QD'`R,CC)Y_.I8I!$;.VN)E75!8R(K.P)5CC:"?7@_K7&PZC-!IMS8JJ&* MX*ER0=PP?_P!%/5*KNE?\?;_]>\__`**> MD]AQW12HHHIB"BBB@">U^S>;_I@F,>.D6`2?QJW?6=JMA#?633".1VC*38W` M@`Y!'42,;]C*&!'T/7K6IK0GGM+&*ZC2*_P!Y18(\`!#C M!*]%)-0W[R+2]UF59FQ`?[:MPW38(2H^N20?:K%[I\$%[;(EP4M[F-95>4R29X6,;JZ*X5@?0_3K2^(V#Z@CL5\]H4\]5;(1^X'X8 MXHO[V@6]V[1#K-G;V5S$EJ\CQ20I*&?&3N&:BTRV@NKU(KF?R8SU(&2W(&![ M\]ZN:U&TMSI\:#+O9P*H]25JG:Q/!JT,4J[9(YPK#T(;!H3]T&O>'S06MKJ] MQ;SF8V\4KH"F"YP2!UXJ2^L[5=/AOK-IA&\C1LDV"00`<@@#(YJ:73Y=3\47 MEM"0";B0LQYVJ&.3CO2Z_#?_`-%/5*KNE?\`'V__ M`%[S_P#HIZ3V''=%*BBBF(****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`J[I7_'V_P#U[S_^BGJE5W2O^/M_^O>? M_P!%/2>PX[HI4444Q!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444` M%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4 M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!11 M10`4444`%%%%`!1110`4444`%7=*_P"/M_\`KWG_`/13U2J[I7_'V_\`U[S_ M`/HIZ3V''=%*BBBF(****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@` MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*** M*`"BBB@`HHHH`****`"BBB@`J[I7_'V__7O/_P"BGJE5W2O^/M_^O>?_`-%/ M2>PX[HI4444Q!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%7=*_X^W_`.O>?_T4]4JNZ5_Q]O\`]>\__HIZ3V'' M=%*BBBF(****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**** M`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH` M****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`H MHHH`****`"BBB@`J[I7_`!]O_P!>\_\`Z*>J57=*_P"/M_\`KWG_`/13TGL. M.Z*5%%%,04444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444 M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110 M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`! M1110`4444`%%%%`!5W2O^/M_^O>?_P!%/5*KNE?\?;_]>\__`**>D]AQW12H MHHIB"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` #/__9 ` end GRAPHIC 8 corehighyieldx3x1.jpg GRAPHIC begin 644 corehighyieldx3x1.jpg M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP. M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=? M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@! M10'8`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D* M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H MJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(! M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P M%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P# M`0`"$0,1`#\`]`IGFQ^<8?,7S0NXIGYL=,X]*Q/&5K!-H%S-)$K2PK^[@#J`Z,S*K`LOW@#R/K3JXZYU: MZCN+J6.>&`%HBP54$CYA!PI(()R>_;I6OJE_/%%IY$[6D$^3-<,@S'\N0"#D M`D\4`:\:B[+/:% M@HC"HS9!V_7J<]>*+S6;N+75BCDQ"+F.!XG`SAL?,!MSCG@[A]*`.FIGFQ^< M8?,7S0NXIGYL=,X]*Y(ZSJL5I%.DHG>>.X*Q^6/E,;8!&.3Q_*KFCS"X\12N MM[]L'V)`)=@7^,^@Q0!TE,\V/SA#YB^:5W!,_-CIG'I7(Q7UW9I=0-J$IN&O M73,H4",=[++@+@CO@=ORH`[5 M98WD>-)%9X\!U!R5R,C([<4^N1:_O+9M3N$B9)I);82[0"8@8AN/S<<=.>.: MN'4[UO#@NC<0P2&7:)9"OS)G@@C*AB/PS0!O^;'YQA\Q?-"[BF?FQTSCTI]< MH6MRZRR;XM/D/VP[!ET9L1GIQ@'/'I6G-@O9 M)/WT>R:<;1RA.67IV![<\4`;+,$4LQ"J!DDG@"DC=)(UDC971@"K*<@@]"#7 M(KJNI7`>UEG7(`SUYI]EJ%WI]E!&TS2Q-IB3(JQC,9!5 M>/48;)SGI0!UM,\V/SA#YB^:5W!,_-CIG'I7(/?WMU86\\U^T*P7XBDFBVE2 MA0$.3M`(Y],'.<=*T-6\_P#M[?;7!@D33I'#A`V<.IQ@T`=%17*G7KQ[S3MA M"K*(/-C(&&\S&2O&<#.,Y'/'-,L=9OIF7_2?.)CG,J>6!Y.PG8V0.^,5*3@KQC/'S?A[TMGJFHWEQ:VZW+)'-,Z"8K& MS,!'NYVY7((-`'64R26.(*99%0,P5=QQDGH![UR,VO:F+.U<':S1O^]"H%ED M5RH4[B,#C)`YYXHOK^XN;^"*ZF\ITU&`+:[!]S(._/7KD=<<4`=C17/Z_+B@,F;>:26,QN!NCV@D9`7 MCIW)R*9)<7%IXBO98I0(WO+:%XRH.X,@&<]L4`=317+R:EJ8-_!YI5]/BFDD MDV+^\R,Q=L=,D_[M0IK>H&-C%N3O+V\GM?,74)/LL%Y$!=HB@2(<$L>,84_@>]+:75Y9% MYH)O,CEU2:+R=@^;.XYSUSD?2@#KJ:'0NR!@67&0#R,]*Y*UU+5-1T_4(S)* MKBU+Y4(&CD_N``D@'WY%1VFI7,<4S07(D7;;+)=>4I:-3OW,<#G;C'.1SU!4` M^M3V\8ET36$-R;8->3CS1_#\]`'1@A@"I!!Y!'>EKC;$1W'A#4(D@^SK!"6\ MR!B%F(CSGGGKU%1S^;L_B^U?9K7^S^O7^+']?:@#MJ*Y_6+JVN;BR:9PVG)- M+'<$@A=X7"@^HSG\<5A0&\^S`7?F?VEMM_L6[.[;N^;'X9S[=:`.]IH=&9E5 M@67[P!Y'UKE=&\W^U+3[WVO=>/2I(M1U"5HVBU'?$U^+16\I#N0INW\#KZ=OK0!U=%<=-KVIBSM7 M!(+))^]"H%DD5RH4[B,#`R0.>>*MR:IJ":K)F8+"MU;P^1L4X$BC=SUX)H`Z M4D*"6(`'))[4*P=0RD,I&00>"*YW3GFC77(Y[MYI(Y'*QRJ.%V##8QT/3'3C MZU2EU2_M[2%X)UCCATN&X,8B7#,6P1TX&.P_"@#L****`"BBB@`HHHH`**Q/ M%DB_V.UL#F:>2-8D`R7(=23NY^U^5]E\O_ECC/FYZ_T[4`;\ M4L<\2R0R+)&W*LAR#]#3ZXK3[V]T_1+/R[@%);&XD5=@_=L@RI'KU[\5N:%> M74]Q#NDZG., M=>WI5G^WKXRW12?Y#;SNB,%W1,@R,C:,'GH2WX4`=?17*_VKJ4<4T;W`;!MV M><1#]RD@.XXZ<8[^M.N-7O(YBMO<^<%6+[.OE@_;-Q^8Y`XQ[8]:`.EEEC@B M:2:18XUY9G.`/J:?7(ZW>S36>L0W-SY;1[ECM=@&Y!C#YQDY^N*UM/N[NZTR M\;?F^1I%\D@`0MCY5]QT.3US0!L45REK<6MKI#SV*&36$@S*)`QEW<;BP/)P MO7-`'6!T+L@8 M%EQD`\C/2D:6-)$C>15>3(12<%L#)P._%59J\PC4F)&5LL M3CG&.^0,TD-S=:CJ-HOVTEH[Z>**<1J"%$(YQC!ZG\Z`.QIK.B8WL%R<#)QD M^E9%HIU[PS";H[99HPV]1C:X/##\1FLJUDEETRRU2%$1VE15D("$L`&)Z`>N:Y$ZM?W MEOJ4-PK!3:3F2)M@\D@';@`[NG7/X5&][/,]E!/<;#'>VRI;;!RGRD/GKR<^ MU`';45S>J69O?%UN@2W?99[R)T+#B0=,$8//6EMM6NFUJ"RDF.3>7".FP?ZL M*2G./H?>@#HZJ6]O9Q026$&W8H.^(/DJ')//.1G)KF;;6M6&GB0RBYEDL3<* M/*`V$2!FXS'`%N`@&>&YQC!_*@#;LS;+"+>T=&2W M`BVJ^[9@=#[X]:L5Q^FSW%EI%D/M1B@GGF\VX,:GR\,V!T[D=3]/2K]A?ZE> MWMA'+(+??:F>5/+'S8<#OR,@T`;TLL<$3232+'&O+,YP!]33ZXWQ69H[R\62 M\D6&2RS'$0-K$,"?7 MF@#IZ9YL?G"'S%\TKN"9^;'3./2L6'4+V3PS+=F2*.<%@DLA7:5W8#';D9Q^ M&?:LR:[NI98[Z&:2*9-*EE)DC4LVUP<$8QSCJ.U`'845S%SK=VNJ621MM1S" M)(V`PP?&67C.!DX9DGF=&=(T!A52PZM\O)`Y/\`.@#H MUTZU6"XA$64N,^;EB2V1@\YST_*I86A7_1XG7,*J"@;)4=L]^U8\NHWR^';: MZ8"*>1T660`,(U+8+X&1TY_&L\7YMY]4N(;HS;DME%P`N.2PW'C`'OC\*`.M MHKCTUO4/+MC-=+Q(R,D2J99<-@$!EP1CT`/?BG'6]01;L+,;ET9WVQ>6I#!PFX$] M:`.M4!5"J``!@`=J6N8U75KRWU6ZA@N,-%Y/DV_E@^:6/S#.,].:9<:SJ*:M M<0J&0(SJ(V"`>6%.'&3N)S@],8H`Z6-88-L482/<20@P,G.2,D\=:?+K%[&)1;WGVFV'E;[SR@/)W,0W&,' M`YZ<=Z`.HCECE+B.17*-M;:<[3Z'T/-*716568!F^Z">3]*XR'49[6TNYH+U M=K:A)N?:`\H"+C8"",GT[]JV-7NI8YM,=,!F29LO&I8$1$CJ.#GTH`W:B^T0 M>8T?G1[U8*5W#()&0,>I'-6!L+'!P!U`'-06UR3 MJC.EPMT)-0@7SFC7YAY)Y''!XZC%`'945R+:W=^4JO>F*[EE96A**JVX!.`6 M*GKQC(.>U(FH7MPVCWTMU)&'$R,BJ`KNK84'(ZMC'/X8H`Z^F++&\CQI(K/' M@.H.2N1D9';BN.BU[5'@=FX9T\]--N'$@C7.Y),`YQ[9QT]J>=7U&**6.6Y!P; M8O<>6/W*R`[CCI@8[^M`'5T5D>'KR:]BO3-/YXBNFCC?8%RH5<<#ZFB@#7J& M6ZMX2PEGBC*+O8,X&UL_Q!>RV=O"()#$\K[?,X"KP3R2#C/;@USE_ M]8?B.]G@F^S_:/LUN]M(P?8&\QQT3\LGCFL^.ZNK:&VDMBO[C2K>9P(U+ M.H8[ER1GIGOUH`ZXN@=4+`,V<`GDXZTGFQ^<8?,7S0NXIGYL=,X]*YM;^\EN M;*Z"K(9X[J6",QKD*`NP`XR,]3]:S5U2[%T]W#.US.UG$)&$8!BS(=PQP/ER M>OX]*`.YILCI'&TDC*B*"69C@`#J2:YJVU+4;M=/B%P8OM$TJ>;MC8NBIN5N M,KGMQ6?+K-W>Z5.+NZ%N'L=R((P1<$A@W..,8'3UH`[96#J&4AE(R"#P12US M6BZA<-J<5I)<>;'Y0VQPA2L8"C[_`!N!_'!IFI:IJ=M?7%M%(6-N_P!J)V#Y MK<`97IZY&>O%`'445Q]UKFII%%,C,LRW$88@LBDG/?&2:`.EHKG;+5+R70M3N#(6,".8)F\LL<)GD+E<@ MU5O]5U6SAM09BQE@\T2A(U5G/1#N(X'MR2:YR:^O!J6\3D1J2`T))!..3D=3_ M`"IIUG4DL;6?>)&NEDMD&P8$X;' MYPA\Q?-*[@F?FQTSCTKF3K.I#6)($1FVNRK"VP!D"G#CG<23CVP:@TS5%_M> M.]O;T2!=.+2DQ[?*8R+E>!V/'K0!V%%<[XEMC>:II$`6%B[2\3(63A,\@$>E M13:E?6]S)$LJI-#,D4-DL7$L?RY8'KW/?`QS0!T]%8VF7-],NHSR3"813S1P MPA`/NDXY'7TK/CU:Y:SM7?4<>:_^E2^4O^BG:3MQCCGC+9H`ZFBN0.KZI(L^ M+GRUAM9YT?RE_?!&PK8(XR*?+K&H1*ZR72@^9:GS!$/E60'<,>@QQWH`ZRD9 M@BEF(50,DD\`5RS:O>G3H\7!#27$D<5R555D1>A)VD9.>,+SBH6U34+VS=OM M$:1C2C<2)Y2L';YQW[''2@#KP0P!4@@\@CO2URD^KZA;RF.WQ,19AXX8D!VG M:"2XQD>V..U$^KWJ6UV;2]%S&BQ%;DQ`;7:0*4QC!X_$4`=716-8:B\6I75A M>W/FNLRI"Q3!;*;R/E&..>:K:S>ZG!J#6-G+B2[16MFV`["N=XZ<\`=?6@#H MJ*Y"37[^:U2\C,D5I-)M#*J9C"J,\M@D^UIIBZWR+T0QF6,;64Q MJ26"]>H)/7L*`.AHKE[K5[]-/M[H-(D-U*[B153,4?\``/FP.>N3[^U2ZAJ= M]%HUC`Z@Y*Y&1D=N*?7(O=75 MOP M//!S0!T]%<;_`,)!J:)YS?,B+]D=`@YNL'GITR`/3FKCZAJ,&J/&]T'BBNK> MW*&-?FWH-QSCU.:`-];>"">>Z`"22JOF.6."%SCV&,FI8W22-9(V5T8`JRG( M(/0@USOB8S1W]F_VR2&W>*5"H`VEL#`/'5NGX<8JI;7^HV&GPQPN;G=IB3Q) MY8S&057C'48;//I0!U]%8>CZC=W6FWDKNK>5GR99"AS\N?FV$C@^G:L]M;O? M[%A=9G^T/(Z^<0NQBHZ`A2"">!QD_K0!UE%"#WQ3[G6-0@BDC:1RL5W)"]RJ("%"J5!W849+=?;UH`ZEG1,;V"Y.!DXR? M2G5@W-W<2:1I4TZ1K-+X4,JQ&.WFVHN5DY\Q_FXXX`SQS0-:O\`;9/) M.`DC$;(MC2S#?A6QR",==IH`ZVF-%&TB2,BETSM8CE<]<5RL=U>VLMW"-0D: M9M2CBVR(IPC8&X#'0_EQ]:D@U34X[A5:;[5^^N8!'Y:@OY:DJE`'4T M5QUMK>J3*B^:1OFAC9V6/*,S$,NT$\=,9Y]:?>75ZT*&;4)(UM-2,,DRHHRF MW(9N,<9QZ<]*`.LWIYFS<-^,[<\X]<4ZN;\07T]E>S26[(KII[.K&-2<^8HZ MXSCGITJ]I\UVU_J-C/C6\-M)(KQK+LD<96<* M>-N5).>PXX[]Z`.UID&25XD ME1I(\;T#`E<],CM7/7>JWT=[<(LVV:.X6.&S\L'SHSMRV>O<\C@8J7P\/L=O MJEQ<7+.JW4V]F51C:3EN!W_+TH`Z"BN)L+V[L[M[Z:"XA_M%)"7D`VAQEH\< M_P!WCD5+)JVJPVQF^VAL6$5Y@Q+U8X*_3'XT`=C32Z*RJS`,WW03R?I7.QZM M?MXB-JRLJ><4\IM@'E@??'.XG.#Z8]ZJVM]J,D&D7E"L7_\`05J>/7=5 M>PN9`^V15B.YUC_=.9%!7:"3C!_BYXH`[)F"*68A5`R23P!4/VNVW[/M$6[< M%V[QG)&0/J1S6#=3Z@#J\,EXLD=G9[BK0+^\+(_7VXZ51C8MJ<;'&3?6IX&! M_P`>Y[4`=G17/W-Y;67C`M=3I"KV"JI8XR?,/%4KC5M5BMKU/-Q+IR-YLAC7 M]XQ8>7VQ]WDX]J`.MIBRQM*\:R*9$P64'E<],CMG%6QN=XBE@S M<>4,PH^=QP.#C'?UYS55[N>WO-0O;2]\U46TW,44B8,Q7GCCJ>F*`.PHK$UE MUMM9TJ\G.RWB\Y7D/12RC&?3I5?29XEL[U))FMVOKBYE@?:6UK;R0.(E43)"MS%NVW#L/?^+U[9J2Z%V?%Y^Q/`C_8%R9D+#'F'T(H M`WMZ>9LW#?C.W/./7%07D=K*(5NRO$JM$&?;EQR,>IXZ5Q^DWMS::6'M45I( M]-#K^[!8'SG!.<9(`YQTJ>6\N+VYAB6^$Z1:A"L4WE@<&)B3@8!H`[*FNZ1J M6=@JCNQP*R]-+:EIMW;7["<+-+;LQ`!=0<9..,_2L(+-_9=[=W$BSS6DZV41 M>,,`JRJ"<'(R?7V%`'9,P12S$*H&22>`*C:X@6W^T--&(-H;S"PVX/0YZ8KF M+S5K]M1NK5E94S(GE-L`\L(?G'.XG.#Z8]ZS[^^G_P"$?:UDN/(C6PM_)BV` M^?E1N.>O'3C\:`.Y:*-I$D9%+IG:Q'*YZXI]74=-:')F@2::,`]678 MV/QQC\:HVMTRZK=:P%EW7-C+*B@98*'54X^@S^-`':45QIUS4%MI"U[%MCFX M==I>52N0$)4*3GV_QJ>2\OK6^U25)YY93;120V\B#D'.2!_LYYQ^.:`.KHKD M[35-3O)[6WCN=B2S.@F98W9@(]W(4XR"#^=1>+_^/V[_`.P9_P"UEH`[&BL7 MQ!_K;'[1O_L[S&^T[<^GR[L?PYZ]NE9L^IBV\Z/3;A+:VBB#VB)'N%RYSE1G MW`&!ZYH`ZRBN7N=3U))+Z?SQ&MK);CR/+4CYPFX$]>K&JMU?W]UIVJ1B\D>2 M%=X:V52@&XC:#C<#CJ#S0!V5-9T3;O8+N.!DXR?2N;;4KM9;UX[YIK:U@B=2 ML2DR%P1NSC@9&:KVNIW=PUO'<2Q3E-0C02;5?*M&S<':/S`%`'745R-CK.J_ M8O,:074LE@UPB^6!A@^WMUX.?PI(=;OW\M9;DPVK3[6O&6-BHVD[2%RH^88Y M]:`.LCECE#&*17"L5;:#G':KQU&_6[ M>7[3F%-26T\GRUP4;;WZY&:`.A:6-)$C>15>3(12<%L#)P._%/KC%U&ZGU+3 MY9)/-ND:Y)M`@'E,$;:N??CKZT^WUS4I+:1A*6E!C\M66/+RDG,6`3@$>N", M'-`'845E:/J:SVMLMS<;KNT,=S$L6+'U)/)JQ10`4444`%%%%`!1110`4444`%%%%`!1110`4444` M%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!7,_P#" M<:9_SPN_^^%_^*KIJI?V1IG_`$#K3_OPO^%5%Q^T3)2^R8W_``G&F?\`/"[_ M`.^%_P#BJVK+48K[35OHE<1,&(#`;N"1V^E)_9&F?]`ZT_[\+_A5F&&*"(10 MQI'&.B(H`'X"G)QMHA14KZLQSJ%\^G6=X6BC2YF@VJBY*H[#()/7@]@*7_A( M/WK1>1&661%9UG!1`V<%F`X/RD8]2.>:MMING0H`Z!(S(A56D(7>&RH`S@<] MAUI%T+3E0H(&VL%4J97((7.`1GH,GCI4%DEC?_:S<;XQ#Y,A0J6^;`[D8XSU M'7BJ>D:T=1@NW40R/%\\:1MU0C*ANN&X(-7UT^V5;A1&W^D#$I+L2PYXSG(' M)Z=,U(EK!',)DC"N(Q'D$_=!R!B@#!F\4%[>)(W2*1;9O+=(F_V5B))#C$I/'`[8QGWSCC%:4>D6$9AVVX_WXBMBZL+.XD\ZZCWX M!&'<[.01]W.,X)&<=ZC&BZ>!@V^X9)^=V;.4V&^CM$`>VM_-:4D?(3G;@8.?NFKHTRU MS$2COY3;EWRNW/8G)YQVSTI;O3+2\9FGB+%D\ML.R[EYX.#SU/TH`H3:_P#9 M[>:6:"-#!*T/F.&''%*-<PJ%9M19W80WZQJ\;K"QD+2$[@R[\#;T4_W? MP-;,&N6LML)Y(YX$*J_SIN^4C(8[<@#'>&YP-IZ'%:LVH6T$$!@G\\@`'.,FLW5K.MPEV!+;2.4^;[RQM'L_X$2K M`=^M3MITK:F`8[M0]W$Y=2^`OD$$YZ#YLCU''M6Z^LV*-&IE/8TLNKV,1(>8\;>51F'S8P,@=?F''7!STH`S)!J$VAZ4&-TL[,//* M;E?'EO\`>QSUQ^.*K1MJ,=L4FCOY3+%`^=SJ4D*-NY`)`R%X`P"></50]XZ/?Y`N)(P"^-RRC MRP!Z%2>.XK=;6;-+JYMW9P]N4#80MN+`D!0,D\`D\<8ILFN6*12.KR2;%D;Y M(VP=GWN2,>V">^243.<[DED MWJI))^4*W'''*\'CO65/!>2V]M*HOQ=Q6DYD8[\^=M0@#V)'`'!Q712ZC%'' M<-L=C!*L)48RS,%P!DX_C'7%2SW2V]NLTJ.H9D3;P2"S!1GG'4T`R:I+. M1!'?Q!L+(P9SR)(^0,87@MT[9STJ2XDOXM8$44EPS[Y!$I<^6RB#Y<]B=^<_ MKVK8.L6JNJL)1N,@&$+$E'"$`#)/)[#I4-AJ&GW>H2F"%5F.W;-Y1!E4HKCY ML>AZ$YXH`/#WVLVTIN_,&7^19"Y9?E&>64$\Y/IS@5K5FMK5JDRQN'0[F5RV M`(\!C\W/<(Q&.U*VLVRS1+B0I(CMGRVW`J5&W9C=GYL].U`&C16>FK0_8]/N M)5,?VXHJ#.=K,N0"?PQ21:S9R>:A_$5-;ZA;74OE0NS/LWG]VPP,D8)(X.01@\\ M'B@"U15&TU6VNK.6Z4LD42AG+C&`4#YX]F%#:I%$@:ZCFMMQ.`ZACM&,L=I. M%&1DG&.]`%ZBJ`UBR+,HDD+*Y3`A?+$$@[>/FP00Y M)V'#'@=,X_$XZ\4`:%%9S:W9*X4M*<@$;8F8DDOQM`W`CRVSD<8I[:M9*Q7S M2Q`!`2-FW=/NX'S=1G&<9YH`O45G#5X$TVTO;@-&EPF[CYMGR%SG\%-)-K5M M&D9C$CN\BQ[#&REO3CG.UL8ZX M..E7J`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@` MHHHH`*H_V3;?\]+S_P`#9O\`XJKU%`%'^R;;_GI>?^!LW_Q568H5AA$2%RHS M@NY<_F22:EHH`YX>&I$TPV<=XD89-C^7$R*XVXR0KC+>I)P>XJ>X\/)<(J/< M,%#2,=JX)WS+)USQ]W&??-;5%`&?>:?+=VZ(UR!)Y;122>7]Y6`#8&>#P,'G MZ4C:4KVHMGE8Q?:&G<+E2O\`L^]5X_#2QF+%R66,PM@AOO1A!D#=M&0GH3SU[5OT4`9(TB:) MYVMKSR_/W;\QDGEW<8(88Y<@^HZ8/-.CT<#2EL99O,`F$S-M/S?O-Y'))]LD MFM2B@#!/ASY05O',PVGS&##?,/`(Q@=N*E&@(+5H%GVJ89XAA.@ ME8-Z]L8]ZV:*`,E=%`AOH_//^EQ/$3M^[N>1L]>?]9C\*CETF:ZOTEN7&8TC MS(B;5`",G^]6U10!C/HCE+N..Z"I=I(DH:+/#,[#;R,$>8?7.!T MJU)IH=+L>9S/,LZDK]QE"8[\\H#5^B@#/2PG6*Z!F@=[DAGWP$INP`?EW="H M48SVSSG%$FF&;35L9YO-C5HL%TR65"IPW/.2IY]ZT**`,*;1VM!!-99:2V:4 MQ1I&N!YC[L8+*,`9'45)I>BM:0VADE'F1,DC*!QD0"(C/ZYK9HH`RKS1$O#/ MOF*B>4R-A>0#"8L9_'-1IH];-%`&4^C M;]-L;3[00;1<+($ZD1E`<9XP3G\*K7'AQGM);:&^>*.3.X8;GY$3)PPR?ESS MD'<+>FZ;]AD=S('9T M56P&QD,[9^9F/._N>U:%%`&79:-';:=/922F6.=`C'&TX$:I_P"RY_&BYTVZ MNDQ+>1;C&\+%8",QOC/\7WOEZ]/:M2B@#>(R(HCN51E\[#&/)7S)`^5Y&& M&.#3_P"QY%=VCNRA(F"$(>01QC@]B,UK44`8MEH)MIXIFN=[(Q8 M_*>3^][EB?\`EKW)Z>]167AQK'R3!=@O`O[II%=MI(PW&_&#SP`#TYXK?HH` MR9]%$VCVNGFXQY$93?L^]^Z:/.,_[6?PI)M%=[R>>.Y51<31RR*8\G"%2`#D M8Y4\\]:UZ*`,-/#QC7:MT<(RO&6#L05R4W9()?)M[60 MR,H%U'F-&*M+DXVC'USC_9JJ]S"UW>!;PBT65$G/VD[HS\VXYSE%SM7C'0_B M`;]%WDAT^U+W4B2BS=OE;:QN-J%%(&,L=Q.P]<]*8]R?.MA/=R)"['[>1 M.RB)]K;5W9&P9],9P/6@#IZ*IV,DS:/;R3EO.,"LY88.[;SD=CFHOM4W]_\` M04TKBN:-%9WVJ;^_^@H^U3?W_P!!3Y6%S1HK.^U3?W_T%'VJ;^_^@HY6%S1H MK.^U3?W_`-!1]JF_O_H*.5A_-+110 M`U8T0N54`N=S$=S@#/Y`4ZBB@!DW^I?_`'3676I-_J7_`-TUEU<26%%%%4(* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"J]_="SLWF.,CA<],G@9]JL44`9.G:@]QIL?F2.\[!P9EC^4$$XR M>@XQUJFVJ7@M!^^"N&FRY5<_(N0I[9/M6^(8A$8A&@C.O%--M`8EB, M$9C4Y5-@P/H*NZ[$V=MS*O=4F\F'RM]NS!B[O'@9"%L#/4$BBRO[V3488YU` M292P48PHV@Y]2*.9=LL:.H.<,H(S0L4:2-(L:*[?>8*`3]32NK;!9 MWW,>74+N"_O$+QLHDCCC#+PF[N>>GK[^E6H[N:XTZ5PP26.1H]T>,,0<9&[C MGWJZ]O#(S%X8V+#:Q90`P^288S$/X-HV_E1=!9E"SOGGTZ(NS^<\ M9;S5CPH.2.IXSQ56*_O6BM&,RD-=F&3Y1N(R>,CCMVK;,:&/RRBE,8VD<8^E M-%O"$1!#&%C.47:,*?4>E%T%F4+V]G!M7@W11MGK<2G63 M`DXDB"$R)M`V'L`>YZU>>-)-N]%;:0PW#.".A^M,%M`)S,((Q*?XP@W?G1=# MLR[8_P"N/^[5^J%C_KC_`+M)JNI'3_LX"1L9G*9DE\M5X)Y.#Z8K)J[+O9&A M160/$-JY=(XIVD5BH3:/FQNR>O3Y&_*HK7Q+#,JF6WD0L5^Z0P`(3D].\@%' M(QS>`/)')&VP,0=N,D)P"2/\`GH.3CH>E7;/5(+V1 MH[=78K&L@+8`(89'O^F*'%H2DF7J*S+;5XY[9W;R$E#.J(9QMDV\DAL."*.5CYD:M%9DVK[);A8X5=(85G6 M1I0%=3GD'GCBK\$AE@CD*,A=0VUNJY'0TFF@3N24444AA1110`4444`,E&8G M'^R:SO+;U3_OL5HS?ZE_]TUEU<1,?Y;>J?\`?8H\MO5/^^Q3**HD?Y;>J?\` M?8H\MO5/^^Q3**`'^6WJG_?8H\MO5/\`OL4RB@!_EMZI_P!]BCRV]4_[[%,H MH`?Y;>J?]]BCRV]4_P"^Q3**`'^6WJG_`'V*/+;U3_OL4RB@!_EMZI_WV*/+ M;U3_`+[%,HH`?Y;>J?\`?8H\MO5/^^Q3**`'^6WJG_?8H\MO5/\`OL4RB@!_ MEMZI_P!]BCRV]4_[[%,HH`?Y;>J?]]BCRV]4_P"^Q3**`'^6WJG_`'V*/+;U M3_OL4RB@!_EMZI_WV*/+;U3_`+[%,HH`?Y;>J?\`?8H\MO5/^^Q3**`'^6WJ MG_?8H\MO5/\`OL4RB@!_EMZI_P!]BCRV]4_[[%,HH`?Y;>J?]]BCRV]4_P"^ MQ3**`'^6WJG_`'V*/+;U3_OL4RB@!_EMZI_WV*/+;U3_`+[%,HH`?Y;>J?\` M?8H\MO5/^^Q3**`+5FA64DE?N]F!J6[LH+P1^>K$QGRC@,<:N99EBR[;57.>2<''3'U(J'HREJAG]BZ?R?L^"3 MDD.V)!$'9-^QY2%"]<[MN>GM2YGW#E0S3])CLS
/^`IR:/8(8BD&/*4*F';@`$#OS]YNOK4>O%6([&WCF,JHWF&/R]S.Q.WTY/L/K5FBB["R*T= MA;16[0HC!')+'>VXD]]V%)('!]2:LQH(XU1<[5``R23^9Y-.HHN.P4444@"BBB@`H MHHH`9-_J7_W3676I-_J7_P!TUEU<26%%%%4(****`"BBB@`HHHH`****`"BB MB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HI&8*I9B`!U)-5#J=NQVP;[EO M2%=P_/H/SH`N452\^_<`QV,:Y_YZSX(_('^=127EQ$/W\UA`?]J4G_"@#2HK M`DUH(?GU2U^D5LS?KNQ5=M<>3/D37CXZF.!`/US5LT+JVM]"R6Y_B<;$(]E[_CF MJ46R7)(VKW7+&SR&E\QQ_!'R?SZ"J"W6KZP/]&06=L?^6AZD>Q_P_.K=AX?L M[/#R#SY1_%)T'T%6)]3AC;RX09I.P3I35N@M7OH3^'M)ATZ>20.\LSIAW8]> M1VJ]K4%OO/!X-92UEJ6M(Z#[B&TD:Z=[GRS+;B.0B0#:@W8;V^\> M:BFCAU&WD,>I!;--F#;LA"EE3V5CB?]\"F451(_P`QO1/^^!1YC>B?]\"F44`/\QO1/^^! M1YC>B?\`?`IE%`#_`#&]$_[X%'F-Z)_WP*910`_S&]$_[X%'F-Z)_P!\"F44 M`/\`,;T3_O@4>8WHG_?`IE%`#_,;T3_O@4>8WHG_`'P*910`_P`QO1/^^!1Y MC>B?]\"F44`/\QO1/^^!1YC>B?\`?`IE!(`R>!0`_P`QO1/^^!1YC>B?]\"L M]M160E;*)KINFY3A!]6Z?EDT>1?RY\V\6('M!&,C\6SG\A2&:'FMZ)_WP*K2 MZK:Q/L>>'?\`W%`9OR`S4!TRV.6N#)/Z^=(6'Y=/TJ&35=*T]=B21+CC9"N? MY<4TF]A-I;EG^TY9`/L]C+)G^)XUC'_CW/Z4A_M&;_63P6RXY$,89A_P)AC] M*S?[:O;L8T[3I&!Z22\#_#]:/['OKXYU.^;8?^64/`_S^%5R=R>>^PMS>:1: M-F=_MLP.?H?E'Z4HU#6;X;;*TBM(>SRH,_EC^E78+'3]-4,D<<9'\; M*>U_;Q\&6`8[`+5(:/`3F225S[FIETRS4?ZD'ZDFIT*U&7FFV.IKODBC)/2 M2(!3^8Z_C62=%U'393-I=UO[E'QD_7/!K3?2_+8O9S/$WH3D4W[7>VO%U!YB M#^-/\_X4UY$M+J5[?Q*\+B'5;;[/)_?$8VG\,?RS6H^K6B0"9KFW\L]"-IS4 M2W-E?IY;['!_@D'^-5T\/Z:DQE\C/?:6)4?A1:/5![W0KS>)9[ES%I5F9FZ; MVC&!^'^.*KC1=2U&02ZG=[.V=HFQ648Z)&/\`(J'[9>W/ M%M;[%_OO_G_&CT06[L=9Z/86`W+"CL/XY0&_GP*DFUA5;R[:,3R>BH,?RJ$: M9),=UY%1S(`[$%MH]<# MK3+'_7'_`':LW%O'B?D?\*`&44_8O_/5/ MU_PJI+?VD;%%N%FD'6.%6=A]0!Q^-%P+%%5!)>SY\J&.V7LUPQ)_[Y7_`!%+ M_9OFG-W?O-_L*3&GY*,G\2:+C+5%5QI%@!@1P@>@#?X4?V38_P!R+_QZ@"Q3 M9)$BC,DKJB+R68X`J'^R;'^Y%_X]2KI=BKJPCARIR"5)P?RH`@^W2W'%C`9% M/_+:3Y4_#NWX#'O0-.\X[K^4W)_YYD;8Q_P'O^.:?J.IV6G*?.N%:3M&F2Q_ MP_&LU6U76N]\EC]..*/[2GF_X]+1F']YNG M^?QJE;HB7?JRJ-`DN#NU&_FG_P!A>%J[%I^FZ>`1%$A'\3\G\S2"TO[CF:\2 M%3_"@.?T']:DCT:U4[I)?-;U8G_"AONP4>R&2:M;J=L0>5NP44S=J5UT5;9# MZ]?\_E6E';PQ#$9B0>RD?TI^Q?\`GHGY'_"INNA5GU,V+28@V^=WF?N6/%74 MC2-=L:A1Z`8J78O_`#T3\C_A1L7_`)Z)^1_PH;N-*PRBG[%_YZ)^1_PHV+_S MT3\C_A2`913]B_\`/1/R/^%&Q?\`GHGY'_"@!E%/V+_ST3\C_A1L7_GHGY'_ M``H`I7&GVUQDM&%;^\O!JO\`V4Q^1[N0PCHE:NQ?^>B?D?\`"C8O_/1/R/\` MA3YF+E14@L;>#E(AG^\>35BG[%_YZ)^1_P`*-B_\]$_(_P"%*X[#**?L7_GH MGY'_``HV+_ST3\C_`(4`,HI^Q?\`GHGY'_"C8O\`ST3\C_A0!+8_ZX_[M7ZI M6:@2G#JWR]LU=K.6Y2"BBBD,****`"BBB@`HHHH`****`"BBB@`HHHH`**** M`&3?ZE_]TUEUJ3?ZE_\`=-9=7$EA1115""BBB@`HJK=7@BD$$*>=PJ/[);R:6Y/]USA/\` MOD('/RV-O&/5FS_`.S4CP:] M=#RY)X+=#]YH_O#_`#]:M_:M1;[MFH^K?_7I#_:LP"E8X0>K`\C]31]PK>I% M!I^G:3^]E/F3]=[\L3[#M4GVJ\O>+6/RH_\`GH_6IK?3(8VWRDS2=V?_``J[ M2;*2*-OID2-YDQ,TAZENE7N@P***ENY25@HHHI`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`6+'_7'_=J_5"Q_P!;)_ST?\ZN(F,HI_FR?\]'_.FO<-&C.\Q55&22V`!5$B51DNI+F5H+''RG$D MY&53V'JWZ#OZ4>=B^_4^U7H?W$2Q0YCC0855X`%(9# M:VL5JA6,$LQR[LYNB=K6I?ZF);&$_Q/]X_Y^E2 M6[:;I9`LHO,FZ;EY)_'_``JSYNJW?60VT9]SN_S^55L+5[E--'TZS/FWTQN) MCR3*;NX*J?X$_P`_XU:@L;>WP4C&[^\W)JWYLG_/1_SH\V3_`)Z/ M^=3=CLAE%/\`-D_YZ/\`G1YLG_/1_P`Z0QE%/\V3_GH_YT>;)_ST?\Z`&44_ MS9/^>C_G1YLG_/1_SH`913_-D_YZ/^='FR?\]'_.@!E%/\V3_GH_YT>;)_ST M?\Z`&44_S9/^>C_G1YLG_/1_SH`913_-D_YZ/^='FR?\]'_.@!E%/\V3_GH_ MYT>;)_ST?\Z`&44_S9/^>C_G1YLG_/1_SH`913_-D_YZ/^='FR?\]'_.@!E% M/\V3_GH_YT>;)_ST?\Z`&44_S9/^>C_G1YLG_/1_SH`913_-D_YZ/^='FR?\ M]'_.@!E%/\V3_GH_YT>;)_ST?\Z`);'_`%Q_W:OU2LW=I2&9B-OP`[FJL=O)>NLUZNV, M',=OV'NWJ?;H*6*`B07=^Z>:/N+GY8AZ#U/O5>]UV&,B&R'VNX;[JQ\C\2*M M)LEM+;_H]L.D:\$BK22(;;(+5;>Q'V?2X?.F/#2GG]?\` M(JT-.FG(:]N&;_87I5Z"".W39$@4?SJ2I!`S"5]K;6VX.\9],XR/2NF``Z#K2T`8\)U6+2HH_LUNS+;J"TMRV_=M&<@( M_-;JZDD M_P!D<"M($2U,1M-"-NOI(KEQV-XQ_E'G]:M6;SC,>F:=;PL>&E\TGCZE:V8M M/M8ONPJ3ZMS5H``8`P*T0OYDEO;32GG:=MI:$[>]TP_P#:=:\)E:)3.B))W5'+ M`?B0/Y54L?\`7'_=J_6W>1WV[OES]?>@"]16%=ZAF,4W[;>27%C#]I>,7V68A4S!A6.T<$=LJ.H8'\#4E%`%;^S[3)+6\;9D$@W*#M8 M*%!'I@`=*5[&TD657M8&64[I`8P0Y]3ZFK%%`#'9(HF=B%1!DGL`*SX-7$VE M&^,!0^:8EC9N=V_8,G'&3CZ5>N(([F!X)EW1N-K`$C(^HJE'H=C'"\81F9F+ M"5SOD4EMW#')X//UY.3F@"*WUV.:^@M?)*F3*LV[[KY<8''(_=MS]/7C7JC% MI5O'-;R_,S6X;9D#[S9W-G&E7J`"D)P"3VI:*`,JSUN.XM+BXDC\L0 MPK<$!MW[ME)!Z=<`Y%1'Q`J310RV^V0R;)`'R$Y0#!QS_K$_7TYLQZ)8J)?- MA2=Y,[GD1!AN.1[BKM4ETRW\^2:?-R[E2#,JG9MR M5```Z;CSUYZT`5+C7A!%.[6KAH9VBVEADA8_,+?]\YP/IT[:X((!'0U0N-'M MKE95D,G[V7S6((ZE`A'3H5X_$U?`P,#I0`M%%%`!1110!GPZHDNKRV'ED&,' M#YZD!2>.PPZ\]^?3EAU9O,FB6V/G)7MD12H7(..G/(!YS[4U],@8RLK/&[R"4,N,HP0)\O'H,?B:`+%I<)>6D- MS'D)*@=0>N",U-4<$,=O!'!$NV.-0JCT`X%24`%%%%`!5*:^:'4H+4QHPFS@ MB3YQ@$Y*X^[QC.>I%7:J7%A'I[&X^V6-OF:EDO"FI16?DL1)$T@DR,?*0,8_X%3KNRBO'@:;)$ M+B15P,%AT/3/'MBDCT^VBGAEAB6+RE=52,!5^8@G@?[HH`--O#?V:W!B:$EG M4HQ!(VL5[?2K50VMLEI#Y498KO9^3W9BQ_4FIJ`"BBB@""]G:VM7F41?(,GS M9/+4#W;!Q5:YU,P:(=2%M(V(A+Y1(#`8SS]*MW$330E%FDA)_CCQD?F"/TJL M=(LA8R6J0B-9(1"SJ!O*@8&6[X'K0!(EU(=0:U>$*NS>CA\Y&< GRAPHIC 9 corehighyieldx5x1.jpg GRAPHIC begin 644 corehighyieldx5x1.jpg M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP. M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=? M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@` M0P')`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D* M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H MJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(! M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P M%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P# M`0`"$0,1`#\`VM7\6_V9J4UG]A\WR]OS^;MSE0>FT^M4_P#A//\`J&_^1_\` M[&LSQ%C_`(3*3/3S(O\`T%:U=3M#=:N8[_[4;/$S&2;"K",C#(0>1T'/K73R MP25TO)8QPJB2 MM&PDD9AM'R_[.#CN7#C&:;6OLH=C+VL^YV?_">?]0W_`,C_ M`/V-'_">?]0W_P`C_P#V-<911[&'8/;3[G9_\)Y_U#?_`"/_`/8T?\)Y_P!0 MW_R/_P#8UQE%'L8=@]M/N=G_`,)Y_P!0W_R/_P#8T?\`">?]0W_R/_\`8UQE M%'L8=@]M/N=G_P`)Y_U#?_(__P!C1_PGG_4-_P#(_P#]C7&44>QAV#VT^YV? M_">?]0W_`,C_`/V-'_">?]0W_P`C_P#V-<911[&'8/;3[G9_\)Y_U#?_`"/_ M`/8T?\)Y_P!0W_R/_P#8UQE%'L8=@]M/N=G_`,)Y_P!0W_R/_P#8T?\`">?] M0W_R/_\`8UQE%'L8=@]M/N=G_P`)Y_U#?_(__P!C1_PGG_4-_P#(_P#]C7&4 M4>QAV#VT^YV?_">?]0W_`,C_`/V-'_">?]0W_P`C_P#V-<911[&'8/;3[G9_ M\)Y_U#?_`"/_`/8T?\)Y_P!0W_R/_P#8UQE%'L8=@]M/N=G_`,)Y_P!0W_R/ M_P#8T?\`">?]0W_R/_\`8UQE%'L8=@]M/N=G_P`)Y_U#?_(__P!C1_PGG_4- M_P#(_P#]C7&44>QAV#VT^YV?_">?]0W_`,C_`/V-'_">?]0W_P`C_P#V-<91 M1[&'8/;3[G9_\)Y_U#?_`"/_`/8T?\)Y_P!0W_R/_P#8UQE%'L8=@]M/N=G_ M`,)Y_P!0W_R/_P#8T?\`">?]0W_R/_\`8UQE%'L8=@]M/N=G_P`)Y_U#?_(_ M_P!C1_PGG_4-_P#(_P#]C7&44>QAV#VT^YV?_">?]0W_`,C_`/V-'_">?]0W M_P`C_P#V-<911[&'8/;3[G9_\)Y_U#?_`"/_`/8T?\)Y_P!0W_R/_P#8UQE% M'L8=@]M/N=G_`,)Y_P!0W_R/_P#8T?\`">?]0W_R/_\`8UQE%'L8=@]M/N=G M_P`)Y_U#?_(__P!C1_PGG_4-_P#(_P#]C7&44>QAV#VT^YV?_">?]0W_`,C_ M`/V-'_">?]0W_P`C_P#V-<911[&'8/;3[G9_\)Y_U#?_`"/_`/8T?\)Y_P!0 MW_R/_P#8UQE%'L8=@]M/N=G_`,)Y_P!0W_R/_P#8T?\`">?]0W_R/_\`8UQE M%'L8=@]M/N=G_P`)Y_U#?_(__P!C1_PGG_4-_P#(_P#]C7&44>QAV#VT^YW- MEXU^U7L%O_9^SSI%3=YV<9.,XVUUE>3Z-_R&K#_KXC_]"%>L5SUHJ+5CHHR< MD[G!Z_HFHZEKU[-9V_F1JR*3O4<^6I[GW%9__"*:U_SY?^14_P`:[^Q_X^]1 M_P"O@?\`HJ.KM/VTHJPO8QD[GF?_``BFM?\`/E_Y%3_&C_A%-:_Y\O\`R*G^ M->F44>WD'L(GG$GAS7Y888GMF4 M4>WEV#V$>YYG_P`(IK7_`#Y?^14_QH_X136O^?+_`,BI_C7IE%'MY![")YG_ M`,(IK7_/E_Y%3_&C_A%-:_Y\O_(J?XUZ911[>0>PB>9_\(IK7_/E_P"14_QH M_P"$4UK_`)\O_(J?XUZ911[>0>PB>9_\(IK7_/E_Y%3_`!H_X136O^?+_P`B MI_C7IE%'MY![")YG_P`(IK7_`#Y?^14_QH_X136O^?+_`,BI_C7IE%'MY![" M)YG_`,(IK7_/E_Y%3_&C_A%-:_Y\O_(J?XUZ911[>0>PB>9_\(IK7_/E_P"1 M4_QH_P"$4UK_`)\O_(J?XUZ911[>0>PB>9_\(IK7_/E_Y%3_`!H_X136O^?+ M_P`BI_C7IE%'MY![")YG_P`(IK7_`#Y?^14_QH_X136O^?+_`,BI_C7IE%'M MY![")YG_`,(IK7_/E_Y%3_&C_A%-:_Y\O_(J?XUZ911[>0>PB>9_\(IK7_/E M_P"14_QH_P"$4UK_`)\O_(J?XUZ911[>0>PB>9_\(IK7_/E_Y%3_`!H_X136 MO^?+_P`BI_C7IE%'MY![")YG_P`(IK7_`#Y?^14_QH_X136O^?+_`,BI_C7I ME%'MY![")YG_`,(IK7_/E_Y%3_&C_A%-:_Y\O_(J?XUZ911[>0>PB>9_\(IK M7_/E_P"14_QH_P"$4UK_`)\O_(J?XUZ911[>0>PB>9_\(IK7_/E_Y%3_`!H_ MX136O^?+_P`BI_C7IE%'MY![")YG_P`(IK7_`#Y?^14_QH_X136O^?+_`,BI M_C7IE%'MY![")YG_`,(IK7_/E_Y%3_&C_A%-:_Y\O_(J?XUZ911[>0>PB>9_ M\(IK7_/E_P"14_QH_P"$4UK_`)\O_(J?XUZ911[>0>PB>9_\(IK7_/E_Y%3_ M`!H_X136O^?+_P`BI_C7IE%'MY![")YG_P`(IK7_`#Y?^14_QH_X136O^?+_ M`,BI_C7IE%'MY![")YG_`,(IK7_/E_Y%3_&C_A%-:_Y\O_(J?XUZ911[>0>P MB>9_\(IK7_/E_P"14_QH_P"$4UK_`)\O_(J?XUZ911[>0>PB>9_\(IK7_/E_ MY%3_`!H_X136O^?+_P`BI_C7IE%'MY![")YG_P`(IK7_`#Y?^14_QH_X136O M^?+_`,BI_C7IE%'MY![")YU8>']4L]6L)+BUV*;A.?,4]/F/0^BD_A7HM4K[ M_C[T[_KX/_HJ2KM1.;E9LN$%&Z12L?\`C[U'_KX'_HJ.KM4K'_C[U'_KX'_H MJ.KM0RT9EZ&?7-.C\V54\N5RJ2%0Q!3&0.O4\'UINNFZVV2V;5;DZA%J,33?8?*<_9]OWU5D4D@\@[G M/X+[XJ[K-]/INCQO)<.+L1DY0(%=PN2#N[9[#YO2M::".=564$JK!L!B,D>N M.H]C5&WUJ*XL%NX[>8QR/LB&5S)[CG`Z=\4`5Y[^13<-]LV3*X4V^%_=1EU! MEQC/"DG)^7VIIOY!/&L-_P"?^\C6)/D/VA&8!WX'.,M]W`&WFK[ZI!'IZWCA ME1N`K$`D^FQ(Z$'@]ZL4`<<#;@'O6Q)E2QPS6LETZH)?M-PK``XVKM123]-I/Y4`*NJ6;QLZR,57&,1M\X/0J,?,/= M*5F.X@QYDD<[>/F_P!81VZ9]J`-2YO;>T($[EK$#Y1[G`HBO;>6X:!')=21]T[21P0&Q@D=P#Q5._L;JZ%P$$2_:86MWW.? MD7+88<!QQGIWH`AT!G;2EWR/(5EE7<[%FP)&`R3R>`*T:S?#_`/R"Q_UW MG_\`1KUI4`%1M/"CE&E17&WY2P!Y.!^9!`J2LZ[L9I]5MKM3&%M^%4G[V[AL M\=AC'N3TH`T:***`(+N[ALH&FG8A1V522?H!UJ@[FYURRVR3I%]FDE"99,D, M@&Y>.Q/!JQK%L]WILT$<$]`&E>VS74/EI<2P6I\LAA MM4J0"=[$N=OISU!KH:*`.8&K7!G"/?;)A`LBV^$R\I=PT?3)Q@+QSQFGG4KZ M6:YC65HV6Y6(_P"K)C!F"#"\MRG.6'N.*NV^JV3W;R.CQRR.T"'8Y+K&3DGY M<*`6//3GD]A9.KV87.^3)8*%\E]QR"1A<9(.TX/0XH`S(M2NDFVO.9W43*D" M[-[E&D`9AC."%`R,#/UI+34YY/LKR7F8WGV*H>(R2?<[+D$`ELXP0,>];%MJ M%K=J[6\A<(H8X1N5.<$<<@X/3TJ*UU:VN8+64"5!)@!GL3C`]N>>V:` M*=]?31:R(8[O:0(-EMM7]YN=@YZ;N%&>#QC)JC'K-Q<7&+9YIE60.F_8"V8I MCMPG;*#AN<]:T+75[2:".^BA83W`@1U8,O#/@8)&&`+GD5I6MY!>*S6[[U4X MSM(SZ$9Z@]B.#0!C:;F]O[X1ZC),/+MSYJ;000SDK\H`]CWP<5=UB(Q>'KD) M/.KP6[,LBR$.2JG!)')Z5IU1US_D!:A_U[2?^@F@"U"2T$9)R2H)_*I*CM_^ M/>/_`'!_*I*`"BBLR71+>741>LW[P.'QY,)Y&/XBF[MZYH`TZ***`,._NYK+ M6WN6>0VD-O&)(E!(^9G^8`=\JH^A-58;G4H#,LDKL\UR80,!O*=TC8$9_A7+ M^U;]U=P6:![A]BD]=I./4G'0#N>@JI<7VG>:LLSNTELQP`CDJQ.S[H'4DX'' M0G'&:`*VI:FUMJL,4HXR/K5>.[DG;2YWU-Q(\P$ M\&8U$;F-CY9&,]>,$Y_'!&P-2M"(2)3^^.%^1N#G;@\?*<\T!DNW#^1`"81'N69@^\'?\H^Z.#W&! MS6AX?N'NTNKEQAIGBDQV&8(S5N74[2*1T>4AD`+#8QZXP.GWN1\O7D<59BD$ ML:R*&`89`92I_$'D4`/HHHH`I7W_`!]Z=_U\'_T5)5VJ5]_Q]Z=_U\'_`-%2 M5=IOH)=2E8_\?>H_]?`_]%1U=JE8_P#'WJ/_`%\#_P!%1U=H8(I75G)-J%I= M13+'Y`=65DW;U8KG!R,'Y??K5VBBD,2L:/1)3;7"3SPNTT_FE/))B/)ZH6YZ MYZ]AZ<[5%`&4FF3+!%;^9#MMR)87,9(5\MD;<\*`0`,_CQ34T0HLBBX4K<*5 MN08^'!=V.WGY>78M,?1O,^1Y@8DE:>%?+^9)&8MDG/(!)P,#ZUJT4`5;*U:W\YY9!)+._F.RKM M7.T*,#)QPH[FK5%%`!1110`4444`%%%%`!1110`4444`%-D#&-A&P5R#M8C( M!^G>G44`5-,M&L;)8'E$K!G?;&* M$TIS>174]R'EC9<;8]H*JL@`ZGG]X23[#@5IT4`4-.TT6)3$N_;;16_WF1BMNB@#&@T-TM[>&:[$@ MMA&L96+;\JNK8/)R3M`SQ5G2-,&F0M'YGF\*JL=V=H&`#EC^F!["M"B@`JIJ M=K)>Z?-:Q3+"9E*,Y3?\I&#QD5;HH`:B[(U3.=H`IU%%`!1110`4444`9^J: M8-1\H^:4*;E()?:RMC((5E]!WQ[55NM)N`TLUM,K33S1O)N3CY9%*G&>R`@C MOCM6U10!CKH>)X9C/N96+RC#!7.\OD`,`,,QZ[NU$FB$VUI$DT1-M;^0#+"6 M!Y0[L!A@C8,.1>C)$H(_$"K5%%*]QVL?_9 ` end GRAPHIC 10 corehighyieldx7x1.jpg GRAPHIC begin 644 corehighyieldx7x1.jpg M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP. M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=? M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@` MAP$+`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D* M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H MJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(! M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P M%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P# M`0`"$0,1`#\`UCJ<*W30NDB!7*>:P&S=MW8SG/3VI8-0CFE1#%-&).8VD7`? MC/'/IZXJ+^R8I);MYQN,[-M(8_*I0+TZ9Z\TZ.UNGDMQ=-#Y=N=RF/.7.".0 M>G4^M:ZD#8=629%9+6YS(F^-2JY<<9(^;'&1UI5U5'MHIUM;@B9@L:X7+9!. M?O=,"H]-TM[%[=PRL1#Y.5ST'MQVI?[,9K"PMI&'^CL#(58C.%(X(Y MZD>E&H:$\FH*AVBWG=@H:154$Q@^O/7V&:EBNXIIO+C);]VLH8="K$@?RJN; M6YMYI&LC$5E"Y\UFRI`VYSSG@#KZ=:9!8W%G<1&V$3Q+`D+&1R&^4DDX`/K3 MU`F.HQ&-&CCED=V=5C4#<=IP3UQCCU[U/;SI<1;TR,$JRL,%2.H-48["XMQ% M+"8FF0R@JQ(5E=]W7'!'';UJU:6S112^<5:29R[[>@)`&!^`%`$:ZE$R-+Y4 MP@4$B8J-K?3G)]N.:/[2C5)3+#-$T<9EV.HRRCJ1S4(L;HV0L6:'R44".4$[ MOE(*Y7&.PSS1/975XLK7!A1_(DBC5"2,L.I)'L*6H$KZK;I:VUP0Y6X8*H`& M03Z\]N].&HQ&\-N8Y5P_E^80-A;;NQUST]JJ-I$I:3$B;`R-$O/R_.K/^97C MZU9ATV-;NXN)0&>20LAW'Y05`Z=,]>:-0T'1:E%*Z`1RK'(=LW92K+G>^W[H(Z#MW/2 MF#39S([GR8@TL;^7&Q*_*V2W3@D?RHU`E?5522='M+D>0A=VPN`N"0?O=]IJ M674$C"`W7V^84AM;N"6 M1[4PD3!=WF$C:0,9&.O`'''2C4!XU*V-TD`8DO%YR,!\K#GI[\$TL%Z)YH%2 M,A)X/.5B>?X>,?\``A55M'8+MCD`V6Z1Q.>H=2QR?;G]35ZRM_L]I;QN%,D4 M2QEA]!G!].*>H$^*,4M%,0F*,4M%`"8HQ2T4`)BC%+10`F*,4M%`"8HQ2T4` M)BC%+10`F*,4M%`!1110`444JKG!)502!N8X&3T%(!**+2:VN+B2%2S21\$' MY1Z?7K@=NM:0CC7[J+CL<9I-V&EM?%2GB\M!_OPG'Z'_`!%;=I=VU\A: MTF63')3HP^HH<7'<<9QEL34444B@HHHH`****`"BBB@`HHHH`****`"BBB@` MHHHH`****`"BBB@`HHHH`****`"BBJFIZ@FF69F8!I6RL2'N?4^PH2OH#=E= MB:IJ<&EQ@RCS)V&4B!_4^@_G7'WVHW5_,)+B4G'W5'"K]!4$\\MS,\TSEY'. M68]ZCKIA!1]3CG4PXQ[>E>!M<'KN'!_QKGJQLSII2NBCXI_Y%R[ M_P"`?^AK7G5>B^*?^1)P\;LCJ<5U?AS5SC^+/^1>O/?9_Z&M><5-#X1U_B"BBBMS`*5(E,1=07`=HUW,J\\@8.><=JXY+E=CNA+FCEE9'C`7 M`#JD,C,TB-B-U`3(4D8;')R.F3QFIN78T:*R=.OW> M;R[J1P02BAHR"QR<%N,#C;Z2.I@BC;89I-F\`$J-K-QGC/R_K1<"S15 M$W;PR>60941EC>5F`;E5H=9D>W-Q+:JD*[=Q67<1N4,.-H_O#/\` M6BX6->BLX:E()O*D@1&4.TA,ORJ%"G.<<\./3H:@&L2%R6@54C25I1EL_*%/ M&0.S#J!U]N2X6-BBLN74&ETTS1N$83)&S0D2\%@#MXYX/I26NHRF.,.GF8(# MN3M8;G*+\N.O'(XQ^E%PL:M%9<.JRS1IMME$LJJR*9>-K*Q!)QQ]T\8/:I=+ MO)+J)!*H#")&+$X+DJ"2!CIDXZ]0:+A8OT444Q!1110`4444`%%%%`&%XNDV MV5K%_?D9OR`'_LQKE:Z;QA_J['ZR?^RUS-=-+X3DJ_&%%%%:&04Y69&#*2K* M<@@X(--HH`[K4[\:GX(DNN-Y"+(!V8.N?\?QKA:NV^HR0:9=V.W='<%3R?ND M'.1]<52K.$>6Z-*DN:S"BBBM#,****`-/P[)Y>N6O.-S%/KN!']:[":)9DV. M7`_V'*G\P0:XG1@3K5C@9_TB/_T(5W5<]7,<+ MG`X[TJ6D,``=N...C>G%N\D=3! M%&VPS2;-X`)4;6;C/&?E_6@!190!U?:Y9?[TC'/N*5WPQ4E=J M;CM4!0H&,X/3J:#=O#)Y9!E1&6-Y68!MS=.`,=QZ5!!K#2PAVMPI8?*/,R"Q M565?F.23SGDYK/\`[<6..25]NTD,B.P0A?+1B!ZG+=/>I+^]E@U`*)76 M-5B8J(\IAG(8LV.,`9ZBBZ#4N'3K78J^5@*JJ,,00%SCG/\`M'\Z=!9P6[`Q M*PP@09?D$'!&" M*WI/2QS5EK<2BBBMC`****`"BBB@`HHHH`****`-7PS$9-;A..(PSG\`:>2[N M$C+!B3#`PE("MY6X97H>_/TK.YJ:"V4"RI*$^="2#N/4YS]>I_.I)H4G39(, MC.>"00?4$<@UEZ;=.MR89_-)+,D>X[MHRQY.3DX&._W.OK:U5Q M&?>E=`:*64$;!E5OE;>H+L0IP1P"<#@GI4?]EVF%`C==N-I61@1C=@`@\#YF M_.H_M$D;7Y!R5F1$W)=J-B3RY=J\U.FLH)Y?-D5BV`IP[`,`20"`<'J>M9\.I7 M3PQLXBY2.5W5#A$<-VW[^V1+^YN#DX_A?N/QZ_GZ5U=,FABN8'MYU MW12###N/0CW%.,N5W)G'F5CSNBKNJ:;-IMR8Y/F1N8Y!TW4=O",NYP/0>I/M44<;RR+'&I9V.`H&237 M:Z-I2Z7;DO@W4@PY'.P?W1_6HG/E1I3AS,NPPQVT$=O#_JXEVK[^I_$\T^BB MN4["/R8O.\[RT\W;MW[1NQZ9]*1+>!'5TAC5U78&"@$+Z?3VK-X_MGMYWG_\ M"\GRO_0=_P"&:?=1"ZO5,,A'VBSD59`Q(Y*8(_.D,OB"%75A$@=<[3M&1GKB MGLJN,,H89!P1GD%M`)3*(8Q(3DOM&2>G6E$$(``B0```?*.W3\NU8+ MW,EGI\\L99)(B+968@`^6K'G(/4Y'N>..M67N[E=0N,S2>3&LC>6B*<[4C/' M&>K'O2N%C3:UMVE:1H(C(PVLQ09(]":/LEL=F;>+]V`$^0?+WX]*Q$U"[9)2 M+C<($E?*;6$FT(0"=HX^8C@"K%MQ8]T(I\?A2,',M\2/1(NOXDT_:1)]E/L`HX"@8`^@J)5>Q MI&C_`#%+2]*M]+4F,^;.1AIB,8]E'8?K5VBBL6[ZLZ$DE9!1110`45DW1F.M M6C-#)Y:R%48,NT@QMD]<_IV]Z9=B*\O52U>$22Q,&EB8%\%.-P_N]#UZXI7' M8V.!P*6L3396M[P0,BD2LZIM;A%!8X`QR`X%%P+]%84<]Q;F0+,VR1YV.5&(\2@9''HQ/.>E)+<74]I>8NG"QV MQ9&4*-_S.`V<=PHZ8ZY&*5PL;U%95\D5U9PM+")=LT2I)($;>I=`._%-GN+B&\OC%(RJGF3%0`=Y5(L`Y'3D]*5PL;M%84U_=+`S&1U"2 MB!WVHI#`,2V6PO)V]>/3DTV:[ED1Q)>F-EDB9C$Z;8QO`()QP>>Y.<>F11<+ M&_17/I?7R6PG,SS,(H9/+V*`QCJ0IXX!&#^/'%*X6.CHK#-]=/+/&)60B98_X,H#*%&!R>5. GRAPHIC 11 corehighyieldx28x1.jpg GRAPHIC begin 644 corehighyieldx28x1.jpg M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP. M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=? M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@` M+P"+`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D* M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H MJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(! M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P M%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P# M`0`"$0,1`#\`]`HHHH`*H&XN4U&:)$$\2HCXR%9"3D9]ZNMNVG9@ M-CC/2L;4[A[(1V-D^[4;]SB0_P`([N1Z`#@>U`%R"\FN;MHHX!'%%Q([L"<_ MW0!QGN>>/QJS=7,-I`TT[A(U[]<^@`[GVIMG:Q6-HD$7W$'4]2>Y/N3S6)%% M_P`)%J?VLRL-.M&*0JIQYS]&;/IV!'Z4`;=G="[A,@C>,!BN'QV^A-6*:BJB M!$4*JC``&`!535Y?)L&8R>4A95=\XVJ6`;GMQGF@!ES/<#4HEMBCI'$S3(S8 MZD;2#Z\-5/3[V?6II93MATZ%BH*,29R.IW1I]K;I#?ZB^? ME&&AA]\8/(!)'^]3IK@Z@EGX;T[]TH3%XR'[BJ<,N?<_S'J:`.AL=1?4YFDM M`!91G;YQ',I'7;[#U_+UK2J.W@CMH$@A0)'&H55'85)0`4444`%-=E1"[L%5 M1DDG``IU*UB$4*[5'/7))]2>YJ6@`I*1V5$+NP55&22<`"LF(R:Y^ M\?=%IN?D4'#7'N?1/;OWXXH`GGU6-8I9+91*D0)DE)Q&N.OS=S[#/X5QZ2W] MV%UCSFM[C4)Q;0L,!8HQU//T]1WK4\57#7=U:^';'"F8@R[1PB]A^7/X"NFA MM(8+6.V2-?*C4*JD9X%`'*:B;B6%=+LKRYD-Y(%C:1]Q*`?.Y/7:>P[\XXJM MIM\VGPW[074K65N!"@8@XQU('0,Q.!^)/3GN/+3S/,V+OQC=CG'IFFFW@*[3 M#'C=NQM'WO7ZT`WKAHHS<708C"J?NIZLV2*O7NJ6%U9OPLY)Q/):0-,.DC1@M M^>*`..TM[RQANO$FHQ;RZ;(1+)AP.`.,.A/>H+".]TP6RO/':2ZF6FG MG8?,D8YP,\`G)_,5WLL,4R[98TD4'.&4$4YD1RI9%8J6GF>9L7?C&['./K0!R,.LR7%E/J\D\SS1 MDO#9PR86-`2/W@]\'K^%.DO+^WLFO8K\SW$<)EN?XX5R!M0`$`'G.>O'/:NI M91$I$-N&WGD#`!^M5"+]$\NWL+)8_P"ZTY'Z!,4`<]=ZE=:9I8F6]EN]0F78 MX#`QH[8(`']X#H!]3VJ#3;&YAL(Y8[B>`6LK37K&3:S,.2FT=?JQ]^E='LU8 M;0MEI@1/NKYS\?3Y*RM1?4].O_[9>QB$(39=)#,7\Q>QP5'(]?2@#>TK44U. MV:9(WCVN496QD$8]/K5VLNPU6T>*)1"]HL@S'O0!&SZ,,KSZ9S6I0!F:BG]H M7D>G9_EHH`Q8-&FL&EBLIHWL9^!UJ %6B@#_]D_ ` end GRAPHIC 12 disciplinedvaluemidx1x1.jpg GRAPHIC begin 644 disciplinedvaluemidx1x1.jpg M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP. M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=? M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@# M5P)!`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D* M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H MJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(! M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P M%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P# M`0`"$0,1`#\`K4444'&%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%/\`+?RO,VG9NV[NV?2F@%C@`D^@H`2BBB@`HHIZ1.Z. MZC*H`6]ATH`914T%O)<%M@PJC+.>%4>YIBQL[$("^.>!V]:!C****!!1110` M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1 M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%% M%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444H.#D4`78VEM;41KS+ M.RMY94-\H!QD'US^E37\S6L7V0",3,,S&-`,?[.1^M6M&LY$A?4&4/,?EMU< M@;F/\7/^>M4WTB]:XVML9W?:S;P=K'U_.@TL[#-+T_[:[O(=EO$-TC=/P'O4 M=_+!)(JV\:JB#&5'WO\`'\?_`*U:FJV,T%E%:VH#0HX#D$;GD/M6>^CWB9RB MX$?F9#C!'MZT"::T*<<;2R+&@RS'`'J:U[.UV1^7;72_:+AMJG8=I4=?7(SZ MC'!JCIJ?Z2)F.V&+F1SV'^/H*VD`TZUGU!PF<>5:A3D!>Q_'K^?K0$5U*]\L MEU=1:1:'*Q?ZQ@H4%NY('852U*:*$?8;/_5(?WC]Y6]_85M.DMOIZ-;Q.^H7 M<:JQ[J`!DGT_QK"?2[E(O,&QUW[!L;.6]!0.291HK2?0[Y-VY$^5-_WQTJ!- M/G>W$YV)&V=N]@N['I019E2BKQTF\$6\Q?-MW>7GY\9QG;UI)=*NXE4NBAV( M`C#`OSTXH"S&Z=8R7]P(T.U!R[GHHJ74GM446]JB$(_\O3WU9=-F M@TX6%LT?G.OFSDN`2!V'M7-4%-/]*U=.0:/I$E_*,3S#$0/IV_Q_"@ MN*U'W^KQVVKQIAGBMD*9ZG<1UYZD=/SJC:ZI!;;V5)&D4$QLP!RYZLW/Z?6L MEF+,68DDG))[TE`.;N;:ZO;"WMX62;Y]B+JT=E'Q MY2`'_<^F?6L.B@?.S9_MB.07CRK*9)R``I&`@_ASV]\47&K6LL]M.L#EH@H\M ML;%QUP.]8U/CD:,Y4*?]Y0W\Z!!COUK-&H7:XV3LF/[O'\J<-5OP?^/N;_OJ@?,: M;W1UA\I`N"-H7//H*GM=(P3/&3DJ<9]:C MH,PHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**** M`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH` M****`"BBB@`HHHH`****`"IXX(W0,UW#&3_"P?(_)2*@HH&6OLT/_/\`6_\` MWS)_\35B.+R=/N6MY4G=RL;&,-E5.2>H'4@5FTY)'C;=&[(WJIP:`N:>GZ?' M$RW.IL(8!R$?[TGX=<4[5+A=1N-[7MNL:\(F).!_WS64S,YRS%CZDTZ"&2XE M$<2[G/09`S0.^ED3?9H?^?ZW_P"^9/\`XFC[-#_S_6__`'S)_P#$U"L,C0O* M%_=H0&.>YZ4[[++YB1X7=(-R_..1^=`OD2?9H?\`G^M_^^9/_B:/LT/_`#_6 M_P#WS)_\33(K269"Z>7@=_)]Z:8)!&\A"[4;8Q#`\\_X&@/D2_9H?\` MG^M_^^9/_B:/LT/_`#_6_P#WS)_\34+Q/&X1A\Q`(`(/7D=*=]FE^U?9MH\W M=LVY`Y^M`?(D^S0_\_UO_P!\R?\`Q-'V:'_G^M_^^9/_`(FJQ&"1Z5+%;22Q MF1=FU2%)9U7DYQU/L:`)/LT/_/\`6_\`WS)_\31]FA_Y_K?_`+YD_P#B:B,$ M@C>3"[$8(Q##KS_@:#DD9QCMCI5&B@=RQ:NB). M'8+OCVC@]<@_TI8&C-K+`[B,LZNK$$C@,,V>O`'XUGT4!N%(Q4]MG7CW[52HHH!L****!!1110`4444 M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110` M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1 M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%% M%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444 M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110` M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1 M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%% M%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444 M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110` M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1 M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%% M%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444 M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110` M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1 M110`4HQD9)`[X%)10!:OK5+5XU61GWH'Y7;@'\3588R,\COBMJ6,/=QL0&:. MR#J#W(7C_&JD,SW&GW:W#EQ&%9&8Y*MG&!]:"K$-_!';S(L6[:T:O\QR1D9J MK6XUU-'J5C$CE49(@P'&X$#KZU$DTD%E?B)MH2=0G?;RW3TH':YD5:L[5+E9 MBTK(8HS)@)G('XBIM0=I;.RED8M(R,&8]3AN,TND$+]L)4,!;-P>AZ>E'<26 MJ1!86J7ER(6D,98'!"YZ#/J*K-C<=I)'8D8K4T>:-M2C"VT2$AOF4MD?*?4U M'9O)%;*RN8%,F/,3.]S_`'1[#^M'4+:&=16[+*\,^K[#@+@@$9`.X#[';QM9L M55Y9,NIY.#@#/TYI;21;F"_DN&$88(6*K_M>E&X[6=C*HJ_JK3+*D+.6@508 M>QFJ]%`798AO)X( MVC1AY;')5D##/T(-`O;@"0;U(EQORBG..G457HH"[)FN96MU@9@8U.5!`R/H M>M0T44""BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@#2T&..34")(TD41L=KKD9Q2+J:,<3V%HR'J$CV'\"*?X M>_Y"#?\`7)_Y5F4%7M'^O(NZA:);R0RVY+03C='NZCU!I+J&ZGU)XFMU6O!*&,6Q7JH('(H_X([+\C,N+"YM MDWS1@+G&0P;G\#2P:?=7$?F11$ITW,0H/XFI9M."*DT,RSVSN%WJ,%3Z$=J? MKSM_:+PCB.$!$7L!B@5B.."ZMUNHS;H<(/,+8)0>HYJ**PNID1XXBROG:01V MZ_2K6E_\>6H_]<1_.GSRNGARV13A7D;=[X[4#23*-S97%J%::(JK=&!!!_$5 MB(R>0<`9(R-P'TZUL*Q3Q1=,.HC)_\`'163I0L2S2#)SUSUI+6P-);E2*-YI!'&A=VX``R34]QI]U;1^9+$0F<$@@@'WQ MTK3LX0IU5XY$A=&V*[G`4%CGI4=A%#:^>)KZV>*6,J55B6VTG44F0H2(R/0C/8TR])BT2QC3A9"[OCN'[Z)B2B%"OMD\_RH?4$DFC*!P#_C1T$NPW28H]TUS,BO%!&6VL,@L>`*CBTV\G02)#\K&'H]PWFO_NCA?\`&FG3S&J->7<6::Z>-0V_=&A+?WN#S56T_U M>K?[A_\`0J/^"5;H9MO;RW,HBA7FN_,;6RJX]5/!JM;68MM5F,HS%:9D/N/X?SXHZC:O:Q9O[:" M#1-BQ)YT4BJ\FT9)(R1G\:R[OSO(MO-A1%V?(R]7&>IJZ9&E\/W$CG+/=9/Y M5(T:ROHR/]UE`/\`WU1U_KL-[:=OU*"Z7>M&)!`V",@$@$CV'6I]:&/L0/\` MS[)_6H-3FD?5)W+$,LA`]L'BK6OR-+-:R/\`>:W4GZ\TMT*R5T9]I;O=W,<$ M?WG./I[U=FNK6S'R!JB`]65E7ZXK.92K%6&"#@@ MTQ+17)KJZ%SM_P!'AB*YR8EVY_"I(M,O)8U=(?E897+`9^@)YJI5]M/\K:;R M\B@?`(0[F8#MD`<4!N54M9I+D6ZQGSB<;#P<_C4R:7>R)N6`D'D#(!/T&'R!=7!9=P%N^1GKTH!*TDBO+J+ M2QLGV6T7<,96$`CZ&J\UO+`(S*NT2*'7D'(J>:YLWB98]/6-ST<2L5;=9RN(G8J&R.2*G72[UF($.,`')8`<\CG.*GG_Y%^U_ MZ[-3M?D9KF&,GY4A7`^HH"RL9\\$MM*8YD*..QJ>/3+V2(2+`=K#*Y(!/T!Y M-79E$\.C^9SORC$^@;%5=9E=]6G))&Q]J^P'2@++*S>ULEDQ*09)),9..@P.U-N+N.6TLHE#;H-V[(X.3 MGBJ5%`KFM_:V3RY$*@8&>5QZU0LIEM[R&9P2J.&('6H**%H#=S0BU M!8[NY9HS);W!.]"<'!.1^(J.7^SA&WD_:BY'RA]H`_+K5.B@=R_!=P/9BTO$ MD*(VZ-X\;ESU&#U%2F_M(],GLX(I1YFTAVQECGG/I6710"DT%6M.NEM+L22* M6B8%74=U-5:*!%K4+H75X98P5C4!8U/91TJS=7=C>2_:)X[@3$#G-5[6^2"ZG9T+PSAE=1QP2VUS&TD$A#?*<,I]15*B@.9EJ? M["(B+?[0TF>LFT`#Z"JM%%`F7=0NX[I;81AAY4(C;<.X]*FN=36;34@",)B` MLK_W@O2LRB@+LNK=QC2'M"&\QI0X..,8HN;U9(K(1;E>W3!)]9=PRQS'[SP$8;W(-9M%`D[%F=[5'C-F)LJ)>^(;6:-2HP%(([@']*KRSZ<]T\T MT,XDW$M&A&QC]>HS5&TN'M+E)XPI9#D!NE1LQ9RQZDYH'S:$MY73SR8!8 M]!V'85-IEW'9RS-(&(>)D&T=S5*B@5W>X5H_:[6XM88KQ9@\(VJ\6#E?0@UG M44`G8T;V^@GL(;:&)HQ$Y(SSD>Y]:BU*Z2[N%DC#`"-5^;U`JG10%V7;B\62 MSLXHPP>W#9)Z9)R,5--=6%W()[F.=9B!O6/&USZ\]*S**`N7]5OH[XP&.,Q^ M7'M*]A]*H444`W<****!!1110`4444`%%-$B'H?TIK7$2G#/@_0TKHKE?8DH MJ(7,)Z/^AH-S"&VE^?H:+AROL2T5&T\2C);]*=/+%!($>0;BBOP#T90P[>A% M%PY7V'45&;B(#);@^QIIO(!_RT_0T[AROL345`+R`G_6?H:?]HBQG?\`H:+A MROL245']HB_O?H:1KJ%3@O\`H:5T'*^Q+14(NH3T?]#3O/C_`+WZ&BZ#E?8D MHIL4J33)#&=TCG"C'6M/^P]1_P"?;_Q]?\:=PY9=C.HJ^='OPVTP<_[Z_P"- M-DTJ]C&7AP/]]?\`&E=!R2[%*BD9U63RV.']#5E;.=HED5`489!#`Y_6BZ#D MEV*]%-:15+!B1MZ\&I$1I!E!D8SUHN@Y)=AM%.9'4X*G-1>:F<G_CIIAROL3T5!]L MM_\`GI^AH^V0?\]/T-`G_CIH^V6_\`ST_0T!ROL3T5!]MMQ_RT_P#'32B\@/23]#0'*^Q-14'VRW_Y MZ?H:/MMO_P`]/_'30'*^Q/14/VN`#[_Z&D^V6_\`ST_\=-`6YZ2?H:/MD'_/3]#0'*^Q/14'VRW_ M`.>GZ&G"ZA/1_P!#0'*^Q+14/VR#./,_0THN8CT;]#0'*^Q+141N81U?]#1] MJA_O_H:+AROL2T5";R`'[_Z&E^TPXSOX^AH#E?8EHJ+[3#_?_0T4KAROL(I4 MKQ5>2W,F2II\A$9P.E-20L3VK%'40O;-''DG%0/]:T/-4_ZP9Q5"9MSD@8%5 M&X#X6R,'D5H:BB_:T)_YX0_^BEJA`,*>*NZK(HN4&.?L\/\`Z*6F!790W.>* M%@1U+$X`J6)`Z`K4RVZD`=ZANP%**VWMD=!4\<"AF5CP:>Q$>X#(JNQ8_,#@ MT7;$27<"I&%#8]ZJ&%@-V63CCU_.M MB]F\N'G`-,M[UHFVRKE.Q]*1'V/LFC88_B5L5H)IL4L0F#M! M^XXYR<@=:DM"8P&<@A1S[G-5K6Y*H=S[`>N1U]J>LT*W!R<*Q^7&<]:I$LJ7 MUZ6N64+M`/2JDXPH93G/6M#5(XPWF*K!F^\&ZUGRQ%8MX%1D+MA MATIN6F8*M:%M;,JA6/'I3D[("S$[+&GS=*K3NDB,2>:CO;@QOLCXJB)#R341 MA?4!&)/!/%-(%*QR:O:+IIU.]$.[:H&6-;`48XGD.(T9C["I)[::W"^;&4W= M,UZ-I>D6NFQ;%'/<+R:><"K.I6+:=>-`S9QR#5 M0T@&]Z7K2=*>`P&_:=OK3`813@N5H`W$FCD&@!AI0Q'%/"`QLV>1474T`.!H M-*HI"*`'!@1S2%@.E)C-.6)FZ"@!`V*0G)I[Q[5%,H`.HQ3.E3!"1S4;#G%- M`"TT]:DCZXIKC#4`*E.SS2H/EI,$\T@'%>,B@'`Q3HR.AHDQ_#4@1`9:K,;! M,"H(AEZF<`4V`V9PS#%(/O4T]:4#)H`1A\U3#'E5#U;%2LN%6GT`9DT4M%2( MO0A'0;^M-FAX)7I4UOM5`,PDXS M3'IJQJG_'Y'_U[P?\`HI*: MV`$E1&PA^44IED\S*57CB,GW:MQ)Y(^<`YJ'9`#+)(F]L<53EF+2=,"KT9YJ-U##BD0YX]:G\OIBGL`U(I70*,8]Z<+*7'!7 M\\5./E7@]:2.5T/WB#V-3=@>A:3"T.EVT;R>8RI][.N>:SY6]2^9+0VVMG9&)F4YZ1DDC_Z MU5OLLT0ZJBC^$C(_6J*RSE2/-DP/]HU/:!Y9`"2?%@>#W-0/;'!#\BL96YB1 M(%CP"`!FIF(1B1S52(%9#C)%7X;"\F!D"?*.>:.5L#/DC^T2;=N#GK3WTA]A M(E3Z9JU(^!G:%(X-5?M0=N.U:+5`=9?^*%N5V6J/GN34NGZWY!43MP?6N4ABFQN2I+QV MPBMP<5+UD!L^)+^SO@ODJ?-!ZX[5@!#W%,WMW-*LA!YYJM0'9!XQ6B"!IYCV MX7X;9Y<9_B:EUO0'TN$2F8.I(& M.];LGB.(*$MUQCVQ7.:UJ4U_-MO-1PCYR:E<#.:I@1L.:DG&"M4]@(MI M]**-U%0(GCD+=^12&;YL8P:B&0=U/&UU)'44K#!G=N,YI,9PO>GQJ-N0MA%=1N/%21%LE0::HXW#H*F'*[HQTIL"51D;,X(JO,Q/`ZBD M,AW'GYC3=O[HN6Y]*20'?>$A(-(1G8E23M!7&!D_G53Q1;1??7(>6X_.J[LL60IQGL#U_&BX["^4L<0#-\Y[>E7-/C&[([U37 M=*PP.">M:UD`H[5#-(FC"V!BI,&HDP.:EW#'!I%"YXQ33@BF[AZTWS!THN.P MI%(`,T;ABDS2&.*\T!:0N*;YG:D`\8S3TQFH0U.5\&J3):+\!JR#5**3%3K( M36R9E)&?XE@$ENDF.<]?RK%M#&MPRR8!"G!_&M_6W/V`^H_QK`M0\DKL%RI& M`33ZD/8;>-NEX/0"F)\X*L>*KW!/VA^3@FA90,@'FL)*[$6T583\@#5KV.J! M8BK(*YTN5^;/7M5JV<,I)XIJ3B)HG,4%Q.QE?8"2:M,! MOVME1508`J69#.4=C@8ZUI'P^IAVHV9?7-9U_!+;1I$_4>E#C;82*TD2*.&R M:B/%+@T;33&(#2TA!'44Y/O4`3VQ&"&I7`0Y'0TT,%ZK37D+5%M0(9/O4^WD MV$@<9J7['QK.VNH$$@4_=I4P!@U(L88DU&/O8%4`F<&FXR:MR6%PJ*0 MF[/I3ETN\V;_`"N/KS4\\>X^5]BL/E6H1]^I7#(Q5@0142_>JT(L1\FDN1\P MIT(Y%.N1R*8!#\JFG*^#ZT@'R5'_`!U#6H%T62O)%3ZA(1>H,?\N\/_ M`**6JJR#S<],UK8C2.U)B7)QS5$LZC&>*FMVFV MD`_*:&-%7<6.^F.2>:NR>2LB`@\?>J.Z6%I!Y'>J3`ZCP=:W+H;@%8[S"$@P[U.1WS_]>IWN8@\B7"_N91SW MYJ.=7L;>S?+S'-;P-Z[L^S8JLP).``"3VK8DC02E8B#'_"VW'_UZS9T+384' M&>235D$T8`54!X`&:OP':PSQ5",X96S@=:MPOO;(K-FL32!R!4@Z5`@XJ90: MDH1LU&1S5C8308J+#N0`\4%N*E\NF.E%AD>ZD)IVRC;0`T-[T]3DT!*D1*:$ MRS$"0*L*"*AAQP*L[>*V1DREKA_XE[GMBL.S8QVTKD9/_P!:N@UA=^E38."% M_K7,Q.4M"2/F/!].E,S>Q5=9)7[CZTL-O\V<\CM3ECD==YDI4B:!O-9LBLKH MAC4'SX<=:N&`)%D'&:K22F5UVCC-7K=&GD"#I2:87T*+PL6#%LXJ:X9C;`(/ MFJ_-;+"Q'6JS@`8J)73LQ&3>0R.4)':KNF8CC()Q4Y*D8(IR1&5`$0X]<4.; MM8`74)(6.!DT&TGU*$L%!)ZD]J0V["0(1AO>IK:YFLY&13UIJ3V`T]/\,V<, M'[Y=\A'4USFKZ8]C=-\G[LGY374Q7,DLL0+@4FKYO&6U`!)[UK=6N%SA9\'H M*CBX;.*[&Y\.QPVAD))8#--TG2K&6)EF4;LTN;H,Y1]\A^52?H*C56WC([UZ M3%96=I;OY4:@D?G7+SP([$[0#FB4N7<1U>ER0M:QD*,@5#JEY8V$,DDH&6^O M)KGX9)$<"-B!45]%]H(\PDFE[5=AE4W1NXYV5-H).*HR0O%'N;H>]:26FRW* MJ<9--FM7>((6R*7.D!FJX"X-0@[9U',!72U\T[1UJW;Z/D'>V?I3$5D8-FM!;D"'Y3S6%6E:ZE,$GFD\FW8 M$GBJ5;34ET^S,K:**T/LUOZ_K13]K$7LV5XFCDC(7D5EWEK(CEF&%[5/:O(J ME%'O5BI!J80B1'8=%[557&36JU`>BYJ_J.3=HH/_ M`"[P_P#HI:I*.NT\U;U"79?IN'_+O!_Z*6@"JZ,.IR:='&YY!!H:1#)G!IZ8 MW$KG!J0&$<'/WJ174`Y!-)AMY`SS2-\A`/6F`]PVT$KP>E+%<-$,8RO>F2RL MP7T%20O&$^<9)I6T`9<_OI\H1R*?#$4/S8&>]`B7EQZ\4,&<`T7Z`=/H<7VB MSE56&$?D^F?_`-5(YCDA5@4L^,<5K6\.`*S[*,FX(["MQ(^*);A'85!BK"#CI4:K4GF*@Y.*2`=S MVI20.M5GNT'0U5DO@3P?QI@:#,O8U$6'K5`7@)QF@W`SUI-E)%XD>M,9@.]4 M36-Q\P0 M@_D:P+J.2%%,;\$G=CUJMS*1`)<'C)6G@O*"JYP*9"""3M!R:T1(D<0&!N-9 MMV(&1KLB`V\U/'*8W&SAJ4,%7D9FB^4=JH!BK?,*>A&2>E-R;W`L>?*QQ MO.*L6FGRSL&Q\E4\KMR#6[I;S&V`V_0TH+F=F,BO=/2!!(&48[5E/LB25]`+`*!@A/6FR<'@Y%5")"P-6(LYVMS4-`*S'M2@ M$GFE"@DFE?Y`#SS180V08'%*@R*`-^`:4J5Z4`*(L]*MZ?.]D[X_BJLK%13E M?)YH3:V&272^MRN96M8LMY7\+4PE>U($!')I)"(O>J2)8O!J%LEL*"13C<*?E`IR MW,<2'(R:'=#C9O4:$?\`AS2M*4^5E-,348Q(3CBCS5DDW]J5GU1;:6S+=M#& MZ;BV">QI)K=U.Y0"/:FM=Q%=J`@CI5BUN@R$2$#%9/G6I7NO0J?-_"16E_?MQ5+/S?)TJ1ADC-=[1B6-154<-;N"&'. M*S^%!R.34VY%;`R13_)-P-J8!]336@#(DXZ')J]J<&;A&_Z80_\`HI:II+)! M)Y3`-CTK7NW#SH"/^6$)_P#(:TG<#(C@)+$KD#O4L97IW%332@,RC(`JHP^4 MOG%&X$QA!.6?'TJO,H0]*E1A MA5[T,!\1"`J>F:;\QSCH.]*(]Q)8T8^4\_E2$-MKN2"Y2X7K&>GK[5T$:&8+ M]:NC:@EH7@G),+]".=I]:4HIFU&JZ;--0DA`)&Y>2.]9FL1 MF*7S`,[L8]JTQ"5F\Y&5E<<$'C&:HZA^\!W]$.?RJ(:,Z*CYEQKDIRWF.VWJQJGL8S$1= MJ9[THRS`=^M-,F5&5./:K,=J!&9`_)'%9[D#U^<9)_"F".3=E5.!4:PR1J'+ MU/\`V@#!Y6W#^N*BSZ`,WL3AN`*&;@FH!*[-@KGFII-HC&W.?>G:PB!)&:7: M>F:=*6!9?;BFR1;563/)[59O4VQH^TC*U5K@9Z!RPJSO95Z5';-EN15DH-O7 M%)@)$P)PW>I!\K'%-6(D@CG-+)#)$064BI`D!W8S2%225S2%T(Z\BHC64E51B<]-IK=MM#CA.^:0].0I_K5QKFUM$V@`X&.!S5\CEN4D< M^FF78;'V8GW(/]*T;31D"JTP(?V&/YU%<^("CXC0#GO_`/KJ.;Q)&9E53A.Y M`JE32W'8UX]+M(NJ+_P*B_M();?`C3('&0!69/K\5Q"3"S#C(XP16 M2/4?_KK0CO+2[BR%S]5J/9Q"QSKQ2(/F0BH@&')!`K;E1<;L;D`[]JADN+62 M'9T]/EJ73["L90(!R:<7%+*FUCM^9:J-)\V#D5DT*P2N%;BD5RW:I[>*.1B7 M/`%.^1%8*N?>BXAK+\@P>:C<<<\TT2$G`J2083)H`JL%4[J;M$F0#4<^"00: M86*K5V`8RC.`:GA&%JN)`>W-3QO@^U4P)0-O)IQ8;>M1NV_I31C=\U18+CMW MO11A:*`,I6&W-/24'.:B<;`5%)$5QS7188N,,2*?'*ZD]J>-F.*9,,$`=#2` MBW'S/\`GW@_]%+38$,]PQE!SD=Q M3_,#+Q5==IQZU,%"J3VJ6!-!*D;\KUJ*M.` M,>UNIIZ0%Y@3]VK-U#A!L&12;6P%O3-151Y$W^K8_*?[IJW<6NX,IZ..#FN; M+\8'6NSL\W&E63R`@E`G/K4.%M4;TYZ'S4DZAL5KJU0%-CD8Z$U*3 MA>*92!P#U-591D8S@>M3!7D.!TJ9;95Y/)I;E&1)`QY1CCU-5FAF)ZUT,D0Q M59HP.U%AW,9;1F.3GZU+Y`4<5H^7@9SQ30(CP2*`*UI"1+D]ZT#]^FI&`V5Z M4_;S30FQMS"&*-VQ59[=#_#6F0#`">PK.ENXXWVFJ9*&K;*ISBKMO&O0"JXG M5AQ5B!P*%8IDQC$,99>ETD M@4R;<5`Z4YI&5>!G-0,SMQZ4U(J`/E:N?MV#7:L_ M\.*[.)!)8@I_=XK6*&CE+BS:SFVMT/0U&X^4@G!K9GM3+,6<_*@P*Q9R/,;G M@5FUJ(?%.L)C;T/2KIEEU&;9$F6QP*RXE#D9K5TFYCL;G>PR",9]*/)@17&D M74*EY(QM[X-%AIJW4P17VJ16W>:Q&\+(HSN%8`EQ+Y<1R['Y0#C=[4[*^@TK MFU9:)%#-D2&0=\BMM7M[92BD9'89-9FG:3*J%]08,/X85)VJ/J#S4]Q+%;1; M8@`.P45?PEI="#4=2NA$WE1'TKF;RXNG):6-F_X#_45)#G\J02-C!SFGRCN7EG<'Y&PW85*FH*6"W,73JPK.27! M^8\9[U)+RNY?Q'I[TG%/<#91(W56B;*$=?6NCL=/A-D,K\S+U_"N%M;HVS[U MY0GYEKL-*UJ&6!5)P!QSVJ%!)ZD/0P[^PDM;XHQPC'(-6?L<>T98D8YYJWXA MNH9O+$;`L#DX_&LR.[6"/:_?FN:M&5_=94+7U([VS54S".:R9DD3[W`KH5O+ M9EY85F:DR38Q70S,5-ZM@]*YS2':1D=:08/6@`9XK<"19`>U& M[E3ZF`+U,]K>#_`-%) M0!39<&G;B4P:4LKOR,4.@'(ZTA$1R#@5(JGC/6F*"3TISY5L@TQEIYE\K9WI M8EC9.>OK513DY-7+=D\E@_!J6K`0.@CF(4Y%2*BDYSS3)#@9I%AQ528;6Q6Q"0( M,>C$?J:R+D[IB12:-HO41"%IS3@"H"^WC-5)92.]3>QHE9G.`>/6EJR[)%B:Z9\[3Q5O3X5EB+GJ?6LY`.E6[:Z$`VDX%-"9J* M5C�Q&0:CAE24#)%+/*BMM!JB+%I"'B91Z5DZO:GR5D&`0:T+2X16;<1@`U M0O+H7#E%^X#Q5[H6S,J*=HS@FM*TN"_&:RIXR&)J?3)`9@6/`Y-1:Q=[HUKJ MX"0S<_=0Y^I'%8D,K*-PR#6OI]BVJQS`R;-Q4DGG\*GNO"UQY?[FXC.WL010 M]3FFKLQA.2A+YR:(P&!9N@IE[:SVK^5(I#+^M10-G(;C-*QFR1Y`V014(C91 MG\JED(0>IIL3LRMN'`I("4$D?-3=QP2!TJ!9'QGM3GE?KC&:+`;&BVUM<)() M4;MPQNH7,G=,::M8GGU M0/;M&H.3WK'`9F-3!@OWJ8".3THN(:F]'!'05;B=6^4Y!J`2!35R\1,9VG^^Y"C]:P;^Z>1AY]X<>B+U_E6099[E\LQ]O:K,.GR/ MRP%;$.D\1R.E2JQ4':N6/5FK2F@V@@@X MK)F1D8X/%4GW`H!43`YS3T650&VG![TP'[_*.&J-YCGGH:?(I#_`-%)2L!48C?]*>#N/-1<`\T[.!Q0!*!M/'-#`'#4Q"3F MI$7/!-2!&H8/R.*E?'3%$Q9"*?#^\4\<^E#[@02L=N*;$V!]:DE`PP)P:B08 MIK8"RAC`^?\`"D#QQS+Q@5!YB_Q9Q1(V_&.E%@+SQ?:90V"%]JZK3;*WET@6 MZ,`^/7G-8.D/$D3AV+8'I4,>H2P:H9(=VP'[O8BLW=Z(=SMX`T5ML?DHJC/J M>AK*F8&0XJ[9:C]MLS.(RBIP> M82DA"N!_%QFKCV\JE254ANX-&P*S*\<[0ME6('I3Y+G<+AMA4$Y;TI4.T9?BFRPO!"9&PH`R!U)]*JQP3S'?,WRC^&J1 M+U%EG,CDKT[5+;H8XF/<_+4:1_/P.E68\;QG[H_4TMQ[#YI;W34CDC8K#QT/ M4]>:Z8ZK)!H:W4Z_/(N5'U'%8OVZ%8_WX#(.JD9S576=:74"B0!DB48VD8_E M5I'//1EBYE-_;K([9*=?7%4'2!S\O&.]/TVX1&VOR&[JPDB7S(QF-C]X4 MIKJ9HI;`KY/(JQ&$8D=`:@4@`AJE5EV9QBLP(Y%CB&T'-13'[O%2O&I<8.],V$ MY.<4D```=35*XEZ[3U_2KLNR*V.3EL5DNVYLUI!7U*0%JLV5J]S*%`.*;8V4 MU[,$B7/K7:Z3H?V9`7`SCUIR?1%Q75E.ST@*HW"M..Q50.!6F(5`X%(5`J.4 MTYBH(%7H*7RQZ58-,*T6"Y#Y8]*:T0J<\4QC0!0N+=2.E<_J%OL^E=3(,UFW MD`D0C%*]BK7.2?AJC;BK%W&4D(JOFMD[F$E9@N&!'2E49R#3>C<4[.&!IDDT M+`J5/:@_>SZ=:8#LESV-3'AAG�,CQB8KG[PX/O3L[TP1RO-,D!/(ZKS3@V MUMW\)H`GB_>18/W@I^E4YB,_+TK-$A$I=AGIFMA[J$Q+$J9..PK%C M+`YK3T]4*F21AD=*SJI;LT@WL/CL58%I5Y-5=0M4CQY?.>U:4EXD8VD@U0N2 M2ZRQ_,?2LX2E>[+E%6T,W[+-_P`\VHK2^W3?\\:*VYY]B.6)A@C%&::1M-"Y M)KH,QM*@^;%``0,<5H:DP%T@(_Y=X/\`T4E4N!FK6JY^UQG_`*=X M/_124@*Y0L>*:`0=I%.#;>:$D!8Y'6@"2")F;/:GLG#8/-2+\B@]JAR/,RYX MJ-P%\MV`9NU*)51N.E(TVYMH.!3&C^7(I^H#)&WOD5(B`+[U$IP?I3W?Y05I MV`9,`"*8IY`/2G'YA2!2V``2?:F!JPW*Q*D<"CG[Q-7K%)&OTB2($N1GV'K4 M>D^%[N]V2RMY$77)^]^5=I9V%OIT.47D+RQZFHY;CL5+RYM[)K73P,>;D''; MO_.L1F+Y4\,.E9&NWS2:O-,C?=?Y?;%;,Q$B1W*#"RJ&`_"E,UI]BH_(IF25 MQWJ67!7<.#W%1*.0:@U3(]H5\D5*4!'2AU[XJ1!\@H*N5+BPCE7H*JS->QA$ M$I*QG*@@?SK5)VG/:F.5?J`:M2$XW*\&KW",1/;>:3W0XJ5]2F$9"VZH>?X] MQ_E01&1]RF!E3^$55R>0AM+>:YG$MRQ8C'7T%:$RJ.%'2H(IR&XZU/\`>0L: M&P:L4B-JY/4U')*%X'84EW,`Y4'[O6LV68MD>IYH2)E*Q)-<&1L*?EI$-0K4 MBMBM$<[=R[`P#5MZ=?\`E8&0RG@J>]]9RAV&GW M.4B*EP#43,1)D=*T;O39[16E=#68O*DDUF-H<[9&0>:1!@@GDU$B_/ MDGBK:D;>1^-#T$,*DYI=QQC%/4@-BD8X8@4AE.]8A`OK4-C:->3J@.U<_,WI M3KY]TV!T'%=GH&EQ0Z=&\R#>XW8],UJG9%Q19T>ULK.)8XV!;'7FM8G'TKGK M^Q50SP$JPY`%,TK5Y#+]GN!AAW-*Z+:9T1/'%,S40EH\RE<+#S333#)1NSWI M7'81A4;U(+!&:YBZC M*,:T@^A-1=2(\CWI?O)[TT4L9P2*U,!S',:FI@*!DG M=?>F*N`RGT_E3R/D!'8T2?+(&!ZT`"?-&1W7BID8LH8=>_\`G\J@B.V3![U+ M&`'=??-)C+$J>8H;--$:;2,\TL;;HG]N:L6<*29+E:'D1Q`D#.>E4)T*DEABHC-28I1:(P`[C<>*UX841`R_-Q6&`>:NQ7YCAV M@\TDH^;`ZBEIEP9U`/&*DM[.6XF6&!"[L>@%("K(1GC@U9L=-O+]MMK"S^IQP M/QKK]&\*P6\8FOT$TQ.0O51^'>NCCC2(8C147T`Q5:C.*MO!=V[`SSQQKWVC M<1_*NBTKP_9:8`0/.F'_`"T8A]Z&P.;N'WR,Q[FNGL7$N M@6G.3%N5OSXKE9.]=)H!W:7H*D5$]C2GN2`%LBHP-CX;\Z>6*-[43$$9K M(V:''YEXH`PM0Q3A3M)XJ9F!Z4Q$;#CFJS[N<58+9R#3&`/:@M,I,7)ZT"-S MWJSY:YHX%,!;:/!Z\U:D81P.S'@#I596(Y!Q5/4[OY!"IY/+52,Y.Q0EER3] M<_C4(ZTA.33A6B1A)W'"E%-%+3)'AJ>'J'-&:`+2RXZ5:BNC&NQ#@GD_2LY3 MW/04Y7)))[TQ-'7Z7JR[/)N`'B;@J:FN_#5K=[IK.;RRW.SJ/_K5RL,VTCVK M9T_5Y(&&7.ST%)Q3!.Q5N-$N[+)FA8I_>7D579]JA,<5VEKJ<5P`K@,,=^:K M:EH-M?`R6Y$"%X)+`#Z9-<=H6G3W"RW:`@ M1+A/=CZ5/9:49KMEOY2@'.W=@FK>K-%HCH+B[*\F/(_VERHES*L]NW[Q3 MR,5EZBD=E=NME,R!#@Y;)-.L+UI+@'&)#PP'?WJ7&Q<9)Z'8VRLT(+<&DD.T MU9@3%HN1@G_&JMSQFI>B!.[*MQ>QP#+&J3Z_"G1'8U#>@.>352.W`;<%'XU* M9?*7U\1+W@8#ZU.GB"U;A@Z_A5:*'.,@?E5E+:%QB2-2/H*?,+E+,=];S?L?4 MDRAI1=F-JZ,#I3APU#C#&D4_,*Z3F)_X,&HX_E?!IQR8_I3<]#0(L)\Z.O\` M$.12.`\(8=CS21G#YSUXJ10,LG3=^E!1`200Q[&IB#_T4E52K(Q!QBM&_P`+XNKE(+="SLB:1I46FVR\*9F`WOW)J+0=%CTJ#<^&N''S-UQ["M(OEOI56'L/S]:,\\4@Z M?6DR13N(5SP<5SGB#55#&RC;#`?,1Z^E;&IWT6GVK32'IPH]37"K-]LU+S9A MQ*XR/3)I,#LK+-OH0?G+1E\M]*X*\['ITK?U+Q3Y%T]@MNK6\8\IB3 MR<<5D7EJSQBXMU+Q-R2!TI%&5)72^&DS$P/W6-.*Z726\FT`!P2*4]C2F M23H02,H=A[4C*0*86L/,F![TAD.,FJKR%>_-5I97;OQ5)7)4KBBE'%(*6F0+FC-)10`4HY-(*<2$&/XC^E` M"D\[1VZTHIJBGB@!ZMS4Z/@CDU`"!TIZYIB-*VO7C(V-@_6N@TW5F)`=ASWK MD4%6X9"I'44".]_^<&KFB:`AOENE(6;:,,(U M`ZDU9GB8(0!CWJE'9.9@\W[Y1V!_I22*;)8KF)?^7[!_VB,5=CNL#.^.51U, M1R1]15+4VM38^7;VX$F0#^[P16'$\MO)OB+*15\J,N=G:13JP#!@5/H:CO($ MN(\CAAT(K$M;_P"?<%P?XT_J*V8YPR\<@UF]#1:D*2,T($GWAU]ZJ7@W*:OR MIW%5+A?E-(HYN==KFH1UJY=H=YJF:Z(O0YI*S)UY!'K48X.*6-J1QAJH@D0Y M]JM9Z/\`G[U36K$+`\=Z3*0LH*,&SD&F,-OTSFK!0&,K^(J%E(7!Y(_E1<+" MQ-R/RJ5^8@?0XJM$V&JQG1#S_VR6FMAF>>6SVIYD(&T#\:&B&+_5HU<9CC^9OZ"O0KB4119IC&S2\_+1'N.<]ZJQ-O7=ZGUJ MVG`^E*X#\=*C\S=(%!%0W%TJ(3Z"L9=3_P!.A5&!!)SSS3N(S?%>H_:[I;=` M/+B.2"#CGVJWJFFRV]\X#"3<YU(8#4RK MFJR9/-6H:0Q=F!UJK,P!-6YN*SICU/84T2V597QS5=BU+*Y8\U'70E8Y92N/ M##O2X_*HZ56Q]*9`^DI?Y48H`*,4N*4#C)Z4`!(1:4&@"=6YJ56YZU5#&G[J8C3L9':ZCCC."QQTKN5;8,"N M'\.C?JZ9[*Q_2NNDG"FLY.S-81NBP9`HYJM+?(I"CJ369>WV%/-4+:9IKM&Z MJK#^=9.?8V5/JSJS(`@^G-5Y9!UJC-=M'(0>F*@:]W'FFY@H$TD@+\495Q@U M&NU^U1&U0=!BBS'=,YH:6=VY>"*NVT+J,'I6HT.*;M`I/S'B[I2#P*O*J_9BJBJZ6 MS,Y;/!Z5;@C(!4@]*R<^785[,I1Q$';BHYT()"<@5:N%*\YP:I[RJGG)S3CJ M[DD/S>E%+O-%::`231MP0W4<5'&W&&SGM5A''F&/K@<&H0A$YST%0F2/4^6W MS4LSL$#)C!HEP5YZU7D)3"@\&A*X"R.2@)ZU?OYF%W&I&5%O!G_OTM9[?*H! MZU=U"51=H&'6W@Y_[9)56T`KN^'\Q%^4U"[,[;C093DJ/NYJYI=H=0OX;=0< M.W)`Z#J?Y4;#.I\'6+6EE+>2C'G`;/H,U=UVZQ:1JCX+GIQR.:DO+J*&RGCB M4;;?`VCMFL;4K@RZ79/SALDM^+4#-JWD$5G&S>@.>W2GK>(\3N&X`R36%'>; M]/(;)VG&,5)8W8>&1,L<(<^U("&]U1@70-C!Z#G-8T$Y%W&_<-39Y29)`.,G MI441(D'I56$:&N\W?FA3@@8/X5T/A)P=.=<\AOZ"N;U1_,\K.,X[=:VO"#CIZ<5SWB:.-5M@@P5C'?K6]KA`G"@XW=2.@YK+\419B MMG!SF)>:2W&5O.V-WQ64HV9TTY75A\*D\]JN0)M!+_`(4D4/`X MJ9AM`%0:D;PM(YIRKW-!.:!#02#3QANGY&F@4$4@'A:9(^[A>@H);&,FD5 M:8"J*>*`,4HH`44444`**44E**`'BG9IF:3=0!K>'Y!'JB_[2D#\JV[RZV9& M>E6H.,5BZ7)'; M0[Y,<<\UL0:S#@8VD>Q_^O4I(N3;V+-[;(Z98X8=*YZXMV9V&XXSV-;\M];3 M)\S!3]16?*L+'*.#^(HDNP1NMS-MUN+9CLD9U/9N:L2233+C;CZU9$/M2F+B MHU*NBI:LUK<*6/!ZUOP3*Z@UAS197@\U;LI_D`)Y'%4G8EJYK[Q3&:H!+Q2& M2GS$V'N:K.V*D9^*KRL,4FRD,DD&*J24]VS43&I*,Z_'R$5AN.:W[T94UC/' MDFMJ;,:BN5Z53BIA;D_C08".G-:QQ5FWD#KBHY%VMD=>]26:-N MI:#@M1)&YG"D]ZQG'J9R([B$%OF/!K.$!69B0 M=M;UU&%(&.U5GB#0D9`-4GT2!:[&3MCHJQ]@?U'YT55F5ROL4HCY:%RE/$&]@V:L&!77`&#ZTT0/&<9S56` MCDMF;GK3]8B9;M"1Q]G@_P#12U+%,RM@BM#48TFE7CGR8O\`T6M"N!S72NB\ M(J(KBXOV_P!7;I@GW;BJ)TWS0=F`16A%$VF^%YQ)C?=R?+CT4XI,!]G/Z5H(MZEMD MU"-04+11_O2G3/I4-BV1Z4RW58U<^HJ&%C&2`?Q%3+4TINS-Z/.T<]JDCYZX M)]ZIVEQN7!)Z=^M6I)4MHC(_3'`K&QTW5KE/4[@0J44Y9A^58C')I]Q,9I6< MG.340&:VBK(Y92YF'4T]$[FE2/UIS''`ID#7/:D`HZTY10`8I*=BDH`3%.`H M`S2F@!.]+2"E-`"4M%&:8"YI:0"D8T`*336+"73;=Q_<%9U#6D[,QK^S:+3DE7.!]X>HS6QX?TN/^RTDEB4F3+#* MYX/2K-S;*^G&$J"7&!^=,LM0GM6%O62RJ7V!5'<< M&LWIN:)J1,^&!VD$>U5US8'<6C/C[5',NT=?I2L&QJK+P/> ME\RJ-O(2N#U6IF>D,G,F:CD.148>D+9H"Q&U,:GL:8U("O.H(YK.>W)9B*TI M3Q5:X=HX@L:[G;]*M,31GK]X'IBI&&&^M.-M+%'EP.?>HWS&,R$?0&KW(V*L MX"S''I41IQ;]*YY)MB:N)+/YC\>'%:%TF9UY_Y81?^BUK-=R2">]6M1F:.Y3;_`,\( MO_1:TF[`4IY'CG*JW4U:`>_%=!H3;Q=P MYXD@;`]Z;`Q]W-2HQR,9^M5SQ(1Z&I5/H33$2WO)4^U0Q]!4USS%&?:H8AS2 M`O-S;CUHM^&'4<]J4#,`%)'\N?TYI`=$S^=:QKC=E1QTJQI4C&5@V1Z`<^G> MLVSF\Q$C/..@'7ZU-;L\=TK,`I8]6;WX^IJ1F)XFB"ZK*>NXYZ5E0G:^.QK: M\1$M='+EL9XQP.E88&'Z5:V$2L2`14"C+X)P!5ASQGO58Y(*HN6;@4P)%GD+ M+%`<,>I%):<>:3%`"`4ZBB@!,48I<4Y1WH`3&!3#3VI@H`!41-/E..*B')I@.HHI.]`"@5VWAY]^D0+W7(_4UQ8SBNI\'S!HYXBV#67/I0#?(PJ\UMGH<5$UJV[/F'CVI9C/T%3K!SG=4JH%ZCFES&;43/N5EOI6(@( M4+A=Q&*+33?*.6.YSU]*TQC'UIZ@*,FE<1"T0C3'>H#UJQ,^:AQWJ&6A,4TF MGU$U`P-1N:5FQ5:67`-,0CDEB!4MNJCGO5)+M5=@_`/0FM"XU#3HM+14(\[C M/7TYJN5DN2*>H29`&>,UC7$H=\+T]:==W;7#8&50=!4"#)K:,;;F,YWT0H'% M--2/@#%1U9DPI:04M`#NU3VS8XJO3XCAZ3&CL-,D"63.`.O]*I7$PEOMI;D< MU-H3>;:;3TK+NWQJK*HYW8S2LFAG46@#(OK5XPATP:I6$>(U)]*LSR-'@CTI MK8AC/L'O15;^TVHJAODQ<_\`;-:5A&-L=#NVFM&Z`E\/VS#!,,CJWMGD4%T,62N13[95.EZA M$`-V%D4=^#S^AJ;C,5&*2`@]#6YHKA=4C'42`KS[BL%N#6GH\H2_M'8G`D7/ MYU4EH"W*]P-MQ(OHQ_G2H>13]2"KJ-P%.0)&Y_&HXNN*8BW*,VR$]JAB'/2I MV'^B#CHU0QCFD!<3_5?C0,@\4J#]WSFF]O7TI`6K>812+GGFK:W*H^=BGGG' M4UE@GCID=*=YPV'=NP/UI#$U:02W#$`Y]SFLPCFK5P06X_E5;\:I"`'(Q0'\ MM?E'S>M**:PYI@0L"S9/)-.5>*=MI10`E(#Y"NKE.SH<_A6"Q+&M309OLVJ0R M'IRI/U%*6Q4=ST4C.0:K30**@>,CM5QI%:H MV*^HJ&:)E3:0:<$/6I"132X`Q4C&]*8ST,]1M0-"DBFD@4TFHG>D42-(*B9Q M43/432&G80Z>7"U4R7.X]*61C(P6H;J40Q[5QDU:1+=M2O=S*"0O)JC3V^8D MF@`5NE8YI.[&A2:E&$%-W`4A)-,0,EZ4E`P/2GQ]:8:>@I`=+ MX>W?9&8=`32((Y;UOD^<'-+H$JQZ3*6(SO/\J;ITN^Y=F!`![T%&TCRK&,#@ M"E#SR\[?:K47EO!P0>*?`%1#G'6G9DF5]GF_NT5L?)ZBBBP')L'V&HUA=R<# M)'6G++N&:=;NR72DL%5N.>E2]A"K&=FTKS47E[2Q[UI7SPV4&U-OF.!]TDG% M9.6D)8.1FB,KJX-#)(7P2&X-&JP;[M/^N$/_`*+6F2LP&W?TJ74V'VA!NY\B M'_T6M#8BFTC11",#-6M(FQ?Q"0[4D!1CZ9&/YU6$J@;6'XU$6VM@$Y/3%1:X M$-Q&T8`6Y0-Q_>'#?K66"5;(X-:("[>M MNO)&]6)ZYI(?O"ENLLX?^\`:6W!)%("\1_HI`YYJO&/FJR1B`C'>H$7!H`LC M_5C(IIZ9.1^-/`PHP*C;U_2D`N?EZY'TSBHV;/6E).,9J)SV[T`,D.>*BS[T M]CSS3<"F`#Z&AA2J.XY^M&,T`,P?6CWIWX48I@--)WIQ%(:`$-(.]*1Q1B@! M":.O)I<4G-`"TQC3CTIIZT`(*4T#K2^]`"J.,TQC4G05"YR:`'PCMG%2QWLD.`?F7T-9.'8Z(S74Z?[7[T MGVG/>L:VN1=/LCSOQG!J4NR\&LVFMS96>QIFX'K3#<9/6LTRGUI/.-*P M=[TAE%9WGFD\\T6"Q?:45`\@&3FJID<]!2;'/4T6`D:3/>H7D/04[RC3UAVC M"ZF%25]!*,T4M69!10**`"C- M%%`PH%%**`"G#@9I`*<.2![T@-:Q8Q6>`>I!Q5V*XCVAHC452/".0#TYI1JCXQO\`UK(82.U+DC@4QWVKP.:?0DZ273;/[`@>0_NT. M'[=:Y627!;8V5!X-7XX+B\L%CA1G=)3QG'!&>_TK%F.3@<5$%:ZN5(L&0,AP M:?J[9NXP.OV>#_T4M4U4H!CG=6IJ("7,?RY/V>'_`-%+5I$%%8)64'M4D28. M6K0A`:,5',F.0.*!DDL9N=%D'4VS;Q_NG@_TK!;K7;>%[1+J*Z$H_=LH0_J? M\*Y&]MWM;F2&089&P:$!(WS6\+]`"'FFTO6D`YI@)2TN*3V MH`2C&3TI>^:!P*`&GK3:4T#-`"XH'2EH'0YH`1C@5`>M22&HN]`%F+B%ZJOU MJTO$!^M5'ZTT`+3R:8M.[^U`",<`"E08YIH^9J>>!B@!K&G1'+8-1GK4D0PV M:!DIXS4+')J1R2?:HSUI%%S1VV:I!GHQVG\:Z"\MP"37*PR>5<12?W7!_6NS MN<.H8="`16-3Y5V4H2K!0"@(:+BN1*E/"T\+BG M!:!#5C[U5OIO+4CVJZS;16-?MD\U4%=DR=D4CSDFF4Y^*972CE84M)2T"`4M M':CZT#$HHI0,F@!!S3L4I&VE(SS2`:33H^9%'O3""#S4MN/W@..G-`&HOW`: M=G:C5';MN7;VJPZ$KQT-9V-&4RVTYI=V>:<\>T9-,#*<\B@D?O%%)E/444Q$ MI!`Q^M0RN%7!-$LNT\&JLTA8U2V)-[2K^:>TFMX$7[2B@HY.,\XK$N[::WG: M.Z'[W&>#GK]*ZW0H8#IENX@)D9"&95_VO_K5BZUY@N?,EB&YE`R1D+[#^=8P M:YG8IK0SHHU15)Y-:E\@:Y0XS^YA'_D-:SU"[,XYKKK)('#J_NE` MK64N5$I7.97=&WR\CTJ0W">7@J0:E-NLNJFV5BB;B@)]A3;N*.&XDB21753P M0S?\` MH1K+\56ZW>G2%5!E@.\>N,<_Y]J-@.+M.8Y5],-_2K4(Q52R_P!>R\?,I%6T MX%#$7L93BE"<@<\T0C]T/I4RQDN``#QZXYJ0*K>X/YU!(P)[U:E4[N@ZXQGI M5)^I!ZTT`C'GTJ)C2N<<$\TTGFF`C'F@4E"^E`$J8S3B.,'^5-3K4A&>PH`8 M1FFGIBE)]Q2-[4`-Q]*!BEQ1^5,`IM._"C%`#3R:#]**1J`&]:7%)WI:`%I, MXI/NDA_I6=1:&M-ZEAQ49%3NO--Q7.=!#LS2[:E"TX1TQ7 M(2M&,5.4%1L,4`5I>E8]^,8K:EZ5D7ZDQE@.E7#<4_A*+CFHR,&K,@41KCDD M9^E0,"/I6Z9SN(VBBDID#@:0BBB@``IZTW-**!HD.,>](*831NYI#+:K%*N& MRK>M$5N\3'.,8X-0AL#(-3+E8$R/',5/%:D4Q=5ST%5[D*]R"...:9#*?/O15KRU]** M7,(6UA-W<>27VNX.P]L^]7=5TE+(JQ?:)=H3NH.!N+'ZU7TFRGDN_,Q(JQ,5 MWI_"WO[5L>(_(PBRW88'&Q=GW1CD@>YJ&_>MS1J67+9^7.22>W/05$=):C>Q2^R3QH'E38N/XC72V9MB3N9EE6.`MC MN/+7'\ZY>ZWM>2AV/#D?K74VUG&\8<`F1X803G^$(M7-^Z);D&RRAU(2394R ML=I'`<\_X5O&SMY;M/,Y6,9!SSG/:N?U.VBCN'E#, MV]R1QP/Q]:F#U#H=EX?YT2TXQ\IZ_4U3U.:.&Y9I1\H&",=015GP[+OT6V'0 M@$?J:Q?%L@%PH!.=H/4BM62HL^ M?`CX)EMCN/NG_P!8UKZS&#*LJ#_6*'''KS0V!%9*'7&,\XK72VV$\KC'3'-9 M^A#?.%(SD]ZV]280H>>,?W:E@5B"3]:JM MQT]*I`,/M4I%11<]NE2MQ0!$?O8IIYYI MV<&F@YH`#Z4=Z/?-+@XI@-ZYQ_.@T<>]-8_6@`II.32D\4W/-`"TM(.E+B@` M/2HV-/8XZ5$QH`8:%ZT&A>M`R;^"J[U.3\M0/0@&TJ]:;3U.!3$!I!1UIRB@ M8]1031T'%-)H$(:51DTE.C(!YH&,D^]6UX8E(FGB[,N[\O\`]=8S8 M+J>/[R$?U_I4S^$N+U.C(R>::!Q3GX_"DKF.D`*?BFCK3^U`AK5`_6I7.*C( MR>*!HKR*6Z5G7\BHIC')(Y]JN7]VMM\@Y<^G:L<@RG+,3GDFKBNI25RLN>G< M4\+D8-.>,[\QK3E#[<>6]6?+=NHP*C>+GY:I,SE![H MBI*4@BDIF(H%%)FBF`N:3-)10%R3=Q2+UQ3:4'!I#N2'(^E21)YI`S^-(K$8 M(&1WJ19=N=BG!ZC'2I*+*8C&P&J[#,C$FE$GRAGZ'@&F-D'U%(3$W'UHIVU? M4T4$G96FGJMG<#SO+BE`+L!CM@GVS4.L06LVE%D*)\@5)6Y^7(J+3(VF"VNI M*_[U2%#'&5&#VI^M16R6P#VT:D+S@^ M4O6I+A[IX!#=$1W$[X0''W<]O3BHY_\`1=7@VXD+F&(;BZAMWH*H^> MUX)(;>`!GP0YY&,\YK.PR[H1E?2/.DZNS,/89Z5@>)9_/9#GD#!'4]Z[5HL6 MPB'0#`K@-01[S5/(@(=F(7GBNBUB#*@F-O<)*.=IY'J.XKIM19&TVUDB8NNS M8"3G(]ZYJ2V9+B6%R`T6[=WZ5N:;_I'AJ2-*#_Q+>6(SZ#/I2`XXG81(%5/DX[D5:\.R MHLD?D@ERX6:-CP1GAQ].*MOW;AU-YO#UE)YGEQCS"`K9/W1GG'O6+/X4OQ,_ MDQQ["?E&_H/QKITDVWU+WI!UI3P.M`AK&HF-/8U&:!B4HZTE*O M6@"1NE0O4S5"U`#*=VIM.%4(A[U7QT51A1T%30L(9 M48=C4R=T=<**BM3I)1M8BD09J>Y7YLCO4<8KG%T$Q2,<5-MR:7R\]J8KD`4L M:IW]T+5"D?$IY^GO3[Z]"-Y%O\TA./H:T-'T18/]+O/GD8;MI[9^AJE$>D5= MF18>'+N];S+@F&,]6."6_6MP:=I6E1DRKS_M;C_GK536=<*9B@?;ZG\O45RT M]^6XW9J[7#E;]Z;L=5-XBAA7;96X/N3C^E):^*<-^_@S[JW],5R'GR'D(WY4 MTS$'YE/Y55F-JE;8[A_$]H[@&$D=\MC'Z5*EII.KQEUA4N>N,@BN%6Y!&#C' MO5FUNWMY?,MWVMW!Y!H8O9P:]QFWJ'@]@"UI+N/]QAC]B;FRK[3] M*K*Q4Y%3+(K_`'JBQ:8LP;:04P?;I4T4)-N&;\*(Q$5R[DX[5-)7[&BE^?VHI69-COM0M$DN[><')I=%B MN;:"YENU(>0[@3]*TKF\:,HHVC.3\O:FS8\MBY/"G`7IBFVGHA6*$[.MQ;JN MU_,?);9D].>>U+=P1S3,!$P>-$3S`<;?D4_C5E76%1&B\LFX9&<"DN0LD09] MPCD$:G!QQL!YI)B:+(MA+'A"`Q7;N/M5G3[**R4@2!CG.:R;_P"TR6^--E"N MN`=Q[?*+2,,D!L'`_E6L6@9UDTRQQER1@>]<-`L%_K\LWS M%`RE67LPP>GX&M34]1N8]$CH0G!YP#G_ M`#UJW*Z;$E9A)HNR[E\J<@.K`B1=I.>I'J.:N:99"PN[FP$_F"2W+!2,74CG1FY)$3G'!QWKF]>T^2VU%IHXR8Y#G@<`D]/Y5T2VOVS1(H)B\9*\X&" M.:ML@A&EPR:PMXN1&BX*CL1P*O31.W6 MM*ZO$E=ECDCR!@(>#D5)'>I+E'.WY=W^?>KY[:`37"+'Y4KG*#F0^N.E.AU& M-Y!'G#'UXJC>7/G/#;K@1-DR,3T&,U%##+-.;E$(B8<*.N.E3=I^Z!O+*LBA MDY![UQ'B1=FKS^Y!_2NPMR4S'C:B\;CU;Z5R?BE2-6+=F0&NA.Z$8=/&-I_G M3",\]:G&FB@!,@4P%Q2,:7V%-:@ M!AIAIQIA-`"&G+3:LV[GJTZ:A& MQ'C;Q_%2;#U/04Z-=QW&B?.P*@RSG:!2'*RC=G4I();6*0'(9.`>#Q6B1=N5U M0M;.G*-5O-&:JYE*E!]"FLTD3#<*Z;1_$:X$-SG'9JPG12.159XBAW*VWVFW7]_'R0!U') M/XUQ0YX/6M$[DM$5)3G7!IM42&31FDHH`>-QX!JS9P&650!N]@:K"K-N[JP* MXX]Z3&C=^P3_`//)?THJM]K;_GK^IHK+E9=T:UF]T4LY=VY69MW).!CC-6-, M:)M[139RV?=3C'-2:8[0H\..#4GR5C& M,LIQTP*3[(;)K9]P`W;BBXP1UQ5B="[E_6KLR%(B5'S*,@U45[I$MR*187 ME`F"EE;*Y]<=:L*K993M`!XJE)&MS"S!BLAQR>.:N1E@VTG.!R33C*]Q,5R0 MAXR%YP.M4;DRQ*PC)PV7/'(%7I"59=HW*W!]J@FDC,+`;G?`02!'OR M@[D#VJ;7`LF[MWN%:?".^>HS6 MY;SP368MO*=&`PN\8X^M6DT!9%VZ8:1!L(&W')Q67K;17%LTKK\T*X''))[_ M`$JXJED`CE7>X^\6Z^P'I6/>QH;:4EI,LV4+'C'O57U`PSZTI^Z!QBFG[U./ MYXK40UJ:3[TI-(.?2@!K4@I31TH`3%*!24Z@!#Z9J-J>QJ-C3`:33*PJO&F]E4=S M5UB`HQ]*B3.K#0N^9]!RTC#+8IPXP*55RV:D]"P!<+@5+I<8N=:B0_=C!8_E M_B:@GD$2$GJ>E:'AF$11S:A-PC?(#WHZ'/7E]E'2%4"EW(51ZUS^KZF9F*QL M5A7N#UZ4FHZHUP-D;%8E^HS64,S,'/W!]T'N?6DD$*?+J]R?3[=[J]C##!=@ MH'H":[8A=/LE10,(F#[G'_UJQ/#5HSS&Z8`HG*\]^?\`"K6MW6`4#')_^O01 M47/-01DWUPT\Q8GC.,9JDS4]VQG)J!FH.RRBK(":C+4%J833);%)I,TTFDS3 M,[CLTN:9FC-,5R0$'@U&ZE.1T]*7K0'VC:W(H!NXV)S'*LL605.2!7;:-J"W M5LI)&X<$9]A7#NNPAT.15_2;[R+M&'0D!A^(J9+J83C=6.[X&&[,<$5P_BNP M6RU$30KB*<%L#H#GD?RKLK>=;B+*]Q_DU2UK3?[1T]X0`94^:,FB+.6QY\YR M`?PJ.I`"`ZL,$=149K8AA0*2@4")`>*F@.#ZU`!5BWB+?-V%*]AHL;!Z44NX M?W314\R`WYB5F)#%I)81P.W^'>F:>$"+%.SQ21CA=NX$8]:=.!'=)$O=,;U] MLU2N;R5[HQY.R(X`X_$UR+70WU-R2X66Y+(1+'U`V_TZU!,DGVB0IA0@!_3_ M`.M52($R,P5B/:EDDP&,<><].\*&-0"% M>-#]/E%82RL07#'.W]*TI)B84`&-D<6"1GCRU/\`6FT[%W)99XKB186R!(H4 M$=B*N:7*/[+B$;$;1R"O.O'K2,[->!EPN M"`3NX'O35PZ'06J0N>``P(/W0,55U*2ZBD92Z/">@(^8'\*;=WMM9!7W;@X' M`XP:I6RSW,DTB.BAF)3Y02?3WJ[Z6,^HZ!K@R)D\.,`'OUJ8W4D<>4+$`X&> M.]5I)KRWU/;E53@LF`<''-0KJO,2?+8[0".< M9/>H;N]CMYC#Y15@=PPW2L*XO99`5$WE[QPQR=H'X5)]H^URP)',7*1X=@OI MUZ_A0U=:@/E\VZNWC`(MU?<5/&35B/3HS:,]VRY.0GE\;!CC%4IF^U/N902C M?*48JR_T-67,L28DD5F'/!''UK5;(1E")+621&@\^0-A%W'ICCI5ZTF6*/9) M&B,>2H);%9]XZ1>8\=\#,QR46/./^!53MYGD=P9E48_B)&:IIM`=`;E8]H5V MD..`%VE:9>L+JR)618P#]U^OYU1E?S+>);E?FC&!(K<8J2#]^$@=UW=4WC/' MK_\`KJ5H58SI%5'"I(LG')7/'MS3>,U>G2)9")49W7C"\538GK4;4]JC-,!IIM.--I@ M+3EIM.%(`:F&GFF&F`TT"CO0*8A].%,IPI#+5J/WA/H*G(RRCTY-06W\7TJV M!Q[FLWN>EAE^[0J?,U2\)&6/:FQK@,5%\SU8K9N)/+3A%Y8U M.BF60*HX[4U(O+`B'#=S5_08A=ZJD2G,<8+.?7@TO0IRY%S2.HM8?L.F!%X; M!)_,US5](9)W+'."1^M=+K$I6T8DX!![=:Y.3YLD^N:1GA5S7FR!B3FHV%/= MQG@9J-MQ')Q]*9TMC6'O3"*&4^IIA!'J*9DV!I*3)'6ER#3,[B4M!&*2@!XH M(##!I`:=VR*!D8/ED@\J::08W#J>*E8;QCO42L4)!Z>E!#1U7A^_$D01OO+Q M_*M_=DHP/'2N#TR7R+I"#\C=_>NWM'62/!;.0.U9;.QS5%9G&>*;,6>K.\8Q M',NX?7'-81KN/%]J)M)$H'S6S9_`D`_TKAZWB[HQ8E**05/#`TI]%]:;=B1; M:+SGQV%7_)"*`&!IT4201@+R?6E)RO-8N5V,CVCU'YT486BJLAV-V:[L9)4= M;^!2`0<))U(_W:I*+992W]I6Q#8)^23_`.(K'HI^RCLVR9_\`0*PZ*?LXB]O(Z9[K3Y`F[48T M,9!&U),-CL?EJ!YK%FA5;NV$<9STE_/&SDU@44*G%![>1NW#V;W4\BZA;R1N M1M21)!@8Y_@JYIEQHUE&^Z[CWLNT;4D(4?7;7+44>S0>WD;-PT+W#-#JELL9 M/1HI"?\`T&II)+'RPD=_;X[EDDY/_?-8%%'LXB]M(UKD021!$U"R.>"6BD!_ M`A*AM[2SCE1WO[7`.2`DIS^:5GT57*@]M(WIY+)D58;^W0?Q$I)VZ?P536*% M'\P:G;,_&25E'X_1KM*!(674;,@^JS`_\`H%6$NK1EVW,]I(O? M#2C_`-IU@44O9Q[![>1NWL&B20C[)>I%*/X660K^>W-9XM(/^@E:_P#?,O\` M\15*BJY4#KR9=^R0?]!*U_[YE_\`B*#:0?\`02M?^^9?_B*I446%[:1=^R08 M_P"0E:_]\R__`!%(;.`_\Q*U_P"^9?\`XBJ=%%@]M(M&QA.?^)G:?]\R_P#Q M%,.GPG_F)VG_`'S+_P#$5!13L'MI$W]FQ?\`03M/^^9?_B*3^S8O^@G:?]\R M_P#Q%1446#VTB7^S8O\`H)VG_?,O_P`13AIT7_03M/\`OF7_`.(J"BBP>VD3 M'3HO^@G:?]\R_P#Q%(=-B_Z"=G_WS+_\145%%@]M(D_LR+_H)V?_`'S+_P#$ M4?V7%_T$[/\`[YE_^(J.B@/;2)?[-B_Z"=G_`-\R_P#Q%*-.A!YU.T_[YE_^ M(J&BBP>VD78;2W0G.I6O/HLO_P`14_E6N03J-M_WQ+_\16712<4S:&-JP5E8 MV-MI_P!!&W_[XD_^(J$PV[,V=1ML'I\LO_Q%9M%+D1;S"L^Q?:WAQA=2M!_P M&7_XBGVUM:199M3MRYX^Y)_\16;11RHGZ]5O?0U[F.S,02VU&W!/WF=)1_[* M:T]`N]*TF)P]]&TCXRRQR=L_[/O7*T4,# M4+?_`+YE_P#B*R**.1%?VA6\C4\NV/\`S$+;_OF7_P"(IC6]LW_,1MO^^9?_ M`(BLZBCE0OK]5]BZ;2W[:E:_]\R__$4GV.#_`*"5K_WS+_\`$53HI\J)^N5/ M(NBT@'74K7_OF7_XB@VEOVU*U_[YE_\`B*I44YVEYJVDW=K+"]ZA$B[3F-_\`XFN._LN+_H)V?_?,O_Q%,HII M6(]M(FCTR!6RVIVGX++_`/$59%M;KP-2M0/]V7_XBJ%%#BF+VTC1,,'_`$$K M7_OF7_XBD:W@/_,2M?\`OF7_`.(K/HI'_P!%+0/H4Z** M*!!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444 M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110` M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1 M110`4444`%7-4_X^D_Z]X?\`T4M4ZN:I_P`?2?\`7O#_`.BEH'T*=%%%`@HH MHH`**ZJQTVV;28[*2%#>7<+S(Y4;EQC:`?<5CV.EI2%L[/OX_'BDM=+@NX2(+X-3Y9QP,D;O6D' M*[V,NBM;488DT'2Y$C17?S-S!0"V#QD]ZN>'[=I=*O'@LK>ZN5D4()D#<=^M M/N"C=I'.T5T&I:;#:VNUN&MW"2H$*XR<9![\U+_8`\[[)]M3[=LW M^1L..F<;O7%`N5F+16M#H\3:;'>W%ZL".6&TID[AT`Y[X-/UZQLK.*T-K(V^ M2%6*E3\P.?FSGCZ4!RNUS&HHHH)"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*N:I_Q])_U[P_^ MBEJG5S5/^/I/^O>'_P!%+0/H4Z***!!3XMGFIYN[9D;MO7'?%,HI@='+XIQJ M*2PV<'DQX5&>/]X%[C.>.]5KK4[-[748+>.51=2K(FY0-N.3GFL6BD7SLZ!- ME6MNJ,98+GSCG&TCTK+HI_U^HN9G0RZS MIQ.H2117(EO8RIW;<*?3KT]ZD@\0VD*H%2Y1!#Y9A3;L!Q][U/XUS5%*W0?. M[W-"\OHI]*L;5%6W$5P5P#N_O*?\:EL-1%[KU@J7%U,JLQ/VC;UP>@%7NQC.>OX5S]% M(.=W-&YOXY]'M;0!_-BD=V)`P<^E.U.^MKZTM<+*MS#&L1!QL('?US6910+F M84444$A1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110` M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1 M110`4444`%%%%`!1110`4444`%7-4_X^D_Z]X?\`T4M4ZN:I_P`?2?\`7O#_ M`.BEH'T*=%%%`@I:2E7&X;L[<\XZTP-ZVEO9M/NY[VX$]N83B+S`Y!/W3M'W M>Z233K6W`8/"SEB1P'_P!%+5.KFJ?\?2?]>\/_`**6@?0IT444""BB MB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**** M`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH` M****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`H MHHH`*N:I_P`?2?\`7O#_`.BEJG5S5/\`CZ3_`*]X?_12T#Z%.BBB@04444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!5S5/^/I/^O>'_T4M4ZN:I_Q])_U[P_^BEH'T*=%%%`@HHHH`****`"BBB@` MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*** M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"KFJ?\?2?] M>\/_`**6J=7-4_X^D_Z]X?\`T4M`^A3HHHH$%%%%`!1110`4444`%%%%`!11 M10`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%% M`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444` M%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`5'_T M4M4ZN:I_Q])_U[P_^BEH'T*=%%%`@HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"KFJ?\?2?]>\/_HI:IU'_`-%+5.KFJ?\`'TG_`%[P M_P#HI:!]"G1110(****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`JYJG_'TG_7O#_Z*6BB@?0IT444""BBB@`HHHH` M****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`H MHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BB DB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`/_9 ` end GRAPHIC 13 disciplinedvaluemidx3x1.jpg GRAPHIC begin 644 disciplinedvaluemidx3x1.jpg M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP. M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=? M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@! M0@'<`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D* M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H MJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(! M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P M%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P# M`0`"$0,1`#\`[2^U2TT\K]JD9-W0B-F'Y@&DM-3@O+F6"$29C56)=-H(.<<' MGMW%0^(+2>\T]8K=-[B5&QD#@'GK69J^C7%W=ZA<1V^]VCC^SMO`.X'G'/%" M`Z&&82M(HCD3RVVY=HJ6N0O]%OI9)W6U:1SQWOG^4KCR96B;V>3S0@ M.P^T1&Y-OO'G!-Y3OMSC-2U@VVBI8Z_'/;V2_9_)V[PP^1\G).3DY''%5'TO M4&UPW7V;:/.;,B,@!0J0/]HGUSQ[4`=35:&]CFO;BT57$EN%+$@8.X9&*Y4^ M'K^.RA2V@\N5K9DGQ(!N;<"`>?2M70].DM[R_>2P%K;SJ@2,NK=`0>A-`&S! M<17*%X7#J&*DCU'6HUO8VU![(*_F)&)"<#&"<5RS:'>)!]F73E\L3.S.K1Y8 M'.W&[H!],^E)-HFH2(OF6!FD^QK$KF51Y<@/7KVH`ZJTO8[N2X2-7!MY/+;< M!R<9X_.K->SM&Q!$F4`#8W#N#U(J_>:9=2^&[:T9)9IXR#@ M%!TS@,"<$=!UHZ`;$5['+?SV:J_F0JK,2!@@],59KD)="O98KB1[2,7`@A6' MRW`"L#SCGBIGT>^>_9F@S(UT)/MAD'$6/N8SGVQC%`'4T5Q;:'K$1+P+EK;, M-N-Z_-&V[)Z\=1^5;&IZ7<1Z79+IR!KFS(V#(&1C#7*6=I+,CUH8'656N[V.S:W617)GE$2 M[0."?7VXKDQH>KF.$21;F6)51\AF@(8]/G&.W3-68]'O5U*&22SWR+>F5[KS M%^9.PQG/X4=0Z'3FXB%R+?>/.*[PG?;G&:EKG=8TB>?5CG7-K>-*;7['#Y"HT?F!O,D'\7!-"!F_5:TO8[N2X2-7!MY/+; M);:U1H+5AT(+9)_D*M+HU\T?"KJNYEPP`.0<5S8T M*X!AG:P5D2Z9Q;;U)2,CIDG'7G&:(-"O81;R01"&Y)G$DF\]><9&3CK4TFCWCSR2+8;;8R0L;7S%&]54@C@XX/K0!UE4H=5M9=/: M^9C%`A8,9!R,'';/>L&32K^358;B.P\A(Y8BFQXQL08!!YR3[#CZU?MM.D7P M[+:75H979V/E+(`2"^00B\<9[=Z??:1?2W% MU''"&CO#"3+O`\K9UR.IZ=J?4.AN7NI6EAM%U-L+Y(`4L<#J>!T]Z8VKV"W* M6YN%\Q]N,`D<].<8&?K61>0ZA>SF\BL&PT,ML(V<*P!/#G=CKZ5630;^)#9! M`\7'RH'R#UYXR.*/!R&(.#SCO5@:!+)>"6:T!#WLCN2XYB(X[],]J`.KI*XMM#U8V M\"/`'VPE%^8,T)W$Y'S@9QCGFK<.A7*SK-)`&E-\6=]P^:$CGOT/I0!T:W<, MEO)-"3*J;@?+&22.H`[FI(G\R)'VLNX`[6&"/J*P=/TN:UTC4K06@CDD\P(P M9<2`YV]^,>]43H-X8IY/LW^D*MN(6WKD%0`^.>.E"_R`Z^BDI:`"BBB@`HHH MH`@NKN"T5&N'V"1Q&O!.6/0<5)-((87E8$JBECCKQ67KEM=7KVD%O!E%F25Y MBX`7!Z8ZFLFWT;4$D7-OLF42^=<^:#]HW`X&,Y].O2ET&=/:7*7EI%R32&*RV.YC-O+YJC[*HZK@'^6 M M;QY=WVSS%.\;P>YR..WM6A#I]TOAFZLFM@MRRNN0X/G,?XLY[^]+H/J7H=:L MKA9/L\CRNB;_`"Q&P=A[`@$_A5Y&WHK8(R,X(P17+W.F:C?0Q[K3R#;6C0J# M(I:5BN.QP!]34-SHFI/9B.1-CE/G7; MG'<>H]ZEKEAH=Q-J`-S;!KQV;6ZR*Y,\HB7:!P3Z^W%+]NMA<30&3$D*!W!!&%]?>N; MCT>]74H9)+/?(MZ97NO,7YD[#&<_A5WQ!IMY7(C(!Y8`!SGYL^W2HH])U*W0,MIYC-#/$5$BC;N8D'KTH`ZZJLVHVD M%[%9RS;;B891-IY_'IVKF#HFJ>;!F(96.$)(,%H"H&0/G&.<]`E37=['9M; MK(KDSRB)=H'!/K[<5RZZ#?I'+^YW/*L3N=Z\OOW-W[5*FCWHU.*5[+J6=E*L4\I$C#<$5&QF26VNUMOL\!M0KMO!\YB<@X! M_G4J:)<-;:ON\Q);B24Q)YOR,"."0#C\Z;T$M3I*2N1FTG4;R4-+9&-,0(5, MJG(4_-T-/;1;N.4#[%Y]G'=2LML)%`*E1M(R<<'/%`&XNL6QTEM2*R"!M'4#JJI'5;7SK>-&,GGR-&K(.`RCG- M5-(TKR)[^:YAQ)/,X!+9W1D@],UEVWA^4300RV"B%+F1I'W+AT(.WC.?PH`Z MVBN,?1-4-K;QO`)%2)XPA8,8B6)##YP,XQSD].E:.MZ9=W,=B8H3<30KABY7 MRR>,E@3G\10!LV=['>^?Y2N/)E:)MP')'7'M5FN731;N.Z%TENHN/M[2;]X_ MU1'UZ9[=:H_V%JC17`^R%&EB"L`\8#-YBGC!],\GFA`=M25REWH5XFH'[)"/ M(!3R9`=S0X.2!EQCG)Z'.:T=3L9I=9@N7M/MMLL6T1[P/+?.=V"1GB@#2L+V M._MO/A5U7A M-7M/TN]M];AN'A+KL`EFF*DY"X^7!)'T/%`'2T5RSZ7J#:X;K[-M'G-F1&0` MH5('^T3ZYX]J@30+Z*TC6WA\F9[1TF(D'+9&`>?2CH/J=/'>QR7\MF%?S(D5 MR2!C!JS7/Z%ITUI?W,S6/V.%X455WJV6'7H36-I.F7ES9PS6,/V9O*F5KCS! M^])R`,`Y&*!'<#TJU M8:3>V^J64YM>$B1)7E9&"X3'R8.1_*A`SI(Y@\\L7ER*8\?,RX5L^A[U(3M4 MD]N:YK4-'NKK5)G,&^WDN8'/S#E%4AN_O5(45[+[1:QRS;+?S5``;[K# M)_\`KBET&=#I^I1:@BO#%.J,F\,Z8'4C&>F>.E7:XV+0M36R:/R=C&V1"OF# MYL2$E<@^E.O-(OIY@UMI?V9(PODA'CRI#9.3G/Y5741U<5Q%-)(D;AFB.UP/ MX3Z4Z1Q'&SMG"@DXKE;O0[M9[P6MDA22=9`=PQ(G=,9!Z\XX''6H_P"Q+\)' MYUG]IB"R!8-ZIY)8\$?,1C\:GH/J=59727MI%*PG MM6C$$"[I">"Q_A'8X]0:UJI[DH**P?$MA=7Y@2&W$T2J^<%`P8CC[W&/IS6> M-'O_`+5%*UM(Y-N$E=Y$)!"8^0YR#GCTI#.NHKDK+2M1M%M9%LE(MYV81AD5 MV4KC)P<9_&HUT"\DM8UGM`62VF4#>O$A_O0!UD\P@56,1N!%;X0M;.WSCEE^^>O7^=-CT.\@CAEBB\B?_2/-DWC@$'9GGZ=. ME#T`ZZHKF=;:VEG<$K$A<@=<`9KE/"XC?5U:"W6,1V>R5E<,&?<.6XO0Z^4TL$21MN!^98\'IZ&LF/0[X(0NG M>4_V-XG;S5/FN>_7O0P1V2-N16P1D9P1@BJ[7R)ISWKQ3(B*SE'3:^!['Z5A MQ:+=KJ42%`+$E)Y/F'$BKC&,^N#6?_8.H"T"36'V@_9VCC'FJ/)?<3GKZ'M0 MP1V4$JSP1S("%D4,`>N",U)7(_V-J?VV)S&./*VS#!:(*`"OWQQUS@'-)#H% M]#;6_D0^3<-#,DSAQU/W0>?Y=*&".F%[&=1:QVOYJQ"4G`VXSC\ZLUQJZ'7N$:M&I4!R&!+9WGG M&>>*`.SHKE)=#O(]5S;Q`0+(AAE')B4=5Y<$#KV.:O:GI,U[K#7"I@+:%8I- MV-LNXX.`<]Z`-BXF%O%O,@3&:-WML,]U+YK;QGRF!QWZ<]*`.JHKD!HFJO8R^:JF9-D*(6 M'[R)3DCKWXXR.E,DT34#!%MM2SK*S)$VSRHP<<$;CQUQ@T`=;%<1322)&X9H MCM<#^$^E.D<1QL[9PH).*Y2YT.\6:[%M91[))EDR&&V1.Z8R#UYP<#CK3/[$ MOPD?G6?VF(+(%@WJGDECP1\Q&/QI=!]3JK.Z2]LXKF,,$D7<`PYQ4-EJEIJ# M$6LCO@9R8F4>G4C%0:''=V]A%:7-J8O)B4!]X.X]Q@=,5DPZ%>1^'UBQ+Y^_ M,EN9_E=-V=HYP,BF]Q+8ZJBN4&AW,QC62U\NT-V)/L_F#]VFT@]#W/85?U73 MY9-0M919_;+6*,IY.\#:W9OF.#Q0!N45R0T;4/-XM]LX>1I+KS!^^4@X7&<^ MG7@8J$^&[D6S!+0"3[&@'SC_`%P;D]>N.]`'9T5QD-C<76J7#06W[Z.]5FN2 MX&P`#(QG)S[4J:-J9:Y8VNQYH)4?:Z!68GC&.?Q;]*`.M\X?:O(\N3.S?OV_ M)UQC/K[5+7)W/A^4'9#;2>4;14;RY%R9-X)^\>?7TJ-M&U%H$$]C'*?LYCC2 M.15$#[B=V,X]#Q0!V%%;3@_*W(&,D4`C5J*XGBMH'GF;9'&-S-C.!7*0Z+JLERDER@"W; MAKL;P=FULJ.O.1Z5/I.C7D=^&OH$*8<2O@,)\G(W?,2?4?**`.G1UDC5UY5@ M",C'%.KG;C1[I]:;RP!8R.+ACD<2`$`8Z]<&F:!I=_:7XDN8Q&!&RR.N#YQ) MR"3N))]\"A`;FH7L>GV;W,RNR)C(09/)Q_6K%2H$K> M9$Z;P?+A<\#/?'MZTS^P-0:VFBEBW^44AM_G&6C$FXGKQQC\J`.P9@JEF.`! MDFJ<6IV\UW#;Q%G,T1E1P/E*@XJE8Z48H=3M7@5;::0F%"05QM';MS63!X?G M>*))M/">7:2(>%GCW,(X0LN0S0E0,@?..^G7=QJMM:L'0)XKF22WM@FVXA>(AQPH'SGKZ_G0!UE%7(QDS\RKE5QZ MGM4M8^LV5Q=7MI)#'N2..96.X#!9,#K[UDIX=N!"J)!Y1-D`Q#C_`%X8$=_; MK0!UU)7)S:/J4L$4\L$O>B#1+P7EFTMN9U5`DS M3E"H7G@#)(...X-`'46]Q%7(ICQ\S+A6SZ'O3W=8T9W8*JC))["N;U#1[JZU29S M!OMY+F!S\PY15(;O[U:L]*D&BWUC-"H5Y)/)1B"`I^[].:70?4T(=2@GO$MH MMS%X!.K@?*5)Q]:N5QZZ!/)%B33PA2Q,:@NO,V>O![]@-4(WKK6;"SN#!<3E)``2-C$`'H20,"KP((!!R#7-:SH] M]=ZA=S0*WEM"@"[P!+ALE3W'Z4R[TW4'GN%BLB8YYX90PD4;`H&1C/6D@9U- M%<9_85[]FN(Q9R;6D5TR\9=B,GYN<,O/?FGOHVJM<1L\,8.V((\>#Y&WJ!EQ MCWP#FA`S>MM:MKJZ2W1)0[M(H+`8^0\]ZFCU.SDNI[99QYT`W2*5(VCZXK(T MS2[R#5(9I8=L:R3DG<#PQ&WOWJK?:)J+WUW<6T85IY3&3N',3*`3U[$4=@ZL MW[35;6]\MK0R31R%E\Q8VVJ0,\DCCK4HO8SJ+6.U_-6(2DX&W&W.W[+I?V=$CQ$JO'E&W9.3D_I3(K&>ZU>Y>"V_>1WP8W.\#8H'(QG)H0, MZK[=;"XF@,F)(4#N"",+Z^]/MYX[JW2>%MT<@W*<$9'T-8OB#3;RYN8Y;!03 M+&;><[@,(2#GG\:JZCI%Z^IH]O;?NX3$(9$9!A5ZYS\V?I@4(&=!87L=_;>? M"KJNYEPP`.0<59KE(M+U&V2VD6T\QD$Z,@D4$;SP>O2JT6AZJIA#Q#*I&$D! M#-!MZ@?.,?@#FA`SK3=P"\6T+_OV3S`N#]W.,YZ5/7.^(-,O+R\EDMX=ZM9F M('H[6VV*B`S2,+9F5MH(`!^\!QSWXJQ_8^H?:K69K/6IJ`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`BN9&AMI94C,K(A M8(.K$#I^-8/_``D6H_\`0OW7YM_\171T4$M-[,YS_A(M1_Z%^Z_-O_B*U(KJ MYN=':Y%LT%R41FK`U"R9487EN5=MJ$2KACZ#GDT^HS)LM6D&CW ML\TWGS0$@,NTHQ(^7:0!QR.O(HTN:^73;ZTDDE%[;@LC2D,W*Y'<@\YK:BN8 M)U9H9HY%0X8HP(!]#BH[?4+2YM#=Q3J8!G,C?*!CKG/2@#D9-9U*[MI@962- MX6G7:H!"#Y0,X_OX_&NFFO+:W17GN(8E M?[I=PH;Z9IO]H66P/]LM]K-M#>:N"?3KUI]0,G4M4DM-3GC>Z81>3E5A5&9" M!R6!&>_!SCUK+&J73.]TCF26*"5%?"D[?,49./ER`?IQ743:E9PJ2UQ&2&V[ M58$YR!T'N12KJ5B\@C2]MV"*9K=U)*FI02W/EF,H(H,+\R_*=W(R><]#CBMYM0LD4,UY;JI& M3Z M#GKR*JR2Z=J2`7+E!YC0A'F,?F$'!&`?F''0T!U*>D:E>W6JR13-^[4-E#L! M7&W:0!\W.3U&.1BN@J&&XMY0P@FB<1G:P1@=I]#CI5;^V;#[4D`N8CO4D.)% MVY!`VYSUYZ4`7Z*K'4+(!R;NWQ&=KGS!\I]#SQ2_;K3S#']J@\P#)7S!D#&< MX^E`%BBHX9HIXQ)#(DB'HR,"#^(J2@`HHHH`****`"BBB@`HHHH`****`"BB MB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**** M`"BBB@"*X1Y+>5(FVNR$*V<8..#6'_96L?\`/_\`^1G_`,*Z&B@3CN>Y]C5VH[B7R;>27&[8I;&<9P* M3V",;/0QCINI/%:1L;1?LBLJL"QW?(5!*D?3CZU!%HNHI)YQ>#[09M_F"0\` MA01@(`%KP1OYD\+.\+`\G'F$XSTZ;>*NRZ+=27,C;H/+:5Y`2QS\T> MS&,>OO5A]:/V221+=C*$+JH(8`;%;)Z<#-B2<$F/:,<>M5)]"U$V\T,,MLJS<,#Z;%7KM M/<'ICMS6NNIB2.8Q02%D5V0/@"3:<'&,]_7UI/[47]XZP2/!&%)D0@@9`)R" M1T!'3-&^H;6,IM`O&N;B;=;?OV0D`GY=K`\<NEV'?!E=N>3VE+ MGMZ'\ZTXM6C$):=2"K,K%1QP&/KZ+4IU!?LQF\IU*R+&R/@$$D#MD="#0!C0 M^'[U9H"[V^R$H!ACE@'+9QC@\U/QH\@\S,ET35 M7LOLJ36ZP\A4+EBBY4@;BF2.#Z=N>*=)X>N7D#&5"A>0LJOMX9PP()4\\=./ MK71(V]%;:5R,X;J/K3J`,BSTRXCM+VVD=(XI@1$B.7\O(.>2!QDYQVJK<:+> MW,*JXMD9+;R!M=B"G8GBNMHH`HZ39O96K)*N!^-344`9TVD0R%R)IH]^0VPKR"`".1WVBE?2HY)6>2:5M[J[+A` M#@\=%S_6M"B@#.CT:WC145WVITP%'IZ#G[HZ\U)<:9!BBFSZ+#/`(7GF\M<[%PAV@YX&5] M^O45IT4`4;"P^RDO)*TC9<*"1A5+$X'`]NM0MH5JULD`>4(A8C[I//U!],`C MG%:E%`&:VC0,W,LQ0Y+1Y&&)##GC/1CWJ9-/B2T^S;F*[P^0JJ<@@]@!V]*N M44`9SZ1"T>U9ID.P1[E(SMV[<#575( MIFNK&6VB9I$EY?C:JD?-GG_.*BEAN97FN#!<).'_`'7EM'P`&`/)Q_$?S'I0 M!IO-$C(KRHK/]P%@"WT]:9]LM0"3``_9\[;?[/MW+R=I&_KTY^OM0!T%+4,NY+;&XY``S5/S M9/[[?G0*YI45F^;)_?;\Z/-D_OM^=`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`'FL#N.,$; M0Y7^7UH!2;Z&Y16#:V%W'I$D$D$;*68B`QJQY.0<;PH`],GZTFFZ9>6US#)@ M1L+01LSMY@5MPXQD=O3B@.9]C?HKF[[2[EGO]MKYXN&CVMN'RG!W,`Q[9X%= M#$NV)%^;A0/F.3^-`TW,R`X^4(7Y^@ZU9HH`QK2.=-(6*XMP80I M^5@S/G/'R>GMFJ\5G-]CL"8I@T=S]W!P%SG)7M70T4=;D\NEC!UB&\F9#)!N MPK!!"2P#<8)X&.]36D7_`!.V?R)8MJ%6_/7'-69DEDT*);N)I)B.AC+D'G!('M6O11TL.VMS)5)_[* M2*YMP8Q&HVD-(^[CJHQQ^-5K6TF4Z8[1S!D+!@V<*.<$CM6_10+E,J_@N)FL MY9$_>)<+E8F+*%]3Q26<8_MN>1;>6%=I7)1@)#G).>GTK6HH&XD]G_K3_NU< M+!<9(&3@9K%TC41=:K=6R1_)`,&3/4Y'&/S_`"IOB6+<;658VFD1SMB,9='S MV..A]*"D_=NC=HK`E6)M3N9GT^7;'$595@8_:&.,\XP0,8J-2ZZ%)96Z2"Y= M#*8Q&R[%+\J`<'ID#UQ0',='17.I:?:A8QMI\<6)F8R+`4`13D=>5W'''UJ; M1$N([V<7%L`QW%IC&58G=P-Q^\,`68"@!]%5_MUI_S]0?]_!3E MO+5V"I,'MCC`_`?I M70UPSH]L(IH_OQD-GW'^?TKL[2X2ZM8YT^ZZY^GM03!]":JVHW0L[&6?NJ_+ M[GM5FN>\23^=<6]D#\H_>2?T_K^8H*D[(O>#MD:/&0QF=?,=CT.<8'^?6MJ^ MO9+:XM(DC4B=RI=V*@<=,X/)[?2J'AR#RXVD8?-*,_AVJ[JD$$X@%S<^3&), M[>,/[<]/PH*AI$62^EB-TK6ZLT$?F`))G<.>N0,=/>B]U$6J0'8I:;D!F(`` M&220#_*DC@MU-W$;LR--DR!F7.!ENO-6;6O_`#S7]?\`&KMS_J&_#^=4 M*"6.WK_SS7]?\:-Z_P#/-?U_QIM%!([>O_/-?U_QHWK_`,\U_7_&FT4`.WK_ M`,\U_7_&C>O_`#S7]?\`&FT4`.WK_P`\U_7_`!HWK_SS7]?\:;10`[>O_/-? MU_QHWK_SS7]?\:;10`[>O_/-?U_QHWK_`,\U_7_&FT4`.WK_`,\U_7_&C>O_ M`#S7]?\`&FT4`.WK_P`\U_7_`!HWK_SS7]?\:;10`[>O_/-?U_QHWK_SS7]? M\:;1T&30`DUQ%!"\LJHJ(,DG/^-4K6'[5*;V\@7+#$,+Y(C7_P"*/?\`*HXO M^)G<"9O^/.)OW0_YZL/XC[#M^=:5`QGD6W_/I!_WS4=Q9VL\+1FWC3<.&08* MGL0?6IZ*`*VGW3.K6]PB?:8>'Z_,.S#GO_C5O>O_`#S7]?\`&J%_`^4N[9]6;>>.Y@2:(Y1QD4`3;U_YYK^O^-&]?\`GFOZ_P"--HH$ M.WK_`,\U_7_&C>O_`#S7]?\`&FT4`.WK_P`\U_7_`!HWK_SS7]?\:;10`[>O M_/-?U_QHWK_SS7]?\:;10`[>O_/-?U_QHWK_`,\U_7_&FT4`.,B@$E$`'4Y/ M^-<:\C:KJTEP%^3=LB'\O\?QK:\179@L?(C_`-;<'8`.N._^'XU#H-F$/F8! M6,;0?5NY_P`^M!$M78DU:P06,>Q0/+&UB._O^?\`.JWA>\\J26PE`/.^/.?Q M'^?>N@=0Z%6&588(KC[^.33M069/O1-GZC_]5`2T=SLFD1%+,B@`9)Y_QKD; M3=J>IRSD8\Y\#V4?_6_E6GKFH+_8R&$\W0`7UQW_`,/QH\/6@CB,I'0;1_6@ M'J['16>T/M5%4!<#&:BU6&60PO;QLTR'Y6&,#Z@]JDL_]:?]VKM!JE=6,_R9 M)[US/;_NU0HA^4AL]2><_I388G%@EG-;.^(LL%('.>@/3/XUI44#L8LEG?2" M!F4.(WW*KR?,OS9Y/?C'>KMO%+_:$LSHRH4VC>5]>V.WUYJ[10+E"BBB@H** M**`"BBB@`HHHH`****`"BBB@"*Y_U#?A_.J%7[G_`%#?A_.J%!+"BBB@D*** M*`"BBB@`HHHH`****`"BBB@`HHHH`*CFGA@7=-*D:^KL!5::]:25K>Q02RCA MW/W(_J>Y]A2V^GQ1MYL_^D7!ZRR#)'L!V'TH&)_:D+_\>TE4I; M_6IHS/#:"&%/FVL,LP_'_"IX'T^R.RPM?,D_O`9/YGFI7.IRJ9`%C"\A!U-! M.K+6G7\6H6PEC.#T9>ZFH'/]FWADZ6EPWS^D;GO]#W]ZR79K.;^TK%<+G%Q` M.@]Q[?RKH+>>"_M1(F'B<<@C/U!%`XROHR>BL_[+/8_-8GS(>]N[=/\`:.WA:65@J*,DFG,P12S M$!0,DGM7*:C>OK-UY,3%+2(Y9O7W_P`!0)NQI+XGLC]Z.=?^`C_&I5\1:W2(=AR?4UFZ=#%->O/%$L4*<(JJ`,^O%:]`XKJ%96NV@F MM_-`Y48;Z5JTCJ'0JPRK#!%!35SA;9)I;B.%R66$G:OH2?\`&NVMH1!;I$/X M1S]:RK"P\O4Y-R\1\Y]?2MJ@B"L3V?\`K3_NU=JE9_ZT_P"[5V@V6P4444#" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@"*Y_U#?A_.J%7[C'DMD$CCI] M:I9C_NM_WU_]:@EC:*=F/^ZW_?7_`-:C,?\`=;_OK_ZU!(VBG9C_`+K?]]?_ M`%J,Q_W6_P"^O_K4`-HIV8_[K?\`?7_UJ,Q_W6_[Z_\`K4`-HIV8_P"ZW_?7 M_P!:C,?]UO\`OK_ZU`#:*=F/^ZW_`'U_]:C,?]UO^^O_`*U`#:*=F/\`NM_W MU_\`6JM=WT%L5C$G64I_S[ M5O#RE``1@!T`8?X4"2OJR*.*.)=L:*H]A3Z=F/\`NM_WU_\`6HS'_=;_`+Z_ M^M069E]:,CFZMA\W\:8X8=^*R(ISI,_VFW#-8RG$D?4QG_/2NJS'_=;_`+Z_ M^M69=VK03_:+2/A'X4V_LEN8RZ?)Y)]:SKO7HDD\BRC:ZGZ83[O_UZ`;2-9F"J68@`=2>U M9%WKJ>9Y&GQFZG/3:/E'^-49X+BY._5[K8O46\77\>P_'-7+6VE9/+LX!:0G MJ_\`$WX]301=O8J/:;I1-K$YGE_AMXSP/8^GX5HPIJ#QCR!';1#[J8'3\JM6 MMA#;?,!N?^\W6K5`U$SO)U3_`)^8OR_^M36LKVX*I=7"&+.2%Z_RK3HH'8:B M+&@1``H&`!3J**!A1110`4444`1S6\4XQ+&K>Y'-9\^F&)':UE<<'*'D-[5J M44":3./T>X_.@F+Z$]U6[%EI\LV?GQ MA/\`>/2LOPU9D*;AQSV)]3_];^=`2U=C=@B6&%(UZ*,4^BB@L****`"BBB@` MHHHH`****`)[/_6G_=J[5*S_`-:?]VKM!:V"BBB@84444`%%%%`!1110`444 M4`%%%%`!1110`4444`17/^H;\/YU0J_<_P"H;\/YU0H)84444$A1110`445# M=7*6L)D?)YPJKR6/8`>M`"7ETMK$&*EW8[4C7JY]!5=+.ZF4-=7DJ,>3'#A5 M7VSC)_.L^ZO#9/YTRB74I1A(@-SU158@?EQ0)RM MH;BZ59!@S0"5O[TI+G_Q[-.N[RUTZ#=*RHO\**.3]!6$8Y&`SKEP/HC?XTV& MQ$ESN622^F[/*.%_`DY_'\J"7)CKFZNM47=*QM+(]%'WI!_7^7UJY96;<'S9??H*O4`H]65;?3X(.=N]_[SS>.QZ9JE]JEVO_`([T]JZ945`=BAW?[;TB0LI6%3WX/WO7.*2^U"9KG.`;OHB=5MQ_5O4]JGTG2 M#)^]E)VDY+'J]!#ET14L+2XF3*9_#+5NQA8U"KI,QP,9/E$G_Q MZKZ(L:!$`51P`*=0-)(H[_\`J$R_^0O_`(JGK<2+]W3;@?0Q?_%U;HH&5?M< MW_0/N?\`OJ/_`.+H^US?]`^Y_P"^H_\`XNK5%`%7[7-_T#[G_OJ/_P"+H^US M?]`^Y_[ZC_\`BZM44`5?MH):/_P"+ MK3HH`S+`RVEHD0T^XR.3AH^O_?=6?MVYP/W@''O[5O7/^H;\/YU0H(DKG'Z3?RZ5=-!+N:%CRF.GN/?VKH_[ M5MF_U8GE_P!R!S_2J&OZ9YJ_:8?E=3DX[>]4`^JS#F\F_P"`+_AB@S3Y=&;W MV^1O]787;?557^9%<_?ZC-<7)$9!FY`VG*PCN`>[>I_`4[^R[V;_`%K73G_: M;'\ZU-*T9+4!Y5R_93S^=`7;T1!I&C!%$LXX/.#U;Z^U;P``P!@"BB@I)(** M**!A1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444 M4`%%%%`!1110`4444`%%%%`!1110!/9_ZT_[M7:I6?\`K3_NU=H+6P4444#" MBBB@`HHHH`****`"BBB@`HHHH`***H:NWEP1R>:J*CY8-,8M_P`IXR/SQ[4` M7Z*QKN[+SPF.5T;:FR,/U8L-RD9Y(!Z'IFJ'VJ79S=2A/)W,WF'B?:?EZ_\` MCO3VH`Z.Y_U#?A_.J%7I0S6W(^8@9`JGY4G]QORH(8VBG>5)_<;\J/*D_N-^ M5`AM%.\J3^XWY4>5)_<;\J`&T4[RI/[C?E1Y4G]QORH`;13O*D_N-^5'E2?W M&_*@!M%.\J3^XWY4>5)_<;\J`&T4[RI/[C?E1Y4G]QORH`;13O*D_N-^5'E2 M?W&_*@!M%.\J3^XWY4>5)_<;\J`&T4[RI/[C?E1Y4G]QORH`;13O*D_N-^5' ME2?W&_*@!M%.\J3^XWY4>5)_<;\J`&T4[RI/[C?E1Y4G]QORH`;13O*D_N-^ M5'E2?W&_*@!M%.\J3^XWY4>5)_<;\J`&T4[RI/[C?E1Y4G]QORH`;13O*D_N M-^5'E2?W&_*@!M%.\J3^XWY4>5)_<;\J`&T4[RI/[C?E1Y4G]QORH`;13O*D M_N-^5'E2?W&_*@!M%.\J3^XWY4>5)_<;\J`);/\`UI_W:NU4M499"64@8[BK M=!:"BBB@84444`%%%%`!1110`4444`%%%%`!1110`U45`=BA:_><^]`%RBBB@#-CU`QWUQ#/:MB&TAAE>5`QD?AF=V8X]!DG`YZ"H/[(L@C((W M"M]Y1*X!'H1GI[=*`+HZ4M)2T`9]Q?-;:E'%+)$L#J6)9"NW'^V3@\]JJ2ZS M+'*^%B='9T@4`Y+*0!DYY!S^5:GV2$W0N2&,HZ$NQ"]N!G`_`5$^F64DSRR6 MZ.SYR'^8"*V@2"!`D:#"J M.PJ6J8%'4;N6TDMRK)LDD",&C/<\G=G"\>O6J=SJ\PFD-F(9HE(1=H+%F*%@ M00>F0!BM.:TAGD1Y0S%""!O8+D<@EVBMD*Q*0&8L2S%B3ZDGDU-0!1U:Z MEL[,SPE,KV:-F#>V01M^IXJO?:J8I2MLT,@B0O+SN/#`;1@\'D]:OW-K%=H$ MF#LO=0[*#]0#S^-)<65OJQB-E M*KD@')X;IVK1JO;65O:N[PQ[2_7YB<#).!D\#)/`JQ0!#=.\=N[QL%91G)C, MG_CH()K._M622TM!$]N+J?&Y2=P3Y2V<`Y[>O>M.:)9XRCEP#_<4]NLS`(0R%N@SGGOV'2M.H8+6 M&W9C#&$+``X/8#`'Y5-3`:^[8VT@-C@D9P?IWK)35V^PS.SPFX5RB+@H6Y`R M4)R.3^E:SJ'1E.0&&#@D'\QTJ!;&W6V>WV$QR$EPS$EB>Y).QR">6)8!&7W,I3;R`!N)PW7MTK1J!+2%+EK@!C*0 M1EG9L`]@"<#\*`*#:C=>9-$%A#BY6&-L%@%*[LGD9./I5ZPN#=6,,[*%:1`2 M!T!I)+&VE\S?&7 M(45XU*AL`9X)/0Y'7M4\L$ GRAPHIC 14 disciplinedvaluemidx6x1.jpg GRAPHIC begin 644 disciplinedvaluemidx6x1.jpg M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP. M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=? M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@` M2`'.`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D* M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H MJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(! M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P M%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P# M`0`"$0,1`#\`Z[5]:MM(\K[0DK>;G;Y8!Z8ZY(]:SO\`A,]._P">-U_WRO\` M\553Q[_RX?\`;3_V6LN[2(16,7[G;)%&6BCA`F8GJ0VW^M,PE-J31O\`_"9Z M=_SQNO\`OE?_`(JC_A,]._YXW7_?*_\`Q584NC007S0%9I8T5=T@E2,$L>,$ M^W;N0:=_8]E$3',UPSYF^9&`&(_;'>D+FF;?_"9Z=_SQNO\`OE?_`(JC_A,] M._YXW7_?*_\`Q58+:99QPM.RW3H?*V(CC(W@GD[>?RJ5M(A,:Q'!$#3EF4JC M.%*@#<>!U[^]`<\S9_X3/3O^>-U_WRO_`,51_P`)GIW_`#QNO^^5_P#BJX[4 M((K>Z:.%]\>`0=P;&1G&1P<56H)=62.Z_P"$ST[_`)XW7_?*_P#Q5'_"9Z=_ MSQNO^^5_^*KA:*`]K([K_A,]._YXW7_?*_\`Q5'_``F>G?\`/&Z_[Y7_`.*K MA:*`]K([K_A,]._YXW7_`'RO_P`51_PF>G?\\;K_`+Y7_P"*KA:*`]K([K_A M,]._YXW7_?*__%4?\)GIW_/&Z_[Y7_XJN%HH#VLCNO\`A,]._P">-U_WRO\` M\51_PF>G?\\;K_OE?_BJX6B@/:R.Z_X3/3O^>-U_WRO_`,51_P`)GIW_`#QN MO^^5_P#BJX6B@/:R.Z_X3/3O^>-U_P!\K_\`%4?\)GIW_/&Z_P"^5_\`BJX6 MB@/:R.Z_X3/3O^>-U_WRO_Q5'_"9Z=_SQNO^^5_^*KA:*`]K([K_`(3/3O\` MGC=?]\K_`/%4?\)GIW_/&Z_[Y7_XJN%HH#VLCNO^$ST[_GC=?]\K_P#%4?\` M"9Z=_P`\;K_OE?\`XJN%HH#VLCNO^$ST[_GC=?\`?*__`!5'_"9Z=_SQNO\` MOE?_`(JN%HH#VLCNO^$ST[_GC=?]\K_\51_PF>G?\\;K_OE?_BJX6B@/:R.Z M_P"$ST[_`)XW7_?*_P#Q5'_"9Z=_SQNO^^5_^*KA:*`]K([K_A,]._YXW7_? M*_\`Q5'_``F>G?\`/&Z_[Y7_`.*KA:*`]K([K_A,]._YXW7_`'RO_P`51_PF M>G?\\;K_`+Y7_P"*KA:*`]K([K_A,]._YXW7_?*__%4?\)GIW_/&Z_[Y7_XJ MN%HH#VLCNO\`A,]._P">-U_WRO\`\51_PF>G?\\;K_OE?_BJX6B@/:R.Z_X3 M/3O^>-U_WRO_`,51_P`)GIW_`#QNO^^5_P#BJX6B@/:R.Z_X3/3O^>-U_P!\ MK_\`%4?\)GIW_/&Z_P"^5_\`BJX6B@/:R.Z_X3/3O^>-U_WRO_Q5'_"9Z=_S MQNO^^5_^*KA:*`]K([K_`(3/3O\`GC=?]\K_`/%4?\)GIW_/&Z_[Y7_XJN%H MH#VLCNO^$ST[_GC=?]\K_P#%4?\`"9Z=_P`\;K_OE?\`XJN%HH#VLCNO^$ST M[_GC=?\`?*__`!5'_"9Z=_SQNO\`OE?_`(JN%HH#VLCNO^$ST[_GC=?]\K_\ M51_PF>G?\\;K_OE?_BJX6B@/:R.Z_P"$ST[_`)XW7_?*_P#Q5;UM,MS;13H" M%E0.`>N",UY/7J.D?\@>Q_Z]X_\`T$4&E.;D]3G?'O\`RX?]M/\`V6N9&H7J MQK&MW.$7&U1(<#'3`S7I$O\`R&+;_KWE_P#0HZN4!*GS-NYY5'>W<0`CNID` M&!MD(XZXIINKACDSRD_-R7/?K^?>O5Z*!>Q?<\NBU.[AMVBCG==Q4[PY#``$ M``YZ<]*A2ZN(V5DGE4H25(B@/9/N>2RRR32&261I';JS')/XTR MO7:*`]CYGD5%>NT4!['S/(J*]=HH#V/F>145Z[10'L?,\BHKUVB@/8^9Y%17 MKM%`>Q\SR*BO7:*`]CYGD5%>NT4!['S/(J*]=HH#V/F>145Z[10'L?,\BHKU MVB@/8^9Y%17KM%`>Q\SR*BO7:*`]CYGD5%>NT4!['S/(J*]=HH#V/F>145Z[ M10'L?,\BHKUVB@/8^9Y%17KM%`>Q\SR*BO7:*`]CYGD5%>NT4!['S/(J*]=H MH#V/F>145Z[10'L?,\BHKUVB@/8^9Y%17KM%`>Q\SR*BO7:*`]CYGD5>HZ1_ MR!['_KWC_P#011J__('OO^O>3_T$U*0;D=2K#.,@T=!F0^L3;+-8H4:9V MVSJ2<(0<$#ZGI[5:MM3%U;33QHBI&JG=))M7<5R03CC&1S4W]GVPE>58@)'9 M7+9/++T/6JT$5C%&^FR31M*Q,LB@[3DG=D8.1^?:@!+?5FN7*0Q1LR;C(PER MH`.,@@<_D*>FH7$@@V6L>ZX4O&#,1\H&>?EX/(X&>M+;6FG2_/:N)"K$EXYV M8Y."DAL+VX;=Y4LT:-&P#Y*J>H(!H&E68WYB M9B^=Q>1F)R`#R3Z`4`5KK6EM[F6'RE)BR3NDV[@%4\<PX]JAO/\`2M6M+43^%'8#1+*H!8A_I3JQ?$<:E+:7RVFD20;8C&61\D<'C@^GXU: M=%AU3[6ZLB?9F\QSD@8(./YT`:%%8,\4DUQ))!%)]H>4/%-L(`CV=-W;OQZ] MJB2W43PM]CE%FJH)HS"WS/M;DKCYN2O.#V]*`.CHK%V-]@LXIX972-PTL9C9 MODPVT$8YP=N1SC%55MI0A#V\ID(7[*?+)\L>8QQG^'C;UQQQ0!TE%5[U[A(@ M;5-S[N1M##R<]/:KM9UK_R'-0_ZYQ?^S5HT`%%%9VM?:39@67F_:-WRE#@=#G/ M;&,]>^*`-&BH[<@V\9`<#:/]9G=T[YYS4E`!5'4KN2"U5[9HR[3)%EAN`RP4 M\`CI]:MR@-$ZL6`*D$KU_"N9ME\O2O+6'8B7Z!9/+V&3][W&.H_STHZAT.DD M\X6[>7L:8+\N>%+?X50N=3EL51;E(FE*NY`?:-H/`&UBG='< M,'3(#([*<'J,@CT%`&>-8E>=H([12ZS"$[I<#)!/H>,`'\<4+K:M*D9A4-D* MX,G()8K\HQ\P!')XXITVG6,EW%$FY)4(E;:7R1EL98'@Y).>O6K::?;1LC1H MR%``-LC#(SGGGGJ>N>M'0"@NMR^5$[VB)YB+(#YI*JISRQ"\=!V[TY];Q)(L M<"R;2P&V3)^4@$D`9`ZGOTJVVF6K(J;'"K&(P%D9?E]#@\_C21V=H7E6(R*0 MV'6.9U`/!Z`X';\_>@!);Z4+:B&&*5[@$\2X48&>#CG\JIRZ[B#>B0[GB+JO MFY=2$+?,N.!P1UJQ)9VD_EJCLL=D2K*I8$$K_>!ST-+'I>GS1(\<1,3KE0'8 M+AEQG;G`XH`C&H7,UU`(HE6%I)$R6R7*@]1C@9'KVJ]:_:C"?M7E"7/'E@X_ M6F+I]LER+A8R)%)8?.V`2,$XSCFK5`%+3+F:YBF^T&,O%,T>44J#CO@D_P`Z MNUG:-]R\_P"ON3^=:-'1`%%%4[Z.\=D^R2;``=WSA?YHW]*`+E%,A#B%!(@!6U$ MC3XKO;"GF;3YKFS@0)&@.Z23!R5!X`!SU'<5H36< M$\:(ZL!'PNQRI'&.H([5&-+LPA18V",@0J)&`(`QR,\G'?K0!&=193M:)0WG M&$YDX!";LYQT[5%;:FUU?11J8]H+!_*<2*WRJ00V!ZU8?2K.1MTD3,>W%.HH&%8<]M M<_VMXFEF*V[8G6-0Q9?W>UCR>??(QG\*UJ*`,JPM M9X[B`21%%@212^01)N8$8P<]L\XK5HHH`*8(T61I`BAV`#,!R0.F33Z*`"D( M!&",@TM%`"4M%%`!1110`4444`%%%%`&?:13#5;V>2%HXW"*A8J=VW.3P3QR M.M:%%%`!1110`4444`%4-7AEFM$$$9E9)HWV@@$@,">I`[5?HH`122H)!4D= M#U%+110!D:AIIN;J=Q;HZR+""3CG$A+?IBJMQID[121Q6H63]]F8,H$BLK!5 MZY[KP>!MKH:*`,:#2S;WRRPVZ1J)PGQ3++*'W M,B-QL`X!8MRB@%HTHO+@*=PV@;2=V>,=,=JW:*`"D/`)QGVI:*`*&DQ310SF>)HFDG>0* MQ!(!/'0D5?HHH`****`"BBB@"IJD,L]A)'"`SG'RG^(9!(ZCJ,CK6+-IUPNR M46^(HPQ="57.2<8`8C"]1SWKI:*5AW.:AL)WMH7@LUCAVQ;X6VL)2`V6QN`/ M53R03BIH]*E0;S"S2!HMKDJ'"@889SQQD=:WZ*;$CFUTRZW*GV;9"ORQD(F] M>5^8X8#=QC(STZ5IZ3;O;>WKN*DY^IYK1HH`****`*>K_P#( M'OO^O>3_`-!-7*IZO_R![[_KWD_]!-7*!=2O<6<-RZ/)Y@9`0K1RLAP<9'RD M>@_*H_[-@_YZ77_@7+_\5110%D']FP?\]+K_`,"Y?_BJ/[-@_P">EU_X%R__ M`!5%%`60?V;!_P`]+K_P+E_^*H_LV#_GI=?^!EU_X%R__`!5%%`60?V;!_P`] M+K_P+E_^*H_LV#_GI=?^!EU_X%R__`!5%%`60?V;!_P`]+K_P+E_^*H_LV#_G MI=?^!EU_X%R__`!5%%`60?V;!_P`]+K_P+E_^*H_LV#_GI=?^!EU_X%R__`!5% M%`60?V;!_P`]+K_P+E_^*H_LV#_GI=?^!EU_X%R__`!5%%`60?V;!_P`]+K_P M+E_^*H_LV#_GI=?^!EU_X%R__`!5%%`60?V;!_P`]+K_P+E_^*H_LV#_GI=?^ M!GWJNT44!8__]D_ ` end GRAPHIC 15 disciplinedvaluemidx7x1.jpg GRAPHIC begin 644 disciplinedvaluemidx7x1.jpg M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP. M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=? M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@` ME@$0`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D* M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H MJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(! M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P M%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P# M`0`"$0,1`#\`Z:BL_56>0".;#1R%20I`#'!&?UJ]'$6O[8//*^Z`NV MV9PK,"O.,].33!HU:*PDFF33I)A]H5BY4S-)N4+OP2!DXP/84Z^=[4R1V]Q* MRM`7;,A8J01@@GD9R:!V-NBL_4)I8IX3$23Y)C&+"6*YDE>=@ M'#2%@P(R3CMCVH%T-BBL^;,^J?9Y99(XUB#*J.4WG)SR.>..*A.)9KP2W,L8 M@`$>V0K@;<[CZ\^M(=C6HKGHM0GBN%N;AV\KR4#IG@,02#CW(Q^-$3W/D(DS MSR.;HJRI(5;[F<`Y'`/O3"QT-%8]NL[SI;7T\B%(-P"R%2QR>I'7`Q4/G3_9 MHKJ61Y+>,LK;9"C,-V`_'WN.U`6-ZBL68L]G/*99@R7)52LK+@%P,<'TI;V2 M2WN)(HY9%CVQ*6+DE`6()R>_O0%C9HK$O7>V-S#!/*4^S[R3(6*-G`P3SR*6 M*6YGFN+4R2":*WV\-C+9X8?48H"QM44U,A%W=<*3Z*C'^E6)+RSBE:-[E5=3@@JW^%`KH=-!#. M`)HHY`.@=0)R@PNY`<#VJ2*2*;'DS1R$]E89_+K3B"#@C!H M&1M!$^[?$C;L9RH.<=*/)BW;O+3.[=G:.O3/UJ2B@"*:WAG`$\,<@'3>H./S MH:V@.-HT@B5&^\H0`'ZBGB-!(9`BAR,%LF:?13`****`"BBB@`H MHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*BN;F&T0-.V"?NH.6;_ZWO45 M_?)8Q\`-.PRJGHH]3_A7.RR/-(TDC%G8Y)-!$I6+]SK-Q*2(?W"?[/WOS_PQ M5-P;C2[N,DLT965^V(C_SOH+WY8R4E_YYL>OT/>K%9;:W>=QD)T']X]A4E8VNW&Z9+93\L8RW^\?_K8_6@3=D9LTKSR MM+(VYV.2:CHHH,`I1PW^M3Y9/?T/XU9KG=*N?LU\A8XC?Y'^A_P`#@_A71$%20>HXH-HNZ"BB MB@H****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`5!N=0>A-< MIYDE/5V+?G74.=L4C?W8V/Y`UR5!G,****#,****`)XE\ZSO+?C+1^8O MU3G^6ZI-3_Y"$WU_I4=G*(+N*1ONAAN'JO?],U+JV!J=P%.0'P#05T*=%%%! M(4444`%=9#+Y]M#*>KH"?KT/Z@UR==+I9SI<'MN'ZY_K07#31=E8X^G;]*#.9!11109A1110`4444`%%%%`!1110`5TN MF+MTN#_:W-_X\1_2N;ZUUB1^3%'#_P`\T"GZXY_7-!I`=1110:!1110`4444 M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!63KMOD1W2C_8?^A_+C\*U MJ1E22-HY1F-QAA0)JZLM04&(4444""BBB@`HHHH` M***?'&\LBQQJ6=C@`=Z`+NC6WG7@D8?NX?G/U[#\_P"M;YY-0VMLMG;+"I!; MJ[#NW^`J6@VBK(6BJ?\`:,6"?+D]5X'SC=MR.?4CKBII;@10J[QOEB%"<9R3 M]?EZ]>#[5>!)`)&#Z4`+15=+M'#.59(1G]ZQ`4_ MKG]*5KRU7&ZYA&1D9<I'!_&@R<6B&BBB@04 M5)%#+,VV*-Y#Z*N:T;;1)6PURXB7^Z/F8_X4#2;,V**2:01Q(7=N@%=#I]@M MBNXD-.PP6'11Z#_&I[>"&UC*6Z;0>K'EF^IJ2@TC&P4444%F>+`^<\AAB(V[ M5C,C%3\VM8Y(X- MLK;FR3]XM@9X&3R:I_VOG:%AY<#:"W)8@$#&.G/6M+M3$4?LMP+=8`(BL3!D M8L?FP00",QCY=7(!/&&9B.G^U4BZD/+BDDC`21BOR$LRX!/( M`Z\=*E;4+5,YEX`SD*2.F>N.N.<4#U*D6F2HB@M'D'/4_P#//;Z>M(=,G,0B MS%A26#9.22`,'CI_]:K\-RMP91&K`QG;\ZE>%C9F*J`2W1M MN2<<M.DO8TCBE',1D#CGIQ5F&WG2>)R(U`3;)L8X<#./EQQ^?M3UO[9@3YA&!D@H0>W8CW'Y MTOV^V+[`Y+9P`$8D]>G'(X/-`BS15(:G;;=1G M[IXZ]>..AZ^E(+%FBJ7]IVV5PSX.23L88`&E344P*/V!FG,SRKN)R0J M8'W2/4\\_I41THF-8O/^0$-C9SNV[?7I[5IT4!OO5^BD!173MJQCS?N*@^[UVMGU[TLFG[[5(/ M-QL+'.WKD,/7_:_2KM%,+E!]-#RJYE(Q('(V]0`!C\U!IG]ED*565>ORN48L MHR3P=W'7TK2HH`H#3CDYF&,Y'R=/GW>OX4W^R_G9O-!#9)!4]0?EV],T\V)-D+GXU GRAPHIC 16 disciplinedvaluemidx36x1.jpg GRAPHIC begin 644 disciplinedvaluemidx36x1.jpg M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP. M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=? M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@` M.@"5`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D* M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H MJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(! M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P M%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P# M`0`"$0,1`#\`]`HHHH`*:[B.-G;.%!)P,FG57O+G[/'A%WSOQ%&/XC_0>IH` MEBE2:)98F#HXRK#H10LB.[(KJS)PP!Z?6L*YM8+=;;3;5`;V5`"RL5"@##2, M`<'\>IK8M+:"PM%AB`2.,ZAN(Y'C;B-VC?/&TJ<'/Y56U'46M=Z0QK(Z1^8Y9L!1T'0$ MDD@@#VKFKF-KJ[@T1[>".[E.^YG5@Q(Y8]NO6@#J[2^CO7@ M]?KTJ6*>*9G6)PYC.UL<@'TSZU@W<[75XF@Z4?)AB7_2)4_@7^Z#Z_Y]:WK> M"*V@2&!`D:#"J.U`$M%%%`!1110`45SU[J-SJ6H-I^F*_E1'$TZG`W?W=W8> MN.3T&.M;=K#]FM8X3(TA10"[');WH`FHHHH`***0G`R>E`"U4U&^M]-M9+F= ME&U>!G!8^@JN+V;4'9-.(6%3AKIAD$^B#O\`7I]:Y_4+6+4O$$&E0;I%B/F7 M4[G<[>V?TP.,F@!^B:LD,\UQ=07,VH70\U@D?^KB'3J1QC^E/\0:ZETL=C:B M;R95\R>18R&\OJ<`^W?I6F-#<7U[()U$-WM#@+\X4#!0'L#_`"JK+X;N);.[ M!N8Q=74@+N%.T1CH@[@=/R%`%E-?TVULK/8DB12A510G^K!R!NY]CZ]*O6&I M07YG$(D7R&V/YB[>:S8_#K)=QRM,A6%"8QM_Y:D8W$>@X`'8`4RVT&^AL/(- MU#DL7D3:Q$Y)_C.0?R_'-`$>I7R0W;:D\;O8!0%(QB25<[3_`+O)P?4`UD$R M6.A'5YF']H7EP'C)Z@#/],_@16W/H=_JMQ$=6G@6UA.5M[8'#?4FI9O#D,^L MQ73)`MI$O$")CW_ZA0!1T&\LM)L77+W-T5,UT\0!V>Q8D#CT!)SFM*;Q M-8PP6\LBSC[1@JNS+`'H3ST/;N:H3>&+HV]S!%=PB.:?S6!C(+C/W6(/0>U7 M(=`9=4BNIIDD2%:S#X7N#91QM=QF1)O.8;#LD.>2WFU0>,?Y-`$C>)+!%(<2K<"3R_LVT&0MZ8 M!Q^M5=<\0>3IZQVL"?UK=KE(+/^V;&W;3G6P>!R+B),@A^.>.IXXS_C75T`%%%%`!6/>; M]6O6L(V*VD/_`!].O!<_\\P?Y_E6K(66-F1=S`$@>IK'T_4;"PTB$O MZJ=TCR-RPVCG.3^%`$^LZA%HFDLZ*JL!LA0#C/;CT%4_".FO:6+7=R#]INSO M);J%[?GUJ*#3+G6]174-6C,5O'_J+5NOU;_/Z5TE`"T444`%%%%`!1110`44 M44`%5I;&UF8F:%9<]I/F'Y&K-%`%1=+T]/NV%JOTA7_"F-H^F,,'3[7\(5'] M*O44`^.:=10`4444`%% A%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110!__9 ` end GRAPHIC 17 disciplinedvaluex1x1.jpg GRAPHIC begin 644 disciplinedvaluex1x1.jpg M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP. M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=? M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@# M8P)+`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D* M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H MJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(! M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P M%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P# M`0`"$0,1`#\`9_:5]_S^W'_?UO\`&C^TK[_G]N/^_K?XU5HH..[+7]I7W_/[ M8AS+,.[=\?3]*`23UZ&/+&T,SQ/CPR(UP26Q]!Q0)*[!-.2>.T2.9([B1J+W_'^OTH-'%6,F]MXK1A#YGF3K_K"OW5]AZFJM*3DY/6DH,V%%%% M`@J6W@EN91%"A=SV%,52[!5!+$X`'>MR:5-"M1:QHKWDJAI7/(3T'O04E?UF,4A4L`#\IR.1FH:<[M([.[%F8Y)/4TV@04444""BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"E`)(`&2>U/@@DN9DAA4L[G``J]+-%IH,-HP>XZ27`[>R?XT#2'6 M&C/<7*0SR"%FYV#E\>X[?C6U?&TDMF;[,)EMW^SV\88X9L<\#_/%5K-?['T2 M6]D/^E7(PF>HST_QK`CNKB*-HXYI$1^6"L1F@TNHHZ>SAMK)GN(;<>;*XBA& M_.6Q\V/10<\\]*233+#^T9)'C`BC3+@L<<9RQYSR>!]":YK[9/O0'.NQK7>F1-;01VEN5N7S(VY\E8^Q;L*? MI-NLTC6D,8EM2/\`2)F!`8]MOI@]*R6U&\8(#=2X3&W#$8I\VK7\\7E2W3E# MU'3/UQUH%S1O&_EBN0C7$MR<1*X M(2-!U8@?U]:YE+F>.!X4E98W^\H/!I\5_=PHJ17$B*ARJAN`:!\ZZG0+INFB MZGF>#%M"F<;C_P!]'GOV'H,]Q49TBUNTLX[>%H7D_>2-N)*IVSGN?\:P7O+E MXW1YW*R'G&_NRT;&YES%]P[C\OTH%S1[&REE9S>;*]J8+6WRP.3OE M4?7L3W_"G1V.GR1&XN+=H6@BWR0HQQ@D[0<\YP*R8;B.&1G75I%=_O,D;'/USB@=UV-G2;"+S/[0>U6!U&$A#Y^;L>>AQCC\:K M7=O%J:M';I%]L#EY9`6"K[9/4_ACBJ6Z!XA&VLR;5;<`86Z^O6M&>$WJ"^TV M]C$RJ%N&!*!O0\]*"MU8YJ1&CD:-QAE)!'N*;4]U:W%LW^D1L-W(;.0WT/0U M!08L****!!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!11 M10`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%% M`!1110`4444`%%%%`!1110`4444`%%6OM\W]RW_\!H__`(FC[?-_[I'_\`7_E3M#TW[;<^9*,6T7S2,>A]JCDN+.Z> M.6Y,ZLJ*K)&BX.!C@YX^F*DFUJ7RA;VD4<%L!CRRH?=[G(YH+TOJ&O:D-0O, M1G]Q%\J>_J:RZM?;YO[EO_X#1_\`Q-'V^;^Y;_\`@-'_`/$T$MW=RK15K[?- M_:RJM?;YO[EO_`.`T?_Q- M'V^;^Y;_`/@-'_\`$T`VF5:*M?;YO[EO_P"`T?\`\339+N26,HRP@'^[`BG\ MP,T"T*]%%%`@HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@` MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@"_:VB7.GS%5_TA&RF#]X8Y&/I MS^%3/:6\>I6-N$#I(%$AR?F)8J3^G%4(;J:``1/MPVX$`9!^M!N928COP80` MA``(QR*"[H4!#:R-Y:AA(H!!/`(/'7VJS3B(1[A@+M!V# MO&*!.Q>NH[=+9-J1*[0J_5]V2>>^*#!#]M@3R5V/`'*Y;D[`,"G_;)_*$>X8"[0=HW`>F<9Q0.Z)[:WAN+4(!BY9VV'/#X`^7Z\\4 MZ.*'[;<*T"[4B9@A+<$+GUS5+S7\H1Y&T-N'`SGZ]:D%W,)GFWYD<$,64'(/ M7K0%T3/';%;6,?EF@?* M[%.BM#^R9-T0-S;`3*&C)8C=DXQC&:I2QM%*\;C#HQ5AZ$4"::&45KS037.D M6;06H=F9Q(T4`SP1C)`^M)+%+!H1,]L(I//"!GA"MMVD]<9ZCK0/E,FBKK:; M*J2DR1^9$N]XLG:S)4$&0-(S@#+!N`3UZ@56LTQ8W\ M;20J[*H4&51DA@3CGTK-HH#F-:X`,VFD2PD)&BMB5?E(8DYY]*J:H!_:5PRL MC*\C,I1@P()/I52B@&[FE=*#HUD!)$6C+EE$BEAN(QQG-"*&T!T\R(/YXDV& M10VT*1TSFLVB@+F__HT)N88[FWV30%4U+J-O'-0>H8>H/>DDA"6\,HE1C)NR M@/*8..?K5Z-C<^'YUD^8VLBLA/8-QBD:SA:UTL@;'N799'S_`+>!^E`[=C,H MK3U`V=O+-:I8,CH2JR-(V3COCIS0D%K9V45Q=QM/+/DI%NV@+ZDCF@7*4K6$ M7%PD32I$&S\[G`'%0UK6"65_JMM$+3RHVW!U$C$-P2.>HINE6MI-97LUV&Q# ML(*G!Y)X';G`%`H:U)K2!;W3(U3"SQ M1-(,GYB3@U)=?V99WSVQM&E56(9_-(*\]`/;WH#E,>BM&;3"-:.GQMD%P`Q[ M`C/\JFC&ESW8LT@=58[$N#(22>Q(Z8S0'*9%6M.M/MU[';[]F_/S8SC`)Z?A M5FULH8H[FXO072W?RQ&IQO?TSZ5>T)K*XU)&BMS;2QJS`!RRL,$=^AYH&HZJ MYSU6)[.2"V@G+*TF.H/O5>M6T/VO1+FV/W[<^>GTZ-0)*YF1HTLBQH M,LQ"@>YJ2ZMVM;F2!V5FC."5/&:N:(JI<27D@REJAD^K=`/S_E445S:A"UQ: MM<3NQ9F:0J/TH"VA2JUJ-I]AO9+??OV8^;&,Y`/3\:EU&W@6"UNK962.X5OW M9.=I4X//I6C<6\5UXO,,Z[HVQD9(S^[![4#Y3GZ*GLHUEO;>-QE'D56'J":N MI8PMJ5Z)-R6MJSE@O7`.`HH)2N9=%:T,=EJ0EA@MC;3*A>,B0L&QV.:R:`:L M7;;3FN+4W)N((8P_EYE8C)QGL*BNK46VW%Q!-NS_`*IBIJM'ITL-_:17<:[)957`<'(R,]#QUH*MIL4**GO8UBO;B-!A M$D95'H`:U#I]M_PE'V(1_N,_+9_97*LWEB?S# MNSTSCIC-16FGQ_:KH7+'R;3)?;P6P<`#ZT!RE*UA^T74,.[;YCA,XSC)Q11DNT>32-)2-2SMYH`'4G?693_. MEP@\Q\1_<&X_+]/2@+FQ%]INK"Z3486*P1%HYI%PRL.BY[YJ*\@>_P!.M+JW M4R&&(0R(HR5QT./?-9TMU<3J%FN)9%'9W)'ZTV*:6!MT,CQMZHQ!H'S(TM"@ MEAUNU\V)TW;L;E(S\IIVCV[76E:E"GWV\O:/4@DXK.:[N6E65KB4R+]URYR/ MH:M64J)I&H*9%61C$4&<$X8]*`31-HMO-:WIO+B-XHK=69BZD9."`/KS4?\` MS+)_Z_/_`&2J4MU<3J%FGED4=`[D@4SS'\KRM[>7NW;,\9]<>M`KK8V+C_D( MZ+_UQA_]"-9VI_\`(4N_^NS_`/H1J$S2ED8R.6C`"$L34(+KRUTRW\Q6^5DMA^!!K&DD>5 MR\KL[GJS')-2"]NEC$:W,P0-$#8+#&XD$8&?;)_"L5':-PZ,58="IP14K7ETSJ[7,Q=?NL9# MD?2@%);L@J[I%R+;48G;_5L=C_[IX-4J*"4[.YLZE!_9>G_8\_//*78_["G" M_GUIQ$EG96K6%JLK2Q[GG\O>0W]T>F*R)9I9F#2R/(P&`68DXIT5U<0*5AGE MC4]0CD`T%=^\W``#'(XP.^,58DD6+QFK.0!E1D^\8']:P M&DD=0KNS*I)`)R!GK1)(\KEY79W/5F.2:`YM31L=-N8]6C5XG189`S.RD+@' MKFKMK)G4-7MT2-Y9'9HTD4$,58G*UY=.@1KF9E!R`7)`J(NYD,A9BY.XL M3SGUS0"DEL:Z7FH0NSIIL,31@DN+;:5&.>>U8U3O>W4B;)+F9T_NM(2*@H$W M7NW;,\9]<>M,H%4;B4QXQLWG'Y4GVB M?S_/\Z3S?^>FX[O3K05S(DT[_D)6O_79/YBM1`)[O6;($"2=R8Q_>*N3BL16 M9&#*2K`Y!!P0:"[F0R%F+D[BQ/.?7-`D[&GH^G7#:I"TL3QI$X9F=<`$'@<^ MIP*IZC_R$KK_`*[/_,TU[RZ?;ON9FVD%PI/FR%`%.*,2/Y5/,PY5V(6N M;T#._C_=%+'=76"6?./]D59E220`;<`4\B../&WDBAS8$=/34+26XOXRZ%MJ$G;T^E< M7;HS2JH'4@8^M>O:9:I:6$$*X!5%!QZXIJ]RE&/8I2Z+IR'_`(],CU\QO\:H MQ6>EO((Q"I)Z?O&!_+-;,]BEPC"0L6(QN'!%8>JZ3:0R_:=[>U3 M)LJ,(OH-O='3[-))!%Y97H`V<_G6)9(QNDCE7S09,$;2HQ^=6CJ4C2,URAZ' M#]".,=*K+=J9=P#*X.+9*'52T##H<%OYUF&4)(&:8&(<$ MXZ^]+=R%K@K(.OW23VJ)[9W4?)(1VQTIIL.2/8U(HXY%7"`Y'4-U]ZAN8#$, M%G0^NW(_E6?%'=VI(C7Y#U4G-6/[1U"$8,3D=^?\:5WW'R1[""54?.[S0>Q& MW%3R(Q0E`W3(VC)%5/[0$P,A>JTA9ONG!'88JDV)TX]B*;4+E6X?` M]-H_PK1TZZ6X5@YW.JDXZ9Q67*C%OF/%26#-;722`#:#SCTZ&J;)]G'L:][+ M'Y,,]M\BD[77K]/Y5+8R0RC,B;LCU(P:RI1B,ID\$\COS5BR&!Q)U&!D=Z5Q M^SCV+KV[M,PCDPHY&1FG/Y*7`BR&/0CD"RC+>U- M,3A'L"V:/;-(&"E>IK/GD`'[HY/\ZT98Y+BS98U887Y0OK]:P@LD#X/)[K4R MT(<5V&W%[(J@(VUN_`J$7]P.LGZ"G2;6E)<8S58%3.`!E<\TDV+E78T-/NWF MFVRMD?2M1C#Y1POS#ODU0MH5#[XUP!UI+N\5%(4_-FLVW)Z,?*ET$GNG@8;E MRO>J5QJ,[29A;8GI@'^=%S.9U&3TJF6QD5I&_47*NQ-_:-W_`,]?_'1_A2KJ M%V>LO_CH_P`*+.QN+UPL$3-DX)`X%==9^"(A$KW$K%B.0.E7<.5=CD_[0N@? M];_XZ/\`"G+?71'^L_\`'1_A3]5TR6RNYD$;^4KD*Q'!%58SA<4FPY5V)VO; MI1_K?_'1_A31?W1_Y:_^.C_"H')-(G-%V'*NQ.U_=]I?_'1_A0-0NP<&3/\` MP$?X5%M'EYSS3%R#N-%PY5V+!U"Z!YD_\='^%-_M&[W?ZWC_`'1_A4;E63CK M494J.>,TTPY5V+C:A<;01+S_`+H_PI/M]UC_`%O_`(Z/\*HC.>*EYQ0'*NQ9 MCU"Y+$-+_P".C_"G/>W6>)>/]T?X51`.W1_Y:_\`CH_PH%]< MYP9/_'15=&^:IO*W#(J&V'*NQ+)?3JO$G/T%-AO[ACAGS^`JM)PIS4ENN4R* M=]`Y5V-%992,^9^@JM]MGR1YG3V%1,[*.#42GK2NPY5V+7VRXVYW_H*;'>W+ M-@R9_P"`BH@<*:2(?,,"J3#E78N274R'[_Z"HOMT_P#ST_04R4[LY[57VDTF MPY5V-CSD`"@Y8U$]O)@G/%5[96W@$=ZU2&2/+'@UD]"C-:38NT@\4,'FBQNP M/0U/=;--\F2,D5<_=(@_=CGVH;&'AY8)-Z-@_K5C4-7BB#*55CZ$$&N7NM3LG<[;8YZD*]9RN M:QL+*]SYK?:IYG4.-LI\R$YP3@C_&IHM5M4E)%N^??YA4TVKP M3GYX7/&!@!:-1Z%;;#+'L9@V.A/#+4EJ@M7#"9&C]&)&:E5Q/]V+:OH1DT\V M'F#.WK[4KE)$SZM;(.1&>.BKFJTFHP3<&$@8QG%/72\')`/X5(+':?NBD6HF M=-;K*N4`/OBJODRHV%+`5N&VV]!BE2%NZ@CW%%Q\ICK$SC#?RIK6OXUNBV!/ M`Q3_`+*/047"R.=^S/G[M2"W(&0#@^G:MY;<+V_2E^RC.5XJKDV1B"!L98=? MTJQ%#D$HIW8P#6NML&[#\JOVUDHP=H_*J2N2[(Y62%H2K.QZ]!5B.6=AL7!3 M&``1D]^]=#J>FI-92?*,@9'%MK`/)%_"L.9H_M.5QL-:IW$=YX,FM MGTH(@`DC)WUJ7&M103"%CD]*\R^URVZLMO,T:M][:<9JW8S*TH9I&+XYRC7*0ZA8NH4'HJ\=:N(2\*R,H]0:H27'G2&29 MB['N>:5[@0B/8+G`-/(4H2#BIK),R\]!2;T`;J5D+.10K9!&:J^8 M"N,5JWD<37:Q'3=.A*(D8"CT%,#RLY# M8/%*FTGFKVNW,5YJDLL"@1\`8[X[U05230!HQ6R%-R#)JE,A$K<8YJQ!*T/" M]Z1R6RQ')J%=,9!#'N?!I]PH5"*0'YL]Z9/EDR35+<1"J[A5E5_?C6G#`9650.M*3L@*#1A1FG+*57`J_?V#0$!B#G MTK/:(@8J$[@-D&1GUJ>#B+%0N"J"IH`6BR:I;`(PR,U$HYJ8`DD4BC'-(!I' M[LT^V3)!-"_,"*G@7;QBK0%>3&]OK3A&,4O!D.?6I<+6;8@@MO./SB<55MWVC<0:M/$CG"L:< MUL54,!FA-(#/$9%312>7U%+.,L`IXH1-Z[1UJ@+,;KN!0=:>^"2#44>V-2&/ MS#I22W`$(&/FJ;7`LZ?<)'J$(E^YO&?IFO2V+&U#0X9MH(ST/%>6Z65_M>T\ MW*@RKDYQCFO4Y)%AM?,)`4+W(`K2(T<'KE_-++L>(!UZ[F./RK"D5CP[OM/\ M*C`KH]A-/0M-/DFAC2-+3(%5!N'XUKB--HP!5&UCQ&*O1]!FH1J M((UI6A7-.8@4A-,1$T(IGE`=JG)IC4BAH0>E&/:GKTHS2`85]J4(,4K,,4!J MI,1+$@R,UH0@!15"-LU=C8`=:U@9R)F4/$ZXZ@UQ%S";;5)<#`R>!W!KMT<9 MZUS&N(JWTASC*Y^G-4]3,AL8FBM26'W^#5FQL8W91*_P`O<5$)]B],\4B2AB",AOK6<7;< M&;6I:;;16*O`0"/2L"X@NI%S#&W!^]5^>Z9;8%BQ`JO_`&G*UN40*`.?>K;3 ME-Y/W72KPN'G66.3!STJ@UHR#<2*:WNP"UC$DX!Z=ZU M(X[82$*?F`K)BCE:3;$K%NG`JS#!+;WBB=67=ZTW%O4"O(KM*W!/-,96'!!% M7KBZ$4C1HHX-59)3(26'---@1AL&IEN64_)Q4!%**&@)UG;S0S'-6IE9XPW0 M521"_.<5>1BJ`,>,5$AD+,4A.*SF)+5?D8,S`=*HGAS]:J(&W:ZA/:621P2- MSV!Z5(;FXN8&W,VX\5EV=QY3@,N16N\B&V+H,9J9:!8S);-XQG(-5QD-@U;= MG8%MU0E#]XBFGW$.(P,T>9\M)DE<&F-UQ0,0E0V[9<<9/I4\[G/3&.U96LP*=ZJ@*%IT2E8A]*B*EY*F)*$"M. M@"#[YJ*5\<"I@=RGBH)!EA0!);$%JMH>>E5(1AJMQ@X)JT!2D/S$CUIRR?** M;(I+XI_ED=JS$16RDKEAQ4K1G/R$U"C,"`O-7(AM8=R:&,;(6`0]Q4DB[H^> MM6&0,N,#(YJJ;U%;;)'R#BD`H9D`4+GBKFG.1=.",?Z//_Z*:JTC*Z^8AZ=J MGT\"::1QP1;3C_R$]"0$<,V,9QFGS`LA.<50ARH'>K&_>I4&I:&0<@Y7.15F M&Y=0P.#Q5;#$Q+=ZK+9RR[MJ_=ZT)Z:CL1;VN;E0" ML97DL3@*!WKT=)X=4T!-T@`V`%F4]1WQ7GFFVRW&K6T$P^5Y55OIFO1WN85M M)+6*,+Y?RA>Q`XIW2T+C%O8Y"[N#]I9,JZIW5.1[YJ":4JHQL8'UK5U33MB+ M+;X$3@Y8$Y4UE2VY,?S,'/\`LKUI@5%+23JN<[O3TK0M@%;"C)[FJ-OE96(' MSCOZ'H*T+?;@^@X'O4LN)JVS945960YXJA;,U1'I=U1D&E`-,18A;YJMHWO52%>:O M1KQTK2)G(FB()KFO$!Q>@]0D?G6C,V172QQV2J M!@'CCTK&,FW(7-:>HLA6/S"1@=*H;XE0[4.16<]S,(R2@9^U/$3NX8=/:IXU M6X@R?EQ3K1@DS+G(%0[B3%E?$>QNF*BLMKRD;>*N.IE8E5R*8(-C!@,&H;!L MH36D4=XQ5L$CI62$9KD@DD9KHW@5YM[#G%5SIRB3*X&3FJC.RU$:%BD-M$#L M`R.N.]6K@VLEON?:7[<5G.6"^6>1ZU$B?.&8\`]*<:K2L(RKS3Y/MF(E+LYX M458N/#]Y;6OVB9`%ZD9R179::+%625<>9CGK6D7AOXWA<90<'-6KM;C/+4M@ M^%%$B1[XU=20!2;5]`,PG&!C&:6X.(< M"I;F#-R1&/EQQ44D,VT[E..U*Z`?I9B\S=-C`]:U[73;&ZSL7&26Z-R]T6UDC/D`*WJ*YBXMGA9D8'Y>];"W=Q&` MH)--N6,\6"GS'O4TN>&C=QRE&1C0*<"M"$?)3X=/E$>\QMM]<5.L(`%='.C, MS2-LI-/D-:PTZ-D+D\]JJ&V(8@BI=12`JVV4;<*)G=WR:MK;D4_[,">14W$4 MXDSVI2K(V<9!JZ(U7@"KMD(F&&0$^]3.IRJY45=V,AX)?O["`:A:`^E=;,(! M&$8#FJ)LE,HQC96<,1=:HN5-K8PHX&4@XJP$)SVKVVR4$+A/:J,H=#N& M0/2M$[B'ME%P#UJ_HSE;J16Y'V>;_P!%-6:"[C)'%:6E$?:''`_T:?\`]%/3 M&5Q*BJ>*AW\GG%6(5_<[L`TP*22^WIVJ0`,&4<\TWIUSDU+(4\C=Y8S4+-O` MY.:!CA"%.3T-,*J'&>E/A`:0>8?E%,".11;J`!YB#\J%H*Y-9*R3I/N(D#!@1VYKKI5/FR,.0*(087 M9?SS^M:1#>6H)D*9W9+=3VX[5H:;&&4$`UD+JO4U1(%*8R@4Q[D`XS49GS1AHN%B^C`=*MP.,#4<.I.KY#[C_=-.UUY)["WE*_-N*C'X5I>YD]#'NY!YP/+`=0://C8@[! MBJU]/%)(3"2I'!4]#]*(;8RM3Q0["<'D]:(H`/%9X)91FIK8*9D1^`2,U+FWH`R*U>?)0=*U86I7XGE)B``%$J?*MP*/E_/DC-/:,%BQ`Q33<_+ENM1 MQ71P5]34.]@'+&@?<`*E9XV7:4%,(.-PZ4BKDYQ4M7!-HC^SH3P*!"@.,58& M%J,@ER13N(:T"]<4&,`#BIPPZ5*-F.:+@;D,EM_92H2* M/)]J5;B3LV?K0SR-UJDY=1.W09Y(I`IC.5.*D`R>M-?GY0>M-ZB0UYB[Y(J0 M3AL#.*!;+&,EJ7RD\DOFLFXF]I(#(5.1R:EWRXW$8JI:PL\N0Q`'O6EYV&"2 M[<5,_==MP6J*QN6<8.*B,49.<5#5][4.#S\M13*D:`)P14W`C> M/]W\U0JH0'Y"?>IHY^@89-/>7Y#NP`:0RBH.[KUI&0I)P:4AF;>O2GY$C@'B MJ`>))",MRN:GE7@-VIA`52.U)N=DP>%J`V'I(D3[O:MC3;H7.DO'_P`M(9"0 M,_PGI6!<`&-55>]264SVETDJ\JO#+ZBG9-%TI\DDSIK>4NF#WIK(VR3<`0@R M*L2QQBV2XM^5<94@4V&8-;AI0`3G.M8UY#_IC,`=H(QCW]*Z&P3,"'VK9ZG+'0LA/2AV$:Y-28VC-4[LY4 MXS28R";4"IP*J2Z@[<^8=!^M":@0#GK5 M>:YA122Z_GFJPNMWW2,?0T[`GYFF+POV.#4BR$]#5"%B6`8I92 M8]W((JO/,5[\UH?9]W..E8=W'))*V#@`_I32!L)&:0@&3`]!4L,"D@B3!]2: MHFTD;[LS#Z"K5G:3*_,A(_VA5D:]C9M+:,JP#[I-IQ6AJ*^1I5L".0^2?3BH M;&WBB969QN.`>:LZ\4.D#D8#CO5K8RD7&K.#N)JS"Z7!"$[:S=T(9%Y9ZT\ ME23M'`I]U##`-@;D]Z@0D_*O(I+74!YE\M>O!J/>L@)/(%,N5)&WOZ4EDN_= M%CG'>JL"$GF554"EAN2PV^E0S*%PK#H:DAA`4$46`L^J[)A^ MIJ6-B$(-(">,KM`/>DY&?2F1G<<=,5(">0PH2N(7SF#``9JQ`X-RGF<+D56# M*HQN&ZG.V>2?RJ;6`ZK-JT"JY!!]ZQ]5M88)5>+`5AR*HQR32J$4L=O3%:5M MI]S>JOF;PO9B,`?G6CES:6*2;,EHP6]13DM\?=VDGH-PKIH]"MXTS/(7/KD" MGV]EI\;XCDRPYP6!H5*0[&'%IMTT>!&VP"@9S[5:HKJ%D74+2\NE'!R#M8X MJP-.M7"E`N!R-IZ^N:ET>P61S"@$T'`YS6Y=:8JG+HN#W3BJ7]G>8XP<+4NE M85BCNRF,T(..:L75FUNV`1A MO_A-"`D3&X`5)YF&P13?+,&"3G-&Y6;/>C0""7>"2#4:NP7)/-32G'-4VG)8 M@#%4D(+B:8]'-1)<2[MNXXJ664&,*!SZU$@^;FFDK#;+8F=5&TE33A([8W$D MCUIB`,O--,F&^E)Q"Y=:_<*%Q4HO!@<&LMG8J6J+S9*S]E%E>T9F":1AL9CB MI8BJ')JJ5D4;L4LKX(`/-==B2U*QCBRO>HHYN,DFE'F.@'&*0P<4`6I+B$69 M!C#$CJ:=H#K]H?KD6\__`**:LYR`"O.*MZ$#]HE&>#;3_P#HIZ:0%Y)T>%AN MP<E)&C(Q*Y!/45-A%N569QM.#4QM@;7YL$U7)/![T M]6=8F!/TI%%<%X05/2E!VC=VID;&<$-U!J5\F,KMI@.24!"3@YJ>9]JKCO5' M`";3]ZK);*BDT(60C*'/-,,F%/`.330=ZL3U%+9Q/*V[J!3`TM)U&2V)5R#$ M3\R'I]16W*AIO8VI5 M.5V>Q!J&5:$G(!)KHK,@0)CT%5KNQ$D;(PR,C!]*GMUV*$ST&*:V-7N6F/RF MJLH#=5S4Q<*.:B>0O\JC-`(S[F&,]4W?7FJ,L5N>"F/:MT6[G_9^E02V2_W1 M4V91@F*W!RB`GZ4Z-"2=J8K5-FJTX0*H^44]0,WRB.3U%:5A"-F3UH^SDG)% M6H%VQD8H2$/C0-D8ZUE36'FDD<&MF#(D6DEBVN<=*M+0F^ISATM@<@G\ZN6M MCM(R"?\`@5:004H`#46*N+#`4P=H<>A'(J/6BK:>J[<`N./PK0@/RBL_7.D0 MZ`MG]#5/1&,]CG&ARX*\5/;0E9P03@]J'5P214MLQ4,S]AQ6-V8$LQW2J"H( M6JMTA8_)QZ8IH=B_7K4R/N4YYQ4W=[@F5S#(T9+MN-/AC$?(.":F#KMZ4US& MN,T[L"%I`L^YSG%6]*@^U7Q\ M$YQDIV-1P?(F#74S6Z00B*7]X,'KVKGF@VAGQA,G%.:L!'O/F!<<5>L[>&?> M9#MVUEM(<@CMTIR-*2QR<&H0$\Z"-B8S4#O*ZX49QUKJ-'TNVFL5DG4.Y'>J MFL6$-FZO;\9ZBGRM*X&`(9&`94=B?05L:?I4]WY39VJ""1CK5FVU2*TMO+,8 M4`Y9R>@K6LKF:6%9(;;;&_1W<#\<"J2OJRE$N6UI#:Q@LB`CO@57O]7AM00L M@SZ8J.]/X1BN:OQ;M*6*L/3#'_"M+I:(M1[DEWK33D\[E/=7K-;46 MAW%7QN&#S5:X2'=E7?/NW_UJJ2CKA\_4?X4QLO+J=Q`H:.5B`P)P>U6?MS74 M:-YAXR&S_$#7/-N1@5^A'8U\B?`V'/J:$F/ M0U_[7=LJPR/E9!E`.>0/Y4_`E7GDCTZTG%/<6AJ""5#D88$X M!%68VDF5($7GI6';7=)%.!W'<5DZ=F0T1ZGIT MUI;B5SG'4"L^VDWOA5+'VKO)XH[F$QN`RD5QV!87DL84$`XI58N*T!)7*\\< MS\HAK.E_=N=XPWI72DY/RXYJE=Z>LI+GK7-"OK:1K*E9:'.2RAN14L'S'.:C MN8]DS`#@&B!F4CTKKZ&-BV7,8Q4BA9.,5860 MY^;I5$[GYW8(I5);"Y.?K2:`FQN+'L35W1QMNY`/^?:?_P!%/5418`&:M:7$ M8[UVW9_T:X_]$O0@*6#@GO4D4A#8;O3H074[L5&$)R<4A$DTNUAMIOG[QMSU MIA.!R,4D2@%B1G%.PR>S3$FT]#5JX'SA!UJG',%4D<'TIR.S."3S4L`GMG4; MJ-,'!#"J:?(<$XI#"-2@)<'FK]DT:\+P#UJE/-B+;W]:AB8[,Y MH:N(T+^W4C=$V346D@PZE%.X8^6V?EZFDC<,H&[DU<'E0Q`))^]/>B]AG62C MS'E4*1O4.@],#)J!$(&:M:<3-;VDKMNEC.&/UXJY>QJ(R<`-W(%.QLI;&.PW M-4\**HX'-0YPQH>3`ZU)H62P7K4,C*:IM<<]35>2Z]Z&RE$MR.J\U5DO1NVH M,FJ$TY<[5)/XTB*?,0D]",TKCM8V(6E."PD)@4Q)49%&13E5\GDXJTB&. MC^^*6^5F`"G&:AR5;@U<(4P+(2.,U4=58EZ,YDWDD%PR.>AQ5R&\#8R:JZL% MDN'=``/;Z5G1R%&Y-9O1FBLT=7#-D<50UN;*0?4TRWGVV;2>V!]:IWZO-+"O MS!5CR>#U-4W=&-38E2>,Q_,.:9<,I4`#%4LKYNSKCO0TPW]>::VU3NP,'I2ED=<;L8H$ M->/"$`_,:V-,@N+%XG9,HPYQVK'+(6&#R*Z'3]>B4+#=#;V#'I1=K8I6ZFE= MW$,R?*?:L769D@A6%!Q4WB"XC)B6W91GDE>]84JLZ;F)/U-5*5P?8A9]V.PJ MU!(K(<=ZG! M;)\SA3C@8)KB8=3*J?,E:)`.`IY__74?PI\Z$X,P%9L\'-6[*$H&=U.YN% M4#]:TO[-`Z@?]\TVYC,2C&0/457-U,#A\;NA[BHW?'"`;?4]33% M.>1WI@6\]B>?6EBF*ZC8MN(I$50@-/FN@4Z9JD'XYJR2R6YP#4N\" M/FH(MA6H3NW%><4@))V##Y:12NT<56;::C`C/<4,G&*8(VSQ0!>@?S",U?TX_Z7(/^G:?_`-%/6;'" M8H]Y;&>U7=)D!O9`/^?:?_T4]3U`JJ&*8IT+X!#=*CWE5('>FKD#!Z4@)'4R M=EE,9.5)KH8(391"Z3HO/-2[H#= MMEDLKU;A7FM"_<^2>>M4M*U6#5H@QVI(GK4^I-L@&#T^6FI-IW-( MFE.E?]W^M5%.6;/>LVS=$5Q.$R2<"J9DDE[%1270)N!GD#M3# M<"/!8$_3FA(MLGCC8$`5*%PI]JA@O8)"%#%6/8C%6"01PPYID[C4N98F'.0. MU:4.I!HCCK64R%AUYJ$B5&^3FG<=C2-]UR:DN=18P+"K8SUK)7S">0/RI7EB MB&^5_P`Z<125RTQ'DG=T]ZS9PI9=IYS3WNGN(R(P5CSR3U-$$6XY/T%-L21< MC8^1!%S@MN/\JZ;1]6T^>-8%VED4#+`L6FG;%$L<:._"LB@$5Q5Q8GSV1.JGKZU>U?4C]ND\7?AL54HZ71SMW,P-)$I#I]#3/*:?DGBI7F.-K;#G/(H&,9=\6#U4]:?&^Y!NZ,*50`,]01BH8S\KQG^`[A0!8B)20Q. M6`R'!/I1 M*]M!JU]2QX8D=0":MRD1+E<-BN;VK6F[- M?9IZG*3[E;##FF"WF89`.#6O%!#AIYJOD]<&G>9QDUV6,B3-!YZ4S=E:0D@\=*5@'OO;Y23Q5O1EQ?2#I_HU MQ_Z)>JJ`LN0:OZ2N+QSG_EVN/_1+T7`K%"$'.:C!(/7-.C8GCM4FV,Q'/6I` MC//(J>-H[U0=S(?>E+N#C/%.A3+9'44TAB-&=O7!J#JHR_-SWJD(LVBR--B'&X]_2MVYW2V@A\[)`PPKG;>9[=R5ZXZUK:*DE[,T M<<#.SC.AP:LQ9O7FE)+`UQ:'( MZLG<5B_-N[\<5I6&JM#)D-@^HK8-M8ZQE\^3=-U8F?F<]:<&W-@T[RRO7I2F/*Y%(=@W!2,8XK(U28O+MSVK5*C'7 MM6*8VN[S8A&6/!-7!:W&D-L;*6_N%AB4D]SZ5Z-HGAZ*Q@!=`S]R1532M+FT MBU#0HNX_>/<^]7K?7-LGDW2;<]*O:+BL( M13".:<6IA:D4(U1DT\D4QN:0T1D\U#*,BIF%1-4,HR=2@\V(@"N1NHRCL",8 M-=W,H8&N5UBVVS,PZ$TXNS"2NC'!XYXI$.'V?B*;T8J:)#]UO2MT<[)HSMF* M]F'2I+=MDY7J#49&=KCJ*1FV7`/8TP+>>6'8FHGRI5P.>5/]*D/$F?H:,%O, M7OU'O0,:C!7`Q\CCCVJ>(E7*9ZC(^M5B08N.QX_G4Q),:R#JO-("];28!7G% M1/-(S%>:(V"L&J60A6R!R164U;43*DL94@D<&I8A^\&!P*G:WFEBR5XI[6IB MA#$\UESH+,L-?NJA0!P*@AGFEEX'%59&*GFI[&X,:?,8X;TJ_'!MC4<\"F32QCJW/UIGF2]L8K!N4D="23./$BGL*B9#^%/=<'D M4?>(':O3.03Y=H'>G'[N*:\>QACO0P+8&:`)%<1Q@8J_I.7NW]/LUQ_Z)>LS MRF[YJ_HI/VUQS_Q[7'_HEZ5@(7C\H*P.>VT<#O0`Z9=XR!BH-Y0BI"&]R?:MS3?!NH7@$MPRVZ?[0)8_A30['/D[GW# MK4D$,MTZI%&SL3@!17I>E^&M/T^,?NEFD[O(H;\N.*UE2.%,1HJCT48IV8'& MZ1X*;*S:@^WOY:\_F:Z^UM8+2,1V\2QH.RT]VVC)]*:'VPF1C[U2207,#QC? M>39&W4X,G7'X5Q6A3E/$%KDX$C^6?H>*M^)+K[1>R%7+#IS6-9R&+4(9!U1@ MP^HJ7J5$[*Z&RX<#(VL1^M5I3EMW<_K5V_&YUD[2('_/FJZA7CVU@=#1'&N3 M04`>F@F,X)XJP`&&0:=@O88W`J%V*\BIG(SUJ&0;J129"\X'6HFNE]#3I(L] MJ8L//S#BJ*N-\[34"Q@<\5:C=0H!ZTT1)D>HS>3!E>K<#ZUSU MU/\`*0#[?6KVNW>^41*?N#GZUBEB[>W:M$C&4K(<,EMQZFIATJ)1BI`:HQ)` M>V:>IZ5"#2ANV:=P+D3[3U-7K:\:)@5ZBL8/4T4NW+GMTSZT[BL=E'JL=TJ6 M]VJR*!\V1TJ'5O#[2PBYT[]Y&!DI_%GVKF[>_-3 M**8)VW,&=)%;:\;*1U!&*=#&V0,8!KT%9K+4HAYT:.#_`'E''YUE7OAD%2]E M)@?W&.:R<&D.QS3#:2`V>*8KG:5[TZ:&>UE:.>-D;'<5",*N=V36=AD=U)Y4 M#?WFX%6/!UD+O5WF892`9_$YQ61?2%[@C/`XK7T.^.E:7-+M.Z>0;?H._P"I MK5*R+BCOI'++@'BL/5+-+I,@X8=#6?;ZS];FX]:Q=+D2ZE1L8DS@UNR)M7'M4C>A M$9*9YHSS5>XD*`XKGKV>X=SL9A]#4W'8ZL2K2AU/2N)2VFE.7F8'TSFK$=A/ M_P`L[EE/XT[H.5G6M4+CBL%(-3@Y28<&L; M4X=VZMF0C;E3D'TJA=#M#4X]KD8K/'!/O6\7=&$ ME9D\!R`*2Y7'\Z2W[9J20@DH:L@E1]T2YZ]*EZ3].HJI%_JRIY':K)R\$;#[ MZ4AD1&V1U/:I;8Y5TS1<`;@_]X?K4<>5G'.`PH`G1\Q*#U%6\DK&0>@P:I1G MDCW/Y5;@/WD/=*AN"&/SCBJ,=ZX(0]!4EXY6'<#UKB4&I M:FG,G$J38,FWM4;,%^Z>140D/.>II`.]=21SLF\QR0Y!CK3!#M[9-2- M(VW@F!GACO!QUIV\L&&<`U92`!,GK54C&>*2=QD,8PV#SS6F`OD8!YQ5'R^A]: ME1MN0>]#U`8PVN,U=M$^U.L,*[I6X`%5$BDED"!&=FX``R37H?AGP]'I<`GN M%W73CG/\`YX%%KC0FB>&;>R59KI!+<=>0"%^E=!@>X]A3=V3GI1G%:+0!W^> M*:Q[49XXK/UF\%EI\LP8"0+A.>I7FI?$%U]BTW:"">@ MY^E8'AE9+G4TED;Y$RS-GVJ[XJ=;JV0VSQR*"0<$-@\5(T<1<,68L*TXPK60B[A=P M_*LR8#FN=Z'2M2.8GMS3(KDH<,>*"2!UJK(3VIW#E-`RJX^5L_2F;CWJA%O0 MY!J;S3W%.X6:)V<#M32XZ$XJL\N*C,P'+-3'],I M.E`Z4`.7.>*>6R0H/"_K3#E%_VFZ>U*@Q3`GC;FK,4I'0\534> ME3+\N.:8C8L[^2)@%8@>E=)I^L)@*\G/H:X=7(Z9JW!,P89H%L=_/;VFI0[) M51B>XQ_.N7U3PU-9JTMN6E7)(3'-6-,U4Q?*QXS710W231C)!%0XEIGE=GIU MSJ&K+:E&5W;Y^#\@[DUWM[H=J;6&((`L2!5Q_.M6&PMHKE[B*(!Y!\S8ZT7< M#R+A&*_C4LUBSG)/M$%A):((@"I"NG&/PKE[RPO22YA7CH8STKLKBPN3TY_. MH[72+EY?F``]P?\`"IYGL7RQW*_@RVEFB-S,"`I(Y&,D8KI;AA@TI$5I#Y40 M``JG)+N!R:'H):ZF??3*`>E9&[S9#QQ6A>KN/M67N14=S9PW*$XPW9AP:Q+'54G&8?DD'6+^$_3TK7MKH2 MH&4_4>E)Z`M2&&:2"7[-.<@_<HJ6A/(^M4$/8?45:A<@CU[4#19QNA(/)!Z'L:KN`5!4XVGH:M`_,&QP>"*CD01 MS'/W6I#L,5MLOMTS5B'/R'/()%5'&#^AJQ%DIG//44,`?*L1SUIDTKD`,>*? M/Y03UJ+/ MM0,GY;@=*1D3920LRGYJ>)%9MK+021J@QG-*8@F,X-(T8W$(:?&"RG/&*`), M+Y.TC)-2Z2GEWS_+@?9Y_P#T4]5\'<6#8`JSIQ=[M\_\^T_/_;)Z<0*ADSFH MXSNZ]*"K!>!FFH"<]AB@9)+A`-N":3>&(#+DGI]:C==I&#DUT/@_1AJ%[]JF MSY5N05'JW%.P'1^&-!&GVXN+E`;EAGG^'VK;DE'3=1<2>6OO4"Y+<]:O;09. MO.#G-.SR@->?>(]0:]U:6,/F*([5&>*Z/6-2V:- M.\1!8OL)^O7FN&09;D8H`TK0R-I][;1$B2>/"8/4@YQ_.L#3;Y[&XW@$H3\R M^U=!IZ'S5=3@@\5G^(+**/69S;`&"0_*5Z%@!N_6@">X&F7D9FAN3`YZ*ZDA MORZ5!9VRQ7:NLT[8--"Y-, M=N>*=&V34F@_904`%6$4$5#!BG)(4X/(]*UL<[=R3%%+D$97I2$4"" MEI`*<*`$YI^1$NYNO84JC&6;H!5E3)C&>:KJWJ:>KTQ%Z&3:\J."^0W0^_ MO6Z-/V_>&:4V:?W12;;&DD,A;(I)4YSBK20A!3)@`*FQ1B7R;E(KG;Q-N:ZF MZ&0:YS41C(JX;DU%H9F>>*M0OD8/?BJM/B8@UT',//RN1VJ93D9%1RCH?7^= M(C''OWI`:-O)Q@U8*AT]>U9L4FPC^Z?TK2@<'KWI,I%2X4A58C!Z'ZTVWM`8&%Q^(J6V8A5` M&*ANVHF1W=FMNR[,\]:18M@&!FM*9`Z`L*IM*L49&WFIE+FV!M-Z%21^=M-% MLQYR*?-&G&#AJF0D(!FM$E82(864EB>149ECW#(.:+!W5MK+\GK4MU$/+WG' MMBHV9`W(7MUZ5,B!X\=S4-L-RDL>.U*6>*0=Q0P),QK\N>:FTJ1?[0=6SC[/ M/_Z*:L^1D>;*C'-6M,3_`$^7+=;:?_T2]-(!=@(9H6R, MU/2L-?*>4KY1C);'R,>/P-6]%8! MY`6(#*0:I,`M^VWH&H$=E#XAKG6`P/8U;TZX*F2(D\C(K*< M>IT4I]"23&^I8\8S4*(9)#DU?BBR<8X%9G1@H0CG-40PA!UR.166RL3GI5[4)C+<.^>.@^E4B<>O051!''E](*=3`6E'/-)]:6@!P MY/-2*.!3%_2G!L4"'$8ZUV'AQPFC+VRS&N-)XZ&NB\/3%M,F3NC$CGVJ*FQK M2^(U;N["@_-6+)*]U,5CYQU-1:C,YD"`G+'%;&CV4<48+$<^OTKGW.MVBBQI MUH8XF&>M5+D20`A^`*Z)`F."OYUG:BCOQMR/I5..A$9ZF`VIM"V6C=E]0!6E M!?0SQ!E;J.A'-53`>FVD^R#.<5%RW9C;J8+*"AY!S6SIMSYL`SVK*\E5!&VB MTAHE^5]R]Z`'JVT_P"R?TJY;R["%8Y4_I5( M$,N1^(H1\'&?I0!T(_>18/4Q$B%D'D`\\5E78<;F"\" MMJ%C,2`O`JK/#ORA/![5$$EJR48NQI5#XXS5M83M%+=PFW0*HIB+(4!YJ^;3 M0=RJ;I%A*!>3QQ4R*#;A'.2:J*H63.,^U68UD=Q(1@"JMV($7]TN.U-:3+DX MR,<4^9'FRHXS4*JT!VL"P]::B,C@7+NS+CTJQIC.;V4G_GVN/_1+U-$R$9QC MUK1TZVC:=V&,F"8?G&PJEN%CF!P]#2HQ'W>M7+G3V5AM%4G62)SD8)I@ M=OHDJ:9X5FO-I$L[D+D]>./ZU8NKEFUC2#EAO6)CCIS67XDD^R6-AI\?"+;J MS`>N.:FNB?-T"=NGE1`D=!@U(R#4)!'J4FQSG=D'/(_&EO+W>ZNA((')-0:L MOEZQ,"1USQ55V!.`.U,1K7G>A`7 MM,.UVQZ5`3_I)/JU2V/$G<<4V0?OS]>U`';:/+YNEJH&"O!K-TYQ'JJ[BV&) MZK_6IO#C[H)$.2`1U%501'>#;@$-G'&*D9S7B*V,-],A&"&JM:-OCP?3%=7X MXL1E+I!]X;6/Y8KD+4[)<"K0C7M=*2>S622;;)*2$7/3ZUDP$JWF#JC[#6@N MI2VT)2.%7D`(C9OX,]ZHS1F&R@`R27+,?4TY6L5'=&M:`9'O5]65>@/-9=E. MGR`_RK2'S*I'.1UKG9V;C\$`MFLK5;CRTV`_.U:5S.+6U:5@..![UR=S<--* MSDDDGK50CU,JD[:$3MD]:YW-;'A:0KK"KUWH5_D:F>L2H: M21IZA:$7<1`[U6FU"XBG6&(/4&NL'ENH9<,I],&JSV,+Y#J"?H M*T<7;0B-5=4J@O;FV)292Z=-PR:M+-'<1AD(]Q2%:QLB-S#+MS\IJXKD\YH"Q:\SWIC/FJY>C?Q1<+#9F.:KL:EM-.P/4Q/+!P"*>B*5)``(JU?K'$JKD;\U"AV>X M(K1,SL5Y[<-$Q7KZ52'S1UHRN$B+'ITK+R0HK2!G,16*-D4]P.HZ'FHV/.:= M'R"#6AD6;>4C&.U;$$@FBZ\U@Q$!N:NV4VRX9">#4,I%Y#LGW5N,XFCP>:Q" MN6##O6Q$FV-201Q64VTM!R)[,+$C%NM0-]ZD=SR,X`J%F=5SM)^@K+WG'8SL M]Q[%)7`=+L1BJC*X()R/PJ3S"!WJYR3M9#E)/9&=!$`-^P%&7!)[5'!<3P[B\1;W%;1OP!JW]L:72K5&Q^[VE2/;/%8NI,?MT^>/WC<>G-6;5\VR9'3(SFF( MV/$\:QZJS+PK@-GUXK)5LX&:U_$+"2QL;E<_.A4Y/IQ6&C9[FD@-"V.=RY[5 M08XD(JW:D>:`._K567B4CWI@6K3Y91S4DPQ+_2H;7'F+]:L3C]Y2`U]!EV3[ M"3M(YR*M2Q!+DN.`.V*S--?R[A,D@9YK3E".I8@8!X/:DQHNZS&MWX?E MRO.77;)D#BO14N`=+E63(^7GN:X&[3;,X!)&3R>*:8#C\Z*W;O3+ ME\QJIQCTH@^X5/2F3C"\]13$);.0X"D]:TX-2C1Q$,R2>@X`^M8TLKPHB(?F M/S>X)IZ@VYI MCFF`F.E-'/>E M.,>]`!FK^A2&+6;4],N%_.L\<]:L6L@@N8IJ&G9GID29E!QTJ* MXM[>ZF:.ZQM(P,C/'-3VOS1JX[@&H;^(2J#T-9+34Z%N5FM+BPMUALIGCC7H MH.0/SS5*;5]6A0J2LA_O,HR/RJ02W,7?/Y4Q[YC_`*Q,T4@^4,]N*3 M:>X.FEMH:-U:J[NJD*J?>[USLQDMY=\;$*YPH'4_A6K#I,4;,5RI?[V">?UJ MU'901!0J#(Z$\U.B%=]RA;QS2Q@R9W'U[5?P4&">:LQQA!DCFH)3DFH8T1$D M]Z,G%*!0W2D4-)IA[TI-,9N*!#'.*KE_GXY-/FD`'6B&%I71(AN=\XIV`BCT M^-I&GF^9SZ]JIW"Q+.X6,$+V[5L7R/9L8I2`0,DY[5RE]?[I'6$\$_>JXQ;9 M$I)*Y%>3EWV`C`[#H*@/"BB)2W/6EEX.*Z$K:'.W?4C/6E7@TT]:8P'7O7421QI;#I3MP+F5E;E>U;=K`BKM9`?PKG='G9B$;[PKJK;[O-$4]F3*Y4N;=` M^3$"OTIHAAP/W`K2,D;<-2;X1QD4W!$W.+R'/:I?(&,J:IAI-NXIQ5J&<<;A MQ0AE>XM%'_-27@Q.>.,TQ"V MXY'3BK4HR>>AJM!VXJT_J12`6/Y2/Y5K0NLEN2X#$'^]@?E6.AP?KWJ:"5E+ M`DG/2D!LQDQ6L^T+R.H&3_\`7KD;P%I6W<'/0GI6N\^%<#H1C.<`5CS@JFVZ1RSU(!K4@YI7XI81N?%`#VPD63WJFS;FJS=OR0.@ MJFOS-S3`E2AC3NBTS[S8H`=&,FEDD"\+R:#\H/.!_.H-VY\*<`T`>H^')S<: M/;R$\[`I^H&*N7$6X9%8O@J51HFPGE9&'\JWC*N`#6>ALKF7+$_>H"/:M63# M"JKH/2LVC5,H$`=!3@1Z5,T0%,"`&I*N,%/!P3WJ%I/>@9(Q%5II`O>AY?>J4K&23`/'>FA#9F,JDYP*J?VG- MI[*T;9*]/45+>W`ACPI&[L*PY"SMN;DUM"-S&L9)YXJ9`L8]ZVV,=7N.51''S5=CEB33Y'W#K45(&*>M**,<4O04P`4$ M]J!Z4AY-("[9MM:(]MPKM+HF322B_>(Q7$0\&//34M(V<]*Z:.:->,UD:5#OB7<23ZFM"6T`(]#5`[7(+MQ@,I[]*8K@J":O MO8QF+IVS5<6"XZ_K039,PAM"[6Z5%/&G0'FI(RK]3THD"?>]*E(;*JP[B,M4 M\J%8]H`QCK5FWA2XB4Q+N<'##(_.ENXEMT"NPF4@_EP8V\T^RN M;_T4U1F>,[<@U)9/&UXX5G(_G6`#LD!'8UOVF) M]/N[/.#M,Z>[*.1^58,HPK^^SZU':`C.*GNQ^\SZT`-@'\ZLO]*KP=1]:G89. M?TH`9WY'Z4-C'7'TI-QSZ4CMGH30`/*V?O'`&.N:IR'YL5*[1FDP/H*`&@8[4E.`YQ2=_I0`T#/6@\4O04 MA]NM`!CC-''K1VXHQR:`#FE]*0]<#%(W%`$;G/%*H]Z3'6G`<4P`T_HM-`R< MGUIS'Y:`(GQ4ML,!F..!5=B2WI5D'9:GW-`%.X?)-,AZTV0Y:GP]:!DKGC%, M0<$TKT?=!]!0(;,^`!WHA09&2!FHQEY.:G7:.HZ=J!HZ#PWJ"VHK#CO M1(N48,/8T[[4?6LKLV4;FNTP/I3#*/6LLW?O2&ZSWI7'RFBTH]:87%4/M'O1 M]I'K2"Q<9LU&[8%5CM`R=Y!WJ!Y*@>8L>*86)IB'2RXZ4UF$,)=^ M#UIT:/:V#(V5;C(`'-3>S'8V;-WM0@'S`#K6B^H MQ,0&XKEGNI1M`.1D9-1O=R^8E-=%+9!Y-)$LT-*N66Z$*P*ZR';DC[M0:BET MEP9+D,H)XX`&/PIVFZ@=-ER?F#$9&:7Q!JLMPS6JKM6-OF).2U9ZJ8[>Z4GN M5*[0!FG6$A%VXR#_`*//_P"BGK&ENF#81>:T-+H_*JFL6PMK^ M:)1\@8E/]T]*NHNU@,]*M^)+-SI]C?8X>,1L??G'Z4]@.?TQ@MZBGHV5Z^U3 M;0)#_2JD!\JZC?T<=:T)5Q.1CO38B[:J-O2I;D#?G':FVOW?6I)QEAFD`V$8 M(XI[X]*$&!37/N*`&D\Y_I4;-W]>]*Q_SFHF;![T`,8\\G-1GZTXGGJ*9G'_ M`-:F`HSFGXR/ZU&`>>M2*,CJ>E(!IQ28IY_2DX-,!N.":0]:<>G7I33TH`0X MIN.:7WHQS0`?A28Z\4<="YX^E`"`>M-8U(>%J/O0`@%+CI2@4I_E3``.: M;*:?TJ"4\F@!B\M[U8N3M@1?;-5X^6JQ>?=&,]*`,YSEZFBJ!OO&I8S\M`#R M>8QS*C%6/K7-8QDUTG@Z0 M%+N$]BK5$UH:0DTQ9(V4XJ(AO6M2YCRW%563%8'5IIZPKGD5,$%/"\4$W(1&.PJ1(5ZD5*J43,$C)I`9NI7/E1$)P3Q6#(3C) MZFKM\YDFQV%492,XKI@K(YIN[&44F:`>:T,AU.`I,9-.Z4BA".YZ4T\#)IW7 MGM32,G)H$)3E'-`4MTJ5$X_VJ`&J"33B>PI"=H(IH-(9?TW_`%K'K6F1SQZU MG:;\@9CZXK5V[CQTQ42W*6Q'*`B8')/(]JB`')J28>^3BH,'))I")`%9N14O MEIZ5`H.>*G&<4"%9O:F,`M2OP/N\5"TB`&JB2QJ1++<"-Y-F[@,1P#VK0\1V M]I;VZN6(NY"#G).5QZ=!6-$DE[>1VZ,`9&V@FNI;284TQ!J,2/)%&5#Y/OCZ MU$W:28UL<2%99!D9W5KZ);E;V5R,$P38'_;)JJI"T;+N92?0-DCZUJ:4LANY M,#CR)OP_=M6J)*4<3QOOS5]&651BK=SIP$DEF3.BH>68#\S77:S8)/X;DMB,^7'N3V*KQ7,:8&.KV8+$J95Z_6N M\D`V$,,KT.:8'BTHPU,!X[BI5`VC(J)>#4R M?=[?C2`0\'V]J;_G-/(]2::3SD4`,;KP<4T]*<>N.*/TI@)C_.:3M3N?SI#[ MT`)2#GI^-*?UH'\Z`&L:CXI[8_R*1?I0`HZTN,]J*5NE,!K'C/2JLAR:G'I]*BB^]4EWS^5`&>?O5*IXJ$_>IX/%4,60\;14Z#8@J&!=[[ MCT%/ED["D`R1\TV,9/2F]34\*4`3I\J8Z9IAQ]*<[8%0@\\=3WH!,1N"16IX M5N/)U?8>DJD?UK+P?FIUA+Y6HPR`_=F M_P!(R>6?-5I%]:6C MEVOLKC<(90`>_P"[:J-HMOY]P\J,8HQE%!QD9P*O:;,DMZPMXO+'D38&7WQG@CBL$W:R+ZE32C(-6L@R%=TJD9[C/6NZN,^2^ M#Z\UY[HK32:]:/.Q'[U>#Q]*]#GY@<9QP:Z"#A/&%M]HMDO54;HSY;^X/0_S MK#T\[[)@!S&_\ZW;Z^#3/:S[A#(-ASC\#^!YK/T*TTQOM/!KI=+MPZ>9VQWI,"E)`D=KN^7CN!TK-N]H MS@#UR.,5OZBRI!C(.T<8%CG-)P3^/%`R1#5F,9%5D.>1CK5F*D(1Q@=,4S\JD?I]:B/W<$_A0`T4N M.:.GY=J`>*8!CVI!U`Q2GTZTF/;VH`0TW([^E*3^5(W2@!AZ]:`.U`I>],!< M>F*0]".*49/:F.:`(Y#4#'FI7-0GK2&30\FGW!R*9%UI9SQ0!2;[YI,\4K_> MIM4!/$=L9QUIC=:DX5*B/6D`Y%R:LH,"HHE]JE)P*`&N347?-/)IG?K0!(OW M2:K@X8D=1TJT!B`G-50I.<4%(]$BF%Q:13==Z`YJ,KS570'+Z)!NZKE?R)JZ M>37*UJ=47H,V4]4%%/6D`FVF,*E-1N:8(@>J@I(I M&-?@6]TDHP>Q%4V.]BQJ27?<.Q.23SDU$F&QGK[UT)"Y;,C:(G.SI4)]#P16 M@RE5JJ\89CMY-4F9U*=MB(+QF@$#GO2DDG!'(I#S[U1@)N.<]Z7/.2*3B@D8 M%`#]XI"W>F9Q2$YHL%R>)N:D>7:W MP5P:F%O_`!1N..H-(9+&[O.!@^IQ6@\GEH2#VJO"4BC`!Z]3Z42L?+P>O!_7BF>'XL2O%YJ;)E.^-_[PY7'K5O6).J=C0O M=/ACTR2Z1S+NC_UF.2"PV@#L`!5#1)A%>EF4$+#*2/7$;&NK>9+330LTH5#A M4XSU[5BRPPQ:A*8HRTGV>9V.K1SVL4B(P>4[#N[8I MLL[K8;0H55D*G'3@9S]:BT%(9K1@6W)&P;_=..F.W2K]Q8PF`0*V6`$AYQ^= M9M6>@S$^P2V]_%>RR?N?,5U.?Y5J:VPB@!'&WD'\ZV@W8EGGNIM_I4@)R<\GUK6\-N+F_BFRWF8,,O& M=P(^5C],8_"L:]E\V4OW;FC2+Q[+4XI%Z,0K`]P:OH)&G>1!+@CG.<$'K74Z M`A^PL3P<_6N=UY!#J<@SWR*Z7P\N3.DC@,P`R.".:P"2. M3C\*UO$Q"ZFP!ZCT]S2>'8HI]15)E+HR,".Q]J+V5P,9LXSBH6ZG_&O0=6M! M=Z;+#;[4RO)]`#G%62`@O&P79^!.? MTIMUI%Y:P+++'M&W^*$[CT/+5'2KL>`!QVKO\`^P-))RUE'G\?\:I:SHVGP:;/+#;*CHN0 M0QXYJK,6AQU`Q1U]:=G!IH]*=[T"%)]L5#(>]//'&>:BM.)Q2`D M''`IK-29R*`I8\4@`O0Z'PV"-(VE@Q61NG3L?ZU?/6J7AT[HIXSS MCYOY5>9<-7-+5V%`R*G*ORTNVI$,SFHR&/09J7RSFJU]>QV<9&W<_ M9E8?*M8,4%YJ5PWE*TISR.,"NDTO07OC]LU$GRVZ#H M3CZ'ZUJ7&JV.DJ+>WB'R_P`*Y&/T]JTBK%W+#^^C`UAR0LA/M7J&CZ_!J"A'^6?H0?\` M]53ZAHEAJ()GB`MI(\B.:3)KK]9\'3VBM-:-Y\8[`;6`_/ MFN4EA="0RE2#@YJD[F3CV(Z*,$=:2J)%HS24HYH`FMS\_%7-A`RC8-4HSLYJ M]%(KKD-AJAFB",!FP&^<V$-A;PWL4A5H^@QFN@GT."9F)D5()%5F4=0P/7\N*;-I%A)'%%)))((1M&Y^`*TU6K( ML1M8VYLHVG#2!MK*N[`R"3_6FV49-U<.)(Y)!O"EF3G^7ZUG.A-G; M>7N+;GW;5Y'2NTT"/S-&BVO+&L@(7:<8/0XS[Y/XU:M+8C(6-59P1PI&.%)@Z[0>@.>,&H;G3;K_A%PERJ&6$DJ M$ST+>F/TK/\`"\Q6_C3=@%JL@OZUI-S?ZG*0&$:1LX;C&?2E\)VSI'+Y]Q6A%%&D>W`51\Q'8&LY7::&8.LR-; M:-=*"09<*/4\UQ$]O/;A6DB>/.-I8=Z]/:"&>1&<+^Z);D]*A21991N=&7&5 MSVYI4_L68?*3A(P%(Q_%WJ4/\` MO1M&5/0^GUK.NIB;B58'PD8+.0?XO>B4K>\@-OJ*I:T-VCW2]3Y9JEIMW-+& MF#NRW)`[>E:%X`]C.H.[,9!QSS6T9\R$>;3'YO4U'[_Y-.DPQS3%SGTI@/9> M1G%1GG_]52-SQ^E1_7-`"-C\:8:4GTQ36H`3MZTT4ZFTP%IPXYQ2#VI2:`&, M3VJ%C4CFHF-`$;4W-*331UIC+,?`ILGO3H^AILO2D(J2=:1>M*_6FKUJP)0: M<.:1%S4RX6I`58\U(``*C,GI2;B:`'.U/M+<3GS)<[%/`_O4R&(S3!#]WJ?I M6JH5<``!1T%)LZ\-1YWS2V(9<`!%``'0"D4",<]:>V%RQZ]J1$+\FH/0L:?A MN3%_(O9HR/U%;DB_/QZUS>E2>7K%K&FLY;G)4^(%&!CN:E M$1(]J>B@9)(`'7-86MZQAO*@?$8X)7JQ]!0D9QBY/0GU+4UMB8X,--W/I5G0 M=%)(OK[YF/W5/;J.QJMX:T7SO],OT(7_`)9IT]>36YJ>H"WB;&,]@/PJ[)!* M5O<@4?$FLK8Q>4IPY'KZY]JXF2:ZNV+(N%8YRW%:4Z^?,T\^'D[9Z"FY&.U, MZZ='EC8S!I\CMK(L@SG*D5@:_X9BU(23VY"7'<8X8_G7/:!X@EM M9%AF.8SP,]J[N"9;F))(V&6&<@TKG)*+AJCR*>WDAF:*5"KJ<$&HFC(Z5ZEK M6AV^KPMN4)<*/E?O^/M7GEU:O9W+P3J4=>""*M,AI,S=O.*4#%32Q%>5Y%0E MO6J)%S3PP&"I(/I41Q]:"?3@T6"Y;2[9>"IJ8ZG(Q&W\>*SESGUJQ"%R,JM* MP[FK8+)=S!WP%SP3W-;)M`IQYF?=5R*IZ-);J<&+S).PS_2M5AH/K^5:UQI\BI)):2Q(SS;\,>IQTKDL6][E@W(1`[`L20`N.,8Y-06TI^ MT/N!()/'UJG?7WE6,:,5,S'D+T!'%263W&SSBHQL.6<'@BA*VXTNI<,P-S!O M+;><@_I3H83LWM(6")(6..H*MQ5-KC$I6>90=PVE1G'%:-K(OR;B0<8S4QEB>/;O",IX)XI M]E<"&)FD&`$`X]#78%$;8%^"]D:':9$#(.`6QNSFFZ?$;AF0KY<9DWNS?QG ML,UES[/M;-&Y4;1R3P#5NPCNA,[2^0/N+T6ME*P'+7UJ]K M(5;&W<0I'?'>JG5O3FM/7)'DN(RR-&!&,`\9%9BGYN>*M;"8YBM.R!UZ?2F,>W%,")C43G% M2-WJ"0T`-H7K24X4QD\?2F2'BGITJ*0TA$#TU>M.:FCK5@3*:>"342U*HXJ6 M`X"G@`#--')J>"/S)0#T7DTBHQM/[$5![5 M."A'E1$0785-C''I21KW(J.\E$4#'/)H!^ZKLUO#%L)KB>]8=#Y:'TQC-=&D M6UV=C@=@ MS6-7!WQ0-M09#/Z]1V-9NCV+ZA>*2IRQ.,_PC!JE_P`?#[B?W2\C_:-=GX6M MA#9/<,O+D;21VY_QI^1O.U.%T:DTL5G;!0<(.@R/6N0O+MKB0DG(]ZTM&I67.]V-=JB8T,U1LW%,ZFQ2U1EJ:6I-W-,S;'9HS3 M"U)NYIBN2YIDF0,XR/0TF12B3'##(H%G'+?,#@US_BK1?[0M3=VX'VB( M98`O2JL@&>F* MU?$-@VEZO+&%Q&Y+QGV)K+G'S;AT8`ULB61<4F30329IDDB=>M6!P>>?PJJK M'/2IE9CU%`T:UE)Y!615'O6Z+R5@&$VW/;;TKG[(Y(+#@=:O-5+!=!WPS,2!D MX[&J*P13QK]H9LKEMXZ+[\>E<*9KIU+L,$5RQ,BJJ0Y<97))R#G]3Q5A6<1N MV]&C'1<8_2L^'4IC$42X:0("NXKC7Y<:,FT8Y(.<]*FTZ1#>;P"I=7W8Z* M!&V*:U8]+&D\$4KJ%8DXR21Z#(JHADCO8%(WQS,/H.03_*H\^5*5\T9)''UX M_K4:2S(%R6^296&#T[?UIQ?4#=O9?*M93%)_"6'MQ5422RJ,2D$\A<8J*]NG MGMW!CS@$$[AZ'-5X`3`"6)D9,YSC'M3;YA)=R^UK,DC2++L@=&SGZTZ*_CD`DQGC;GN*SJ[VB)M312+-' M,CS%1M.XXX'I26LD5NPCEM@J*[2:VEW`%,?*I]>E8'VBS602R-YLRC(ZX7_&M4K; M".I^V.B1F1@W.-Y.2!Z?_7H:1;B'9L`4L3E!P5],]>M8EGJ6^2("8IO.-P`Q M[4C32QW16?>#N/S@Y!_"I]1D6LS![G:&WX[YY^E9Z\9K7O9Y)9BP,(('RDH& M/^`_&LMK::.,NT1"_P!['%:Q:L(C8Y'3GZTPC/)I[`XX.O6F!*O`J)N:E'W:B?ZT@(7IE/;I3*L1*AXIX-1ITJ1>M2P)4ZU?M5Q$& M[LU45-:$/$2#VJ9'7A%>=QT?,CD]JE4;@:8%V@#N>35B)#@`"I/42$<]30858RF[=#=U6_ M._[-:-LB`'`Z5A,YGG,0/R+S(WK[4DTC#$,?,C=_05(B+%&(EZ_Q'U-&Q48K MX5L6;&'[1=Q1(@VEP,>V:[>=H["RCC4!<*!@?A6+X3M4=Y)NT?`/OP:M:_<# M&PE,S;`FC--(H%`AX-+UX--!IPY%`#"S1'U7TILJ M=)(^A[#M4W!.3"_JOI0*1K>'M0:.;:6(W'G]:[J!Q+&-W/K7EV-C"2(\9 MZ>E=QH=]]HMUR>G?\ZSEH[G)6CU&^*]-&H:0\J(#<6^6#=\#.17GDIS%&?8@ MUZ^1D%2,I(,'\:\IUNT-CJEQ:D85'.SW7M6D&,*,9'M6HMH\_^ M@T'6[XC!:`CKC[-%_P#$TE0:ZF?UN/8FM52./<'ZC!JRMTFW:N1CC[W;TK-_ MM>[QC%MC_KUB_P#B:4:Q=CH+8?\`;K%_\31[!]R?K4;WL:BPI+`+A25VG!&# M@#L!2VS;KH*`2?(ER1_US:LK^V;S_IV_\!8O_B:M:=JES)=.&%OQ!,>+:,=( MV/\`=]J%0:=[E+%1VL;$T+R`MSM"Y)/'^>E1&4&TDC`!20[0W]*QQXAU,+M$ MT8'3'V>/_P")IG]NW^S9O@VYSM^S1X_]!I?5WW%];CV-E9>6@90&ZL1\Q//:JVIP74-W*+AU:)B-J_WNGY=JP!X@U$/O$L0 M?^\+>//_`*#22:[J$K;I7AU$J/:I%PLB[MPPIX_E62NLWB_=^SCZ6L7_P`33WU_49``\D+`#`!M MXSQ_WS0J-NH/$P?0T)E+"X<_)%;J3MX.X#V[#ZU50W:A)+5E(+;BVT;E!_7\ MJK)K5[&KK&;=%D&'"VL0#?7Y>:0:Q>"02#[,''1OLL6?SVT_8]A?68FY+836 MVD))*2&8EVR,_0?E5.RN[>2;;`(Y9"/NY(`]\55?Q'JDB[9)XW7T:",C_P!! MJ*/6KV+/EFW3/!VVL0_]EIJDT#Q$33GF=9?W;1H^.'*E@#]*PM5-Q<2_O+J. MX?&"R\`#TJU_;-YG/^CY_P"O6+_XFHSJ8[0O_>-G%G_T&G&FT'UB))IE MJ\\05XX2(^.%P2<=0:DN0L$I0N7P>5_VASC-1IK5[&,(;=>_%K$/_9:0ZQ=D MDD6Q).3_`*+%U_[YI>S=[C6)CV+=M=![)UF90^-RO@#%1BVBNCS=%F/T/]:K M?VKI^R1<_P#CM,%_(.D%E_X!0_\`Q-+V/6X/$Q?0OR:%>$9@C\U3 MW!QBLR>&2WD,5NFY[6( MG]5JU!KJ'UF'8I=J3K5O^U+C^Y:?^`D7_P`31_:EQ_M+^ MTYS_`,L[3_P#B_\`B:/[2G_YY6?_`(!Q?_$T^4/K$3&:HS6Y_:$O_/&R_P#` M.'_XFD^WR?\`/"R_\`H?_B:.4/K$3#IRUM?;Y/\`GA9?^`4/_P`31_:$O_/" MR_\``*'_`.)HY0^L1,K/'6HV^E;7]HS?\\;/_P``X?\`XFD_M"7_`)X67_@% M#_\`$TQ_P#`*'_XFG87UB)@ M)WJ45M_;I/\`GWL?_`*'_P")H^WR?\\++_P"A_\`B:+!]8B940SD^E:4`RJ' MT&:D&HS#I#9_^`D7_`,34N-SHH8V%)MM,=&NXDFI& M;RT+>E1#5[L=!;?^`L7_`,32G5[LC!%L1_UZQ?\`Q-+D9U?VK3_E9%,[R9P>R8 M6ENQ0.5W2R=!_=IMR[0D6T?S3N<'VJPNNZ@K%E>$$\$BVCY_\=J,:O=+)Y@6 MU#GG<+2+/Y[:.1@\SA:R3.YT*R^P:-;Q?>8@.Q]R*Q=%S62/$^K@8 M%TN/3R4_^)J%]+$>*HFA]:E.KW1ZBV M/_;I%_\`$T?VM=?W;7_P$B_^)HY&)YI3?V64G3%1\CH:T/[5N?[EK_X"1?\` MQ-)_:=I_P"`<7_Q-']IW'_/ M.T_\`XO_`(FCE#^T8=F5OO#*TT@2#:>M7!JEP.D=H/\`MTB_^)H_M2XSGR[3 M/_7I%_\`$TM;F@78@G,2G"GD`_C50ZG<'K':'_`+]6K:U:49/"UL?;G_Y]['_`,`H?_B:>-4N`,".T`_Z](O_`(FK:?0GZQ$9 M;+'!P@P*D9PS9S1_:MR/X+7_`,!(O_B:/[5N?[EK_P"`D7_Q-9>R?J=7-*_X^W_Z]Y__`$4]`X[HIT444""BBB@` MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*** M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH M`*N:5_Q]O_U[S_\`HIZIURNY;:4J7B;:2O2@=M+D%%;@\+7A"!;FS:9XQ*L M(D(=E^A%8A!!((P1U!H&XM;B4444$A114UG:S7MREO;)OE?.U<@=L]Z![D-% M.=2CLC=5.#3:!!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%% M`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444` M%%%%`!1110`4444`%%%%`!1110`4444`%7-*_P"/M_\`KWG_`/13U3JYI7_' MV_\`U[S_`/HIZ!QW13HHHH$%%%%`&WX2M%N-76:7`AM5,KLW08Z?X_A6KJD! MO_#L[&YM[F>UG:;,$F_",22#P,=3^5E`.HGT_J MYV$Z,]OI4\\LD\RZDB++)!Y3;?3'ID5S?B+_`)#U[_UU-57O[R0@O=SL0XD& M9"<,.C?7WJ&21Y9&DE=G=CDLQR3^-!$YJ2L=\'@.IVD20@:A_9X:"=F)`//& MW\^:H::K6^@6TL,\D$K3/]H*6WG,S`\*W.0,5RAO+HS),;F8RQC:C[SN4>@/ M:EBO;N%G:*ZFC9SEBLA!8^_K07[57V.PB9DM==DTR!E8.CQHT>"IP"?E/<G MK5%[JXDG$[SRM,.DA74LJ2RW,SR(U-,\QG\\ MRN9LY\S<=V?7-!/M>Q/JKW$FI3O=;_-+6XD,D\KRN>K.Q M8_F:CH,F[NX4444""BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`JYI7_'V_\`U[S_`/HIZIU1BFXIL96'.".>QJO:J6F!%N;A4^9HQGD>^.16OJX,VDV+);&TS(Z+:C^+I\ MX[^W.:#1).+,NSAM90YNKMK?&-H6(N6_48_^O4UUIC0WL$$<\G0TRRC>&=GET]KE5.PHP8!6]\=_:K7B3)O8&*F/?;HWDG_ECU^3^OXT! M9)9`ZK@$'TIFG6?VZ[6'SDA7JSN>`,XX'<\]*MZXI:: MP502QLH0`.I^6J=DK)J4".I5EF4$$8(.:!-+F'O:10ZG-:3W/EQQ2.AEV$YP M2.@]<4Z]T^.&TBN[:Y^T02.4)*;&5AS@C)[&IKRSFOO$EY;P+EVN9.O``W') M/M1K#A$AL[='%K;Y`=E(\QS]YOTX]J!V5GH9=%%%!F%%%%`!1110`4444`%% M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444 M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110 M`4444`%%%%`!1110`5.XE29L[I%J=7-*_X^W_Z]Y__`$4]`X[HIT444""BBB@`HHHH`****`"B MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*** M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*N:5_Q]O_U[ MS_\`HIZIU\_\` MZ*>J=7-*_P"/M_\`KWG_`/13T#CNBG1110(****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`JYI7_'V_\`U[S_`/HI MZIU?_P!%/0..Z*=%%%`@HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@` MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B MBB@`HHHH`****`"BBB@`HHHH`****`"KFE?\?;_]>\__`**>J=7-*_X^W_Z] MY_\`T4]`X[HIT444""BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH` M****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`H MHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BB MB@`HHHH`****`"BBB@`HHHH`*N:5_P`?;_\`7O/_`.BGJG5S2O\`C[?_`*]Y M_P#T4]`X[HIT444""BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`/2_^$4T7_GR_\BO_`(T?\(IHO_/E_P"17_QHHI'H\D>P?\(I MHO\`SY?^17_QH_X131?^?+_R*_\`C110')'L'_"*:+_SY?\`D5_\:?%X:TB% MRT=IM8JRD^8YX8$'OZ$T44!R1[#/^$4T7_GR_P#(K_XT?\(IHO\`SY?^17_Q MHHH#DCV#_A%-%_Y\O_(K_P"-'_"*:+_SY?\`D5_\:**`Y(]@_P"$4T7_`)\O M_(K_`.-'_"*:+_SY?^17_P`:**`Y(]@_X131?^?+_P`BO_C1_P`(IHO_`#Y? M^17_`,:**`Y(]@_X131?^?+_`,BO_C1_PBFB_P#/E_Y%?_&BB@.2/8/^$4T7 M_GR_\BO_`(T?\(IHO_/E_P"17_QHHH#DCV#_`(131?\`GR_\BO\`XT?\(IHO M_/E_Y%?_`!HHH#DCV#_A%-%_Y\O_`"*_^-'_``BFB_\`/E_Y%?\`QHHH#DCV M#_A%-%_Y\O\`R*_^-'_"*:+_`,^7_D5_\:**`Y(]@_X131?^?+_R*_\`C1_P MBFB_\^7_`)%?_&BB@.2/8/\`A%-%_P"?+_R*_P#C1_PBFB_\^7_D5_\`&BB@ M.2/8/^$4T7_GR_\`(K_XT?\`"*:+_P`^7_D5_P#&BB@.2/8/^$4T7_GR_P#( MK_XT?\(IHO\`SY?^17_QHHH#DCV#_A%-%_Y\O_(K_P"-'_"*:+_SY?\`D5_\ M:**`Y(]@_P"$4T7_`)\O_(K_`.-'_"*:+_SY?^17_P`:**`Y(]@_X131?^?+ M_P`BO_C1_P`(IHO_`#Y?^17_`,:**`Y(]@_X131?^?+_`,BO_C1_PBFB_P#/ ME_Y%?_&BB@.2/8/^$4T7_GR_\BO_`(T?\(IHO_/E_P"17_QHHH#DCV#_`(13 M1?\`GR_\BO\`XT?\(IHO_/E_Y%?_`!HHH#DCV#_A%-%_Y\O_`"*_^-'_``BF MB_\`/E_Y%?\`QHHH#DCV#_A%-%_Y\O\`R*_^-'_"*:+_`,^7_D5_\:**`Y(] M@_X131?^?+_R*_\`C1_PBFB_\^7_`)%?_&BB@.2/8/\`A%-%_P"?+_R*_P#C M1_PBFB_\^7_D5_\`&BB@.2/8/^$4T7_GR_\`(K_XT?\`"*:+_P`^7_D5_P#& MBB@.2/8/^$4T7_GR_P#(K_XT?\(IHO\`SY?^17_QHHH#DCV#_A%-%_Y\O_(K M_P"-'_"*:+_SY?\`D5_\:**`Y(]@_P"$4T7_`)\O_(K_`.-'_"*:+_SY?^17 M_P`:**`Y(]@_X131?^?+_P`BO_C1_P`(IHO_`#Y?^17_`,:**`Y(]@_X131? M^?+_`,BO_C1_PBFB_P#/E_Y%?_&BB@.2/8/^$4T7_GR_\BO_`(T?\(IHO_/E M_P"17_QHHH#DCV#_`(131?\`GR_\BO\`XT?\(IHO_/E_Y%?_`!HHH#DCV#_A M%-%_Y\O_`"*_^-'_``BFB_\`/E_Y%?\`QHHH#DCV#_A%-%_Y\O\`R*_^-'_" M*:+_`,^7_D5_\:**`Y(]@_X131?^?+_R*_\`C1_PBFB_\^7_`)%?_&BB@.2/ #8__9 ` end GRAPHIC 18 disciplinedvaluex3x1.jpg GRAPHIC begin 644 disciplinedvaluex3x1.jpg M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP. M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=? M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@! M#0'1`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D* M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H MJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(! M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P M%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P# M`0`"$0,1`#\`]`HJ&YF:"$R+#+.1CY(L;C^9`K)C\212V]M<+:S1P7$RQ"2< MJ@P0Q+#!/3;WQUH`W**J27\236ZAHVBF1G\WS5```'(&>1SU'2IHKF":'SH9 MHY(O[Z,"OYT`2T5F?VY9_;T@$\!A>$R"?SAMR&"[?3OZU>:Y@6=8&GC$SC*Q MEQN(]A0!+15"XUK3;94,M[``SA!AP>2<<^@]ZLS75O;A#//%$'.%WN!N^F>M M`$U%0->VJ3>2US"LNX+L,@#9(SC'KBJTVJPIJ5M91M'*\SLK[9!F,A2W(_#V MH`T**IMJMBM^UBUS&MPJ;RI8#`_QQSCTYJ*[UBW@CMI8I(IHIYQ"9%D&U."2 M<^V*`-&BJ#ZG$+VSABV2QW22.)5<$`*!^?6K4%Q!<1^9!-'*F<;D8,/S%`$M M%9MWK-K`MN\4L,TG%`$]%0"\MFG\A;B$S9(\L.-W' M7B@7MJRR,MS"5B.)")!A#Z'TH`GHJ`7EJT+S"YA,2$AW#C:N.N3VJ.YU"VM[ M7SS/"0REH_W@'F8&<`]Z`+=%9W]M6D6G6=W=R);B[5"JLW0L`>OH,\FK@N8# M/Y`FC,N-WE[QNQZXH`EHJ&2ZMXIDADGB25_NHS@,WT'>JUQJL-KJ:VEP8XD: M`R^:\@4`[@N.?KZT`7Z*A-U;KYF;B(>5C?EQ\F>F?3-(EY:R3>2ES"TO(V"0 M%N.#Q[4`3T54EU*RBM9KEKJ(Q0_ZQE<':?3CO[56AURTFOD@62+RI(%E24R# M#$L5VX]>/6@#4HJ%[NVCE,4EQ$D@4N49P#M'?'I52VUBUO&M_LCI+',[H6\Q M05*@G[IY/3MVYZ4`:-%5?[1L=C/]LM]BML9O-7`;TZ]?:FV]]Y^HW=H(\"W6 M-M^[.[<#V[=*`+E%9VGZQ;Z@MQ)"D@@A)'G,/E?`YQWJ*+Q!:3P"2&*X=FF: M%(PF'=E&3@$\#'KB@#6HJBVJVPTZ.^4L\4NT1A5^9F)P%QZYJ/\`MNW,,;I' M.\CR-&(%4;PR_>!&<<8]:`-*BLD>(;%MC(9'B8(6E5?ECWG"[O3)JY+>I#=^ M3*8T3RC(9&D48Y`Z9SWZ]*`+5%5TO;20`I=0L"_EC$@.6_N_7VH>]M(QE[J% M1O\`+R9`/F_N_7VH`L455GU*RMS(LUW`C1KN93(-P'KCK3(M6T^6WCG%Y`(Y M%#*6D`XZ=_?CZT`7:*@^V6WER2?:(=D1Q(V\83ZGM37U"RC17>[@56&Y2T@` M(Z9'-`%FBJ8U.R.H_8!<1_:=N[9N&?I]<<=,^U`&2WAVX:SLX)!;R MB!;A60NRAM[`J`0,C`'_`.NKG]DW4WA^?3[BY7S90HSD+G@D<8SWJU!J MD4FIW5BY2-X654RXS)E0W`]L^]6(KRUFE\N&YADDQG:L@)QZXH`QKG1KJ\>6 M2:.SC9K*6W54)(5V(P?NTV?0[Z6]M93/&4@:%@-[#&S&X8`P<\G)^E:;ZK`C M:@"DG^@('EP!R"N[Y>?3UQ4T-];2B`"9%DG02)&S`.01GI0!CKH$L>D0PH+; M[5%<^>6(.U\.6`)QGH<=*GUW2;O4PJQ2QK&8F1E+,N&./F&.O3H>*TXKVUFD M\N*YADDQNVK("<>N*;_:%D8WD^UV^Q&VLWF+A6]"<\&@#&ET">2.^.8/-G:W M*,2\'&,@D@9[D5;CU"'][Y[Q0A)C""TJG<<#WX//0\T`8DGAJZFA5 M&GBC+?:#)LSA#)C`7CD#'M5[2M)GM(;S[2ZR/<@`KN!7@8[*N,C^57+W4H+1 M)0)(7GC3?Y)F5&QZ\G@>YJ87ELT_D+<0F;)'EAQNXZ\4`8<&@W0AMHYG@\J& M[298=Q8(BJ1@,1DG)!YJ,>';M+9$#V[L8);=E?)5%=RP9>.H!`QQTZUI6&M) M=HCRI'`C([EFF7C;)LZ<'GKG&.U7A>6K0O,+F$Q(2'<.-JXZY/:@#&O/#K7- MQ`OFJUJ85CN0V=TFP'8?S//TJ?3M&E32;FVU&1)9[K(E=,X(VA1^@'XU>N=0 MMK>U\\SPD,I:/]X!YF!G`/>HEU:,6>GW$L;H+W8!CD(S+D`GCZ9H`QX/#E[Y ML$UQ<0F21P;W:21(%92@&1_L\_4U8_L*<8:-H$E_M%[K?SG80V!TY/(XZ5I# M5;027*R2K"ENXC:25@JEB,X!)[9%(VJ0IJ+6SE$C$"S>V8AW?+$C#8/`''08Q5Z73+BXTNQMI1;J]O-&\@4DJRJ>< M<=2.U:+WEK'')(]S"J1ML=BX`5O0GL>14.H:E%86\4S)),)I%C18<$L6Z=2! M0!C3>'KUQ*BRP^3)).P3>R[=YRI^49..Z]*KIH=[--/:.L:KY%K&\[!NJ#DH M<>!P>:7[?9^8(_M<&]B`%\P9)(R./ MH7MUN"V\(OVF$I4B1L(`-O&"ISUSV--C\,7BV%U`UPC.]N+>,E M@%(!!R0$!'?N>M;:!/,]X8)8X5DGBFB5>GR*!@Y!`YYZ'H*KKXM,N]5L;)8&N M+F-%G.(R6&&]\^GOTY%`%*XTF>31=/M5,)N+,PM\^=C%,9&<9P<>E1#0[C[> M)#)%Y7VO[7O&?,SC&S_=_IVJ]8:K#>22Q,T<`!^3N8C!Z=,9J2]UBVMM@CDBF8SI"ZK*,Q[CC)^E6&O[-;<7#7<`@8 MX$AD&T_CG%`&#'I,QU.Q@8/Y<5O$+QMIV2-&/DPQZ\D_@.:B@T2[O)+A7"6T M7V^:82[2)3G(&..G..=X$W67V-1$#@]?G;/?V_6H;CP]>7,+[_LB2FR6V0J M3A6#DYZ<<8_'\ZU[G5H(GMU@:.X\VY%NVR0?NR03SC/ITJQ'>VDJR-'=0N(_ MOE9`=OU]*`,=]`G;6C=&XS;M.)\9`8$`#'W22,'!Z4R'P_O:MP7EJ?*QA[?Y%0QZ)=PS_:HW@,\=[-/&K$[2L@ MQ@G'!_.M/4-2M[&Q>Y:2)L1L\:F0#S,#.`:>+ZW6UAGN)8X!*@<"1P.V3R?2 M@#'71[Q;6WL4,0CLS'<1R-G]Y-O+,.O"_AWIZ:+=0217D3P->B>69E8L$/F` M`@'&>`%[=JV9+NVB6-I+B)!*<1EG`W_3UJ&\U&"V1P)(7F0J#$9E0\D>IXX( M/_ZZ`,.'PM+;VS6<4T;6]P(C.S9#!D.?E'3G'X>]7-XU&:9X7B4/9M`-Y M(^8NK9X'3`K7^T0>?Y'G1^=C/E[ANQZXZU2?6;87]O;120RK(LA>1901'LQP M?S_2@"I=:'))+J#P&&/SA"]OC(V21YY/'T'':JUSX;N7M[<1W">8(G2<$@!B MYRQ!*MWSV].16U-J$*Z?)>6[Q7$:#@K*H4_\")P*E%Y:F<0"YA\XD@1^8-V1 MU&*`,6WT&XBN)%$D:6[QLK_,7:5BN`Q!`VGC/!YI@T"Z>W6.7[-N33GM%P21 MO.-K=/0<_7O6E=ZQ#!>0VT1CF>0N'Q*`8RJ%N?3..^*L17]N\=OYDT40M%&=K%'#8/IQW]JG2]M9)$CCN87 M=UWJJR`EE]0.XH`S+'2KBTO;.X)A?99I;39)R"O\2\B3#4UN)#" MT0O);@J22=K1A1VZY%7GU2$:K;V,125I!)O*R`F,J`<$>^:OT`4=%LI-/TR. MUE*%D9S\G3!8D#\B*O444`%%%%`!1110!%<><('^S",S8^42$A<^^*YN'PQ= M6UG);QR6THGMQ#(TH.8\;N4XY^]TXY%=.[JB%W8*H&22<`57_M&R\@3_`&RW M\DG:)/-7:3Z9SB@#(;0)A>/,KQ$_:;>0.Q.[9&H#9XZG!_.GV&AS6KZ:Y,.Z MVDG:5ESE@^[`''/4=?2M8WUHKLANH`Z+O93(,JO7)]O>E-[:KG-S",;#B@#&O/#B7ESJT\T=O))=(!;,V..<'C-,DT&^>YLW,\12W,!` MWL,;,;@`!@YY.3]*V?[0M7C+0W$$K;"ZJLJ_,!WZ]/>DBU&V:.`RSPQ22HKB M,RJ3\W3&#S]1UH`R(O#TRP6:%XD>(W'FR(3N(D#`8XYQD=?2G)H]ZL5C\MF7 MLLJJ?-LE!7;EN.#^?>ME[RUCF\E[F%9>!L,@#<\#CWI9;NVAE2*6XBCD?[J, MX!;Z#O0!C6NAW%B]E)%)#<&&`PNLV0!EMV5X/TQZ`4[0=&N=*G=G>&1)@V_! M.Y#O8C;QTP>1ZY]:GBUOS-16T^SXW7,EONW_`-Q`^<8[YQBIM4U:#3X7.^.2 M="G[GS`&PS!VOXIWF1GB1XV<;?-5CM4XW'!X_' MI2)J,#23EI(5@B1'\[SE((8'GKP..IZ]J`,J\T2[D@U*WA-LR7C-())"0ZDX M^7H>./\`ZU16VE75QJ<\CHD,,>HF<.RD2/A1@#C!4YZY]:U;35[>>.ZED>*& M*"ZA5V(`4R`$D]./>@#G7\-7C6;0B6#<;:6'. MXXRTV\=NF/UJU>:!/,]X8)8X5DGBFB5>GR*!@Y!`YYZ'H*T+_58;.2&(-')- M)-'$8Q(`RACC=BK2W5NZR,D\3"(D2$.#L^OI0!SJ^'+N)"R/;RO)#)%(LY)5 M"[;MRX4=^V!6G+I4DOAN+3BZK/'`BJX)P)%`P?ID5?%W;%@HN(BS1^8!O&2G M][Z>](MW;/*D27$32.N]4#@EE]0/3WH`QCHEY]@MHC-&TGF/+/3C-5U\-W?V01-+"&6SCA!!)&])"_ITZ"M_^T++R3-]LM_*!`+^:NT9Z&*,22RHB'@,S``_C0!STF@W\B/(;B))S>/J!QEE]0/2J\&JVK MVT4L\\$#2*&V-.AP"2!R#@].U`%"_P!%F:20:?\`9XXI;,VA1\C8,D@C`Y^\ M:A?P].T-Z,P>;,;?8^3P(PN>,<$^M6-3T1[^\NY! M(D:3V8@##[P;<3GZ8('6K9UG3A<00"]@9[C/E[7!![=?<\#UJ<7UH4E<74!2 M(XD;S!A#[^E`&'-H%S=727$XM(\/"&ACSL9$8DD\]W#:_9EA M#VLRRJDG"D`$;>`<=?3M4ECJ*7MW=PQ!2ENR`2*^X/N4-G]::-51M4DL([:X MD>+;YDBA=B[AD9YS^E`&<=`F*\-"DC:@]RSJ3G8P88SCKR/;BI-!T2XTVI]*475N86F$\1B7[S[ MQM'U-`'/IX>NPR)NMX[9)XY!`&9Q@-ECDC(R/X>GO4LFAW>95CDB$,EV\WEA MV3Y650.5&0003@=<]:V3?V8$1-W`!+_JSY@^?Z>M*U[:I,87N85E'5#(`PXS MT^G-`'/)X7EDMA%6XC<$JYE7#`=2#GGJ*@#&31KT6-C;9M8S9S(PD3.75489(QUR0IZ@]NM2"^M#YN+J#]U_K/W@ M^3Z^E`&3%HUZMSITS3QF6!0LTV3EUR3MVXP>HYX-4X_#%PHD2:5+F,(ZQAY- MF[]M(XEE>YA6-P2KF0`,!U(-3(RN@9&#*PR"#D$4`8_] MF:@=%^RM*.ZEF*EF;Y6C"@?-U M(/K6XMY;/Y6VXA;SB1'AQ\^.N/7%'VVUW1K]IAS*2$'F#YR.N/6@#G3XV>063VKB0MM7)R&4XZ_A5K4K.Z\[14AA29X-P8N"8P?+QR0..>E:EIJ- MO=\(VTF1T0.0#)L.&*C/(S3UO;1FC5;J$M+GRP)!E\=<>M`'/3>%[G[+;117 M0;9;F"13A1@L22"5;UQVZ#FK%SX>DE_M!E,+27#0&.1\[@$VYR<<9VGI6Y)/ M#'(D:YD'G1 MK"]R;GS1GS02N-GT_'IVJN?#MW)':Q316+QV\#PD*S*9]="M[: M/]VZA;YQ'Q(#\QZ+]?:G"[MCG%Q$=LGEG#CA_P"[]?:@#)?2;V7P[O':L^]\06=NET(9(YYK9D5XP^/O,%/Y9Y]^*`,^/P[>1O;)NM3';^ M>!)SYC^8K`9X]3ZU/9Z->V9_=O;LTEM%"SODF)D3;E>.1GG!Q6R;VU%O]H-S M"(,X\PR#;^?2G27$,4/G231I%C.]F`7'UH`YL>&KIX+Q)9(0UQ;K&#YCOAPQ M.>1P/IT]/6:+0+O^U%NI)D6,S+<,D;#Y6``P,IDCJ.HX/2MO[=9[XT^UP;Y1 MF-?,&7'MZTAU"R4N&O+<&/.\&5?EP<'//�!A0Z-J&GO%-`MM,;1)Q%R0\I M?E=W;K[UT<>_RU\S;OP-VT8&>^*C-W;*T2FXB#3?ZL%Q\_T]:GH`****`"BB MB@`HHHH`JZE!-!^-*+VU,X@%S#YI)`C\P;LCJ,4`8HT*Z: M>[!EBBAN(G23823(S+MW$$?+^!J--`OGDWW#VQ!DM254L1MBSN'([YK?6[MG M6-DN(F$H)0AP=X'7'K49U&R$'GF\MQ#G;YGFKMSZ9SB@#&'AZ=9MZ&!YFMUNX?,A M`9\N``#[_P`_3(J9+ZTD95CNH'9F*@+("21U'UH`YNXL+HZP(([?S$.H)=F9 MHV!5>XW$8P,8&#GVJYKVB7NI2S&&:,(\:K'N=EV,#GHOWL^_3TK9-[:AI5-S M#F+_`%@\P?)]?2H+C5]/MK5KB2[A,2OY9*N&^;TX[T`48-'N(]52Z9XM@O)9 MR`3G:T84#IUR*@O="O)3>1Q&U:.YN%G$DF=ZX*Y7IT^7CZUL27T:26VUHVBG M#$2>:H``7=D<_,/I]:E@N[>X9E@N(I2N-P1PV,],XH`P+CP[=2*YBGCCDDN9 MBY!/,$AY'3[W3_&IKS0IY;N>:%H0N^W>*-B<'R]V5;C@&*%G))4IG.3CZ8QZ5T4-Q!<;O( MFCEVG#;&!P?0XI@O;0F4"ZA)A_UG[P?)]?2@#%FT*[:]W(;9HOMZWGF/GS`` M1E>GMQS5W1=,EL([B*8Q^3(W[N%"6"#OR1GG/3M5QM0LDB25[NW6-P65C(`& M`ZD'//44Y[RUC>-'N85>3E%+@%OIZT`>LX4$!E(`&/NDD8&/O#BME[ZT0N'NH%,?W\R`;?KZ= M:ADU?3XYK:)KN+=<_P"JPX(;WS^GUH`QQX;N(M+L(H)8H[FVW;]N-LA;C.2I MY_#N:NRZ,S:186(9'6WEB9_,.0RJ..E:D=Q!+*\4.HXZC/-`&7_`,(_,NL?:%G`MO/$X4$*5(`& MW&TY&!CJ..U0V_ANX2U:.4V[/_9QM5.2<.68YZ=.1[ULW^J6UE:23&:%G$+2 MQQ^8`9`!GBI(;^WD6(--$DLD8D\HN-P&,YQZ>]`&9;Z'-%JL,[2H;9561X\G M)F5=F[ITQ^HJE'X8N%$B32I^GO3#J%D(!.;N`0L<"3S!M)],YQ0!CKHE]_H%KQ(US<1N\(C$:L?DD"-D!@%!'?NW6NK!!`(((/0BEH`QK M"PU"TN[F<+9K]IF1G52V%0+@XX^]G'ZU)%HZ?V]=:C/'$^\1^0>K(5!!^F>* MU:*`.9_X1RZ\DP^=#B.&XCC<9W2F0'[_`!VS[U?N='+Z/;6D`BC>!HY-N/D< MKC(/L<5KT4`<]=:+>7#7+@68-Y`(I`V2(<9Y3CGKGMS22>'9'N9)"T+AKBWD M#/DL4C4!@>.IP?SKHJ*`.5ETF]M]3M3##!+^^NY1O!,:A]NT$XX-*?#5Z(;> M`7,;QPI&`69EVE6W'@<$'WZ5U-%`&`-!D568>0)6U+[67YR4W[L9QUQVZ5`G MAZ\"D+)!%%'*DL5N&9T8AB3DD9`.>G.*Z:B@#!M]"E2>TDE:%U2YFGDC&=J[ MU("J,=CZXJQH=M?6,$5E<+%Y,$"CS%).]\G./8#';O6M10!S-QX=O#5%&XR`PV-K)TBNH7W1N^<#((8<>Q-9LOAF47:?9[C%MB(%<@,OEXQCY23R,]1U M-=+10!E7NFS3ZQ:WD#1QB(!9'+''[BVO[> M:2:,Q#]].@)^:?##<..GS?H*Z*B@#!TO0Y;$Z4280;6*5)BF?F+8QCCGH>M- MU'0[BYEU$1?9S%>F)LN2"I0KD=.00I_&N@HH`YRXT"Z<2-#/'&PO'N(U'3:R M!<'*D`]>QZU8DT9QH5M8H$ED@8,IDE*[3DGAE7MGCCI6W10!S$_A_4IQ&);J M&9E$9#%F3!5@2-JC!SSR?_KU8@T!TU"*XD$#*MY/.W4DJX(4=.HX_*M^B@#D MH_"MXL4*-=+CRTCD",!MVL2"I*'U]JZVBB@`HHHH`****`"BBB@"CK5G)J&D M7-I"RK)*NU2YP.O>L]M#F,DD@,.]M26Z##FGS:#(VH2W$0@16N[>9>H(1``1TZ] M?SK?HH`Y)_"MX8)XOM2O^[=(F9@,[F!.X!,]O4\U?O="DG.I"(PHER(#$,HH`R=0TZYO6LG'DHT*2!U#'&6C*C''3)]N*9IFD265W:2GR@L M5B+>39G+."#GIR.#^=;-%`&#)HD_DZC'&8`9IQ))HK>(NKQQ(Q<;@^XDEAQGTY'UKIJ*`.3_`+'OK6\T_9'' M<2`W$CF7YHU+!>,A1C/)Z>M%QX8OVL%M8[J)PL"HC,[IL8$D\+]X'/?ICI76 M44`8$NB7&R]:)H!-/=^;G)!:/`^0L!E>1GBF6N@W-L;-P8'>WN99"&9B"CY' M4C.1G//?O7144`8&D:%<6&H++-<>;'$KA""`6W')R-H_F>:6WT*5-2BN)O(> M-)[F7;R3B0C;VZ\'-;U%`'*0^&[^"QE@5K.5I[40,9"W[LC."O'3GVZ5+#X= MNX;Z.;[0K(LBS8W`'&[F.TO;?SH5%Y&&9D'^K M?=DJHQ]SD_KZTT^';WRS('B-VTA82-*?W?RA<@*@!X'(([=:ZBB@"O9K=)$R MW9B9E;"-'D97`P2.QZ].*L444`%%%%`!1110`4444`%%%%`!1110`4444`%% M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`445 MS.K_`/"3_P!I3?V;_P`>G&S_`%7H,_>YZYH)E+E5['345QO_`!6G^?)K9\/? MVU_I']M?[/E?<]\_=_#K02IW=K,OS:C9PEU>YCW(5#*&RR[B%&0.>I%6JYT: M?=II)L/LF9$E1O/#KB7$JL3USG`).:K2Z5?S?:&>R$8?8PBB*%&<%\E@S?,, M$9)P3QQD4&AU=,CECE+B.1'*-M8*P.T^A]#6+I5I>6EW=3-:*!)'N.64L9/[ MJMG)3KC=C'TIVBZ?>6,\@NO+>.XC#R&-=H$F3G/)R3NZ]/EH`VZJ?VE9%$=; MA&#E`-O/WSA>GJ:PM.T:^@OK8RH/)5]KDN#A(AB+C/?3'3KM^E`'84R66.%-\KJBY`RQP,DX'ZFN:32-046R[,"-L1_ M./W`$Q;/7O'@.>2G/4^G6@#J:CGFCMX))Y6VQQJ75(0 M?FY(Z@@9'I0!MJP=0RG((R*=7*7.D7RP75O;V2-'(4HW`;A@[@>> MH/.#FI;FT>VCGN;M$"O>J[AW4>;&$`QDG`^;)Y]*`.FHKE-,T[4&_LN?E8TA MBY*Y9,$EARPQN!&>#GVQ75T`%%%%`!1110`4444`%%%1SB5HF$#HDG9G0L!^ M`(_G0!)15'RM5_Y_;/\`\!&_^.4>5JO_`#^V?_@(W_QR@"Q[#< M24@'.">2[MH4D>6XB1(R%=F<`*3C@^AY'YTOVB'S3%YT?F!=Y3< M,A?7'I[UE264\-Y)_WAGITQ]*`.BCN8)4C>.>-TE.$97!#G!.!Z]#^1I)+F&.WDN&D M7RH@Q=AR!MSGIZ8/Y5G/;W9L9YHH2MSYPGBA=EXP`-N0<<@'O_%69?Z3?EFA MM[6,KY#Q-.`H>7,1'+;L_?QQMQT.>M`'54TNH<(6&\@D+GD@=3^H_.N6?2]1 M:*)/LI*P10Q,LFQQ-M$@)"[QD992,D=,]JOZEID]W)8@QB:..-4EWX^;][$Q MR._"-0!L231Q/$KMAI6V(,=3@G'Y`U)7*2Z/?'*1VP6423>3H(R#7-V^BS00VZ-8I)"(81/""N M'<+(&)!."060Y/IQR!5>TT75%M%AD01SB%4690!M(*D$L')8J%(`V@LN\T*U MO+I[B228.^,A2,<#'I[4"=^A;_M"R_Y_+?\`[^+_`(U)#<0SY\F:.3;UV,#C M\JRO^$9LO^>MQ_WTO^%7=.TR'3O,\EI&\S&=Y!Z9]![T$IROJBO)K:"W>>&V MEDB#JBRG"H^7"''?C.>G.*G;6+%-X:9MRL%V^6VXDYQ@8RV<'IGH:K?V-(+( MV2W8%JK*T:F+YDPX?&<\CC'3\Z@?P]+)YQEO1,\BJN^6,L0%+$$?-P?FZC`& M.E!9JVU];W4DB0.SF,X8[&`![C)&,CN.U-L]1AO#<"(./(>5;O+21[.$QENSL,_,WN,9IVFZ/'ILX>&:1@81&X=BQ8@Y!!)XZM MP/6@"6+5["9E6*X#,P0@!3T?[O;O^G>J">*+:1$*039/DEMRD`+(V.H!R1Z= M^W0X=:>'DM;R"<7!812.^S9C=D80=?X13;?PZ8%A47>5C$&[,?WC$VX8YXSD MCO0!I'4K1;)+LR_N)&"JP4G))P!C&%\8S[XS5:/0)86+17[(3P=J$9'F.^,A@?X\< M$=/PH`M7.N6$$+OYOF,(O-5%4Y==I8$?@IYI'U[3HR5EG*,OW@8V."`"1G&. MAS_^JJ3^&F:!(Q>D&.V-JI\KC85(;(SU)(/X?6I)O#OFQR)]JQO>1\^7TW0^ M5Z]NOZ>]`%V;6=/@5FEN,*CE"0C'D+O/0?W>:=;:K97=P8()MTHS\I1E/&,] M1[C\Q69>>&6N0ZB]V1NS/M,63N:/RSSGZ&KL.D^5JK7OGYR\C[-G]]8QUSV\ MO]:`)CJMGLD<2.4C;:S+$Y&>A0JP5E'R MQ",YVL#R!G@CKW[@&O!>6]Q-)%#)O:/&X@'`R,]>F<$<>]4[C7;6"2'&YXGD M9&D"MA<*6R./FZ8XI]AI?V*Z:5)0(_*6,1JI`.``"Q).3@8SZ>M0Q:*T:6L7 MVH&&U+>4OE\A2C+@G/.-W7';\:`+,NKV,(S)/A=GF;MK%2N,\'&#QSBG?VI9 M^='#YW[R3&T;&[@D#IP<`GFLB?PQ+/;Q0/J+%(HO+0&,X'[LH>-V/?IGJ,U- M=:9<3:VLB*1;-*LTK'&,B,IQSGH1QC\:`-6TO;>]5FMI`X4\G!'T//4'UZ&K M%9NCZ2NE(ZB4REE5`S%L[5S@?).>)W`_(&AK.)F+%Y\DYXG<#\@:`"[NEM1%F-Y'E?8B)C M).">Y`Z`]ZKS:O;P27B,DA-I'YCD`N#WQ^AJ;4;5[VT:!)%C#\,Q3 M<0/5>1A@<$'G&.E9L_A]II)R;I0LRRK_`*L[OGSR3NP2N<#@<<>X`+LNJQ0V M$MW+#*@A<(\9V[E)('7.WN#G.,4C:M`C()$D0&-9'8[2(PV=N2">NT],]*LB MW6"U\FR2&WQ]P>7\BG.?N@C^=9S:!'(ICDEWPR(%F0I]\AF88Y^49<\<\`=, M4`6O[3B6TN+B2*6,6Z&1T8#=MQD$8..<'O0-7LB9`))"48K@0OEB#M.WCYL$ M8XS4;Z8TUI=Q3SAI;F+R3(L>,+@@<9Y^\3U[]JB.BLLT$T-R%E@:9D+1[AF1 M]QR,CH,CK[T`2VVMVDUO%([&-GC1V7:S!-P!P6`QGY@?ISTJ]#*D\*2Q-NC< M95O4>M8D7AH1)Y9N=\;1K&X*MSA%1B`'VC*C'0D9Z]JTAIZ/;00SS3L85VAH MY7BW?7:1D\?_`*J`+M4(M7LY+CR`[B7<5P4..'9.2.!DJ<9-20Z=!!*LB/3YDJ28V=-LS2XZ_[6/PH`>FO633RH681QHC"0HV M&#;N>GW0%SNZ8/6KD%[!<>8(&,AC^\`I&#DC'/?(/'^-8[^&W>17>]W%(5MU M&QU!C&>&VN-Q.1[=>.:TK2PDM%NO+G!>=C)EDSB0\9QGIC:,>W7F@">TN1_V M?827.P/L*C#-M'+`,AT)V;\`]3Q["F)X MB3?,);61!&0N%8,Q)D9`,=/X?7O03S(VZ*S;?6[:YN(8HDF(F.U9-H"YV;\= M<]".U5QXBB596D@8"$'SMK@E&W,,-U*2!,C M!!!D*`]NXS_C2VWB"RNY88X0Y:5BH^Z`,`'U]".!S[<&@.9&M16>=4CCOYK> MX\J)(D#^:91@9.`&SC:3GCUJ!M:=9VB-KNVW"0%TE!5=QQD\=1Z?K0/F1KT5 M0DU-!>V]O`HF$KNC2)(,(RJ6VGWXJ6PNVO(I&:+RRDC1G#;@<=P?T^H-`71: MHHHH&4=9C6;1[N-RX5HB"4!)_+O5%8I3!;3I9E'6RE41Q@H`?EP`/X21&>0/F(*_Q/X3TYR M>G>DDN)5D8!N`2.@J]69+_K7_P!XT$R'_:9O[_Z"C[3-_?\`T%144$W)?M,W M]_\`04?:9O[_`.@J*B@+DOVF;^_^@H^TS?W_`-!45%`7)?M,W]_]!1]IF_O_ M`*"HJ*`N2_:9O[_Z"C[3-_?_`$%144!Q'(JS0%V2_:9O[_`.@H^TS?W_T%144!*5PNV0!!T9L< M`_7I_*GZ1=S7,,YGD\Q%"D2!=O)7+#CT-`^;6QL_:9O[_P"@H^TS?W_T%8&E MW,V;@#S;B'S``XDW*@QR06P3].U0PRSOI^IF.ZEVQC='(&+CA7'V6U>;87V#[H^O\J1:VU(#H]BV=\)?)R=SLV?EVIZ5+8ZBE]-,L?E M[8V*\2`OD$CE>PXXH#W2H+^.XC8+'$/W<:@\';MR22<\>P]\U-+I%C-Y MN^#)E8NY#,"21M/0^A(_&JZZVKZ?=7D,2S)"-P6.4%B/5A_#QSWXJQ)?LEW9 M0?9V*W0/[S<,*0I;'J>E`>Z)_8VG^8LGV?YE;>#O;KNW<\\\\TY=*LT\K$;8 MB;>BF1BJGMQG'&.!V[5=HH'9%=;.!;AYPA,KC!+,3QZ`'@?A3!IMH"Q\LDM( MLA+.Q.Y3DW2K=%`61#+;0RO&[IEHR2I!(P2"#T]B:;9V<%C!Y-NK+'G M(#.S8_,FK%%`6"BBB@84444`%%%%`!6=+&3*YROWC_$*T:S)?]:_^\:"9!Y; M>J_]]"CRV]5_[Z%-HH)'>6WJO_?0H\MO5?\`OH4VB@!WEMZK_P!]"CRV]5_[ MZ%-HH`=Y;>J_]]"CRV]5_P"^A3:*`'>6WJO_`'T*/+;U7_OH4VB@!WEMZK_W MT*/+;U7_`+Z%-HH`=Y;>J_\`?0H\MO5?^^A3:*`'>6WJO_?0H\MO5?\`OH4V MB@!WEMZK_P!]"CRV]5_[Z%-HH`=Y;>J_]]"JEU<-'*+:W5);EAD+N&U!_>8] MA_.HI[J269K6RP9!Q)*1E8O\6]OSJ>UM8[6,K'DLQW.['+.?4F@",:496#WT MPN6'(0L!&#[+GG\Y;A8D['WJE M'ILEPPO=OY^M:B+YB* MZ,C*PR"''(KFK*9-)U+RU;-A>',;'^!O3^GY5IV_^@7GV1O^/>4EH#_=/4I_ M4?CZ4#B[HT_+;U7_`+Z%'EMZK_WT*;12&.\MO5?^^A1Y;>J_]]"FT4`.\MO5 M?^^A1Y;>J_\`?0IM%`#O+;U7_OH4>6WJO_?0IM%`#O+;U7_OH4>6WJO_`'T* M;10`[RV]5_[Z%'EMZK_WT*;10`[RV]5_[Z%'EMZK_P!]"N:O-?>/5%,(+6<# M;)6`R"3_`(8XKHE8,H93D$9!'>F)23V'^6WJO_?0H\MO5?\`OH4VH+RX6TM) M;A_NQJ3]?:D,SG9[[Q5;6\;XCL\22$-U/''OV_6NJE0R1E!(T9/\28R/SKA_ M#D63S92.XSP/\^M=I>H)+21"7`(ZHN3U].],5-W396MM*MX;6TB M1W(MY/-5L_?8@Y)]OF-)'I,<-PLT$LB88DKVVDEBH^K<\Y]*@MXI'M=-+R>H^1.>%X_VCUS5E[.-Y+5R6S;$E.>N5*\_@:SFLT"7LJV8.XA(H]G4 MC^+'U)Y]!4IT^-9[&)8L^2`S2[?[O09^IS^%`?(U****"PHHHH`****`"BBB M@`HHHH`****`"LR7_6O_`+QK3K.E*>:^5;.X_P`7_P!:@F1'13LQ_P!UO^^O M_K49C_NM_P!]?_6H)&T4[,?]UO\`OK_ZU&8_[K?]]?\`UJ`&T4[,?]UO^^O_ M`*U&8_[K?]]?_6H`;13LQ_W6_P"^O_K49C_NM_WU_P#6H`;13LQ_W6_[Z_\` MK49C_NM_WU_]:@!M%.S'_=;_`+Z_^M1F/^ZW_?7_`-:@!M%.S'_=;_OK_P"M M1F/^ZW_?7_UJ`&T4XM&!DJP`_P!H?X50:_\`M.4TZ(R=C.[?NU^G'S?A^=`% MBXN(;:/S)Y%1>F3W/H/4U5W7=]PH:TMS_$?]:X]A_#^//TJ:WL8(Y!//YEQ< M?\]'83#`?<#@L?PQ0&B'Q10VEN$C"QQH/\DFL>XU.Y MU.9K32`0HX>X/`'TJ,BYUQO.N2UIIB\A=WS./K5I'\U!:Z5$8+=>&D/^?_KT MS-NY';P6>C_+$#<7C<%CR<_TJ86LD\BR7S%F/*PJ>@S5FUMH(1B!&+='F8CG MJ#CCK5V-(8P0$?)Y)W#)/KTH*4>YS=W:*5>SF&V.0Y1NT;X]?3G%6--E.IV, MEA=DI=VYQN_B!'W6'N#_`)YK4U"TBNX"%0B0#Y22/RZ5SD[R6\R7\:G[1;G; M.O\`?3IG^GY&@E^Z[G0V=RTH,,X"7,8^=>Q_VA[&K54Y$M]3MHKJU=HY0-T4 MH.=I[@C'(]14EE>)/NBFB:*YC_UD>_\`4<<@TC0L44[,?]UO^^O_`*U&8_[K M?]]?_6H`;13LQ_W6_P"^O_K49C_NM_WU_P#6H`;13LQ_W6_[Z_\`K49C_NM_ MWU_]:@!M%9K^(M*2Y:%GD^7C>.5S]<5H07-K<+N@<2#U60'^E,2:>S'5D:[? MO$B65KS=7'RC'\(]:T;Z\M[&T>XE5L*.!N')[#I7,VRS3R-/(";R[Z#_`)YH M>WX_R^M!,GT0JQI%;?94!>U'RRL!]]C_`!?IQ]*O>';ME\S3IVS)#S&?[R=O M\^]:*06D%L+1U8[Q\S;AC=^77T^EQRV5RLJ?Z^V;(/]Y>X_SZF@EIQLSK MZY[Q/<>8\&GJ<;SODP>BCI_7\A6Y:WEM=6:7*!O+9=QRPX]>U-AP2P9L'H.PQ^9_*N@OI)XK*62VC$DRK ME5//Z<9^F>:I62)$(U*G=D9PW`/MGM5V]:%+.5KEF6(#YBA8-^&WG/TI&T%9 M6*4.H3O'I3(T,R7>0\@!'/ELPP.W*^M-M]2N8M,NIM015NK:+S7A5-N!@D<[ MFR"0>?;I4EL=.BBTV!,H2"UJC@AON')(]<$]?6FQ0Z?_`*2RSL\,`>*Y$LC. MIX!.XL3G`S[#<:"B%]7N(HD1E1[G[0D6216&W[Q(+#C; M][J,=JO:>MG'/1P<4`0WFJ3P:G]CAMXY2P3;OD M*^4_=.>ORYS0!8T M_5_MUT(%A49C\W>LFY=N<<<<_,&_`9[XJQ!@?SB['*KQDDDC`4X^A]ZDMY;66\N&B#"X4*DFY&4X!;;C M(Y&=W(H`MT444`%%%%`!1110`4444`%9DO\`K7_WC6G69+_K7_WC03(;1110 M2%%%%`!1110`4444`%%%%`!115*2^9Y6ALHA/(OWV+81/8GU]A0!=JG+J,0< MQ6X:YF'&R+G'U/0?C3?L$EQS?7#2C_GE'\B?CW/XG'M5>\U>TT[%K:Q>;,.% MAA'`_*@3:6Y,;-[@>9J4BE!SY"'$8_WC_%^/'M56XUV,2"VTR`W4O3Y.%'XU M6DL[N^`FUFY%O!G(@0]?\_C4\,XBC\G3+=8H_P#GHP^]@?J?SID.38TV6L7P MS>WBVL7=(NOY_P#US21VFC6'(7[3*.[?-D_RJQ]AGN.9Y9)#Z$[5ZN/4^@K02W!0+(%"8_U:_=''0^M3 M(BH,(H`SGBG4%I6$I:**0PK,U6U/_'U$H+*,.O9E]ZTZ3K3$U!2*&RRI#&TDKA$49+$\"N?FNKG7' M:*V)M[!?]9,W!;_/_P"NHI)!K,\L]U,4T^%]J1KP9#5Z&"34`JA?L]FG"HO& M:9FWS;#(I=,MX?LRVF^`'EV4'*!\IA7NGWD;Q'4+M;FWC)**>K-[^WX_SK5L+=H(S/ M(-UQ+]T$=/KCI2)I4-O*)FD+1I\VTKFK\2$MYL@&\\`==H],T!&.MP6%0C*< MDM]YNY_&L[5+8R1Y_P"6D?*G^\OIUY(K6IDB"1<$D>X.*"FKG$?;)[.VN+&, M9CN/N_[/J!]:W-`LP%W$`JF`.G7K_P#7JK?6&V]0%>2FW-JMW:3"*XANE)WINCP0BI@\ MDY/K[$]\#;HH*,FWTVX"_OY%8RW(GF!;=PJ@*`<#/*J>@JQ8PW2W5S-=I"&D M("-'(6^09PN"HQC)/4\DU>HH`R[C399=9CO`R>6H7*G.>%E'_M0?D:S4T"_6 MVMX/-A!MX_EE#G<[[XWY!4@#*$9YZCCM7344`8^G:7<6M\MS(T9_=&(C=N/7 M=G.T<[LC&!P%],5:L8;I;JYFNTA#2$!&CD+?(,X7!48QDGJ>2:O44`%%%%`! M1110`4444`%%%%`!6=+(XE;)_ST;\Z;10`[S9/^>C?G M1YLG_/1OSIA.!D]*H)=7-Z6:R$20#A9I5+;_`%(`(X]\\T`:7FR?\]&_.F2W M7D1-)+,41>2S-@"J9M+I\>9J$B^HAC50?S!/ZU%+!8V9%Q=SLY3D&>4M@^R] M,_04`2>;>:E_'-;6A]RLDG_Q(_7Z5-+=V^E6H#2"")1A54_R%8\VLW5Z=FEP M[(R!^'^3]*J1VT(G$DQ>_NCT+YVCCT[_0TR'/L6Y-0U/6%/D2/96/\` M%*[89A_GT_.BS,5CF+28F:4CYIV&6/\`]:KD=A-=$/?/A1TB7@"M&.-(D"1J M%4=@*!)-ZLSH].EFD$M[(9'_`-HY[]/I6C#&(`!&2#@#.>3@8I]%!:5AWFR? M\]&_.CS9/^>C?G3:*0QWFR?\]&_.CS9/^>C?G3:*`'>;)_ST;\Z/-D_YZ-^= M-HH`=YLG_/1OSH\V3_GHWYTVB@!WFR?\]&_.HW,A8.DK*X]S@CC/\J=10!RO MB"-TG6\CRLBL'_W6&,\_D:Z:RO6N[2*X21L2*#C=T/<52U6V\Z%L+G M;IS4Z(J#"C'.:"HKE0 M@5SEGED9SW#D8YS@8I<2=KB8?\#SWSWIU%(=QF)"RF29WVG(SV/KQ['%2^;) M_P`]&_.FT4`.\V3_`)Z-^='FR?\`/1OSIM%`"./,D1V)+(HQ5>6ZN`A*7$WGA'\I58L7B$;E7V]SN"\XZX&><' MI3&AD$A4;P"H;N`<9'Z#\J=0!EVET\=N?LT$][!YC".2.56^7CJSL,\DCJ>E M9B:S]IO+F&.PN3)"Y#KF/(Y]V_EFNGK@M7DFTWQ$]]C(+D.`/O(3_G\J#.I+ MELS<^V3_`/0-NO\`OJ+_`.+H^V3_`/0-NO\`OJ+_`.+JS%(DT2R1MN1P&4^H MI]`%/[9/_P!`VZ_[ZB_^+H^V3_\`0-NO^^HO_BZN44`4_MD__0-NO^^HO_BZ M/MD__0-NO^^HO_BZMUBW]]'<1.SN4L%R&8=9S_='^S[]Z`([O5/M$/FR6MPF MGJ<.0R9E/]W[W*_3.:H27VH7K>8K36EL1B-8BF75)TDE3$*\06ZC MC'8D?Y_*N@M-,C1-UR!)(W7/0>U,SOS;;'-,H;(FGU*3\4]?]\TL%M:*RB*P MNIY.P;9SS[-Z>U=>MM`GW88Q]%%2``#``'TH'R'/1VUX_$UE<+'@`+&T?3TY M?WK1@33M7BO!;2QH&PRY4Y!ZCAC[_`)"NSK$\ M06@E@8CJ>1SW^GZTR9JZ#5]7EM]/8BSGC>4;8V9HR,GOPQ[50T-9;2(2?89W M=OE0AD`+=^K>E4+>2XU.:U@DZ6Z[%'OGO^GY5V%I$$0;00BC:G;([G\3S03% M\SN11W$T:!1IMT?4[HN3Z_?IWVR?_H&W7_?47_Q=7**1H4_MD_\`T#;K_OJ+ M_P"+H^V3_P#0-NO^^HO_`(NKE%`%/[9/_P!`VZ_[ZB_^+H^V3_\`0-NO^^HO M_BZN44`4_MD__0-NO^^HO_BZ/MD__0-NO^^HO_BZN44`4_MD_P#T#;K_`+ZB M_P#BZ/MD_P#T#;K_`+ZB_P#BZN44`58KR?S4_P");='YA_%%_P#%UL6T\D^[ MS+2:WQC'FE#N^FUC^M4XO]:G^\*TZ"HA11104%%%%`!1110`4444`%%%%`!1 M110`4444`%%%%`!7.ZY9"\BEPN74G'N.XKHJSI9")7&%^\?X103)75CF/#-Z M8G?39CRN6B)[CN/Z_G71UR_B"SDM;I+ZV^5E;>"!T/4C_/O6S:Z_9SVT`6![\=:9C!V]UE^D)"@EB`!R2>U9LGB6T3.P,Y]#&J?^AXK(U+7)M1 M86\$2&/&2@P,`?\LX!V';=4VGZ=+/-YF?-E_BF<<+]/\`/Y5T=E:1V2G8`SGJ[`$F@C6? MH16%BMJN]\-,W5O3V%7:=YC>B_\`?(H\QO1?^^12+22&T4[S&]%_[Y%'F-Z+ M_P!\B@8VBG>8WHO_`'R*/,;T7_OD4`-HIWF-Z+_WR*/,;T7_`+Y%`#:*=YC> MB_\`?(H\QO1?^^10`VBG>8WHO_?(H\QO1?\`OD4`-HIWF-Z+_P!\BCS&]%_[ MY%`#:*=YC>B_]\BCS&]%_P"^10`VBG>8WHO_`'R*/,;T7_OD4`-HIWF-Z+_W MR*/,;T7_`+Y%`#:BN(_-A9.YZ`DX/UQ4_F-Z+_WR*/,;T7_OD4`<_IE@(KF0 M@%2QXR,''B_\`?(IB M225D-HIWF-Z+_P!\BCS&]%_[Y%(8VBG>8WHO_?(H\QO1?^^10`VBG>8WHO\` MWR*/,;T7_OD4`-HIWF-Z+_WR*/,;T7_OD4`-HIWF-Z+_`-\BCS&]%_[Y%`!% M_K4_WA6G6=%(3*@POWA_"*T:"HA11104%%%%`!1110`4444`%%%%`!1110`4 M455U*26'3+J6W!,R0NR`#/S`''%`%JBL,7<9T<`3[`9`&=+II,IO4.RN>=N& MY/&/;K526ZN`A*7$WGA'\I58L7B$;E7V]SN"\XZX&><$`Z>LR7_6O_O&IM+= M7MW\J4RP"0B*0N7W+Q_$>O.1U[5'+&YE5)_SS;\J/*D_YYM^5`E!(C1%C0*BA5'0"G4[RI/^ M>;?E1Y4G_/-ORI%C:*=Y4G_/-ORH\J3_`)YM^5`#:*=Y4G_/-ORH\J3_`)YM M^5`#:*=Y4G_/-ORH\J3_`)YM^5`#:*=Y4G_/-ORH\J3_`)YM^5`#:*=Y4G_/ M-ORH\J3_`)YM^5`#:*=Y4G_/-ORH\J3_`)YM^5`#:*=Y4G_/-ORH\J3_`)YM M^5`#:*=Y4G_/-ORH\J3_`)YM^5`#:*=Y4G_/-ORH\J3_`)YM^5`#:*=Y4G_/ M-ORH\J3_`)YM^5`#:*=Y4G_/-ORH\J3_`)YM^5`#:*=Y4G_/-ORH\J3_`)YM M^5`#:*=Y4G_/-ORH\J3_`)YM^5`#:*=Y4G_/-ORH\J3_`)YM^5`#:*=Y4G_/ M-ORH\J3_`)YM^5`#:*=Y4G_/-ORH\J3_`)YM^5`#:*=Y4G_/-ORH\J3_`)YM M^5`!%_K4_P!X5IUG11N)4)1@-P[5HT%1"BBB@H****`"BBB@`HHHH`****`" MBBB@`HHHH`:8T,@D*C>`5#=P#C(_0?E3J**`,V343;:H\-S)"EOY1DWN#'LP M5'WB<-G=VZ<9ZBJIUB9WG$;01H%E9'=20!&X5LX(SDGC&*U4M(4NFN0K&5AC MO0 M55;63+=%;1X9(#+Y"R*"^7\LR;A@\CC&.N:TIK2&>:.6569HSE1O.W/8EM`#-+NGO+%9I0H?1TJY45O;Q6T(BA7:@R>I))/)))Y))[FI:`*.K74UE:B>'8<-RK1LV[VR# M\O\`O'@56OM:2&Y@2V:*9"V)2&W8^=$P,'@YD!Y]/>M"YM(;M56=695.=H<@ M'V(!Y'L>*+BSM[EXWGB#M$.#S2"XC7`.!@<59H`KWLDD5J\D+!649R8FD_\=4@FL\Z MP9;:S6!K?[72.HZ=:UI8UEC:-]VUA@[6*G\".142V5NEH;58 M_P!RN<\YZYH`S--UMKZ^,#-''Y;M"X,;?/(,YVMT'`S@Y)&?2M MNJD6FVD4R2I#AT'RG<2.F,XS@G!(SUYJW0`5CMK(M!?F]DB_T<908,1>G!'![=*V*KPV4$'F[$)\W[Y=BY(].2>.3QTH`S)-1OO(EV-;K/#,L)!B9 MA(7"EF:VZJQV%M$J!(_]6_F+EB3NQC)R>>..?;TJU0`5FMJ/D:G M+!=2PQP*F\.ZF/;R`!N8X;.>HZ=*TJ@CM(8[A[A58RN,%F@!/`^E`&++ MK\X\\)&@VOA/D9SMW2)]T'+',9/'8^W.Y;2&:VBE8*&=`Q"G(Y'8]Z@?2[)_ M-S#S*^]B&(.>>00>.IZ>I]35I$6.-410J*`%4#``':@!U9]Y>R6NHV\;-&+> M7=N+*5VX4DG?G;V^[U[]!6A4#6D+W2W+*S2)]W+G:.V0N<9P2,XS0!DW6NR( M[M;K%)!YH@1Q\W.P/O)!QM`/Z=:T=*O#?6*SL%SO="5Z-M8KD>QQFGR6%O), M\I1A(XP65V4^F1@\''&1SBI888X(EBB4*B]!0!)5#4KN:T>V,>PI)*L;*R'G M)`^]G"]>_7H.35^H)[2&XDCDF5F,9RHWD+GJ"5S@X/(STH`JS:G_`*39"V:& M:VG=T>17W8*HS8&./X:31-1?4K9Y)4564J?EZ89%,(A.XC)//X_@/8`"@">JVH3206\BA>4PEL?*I(W%>HZ=#WXJU%=3MJGV=O*:(P M^9\H(:/D`9YYS\V.!]VK`L[<6;6GECR&4HRY/(/7GKSD\TV&Q@@NI+B,.))/ GO_O6*G@#[N<=`.U`%FBBB@`HHHH`****`"BBB@`HHHH`****`/_9 ` end GRAPHIC 19 disciplinedvaluex6x1.jpg GRAPHIC begin 644 disciplinedvaluex6x1.jpg M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP. M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=? M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@` M0P'+`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D* M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H MJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(! M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P M%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P# M`0`"$0,1`#\`;XIU&^@\0744-[<1QKLPJ2L`/D'8&HKX:S92-%_:TMQ*F=\< M$\C%`.I/`P*C\7?\C+=_\`_]`6KMUK]G)J27J&Y8Q[V2)H449(P`6!R1ZYS3 M.-V^8L+ MJ>984QSD\!^>.OOWJ"WUZR6)8Y8)/EC@`<#)W1C'0,O&>G/X4#LNYD_VOJ8. M#J%W_P!_F_QI/[7U/_H(W?\`W_;_`!J&\F%Q>3S@8$LC/C&,9.:AH,KON7/[ M7U/_`*"-W_W_`&_QH_M?4_\`H(W?_?\`;_&J=%`N9]RY_:^I_P#01N_^_P"W M^-']KZG_`-!&[_[_`+?XU3HH#F?Y@M@I MN)HX@S;5+L%R?09[TZ26.+;YDBIO8*NXXW$]`/>@/8P['(?\('_U$O\`R!_] ME1_P@?\`U$O_`"!_]E77^;'YOE;U\S;NV9YQZX]*?0'L8=CC?^$#_P"HE_Y` M_P#LJ/\`A`_^HE_Y`_\`LJ[*B@/8P['&_P#"!_\`42_\@?\`V5'_``@?_42_ M\@?_`&5=E3#(@D6,L`[`L%SR0,9/ZC\Z`]C#LQAV.._X0/_`*B7_D#_`.RH_P"$#_ZB7_D#_P"RKKH)X;F( M2V\J2QGHZ,&!_$5)0'L8=CC?^$#_`.HE_P"0/_LJ/^$#_P"HE_Y`_P#LJ[*B M@/8P['&_\('_`-1+_P`@?_94?\('_P!1+_R!_P#95V5%`>QAV.-_X0/_`*B7 M_D#_`.RH_P"$#_ZB7_D#_P"RKLJBEN8()(XYIXXWE.(U=P"Y]`._44![&'8Y M+_A`_P#J)?\`D#_[*C_A`_\`J)?^0/\`[*NP=U1=SL%7U)P*(W22-9(V5T8` MJRG((/0@T![&'8X__A`_^HE_Y`_^RH_X0/\`ZB7_`)`_^RKLJ*`]C#L<;_P@ M?_42_P#('_V5'_"!_P#42_\`('_V5=E10'L8=CC?^$#_`.HE_P"0/_LJ/^$# M_P"HE_Y`_P#LJ[*FNZQ@%V"@D`$G').`/SH#V,.QQ_\`P@?_`%$O_('_`-E1 M_P`('_U$O_('_P!E76-:7` M7!Z'/2@/8P[')_\`"!_]1+_R!_\`94?\('_U$O\`R!_]E781NDD:R1LKHP!5 ME.00>A!IU`>QAV.-_P"$#_ZB7_D#_P"RH_X0/_J)?^0/_LJ[*B@/8P['&_\` M"!_]1+_R!_\`94?\('_U$O\`R!_]E7944![&'8XW_A`_^HE_Y`_^RH_X0/\` MZB7_`)`_^RKKS)&LBQEU$C`E5)Y('4@?B/SH21'+A'5BAVL`<[3C.#Z<$4![ M&'8Y#_A`_P#J)?\`D#_[*C_A`_\`J)?^0/\`[*NRICR(C(KL%+G:H)^\<$X' MX`_E0'L8=CD/^$#_`.HE_P"0/_LJ/^$#_P"HE_Y`_P#LJ[*HUFC:=X0V9$56 M9<=`B?]?$'_HU*NT%1BHNR*47_ M`"&KK_KWA_\`0I:NU2B_Y#5U_P!>\/\`Z%+5V@I&9J8#:GI((!'GOU_ZY/2Z MS8-J"VL:Y`2;>7!Y3Y'`8>X8K1J/_(4TG_KN_P#Z*>M*@9S%W:W*E]5OD2*= M8&X#Y"LKQF-`>IR5)Z=6(]JO7-GI"##D`X M'7+#D<4`02Z9>2R+$UN3&DDA+%E*NK7*2=,Y^Z#V[?3-BUTQX+ZTE:U0K"UP MBD;?W:M)E"/8*",#IGIUJS;7\TMPA<1^3--+"BJIW*4+#).<$'8>PQD=:@O- M8GM8WN=D;P!Y8UCP0^41VR6ST.PC&.^:W MN3&\D85M\:%5(;.!@D\\'OZ5;H`YJPTW4(I['SXUQ''$/,"*S1[5`9=V\8!. M>BG.:U;F5Y=6M;6-V58U,\VTXR/NJI^I)/\`P&M"JEI;217-U<3,I>9QMV_P MH!A1_,_C0!'+?R)K,-BL*[7B,AD=BN><87CDCN..HJ6TNSN<9_7M]-;@?9T,EFA> MZ42_<7&?EX^8D/55/.>GI0^CPR(RM-,3*" ML[97,RGJ&XX_X#B@!=2U(V.-L/FXB>=_GVXC3&['!R?F&!Q]10FI%KJ-/*'D M2RM`D@?DNH8G*XZ?*PSGKVIUWID=X`)9INCH2I4;HW(W(>.G`&1SQUZTX:?& M+M9_,D(5S(L61M5R""W3.<$]\<]*`)+F^M+0J+JZ@@+?=\V0+GZ9HGNDBL)+ MM/WR)$9%\LYW@#/'UHN;.*Z*F1IUV]/*G>/\]I&:6:UCFM/LS,X3``;=EACH M*6::9;D,)M^T>9E0N3@#&`N.,?B:FM+1;59/W MDDKRMO>23&6.`.P`Z`#@=J`*FA`"UN0!@"\GX_[:-6G6;H?_`![7/_7Y/_Z, M:M*@`JI<7\=O=16[1R%YO]7M`PW//.>PY/MTS5NJEQ81W%S'<.\@DBQY9!'R M-I861)GA)_C0`D?F"/TK'M[*/3M2TJUB)94@N/F/ M4DLA)_,F@#8EBCG39*@=<@X/J#D?J*Q;K3ISJ3N+99K98R(T55&5\LKY18N, M`DYQMQTYXK>HH`Y*;3;@&*TFMOM-WY$^VXROWR8\2Y)R,9`]1MX&*M3:7>37 MEPTD:NKR*=P10)$\U&Y.[)*JI`^48YQUJ=M5NK>ZNO,C1T%SY*+YN`BK%YA; M[F2<=N>>.,9,TNJW44UO`UG%YURW[H>><8VDG)V\'@<8/7K0!6BTR2WU;?#9 M#REF_=';'Y<<95+SK3S9XW4XV1^66`P7;+DDG^ M\`&XZ=CKZ=J;WC0^9;B);B'SX<2;B5&,[A@8/S#N:K0ZU,D,#7<=LK2W+P[5 MG^;B38-JE?FQWZ<#/L`"+4K=[C795CM3*_V6/RYLKB!M[_-R<_ED\4V*POFN M+EC:I`KS6[@(%4$K*6=N&.3C')P3QQQ3SJUXD8215#/<$1RJ0T?_H(J]5'0_P#D!:?_`->T?_H(J]0`55DOH8[CR&2X+Y`RMO(R\_[07'ZU M:JK)IUC+;(/F-$I;(Z'.,T`6J***`,C5K2ZDO[:\M8P[VL4A0%@- MS%D^7\5##/:L]M-G@=HV=//N[@JQWTC*1M&WG;5+*`X+`$L"HP.P.:8B,F;Y7&X'.3@D M'G'MG%33Z\MLZ13Q1)-N8.#-@#;MSM)'S$[Q@8'?TH.MS#=_H8.3+Y>V0G(C MD",6^7@"WQ,$=9"A?+!=PR.5/)!_*K^C6EU;L MKW2D-]CMXF)8$[UW[O\`T(7G9%,&8ML+C`QRN!][U(XK1 MLYSB?]?$'_HU*NU2U7_CT3_K MX@_]&I5V@74I1?\`(:NO^O>'_P!"EJ[6?(9X-4EF2TFGCDAC4&-D&"K.3G

A5RI!QCJ"/6K%4OMMQ_P!` MN[_[ZB_^+H^VW'_0+N_^^HO_`(N@=R[5!=(LU,QVR%IG#LYE;>"!QALY'?OW M-.^VW'_0+N_^^HO_`(NC[;H8Y^8>S9H^VW'_`$"[O_OJ+_XNC[;< M?]`N[_[ZB_\`BZ`N/&GVPDD=496D#9VR,`,]2HS\I/J,&A].M))6DDBWE@05 M9B5Y&"=I.,D$C.,\TS[;J7VVX_P"@ M7=_]]1?_`!='VVX_Z!=W_P!]1?\`Q=`7+M%4OMMQ_P!`N[_[ZB_^+H^VW'_0 M+N_^^HO_`(N@+EVBJ7VVX_Z!=W_WU%_\71]MN/\`H%W?_?47_P`70%R[5>>R M@N+B">56,L&?+979<9QG.#R.!P:B^VW'_0+N_P#OJ+_XNC[; M^T`'MVJ7[;B?]?$'_`*-2KM9E MU) GRAPHIC 20 disciplinedvaluex7x1.jpg GRAPHIC begin 644 disciplinedvaluex7x1.jpg M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP. M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=? M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@` MEP$1`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D* M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H MJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(! M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P M%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P# M`0`"$0,1`#\`Z6BJ6KS26^GO)$[(X9!N5=Q`+`'`P<\&JD5Q>R&*W:1XS*SE M9GC`>G0=J43 M7LUO82B]:/[0^PA40Y&&(;D'G`&10%C;HK&6]G2ZO6>6=UM]VV,1#8P"`\MC MKG/&:D,]U;?9I)+@3"XR"NP`*=I;*XYQQWS0%C5HK,^US?V58S;_`-Y*8`[8 M'.XKG^9J)[NZ^RS7XFPD3L!;[!@A6QUZY./Y4!8V**I7LLOVBWMH9/*,VXF3 M`)`4#@9XSS^AJ-S1F@ M+&Q16)-=SR0W;V]XP6&V29'"+\YP^!$^]>3G=@C)/<\GK0MG`H0+'@1R&11D\,< MY/ZGBIZ*`(TACC,A1<>:VY_WA.V:YMXSZ/*H/Y9I3+`H4FY@&X;ES(!D>M`7&7%M%OS9S^M6U4N,IAQZH0W\J2@"NUC:L@0PKM$9BP,@; M3C(_04G]GVH4+Y0P%1`,GHIRH_`U9HH`BN+:*Y0+,FX`Y!!((/L1R*C.GVQ@ M6'8P0'=\KL"3ZD@Y/XU9HH`K_8K8)(@B`62,1,`2`5&0![=34A@B,B2%`6C4 MJI]`<9_D*DHH`JPZ?:P.7CBP<8&6)"CT`)P/PIRV-LK6["(;K9=L1R?E&,8] M^/6K%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`+1110`&DI3 M24`%!PJ%W8(B]68X`ILTT5M"TT[;47C`ZL?05S-_?S7TF7.V-?N1CHO_`-?W MIDRDHFG=:ZB$K9Q[S_STD''X#_'\JS)-1O)9%>2X=BI!`S@`CVZ55HIF#FV0 M:Y&L>L700Y1W\Q<>C#?Z MBP_Z]4_K0'5E969&#(Q5AT(."*T;;6[N'`E83IZ2J_:2+>Z8";HDA_C]C[^](VC.^C-*B@C M!P>M%(T"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M!:***``T`#DDA5`R2>@'?\`='^)_E0)NRN9.IWQOKG( MR(DXC7T'K]35.BBJ.9N[N%%%%`B2\7S="R`2UO<9^BNO^*BIKS_46'_7JG]: M2V'FV=_;DXWP%P/4H0W\@:6\_P!18?\`7JG]:"^ERK11100%%%%`'3:5>F^M MBLAS/$/F/]Y>Q_H:N5RMA=&SO(YAR`<,/53U%=6P`;Y3E>H/J.U(Z(2NA*** M*184444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`M%%%``:YW M79?,U-U[1*$'X#G]2:Z->6&?6N2OF+7]PQZF5C^IIHSJ;$%%%%,P"BBB@"UI M;A-2@W#*LVQA[-P?YT_4XF@^R0M]Z.W53]02*I`D'(."*U?$,BS7D,J#`D@5 M_P`\G^M!:^%F511100%%%%`!74Z9+YVF0,3ED!C/X=/T(KEJZ#0&S82K_=ES M^8_^M29I3W-*BBBD;A1110`4444`%%%%`!1110`4444`%%%%`!1110`4444` M%%%%`"T444`*OWE^M7JLH'Y#_Z] M<_74:5%Y.EP@\%\R'\>!^@%)FE/!SD<X_.@"6BCI38I$FB26,[D=0RGU!Z4`.HHHH`****`"BBB@`HHHH` M6BBB@`-)2FDH`9<017C#%,Q M<6MR.BBB@D***NVNE7=UAEBV(?XY/E'_`-?\*!I-[%*MS2M)V%;F[7WCB/?W M/M[=ZMV6F6]D0_\`KIA_&PX7Z#^IJV22W%6K'[1&KB2*7:S%D$CAF487@G)ZG<1U_" MKC':A8*6(&<#J:@CNO-AD=89-\;;6B.W<#QQUQT(/7O0,I3Z:TUC$&W"XS\Y M5AP68,W7T(!_`#I5K3EN4A9;D8VMA!QPN!Z=LYQWQC--.IP`0[@Z^86!SCY" MK!3GG^\0.,U:AD\V%)-I7>H;:W49]:`*BQSQK<6ZQM^\+LDX88!;)YYSD$XZ M>E9\NERRI)MM1&OER^5&6'R.50#H<#E6/Z]36D^HQ1K*[I(L,;A#*=H7.X+Z MYX)[BIQM`&1/I4C76$MT\A'_=J,`*I:(G`[=)/U]:D MBL9TF3,(PK8C<$8B42.;RHIXW?:'PK9R,D9'Y5$FH1EY MA-&]ND)VM)*R!]M(Y3$]U"L@QE3(`1GVH:[@%N)T<2 M1LRH&C(8$E@O\S0%RA;VC)<"1K+]T3^ZC^3_`$<]SUQSUXS4-I83PQ6:O:AI MHBNYVVLN/ER3DY#`#`(]/0UKI-F#;"`X)#<\?7@_E2"ZMR&(N(B%4 M.Q#CA3T)]J`N345574K)BP%W#\I"G+@#)&1CUXJ07=L8Q(+B(H6VAMXP3Z9] M:!$U%59=1LH0Q>ZA&UPC#>/E)/0^G?\`(U*+F!DD=)4<19W[#G;CJ#CO0!+1 M4$%VDT#RE6B"$A@^,C`SV)'2HCJ<"*6N`UN."#+@;@3@'@GU[]*`+E%5H;^V MF21EF0>42)`6&5P2,GT'%2QW$,S%8IHW(`)"L#P>0?UH`EHHHH`#24M)0`44 M44`%+N)7:?F7^ZPR/R-)10!"]G9R??M(?^`@K_+%,&G6`.19QY]V<_UJS10* MR&QQQ0G,,$49]509_/K3V8LU M4K>VN8+:2,*C>86;:9VRN<<;\9/@(((.XTEWI\\K2/%(H8SB5><<>7L(R5.._8UIT4!RNK@!Y/)$L84( M`Q(;#JQ)XXSM'KCWK2HH"YD2Z7O0U:TRS>S6; MS""TKA_O9_A`ZX'<'M5VB@+BT444""BBB@`HHHH`****`"BBB@`HHHH`**** M`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH` &****`/_9 ` end GRAPHIC 21 disciplinedvaluex38x1.jpg GRAPHIC begin 644 disciplinedvaluex38x1.jpg M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP. M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=? M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@` M.P"7`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D* M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H MJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(! M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P M%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P# M`0`"$0,1`#\`]`HHHH`***0Y`.!D]A0`M%4(-8LI(4>6=+=VZQS,%8'ICGKS MW'%6+6[BNU9X"6C!P'QPQ[X]<4`3T5'//#;1&2XE2*,=6=@H_,T^@!:**SEU M>W2.X>Y)A$#LI)4X8`]1Z_X@T`:-%4+&_>]B-X4$-EMRADX9Q_>/H/\`/%3V M=VE[&985;R2?D=A@/[CV]^]`%BBBB@`HHHH`**:S*BEG8*H&22<`4D4L<\2R MPR+)&W*LAR#]#0`^BBB@`HHHH`*AN6F";+=M=+M) MI-WFRIP$4$C=V!/0?SH`9/*7N(M%L78%$!N)0>8T],_WF_3K6FQ@LK4D[8H( M4^@50*Y'0KK4+6::#R8&N77[5>7$KGY`1D*>!@X[4W7=3N]29+7R4BMX8EN; MM&D/`QD(Q`X^@Y/'X`&IIT%UK-P=1OE,=JW_`![PD\[/4CMGOZCC@=>AKFO^ M$DG2PLF6R4W$S*K0J?7D*OOMP3G@9'K6CIVKFZ^W-<)'#%:R>7O5]RGCGG`Z M=*`'ZE=RI(\,$GELD8KNN7LEBHUID12!Y<,$N0S9SA_J,GCT)Z$UAR_Z!X7>-C(=6U& M=7(VD29#9&.,]NW=J`-V69O$.KMI\'RZ79D?:&7@2L.B?3_#Z5TH`50%``'` M`[5QVD:BFDZ=/;6L(6.R7==7$PP&E/\`"!USGCGICI5VX\1W<5O9A+%'N[AP MIA#_`'<\XZ=<8SZ9%`'2T5SL7B8I'J$MY;*B6THBC\IRWFO_`'1D#D5+-K-Y M:F&">VA:]N@/)MXW.5ZYWG'`''(]_2@#=I.E<[+XBNH9ELA9++>23&*(H^(V MP!DYZ\9Y^E5/$6MW(B72$,*7T[%)'1_D1/7)Z$C\J`+.^Z\1WY:W=8]*MV*A MR,F5Q_$!T(';/&>>>E=##$D$2Q1C"J,#G-<_H>I"U+VLPMK?3X0L=O-N*B1L M<@%OO/.34-OX=L[>VCA66X(A),3&3!C).21 M@8//KFM>B@#&3PY;->I=WMQTT*[8P6^ M5??'KS5ZB@#&N/#-A<"929T667SBJ2$`/W..G;OFIXM%M8M1CO09&DB0HBLV M57)R6Z9W')R<]ZTJ*`,<^&[!K80-YS;7\Q',GS(V"]#2)L#-;2_)SG*_+P<\YZYKJ:*`./L[NQUB)+75[KR[JTV_P!PR+E7'=6'I_*F:9OCDB6. MQGLGSB:#&8<>JD<#\.OIWH`VZ***`$K)LY;FQTJ"W6QFEN40*P!4*7[MN)Z$ MY/K[5KT4`8EAHDAU`ZIJLBSWG_+-5^Y"/0>OUK;HHH`****`"BBB@`HHHH`* 6***`"BBB@`HHHH`****`"BBB@#__V3\_ ` end GRAPHIC 22 internationalvaluex1x1.jpg GRAPHIC begin 644 internationalvaluex1x1.jpg M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP. M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=? M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@# M6`(^`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D* M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H MJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(! M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P M%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P# M`0`"$0,1`#\`VJ***X`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HI=IV[L?+G&?>D`).!S3`****0!112A2RLP'"]:8"44Z.-I,[1P.23T M%(%+$A1G'I0`E%%%(`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`G4M%%M'WY"#MQGCMQ^-/N',2>2-H<_?*J!CVJ6RA8(UP1ESQ&">I]:A:S MG,F#M)+8)W=#[UI9V`;:V_GLS,<1H,L?Z4VX>-F`C4!5[CO5N[@>.!(HAE%/ MS8/+,:K&RG'\(^[NSN'2AQ:TL!"JEV"J,DG`JY!%M7;%*/,D.!\O!`Z_Y]JK MVH_>ASPB\L?05>4?9HI+@XSC9$`1#] MQ?O-_>-7BKQVX,:EKB90">XXZUGM:2A-WRD9VC!SDU4DP(:*LM83KG*CA=WW MA4:V\C1^9PJGIN.,_2L^5@145/\`8Y@F[;SC.W/S8^E(UI,@&Y1DX^7///M1 MRL!+:!KB3:.`.6;T%/N6B`$<2@X/WN_YU;>V>.V^SQ%=Y&^3GD^U9E4URJP! M11168!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4 M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!11 M10`4444`%%%%`!1110`4444`%%%.BC,L@1>I[^E,!8HFE)"]!R2>@'O4\*JT MRQ0#_P#>/J:MVP%G9M<./WCC"BKBE+%>*O+ M)$",]3GUJO%=1Q9(5BP!VD]V/4FJA)))/)-%)S=P+HO(O+C0J_'+GU/>@WJ. M)2X8,_`P.B^E4J*.=@6Q):N%W^8B+SY8&V52);H[(QT!ZM^%+=R"YDW&>,*/NKAN/TJH2 M2@I\VED`_RD_Y^(_R;_"CRD_Y^(_R;_"F!&*,X'RJ<$T[ MRGW*N!EADK`4A MC8*S<84X/(ZT?(!WE)_S\1_DW^%'E)_S\1_DW^%,9&5@I')QT.>M+Y3^;Y6/ MGSC&>]'R`=Y2?\_$?Y-_A1Y2?\_$?Y-_A49X-.2)G4L,8!P26`H^0#O*3_GX MC_)O\*/*3_GXC_)O\*;Y;;6;C"G!Y'6E6%V?8H!;&<`BCY`+Y2?\_$?Y-_A1 MY2?\_$?Y-_A3-AVAN,$X'-.>&1`Q('R]<$'%'R`7RD_Y^(_R;_"G(/+^Y=*O MTW#^E1^6P3<<8^O/Y4VB]@)3&I.3<1DGV;_"D\I/^?B/\F_PJ.BE<"3RD_Y^ M(_R;_"HZ**`"BBBD`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`! M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%% M%%`!1110`4444`%%%%`!1110`4444`%.B.U\YV\'G\*;13`L23(\3JORY(;' MOWIN]/W;[L%%P5QU-0T4^8!\3*!("<;EP/SI8RIB=&;:2002..,_XU'12N!, M'3SM^>%4;O%/BE\N%P"-Q M92`1GIG_`!J*BE<"2,J8G1FVDD$$CCC/^-*KJ)B0V`%(!_#%1447`EFE61$X MP^26]#TY_2G22)OE=6SO&`,5!13N!-O3[/M9@QQ\HV\KSZ^E0T44F[@%%%%( M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`H&,\]** M*`))XA$R@,6RH;D8ZU&.O/2KKJ&F!QDK`&`]\5$CF2WE$A+;0"I)Z'-6XZ@1 MW$:QN`F<%0>?<5'5XRNMU`BMA2$!`[\=Z8KM';S[3C;(,>W7I0XJ[`J5+#$L MH#R"?3ZTV!F2,$-Y8+?>7[S>U'+<17HJ\[LCWFTX`P0.W M6FC]^EOYI+$R%23UQQ1RC*=%322R;GC8_*3C:>@^GI4K,T=Z(ESLR%V]B*25 MP*E2QQJT$CG.Y,8YXY-2S?N8U,)(#,V6'L>!1"PECN&D(4';D@>]-+6P%6BI M[LN'"%B8P/DYX(]:@J7HP"BBBD`4444`%%%%`!1110`4444`%%%%`!1110`4 M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!11 M10`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!3D56SND"?4'G\J M;13$333YF#QDC:`JGZ5&TC,,'&,YP`!_*FT478R0SR%U15*A@`3G@#@^WI4=%%V!*;F4[LL#N&#E1S3?-?RPF1M!R.!3**+L"1[B5P0 MS`YX)P,G\:3SY,`;N@P#@9_/K3**+L!Z321J54C:><$`C]:43R`,,@[^N0#F MHZ*+L!QD&2-PCK@GISU_&I[MC]FMDSQLS2/SIL9/:0@?E3:6H# MI;-DMXV"C=@E_F%01022@E%R!U.<"I;C_CRMO^!?SJ6XB!A@031HH0'#$\D] M^E-Q5P*;1.DFQE(;T-/:UF5&9D(53@G(J>0KY=NOF([HV,KZ5'?N6O),]`<" MDTD@&+:S-C"<$`YR,8IDD3Q-MD4J:L7K'RK=,\>6#BDE^:P@)Y(8@4-+6W0! MBVLSJ&"<'ID@9I(8'DFV%<8/S`G%/-OLQYTRQMZ')(_*I;H?\3",YSG:<^M- M10B.:W:&Z&Q%(WX0$@YJ&17:=E*80$HI8+C./>EMG9+A&4\[OSJY_J1>^7QC&,=N: M22>H%1[::--S)\HZD$'%-CADE)\M68\9 MHL`V6&2+&]<`]#U!J:]^[;_];(?X?E7V`J6SB1+I1YZ,W(*J"<\>M.R; M`BA_X\+CZK4#1NB*S#"OT/K5B+_CQN?]Y?YTES_QZ6WT;^=)K2X$'EOY7F8^ M3.,^].CMY95W(F1ZDXJ4?\@T_P#77^E2WD(+(GG1(J*`%8G_``I\H%)T9&*N M"".H-362JUW&K`$$]"*=>%2D.)%=PN&*_I26'_'[']:45::0F*]T0[`0P8!Q M_JQ4$<;RMMC4L?:IY)8-[#[,,Y/.\TJ'9ITC+U9PI^E&^[&1FUF!QL[$YR,5 M'Y;^5YF/DSC/O5G3W8&9/X3&331_R##_`-=?Z465K@0)&[JS*,A1D^U2;9&@ MC78NTL0K=R:?:_\`'O<_[G]:)/\`D'0_[YHMI_7-D"EAC<,CZ5/8!3)(6 M56Q&2`PS3+QP]PVW[J_*/H*ETX@2R$C(\L\>M*-N;0")[DLI7RH1GN$`-1O& M\>W<,;AD?2I'EA9"%MPI['>3BGWOW;?_`*Y"A[7`@,;B,2$?*QP#4@M)R<;/ MS(Q3Y/\`D'P_[YI=18F5%)X"#`H:2_`"O)&T;E74JP[&GK:SLH81G!Z<\G\* ML.!(MENYSP?IFH;UV:[D)/0X'MBAI(!UX,);@_\`/.JU6[]BX@9NIC&:J4I? M$P"BBBI`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**** M`"BBB@`J9)E6TDB(.YF!'I4-%-.P$L\JR1PJ`7N_=!MN/XNM/M95AN$D8$A3SBHJ*2=G<188VC,3F M?DYZ#_&FPS*BO&ZEHG].H]ZAHIW&7[1H094B#',9)9NM5H9D$312ABC'.5Z@ MTR&5H68J`56M4B`.Y6)/I45%)R;`L&6 M*2W1)`X>,$`KC!J6RE\NVF8CA>5/H3Q5*I9)V>,(%5%SG"C&334NH$536LRP MLY8$[D*C%0T5*=@"K'G0RQ(LP<,@P"F.15>BA.P%B>=)+=(D4KL)QGTIEU*L MTH900-H'-144VVP)I)@T,"KD-'G)_&GO+;S-YDBR!_X@N,'_``JM11S,">[N M%G,952NU<$5!112;N[@%%%%(`HHHH`**E^RS?W/U%'V6;^Y^HJN678"*BI?L MTW]S]11]EF_N?J*.678+$5%2_99O[GZBE:TF4XV@\`\$4?ZBC[%?_CPH^P7/_/+_P`>%'++L!7HJS_9]U_S MR_\`'A_C1_9]U_SR_P#'A_C1RR[`5J*9+(D,AC=@&'4#G^51F[@'63]#1ROL M!/15?[;;_P#/3_QTTGVZV_YZ?^.FCE?8+,LT56^WVW_/7_QT_P"%'V^V_P"> MG_CIHLQ\K+-%5OM]M_ST_P#'32B]MSTD_0TK,.5]BQ14(NH3T?\`0TIN(A_% M^AHLPY62T5$+B(_Q?H:7_`(\/\:/[/NO^>7_CP_QH MY9=@*U%6?[/NO^>7_CP_QH_L^Z_YY?\`CP_QHY9=@*U%6?[/NO\`GE_X\/\` M&C^S[K_GE_X\/\:.678"M15G^S[K_GE_X\/\:/[/NO\`GE_X\/\`&CEEV`K4 M59_L^Z_YY?\`CP_QH_L^Z_YY?^/#_&CEEV`NTE)FBNLH6EI**8Q:<_WA]!_* MF4Y_O#Z#^5(0F:*2C-,8M+30#_@6*CF ME;;\O'^\:RKCR3)NN(F;W)R*`(K[Q.D;E8-K8[@$UG1>++CS3D`J>QXK2G2! M%W")9(SU!4'CV-8VL1:;+$'M&99L<*`,&@9T-GXFMKB(Y5@X_AQ_]>G2ZQ=+ MDK9OCM@9KA;64QSX?*MTKH=/U5X9?*N&#(O`)Z_C0"L33ZY?'<=L0&?NNK`_ MSJ.P\0SPW"^)-'/&)(7!!]Z>6!QR/I7'Z=>7%G(8\Y0]LU>:=R6K$W:BE[4AXJB!O>EI*44AAUK+ MUG4A;IY,+?O&'4'I5S4+@6MG)+D;@/E'J:XZ65I)"[DECR:&`UW)))))-1MZ MFE8XY-0L<]ZALM(">>M-/UI#UI<>U2V:J(W)[TX=*`M+2N4D)3TI@IZ\4#+" M$"I,[CTJN&J:,]*!%E%!&>X%21@JPQW-$"<9J=4&X4T0T7+8YXK0B'%9\"_, M#6A%TJT9L;-'N!P.:K+OC;([5>QS3&C![51)-!*)5]QUJ6J2YB8.OT(JVK;E M!IDL=1110`4444`%%%%`!24M%`&=1245)0M%)2T#"G2?>'T'\J;3I/O#Z#^5 M`A**2ES0`4M)FBF,6BDHS0`M+3:6@!:*2C-(!:*2B@!12TE%,!:*2B@!1`P#X^9QSCV'I7.K!$Y!EF96ZMN'\C0(UKW73("8[Z4MZ1Q87]3FLQ MM6OV)'VEB#ZU$\,;2,(CN7U/%1M$R9)4A?7M3"[)1>S$;6E-T249+YP3[4ZXNHIT0@,'5<&J>6*$ M$@Y[9J,NRG@;3[46#F-+3;ADE.'W$]`>]:43?9YF^T$$2Y!V],'I7._:7XW` M$CH<8(K2N+Q;C3HNF]#AN.:3149&A=S1+>HZDJ#D$X]JF^VQR0,C8+G@'U-8 M+S"2`'@;2=P^O>FI<[XWC8X/56^E*P^]=9I.J$QJDQ&` M!S^5<2ERLD$JOE9=O7L::E\T<+C.6SWYKKK/42SJI/RYVFG<7+I=&NM.Z<]J13NZ&J.M M7GV/39)`<.M2=:DT0F*,=J=2[:0[#*<*0BC%,!P)J>+M4**:L1# MCGK027[0Y&*MK'S5*U.UN*TH\,`15(ADD0VXJS&^*KJ0,5(..E60RR&I0*6J)"BBB@`HH-)0`M%`HH`S:*2BI* M%HI**`%I\GWA_NC^5,ITGWA_NC^5`#:***`"EI**`'44VEH&+124M`!1113` M6BDHH`6BDHS0`ZBDS02%&3P/>@!>U4[NZC@C9F;;Q5/4M92")A&RKCCM(":[UU_.;:H([$G^E9UQJ-Q<#]Y-A?[HXJF[EV))R: M0`#DT[$W'DDGUHW=.M)GC@4N".0,4`*"_J5!]:4,!_$333CJS$FF\4`2>=CA M5`I/,SU!_.HR13P<#C`8#D&@!VY6`P`3Z4Z'!8!QN0]NXI@"!?XMQ[]A5H3P MP6^U6=I&X/3\J`*LT`5B4;)!]ZW+#[[H.A M!()ZYXKDH9VBF$BX5E[BM6"_D\Z"7("J?FJ&C9.Z.YM+E6&6.W;UKF?%FJI< M/#;Q-D+ECCOZ54GU+[7=I!'(5BWU`![U)LP:>E2V:I#56GA:=LQ3U7\JDNPS!- M./':G(/2DD(Z>U`$1I5&:,9IPXQ3$QX`J53@5&.M.'/6@DMVS?-S6A`_:LN$ M>E78&(/6J1+-!""#FG@^M5U/<&I&?Y0:H@LJ_%*)*K"52.*4/S3%8M%\BFR' MY14:G-.)SQ31++L)S&OTI],A&(E^E/JB`HHHH`0T444`*****`,NBDS14EBT M4E%`AV:=)]X?[H_D*93I#\P_W1_(4`)124&@8M+312;US@D9]*`'T4F1MSL6)]>U!7N3DFE"< M9;Y13)&CCMDT8I[-C[JX^M1Y)/7)H$/12>IPM.9\X"]!Q36.T;1U[TPG'%`Q MV2>])G/3-)^%.R?3%,0A(!H&2>",TF/>G*0HXZGO0`XY7!!&?2HV))R>M(>3 M2\T`--.C.#]:,`#)_*D'6@!6ZX]*:#C-*QR,'TH\M@/>ILBU*1H"_+,#@;?3 MO5F"Y#/C&#[UB@LO6K-O-\PSTJ7%%QFS;'S"*=A-HNB/VI0F*ABO(V/4?G5 MI)4W?_6HU%HQT0(&#^53J2#3HTCE&!@4]H"I`'(SUJD0R>$D@9ZT]V!RM1!& M6/()_P`*8SL#D]?YU1)(IP<IV]L<,JQ0L54@L.IJL;]&3?(6.>G'6LY5+;`:BL]+\21X4X/8FE#SJP(;(]<5?M$(T,T9J#[0HQO/XU*I##* MG(JU),!PHI,T4P%[56N;D6RDR'">M6&.%/-5KP));LC<;AB@9SFJZG+=(19Y MV+U8\"L-8?,.U?O]\UJZC91*2D9\I<98]B/\:P7.UB`3P:$#)"$1C\^XCTS4 M+$D\MFC;@98Y/I36.?2F2Q#3DP,GOVIIZTY13$'3ZTW%2!,GGI3DA+'..*0[ M$:CT&:&SGG\JM2`1)GC)Z5%#&9&W&BX[="+8>]&,.*B:)N?EP*=R6F0T4I&*2F(6CI24]2.C#-`"9HQGD4 MXA<^U`C/56!Q0`WM@TE*:2@!\77-3`W8BG^H^WN0%QR3 M5I9-QXK)0X;%:-L.F:B2-(2;T+R,<5"SC/N.M61'\G3M5*X)!/R_C4HT;L0R M\MDG@=*@=F)X&1[]Z4R,>`/SHY)Y(`K1&+U&&1NA_,<5(DTD;?>;Z'FI8U!X M#`_C5F*(@_=!/K1<7*QL.H.G0%3WS6O8ZGYRA9#6HKI?/@N]H#@[HT./8J M#_6O/!8W+](S^-:=Y;:A#?1RVRL"+>`<$=HD%*4$UH-7.I.E6@8D1\GW-(^G M1''S,,"J&G:\,+!J2-!+T#$<&MY`'`92"/:L&FMQE'[(43"'(]^]/B185`<[ M/;K5X(.O>D:-7&".*0%9RI&`2<]\5G7FG;\R(P]\U?NF%L@81EE'WN>U,BNX M9H]R*"O<9Y%`&-'-]G.Q>6_O&M.2XF%J'5S4-Y;1D>=$N[VSTIWGRMIS$#&W ML*8#X;D7-LV[&X>U*EUL&%):LS3]0<7&URQ!]JDN)6C=DA4#'7BB[0%QK^XM MCYK@R0D\C'S+6I%*LT2NAR&&0:YZUN$C65I"6.W\,U;TM_))C1_D?YD![>U7 M&=MP-:4$IQUK$N[I(WV73M&,\,%R#6HUVJ,J./F;@'L:Q=<5IXS$%7.-Q)/0 M5ISH$8&JW$,5":T1+8A.:2@T4Q"@9 M-3QJ#S_"*;%&6[$^PJXEL[8##:OH*39239`D9D/`.VKZQ+&N?0=:EA@V+@=J M2^^6UD/J,5FW=FRC97,IB;B5FQP*U;:W"J,CD55L[F3430GL./2M!80.?6E,=17SD@D&I;*2N+$$<*4RKCTZTXVI>7>S M-N)Y;-,\D=48BI$24$8<5#9JEW1H6$LFFQL;:5"[_>#)R?QJC=2OYKNL00.2 M6`.5)J0^;MY?\JJ3%F.WDFA#>A%"I9ZT[9,5#;VW&35V./'`J9,NG&Q:BDPA M!]*K3@.2,GFI&7:/>JCOZ]JE&DBI<`Q2%2,MV%1Q027,PC13)(>BBIYE.0RG M/J6]/2K^E:O]@F!2VCQC!VMR?SK1,P:N9-U#)87/E3PC=C)"M4\%_$"`'E@/ M^U\PJ?69S=ZB+J"-P2`,'J"*;`&N&A2\S]GC).-G/TXIZ-$:IZ%N.^&0LVW! M^ZZG@U;6%9Q\O.:Q[R"-9V^Q12&W?[R,.GTI]C<26KA6)*]LU-NQHI=S?MHG M@<=AGI5YW&VJ'VQ9`F1ZM M6*9(4444`%%%%`!1110!Y`27/N?2IH[.>;HA5?4UIV\=K;+TW-W-/-V@//3T M`K,JQ5BTR,4?_`*`M0.@!P:DU!/WZD'_EE'_Z`M`#T\F=-DR!@>Q%6K"0Z>PC9R]N MQP"3G8?3Z5EI+M&35CSEDA*$Y!%)QN@9U`QP11R..]9.F7[2V<9<_,ORM6BL MP*YS7.(6959"&`((Y!KEY)WTW4&41IMSP,=1FNC:7DCKBL+Q`8\Q2F,=-O!Q M[T(![Z@T$JR8#02C.,<"KJN)(F\L_(P[=JR8KB"33%CQB0D[-V#S4^E7DC1L MAV\>U*P&/=&2"[==S<'BK,\\LC*,GYT!I-=+K-&X.`PQQ4.^22RC?)^4E#_. MKZ("Q\B6H0#>[R`'TJSY\<%U:K@J>_/2HK8>5;I(^W`R<&J/VD3WXXPO8 M>M::P]%'`'%)R+C&XVVMP?F.!Z5<$0SC()I$M8RH&X_@<5%+:7,+;[=]P]*R M;N;I-+8L[,#&*K7ZXM]OJ0/UH@U$$[)@5<=03G-+5/4M-26@6<0 MVDX^E7D3%)!'M4#%3A:ALTM8;MXIK+4Q6HV4T"*[D9K,O?WTN,X1>I]?I6E< M1\8QECTQ38;)(5Y&3ZGFJ3L0U?0QFC(1G*X+'IZ>E59$&UL>HK9N8_4#K64X M^4+C'S`5I%F,T4Y%VL?K3*LW*'`O'6LV;H;*I(JJT))YJ^N M&&.]12*1SZ4T2RH]LP7Y1FJKP.C9'KTK81@R@]Z9+$'Z=:I,AQN9TA.I.)8F<*5V@]V7%7AI,5Q&&0KG MM@YK.C#`&M*QN/+`"DCGFA":!--:%@.((X@,@;<_G2+M;0ZC1K1;/3H4&]:<4Q;Y`*+IBUS&#SF"(_P#D-:;8E&[*LX,@S'R>XJ@MV8F8[Y%:?VO:2,^O\ZQ+ M3]Q;(A_WC4HDRPSW_P#UUSRW)-Y904)8_7\JR-;N()+:$#=DMG\,&E:X\N(; MCU[5EWE0Z?=[0\,N= MK]"!T-0:E!423E&WEC@4*/N@7;NXVE+-22#R_TJG$^)I&50P)XS M3+.3S+AY)1N+=Z=;.4+`8QD]13M;0!MQ*7+<'GUJIDAN.#5^=U:(_)@YZBJL M-N\I9MA*KU/:KB]!$0R>!DY]*T[/2G.))@!Z+FKME!'M5]@&/N\?K5X\BDYF MD(7W*BQB)3\N1ZU"DJ;F#.!CH:OLO&<5F7=MN5MI`SR#4IW-FK+0MQS1,VU9 M!N],U<0..O-8!MI8;)+IS')$1C;C!'-6["](7P1J)Z,MW MMM%.IW*%<+)RH-;G[NYA#QG*D<5G-$"2K#FDGT8W'6Z-B$*Z@K MR#4HCQUJM8L1&%]*N[LBHL7=D;"HRA)X%3XS0%H"Y$L(!RW)H:/K4^VDQ30F M9%["0F[%8LBX<`\@DD5U-U&#$:YF9?\`2%4CIDUI$SD5;S[S52(JY=<$^M5" M.*T1SRW&44K=3251(M.B^]3*?']Z@#1@('TJR'JC&3BK*-@\UFT;19/D&D+# MUS46XYP"*DV;E.#S4,U3N/9(]HSUJS"`5XK)>21)"K]>U7K&;#888-*2=BH2 M5R\L9'6I0N.U-CEW#-.-R$.&(K,V;$D(C7=BHEN%?AABK6V.49#C/IBF/:H4 M)'!%,@:4`'%,7.[VJ6'YKB\9`J M1(6+#9UI(\]ZL1@ALCI31++]J[*@5OO598%DYJI&<@YKF-4OD6W,0<%G.6IDI%?1R8R60D-WYZUV.DV M69OMC@9*`#]#7):%"TTRC'WB!^M>APH(X40=@*%N$G9#Q1115F04444`%%%% M`!1110!YO*-D);KQ5.,Y7-6=1D"6[+[56A'[M?I62V.IO6Q,AJS$V2.U5T7F MK$:]Z`*NH2$?*.K'%7[HE9XPHZ6\6?\`OVM95V^9Q@$D5I:E,(%#,,,\$*_^ M0UH>P1WN93.99MS#`'-6[?(JFC`DXXS_`"J]!@KUH8D/8Y!/<=O6HQ)\V3^- M*YQDCK5!PJ@=*JNR(,J3N/M3)I/2%T/H1Q4#R M`G)!&*:@9W&W!!F;!)[5+92F&Z5^#C/6JN`.@H#`9YR322`L610$AN/>G0N59UX(!-16Y7N<&GHP#,"`>> MM2UJP)&*O'P"#N[46\#378#<*IW$>M,!&/E)X8<=ZT;4@'YSEC0M"DKE]!M` M':I!S2`#%.4>>XK<6/RS\R;P.GM3H)'A8O"P5^V5%;*1S2A=W13 MLKQHK@;MJK(2&4?PM5NZ($H;UK/N$DDO':1-ID^;CID4K3$LJ_Q5+1<7;:S-67E(-.X-5/.7&`:47*)RS"F2RV>*8_%-2428(-( M^:8B"9C@BL6]3#EP.A_2M>9JH7";@?IS30FC#N\9!]L54/I5B\RIVGL>M5A6 MRV.66XTTE*:*HD2G)UI#2KUH`LH3ZU,IS_\`KJLAR,5/&VUN>E2RDRP&"K[U M+']W.:K,V3^-2*&QTJ&C6,A[CS,;@#CO4BQ%EX.&]:8%..1TJS$O/`J6:+46 M.*=3C<.>]6#:HZ8E`;W'%,);<,DX%6$.WK4ELHSV:V\1DMGE#CH,Y%36CSN@ M$@P>YJZ6&T<4Y"OIBAL%H(J[4"`?6JTN0P^N*N;AVJIM.5N#BH'D%+&2,MG-,1<5R5]QR:MVSY3=GBL^`X8^E7;8<'! MZU:,Y$&LO(NFNL1VO(0H/X\U1T_3[9]/=+B,.XZ,>M6-9DS+$@8`+DGFFZ?, MQF5(E+'N,4^I-M"[X>M%5B=N%0]6]6.;V//\`S[0?^BDJK$.=]!(<\9ZFM&'A7C^ZV!5.31[('Y+O'U(-9=S>2W,A M9V..RCH*ASZFME%]S!RCT1I-HP8_N[R(_6H7TJYC!V>6_P#NM5,.1]VE^TSC MI(P_&G9]R;KL3BVGC'S1.OX4Q6V.RNM,%[4&E9BT) M85#2<9P.:M1.?-S4%NP:/>$"$^E2I]\5+-((V86+`584U1MY/EJRLHZ&L6=B M+"\BAA4:SKG&:E$R'TI#(&7KC(--PJKEL9]:ED9.H(JE-@].:I$-#+B;(VKC M%0V5JTLV\CC/-31VAE8%NGI6K%&L2#@#%._0.7J.2,)'SV%4KBX520#2W]UM M0A>M9)260&1L[1T%"5P;L7?-+<@TUMSC&XD^YQ5:">('#-@^]7DB20;E/X@T M]B?B*(N;JUERH)4=0"<5N6MY'=0AU/;D&J9MST89!JI+:36Y\V!F([XJM&9M M./H:LWKVJG*V`2:2WOQ.A#<..H]:BNR<+@U-M2N9-7,?4"#(350=:ENCF4_6 MHCP#6ZV.:3U&FDI:2F2%*O6DI1UH`FCZU.P^;(JLIYJR&SQ2`1'VOE^E6H[J M,=FJN5R#D5$BLK8'-)JY<9-&DLZ,>AJY`0PRC`^U9,;KG#<&I8Y/+D4J>]9N M)O&=MS5Y)^Z1BI0O'/Y53:=\X#D4]99NJN#]:BS+*A8@@C-`KB(W.:>9%[]:A7Y`.F* M:>>E`7)3)NJ:-@5ZU4!P*DB;FG8&R]"V.O-:5J!MXK*A.=H/7H,UL6HPH%6C M)L#3))*7 M-,S2@T`/HIN:7-`#J0T9HH$)12D4E`SR"\)\WGZTV$]/:I[Z(@@XJM"<2`5* MV*>DBV3N'`(J105CR>M$:9/2IY4`B]:FYI8QY!^\;ZUHWZ;KZ,G_`)]H/_12 M50F_UC5KS1F2^B'_`$[P?^BDJF]#.*O*PD2@IGC`J.7<.4/%:DFFSR1C[.@/ MKS6-<-)#)Y;J4/H:A:FTG;0FTU=U\,\A02<5M<8XR/H:S-.A,<1F8?-(<_05 MHH=PJ9/4<5H+YCCH01[U0UR7-FJE2"S>M76'/%9.NL<0KVY-$=PGI%F5D4UE M/X5)!&990H^IJXUO[5LW8YU&YF\BEW'O5IX,=JA9,47$TT1<'M2A233BM/08 M!/I3$7;<;80/05-"A<\5#'Q'6EI\?[LL164CH@BL9V1]BC+>E2JLKX)=0?:H MKHK`2V.6/-.MY0V,=*AK0U3ULRP%D09+9I4\V48C'XFG[=Z@"H&N'M#A1DYZ M'N*E:EO0?LN-VTX/XU8BMG)!?'YU/;RB7!QUJT(R32;&B../;39WV]ZFE^1: MSV8M)BD,AE4N2?>DF&VW"@E0DQCVJT0RI!I7VYV6";8X'*R+G]1 M5%;EK*Y90^`IP2F2I_"M"*1HF\Q20Z\'VK/DBNK1RT0\Q'.0P&:U6NC.>:<7 M=&[;WD+:DC8V],$]\5H071FB#'[W0XJ7 M&Q<9\Q)>Q(DGF1@`L:JSSJRC!S4EW,QA&.N:SR"$'K32(D[;%6?!?6EO(BRYJ*%2N,@>E/2Q+;N6G)+#' M2G'@\FD`XR*:?0GIUI%#CTQZ^E/C.T<4Q2!UIR\D#-`FR]:!2P..!6S!PH-9 M=HNYA[&M1#Q5HS;+:R`T[(JJK8-2*U426%;FGAJKAL&GAJ8BP&I64]ZO7R,MY&Z=1;P?C^Z6F]4*.D[G56%SLB`)X-8'B5$:6!@/XCG MZ<46VH!$V29!]ZCNLW*;B,J.AK-.QM**>J%MGR,=0:L$;'`'2J-KNC;:WX&M M)0'3'?M28D!.5K(UT?+"?J*U5^4D-5+5XO,LBP&2AS^%..XIKW69^DH&:1NX M`&*T6CXK'L+@6]R&;[K<-6XV,5U69%J/H/>MBS.V$@UCP<[36I$^$K*1T0(KQ+FHVME/J*:9+1C7L,DH*F7*9X%0VRM"3$,ELUL-;*"<K4C-QUN5W3]WEEQCU-4)7ZFK-PX^Z#Q6=<2=A5Q,IL@=LFFT459D`HHHH`* M**7K0`&G(:23&1CTI!P:`+*'H:G&&%54-3@\#%)C3!HN2>E*HE3[K9'UJS%@ M\%>M3!$'85):14629N"Q'XU9BC9OO-DU)Y0`R%X-21H<#`Q4LTCYDD:8'6G[ M@HYYQ3.G!ICY]>*DMM"RR`]NOO5<-GH*,#.#U%)T-4D9MDBMCN3FC-1B1>E( M91[4["YB8$=C4J#H,Y%4A*.O>IX=S,.,9/6G8ANYM67"@?G3KS4/L4T:E-RL M.N<4EH,(.<`=36-K,Q;42,X1!C![TF(Z2VNH[E`T9_"K2G'6N+CNMN`@,9]5 M-:]CJ;JN)#YBCN#R*E5.X6.@5@:=N`[UGV^HVT[;5D"G&<-Q5P,#RI!_&M$T MQ$RO3PU5PU/5J8%@-3MU5PU.#TQEA6IX-5U:I0:!$M*#3`:4&@#R))@!0SA_ MI2P^2$/F(78_I0(-V2`1[5)6MB.)@K_C5R.X53G'TS51D(P","NCT_1;&2$- M)NWM3MG%-*;E(-26131E'Q[97WJS! M)N44P_OD\L_?7H:@MY=DNT\4`7Y5WC(ZBH642Q-&W1ABK"'-0R`HV<<&DALY MDVS?OE_BB/(]JO6%P98/+8_,GZBGR@1:NI88CG7:?QXJ@0;*]*]=IQ]16VYS M?"S1DZBJ$P^>KDC9"D=#564?-214B!A\IIQY0TC15&9/;G(`K2C[5EV M_!QZ&M-.@J)&U,D<]*1,2!DQD^E##/2FP\3?[7IZBLSHB]=1WV9GA+;#A3M( M[Y]?I4MM*T`VR?,GKZ5;0A@#$><E6(9EE'!P?2E8"S-;P3-O9?F]13DBB084"JY<@]:42^] M`)(A&$N"!ZUHQ#@&LB5]EZ.>&&?UK2AE&T:M*Y$I6*MS(!GUJE(,+D]34S;G._MVS4$AZY.36R.5N M^I'0***8@HHHH`*D5<+N/X5'4_WD7'I28$1I!4FS-1D;3@T(!Z\5*C5"*<#B MF(MI*>*M)+D]N3WK+5L5*)?2E8I,V$D'<\5+YRKZ"LB.9L=:F68D]14V*4BZ M9Q_GO3#)GV!JMO'KGFMBU\.6L2# MSW>8^AX6L6T6,$ULZ=I>K@@B7R5_VV.?RKHH((H%VP11H/ M]E<5.JGZ4N;L%BN87@@0RNKN>"0,9I5:I+[`A7!).ZJBOQ6T'="+(;-*&J%6 MIQ:M`)E<`U.K@U2#9-31F@9;#>E.!J`'%2!J`/*F@VC*FIK0@MA\<=C3AAA3 M&4JP9>M1N:6L:#6L,JXR.:FMC.:1PTI!],5(XE4D>M:ES(LDJD=XHS^:+2>P^ MI6'(H*Y%.*4PDTAC2I5E<=1_*JE\/+=9E^XW?WJZ#FDFB\VV>(@9QD'WH3L# M5Q+:8/$"*GD'F)C\JR=+E(WRN4D`]B,YJDZR0D%6`/L:O%0W4TPVV><4[@[%9=0;:?,C;(ZD#(J: M.X60!ESBGFW&VHXH0@PJYIZ,B[17NI?]+B^AJY'-QUJ">V&[>Q^>H&D*CUHM M<7-;=I&. M*=;/!"2\L1D;'RKG`S[U=K(Q*; MY9+`=R>,T[DD.*2I)$VMC.:GMK"6<;R-L?J3C--M)78BLB,YPHS3GA*=6%:Z MVT<8P'0`>F36=>X#X!)^M0I\S'8@CC,C[5J=E\GW4]:GM;[80%CZ`5HVNA:AF[-=;M4'YNH["E))&!P/:I= M5]`L9EGH4-L5,SL[@YYZ?E6I'##$28XU#'J=HYI$!)Z9J7A>O7T%9N3>X[6& ME6)]:78!]XXH,A[<"DP2>.M`"Y"CY1GZTT%F;O3L`#GD^E-W\\<4AC;\8M@3 MV85GHV:NWV?LA/HE-9J"V!4!?+5H!84U8C-5XAQ4Z<4`3@ MXIVZHO>K+)D5ARA[6;>`=IZUJ6=T)5!R/>A MKJ"?05EVM_A3TP33VPW<5&OR,,U(S'N`;;5&QPI;(^E;4+94&LS7$P8I>_2K M6G2[[=3WJWJKDQT;1;E3>N*Q`?L^L@GA91S_`)^M;C,$Y/?BL;7(RHCF`^Z: M(]A3VN9=[%Y%U)'V!R/I5B!MT*GTX-/U./S(X;E>590#52UDV/M/1JUW1CM( ML$>,II M>C`>G6E? M>E7)8`'+'TJRL,DY^2(!?7%7+>UAB&7.YO0?XTW)(+%:&T"G?)@GL/2IG+-Q M@G\*F>;3[^U&6=L`$U M?M8$C7+D,_7V%5\(#!;R7&&DRD8Z*.IJ;[.FT"-=OH!U-3<@9<@`]S_GFH9K MI54JG`[D]347;&0K;//-Y42[V[\\"G76F36T?FJR.%/.PG(JQI5W##-()7,: MNN`WI5B[O+6.&5O.1F*D!$.<^_UIW=P.:N^7!Q4(-6@P?"L>#^E1M"=Q`'Y5 MNG;0@BC1I'VH/RK02PC"@LWF?[K8J>Q2*"/;D%F^\?Z59G$`CVAE#DY)]/:L MY5'>R&D4A:6H'S1N?HU301Z:&"26I)/\3.0*-T2`_,<]L'%0M(X4E6;:>N1P M:5VQEBZCLU("V<++_LR'-16TMCYX26U14SP<$_SJB[[N.IJ-N![U2B[:L1W- MLL:1@VR+&"!]T=:LHK,?>N7\/ZNL$@ANV^0\*?2NN\P.`4QM/(Q64DT]2@&U M?O?,?04]G+#C@>U,$9/.,#U-/7:!US]*D!$4DU+\HZ\GT%1,Q/`&!Z4H5L=, M#WH`D+$\`X'H*`II%95ZG)I^[=P*8"?*O7GV%,:4]!Q["GF,XR>!3&"#OFF` MJ@L.*,*I]3[4W?DX'Y"G!">>GUI`1W[%K*0#L,XK.M3\E:EPJFUE0VBSQY!PXY##M23Z#:ZHJRW$D%_L9CM/(SW%:*_O$!- M9:L;J/RI0%GB/RGW_P#KU=LYMT>&SD?I0T),9J\1>QR>JG-5]$;]RP/0&KM^ M=]C)SP%S5#1?]2Q_VJ:^$3^,T+AR98U'N:BU-/,@=`,_+Q1)SJ"@?PK3IR/. M`]J0WJ9ED/M.FRP'JO3/:LKI6GIS&*_FAZ`Y_2JE_'Y=Y(,8!.1^-:K]9L$AB?/\`">HK04[<8Z'I0T.+N(8\-STH:+O4YP5S M3D7BIN78I/;D\KU]/6HTDD3Y=Q'UK2:/`]ZJ31JQ.>&]?6FF0XVV&^?-_>%( MUQ,!QMJ,HZ=LCVIF:JQ-V-=I"ANP`RX'3\Z6%,MUJPJS M(_\`<&,=SUH8[0%'4TKC!PF,^N,U#=W<976<_5C4.-QX'XGO5QH53F0[Y M/?M4#'=($498]<=J:8B(99]JP^E52 M6D?NQ-.]P"1$E)(C"*!T457:U@_B--:V@DYV[1ZCJ:?.NJ"Q02YVG+#<>_-.DO3(> M5P.@`[5.VF,Q^1@<]!W_`"JO+8W$1P\3`^XQ5+E8M1$8.<*/F/K4S-&J[5P2 M>K>OTJHT;KPR[::.*=K@2-&#R.W6NF\*ZGY@:TF^9U&4+>GI7,`KW&?I4UK< M_9;I)X@05/3/:E)75@1Z$'+'G.12A#UZ#UIEO37.4/! M"_=Z^II"Q/4FD53U)P/4T[IIZS*G"C)]349);K2"/C+? M*/>@"P'WCDFD,?=C@5$DP0X4?B:CN+N.!"\KX]LTP)RR1\C`']XU$)O.5C"^ M3[FL22^DOID49CASTSU^M+;7+084'IQ2`OF65)@KDG'7WJ+43Y3+M&`XS@=J MF-Y$7Q(@/`.:6X@CNH[56TW)AEG;_`):,3^%(?4RYY/(U=GS@!^?I M5O4[6Y M_P!W/\J=J5I]GFW(/W;\CV/I5.KW1GK%FJ&(R#4D;=P:IP3"10C'YQ^M3JV# MQ4-&J9;9@5P:JRC!I6DJ&23BDD-L:S>]02,/:DD>H"P_6HDQEV('&$Y/F M3[TUU13RV3[5CU&,"C!"#`[DTUAD\?=7O4F"XP,*@_2FGYOD7A1_G)IW`BB. MUU_"MB`[5^3!;^\?Z5D.!ORO0$`5K0RK''P?J?6E,$+*C@Y8\GU-02`XZK_W MT*=)O<;E&!V]:J%3TY/L:E#(Y8VE8*A&#U;.0*T+>%40*F`JCD_UIL"*_)^5 M1U/^%*[Y;"\)Z?UH;OH`TG=(6Z`<_P"%20G8AE;Z+]:;(NW;'W8Y;^E%R0,) MV08/]:`&9+R8!Y/Z4NP)P@R?6F1G"YQ\S_RJ?_5+G^/_`-!H`@>/;_K#MQV[ MU$S\84;1[=ZD*F3)Z#NQZ4PLJ'Y!DC^(TT(7;M0D\''`IIR&0>F*6/EM[<@< MFE'S,SGL":`&JV$8^IJ4,`4'8#)_G4!&(O\`@5#GG_@/]*=@+"2[=SYPW05/ M%?39CC4[R_4.,C%9S-^['U-;&AVP>59&3<<=STI-(9=U+P['+"+BR!5^K1], M_2N9NK9XI#')"8W'9AS7I0VE,#@_RJG?V,5W%LG7/'$@ZK0I-"/-G@=3SQ41 M!'>M_4M$N+(EQ^\M_P#GH.WU%9$NS'R\^YK:,KBL;7A740CFSF?"MRF?Y5U1 M94/`!/J17FBL4<.IPP.0:[K3+P7M@L[G!Z,/>LZD;.XT7][,V"2:@YJ3R8XSAAQ M]*`,N^OC#&?)C,DG8#H*R8[:_N[Q9IT@YH`KVER\RF.5"3V;'-4;J MPN4NM[`O&>C5M1W.]AQ5Q9%$'_HM M:SO,QU-7[@%KPL/^>$`_\A+0]@3NT(]HDO49]ZKD36+`L2T9[^E6D+@\YJ8X MD4HPRIX(J+V-&BA?7`14G'WB-M5=/1WRQ^Z>N:9,C-<>0<[(SQ[U89]D0BC' MS>W;VJ]E8SW=V1W3_:;I$7E$X^IK4`\N+\*S[2(J^6&*O_>(4?4U++CW&W#& M.P*C[S_*/J:D1!#;+&.@&*8P,MR!C*1#_P`>/_UOYT^0Y.*D9D:M`5D68#Y6 MX/UJ"QN?(EPQPC=?:MNXA$UN\1QR./8USLB-&[(XPR\$5K%W5C&:Y7='0R1K M=6YC?H?\YK"N;:2VDVN..S=C5S3KS`$4C8/12:TI8TN(]C@%3T]JF_*RFE-7 M.<]ZLQ7'02<>]%S8S0,<*63LPJK6FC,M8LO,_/6J\DE1ABO0\4ULDYH2!RN( M2311@TH7GFF2*BYY/2I.IP*,\5);KNE'M4MC))8RL*+M')Z]ZE*;5YZGH/2G M3JBR19)//YT]AQZN?TK*XPM22GEKSD_G3I41#ASEAV%10-Y;DCJ?E%22Q[>7 M./\`9[U+W`;EI3M&`!^0I&(^Y'T[GUH#,XVJN%]!_6E^[A8_F<\9';Z4P&,A M+K&@RP//UK2@@"+@\MCKZ4MG$(T"D?,>I_I5AF\O_5D,?7L/I4-WT&1F+R_F MO&.PK8BUTF##6Y9@."&Z_6L.0B1Y)I'P['(53G-,"1M2',G/0#OV`J6,@D9G(!Z=@*:4"A`.LX1,Z@Y*@Y(]:['3HT1%^0#BL+2X44@!=Q[DUU M-NJJGW<5#=V,FX*X7@U`[.A-3<=C4;@]",B@"N;@`G<,?UK*U/0+74$,ML5@ MF)SD#Y6^H[5K36^[I^1JJ0(7X;:WG/MN(2@/1NH/XU9 M\/W;PWGEX+(_7C./>NJNKI)H6A""16&"K=*S$:UM%V*$C]A6CG=6:%8NL5WY M49^M,EN3&,%\G^[Z52FU"W48$I_X"*KBX\P_N;>1_G2I MK>_GA/RL3[=:JJMXWW;;;[[,U,(;H_ZPN![#%(#H[*5;N/+QE7JRT;+]T`BN M>MSY`R,@^N:TK;4BO#G-`%IE4Y#+MIL41C#!<%,YJS'-%..,$^E/*@C"G%," MG+")(?QS52:`B'`[FKC1RQ3952T;?>`['U%2L`PQB@#)B4Q*3^`JU;2\I_I1>VI+*DA M/..M;=P-CQ@C!\B'/U\M:FATR`+Q$"!_$]3:G;+YRLK#/EQ\?1!4.::%%V=R MFG(YIY'6HE.#S4@-(W,VY^2623')X%01NL.-_P!X\FGWTP6<6\!D;EF^Z*K1.%C"Y^N:2`&\NMY'[F/[H]34V+N7K M1&BMQO.7;YF/N:S#I4% M=4X5U*N-RGJ*YV]@6&X*H?E/('I5QEW3]:GV^8A=C@=SZU!(N%R>K&IE8L!&,G''^- M#`A9C]T<+Z"I(QL<$_>]/2FN1&2%Y;NW^%$8.`Q[FGT`TT?8F>YX']:FB5=F M]N@Z#UK/))=4]./QJ9C MD^GM5:8G!XW-_*D!"7VIM`PG?FJ\A\QAY8^44@#2'$ASCL.E3^25`W,$'O\` MX5>P$*QY^7&6-+D`X7D+^IJ1Y`%*Q@@'J3U-,`V]>HY-`B5%+$(#TZFGN=W[ MM/NCI[T*-D>W^)NM*?W:_P"T1^0J1D)58^N&;T["HSOD;G)-2>62-S$*OJ?Z M4A;C:@('ZFJ`:<*-J,C^E-QL/JWZ"GXV=?O\`MVI&Q$.?]9Z?W:!$;*1R M_+>G^-+;@O)N?A0*<@W99ONCD^]2I\QQG"]3[4VP-[0_F;Y4&![9-;V1CEO^%9C-(J`,Y%59]1ABXSYC#TYQ69<7TL M_P`H8JOL:ACAW99FPHZDT`6GO[BY^#4]M:X` M*KCWQ6O:QL@ZMG\:IM+813M]*,1S(K9]Q5U(`G3^=6/-=.K-^=(;ENZH?JHJ M&VQD>YE/!/YTX3RC^(_C0;D=XD)]A2>8K?\`+(_@:0$@N7[JA^JT>>">8H_P M&*:%5C]R0?4BGK;H>KL/RH`EANUC((5E/L:V+6YCN4^5L..QK&^RPC&9&_&K MEG`B-F-U8^@-`&GYA4X<5$S_`+_`Y##-/$@;Y6`S[U%/PFY1ADY`]:8%K((! MIC(",4*X>)6!ZTO\-`BM/'A>*9M\RU93U!XJVP&`.H-1/&5'R^N:%H,R,_-3 MZ+I1#.<\!N>:C+^AKKCJB#E:8[8[TA/&:=;P-=3;!]T?>/I4;&[8^TM'NGR< MB(=6K?@@CBB7`V(.@]:2WA1(Q_#&GZT/(97Z8'0#TK"4FR"220OQT'8"I;N+ M,JER%'EI]?N"HN(0"PRYZ#TJ2[!>=<\DQQ\?\`%+H(H3Q1YRA;ZXZU""0?\` M"M)E6+AEW/Z9X%5IEWDG:H^E-,J,K'/:@K->-M&1@G)HK/U2X\M!"I^9N3CL*:5]"6[*Y!J M=YY[^7&V8UZD?Q&J-`IT4;2N%475C+FY6%"6/X5@R.996<]S4ES.T\I8].P MJ/I515C*4KB=*5_E3&/F-+$,ODC(6DW%Y22!3))HAM0`59L@?,.WKZU`O3]* MLV(W.><#N:SEL,FU")?LY^<;L=`*@MCYB#)PJC%7+S88B-K'CJ:S[?/$8]?U MJ(_"!.XWMN(PH_E387VACW)P*EEQM$:\XZ^YJ"10LBIZ=?ZT(!7C`.7_``'< MU-$,#V7FH)"9'R.M*CG;@^M#V`LPJ=Q8]%&XFGVF/,:5NB]/K46_;#M'60_H M*G(`01@\+U-2QB7$XBC:4\L?NCU-2V6)K?@P M!3MH!,[!&S&@7W/)J)MTCX!+-^=3W")$_P`[;C_=7_&H_,;:54;%]!2`9L"< MOU'1:10,C=T')IVW`W-P.WO3XHS(X3KCEOK0`Y$^5I7X]/KV%(@)S))R/YGT MIS'S)!&OW1P/\:&P[K&I^0?Y)I`1S)(X\P]#TI,B)./O=SC@584.<$&XG#?PC^M1`%V)/3N34CPDJT@;&/7N:@EER`@!"CI[U: M$3+^]8)&/D7GG^9J<[>(X^1W/J:BC&V/:OXGU-6HD,($A'SG[H/\ZEC)H8%3 MYI1]%]:D9F8C/3TJ-,L>%'K7.2R/,Y=SEFK2$+ZL5RU+=2W\^"<)GA:TH`BX0*.G M]T5#IT20QY9"['WQ6C$S*K2+&B@''2E)]$-"Q2G.T9&/0U,MPX)^8\>]-BN) M]V%"9/;`I[3.CD`QMZ_+4`*LS/U.<>H%*LF6(VH?JHIT3S&,G9&0!2!]K$M; M#GT-`""7DCRHC_P&GK.0/]5'^`J,R0[_`)H,`],L14VZ`IPC)]&S0`JSH_#( M1_NFD/EG[KLO^]2[(L?ZT@^ZTH@+#Y"&]J`(LLIX96![9IR.\,@<`@9]*CDB M()#`CZU&!L/#8_&@#=CO;:=!N?:XZU*7B9,;\_C7/&0_Q;6^HJ:-P1Q$?P:@ M#9MVQ;QJ>JY'/UJP"2AS6+#(\8;*,%]V!K7BD#*]O:LYOH6V+-*'(5.%7I3D(1/-(RW\ M(J*),G+\(.IISOYCY`QV4>U9B%!+MD\LU6[MQ`X"\R&-`?;Y15?(@3/_`"U/ M;^[3[D,]PN!DF*,_^."GT`C16D;`^][T]F2/Y8^3_>--=PB>6A'^TP[TD<98 M9SA>Y/:D!!<1&Y0I*N\'L:P7TU[>[PX)3J"1UKJ&D"+MBZ=SW-5Y;=I$R1@> MI-7&;0&;&!@>M29H>)HF[$>N:83VJ]S=.XI/>A3UIA/K3A[4#)"RJA8G`%<_ MGZ"K5@,N1G"]ZJCI_*K-@09<9P,\FIEL,O7+($VB//'4GFLZ+]TQ M/\1Z>PK3N60)@(,>YJAY66#-POKW-9QV`FC&U-YZ_P`/^-1.N$9C]!4GS2-Z M*/T%,E;>P5>@X'^-"`B!PH'?J::6QMJRB*5QCG-0W4)0C;V'./6J35P$9R'0 M#^$"K%H3+P?J:I,2)35[21OE;)PHP":)+0"PT:A2S_='ZGTJI9N5O&;^)C^5 M6;V7<^!PH^Z*JP*!=1E^`3G\*E;#+EPC/)A12B..-?G(9O[HZ?C3KN5G8*!A M?04BQ?("WRKZFI`A8ER6;H.W]*DW>3'L!^9N2:1!YC[@,1IS2H`[F1^@Y^OM M0`F-BX_B;K["GJ-B8_B;]!3$&]B[_='7_"I8QYCDMTZM]*`'*/+C\S^(\*/Z MU"%+D*.I]:DD?S&X''0"DD;RD(_Y:-U]A0!6N'!(1?NKT]_>HB`B?,`6?IGL M*5LXS_>-7 MD"0IA#ECU?\`I4@3(%MEP/F?^]V%4;V\2WC+R'.>@[L:;>7T5NAWL"W9.YKG MI9)KV?2ZFWOR>@`[5IV&G_*9I_X>B^]16MLL`#R$ M9JSU+"$= M^=SGK@#)-1RCN7TO1'^\'7'R_6H/M,A;`))/:F"!V.2A'^\<5*8XT3:I^<]3 MZ#THT`GMM0/^J8\CG([UH6\^]LD_(!DU@_97+9BY]?:GBYDB3RUY&82`W\(K*<&67:/FS2`GCDE?/ER8'YU+Y;;1O0 ML3U.*CM`%U&PF#U-2*QV_6L\3-(V1P!^E3QS$M@=.@H`LL,H5]1605P[`]C6OW^@ MK+N62.X<.ZKDY&36U)B9E1JMO%D`<<**2)6D<#U[TL[*6VK]U>!3CF%`/XWZ M^PK$8LS@X1/NC]3ZTL1"*93][HM11)YDF,X4=2>PI\KAV^485>%%`"+N=L') M)-7;UO+<1K]XQIN/_`!Q593Y,>X_ZQAQ["I+D%[A%'),AZ&FG8:=C,SS@C\*;+,L,1=CC'0>M7YYK.1@P4`-Z=15.?3([YOW-P M5;H%?D5HI+J7SZ&#([2R,['D\TZWB,TH0=.YJ2[L;BS;$J''9AR*MVBK!`&8 M_,W-;-Z:&45=ZEQ=L*!1@**I7-PTA*J<+1+*9.YVU`14I&C=QF*&(`IQXJ"1 MLG%49O0:SN2G/ M"BF;ANX45(22N3T':DP$'3]!4MJ<38SQ40/'Z"B,D2\?2D]@-B>5O*^50!], MYJI$C2#/0#OZ5;\W_1MB$`#OW-48U9I,(#[BL443.0HV)]WN?6HB.=HZM][V M%2R`1+DD,_8>GUJ*#YB6SUIH19@0R.$4_,[!1[5N?V=9K$(WBW'.-_O6$2UO M(CICIJK(2S=RQ MJQ-(&;`^ZHPHJ(_NH_,/WF^Z/ZT("O318X^)IBQ[A. M/UJQ!IULKXCCRWJW-7*<=@L8ZBZNVPBL1^E7;?1)W/SN!ZX']:V0L4)`.&8= MAT%/WM)\N3]!4.H^@6*::5:1'+YF;Z\5/M55VQHJ#T48J9H7'WBJ_4TF(XQE MB7/H.E1=L9"(#(?E7FAK:%/OG>?1?\:?)*[C'W5]%XIBAG/RJ3^%("%UXPH" MKZ"H/LYE3ZGUI]`-NYNA/UXIB.L2%^K'A: MS(IE.7D)V+U]SZ4OGRSL2D;'TP.!2L!;#%V`!Y-13R&60)'RB\#WIT5O(%.] ML%N#CTJW;VR1@.V`H_,T@+6G@Q6^^3H.@]ZE!UE/F;@4'3W- M`#BH50H_&I81@[SVJ((2V0GENBKT%`%R/E2:Q-4AW7I;U45IP3Y8(O(S M5:_`^T?\!%:TMQ,QXE&=[_<7K]:86:1\GJ:=+A%5/3D_6G1#8AE/WCPM9#%< MB./RU/)^\?Z4L(49D?[HZ#U-1(ID8*O4FI9BN=J?=7@>_O0`C,9')/4U;NR( MF`'WS%&#_L_(*KQ`1IYC#YC]T?UJ6[!>X'4GRX__`$!:?0"*-=W+<8ZGTHDD MW$!>%'042MM(C[#K]:82H&YC\N?SI`.W*G+<^@'>HYF6/+Y,A/H.GM2SQLN' M5@P;HW]*ACE^SD\;]W4'O0`U9YRV?N(>"#W%(UO"22A,O\Q2D),Q*ML)_A;I M^=,<&)L$$'L13`7RHFB9""K9R#58&2%P5SD'-:,<4L\66`/H<\TY8FC'3GW% M"8$?G-*V2HVMR0P[U5O=.,AWP\?[';\*UXD5L;XP?<<&K9M$\L9&Y>QZ8H3: MV`XJ1'C;:Z[3[U'WKI[_`$(W.UH9@K`8"L/ZU@W^FWMCGSH&`_O+R/TK>,DQ MW*,KXXJ#K2]3DT$^E:$,?"ADE50*OS;%4`L2?057L8R['`S4LX4/@OD_[(K. M3N[`1J5SPOYFG,2>O7L*52J_=7GU-(V?^!']*`$Z<_@*2,%I0JC)H/`W'KVJ MQ:J8QNQ\S?RH;L@-"WMU"@'YF]?>H[FVV'>I&?2I5E\M05ZMT]A4L91T+/\` M='``[FL+LHH[5*'6/\`2H0@)+M]T?K0@*4S8FC4?P\GZU>LWP0H M[\FJ$ZGSMWK5JP<+.&;D`9QZUI):"-"Y0(N]_P`%]:S6RY(/)-:%RQD&X\DU M5"B)3GER,?[HK.(Q]G=?*(B>E:.Q%&Z0DGLO&887V'K3(P#R?NJ,M56YG\QF<]^E"0$OWVQG`')/I5>ZN`Y)'"C@# MVICRE8Q'W/)_PI4LV;E8DV1G+'[S?TI[N@3RXSG/WF]:@^S&0[8^3[ M4P%CD9VVK_\`JJT+E8UVQ')Z%ZIR*(5\I>2?O'^E,B1WD"J.:`+\;,[8')J? M?&G7#-Z=A5,3+&/*C//\3^M.B#.X5>6/[O_`-:F M[A;\1_,_=NP^E1'CD\F@`:U0_=]*MAN&[=QZDX%3(`BAY1]%]:1Y&D/MV M`H`BDM`5VF4!?114<>EPNV-S'Z5:CC+Y/8=2>U/DE5%VQ_BWK113MQZ``>P%1J&E;:JYJ572#@$,_Z"@"14"?,XSZ"G%))CD\*/TI87$I MY&6JPS+@*#P/UH`@*C:%7I_.G1H(QN;J>E3QQ@Y8]`,U%)D\T`0R(7X7OU)[ M5"\;;E6U;:!U]#5EU*C;GEOO4JJ$&[^$?K0!):R[HCN7:QXP>U/VX&S^(]:J M++_I>\D`%.!]#_\`7J>,,\A;/&:`+,47EX/6']*`"1_,WR#FJT:A5WOP!T'K3K]BUR#CK''Q_P`4^@$)&6Z_C3)0VAI02C M`@9`ILL1)RH.#TH`9/\`(V0>#R*6&Z'^K;G/2E$?F1^6W!'(-0/;.#C!H`CN MM+TV]9O.@59#U9201?\`:QD#\:J#'?I_.M$( MLXGG1HXTW9'S-G`45,AD4.GUJ;)ZH#5^0Q>6X!8CK50-Y#X`!;U) MJO\`:/*(!.6/;T%7(3'<#)(7;R6(Z5-K#(T7+;GR`>3ZFH[N08+-P.P%.N`P M)(!))ZU%Y+,-S'/H3P*:[B*P#/RW?H*;&^QR/>IW*QGCYCZ^E5Y$PN[&,]*U M6HC<4A+42=7(^4>GO6?DL_KDU)9S>:FP\D#&*65?LS9;[WIZ?6LK6=BB&[3: MH3N.3]:2PF\HOS\W0?C4A4RG]2:J2G;,67[N>*M:JPC7C;<0O;J?I4;R[WR: MBBF"V_7E^/P%+&P4F1ONKS]3Z5G89)=3>5$L(^\>6JHAW-TSCDU#+*7D))Y) MJ_9PE`I(_>$Y`]*JW*A%BVLUA'G7&&E/(7T^M/"M*_J34H50,N^3Z#_&D.\C M"KL3UJ+W&+(ZJ!$AX!Y/J::"$Y89;LO]32*HR`N6;UIXC`&3\[?W1_C2`BPT MC;Y#\O@I3MC7:GS$]6_I0`"*,?[3#\J'9L;0<#V MXIT*!3NE.T'MW-3.R'E8E_$YH`I?9S*V%'U)Z"DDVQJ8XSD'[S>O_P!:K,DC MR+M/W?0#`J,V[%4S,`HR3TJ=91`/*!^8_>;T]JD++&NR+[W=_\ M*A\AG^X/K3`M1C=@`9^E6"JPK?X5.H+8&"32`C)9V MR3DU.(1&N^3@=E[FE7$&2V&?LOI]:B;S)GSR6-`!)*7^7&%'110D?&Z0X7M[ MU(D:1C+X9_3TI&W2-R,^@%`#6E)&U/E6FQQF0\/ ME8X,QW8R M2;A]`*?,P`6$=%Y8^IHAPB-(>6!PH]Z8J&1P!U)ZUF!)`-BF5AP/N@]S1&ID MD^8YSR322L&8(OW5X'O3CF*+;_$_7Z4`)*^]\+]U>!4FH,(Y%/5C%'C_`+X% M0+@$L?NCDT[4E\RX60HD7<4]/[IJB8._.?6FK=0-6.YMY5R(Q^!J=5A8<%E^O(K'6'=RAVR=U]:L M6T[XVL#QUH:[`:B0$D%"K#T'6K<$)5LX(-4()`S#L:W+5@T8WX/OWJ0'(@D7 MG`?^="J0*A$HZ'CZ4YA48(IQDDK`< MQY>?F]:E#&)57\35B[LY+&Y>*3E4Y#=F':J;$LQ)Y8FKW$:%O*JQEY`#DX4& MF.K2,"IW9JH\F6"CHO`JQ!-Y,>?XWX'L*AJP$=PJ)T&]OT%53[/=!AVJ[K$I&T(O0=2.YI6L!7BD((4]JGN),( MJ?W1S]:6RMUEN`[#*J>!ZFIM7M626.1,>6_#8[&AM.5@*UC%OG84X1O)\S'CU-"* MJ*&D[]%]:<3)*0`/H!VJ`&G`R$&!W)ZFGJBJ,OP/3N:7:L??=)[=!0J-(WJ: M`$9B_&,`=`*78(AO<`GLM292'I\S^O85#AI9#S]2:`(R7=^&?O MGH*8``,1_BQHCC)8!1DF@!S,$^957)[XZ56GD)Y8DFKV^.([1AG/4GH*@EB7 M!=5W-^@H`K10@#?*<*>@[FGEMPV*-J>@[TTAF.3R:F6+8GF2].R^M`#8H!RP MX'=CTI[2A.(LX[MW-!D+>@'8#H*58=V6)VIZ^M`"1JTC\=.Y/:I6<*-D?XMW M-1NXQLC&%'YFDCB9VX)"]S0`]%+G"\FI"1$-JG+]SZ4C2*@V1\>K=S40#.V% MYS0`9^;&"2:EXBZX+^G84A(AX3YG[GT^E-4%CWR>U`"9+G).?>I@BQ+ND&6[ M+29$0XP7_E0J<;Y2>>@]:``;I6+N<**'!=MJ#CL*.7/IZ`5*1Y2[01N/4_TH M`@8+%]WYG]>PH5"V9)2=HZY[T]4W-CMW]J9H(?G_P`=IDVFQLV8[N!1W!#_`/Q-244N?R"Y5.E$_P#+ MY;_^/_\`Q-*^F.2'6]MQ(.^'P?\`QVK-%/VC[!<=!;``">XMB?5`^?\`T&M" MWD@A&W[4A'^ZW^%9M%+G\@N:PN80>+I,>FUO\*//MCUGC'T5O\*R:*.?R"YI MF6'/RW2#\&_PIC&V?[TT)_X"W^%9]%'/Y!Q_@K?X5%11SAVV.^-__`,33FT5V6V3U/[SI_WS3)=$\P?\?EJ&]HI>T87,?\`X1Z;_G^M,?\` M;3_XBG1:!,C9^W6F,_\`33_XBM:BJ]M+L!GRZ&77*WML']3OZ?\`?-,&A2[< M&]M/_(G_`,36G12]JPN0V>EI`H#WN'X_P#':F6Q`.?M<''3A_\`XFEHI<_D%V/6T3.6NX2? MH_\`\34K11!=L=U$H[G#Y/\`X[5>BCG\@N2K;Q`C-U"![!__`(FI&1/NI=0J MOIA^?_':K44<_D%V3?9XF/S7<0'L'_\`B:>T4.W:MS"%';#\_P#CM5J*.?R" M[)Q#$#_Q]1?D_P#\34KK#MVQ7,2YZDA\G_QVJ=%'/Y!=DIMX\Y^UPY^C_P#Q M-3QK#$G%S$6/4E7_`/B:IT4<_D%V6A%;AMWVB$M_NOC^51O"LCEFNX3^#_\` MQ-0T4<_D%R>*"!3\]U$1Z`-S_P".T^1$<_\`'U"!V`#\?^.U5HHY_(+DZ6\( M;YKJ+'L'_P#B:?(D;#:MS"JCMA__`(FJM%'/Y!=DC6ZD\7.'_P`*18X!UN8O^^6_PJI11S^0 M7-!S!M"I:#R76.YC#,I'*M MC)_"L$:7(+EY3>6I#`=?,_\`B:M44U4:Z"N%%%%9@%%%%`!4UW_KE_ZYQ_\` MH`J&IKO_`%R_]H_I3'LEVPO','25]F=N,'Z4:GTV M(O93-'!'-*&&`Z@_SIJ%W81F45I75K'+>E(]L02/=+CHI[XJ);`230JDVZ.; M.'V],>U'([V&4J*N26($,DD4PD,;;7`7&/IZT[^SAO\`)\]?M&W/E[>/7&?6 MER,"C15Q+%#:I/).(U;(P5R^MO\` M261)=\ZXYQ@&GQZG"@`"RJ-FTH,;0<=?>LJBCVC&69[A)+2WB4-NBW9)Z/9)C`.?44^VN1/J-N%DF<`G_ M`%F/3VK*HJE4=]1%^6ZABBFC@1P\CY8MC`P>U/\`M\'VC[5Y;_9[&XD$I9QL(;?M]>1_*F>9OTIUVJH61 M>@Z\'DU$TL26SQ0EV+D%F<`8QZ#)IJRJ+1XL'W&:;>X$-7;R3S+.V;: MJC+`!1P.E5&V;%V[M_.[/3VQ4DDJO;0Q`'*%L_C4K9H"S:SRO',9G+0+&1M/ M3/;'O5"KDTML\21H\J(H^[Y8.3ZD[JITY`%%%%0`4444`%%%%`!1110`4444 M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110` M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1 M110`4444`%37?^N7_KG'_P"@"H:FN_\`7+_USC_]`%/H!#1112`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"IKO_7+_ M`- GRAPHIC 23 internationalvaluex3x1.jpg GRAPHIC begin 644 internationalvaluex3x1.jpg M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP. M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=? M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@! M-`'>`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D* M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H MJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(! M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P M%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P# M`0`"$0,1`#\`[JXNK>U4-1SU(K1O3?-I&GD1 MW<8W+]I6)BTH7'KU^O>@1LQW4,MQ-!&^98<>8N#QD9%35R$UM=K/?7=F+]&! MM_*SO!D&`#N!^]COFB=]7:_G:-+Y`WG+L`D*@;3M(.<=<8P*`.M+J&52P#-T M!/)IU]&BQ7)UBTEFCORRV["9[D-M#YZ`GM0M0>AU*NK,RJP)7@@'I4;W4 M*74=LSXFE!9%P>0.O-.UD,X(+$3`E?D'KCYN*T6A MU`>&DD$DYOE(G*[CN/.=F/3'&*.EP-UF"J6/``R:CMKB*[MTG@??$XRK8(S^ M=,? MW3CTYH`Z]W5%W.P4=,DXJ.2ZABN(;=WQ+-GRUP><#)KD7MK^XT^<3"^D6*>) MXP5D#$?Q8!))Q_G%:VJ6CW=]I7EBZ6-4DW2*6#+\HQD]030!O45Q32ZTT-N2 ME^DL<:,_2K42ZK*B)F^CA:YB!R\A=5P=WS%0<=/84 M`=?4-U=0V1+U+Z68F(QB-7,17C.1CK]>46.TXX.!TYZGTJOH_\`:7V^V\W[;G:_VOS\^7G^'9GC\J%J#.FJ M%+J&2ZDME?,T0#.N#P#TYKGD?4CXB5MEVD/V@JRD.8]F.#G.W\A^--U:UO/[ M0U*ZM1=(ZQQ>48MP#G/(X^]CTH70#J:*Y4/?'4;RU^TRF&U#W&\2')W+\J$^ MQSQ[54M9-7EL_,L7OG+6@,C3%B"^X?<0+*K2%/,"CG*YQFN4@BU>Z, MT-P+I2T4HE#.^UC_``[?E"CGC@\BF(FJ1VL:6B7Z*MFH=6#@AMXW;<]\=,=N ME`':5!#=P3M,L4F3"VR3@C:?QKE]2>_.T:>FJ*B1Y1G$K,[;N01GC\0XPOU_*E:^LT2-VNX%2 M7[C&0`/]/6N;T.U>?3;ZRFM6:T0GR6>,H[D$\$=\'_"JOV*ZCLH?-LIY-^GM M`BB(DI)NSR.WUH`[*>>&WC\R>6.).FYV"C\S3'O;6/R]]S"OF_ZO,@&_Z>M< M_/(\S6`,$UPFG2".YVIOW-LZ@#DX/\ZRTTV]AM'2:SFD:>UV0@)N\L[R<'^[ MP<\T`=K]JMS17*VMA>)?10R0 M2F=+[SVN-GRF/;_>_I5K45U%[V\6)KQ8VG@"&,L`%Q\V/;UH`Z6BN3E&KVB2 M2P?;)O*N)(DC8LQ9&7Y6]P#WI+B/6;>\6%6NGV+$(I=[E#_>W`*0W2>558/('(XVDD`L1U]J66/6 M'AN)6DO?.B@A,8C+A6?^+CN<=1BA`=:'5BP#`E?O`'I3+>XBNH%F@AQVH0/0VOMEL(S)]HAV! MMA;>,!O3/K[5/7&2:=?'3IR/M&TWY86_E#D;A\W3./TJ2=]6:_G:-+Y`WG+L M`D*@;3M(.<=<8P/QI=!]3KZ*Y%X]8AA=8'OGWVD;N6+,P?=\P7/0X[4Z[-WN M/D?VMY'D'[/C?N\W/\>><=.O&*8CJ9I4@A>65MJ(I9CC.`.M)'-'+`LZ,#&R MAPQXXQG/-!ST-`'5.ZHI9V"J.I)P!3([B&6:6%'#218WJ/X4 MCHCB09;/(&XDGC_]56G_`+1S<>0-0%KO@Z[_`#/+Q\VW/."`0`?#NC7S4W2C*#<,N/;UK*TBT9[74H M;F)T6>YEX9<;E..1[5CVT&I+;3R2VT_FV4'V:$`%2WSZAMW MB25]K3/L08)R?2IJX^"+493`LBW4@CO`R/)&X(78>?F)(&?4T)-K+00I#'>B M:.U=7,BL`SY]3P3CH:/Z_`#KV8*I9B`H&22>!5:SGL)3(ME+;.2=[B%E.2>Y MQ6/I0OGLM069;CRS'B-)B[/NVG/+*"<\51M4OHM"6.$7RR*8Q*@M_+94S\P0 M@`D_B:`.MBBC@C$<,:QH.BH,`?A3&N85N!;M(!*4+A3_`'1U-)M M0EAAO@&1B[2"/;T(ZX]J6"+4[L21SB^"203<.77YMWR@_A^E`'6*RNH92&4C M((.0:BN+RUM2HN;F&$MT\R0+G\ZY-?MMO#86UM+=1M=Q"!TE9@8F!!+`'H,9 MZ>E:NJV,]QK>G")I41(Y`TP0/MX&,[@1S[T`;JL&4,I!4C((Z&EKEY7U*.[: MW"WK?Z1QCVJOY>LQP0RPO?-/(9U=7+$*`#LX/3V-'F!U0NH3= MFU#_`+\)YA7!^[G&<]*;!>V]Q<300R%I(3A\*<`^F<8K"T&*;^V'F>.^VFT5 M6>Z#9WYY`)JLMG>6HN6C%\(FOCYNQF+M'C[R]SSU(YH_K\0.H2UMXQ((X(D$ MA)<*@&X^_K2-);V<)!*11Q(6VJ/NJ.N`.U<[90ZG<7MJD\M_%:[I2I+,&V`C M:'/KUZ\T_7+.0ZM+,L=U(LMDZ*8]S+O[`XZ#VZ9I/8:W.CAE2>%)8SN1U#*< M8R#3ZY#R=6M+8Q6GVQE:SB8ABV5;/S!?0X["KMG]O;1;X/)0.O-35Q\-K?74EHTT=[$8XYAY@=]QX&.3R M,^AID\NLLELP2^25(H^55R'.?FR`0![Y!)H`[.BN4N(M5$=W.CWS9O"AB#L/ MW.<4`;OVJ'[9]DW_O]GF; M<'[N<9STZU-7)SK<)^^SK>2%D)5F+J(^1E5!^5CC.".:CD_M8 MVC,C7P02Y2']\SM\O(+X#`9Z=J`.SHK`UMKTVEDD,=TA929&B+LR';P#M()Y M[DXK,V:Q):SS,^H+-';PF-5+@,^?FX[GUH`ZRYNH;41F=]HD<1KP3ECT'%35 MQ]Q%?3:@GGQWSR+?JRX5C"(AT/I4VN2W1UBXA@DOBPME:)+=FP'R>2!VH`ZJ MHI;B**6**1PKRDA`?XB!FN94ZU_:J^:)PWFIR&?RBF.1@*5]>2:9!!J\=I92 MI+?-<2&3>LK,54@-MR#T'3K0!UU0QW4,MS+;H^980"ZX/&>E/.56+$#:?O$=>?6LI(]9BM(VA>^>:6 MTB6ZEM8]2! M98`'E5]Y^;YAD\XZU89]06UN!)'J+7K2X8CS/+5-PY7;UX[#GK0!U3.JD!F` M+'`R>IIU<<+:]DALYKE;^3R;MQT<.$QP<9)_'GTS43-KYCEV"[6;:_FY9R#S M_`-NT''3!H`[".ZAEN9;='S+"`77!XSTJ:N7TN<6&H7["NHH`**R]?:X6Q46R3%FD4,T6[3]!6#`=7#VAG%2J-1N[A=W]H10R M7DAZNA$>T;?H,T`=-<3Q6T#S3N$C099CVJ0$,`1R#R*XT)K"608-J#2R6C%@ M2Y*N'`&/0XJUY>IBX:PCGFO//9 MY?M".Y\LX!Q@=,?2K,[ZD?$`9$NTB%P%*@.T9CQRV<[<>V,^]`&W:ZG9WDBI M;S;V9#(!M(RN<9Y'K4MQ=P6SQ),^UI6*H,$Y.,USWANTN8+VW::WEC`LV4ET M(`/FDX^N.:K)%?R7]JT\=^UPD\AD+*QB48.TKV'X4,#K+>>*Y@2:!P\;C*L. M])#LB*SC#7G^F1*DKL6S"P;D^V5HE&I?:7$_\` M:)M/M$P'D[]W0;.G.W]*&".HM;F&\MTN+=]\3\JV",_G4UW!P*O/'JPFDG5[SS1>JJH"WE[".3CIMSWH8'2274,=S M%;N^)9@2BX/..O-35Q4,-\\]O)(-26X6&82RO&S!&(XV?_6]JUM.BOKC0+J& M0W,5QEA'([N&8@#!&[D#/:CH!OT5QL;:]/*K.MW&EX1&1\P\C:5RWMD;J1SK MFZ?B[67;+NPTA5A@[=@"[01QC!R:`.SHKD+R+5K*UM3AO+B]TV-9;B*,A_/:!BHS@8R?KZT`:LTT=O"\TK!(T&YF/84Y'5T M5T.589!]17'H=;*3[A=K+Y4OF9:0@M_#L^7`_`U-Y>J;Y)]]_O2:`(F7VE2! MOX[CUH0,ZRBN3FCUL2W5O"UR5MA(\4A8_O=V-HR>N`3^.*@;^UC:2%6OT4.I M2,^<[L<'(+;0P!X]J`.NC2".5Q&L:R/\S[0`3[FI*X^>WU"&YGGMX;U;B6U3 M;\[/@_Q`MZ@9QGOTI4.J$)Y@OQ9>>-RHTC3`;?4J&(S0!TULUG>/]K@2-W4F M/S=F&&#R,D9IPOK0W'V<74!GSCR_,&[/TZUE>&6D@M!:S6UTC,SR;Y8R!C=W M/K5/[%J*R:Q<6K212^:3$AC'[SCJ"1G\C0!U-%<@XU-K><6AU(0D1`&7=Y@? M<-V,\XQU[5J:M%,]8)RXWN,8^Y]/ZT`=A17%3SZ@\@C9 M]1^T"Q1E2$L,29ZL!_6K$3ZN=51I$NT^N<[>OH/QH`ZB2XBCGBA M=P))<[%_O8ZU+7(QP:I':6+&XU'?+%*9B=SE#MPOR_R]Z2`ZEY,`NDU%;8.X M=HFD,CG`VG!^8#KQTH`Z^BN1,.L2Q`SO>I(E@6'ELPS(&.T''5L8XK;LKHZC M8S0?OHYHT$!7%A_$)42;+L%E^R[?FX.!^]_//- M6I(]4.K&!_M)C\U5#%Y#&T6,$'"D9//).:AL?[676E647(43,'+NYC:/'&!MV^G. M%)8SN1U#*<8R#7,ZDE^VIWB(MW/#)"X M`PZHGR<`?PMD_CFH/(U6UB2*W-\83;1-(,L64Y^8)Z''84(&=A17*,=5BMWN MK<7KQ0W'[J*7<9'0C!R#R1G&,U!'%KBPS6\KWA-O"\BR*6S(S*,*#WPRAN$=C&)IF\D,%R2>NTD?UK/T>*[AOIHIGNGA:"-@TS,<.?O8)Z?2L>+ M3)A.D!COEQJ!9G^?`3!PP;U]3]*.H=#LZ*XN0ZV(U1A?%%$BQN&D#;MQP6VJ M2W&.O!K3UW[?]DLFB:X:4+F2*!7`Q#Y_>[N1^7:@#LZ*Y:W;5SK2F5; MA?W_`"2S^48L=,!=H/OG.:ZF@`HHHH`****`"BBB@"*>XBME5IG"!F"`GN3T M%2UFZW]I^SV_V7S=WVB/=Y6<[<\YQVK'L[?4FDM3)-?CSVG27>.0">M!_M8+;,3>R`.0(1YHRI;C M<^!R/]H=*`.O5U8L%8$J<'!Z&G5QZV5W!<301#4$,E^"SJSX,1'7=T^I^E+' M'K,*QM"UZ\K>>I$I8J`!\AYXSZ$]:.@=3J(K*U@E:6&VACD;JZ1@$_C4K.JD M!F`+'`R>IKD(AJ\D!4&^1&DA!RTA<=LW[.^W.,U)7/ZY_:'VNY^R_:MGV+Y/*W8W[^ MV/XL?C4^EP7*7=];S2730%(]CR.V5JB:9:EGU%I9F?F[DL0`WS8#YY![#CG![T`=D2%!).`.34=O/% M-QE6'>L;0C?&.[\X7`CVCRUF9V<-@YY903VK+6+5I+1G=]162.S5D`9QNDW' MKZG':@#K+FZAM(Q).^Q2P0'!/).!TJ:N-OH]0GF83QW[R_:(VC558Q;..H'& M?UIUNVK;I3O,)U\[:S#, M>WC:5![]<#-+&=666Q9S>2@'!B`D4;=YP6;`R5+ M%DD;95VMP?2IJ`"BBB@`HHHH`****`&"*,2F41H)"-I?:,D>F:?110`4444` M%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4 M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`#!%&)3*(T$A&TOM&2/3 M-/HHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"LO\`MVU_YYS?D/\`&M2BIDF]F!E_V[:_\\YOR'^-3C4%ET^>Y@C8F)6P MK#DD#/:KM)22EU8(YO[9<1KIMS)J/F"4-(X("HO[MCSM&2,^N>E.BUV[8@L( M?)6;RY)O*8#!"E?E)RN,_K2KIE@ MNW;8VPVG*XB7@^HX]A5]0*=KJLG]FW<]X$6:VSOC5"-O&0,Y.<]B/6H=,U&\ METF[\T[[ZV!/[R,IGC(RO!]OPK52RM(X6A2UA6)CDH(P%)]<5*(HQ(\@C0.X M`9MHRP'3)[T`:Z+[%9(A'V6W50FS_`%:@;=(<9*KN8X MZ>IX_2A@8I\0W17S%BA"8"["#NW&+?GKT[?UI1JU[ MXCKZY_3\=U;*U602+;0APNP,(QD+TQGTIJZ?9(FQ+.W5=P;`B4#(Z'IUHZ@4 M+[5)K2^DBE>&&'R\Q.Z,VYL<@D'C''&.?6LPZ[ MHZ].M='+9V;R-++;0,[C:SL@)(]":$L+-%*I:0*I!7`C`&#U%`&7::M>/=VT M=U$L,4I9-QB8%V!.!@G*Y`!&0>]1ZM?W;P:BL,B0K;,B#`.\D[3G(/`Y]*UX M["SB='CM($>,81EC`*CV].IITME:S2&26VAD*4RQP1K*1M+A1N(]">O:GF2,2B(NOF$; M@F>2/7%`#Z***`"BBB@`HHHH`*BN)TMT#R"0@G'[N-G/Y*":EHH`I?VI;_\` M/.[_`/`.7_XFC^U+?_GG=_\`@'+_`/$U=HH`RM3U"2QOH6+?Z-Y;&1<=_P"$ M_GQ^-5X[R^ALXKBYD9OE=2$5<&0%L`\9P<`<5LR0Q2G,D:/_`+R@]\_S`IOV M6W\Q9/(BWKG:VP9'7H?Q/YT`58VFCDM`;IIA-DL2J@?=)XP.E9DNJWD$DDPQDE@Y.T?>'0_7WH# MH9D&HW4LMO&3#^^"R9"GA2K''7K\O7]*9IUW>OI MZ5K);01DLD,:'.XD(!SZ_6HXX;-9(Y8XX`[+B-U49(QV/IB@#*N-9NHH99UC MC**^U=R,/XBN,]\8!..P/UJ]/>.)<(Q`$$C'*%067;@C/;D^U6?L=KYC/]FA MWL,=?Q/YTLEM;S(J2P1.J?=#("%^E'0?4S'O;BWCE,SN97B#0*%!4Y MVCH!G.2./?\`*:&\E?2XY"Q\Y94BD)3:2=X4\'ID<_C5T6MN)#(((O,)!+;! MDGUS3_*C.[]VGS,&/RCDCH?KP/RH$8RZE>21*A:!9)(PX?80%!5CC&[K\O7- M0G6KN&R\X1HZ1J`=R-DGY1][H26`,[T&`!T_F:7[%:^8 M)/LT.\F.M`"?:5C1/,WLS*"3%$S*?R!JK=W=PEXL<#(`X3'F(2!DG) MQD'H*T$540(BA548``P`*;(D.X/(L>[(`9@,Y[4!T,.75;DQ17.8U1#S&`/+MH4P01M0#&,X_F?SH`8CR_P!IR1L^8_*5E7'0Y(/-6J;M M7?OVC=C&<6W\1&"<]_<4V&34-R.4O]BW'RPDRDE2%_C(!X.? MO<'FNMHJ^MP,"RFO(='O?W=S+,A(B>0/ND)'!VMR,9YQQQ1I=G=VVFWVG,KQ M,@)AD1B1\R]FP.*WVAY`ZF3IY7!!^O''L/2NOHH8'/:DM_+I]AL-T)?(=I?++*=_EY&<\'CK77T4=0['(3I?S7%R'COGA:1#" MK*Q7AUW^,<5T%%'0.IR$DN MHI8K''!J#S(S;9PTHWX*\E2"?7@X'7%.,>IQR*L*S1(9Y6!`<#=Y@()"J<@C M/7CFNMHH`Q-.-Z+34$`G>5-Y(./E;ICIQQ69<07+B*:V74/.CM3EG\ MS=YFY,CGJ.O'2NNHH`Y,MJ4]S(B1ZA!$[Q[LNY(_>$,0<#''8<8IEW+J*7TD M4,EWYY,^U2S;&0*-NWL3UZD5`&;ZF@"IH@N!8 MG[0SDF1B@GT4`5U2 M[##=/`5SR!"02/\`OJA4NPPW3P%<\@0D$C_OJK%%`&/JR7*7T-U:Q/(T<3+A M1UW$#^>#^!JK'9R6UO`D,;O<*KQKOB)VCU=%10!E6T<(EM#;6 MKPA2?,S"4.=IZDCGZUFS65WY[JD,FP.;8<''EN2Q;Z#*C\*Z>B@.AA6D=RT] MNK?:P@VF7<7`WA7S_P`!SMZ<=*;IL4RW-H)DN0Z#^(-L5?+`'L#G/OUK?HH` MYNY&HE)O+-T)O,.`I?&,MR,C:!MX`&>=O>K]VTH9)&AD*F"1%V!G/.W&>,@\ M'_&M6BCH/KW:NAHH8&1>Q7#_9<>:6\H*[Q[E/+QYYZCC/ZU2N MDO3&55;MI58>1]XKPS\GMG&WD^U=)10".?@^V?:[4@W?D;SY@)5%Y>?O>8V?J35^B@`HHHH`****`"BBB@` MHHHH`****`"BJ.KW$UK8F6#`(9=S%=VU<\G'>H)]0GCNEAC:)Q(%VL8V`7+* M,]?F')Z4`:M%9KW\YM(&C$8ED+`E@2OR@Y[]R*KQZM<2B)E6("X)$>03LPX4 MYYYZY[4>0&U15>TG:>S65P`V#N`Z9!P?_L_K1S(":BH?/\`]G]://\`]G]:.9`345#Y_P#L_K1Y M_P#L_K1S(":BH?/_`-G]://_`-G]:.9`345#Y_\`L_K1Y_\`L_K1S(":BH?/ M_P!G]://_P!G]:.9`345#Y_^S^M'G_[/ZT?_L_K1S(":BH?/\`]G]://\`]G]:.9`345#Y_P#L_K1Y_P#L_K1S M(":BH?/_`-G]://_`-G]:.9`345#Y_\`L_K1Y_\`L_K1S(":BH?/_P!G]:// M_P!G]:.9`345#Y_^S^M'G_[/ZT M?_L_K1S(":BH?/\`]G]://\`]G]:.9`345#Y_P#L_K1Y_P#L_K1S(":BHDEW M,!MQGWJ6FG<`HHHH`****`"BBB@`HHHH`****`"BBB@""[M8[R`PREPA(SL8 MJ?TJ,Z=:DDE&/&!F1OE&0?EY^7D#ICI5NB@"F=-MRGEL',?&U=Y`7`QQCGG) MSZYI?[.MC$8YSQSQR`>*MT4`1+&D-OY<8VHJX`J"K3_<;Z55J)`%% M%%2`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%% M%`!1110`4444`%-`=/.(E7 M`W,S!0,XJ-+LNT7[KY9>AW<_E4DMM')SC:V<[E`!S3$LTCD5U=QM&`,C&/RH M]ZX"/=^7-(CH=J`'([YJ03AX&D1?NG!#'&/K22VJ2NS,6!8`'!].E*D`2(QJ M[C)R6SSFCW@$BN/-@\P*`W.%+=?QJ+[:+`3T4R&195/(5E.&4]1]<5)M']X?K0`E M%+M']X?K1M']X?K0`E%+M']X?K1M']X?K0`E%+M']X?K1M']X?K0`E%+M']X M?K1M']X?K0`E%+M']X?K1M']X?K0`E%+M']X?K1M']X?K0`E%+M']X?K1M'] MX?K0`E%+M']X?K1M']X?K0`Z'_6"K-5X@!(/F!JQ5QV`****H`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`:_P!QOI56K3_<;Z55J)`%%%%2`4444`%% M%%`!1110`4444`%%%%`!1110`4444`%%%%`!3))%C7+'&3@>Y]*5V5%+.P51 MR23P*BC5I'\V0$#HJGL/?G!Z4`)L>XYERD9Y"9Y/0\^G.:?--%;1;Y6"+T'& M?R`JO<:@D;>7"/-D/``Z5%]C>8^;?2X]%!Z5#ET0%J3.%N(3OXR0#D.OM[^E M3(X=0RG(-8JRS:3,58&2W8Y('_H2_P!1_DZ2.J[9X2'MY>?EY`SW&.W7-4G< M"U124M,`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`?#_`*P59JM#_K!4 MLL\<.W>3\QP`%))/X5<79`245";F`!B9H_EZ_,./K34OK9S@3(#Q]XXZ_6GS M("Q141N(0'_>J=@RP!R1^`IJW=NS%1*N1V/&>,\>M',@)Z*A2ZMW4,LR8(SR M<4Y9XG8*LJ,2,@!@PR>``>2?;\JCV33@9 MQ%&><;OF/0_A[T6`:#]H?=G]RO3G[Y]>O(YK-U&^>>5;:V!8L<``XW>I)[`4 M[4[[&+6V&23M`4_>/H/;WI=-T\@%F(+MCS'SC\!GL/\`Z]9M\VB`?90+:CY? MW]PWWGQ@#V`["K8MV<[IF)/H.U6$A"#"A0/J*=M/M^8JE$#/EB&WR9^8S]UO M[M9H,VE3N-AE@?EXASN_VE]_4=_KUZ!XA(I5L8^HJA<0?+Y$V,?P/Z&I:<7= M`3V4RR1A5<,,!D/'S(>AP.GI^%6:PM.E:VE:!N/+)=1D]/XEP.I[CZFM[:?; M\Q5IW5T`E%+M/M^8HVGV_,4P$HI=I]OS%&T^WYB@!**7:?;\Q1M/M^8H`2BE MVGV_,4;3[?F*`$HI=I]OS%4+FZ=Y?LUKAI#U;/"_C2;L!:$T;2F(,"X&2*DK M$91;,DL+EV0_,V>&^E;,3"6)9$(VL,CD5,97T8#J*7:?;\Q1M/M^8JP'0_ZP M4MW;&X\O;)L*-NZ'G\B*(E(D'3\Z+N[BLXU>;=AF"*%4L23["J2NK,"J=*RY M?S_FSD?)[Y]:9_8W.?/_`(0OW/I[^U79+VWB9E>3#*F\C:<@=/S]NM'VV#[. M9]S>6&VGY&R#G&,8SG/M1[./8"M:6;I<3%U(C92HSC)R2>QI%TLJB(+@X4[C ME>IS]:M&\@5U1G*LR&0*5(.T=3TXJ2&9)XQ)'NVGIN0K^AH5.-K`9XT?H//X M`_N]\8]:GM[$P3B02#&""J@C=]W7-64GAD)$2"QZ]&/RH4CX^48X&!4E%-)+8`HHHI@%%%%`!1110`U_N-]*J MU:?[C?2JM1(`HHHJ0"BBB@`HHHH`****`"BBB@`HHHH`***2@!:K27`)(618 MT'5V[]#QZ\56NKX$A(B2#TVGENF,$=JIL'+^1SP6ZD_B:JWVJ2"/9L\LOPJY^=O8"A+.ZE^_*R*?X(%\L'ZG[Q_,59 MM],2'.Q(X\]2!EC]3U/YU.KZ@5M-L&R9)?\`6,,,1T4?W1_7U_*MA5"J%48` MH10BA5&`*=5)6`****H`IDB"1"K4^B@#!OH7C<2IQ+&P(/N.GX=OI6CITZ2P M*$X7&44XX'0CKV/%/O80Z%L=L'Z5DVDC6MV8^S'*\XY[C/H1^H'K6IZ=*`&BY1CA`[\XRJG'7'6A99& MQB!P#C[Q`QSSWJ&2\AM(PAZ!2#,:8^=V[400;QY<2E8^Y/5OK_`(5+';3RLIN&R%Z8 M&!^`JZJA%"J,`4*-W=@5;BU7R/E'(Z^]5=-G\J5K>0X!/R_6M6LC4K8QOYB< M8YX]/_K425M4!L4V1UB0NYPHZFJL%_&]J99#AEX('4GVK,NIYKZ79'@*IZ]E M'K[GVIN6F@&CIVH-=:F8E`"!KFL6TMU9>7!&C2;U92S[2F#U!P>: MK:1:_9R-N54\G/5CZFK6JDBV!$H3##(W8W>V:N+M&[`;/9R2D%RLA\G8AK279\J!2%/).?H>?3%--O)(_F7C%2>B#[V, MYQ["KD5K(ZA5C,47H!R:AMO1`5H;?!VQDLY^])_AZ5?@MTA48`S_`"J5(=B[ M50@?2G;&_NG\JI1L`E%+L;^Z?RHV-_=/Y50"44NQO[I_*C8W]T_E0`E%+L;^ MZ?RHV-_=/Y4`)12[&_NG\J-C?W3^5`#3R,&L;4K8J25)&.01U'O^%;>QO[I_ M*HKFW:6(C8U7%MMQW3,6/IVJ:*%HXU7:>.O%/V-_=/Y4 M1A9`-"A1A0`/:EI=C?W3^5&QO[I_*JL`E%+L;^Z?RHV-_=/Y4`)4>U83%1\J]SZ>U:5G9JB`E<+U`/?W-6S:@R^84.?3 M%2;&_NG\JB,+`+#_`*P4FH7B6<*,T1E,DBQJ@QR3]>*?$K"0$J1^%1ZI:O>6 M30(\:;B,EU)&,_4AY%$FF;Y97\ M['F9XV],E3Z_[/ZU`VC2%E/VH?N\",!",`;N"0P)X;MCI1V#N7K:^MKIV2"4 M.RJ7)(#0IK,J*68@ M`=2:SS<7S8^2*,'U(_QJ&8.^&NIU=1_"O`J7/L@)9KN2Y)2WRD8ZR'BEM;?: M,0C'K(>OX>E26]LS@-(-B#HG0_\`UJN@`#```'84*+>K`BBMTCY^\WJ:FHHJ M[6`****8!1110`4444`%%%%`!1110`4444`9.JV_.\#CK5K3;CS[4;C\Z<-S M5B>,2Q%>_:LFQWM3;7]VI1U M;YNGRXSQSQ5VBGRZW`H>5NB9?*^\^`=F,#N<=JD"R?;0Q1MN"`>P%6Z*.4`H MHHJ@"BBB@`HHHH`****`"BBJDM_'%+)$8Y"Z;.`!\Q8X`&30!;HJF^HQ+;13 M!)'\S.$4#=P"3WQQ@U&-7@;[J2,"<1D`?O#N"G'/J1UQ0!>?[C?2JM313+<6 MHE3(5E/!ZCVJ"HD`M%%%2`4444`%1S3)!&7D.!_.F75REM'N;DGHHZFLP++> M3!I>2?NIV`J)2MHMP%DDEOY!D%8\_*H[U>CL@(P&)'LO:I8(%A'JWF1_A1#800R>8`[,.A=RV/IGI5JBJL@"BBBF`4444`%%%%`!11 M10`4444`%%%%`!1110`4444`%96K6_\`RT7OUQ6K49"2".B_:I?_`(JJ[WL@_P!9?1K^(%-ME-Y,WD2B4_QS9R$^GJ?Y M?S.>3T0$<6G_`&B7#/.\GJ9WP@]SG]*U(]*MXUP'N<]S]ID&?R:K4,*01[(Q M@=23U)]34E5%6`I_V=!_?NO_``*E_P#BJ/[.@_OW7_@5+_\`%5]:."%XHTF>7)`63Y..3[T`:;_<;Z55J6"?[1:"7;M+`Y7.<$<$5%42`*;L7^Z..>E.HJ0(S!"Q! M:*,D=,J.*_2D73[B2[N9GE\E95"XC?S"0,_WE^4<]!^=55TN^6(1G[.R MMY:2+YC#0OJ:DI:5D!4$EN;K[-ND$N"0"A`(&, MX)&#U'2H_M=GYDB"21GC^\%C9CUP<8'.#UQTI)+.>74_M&\0HL90,LA9CG'( M5AA>G;.:K)IEU'(Y!CD4"0)^^:-FWN&))`XQCMU]J+`:,(AGA26)RR.,J?44 M_P`A?4TRP@:UL8('*EHT"DKTXJQ0T@*DLEO#-'%(TBM(<*=AVD^F[&`?QIK3 M6J70MFE(E/;!QT)QG&,X!XIM]:S7-U;,FU8XG#EC(<]^-F,'ZD\53N]'N9Y7 M5;D>6[!VE?[^0I7&``,\@$UO(7C)(##C.#@U-Y"^IJOI5I)9 M6?DRM&Q\QV'E@@`%B1U^M7:+("IYP.![FFW$UK;.BS2 ME2_3@GN!DX'`R1R?6DU:VFO+0P0A?FZLTA7;^`!W?0\57OM,N)WRDX<.AC M7$LK2!<=>6`QGT]JOT60%>98X8R[^80/[BEC^0!-0275G';1W#2MY4G*$*23 MQGH!GH#5F[222W9(E#,W&#(8_P#QX`D5F-I5TEI;+'.KR0H4V/\`*@RA4X(7 M/?//Z46`NQ2VT\S11.[LO4A3M'0_>QC/(XS4_D+ZFLW2]+N-/N3^^W0?-QO8 M[LXQ\O08P>1US6O19`0/&B(SG>0HR=HR?R`R:A$]H;5KGS&$2G:25((.<8QC M.<]L5:EW&)@BAF(X!8KG\1TK+72[@6`C\X"19?-$>[*$[]PRQ&X^F?THL@)U MN[-FB`>0^<<(?+;!//&<8!X/!JWY"^IJC::?-'-;M,T96+S)"%)/SNV?3H`2 M/QK3HL@(O(7U-00RVTPDVNX\K[X="A7\"!Q5NLM--G=;SS9?)^T'[L;^9_#C MEF7./88Q18!PU+3CMQ._S'&#&P(Z.E=#19`1^0OJ:A62W:Y:W#2"4#=AD(!'J"1@]1TJW6<;* MXDU-[DR>2FPH"C[V/(/1EPO3G'6BRN`CZAIZ,RF=\J<8",23STP.>AZ>E6XX MXY(U=&+*P!!!ZBL>31;DG(,>Z(,(6$I4_,Q))^4]CC'UY%;%G!]ELX+?=N\I M%3/K@8H25@>X[R%]34,DEO%<)`[2*\G"G8=I//&[&,\'C-6ZS[RTGN;VW=&$ M:1$G>)"3T(X0C;GGK19`.>YLTDGC:;#0*&D&#\H/3M^E2P>3=A*K%X8T4OU+*Q;G`Z'CI5JPMY+>!A*5\QY&D8*<@9.<` MT60$OD+ZFH;B2WMB@F:10YP&"$@'..2!@=>]6ZHZE:S7?DI&$"JZN6:0C&"# M]T##=.YHL@'R26L5REN\N)74LJ^PZGVI;5K>[@6>WD+QMG#=,X..],:TE-W: MRF8R"(ON+X!Y&!C``I^GV[VMKY4A4MO=OEZ8+$C^=%D!+Y"^IJ*X,-M$9)3) MM'7:A;'X`&K55-2AEN;-X854EQ@DRM'CWR`?RH:!`]Q:VX@D>;`F8+'WW$]* MDANH9I9(D+>9']Y60KQSR,CD<'D56EL)FMH8_/WE)(FPP`4!2"<8'MWI]E!< M)=7,UR(]TA`0HY.%'08(&.I/U-.R`NT444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% B%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110!__V3\_ ` end GRAPHIC 24 internationalvaluex5x1.jpg GRAPHIC begin 644 internationalvaluex5x1.jpg M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP. M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=? M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@` M20'+`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D* M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H MJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(! M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P M%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P# M`0`"$0,1`#\`[:;4;6"4QRR[77J-I/\`2F?VM8_\]_\`QQO\*Q]3`;6'!Z$J M#^0HDM5DO#`BQQG+;-K;LX]>3BN9U9WL@-C^UK'_`)[_`/CC?X4?VM8_\]__ M`!QO\*Q$LA)YFQW.PG!\OY3@=SGBG?8(^\[9&W/[ONW3O0JM1]`-G^UK'_GO M_P".-_A1_:UC_P`]_P#QQO\`"L3["H"J93YC!L+MXXSWS[5)_9XD8%2RKA!\ MJEN2,Y/H*/:U.P&O_:UC_P`]_P#QQO\`"C^UK'_GO_XXW^%_P#XXW^%0'3_VM8_\`/?\`\<;_ M``H_M:Q_Y[_^.-_A7,44>WD!T_\`:UC_`,]__'&_PH_M:Q_Y[_\`CC?X5S%% M'MY`=/\`VM8_\]__`!QO\*/[6L?^>_\`XXW^%0'3_VM8_\]_\`QQO\ M*/[6L?\`GO\`^.-_A7,44>WD!T_]K6/_`#W_`/'&_P`*/[6L?^>__CC?X5S% M%'MY`=/_`&M8_P#/?_QQO\*/[6L?^>__`(XW^%0'3_`-K6/_/?_P`< M;_"C^UK'_GO_`..-_A7,44>WD!T_]K6/_/?_`,<;_"C^UK'_`)[_`/CC?X5S M%%'MY`=/_:UC_P`]_P#QQO\`"C^UK'_GO_XXW^%0'3_P!K6/\`SW_\ M<;_"C^UK'_GO_P".-_A7,44>WD!T_P#:UC_SW_\`'&_PH_M:Q_Y[_P#CC?X5 MS%%'MY`=/_:UC_SW_P#'&_PH_M:Q_P">_P#XXW^%0'3_VM8_\`/?\` M\<;_``H_M:Q_Y[_^.-_A7,44>WD!T_\`:UC_`,]__'&_PH_M:Q_Y[_\`CC?X M5S%%'MY`=/\`VM8_\]__`!QO\*/[6L?^>_\`XXW^%0'3_VM8_\]_\` MQQO\*/[6L?\`GO\`^.-_A7,44>WD!T_]K6/_`#W_`/'&_P`*/[6L?^>__CC? MX5S%%'MY`=/_`&M8_P#/?_QQO\*/[6L?^>__`(XW^%0'3_`-K6/_/? M_P`<;_"C^UK'_GO_`..-_A7,44>WD!T_]K6/_/?_`,<;_"C^UK'_`)[_`/CC M?X5S%%'MY`=/_:UC_P`]_P#QQO\`"C^UK'_GO_XXW^%0'3_P!K6/\` MSW_\<;_"C^UK'_GO_P".-_A7,44>WD!T_P#:UC_SW_\`'&_PH_M:Q_Y[_P#C MC?X5S%%'MY`=0FIVW% M1B[F&?F!!`&&4$<<#J*ZZBCV+_F`XOK17:44OJ_F!Q=%=I11]7\P.+HKM**/ MJ_F!Q=%=I11]7\P.+HKM**/J_F!Q=%=I11]7\P.+HKM**/J_F!Q=%=I11]7\ MP.+HKM**/J_F!Q=%=I11]7\P.+HKM**/J_F!Q=%=I11]7\P.+HKM**/J_F!Q M=%=I11]7\P.+HKM**/J_F!Q=%=I11]7\P.+HKM**/J_F!Q=%=I11]7\P.+HK MM**/J_F!Q=%=I11]7\P.+HKM**/J_F!Q=%=I11]7\P.+HKM**/J_F!Q=%=I1 M1]7\P.+HKM**/J_F!R-E_P`?MO\`]=%_G775!/\`ZZV_ZZ'_`-`:IZTIPY+H M""#_`%US_P!=!_Z`M3U!!_KKG_KH/_0%J>M$!2O+B>.]LX(3&!,S;BZEN`,\ M8(I=3OO[/@28Q&0%PI`.,#N?P`J*]_Y#&F_63_T&K=Q;I<",29PC[P!WZ]?S MI@4Y=8BBU(6AC9D*C,H/`8D`#_QX<^XJPMZ'M$N8H)95?D!=H..>>2../UJE M-H<0LF@MRQ8HR;I'Z!B#GIR1M&/I5FXT^WN[>.#>0D'`"[3CC'(((HZ`-&K0 MM&98XI7B&W+@#&6`(7DYSR.W>E.IHKE7MYT",JR,=I"$],X/TZ9ZTU-'ACA, M*3SK&0N5!7[R@`-TZ\`^G'2GG3$9RSW$[AV5I%.T!R.F<#Z=,=*`&OJ\*1)( M(IF\Q=RJH&3\P7'7U(I8-2-Q?+`MO(J[7+%L94J0,<'_`#Q35T>$."9IRJX" M*2N%`H'7M4T5A'%=?:$DD#90M(&F96;H0,>Q!&._/> MDBT:"%$$0,!B,@'GKC^8JQ+ M=)%=06Y#&2;<1CL`.2?T_.JMIHUO:2I)&[EE`SO"DL0,9SC(_`CI3;'_`$K5 M+N[/*1_Z/'^'+'\^/PH`TZ*Q+F01>)K;=,9/,0J(E<@QGCDJ#R#[_P!*MVU M(UR_^D?Z5+M13]C/FG]X=Q_[[[#G/%`,Z6BL75;D>8^+ED"PMY7ER$;I0>G' M4]./?I1:3R-?QAIG-P9I!-%O)"H`=IV]!_#S[T(#:HJE>R7J.HM8]ZXY_=JW M/XNM-U.22/2)'W&.3:N2/EP21G)!X'J0>!0!?I&SM.T@-C@D9%84=Y(ND7?E MSAIP[;")3(,<9VL>6`!Z]CFK^DRAXI55Q(L;[1*)&=7X!X))^G6@!^EW,MU: ML\^S>LKQDHI`.UB,X)/IZU=\@.P9&#GMD_+_\`JH`U:***`"J5U<3IJ5I;1&,)*'9RRDG"XX'(QU]Z M9K@)TFXQ.(/E^\3C/MGWZ53M)5FN])D564&&7AF+'^'N>H]*$!JWF."1 MD<>AH`C_`+:@*!T@N'C*-)O51C8#C=R?4C MKBH%TJ%KAXH+IE@2-HWB1P2NXYV].!^M6$T:VC+;"RJSA\!5X(8-UQG&1W-` M"IJT+2^7Y4JL`Q<-M&S:<'OS^&:1=8B:2.,03"23&U&V@X(R#RV/PZ\'BG2: M5#*?GDE,9D,AC^7&X^^,]_6HTTB`6WDI/)Y1(R%6,;L=.0OMUZT(":74HXKE MH6AE(0H&D`&U=QP.^?TIDNJK#($E@DC;(SO(^Z=WS<$_W3Q3'LXYKJ2ZDNL6 MTICVJKC:Y!XR<>N.AYIL6@VL3$[Y&!QD':,XSUP!G[QR3S0`JZG<2RR"&RD8 M+'&ZHY"L0Q;)SDC&!T]:N7#SK8O(FR.8)NPP+@'J1P1FF6EBMK*T@FEE9D6/ M]X1PJYQC`'J:EN_^/.;_`*YM_*E+9C6XVQF:YL;>=P`TD:N0.F2,U8JGI'_( M(L_^N"?^@BKE4]R5L%%%4)Y;];O;%%F'(Y\M3QWY\P']/SI#+]%%%`%*74!% MJD5FT9Q(A829X!YP,?@:K0Z]"ZS,\3JJ%]A&#Y@&WI[G<,"K5YIL-Z7,C2*6 M0+E#@K@Y!'O4$VD1M+!L4"))Q,V3R"%"@`8Z<#KZ4+S!EJXO!;.GF12>6Q`\ MP;=JDG`!YS^G>JYU-F-J8[27RYWVAV*C(VDY`SGMWIUUI,%W=K<2,^Y2IP`I M'RG/4C('K@BE7356.%!<3E8YV_+@$8Z2*OT44P$KE8("$N((;=FB6Y4^>]N22,'ATQEL?^S9KJZ*`,#YVT5;-!(LJ% M3(HC.?+W]=N.X!^7TXQ4)@D990;1_N;;1E@*X;G:M"BB@!*;'&D2[8T5%R3A1 M@9/6GT4`-*J7#E1N`(!QR!_D"D>-)-N]0VTAAD=".]/HH`****`"BBB@`HHH MH`*1B0I(4L0.@ZFEHH`H:1#+#:,)XS$[32/M)!(!8D="1WJ_110`4444`%%% M%`",H92K`%2,$'H:H744HU2RFCA9XHU=&*E1MSMP>2..#TK0HH`*2EHH`P?L MERLC"'[0I\V=Q\[`$X^7//3/YTBQW$LL21&^$!,?F%V=6W<[N3SCIG'%;]%` M&1I45PC!9FN"KP`MYK,?FW'UZ'&.E48S<06]M##;W@="H+%IG`R.*U:*`"H+W?]CE$<;2N5("J0"<\=R!4]%#5P6A6TZ)X-.MHI!M M=(E5AG."!5FBBANX+0****`"BBB@#-UCS\0B(2^62V\QE@0<1T-"W`P&^W&10IN M5B);R68R9'S#&X`$G_@7:E,5TJ*3+=H9!*7)\Q\$2#:,#D`C(XQQ7044`:M44`%% M%%`$$_\`KK;_`*Z'_P!`:IZ@G_UUM_UT/_H#5/274"`VY\QW2>1-YR0H7&<` M=Q[4>1)_S]3?DG_Q-3T460$'D2?\_4WY)_\`$T>1)_S]3?DG_P`34]%%@(/( MD_Y^IOR3_P")H\B3_GZF_)/_`(FIZ*+`0>1)_P`_4WY)_P#$T>1)_P`_4WY) M_P#$U/118"#R)/\`GZF_)/\`XFCR)/\`GZF_)/\`XFIZ*+`0>1)_S]3?DG_Q M-'D2?\_4WY)_\34]%%@(/(D_Y^IOR3_XFCR)/^?J;\D_^)J>BBP$'D2?\_4W MY)_\31Y$G_/U-^2?_$U/118"#R)/^?J;\D_^)H\B3_GZF_)/_B:GHHL!!Y$G M_/U-^2?_`!-'D2?\_4WY)_\`$U/118"#R)/^?J;\D_\`B:/(D_Y^IOR3_P") MJ>BBP$'D2?\`/U-^2?\`Q-'D2?\`/U-^2?\`Q-3T46`@\B3_`)^IOR3_`.)H M\B3_`)^IOR3_`.)J>BBP$'D2?\_4WY)_\31Y$G_/U-^2?_$U/118"#R)/^?J M;\D_^)H\B3_GZF_)/_B:GHHL!!Y$G_/U-^2?_$T>1)_S]3?DG_Q-3T46`@\B M3_GZF_)/_B:/(D_Y^IOR3_XFIZ*+`0>1)_S]3?DG_P`31Y$G_/U-^2?_`!-3 MT46`@\B3_GZF_)/_`(FCR)/^?J;\D_\`B:GHHL!!Y$G_`#]3?DG_`,31Y$G_ M`#]3?DG_`,34]%%@(/(D_P"?J;\D_P#B:/(D_P"?J;\D_P#B:GHHL!!Y$G_/ MU-^2?_$T>1)_S]3?DG_Q-3T46`@\B3_GZF_)/_B:/(D_Y^IOR3_XFIZ*+`0> M1)_S]3?DG_Q-'D2?\_4WY)_\34]%%@(/(D_Y^IOR3_XFCR)/^?J;\D_^)J>B MBP$'D2?\_4WY)_\`$T>1)_S]3?DG_P`34]%%@(/(D_Y^IOR3_P")H\B3_GZF M_)/_`(FIZ*+`0>1)_P`_4WY)_P#$T>1)_P`_4WY)_P#$U/118"`6Y\Q'>>1] 0AR`P7&<$=A[U/110E8#_V3\_ ` end GRAPHIC 25 internationalvaluex32x1.jpg GRAPHIC begin 644 internationalvaluex32x1.jpg M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP. M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=? M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@` M-P"1`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D* M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H MJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(! M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P M%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P# M`0`"$0,1`#\`]`HHHH`*@N[J.SA\Z;<(P0&8#[H/<^U3U2O`UU(MK&IV;E:9 MR.``<[1ZD\?09]J`+!N(!#YQFC$77?N&W\Z=#*DT2R1DE&&02",BL18;75M3 M=(;:$6ELW[V0(,RR?W<^@[^M:>IW\>FV+W,@W;>$0=78]`*`+60"`2,GI2UA MZ1874TJ:CJ@_TCEE0_P9&,>P`/3\3VQN4`17,PM[:68C(C0N1ZX&:J2:UIT= MHMRUU'Y;#(`.6/MCKGVJGJ%Q'H5U;6)]3,0CM8!Y-O&!@#_ M``X/YM0!-HFK+;6:6]OI\AMH9!"\N]1([ M4$%5`^ MO;Q68!D"`;$'10/3'%`"KXBC>QM)4MI&N;LD16X/)P<9)[#WISZZZR MBV6R9[Q5+RQ+("L:CN6]^.,=Z;_PCP2[AN8;V6.6./RV8*IROHHZ+QQP*B?2 MK"TN+DMJ*P07.WSHF<`MCMN)S@]_7UH`?%XE6[D2&PLIIYO+\QT;Y-@QGJ>O M4?G67K6I_P!KWR6$"EK2#]YPQC<.<>PQ]:S6M=*T^T-S:7]K=7D3F0B0KMD7NN.@]LWTK>H`****`&NZHC M.[!549)/0"LK3X7U&Y&J70(C'_'I$?X5_OGW/Z"K.LQM+ILB!6969!(%!)*; MANP!U^7-5[K5F,7E:5;27,Y&%^0K&GNQ.!^%`&=XMOY)3%HUE\UQ<$;P.R]A M^/7Z#WK??SU;&E77G.\<=PUS"%#+(RD,O^ MRW`Y_7UK3HH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH` *****`"BBB@#_V3\_ ` end GRAPHIC 26 leveragedcompaniesx1x1.jpg GRAPHIC begin 644 leveragedcompaniesx1x1.jpg M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP. M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=? M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@$ M&`,@`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D* M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H MJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(! M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P M%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P# M`0`"$0,1`#\`]`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HIK*KJ58!E(P01D$5RN@QV&G7^ MOW;00Q):S\,L8!1=N2!Z#VH`ZRHTGADE>))4:2/&]58$KGID=JR#KLL#6;WM MEY%K>,$CD$NYE)^Z'7`QGV)K-LI'T_7_`!$]E9QN$$4A3>(U^X2>@/)Y[?C1 MZ@=;16%)XD`BTN6&RDD34"`K%U7:3V]2?T]ZMZ=JC7=]>64\`AGM2N[8^]65 MAD$'`_+%`&E17,>.(+=K&SFF@1V6[C4L8]S;2>1TR0?2JOBR739]`,45E*K1 M,@B+V,D:QC<,@$J`!BA:@=C167_?&!^5`'0T5E0:P?[2N;&\@6!X81.&63> M"F<'/`P1ZUD_LU_L=T?DE5]SH",AG7'R@_4T`:]%8\^M3$7Y%/&MQW$=G_9\?VB6\0R1JS;`JCJ6.#CD@=#S0!H MS3PVZ;YY8XESC<[!1G\:?7(>*IVO=`26ZL3;7$%XD>'Y[\E6P,J?7BNAM;V> M[NF\F")K$<"X\TY<^R[>1GOG%"`OT444`%%%%`!1110`4444`%%%%`!1110` M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1 M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%% M-D=8XV=SA5!)/H*`'456L+ZVU*T2ZLY/,A?.UMI&<'!X/-6:`"BBB@`HHHH` M****`"BBB@`HHHH`****`"BBJNH:C::9`LU[+Y4;.$!VEN3T'`H`M44E-EDC MAC:25U1%&69C@`>YH`?16$?&.@";RO[23=G&=C;?^^L8_6MJ*6.:-9(G62-A ME64Y!'L:`'T444`%%%%`!1110!4U22^BL9'TV&.:Y&-L>1&FF\Q65PG M]P`YY]P,>]-BMM134M=G.F3%+Q%6'$D7.U2O/S<9SFNGHIO4%H<9'8:JEAH, M!TJ;=82AY<2Q8(&>GS\]:U=,M[V/Q/J=U-921V]RJ!)"Z'[HQR`Q//;^E:FH M:C::9`LU[+Y4;.$!VEN3T'`JS3OU%;H8?BFWO+R"UAM+.2)HKS4-#^S6MA,\LQ5BI>,>7A@<'+=>.V:W:*0S!O(+VZU6TN)+!Y;01 M,/(DD3]U+GAV&X@\>F2*Q_[*U:+P]96`TYWD@O/.8K+'C:')[L.H(Q^.<=^V MHH`YF?3[R]\174DMC-%:7-B;4REX\J3SG`;..U2Z(VO6J0Z==Z="8H`$^V"X M&&4=,)C."^WRRL$1?) M<9)Z=5H7D#\R"SLK_2&U"UALS=6]S*TL,@D5=A;J'!(./<`U6_L+4-&33+G2 MD2[FM8C#-"SA/,#')()Z6Y\,WT4`+.8\@#J<$$_H*NH[7%!7*$&I^);^W%]96 M%C':L-T<4[MYKKV.1P,^]+=>)YF\-'5K*W4/#*$N8)024YPP&".>1S5/1-(M M=0T>"ZB\0ZNB",;U6\P(R!R,8X`J_H&FZ5+I5_#87=Q>073LLLDW)+8P<'`S M]>:3TO8%K:YI:GJL=EH4VIH5=5BWQYZ,3]W]2*SY]>NK72=/:2U6;5+X#RX( M_E7)YYR3@`$9KF+.>;4(M-\,3!M]O=,+D8ZQH*X^V!@`V02W`7!SP,GFJ>JZ%IEM8%]3\1:N;:3`P]UO#^F%VG M-)J\20^)_#$498HBLJEQS@`8S[T+5I>8/1-^1IR:AK=AILLM[8PW=T9`D,=B M'*D$=6)S@"J6H:GXGTNT:^NK73)+:/EXXF?>H^IXJSXQU*YL+.UBM9A;-=3K M$UP1_JU/4UA^*M'L--T.6:[U.]O+IU`A%Q<;LG/4+Z=3WI-]1I=#HM2\0QVF MCVMY#`TTUYM%O#G!9F&0#69JFM^(]%T][J_LK%T884P%CY3'IO!/([<&J5ZP M@T_PEJ$G_'K;[!*W9#^%8^MPC['X7N9IY[>U6-8Y)H6VM&65<'/;I^E:.I:'IUOIS3:AXCU8VCC! MWW>]7!]MIS3>C;\Q+9>AIZUKKVAM+;3H1=7E[S"I.%"]=Q]JYKQ?=:RMC;6V MKVUKA[A&2>U9MN1_"0W.>:NW"P:3XHT.=W86)M/L\=P,[,YP3^?Z4NJ'T9T_P!DMOLOV;[/ M%]GQCRM@VX],=*S=)TR/P[:7F;MFL][3(C#B%>I&<\UH_;+;[+]J^T1?9\9\ MW>-N/KTKF_[2N_$>D:VMO`OV0(T=M(H(:4XYZ_YYI-VN-=!]MK'B#5XFO-*L MK*.SR?+%TS;Y0.XQP/QJUI_B$WVD7T_D>1>62N)8'.0K`$_B.*/"%];3^&K7 M9*@-O&$E!."A'7/IZUBZ8PO)/%>H0#-K*C(CCHQ"G)'^>].6EUY"CK9^9:L] M<\1:GHZZA96-BJ(I+>:6S*1UV`'@=N34EEKVMZW8BYT>QM8T48=KIV.]AU"` M?S-6O"G_`")=K_UQ?^;5'X``'A2W]W?_`-"--K5KL)/1,2+Q--<>$KG58X$C MN;?*M&^2H8$?0XYJ&VUCQ+J&G)J%GI]D(-@/ERLWF2^I7!P!UQFLBQ_Y$'7? M^OF3^:UU'A_4K-O"]K<>?&L4$"K(20-A`P0:7=^@_+U%M/$"7OA]M4MK6:5U M!!MHP6?>.-O'\_2J,U]XKCLVOOL>F+$J>8;=F?S0.I&>F:QK"^NM*\%ZAJ5L MNQKF[9H2P^XK$#=C\ZMZCHUE!H3WVJ:S>7I,19`]Q^[=B.`JC\.,TGU8UO8N M7_BJ5/"4&M6D,8>1PK1R98#D@]"/2DO-8\1VUD=4_L^R%DHWF$NWG!/4GH/U MKGK@@_"ZTQVN,?\`C[5V^O\`_(LW_P#UZO\`^@TY:78EJTOZW*6L^(9+70+/ M4[%(V^TO&-LH)P&!ST(YJQK>LRV5Q;V-A;"YO[G)1&.%51U9CZ5S.J_\D^T; M_KI%_6K/B.V7_A-+)[J\N;*WGM_+2>"3RR&!/R[O3D?G3:UMY_H)/2_D:3:S MJ^E7$`UVVM#;3N(Q/:,V(V/3<&J75=9OAK*:1I$%N]T8O->2X8A%7/H.36=J MV@Z7!%''JFOZNZ2N`D;W'F;V[84*@/ M<]>WK2&:&EZAJ_\`:+6.K6**=F]+FV#&$^Q)Z&MJN/M9M4T7Q+9Z7+J?]I6] MR&RL@_>18'4GK^OK784=+AU..T*_L[+Q)X@^UW<%OOG7;YL@3/7IDUTUMJFG MW^)/$'VNT@N-DZ[?-C#XZ],BNFMM+T^TE M\VUL;6"3&-\<*J)-2TZ1(Q#:JA1E!W'(YSS_`$HN M=6GA\5V>E*D9@G@:1F(.X$9Z'..WI6;I,B1>/M9CD8*\L<90'C=@#.*CGNX; MGXDV<<+JYAMF1RISAL,<4+[/]=P?7^NQ)'X@UB\UK4=,L+2U=[=\)+*65$7_ M`&L$DGITQWJWH^MWTFLRZ1J]O#%=)'YJ20$['7V!YJIX7_Y&GQ'_`-=D_P#9 MJ=+_`,E(A_Z\#_Z$:%T]/T![OR)7UK5=1U&YM="M[4Q6K;);BZ+;2W<`+S6= MHEUWT]!(IR"S,^#Z@,2*O7&FVEU>V]Y/%NGML^4^X MC;GKP#@_C5NB@"O>V5MJ%LUO=PI-$W56'^<5G6WA70[5)%BT^,"12K%F9C@] M<$DD?A6S10!SNO!](T>W@LM.2ZT]&"7$+*TC"/U'/\\]JYN\3P[=V4EGX9L6 MGO[K"Y".?*&0226X'X5Z-11ZAZ%.+3X?[*BL+B-)HEB6-E89!P`/Z51MO">A MVEP)X=/C$@.069F`/T)(K:HHOK<+:6*][96VH6YM[R!)HC_"XS^/M69'X2T* M.$Q)IZA2PVXJ2B@#"_X0WP M_P";YG]G)NSG'F/C\LXK:BBC@B6*%%CC4855&`!["GT4`8]WX6T2]N3<7&GQ MM*QR2K,N3ZD`@&M!;*V2R-FD*);E"GEH-HP>O2K%%'2P>97M+&WLK)+.WCV6 MZ`JJ;B<`^YY[TFGV%MIMHMK9Q>5"I)"[B<9.3R3FK-%`'-^(=.M=-\(ZG%9Q M>4C@R,-Q.6)&3R:33?#.C7FG6%W<6$;S&WC);)`8[1U`.#^-=+10@(9+6"6U M-L\,;0%=OEE1MQZ8K,M/"NAV<_G0:?&'[%V9\?0,3BMFB@#+/AW2CIG]G?9? M]$W^9Y?F/][USG-7[BWBN;:2VF3=%(I1ER1D'C&14M%`&?+HFGS:?#826^ZV M@(,:;V&TCISG-6+VQM=0MS!>0)-$>=KCH?4>E6**`,G3_#.C:;.)[2Q1)1T9 MF9R/IN)Q5G4M)L-6C6._MDF"_=)R"/H1R*NT4`9VF:%IFDEFL+-(F;@MDLV/ M3))-:-%%`%6UTZTL[FYN+>+9+,X/7J:T:*`*EKIMI9W5SK2+) M?6:2NO`<$JV/J"":=9Z)IMC="YM+5891'Y0*DXVYSC&<=>_6M"B@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BN0\ M4ZUJ=OJ+PZ3*%6SM_M%R-BMN!8#'(XXYK8OO$5G8V=E1GI M_A1TN'6QKT5B0>*+*:QOKDP741L1F:&6,+(/3C/]:33_`!38W]]#:I#=Q-.F M^%YHMJR`#)VG/-`&Y16+_P`)-9?V.-3\JX\CS?)V[5W9SCUQC\:9J7BJQTZZ ME@>"[F\C;YTD,6Y(L]-QSQ0!NT5A1:G/-XM6TCFW63V(G5=HY8MUSC/2JOBK M4;RTU/3+:VU)-.BN-_F3.B,!@#&=W^/>CL!T]%AV\=*OV'BFQOKN.!8;N$39\B6:':DV/[I[T`;E% M]CA9_+,[P_NT;T+`_P`JMZGXEL].NVM3#=7,J)OD%M%O\M?5N>*`-JBL.[\5 M:?;+9LD=S="\0M#]GCW%L=L9SFJNF>))[WQ//8M9W26XC78&AP4.,DN<\`]! M0'F=-1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!24M%`'(6WA: MXU&YU"]U.YO;*6ZE91%;SJ`T6,*&QG/':H;+1-6CM])MI[?.M=-<:Q86T[133E63`=A&Q6//3V]DL;7,HC$CB-,]68G``H7]?U\P>M_Z_K8XF M31=?71VTA-/B:)+KS1.)URZ[L\+V_&GZ_H.M:C>Z@&MC=1R]MTO8[-I0+B12ZQ]R!U/M1Y?U_6@7ZF)INF7D/B"VNY8-D*:8D#' M>IPX(RO!_7I3]=TB74=>TB5K5)[2`R>?OVD#(&,@]>:T;G6;"UEDBEF;=%CS M"D3NL>?[Q`(7\<5=5E=0R,&5AD$'((HWU#;0Y6VT&\L;G4M-MTSI-]$WER;A M^X<@\8SDC_ZWO5'0?#%Q:W]J;C1K:#[-EGN_M+N92.A50V!^(KNJ2D&YYSI% MMJ^J^%ETNWM(OLDTYW71D&8P&R05ZDY'45O366L:5J]]N0BXT:^73IK9$^22)LRVB5;6Y"DRO>0*6))P-_0>GX5I)HU@DJR+"WRMO6,R,8U M;U"9V@_058NK2"\1$N$WJCK(HR1A@<@\4?YA_D3USTUM%;>+=.$2X,D4[L22 M2Q.WDDUNM"KS)*3)N0$`"1@ISZJ#@_B*8]I!)>17;IF>)65&R>`>O'3M1UN' M0SM4N(HA+I]A#&]_=@[D4`;^!58Z% M8?:9KA1<1RSMND:.ZE3 GRAPHIC 27 leveragedcompaniesx5x1.jpg GRAPHIC begin 644 leveragedcompaniesx5x1.jpg M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP. M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=? M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@! M0`'0`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D* M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H MJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(! M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P M%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P# M`0`"$0,1`#\`[.]U6ST]U2ZD="V,8B9@<]L@'GVI;/4H+V>>*$29A"DEUVYW M#(P#S^8%0:[:3W<-JMNF\QW*2-R!A0>3S69J6C7-Q>ZA8Z&/:6SDC.0< M=QS6KJ=C-+K,%R]I]LMEBVB/>!Y;YSNP2,\4=@?4TK"]CO[;SX5=5W,N&`!R M#BK-VWV>:&V5;C,_FDN,$$'8#@\CITJO'H6H?9;B+[*R+*(B5WQC+! MOF(V\#C\:`9UZW$37#6X<&5%#,O<`]*EK"LM'2PU]IK>R46S1`)(&'[MN<]3 MGFLT:/J9NYY3:[&ECG5RKH%;<#MQWZ^OZ4`=?5:"]BGNKFW4,&MBH>N._2M'1M,:-M26:Q%M;W)79$65AC!! MZ$T=P-FWGBN85F@WV[R0,'<,C%6C@LKQY9ST;)/`QCISQVJ:YT74)9YF^QEII%@\NX,J_NV4#<>N:.H'3V=[' M>^?Y2N/)E:)MP')'7'M5FN0N=%U)I)&^SK+$US*_EL0<[L8;&X>_?CTJ]J6F M7<^@V=OLDGN(<$C*8R!_$&.".W6CI<.IL6U['OX M&@#5OKN.PLY;J4,4C&2%'-3*P9`PZ$9KC_\`A'M06WN;8IYD4,3+:G>/F+$$ M]^.AZU+XBCGCA=P)9<[%[G'6H MXKV.6_GLU5_,A568D#!!Z8KGK/1;F&32II[(2O`764%U)4;OD.<\X]JDU?1K MB[N]0N([?>[1Q_9VW@'<#SCGB@#IJ*Y"[TS4/[0FO'M]H#.6D1D`,>P@?[1/ MKV]JHK8S)HDETMM]G@-D%=MX/G,6!!P#_.@#O:*XPZ+J#JTEO9K%;,T;&U9P MPDP#D\,!U[$C-2IH%U(J+

8J6TJHK$#8Q.57[Q_#F@#KJK7-[':SVT3JY: MX?8I4#`.,\US#Z-JSSPL\>YA'"%ER&:$J!D#YQWSG`.:DM-'O8M2M9)++YX[ MAWENO,4^8ISCC.:.H=#IUN(FN&MPX,J*&9>X!Z5+7,:KHMS)J-Y+9VR@SP@+ M*&"[6S\P]>1QGWJWI-C=6SWLD=L+2*1`(K=G##>GM0!U-%<"UJ\FC3SN1-'"Z6UL0>'029SGWX'X5HC1KT9;[%BT^ MT[_L'FKRNW&QZA9I=0JRH^G2@#K9[B*VC#S.$4D*"?4]!1#,)6D41R)Y;;9:_:&/4X M'`]S31J]@UW]F%PIESCH<9QG&[IG';-8UY;ZC?,;Q+$@W5HUN8FD`,1+<$YQ MVJO'X?OUA73RO[I;@S?:MXY&W&,=U%N/G#>8%(KS+C*A2"._/''%1QZ)J M(N)/-B;D2AY82H:8,#@9+_3'RC%`'5RW$4+QI(X5I6VH#_$:EKD(="N5@M&E MTZ)S#<$E`4#-'C@GG&<^])%X4I8MSC@=ZL`Y`/(SZUS<&E7,?A.XL!:".Y.1@,O[PYZYSZ>O MI4><4N@^IU5O,MS;13H"%D0.`>N",T^1UBC M:1SA5!)/H!7(R^'[M8A%!;81[>$2`2`9D#`MWZX[UK6.G2VL&J0)#LBE9C`@ M88P5QQSQS3?6PET+Z:E:.+7;-G[5GR?E/S8&?3C\:MUR:Z'?0PZ8\2.\T2/Y MB2S;D0E<``9Z9]*@BT+4/LMQ%]E9%E$1*%XP"0WS$;>!Q^-/K8.AV=%-MLO.L%N&<6PD4!@5`!`)QP>QIPTB^-[O6VV2FY$BW7F#]W'C[F,YXZ8Z M4@.AOKV.QCC>57(DD6,;0.I.!3[NZALK=KBY?9$F-S8)QDX[5RS:+?'3_LXL M]EYYX=[OS%.\;B<]<\>GM5V73KM_"3V*6@2YX!4.#O(8$MG/?KS0/J="#D9% M+7,:O9ZEJ3PR?82(TC9/*D96*L?XQAP/UX]*!HM]]N@1OGM91%)]%\SF=7#';VR.HQ[U*FA:M]GF01B*0Q%792/W MYW`\G>3GKR0*%L'6QU<-['->W%HJN)+<*6)`P=PR,5';ZK97-QY$$QD?)&51 MMN1U^;&/UK,T;398;C42;,V4-PB+&H=6Q@$'H3ZTR*VU2/1&TI;7RW6-D6Y2 M5=I[],Y&>G3O0!T=%<@VAWDO$=C]FMR\.ZW\U3G!^9^#CI^)H_L2XM,S);!` MDLY)#CB(J=HZ]/:AZ`CKZ*XFPTR^DL!-9V:QJ]F$;.O84`=29@+E8/+D)*EMX7Y1[9]:EKCCH>J")DBC\ MO$4B+F0=#("%Z]QFFR:'?M:,!:,#YN^.!=@C4[<'(+G(/US0!U-[J%M8>7]I MD*F0X0*C,2?H`:GBD6:)9$SM89&00?R/-8^HZ=<7;Z4-A40MF8PR;=GRXX.< M]?2J.HZ5?^;?16]LTT=P82LAE&1LQG.3DGB@#J:K/>QIJ$5D5?S)$+@@#&!7 M.QZ'>1R)-%#Y=P;F8M('&0C`[>_3/:GZ)I-U:ZE;2R6'V<1P,DLGF*WF/GK@ M'-"!F[;W\=S>W%M'')F`X>0@;<^@YSGGTJW7+S:%.%U`V]LJ^9<*RJ&`\V+@ ME<]LGUJ./0;B:YB\ZT\NR-PS_9_,'[M=N.Q[GL*$#.FFNH89$CD<"1PQ5>[` M#)IMC=QWUG%=1!@D@R`PYK+U?3&FU2SNHK19PBLK\@$3S@UF1:!?P6L2 MVT0@F:T=)F#CE\\`X/IWH_K\P.OJM<7L=M.35*ST&Z/V2*YLT%O'.S,"5#%=N`6P<'GTH`Z MZBN+GT75)+&"`VNXQ1.$(=-RMO)&2>V,=.:M7&A7DPU"818N)"GEDR??7`WC M@]\=Z`.JJM)>QQ7\-FROYDRLRD`8`'7-8UKIE^NB7]NH^SR3$F*,84)P,@89 ML`_6JTNEWA6(V>F+;[()$9&=2"S`#/![\_ES0!U=%<9_8=]]CGC%I+@RK)%' MOBQD*0=RC"XS_DU*=&U/[6TD$"1.\&QI&92$;9@>60=P';F@#KJ*XP:'?FSE M1K5TR4(AC*!2P!^8@N0??IFM+4-/O9])L+=''M^7C`V[N/Y^U#`Z& MJU_>QZ?:M<3*[(I`(0`GDX_K7,KH-Y+`HN;;>\=@T:9D!Q)N)7OZ=^E,N]%U M"7S#)9&XF?R2DYE7]V%`W+R?K1U`[&EKE_$-N;K7(HEM/M3&T?:FX+@YX/)[ M57?1-6\^(N!*P2(+.,%HMN,@98=_8YH6H,ZN>80^7F.1][A/D7=C/<^@]ZEK ME5T&Y5%E6#;QG46L=K^:L0E)P-N,X_.I)YA`JL8Y'W,%Q&NXC/<^U<>=!NG+[= M,D@0P(FU)8SN<'))!."/:M>6PO)-$L(#!<4T;ND9`50#D_Y%`&]5&YU.*V MN_LQBGDD\KS<1INR-V.G7/-8$.@WL2P/##Y-P3<"60..`P.S//TZ56.@WQC8 M1:;Y!^RK&W[U#YCAU)/7T!H0':U'-<10&,2N%,CA$SW8]JYR;3+Y3J&+!9[B M=V,=PSJ1L./EP3GI^%5DT"Z$*E[`R".Z618G>/)CV_,.,*.<<4(#L:K"]C.H MM8[7\U8A*3@;<9Q^=;@<`G?GTQ\O%3Z?:W>EW+W< M>D,@^SI$(UD#;WW#)XS@=\^U"!G544E+0`45SWB;3[R_EC$%N)8UC8`J4#*Y MZ?>[?3FJ;:/?->-(;:1A)!ME=I$W9V8^0YR.?7B@#K:*Y"UTK4[7R7%BAV"6 M,(K(K88`!FYQGCM3'\/WLEJ0UKF5+2-(_G7APV3CGT[T`=;-,(FB4QR/YC;< MHN0ON?05+7+'1;N*[(@M]MNMTLB@.,!=A!/7UJL=$O+33U:*,6[_`&-UG?S! M][.0#SZ4?U^`'957OKN.PLY;J4,4C&2%'-<[X8V27]Y+:6RPQB%$`#!EW\]Q MQ56/1-3\JZ'V0HTUN58!XPK/N!&,>V>3S0P1U5E?Q7K3B)7'DOL;23RO-Q&F[(W8Z=<\U2LK"[BM=4CQY4EP[&)MP[J`#QTYK$. M@WQC81:;Y!^RK&W[U#YCAU)/7T!HZAT.T=MB,^"<#.`,DU7GOHX-.:]DCE6- M4WE"N'`],'O6&=%N_P"T)T\L&R7S)H?F',C+C&,\8.:HW&AW[6VQ['[0YM8X MXSYJCR6'7J?Y4N@SLHW$D:N,X8`C-.KDH=&U-=1$CQC(DW>>N"2FW&PG?T[8 MVU"?#U_'90I;0>7*ULR3XD`W-N!`//I3$CJH;V.:]N+15<26X4L2!@[AD8JS M7&R:'=.MYY>FR0)(T311)+&1E0M6\L+Q]$L_)AC%]:E'6-"`N1P M1D^U`&[17'6_A_5(\P;@(TC:6.0N/]O!SS21Z%?M;F-[811M)#NB4JH M(!.YL[SSCZ9H`[*BN571;V'6%:.("%)E:.9<$K&!C9RX.,=L&K&HZ-<76H:A M<1IMD:%5MY-^/FP0W0^G'/K1T`W9YA#Y>8Y'WN$^1=V,]SZ#WJ6N2MM'U!3$ M?LPB0744AB7:JJ%!!8?.WM2V/AZ9%M%EM_+WQ31W3!P>OW<\\_A0!UE% MV:`.L@N(K@.87#A'*-CLPZBDNKA+2UEN)`Q2)"Y"]<"N4?0KV+S$@L8S&+EI M"I*E94/W1C> M!TP>*QH]#NX]!MHMLKRJZM/;-/\`*Z@G*CG:.U4]Q+8ZFBN4M]!N);NV^TVV MRS$TK^3Y@/E*0-HX/J.@J_J%A/)K:W)M?M4/E!8SO4>2^?O8)Y_"D!N45R$. MBZ@J;1;>5(()DFE\T'[2S`[>_KSSBFOX=N5AD\JT`D$$/EX<<2`C>>O7'>@# ML:*XNWL;JYOKB6SM0)8[]V-RS@#`_@(SGFD30]2^RW48M60S0H"N^,`N'!., M>V>3S0M0.P28-<20^7("@!WE<*<^A[U+7)W^@3"6Y2UM9#`1'Y01UP2-V/F/7].M:-W'/K&A2@V[6\[9:)&/(*GY2<@8SC]:.@&O4-UX^8$(ZEBHZ\CD5/HFC7<-X#?6Z!`A$A(#"9L MY!/S')SSG`H`Z=2&4$=",TM'M,O;.[ M+W$0A7R=C[<8D;/WB=Y)/7G`H`V[Z]CL8XWE5R))%C&T#J3@59KCH]"O?+DA M-GB%IXWS(Z>80"2V2#R.?K4QT:[C?;]C\ZR2ZD<6HD4!D(&TC)QP<\&@#JZ* MX\^']2,-O'_#.GE7/S@^6@?<.>^!Q2Q:%?S11&]@#NMQ$C#>/]2@(SU[YZ=: M`.M=UC1G=@JJ,DGL*JPZE!/>);1;F+P"=7`^4J3CZUGV>E2#1;ZQFA4*\DGD MHQ!`4_=^G-9:Z!/)%B33PA2Q,:@NO,V>O![]:M'0;B*Z,EK;B,K>*T;!A\L>WGOZ]NM`'5T5S6@ M:7?VE^)+F,1@1LLCK@^<2<@D[B2??`KI:`"BBB@`HHHH`B:8+<)#Y% MRHQZGM4M8/B#3KJ]N%:WBWJ+:6,G+##F9>3 MWZ]L^]`'54C,%4LQP`,DUQ]QHFI2)'*\"2O-YCS1D@['8\$?,HX&!G/%31Z' M=MJ`,UOYJ/#LEEG*GG9@;<$D<]CQ0!T\$T=Q"DT+AXW&58=Q4E<:GA^Y>V1' MT\(8[1T^^OS2]CP:?+H>H(DBV\"B-A`SQEP1*0#N!^89YQW&?6@#KZB-Q$+D M6^\><5WA.^W.,UR\.@W4AMUNK?=$BS?(2`(RV-J@;CQGWJQI^D7%OJ&GW,]F M'9;81RMN4E'!X)YYXXXS0!T$4PDEE3RY%\L@;F7`;CL>]+--';PO+,X2-!EF M/0"N=NM&N;G5)'DMP]N]XDARPY0)@\9]>U2KI$[^&;BQDA'F[G,*,P..25P> MU+H/J:\%_#/>2VT8;?$BN6(X(;IBK55((8A;KO7*L#\V,'` M_P#KU+0,$#S,>N/FXJ]J>EWD^C6,(CDN+B`<@E-N#M4#!3E@0.O/2-.O);2"XLK14(BF5Y&<8GSD`8SGCWH`[BD MKC8-`O6Q'):LL#3PNR%T'`#!SA>!U'O5A-%N_P"V5D:T"P"4J65DVF+;@`_Q M'WS^5`'36]Q%]<@-"OX[:&( M6*,D;2;U)5@Y/W7QN'0<2216<\D*;Y4C9D7!.Y@.!@5R_\`;WB+_H$_^2TG^-== M102TWU.1_M[Q%_T"?_):3_&M;4KFZ_L*&8[X'?RS.4!#1J<;L=QC]*V*BN;B M*T@::=PD:]2:`BFNIS-Q>6]MJ'FVM[*T1MPHF5Q* MQJ\EL63[FU&`Y+C&1G@@]/:MQ=8LS,49S$!'YA>9?+4#.,?-@YS[58^W6@;; M]J@R4WX\P?=]?I[T="NIC3W\UUH=LEN\[7-U)L#*5#X!)8@C"]!P>*6;5+F/ MPY!?*Q$L+A;A2`2<':P_/FM>6_M8K(WC3H;<#/F*=PZX[=>:D^TP>7'(945) M<;"QQNR,C%`(Y2WOM2NIX([FX=6BG$+%%"Y;:Y)Z>FWCI4,%U<0I;W,5VS2I M:)NW;6SF4`J>/?Z^]=3)JMC%Y>;J(B3[I5@1CGGCMP>?:HH-'>X!4-&9\HH$&9"I4\<<>O-6-&NY[K5()9[MV\ MRW@!]:W)KZSMY/+GNH(GQG:\@4X^AH^W6>Y5^U0;F7>H\P9* M^H]O>A`SG9]:FBCND>]D\U)2$>%8V3&&(&2..G(.3QQUJO\`VG=QK--$WEO< M2(7D&P`'R00,MP`373-JEBDB(;F([P3D,"``,Y)[<H.!D-G/4\]JRYKN>Y6SF-ZPNE>5F0*F M8"$?Y<8]N^:Z634+*)MLEY;H<[<-*HY].ON*>+NV-N;@7$1@'63>-OY]*&". M7FU^ZR/*N'WFW9G1D0*K>4&!'\77UX_*I)M4OX+J.(W9>3=$!$8U'FJRDD], M]>.*WY-2LT1F%Q$[+&9=B."S*!G(&:@SIMQ/%Y<2`%=IRF02/F!"GC!]>?6MFH1=6YM_M`GB\CKYF\;?SZ57A MU>QFGEA6XC#18.6=<,-N[(YY&.]`%ZBJZW]FXC*W<#"0X3$@.X^WK31J-B49 MQ>VY1,!F\U<+GIGF@"U12`@@$'(/0BEH`****`"BBB@!K;@IV@%L<`G`)J'? M=[3^X@W9&!YQQC_OGZ58HH`K[[O:?W$&[(P/..,?]\_2F7GF-I[^9)';/W;S M"%'/3=P1GI^-6ZCFF2"(R2$A1C.`3[=!0!SRZDW]H6[J[K$P2,1-.223WY/* M\_>ZD@#BKVGQ7!TN22:X*"6!2KM*S[#MY;)Z?0>E7DO[5PO[]%+9PKG:W'!X M//8T@U"U9D"3QNK@D.K@KP0,9SU^84`8YNF.Y1<-F/B!DE8K,^X9ZDY[#&3W MJ:TG=K6Y99Y'86H:0ER=DOS9'L?;MQ6M+6DY"INY))Z#C-`;&6M[=*%+W3!'9@6*K^[42!9W$$#J26P...M=";ZT67RFNH!)G;L,@SGTQ0U]:*2#OM1T!#=-F>>PAED?=(P^?C&&[C'L>/PJU58ZA9@9:ZA7@'#.`0#TX/2GR7, M,1/#YOS*N_R^1WSCM[T27UI%CS+J!,\#=(!GM_0T`6** MJ3ZC:6\BI+<1JQ;:N`.!R.M2O*B.B,<,^0HQUP,T`/HJJNHV9C\PW$:)D#+G9DD`]_8B MB"_MY[=YHY`5C!+@'++CU`SZ4`6J*J+J5F6.X_.DEU.UA M21GD`V-M`R,N<`_+SS]X4`7****`"BBB@`HHHH`CF1I(9$5RC,I`8=5..M97 M]CWG_07G_7_XJM=W6-&>1@J*,LS'``]353^U],_Z"-I_W_7_`!H$TF4_['O/ M^@O/^O\`\55F_L);G3HH4E!FA9'5WSAF7U^M/_M?3/\`H(VG_?\`7_&GW-R5 MMXWMF1C,RJCGE>>_'48_.@$DC-NK#5+BZ%TIM8I/+$94,6_BSP2O''?%5[;0 MKR&)8V%NR&`QS+YK8E]/X?EQZC\JTI]0EM6=)5B?8$_>;O+!+,0.#G`&.3G\ M*JSZQ<-''+!$B('VN6;.3L+8QCITYS0,>VF7EQI]I:W%PO[N3?*ZG+$#.T#* MX/;)([4R;2+I]`2Q$L?GPN##(2<8!XSQUQQ5P7=TUC-*L:>8DK*`H+?*&P3C MC)QGBHI=69;9VC"2,H(#C.UOW>_./3MC-&X%"S\.36LZ,)(BB3ADY.1&`W'3 MKEJ!H%X;>.-FMPT<"Q`AB@K0&KMYH1X40;RC%G(*XZ9&WJ>H'0^M+ M%JIGT^>X2-`T8!`#[P<@'J,<^HH7<"&^TB:YU/[2K1;-T)PQ.?D))[>XJG%H MFIQBT3S+5H[ZP+2Y:(1*X4@,?,PPR,DXQT`[U$VO M8WE8%(`8@>;R>"0<8Z$`<^]`&8%&7P_>SF=W:V#2^9P&8@%BF.=O^R:T/[+E_LV[MF6.1 MIIVD4>85`!;(Y`."/I3S>W*6D\D@19$N!&``7"@E1VP3UI)]5D@R3`)$4[6? M<4);9O\`ND'`Q[T=`*$VC:K<-'Y]Q;N$0C(X))C*G/RY/)ZYZ=J!X>G\TF4Q MS1[`-ADVC/EA"#\A...N?PJ_<:G<+<>7#%&PN+B. M(*8@!ACGYL`D?AG%&ZN!&VG7DFDP02RQR7$,JR#<258*V0"<<\=\55N=&OII MY+A&MHY7E\P`DL!^[VX^[SS_`)[5<359I"$%JGF.1Y8\W@CYN2=O'W#Z]:KP MZ\RVH:2)9#'$'D(D`;A5+';CC@G'KB@"*VT.Z29IKJ2)B?.8E3N8%PH!'R@9 MX/851M=)O;O<0@A\H1(,JR"3:K*?O)D'G^Z?ZUU=M*9[:*5DV%U#;O%3444`%%%%`!1110`A&00"1GN.U1>4_\`S\2_ MDO\`A4U%`$/E/_S\2_DO^%1WMN\]DT*-N=)N!=0SHT68FW!3G! M^5%QT_V3^E1Q:M-/<.Z2JD)1`BF(O\_\7`Y/7'M@T[^TKN58#F.'S?*9/W9; M<"5W!YMB0PE< MIR2^`,\CIC/OS3;+4;NZF@!2-8Y?FW&-AQC.T9/)'KT]JGAN9FU:2!GS&N[" MX'81D?\`H1_.CR`@_LRY==TC1>8P;=@G&24/I_LG]*2VTJ>*<.[(VU&0-NZ@ MYQQM&.OJ:8-3NDRS>6\:=05.XY+]\X_A':F+J-['<.F4FD;#@+&Q&`J_*`"< M9W=>E&^@;$R6-_!:?9X6@`W;B^_!/'(Y4CKW]/2G7.FW$EK:+$\:S6T>%8YQ MO&W';IP?SJ;2+V6^AE>7RP8Y#&-F><=^?7J/:M"@##CT66%E".K1@C(W8/#` M@_=/I[?6I&TJ8VPC#1YVH.I[(5]/4UL44!YF<+*9;$Q*8S)YPD&6(&`X;&<> MU4X--FEN[F8@(/,8*&S@`HV<9'(W.>:W:*`6AE1:?<)Y<9\DQI(9-VXY.5(Q MC'J>N:F-K/';V0B$;26Z@$,Q4'Y<=<'^57Z*`,QK*Y%K;PHL0>`*%F$A!&`, MG&/KQGT_">XMGNFMVDPGEEBP21AU!`P1@UH'.W%A MJ(N^.O6M2PLGMF)HH`Q3H\J)`(&C0Q$D`'&>"00>Q!'0U)10!6^PVY1E*N=V,DR,6X)(YSG@FF/I=I(P9T M=B/65CGC&3SR<<9ZUJNQ<[9&!R3DX(/'X5#_95ED?NCC;MQ MYC8QMV],XSCC/6KM%`%0Z=;&0NRR,20QW2N0<'(R,\@>E.6R@6V>W"OY3#!4 MR,<#T'/'X59HH`JG3[=BVY9#N7:V96.X>/6K=%`%&XTN"4LZ#;*QSN9G('()(`88/`Y&*2WTJWB@$;;G.S:YWL`_ M7J,\]3UR:OT4`5A86X@:$*^QGWG,C$EL@YSG/85#-I5O-*CG?P3O!=CO&TKS MSUYZ]>*OT4`4QIEJJX"-USDR,3G(.QCBM'@DPXD9G?`V@ECD]^*M MT4`56TZU90#&1@``J[`C&>A!S_$?SIJZ9:*H41L$PHV>8VTXQC(S@]!5RB@" M.&)((EBB&U$&%&O8#GOR:`-AYHDD6-Y45W^ZI8`M]!3!>6Q17%S"59MJG>,$^@]ZR[NUN+ MP,(XG42(B;WPI0HY))&<\]L5&]C=N)'%L5\V-H@FY?D)5!NZ]/E/3GI0!OT5 M#<_\>[?A_.J-`F[&I16710+F-2BLNB@.8U**RZ*`YC4HK+HH#F-2BLNB@.8U M**RZ*`YC4HK+HH#F-2BLNB@.8U**RZ*`YC4HK+HH#F-2BLNB@.8U**RZ*`YC M4HK+HH#F-2BLNB@.8U**RZ*`YC4HK+HH#F-2BLNB@.8U**R@P;."#@X.*6@. M8U**RZ*`YC4HK+HH#F-2BJME_'^%6J"D%%%%`!1110`4444`%%%%`!1110`4 M444`%%%%`$5S_J&_#^=4*OW/^H;\/YU0H)84444$A1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`8]U'* MNLK+#;B9F"KEXCA`,\A^U/N8)WU"PGD0[U9@X0ED48.#TK5HH%RF!JL-[-*C M/#N;9B/R26"MN').!CBG:7!/'K$\DD,BJV_+$$#KQS_%_2MVBA"<=;G.^3

L3*P1#O5F#B,ED48//2DTF,"^NI%MY;=&P%1D8!L?Q9/>M:B@?*6K+ M^/\`"K55;+^/\*M4&BV"BBB@84444`%%%%`!1110`4444`%%%%`!1110!%<_ MZAOP_G5"K]S_`*AOP_G5"@EA11102%%%%`!1110`4444`%%%%`!1110`4444 M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110` M4444`%%%%`%JR_C_``K,U34IK35O*$Q6,6_F*GR`,V3UWJ'G[AP`2>?F/K3H_$=_&,%8I@"1RI#'E\=#C^$= MJZVFN@D1D;.&&#@X_44$\K[G/)K-W-I$MZ&CS;SJ&\I>'3`R.<^OZ55N=>OK M>&.$RH9V16=O+`92<'Z'@XZ?C73VUK#:H4A4@,Q9B6+$D]R3R:FH#EE; M)KU@5$5ON'!)X"GYN#EAC[H[]_PK1L=5DNX;[SG2$P=&BVD*.?XB2I/'?&*V MJ*!\KON<\NJ7)T(SO)(D@W;9OW0#G)`7DX/X#G'%3V=]>&_*29G1K6.58XT" MD$\$_,1_.MJB@.5]SF[G4KN&&[$EZLJ7F-Z+_`-\BKMS_`*AOP_G5"@ECO,;T M7_OD4>8WHO\`WR*;102.\QO1?^^11YC>B_\`?(IM%`#O,;T7_OD4>8WHO_?( MIM%`#O,;T7_OD4>8WHO_`'R*;10`[S&]%_[Y%'F-Z+_WR*;10`[S&]%_[Y%' MF-Z+_P!\BFT4`.\QO1?^^11YC>B_]\BFT4`.\QO1?^^11YC>B_\`?(IM%`#O M,;T7_OD4>8WHO_?(IM%`#O,;T7_OD4>8WHO_`'R*;10`[S&]%_[Y%'F-Z+_W MR*;10`[S&]%_[Y%'F-Z+_P!\BFT4`.\QO1?^^11YC>B_]\BFTV21(HV>1@J* M,DD\"@"3S&]%_P"^12+-O&5*,/4*#7.76H3ZJSPV;>1:+Q).W&?\^G6HDTW3 M,`Q7EQ#(!]X__J_K03S]CJ?,;T7_`+Y%'F-Z+_WR*YM8+^,XL]7\X^CC_'-3 M"?7X1\]M#,/4$9_G_2@.;R-[S&]%_P"^11YC>B_]\BL`ZW>Q?\?&F2H!U8`D M?RI8_$ELQPY>(_[4>?Y&@?,NYO>8WHO_`'R*/,;T7_OD5GVNH0W;%;:XCE8# M)7:5./QJUYH'WU*^_4?G0.]]B;S&]%_[Y%'F-Z+_`-\BF`AAD$$>U+0,=YC> MB_\`?(H\QO1?^^141E3.`=Q]%YI,RMT4*/\`:Y-`$WF-Z+_WR*1IPGWB@_X" M*B\LG[[L?8<"G*BI]U0*`+=C)Y@_7J M:L7DTZVD5S#)^Z1"\I4KEAC/&01_*KWEIAQL7#_>X^]QCGUXJ+[#:DL6@C?< M^_YU!P<`<9Z<`4#(-\[S7:"5SM"-&(PH(SGCYN.W>I=/E>;3XI)&S(5^8^XX M-2R00RAA)%&X;&X,H.<=,T]$6-`B*%11@*!@`4`8B:K=K;B5O*==@'*D'=Y0 M?).<8SVQ2Q7]XEW);Y25A+\Q$;$8)`XY^4#D\FM<6T`7:(8\>FP>F/Y3C/&/[W'/4>Q%6=-EDFLD M>8YDRRMG&<@D?8?YS4$=C9*`8KJZMY)`&20 M![TSS0?N`O\`0(V\Z<^9,?7H*!:R*MGIS2JAF7RX%^Y$*TC:6Y7!@CQ_NBIJ M*"DBF^EVC]$*_P"ZQJ+^RRG^HNI4_P`_A6C10%D9WV?48_N72M_O#_ZU,D%^ M1B6V@F'N`:U**`L2I^\2_^ M\:>K!E#*05(R".]+0:```,`8%%%%`!116/J.M;)/LM@OGW)XR.56@3=CHK+^ M/\*9IZ;)? MSVS"5$2)PQ^3Y_P.:"KOENB6/44E>YCBAF=[=@K+M`+$^F2/UQ0-3A.FM?;) M?+7.5"Y;(.",#WILNGRE[UX+GRGN0H#;,[,#'KS38+&=+22T>6(0F'RT\M", M'G)()/J.]'0>MQ\NJV\7V,,'+79'E@`9&>YY]ZDLKZ.]$IB61?*D,9WKC)QG MI^-4Y=$#O;2"[D5X!&.%4@A/3(X_.KMI:_9I+E]^[SY?,QC&W@#'Z4Q+FZEF MBBBD6%%%%`!1110`5"UU;JNYIX@N[9DN,;O3ZU+6/<6,XCD$4`8,TH"`@8## M`/7_`.OS0!JO-$DBQO*BN_W5+`%OH*8+RV**XN82K-M4[Q@GT'O67=VMQ>!A M'$ZB1$3>^%*%'))(SGGMBHWL;MQ(XMBOFQM$$W+\A*H-W7I\IZ<]*`-JY_U# M?A_.J%-U8:E'97#PW5J`!E0T!!`SZ[B,_A7,KKVHK((IOLD3=FD1L'\03_A0 M1)I/4ZBBL/[?JL2K+<"U6W)YEB0R`>Y^8<>]7XVO)`"EW:G//_'NW_Q=`6+M M%5?+O_\`GYMO_`=O_BZ/+O\`_GYMO_`=O_BZ!%JBJOEW_P#S\VW_`(#M_P#% MT>7?_P#/S;?^`[?_`!=`%JBJOEW_`/S\VW_@.W_Q='EW_P#S\VW_`(#M_P#% MT`6J*J^7?_\`/S;?^`[?_%T>7?\`_/S;?^`[?_%T`6J*J^7?_P#/S;?^`[?_ M`!=,8WV=JW%LS>@MVX_\?H&7:C,F3B,;CZ]A58P7[X+W5O\`[OD-C_T.GB._ M`P+FV`_Z]V_^+H`FVR'[S@>RBCR4ZL"Q_P!HYK-O-0DLLB:_M=_]Q;=BWY;Z MSCJ^JW*GRO)AB/25HRIQ[`D_IF@ER2-Z]O;?3X/,F8*/X5'5OH*YVXFN-5D5 M[GF6J?\L]Q]6.: M7R[_`/Y^;;_P';_XNCR[_P#Y^;;_`,!V_P#BZ`LB=(HXQB-%7_=&*?57R[__ M`)^;;_P';_XNCR[_`/Y^;;_P';_XN@9:HJE(;R,?/=VHZ\?9VR?PWTTG4CGR MW@/7[T!4?^AT#+]%9,]Y/"2DNH6:OGA8X&=OR#5!NUB>,Q#KG@!\ M_I0%C=HK#*:W@[H;8_[K/ZY[L*#_`&MSNME/^Z/?/_/44!8W*R]9T\7,32*N M6`^8>H_QJ&*:[-RL3R_9I'!V"6`X?G)`_>$9JV&OU.V6>V0]CY#$'OUW_P`Z M!-7,WP_?M#)_9]PW_7)C_*NAKE]8TNX3%PLL1YR#'&5VG_OHT]-1UIXER+6, M8^^Q&3[XS_2@A.VC.EIDTT<$322N$1>I-566 M62XY_P"6D9_^*H'S=B[>:I/J6Z.V)@M;V'^?K3['3G>,+"ACB/WF/5 M_P`>_P!*LVVD7*;7DFM]P'"&$E5_)A5_R[__`)^;;_P';_XN@2CU9=TBW%M& MZJ>N,\=ZCU.0Q7UJWF$KG'E*Y4Y]?>DM(]1^?;=6HZ=;9C_[/4TUW+%?V=JT M<;F0$M(V5&0.=HYY]LT=36WNC5$IEU"/SY.`I4Y^[D$\>E-\T2Z5$K7?E2>6 MC,[,1U]3D=<>M327[I#=2?9R3!)LV[QR,`Y]NO2EO;G[(^8X%D6I?<2=KY.1[? M2F-K8"LQA0+@LA,G8.%);CY>N>]:%I,X!R/J#Z4>8K:D]%9B:U M$8P[PRJ-@8D8(SLW[1SG./:B/5OWCI+;RJPDVX`'RC(`W<]R>U!1IT54M;T7 MMJTUM&W!V@2_)DCKZ]#QTZ@U)9SFYMUE*A221@'(X)'![CB@">BBB@`HHHH` M****`(+U%DM71U#*<9!^MZ,&0^2`Z=?+;^AKI[G_4-^'\ZH4$229R$:7= MC(5MW&.\4O'X?3\J=::C<6!V3VS&U].NT]]I]/:NIEMXIA^]C5OM:4=RC@'*X/1E.16'=:'Y4;.L:3*. M2%4AOTK.B-Q9$3V3YC?DH>5;_/YT!S-;H[.BLC3-7AN\(I\J;O"YZ_[I_I6J MD@8XZ,.H/6@M.^PZBBFF1%ZNH_&@!U(S!1EC@4PS`\1@N?;I0L?.Z0[F[>@H M&)\\OJB?J?\`"I%4*,*,"EHH$%<[K&JO//\`8K)RJ@_O)%Z_05+KNJLI-C9M MF5N)''\(]/K2:-IWD()/*+OU&[@9]3_2@AN[LB&ST=R0R0[/^FDO)_+_`.M6 MM#I<*'=*3,_JW2K.)SGYT4>RY[_X4>23]Z60_CCOGM04HI$@VHH`PH'`[4S[ M1%D`.#G^[SWQV]Z!!$#G8"?4\]\_SJ*:^M+8[9)XT;^YGG\AS0,D$Q8C;%(< MXY(QW]Z!,5QYL;)TYZC]*K?VA))_QZV4\O\`M./+7_Q[G]*/MUQ#_P`?=FZK M_?A/F`?4=?TH&75974,I!!Z$&EJK"UK=*9+:52>[1MR., M3V_&@9:$V_'E(S`XY/`J&XF2!-]W-0NOO%+.,]EP\A_ M'H/UJ:WL+>W?S%0O*>LLAW,?Q-`%9);B;_CRM!$IZS7`P3[A>I_'%2?V;YO- MYHH`B@MX;9=L$21KZ*H%2T44""BBB@"*ZMHKN$Q3+E3R M"."#V(/8U5AG:"46=\=Q?B*4CB0>A]&_G5^HKFWBNH6BF76]LQ<77ELK[DAX^U1&SNMLK>0\GFB50'9-WS!<%L'&/E/3MB M@9:%A:37$I6Y+3J1G84W1X.1P![#KGI5VW@6V@$2EB`226QDDG)/YFJ6GVL\ M,Z"2/:(DD7?D'S-S@@CG/;OZUI'H:'L!GII5J]NJK([1D`A@PY^38#G'IS]: M9'IEO),TJSRO,CG<[*A.>#CE>/PJD-*N!!D0`3%0I;<,E?)VXSZ;O\:%TV?[ M3O%GY.2#COU^I-6 M+5$CMHUB?S(PHVMQR.W3BJ6C6`#[W^TOHW\ZTZ*`.'^/\ZBM M=7GM&$.H*TL0.!*/O+_C6O/#)8S-=6BEXG.9H!W_`-I??U'>I)[2UU*`2*5( M<9#KW^M!+C;6)+`;:YC$D3+(I[YS4P15Z*!]!7)M']`U*^C+M%1%I^0(TSSAMW%!B+9,DK$>@^4=0#&>2H/\C3+_6XX2;;345Y.A<#Y5^GK_*J. MG09N7D>-KNY)R5'0'_:;H/Y^U!#=]$7M%TD(OVFY^8M\WS=_<^U:#:B9G*6$ M7V@@X+YVQK_P+O\`AFD%A)U7E544*JA5`P`!@"@M M))%/;J;]7M(OHK/_`%%'V2\;_6:BX'_3.)5_GFKM%`RE_9D;_P"OGN9AZ/*0 M/R&!4\%K;VPQ!!''_NJ!4U%`@HHHH`K7%A;7#[WCVR]I$.UA^(YJ+R=0@XAN M([A.PG&&'_`EZ_E5ZB@91^P27'-]4?R)^G)_$U;AAB@C"0QK&@[*," MGT4""BBB@`HHHH`****`"BBB@`HHHH`CN(([F%H9E#(PY!JJFE6P*M/YERR] M#.V_'X=/TJ]10`@``````["EHHH`****`+5E_'^%6JJV7\?X5:H+6P4444#" MBBB@`HHHH`****`"BBB@`HHHH`****`(KC'DMDD#CI]:I8C_`+S?]\__`%ZN MW/\`J&_#^=4*"6.Q'_>;_OG_`.O1B/\`O-_WS_\`7IM%!([$?]YO^^?_`*]& M(_[S?]\__7IM%`#L1_WF_P"^?_KUG30M8SFXM0\D$AS-`J\@_P!Y1GKZCO5^ MB@91EOM*N4\J>A`KJ64,,,`0>Q%5 M9-+L9#N-M&K>J#:?S%!+29%;:WI\UD;B28Q%?O(1R#Z#GFL:YO;S6I3#:JT= MMZ=V'O\`YQ5Z7PY`]X)%;$74K6O!;Q6\82)`H_G03:3T9EV7A^WC0?:)']T0 M<'ZG.3^E;$4-O#&(XAL0=%5`!_.BB@M*P[$?]YO^^?\`Z]&(_P"\W_?/_P!> MFT4`.Q'_`'F_[Y_^O1B/^\W_`'S_`/7IM%`#L1_WF_[Y_P#KT8C_`+S?]\__ M`%Z;10`[$?\`>;_OG_Z]&(_[S?\`?/\`]>FT4`.Q'_>;_OG_`.O1B/\`O-_W MS_\`7IM%`#L1_P!YO^^?_KT8C_O-_P!\_P#UZ;10`[$?]YO^^?\`Z]&(_P"\ MW_?/_P!>FT4`.Q'_`'F_[Y_^O1B/^\W_`'S_`/7IM%`#L1_WF_[Y_P#KT8C_ M`+S?]\__`%Z;10`[$?\`>;_OG_Z]&(_[S?\`?/\`]>FT4`.Q'_>;_OG_`.O1 MB/\`O-_WS_\`7IM%`#L1_P!YO^^?_KT8C_O-_P!\_P#UZ;10`[$?]YO^^?\` MZ]&(_P"\W_?/_P!>FT4`.Q'_`'F_[Y_^O1B/^\W_`'S_`/7IM%`%NTV_/M)/ M3J,59JK9?Q_A5J@M;!1110,****`"BBB@`HHHH`****`"BBB@`HHHH`BN?\` M4-^'\ZH5?N?]0WX?SJA02PHHHH)"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@"U9?Q_A5JJME_'^%6J"UL%%%%`PHHHH`****`"BBB@`HHHH`**** M`"BBLK68GD*;8GD_=N$VJ3MD.-I]N_/:@#0N?]0WX?SJA6A,K/"5`R3BJGV> M7^Y^HH)9%14OV>7^Y^HH^SR_W/U%`K$5%2_9Y?[GZBC[/+_<_44!8BHJ7[/+ M_<_44?9Y?[GZB@+$5%2_9Y?[GZBC[/+_`'/U%`6(J*E^SR_W/U%'V>7^Y^HH M"Q%14OV>7^Y^HH^SR_W/U%`6(J*E^SR_W/U%'V>7^Y^HH"Q%14OV>7^Y^HH^ MSR_W/U%`6(J*E^SR_P!S]11]GE_N?J*`L145+]GE_N?J*/L\O]S]10%B*BI? ML\O]S]11]GE_N?J*`L145+]GE_N?J*/L\O\`<_44!8BHJ7[/+_<_44?9Y?[G MZB@+$5%2_9Y?[GZBC[/+_<_44!8BHJ7[/+_<_44?9Y?[GZB@+$5%2_9Y?[GZ MBC[/+_<_44!8BHJ7[/+_`'/U%'V>7^Y^HH"Q%14OV>7^Y^HH^SR_W/U%`6(J M*E^SR_W/U%'V>7^Y^HH"Q%14OV>7^Y^HH^SR_P!S]10%B6R_C_"K55[6-X]V M\8SBK%!2V"BBB@84444`%%%%`!1110`4444`%%%%`!1110!5U'[3]D/V/=YN MY?N[<[M49=1,MO:+;331F9L-*\0R!M8]2-N7UU:ZO&K>;]G=PH58]P9=I).0, M[@1T]*JWVJ7:2N89F4/*8DC*`$<*01D9R'S_/\F/SL8\S:-V/3 M-->TMI'=Y+>)V<;69D!+#T/J*`(M*FDN-/CDF;=)E@V0`002,''&>.W%7*9' M&D48CB141>`JC`'X4^@`JCJ\DT.GRS0/*KQJ6_=A3V[[NWTYJ]44]O!<`">& M.4*<@.H;!_&@#)U+49D"_9Y&C*0O*Q,>`Y7;@#<.0OZ MUT!`8$$`@\$&HTMH(X3"D$:Q'.45`%.>O%`&%_:%^EQ&&>1XA.(0P1<2?O"I MW''!`QTQWKHJ@6SM4:-EMH5:,80A`"H]O2IZ.@=0HHHH`S9KJ6WU=4=YC`\; M-MV!AD;?N[1N[\YJO-=W8NYX/M&U6GC1&"`&-64GOGGCOZUJK;P),TR0QK*_ MWG"@,?J:)+:"4.)(8W$F-X90=V.F?6@"+39WN=.MYI<%W0$D#J?6K5(JA5"J M`%`P`.@I:`"LG7KJ[M(UEMRXC56+%$#9;C:#D<`\\UK5%+;PS,C2PQR%#E2R M@[3[>E`%"[O9EN;5H681LSJ\;1%2Q"$CD]N.U+HUS/.'$\OFX2-PV`,;ER1Q M_GFM%D1F5F12R'*DCD=N*;#!#`I6&)(P3DA%`R?7B@"2BBB@!DH)B8*65L'! M7&1],\?G6.+^Y;1KIA+(MS$)"'>+.`I/!(&W=Q6S)&DJ,DB*Z,,%6&0:8MO" MD'D+#&L."/+"@+@]L4#*B33_`-JPQM*#"]L7V;1]X%><_C6A3/+3>'V+N`VA ML<@>GZ4^@04444`8MO?W,>K/!="8HPHF?+'W"5^7_Q[KS6M';PQ2/)'#&COR[*H!;ZGO2F"(A@8D(9@S#:.2,8) M]^!^5"!DE%%%`%'5Y)H=/EF@>57C4M^["GMWW=OIS45S=RG[&T,A56G6.4&( MC?D=B>WN*O3V\%P`)X8Y0IR`ZAL'\:>T:/MWHK;3D9&<'UH`IZ?)+)<70,S3 M0HX5&8`?-_$!@#('`_.KU106T%ON\B".+=RVQ`N?KBI:`"BBB@`HHHH`**** +`"BBB@`HHHH`_]D_ ` end GRAPHIC 28 rainiergrowthx1x1.jpg GRAPHIC begin 644 rainiergrowthx1x1.jpg M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP. M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=? M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@# M8@)*`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D* M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H MJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(! M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P M%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P# M`0`"$0,1`#\`9_:-]_S^W'_?UO\`&C^T;[_G]N/^_K?XU6HH..[+/]HWW_/[ M9,2C:#@LQP M,^F:2QM)+Z[2"/JQY/H.YJ]J>HQA!96"[+>(%-_=_4_C^M`)+=F3116MIJK! M:+=E5P'8R.0"0!C"C/V,?C43VR7-R+ M+3D\P*?FF;JWJ<]EK:E6=-+=3M&HW2%SM0!BN1D<=\&J.H;='TY;&(C[3.-T M[CL/3_/]:#1Q2,BZ2&*3RX9#)MX9^S'V]JAHHH,@HHHH`*FM;2:[YIMO!)F1?V?8@;T/[V;N6]OI^E!275F--$T$SQ/C MU`TNK+6DZ,LUWBYE3$ M7S21K\V!Z,>@K1O&M;H07#6RS2W#%8]S$*D:GECZ>OXU7NU&BZ`ML,"YNOO^ MP[_X?G6#]JG$'D"9_*_N;N*#2ZCH=580VUM$D,,!W7A;[S'<(O4GMQV]ZJG3 M=/0WD\D)\H<*H)RI/0#W/7GID5A?;[OSQ-]HD\T+M#;N<>E-:[N&0(TSE5;> M`6_B]?K0'.NQJ:AI<8ECCMXQ$(D!N7+EE0GGD^N/2K>CQ).K!H0NG0$2"208 M+./XO_K>E8C:E>M*)#=2[UZ'=17:;)[AW7^[T'Z4"YHIW.DMIHI+RXUF M2<&W1/+0;2"/S_SS3)-/@FO%,D9FDF'FSRR9`C3L``>O;OTKF3!0/G74VA8:?#;W5U/;-L'RI&&.5)Z#Z]SZ9]C M3IM&M'N5Q&T4-O%ON-I)R<9VC/?U_"N?:ZN&B6,S.41MRC/0^OUI_P#:-YYW MG?:9?,QMW;CG'I0+FCV-86=N;=KV>R\L*=L=NC'+DGY<^G]:>]C8102730%Y M$*Q>0K'89<`D#OW_`$-9EO-,@8_VD(C+R_+DGZX'7\:DA:*!'CCU:1%;DA(V MP?UH'==CP MSR>_)]:ACDA5X'&L-F#_`%8:%L+[<5=O+220/=Z3=1K;S\.F_8-W?&:!Z-6. M;HJ6>WFMI-D\;(W7!'6HJ#$****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHI58HP88R#D9`(_(T M`)15G[?-_A8NG^PV:V,?$D@#W##KZ MA?P_G5KP_8IDZC=X6W@Y4M_$W_UOYU5DGT^:Z>YF%P[.VXQ#`&3VW9SC\*6Y MUNYG`C1(8X%P%B\M6`_,4%W2=V0ZI?-J%Z\YX7H@]%JG5G[?-_5"KL#D`$[`"P'3)QD]!0MW,CQLK`&-=B_*.!Z=.>IH'=7'&./^S!+L M'F>=MW9/3&:K@X()&?8U-%=S1)L0KMW;L%%//KR*AR=V[OG-`F:&I16\#NL2 M0@I+C:"^[&.^3_*DG@A2\O8Q&`L:G8,G@Y`]?>J4TSSRM)(07;J<`9_*I);R M>5"KL#D`$[`"P'3)QD]!0.Z+<5K#-#;,B9FV[Y(\G$B[B"1[C'^<5'"D(2\= MH%?RL%`6;`^;&.#[U66XE4Q%7VF'[A``(YS_`#HCN98_,VE?WGW@5!SSGN*` MNBR\%LMW`2=D,T>_#$D*>0`2.<9'Y5!>Q&*X*E$0$`@(VY2,=0?2D%U+YQE+ M!G(Q\R@C'I@\4V>>2XD\R5MS8`Z8`'H`.E`FT1T444""BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`**T=)8>7>!HXGV0-(I>-6(8$>HJM':%XTDDECA5SA#)GYOR!_.@=BO16O8 M07$+:A9R';BW)VEOESE>?3IWJG+8-%"DWGPO$S["Z$D*<9YXS^5`83F'SK./YXK/!P01CCU&:`::W$HK7U"UN)XK-K>S+*T"LS0P M`9;)SD@?2DOH91I]C&ULL<\K."/)",V"-O;/>@?*9-%6Y-/>.)Y/.A81N$D" MDDH3Z\<].V:E&D2F2-/M%N&E4-&"YR^>F./YXH%RLSZ*GCM78.SE8DC.UF?H M#Z<=33VL9%D*[XR@02&0'Y0IZ'U_#&:`LRK15I["8")HBLZ3':C1YP3Z*XC8Q,`WELQZ#/X4!9E6BM;4K=KK5YAYJ)B-&9I,X^XOH#64P` M8@$,`>HZ&@&K"4444""BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@` MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@#0TG[E^?^G5OY MK2W`2]M+1HI8U>*/RG1W"XP2U027K-$\<<44*R8W^6"-V/J3CZ#%5: M"KZ6-M9XYY;H++&%6S$"L[A=Y&WU^AJK&F[17C$D0?[0&VF50VT9*JE6#?+E3G;GI_2LVB@.8V+&ZBL4@@F=3 MF8NY0A@@*E>H^N>/2J-Q9>3G%S;R`G"[)`=W^'XU5HH%?2QOWDT$]P]K*\`A MF5-DR,#M<*!\Q!Z=JPI$,;E"5)'=6!'YBFT4`W<****!!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%7XM+9[6*X>ZMH4ESM$C$$X.#VJA6 MT]C<7NC::(%5MOF9RX7JWN:"HJYGWEA+9A&=DDCD^[)&VY3^-5:U=1466G1: M>[;YQ(97QT3C``_G5>*XL8XD5[$S/CYV:4KS[`4`TKE6%!+,D9=4#,%+-T7/ MW"$\ODXX^E:5JEAJ,CVT5J8)"I,3^ M86)(&<$'BJMI;Q2:9?S.N9(O+V')XRV#0'*4J*TDAM;*RAGNH3/+/DI'N*A5 M'?6L:@&K.Q:M=/GND:1=L<2\-+(VU1^-2/IA$;NEY:2;%+%4DY./0$:@BTF^FB66.V=D89!&.105;I8I45IZ5:VL]G> MRW0;$(5@5/(Y.0/KC%$$-I>2RW'DFWM+=`70.6+'/`R?6@7*9E%:MLNGZA-] MF2U-M(_$<@D+#/H0:BDM(_['\Y8RL\,QCE.>H[?X4!RF?16Q8Z?;S:6YD3-U M*KO"03T7'X<\U5TZWB>"[N)U#)#%\H)(^<\+TH#E95\B3[/]HV_NM^S=_M8S MBI?LG_$L^V;_`/EMY6S'^SG.:U/M-I_8(?[`OE_:<>7YK==O7.:+IWD*K;1)G M+JO5ON*!IFI>G[=H]O>=98#Y,I[D?PG_/K5BY%Q921P:;:*4**5G$0=I"1R)P\3LCCHRG!%"R. MJ,BNP1\;E!X;'3-`D[&[+-*^FVI1B/Y42SRSMNFE>0CN[$_P`Z`*G.*SED=49%=@CXW*#PV.F:0$J002 M".01VH"^QI:58S+J$!W#^M9 MTMU<3)LEN)9%]&#-.TG']P<+6,S,[%F8LS')).233I9I9F#2R/(0,`LQ.!Z4!S;F MC'&\WAPK$C.RW>2%&2!LII!'AK!&"+P_^@51AN)H,^3-)'GKL8C/Y4AED,?E MF1BF[=MSQGUQZT!N*;0%];FIIF MG7*ZM")8GC6*0,S,,`8/K[U-;_\`(1UG_KC-_P"A"LQKRZ<*&N9F"D%07/!' MI48FE#.PD<-("'(8Y8'KGUH'=+8O^'O^0U!]'_\`033K-#=Z+/:Q?--'*)E0 M=6&,'%9L73.KM69K:_;>"5@#)E1\I\U!G\B1^-8B9,@^M;=@I%IJ`&#_HZ_P#HV.JN[BY5 MV*\4]P%S(^[\!3&NKH@E6Q^`I06+[0!BG!&+CC/M4\S#E78@:YO5ZN1_P$4^ M.[NMH+MGG^Z*L2QO(P+#`':G2&-$VA>:3FPY5V&B2Y+#G@]\"JTNH2HS(2:]@CB6*+RX_EP,#CI35[EQDSZ/IT08FUP`.OF-_+-5(;+ M3)6*)`K,!D?O6R?UK6GTZ.=?F+!L@EQP>*P=0T^VL+DW<#-YX/W.?S_^M4ML MN,(OH,U/2?+M?.@3RSG[N[/'XUFZ8GF7")/&9%PVXD%?IT-2_P!H,1(9TVN1 MP_KSWJ"&Z7S,H&0]P>A^E+F8_9Q[$EY]CV?NY&@8'^Z6_G5!9@LN9)5V'@<= MZ;*Q>=DD`WY_O4R2T>3&4D/UZ4TV')'L:RPI)PL>"1Z]*K7,?E$`NZ8Z_+P? MTJE"+VV&Q%RF>!DDBIFU*_C4JT3E?3K2N^X^2/86.8*X4DR@]S\N*EF1]OR! MNO51FJGVU+D;)8@K9Z&FM)%&?]:Y`Z#;C'XT78PYII%')Y!QTJ%KJ7:&5 M\XZK@5(URDBX$>3_`'FZU61AO*8+#IQWK&EC8L=Q_.K&GDQ2LIQLD4H?QZ?K5-D^SCV-2_F2.6*2W/ M[IU^[Z'_`":LVC02(?,7.>C`GBL6;YD4'<,8Z?Y]ZNVHPC#?G(S@C!]Z5Q^S MCV+26TC2D>9\H8#E?\*<#"9V1<-^8_&B*;#A[$'TIIW M)<(]@DM$%J)=X`'!/K6;<2XYB/X5H7\$US9MY:MD8P!TQ6*F^$X^]4MDN*[$ M=Q?2AAY;X]>`:B^WW`ZR?^.BE8(68L,&H8-C3X(RM*^@N5=C2TVY,Y83'./: MM"5H_*!C7#?6J=M$(\N@`6H;J]5C#E7866]:"7#KE:HRZC=&0F M-]J]AM!I+J4SG?\`/7_QT?X4Y=0NS_RU_P#'1_A3 M]/TJZU"15AC;8QQO(X%==#X'MTB)EE=FQ_GO57[!RKL/\`='^%1288#'6HV7;P>#33 M#E78NOJ%P,;9?_'1_A2?VA=8XE_\='^%45SFI#D"@.5=BU%J%R?O2_\`CH_P MI6OKO/$O'^Z/\*I+D'-#2,>!1J'*NQ=^WW/_`#U_\='^%#7UT!GSO_'1_A5) M0S=.M)\PZFC4.5=BXNH71/,O_CH_PIDFI7BM@3;_P`='^%+)J-VH!$W_CH_PJFH^?FII4^3/:F'*NQ(NIWA/,W_`(Z/\*L? M;KDKGS.?]T5G1#+8JPW`Q2;#E78LB^NC_P`M?_'1_A0M_%3Y>13OH'*NQ?,T MVPGS/T%5A?7!!/F?^.BHG=@",U&I^4TKL.5=BTUYQ9DO)D)^?\`04S[?/\`\]/T%12G=DFH=IJ;ARKL;!E5 ML(IR34#V\BC)/`IEFK%P,3L7A?YU(DI?"D5+0&B9XY(^&VM M55CNW.6X6IX;948'BH-0BWHS(0`O:I5KV`@VK*?EI#$4["H(69.AQFIUWEN# MFKV$0P8\X[N!2NJ^;D'-6(8PS[B,^M7/W*;1Y8^N*'(9<\&+!)KR;U8N%8IQ MQG!KT1CE#G@UR?A)K=;N4(L:NR]TYQSW_I76.X1"Q.>/2KCL,J27,48VRG;U M]>:Q=2:\,A,#ND9Y!1AG\C5C4M9A165HU<=QT-MPVVWH,4Y82?O*#^%%Q\IC"%G'/\`*FM:D=.:W5M@ M3P*?]EZ\"A,+(YT6[9)*\=ZD%N5'R@X/(-;ZVX'!'Z4"U`.5X]JJY-D8@@(' MS"K"0%D;RUP3QGK6PMJ&/0?E6C;V2J/NC\JI*Y+LCD6B,,@W,V3QQ5E9+B52 MN`P[*,?3FMG7=+$EBS(H#CH37,V4):R?S"24;/7J*JUC-LUH&=+6.,U#OL`MSS;[4XS6"T+!CD9Q6X(1<*2'Q^-36 M[+;I@(KGW%$7;03.98L">M-!]1707UU;[@'C4$CTK$RGVANFWM6J=Q'I7AJ> MVET>$P`#8H4_6IGUR$3^43GU->:&\GA3RH9W2+.<*<9J]8RI\Q5R6QSDT2DT MM`.]U>TCU/39$0+N8<$]J\RGA:"9X7X9#@UH_P!NW(C,0E=<="#5!IE=BTA) M8]2:&P(Q%NJ6TL_.N`A;`)I&"E00>M6M/3YLGUJ6]`*U_;?9+@Q@Y`J`N&7I M6E=11RR,3R:KM;HL?/6A2TU&4T;:P('0TMQF5]P%31P8^8]*BDD"N=M4GKH( MC4$<&I_*K<,SQJ57FF-G& M<5";3&1P1!SS27(`7'I2J><]ZCN,D`FJ6XB-5SS5AU_T:M(<0@56ERH`JRBDP@]ZKH(C=<@FHT%3`$@T*-HI#&./W8J:V3C)]*8 M!O3%68AA3D=!5H"J1DT_RQ2QX+<58,N]`.]9^[*[P1GTJ M9B9%&#@T-#)MZ!<-59BI?Y:3##"GK2LH1"W>BU@")/O*HS5RTL'2RU$YSNMP M/_(L9_I5>WDV)G!R:T;:E5',C+@D\]:N&%';Y6-*UN8\-CCN::= M@L9XC(J>&41C#"DE&9/E/%/6/S%`7MU-,"S$P#84<'K2O@YSVJ,,BQ$?QBFS MW`*JJCYJFP&EX?NHUU:)9<8SU]#CBO0;XR);,\*[F`/!KSGPP4&OP"0[<[N_ M?!KTB]D$5NV64;N!N.!6BV92//-8O99[ALQ`-T;<8#[&)9)3O^Z*T52WV2&(_,!67 M!#/(Y6%&)/H*LV<3P731S*RDCG-#B]P*>UR<[2?PI""#@Y&*N27FUBB*..*K M/)O))'---@-5]K`U,MRZG"\"JY%.!H:0$\,S>:"W)-6;A&.&Z"JD<9;!!JZ' MPN'/:H>^@RO,Y6'`K/'+"KLA#!A5,=:N.P&\-4N8((X89'(`]:)I9KJWP6.6 M/.:H6-R(VVNN1ZUIW+A;<%!C-9O1V"QES6CQ9Y!%0IG?BK+E\9W9S413!R1U MJDQ#V^6D:3Y:#EAS4;=:!@@R:+I=J#FGH0!4]:L=P;=U9.M9\"?O#4TC&HFK@77D^T2>9)R2*A>$9R>*9:M ME\XW'%/N'.3QBLK:@4KP*9`%J900@%0JA:3)J8L5;&,UIT`:O4YJ&5^<58^\ MF0*K.N7H`GMB"#5E3\IX[56A&.E654^6U6M@*+'!XJ02<5&4)?%2^6?2LQ#+ M="4!:G>6V\;"<5%&[%@!R*NPC#;>M#8QCEA*I'>GS*&`SUJQ(N5R`"5JLM]' MO`=.>](!V]@=@3(JU:2$6^H<8Q;C_P!&QU6E8#]XAS4T*B2RU%QQFW'_`*-C MH2`2*;H/6DN%)0G-583M`';UJ4MYB8!J;#(02K`KP:LK<-Y+JV""*K&5D.-N M:<"&BR>*=@*ZKF3DX&:L)%(]P%C&5[U&KH3@CCUJ>"Z2&08/RTQ#+R)82IZ5;O(1W^) MKT;4I(=1TR.8.J='4L#7!^&K.*[UV"*<`I\S$$9Z"N\N;N*ZL1&(P!G#*3G% M.Z6A<8MZG'RW)>=\[2%;:&5,8^IJ&>5E&/D/&=QZUI:KIS02#RF"1,`RODUF MSVYVYX`^W@G@M_.M&#!3=[\"I9< M36@;*U,DAJE;N<595O:H-;$K.:C>0T[J*:5S0"$60]*7=3=AS1@BD,4O2,_% M1G.:,&@8\/2[ZBP<\4Y03UIB+4+<\U:1O>JD"G-7D7CI6L3*1-&1@UR>JA3J M;*W(8C(]:ZR,*QS*0,)FM#46C,P+L M>F,54,D:J"B'(/I66D\*N3MQ3[%PN[=R`:AW$ MG<;(Y05(&#FK4[(1J6OE6T04*!Z'%/O1:R0\;3(P MZ]ZH2,S#8?X>]-@0+*KR'(]*:JNU@,9M-F:\,4*&1B<\58O=!NK&)9)U`!]# MG%=SIXL86,D.-Q'/6K5PL&J6CI(/EY'-6KM`>7K:AE)SR*K,NUL5T%WI;I=2 M0PY8`\8JD=(N#.$VG<3TI*7<"O%$IBR3S]:A9NV>*WX_"]^S!-H`]P[UNS>!(/LZ^3*PESR2/_KUGZ"'TN=V MZ@UTKZZI@RB$L134X]1G-ZAX7BT]5WRD[CWK.O2(F6$ZAJ`:=CY8 M;Y5':I76)KC$BG@8S2NK@9F?F"]*2\.$`%2O`QN'V#Y0>*BFAFV_,II75P+. ME&`*S38Z=ZUK+2K"7$I(8'MG(K$LXMH(<<&GP^*RJ1]*ESPTD[CE*+V,F M%3@5?0?NZDCT^5(PSQL`>Y%3B$<`UT]7DMR#3A;#-3<14C3CI0%9'P5SFKH10,`5HV2 MQ.HR@S]*F=3E5[%1C=F&\$J\LA`-0M`WIUKK;E8''EL!FJ4=DOG`MC:*SCB; MQU1%L!5&:K/I[#[O.:N-=2784J;1E+;X.[O3]O MM5V6WDC&2AP*@XJD[D--#8;((>5&":CO8OLWSC@4V.[D:506XSS6BQBF4A\/ MZ4=0.>$[LQY(S2"+(W&K-U;^7.H]!_HP_\`1L=,97\Y0FT#GM4(?U;%6E7$`;`) MJ(*1\^W(]*D!2=PR#SZ4W_9.>:DG9512(P#ZBH6.\Y!.:!CQ"$SGIVIBHOF# M=]TU)`%9BTIX`Z5$`'?"\Y/%`B_(%2V9H6Z"J$5Y*JE$;@^M22Q201D`Y5N, M4Z%5"X=`#]*2T07+NB*8-0@D#$-O`)'<&NC>-E5QVZ5RUKE1/:YU89W?*4"+B5#;F4>5U"G`_6LN["C]R[+D''^36JX M)C&]0P/J*R[F(J^V/@8S@C.*J$[Z%5:?*[HH!EB.%&`/?O5J'_P!:UK"/*!L54B(%JW3`%6T2F(N*FC7FI13'J@IP5:7`%-+JO>J$!2F, MHIC7(SC-1M/FE=%),>4%-*TPSC')IIN`3Q2&2<9IZXJKYHW5/:I8+0R_*),`]JRDE?4S'AS+.43A?2K,,7EC`_&G);+$P`ZBG2)Y2ENYJ M&V(T8[F&.U"`#)JJ\HQP*K0W``(*#)[T>82^`.*)RYK*U@'\GI5JTLI+J4#. M%[FJP#;21TI#=20C"R,/;-0EJ,UY-+C2V=@V64UEDH82A7YO6H?MTP4IN;#> M].0_+S3:UT$6K27R@6Z\5?CU-19&/;ACGI63@*AQ35I#37N0%SWIL5SN38:AWL`Z-$5 MBP`I\C1R+M*"FD$#/8T*GM4VOJ--HB%NAZ"A84!P!5@87@5&`=Q/;-.Y(PP* M#D"G+&H=]',!NWDEJVG;>#\O%S32S ML>:J+EU$[=!GD@4+NB.5.!4@&>]-<;VV`TWJM06^@TRY?<14@F#GKBC[.L2\ MFB6)%AW`\FLO=9M:2%\QE8;?F)J0R2*-Q&*@LH6+[PW3L:OB56;RY0M1.R=K M7&KM%5IS(""!BHO)C]/TJY+9INW`X%,\@^M.,X]"7&74YM47&2<5:CFAC0$5 M0N$8;3DXI48%,#M7=:YB79H9ID,V/E7D"LV]E2=U,0QZBKT6HSHA3:&3&*J& M`,21QGFFM!D(+J=HZUH6\9>QU%0,-]F7G_MK'6?$`)RLK8]#6[IT2"VO3N!S M`/\`T8E5<1A@R(FW)]JGB63HQXJX]HK#)/RBHKC:F-G&*FX#)8QL&E;]C& M%B'':N?,12[+$'`<@?2NHMD^0?2MFS+^%*XQKW[#M^M.74?EYZ^U5) M[J%!]]2?SJ!;DN<`K^5.P)^9J"[+\8-2(Y)X-4("6;##!K0MDW'O4LM,&*5W9MV!WJDA-CW)E8;I>/058A@4G(DQ^-9QLY6^[ M.P]@*O6-I*#AG)!_O"J(U[&Q;VJ-$PC8-)Q5S7-L*6P*@X1@:+&&&%\[QD]> M>M)XGVFVMSD=3CFK6QE,Y9HD\[*#@G(JU#B$Y'4BFH`6SQD4CD@DA23VQ63U MT,BS;R$[V<\]J60D\GI4!<0[-P.XC)JW!Y=TP4G;6;T`CB\O'-+D')`P*6ZC MBB;RP>1[U&A9OE7D4+740YIO+7!/!J,LCKN([]:BN5+9`ZCM3[5/-A=,?=YJ MK`B.XG`(`XXJ2&X+@9JM*H+`$<@8J>.(*!18"QYP!P#FA@>O:J^PAC@U,KGR MP"*0$Z[2N*0$CKTS38_GZ=13LY7#``T)7$/69O,P!5NR=#=CS>!5(.HZ,,CK M2N:G9@=9*+20*CD'/KBL'4K>.VN2$(VFJZ23RX*ECMK4M]+N+S#RET[A MF&/YUHWS]"DFS%,0+'N*DCM22%3:S'H`PKIAHEK''^^F7;HH$9SWS5V'0KA^795'XUMPW$+J2K+@=Z@EU6"'<9'"A< M?K5JBNH61S*=YF M8N2#2!V50<\T^4E>:J><6/3%580D\LQ;ASBFQ7$ MA;!)(I\\@?:JC!%1QCFFDK#;+GG.H`1B,^E.$C%@Q))%,`!7-1^9S4N(7+[7 M[DA2.*E^V#T-9+NVW=4?FR5'L8LKVC,SS7<;68\5+$50$>M5=LB,,BB1_P!Y MA3778DM7#M$@"]ZC28`9).*4K(XP<4UH./:@"Q>7$)M0@C7=ZU/H\BBROR,\ M6X_]&QUDRL"I%7M,5CI^I#/_`"[+_P"C8Z=M`+KSQO;$AB,=:K(PEPP?(%5$ M8A2@YSQ1"KQ\*3C/(J;`671FD)5OPJ:XM@;<9P3ZU7).[W-/=W6V(+HJ27+IMVX-.P$B2C:H."2:EF?#@#FJ0QE?4&K#MGF MDT(60@2`@\XIIE(4#`R33&.Z$MWJ2SA>12YY%-@:ND:BT:B"=@T)/0_P?2M2 M[7:F%4$9R".XKE`-DA&:WO#UQ]K>2SE;.Q"R'OQVK.2;U1O1J):,I7.5OH@W M`(&/>NGA("@"J%U8B3:&'*MD,*MQ9Q5%]2=_NU4E4-U7\:L,X`P:A9S)P!FA MC1FW$,1;)CW?49JG+%;GJF/:MW[,S#G@>@J"6R7T%39E&#Y4`.4C&?85)&C' M("XK4-FHZCBG"``844]0,WRL'/>M6SA`AR>M1_9SG)%7(UQ%CWH2$Q?+W0N` M.QK(ET[SVTG^55+1&,]C!$ M'[S(Z5:L8BDQYR/0TQE=>14T3E(69CST%8W9@2.0\VYE!`XJI<(Q;Y#@^U"N MV2,U,KAH\GG%3=WN"96>!RF6;<>]2PH(A\K$&I=RD8QUICF-6P:=V!$)525F M;DU?T:T^TR3.S[01@5F,497&.1TK6T*T:Y@PS$#KQ5P6H(S=1LI(+D@YP#P: M?$=J`&NDO8HT@,"2W>20X(S@5E> M8P8$=:=&92""3@FI0$LJF(_NSUJ&1I7Y`X'<5U]CI%H]FCRH&=@,GFLG4[2* MSN@(?N-U%/E:5PL8JP2Y!5'.>2<5O:?H\UQ+'*Q&P?PXJ2+6(;>W2-X]BKPS M9Y)]`*V;>:Y,:[;<0HW1G<$_D*M1OJRE$M1006J#*HI]<50U'6HK<%4D&?I_ M]:FW[AA^^9F^G`KF;Q;\BD/"$'ODT),>A MKG5F=2'&1]:9NAN"`LFU_3M6/YH!ZD=LFGLHD3/\0[K2<$]Q:&J(94QD`@\Y MJW&);QTBC7'%8=K?RVQP27C[K_A74:#-$\PD##:1^72LG3LR&C.U:REL0CN< M@U6M7+YVH6KM;^VCO+9T=0>.*Y*V?[-*T.!]XKFHK1<%H$4FRM-%.WS*G!K. M=A&3GKWKICDG`QCZ5GW>G(=TF*PIUKNTC25*VQS\DN3D'BK$(W:?]IC]*5@,?S@8\-UJL5+/E>HIWG!N`*CPZMD5ND,LPS.2<\$5,)#@[JHG MV M@]M3J)4++*F.41E-5&N/>JTMSP><4.12B7))%3DU5: M\R^V,9-4))FD;`)(^M.MQMN$8GBE>X[6->(R$X<#!JP5P*;YBN,#&:%5\$DD MBK,R2#[]1Z@KL2$..*16*OUJW+M5%D8C&WO5)70GHSF([]TD97['%7H;L-CF ML[455IW=1@%B156&8JW)K/9FBLT=7%-QD&LK6)O]*B(_N9_6G^<5LP1G> M:BUS`G5,*2>]03.T9"CI4LS&0CL,<5&-JD"0TK`.@<$?,>10T8/X^M(=L;<@ M<]#2EE<9W=.U`ACQ%@J)]XG%=!I4QPS?CV%.,7NRXH[#0K M"&"%+B[1'NF&0<<+["KM_J\%OPTF&]-I-<:FJ[(B9IG4#HB'&:BEUXS#;'`J M^A4?S)ZU=F6K%V]UCS]WEQ2-D]6/%94TTN#O6)![G)I@ENIFR9)3G^%6(%2" MQED;)7;]!2ND79LIR/D<;2/IBJS$'U%;::6Q'W2?K3SI6!_J_P!*:FA.FS!! M8Y`YS5VTA,<)&T^;)T']T5H#3@IR0/\`OFHKI3%UW`>U5>Y'*T1O"@/+;G/) M.](#Z'KTI@6B<@]V]^]20S["-QP#T/H?>HT;=&'`Z=::V`WJI' M(I`6)@4`EC&5[K_.I+>ZDLY5DA8[&Y'I]*K6TA1VA=N/X32D>2WK&W)'I2&= M3%X@F:UPF#D8Y[50+,"9&Y)YK)A8V\JD$E/7M6HT@:,$="*QJ19.Q$+V>)N' MJ7[9/.O)&/:JV:SY([V'S,?<1$/EA3\*J@T7-R&0@"J@ M<8`)JR2P6.<`\5,TBA!FH5"&/CK5?YB2#G`Z4@'SMD@KTI05QT-5E/\`,8``U(ZY/2FE/:MK@*^!&#GDTU&QAAU%(R=J:L;9XH`OP-YG M)-7+4YM-3`[6P_\`1T=4!$8$!+=>U6]/<&UU,#_GV7_T='4`52&*<]*?%)\G MS?A43.VS;ZTBYP`:!#V0N0Q%2B/$9VGDTT2@#;3@P5P:0%M6&C*CKUJFZ[9<>G>B(%IE61N1 MVH>VD&,<*.:;&V!FI`\C*V\]N#0!/%#^X,I(&.U.TFTFOM4B&&"YR:JV4Q>3 MR7)*D]JZ*(G2%6Y'('8TG=`;NGL]O>-;."`G[Q6[8^[_`%JUJ+';CWJ+3KVW MU2`3*55L8(/6FZK)@`Y^]^E"E=:FL2@S;15:27<#3IW^7BJBG*FH;-D07%P$ MZG\*K%I)3S\HIDN?M+$\XZ4AN5B^^&.?09H2+;+$<;=,5)C"Y%1P7<$O"O@] M<$8J4GC@_A5$[A'>21-\W(%:(U$-!\IK)9"PX-0_O5)"XQ1<=NYIB]YZ\YIU MYJ#2JL(;Y0!FLM=^>&`9D?+=AWIQ8I*Y:FQY.7K-D`,J[#3I)Y+A`0" ML?ZFI+>(9W-^-#8DBX'^:%7)"1J2Q].]=9I>J:??J$B"YR`-RC)KF[&**8R& M=0R/Q@]ZNZ)I2V5]<7SRJ844E%/8]>GL!31G/R-'6K+3F/E[$CF8<,B@'OUK MCGLV+DH,%35RYU!I]4DF#L4)^4$]LU+?B0!)8ON2#)QVJIQLKHYV[F<7D1,. MG/K48@:7YR:F>7<=K4J*P.,\5B!'<0LSIP=M,\H9(/:KDDKJF`,U54,RN[4P M(!PV14F%?OR*A)"M[U)&0S9`YH`G52J`L2<]S3,L\@4]*?RR!<]#22';R!S2 MZ@-9F5\&FNQ12Q-/WEW`QDFJM_*8<*2.!5):C2N5[BXY*`\G[U56G):HF8DD MYZU9T^S>[E55!(S6VR-%J2VMI+=L"^M2J\CBNH<"L^ZA#KC%+8>YQ4ZE6JM*`W)'/J*U= M2MS$QR.*RLXX-;1=T8RC8:A_X%1]UO3N,TQU.=R]NM2$^8F>XJB"6!RLA4]# M4SK@8X]C58_ZM7'!7TJSD21!@:!HBD&8U<<,O>I@0_RDXST]J0@!&'4-TJ&- MLPC=UC.TGVH`LP$G,3]ONU=MG/S0/T/W35`C#*Z]1SGW%6^#MD7K]X?2I:NA MEAX,+\W05GRL`V:U)]TB`CH:I2VP`^;H*P)V(`P(.:MZ?IZWDK9.%6J7RJWM M5^WF,8Q$2"WI2G>V@U:^HZ>Q^SL54[L]*C:TG"$^7CWK4M;?.'G8ENV>U2W# M^4AVX:N?VK3MN:^S3U.4E)W8(YI!;3D9"GFMFSMK>:7S92,YX6MG9&!P!6DZ M_*[6%&G?4X1')(%.-5\DM=EC$DS1U(Q3C;@< M]*?(D;1#'#5($9ZY%60OR*V*;'".`>15J5DCC&WM2;"Q&)5`9&].*@CC).\< M8-6%`<^8P`IDS\_NQQWI`33L/)##@CO5`L9'SWH+N?E)XJ2!?XAUJDK#N-DC M..#TJ!7?=R>/2K3RC!`ZFJA7YL>M-"+^G)*TN(<`9R3Z5K:@INH0@FR!P?:L M&WN)(`P7O6UH=K+J"M%%`3ZN>!^=3+N,TM"T-I)XF2X;8!E]IQ_6MG5"/-(' MW6^[[&GF-/#FANX.Z0D<^K&N?TZZ:]TYPS;GMW).3V;G_&AJRU+I[DLA."IZ MU74_-5AP67(ZCK[U5;&:S9NB*=`2<=:(X!LZ"I\;ESBDB&&P>E(LSKO3V<%H MF*'L5XQ4UC?^3(8]0C54"@"09//O6@!MR14+EU+9:? M][]Y(5.T#)R?K4$5L;Z4W+H%`&%7J`!0ME&'#OCCH!T%:2LJP!4XJE8+-;E" MXC'`P!Z"F@!1M_.K,P&<]@*SIK@*#SUJ+:A+J>.5K*4G<"K$IP6-:4TMRDAVE:9-J=R(XP M0H/S-Z5Z3I&B0V$"_(-V!SBJ%C9SZ1:*L$:A>X!YJ[9ZXDDGDW"[7[9JMS35 M+0U]H48'2FM31*"`5Z&D)&N\G0,M13@[,)*Z,W.1BB M,Y)4]1^M,!Y([BE)VR*WK6Z.=DT)^9XSR.U2VC8+)U':HL?O%<=^#21-LN0# MT/2F!:SD8]\BHG.Q@VW(8<^^/_K5*N1)CWQ3<9B.1]PYQ0,6,X=HST/*FIHC MC*@:620XYI\3;7Z=:<_P`K MD(.36,M&)HJ/'LD&X<&K%O\`+*&QTJ5[6615++3Y;@6>Y/+J# MXP`.E16\TTKGC(JF[E3@UK+@`G%=KL`7M-2ST-LO_`*.CK+\I@,G-:&F%C::F,_\` M+J/_`$='2L!`Z>2PQR"*8^[&>@HA5S+\_P!VIYXN`P^[2`?:N$^_T-.FD&2. MHJI(=Y`!XJ58FV\FIMU`!-(Z[1TI\3$#:PZ46I4D@G&*C!FZ?H&GV$86.!';N[J&)_2M(!8U"HH4=@!BG9@@HD?8":9/*(+5G8XX]?:GH@.5\;7_R M+:J>^X_K6!X2DW:V86/RS1L"/IS5?6KCS[N1@S,"W>J^ASFVUB&8=5/\^*E[ M%QW.H8E7R,C%5WX?Z]JN7\8BN73L#43*'BQWK$W8Q$S2*H#]*1'*,%)X]:GP M.HIV"Y&QQ4+N5^E3.1GK4+KNI%ID+W`'6HFNE/8TZ2(GM35AY^850[C5FW-P M*OPKP"3[FJZH!S5J.1<#U%4B),K:I-Y:A%.-_?V[US]S.3C;Q5K6;L373!3\ MJ?+67DLIDF*(6'#'@9IA8[1=0M]1<17:JX'&[&"#5+6?#\T M?^E68\Z#CY1]X?XUA6TY4C'\ZZ31]8,'#L=I]ZF4$P3Z,YF56\PJR$$<8-30 MQG(!X%=^RV&IQ?O8T;(ZE1D?2L74/#3HC26R,F M[RR8[TDJ2PEXI49&'4,,&F\*HP^D\N'9W8\_2M;P)9!Y9[YQPGR+] M>"37,W,ADG8D\9KH-.U,Z3HD,)1BTK&1L<<'W^@%:VLK&D4=O,Q9>O`KG]7L MA,#+&<2#D8[U676+I[;S!HN8YJU9ZJ)6,4Z[']2*3`MN.*P-4@R&K?EXZ<^]9MXNZ,@U M.Q2U.,E79-]:8>5'L:MZ@FV4C'0U4'0BMT[HYY*S+4)S@&HIQM<'N#3[?MGO M1)AP5/:K)+"L&V$]NN.M55),..XY!JTYRTK@RTRL.A_GWJA$H<4]R ME)K8RI+?+;LT_P`D!H"LVX<"KFFX6TU,@<_9A_Z-CJB`5.2,"M&Q`:UU';WME_]'1TP*"L M0U!9GC8$U:,"K&2>N*JD8'2DG<9'"/F`-:,H4PX4\BJ0C((J57(4KWI/4",8 M5^16E86SZC*L%LNYS^GUJE;6DUW<+!%&SR.<``5Z5H&B0:-:#@/.PR[GJ3QQ M3M<:&:-X?M--179!+<=2[`''T]*V>_4_3M3W')I>V M!6-XEOOL>G/Y;@2R':.><=Z&`U[\W>K+:QD[%/)'UJ+Q9>FWM%B4@EACKSWJ MEX45FN)+F=L1HA&XGJ:B\6'[2\AT+5$/IWJ3S3CD4[A:Q.7YZ4T MN,=:K/+BHVG5>6:F.Y;W@E3*=O&:8C'=<<'``YK5TS5BJA&/M6^D\P'I^- M=MJFC6\SAPB@J,+QP/PK7M;"WM6D,$03>=QP.IJ.\MI)!\CD<=,U+N:Q['.W M[736!ME6($8P5^Z<=JY>ZLKV-O-,6".0R'-=E<6%R2<<_G3[#1YFE!E`V9YX M/3\JGF;+Y8[AX2M7^PK=2@KO&0#^-:UPXP2:DE9((A%&``O`Q5&63<.30]$) M*[N9M_,!Z5EH1(Q)&!5Z[3>U9=Q+';MALL3T4#K6:1L64GA5L!7;_=7-789X M6Q\VT^C?*?UK.M8K^Z`:!885QD;\DG\JJ76K7=C#\IJU`SU:T%R)%#*V5-2]![D%MW45; M@?#>]`T3.`T2D_,1^?O4#`91@>,XQ5M<;_56_2H"NR1D/?I2&)&?F8=-V<59 MBR<'.-RU2;Y6R.AYJW%P`<]#^E)@,)(;OD5'-*[,-QS3Y_ED)'UJ`YQN-9V( M9(4.T-3U/R\]:9YP9,"E8$J`IH$+NVGK1Y_M3)$QS4>?:@9,07'M22(@44L3 M,H.ZG*Z2':PP:"2,1@K][K08@AQ@$^M(8^?D/2I4&Y-Q.,4`/=5:()C)J73A MY=OJ.1C_`$8?^C8ZKC<"6W?2K%KO>UU+/'^C+_Z-CH0%-I,J:;%\_6D92%X& M1WI$!*GL*8Q\K!&&W!IT2FXG2&-"97(5![FH'&UL`YKKO`^C"5_[3FS\AQ$/ MS!--*X'0Z!HL>E68+*#<,,N_]*T'E!_B_*DN)=I"CJ?2HD!+5>V@RPO7/6ES MQSQ0O`JM-8N1 M,Q4GD<"N/B4=^,>M`%^8R2>'[FWBSN5Q*0.Z@[\IF/^K=2 M?U'\J338%@NBPECD!'5,\?G6/)RD\Q`_J*LWQ+#>>]82.N)09N<9I`N:C9N>*EB.3 M4EB[/RH9`*L@#&:K7$G'H*8BG<-M'I6?,_J:L3O@;F/TK,>7I.2>I-3`4Q%&*D^E,!P]JD0?C4:\<]:D M#4")E^E3)C&>:K!_4U(KXI@7X9-M=5H4JW$9(Y*GFN)\TA>M=IX:3R]*63O( M=WZFIDRHK4VR=N,&D.#5=Y@HR:SKK4MF<''%9N:1LH-FNNTL0!FAV"@[:RM, MNMT+RN>I(JP]RO7/:A25A\CN-N#QG-5>&&*6:4OTJ#QJ_%<*S;3UJWY`9>>E"!G/;0N#"QA;OMZ?E6==:3YTK2&5MS')QB MNIFTU'Y`Q50Z6X/!R*=VA6BSE7TZ2%RT9^8'@]*TM.D=3\P*D_>'O6R+`+]X M4OV-,C`Q2;;&DD-B.1S4]2RT4+D;2&`QD4L$A*@Y]14]Y M$0K`#[OS#Z54M6X([#G%`BU-R@?L13XH//=5QA#3&.;?']TXJS;.?E`&*B]M M1/E(LC1R8896D!)NC`V@U/ILB&'4@Y.!;C_ M`-&QUG`HTV4XS5JPCS;:H"W)MQ_Z.CJD@%9=L;/&04]ZA;8L?F`\GM1L\K:" MWR'@U"Z*6X/%"0#5S(XVC)/I7KFG6ZV>GPVZ\"-<5P_@O2QX/K5],+GUS7.Z= M81DL1D#&3FKM)UDT"'K6WC.^221=N=I.`3[XK%OK` M7EY,\:!1'"5X&!QSBNIO#YMCD$8*Y_2N=M$)6^`.6$1/3G-2,X-4_P!*P1WJ MU"F.3T#4RX&R_P`G^]5I5^4^FZM!%ZQN5C1HR<$'(^E:+.);(-G-J]JQG'J=-*=]!3C?5B,`$5!!&7;)YYZ5H0Q9/(Z5!O2:K$XYKH6B M.*3N[C2,=Z3%.5=QJ5(^,FF21QDH,GH>U3!=PR.136YX%(%9>0?RI`/"XIZI MGD\`4U91_&,'U%,N)=WRIG;W]Z8#)9/-?:/NBI$7M3(TJ<#`H`4?RIP'3-(* M=3`7-`I!3J`'#WJ0"F+3MU`AQX]Z[C2I`FD6PS_`*X0MQT-=3I4Q?1(_5,K^ MM9U-C6EJ[%N[O,+]ZLE2]Y-A?NYP35>[=YKA8@3@]:Z+2K2.%%SC/O6"5SK; M44/M;0K:,@]./RK/N6DAR'!X/%=*H7;\I7/UK)U&-W)RN1]*J4;(B,M3%_M7 MR7`>.3;Z@9K32[BECRK9_"J9@SQBD%HN>E1M+F5@=0:KN`#4I:H7- M)E(C9JJSM3Y&QWJL[9J&6D5IQD+<1RM9?EB*<@Y`/%6[6?<,$TZ[A MR`1VY%27N+:1J[X(Z_SJ^8U4XQS[55TY-\H`/(85ISE8),;164XMD2(ID`B4 MUCW>^/+;>,UO1YFC8[>*ISV_F_(QXS2@DE=DHQ_*9V5CWJV(CBFWB&%E10:` MLF!UJN;094DNE:(1H.3Z5.Z*\(1CEJJ1CRWW`9(JU$LF[S&%5R]B!`WE@#H! M4+R'YSMSGI4DL3S\=*8FZ$A64GWIJ(R*!<1LQ4Y[5-9L_P!CU0G@_9E_]'1U M9C,9`XP#5^VM(WM+\+@[K<#_`,B(:I!8YEIW9`C4J.1TZ=ZM3V#H_P`HX%5X M(7:[C@(P9'"_F:`.ZAN%T?PQ:!%*S7!W$$\_>_PJ624_\)8\>Y@OEMQV^X:Q M?%]SMU+[+'Q%``%'X"M*Y!7QA#(>DD?7MG9BD,R_.$-^VQSPY.0<<9I]S>EK MC?&Q&>^*IS#R[Z92>CGI]:C9LGI3$:FKR>?9Q2Y/'&#R?K6*W/8U?E8OIQYZ M'IFL\=,=Z$#-#3VVQ28]*K6Y(G!]_6I[+[K#GI42C]]GW["@#NHI?.TA67C" M8/M@5EZ3@SS0MN_>1D#I'V., MU:$Q7+@C!5CG\Z?"V^`GOBMSQM8"&]\U!A91D_7)KG[-L$K^E6A&J^DI]@#^ MH7OBJERH@-LJ_=5:) M6L5!V:-BT"C\LU<#*!@`@FLZTG0\=/EZXK0ZD8^N:P9V"D%5)]:Q=7N<'RE; MGO6IJ-T+2UW'&YN!7)RRL[$\\U<(]3&K/H-=J9]XTO)XQ4T47//2M#`(H^,G MI0[9X]*D=N,"HP,F@0BBG8XZ4X#@4&@",J*41@T_%.44P$"X%`%*WI2B@`H' M2B@4`.'/6BF_K3ATS3`7-(6YXSFFEJ;F@"0-72^%V$UE=R`_EFHGJBZ;M(GGM&74!M'.*CCU"ZFOXX8>CG;SG@UT(@#W: M-CU_E5.QTZ.#Q/)+*0(UCWKD\;N!_C6,4=+D3>3J-NFXD-QV)JG+J=R"1(AX MXY!KK2B.N1\P8<$8JK-80/&VY03SV%:.+Z$QJQZHYJ*_B<_/P:N(\3_<=3^- M.NM$A6,R!<%N>/\`]59LNF30#.=`R,"#2%L7H)MR`YJ8R^]94$ACD,9/':K08] MIJL>#GCBFN['OBHG:0#`5CGVJ+2:6A%FM1^(Y9/G7CUQ3OL\?J*J8=6YR*D\ MP^]54DI/W45*2>R*$,01<[1SWJ95#JPW=*JLTJ0[%'S=J;#=301D20DGU%;1 MOU(+$8R:F:(8QM!-5HKF)R"#CVJ]'(&Y!%:`5)+<8]*MZ:&6WO>?^6`_]&)2 MR,FT\5)8,!;WO'`A'_HQ*-@()BJJ&850K&/+]/0&JES(LEN0N, MT_P]^[NI!PU:?BC'VN*5<@31*_/O61 M&V>YQ[4EL#+\?S6\@ST%9X/S8J[;G(=1Z&J3?ZSVS3`O66`Y&?:E8?O:;9_Z MP4]U_>_C2`WM"DS')$Q^7;W%2QQB&ZW@[0&X.:H:5)LEP20-I^E7I`,*^/F! MP,5+&2^*XEN-%64_>0JI]*7*C7VC#4KU[J8\_*#P!T`JFJDTX*6 M;-6(X\=:9FV,2(=Q4K$*`!3CA5Z5$V2:!##R:<%I0.:A!5=ZG#8K-:&\=R&:.]M(TCM;AU1!A5 MX.`/K5&;6M5A`!"/@\L5'/Y5-]HN(NO/Y5%)?;@?,CR:.9=S503W1);^)TF= M8[R`1C'+ABP_+%6I+ZRU"Z6WBG5V`SM4'FL=C%,O,7-1_P!FP2-D1@-ZXYJ6 MT]Q.FEJM"Y=6R.DD@8"->PYK!+SV\H52]+1!=]2E!#+(%+?>]:N'*\5:5!&A/>JLG)J&-#,GUHR:4"D?BD4-) MIIZ4$TQFP*!#';`JN'.[Y>2:=-(.F:EM+5[B=8H1EB,D^G-.P7*\.G0IF23Y MW;DEJSY1&K.0@('3-:]\WV4NDI"[.IS7*7=Z9"4CR%/4^M:1BVR)244,N9C+ M)UX'I43<`4Z-,TV3[V*W6AS-WU&4Y>*;WIP'-,E#DZ\5/$^RY#`XS4*\$T9P M2:DHZ;3OWLJCW%=!>+''`2<;@.ME5`TB@%DJU%.N1O%"&5)[-6;) M3'N*A^R,IS'*PK1GG5AQQ4(''7%,"LKR(2)?F]*GL[@"TU'Y3Q`#_P"18Z4) MD9QD5:M+=#:WPVXS`.?^VB4G=B,*XE8@;,J:TO#C@:E#&QW&0,IY]5-1M9*S M8+9IL"/I][#/&,[6!YJ+6&9-TI25@>"#T]*NVKY@7G.TD8I?$-O]FU2XC&,; MLC'H>?ZU5L9,%D/<9J^@C?UPF73-.EXR(]N?IFL:)O>M:[R_AJW;:?DF9>GM MFL9#SZ_C20S1M#^\`]0?Y57I[+_6KWJ.88F.1WZ4Q%BVZ@\5-(,MSW M-0V_WAQ4[GDY&,T@'PML8'OZ8K70J\",0"^<`EL<]S[5BH<9'3BIX96"E223 MG/MBDQFK*QCTQU55QGC:*X^X&6.3S_*MJ:8F%U'?ISQ]*QY<9Z4T(9%\IIKJ M7<;?UIV/>E(^7/!-,!H6.SC9D^:9OXO2J6TLV35EESR3G-"J*!C$CQU%/_&G M8]/UI"/:@0QSSBFXIY'-&WG%`#0*=C\J7`H/&*`&@=J4#FE%.'2@!&.!4)Y- M/D--`YI@.4<4H'-'04JC(S2`8U`Y-#\&GVZ[F]J8"RD1QX[U3)R:GNI,D^E5 MDY.30!*O2D8^E//`XJ-?F-`$D8[TC3%&!C/S#H:&(5>3QZ5`I+G`.!UQ0!Z[ MI\HGLHY1T=0:2YA)Y%4O#1FH2!Z5 MJR@$55>,'M6;1HF4<`'I3LC'2I6B`IJH`:D8T=7`ZU2),DG^R*:$,GS(NMMC#5[CB!&E5LY/-/D?=WJ.D-B]Z4=*,4&F`HZ4,>HH'\J3 M&6I`:>F-MNX!ZFNJUE6GTY8T.":Y33.=1M0>\@KJ]8`1$0-M/M4H&1Z!;&V4 M^:2^XDDFLGJ,N:^//6VO,_P"OC&>.Z_+_`$K$@8).I[9K<;%SH_P!W^59B]JEM9!+8RJ?O*03Q]:BC^]@\ M4"-"S^^AQWI;A<7#?6G68(Q]:6Y'[T_6@!]N.E3/G/2HK?J*D8U(?6G`=13<9S0`@' ME-4<@FG2'B@"%^M6(?EA9N*JY);TJU*=ELH]>:`*$S9-+#4;'+5+%T-`#Y#G MBFIP,XH;DB@G:I/Y4`,F;G:*?"BYP2!D5$@WODU84J#G'/:AC1T_AO4UBB-H MQQ@Y4G^5;GVK)^]7"#*LI&1W&#TK1MM78?),3Q_%_C6,D^AT1:V9U?VGWH-P M/45AK>;UW*VX>H-.^U'UK.[-N0UFF!]*891CK68;OWIIN<]Z5PY31,H/>F%J MH_:/>C[2/6D.Q;9JCD?`JLUR/6H7N10!.\@%0/)4#2ECTII9CQ3$++(5;:`LW6I(XP@+O6)?7+7$I/10>!5QC=D2E9$,DI=RQ/6F;J:>:7%=%CE;' M;SVI.324M,`QF@"BC)[4#%)P*;[T?7K10`ZE4'/UHQ3U'.:D9@^M<]IHS.S#L,"M4RMYN\8&:F]F.QNV=P]NRC&5JZ=1B M+C/:N6-U+YJ`MA>A-0B[F)^;J:?.)G7R:G$Q(SU--_M".N3:\D7@4S[;-5&< MM=!E+<\U/>E68NI7))/0U+:6"EOWAW&K4ED`!M&,46&/T156Z5+@YCE!C?W!_^OBL M6\A:&9XW&&0D&M>+Y7Z]*E\76+0WD=P5PMP@/_`@!FGLP,;3&!>6,]&C)Z^E M2(`'_&J^GG9?1]/FRO/N*N`8E^AIL1HVJC:..]$X'F'BG6WW12RCYZ0"PC%* MV,YH48'I3'-`"$]3S^51,>O09[TK'GO^=1,V,\F@!C$=/:F$\]:4GW']:;G' M`_2@!1DT_`Q_6HP"!4@&1_C0`TX]*0TX^YH.#3`;CBFGN,4YOK330`AZT@'/ MK2]J,8H`3\*0CCI2\?6C'Y^U`"`<HZ4`)BE`Y`I0**8"@8-1S& MI>FG&U>P%0P6VJ3GKP*;"I)R:!DBC:E(LHSS22-CO4.(^;W-M:<\>6.*K,E8'3.O>AA8:HSR>E+FD)P,=Z0M7]HR/3I5'3 M?DB!/\1-:.S);T]:A[E]".4!0%'4=ZC``!-.F^\2#FH@""232))%56;D5+Y: M>E0H#GBIN:!`QR>133P<#K4CG';BH'E0*2#BKB2R2QA$MZBF78P(8$CKCG%2 M>)8+2VD1(25N"6:09)SGI["J%G;3:G>BWB=58@L"?:NDU;3(/[.>2YA3[5Y8 M`<'DM@=!FLY.TD-;'&QHRR[2NSB#,=RD9)QP!GBJ"H MQ3S%#!1C+#IS0FGJ@)[:Q,NHPQ`\,_/TKHO&EFMQH328^>W^=3[9`-97AM6. MNPAF)&&//^Z:ZV^A6XLY8)!E)$*G\1B@#QU&\NYC<=F!K38;;AOK5'4;9[.Z MFMW&'C8J?PK0!#^6XQ\R@_I0Q%VWZ5(1ER1S45L?GQ[5:"\FI`B&0.^<5&V3 MG`JPZ?NP3GZU5F.!Z4`1-UX`J)CD=C2D]CFHV-,!,CG_`!IG>@FD!&<4`/'2 MI@!CI@U"O%3J/EH`:>"<]NE-_"GD8/)IOKB@!C=3S@4T]J<3SV-)W]*8!CL? MYTAIW/2FGGKB@!/Z4#GD=*#QTZT8XQ0`UZ8,9IS>W\J!]#0`HHQZBE'\Z&Q3 M`:YXSTJJQR:FE/%0'K2`FM_OCZT7I^E-')JQ"O>@9-T3':HR`>. MF:61N*B'M0-,:>X]*WO!]QMFN;<_Q+N'U'%8./EJ[X=D\O6K?_;;;^=3)73+ MB]4=?*/F-5V09J[.N'-5RN:Y3J3("H[4@3)YJ;;2[:`(O+H"M*> MN*0'%69CE('O2D@:57P.O-)OSUI%$J0>=D#KZ5"\312!'4C-2Q-SN'!]JNI,DHVS`-CH3UI7L% MKB1`HL>/QK4MV#J!^%9LS!=H4\58MIL-UP&'/UI;C+QMMPR*R]0D:UD(QP.: MOQ7(+`$U!?Q+7%Z"I=A7)I[ M@+GGFJS+*Z2,$;;&`S$CH"<`U9\0HEOJ+8'#J&[<=OZ5M^'IK=M)9[N$_(N& M+1Y)7=\N/7G%)RLKH=M=3+\+1O\`VXHW%'"GAN.,A_#GTK!TG/]N%)FN@@VM;2>XL=H0AED`QTR`#5*5+FWT-(O) MSEB2=F2!UZUIS23R`I*A.`#CT.*R+R;48](S-DDR[5.,Y7K6$6[(OJR3PV7& MO0JZE2%8D'K]VNLO"5MB0>1WKB_"9D?7T>9CN*OP3WQ7::A@V4G)X&>*Z.A! MY]XQMW/VXRV4@.9,^6#CAQT_P MJMHUN9M(NE(.Z&48'X5/0!;8XE!QG-:<<3,IR.,=^167'\LP4]CS746-J/(+ MG'/3/-)@9UQ"D42'Y>N,XK*NL#(`'!Z__6K@=*8"$#!XH]>*4C/X4G' MI0`UO6DR.?6ESS3'X'%`"=<\\4#F@=<"ESSGO3`7'I36Z=J: MB)YQ3W-1=Z0RQ!27)S2PTVX.30!3/WC0>E#?>-`Y(%4(G4XB`%1$D2D.`P[C-0;>:;8.9--M7;DF)<_D*EZUR-'4GH,V4]4'I14BT`- MVU&PXJ8U$YR*`1`]4IEWFKQ&16=J%TMNFQ,>8?TII7+6IC7)%K>L5P0Z]/0U M5ZDECG-/D5Y0S8.1SDTD8#$8Z^];HGEUL0M$V#M&0/6HNM7W7:/2JACR25!. M*M,RJ4[;$>W`S0#@<=:7.3FD/-,Q`-BE'!Y%-XI21Q]*!#M](6IN[%)G)HL. MY/"V#3S-L;(Y]:K`XH)S2L%RX)R1SR.M2"X)(P<>E00[63!J46^/F1P5[@CD M5)1-;,[3\@X'6KMQ+LA8`\8Q42LB($4_0TR=LH`U`FB,OMA"D8.*A\QJD8>8 M0`./:D\BI(->ZTJ7]W;W2@O$X=B&R=A/(S^==+:1-;M-9V2MY2)PS\@'G"\] MA4-QJL:ZHUO+E\#"X7[QJW+5]4EAD"KL(( M`[\#DGZ5;\/Q`PR0&5&CP)`K<,K9P>/H>M:2U5R5>]B;5]/2TL?,!+L[)ESR M7;!R3Z#FH-%NA;)>2LNX)"#@<'_6)74752%0QY(_P!9'Q[GJ%_AY MP,4[2X89].4ERP4E$;.?\]:GO;&*1/*C?_5=R<`$CK^M9VML/S,O3K"73M:@ MEN)%Y1&SC M@JIQ6T6^74E[G`W4A2X)!P5;J..\+7;0:Q'!UCG;8P_E5/82)I(\7("Y)ST/7-=EI:G^S%)X)Z]^]GUKM-*P;!5SS2`Y+5YGWLNX\G&,C!]S62Q(SQ5S62!J,RK['I M[5H^&88)KB83H9`$#`-TR#G_``HO97`YU\XSBH3DG'>NX\2VOVC2W>$JJ1_O M&SWP"`*X_3FE2_AE@B,KQL'VCDX'7]*%*ZN%BU;:-'](ZFQCS]3_C67XBTJRM+#SK>W"-O`R"? MZU5F+0Y"7`.,U&W;G]*EE))QBHCUH$+C_)HP/P%*12$TP$/3/(]J86XI6..G M:FD9/-`#E0N?2@! MC4T4'UI!]:!D\5-EZ_XT^/H>M1R]Z`*C_>-+']ZD?K2I5"'\DT]$'>D6G$XI M#'].E-9N:3KTI50DT@$`S1@U*%"]:AD/S4Q"NY9=IZ"D56?(4<#J3P!3X;=Y M1E@5C[L>_P!*MA02`BC"]/:ALZ*=&4]6=1I&?[&MLG)"[<_0XJQGFH-#._36 M7^XW\S5C'S5RRW-K6=A0.*<.!S3PO%)M]*!#"5 M$-TK'`]J+#2OL0:C?):+Y<>&F/X8K'M+&]U&0F)&E'0L<5U&E^'%D476I_-O M^8)Z]>N#]*NW.O6EC^YMX\[1C@D`?I6J5AJ3O:"NS'C\'W,J@/,L8_W"IU3]QO4@ M8YID^RFMF4-1\/7UF,RVY`'5E((_2L=XV4UZQI.LV^I1C8<28Y'^1[4S4?#N MGZ@&,D8CD/\`RT7.?YXIILY9-7M)69Y,:#0.30,L6WWO:K10KRC'Z9JG&VSFKR.K MC*MSZ'O4,T01!2C7SS67S##\D;N_%3E286$_S* M2.#7+?0TMW.F75NZN5\P[5C^\>>"2?Q M%;DWA^WD9UDF"P;MR!3RN1R/SYI9M,L99DFD:25T'5FYXQC'Y5IJMQ6ZC)[& MWC\DRY>13N0EB`O&,_I5>V@=["\V2QO,Z,ID08'WE&.?I5Y_,:;:8SL9<$'M MSFHXK,6]E-$LNYR`[,._[Q3C\<8J(MH&5=(@E@BGM_+*,5#XXQD\9!_"GW4) M9X+9`0=OSD'GD5;M?WW?]*JJ?*N;&9-V MQ$1F*KT^8DUVUG#NTN)0TH5H]ZIZKU`/X<4"TD:PFCB51(T6<["!G&.E9JIT M*<3&\1A1=13J?EE0./Q]JWO#,PDMCM.<`>U9FNV$XT&TDG53-"JHVPDX`%-\ M(3$W.PMQ@G'YU:T(9#JND7,\M[=,&"PJ"I('S<]!]*TO#=LT.F22R;E,YR%( M[#C^M6XIKA[^XMI$>R'YN]-'7CK2O@G--3.>F`:8AS#!YIG4_P#U MJ>W/U[5']E(*6DI@+U%.Z"D'M030`QR?\\5"QJ1C M43&@",T@ZT$TB]:8%F/@5'+TP:D3[M1RT@*K_>H6A^M"U8B0&G*,TB+FIEPM M2,58Z?P*C,GI2;B:!"NU3V=JK@33#(/W5/\`.F6D/FS?.`43DCU]JTQ@`_2I M;.[#4%+WI;$$WS'`''84#"#'>G-A!G^(T)'D9(J3NL;7A>3(N4/?:1^M:94[ MN.M8GAZ4C5S"OW?+)-;\8W25G):G'4MS,6<9/04]=JJ6<@*.Y-K^^8Y1>@48!'XU;UC4C#"40C<>`!^-7:P2E=\D#.\3:Z+8M M!&?FZ''X>UOM7&RVD;=%`/M59DEMVX8X[8I6, MJD&U:2/70P;KS7*>(O"JSQR7=CQ(,DQ]CW.,GBJ7A[Q')&P@N3D=B>W7WKM4 M82`-&PY&3CO2N./&RN492"."#VIAC(KTOQ!X>@U.)IX5"72\Y'\7U MK@)(3'*T,JE74[2I[&K3(:11VTH&*DEC9.1R*C)'>J)%SZT\-M.5)SW%1''U MH)].*+! M,B7;L!!Z5-]O(MX'B+2*7*DL&:Y+="F7'N1'C<"S,3U'W1GBH+*0A6#`DX_6J.IWX"P1QG=(1N^ M7MGT]:LVS3K&SD*H8+AGSWZT)6'RV18,@:Y8,S!6E%(GE/N)YA#$#UR*$W>Y#*S/)$9=K'!HI;"VD,DL5GF212N]%[,>:FED26#".`X&`/4XZ?6K-K=+'$6DZ.PQBJCKH! M1LM)AT]HYT=F$2%%&[/?G/XFL$Z?+:""TL>0&QU!-=LT2*)%VD(" MI&>_-1W<$,MM(`IW[3M)&.:T=T[B5F5+-F&8I,;EB5,Y')Q5Z!%5"X8LVW:2 M3Z50L8S%"H2-62%4G.%Z<^]:6!'&T:\N#G`I()S(SQ3)\R8.2*M25[,CH6X_E MD))&,]ZAN&`51@[=XR:G8C;DE93P+#(OGIMRP8L..>P M'M66X&B+UWM\^8FY1MV[L$],FC3+;[1%&CCRXDSA6X+L>_X5C[1]JD\N4QY? M`8GI6AI,5UYZQROE>JMNZ'TIH#;>&WB#("54X)`.,>U%X!349'D5D/'RMVJBAZUHM4(5FR?:HSCN/RIYZ*82<]:>?>F M=Z`%[8ZT@I3TQUI5%`!TIK'C'ZT\GC_ZU1L>M,")C4+FI&J%S0`E*O6FTY>M M,"=3\M1R&GC[M12=:0$#]:%ZT-2#K5B)@?2G#)J-:E7I4L8X"G`8'`R3TIJ\ MFK=JA:7?V3H/4TBX0A--'+=:3 M)J5B%!/8#FEC7:,FJU_)LB"+RSG'%`I/EC=G0^%K3%K)>,,-,W!]@2*W(XUA M4O(=JCJ3Q4&E1+::5;1R$*J1C)/%9&KZQ]H#)&2L(ZXXST]ZFUV<$(2FR/5] M7\U66(E8AZ<;NGO2>'---W=K+(O3YF..@!'%9*+YK>8_"C[B_P!:[O0K<6>E M!W7#N2>G.,?_`%J?D;U&J<-"Q?W26MKM#8PN%`(]*Y&YN&GD9F.>:OZS=^9. M5!.T=OQ-8\C`=._-!>'I9[B.U1,:"U1NU,W;%+4PM32U-W4R&Q^:,U'NH MWX6:$XP1N3/6I:.>=--6/2CG.\?B*Y/QCHNZ,ZE;#E? M]:`.O4YKH=,O!=VZ2@@Y'3-6)461'@D`:.4$'Z'C%),X7IH>3[@\?^U55P,U MR0[Y61TS MTZ<5174YY;A]JE,I:U9=A^8#JW\J36HF]2;S(9U0HHCE7'([ MG/K5NV_>"X!EW!5`)`Z$,M9=PT8E&8]H7^$'KC_]53Z:RG[0`2-\19CVW%UX MIH>EB_)!&6=XVY1=V<=Z@LBT>I)!(`T>-P8],`'_`!JN#MW1B0$DD$?Y^E); M3S)+;-ELHS#/L1T_2G%@;%_,8;?Y)"0&'Y9'^-0AII67;*2V?NGC&:J:EQO\V.'XW#K^-93FUVR3,ZF-1E@N<`'O5B)K8VR2+<#;N.[ M`QN'IS66M[H3-6.\BVX'8<@BF?.@7RE(!;G)K$G$<>7>1E#==O>E&I6T_P!H MMTW"58]VXD]A5<[:$B?5#@K+*VT(V&R./7-88JO`.>`3Z5+8W,<,B":U$3(?E!.X'W!I06@&5J"743*DT)^<#:5Z=>`/ M>KENUQ`R;PZ,3U6X&M5%)"G'6M2\DEF>0@PJQ M&.%#''U[5GO;RPH&DB*`GJ16L6K"(V/M^M,(YIS`XQ32-JU0`W"],TT=:=CY M<4@!]J`$QGITI0,48Z4IH`:W'2HGJ1CQ43<"F!$QJ%NM2M4)H&%.7K3:>M,1 M+GY:A;FI?X:B;ZTD!"]-%/;I3*L1*IXIZGD5&G2I%ZU+&2IQ6C;J$B3U/)_& ML]>:T0/E`'H!^E3([<&O>;%AZ,WOBI57E37]K)+-\Q\N,=S3(_+@7RH`0#]XGJU'0YZD95';H M;&IZA)/.\43E85.`!TQ6,K"YE8G_`%*=?]HTDK/*XMXCS_$WH*F"J`L2<**6 MQ<4MELB]I%J;R^CC*`KSD'Z&NNU6X2U@,R%B:C)- M2.X&<"H3)[51FVA"332:"ZD]Z3Z4S,,T9I#0*!#P:,`\&F@T_&:!C/,:,X;E M:9*AB;?&>#R*F(##!J$-Y;%6Y4\8H)D=!X:U!@PBWD`G./RKLD/F1@GKC]:\ MOA8V]Q'+&V5!SGTKOM(O//@1B>PK)Z,Y*T=;F3XVTU;BQ3484'F1?ZPCNIP* MX>6TE_U-BI%;09S2*YX-`H-*HYJ MR!Z"KEK`78,1\M0VT$D\JJH.,\FMZ-?)0*N/3I6=0E<=KFW;W#7=I*@;.W@AA@CBLJ[`738X@W/4\>AQ58:[?J20\` M)ZXMH^?_`!VD.M7K``FW('8VL7_Q-)4&NIFL7'L680D49&_*D_2I_M2,N,'' M0KNZUF_VO=XQBVQ_UZQ?_$THUB['06P^EK%_\31[!]R?K4;W:-1H5\E+E&/S MCG*]_;VZT^T;=-<@!L")>1Z^:E9']L7F,?Z-_P"`L7_Q-6K/5+EK>_Q$6!R=RMZXK*/B'4V M4J9HBIZ@V\>/_0:8==ORH4O`5'0&VCP/_':GZN^XOK#Z5B_VY?X`W08`P/\`1HN/_':7^WM0X_>0_+R/]&CX M_P#'::H-=0^MP['7:)&^QU@9%1LXXR3TZUEW27-O<.+G;+A]RQYZ]<'(_'BL M9?$&I(Q9)8E8]2+>,$_^.TV37+Z1BTC0.3U+6T1S_P".U7L7;F*HBV6Y,2^5B.*1MV\8Z=ZR5UJ]484VX'M:Q?_$TZ37M M0F/[V2%\_P!ZWC/_`++0J-NH/$P?0NS,WV:2[E)5$8+LX8\G`)["HE6]C*+` M5*$%695&[Z=,]ZJKK=\D1B4VZQDY*"VB`)]<;:$UJ]CD\Q#;J_7VG M[$7UF)M:A9MI]E!YS#Y5!?(W`GO5>QNH92ZVRQR-U)R<+^':J,OB'4IEVRS1 M2#T:WC/_`++4:ZW?(I5#`JGJ!;1`'_QVA4F@>(B:,L\JR-Y$L4+]I&0MC^E< M_J"SW%PV9TG8D9<'@FKXUF\!R/LX/_7K%_\`$U&-2G#;A%9AO46<6?\`T&JC M!H/K$2S86KW,0[XXMN/^G6+_XFE[-W&L3'L75N4>Q`D=4E4CY\`5&EE%'V.+GZ_+3?M\G_`#PLO_`*'_XFE[+LP>)B^A=ET&^Z MQPF1.NX'^E9@UV_MCFW>"(_\`3.VC7^2TV36+N5R\HMG< M]6:UB)/_`([5J#[A]8AV*9XI!S5O^U+C_GG:?^`D7_Q-']J7'_/.T_\``2+_ M`.)I\HOK$2H!DT=ZM_VI=I_P"`D7_Q-'*'UB)0 M<\'-0OU]JU/[3G_YYVG_`(!Q?_$TG]I3?\\K/_P#B_\`B:.4/K$3&:HZW?[0 ME_YXV7_@'#_\32?;Y/\`GA9?^`4/_P`33L'UB)AT]:V?M\G_`#PLO_`*'_XF MC^T)1_RPLO\`P"A_^)HL'UB)DD\5&U;?]HR_\\;/_P``X?\`XFD_M"7_`)X6 M7_@%#_\`$TQ_\``*'_`.)I MB]O$P$Z5(M;?V^3_`)][+_P"A_\`B:/[0D_YX67_`(!0_P#Q-%@^L1,N,?+N MK4B'?T%+_:,V,>39X_Z\X?\`XFG_`-K77]VU_P#`2+_XFI<;G30QT*5[IBQ+ MD;JD>3R5W9QVJ,:O=CH+;_P%B_\`B:1M7NF&&6U(]#:1?_$TN1G3_:M/^5D4 MI=V^8U7DF"?*@W.:N?VKJVL0/_H-+D8/,X6LDST.UMELK*&W496-<5R>IR>9=,Q/`XJB?$^K MD8-TN/\`KBG_`,34#:U>M]XVY^MK%_\`$TW`QH8Z%-MM-BRR%N%X'K3%B)Y( M_.C^U[OTMO\`P$B_^)I?[8O/^G;_`,!8O_B:.1G3_:M/K%C7B]ZB>$=34QU: MZ/5;7_P$B_\`B:/[6N?[MK_X"1?_`!-'(Q/-*;^RRBZ8J/D=#6C_`&K<_P!R MT_\``2+_`.)I/[3G_P">5G_X!Q?_`!-/E(>8T^S**MV-*5XR.E7?[2G_`.>5 MG_X!Q?\`Q-']J7'_`#SM/_`2+_XFCE%_:-/LRC3E;'TJY_:<_P#SSM/_``#B M_P#B:/[3G_YYVG_@'%_\31RA_:,.S*Q&1E:8RB4>XJZ-4N!T2T'_`&Z1?_$T M?VI<9SY=IG_KTB_^)HY1_P!HT^S,U&*,5894]172>'+S9F$-P#@?I69_:)=67I714W/V>;;T\RUB;'Y MK51BT<[Q,.QR^*NVUH9,,_"YZ5K?;G_Y]['_`,`H?_B:?_:EQC'EVG_@)%_\ M33:?0GZQ$;;E(EVH,"E+@G.:7^U;D?P6O_@)%_\`$T?VK<_W+7_P$B_^)K+V M3[A]8B,$A+\#-39'I31JUT#D+:CZ6D7_`,32_P!L7?I;?^`L7_Q-6H%+$Q[% M"BBBM#A"BBB@`JY8_P#'IJ/_`%[C_P!&QU3JY8_\>FH_]>X_]&QT#13HHHH$ M%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4 M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!11 M10`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%% M`!1110`52WVCRFH_]>X_]&QU3JY8_P#'IJ/_`%[C M_P!&QT#13HHHH$%%%%`'1^$+=5DNM1D:.-;>/:CR'"AVX&3_`)ZU:U6U\[2M M,NEGAN)+618)7A?<,9XY_+\ZY83S"`P"5Q"QW&,,=I/KBECN9XHFBCGD2-B" MR*Y`)'J*#5325K'<7%R]SKNKZ?*%-LMH7V;1]["G.?7YOY55AO9K6S\-Q0E0 M+A]DAP"2NX#'_CU;[3-YLB[7?S#N8>A/<<"F_:KC$0\^7$)S%\Y^ M3_=].G:@KVIU>I6I;1=4@M8F8KJ)(1!D@87M3]0M;A]?LQ%*(9+?3@[,4WD` M;@<+W/-;T?[7/OC)*-Y MARN>N/3/>H-S;]^X[LYSGG-`I33.\U!HI+S6TLX?+U!(%W2%BQD0J,@#L>@_ M*HK7;:V&EF&206[Q!I8H[3S1,Q^\"1T-<<+V[%PUP+F83,,-)YAW$>A/6B&] MN[="D%U-$AZJDA4?I05[57O8ZL/N,?I7*KK4T>D)90^9%(LYF\])""<@C'Z^M45NKA9 MS.L\HF/60.=WYTA^U1VMH&?4]!N+M0E_(DOF_+@LNTX)]_\`$U7T35KR[U2^ MA+!4BMI!%&B@M-CGFAE\V*5TD_OJQ M!_.F3[74+@RM<2-<;O-9BS[A@Y/)S4=.DD>61I)'9W8Y+,-W@XM%&3$`3T'H>O/-!HE>)0M+>REB+75 M\T#[L!1"7X]2G3\*`LN6Y!J=G_`&?J$UKYGF>4V-V, M9_"IM&TO^U+KRC<)`N0-S7Q)=I$C.YDX51DG@4WPS_`,C# M9?[_`/0T!9<]NERE:16\KL+FY^SJ!D$1ER3Z`"I=0L1:""2*83P3INC<+M/! MP01V(-&F:?)J%SY:G9&@W2R$<(OK_P#6I^L7!GN$5(GBMH4\N%7&#M'<^Y)R M:!6]V]BA11100%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444 M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110` M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`5O2HJ*!W98AOKN"/RX;J>./^ZDA`_(57)).2

FH_]>X_]&QT#13HHHH$ M%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4 M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!11 M10`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%% M`!1110`5FH_P#7N/\`T;'5.KEC_P`>FH_]>X_]&QT#13HHHH$%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`5FH_\`7N/_`$;'0-%.BBB@04444`%%%%`!1110`4444`%%%%`! M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%% M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444 M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!5RQ_X]-1_P"OFH_]>X_]&QU3JY8_\>FH M_P#7N/\`T;'0-%.BBB@04444`%%%%`!1110`4444`%%%%`!1110`4444`%%% M%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444 M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110` M4444`%%%%`!1110`4444`%%%%`!5RQ_X]-1_Z]Q_Z-CHHH&BG1110(****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH HH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`__V3\_ ` end GRAPHIC 29 rainiergrowthx3x1.jpg GRAPHIC begin 644 rainiergrowthx3x1.jpg M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP. M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=? M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@! M#@'A`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D* M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H MJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(! M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P M%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P# M`0`"$0,1`#\`]`HJ*Y$Y@86K1K+QM,BEE_$`BN;BUK4WL-/O9FAV7%V(C'!$ M=Q`W@CDGJ5'3%`'4T5A3^(K>-H)F::*("82Q&(%MR8!!.>"">V<^U7UU2'^S M'OYE>&%`6._!./\`@)(/YT`7J*P)MF,]_P MS5JX\065O+;*Y3Z?7M5[4]6@TN.-[A7P^>A48_,C\A0!H45DOXALTDP$G=`(V:55&U5D M^Z3S4-[K)-];6]IY@47H@FDV#8WRDE03SGI_C0!N45E7&L&WUC[$UI*T8@:8 MRKCMCMGIV^N/K5*Y\1QSVZ/8LX>.[BCE0!6)5CT&"1S@]\T`=%16'_;8FU&S M\MVA@Q<"XCD495D"\'KTR>AJW9ZS;7:RD++'Y<8EQ(N"R'.&&,\<'W]J`-&B MN?N->,UO8W-I',D4MVD9!56,BE6.!@G'0>AJTFOVTFU8H+F2<[]T"H-Z;3AL M\XX/O0!K45C2>)K".VEGQ*Z(DX^R_:MVT8VXSMZ_>QVJ#3]=)N)H[M)] MKWGDQ/L&V/*J55B.^2?7Z]*`-^BL6?Q';HM\D44DD]I&TACROS`<$\'@#OGG M'8TE[JEPNE6%Y'')"TUQ$KQE06*D\@=>HZ=Z`-NBLE_$%M'9-FOXCLU"LD5Q*IMQV/_UT`;%%946OVDMPL2I- ML:;R!*5&S?C(&6BLRMM&)`I`8KSV)[XH`V**RO[=M@L MV^&X26)U3R60!V+?=QSCGGJ>QSBHKCQ!`;9OLR3O.8Y&*J@)BV\$L,]CZ9H` MVJ*Q9=7FL_#-IJ#PMJ:A-9ZMI\4:R21S),7 MBC4%G*A<=>G4]Q0!K45D+XCLGA:15F;$<V*I6OB!KF\C66*6T03RQD.JL'"*2]`'045E-KL"V'VUK>X M6%B-A?:N\$9##+#CZXIMEJ9O=8"PR$VCV23(I4#DNPSZ]!0!KT5@Z1K%W>WE MW%.((GC9@EH01+@8P9AO+V^7OSC.<] MNM`'045R\?BF:>VENHX8EAM4C-RK9+$LQ4[3[8)[YK6U/45L+J#>[^7Y,TK( MJ`[@@!ZDC'7\?:@#2HK''B*UR-\-S'GRV&]`/EF>/7VITOB&TC+@1SR M%&<'8H/RI@,W7H"<>O!P*`-:BLY=8MY+N2V@CEGD2(2G8!@@C(`R1DD?A[U0 MM?%,&:W\]9 MAC&#C!QGIS^?;O3)M:2TOKF*7SIL3QP)''$/E9DW=<\YQUXQ^M`&Q15>QNXK M^TCN8=VQ\X##!!!P0?Q!JQ0`4444`%%%%`!1110`5FPZ+;0VEI;*\I2TF,Z$ MD9+98\\=/F-:58-CXC1],MI[J-FGDB::18$R$0,06.3T_,T`63H-OYOFI/<( M^^5PRE>#(06ZCVX_K4D.C6D6FS6!#213DM(6/+$]3Q@#\*HQZ\(]1OA-YLMH MKPB-T0;8PZ+@D]>2??K5N+7;:2Z$'DW"@W#6WF,@V>8N>,Y[X-`#DT>,2F62 MYN9I#`T&Z1ESM8@]@.>*@/ANT**@FN%4)$I`8?-Y>-I/'7CZ5%=^(/LE]J5O M*O\`Q[Q(T.V)VR2I)W$9`&<>E/3Q%!%!8?;%*R744;DIMV@L!T!.XC)[`T`6 M7T6W>VDA\R9=]R;H.K#UY(_,=0%+1_>`.?3FA==@:"*1;:Z)G.($V#=,,9RO/3'KB@! M!X>M!;R0>9/MD2&,G<,XB^[V_/\`I3FT.V-Z+D2SKB?[1Y08;/,Q@G&._P!: M(]>MIY8XK>*>69B=\:J-T6#M);)&,&H?#VK-J$'E2%Y9T+F60*`J_.P53[X` M[=*`+.HZ/;ZC+YDSRJ3$T+!&`#(><'CU`-0-X=MV+LUS=-([Q.7+KG,>=N.. M.M4X-?NI-:>SQ;N!=M!Y2!A(J`9\PG.,?A4][XAMQ%?112/%/;)O)VJYQD#( M&[WZ''6@"Q'H%FA0L99"OF[]Y!\TR8#%N/;MBG:=HEII@E^S;E,B[=VU05'L M0`?SS2?V[;?:_(,4X`N/LQEVC8'[#.>^?2J\'B"".RCDF,T[$2.[+$%*(KE2 MQ&>@QCC)..E`$T.@6L4BR&69Y1.LY=BH+,H(&<`#&">@I?[!MEE>:*>XAF=Y M',D;`'#G)7ITS^/O4T&JPW&HRV44_TI#XBL@KEUF3 MRXY'8,H!!0@,G7[W(]N>M`$?_"+Z>8?*S-M^T>?]X9Z8V=/NXXQ5HZ-;G=\\ MOS78NSR/OC''3IP/\:IWGB:&+3VN;:VEF80"8KP`@)(PW/!R#TSTIIUUK;4; MS[7%<"VC2%MH13Y.[.2V#ZX]:`+,'AZS@9\/,Z/"\&QF!`1B"0.,]1UZ\_2I M_P"RHFL[:V>:9UMI4D1F(W$J<@'CIVJIKVJW&GW=E!`8E6X$A9GA>3&T#&`I MSWJ=-:@\O++(2+I;0D*!ESCD<].?K0`C:%;-,TPEG20S--N5AP6`!'3IA1[^ M]4_^$97[0J"XE6T6S%MA7P[C<20W&,$'ZU:@\0VDS)F.>*-Q(5ED4!3LSN'! M[8)J/3M5DO\`661%ECMC:+*B2(`22Q^;Z$8H`2R\/I#=22S2,8Q&%&^0? M*`I(QU&#WQTI#X4TT+.B*T:S*5PJH"@)R<';G\R:ALM=E-Y=BYBN2?M!AM[= M43)PN3WZ]SDXZ5<_X2"U+6Z)%<223LZ!%CRRLA&X,,\8S0`^\T*SO9;B2X#, M9_+)S@A2F0"`1_M'KFHO^$;LQ$B1230E4:-GBVH75NH.!C\@*+_5Y8-1DL8[ M:3BU>83<8!'?&>G]>W>H].U^)M.5[SS4ECM8YI&9`/,!&-R@>IR.U`%^32X) M-)336+F%(U0-GYOEQ@Y]>!4$6AVT3;()BC,-K28QO(`Z_IGM3EUJV^ MPW-U(LL0M>)8V4;EX!'0D=".]4Y]:E^VZ]`% MK4-"MM0DG>26>/SXQ'((V`#`=.H-6Y;..:]M[MF?S+=750",'=C.?RJB_B.Q M1;5SYFRY"E&^48R<OH#2_P#"06W[_$-R?)F,'W!AY`<;5.?Q^E`$,/A] M(KVP((-O8(1&2V7]%KX>03327DC2*UU+.D(;,?S$X)&,YP?7%7 M1JUK_9LE^S,D49(<,/F5@<$8]<\54&K3?VJ!)%-#`+-YFAD5=VX.HSP3V/K0 M!/;Z':PLN9)Y5CC,42R/D1(1@A>/0=\FF1:!;1Q21^=<.'M?LF69N[;T]ZF_M^TWW(*3!;;/F.0,`CMC.<\^F M*`&Q>'+"*]2Z5#O0@X95.6``!R1D'CL13QH-J+PW!>8@R/)Y18;-SJ5;MGG/ MK4;^(K1%4-%.)C)Y?DD*&!QNY.=O0YZU;U'4HM.M5GF1RK$#`*@CZEB!^M`% M8:#`(H8Q=76+=LPG>,QC&-HXZ8..QV\DNP%#DCO///+D[/,8$)D`'&![4W^P[8!BDLZ2&X>X616`9&?[P'&,8]:= M?ZU!8W+P/#<2-'#Y[F-00J9()//;%(NN6;W:P)YC*SB,3!?DWD9"YSG./;%` M"+HL(CDMVD.?:D&@V^-_G7'VGS/,^T[AYF=NWTQTXZ M5`FOPSW-L4\^&!FD#-)$-K[58GYL\8V]@:F7Q!9&"66030A(A,!(F"Z$X#+] M3Q^-``/#UBNQ4\U(PJ*\:O\`+*%.5W>O-6-0TN#475IGD4K%)$-A`X<`'J.O M'%9B>(?)OKXW<U%J1D?=!)!Z=>:AF\-6$UO;1,')MU**Y"L6!.3G< M",D\YQW-,C\3V+0+/)'<0Q/$TJ/(@`<+U`P>O(JM=:W<+>3_`.OM8DMXF"20 MJS!FEVYQGG(('7CZT`:J:3;I?0W8+[H$\N).`J#&.`!Z#Z56B\.VD22(LUP4 M>![<*6&$1R"0..V.,YZU*NM0/!/<)#.8(B0)<*%<@X.TD]CW.*K+XCCGGL%M M;666.Z=D+`K\I4'(ZX.,9],=,T`33>';&=9!+O?>L8^;!VF,$*1QUP3G.:6/ M0;2-(%0NODI(@VA5SO`!)``&>.U-_P"$CL`)&?S4C16=9&7B0*<';SGJ1UQ1 MI6H37NJZA%(DL4<*1%(I5`92P;/3KT'7>9TGP",;E3:!TZ8-+JFKVVE>5]JW!9#C<",#\R"?PS4, MOB"SB>[#),4M"1*X`P#TQC.>_7&/>@"[86<=A:+;0LS(I9@7.3\S%C^IJS69 M%K4$C[##,C>0UQAMI^52`>03SS4#>);-8_,,-R4"12.P0$(L@^7//X<9H`VJ M*Q7UR)IX"IFC`DECEB:,$DHA8@G/'8\9S3T\1V9B>21)X56`7"F1`-Z$@97! M]2!^(H`UZ*I6&HQWTD\:PS120%0Z2@`@D9'0GM5V@`HHHH`BN(C/`\0EDB+# M&^,@,OTS67Y;LW8Y'WSGCITY/^-5K#5S'H,5Y>EY9'E>-0BC"&>4J-A^4EER>.G M--70H5ABC6YN@8#F!]XW0C&,+QTQZYIB^([,VTTY2=4BC$PW*,NA.`R\]/K@ MU(==MA'*6BG66.58?)*C>S,,J!SCD<]:`"/0K:"1)8)9XIESNE5QNDR=QW9' M.33M/T6WTV;S+:28$J0X)&'RQ;)XZC)`/I5#3O$.Z5X+A)I9WN91&@55*(&P M,Y(Z?B:TK[5;>PE9+@.,0-.&`&&"XR!SUY%`$8T2V63S%DF$GVHW08$9#$8( MZ?=([57/ABR,OWB0?R/-*/$%L6MT6"Y:2=G01J@+(R8W`\^^?2@"4Z-;G=\\OS78NSR/O MC''3IP/\:JR>%]/DCB5@Y:+<`[!&)!8L0 M6"V8P,@G/!'/KGUJ2/Q!:O$9#%.@5XU8.H!42?=8\]/U]J`)3HUL;>2$M+\] MP;D.&&Y)"'[.2*%&:;,0HS@ M[%!^5,!FZ]`3CUX.!4JZQ;R72<+QP,DG\:670X)HKM)9YW-W&D4(0)6!"H#D`<4V'7+6XN MH+>W2:4SQ"971/E"DD9/I@BEDUJUB>YW++Y5KD2S!?D5@`=O7)/([4`(^B6S M,[K),DK3M<+*K`,C%0IQQC&!T.:=;Z-;6T]O-&TF^$R');.]GQN+<YBF+(!$R#<0Q(4CGID8I]GKMM=W,=N(KB-W=XQYB``.G++D'J!^'O M0!/=Z9#=72W#22I((FA.PC#(W4'(]>:KG0+)X_+D\R1/LJ6NUB.54Y!Z=8%^\!SU%-3Q-9/;+,D<[[IQ!L0*[;B"1T)!Z=C0 M!9L]'@LK.6WMW>/S3DR*J*P_)0/S%-M-#M;.:"6-I2\)D;)(^8OC<2`/]D=, M57@UZ)0!+YTDDMU)#&GEJA7:>1][''UR?2K7]LVOVS[/B3'F^1YNWY/,QG9G MU_#%`%6/PQ91QI&LUR%544C>/FVG*D\=C5B70K.:TEMI0SI).UQEL$JY.>., M8Y/7-)I^NVVH20+'#<1BX1GB:1``^WJ!SVS5J[OX;.:".8,!.6"N!\H(&<'\ M`?RH`ACT>T32FTXIF!\[N`I)ZY^4`9_"HI=!@G)-Q<7,S&(Q;G89QN#=@.05 M%1P^);"6VCG(F1'21R'490)C.X`^XQCUIXU:6YQ]CMG#12?Z0DH&Y$VDC`#8 M)/`'/UH`:_AV"2.9'NKHB<@RY9?GPH7^[QP.WX8HE\.6-Q(S7!EF7841'(P@ MXZ8&>PZDU(NOV30^@"`>&[1;-K5)94C=B9-BQKO&,8.%Q^7/O5NYTN"X^S?/+$;;B M,QMSC`!'.>P^M9\^M2_;=.:*"X\J=9BT(5&9RH7&""1W/>IO^$CLFB\V))YH MUB$LC(F?*4YY;GV/3-`"?\(W9_9F@\V?:;86V=PSM#%L].N34DN@VTEUYPFN M$7[0MSY2L-AD'?&,\XYYILWB.QA&7$O^O$'`'==P;K]W!SG]*)_$-M"X7R+F M0EI5'EH#GR\;CUZ<_H?:@!+_`$0W^JR3R3O';O:B!EC;#-\Q)!XQ@@_6G+X= MT]+];Q(MKJ0VW:I&0!@Y(R.@Z&GZGJXL](2_@A:X239MVD#AB,$_G^9'UJI; MZXRZQ=6]TDRQF6%(@47$1=`=K$=R<^M`%M-"M$BMHR9'2W,I4,1\WF;MP/'3 MYC3%\/V7DRQ2--,'B$(,CY*(#D*OT//X5+9ZQ;7EUY$8D&X,8W9<+(%."5Y[ M9[XI8]8MY9+Q460BT)$C<`$CJ!SG\\"@"`^'X66Z#W=V[7002LS*2P4$8^[C MH:MRZ=!+'9QY=5M)%DC"GNH(`.>V#5.+Q':3Q0O!%/*TKM&J1A6.Y1DCKCIW MSBB#Q)8S1-+B9$$/G@NF-ZYVG'OGB@!6\.63VEM;2&5XK>)XE!8/H,XH`G;0;OKD4Y-#MXQ"4EG5X9FF5]PSEOO`\=#S^=*=:MA*8F659!<&`J0,@A=V[K M]W;SFJY\3V*Q&1DG7(5HP5`,BL<`CG&/KB@`3PMIB>G; MZX[F?QH`LZGHEMJ;EYI)D+1F)O+8#_-)+HL4UX]TUS<>:050@K^[!ZX^7GIWS22Z[:17,D++*0C%/,"C:7"EBH MYZX'T]Z@?Q'#]DFEBM;@NEM]I174+YB>H.>@[]_8T`.7PW9H@$O!H`&T*U:9I3)-N:624 M\C&738>W3'ZTRXT"WDM1&"[E+3[*@=L`J"""2!URHY_2FR:]Y-YJ$<9Z<9'L#TI[>(+-9[F$+*S6Y1>`/WA<@#;SSR1GI0`[1=.N+(W, MMW,))KAE+8;=C"@=<#/Y"M2LZUUFUN[A(8Q(!+N\J1EPLNTX;:?;WK1H`*** M*`(+RUBO;26VG!,A6Z2+(9IW=9UG+,PRS*I49XZ8/;TJ[>W<5C M9RW4^?+B7>DY9V!RRJ5';I@TC^(;1)Y$\N=H MXFC#S!1L7>`5.<]#D=J4^(+-;Z2T8.LJ!R!E3NV@DX`.1P#U`H`1?#UDEM=0 M(952YE$K8897#;@HXX&?YFEET"TENC,9)@IF\\PAAL+XP3C&>0?6HI?$UG#9 MQ74D-PD4O*EPJDC`.0"PSU[9-*NOQB[O4EMY8[>UC5_.X.[=G'&<\]OUQ0`V M/POI\5M<0('59T\LD!`RKD'`.W)Z#KFK-QHMM<27$C/*LDTB2[E8`QN@P"O' MMWS2'58YM,OIXQ+!);(Q=70%D(7<#C.#Q@]:A7Q#;H2DD=PWE>4)91&`JEP" MI//N.E``?#=JT7E/<7+Q&4RNC,I#L3GD[<]?0BKFHZ7!J1@,Y<>1()%V'&?] MD^Q[UFW6O>9)9FU$L<#W?EO,R#9(H#;@#UZCVZ5.OB*T:"2;R;@(B"7[@RT9 M.-X&>@[]_:@!?^$V6 M24NBN6``"@C(SDY_(&@`L-!L=.NVN+9-I(("[5PN>N#C/YFEET*SFM);:4,Z M23M<9;!*N3GCC&.3US6G10!D?\([9_9XX0TBJD4"KD2`!B0!C/''%2G1+ M4QW4;&1ENH4A<$C@*"`1QUYK2HH`QYO#5A-;VT3!R;=2BN0K%@3DYW`C)/.< M=S5E-)MTOH;L%]T">7$G`5!C'``]!]*OT4`83>%-/944F4^7D)N"-M7.=HRI MXSGWY/-3MX?M#<+*DL\:"=)_*1@$WKC!QCV%:U%`%"?2X[G27T^>>>2-^&D9 M@7^]GKC\.G2G7FFQW9"P!*DY(.0>.*NT4`4;/2;:RG26W#+L@ M$`7/&T$G/KG)-1RZ+;2O<[GE$-UDRP!AL9B,;NF0>!T-:5%`&5_8-LTJ32SW M$TR/&XDD8$X0Y"].F?Q]ZDBT:WBN8YU>4M'/+.`2,;I`01TZ<\5HT4`<]8^% MHET^&&_FDEDCC*`*_P`L>3DE>,]AUJY'H5NDHD,]P[B=)R69>65=H[=,&M6B M@#*ET&UFA:%Y)O*>=IW3(PS,HH`R_[`L#->2%&(NT".F?E48`^7TS@?D*FTS2K;2TD6W' M,A!9MBJ3CH/E`]:O44`947A^PCMKRWV,\5V^]U8].<@#T`/(J2ST>"RLY;>W M=X_-.3(JHK#\E`_,5HT4`9EIH=K9S02QM*7A,C9)'S%\;B0!_LCIBH4\-6<4 M`ACFN40QB*4*X'FJ,\-Q[GIBMFB@#*GT"RGN9)F$@\RW-N44C:!C&0,?>QQF ME30K5(K:,/+BWCDC4EAEM_WB>.3WK4HH`I2:7!)I*::QVLK.:VAS MMFR';:JGD8_A`'Z5#_PC]I]DGMO,FV3PQP,=PR%08&..OK6M10!0;2+5M3>_ M8,9'B\MD)^4]LX]<2$N-NY5CW!?3.WD?7-;-%`&4F@VD2 MPB%YHQ%"T'RL/F1N2#D>O/&*23P_:20&%I)MIM$M,AAG8IR#TZ_YQ6M10!D/ MX0L6`5?O$5&S96+8\ M>X8W)C(_,$5DOX6TYXHU(B@#)F\/VLT$47G M7"".V^RDJPRR8QSQ^/&*=+H5I,9?,,C)-$L4B$C:VW[IZ=16I10!FV^B6MMI M]S91[@ERK*[!45L$8_A`'Z4UM"M6AN(C)-MN#$6Y&1Y87;CC_9&:U**`,C_A M';7<@\ZX,,7PW8S6RP/O*1NSQ9"MY0;JJ@@C'L0:I***`"BBB@`HHHH`****`"B MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*** M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBN9U?PE_ M:>I37GV[RO,Q\GE;L8`'7(]*"9-I:*YTU%<;_P`('_U$O_('_P!E6EH/AG^Q MKU[C[7YVZ,IM\O;C)!SG)]*"5*;>L31N-8L[>*X?<\GV=2SB-">G49Z9]LU8 M:]M5\W=?TJ&YT; M4+F[DFD>W<;6$0#E-IWJRMPO48[DY/UH-#=2XADD,:31M(H#%58$@'H<4V*\ M@FN9K>.0-+!CS%P?ESTJGI]C=6U[++(\6R1!O"9^>0``OC'R\#&`3VJ'3M*N MK2]2Z>Y\PR!_/0XP"QW#:=H)P'9TU!)FEB,2SL=O.?*W!U7IU#C\J:/#] MT+6&'?;MBWABDR3UCDWG''(()].E`&\+NV*1N+B(K*<1G>,.?0>M17&J6-M; MM/+=1!%4L2&!)`.#@#KSQ]:R)O#]Q)O`EB42-.IY/R*\@<,O'WAC_P"O2-X? MO'CGA:6`1M!/%&P)SF20."1C\*`-TW=LHB)N(@)L>42X_>9Z;?7\*BFU*UC4 M%9%E_?)"1&P8JS$`9YXZU7OK&ZN+BSN(?*AFBP'<.3A2064#&&!QWQCK5!M$ MU":9I)YX-Q:'[G``20L<`*,<'@<_6@#<-[:A"YN8=H?RR?,&-W]WZ^U+<7,- ML@::1$R<*&8`L?09ZFL"W\/WEO;H%FC:XC*".5GX0*I7(4(,Y!(()/UK4OK* M::^AN8?+;;$\++(2,!BIW#`//RT`26^JV5Q9)=BXB2)@I.]U&PD9`;G@\]*F M-Y:C?FYA'EXWYH)Z>E`'0K=6[&,+/$3*,Q@./G'J/6IJYG3M M"NU&GRR2&,)%")(]P!4H2?[IS][H"._6NFH`****`"BBB@`HHHH`***CGB6> M)HW+A6ZE'*'\P010!)15'^R;;_GI>?\`@;-_\51_9-M_STO/_`V;_P"*H`GN MKN&S1&F+_.VQ0D;.6."<`*">@/Y4@O[0PB;[3"(R,[BX`^[N_P#0>?I4%_IP MNTLX@[K'!)N8B5@Y&QEX8'.2RODFW)Y:QE`H8DCY(5' M.!G_`%9].HH`OG4+4+,PDW>3)Y;A5+'=@'``&2>1TIIU.R#`-.%RA?<00N`" M3D]`<`G'7`-0/83">>XC*,YN5GC5F(!Q$$(8X.._8]JI2Z!/)%)!YJ*DK22N M^22'>-DP!_=^;/7MTYH`V(KVWEMWG5RL:9W[U*%<<\@@$<<_C38M0M9"J^88 MW8D*DRF-FP,G`8`D`=Q59;":2VNO.,<<]Q*LV$8LJE0@`S@$CY!G@=<55_LF M]N)+MKF2-!/%-&J"5I0F\1]R!QE6..V<"@#5CO;255:.ZA<-C!60'.20/S(( M_`U!)K.GQS+$US'DR"-CN&%)4L,GT(''O6?X_U81P@#V]U.\;/$S%LON+;A@\A%`P`,<=V'? M-7GLKAI&9=4NT!)(55BPOL,IF@"S--'`@>5MJEE7..[$`?J14/\`:5B8'G%[ M;F),!G$J[1GIDYJ*>QFDLQ";IYF\Z.3?,%!`5U8CY5']T]N]4(-&NK?[(Z&! MVMX(HRK$@,5616..=`9$1]C,`P##*Y&>,U)+> M6\4,4SS+Y"1)BZ8R5`QR,^OO6G4$EG;2N7DMX7<]69`2:! M._0S/^$ELO\`GE/_`-\C_&K5AJ]OJ$[10I*K!=WS@`8R!Z^]3_8++_GT@_[] MC_"GQ6MO"Q:&"*-B,91`#B@24NICW.IWLFC7U_"T44<:R"(;W,:IY:J0=^2X(!R! MCE><9SV/2JVG:RM[JUW:!H2L>?+VM\WRG:VX?7&/:KMOI]K;2^;#%M?9Y8^8 MD*O'`'0#@=/2EBL+:'R/+CP;<$1G<<@'K]?QH`RT\1^9<)`MH=[87_6?Q^8$ M9>G8'=5$Z[J3V:.JQ`FWMY=RGDEY=I&",8(!'MU^F\NE6*7`G6W`D$IFW9/W MR,$]?2F_V-8;(T\C"QHL:@.WW58,H//.",\_UH`A;6&72I+O[-^\CG\AHO,X MW>8$.&QTYSTJ*WUYYLAK5(B8V="\X"G:^QLG'`R>O>M`Z?:F!X#%^[>7SF7< M>7W;L]?[W-1-HU@RA3`?E#`$.P(W.'.#G@[@#GM0!1B\0F=X8X[89G1F5A(" M!M+!^W."HQZY[5#;>([B2.%/L2R2-&GS>;M#,81*>,'`QGU[5IIHNGQD%;?# M`[@V]B0N?]MN/>G1:/80E#'!@IC;\[<83R_7^[Q_]>@#-_P"$G4VAN$M2 M5R^`9,$A8/-]._3]:L6>MO<7D<$EIY0>1HMPDW88('Z8Z;3U]:E_L#3,`"VP M`A0`2-C!38>_]WC/6K$>FVD*[">O\`=XH`K'5FW7:^3%&U MNX4":?9N'/S'C@'''7/M5%?$0#R3L5$,D4!A25P@5G#DY;''"^_2M632;*25 MI7B8R,P??YC9!&<8.>!R>!QR?6FKH]@L918-HVHHVNP("YVX.<@C)Y'/-`$. MEZTNI3[%A$2F)9%WO\[`@'(&,$#.,@]15>XU:[D%K):0J(Y+PPKN<9E`#@YX M^497W-:<6GVT-P)U1C*%V!GD9L#CIDG&<#/K31IEFLPE$1#"3S0`[8#X(R!G M'\1_.@#,F\3)%:0W/V="DL)D5/.&_(0M@KCI\I&?TJ9]8Q"]N>`2?\`)J;^P-,\OR_LWR;=NWS&QC:5]>NTD9ZTEUHT=S?6]P754A*' M:%.XE#E>V@ M@M^!]ZS+O7G@GN53RGC2W=H6VG$DBH6P#GD?*<^G'.3@;5Q;QW,1CE+A3_HRZ9-)%"KSK(%C)A:,2+\ MN3L9@1C+#DC./0U"FKSLZX\MEC,2S9C*L6>5H\#YCMVE3_>S[=:UY8EEB,;% MPI&/D]7X].M([ M66V6+$,JE74L3\I&,#G@8X`'`[4Q]*LWQF(@J7*LKLI4LVYB"#D9(H`RK7Q$ M?LUNKK'-.;=7D`E"N6\O>?EQTP.OJ0/<:L6I6_V"&\N98K:*;E#)(`"#RO)Q MR1SBD&DV2HJ+&X14$>P2N%90,`,,X;CCG-6H8D@C\N,87).,D]3D]?K0!635 M]-DD5(]1M'=B`JK,I))[`9JE+K4%RQ;.=PRO_CN"?3..:5=&L5!VQ.I.W!65P5VY MP%.V>X#N(T(4[HV5LG&!M(SDY&. M.N" M"`1P0?Q%34`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`$5U'YMK+&$23>A78YPK9 M'0]>*SX+"Z_LZPBFE4S0*=[$9Y*,OXXR/KBM6B@#"@TV[AM#:K%&,R+."9BZ MJ4,>%+%3>4C8L%PJKC)`S]W/3OCM4$O\`K7_WC6E6;+_K7_WC03(9 M11102%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1 M2(RNH9&#*>00<@TM`!1110`4444`%%%%`!16+:Q7*:C=2VL&%8`?O08USDY] ME+65JUO*] M]93Q+*2A<90G"DK\N<=L]?:FZ3]J\QO.%R8_)7S!-G/F\[MN>WTXH'?6QKT5 MC:7%&YDTDPLFV,6PQM8B3<%'!&*JW,;?8=,B-M/Y@1,RHC$Q8`SP.YZ M?G0-LZ&+_6I_O"I=8GDM=)NIX6VR1QEE;`.#^-11?ZU/]X5I4%K8Y?\`X2&Y MBPL86Y3RBP9MI:(/!%&CS!&!(+C/&W:&SD=S[]*Z2B@7*^YD37\T6N-! M%YEQ&(2S0H$RIR,8Y!'4GD_2JKZC>;+QH;D,D-S$@9D4G#-M8`CCN.O(YSVK MH:*!V?*.3Z_X5H5FR_Z MU_\`>-!+#8O_`#T7]?\`"C8O_/1?U_PIE%!(_8O_`#T7]?\`"C8O_/1?U_PI ME%`#]B_\]%_7_"C8O_/1?U_PIE%`#]B_\]%_7_"C8O\`ST7]?\*910`_8O\` MST7]?\*-B_\`/1?U_P`*910`_8O_`#T7]?\`"C8O_/1?U_PIE%`#]B_\]%_7 M_"C8O_/1?U_PIE%`#]B_\]%_7_"C8O\`ST7]?\*910`_8O\`ST7]?\*-B_\` M/1?U_P`*910`_8O_`#T7]?\`"C8O_/1?U_PIE%`#]B_\]%_7_"L37;QRZ:99 M.&N)^&*Y^1??_/2K>JZ@FFV;2M\SGA$_O&L>S@FMU+/E]1N^6/=%/;VH)D^A M)9R2:!>+97>!99T5I9`J`Y^8^G2M"Z>6.UE>"/S950E$SC M<<<"N-CG2_\`%$4CY:"VD6.,#N^>OY_R%=EJ71T^SF7R9&DGCBF)5E*;B!C;Z\^N.]6;*\NGU&>VNT6,CW8=:9;KIBVEE"H95FU+!%I]]!-#2_VW+MA9%1 MU"H924*D[I/+P!DX((/KTJ4#2!&9?FB^T2^3SOC;>3G:!P5R<'C'K4T$&G3R M"..$A[3`",C)@9R#@XW#()!Y&10*S-&BJT]_:6\C1W%Q%$R@,?,;:,'..3Q_ M"WY4V?4[2WN8K>2>,2RY(7<,J`I;<>>!A3S066Z*ACN[:39Y=Q$^_&W:X.[( M)X]>`3^%"7,+W,ENC@RQ*K.H_A!SC^1H`FHHHH`****`"BBB@`HHHH`****` M"LV7_6O_`+QK2K/ED(E<87J?X102R*BG^8WHO_?(H\QO1?\`OD4$C**?YC>B M_P#?(H\QO1?^^10`RBG^8WHO_?(H\QO1?^^10`RBG^8WHO\`WR*/,;T7_OD4 M`,HI_F-Z+_WR*/,;T7_OD4`,HI_F-Z+_`-\BCS&]%_[Y%`#**?YC>B_]\BCS M&]%_[Y%`#**?YC>B_P#?(H\QO1?^^10`RBG^8WHO_?(H\QO1?^^10`RF2RI# M$TLK!449)/:FWNH16,!FN&15[#:,D^@K`?S];(NM0;[-IZG,<0P#)_C_`)QZ MT"!%&`,8'M6NK;%"JJ!0,`!!Q0**ZLJ21+.AMKCDXRK]S[^W6LFYM1 M<)]@O#ME7FWF]#V'TKH)?WJ;2%!!R#M'![&JMQ&+V(P3!5E3D,%'X'IW]*!R M5RGHFHR3;[*\^6[@X.?XQZUK5S5Y'B_\`?(H\QO1?^^104,HI_F-Z+_WR*/,;T7_O MD4`,HI_F-Z+_`-\BCS&]%_[Y%`#**?YC>B_]\BCS&]%_[Y%`#*;)(D4;22,% M11DD]A4OF-Z+_P!\BNHV:SQ\$\,O]T^E8$MXXF1K>)EBME&-BC$2 MYX)^O?\`7BG1W1TN]%_"H^R7!VW$84$1MZ@?J/Q%!"?+JSIZSM=OC8ZM))MZ!T*,K#((4YLG?R;6!!*<"*.0B-,*QW$[1RQV@X'OSWAAE=M/M&225-LZ(WSY#Y([GG'M M4UM,(;ZY#SF6,98MEB(SNX7&2/R]*!\PB6-U)IR1W'DK]4A)-)YZO=-#P3(Q) MQ&1)\HZC&5]*5;N8-:;T?85&`)&!8[L9YY;C!P3T-`-:59\L9,KG*]3_$*" M6144_P`MO5?^^A1Y;>J_]]"@D913_+;U7_OH4>6WJO\`WT*`&44_RV]5_P"^ MA1Y;>J_]]"@!E%/\MO5?^^A1Y;>J_P#?0H`913_+;U7_`+Z%'EMZK_WT*`&4 M4_RV]5_[Z%'EMZK_`-]"@!E%/\MO5?\`OH5EZKJT6GD1*//N6^[$AR?QQ0#= MMRU=W<%E"9;B0(H_,^PK#+WNN-O+M9:>#PRENG$]Z3C^&/I_P#JJS9Z88W\ZX99 M)CSRPPM7BA`))0`=]XH&HC``H````Z`52GNI)I6MK'!=>))B,K%_BWM^=(6F MU,E+5Q':`X><,`9/9/;_`&OR]:O0VJ6\2Q0JB(O0!A064$GFT]Q%>2&6!CA+ M@CE3Z/\`T/\`DW)8_,`(.UUY5L9Q4KP"1&1PC*PP06!!%9Y672?O'S+'/WMP M9H?KZK_+Z=`!+N`W2>9&/+NHNWZXSWK%$[:==_VA`O[F0A;J(?PGU'^>O'>N MH:`2A75DS_"ZNO3_`.O63J%LR,TK(A8KB6,,,2#C)'?O01*/5&M%(DT:R1L& M1AD$=Q3JY_PY/Y-W-II?*?ZR`L<<=Q_GWKH_+;U7_OH4#B[JXRBG^6WJO_?0 MH\MO5?\`OH4#&44XH0,DH!_OBL"[U*XU&=K'22,#_6W).%4>Q_K^5`F[%VZU MO3[28PRS_.O4*I./RJ(>(]+/6Y(^L;?X54M1I^GJT20?:7ZO*P!W'_"K'VNU MSC^SN?\`KF*";L@U#78[F);72G,MQ,=N0I78/7D53$8@ACLK0>86;&>GFOZ_ M0?RJ[>74?DGRK5;<8.YRH7CTS5W1M-:)?M4RJ)9!A%+#*)Z?4]__`*U`)7=V M3V%DEE:^4,,S$M(V/OL>O^?2LN]L19EL(7LY1M=/[H]/\#70^6WJO_?0IKP; MT*/L*D8(+"@MJYR,>IS:1:SV3%I`5S:R#T/^?SJWX>L<$,PR(^3[L?\`/\J- M1L#!*D+H)!NW0MGD'T_S[5O6=G]FMEC!3/5CN')H,XQ=]2>+_6I_O"KMU.EK M:S7$F=D2%VP.<`9-5(HR)4.5ZC^(5=F5GA=4959E(!9<@'W'>@V15CU!`ED' M@EB:Z.U%P#MPI;D@XZ#_`#SA4O[6X2[/6.TD*2%AD94!CCZ9_,5!9Z4;>SL( M6F+&TD,F<<'*L,#T`W\>P%-LM+ET\O'#.9XIWR_GJ"541[1TQDDA# MM/7!]JJVND>0B!IMW[_SY`%.&(7:H&22`,*>IY%3V5K/!-<23SQS&9MP*QE2 M!V'+'@#T`[GO0`ESJEK:7)@G+A\*1MC+9W;\``9.?D:HKC6K2&YAA#%_,)W. MJL54;"_7&"<`<=>0:=/I@FU..]\W!3;\FWK@2#K_`-M/TJ@_ALO;P6_VTB*$ MHXPA#%UCV`Y##`X!QUZ\\\`&I#J5I/*L44I,C=$V,".O4$<:XCE67A%$15D4=%SN.1U[=3^%`%RBBB@`HHHH`****`"BBFLZ M*RJS*&;[H)Y/TH`=14*W5NUNUPMQ$85SF0.-HQUYZ4BWELS(JW$),B[T`]`$]9LO^M?_`'C5Z">&YB$MO*DL9Z.C!@?Q%49?]:_^\:"9#****"0H MHHH`****`"BBHI+JWBD$!0`4C,%4 MLQ``Y)/:LJ]U^V@?RK8&ZG/`2+D9^O\`A5"YBOKU0^JSBUMSR+>+[S?Y]Z"7 M)=":\UF6\E:UTK&!]^X;A5'M3+*W2WM!KBRTY1#N`8\B-`6=OP')H$DWJQEMIB1MYLSF67.@_*@M*Q8^T0 M_P#/:/\`[Z%*)HB"1(A`[[A4?V*U_P"?:'_OV*8VFV+L&>RMV([F)3_2@9&= M0,Y*V$1N#T,A.V,?\"[_`(9H&GF?F_E-Q_TS`VQC_@/?\VX>-@\; M="#C\/\`ZU352GM)(Y6N;$JLQ^_&>$E^OH??\\T#.>U6&33;Z.XCY:%@P_VE M/^37503)<01S1G*.H85E:B(]1L3*$97B)22-NJ^H/Z5!X6NB%FT^0_-$=R>Z MG_/ZT&:]V5NYT%%%8OB+4&BB6RMS^_G')_NKW/\`GWH*;LKE2\NY=8FEABE$ M.G1'$DHZR>PIZB-;7;&/LUBAP>[2'^I/I45G!'%!&K*\@R1%`OWI#W)]!ZFM MJTLF#K<795YP,(J_9'N)Q(B-N"!-H+=QIU%%`#XO\`6I_O"M*LV+_6I_O"M*@J(4444%!1110`4444`%%% M%`!1110`4444`%%%%`!5'4K1[IH#&`&4N"_&5!1A_,BKU%`&&8KAHI$^QNLD MDT=P(\KTC,0()!QD[3CGMSBJLNDWLVGWEL(=K75:>?-O\N>/S&P$1?X7`'W3W/&.G-8J7^I/K5S832VL M4B$E#Y#$2#U'S\?KW]*ZZN$\26\MIJ1O82=ZN74_CR/\]J#.HVE7J/_/U:_P#@,W_QRI+&Z2]M([B/HXY'H>XJ>@+E3R]1_P"? MJU_\!F_^.4>7J/\`S]6O_@,W_P`7J/\`S]6O_@,W_P`OH3_G/T MH(E*Q/+K6HW,K0V$D+IT,_D%`OYL?UJB;%`S//.EPS M4`S`0Q#I&HPTBQ%)96:-QYKQE6;\V)/X5)%#=&0O;8NWS]^6U9%^N6<9_`&MZ"RMK8EH8 M$5CU;'S'ZGK4]!22,J2SU6Y1?.OX8>/FCAA;!_X%N!_+%26]A=6JE8);),]2 M+5LGZGS.:T:*"KE3R]1_Y^K7_P`!F_\`CE'EZC_S]6O_`(#-_P#'*MT4`5/+ MU'_GZM?_``&;_P".4>7J/_/U:_\`@,W_`,H_\_5K_P"`S?\`QRK=%`%3R]1_Y^K7_P`!F_\`CE'EZC_S]6O_`(#-_P#' M*MT4`5/+U'_GZM?_``&;_P".4>7J/_/U:_\`@,W_`,H_\_5K_P"`S?\`QRK=%`&+>17MI,;MKBW\N0".;$#``=F(W]LX M[<'VK&O4NM)U-+D21Y4XR(B`5/MNY_.NQD19(V1U#*PP0>XKGKZV+0/:RG,D M`P&.,O&?NG/9%:0;F_=DX7T`W#VX^E,B>ZO5@LIXW'F&`@GKAY.W M_?.?S^E!"?._(FT^QOX4,QFMDFE`W*;7J/\`S]6O M_@,W_P`H_P#/U:_^`S?_`!RCR]1_Y^K7 M_P`!F_\`CE6Z*`*GEZC_`,_5K_X#-_\`'*/+U'_GZM?_``&;_P".5;HH`K11 MZEYJ8N[7.1_R[-_\%:5`T%%% M%!04444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!6+J5LMTDL9QG)* MGT-;59\LCB5P';&3WH)D8?RJYYLG]]OSH'&-M6,HI_FR M?WV_.CS9/[[?G04,HI_FR?WV_.CS9/[[?G0`RBG^;)_?;\Z/-D_OM^=`#**? MYLG]]OSH\V3^^WYT`,HI_FR?WV_.CS9/[[?G0`RBG^;)_?;\Z/-D_OM^=`#* M*?YLG]]OSH\V3^^WYT`,HI_FR?WV_.CS9/[[?G0`RBG^;)_?;\Z/-D_OM^=` M#**?YLG]]OSH\V3^^WYT`,JCJENTD2W$0)EAR<+U=3]Y?ZCW`K1\V3^^WYT> M;)_?;\Z!G*11H[*+4H\EP?DQR%&.6/T'\L=ZZ.V@2VMTAC!VH,<]3[GWJ*TL MDM+F::-WW2'@$\("M"@I!11104%%% M%`!1110`4444`%%%%`!1110`4444`%%%17*/);2I&VUV0A3Z''%`#5N[9H9) MEN(C%&2'<.-JD=LA([S[`EI)!,[HZ2QA M]@.R-HR5)7"@GYMOTYQ5>72;V;3[RV$.UKN1YE=G7$0))V'!SDYYQD?,>>E` M'103PW,0EMY4EC/1T8,#^(JC+_K7_P!XU+IT[FEA,/GS!UC8@L`$5><$C M^$]#TQ2O:NSLP*X))H$RI+&LL;1N,JPP:YY/#[B=R(X\%C\S\Y_#M75_9)/5 M?SH^R2>J_G00XW,./1DX,TSOCL.*O06L%MGRHPI/4]35[[))ZK^='V23U7\Z M`Y2O15C[))ZK^='V23U7\Z!V97HJQ]DD]5_.C[))ZK^=`697HJQ]DD]5_.C[ M))ZK^=`697HJQ]DD]5_.C[))ZK^=`697HJQ]DD]5_.C[))ZK^=`697HJQ]DD M]5_.C[))ZK^=`697HJQ]DD]5_.C[))ZK^=`697HJQ]DD]5_.C[))ZK^=`697 MHJQ]DD]5_.C[))ZK^=`697HJQ]DD]5_.C[))ZK^=`697HJQ]DD]5_.C[))ZK M^=`697HJQ]DD]5_.C[))ZK^=`697HJQ]DD]5_.C[))ZK^=`697HJQ]DD]5_. MC[))ZK^=`697HJQ]DD]5_.C[))ZK^=`697HJQ]DD]5_.C[))ZK^=`697HJQ] MDD]5_.C[))ZK^=`697HJQ]DD]5_.C[))ZK^=`69%%_K4_P!X5I532U=75B5P M"#5R@I!1110,****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@#(NYVC MUR%86>1MC&2&.;)(VG&4.%4=/FSUXK.FOWCDG>]DGB3$OFQ"784^=1"`0<*2 M">0<'DYXKJ**`*^G[O[/M]\RSOY:[I5.0YQU'UJQ110!E:M*8[VR$4C"5I`" MBRD,RYYPG1AZD_='-5I[NZ;7+=7$UO&R#,3,/NXDWD[21D$1\YXR/6MZB@#, MT&1I;24F0R()B$/FF5=N!]USRPZ\^N1VK3HHH`RO$4ODZ:S),8YO^66)2A+8 MX``^^?13UJOJ]U=B5`BS0!8Y/*RP'FR@KL'!/!!;@^_'%;M%`&+H]W<7&L:B M)_.5=J&.)T90@RXXR!U`!_QQ6U110!3U5XX]/D:618P.C-.81GM\XY%9DMW< M_P!E67G"XB0A//N&(0D%">QR#NV@\=ZWZ*`,'1)K@Z@Z7CF2>2%9&"S,1#\J M95DZ*27(TN;R1+*AGQYZS>8D<>5W$.2 M&;C<.8R20YQ`?.92ZF1P&Q_RT`4*3D]#GG-=/11 M0`5BZ?FL[Z;:O*7,C M1*6,B[6)QSD=C5JB@`K(OIS'K=HL+NSD,9(4ER2NUB,H>`,X^;UP.]:]%`'. M7=S?O>SK"[6TI5@J2.,1Q^3D,0"1Q)QGFM+0I)I=+C>;?DL^S>VYBFX[()3%9J4E,#6K10!E7RB:%3-( MC1,5Q(/+8@G!/&1QD_A3/#\T\R-YLCR#RHVE7J*`,2YGNFTFW;_28722WW.P4&4,RAA@$D=> M1Q^56K4RC7+]'E=X_*A9%;HF2X./R%:-%`!4-VR+:RF1PB!3EBY3'_`AT^M3 M44`<[]INF\,7!0W`=89G2Y5PP&TMM`8G#5PW$;:[;PK=,LPB+21 MF7A@1P`N>3WR!QCWK6HH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`/_ !V3\_ ` end GRAPHIC 30 rainiergrowthx6x1.jpg GRAPHIC begin 644 rainiergrowthx6x1.jpg M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP. M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=? M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@` M4`'K`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D* M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H MJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(! M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P M%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P# M`0`"$0,1`#\`]`HHK,UG7+;1O)^TI,_G;MOE@'&,=M`FTE=FG17,_\)QI MG_/"[_[X7_XJC_A.-,_YX7?_`'PO_P`501[2'%W_WPO_Q5 M'_"<:9_SPN_^^%_^*H#VD.YTU%%W_P!\+_\`%4?\)QIG_/"[_P"^%_\` MBJ`]I#N=-17,_P#"<:9_SPN_^^%_^*H_X3C3/^>%W_WPO_Q5`>TAW.FHKF?^ M$XTS_GA=_P#?"_\`Q5'_``G&F?\`/"[_`.^%_P#BJ`]I#N=-17,_\)QIG_/" M[_[X7_XJC_A.-,_YX7?_`'PO_P`50'M(=SIJ*YG_`(3C3/\`GA=_]\+_`/%4 M?\)QIG_/"[_[X7_XJ@/:0[G345S/_"<:9_SPN_\`OA?_`(JC_A.-,_YX7?\` MWPO_`,50'M(=SIJ*YG_A.-,_YX7?_?"__%4?\)QIG_/"[_[X7_XJ@/:0[G34 M5S/_``G&F?\`/"[_`.^%_P#BJ/\`A.-,_P">%W_WPO\`\50'M(=SIJ*YG_A. M-,_YX7?_`'PO_P`51_PG&F?\\+O_`+X7_P"*H#VD.YTU%%W_`-\+_P#%4?\`"<:9 M_P`\+O\`[X7_`.*H#VD.YTU%TAW.FHKF?\`A.-,_P">%W_WPO\`\51_PG&F?\\+O_OA?_BJ`]I#N=-1 M7,_\)QIG_/"[_P"^%_\`BJ/^$XTS_GA=_P#?"_\`Q5`>TAW.FHKF?^$XTS_G MA=_]\+_\51_PG&F?\\+O_OA?_BJ`]I#N=-17,_\`"<:9_P`\+O\`[X7_`.*H M_P"$XTS_`)X7?_?"_P#Q5`>TAW.FHKF?^$XTS_GA=_\`?"__`!5'_"<:9_SP MN_\`OA?_`(J@/:0[G345S/\`PG&F?\\+O_OA?_BJ/^$XTS_GA=_]\+_\50'M M(=SIJ*YG_A.-,_YX7?\`WPO_`,51_P`)QIG_`#PN_P#OA?\`XJ@/:0[G345S M/_"<:9_SPN_^^%_^*H_X3C3/^>%W_P!\+_\`%4![2'%W_`-\+_P#%4![2'%W_WPO_Q5'_"<:9_SPN_^^%_^ M*H#VD.YTU%%W_P!\+_\`%4?\)QIG_/"[_P"^%_\`BJ`]I#N=-145M.MU M:Q7"`A)4#J&ZX(SS4M!H%%%%`!7&_$+_`)A__;3_`-EKLJY'QU;3W3V"6\,D MS@2$K&I8X^3GB@SJ_`S.N88$T:R`BA_>1(75+;,KY?!Q)@@'ZTRYT""WU$6X M2YG18S([JZ(/O8`RW`QT/J?2J20^((XEB2+4UC7&U`L@`PWRX M=27;D#:D@QDY/YF@YKI[HTCX?L89TMYY+@R223*I0J`%09Y&.I%1#1[`6WVD MK>/&T<+K&C+N&]G4Y.WG[H[#K5%K37&<.UOJ)8%B"4?(W#!_,=:FMUU^VMI( M8;6^4/M&X1R!E"YP`>P^8TPNOY30;0K0;EF="J-)M*``L>!U[].:P MM5M8K.^:*"3S(]JL#N#$9`."1QD>U3)9ZY&RLEMJ"E"2I5'&">I'UIDNFZO/ M(9)K*^DD;JSQ.2?QQ0*5FM$4**N?V1J?_0.N_P#OPW^%']D:G_T#KO\`[\-_ MA09\K[%.BKG]D:G_`-`Z[_[\-_A1_9&I_P#0.N_^_#?X4!ROL4Z*N?V1J?\` MT#KO_OPW^%']D:G_`-`Z[_[\-_A0'*^Q3HJY_9&I_P#0.N_^_#?X4?V1J?\` MT#KO_OPW^%`H(Z$T#+]%5+Z:2RTJXG!\R2"!G!*KGG&/3M M6?+K,ZP602%#<23+'<*>E:%SJ!@NOL_E`LVS82^-V2=W M;^$#-`%ZBN?G\0,MNMPBQ,(9G25891(CA86DP&P.^.W4&K%_K\5E)-&Z(&B< MKAY0N\!%<[>.6^<`#OZB@#8HJM?W?V2W$BIYCLZHB9QN9C@<]JL$@#)(`]Z` M%HHHH`****`"BBB@`HHHH`***SK.6?\`MB_MY9VEB1(WC5E4;-Q?(&`,C@=< MT`:-%%%`!1110`4444`%%9VL3RQV^UA]+BC^V+`96$CX$FP%%/1;]C4,8XI1^])4(^[!8A(YMV,,JMN`!*CYL@X.0#Q5RYO9DBM#;0Q3R7+;1^^VH/D+9W;3D M<>G>@"]16%=^(A%;I(B0YEMS-&C2YD!\MG&Y,?=^7&<]:L-J%S)>6PBC1;=K MAHF??EFVH^1MQP-R]<]J`-6BJ]D;LPYO1$)>.(LX'`SU]\_ABJVD2SNU]%<3 MM.8+DQJS*H.W8IQP`.I-`&C1110`4444`%%%9VLW\VGQVSPQK)OFVN""3L"L MS8QWPO%`&C16--K3IJAACB22U6/+2`\YW(&([$!9`?P/I5F34MNEB]`@56)* M^=/L4KD[3NP>HP<8[_C0!H45B7&M3R:;=7EA!$T<,._?+(5.2@?A0ISPP[CG MCWJR=4*R>4\*AQ<>0?WG`/D^9G..G;]:`-*BL:PU=K[4HXD:'8JRA_)D\Q&8 M>400V!V3_`-!-7:I:S_R!;_\`Z]Y/_030*6S+ MM%%%`PHHHH`*I2_\AJU_Z]YO_0HJNU2E_P"0U:_]>\W_`*%%0)EVLWQ!_P`@ ML_\`7>#_`-&I6E5+5[6:\T]H;?9YN^-UWDA3M=6Y(!]/2@99GACN()(95W1R M*49?4$8(J$Z=:&627R%\R5D9VY^8H8U\P*'P-P4Y`/?!IU`&7!# M90H^G3W$+W$[--(BG8S$G)(`.1CMSGCK2VMGI=PK/:2"4B0LTD5RQ;=@`@L& MST55I#I.ZW2!8FS(4NV`B//'#?)GG(&,T][ M32S/;@LB.X4PQK,5#[<$$*#@X`'..GM52"UO8PC""<0P&,K;O(K,[`,&(.[` M'*D`D?=Z#NP:;=K*H\HL)3"Q;1SZT`7Y;/38Q';2%(C(B M11KYQ1B$.5"G.>">W-2R16%Y=_/Y4MQ;JRE=V60..M4[RVN9KBY*6[@ M74*PA]R_NBK/\QYZ?,",9/J!2V%G<1:B&DBVQQ?:/WFX$2>9*'&,<\`.G-;5%`',):S`2;[: M7>R$6),9;R3YLA'^Y\ICZXX&.V*W-1CNY(%%E)LDW9)WA>,'N4?V[?C5NB@" MO8I<):JMV^^89R=P;OZA5_E6-H43V]P\LL#H60!\6[(58MT8X_>$9^^.,`GO M70T4`86BP2PWV98RTS1M]IF>WV'?N&`KX^8$9[G&!TZ5;M?^1AU#_KA!_.2M M*J%I;7":I>W4XB"2K&D81B3A2W)R!C[P]:`+]%%%`&=K8NC:(+'S!0.'CSM9)&0C.,C*D<<#CIP*S M[O2K"XO;>/,J2Q.TYV,X+`[NK`\J:0;N\N)!;QNLJ6Z%CC) M"RDN/^^Z5<,DT5K:*K[90)@5`>,QLJ1] MF7<*31Q%H98P559'5"I3:#MSC[AQTS5C^SK7[4MSL;S$;QP1 MG\B:DJIJD4\VG31VI42L!C<,@C(R.HZC(ZCK0!#+H]M]A:VM42`>4\2G;N"J MY!88SWQ_GI5B6QMYH8H70A(2#'M8J5P,<$$'H2/QK#ATVZ62WE-J$2)MSQ!5 M0$%N%"AV`VD;^O?CJ15>QT^Z?2(GM+-(HGA@+P.JL)L!BS;=P!SN7J03MYH` MWUTFR6,QI&ZH8O**K*X#+MV\@'DX`&3SP.:231[&5MTD3OQ@AI7(;Y-F2,X) MV\9/-9D>DW`FCG,(,J+;A'(560"1C(HY.!L;'!.1ZU%_9=YMMEBMO*AC=P`R M(TBYV8D.'"[AAOF!)P>AR:`-RWTZVMI?-C1S)S\[R,YY"@\L3_<7\JMUFZ/; M-:BX7[,88R^Y2X3>_J6*DY]B>?7U.E0`52UG_D"W_P#U[R?^@FKM4M9_Y`M_ M_P!>\G_H)H%+9EVBBB@84444`%4I?^0U:_\`7O-_Z%%5VJ]S90W3H\GF!T!" MM'*R'!QD?*1Z#\J!,L452_LNW_YZ7?\`X&2__%4?V7;_`//2[_\``R7_`.*H M#4NT52_LNW_YZ7?_`(&2_P#Q5']EV_\`STN__`R7_P"*H#4NT52_LNW_`.>E MW_X&2_\`Q5']EV__`#TN_P#P,E_^*H#4NT52_LNW_P">EW_X&2__`!5']EV_ M_/2[_P#`R7_XJ@-2[15+^R[?_GI=_P#@9+_\51_9=O\`\]+O_P`#)?\`XJ@- M2[15+^R[?_GI=_\`@9+_`/%4?V7;_P#/2[_\#)?_`(J@-2[15+^R[?\`YZ7? M_@9+_P#%4?V7;_\`/2[_`/`R7_XJ@-2[15+^R[?_`)Z7?_@9+_\`%4?V7;_\ M]+O_`,#)?_BJ`U+M%4O[+M_^>EW_`.!DO_Q5']EV_P#STN__``,E_P#BJ`U+ MM%4O[+M_^>EW_P"!DO\`\51_9=O_`,]+O_P,E_\`BJ`U+M%4O[+M_P#GI=_^ M!DO_`,51_9=O_P`]+O\`\#)?_BJ`U+M%4O[+M_\`GI=_^!DO_P`51_9=O_ST MN_\`P,E_^*H#4NT52_LNW_YZ7?\`X&2__%4?V7;_`//2[_\``R7_`.*H#4NT M52_LNW_YZ7?_`(&2_P#Q5']EV_\`STN__`R7_P"*H#4NT52_LNW_`.>EW_X& M2_\`Q5']EV__`#TN_P#P,E_^*H#4NT52_LNW_P">EW_X&2__`!5']EV__/2[ M_P#`R7_XJ@-2[15+^R[?_GI=_P#@9+_\51_9=O\`\]+O_P`#)?\`XJ@-2[15 M+^R[?_GI=_\`@9+_`/%4?V7;_P#/2[_\#)?_`(J@-2[15+^R[?\`YZ7?_@9+ M_P#%4?V7;_\`/2[_`/`R7_XJ@-2[15+^R[?_`)Z7?_@9+_\`%4?V7;_\]+O_ M`,#)?_BJ`U+M%4O[+M_^>EW_`.!DO_Q5']EV_P#STN__``,E_P#BJ`U+M%4O M[+M_^>EW_P"!DO\`\51_9=O_`,]+O_P,E_\`BJ`U+M%4O[+M_P#GI=_^!DO_ M`,51_9=O_P`]+O\`\#)?_BJ`U+M%4O[+M_\`GI=_^!DO_P`51_9=O_STN_\` MP,E_^*H#4NT52_LNW_YZ7?\`X&2__%4?V7;_`//2[_\``R7_`.*H#4NT52_L MNW_YZ7?_`(&2_P#Q5']EV_\`STN__`R7_P"*H#4NT52_LNW_`.>EW_X&2_\` MQ5']EV__`#TN_P#P,E_^*H#4NU2UG_D"W_\`U[R?^@FC^R[?_GI=_P#@9+_\ A52/I-K(C([73(PPRM=RD$>A^:@3NT7J***"@HHHH`__9 ` end GRAPHIC 31 rainiergrowthx7x1.jpg GRAPHIC begin 644 rainiergrowthx7x1.jpg M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP. M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=? M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@` MG0$2`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D* M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H MJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(! M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P M%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P# M`0`"$0,1`#\`[+^T/^F7_CW_`-:C^T/^F7_CW_UJI44$79=_M#_IE_X]_P#6 MH_M#_IE_X]_]:J5%`79=_M#_`*9?^/?_`%J/[0_Z9?\`CW_UJI44!=EW^T/^ MF7_CW_UJ/[0_Z9?^/?\`UJI44!=EW^T/^F7_`(]_]:C^T/\`IE_X]_\`6JE1 M0%V7?[0_Z9?^/?\`UJ/[0_Z9?^/?_6JE10%V7?[0_P"F7_CW_P!:C^T/^F7_ M`(]_]:J5%`79=_M#_IE_X]_]:C^T/^F7_CW_`-:J5%`79=_M#_IE_P"/?_6H M_M#_`*9?^/?_`%JI44!=EW^T/^F7_CW_`-:C^T/^F7_CW_UJH(Z2+N1@PR1D M'/(X-.H"[+O]H?\`3+_Q[_ZU']H?],O_`![_`.M5*B@+LN_VA_TR_P#'O_K4 M?VA_TR_\>_\`K52HH"[+O]H?],O_`![_`.M1_:'_`$R_\>_^M5*B@+LN_P!H M?],O_'O_`*U']H?],O\`Q[_ZU4J*`NR[_:'_`$R_\>_^M1_:'_3+_P`>_P#K M52HH"[+O]H?],O\`Q[_ZU']H?],O_'O_`*U4J*`NR[_:'_3+_P`>_P#K4?VA M_P!,O_'O_K52HH"[,^XTSS[F6;SMOF.6QMSC)SZT5H44$HH*NG3WIS6D$FF6XEB1G2[6-E(SY8,@R@]LWMTJ&U\G_1/)S_:6]?M'7=_M[O;KC/MBN@HH"YSZW,+: M4UNLJF=;G+)GYA_I'_UQ1=>3_I?G9_M+>WV?KN_V-OMTSCWS7044!.U!2"2UO%AF6&PS&8V;/EY_B'^Z>! MQ[UO44!4W M)KH**`N<_:^3_HGDY_M+>OVCKN_V]WMUQGVQ4=J)(Y[-3N*37DD@/]TCS`1^ M6/UKI**`N06MN+:)HP<@N[],8W,3C]:GHHH$%%%%`!1110`4444`%%%%`!11 M10`4444`%%%%`!1110`4444`%%%1W-Q#:1>9<-C/W5'WF^G^-`$@!)P`2?:H MYKBWMSB>XC0_W:O<7&4C/D1'^%#R?J>]9]!FZG8Z,ZS8A@H\YN?O M;0!_/-276HV]MC='*P4444#"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***,JH9W.U%!9CZ`4` M07EW'8P>:XW.W$:?WCZGVKF;B>2YF:69BSMWJ2^NWO+EI6X'15_NCL*KT&$I M7"BBB@D*V?$7WK<^H8_F-@R.,JP[BEK%T*\VR?8Y#\DAS&3V;T_'_"M MJ@Z$[JX4444#"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`K.UV?RK)(5/S3')_W1_P#7_E6C7/Z])OU$IVB15'Y9/ZDT$S=D9U%% M%!@%%%%`!6MK1S9Z9_U[C^E9-:6IN'L--(.?W)'Y'%!2V9FT444$A1110`JD MJP9200<@CM76PS"YMXK@?\M%R<>O0_K7(UT&@R;["2,\F.3/X,/_`*QH+IO6 MQHT444&P4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444 M`%'EQ!M%!@%%%%`!1110`4444`%%%%`!73:5#Y&F1`_>D)D/X\#]!^M8-A M:M>7:0C@'ECZ*.IKJ6()^484<`>@[4&E-=0HHHH-0HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`,C6[#)-["O!_UJCL?[WT/ M\ZQ:[$'!['L0>A%8VHZ.1NFLE+)U:+J5^GJ*#*<>J,>BBB@S"BBB@`HHHH`* M55+,%4$DG``[TZ&*2>18XD+NW0`5T6G:U)I MFH27ID5C$75$?"9^0MGY&YZC'MUZ"K5!'8XQ2160CLVM3-+(C#&6VYQW'`'Y]>:6ULHK665XRQ M,AZ'&%&2V!^+'\Z`$$L\MVZ1-&D<+!7W*26)`/'(QP1SS5=]9@2,.89\$!AP MO*%6;=UZ85O?VJVUMFX\Y)9(R<;U7&'QZY!_3%53H]NT>QY)F`78N6'RKM90 M!QV#GWH`)-8BCW;X)PR!BZX7*@!22>?1@:?_`&I'EE,,H:/_`%H.W]T/4\_C MQFEETR"5YG9GS,C(V".C*H../1!^M#Z;$\TLOF2*9B#(H(PXP!@\=..WJ:`T M'VM]'=22QHCJ8S_%CYOF9+<9799-@V^3A22"">2,'GN! MGT!MVUE%;2O)&6)?KD_[3-_-S49TV-D`>65V,GF,YVY?Y=N#QC&WCC%`"KJ" MOA5@F,N[:8OEW#@'/7&,$=^]0VFJK/9VTIC9FF*H-F`"Y!)`R>V#_P#7J9=/ M5`&6>82[MQE^7<>`,=,8P!V[4R/2H8K86T4LJ0_+E`1SCZCC/&<8Y&>.:!E^ MBBB@04444`%%%%`!1110`4444`%%%%`!0"0<@X-%%`%>[L;:\):5"DA_Y:1\ M$_4=#65-H5RIS`\WEF;[L:%S]`,U52 MZG5+A95C>:*,2`+\H((.!R?52,U<90Z%6&588(]154:>AA>)Y9760%7W$99< M$;>G09^M`%'^UYQ;"4^41N;#E"H?`!V@$Y#$DCG^[G'-:-EW>Z/[M1#"7C5E.9,#.,YQG^GX-EN[B'4'B8H\8565$C^=BQ88 MR6QQMSFIAI\(93EBH\P%&`(<.=Q!R.F:9AR?U'%, M32+>*998BT;J@0,%0GA=H.2",,L,Q9L%$PNYP02".<8PK=<=*XX)Z?_JS4+:7;MYG+CS$9#C&`&55.!CT05)'9*IF, MDDDS3*$-&DD M4R%HT48884L,DGG@$]!CWJY;6"V]PTWG2R.RA3O"]!TZ`?Y_##6TR)T>-I)# M&5950XQ&&&#CC^>:!D<>J#[1/%-"Z%.4''/RH2O7[V7`].>M36]^ES-Y212! M@NYB0,+\S+@\]E1R:3;R[S*SR%P=Q;')(09QC'\"GTZU+:6,5H GRAPHIC 32 rainiergrowthx38x1.jpg GRAPHIC begin 644 rainiergrowthx38x1.jpg M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP. M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=? M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@` M-@"9`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D* M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H MJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(! M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P M%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P# M`0`"$0,1`#\`]`HHHH`*1L[3MQGMFEJ&Y\XIL@P&;CS#T0>ON:`*UMJD4L*M M*DD3GJI1B,^QQ@_A4UG=I>QF6)'$6<*[#;O]2`><5FS2?:;Q-$LF*PP(INI` M>53L@/J>Y],UJSS0V5H\LA$<,*9/H`*`"YNH+6/?<2K&O;)ZU*#D9%8&EV=S MJ4S:GJ0VK+_J8.ZQ]@?KU([\9XXKH*`"LO\`MJ*&*XDNHYD2%W'F+$S*R@D9 MR`0.F.<=*-3NI//:WBD9"D:MM7AI&P^5B<>GUKGI1]IUF'2&N)9]-M7 M0W);&#(>`I]06^O)/I0!TEE?23V[:A8]OI_D6+*Z^V1>5I< M#E80/O2L."X]/8]OKTZ.*-(8ECC4*BC``["@!]%%%`!114-U">AQ@Y`R:GBBGU0>;>*T-J?N6W1F'K M)_\`$_GFL/V5T3[5?7$ MJ,Q5F&0O4M7]]J3K%,((8+.);B[C)+*&ZJC'C)/]W]3UKK6TNS:\>Z M,7[V3:7^8[6*_=)'0D5"^A:>]I/;/"6CN)/-DRYRS>NRW1A6"&79$\8/SXZ@9Y;DXX'-7(] M*LX[E;A8L2)&8E^8X53UP/4^O6H(?#^G0P)"D<@6//EGS6S'DY.TY^7KVH`R MO$%Y-IR+JS%$N6!B@MW4$X/?C^(=?3''?-8UPC:?X:73?+F;5-0F5W!0@YW9 M&#T/0=#U-=;!X>L(KQ;N3SKF=?N/<2F0K],U:?3;634DU!XRUS&NU&+'"CV' M3N:`.7TW4GTO3+B"VA2"WT\$332C<99C_"`#CK[G`Q5JXU[5(XK&"."![ZXD M"NA!`'O`]??WH`Q4\2W$,6H37<43K%-Y%LL6097[@9Z@<?4;K'EQ(I58NI8L--$6>W-S.Y2:9,J@7/3!S@^O7T^FU-#92F!ET^\!MP4C,2M& M0IZCJ.*KR0::))Y'TB^S+'Y3$0E@%]%`)QVZ4`,TK4GT]WAOFBM].0".U9HS M&7('/!).!ZGZUTG6N/L[ZPN56RU]GCGM6/D2S[HFDC/&3G'/'/T%==$\![@FM6LBU;4+/3X MK.+3V>:*,)YKRJ(V('+=2W/7I0!#XKU=M/LA;6N6OKKY(E7DC/!/^'O4_AK2 M!HVE)"V#.YWRD?WO3\.E)IFB>1>/J-_*+J_D_CQA8QZ*/ZUL4`%%%%`!1110 M`4444`%%%%`!1110`4444`9FL:6;\13V\GDWMN GRAPHIC 33 smallcapoppsx1x1.jpg GRAPHIC begin 644 smallcapoppsx1x1.jpg M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP. M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=? M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@$ M'P,L`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D* M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H MJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(! M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P M%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P# M`0`"$0,1`#\`]`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`HZR9DTJYEM[B2"2*-I`R!3G`)P=P(Q5?2;QHM!M;S4+N2 M9YXTD)9!G+*#M5449[X&":;K^HPPP2V#AQ+=6TOE''RLP7[N?[QSP*S[BWFT MV/PY-/\`\>UBGEW/'"$Q[0Y]@<\]LT`;!O8=0L;G[)<21NBD-A=DD9QW5AD? MB*IZ#JT3Z3IBW=PS7%Q&`'920SXSC=C&?;.:K,T;ZW?:M'/'_9XL!$TH8;'? M<3P>AP./QK).H6B>%O#G^EPJ8[N`N/,&5"GYL_3(S]:`.J.N:<'N$6Y\Q[;' MFK$C2%.2.B@^ASZ=ZNPS1W$*30N'CD4,K*>"#WKF+74+(>(O$;&[A`\J(9+@ M#Y58-^1(!K2\(S13>&;#RI%?9$$;:<[6'4'WH`9"UY_PE,UJVH3M;)`LXC*1 M]69AMSMSCCUS[T3O>#Q3!:KJ$ZVTD#3&,)'C*LHQDKG!SZY]ZI.VD7_C.:*Y M-E>1QUKEM M8NUN--U%GD$,D%ZN;:,;=H$B_O'QR<@9R>.GUK1:_L_^$\7-S$-NG,IRP&#O M#8^N.?I0!N0ZA:367VR.93;_`-\Y&.<8(/(.>,=:2UU&UNVD2*1@\0!=)$:- ME!Z$JP!Q[UR5I=;M"%Q9D7(L]4:>>*([F,>]NX> MW*>;Y3)GT7<0,]^E`&G#J]C/,D4A-+=ZK9V3E;B4 MKMQO81LRIGIN8#"_CBL2YGAU?3=-M[0@7D`1SU_&DM]5M M=+O+_3M95PT]R\D1,+2"=&Z#`!S@<8]J`+K23+XPA07PWT1EM_-V9QF2)X\_3G.>M`'245BZ=K M%R=3_LO5;9(+PQ[XWB;=',!UVYY'?@UM4`%%%%`!1110`45SEMK]U-I.MW;1 MPB2PFE2(!3@A!D;N?Y8K7TBZ>^TFTNY0HDFA5V"C@$C/%`%RBJVHW]OIME)= MW3[(HQDGN?0#WK&2]\37\2W%E8V%I$PRJ7CN9".Q(7I]*`.BHK(TG6FO+N>P MO;?[)?P#<8]VY77LRGN*UZ`"BBB@`HHHH`**P9];O+N^FLM"M8[AH#MEN9W* MQ(W]WCECZXJ*75]9TA!-K5E;2VN?GFL68^4/4JW)'TH`Z.BF12QSPI+$X>-U M#*RG((/0T^@`HHHH`****`"BBJ6L7W]F:5;Y^[[G?;C^+IUXJO/J9BUZU MTT1`B:)Y"Y/3';%`&E154_;O[2&/L_V#R^?O>;OS^6W'XU:H`****`"BBJFJ MW3V6E7EU$%,D,+R*&Z$@$\T`6Z*Y>PN_%E_8P7<0T58YD#J&$N0#ZUKZ5_;. MZ3^U_L&W`\O[+OSGOG=^%`&C1110`4444`%%%9/AK5)]6TUKFX6-7$SIB,$# M`/'4F@#6HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@` MHHHH`****`"BBB@`HHHH`****`"BBB@!&4,I5AD$8(KE(--\0^'U,&D&UOK! M6+)#,=LB@G)`/`_$G\*Z:[MH[RTFMI<^7,C(V/0C%V5SD<<4`3:=K<5YJT-MJVE&QU)5)@:50P(QSL?'IZ5GVNFIJ? MC+7HKB23[+B+S(DWF'C:[N# M#((6LT42%3M)W=,],U%-;3GQ_;W(AD,`L"AEV':&W-QGIF@"CK::$NHS_P#" M1:DUT78&&T4N!",8D-P&&U@PY4-SCD MU/I[W/A_4M16XTF\O&N[EI([FVC#[E/16.>,>_O3M.AU1_&[7]]9-##-:%8] MOS!`",*Q'`;@G\:`*EA_R+GBS_KYN?\`T&NE\-_\BYIO_7M'_P"@BL&RLKI= M`\31M;3"2:XN#$IC.9`1P5'?/M70>'XWAT#3XY49)$MT#*PP0<#@B@#(\;?/ M_8\+?ZJ34(PX[$>_ZUU%9GB#2O[8TQK=7\N96$D,G]QQT-9\?B#4+2)8M2T+ M4'N%&"]I&)8W]\@\9]*`-_R(?/\`/\I/.V[?,VC=M],]<5R>MIH2ZC/_`,)% MJ371=@8;12X$(QQ\J'J<]3BM'3+74;W6FU;44-K&D9BM[7?D@9Y9L<9_SVK/ MT][GP_J6HK<:3>7C7=RTD=S;1A]RGHK'/&/?WH`@\+S16_BNXL-/%W%IS6WF M)#WY@@!&%8C@-P3^-4_#VI76G3ZPW]GW-W:M?R1Y&<]R=Q&3 M^`%;EY%'-9SQ2J&C>-E8'H017/V\%_X8GGCMK.2^TJ1C(BP8\R`GJH4]1Z8I M;S4-4URU>STW3+JR68%)+B\7R]B]]JYR3@T`8!D>3X3G>Q;:X4$^@EXK??PE M;S6GVB6XN#JI0L+P2L&5CS@#.`O.,>E0>++&+3/`4EE`/W<(C4'N3O&2?F[?GIWQUH`R[_4;G5O`=C=$C[4;B-=QZ%PQ` M/XXS6E?>%8([*6[@N+@:JB%Q=F9MS,!GD=,$]L51UW3'TCP1:6,+CSHYX_G[ M;RV<_F:OWFKZI=VLNGP:+=Q7SIL:5P!`F>"P?/.,YZ4`5KK6+K4]*T.VAF-O M/JIQ+(G!55'S[?0GM4FJ^&[72M-N-0TEY[6]MT,QE$K-YFWDA@3@YYJ2^T"X MM=+TIM.VRW>E$,JGY1*"/G`],TW4M3U'6+"?3K'1KR":93%)+=($C0'@D'/S M<9Z4`5-=N)=5MO#4T;M!)=RCO:;::;\/IELXO*67RI'&XG+$KD\FNHU'_D!W7_`%[/_P"@FL2YBN/$ M/@V:SCL[FTN$1%"7,>SQQC-$^JZE?Z/<64.BWL-WY+([S*!&IP0=IZ MM[8'I0!FZB)#\.M,$1`D+0[2>QSQ5[7?#=I:Z3<:C%+<_P!I6\9D%V9FWDCD M]\`'GH*CN;*Z;P1I=N+:8S))"7C$9W+@\Y'45O\`B**2;P_?Q1(TDCP,%51D MDXZ`4`8&OW#WFA>&[F7'F37=N[8Z9*DFDU;0M-N_&ULEQ;;UN8'DE&]AN8<` M\'C\*=J-E=/X<\-Q);3-)#/;F1!&24`4Y)';'O5S73<6/B*PU-+&YNX$B>)Q M;)O92>G%`#6`'Q&B`Z#3?_9S6-<:OHFIZG?#Q#>2+##,8H+4>8$VK_&=G4D_ MRK=\B=O'D5UY$H@_L_;YA0[0V\G&>F?:H(1>^&M0OMMA<7NGW`/FWVHZA=M(]@UG8A/E%P,3.WT!^4?6LPZA?V236 M>MZ5=ZHF]O+FM[=9%D3MN48`//I0!K>'XO)T[:FI#48=Y,4N%-,GLC?W$EO\`8XKJ4-%:Y!\L#C/'`)]/:M+7HWET M'4(XD9Y'MI%55&225/`%`'/Z%J>N1:'9);^'O/B6%0DOVU%WC'7!'%;GGW=Q MHES)>V?V.;RW'E>:).,=&O^01XA_Z_+C_`-!%.T.^U+2M/BTF?1;R M6YA!5)(P/)89."7)XH\+VE[!H>L)>0.EQ)<3-C80'RHY7/4$]*`(/#GANTU3 MPW:2ZKYMPS(?+7S658ER0,`8'OSGK1IFL7-AX2U:669II+"XD@BDD^8GD!<^ MO+5N^%H98/#EC%-&\>!G&`>V*7P"'7P\1+]\7$@;ZYYH MM-7U6"VCL)M%NWOT78)5`\AB.`Q?/'KC&:D\$6US:Z"8[R*2.;SW)#J5)YZ\ MT`=#1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444 M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110 M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`! M1110`5C^']*GTO\`M#SWC;[3=O.FPDX4XP#D#FMBB@`HHHH`****`,GQ/IDV ML:'/96S1K+(5(,A(7A@>P/I6H@VHJGJ!BG44`97B'39M5L(X(&C5EG20ER0, M*E^V6NR%_M,.R<@1-Y@Q(3T"^OX4`3T5"MS; MM++$L\9DA`,B!QE,\C([5$NI6DUO-+:W$-QY*DL(I`V,#H<=*`+=%4])OO[3 MTNWO?+\KSDW;-V*L/=VT:QL]Q$JRG$9+@!S[>M`$]%0VUU;W<7FV MT\4T><;XW##\Q3;>^M+J1X[:Z@F>/AUCD#%?J!TH`L45FWFNZ=:6Q:C8PW4#*R2*#\K!MIQR,CN.E`%FBBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`K#\87;V^A200D?:+QA;1#. M,EN#^F:W**`.&:#5=#U/2;V_2P6WCQ9$VF_(1NF[=V!YJ*?3[2?3/%5S-;QO M/'#VZUWU%`'&P6EOJ'B^U6]@CG4:0C[9%##.[&<'ZFLV%EL_# MVCW#*_V:SU1B[*"VQ`S^M>BT4`8_A+_`)%?3O\`KB*Y6+2+ MN?1KV^LKR\+)=3%[19V6.1`QR`!W(KT*B@#SW6GMKJWT:[MYA::0L#*&:V%P MD+\##*<\]LU$]M%;Z-I`N1/=6CZB7"/;>6=F.<("?ESDX]^E>CU3OM.AOIK2 M65G#6LOFIM(P3C'/'2@#CX8_ML?B";P[$\=G+`BQ>6A17VKQVR*?IS:;= MZQI`T&U:*:VS]L98BFQ=N"KGC))^M=S10!PVG:9;2^"]3G6SCDNG\_Y_+#.< M$X`/7L/RKH_"\MI-X?M&L0@C$85MJ;1O`^;MUSGFM:B@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`*@N[9;N#R7=U0D%MAQN`.<'V/> MIZ@NX&N(@L<[PNK!E=#Z'.".X/0B@#*TD+!K5S`EO]AB:%3%:X4!L$[I`%)` MZ@8Z^M:&HV4-VBM/"URD8+?9OEVR'MD'@^V3BF06,HNOMEU/'+"Q/8=^U.GM;J00R1W:QW,:D$[&,3YQG*;O;CGB@"CH1E:TO;=&%O)'.56 M`C=]F4@$+Z'CD8X&<=JET%=AU)=S-B\898Y)^5:M6-C]E:>5W\RXN'#RN%V@ MD``8&3@8'J:6SLS:&Z(DW&>8R_=QMR`,=>>E`$EW')+%MCE,2]7*CDC'0'M] M?_UUEZ);B]\*:?%)+(H:*-F*-@MC!()]#WK719/("S.K28PS(NT$^PR*`(K&VBAUZ0:;%'!9QQ%9UB4*C2Y& M.!QD#.3[BMNJ&GVEW:!8Y)[5H%&`D5NR'/KDNW\JOT`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 H0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110!__V3\_ ` end GRAPHIC 34 smallcapoppsx5x1.jpg GRAPHIC begin 644 smallcapoppsx5x1.jpg M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP. M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=? M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@! M10'0`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D* M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H MJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(! M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P M%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P# M`0`"$0,1`#\`]`HK!\20L'L98[FZB,MU%`PBG9`5).>`>OO5/[3<:5J&K2P; M)(8I;=7\UF9V!55X/KSG)S0!U5%W\\>JP6,'DQ[XS*TDV<$`@;1@CGF@#3HKE=-U*6QN[A)!%]EEO+OYN= MREW?CZ4`=516)I=SJ+ZY>V][ M-;E(HXR(XU/&<\@D^W/X?C6'B.?FR>F.@H`Z2BN:' MB&[BM)9IX(6;[''=1B/(`WG&&SZ=?I4^B--)J.LEI(6F+QC?&#LSY8QQG/ZT M`;U%1PJ-\^H2C>T;2!0$0]%Y)/\`CZ5H7>L7B:3: M7D5NL1E7=-YBEC$`.?ER">:`-RBN474;BVOM4OH!#)`9+8OD'+!D0?+Z=<\Y MJS%KMW*T+JEOLN9W@2+GS(R-V&;GI\O(XZ]:`.BHKE/^$KG4"1[>,1"'8^`< M_:<$[.O3C]16MJ>I3:7!:3W"Q^4\MYE@^T1O&L1120V\$@8)'(VGG( M'TH`WZ*YFWU>_O;O1Y$DAAAN1*)(RN<_E_6DO;RYT_5M8NX%B9(8[=I M5<'++\W`QT/7K0!T]%8+:Y.-;2V1(WMGG,!;&"&`)/.[)Z?W<>]9P\4WJ:=% M=.EHYF@>15CW?(5(!W<]#G\/>@#KZ*YR;Q!<01W*.D,DL.F::VO7[QVWE00H\BSES*C@'R\$$#@@'/0_TH`Z6BN:/B:9[B$16Q*& M.%V3RW9F\P`G##@8![]<&HH=1FU#6](ED\E4,UP$C7.]-JLOS?S[4`=517-Z MMJM]IVL7+!XGMHK02K"5())8KUSV/)/IV[UHZ=J4DSWL5SY1-H5S+%G8P*[N M.O(H`TZ*P=&UN>_U#[--&@5X//C=1C*Y`Z;B>_?'TJI8WEY:23"-8##/JZCA@7[,D:S"0'`F,@5EZ\`#)_$?C+_`&[= M_:S8XM?.\_RA<8/E`;-_3.<]L9H`Z.BN935[^ZO=."2011O<2PR?*2LA0'D' M/0]O?UJII^L7&E:7%NBCE@=;F2,+D,"DAZGICGT[4`=C17*W.M:C+H]W)$5A MD@DB_>F!T5U8@/3/#[?5+B*1[>-;99YKYXS,V[R\B-6)P6[]@"!0 M!T]%8!UR8:Q%:JL4D#2B!F48(?;NX.[G\L>]4D%RW@&V%I.L+^7EB6VEER<@ M'L:`.LHKE+V\DE\+M1,$<.^YV.\`C?DY'/8U(;VY_M1G\^3S!J0MA M!O\`E\K8#G;^9S0!T]%J1U34- MK7?F2?:Q=B$6N[Y=GE@GY?KDYH`[*BN=\/W4TEW"AN)+A)K%+B4N^[9(3T'I MGGCVIEMJ-W]M^R6<=NAFNKH%I-[`;",'KWSTX'IB@#I:*YF+Q'=2QP#R8A+> M1(UL,$@L6VN#SR!U[<4^T\0W-S=R(MKN0B4(-C+M*9QN<_+SC\*`.CHKEY=7 MU"XLK"6*:""1KSR)U:(X4X)P?FZ>N#SQTZ4J:[J;I`ZQVF)TG9BN9/B:=[B$16V5,<+N@C=F;S`"<,.!@'OUP:FMM9OIM0\ADMQ')< M3V\9`;(,8)!//MTH`Z"BN=L;RZF\)7ES>21SR+'/P`5X&X8.#[=L<8^M,AUN M[2Y2+RH/LR2V\'&[?^\0'KGL3^5`'2T444`%%%%`$FO:V[^9O@B;S2"^4!WD="?7&!^59VNW#Q3:7'%,R/)>H&56P63#9R.XZ5 MEW6N37>FW"21Q".ZMKG8JYWQ;`1\_P!?PH`Z(Z?9&42&TMS(&+!O+&03R3G' M4U)/;07(43PQRA3E=ZAL'U&:YPZS?6%D8FBMWD2V@EBQNQAG"$-SR??K7.0:E?H^A/=CRH#`[LXG+^G_\`"27P MM[HF"$R1I%)$2,`AW"\@,>W?CZ4`=-Y$7GB?RD\X+M$FT;L>F?2H_L-GYAD^ MR0;V));RQDDC!.?IQ6/_`&W>%EMMMNEP;M[& MS/!IZ=:!86:NCBT M@#I@*PC&5P,#''&!6)::K.T5G;62D22S2PN;IS+M95W<,#\PIMKXDN&@$UU' M!&LEH9TVAC@APF#ZY)'^>:`-][*UD1TDMH621M[JT8(9O4^IHEL[69$2:VAD M2/E%=`0OT]*YLZE<7\EFEU&J2P:E&IVX&@9L=?4TMM=2VO@O3FBD,(=D MCDF&/W2%L%N:`.D:TMG$@:WB82$%\H/F(Z9]<8&/I0MK;I.TZP1+,W!D"#))8SU5U#`_@:R-4 MNWD?2XS,]I;W;'S75MK#Y,JN[MD_RJD-5NK.22""=+B'[2R M6L"&SC>1YXVE?=L)CQAEYZ')XS3$\2W4]K)<1Q6\(@MEG=)B>M` M'0FSMBJ*;>$JC;T&P85LYR/0YYS2O:V\GF^9!$_F@"3<@.\#H#ZXKF[S6-4G MTG4KJW\BWCMVV*2I,G13ZX!PU6;O7+FT^V(YMFD@%OL(!`;:$RY#>9Y8W9'0Y_$U17P_8)I36"H55X_+:4!1(PSGDXJLNLW?V_8T M<'V?[<;/@'?]W<#UQ69'?W@L])\IX(K:>VE9XB&(8KU&2V>AXY]>O8`ZI;2V M6%H5MXA$Y)9`@VDGKD4+96JJBK;0A8P50",84'J!Z`USEOXAGC%I!%;918(- MZ".1BV\#.UN0``>^DZG<7=Y<6]VL4GX4+96JW'GK;0B;.?,$8W9QC.>O2N8TN\OK70I=2??* M2VU7FN&D!'F[3\G\.!WSVJ_&C+$G!Z@B@#;DMH) M9%DEAC=T!"LR@E<\'!I88(;>/RX(DB3KM10!^0KF9]=NYXKBT86L]!M+!SP.>!UJ_I%Y?:A827#BWC+%EAP&."K,N6&?4#H:`'MHMLVG2V3-(5ED M$LDA(WNVX-D\8[#MTJU]AM/LY@^RP>23DQ^6-I/KCI7)07NHRII%XTL$MQY- MR^64C``7AL'KQVQ5^?Q-.)(?)MBRF"*9D$;NS!^P*\#`]>O2@#H&M;=HTC:" M(I&044H,*1T(':D6TMDV;;>)=F[;A!\N[[V/3/?UK/U;4[BPO(5"QI;,!OE8 M%R"6P!@$$?7FLO1M1GL+2S240_9)FN<$`[U*L[$GU'!XQ0!TB6=K'"\,=M"D M3_>14`5OJ.]-^P68@,'V2#R6.3'Y8VDXQG&,=`*Y[_A)+Y;>Z8P0F2-(I(LC M`97<+R`Q[=^/I4\&O7O]J"TFMT;9.()!%$YZC._=T`Y'!Y[T`;@LK42^:+:$ M2#'S^6,\=.?:D>RM9+7[*UM$;?&!%L&T?0=JJ?;YY-;DLH_)CBA5&(YS?>6L<;P2"81/C!R@)Y^;)Z8Z"@#?AMX8-WDPQQ[SEMB@;CZG%(MK M;I()$@B5P68,$`(+?>.??OZUSI\1WT:1"2*V#W,,$L;#<%C$AQ\W/..O:I], MGE2[UV=VB>5"AS'G82(Q_A0!M+:6R>5LMXE\G/E80#R\]=OI^%'V.V\UY?L\ M/F.-KOL&6'H3WKGX_$MREK)+-%#*?LB7*>3GY2QV[6Z]SGZ9IXUV_>")8X8C M,]VL`>2)XT8,A.0#R,$>_P"M`&X;*U-M]F-M#Y'_`#R\L;?RZ4HL[4!0+:$! M`P4!!P&^]CZ]_6N>LM5N1N!Z5#G.10!TQLK0F(FUA)A`$9\L?(!TQZ?A3EM;=7#K M!$&5F<,$&0QZGZGN:QM(U.X:[ALIUBCC,0\D`%C(`HR=P.!UZ$5%%J-RNH26 MMI'`K37TL>Y]S#Y8U;.,_H,#Z4`;PM;=4E001!9LF10@P^>#GUI/L=KG/V:' M.Y6^X.J_=/U';TKG9==NKNQ$82WA9K2625I"=IVL4(7\L\YJ#3]3DL[9%ABC M$C0640DU_'R8[ MG/?GVKH--EC>RAC616>.)-Z@Y*Y48R.U`$S00M.L[11F5 M!A9"HW`>@--^QVVZ5OL\.9AB0[!\X]#ZUF:_K$NF[5MEC>01M*RN/X1CON&. MON?8U6?7+\7$B""`%D+6T1SF7`!^_G`Z]"!]:`-Q[.U?[]M"WRA.4!^4'('T M!YIWD0YE/E1YF_UGRCY^,<^O'%8UGKDDL]G'*\.V0S+,WELFQD"D#DGU/K5' M_A)=0^R+<"&V*K9K.!0!TWV6W_=?N(OW(Q'\@^08Q@>G''%1 MKIUBJE5L[<`@`@1+S@Y';UY^M8TVHW#WT5K=10M)#?Q)N3)KZ'3[>\N8+=UN+>21$CW`@J1U)/0Y_"@#I'L[62-XWMH621M[JR`AF]2 M.YH^QVWG)-]FA\U!A7V#U9^GZCO<+^-`'2&QM#*93:P>86#%_+&21T.?44X6 MMN(6A$$0BU`-F>#CTIJV5HJA5M80`AC`$8 MX4G)7Z9[5FIJUT=6.FF.+SA.23@X\C;D-UZYPOUKG;C59KGPQ/;HEO#%';(S M*Q8L^YC]TDGICOF@#M$L;./'EVL";6##;&!@@8!^H'%2)!#'"(8XD6(#`15` M4#TQ6)%KT\FM-:K`3")S`<1/N&!]\M]W&>WIS56#Q+>"P-Q,[8EB6,HNQ0&+` M@8X.36'%?7T&HZK+&+:XGQ;JS1GY0,.20"5X@C-& MZ(-Y(V\]2..1P?2@#;FTBRGEMF>!/+MU=4AV+Y>&QG*X]JL26=K*8S);0N8_ MN%D!V_3TK%CUZZ_M86CP!E298)-D3DY*@EPW0#)Z'G'-2:QK-Y87TR00PR0P M6HN'W9W'YB,#'T'ZT`;`MX0LBB&,+*29!M&')X)/K49L+,[,VD!V+M7,8^5? M0<<"L'^UYKJ*(3P`E+V!5?RY(U8,>H!(.1SZCIQS4UEK.H7+P*8[8?:DG\K` M;Y6C./FYY!H`V_LMOG/D19\SS<[!]_&-WUQWIK6-HT*0M:P&*,Y1#&-JGV': MN?/B>X>V$T<"!?W<3$HS;)FSN!`Y(4#IU)(YJ3_A(+S9;R20QPPEBDLKQMUW M;1AGX4Z"UM[8N;>"*(NJ[5Z<]^?:@#IEMH$MS`L,:PG(,80!>>O'2F)8VD>W9:P+M(9=L8&"!@ M$?0&F:;(C64$:NI=(4W*#RN5XR*YG1;Z^M=&M[N4/(]TZ1)-/=-(H)8C<5/W M<8['F@#J'L+.08>T@8;B^&C!^8]3]3ZU(;>!H!`T,9A4`",J-H`Z<=.,"L-- M:O9VMH(([?SI+B6!G;=L.P9W+CM5Z\OYTU:&Q@,,8,1F>28$@@-C:N".:`+K M6MN\ZSM!$TR\"0H-P_'K3XHHX8Q'#&L:#)"H,#DY/'UK`M_$%Q*48Q1;)TF: M-!G?%Y?]_P"OX5`_B'4HH#,\5J5%I'>8`8':QQMZ]>^?T-`'0K8VBL66U@#$ ML21&,G=PWYX&?I0UE:MY6ZVA/D@"/,8^0#ICTK%?7[B*^=9!;^0EX;8J,^9C M;G?UZ#OQ5;_A*+M8;EFAB8K;?:8CC`*[@.1N)[]\?2@#I9+6WEF2:6WB>6/[ MCL@++]#VH6TME"!;>(",DIA!\I/7'IG)S]:P+R^U"UU)@+>WDNOLJ%BK-@`R M-T!89P![$^M!\13R0S2V[6I2WMUG8R!E\[.>$&>.F.<\T`;:Z=8JI5;.W`(` M($2\X.1V]>?K4C6MNUP+AH(C,HP)"@W#\>M8<.NWDDBRF&%;;[:MJ4((D^8# M!ZXXW#/]*U;Z[==,N+BP,4TD2L0,[@2O4<'KP1]:`+$EM!+*DLD,;R1_<=E! M*_0]JB.FV+*JFRMRJKL`,2X"^G3I6&OB6>:Y:.&*(I<.JV38/S_,%M,]J@>W2=7VRI$ZM#@@"2,].AH`WC96A$H-K"1-_K/W8^?Z^O MXTK65JYC+6T+>5_J\Q@[/IZ5D'6+F*_>P,2-+%*6.`3F`+N#=?O9POUIV@ZU M/J&*1Y(H8T>0Y=E4`L?<]Z9]AL_ M,,GV2#>Q)+>6,DD8)S].*YB]U.ZNV@@G6&.=+R%TB`)P-^`2P)!'TQ5Y=;O" MZVK+;)<_:9(&F8$1?(H;.,YR01QGUH`V396C+M-K"5\L18,8QL'1?I[4@L;9 M()8HH8X5E7:_EJ%)XQ_*L23Q%S M+'Y4,`8/%!-N!P)68JP'/08SWZT`;MEI]K8VJV\$2!0BHQ*C+X&,M@H6,`!O4>_O6?#?W=SHU[(#%'=6[RQ[@I*$H>H&<_K6,E]?)) M:WXD@EG726FG-6K[5I M[/5DAE$45F<`2%2Y=B"<<'Y?Q!S0!I16=K!*TL-M#'(PPS(@!(]R*46MNL@D M$$0<,7W!!G<1@G/J1QFN:_X2B[6&Y9H8F*VWVF(XP"NX#D;B>_?'TJT=9U"& M_>">.V9([J*!B@8$^8`1C)[9_'VH`V&L+-XTC:T@9$)*J8P0I/4@=LTX65J$ M9!;0A64(R^6,%1T!]AVK'T?7I]1OA&T!$,@<5@7'B2Z4*884*R^9)"?*=]Z*0`/E[G MDYZ`$<5<35KJ;4DM1''`LT&^'S$+%FVY(.",8ST/7UH`U3:V[2&0P1%RP?<4 M&=P&`<^H'&:8]A;-"(EACC"HR(40`H#UV\<5SEEK6J#3K`F2VFEGBFD9G4Y7 M8`0#@]>3Z=O3F23Q)=PQJTL$1,T$,T6P,=@D;'S=VQUXQZ4`:^F:-;:8[O"7 M:1E";F"C"@YP`H`'7TJQ_9]EN9OLEOE]P8^6.6)U!V!2&"D@X.[I^O%)IFJWU_JMDS20QV\]H93%M/4,`<'/7/Z9^M`' M01P0Q%C%$B%L;BJ@9P,#/T'%0C3;`!P+*V`<$-B)?F!.2#QZ@5C7&HW%OJUU M%:Q0[Y+R&`M)N/#19SC/;';']:LG4;JY\*S7T.R*Y6*0Y"Y`*$@X'X'']:`- M;R8O/,_E)YQ79YFT;MO7&?2H6TVP=%1K*V947:H,2D*/0<=*YA]0O;2\%^6M MYV338WE(!`8>8>!SUP>OKVK2BUZ>36FM5@)A$Y@.(GW#`^^6^[C/;TYH`V3: MVYN!<&"(S@8$FP;L?7K2)9VL8`2VA4*AC&U`,*>2OT]JY;5[J[CUN^\J>XC6 M-K=5D$I$4.[J63N#]/RK3.MS"Z\@B'=_:/V7;@Y\O9NSUZY[]*`-+^R]/\MH M_L-MY;8RODK@XZ<8[9/YU.T,30F%HT,17:4*C:1Z8]*YMO$&H>3*?)@1XI#Y MHVEO*3&0MEQ_ MZ45//N.W6@#?:UMVN!<-!$9E&!(4&X M?CUIQAB,IE,:&0KL+;1DKZ9]/:N/^WW236D$=Y-);W,=N]Q,9,F,NQ#8/\.< M`8[4#4+J1[F&6\FC@MHKEX)1)@R%'`7)_BP/SH`ZQ+&TC0(EK`JAPX58P`&' M1OK[TY+6WC*%((E,>[9M0#;NY./3/>L>_O;@VVD+-,UFMV1]HE4@%#LSMR>F M3Q56/5)K=1;622&8W:0-]LF\T#(1R,6==@PQ/4D M=S3!I]DIB(M(`8?]61&/D^G'%8YUR[^TF,1V_P#Q\_9`G._?MSOZ_=SV].]5 M?^$KG4"1[>,1"'8^`<_:<$[.O3C]10!TYU![?6[>[F@*1VT1$:(1@GTY]N>O;I70:=>7 M,M]>VEVL6^WV,&B!`*L#QSW�!4$&W'TZ5RFF:UJ2Z6@1HI?)L3=.\Y9F;#N",Y]%_#WIVJ:M/J.FW7_' MO%`D\,?EMGS"=R-GKC'/IV-`'5+;0+Y6V",>3GR\(/DSP<>E$UM!<;?/ACEV M'*[U#8/J,US\'B&ZN+B5$BCC3$H5GB?;$4S@NW0@X/3I[U=T/6&U&W>>Y$5M M\ZQK$3A@V`><^I/'M0!I"UMU>1Q!$'E&'8(,N/?UIILK1EVM:PE=@CP8QC8. MB_3VJQ10!2MM+M;:XFN%C#S2R-(7<`LN0`0#C@<4\:=8A6465N`P*D>4O()R M1T]0*M44`03V5KA[.UD,9DMH7,?W-R`[?IZ5/10 M!#]EMSG]Q%S)YI^0,YZG)_4U-10!`EE:QB() M;0J(<^5B,#9GKM],^U*EK;QSM/'!$LK_`'I%0!F^IJ:B@"/R8O/,_E)YQ79Y MFT;MO7&?2FPVMO`[O#!%&SG+%$`+?7'6IJ*`*R6%E'GR[2!B@")[>&01AX8V$1#)N4'81T(]#319VPS MBVAYD\T_(.7_`+WU]ZGHH`9'%'$&$<:(&8LP50,D]2?"<@S0QR$*5&]0>#U'T M/>D-K;DDF"+E/+/R#E/[OT]JFHH`@>RM9(4ADMH7BCQL1HP57'3`[4Y;:!9S M.L,8E(VF0*-Q'IFI:*`*ZV-HK%EM8`Q+$D1C)W<-^>!GZ4OV.VQC[-#C8(\; M!]P=%^GM4]%`$$=I;0^7Y5O$GE`A-J`;,]<>F:%L[5/*VVT*^3_J\(!L^GI^ M%3T4`0FUMVD,A@B+E@^XH,[@,`Y]0.,TZ.&**+RHXT2/GY54`<\GBI**`*PT M^R5"@L[<(R["HB7!7.<=.F233S:VYN!<&"(S@8$FP;L?7K4U%`$+VMO)YN^W MB;S@!)E`=X'3/K2&SM3-YQMH3+P=^P;N.G/M4]%`%4Z;8%`ALK8J&W@>4N`W MKTZ^]2&UMS.LYMXC,HPLA0;@/8U-10!#%:V\+!HH(HV`*@J@!`)R1^)Y^M1I MIUC'E:SMGCC MC:WA9(^44H"%^@[5/10`R2-)4*2HKH>JL,@U%'86<2JL5I`BHV]0L8`#>H]^ M3S5BB@"+[/!Y_G^3'YV,>9M&['IGK3/L-IM*_98,&3S2/+'+_P![Z^]6**`( M)K.UG8M-;0R,5V$N@)*^G/:I%BC65Y%C42/@,P'+8Z9/?&:?10!72QM$0HEK M`JE/+($8`*<_+].3Q[TCZ?92-N>SMV;`&3$I.!T'3M5FB@"L]A9R/([VD#-( M,.6C!+#T/K3FL[5I#(UM"7+*VXH,Y7[ISZCMZ5/10`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`$3SWH"//?WK%:34+ MN*:S2:U6/SW<,JMO;`C9ACISD8[TZ/6H)+A;?R9UF)8,A`RFT`G///WATR>: M)=&CGCC2:ZNI/++;27`(W(5QD#T)]\U'#X?MH=H6:?"S>?CY`-^`,\*,=.V. MI[4%EFUU."YTYK\*T=NJE]SD(H%M[EH(I'D@64D,`!\A7KST.X8J%O$;I.#)9R)`IN`^,,V(RHR.> MG)S^F>]I?#UFL$\0>;$\"P.2PS@#&>G4\9^E.DT*VD:8F68"43`J&&%\W&[' M'J,_C0`ESX@L[?S=PE98@?F51AB%#%1D]=IS2R:R!J$5K%:RR;KAH'?*@*0@ M?/7D8/Z'V!270+*8R>9YA60'*[N`Q4*6''7`QZ4^+1H8I%D$\[2K<&XWLP)+ M%0I'3H0*`)CJ*?:Y[9(9I'@4,VT#OT`R<_CTZ\U1.O(+J(>6PB>-\H5_>>:) M%0)UQU8_XXJS>:/#>SO--+-N:/RU"D`(,@G''/W1P7`AA20MY?F,2``G)&#SUR".,CBH+_6#`Q2V MA>0QSQPR-@;5&$;<5VGGKD8XS5 M<^)+06277D7.QXVE"[!NV#&6Z],D#_ZW-.'AVT$L4GF3DQ2>8H)4C/F%_3CD MD<8R*@O_``^9;.WM+5]J1PF!I&?#;#CC`7!Z#TH`TK74H+NX>&,."N[#,.'" MMM8CZ'BKE4++2+6QNI;B!,/+G/RKQDY/.,]?4FK]`!1110`4444`%%%%`!11 M10`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%% M`!1110`4444`%%%%`!1110!',[1P22*A=E4D*.K$#I63_;-[_P!`B?\`7_XF MMJB@33[F+_;-[_T")_U_^)JQ[EG5))69RQD93Y+]CW]J9::U<27$8:Z MW0B=HAPA=\JI5CMX*C<1T--L[F]BT6]B)G^V6>6'G%6=E^\,X)!SR/ MPK8GO+>WECCFDVO)]T8//S*O\V4?C3_M,'V@P>='YP7<8]PW`>N.N*`.4FU. M_NK#4=TQ$:6SSH0H4E7VF/GM@;Q4R&>V^W.-X4E0I4J,8Z$8/T M/&*ZQ;VT>..1+J%DE;;&PD!#MZ`]S4B3122/&DJ,\9`=58$KGID=J`,/7M1O M+6.WDMIA'FVEF8;`0Q79@<]N35:]UJYLH+I&N7::WF<(?+0"0*J-ALX_O'[O M..>QKHX[JWEF>&.>)Y8_OHK@LOU':IJ`.5;4;F:X:-[EF1+R$0D*%\Q#-@G( MZC^'\,]ZAM=7U1K>.5KLR'%L2OE+\WFEE(X';`(]ZZJ>YAM]OG2*I8@`=SE@ MHX^K`?C4CNJ`%V"@D`$G').`/SH`Y)-:OK@0)'>;69(`["->&,:.W@DFF;;'&I9FQT`ZU)0!R MB:[-Y5N!<3/.)%#@K&4D!<*2&`&X8/&WD=ZCM]1N[6.U@@^5&FD(+;`KDSL& M4EB#PO.%YSBNOHH`P;+4KM]"O9U;[3=P!L,`K(S!<_(5`R/U[52GNI8M1:ZM M;_SPL%N&?:I$@:=E(.!QC)Z5U=%`'*KK%W<:C%;VUU((I9D&]XTRH(DW+CM] MP=>1WI&UJ_6XN`'+LD4K&`1KF,B55!_[Y.[D]_I75U7ALH()WF16\Q^"S.S< M=<#)X'L*`(-%N)KK3DEG8,Q9@KY4[E!."=I*YQC..]7Z**`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`;(I>-E5V0D$!EQE?<9XJG]@N?^@M>?]\0__&ZO44`4 M?L%S_P!!:\_[XA_^-TFH6LTNB75JDCW$TD+HK2;06)!QG``_2K]%`'.3Z;>B MYC*I)/B;YI2R`L/,A?<1D=`C+P.W3G-']G7:J@M[0QR(\HB>01G:&"_.^#G? MD'!&21UZUT=%`'+0Z1>B2WO)SQS6CJL%U?RW% MLMLRQ?9W6*8LNTNRD<\[@!G'3N?05L44`<]+87D]Q-<"W:,7(D0*67=#N6(! MCR1_RS)X)ZCCKBYIUG/#=R&1"B*9L-D$2;Y-X/KP..<:2'623@_P!UP>>? ME'H*Z6B@#DWT&XD,#3VB2R,=LS$J>Z1L<#U([UJ?8)UTI;9(P"EX) M%0$`+&)]PQ[!>WX5L44`<>="NUTI[9K%908"J1ADPDABB&_DX^\K\]>?0DU8 MGTF_DDN@(AO>5F2487(+,02VXMG;\GW1@-W`S7444`-C_P!6OR;.!\O'R^W% M.HHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HK-U&>6# M4M.'FE+>1V1U4#+,1\H/'3@_CBJLEQ>I:O*)[E[>*X.Z9%BWF()R<$`8#YZ# M)`XS0!N45B:O?W-K-,\$G%ND+"$*#YI>1E(.1GH.,$<]>*KW5_>022Q+>%A# M:/=B0HOSD;?D/'W>>V#@CGK0!T=%1RN4B+@6,!O[P]_>K-%`$-U_Q[M^'\ZH5 M?NO^/=OP_G5"@EA11102%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!11 M10`4444`%%%%`!1110`4444`%%%%`!1110!1N;V6#4[>`H@@D1V+D\_*,_AV MILFH,;BU^S-#-#.VW`)W8&>'RV"EP-I M&`&Q@D]?7(JY<6=O-,._WF)))_/M0*SN9L&K M7+320M;H\AN&BB4/@?*,G)Q_^O/:II]1D;2%OK51@KN*NA;^7\ZGDTVTD9V: M+EVWDAB#G&,C!X_"GR6-M+`D#1_NDX"@D#'IQ0%F0O?[[9O(>,W"HKL@!DQD M`]!R>M5X-5GDEL?,CB2*XB9V8-G!4<_2M&6VBF@$+K^[&,!25Q^5-6SMT:!E MB"F`$1X)&T'K0.S*USJ+*;-[41RP7$HC,F2_N+>01LD8!#QY M^4G^$Y[XYJS-!%.8_-7=Y;AUY(PP[_K4=O8V]K*\D*%6D)+?.Q!)]B<4!K8#N.T<+NQCN M>?4"K-O_`&C'=NV))\VL1"S-L0/DAAD`C/&>_7TH#F-BBN?O3>11ZBN;V0M. MH@:-6^7*#GY1]T'/UQZUO)G8N22<#DC!H&G<=1110,****`(;K_CW;\/YU0J M_=?\>[?A_.J%!+"BBB@D****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BB MB@`HHHH`****`"BBB@`HHHH`**K7E_;6*;KF54]!W/T%98U34[]MVFV2K`/X MY^-WTY_QH$Y)&[16+_Q43'_ES7/UXII@\1L.+NU3Z#_[&@7-Y&Y17/W5OKUO M;R3_`-H))L&XJJ#)'Y5KZ=>)?V4=PF!N'S#T/<4#4KNQ9HHHH&%%%%`!1110 M`444A(4$D@`UGM)%E,= MMN;S=@!8\<<'J.N>]!2>ES6I"`P(8`@\$'O6+=7MS#->&&X\V*,*I)5?W3E@ M,#UP#DYSVH?4IUTIV$H-PMP85(`W.HDV9`Z9([],T!S(UXH8X(Q'#&D:#HJ* M`!^`J2N>;4=0$%G.IWHY56P%Y8R;2&'7I_=[@]JM:-?W%U,RS,�K-C`'ED MLP*\?[HZ^]`BBB@H****`"BBB@`HHHH`****`(K@9@8$@=.3]:I;%_Y MZ+^O^%7+K_CW;\/YU0H)8_8O_/1?U_PHV+_ST7]?\*9102/V+_ST7]?\*-B_ M\]%_7_"F44`/V+_ST7]?\*-B_P#/1?U_PIE%`#]B_P#/1?U_PHV+_P`]%_7_ M``IE%`#]B_\`/1?U_P`*-B_\]%_7_"F44`/V+_ST7]?\*-B_\]%_7_"F44`/ MV+_ST7]?\*-B_P#/1?U_PIE%`#]B_P#/1?U_PHV+_P`]%_7_``IE%`#]B_\` M/1?U_P`*-B_\]%_7_"F44`/V+_ST7]?\*-B_\]%_7_"F44`/V+_ST7]?\*-B M_P#/1?U_PIE%`#]B_P#/1?U_PHV+_P`]%_7_``IE5-3U"+3K1II.3T1>[&@& M[$UY=VME'ON;F-!V'.3]!BL;^T-2U5MFFP_9X#Q]HE_I_DTRRL(SG4=9*M/* M=RQMT4=N/Z5>^VW%T=EC#M0<>8PX%!%VR.#0[&S/VB_N5N)CR7ESC/L.]3?V MB\C%;.V:15XW=!2Q:8I;S+N0S/[G@4\7]N&,=M&\X3@^2N57VSTS[4#2[#/M M.HGI9J/JW_UZ!)JC9_<0K]3_`/7J7[?C[UK=#_MGG^5-.IQ*<-!=@^ULY_D* M!V(II-2CA:1A#A1DJ!DUG:5*FGZM]G#!;2\&^+/1&_N_T_*M4ZM:8_>><@Z$ MO;R*!]25P*R-4L2-]NF0V?-MV'7/I^/3\J"9)K4ZC8O_`#T7]?\`"C8O_/1? MU_PK.T>_&H:>DQ(\P?+(/1A_G-7J"T[ZC]B_\]%_7_"C8O\`ST7]?\*910`_ M8O\`ST7]?\*-B_\`/1?U_P`*9399$AC:21@J*,ECVH`>_EHA=YD55&23G`'Y M5SLLT_B&Y:VM7,-@A_>3$'Y_8?Y^M-=Y_$,Q"EH--C/S,>#)_G]*LM(CPFWM M2MO91#YY#P,4$-\WH;>AK:0PR6]FRE(B`=N?S]ZGO7MOM5JDMOYTI8M'\H)7 M`Y/-5O#^SR)/*A>./(VLXP9/?'4?C5J_M#=^4OF*@#9Z<].Q[&@U6Q#NTZ*: M[=;-%=`!*PA`,FX],]\D4I^P_96F-L"F/(,148^]C;CIU-3O:;I;A]RGSD5= MK)D#&>HSSUJ#^S6%N;=9%$7WON]6W9.1_=[8S0&HJS6FZV<6N`?DCD\M?DYQ MM]1T[<5)8SVTKR?9XA&6^:6;*;Y,#Y$VC'/Z\]:`5RU11104%%%%`!1110`4444`%%%%`$-U_Q M[M^'\ZH5?NO^/=OP_G5"@EA11102%%%%`!1110`4444`%%%%`!1110`4444` M%%%%`!1110`4444`%%%(S!%+,0%`R2>U`$=S<16MN\\S;409)KG8F:\G_M:_ M4^6IQ:P'O[T3S_VUTL3,3"L?W4_WFZ#Z=?:F+;3WPWWK-%$> MENC8X_VR.I]AQ]:O1QI#&(XD5$48"J,`4&B5BG]BEN>=0E#K_P`\(^$_'NWX M\>U7418T"(H51P`!@"EHH`****`$95=2K`,K#!![BL::!D'V%B2R`O:R'J5' M5,^H_48]#6U4%Y;+=0;"Q1@=R..J,.A%`;G/6-S]@U99#Q;WG#CLLG^3^OM7 M45RM[#]H66*91'(3AU[)(.A'L?Y$^E:^@WQO;$+)_KX3LD!ZY'?_`#[T$1T= MF:=%%4M2U.WTV'=*=SM]R,=6H+;L6+FYAM(&FG<(B]2:P&,VO2>=<;K?3(SD M`G!DH%M+>.+_`%IBD0YBMA_45*?M.JR!85$5NAP#CY5_Q-!F[R$FN1/LMH$9 M8!Q'#&/F?'\A[G@5H6NG'*27>TE.4A7[D?O_`+1]S^&*GL[*&S0B,$NWWI&Y M9OK_`(=*LT&B5BU8_P`?X52UA#_:6ERK"9W64KL*$J`<9;/0$8R,^]7;'^/\ M*MT%K8Y^ZM"KWK20&6(WHD$3QO(LH,*CL#P&YZ8!7MVCNXYY='@@97GG@MS" MX52Q6Y\M2C9]LGYN@)ZBNDI``,X`&>30,PK6S=M4N`8SY129990KHTI9P5!) M`SM&X`@G`],XK2T='CT>QCE5ED6WC#*PY!"C(-7**`"BBB@`HHHH`****`"B MBB@`HHHH`ANO^/=OP_G5"M"X&8&`QVZG'>J7EMZK_P!]"@EC**?Y;>J_]]"C MRV]5_P"^A02,HI_EMZK_`-]"CRV]5_[Z%`#**?Y;>J_]]"CRV]5_[Z%`#**? MY;>J_P#?0H\MO5?^^A0`RBG^6WJO_?0H\MO5?^^A0`RBG^6WJO\`WT*CE9($ M+RRQ1J.[2*!_.@!:*Q[CQ'9QOY=NLEU)V$:\?G_A3-VOW_\`JHH;&(]W8%O\ M_@*">9=#9=U09=@H]2<4ZN=ET:S4[M3U&2YEZM#RV]5_[Z%!2UV&44_R MV]5_[Z%9^I:I:Z:N)G#2'I&A!8_X4`]-R[7.ZI>-JER;"UDVVT?-Q,.F/0?Y MYI7AU'5H_-O95L+'_GGN`9A_G_\`5216OG_Z)ID8C@4Y9W/4_P!YO7V'\J"& MW+0$,9:***$M&G$%NO5O]ICV'J:UK6S*R_:+IA+<8P"!\L8]%';Z]34UEIR6 M:$(59V^_(S#6WJO_?0H`913_+; MU7_OH4>6WJO_`'T*`&44_P`MO5?^^A1Y;>J_]]"@!E%/\MO5?^^A1Y;>J_\` M?0H`RM7L3/'Y\*YF08*C^-?3Z]Q_]>L.VN_L&HQ7>?W$V$F_H?\`/H?6NQ\M MO5?^^A7/ZYI@0/(H7RI>&`(.UO7^O_ZZ")KJBQJFLK;.+:T7S[Q^%1>0OUJC M%;+92_:K]OM6H/R%ZA*=86R6O^CZ@K8L]+6V^=RLDQZN6'' MTH$DY:E*#3Y;N03W['GI'T_/T^E:J*J*%10J@8``P!4GEMZK_P!]"CRV]5_[ MZ%!HE8913_+;U7_OH4>6WJO_`'T*`)['^/\`"K=5K-2N_..W0@U9H+6P4444 M#"BBB@`HHHH`****`"BBB@`HHHH`****`(;K_CW;\/YU0J_=?\>[?A_.J%!+ M"BBB@D****`"BBB@`HJK?:A;6$>^XD"^BCEF^@K%EN+_`%5"S-]@L#_$?ON/ M;_/YT$N21I7FO:?9NR/*7=>JQC/Z]*J_VU?W/%AI!_G\:K07%EI^(K M2&(.>DDS#3YC9NS'_`)^)PO\`Z"&_G5M+"Y!^62WM MQZQ1;G_[Z8_TH#D[D,4SQ1G[%91VT7=W`4?7M4'F/=\>?-=_[-NOR?\`?1PM M:::9;!P\P:XD!R&G;?CZ#H/P%7`,#`Z4%6,B/3)V'W+>`?[0,K'\\`?A^=5W MAO;!C(J$#NT.64_5>H_7ZUOT4!9'-2BPU3#S#R+CM/$>,^]2+?:CI('VQ/ME MIVGCY('O_P#7_.M:ZTVUNB6>/;(?^6B<-_\`7_&J?V&\LB3:R"5.Z'O^'0T$ MN-M45GU&_P!6RNG(;>V_BN)../;_`#^5,MH;2RD_T5&O+P]9G&>?8?Y^M74L M[J\P;IO)B'2-1C].U:,%O%;IMB0+ZGN?QH!1;U90CTZ:Y<2W\A/H@/3_`#[5 MHQ1)"@2-`JCL*?106E8****`"BBB@`HHHH`****`"BBB@`IDL:S1-&XRK#!I M]%`$<$$=O&$B7`_4U)110`4444`%%%%`%JQ_C_"K=5+'^/\`"K=!:V"BBB@8 M4444`%%%%`!1110`4444`%%%%`!1110!#=?\>[?A_.J%7[K_`(]V_#^=4*"6 M%%%%!(445'/-';PM+,X1%&230`]F"J68@`#))[5AW.MS74C0:1'O(^]._"+[ M_P#ZZI7E]+JYZM!8`]/XI?\`/Y?6IK6VN+N)8K9!#:KT)X7Z@=6/O^M!G=RV M(%CM[60S3/\`;;LG_6/RH/L.YJ]#I]Y?/YMT[1)[_?/T'1?\\"M&STRWM#O` M,DO_`#T?D_AZ?A5R@I12(+6T@M$VP1A<]3U+?4]34]%%!04444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110!:L?X_PJW52Q_C_``JW06M@HHHH&%%%%`!1110`4444`%%%%`!67/JS MQ+/BVR\+/N4R`$HJABPX//S#`]^2*U*HW&F0W`E!DE3S6)_ MH10!'J&K"QD6.>G`X/-3R:2ERY>ZF=RQ&]5`"NJN60'C/RY[$9[YIDFB0R@^9/<,S M(T3N2N6C.,H>.G`Y'/O0`Z\U;34CD1]0M0ZG#*9ER"#R,9ZU0&K:<1G[?:_] M_E_QK6U./S=.FC"*^Y<;6Z&N,N-%4\O8.A]8'/\`(YH,YMHWO[5T[_G_`+7_ M`+_+_C1_:NG?\_\`:_\`?Y?\:YIWIFN<]30'Q^AD6BZ;P]W?V MC'M&)EVCZ\_ITK4&J:A!JM8_P`?X5;H M*6P4444#"BBB@`HHHH`****`"BBB@`HHHH`****`(;K_`(]V_#^=4*OW7_'N MWX?SJA02Q"H888`CT-026-K)]Z!/P&/Y58HH)(X8(X(]D2A5J2BB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@"U8_P`?X5;JI8_Q_A5N@M;!1110,*** M*`"BBB@`HHHH`****`"BBJ.J74UK'"T155:3$DC0M($7:3DA2,<@22$BW:2*V:[9MI"L M@Q\@^;@\GYN<<<[?A_.J%7[GFW;\/YU0H)84444$A1110`4444 M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110` M4444`%%%%`!1110`4444`%%%%`!1110!:L?X_P`*MU4L?X_PJW06M@HHHH&% M%%%`!1110`4444`%%%%`!4-S;17&_A;A3QSV#J?Q^M7?LT7]S]35.ST>"SO%N(\#RX1"B@$<`*,GGDX4#.!T M[UI4!8A^S1?W/U-'V:+^Y^IJ:B@+$/V:+^Y^IH^S1?W/U-344!8A^S1?W/U- M4[ZYL[%T66-SN4N2O1$!`+')Z#>Y&!1IT]GJ,!E@1@H.,-P>0"#UZ$$'\: M9)HT37,
KLSEMC%E^8G(P2:FTO3H].BE5""9'WG:"%'```!)P``.] M`6)_LT7]S]31]FB_N?J:FHH"Q#]FB_N?J:&MX@I/EDX'0'K4U(P)4A3@XX., MXH"Q0BGMI+::9H)8_()$D;#+`@9Q\I.>".E10WUA-+;1JC@W,:R*3T&X$J#S MU(5OR^E2V6E):QD&0[BS-MBS'&NX8P$!QCOSGDFHK?1$@GLY/.+?9HD0C;C> M45E4]>.';CZ>G(%D7_LT7]S]31]FB_N?J:FHH"Q#]FB_N?J:/LT7]S]34U%` M6,_[19_;_L>QM^=N[/R[MN[;USG;STIDEY91S7,1CD+V_E@C!&XN2%"Y/.2, M>GZT^?2H[C41=2-@!3@1ED;<05R6!]#C@`^])-I*R22NLK`LL(3=EMK1L64D MDY;D\_SH"R)[9;>Y@66-#M.1@DY!!P0?H014GV:+^Y^II+.V%I;+$#NY9B<8 MRS$DG\R:GH"Q#]FB_N?J:/LT7]S]34U%`6*ERD=O"9!;R2X_AC(S]>2!4,UQ M9PVD%RR.8YV14V@_QD8SZ=:L7]L;RT>`&+#\'S8_,4CZ9%0/I:-:"`33$[HF M+2.7SL8'H3@9QVQ0%AT,EK->7%JD;^9;A2Y((!W9QCUZ&K'V:+^Y^IIL=J$O MY[K?DRQHFW'3:6.?_'OTJQ0%B'[-%_<_4T?9HO[GZFIJ*`L0_9HO[GZFJEC< MV=\7$4;@JH<;OXD.<,,'H<'WK1K,L]&BM[B2=G;>S+M$3.BJ%)P,;CD?,>.G MM0%ABZA8-;13B*;9+/\`9U!0Y#;MO/H,^O\`.M#[-%_<_4U5_LL?9?)\T_\` M'U]ISM_Z:^9C^F:T*`L0_9HO[GZFC[-%_<_4U-10%BC?/!8V[3O;R/&@)

DL8022#]^DQ+.S\JP;`R>`<=N*`L+9SQR33Q+#)"\>,A\?,#G M!&">.#[U;JG86LUL\[3SI,TK[]PC*D>Q^8]!@#&.E7*`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH EHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@#__V3\_ ` end GRAPHIC 35 smallcompanyx1x1.jpg GRAPHIC begin 644 smallcompanyx1x1.jpg M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP. M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=? M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@# M5@)%`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D* M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H MJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(! M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P M%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P# M`0`"$0,1`#\`K4444'&%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%2Q6\DR2-&-WEC)4=<>N*;'&\KA(U+,>P%`QE%*1@D4E M`@HHJ:VMY+J0QQ#+[2P'K@9H`AHJS;V,\Y8A2D:\O(_"J/>F+`TLK);@NJ\[ MB,<>I]*!V(:*4\'%)0(****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBEH`M1YMH&P3Y\V%55/*C(.?J2!BK5[//9VYM9)Y'GE&9LN3M'9?KZ MU9T33V@W7MTFS;@0JX/S.>G'6H+O2I#<2;KN*2?<#(,'@L>/J?:@TL[%73+$ M7DS&5_+MXANE?T'I]33M1O$F"P6ZA8$.0!TS[?YR?T&M?:<(M,:UM9E_=$-, M,',C'H/_`*WTJ@NA3,8!Y\69LX'/4?AS]>E`.+6B,H`D@`9)K7MK6"'=$#*T M\C>0'3&-W5L#N!P,Y[U0M[=C.QWA$A.7D[#!_4^@KHK1$59=51"\:QX@B"G* MD]?U[_6@445=2BG:2WT>W9Y"0'DD@J2?0RZ*V M4\/RLT*FYA#2J6`Y/^?K52+328#/<3I!#OV*Q!.X^P';WH(Y64:*TUT:7"!Y MHTED4M'&]%[B=( M8QEG.!0`^UM9+IR$PJJ,N['"J/4FKLZ61YI6DD.YW))/J:9 M0)R=S436'6T\EHMS&0N\F[!;/7Z''&:?_;>9YG:#"O&(HU5\&-?8XK(HH#F9 MI#4+61$2XLOD0Y"12%5/U'<^]%YJ[W4L(\OR[>(@K$C8_6LVB@.9FNVO2-J0 MNC$-@0HL>[[H/<'U_"D.L)]GBA6T5$C)^ZYY!Z_CCC/N:R:*`YF:IUHM=7$[ M09\R/RD4/C8OIT_PILVKF:WA0VT8EA!".#POT7ID8K,IR.R,&1BK#H0<&@.9 MFK<7ES>EI(;)Q+(H5W`+9'H..`:M"XO&OQ>?V3-OXW9SG@=!D<"L)II6^]*Y M^K&D\Q_[[?G0/F.A=;[5(+B.:*>"4$O'P55Q_=/8^U9>I:BUZD4;0B(Q#'7^ M7I5:*\N875HYY%*G(^8XK;GN3JD*RP>5*X&)+64#/U4]?R-`[\R.=HJQ>PK! M/M4%00&V,@@****!!1110`4444`%%%%`!1110`4444`%%%%`!1110 M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`! M1110`4444`%%%%`!1110`4444`%%%%`!1110`5-$MN5/G2RHV>B1AACZEA4- M%`%K99?\_%Q_WX7_`.+JQ:"W5+@6TTC3M'M02($ZD9P=QYQFLVB@=S2M;."! MA-J,BJB\B%6#._X#H/K4FI7]MJ,H+3SI&@PD8A&!_P"/UDT^)/-E6,,%+$#) MZ"@=^A/LLO\`GXN/^_"__%T;++_GXN/^_"__`!='V&;S+A&*J;<$L2>#]/K4 M1AQ'$YD3$A([_+CUXH#Y$NRR_P"?BX_[\+_\71LLO^?BX_[\+_\`%TD5GYDS MQ>?$KJ2,'=S@$DC`]J:+?<)BDL;")0Q(S\PR!QQZD=:`'[++_GXN/^_"_P#Q M=&RR_P"?BX_[\+_\74,D1C2-BRGS%W`#/')'/Y4ZXMGMI520@$J#GT__`%=/ MPH$2;++_`)^+C_OPO_Q=&RR_Y^+C_OPO_P`745Q";>=XF96*'!*]*6&`S+*V M]$$:[CNSTR!V'J10!)LLO^?BX_[\+_\`%T;++_GXN/\`OPO_`,73!;$^<1(A M$*ACU&1D#CCU(ZT+;%G@7S$'G="(2>85#(P4KZYZ$=L<5(+%C@++&SLF]4&:K44#N6;>X5+MII`<$-D M+[@C^M-MY4C\U'#%)4V$CJ.00?S`J"B@+EI9H1/"2K&.(8&0,MR3T^IHN+D7 M$$8D_P!:C'Y@H`VGGH.^<_G56B@+EJ\E@GD>6,2!W;.&Q@"FVLX@6<9<&2/: M"O8[@?Z57HH"Y8AN`&F\_@J!K>98_,:&0)_>*G'YUIH(V71Q+C82,LXC#-T8C/>J:P3,'*Q.=GWL*?E^OI5V[D==/T M]5=@NUC@'ON/-6W9DU?4F0E6$+$$=:$*9H9(PW3>I&:FT MRWBNKM89M^&!P48#&`3Z&I-Q;1&W$G%P.O\`NFET/_D*Q?1O_030)+5%>TCB MFO8XG#[)'"\,,C)]<436Y-[)!;1R/M8J`/F)Q]!5BPNI&O[=2L.#(HXA0=_I M4CH[/?DD^3YV&"#+,&1BWSQDDG/<\T#L4A!,8_,$4AC_O!3 MC\Z6.":8$Q12.!U*J35W4!<0ZHYAW@,,1[!U3';VQ3;Y61K,PYVF)2A7^]W_ M`!S0*Q22.21ML:,[>BC)JW96ZEKB.XA^9(6<;L@J0.*N:BHDM[M[<983CS=O MIM_ENS4.G-(\TAN3(5%JX!QSMQVH':S1GF"81>:8G\O^_M./SJ.K^H(#;P2V MY/V0C`7^XW<'W]ZH4$M6"BBB@04444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!13S&ZHKE&"-]UB.#]*)(WB?9(C(P[,, M&@!E%%%`!1110`4444`%20B(L1,SJ,<%%!Y^A(J.B@"S=W"S+#%&"(H5VKNZ MGG))J-[B:10LDTCJ.@9B145%`[DIN9V55,TA5/N@L<#Z4[[9=;BWVF;<1@G> M2NXX/X4D4TL+;HI'C;U5B#4=%`$@FE67S5D<2?WP MQS^=.%WH:*`N3)W9/(NT8&'(P*07,X5E$T@5^6`8 MX;ZU%10%R875P(?)$\OE=-F\[?RI$N)HT*)-(J'^$,0*BHH"Y)%-+`VZ&1XV MZ91B#3A=7`D9Q/*';[S!SD_4U#10!()I0KJ)7"O]X!CAOKZU'3S&XC60HP1C M@,1P?QIE`!1110(****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"GQ! M6E17.%)`)]!3**`-K4KRZTZ[:WM<00*!L"J/F'KGO6?##-J-T^TKYA!<\8SC MTQ4UKJ3+&MO=(+BVZ;6ZK_NGM5ZSMA8:[-%&Q(6)F4GK@C(H-/B90_LJ8JVR M6%Y4&6B5\N/6A=)G8[!)#YV,^3O^?\O7VIV@D_VS`<\Y/\C3+!F;6H6))8S` MD_C1UL3I:Y7M[=YY"@9$VC+&1MH%33:?)%`9TEAFC4X8Q-G;]:F:R$]W>RR2 M"&"*0[GQGJ>`!WJQ:+:#3]0%N\SGRAN\Q0!U[8-+H/EUL07?_($T_P#WI/YT MFO\`_(5?_=7_`-!%+=_\@33_`/>D_G2:_P#\A5_]U?\`T$4V'0@TVT%Y=B-V MVQJ"[MZ*.M3R:O-&Q6Q"VT(^Z%49/N3W-+H1#7$\'&Z:!D7ZUFL"K%6&"#@@ MT"V5T375W-=LK3L&8#&0H&?RJ<:7*$4S300%QE4E?#$?3M^-0V"JU_;K)]TR M+G/UJ35V=M4N3)G/F$?AV_2@-]6,>RFCNUMI%"R,0!D\'/0Y]*L'2)EE,3S6 MZ29PJ,^"WTX_GBK7WK;1F?\`UGF$#UVAABJ6I,S:S.23D2D?D:.MAM)*X+I< MW`FDAMV)(597P3VID>GSO?\`V,@)+S]X\=,]JG\0,6UB?)SC`'Y"M)?^1FM3 MW,(/_CAH6UP:5[&4FDS,P3SH%F/2%GPW^&?:JR6\CW'D8"29(.\X`QUS2,\G MVDN2?,WYSWSFM;4K/[7K4X#+&B('E<]%X&:`MV*+Z;((GDBF@G\L9=8WR0/7 MI26VG37-N9XR@0/M8LV-O&HKFU>V$1[8"\XP??Z5+:`_P!A7Y[;H_YTNH,? M['TU<_+ASC\:;$DK?UW*EU926J(Y9)(G^[)&V5/M4D>FRM`DLLL,"ORGFO@M M]!4R\^'6SVN1C_OFCQ`3_:.T?<6-0GTQ0%EN/U"%[?1K2.0882/WR#[BLFM6 M]9VT&PW]F<#Z5E4=12Z!11102%%%%`!1110`4444`%%%%`!1110`4444`%%% M%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444 M`%%%%`!3E.U@2`<'.#WIM%`&B+ZR1A(FFH)!R,RDKGZ4R#4I$OI+J5?->164 M\XZC%4:*"N9EFPNOL5Y'<;-^S/RYQGC%-M[CR+R.XV[MCAMN<9YJ"B@1?CU+ M#7*RP"2"X;>""U$<26.[/7)]*34+O[;=-/LV9`&W.>@Q5:B@5QR.T;AT8JRG(([5?;48+@ M[KRQ267O(CE"WUQQ6=10"=B>YFBD=3!`(%4=`Q8D^N35I]1AN-KWEF)I@,%U MD*;OJ.]9U%`7+DFH22WD4[JH6$C9&O``!Z"HKB?S[R2XV[=[EMN79LVIMQG/136)4MO/+;3++"VUUZ'` M/\Z!WUN7?[1@$WGO8HUP#G=O(4GUVU%!J,L=S-+*HF$X(E5N-P/\JI]:2@') MFG;ZG#:NQM[,('4JV9"Q.1ZX_I587>-.:TV=9?,WY]L8Q56B@5V6K6[^SP7, M>S=YZ;,YQMYJYH$S6\UQ,0#$D19L^N>/UK)JP][PNOL5Y'<;-^S/RYQGBJU%`ASMO=FQC))JU;7JQVS6T\` MGA+;@-VTJ?4&J=%`7UN:$FI*;&6TBMA'$Y!&&R00,=ABJ%%%`-W"BBB@04444`%%%%`!140F)_@_6F27? MEGE,_C4\R+Y)%BBJ@O@3]S]:&O@I'R<'ONIW0>SD6Z*KF[&W*KN_&G7%R(8; M5UB),T1<@MT.]E]/]D470>SD3457^U_)N*8]LU&VH`?\L_UHN@Y)%RBJ7]HC M/^J_\>J07@(^Y^M%T')(LT56^U\9\OC_`'J:]\$QB,'_`(%1=!R2+=%4QJ&> ML6/^!?\`UJD%V#T3]:+H/9R+%%5EN]TBHL>2Q`X-=2GADF-6-WC(!_U?'\Z+ MH?LY=CGZ*W&\/H@YO1^$?_UZCDT-43=]K1L],+U_6ES(/93[&/13Y5,%T8I5 M<+GAE7)/OCM5V*PMYK?S8[I^N-K18/\`Z%3YD/V4^QGT4ZZ5K9RK(V!_$PP# M1`!,@8':2,X(I*A5Y-V)(6`'4J=U',@]E/L/HIY M";=R/G'4$8Q4#2%&(9./7/%',@]C/L245#]HYP5Z],&HVO54'Y#D=B:=Q>RE MV+5%5(;X2MMV8/NU:<5N)4.)`)`NX(1UXZ9HN'LY=BO13(95EQGY3W![59N( M/)B61&\Q3Z#I1=![*78AHIT*^:&.&7`!Y7M4BP[MN&//48Z47#V_\`K47#DD7J*H'4L?\`+'_Q[_ZU*NH[O^67 M_CW_`-:BX>SD7J*H_P!H\_ZK_P`>_P#K4'4L?\L?_'O_`*U%P]G(O452_M#C M/E?^/?\`UJ0:C_TQ_P#'O_K4KA[.1>HJC_:/_3+_`,>_^M0=2Q_RQ_\`'O\` MZU%PY)%ZBJ/]I<9\G_Q[_P"M3?[4_P"F/_CW_P!:F'LY&A15#^T_^F/_`(]_ M]:D.J8/^I_\`'O\`ZU`>SD:%%45U+=_RRQ_P+_ZU*=1Q_P`LO_'O_K47#DD7 M:*H_VC_TR_\`'O\`ZU.6_P!W_+/_`,>I7#DD7**I'40#CR__`![_`.M3Q>%N MD>?^!47#DD6J*JM>%>L7_CU)]N_Z9_\`CU%T')(MT52;4,'_`%7_`(]_]:GK M>[E)\O\`\>HN')(M454-\/\`GG_X]11=!R2)$=2#Q4;PB0GG%+,=OW1]<5$K MDMSQ6*.D1K39$6+56==H[U>$VTX/S"J=PQ=R<<=JI7`2$G/%:5X!]GL#_P!. MY_\`1LE4+=2">U7;^7;:V`QG-N?_`$;)3`KG:]+'&C$E^,4ZW`D3T-64B0<' M!-0W8"G';B1S@8%2B)$DY-2R_NR?E_&JK989/'I1JP)[E(D@X(`-41"I7*N# MCM2N&*X).*85"C(/-4E8`(R,4W5S(\ M,\A[,)%-9/>QHM4+J3I=E';R][#(*G`;K4#3+!9^6!M( M4>"KP8U"MQ-!(6(!4GE2:=MEB."BRQ]< MXK0MK>UEBW$JA_NXR:=PL,CU.W*X8<'WP:9)):2G]W-(OLSYJR]A:`'YA^/% M4+BQB4Y0#ZBINAV8HW1.QBQ(OH!DT$^9G=$$SWR01^=5,R1Y&21GKT/YT@PY MYW_B3NX_6M)9E6:WVH1 M0.VU6/)K8""WM9KI]D$;.WH!5B[TN[LX%EGB**3CFO0-/TRTTU#Y:`9Y)I][ M:6NJ0^3(0R`YP#WH`\O'6I#@5J>(-)73+I1%DQO^.*R32`:>32T$'KBI$BD= M"ZJ2%ZTP(R,<4JJ"*/O-DT'@\&@!A&#B@$CI4L85@VX\U%WH`4'-!H44I&*` M!6XYH+#/%)C-/2(N>*`&;B*"M14(!1Z4PC%3*AQD]*C<8)%"`112 M,.:12,*4=10`.,GBI$($9J,_>Q4FW$8-,")NM%.*Y-%("[;D% M3N&[-/EA5\XI;9A&HX'-)(WS\'K674"GPC'NU#%VQD`GVYXJE/(^\`C&.E6I;K: M-H'6JD\IE<''2B*8$BRC:!C)IK8<=,4Q2:L!`RC!I[`)#`S+C=@5*MB#G$GZ M4Y,!01U[TT,4;)/!J;L#O/#MHEGI,<:NS[CN.Y2,$^@]*T)@@7YV(K(\+7$L MUAM9@50X'KVZU-JUS%&I1I2C]@&Q5MZ%)79!>2^6Q,5U&PSRDIXK$N9"^8TS>9MQ\H MS^IJJ]L%;=YP3W4@'\A66B9X'05/:1EI``,46L"=RX%D'*.?RQFF/]JZ"1@/ M:M>VL@1DU/\`9@.,4C30YW[+(QRSL3[U-';,G0GZ5N?9LCI3#;T:C5C(:!6^ M\N/I0+-<94UJ&W&GAFX)J^NEAD[Y/>KMM$,YJ\J`5I&)G*5CA=01["[V$` MAN:EW,'`:&,_[70UK>*;?Y4E&."/ZUD$F7R1@9(*D4R&/U64Q3J@&3U)/>J\ MDY6+/6KNHP+)*C=L8JLUL!G!!%93MS$D5NZL,D`'TJ=S@@@IO[+MF7F8AO2II_,A9HI."E43=YDV!?F M)QFA7V)*]S:+$NY7W8J.W9X9$F1B"ISQ4LT$BABS_A50,0,#I6L=@.CN/%%Q M=1^3%"J<8W$\TZSU:6T"O(203R,U@P6[R+N4XJ6ZWQP(CG.:EZL+&SK6N)?V MQA$"\]&S6!LQWJ+,K5F-]ZY)YJ,L6?YNE--@1!#MR:0[<=.:?.^/E%.T]E6\1G7< M`@22GRHB./4U;USPY:6%@T\<[EU'0XYYJ:7Q+E?)C7;CWK M$U>_GO'"L257G`I7U$9=2PR,A]JCIZII\04YZYHV9E^8]*`+$*HF,]:EU< M>9;600#_`%!_]&/57$?9JMW.W[/8V^9?G[]4UH4CDI(V4D[,#U)']*8D9=MJ#GWK0+1D9V@@]]N,_A5:5XU MR(R"/1?ZT%#EC2*([B2Y[>E6;!`7!Q5--TWTK5L]JG@YJ67$TH25X]JG`)J! M".":E#C;4HL<#C--SFF%A33**+CL/(IO>C>,4FZE<8X@4`"F^9VIIDQQ2`DZ M&GKUJ`-2A\&J3$T7X35L=*SXG.,U85R:VBS*2(M;B$VG/QDC_"N;MV$5R@92 M5(],]JZ;46/V"3_=/\JYBU5Y)\@C`ZD,=>LK,`.!BH(B,XSD4R^!%PQ[= M,^M1+,`V,5C+5DEP;$8>61NK0L-2DB)!QTK$).W)^\*GM')R6'`H3<=F)JY< MGE@GNB]R>">E4;Z2S5QY:8&>#3+A,REPW!IMW:L\`=3D^E"EWZBL4KTGSCM) M*FJU6Y2T<:%DY/K2VML;QSG@#KBM$[(9"+AQ&$7BK!!G@1I#P*VHM%M?+V#+ M,PZDUFZEI[64/EJQ89S0X]A%!UA`(4Y-0D8I54GCO2[#1L,8*=0R,O)%"]13 M`FMSM;D<5+(`/F%1Y9!D@4QG+#':HM=@,FZYI(G*-D5>BTB^NXT>&!F5C@'% M(^C7\M3*H9LFHFP),"J0"'K3<9-:`TYW@5T8%F[5+%H5RZ%B0I]*A MU8+=EX%R,@QY8CZ5#++A3BGAD6'_`&J@.'-0EJ`R(PBF`315I(<#FBIN!&K[A@"IXXU-+':$(2/QIAD$*D8YJ;WV&.5%1B&.,] M*=Y8()W!C5::?S4`V\CO4<3/&F!#&^.^:9,VY^:9)A`,&@/OX(J;##Y.QYHD&>O0 M4S:`>!S1)N;&*8#T4@<$8[UL_0Y&326A&X%)M^<^H_^M5YKMHI4D(WC&&'<\5+ MG[UC>-.\;G.`[7(0,`1P1D@U7E5\X/4]`16S]5'P!@=:B5T[,1F7%M*\*9YQ4VG)Y).X$"K M0;MCBI(H9)D.R/*]":.9M6`C-U)&^8S]*EMX)M15PS#(=&:&4W$*CRSU`'2M&.Z+QQB27& M2.]6M2F\U4MT8-OXS6MU8#A9@Q7&VH8T;=G!XKO/^$?@2U)(W/BJFE6MM%(Z MW$0^;IN%',UHP.66"XN6"Q1,Y_V143V\T9(=&4CKD5Z1"ME`C>4L8X]JYR\5 M99Y"0#DGM2E+E&:_A^ZB&GQ1OL#*!UQZ59U+5+6RB:5PC'T`!)KFT5E*A:)$D5^%[5HP M:U(W!7"U7-GE=O:GK:`#`%1)0ENAJ;6Q)=3P7R;2,&L>:$+-A>16HEJ!5_2- M,AN[O9*/E`S54[1T0.;EN844)S4K6[R#"C-;VJZ7'9R+Y7W6[53BB*'=VJI5 M&B3):V>$888S3?).,C-4S@2'CI6JU`< M@!-7KP?Z/IPY_P"/<_\`HV2J:[2<#@U:O7:.+3N_^CG_`-&R4`0/&%_B)-$4 M>[^/!]*1Y@S`E>:D4AF#`5.H#6&"5)!/8TQ7VD\4LB'S,],TCC9@=33`>0QC MWGIZ4U'D0Y3\J:[LR`=A3X)0@)89-'0!)Y!.R9^4XYI\<0CPQ;@TH59&9P/P MI"I9<4O(#H?#BIC3BUO(PI`\X&-OQ MJ^2([F13_>-8S\CMPVJ8RX:3R2B%2.^5Y_.L>4DC;EB2>_8UN3;0VXCBLZZ2 M.%=K$DGI5TY71-:%M44(E)DQ6Q;0@*#6;;1YN@!VQ6]%'\@IR)CL"#%6$!(Z M4Q5YIQD6,`0*E@\YS@`Y]15IM&;U.KM[Z*8;,\MQBN4"$K,JXRAZ>O6M MG2HG6]C5^3@,2:R-2MP&E*-\PD.1Z]JN]T92*&\EOE!R.U2HLDAP%(7O4<2M MN)SD^M7TF$88R.S4]7VH&(Y/-5Y/WCYK/J(M.W`) MDW5%N5N::(B$//%*N$H;35"1U/3BH`A+'*&@)7?&,T]96WALG([U`Q#CWI$)8 MC'%)H1OVVND';,G&.HJGM+)M/*'BJC(S8.:FC!1@#S4-`.+'%`4G M%/VY<\=*4`Z4"%$8)XJ:V+VLV]#@XJ$94 M4Y6.1FE=]!DMU,URX9V/%1$#'%-9\MBG=13=]Q@C1Q']<^%&#G@DULX^ZSJF^=711TE29B6ZYKH(P=H MK%T<"2X9L8KH%`Q5O[8- M5WC]^*L213EB?.'TQ562"?)_>`?A0AD3A%/+'\*0,N>&)^M(;9LY>5B?RJ18 M%'`+'ZU6@B6//:K<:$I5>",Y5*U8X-J@&I92,RY!ACR1]*S&F?/"DUT.HP;D M4`5D/#*#PG3VJEH2]2JEQ*#_`*MJU+1YI<;.&]QTJM'&[$9C'XDUK6B2(,@8 M_P!WG%.XN5FMIJ,`K/\`>`QFNAC-%>-=H)/6@?,0O1SE M1\OK48M@%+[SG/2E2^EC1H0N0>]0T^@`VY6VL>!2EAU'2JY:4L0.:G)`BQMP M?6G:PBL7;S<9XJ67(8$'Y337C4P[F/S5;E@D^P1R&,XQUJMP1F!&+`9S5D;E M7CM4,!;S.15PA<'/2A@1QOAAGO4Q(W\'%-6-6&5-2S6E:6FZ;)>G+A MXQG`RO7WI6:>@TKEB+59"74@G=T%5TM+B9SMC8Y],8K>@T2UA`9\MCKSC-23 M:A;62;4PH'8G&*TY&_B*2,A=%O`1M5,?4?UK0M=(6-29U!.>O`Q^59MYK\V3 MY9C'N.:@N/$ M7C;C*]?;BL]]0GFD0F0(F-I#GC-79(5F;SZ69!&0R@`5.W MUK;DV-EEPHSW/6J9U*+848``\'FI=-/8+&=G!S2E^*?*T;MF)ASVS524NK?. MN*R::):83/CE:8K.W:I[81M(-_05*#\S>4F1]*6O01&`#'C/-,(PO-1ESO(/ M!]*E./+SNYH`K2%1R>M,!61L9IDY#].M1$[5J[`$BKN*C\ZD@&.E5A+G(Q5B M-CQD8J@)L;>32[QMIC/OXIA^4@MTJ;`.\T+108]_(HHT`RD88/M3HY<-S39` M%^[QFF1L%/-;V&/8;GR*5696S4@=<=*;-C:".YI`0N27S6A>2,+;3MO_`#[G M_P!&R5G[>0:OWY_T33L?\^Y_]&R4P*\\S/M(/(ZU(LNY:KAAT(Y]:G4`+D5+ M`?'-Y;`X!-%S*I?!'6HED6HYR6<>U"6H#T7YCNZ4C<2\&IXXPR9/3%1...!S M0`Z%B&?/>EW;2?>HHF.2#UIS]0.]%M0$=BIQUIVTA-_>GB'S'4YZ=15V6'=" M/+6DV`VPU![9\L-R'AE]:V'A62-9T^:-^A`ZUR[$J2O0BNKT1F;0E\SGRV/& M>Q-3**W-J4VO=*=A;-:W<@Y*=C6NAX%1S1;)BHZ=13^B^]#+0/@]35:0`\`X M%2A&=L9Q4Z0(HSC)]:6Y1ER6N[E0R^YJJ]H^?O-70.BX[56=`/2BPT8XLB3S M^M2>0%&`*OE5')(I@DBW8SF@96@AQ(&-:!Z@>E(B*V"M2$7R>*7MZ>U#S`L?D0'-85X4\]@IX% M0UJ(8)1&G`Y!J_'/-?S)"O4CBLR+#-SZUH6*XMD7$.U^.J`$9^M9VF:-Y6V>]D61\?+'CY5_`]ZM7=Q M'!&0H`]N@J]C1+H5M0O+H(^QE0=LM@US5RUVV69PQ[_."/UJUJ&HKN(+H/QS M61+=;C\LA/Y_XT)ME62&M)*`?E_+FJ[2N&ZG\:'F)[@_45$SD]15HALF@9I) M-ZD#'+9.*TK22)YA)OH*Q2>/E[U>CWPA5VAVQD`]`?6DP3%FNCP]*U+&W:,B1VVQXY!-9,4867=+R,GRAOO4Q/F)E<;NWO2MW'5/45TNCVT0M`Q4'/`Q#;R1UJY MK6IP7-L(HR&8G-8\=U]G0GKNKGK1;^%E0:OJ3W5JCQGRUPWTK%N;>2)EX)X MKHP`" MM,9/YVR/RQS3H&!7E[>.#4M`,G1!("AX[TY`I^\/QIKL,$ MCI3(W+9!-(!6DV2_+5J.[DQM[>E4=C9W4Y&+/QQ3:`M^49Y``O)ZFMS0/+%T M]H4.77&>W'-8(ED@0G.,U?T*:4F2XQ]S'-))L>VIU4%H)K9"^5E7(/YU5N4\ MMMM:EM(KQ.R_=8Y!'I@5FWS;IC[4FM#9/4B0@4K7&WCBH68+5::2IO8T6I9: MXJM+=$?_`*ZIRS@#DU5:4N>.GK2U9>B+$MRTA(!Q^-6M,02;BXY'%4$'I4\4 MY@)]#30FS8XBZ#(H9LC.*KVUVDO!.>:DN)T7`%418M6S[OEQUJEJ5LK6;$G! M&"./>I+6Y59ASP*J7MYY\I5?N5>C0MF8X=HFQFK]I<%F`)JIX\ML'^%-YK!C=\;R,>];6G0)J%S.)"5C92-P],UI2^%8)(]L= MS(OX`TVFSGGJ[*HXYID)U39WNF-/HR MY-JU/L)H;2X$^`[#HS=3]!_6LIYN-H/'?W-,$Y M!+$Y-:*-E8T6AV/]LN4^&92=@`)Z MLQK6FMR@R!]:R+F+:Y(R*M.Y#C8AEE`.W.?>HL9)/0>M*S$@J:B)(//(K0S' M$C.5I\;9.WUJ+'&12@]P?>@"8CCCJ*19#'\XZ9Y'I[TX$,H8<&DP`V.QI#)9 M.2)HQ\W^>*8I(Q)'Q@\CTIL3LA*'MR*<3Y;A\?*>HH`T+67SOF;[W?WIT^.P MJG&?*<.OW:MR#.TIRIK&4;.XF4Y2R'*C-6H)%DC^88J&1",L:A#D9YI;B))6 M$5NO:IG4D`/4;A5&.M"$1A M@W)HJ,X%%58"#;0,@Y%/XHJP(VR3FE4DGCK3L"G1N$.<9H`DWG;@C%6KTC[+ MIQ_Z=S_Z-DK/9V8DU>N\FTT[C_EW/_HV2E8"K(PW#'2G*!2S?*BE3UHMR6.&H`CA<2X;4(&61B6)W8/K5)VA8[-G2H[&X\F136C-8&Y0S6W+'DH.HHG'JC% M&6RJ'W+TJ:-@6&1Q414Q,P8'CUIZ/\I..E9#$F,29V]34$N=@J5]C`$=:+@` MD*,=,4`5U/'O4L;'C//-1&$J0`:DR$&!R:;`D;YG(Z"FKM4%33MV!SUIH3=R M:0"``=*J7,HRI-9+L6;-:05RD)FK%E;-<3*`.,T6%C-?3!(U.. MYQTKN-*T&.U0%N6IR?1%Q75E*QTI44$BM..S50.*T1$JC`'2D(`Z5'*7S%40 M@=J-@Z8JP:8118+D.RD9!4IXIC&@95GB!%86I6V-Q4<5T3\BJ5S&&5@14WL4 MCC91@U&1Z5>U&#RY6]*H=ZW3N825F"$$X84H&&P>AIIZ@_K2GIGTIDDL)VL5 M(IS`Y(].:C;@K(M3D_*KCF@9&^%=6/0\$4YG7_&K,WI5?4((A&-@`;TJS)?I&/E;K52<_:$#(/GSQ6,>:]V:.UK M(@M])DE0LYV^E%6H)KL`A@./:BJ3^=2XWV'8S]4OHM(MH(!M+NXW`>AZFLRX/\` MI$B<;2Q(/M65XIO/M.J.RD[5`4?E5ZU6WU'^14S6AK3[$4G<> ME1@GI4SX=.?O#O[5`!S4&@UEVG-2@;E!%*R$C-.C&%H*N126Z2+R.:H7%I,B M;8W<1YSM!.,_2M1CCFF&0&J4@:3*,%[?P'JLPQCY\\59-_=G/^I4GG"*2?SI MV]>A"U'Y@4\;:JXN0AM[22:;?.Q//`)SBM.4*`$`'%4TF);CDU:3+Y)IW$U8 MJ/\`+N8]SQ4$DH4``XP*6\F`;8#P!DUF33$DC-"1+E8?/<%S@'Y12(:A6I%) M%:(P;N6XF`/6M6SO?)8%7*D=/2L(,:D61@>I-,AHZN>TMM67=&PBN>O/"M61 M=Z?<6>X2Q,OH<<'\:BMKQXB,,1CWKH[#5XKF(PW863CJ1G%1*'8:?M1!0 M7S5N,G;D+D4/00W:6.:!N`P!3\@,*1V^;BD,JW;%8N>]5K.T>[F"+G;W.*EO MWRP7/W177>%]/2'3DFF7+2?,`1T%:IV1<43:5_9]A&J+P>Y;%;8D5AE&4@^A MK(OK.*4$A=I]0*RK*^N+&Z6WF)\LG@DTDRVCJRP(]Z9GUJ!)@R[@E<=A6%1.*D_&FD4#(34,HR*L,*@DZU#*1B:M;[HRP'(KG9` M5:NPO$W1D8KE[V+8Q]*N#Z$S5UP/O1M`D(['^M+C*,#22_=5N_2@8L7=#^%21G*8/5:A M!VN#ZU,,";TW"D!9*B2(<\BFJ$7CO1"9!WMS16/LV:\Z,0>])@XR*JCG-`$:G!R:T+R79::<0.MN?_1LE4F49XJ[>J!9 MZ<#S_HY_]&R4`5(UW@M2`?/R.*>C!1Q^5,E?YL@8!I`*)6!('2AN<9IUNFYL M4Z<8.VE?4`*!8MV*:'X&!3DS(NPGBIX+*6XF6&W0NYI7`J2-GJ.:NZ=HU[J# M@10LJGJ[<"NPT7PQ#8_OKH+--GYGM568SE(/!,.%,]W(3W"*!_ M/-;6G:)8Z8#Y$>YSU>3!/\JTZ2F3\"* MYR2MSPNW-PAZ-$0/KQ4SV-(;EL#+8Z`TQU\M_4&G295J'<,@-9&S0Y?G7BE` MP*JK+Y;>U63(&&13%L1L.,FJ\@.>*G9N<&FG!]*"TRDP;/)-`A)')JR0N:0X M'2F`6\85O>KF51&)/`%5`>YX]*JZC=[8O)4\MU^E4C.6A0GG+NQ]3FH.IS2$ MY-.%:)&$G<44X4VEIDC@:<'J/-&:`+"RGM_.K"7!1<`X9NI]JHK@]>@IP8EL MGO3$=)IFJR6[#D$=P>E;>%YK;Y[<^>G<<`C]:R)=\'R%2GL:ZNQU@2;1C\*N7EE::I'B5/F/1N< MBLY0&CA'.2`HS39'\M&8]0*U-2T.ZLFW1`RIGJ!R/PK#O6*IM;AB>E2EJ,K# M,\RKW=@/SKO7U*WA80I)%&D8P2QQC\.]]C2.BN;<^H))_P`>]U!,W]T97/ZUGR.EZVR13'*IR.E4X2$$_4U+?%3D$U32$$[@!4IE\I M,NN7IY\A?R-2KK\Z\26O'<\TL41/YCFR8B>&HW`MSD$8K!U*(=JWI-I&Y3D'FLN_ M3HJ1V+1)QT&*RG&^@[VU-3SQ("1BLZYFYV8IL%S MY.1S(Y/N<+::>W?[.?_1LE%QF<\>P"FL":FE;<1FFJG.:$P&Q M,4Z4^5\]>=A\S_T'M6BS9;I56ZL8_/M1GIBF@\9)ZT=* M8AS'@_2N=\1:IY!6S7JPRY]NU:^I7B6-D\[\X'`SU-<#<7DE[>-<2X+,>@'% M`'9>'T\O2!+C&\DY)ZX-<5J4AENY')W9/7&*U-6\17=A<1VEH(UAC12,KG=D M9_*J;Q_VI`9[<*),_,F<5)1C25N>&5^@K&GAEBR5@.`3Q]*I$E21U%:,O[ZU$F>5.P_E6;)PQ%8G0M2*0CJ*A\Y MT/RG\*EM#2<=:CV9[4C)@=:=PM84R8IID(&2:KR/MZ&JT MDC-U-4EII2:0"M4K'/*5Q!3J2EID"YHS244` M!I:04XG9VRQ_2@`)Q\H_&G"F**D`H`HJ9.Y458Q;A69R3SBHF8!PWK[&MRWN2Z`]^]9-6-%J-B#1*T3]2P(23ZT4/R>**H"8;<`YQ3'5AA@M)R$QFI)!7.2#2CY MRN6QV%`#=RD?,.:FO3_HVG@?\`/N?_`$;)4,@QR>:MWD9:SL&4 M<"`_^C7IH9FLP&%%.9%8C`Y]*1\J,'@T`1YY]Z[CP?I1MK5KNXC'FR M\ID:&<8//45<3@8-(9)QBH9)1O"[LXVJ0!TS7/7.I_OT"OM/F#/'7FG<1 M#XMU%I9OL*,-B'+XZDU@Q`\=ZU=?LXUNQ.)E#3?,5<]#[&J]EIUS<.1#$9`O M4J01^=%]!L9J%H;G2OM0'SVV`Q]5)P/RK(@;RY02[(,=1Z]J['^S[A;5DN,1 MP-RR9R7(Z9]!WKE;JU:&VC9AC)(S^-"8"'4;H];B4G_:8FKMC=!UVDX/\ZR$ M7*YJU;_(P;L"#0TBHR:9TMJX\MU/(89_&J-P?F-6(9`&09ZU7O1AZP>YUH@# M<]:F09JLN35J+-`Q^P`:,4@"C%+BG`=2>E,!,A%R M>IZ4P9)R>M#'>WM3E%`#@*=2"E%`#@*D!`J+/YTH-`$ZGIBI%89S5=3S3@33 M$78)&:9$0D%B`,5WD'[J!%[A0*X/21OU6V!Y^<&NUEFVBLY.S-81NBPTH7)) MJG/J*QC@@DU0O+W`/-9D$#I3-H%)CN0>7@54N%`%7V-49SFI&C%O M%&":R)/OFMR]3Y":PY/O&MJ9C5&@XJ3.Y:BIZ'%:F(#K3PW.?SIC#!_E0#CF M@9>A?..:G=1LW@#BL^-]I![5HP.&&#R"*EE(SYAMD.#WR*GC/(/;(I;N'`X_ MA_E4<8)0?E0P)64>?@X`J]!M\ME4"J\=OYA#GTJY!#M;&,UE*5MA;.Y2\K8Y M]#3)X\G:A^M6[E,9)X(J@6"EL'DT1=]2;D:DKD$44JECFBM1DCQJZ*RD\]*@ M7,;$-S5A7"3"-.1460:<[[XLH<$4KL-AS5:7"J,'K0E]6[J;9;:=GH;<_^C9*KH!$[M)AP`"M0 M.67<4"]9'"]?4T6L!U'@W3O*A?47ZL"B@^G!S6MJUUG3 M6.2-S;?02Y&/WY#<]/NT%&II\GEZ>&) MS[D].:G@O!+D@''J16!873?9Y(^?E'`SP/PIVFW@,^W'///``I`)?ZD_FNJ[ MNF?EZCZUAM,SR[CR#7`,RG M&6`/\ZQ[URUE&I/&:O>%Y-EZ%!`R"/KQ2`U]=F<+L09!X^E8&NJITFU`0#.6 MR!CO6]KQ)50H)SQP:RM:A#:):L,\;ADC'>DMQG*Q#*,/0U8Q@G`X-01<2$>M M62C.ZA!EFQ@#N:L0L-R\;+D\`U?O)=VUASD5FW,$D$FR5-I(XYJ>%C)$JG[P MXK.:ZG12ET9-"I/)XJ[`FT[CR/2FPQ9458;Y5P*S-AIA\WG.*J7FVVA8CJ>! M5QWVIM`[5AZAE!.: M!#>AR*<&!Z\4`4$4@'A:CD?=\HZ"DP:4)3`%%/%`&**`'"BBB@!12BDI10`\ M4[.*CS1NH`N:9+Y6I6[:Z*PL%1!D8_"L'376WW.X[DUIV^NJR_)SCVZ?I4)(U= MWL:]S#&8\.,_A7.W5NK2'G(K7.KPNF)/\_I5.2>VD/RG!_&G)=A136YEQVOD MR;X693Z!N*LDSR+M9L#UJVL>1D=*4QC%1J5U-.PFKFYOIK/599>*#)5S\5!*_%)LI(C>2 MJDAS4CMDU"QJ2BE>C]V:P91\QKH+H94UC21Y*8F/!V].E6;:7:<'I57.X9_.EC;!I`F M:[@2KSSQ^=4PI21EJ6UF['K3YDP<]Q4E[EVR0M&PZ=P:G553G=DTW39!Y+!O M0"D:$B;`/%93BMR)!<1JWS'D'M6<]L?/WJ,+6[PT/TZ[^UZGJ;DD^9;2%??G-10R,/#;[3C M;.1Q]%JIX>N%@U"0N#4 MFE.8[A&P>#49^:U%):_+(#CH:0'4ZV/,CC)`ZGC_`.O4$5I]MT2>%0=R$%0? M6I+UC<6*.N,8/X5-H9V;T89W]32&>?2J4E]QUK1L)UBN(I6.,<9],TNOVGV7 M4Y4'3@CCU%4X3N3::M"+NHRKE*D?K3F.!@4 MR!&/:F@4=33@*`#%)3J*`&XIP%`&:4F@!*6D%*:`$I:*,T`+GBEI`*1C3`": M3-)FB@!MU8K)!,GO@'^M*F MN:=+,%,X4CH7^4'\:'%/8%.<=SGVAO+4C'/TQ3H]29#MN%(]ZZ+;!=.95D21 M?5#D5EWMKYN_('E@GKWK-Z&BFI$0E289C;-5WRCAQT%49HVM#YL891Z$=:D2 M_$HVE3DT6#8UHYLJ"*?YG%4+8L,J1QUJP7XJ1DWF9IKMD5"'I"U(+#7J-J>Q MIC&@"*49%9[V^]\BK\C<57E9EBVQ#=(W'TJD)F<5(8C^Z:>V."*F-E)%&9'8 M9/4$578",;F8'V%:7N1:Q7N<;U/M4).:5VWN3336J1A)W8`X-+T--I:9),CE M,,*T2WF1@BLL'*D5;M)/DP>U2RHLT-/W;B`>U:&<8+5%I=N)&8U-=IY!PQSF MN><6V#U(Y)RQYJ"60=!5J"U,K@N?E/3BK3Z/$JE@]7[-Q::8FK/1F4DS!<#@ M45=&F`])!12?,W=B;;W,*6=48+TS4[.DB*H<$TT6BN3\N:8]DF,J2C"MEH!/ M%QUJ4(",]ZSP+B/I\U2K=N!B1"*H1/+'@CFKLBKY%ES_`,L3_P"C'K-:3DW8"K>924;">:MWSA?#=NH(.ZNSO\.PG(.R=A].*D9F6;[;E3ZY'Z5T.B$S1WL/!,L8/7N*YF)MLJD]C6]H M,@CU:)2<`DKS]#38C+8X@R.>:EL':.Z`?`] MAP*S;*8A1&3CT!XJR24GSN3AN@YP*EC*GBZ+_2TE`8@C;GM7-H=K@BNC\2%6 M=3N9B0*YPCYJM;")FR#QWZ57QF0`],\XJQG*>_M4!W$D*,LW%,!/-9L10YR3 MU%.G<(@B0D@?>/J:4H+5,`@RL.2/X1Z57`S0,0#-2JE*J<4\4"&GBF'FG'FD MQ0`@%.HQ1VH`2BG8I5%`"8P*8:D8\5'0`X"BEQQ0*`$-`I*<@R:`%/`J)CS4 MDIQQ4/4TP'"@TM-/6@!0#Z5UGA23-E)%W63/Y@5RJCBMWPE.%U"2(_QIG\C4 MRV+AN=>R!H2O>L\WTL!V2KN7MD9Q6HZ_*"/2LV=`3\RY_"LVVC:+())+68?. MN">_%9]Q8V[IYC9-%-8KJV4I;73(I[!CBG)< M:G';"$-'(=V=[J2?I5Q8%',U6UHD:A MM1<@=Z5DU8?4Z"Q*E`.M::QJ4P:S=,CQ`I/I5Z9BJC:>::)8Q[(;LJ>**JB^ M<$@G!!HIDW.?AEY(W59"AURQ%5VM@&++419U.WFI10^4!6P!4;#(QBG1JSME M^!2X!F"YXI@0-;[N!Q4U];,MO8]\0$?^1'J1M@<@$<4NHW:Q06(`R#"3_P"1 M'HL!EF"0?,%J]`1+H=U#GYXW$N/;S;XRP&14VF%3-<1XP9X'0#U.,C^5 M0V!@GAJU;";9=V\H/\0)S^M9DJE6((P14UL^%!(SM.:MB+FLKLU6X7_;-5D/ M2KGB!D?5I70?*V#GUX%48^M);`70`;4Y[&H(^M64'^C.,<\570?-]:`+L7W# MG\*.E$0PIS2'C/\`*D!,DOE8;K5XW39+<'VQ68,XY-+YF%.Y>!WSUH`?JL_G MN#A-V.HK*(YJW.^X#CCT]*JD=::`0&C=Y8(7%*.M(_KTI@0L"S9/)-*JT\K1 MB@!*0_6G8I*`&8I0*=BB@!,44M)B@``XI>@H%!Z4`1LIJ:3Y8@/7F@"O(V6I%&:1CDT].E,`/%(!DT-UI1TH`&/R\< M5?\`#TA36K8CC<^T_C6:QW-5FQ,(CI5HS!JC9UJ'8M7*I0@TX)WI[,*87Q4C$/ M%,9Z&?-1DT#0$YI"0*:343O2*'M)BHVDJ)FJ%I*=A$DTN%JF#YAW'H*)'WG: M#UJ.YE$,>!U/2J2);ZE>[G`)4=:HGDYIQ.XY/6@8KH2LH/#,J MQ+=%O;%.MY'>]9V4A.<&D4C:B641_*>!3D$\O&>E6+2:-XNM2PE4W'/&*JQ- MS*EM91(NHM;`$_\`+`_^C7IW$5#NAC*QC.:=9SO# MWA?.]6E!$3#CI5<+\U("S'_J^WTIIQCG%.4?(*:W/6@` M!P"1D8J-FYYS]:4G`[^M1.WY^M`#9&S4)IY--/Y4P`?2E-`&32GWH`CQF@]: M?S28XI@-/2DZTXCBDH`0T@ZTO:C%`"'VH^M*12'/K0`N?2F,:?T%,-`""G4@ MZTM`"H.,FFN<4\<E8X'UHIA.XT`*@[U,@.,$\5'P!3T.&SP:3&C4T_4VMT$U:J7BL MN000>]1Q0L\D)RC<>E9N%]C>,[;G4?:_>C[5GO6):7OVB9(BNUFX!SQ5N M17C)!K)IK:RYY3+(6/3M5J_ MG#GRU[51-;074YZDN@E%%+6AD%%%+0`E&:**!A0**44""G+P,T@%+[4AFGIQ M\N!CT+#-7H;H!<-S5*`8B7VIX!/;V-9W+V+G]H*J$J,#.*1=1.,!N*H.`,J. MFU,!">!R?RII[4&D%`#U/M2TB\M3R M,=:`&`48YI>>.:3M0`AZTTTN@!&X6H&.34LAXJ$\F@"Q;]&/M5>3J:L1?<;Z56DZF@!HIY-,%/I@( MQPN.]*@[TW[S5(>!0`QC2QGYA3#UI\8^84#)CQ4+'-229/>HS2*N/@?RKF)_ M[K@_K77WD"D9'>N+8UVD<@GL()!SN2LJB-:3U,QXP#TIC)BKSI4)CK(Z+E79 M2A/:K!0"D"9HN*Y&$IP6I`F*<%H$-6.JU[+Y:<5;8[165J#$D^E.*NQ2=D9S M'<2Q[TSO3VZ"HZZD,@$XZBH;=\L1Z]:ME"R<=*S:-"DS8^M&X MD5,\)`)-5_-3<@_Z:/6= M&04Y[UU&CRQ+%:[AM;[/G:!QQ(_/YUK)V1*5SGV0I)Q\I'!%2+.RH04!]ZL: MBB?VL(@"$!`..ISR3^M)J,=O;W1CA8E0H!R,<_UH3N%C?\*HOV&28#!:4C\@ M*RO'-J=UO=+C&#&W\Q_6MCPL1_91QS^^/\A3]:A6[MIK0XS(ORD^N>/Y4]@/ M/+/_`%K+_>4_IS5J(53@REVF[C#8-75&UB#U%#$78QNCIP7@<9]:;;8\OM5E M8RS)C&.IXS4@57&.,#BH)&QQC&*N3QD, MFFF`A/%`I*!0!(O45)T''2F)UXJ3_/(H`81Q2'I2GZFFF@!.O>DI]+24HH`6D/TI0::QH`9(>:C%.:FCK0!8C^XW MTJL_6K"?<-5Y*:`:*4GBFBEZL*`'H,#)I&-*YXP*CH`4#-2H,3H M:S+R,O&V!51W"2NC-(R`?:HR,&K`9?(7'+="*A*GJ*Z$<[CH,H_&BDIF8N:7 M&:2B@`Q[4\4S-**!DI(QS2#%,)I,TAER)D9=LBY'J* MXJ[;RLZ\]`>,4T0RHL;,,BBIG?8<#I12NQ"P;9+F-9LE7;:<=1FM M?5-)BLM/2F*V=8:U73X MCYDSED\M<#<..2?K42?O)(I;,723,NE&WC*F(N2)01\RE2<8[&L_54FBM+9& M0+$J@!P?OGG^0_G4NBW\*Q/;J5AW,=IE.>OOCTJQJ&ER2K#$@#?+]X$X!QR6 M/I@8Q4+W9:CWB9BV;I"LDDD:`C.TMS6]ILT`BMHIDW,UL2&S@X$C\5SUY&R3 MJ'/_`"S0].ORBNDTN*!K.V!VF0P,%W=0/,?-:3?NDI:C;V>UAG%S+%N0D#`Z M],5F:S<6JW4FV+,A'J<`FMJ2.U:=(VV%`<$<')]!Z5CZU#"TTLZ(Q.X*3GA< M<=*SBU60S1[2.F"./Z4,"K8C<2,9K0!6-I' M_'THZY('6NFO_P!S`&&X#'X5+!'.:@WER-PQSGO@`5E2$%O7Z5:OY@\O0@_[ M76J9QZU2`:YXZTS-#?RIO?'7-,0N^*`%'-+2"EX/I0`=JC8T\].E1,:`&M2"@T"@9,OW:@>IA]VH7H`92KR: M;3EX%4(<::*.M.44ACE%*QHSBFDT"$-"C)HI5.#F@8DO7%:'A^4QZFJ]G4C] M,UGN=S9[5:TI@NJ6_NV/SXI2V947J=8PYIF*?(.3317*=0`5)CBF#@T_M0(: M:ADZU*YQ49&XX%`T02*6K/OI1$-B\N>M6K^[6W&Q?GD/;TK'"M<.3AF)//%7 M%=64D5?XB/6GA<]:MG3KN;'DVLS8[B,T]=*U)>#8SG_MF?\`"M;F=E%V9GRJ M,<#I40]ZU&TC4-T/^TI%-,SE"^J*M)3F4J<8I MM49-6%`I*,TE,0N:*2B@!^[BD!^:DH%(+DNUNW-/B3><8/O2(3MR.M2"1BW` MPW?WI%EE0L0"KTJ%\&7)/`I%D(!8]!U7O2-R`RG@TA,C8$GCI14R-&H^92<_ M[6**5R3L+&UMDC>02E(S&026`)4&DFELWTB00[5@",JG'([9JE8VDVG2Q+>H M#%+)Y:9.>H.:OZB+:.,6\4`5I4>)`@X'&1[6*A6QNY;!%:^D7ET8Q'LW2(#@%"Y@^T MF>4DS/LC"$L4!Z?2JNI0?9_L*0';(L3+Q]T@.WZT1D[.X,TX;"5'0`;E#[\G ML!4*AX;V4R1!HV5LC&<#KG\36@;AW,8B./.4YR<;1503W-Q,]O`JG(:/?Z'' M6HL,M>'TE>&ZN9%*+))\H(QA0.,"LGQ'/OC\MC\P)(QZ9KK+>#R;-(LDX4`D M]^*X?Q%_R$C#N*$'&7X'/>M[6(,)B5;<#@@Y'M73K.EWH(EC`#(^6'/#'K6' MROK4`_,%<$=Y/X5MV'AU;FV2 M>25@'3*J#SG\NG2L-8W5D#*WSC*_[7-=K%&UI96L<888`R&/3BHJ3Y01QNK6 MJ6=\\,>XH,8+=^.:6PM1<6T\L;?Z1`5=4_O+WJYXKN%DU%8D`"1)@'US572+ MA$DPH6.Y!S&YZ-ZJWUJKMQN/J=J^GVDLKGRT68J0'(Z9_K61>>$6EN&>WFBC M0]%VG`K8=\70=B=@7><=R.,5HQMO16P1D=^U$6F%SD5\'W:9/VF`\>_^%9M] M9O8W#02.K,`.5KT(=<5Q?BH`:L_NBU;5A&">"<9I!_GFE/>A>*!!2'GTI>:; MUS0`A.::?PI3Q32>U,8&FTII`*`%[4M)2]!0(:QJ)C3V-,-`#:44E**!DA^[ M43U*>E1/0!'3ATIM.%4(% M_N]Z5[%P@YNR(8HS(>.%'4U=L@([F)AP%<'CZ^M-(_A484=A3AA,8ZBI;N=D M**B=1,.A'<9IB#)J53YEI"_K&N?RI(QSBNE5;Z MZ6%3'#AI6X&WG%+?7P4^3:@O(>I49_+%:.DZ*MMB[O2&EZ[6Y`Z^HJE$;M%7 M9F6'AN>\Q/>.8XFY/.&/?N.*V!'I.E1Y58F91CC:Q_SQ5'6];";H87V]B5/U M'8UR\UZ\A(4LV?QJ[7#EOK)G3W/B4[2EK"B>[K_@:K0>);N*3,OEN/\`:!_Q MKG,SG^$@>]-9I5ZKFJL5[EMCKW\5LW2!?^!`D?SJ[9ZG8:H#'+%%O/9U7!K@ MUN&7KD5-%<#>&0E''(9>*&B>6F](Z'8WWA:RN5+6Y,3GIM(V_E7,:CX498_P"_&"0/TK;TCQ"RA8;L@CH'_+KS72I*DT>X$,I]#D4DS&2<=SR=D*G! M:]`UKPY!>HTUNBI.>>.`WU`KA[NUEM9C%-&T;#LPQ5IF;CU17HI<4E40% M`HQ2B@9/$>W>I=JDX?*_2JH)SQ4J3=F_6I:*3)958#J&'8]#4MK`?)+-WZ"F M1-#SN%3?;$\O:M(97:/GL/QHJW;Q;X]S#KTXHI$V.XU&WMYXXQ(7.QMRA3WJ MK?02A//M_FV*6*GD^]3+*R0Q!@LA+'.#@#FG)>#SY-A^=?E*^G-H/>-+Y6^`H1&,@`'`(-&EV5U:WMQ=714F0XP#G'-7[NZ=4'SY);!4=J0$, MJ,PW\9';%.Z>B%:Y0N6E>%6MGXE^G+M_G\:? M#(R1PM&A'F9Z=J)%+VBNR9PFT`_[[9_E20-$UG%&UM$B$8"X#'DXQUJU9VEM M:$E6+,>26K+N(QG%8VA0*F MJ07$I=]P=CE<`$#N>XZU?->XK&C>:1&U^LZK)"[-G.=P8\^G3_Z])9V5MI6K M601Y/WZLK;CP?E_QK95!(D+;=Q.>AQ_D581%B2(N@\Q87D0!_O\]N,<5I:5;O_8WD M72$9SD9[8K1NQ-AK:?:WL]K*B`)`!M`X!7M5^2'<02?I2VMI#:VRQP@A5X`+ M$X%),97?ZT^:VB`M/`D=G&`Q98B,LQR2 M!3(]4'F*I4@/T]A56\NR\<<$16,,XW9Y^7G^E)':R74HGB&Q(^$&/O`=/SI- MN]X@;44PF'R=JY3Q$CQR>I)]*Y_Q@F9;>09VX(S6Z=UJ M(YD\?_JIRG@FD89-"_=-4(0]<8IISBG,:8M7'SM]2:1%"*%'04I.*S;N>K2IJ$;$ M9&WC^*C83UI8U+-N-+.VV(XZG@4BG9*[.BTV42Z7$1T7Y?RJS&N1FJ^GVAM= M,BA/+?>)]S5Y4"0[V.`.2:S>YQW%"I'&7"W3@=>GZ5RTTIDD+LQ)JFP!'3-5WA!Y3\J>YC.FUML>C6=Y'> M0AHF^\.E5M7TFWU:/;(-DJ_=D`KD_#^H-:701VPA!KNDD66$'//7-3UL]6+:'?(HX//?I4`J:$MD;3C\*0T=5:J+>$ M![I$)YP,?UHJI836Y@_>[2PXY%%8.)LI$]E#*]KE7'F),NY0.@RR!M6'VRD,(\-U.,]#5N5?,$1)PKIM//H2:S+B]#^M7=/;SE><9=3A&3T&!FM8V!CKK3TOAMF39,I6* M+`E'R]#MXP*FN1YBICH#FJ:7$)C\E[=UR,-@'`R>E:DD85#T`/4YJHQ;BR); MD,TB))B49Z$>Q]:E126^_P#(5R./UJFACFB9)1\VTC.:L6Z^6D:(^5`P33C- MML1,P.U@/3.*ISI(0#%\K2?>`/I5N4D*&C^]T(/>HFN$!8?Q!L9STI3LD".; MGCD\@_,,/(2HQ][ZU"B2QV\C(P=4'RG/7UJ[+/Y?FM+%N"'&,8QGWK+:XW+( M6.V%OE``ZU"5T!/)>%]AN(C*U+C'EX^0CL/_K5S$5^R2E24 M9#R0<<'_`#Z5MZ?J">2T!B0(>,HX(&:T2:`MK<2\.I#*V=J#J:JZA<)-"PF` M_=@N%8]3VIZ&';M20`LVS=CD^P]O>L^ZAC03LT>Y2-H)/X%L4[M`>M+_# M]:1^OJ/6E]LUL(:U--*3]*09S0`T],T@IQI.W%`"'BE`I*=@T`(>.],;%.)J M-C3`:QIAIS4R@!:*O-A4P.W%3)G3AH7?,^@Y>>:1QR*4<*/>GA>PJUX;A'F3:A*0%C&`#WHZ7,*\OLHZG"JA9SA M%%<_K&H^<2B';"O7WZTW4=2-R#&F5B'KCWK+7]\0YXC'`![^])(4*?+J]Q]O M&TTRLPP3PJ^@KO$B6PM%C4_N=\.69N+KSV(VQYX/<\?XUIZU=A5 M*`\GW^E!%5U47;K3W;'-0,U!V)**L@)J-C06IA-,EL4F MDS32:3-,S;'9I&]:1T_B4TW-`8H>.10#?<9G>?1QW]:ZOP_J0D MC\J4X9?_`*]-+)2L5] M$.<[)#^''\C6[87HN45NA]33[NU2YM9+=_N2*0/8THRZG*U8\S)RON*95FYM M7L[V:VD^\A*Y]?>JIK8S84"DHIB'@BI83ANM0@59MXMYR>`*3=AHT+>(,I8M MC/H:*KEV7A3BBIY@N=`^`\#`EYB&4G/;WJ.SC,#!+F-MC-E7C/`.<\U+>822 M!8@64L?O#D9K/O)93.($+>6@!VY.#[FN1:F^ILO=I))'Y3,NU0NUSUQ^F*9/ MB:X7$JJ-F3@]_P#'FJ,9!=6;`X[G%3>8S-B-59B-H7KGOQ[5-B5N/\Z<1NJ- MAFPJ>O7FM"2Y=;:!HQC*D<>SFL5-_&[*L,_IP:OPRLUC"HX7R<_+Z^8^?Y4[ M:,J]R>6\`\M63*\H1CKFI],EBBMYH02H61L?,,,.U9@9G(\S[NX$$]1Q3PZ) M>M"FTHP#`XSD\#%"=A6N6)I\Z@=GSL5X(/N>?UJ87C0G88U9B!\V?ZU25U:Z M/&"5*G`[Y[TRX+NXY7]V.6QTH0=#H;>168AU*L1SDYQ5?4V99LPW>./FCR#G M\*BN;N.UL8YU1V*C!)7@U1AG6XNVDENC`C8`3=M)X]#6E[*QGU'I'/N5\L/F M^[Z'CK5F3S8Q)A6&#C)'!/M5*]2:&>!DNL]Q26^'?S+EIF'WDP%Z5F02;I]KR,%` M[C=FM'&Z"YT4ETD<:N`X#L<;SA#]*))DFLW$I,*C@;>AJA&7%IY9"S1$[AE3 MD=NE$#*C")BRJY^7C)`]2.U1:Q5KE.943:(V7*4\L MSGL3TJE+#*"7,!C4]@#BKC-,316/7_&@\'%*>#VQ2#DU8A&ZT4IHH`!UZ44" MD/2@!C>U,:GM49/>F`PTVG&DH`*<*;3A0`K4PTXTTTP&&@4&BF(=3EIM.%(9 M8MA^]'L":LD;L#UYJO;??_"K:CY?XKDSOY2\*/O-4Z+O=44?*.*:D7EJ(UY)ZD5:TF+[7J\-M'DHK!I#[ M`T%-\BYI'5Z5;?8]-'&&HIF=PI:,>E)0`\4>U-!Q3QR*!H808VW+TIK*&`=.HZBI#SP:B.8VR M*")(W?#^H;6,3G`SP?SKJ@^]`P['->?6\GES+*G`!^85W&G3K)&#RP>VGW-B75K25 MV9K.<$C'%P/_`(BK+:I:VMM:;;.5@\!P#..!YCC^[SSFN>JY>_\`'KI__7N? M_1LE')'L-5I]S0DURUD<-]AE4`8VK<``_7Y*C_M:TWA_L4^0V0/M`_\`B*QZ M*7LX]A>VGW-EM8M6=F-G.2Q!/^D#M_P"@:O:B4R?8Y\GM]H7'Y;*QJ*?)'L' MMI]SISXLB:#RGTW^JVCG<;2XW?WOM`S_Z!6111R1[![6?W$+6,Q08_Y>`.G_`*)=9M)$"FPD`#;O\`7J>?7E*Q:*?*@]K/N:\FJ6DE MR)S9SAP@3BX&./\`@%36FN6=I*9(]-8L1CYIQC_T&L*BERH/:S[FK=:G:W,I MD^SW49/:.Y4#_P!`IRZK:+"(_LTDCV?8YUSU*W`!/_ M`(Y587-@&W?9+G/_`%\+_P#&ZH44;IV?^/6 MZ_\``E?_`(W5*BG9![6? MMW_X$K_\;II_LP_\NMW_`.!*_P#QNJU%%@]K/N6,:9_SZW?_`($K_P#&Z-NF M?\^MW_X$K_\`&ZKT4![6?UGW+.-,_P"?6[_\"5_^-TFW3/\`GVN__`E?_C=5Z*`]K/N3[-+_`.?: M\_\``E?_`(W1LTO_`)]KS_P)7_XW4%%`>TEW+&W3/^?:\_\``E?_`(W1C3/^ M?6[_`/`E?_C=5Z*`]K+N7$DTY&R+6ZZ8_P"/E?\`XW4OVNPX_P!$N>/^GE?_ M`(BLZBE9&D<35BK*1I_;['_GSN/_``(7_P"(IAN[!FW&TN?I]I7_`.(K/HHY M4/ZW6_F+YN-/(_X];H?2Y7_XBDBGTZ)]PM+DMZFY7_XBJ-%'*A?6JM[\QIM? MV)B*"RG7/5A<+G_T"I]+UBTTIF:"QE9F&"7N`3^B#TK%HHY4$L35ENSI+GQ1 M%9IQ_Y=;K_P`" M5_\`C=4Z*=D+ZS5[ET2ZN!_\16%12<4R77J/J=.?%L;`AK!CD8YG'_Q-8#KI;.S?9;L9 M.<"Y7`_\AU7HII)$^UGW+`72P<_9;L_]O*__`!NI1-IPZ6EU_P"!*_\`Q%4J M*&DP]K+N7_M-A_SZW7_@2O\`\12&XL",&UNO_`E?_B*HT4N5![27HX MM+G_`,"5_P#B**H4460_:S[A1113,@HHHH`*N7O_`!ZZ?_U[G_T;)5.KE[_Q MZZ?_`->Y_P#1LE`T4Z***!!1110`4444`%%%%`!1110`4444`%%%%`!1110` M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1 M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%% M%`!1110`4444`%%%%`!1110`4444`%7+W_CUT_\`Z]S_`.C9*IUD0M22(+-"V4QS@^_M3>Y?+HF8U%;O]D6DL^F-#)-]GO25(?&]2#@\XQ3;K2K(6 M=[):RSF2SD"OY@&&!..,4@Y68E%;_P#8=M_;OV'?-Y7D>9G(W9VY]*KZ1IUM M?!$>.]9W?:7B0%$]">*8N5F116\T)M_#5]"QR8[P*3ZX&*=X4,B_V@8I4BD$ M'RR.^OM,LIG1KQT)EG1?E93R"/7`!JI=Z)$EOY\* M7D2I,L;BX3:6!.-R\4`XM&%1713Z)8?;;JQMY[C[3#&9%+XVG`SC_P"O4*:3 M8QM9V]W-.+F[4,IC`VINZ9SR:`<&C#HK<@T>TBM;F;4)I4^SW'E-Y>#N'MGW M_2G7L6GIX;M98H9!([L`^5R2.N>.1Z4!R/J8-%%%!`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!5R]_P"/73_^O<_^C9*IU0.IK'I_E2>5YOE MMY>=N_'&?3/K3#F9?GU7SK.ZM_(V_:+CS]V_.WVZD%WN:JZW(D=@5B'GV>0LA;.Y3V(_\` MKT3ZE#73[BVD3 M<\\_G-)N[^F*/[11](6QFM]YC8M%('QMSUR.]9]%`N9A11102%%%%`!1110` M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1 M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%% M%`!1110`5V:9IUQ*VDZA;EOW2P[@H&,DNO)]:K_;K>&&9+.U>-YEV,\DN_"]P,`?U MJ&UNOL\%S'LW>?'LSG&WD'/Z4AWM8K5KR7$L_AL"1LK'<*J@#``VFLS=%]GV M>4?-W9\S=VQTQ_6I1=8TUK39UE$F_/H",8_&CH).S+FB-(MXMW)(XM[0;F)/ M&.RCZGC%9CMO=FP!DDX':M`W]H]C#:M:SA(^6\N<*';^\NG_\` M7N?_`$;)5.KE[_QZZ?\`]>Y_]&R4#13HHHH$%%%%`!1110`4444`%%%%`!11 M10`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%% M`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444` M%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`5_\`'KI__7N?_1LE`T4Z***!!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%7+W_`(]=/_Z]S_Z-DJG5R]_X]=/_ M`.O<_P#HV2@:*=%%%`@HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**** M`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH` M****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`H MHHH`****`"BBB@`HHHH`****`"KE[_QZZ?\`]>Y_]&R53JY>_P#'KI__`%[G M_P!&R4#13HHHH$%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444 M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110 M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`! M1110`4444`%%%%`!1110`5Y_P#1LE`T4Z** M*!!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444 M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110` M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1 M110`4444`%7+W_CUT_\`Z]S_`.C9*IUNG_\`7N?_`$;)110-%.BBB@04444`%%%%`!1110`4444`%%%% M`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444` M%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4 :444`%%%%`!1110`4444`%%%%`!1110!__]D_ ` end GRAPHIC 36 smallcompanyx3x1.jpg GRAPHIC begin 644 smallcompanyx3x1.jpg M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP. M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=? M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@! M0P'9`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D* M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H MJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(! M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P M%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P# M`0`"$0,1`#\`Z^_U=;&YC@>TN9#*=J-&%(8^G+"DL=8@NKB:"39;RQR>6L;R M#<_`/3\?>G:E8RW=U82QL@6WF\Q]Q.2,=JH2:%,T\DH,.YKY;@-DYV#MTZT+ M^OP!FC;ZI;R1H9I8(7D8JJ&926P<<8/-37-Y;VN!-/$CL/E5W"EOIFL"+P]> MPRV[QO`DD;DM*'8DJ7+;=N,'K[5?O--N6U9KVW%O(KPB)EF)!3GJN`:70?4G MTW5[:_LEG\V&-]F]X_-!,8]ZL#4;(P^:+RW,6[;O\U<9],YZUA+X=O(K:!(9 M;>.6.U>%F&>6)SZ=*2+PY=9_?&`J;F*5D,C/E5!!&6').:KK_7<1M6FJV5[< MRP6TZ2/$`3M8$$'N/6I%O[-C(%NX"8@2^)!\@]^>*J66G26>JW<+MV M\,A`QC&,8_&LD>'-08RF66!G>&2/=YC'<6/!QC"CV'ZT@.A&HV31O(MY;E$. M&82KA?J<\57L]7@N8+N=BD<-O*R>9O!#``0 M*<^F,]:;::O!<7=Q;.T<4L4IC56D&Z3CJ!6)+X=U.2SCMC):[(X3$`)'49S] MXX'/T/'UJ9?#][]H.YK41-X>*VWNR*K MR#G!QQG%6[BZM[50UQ/%"K'`,CA0?SKF6\,WP0;9X3N1XW4G`PS$\$H?7T'U MK1U71[BZMK-+9HQ-;KM$TDA!7@#L,'..^*`ZEJSU>WN;JXMW>**2.4QHID&9 M.`<@58%_9DR`7>*QG\/W#^83)#YCWBS^8,@[0.>W!]NE-M/# MLZM!' M)3L\S!<#Y?[WT]ZYA/"U[B-I;F(NQ$&:9H'@$4EQYOE[V3 M(VXZJ,CGTZT`:PU:R:^2S6XC:5TWKA@01V&?7OCTJ.#5X)-0N;.5HX9(G"(& MD&9,C/`JCINB75CB7EI>63R_9?*M4=-T9.]\]">/ZT(#4BU>QEN+B%;F,-;_ M`.L)8`#_`/5WJS%<0SQ>;#-')'_?1@1^8K#OM"N9[N[DB:W$6&%\%GC,H)0`XR>G%5M#TBZL+F::X:(^9$J?)(SDD9Y^8?RJ MO!H+VL-H9Q&Z013+.(@69]W3`QS0!N27UG%_K+J!.`?FD`X/0_C2'4+(0"+HB.T+R7,ES$`KH%W#L.Y^M7(_#][%=?;1]D M>5I)&,#%O*`8`<''7CTH`U;K6;*VE$)F1I6C,BJ&&#@9`S[]J?I^J6U]9K.) M8E;RP\B"0$Q_6LI/#]S!':")X)&B@>*0N2/O'.1P>E1R>&KA[=(UDAC(LQ"Q M7/S.&#>G0X_^M1_7Y@:\^M:=`L3-=PLLK[%*.",^I.>@I\6IVYA:6XEAMU$C M1@M,I!Q[@_IUK&7P_>`"9F@:X%PDNUF^0A01CA!C\NU/CT*]@FBN$-K+(DLK M>7(3MPYX.<=?PH`UKC4[6**X,<\,LL,;.8ED&[@9_"H+O6X;/2[>\EB8M<*I M2)3DDD9QG^M9B5Y6MXVO8XUN%YS&5.?EZYX]Z9-X7GGC-HTT2VB MR22QL,E\L.`1TX/O0!LZ?JL.H,Z)'+%(BJQ250"5(X(P3Q1!JUHUO')<3V]N M[C.QIT/&2.H.#TJOI.FW-O6P#DW$("$*V7'RD]`?>D^W6>Z1?M<&8N9!Y@^3Z^ ME8XT";^T+:4RH(%2,SH"V@L+BYMY(KDP#+)'*/7OC.*K:KI5UJ=]$3)%%;1(X5E)+DLN.G3 M]:H-X=O9;=D=K6-EM1;IY9;#\@Y;CV]Z!]3=34K)H1+]KMPF0I/FK@''3/K2 MS7]O'827JN)H8U+$Q$-D#T[5CS>'YGOO-7[.(?-@?9ST0$'C'O5E-(G31]0L MPT0>YDD:/!.T!NF>*'U$NERU_:UL)K>)MR>?"9@S8"JH&>3GBI1J-B8?.%Y; MF+=MW^:NW/IG/6L27PU*AA:Q-O;NMLT4C`'YG('/3Z\TV'P[=!@93!M-S%,5 M\QGX4$'EAR3FG_7X@;S:A9+"LS7<`B8X5S(-I/L M_7-(#4N-9MHYK>.&2*?S9O*1W]:UFM+B315M98+224*%9"2(R!^& M1Q[4`2KJ=NL2O=,+,MG"7+*C''?K4@U"R*.XO+WFKA<^O/%8,/AR[`0 M2RPNJQS*J%F81[QA0"1G`H;P]>HBB"6!/W$4;`$C<5.3R!QGUZT`:5_K<5J8 M3"J7*2QRN'208^19=!K( M;MH%RRH3].:DDO[.%PDMW`C,`0&D`)!Z5E76FZG=7274B6)D6-HO+9V*8/\` M%G;U_"JK^&)_LTD2RPN3:I"K/G(8-D]N!0!O'4K$1>:;VW\O=MW>:N,^F<]: M&U&Q58V:\MPLGW"95PWTYYKG[[2+J&]22"&*19+Q)%7!VJ`F/FP.!FF2>&=0 M:!HQ-;E7#DIO951F.>,#YA[&@#I3?6BS^0UU`)LX\LR#=GTQ3DN[9]FRXB;S M"0F'!W$=0/6L-]`G8SMN@WR3PR*Q)R`@&>U+H^GL-;N[DI*EM&[&!9$*_,V- MQ`/;C]:`-"+6(I;N>!8)PL#%99FVB-<#.2]9::`K2ZE+,L)EN6;R9`,E`5Q5*3P_J,\,B2O:@FVCMUVLQ'RL#D\>@H0& M_P#VC8^29OMEOY0.TOYJ[<^F<]:J0ZW$^D3:A(JHD;.`-X.[!P,'WJC/H%S_ M`&F]Y;_9BHE5TA'KBPD,/FR^9C;G8"W3M2Z!V+5GJU MO/:033S6\#SC*IYX;//8\9-6A=VQF:$7$1E7JF\;A^%8-QX?NBKK$;5A-;)" MYDSF,KU*\<^O:K^EZ3]BO+J>7RY#(5$;]6`"X.>.]4!&_B.RW1>3(CHT_DNY MD"A."=WTXK1:_LTB25KN!8Y.$]8J:#<"Y4-]F,"WIN1R=Q4YX(QCC MCO5=_#=Z%4QS0Y_>J4SQM9L\$J<'\/QI`=)/=6]L@>XGBB0\!G<*#^=4[;6+ M>:^N+5WBC:-U6/,HS+D9R!^/O574=&GGTVSM[OX&@#H+BYM[50UQ/%"I.`9'"@_G5.VUFVE6=KB2*V$<[0J M9)0-^W'(SCUJ*_TVXDN[.YMS#*UNC(4N"<-D=<@'G\*SY_#^H2>:!+!LDFED M*>8R_>Q@Y`R<8Z=*`-][ZT201O=0+(1N"F0`XZYQZ4W^T;'R1-]MM_*+;=_F MKMSZ9SUK!/AR[W)M^S!?)6.8&1L2X3'(QQ]13?\`A'=2$<)^TPEHRZB,G(5& M`&-Q0Y/'I0!T?VRU\]8/M,/FL,K'O&XCV%#7ELMP+=KB$3GI&7&X_AUK$L=" MNK/4+>:-XTC1%64[RS287&,$`?CZ4Z]T6]N=6^T^;$8A/'(N78%0N,C:!@GW M-`&O'?V#CMS[U=TC2[NUU`W-PMJB_9UA`@)Y(/4Y`H0,TTO[ M.2;R8[N!Y1GY%D!;CKQ2+J%DT;2+>6Y1"`S"5<*3T!.:YF#0KR^617"6T8N9 M7$A!$ISD#C'3\:D7PS>-;NDLL);;'&`&^4JK`\@(/Z]:$#-V/4[=WG+2PK!% MM(E\Y2&R/KQ^/6I9-0LXX%F:Z@$;_<8R`!OH>]8USH$[7\MS;_9PHEBDCA;( M4[5((.!QUXQFHT\/WD4B7"&UDD+RL\+Y\M=_]WCMCTI`:NGZO;7=I;RRR102 MW`RL32C<>2..F>E3-?Q1W,T4S11)$%/F-*HSGU&M8EIX?O;:2Q9'@C:` M`2R*['>-Q.-I&._7BK&I:)<7ES>2(\.R?R*@_X1>[:SCA::!2L#QDJ3C)DW#MT[4@.@_M.PVJWVZVPYPI\ MU?F^G-,35K%[N>V%Q&)(!E\L`!Z_EW]*R-1T74[]0&^QQKY101I(ZJIS][@< M_0\?6EO/#]W-)<^5)`JSI%R-"?,0YRY8G`]@/:@#06^M&D>-;J`O&"742#*XZY':F?VG8 M>6'^W6VQCM#>:N"?3.:P_P#A'KU[II;AK>8$2@YE<;]W3C&%_"F_\(]J/D1` M2P":-R4D\QB8U./E^[\_3OBA`=']KMO^?B+[_E_?'W_[OU]JA_M73L$_;[7C MK^^7C]:R?[$OA=KB2W-N+W[5G+!SGMC&/UJ*+PU.EO$C&V+);2Q$\\LQ.#TH M`VO[2@6>9)I(8DC*@.TR_-D9Z9R/QZU(VH62Q)*UY;B-SA7,JX;Z'/-8:>'; MGS4,CP,HDMV8$DY$:8;M^54[S2KK3KAIDA6Y\TS`1K&[A58C'0<'_.:&".NC MD26-9(G5T89#*<@_C3ZHZ+!);:/:0S+MD2,!E]#5ZF]Q+8@FO+:"18YKB&-W M^ZKN`3]`:SDUS=J(M/L^,W#0;M_HN[.,?I4&NZ->ZE<.T,L7E-&%4.[+M(.< MX`^;\>E+%HMRFJ+IP#Q].U8^HZ#>7%Q=F$VK1W,B2;Y"0Z;>P MP#1<^'KN2*5H)HH[AKJ21'R<"-Q@@\=:/Z_(#635+=I9=TL"P1JK";SE(.?Q MX_'K4=GK-M<1W$LDD,,44QB61I1M?`!R#^-9MUX=G-SYELT&R,PF-)"<-L!! M#<>_O47_``CNH#]ZLMLDOVB27RU/R88`=U/(QZ4`=!)J%E$RK)>6Z%@"`TJC M(/0]:KW^L6]G+#"KQ2S23+$8Q(`RAN^.M9(\-3BWFCW0L6M!"A=B2K;B>NWI M0OAZ]21%S:M&+M;@R,6\SW7I_6CJ'0Z"*\M9BXAN89#']\(X.WZ^E"WEJQ0+ M%KT>8T-S$KHQ2 MWR3\L1W9!XZ_-^E`'2K?V;.B+=P%Y!E%$@RP]1ZTW^TK'RS)]MMM@(!;S5P" M>G.:PW\-W"W?[J9/LQ:-NH#KM`''RGT]12#PWV00#DCIS^55SX>N!J1DCEC%J9UF`!"LN.WW#QVZB@.AJ0:M:-; MQR7$]O;NXSL:=#QDCJ#@]*L&\M@')N(0$(5LN/E)Z`^]<_!X;N4@9)&MV;[& M\"G).'+D@].F#4S>'IFO;=_.18!''YZ@G+2(I"D<=/\`"@#9%]9GS,7%;@$'')'OB@#;6^LW61ENX&6+_6$2#"?7 MTJ#3]3CO[J[BAVLEN5`D1]P?(S6"/"]ZT!1YX=R1JD>#\K`,#A@$'IZFM+3K M#4;2]N)RMDJW,BLZH6^50,<<#F@"W/JJ1:C]A2VN)I0@&0"XA?<^]7&T"4I,1Y'FR7WVC?SG9D';G'7VZ4`;`U"R*R,+NW(B_ MUA$B_)]>>*&U"R6)96O+<1OG:YD7#8ZX.:P$\.7JHP62W1$E26*WW,Z9!.02 M1D#GIS4\&@3BZAGF-N?])>>2)<[5RN`%XY_2@#>CD26-9(G5T89#*<@_C4:W MEJQC"W,)\PD)AQ\Q'7'K6?HEK?6"K9S)%]FC1CYBG)+%B<#V`]JS;CPS=M=3 MS07$2;9/,M`2?D8D%L\>WO0!T!O[,!";N`"0D)F0?,>G'/-,M=2M[IF56V$2 M-&H<@&3;U*C/(K#N/#-SLC2":,I]G6&16('(.202K=2<]JTM9TN>\LX%M)52 MY@/R2.>V,'.!Z4`71?V;-&JW&9UFVP3)]G98PP)"LNS'0[3]>HJ_JFEW-UJ=O=6K11&,`-(6.XC.2- MN,'\Q0!8TS5[?4(LEXHI@6!B\P%@`<9Q5A-0LG0NEY;LJD*2)5(!/0=:P6\, MSO;01&2%&5IC(ZYR0X(';GWIX\/7$T:>-E9_-N M0"?GD!8J1QTY'Y59TS0YK.73G8PYMUE$I4G+;CQCCG\:`)[SQ#:0179A99I; M4KN0.!G)`X//3/-7AJ%D8#-]KM_*!VE_,7:#Z9S6/?Z'=3R:D(3;^7>;""Q( M*E2,CIT.#4=WX>NGOI;FVEAC'FJ\:=N%VG.5(!_`T=`.@>Y@C@\]YXUA(SYA M:N6^G/-9C:+)_8$=AB-Y$;<"TI`4Y)R"%[9] M*HS^'M4G1%EN8)2$0;BS)M(.3P!AOJ:.H&^VIV"LRM?6P*_>!E7CZ\T]KVT4 MQAKJ$&49C!D'S_3UK%B\/2K/"[_9V"SS2-U.0X^7MVJH/"]\L2Q^?$RM$L<@ MW8QM.?E)0G^5"`Z.XO4M[F.*38J,C.TC2JNT#V/)^O:E34+*092\MV&X+D2J M?F/0=>M9VLZ1/?RHT+Q@+;R1?.3G+`8/`J"7P](ZW*JT*;[>-(]N1MD3OTZ9 MH`V9+ZSB#&2Z@0*VPEI`,-Z?7VILNI6,)99+N!65=Q4R#.,9SBL.3P[>>3;N MD\1N!YAFS]UB_4@E3].E+9>';FVN5*O$D/E[)/G+F0[<#@@`8]10!K0:SITU MNDPO($5QD!Y%4_EFIQ?V;1R2"[@*1\.PD&%^I[5@)X=NS`L\MU1QE6,J@,/;GFF M#5;(WZ60G0S.F\`,,$=A]3UQZ5D6_AZ=)8GE:)\"8L"V<,_3'R@8_"I[#1[F MSNK&;,#^3;^1+R<]F>/H:=<:C:6 M]B;QYT,`'#JP(;V'K67+H<\NJ- M\;ORZU@3:!=W$-WY@M5EFACC3:20I4\\XI\6@W2:H)FG1H!<>>""`V?3[N3Z M?>JNHNAT5%%%(#+U#7(+"Y:"2"XD9(O-=HU!"KG&3DBKBWUH8R_VF(*`I;+@ M;=W3/IFLC6=!EU*^EG61%!MQ&F6(^<-GD8P5_P`XJ*\T34)VN?+:U"W0A+Y9 MAM*8R!QTH0,VCJ-B/,S>6X\O[_[U?E[<\\4[[?9_N_\`2X/WO^K_`'@^?Z>M M<^?#MWMN$`MQ"[!HXA,_RMG.X-MR/IR*;)X;U"3_`%EU%+YD:I*>%(P>QV'^ ME"`TK?7/.U!+3[/MW3RP[M^?N`'.,=\U8FU:*"]2VF@N(Q(^Q)64;&.,]$QP,N_VEOMOMGFAO+W-Y M>W;MQG&<_A0!I'6;46-M=@2-'<2"-0`,AB<<\]B*LQW]G-(8XKN!W`)*K("> M.O%9/]AS+I%E:))&9(;A9I&.0#R2<<>]0#PW/Y,">9"C*9_,=43G<.O4#BKM#`****`"BBB@` MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*** M*`"BF&2,2B(NOF$;@F>2/7%/H`****`"BD)`ZD#MS3!-$9!&)$+D$A=PS@<$ MXH`DHHI,C=MR,GG%`"T44P21M(T8=2Z@%E!Y`/3(H`?113'DCCV^8ZIN;:NX MXR?0>]`#Z***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**** M`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH` M****`*VHO=QV4C6$22W(QL1SP>1GN.V>]8GVSQ7_`-`RT_[Z'_Q==)103*-^ MIS?VSQ7_`-`RT_[Z'_Q=7]42\N-!QY9%PRH98XSR>F]1^M:M07EW%96SW$Q. MQ>RC))/``]Z&$8VZG/S(D5P);#3[I(1;LI2.-XCN+)[9''H,\'%0PMJ.(C(; M_E9$(VRYC&6VOG&&.,<'GIBMK^UPMRL4UK-`#$TAWC+<$#&UBWR M^&C&$F2[M3M`3.7"-QCU!`_&M*748(]/:]Q(8E&0-A5CV``..M*-0MC8Q7C. M5AEVX)&<;N`#CW-`',0V^K3.BW8NG6.6%ANW8.Y@Q_[YY'M35LKN%2T$5ZDL M*2X(\S[WF@@>X(YQT/-=`^OV`\ORI#*7<(`JGCY@I/(]34,7B6U>5`\W2A>0/S,Z?^UMUSY?VWS!O+XW;<;UV;.WW<]/QJ;38KA]= M6ZN([O:WG!#('``W`J"#T&,]>/QK9O-4L[&18[F4HS+N`",W&<9X''--&KV+ M>41,V)3M4^6V,YQ@\<'(QSBA`S)N9+J.[O%\J^N(W<%71I8]G/W1@'COE1TZ MU2C75?(:5HKG>Z0+*WSJQ`WYY`+9Z9P,UNG7[`E/+D:0,VUB%(V<$\Y'^R>. MM.CU[39#A;ANF>8G'&W=W'IS[TN@REI/VU-11;EKB8-`-SL)%1&`'8@`Y^F0 M$6/)P5(X'&.1S6K+KVFQ-M>X(.W=Q&YXP#G@>A!J M=-2M)+22Z67]S%D.Q4C;CKP1FFQ'-)+JI6$>3J"RB)E=V+D-\AQQC`.<^-[/\`.'/KVP?PKH#JMHK1J7=6E^X'B=<]<`Y'!.#U MJG%J6EW/V6YNHX8[EXPZEDW%!R?OXXZ'TH`9X?\`MYEN#>F09`RLA/!4(SHPW$@G!!'R MGCOUH`U**SQK5@VW$S99_+"F)P=V,],9Z4@UO3R7`G)*#)_=MSSMXXYYXXS0 M!HT5'!-'<0I-"P>-QE6'<5)0`4444`%%%%`!1110`4444`%%%%`!1110`444 M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110 M!6O[7[;9R6^_9OQ\V,XP0?Z5C_\`"+_]/G_D+_Z];LTJPQ&1PY4=0B%S^0!- M5O[4M_\`GG=_^`=W_X!R__`!-/O+EHK`W$0Y.W&]#W(ZKP>_2@<8I; M%*?2KNXD\U]0"S"(QAXXBO!93_>SV]>_:H(O#TD7E8NXR4WY8PDEMQ)*GYN5 MYZ'TZU9M]5=XLO$&;*C*_+G+E>ASCIG&::-;(3?)"B#RRY'F'.1G*\J.1CD' M&,]Z!BKHI^P0680H*Y'4*#NRH!QW/2G#1P-(FTX3G8Y8QL5R8P3D M#KS@U''J4T]Y$JE50L%95(8'EN0V.1P*FO+RXM[KRT,3AP,`H41EU@6==H('(/!YYZ=:+ M]0ZC=1TC[=/YGG^7^[$>-F>CAL]?;%5G\/RLR`:@PC67S?+V'&=^[H&`]N<_ MA5C^UI?,"?9E)=MD9\S[QRH.>.!\WOTJ&'6I0FQXDDE4-N'F@'(W'&,=,#&: M-@W(T\-NH8&]W!Y3,W[KJY5@2.>G(X]J5&0!@C//3VK0HH`P1X>G_`-'5M1=HX&5A&5.."3@?-TYQSD\= M:(?#8A>)A,L?7]*V:*`,2ST%[>[2XEO3,ZOO.4. M6^0KU+$^]4;?0+J:4K*SP10H%A9@`6P8-OXD8#.<]`?4DT?V7:?Q([YR2'E=@21C) MR>N#C-7**`*RV,"NC[79DZ,\C,>_-SCIQGC&.U6 MJ*`*@TZU!0^6?DY'SMSSGGGYN>>,8QR>!["K-%`% M5M/M7&#&>"2"&(()(.M7:*`(X88X( M]D2[5R3C/'7UJ"YM;A]6MKF%45(T97?=@L#T4C'3/.?K^,/V"Z,2LPC%T6+-* MD[#&2.@P,C@#!]!0@+\E[;Q3>5))M8#)R#@<$]>G0$X]J8NI6C%`)#EC@`HP M(.0.>..HZ^M4[C3[B]#%PD*S`,X+;F1MA7'3!'(YI!IERT\DKF$&=E,@#$[0 MI7&..YIOFQ_WU_.HKS_5#_>JE02W8TO-C_OK^='FQ_WU M_.LVB@.8TO-C_OK^='FQ_P!]?SK-HH#F-+S8_P"^OYT>;'_?7\ZS:*`YC2\V M/^^OYT>;'_?7\ZS:*`YC2\V/^^OYT>;'_?7\ZS:*`YC2\V/^^OYT>;'_`'U_ M.LVB@.8TO-C_`+Z_G1YL?]]?SK-HH#F-+S8_[Z_G1YL?]]?SK-HH#F-+S8_[ MZ_G1YL?]]?SK-HH#F-+S8_[Z_G1YL?\`?7\ZS:*`YC2\V/\`OK^='FQ_WU_. MLVB@.8TO-C_OK^='FQ_WU_.LVB@.8TO-C_OK^='FQ_WU_.LVB@.8TO-C_OK^ M='FQ_P!]?SK-HH#F-+S8_P"^OYT>;'_?7\ZS:CFGA@`,TJ1@\`NP&?SH%S&M MYL?]]?SH\V/^^OYUDRSQ0H'EE2-#_$S`"E\Z+P&?SH#F-;S8_P"^ MOYT>;'_?7\ZR99X8%#32I&I.`78`?K2B:(N$$B%R-P7<,D>M`S_`-4?]ZK%!:"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`KWG M^J'^]5*KMY_JA_O52H(>X4444""BBB@`HHHH`****`"BBB@`HHHH`****`"B MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`JAK$,MQ9F*&)I&;(RI48_P"^ MNWTYJ_10)ZF9/;W8L?*($N5"JD:J"G'/+'!J&+39HY=.D$2))%&R2,#D+QQW MYK9HIW)Y$8=WIU[+>JYVR[MF90`NS:V>F<]/2K&GV\OVRZFN+00B0;5`*E=O MX'J:U**`Y%>YS;:5="SCB%J#L,@*AE&2?NOU[?G6AJEM<3:=';I&TLFW#."H MYXZYYP?;FM2BBX*"1F7MO=O9/%@3%AA5C55V<>K'D?D:CM].FAO()4C2-A;; M'<<@-QCC.3TK7HHN'(C,FLI?[0M+DHLKHKB5P`N>..":72()HGN);BV\AY6! MV@KM`'``P:TJ*+CY5>Y=L_\`5'_>JQ5>S_U1_P!ZK%(U6P4444#"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@"O>?ZH?[U4JNWG^J'^]5*@A[A1110(** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`+MG_JC_O58JO9_P"J/^]6 M+K%A?2ZE-/:VXO7!H*;LKG145R-SIFLS1+$XFE0.=H: M<''S@@G)YXSCK4(L=;L[7/F201HFTYN`%4;1[X'/>G8CVCO\)VE%7WA MY98#))?2=6\HVT,3B%455_?`J2&4[@"W'\78?C1 M8/:.UTCKZ*Y2.RU\PX=[A>5SB8,W"8R/G'&>V?P-7K>UOC8WL5W"\Y=\QB4A MRW_`2^T`?4=*&AJ;?0W:*YZ;3KUO#\=H\,7;J5C$HB.Z0F3.`=PZ@]:+!S/30V:*YEM)N$/EBS=U-Z91*)%+HGRG(R M>IQ734NA2;;U04444%!1110`4444`07;%8@1CKW&:J>8WHO_`'R*M7G^J'^] M5*@A[C_,;T7_`+Y%'F-Z+_WR*910(?YC>B_]\BCS&]%_[Y%,HH`?YC>B_P#? M(H\QO1?^^13**`'^8WHO_?(H\QO1?^^13**`'^8WHO\`WR*/,;T7_OD4RB@! M_F-Z+_WR*/,;T7_OD4RB@!_F-Z+_`-\BCS&]%_[Y%,HH`?YC>B_]\BCS&]%_ M[Y%,HH`?YC>B_P#?(H\QO1?^^13**`'^8WHO_?(H\QO1?^^13**`'^8WHO\` MWR*/,;T7_OD4RB@!_F-Z+_WR*/,;T7_OD4RB@!_F-Z+_`-\BCS&]%_[Y%,HH M`?YC>B_]\BCS&]%_[Y%,HH`?YC>B_P#?(H\QO1?^^13**`'^8WHO_?(H\QO1 M?^^13**`'^8WHO\`WR*/,;T7_OD4RB@!_F-Z+_WR*/,;T7_OD4RJ6K7XT^Q> M7CS#\J#U-,3=E=E\2D]-G_?(I?,;T7_OD5SOAF[DW365SD2C]ZN[K@\G^>?Q MK?H%&7,KC_,;T7_OD4>8WHO_`'R*912*+UHQ:(DXZ]ABI2RA@I(W'D#/)JAH MMXE[!.T>-D(+.18C*Y0J0R$A!G[P;&`?\^E!:VN:]%< M]>VC_9!$L3;1-*1F(R]XG@E2)I%C3:J-$9!Y@8!@3CC_`'O; MK0ALWJ*YR*TD:WOU:!\R0L<",J=VYB`3_&?JE00]PHHHH$%%%%`!1110`444 M4`%%%%`!1110`4444`%%%%`!1110`44V1TB1GD8*BC)).`*Y^;7KN[NC#I-N M)%'&]E.?KZ`?6F2Y);F_+-'!&9)75$'4L<"L=_$MK]J2-$=H2V&E/`'X56FT MB24";5]0._LB\X^G_P!85!@ARD_(ZL$$`@Y!HK MGO#NID$6%PW(_P!4Q[C^[70T%QE=!1112*"BBB@`HHHH`****`"BBB@`KDKV MZ_M352WWK:WX4=F/_P!<_H*U/$FH&VM1;1']].,<=0O?\^E5M`T_@.X^5#D^ M[?\`UJ9E)\SY2CV>SD/[R`\>Z__K_I0$?=E;N;=9NO7WV+3VV'][+\B8Z^ MY_S[5I5REY<'4=7:1 MY?\`?*1VUPSQPB6.Z$("@OP0#TR"QYZ#%6 M?MT[:''>Q^6LA3>P6-I!]`%.>OY5+-;ZX(XY..'RVC1GQD]5+'YLX!XX&. M:OZ-J#:A"SN\>_"L8UC92@(R`<]?J.*/L.F">)ML8?`*+YAPP`P#MS@X'?%2 MZ?;V4"N;$J0V`Q60OTZ#))QCTIZ"BI75V7****1J%%%%`!1110`4444`%%%% M`!1110!7O/\`5#_>JE5Z[($0RH//>JF]?^>:_K_C00]QE%/WK_SS7]?\:-Z_ M\\U_7_&@0RBG[U_YYK^O^-&]?^>:_K_C0`RBG[U_YYK^O^-&]?\`GFOZ_P"- M`#**?O7_`)YK^O\`C1O7_GFOZ_XT`,HI^]?^>:_K_C1O7_GFOZ_XT`,HI^]? M^>:_K_C1O7_GFOZ_XT`,HI^]?^>:_K_C3))XXHVDD5%11DDDX'ZT`,FE2")I M96"HHR2>U<]_PDY$S-Y:>5GA#D-CUSR,^V/QJ&]N9M?NBD.(+&(\NW@M_*M]+$T(/+L"2Q]33,^>^Q+;>(=/N`-TAA;TD&/UZ5+=ZU8VL/F" M=)2?NK&P8G_"JLCZ6W^OTA$_W4Q_44R,:9%,LECIX>?^$,6(4^N":! M&[U7$^I2?9+,'*Q#JW^?7]*N6Q:_K_C1 MO7_GFOZ_XT%V2.,U;3Y+:?='G>OS*P[^X]_\^E;VB:HNHVOS$">/AQZ^]7;V MWCNX#&456ZJPSP:Y0VMY::AYED")QD,GK_B/\_0,VG%W1V%%8":OK,0`FTH2 MCU56!_0FIE\311L%N]/EMR3CD$X_/%%BN==39HIP=2,B-"#[G_&EWK_SS7]? M\:18RBG[U_YYK^O^-&]?^>:_K_C0`RJ.JZE'IUOO(W2MPB>I_P`*L7]_!86S M3S(N!P%R:_K_C M05"-D12(LD;(PRK#!KDW9])UB.8YV@[),=QZ_P!?PKL=Z_\`/-?U_P`:Q/$= MH)X?-50.-K8S^!H0JBNKHDUZ^^RZ>5B.99_D3'IW/^?6JF@6(7#L/EC_`%;_ M`#_2LBT\^^GA$GS>2HB0?Y_STKM+:-+>W2)8U.TAJW:$&(X4#GM4](Z+75C-%M/#;7J01!6DD/E@ M$#@@#/\`.DN[>:6U-G;Q#RX@`=QV[^.@X]<5IT4#L9%M;7L-RC;/E*H'&5(P M%QCUSGTXJU812I+<22HR^8P*[RN[@?[/%7:*!*-@HHHH*"BBB@`HHHH`**** M`"BBB@`HHHH`KWG^J'^]5*KMY_JA_O52H(>X4444""BBB@`HHHH`****`"BB MB@`HIDLL<$9DE=40=68X%8=YXA:63[/I<1ED;C>5X_`?XTQ-I;FQ=WEO91>9 M<2!!V'<_05SMU<3:TVY]UOIZ'OUD/MZG]!21V0\_S;]S>7;=(@_T'%; M%O8/(ZRWF#@?+$.BB@R=YD%G9&X1`4\FT3[D8_B]_P#Z];"*J*%0`*.@%+10 M:I6"D"J#D*`?4"EHI#"BBB@`HHHH`*JW=C'=,KEF1U_B6K5%,5KF=]BO(_\` M57I/LX__`%U4U6.^>PDCN!&Z''S#L>U;E,EC66)HVZ,,4"<;JQF^';S[5IJH MQ_>0_(WT[?I_*M6N6T^1M,UXQ/PDYV'TW=OU_G74T,FF[JS"H[B>.V@>:5MJ M(,DU)7,^(KLW5VEA$WR)\TI'KZ?Y]:"I2Y44Y;J75[[SF4F-#B./&0/P[G_/ ML>ET^R^SJ9)?FF;J2\_U0_P!Z MJ57;S_5#_>JE00]PHHHH$%%%%`!114%Y=):1;B"[L<(@ZN?04`)>70MD4*OF M32'$<8/+'_#U-0&34HDW2)9N.^)&3^8-8_> MD2PM'P9&N[F3OR`/ZFG8S=3HC5?7XH#B>(#_`*Y3(_\`4&JLWB&:Y;RM+M7= M_P"\PSC\!_6B+3HQ_J=)7/K*Q/\`,BKD>GW$B[9&2"+_`)YQ``?I0*\F8SV, MD\GFZK>LSC_EG&=Q'MZ"M*SL79"EM"+6`]6/+/\`CU_I6I;V5O;X*1@M_>;D MU8HN-0ZL@MK2&U7$:\]V/4U/1106%%%%(84444`%%%%`!1110`4444`%%%%` M'/\`B>S)1;E!\PZD>H_^M_*M72[L7UA%/_$1AO9AUJ:Z@%Q;O$?XAQ]:Y_P[ M,;34)["3A7^9`?4=1^7\J9D_=GZFUJEZMA8O.<;NB#U;M6)X?L6FE-S/EB3N M8GN>W^-1ZG.VJZLL$7S0P':/]IN_^?:NEM8%MH%C7MU/J:`7OROT1+1112-0 MHHHH`****`"BBB@`HHHH`NV?^J/^]5BJ]G_JC_O58H+6P4444#"BBB@`HHHH M`****`"BBB@`HHHH`2L"2U=%51!(0&E\H[2=K&0$-GMQSD^]=!10!@7BR74K MS6J2,\B[H90I`V>6W&<<:Z M.BA:,'J8FO3:E:6;W$3VTJ*^=AA8$+SWW\_E5'3KNYU"V$L5U;`]&3R&RI_[ M[K7?_`//S;?\` M@.W_`,71Y=__`,_-M_X#M_\`%TNGWT6H6PFB/LRGJI]*LT%)WU15\N__`.?F MV_\``=O_`(NCR[__`)^;;_P';_XNK50W5U#9P--.X5!^OL*`N5+R>ZLK9YYK MJV"KV^SMDGT'SUS,ES>:I,\CNJ@C:6"G`']T<_G5BYGN-]LQ_P#:E:E5[/\`U1_WJL4%K8****!A1110 M`4444`%%%%`!1110`4444`%%%%`!1110!7O/]4/]ZLVYMX[F(QR#Z'N#6E>? MZH?[U4J")')/#=:/J'F6W.?O)VJQ5>S_`-4?]ZK%!:V"BBB@ M84444`%%%%`!1110`4444`%%%%`!116;JB$303I&)9$!"HT)<')7N.%/'4T` M:5%8%XLEU*\UJDC/(NZ&4*0-GEMQG'')Z>XJ-;9_M):.VD6,NOV8>61Y?*[C MC'RYP>O7FA;@S;O/]4/]ZJ57[E&DC`49.JQ4-LC1QD,,'.:FH+6P4444#"BBB M@`HHHH`****`"BBB@`HHHH`****`"H;MD6UD,CA%QRQD,8_[Z'(^M344`8"7 M4QT>`N9A&TH\R?S.%3S,8W9W8Q_%Z@K(EOKL:;.(IKAB85:252S&*3#%AG^'D*,=!FNOHH#J,C; M=&K<\@'D8-/HHH!&3/.4UR-86:0[&+Q1S;B3@8!0G"_6L^>>XEN)T%TT$A+^ M8LDQ18U#)MZ?=R,C(ZY/6NFHH`JZ;,+BPBD564$'@N7[XSN/)'O5JBB@#*U: M41W-H$EVRF50568ABN[GY.C#KDGI6?JU[=QSRO%YT5PJJ88"_P!X8;<<`D'H M/IQ72T4`9VB3B>S;&X[&VES,90QP#D,?K^>:T:**`,W7I1%IKMYHCDP=G[\Q M$G';'WC[=ZIZM=3JD>3/!B)S&2P4R2#;MZ'G//!_*MZB@#-TP%KJ\D5Y#$'$ M:J\C,,@?,1DG')Q^%:5%%`%>]9%M)#(ZHN.K2F(9[?,.16+]KE.E67GO/'"S M?O+CS,9&&P-P.[KCDXS^-=%10!S>D75S+JL8GFD),?S1ECD'8IY7H!G//4DX MKI***`&3%1"YD8*@4Y8MMP/KV^M84=U.-'N"GFLOFL/.67>$3(SAR=QXSSC^ M5=!10!RZW%R+N#R[AY$:<+"//R2@D.21G+#;WYZ5U%%%'0.HE9%A<$W]VL)> M>+*`>7/YJKG=DY8\=LJ.G%;%%`'+S3SQ6VUKJ?*M<"-C(07D5P$4XZ]^.GM7 M3C.!GK2T4`%9$EP4UW;"7F_=L7BCGW'/RXRI("?UK7HH`P;UIUBUC;@^E;HZ"EHH`*RM4F\N_LQ'(?,+C=&DQ#%>?X.A!]3TK5HH`R)9MF MH3/OOFK.CN9-.CHH`*** M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@` MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B )BB@`HHHH`__9 ` end GRAPHIC 37 smallcompanyx6x1.jpg GRAPHIC begin 644 smallcompanyx6x1.jpg M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP. M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=? M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@` M20'+`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D* M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H MJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(! M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P M%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P# M`0`"$0,1`#\`Z&Y\6V%M-U_WRO_Q5<]%I4,L4Y\N>,J)&C+RH.%[%<9/0 M\BISI.GB7R_]*R)8HB=Z\EQG/W>WZT@YYFU_PF>G?\\;K_OE?_BJ/^$ST[_G MC=?]\K_\57/G2K811I^_\YX9)?,R-@VD\8Q[>O>K-QI-J[^8[")7VHNUT14/ MEJ@H'S3-?_A,]._YXW7_?*_\`Q5'_``F>G?\`/&Z_[Y7_`.*KAJ2@ MCVLCNO\`A,]._P">-U_WRO\`\51_PF>G?\\;K_OE?_BJX6B@/:R.Z_X3/3O^ M>-U_WRO_`,51_P`)GIW_`#QNO^^5_P#BJX6B@/:R.Z_X3/3O^>-U_P!\K_\` M%4?\)GIW_/&Z_P"^5_\`BJX6B@/:R.Z_X3/3O^>-U_WRO_Q5'_"9Z=_SQNO^ M^5_^*KA:*`]K([K_`(3/3O\`GC=?]\K_`/%4?\)GIW_/&Z_[Y7_XJN%HH#VL MCNO^$ST[_GC=?]\K_P#%4?\`"9Z=_P`\;K_OE?\`XJN%HH#VLCNO^$ST[_GC M=?\`?*__`!5'_"9Z=_SQNO\`OE?_`(JN%HH#VLCNO^$ST[_GC=?]\K_\51_P MF>G?\\;K_OE?_BJX6B@/:R.Z_P"$ST[_`)XW7_?*_P#Q5'_"9Z=_SQNO^^5_ M^*KA:*`]K([K_A,]._YXW7_?*_\`Q5'_``F>G?\`/&Z_[Y7_`.*KA:*`]K([ MK_A,]._YXW7_`'RO_P`51_PF>G?\\;K_`+Y7_P"*KA:*`]K([K_A,]._YXW7 M_?*__%4?\)GIW_/&Z_[Y7_XJN%HH#VLCNO\`A,]._P">-U_WRO\`\51_PF>G M?\\;K_OE?_BJX6B@/:R.Z_X3/3O^>-U_WRO_`,51_P`)GIW_`#QNO^^5_P#B MJX6B@/:R.Z_X3/3O^>-U_P!\K_\`%4?\)GIW_/&Z_P"^5_\`BJX6B@/:R.Z_ MX3/3O^>-U_WRO_Q5'_"9Z=_SQNO^^5_^*KA:*`]K([K_`(3/3O\`GC=?]\K_ M`/%4?\)GIW_/&Z_[Y7_XJN%HH#VLCNO^$ST[_GC=?]\K_P#%4?\`"9Z=_P`\ M;K_OE?\`XJN%HH#VLCNO^$ST[_GC=?\`?*__`!5'_"9Z=_SQNO\`OE?_`(JN M%HH#VLCNO^$ST[_GC=?]\K_\51_PF>G?\\;K_OE?_BJX6B@/:R.Z_P"$ST[_ M`)XW7_?*_P#Q5'_"9Z=_SQNO^^5_^*KA:*`]K([K_A,]._YXW7_?*_\`Q5'_ M``F>G?\`/&Z_[Y7_`.*KA:*`]K([K_A,]._YXW7_`'RO_P`51_PF>G?\\;K_ M`+Y7_P"*KA:*`]K([K_A,]._YXW7_?*__%4?\)GIW_/&Z_[Y7_XJN%HH#VLC MT/3_`!/9:A>QVL,5PKR9P750.`3Z^U;5><^%/^1BM?\`@?\`Z`U>C4&U.3DK ML\OU5F36KQE)5A<.00<$'<:BEOKR8$2W<\@(Q\TA/'6O2;+_`(^M0_Z^!_Z* MCJY01[*_4\K-_>%&0W<^U\[AYAP<]<\TS[3<9SY\N=P;.\]1T/U%>KT4!['S M/+9=2NI;=+3S3%OKM-VRZG7>,-B0C<,8Y_"O5:*`]D^ MYY%17KM%`>Q\SR*BO7:*`]CYGD5%>NT4!['S/(J*]=HH#V/F>145Z[10'L?, M\BHKUVB@/8^9Y%17KM%`>Q\SR*BO7:*`]CYGD5%>NT4!['S/(J*]=HH#V/F> M145Z[10'L?,\BHKUVB@/8^9Y%17KM%`>Q\SR*BO7:*`]CYGD5%>NT4!['S/( MJ*]=HH#V/F>145Z[10'L?,\BHKUVB@/8^9Y%17KM%`>Q\SR*BO7:*`]CYGD5 M%>NT4!['S/(J*]=HH#V/F>145Z[10'L?,\BHKUVB@/8^9Y%17KM%`>Q\SSGP MI_R,5K_P/_T!J]&JG>_\?6G_`/7P?_14E7*#2$>56*=E_P`?6H?]?`_]%1U< MJG9?\?6H?]?`_P#14=7*"D4KJXG34K2VB,824.SEE).%QP.1CK[TS5+Z2Q-L MR(K1O)B7/4(`22/IUI+K_D.V'_7.7_V6KDUO%.5,J!MN<9]Q@_H:.@S,;6F2 M_F5XT^R1E5\S.#R2"?IN&*L3:BT6GQ73)"AD7=LEFV=LX!QR?:B;2+9[0VT2 MK'&56-L@M\@.<=>O)YI)I-+O8BTEQ&4B)C++,4QG@C((ZXHZ!U&C57DB,T5N M&B+B-2TF"S'`Z8X&3USVZ4IU*9';S+9`DZOC&8D2-4.0'R=PW3BE@L]-\]A"5:6/; ME1,6*8.0,9X`/:GQKI\5P[I+&LL08N!+]T$Y.X9]3GGI0#(4U*CL]7:>X.4RDB!U&1\OR`D=.>M6H[*PG1I(0"LDAE+Q2$9;& M"00:/[(LA&$$3*`,#;(P.,8QG.>E`=2&TUE;FXBC$:@/@?ZS+`E-WW<=.V?6 MKKW2)>16N&,DBL_'10,%60@`8$C;3@8&1G!X`YJKIO\`I-]> M7QY4MY$7^ZO4_BV?RHZ@:.Y=VW<-V,XSSBG5B.@C\4HZ1-*TD9WEHS^[P!RK M8Z=L>YJQ:!;/[3$0T9FN&$603N)0'.?P/-'0#3HKFH[8AK8_9)1`BH+I#$?G M?!Y(Q\W."2,TJVTH0A[>4R$+]E/ED^6/,8XS_#QMZXXXH`Z2BL74T,\\K""5 MV,(6W;RF^20,F*`-FBJ-[) M?)*!:Q[DQR?+5N?QD7^5)JR22Z85"%F)3<`F['(R2HSN'MWH`OTR0.8V$;*K MXX++D`_3(_G6(J3#19K>..17\PME864,F\;L+CC@GY>M:&E*4MY$$6R-9"(S MY7EEEP.2N!CN.G:@!^EW,EYIT-Q*%#N,G:,#K5NL[0/^0+;?[I_F:T:&`445 ME7'VC^VX2@N/LP`$FW.W=SM_#U_"@#5HHHH`:S*BEG8*HZDG`%5'N)_[82U0 MQB+R3(V5)8\XP#GC\C5?Q'&DFE/OW_(=R@(7!/N`.G_UJ;:%CJ\!:$0G[#S& M.B?,.*%O_78'L7[LW8"?9%B))^8R9P!CV]ZI3:SLFFC2%'\O^&Y/3 MH,5;6PMEZ*V-P<+YC%005A8(1FX`(`Y/3#'CWH`K)?_ M`![\:0R_1110!G3ZBUOJPMY0BVQB#>9W#'=U]L*:J6^N2E"9[=0[L1$H;&>5 M`4^^&!_.M.YL+:ZW^?$'WA0V2>0I)'ZDU')IT3W,,HVA8Y#+MQDER,9SGCZ4 M(&,O=36RN%23RBIQD"7]X.O.W'3CUJ&74;M&@=K>)8GC>0KYI+$`9_N\?K5R M73[::?SI(R7W!C\[!20,`D9P?RI%TVU4(`CD)]T&5B`,8QUZ>W2CH'4@EU39 MNPD*[51LRS;`=P)P#@\\5)IEXUZ)Y"3LW*4!Q\H**V/S)I!I%D,D1R`G'S>< M^>!C&_P#'UI__`%\'_P!% M25_\?6G_`/7P?_14E7*!(IV7_'UJ'_7P/_14=7*IV7_'UJ'_`%\#_P!% M1UN*WJ*`*EA'(GVB22,Q M^;*7"$@D#`'...V?QJW110`E-CC2)`D2*B#HJC`%/HH`*3`)!QTI:*`"BBB@ M`HHHH`****`"F2,4C9E1G('"KC)_,@4^B@"EH\$MMI<$4R;)%!W+D'')]*NT M44`%%%%`!1110`50>*9=<2<0LT)@,9<%<*=V>03G\LU?HH`*2EHH`P&T>1AA M((T8"X*-P-K,PV'CV_*E&F-+HH`R=)T] M[52DD*HKVT:N."&?YMV?7J.:HK87BQ6<::?&AB$8,@";N#\WS;N!UXP.E:=%`!5+6$EETNXA@B:625"@52!U'7DCBKM%`(9$"L2*>H4`T^BB@ M%H%%%%`!1110!EZS:3730^7'YL85PRX!()`PP!8#(YYSWK,N+&:*X,D]KYL4 MLZ;$W`D?-R,$X^;[W\ZZ>B@#GETVZ\Z,F';'G*`!6,'[PM@?,,<8Z9Z8IITB M1(8=MH=PC)<)L(+[LC<"<,.OYUT=%`'/'3+B220W%NPW9.8`G((&%RS=!CH1 MCCWK9L%D2RB66-(G`Y1``!^`XJQ10`4444`4[W_CZT__`*^#_P"BI*N53O?^ M/K3_`/KX/_HJ2KE`D5)-/@DF>4F96D(+>7.Z`G`&<`@=`*3^S8/^>EU_X%R_ M_%5EU_X%R_\`Q57**`LBG_9L'_/2 MZ_\``N7_`.*H_LV#_GI=?^!EU_X%R__%5EU_X%R_\` MQ57**`LBG_9L'_/2Z_\``N7_`.*H_LV#_GI=?^!EU_X%R__%5EU_X%R_\`Q57**`LBG_9L'_/2Z_\``N7_`.*H_LV#_GI=?^!EU_X%R__%5EU_X%R_\`Q57**`LBG_9L'_/2Z_\``N7_`.*H M_LV#_GI=?^!EU_ MX%R__%5EU_X%R_\`Q57**`LBG_9L M'_/2Z_\``N7_`.*H_LV#_GI=?^! GRAPHIC 38 smallcompanyx7x1.jpg GRAPHIC begin 644 smallcompanyx7x1.jpg M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP. M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=? M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@` ME`$.`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D* M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H MJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(! M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P M%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P# M`0`"$0,1`#\`Z:BLS5+B>*>..&252T;L!'&'+,,8SP>.?:FQRW=R9\S_`&=H M%4;54$%MH))SVY[4&=C5HK`_M*YEDC*2,C.(ML>P;"6ZY../;FKF;A;NY7[7 M*5BC#J"J=3NZ_+[4/0+&G16-#=SR16J+<3>9<$;GDB"[?ER=OR@'/XT]KJXA MF>W,N\I-$-Y49*L>0<#%%@-:BLR_O9K::8(1A80R@C@,6QFGH\]O?0PR3F=9 ME8_,H!4C'H!Q0!H45GJ\]S>7"+.T*0$*%502QQG)R#Q5=KJY^Q27XGP%K(VY1D0#`^\,&WMP9Y/-9)2?+ MB#%F5L#C'3\J`L;]%94BL=9KF2WLI/M4BF9]C!53'\7/*]>*7[5<--]F$Q!: MX,8D*C(4*#Z8R:`->BL6YNKR+SK>.;?*DD821E'(;L>,5)#48]C8+!R=[;BWKNSG]:M4/B,`RLL8/=V"_P`Z8%<6<'.4+[DV'>Q;*YSC MDT06<%N^^-6W8VY9RQ`]!D\"E>\M$NA;-^#S33I]L93(8SDMO(W':6]=N<9_"K2C>NZ, MJZ^J$,/THI#*[65LSAVB!82>:#D_>Z9I8[6&)D9$P4#!>3QDY/ZU/10!6FL; M>>0O(AW,,-M1XT"M*=SD'J:EHI@%%%%(`HHHH`****`"BBB@`HHHH`****`"BBB@` MH%%`H`****`"H;JZALUS.QW'I&OWC_@*AU'4!9+Y<>&N&&>>B>Y]_:N>=VD< MN[%F8Y))R33(E*Q?N=9N921#B!/1/O?GU_+%9[,68LQ))ZDTE%!DVWN2W()\ M1V4A_P"6I@?\<*#^H-)2:Z?4#MTZY8? MW`/S8#^M"2YF6*)Y8?+$,+[L?\!G]*VJ9#"EM`D$?*IW_O'N M:5V"(SLVQW9F1=K;#N8#GTH`L45!)=P M1R+&9%+%L$`C*\9R?3I3TFBD8K'(CD&[C"7";L?=8 M<,OT/]*9$HW.4HK3N=$G3)MV$Z^@X8?A_A6=)&\3%9$9&'9A@T&336XVBBB@ M044^.*29ML2,[>BC)K2MM$E;#7+B%?[HY8_X?C0-)O8SH();F410H7<]A71V M5G'8Q;5(:5A\[_T'M_.I8(8K:/R[=-BGJ>I;ZFGT&L8V"D894C`.1T/>EHI% MF:NGN$D'RIYI0,N]FPB]LGUJ2_M);LJ-L91O)%-EN1%`)A&[IMW$KC@8SGDB@94N=/>29)(RH=0"6W%2[<9Z=.`>G MK5M86:R$$S[F,>UF]>,5$-1B:7RU5RQ;:O3YN<''TYJS+(L43R/]U%+'Z"CH M!4:&Z982RPEH3Q\YPW!'IQU]Z@72Y4A,>]#PP!Y[QA?YBK@O8P\:2@PM("5\ MQEYZ>A]Z>;JW&[,\0VG#?..#[T![`CM[4)I\PG@9C'MA) M`P3E@<\GCKR/UJZES'+"TL)\T*2,*1U'UIL5Y#)&C,PC+KO"NP!V^O6@")K6 M3^S8K8)&[J@7)8@*0.H./7Z5`UA<_/@Q.6#KEB1G,$#<A4Y%(!U%%&*`"BC%& M*`"E+%EVOAE]&&1^M)BC%`$36ULW6UAS[(!_*A;:V3[MM!GW0'^=2XHQ0%A0 MQ"[0<+Z#@4E&*,4`%%&*,4`%%&*,4`5[V*6:'RXMNUCA]S$97N!P>M,N8IYH MA$J1!"WSC>1E?3IZ_I5O%&*`,VZT]I+D30A4(&>&*[B3SR.G'IZFKJ*ZVRJQ M$D@3!).`QQ4N*,4`99TZ8HXS&H*.JH&)"9*X`..G!_.E33YA)$6,>V(C&"9@I\V[')[H%]/45+=6>)]Y) M)PW4=<<<&H9+"=RS9CW2!MXW'`R5QCCGA?:M/%&*!&6=.E-R\FY2CMDC=C&& MR.Q_I5^UC,-K%$V,H@4XZ<"I<44#%HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`/ "_]D_ ` end GRAPHIC 39 smallcompanyx34x1.jpg GRAPHIC begin 644 smallcompanyx34x1.jpg M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP. M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=? M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@` M-0"3`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D* M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H MJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(! M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P M%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P# M`0`"$0,1`#\`]`HHHH`*;(VR-F"LVT$[5ZGV%.JM>321ILMTWSOP@QPON?0" M@!;6\M[N`302JZ$9SGI]?2GP7,-P&,+B15."R\C/L>AK%O(8'FM](MHHWN!& M/,G9`6BC``SD_P`1[?G6PB06-IM4+%!"GX*!0!,2`,D@#WI:YJTCN/$,[75T MACL,_N8V_B7UQZGU[#IUR.EH`*HQ:O9NDS//'$89&C=7<`@J2/UQ46IW\T+/ M';!`T:!F9QNR6)"*!D_UK!N)CK6I?V39 MGR]/M@!9ONR-].X'IT/?BM^UMX[6VC@B!"1C`S0!+1110`444 MUW6-&=V"JHR23@`4`.K.U?6+72K:1Y)%,P7*19Y8]OH*C2>YU;FW9[:R[2XQ M)+_NY^Z/?KZ8K"F@@U7Q'%IMK&HL[1O,G(Y\QAUR>Y[<^]`!HFI3VDDZM9/< M7TR_:+B1I`H5<9`[]NW'6C7]8EOG6SBMY%M503W`+`,4ZX//';WY'X[O]B1_ M;+J;SF\JZ*M)%@?-CL3UQ[?TJM)X922QN(7NW,US*))9MOWL=%QZ4`-_X26& M*WL]MF_[XJOEH1\@/0#U.,'`[$>HK0T_58[T73-&8%MG*.788XZ\CCBJ\?A^ M*.[6?SW/EQE8AM'R,>K^[?AZ>@J*'PX8;2.`7TG[H[E'EC8QSG+*<[OS["@" MIJM\UK+_`&PT.;'/M(N%?4;RX$A*L"R8R M?P_^RKI&\/27EXEQJUZ;L1GY(EC"(/J,G-69=&2?6X]2FEW")<1Q;W/`QQGBG2:[)`B"YL'2XF($$"R!F MDSZ_W<=\U`/"R"TAB^V2>9#+YJ/L&,YR!CMCB@!K^)41OLYLYFO3*8A`O()'?=TQ577M:G:V33K>!H]0N"4: M,,"8USUS[C].:?*FD1W5M-;ZQ#"\",F=ZN3DDDY/\1R>?>JQ]/2W$,=KA!*)`PD8]><=?IFMZN3MX+7Q M-:P(\J6\]HQ1XX@"I]U^N.HKK*`"BBB@`K'F4ZS?M"3_`,2^V;$@'_+:0?P_ M[H[^]:LF[RV\O&_!VY]:Q[*_AL=+@@2&XEN50;H5B;<7_BSQ@XN]1&J:QM,J M_P"IMU.5B';/J:Z"@`HHHH`****`"BBB@`HHHH`*B^SP[BWDQ[FZG:,FI:*` M$Z4UXTD^^BMVY&:?10!SFNZ"KS1W]E:QR21\26_W1*OMCHPJ;2[Q!-#%;RW! M5R5>VN`Q>$X)SD\XXQSGK^%;M%`!1110`4444`%%%%`!1110`4444`%%%%`! 61110`4444`%%%%`!1110`4444`?_V3\_ ` end GRAPHIC 40 strategicgrowthx1x1.jpg GRAPHIC begin 644 strategicgrowthx1x1.jpg M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP. M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=? M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@# M80)*`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D* M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H MJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(! M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P M%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P# M`0`"$0,1`#\`IT444'$%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`#HSB13M#8(^4]_:M&6QM9=0>""61 M7WE?+V;L'V.>GUJE;S_9V,BH#(/N,>BGUQZUI3I_96G!6_X_;M\:>GU-! M4=C/O$MXI?*MV,@3@R'^(^P]*FLM,DNHS,[B&$9^=AUQU_`>M,TRQ:_NA'G; M&OS2/_=7O4VJ:F;H^1`!':Q_*BCC('3-`:;LSJ7]SZ5#1108A1110`5;L=/FO22ORQ MJ<%R.,^@]34=C:27MTD$75CR?0=S6CJFH")3I]CA+>+Y2PZN>_-!22W9E3QB M*=XU<2!6(#+T/O3***"0HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*** M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*EM[>6YDV0H M6/4GH`/4GM4MC9M=NQ9A'#&-TDAZ*/\`&GW%T9]MI91F.`L`J#[TA]6/)A(WEJI`P6/&T>F.Y'?/I7+EV+;BQSZYI-Q*A&-,&0]3M'\56-.C>!7N+V-;:QB`\N%QSD=&]< M_P`ZY8NQ8,6)8=\\TZ2:67'FR.^.FYB<4!SJ]['4VUS`!<:Y+YF&'EHC8_3_ M`#ZU*MG&\\+1PJ4D7SIY6PYD_P!D9_7`KC]S%0NX[1VSQ1N;U/`QUH#VGD=2 MWV>WM;F[DMH9))6\M%VC!;IM'L.Y[D'VJ2:PMY;Y0]O&?LT.[RT`4S-]/0?S M-6XDMX)[N-MB0H@VQY_O8X./TIP M6![6:YMK6.XND*P[E4%2V!E\=`.O/M7/Q"V"_O)IQDOJ<9Q0.]U8YVB MI[FTEML,VUXV^[(C;E;\:@H,0HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBE5F1@R,593D$'! M!H`2BK/]HWW_`#^W'_?UO\:/[1OO^?VX_P"_K?XT#T)]0?[-"FGQG`C^:8C^ M*0_X=*O:+:QV,!U6]^55'[E3U8^H_I5`W]NT[7#V2O,QW' M_FD+FZD3T6-BH'X"@JZ3N0WUW)?7;W$G5CP/0=A4%6?[1OO^?VX_[^M_C1_: M-]_S^W'_`'];_&@G1E:BK/\`:-]_S^W'_?UO\:/[1OO^?VX_[^M_C0&A6HJS M_:-]_P`_MQ_W];_&C^T;[_G]N/\`OZW^-`:%:BK/]HWW_/[A%']HWW M_/[ M,EF<#!*9^;ZD<4I5&U*X584`,#,B;1P=F1BL[S9-@3S&V#HN>!2F>5I!(97, M@Z,6.1^-!7,B8MY=G;OL0L)'/*CD#;C/J,YJ74)<+`%BA7=&LA*Q@'//IV]J MIR2R2MNE=G;IECDT/+))CS)&?:,#<@H'=$X0-I8(0%_/P"%Y(V]*JC*MGN#W%21W5Q$NV.>5`3G"N140)!R#SZ MT"9I:J88YI(XMH9)?N>2JX&/4=1]:+E%2]OQY:!%3Y1L&!R,8].M9[R/(Q:1 MV=CW8Y-.>>9XQ&\LC(.BEB0/PH'S&C!'%/':1A$6XV[U)48D^8@J??`XJ&$A M8[Y@D9*8*Y0''S@<9%4C)(0@+MA/NC/W?I3HYYH23%+(A;KM8C-`7+L@A2\A M=XMH:'=(BIG8Q!YVG\#BJ^H1-%6.*^5)751 M;,P`8C!R.?K59;6-(HI+F5HA+R@5-QQG&3R.*!V(4@E>-I$B=D7[S!20/J:C MK7M+1K:>_@DD4*;4D2<[2I*D&JLMG"MJMS%>_I0/E*5 M%:ATF+[9]D%X#,P!0>6<'*YP3GC]:S`2"""01T(H$TUN)16SJ<=Q=0V+&9"/ MLZDB2=5).3SAC^M)?"X?3=.@>;BKKV,0MY9H[ M@OY+JDF(\#G/*G//3VJ;^RX/.@B-[AYU5HQY7][IGGC]:!?TH"S(9(WB@J_0UTO()9+G=*(D^RB MWBW`DG&,$X!]#^=5T:`Z0\!N$60SAP"K=`"/3WJA10',;/VFU&OQ7?VE#"`I M)VMQA0/2LB10KE5<.!_$N<'\Z;10)NY?U-X)8[4PSI(8H5C90K#D$G/(''-2 M,]H]A81R3JWDNQE0*V=K$=#C&<`UF44!S&Q<75JUM=VZW.5UDN`@,QFCE",5.1@@ MC&?3M4<$EM'%"3)^4>61@>_P#];-5:*!7-RYO[>:Y:&6<26N?PK%D4(Y57#@=&`.#^=-HH!NX4444""BBB@`HHHH`****`"BBB@` MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B MBB@`HHHH`****`"BBB@"W:6/GPO<33+!;H=IV_>K*"/*'R_-CY?2FA[:TT M2RN#;0RW#%P-ZY!&>I]<?*4`X5@<''MS4EW>6]G=M;065N\41V$R)N9R.ISVH#E[F7"$:9%E;9&6`9L M9P.YHE"+*ZQMO0,0K8QD=C6S>PVW]L:6((56&5(CMQU!8]?7BH4M;?[;J-Q. MF;>U<_NUX#$L0H]A0'+T,FBKLVH"6)X_L=H@8<%(\%?QJE02R[;:<9+?[3<3 M);VY.`[#)8^P'6E>UL?+V5/;%G&0GFC=^5!=M;)%"BM;2$MC8:A+6@GM)]LA`Y*GU_&@.7L9E%;EA:PMIGD21(UQ=)(\3$Q`RY&]NA_"@.4J_99/L7VO*^7YGE]>ZA%;RE@C[LE>O"D_TJI70:'=PW M6I()+:&*558QM$NW/!R"._'\JY^@&M`HHHH)"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@"U;:==7<)DMX_,`;:0&&1^%798VL-&FMKI@)IG5DBR" M4`ZD^F:R**!II&O);2WFAV1MUWB#S!)@CY2VEO-#LC;KO$'F"3!'RY;/\JMK<7]S8VK:7.28XQ')$"-RD=\'L:YVB@.8T M[NXOH+ZV;4'+O$PD5<@D#/M]*DO-*GNKR2XM-LMO,Q<2;@`N>3GTQ616A]ET MW=G^TCLS]WR&W8_E0-.Y?O51-:TA(VWHL<(#>HW'FHHWBDO-4LI9!']ID.QV MZ;E8D`_6J&I7:WER&C39$B".-3U"CIFJE`.6I=FTF]@C>26';&G);<,?ASS5 M*BB@AVZ&Q<1#65CGMV3[6%"RQ,P4L1QN&>M2:/IUW9ZC'<7,7E1(&W,[``94 MCUK#HH*YE>YI6/\`R!=4^D7_`*%1I31R07=B[A#:;IHO2#_WQ6910%S2L?\`D":G]8O_`$(UFT44";-*^_Y` MNE_27_T*H]$FCM]6@DE;:F2"3VR"/ZU1HH"^MS:L-(GM]3ADN0J0I("'W##G M/&/7)Q1;_P#(1UG_`*XS?^A"L6B@?,EL:7A[_D-0?1__`$$TZP"W>FS6`8"; MS!+$&.`QQ@C/TK+HH!.QT&A:;+:ZBDEV!$V&$:%AEC@YX],9KGZ**!-Z6"BB MB@04444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%% M`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444` M%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4 M444`%%%%`!1110`4444`%%%%`!1110!6&YCPYQ]:;<&15PK-^!HVL,,.`.HI MK2CJ:Y;L[+(I&6Y#[=\GYFE:YF`*EG^N36@LB9R5&:JW<012Y<9/05:8617A MO9E^5G8CU)K1M6D:TU%EE?\`X]UQ\QX_>QUBIDR#ZUMV"@6FH`'_`)=Q_P"C M8ZKJ%D58C*BY,KM]6-,9KALXE<'TW&GKN:3`(P*D6)BXQUJ;L+(J2"[3&9I! MG_;-/C:Y"9,CGGN35QX7=MS]NU++(%7:`*3DPLA@CG9@=[;?J:IS74Z.R9?` MZ')JTM_L!4CG%41!T"+FJ%O/ITTQ@2*U\S' M"F,9S6Q+96\T>V10P!!R>O'O6)J=A#'(9K2V/KQW]ZF39<8I]"'5- M/B:W)C:%)AR5CP,#O^M9>E(ZW*"1-Z!6SYF&S^E/>XNH8Y/M,;#CAR#D<]ZJ M17J%PV%4D_>4C#>M3=E0Y$384_P`(''ZT/+J4`ZKCTW8I?,++L2+)Y+#A@A//FU+*N]?D8'GC M#X-4Q?N^$N%4'/X?G2-)&/F$ M#4IN69-NP(/4C/\`.JTAWG.[D=1N-4F)Q16EN;A)/];*!Z;C6OI]X)+>1\!G MC`8AN7S.821WXK3N[5[RT;:5+9!'S<5B*KQ.50Y^M*1#2*]S=2,PVN MZXX."147VF8?\M9#_P`"-2NRJS;P,U%;G=/D+E:5]!61?TJ=G9A+N;ZG-:4T MBM$`J*&]ABJL,>P&3&T52NK\$@(>0>M9.\GH%D/N+N6VEYP1Z&L^6ZN'7_`+[-.6YGQS/+_P!]FM+2O#]Y MJ3(X0I`QYX6//?M,X_P"6TG_?9IZS3E?]=)_W MV:L:CHUY8EGE@98LG!Z\554X3%)L5D*\\ZC_`%\G_?9I!<3_`//>3_OHU&_- M"XQ0%D/,]P>D\H_X&:%N+C=CSI#_`,#-(VWRQCK30"G)HN.R'M15#LAJ75SG_7R_\`?9JS M]HF*_P"NDS_O&J<0RU6'XXI,+(>)IS_RWD_[[-*MQ-GF:3_OHU'$WS5.8-5Y.!5B%#Y6>E/H%D6R[>63YKY_W MC547$I!_>O\`]]&FN2!C-,7H:5QV1,TTVS/FO_WT:2WFF9AF9S]6-,)(3GI2 MP@[N*I!9$TL\J$XD?_OHU%]JE_YZO_WT:20Y!)J+8:FXK(UO.60A%[]33)+1 ME7.:CLXVW@'BM"0>6HYSFLGH49KR./EV\TDD?F+\S\^E377S$-&,>M1"-.KM MS5)@5EC1/FS5^UE62TU+:<`6R_\`HV.JRD&,JHIUD,6VJ`?\^R_^CHZI:@-M M(W'[[/RCK6AYX6/=@5DJ[F/&["^E31N[$*1Q4M`7OM44J;2,-[578KAG8D%> M@/>K442(P.15:_5)49@P&VI5K@0+B<]*&B*#@@U6B)3HQ&:L(K,<@\5;$0PX M68[QQ2L%,F5'%6H(\L6QG'6K1D5"HV#%)L9>\%%6UT;H2Q"-\_\`=X->A-DJ M01S[5R/A6Z@2\=3B-G'&<8/Z9KK9'VH2`2:TCL,J2W/DC$D;$<\A? M*62XBP>0@DVD?E5C5=:,&Y&0<=1(M M@P^4\024-M']Y<$?2I+:6&RDWI,<=@5S4L1:?YL#Z`"ISI^X6`+VXH^S+G(XJM2;(Q1;%1R,CZ59CMGE0A5QGK@5KI;!CTK1@LU M`Z"JBKDR:1Q\\0M7!?OQECBI8WDD!_?J?0%L`5T6MZ:DU@Y``8#@XZ5REC"O MV.0/ARC9YJK6,VS4A4QVYW;F<'JQSCBJ$2(7,A;)-6<,=(D5.`&."#U&!6=" MKQI@C@U%0S([FR6:;6[UF[[`.N2& MAVYQFL8VLFXX4L,]A6PL4E1(G-#`TT@5DW1@5FO&=Y^M68Y'0;5--;.,U"NF,9;Q@L0U M-NL!<4JGGWJ.X&0":I;B(U7-6'7_`$M5T$,<9&:C13Z5,%)!S2`;12&,P MJT!5(RU2;!0A&>:E^6LFQ!!*$;G-3F7<@4\50W!EW9^:IB?-4`GD4-#)O.4+ M@\U79E=^!BDV,#LZTZ0!$/\`>HM8`BC)W*HXJ]:V`2QU$AOO6X!S_P!=8S_2 MJD#,B`A>:T+65Y+2_5E_Y=Q_Z-CHUN!A0_Z\)UP:U05C3)`IMO:QF3S".14L MT:9+-R!VI-W86*,\S8PO>JS(S#&/NCK1S6"QF^5M-3 M1RF,8QD4DN'?(/%2)'YBXZ`50%B-\N,<`]:5R.<_A40D41E!][UID]PS!44< MU-@-/P]=;-7B4J7&<<#)Z5Z%?+(;5C`0'`/49KSGPTZ1^((/.&,Y'?KCBO1= M1N([>W^>0)O.T$^]:16C*1Y]JTUT]P0X6,C@D+@G\:RC$-^2&<^I;-;NIVT< MEXX#*Y/)^;!_*LV2U*N1N4+GH#_2DM"RND?F2``!N>@'%6/L_P"]`QT[5,CK M$#L&PC@'O3K5?,D)SWH8XFQ8(J1@$5HD*>E5(4`08-6TJ$:,`JYYI&C7-*QY MZ4F:8#&C&:;L`J0G)III%";>*,4X'BC-(!I6E"TC-2AJI,1/"H!YK0CQBL^) MAQ5Q'`%:Q9E(EE02P.IKA6A,,\ZG@*EN)&BLAAB_`'-4UD+\CH*QJZDDDL#2$8&%J_IT%J)! MYA!]C5)IV4;5Z^E)'*&8<`&IBW'6P,V];M[?RXV@QN'3%8-UIMW*F\807#QQJV,^E5Y;VXFMR"YPHZ57,G*Y.I38K;6@,J;F!P365-())2R\#TJ\KM M/;O&YS@U5>V"='R::LMP'6"H927(VBM!9;>1)1&,,!6?:V-S MUEL[LI,G&.O:FX]0*8@E/.T\U&R%6PPZ59EO'WE4P`#BH&=B(=H M-4!RPS5UV#;NPJF.M7'8#8^U3")(X"=H'K4K+)/``Y(SU-9]E2.M4F(M,3 MM$59#@^U4H%_>&I9">:B:`M^9YS[G.YC37C7.345H6+9`R?>G7#-N.:RMJ!4 MO-KR@+4P7"@5"D9:3)J4[@WRC-:=`&@8)S4,K_-BK'+)SVJNRY>@":V;(/%6 M5/R-]*K0CGBK2K^[:K6P%!CSFGB3BF^63)BI?*/I68AENF$&XT[RBS`IT%11 M!V88SBKD(VMM`H;&-D#^:IYI\J;@`1\U3OAE."-RU374"'"L@/J:6X$N9`VT M8Q5FU=A;ZCDX(MQ_Z-CJM)(I7S$(S5B!1)8:BQ&";<#_`,BQT)`1Q3].<^]+ M.H,><\U5BRJC`XJ3>)$QG%389$`V05!!J=9W$+@MP?6H&>1#A1FE#9B);K3` MA51ORW3-68K=YK@>61MJ!)1G[N14T=V(I`5!QW%/407ZQQ':,;_:JJ/M4'/S M#UJ[2"2/Y2!DYJ);%Y8FD!'':FFK#L0VLH:\$TDA3801M^\Q[`5Z1J$B M7>DI-.X'%=K-J`N+3:RJI!^8`<8IN26AI M"+>J.1>:1YG/SLF[`SV^E07$S*,"3Y?<5L:OIB_+-$?]'<`@JHRIK+N(<)N# M$GL6P,4Q;%2W4R3D=0!DYK3MN!\HPO;WK/MN0P'0G!QW[G^5:$##R]QX)/'M M4LN)K0/\O-3*YJE;,<5:5J@U)"QJ-V-/'(I-N>U`(8KGO3MU(8Z0KBD,"YI" M_%-(.:0*:!C@].W5'M.:0<5K$SD21D8-]=9&.2*Y35AMUMD[D*RY[U9DQNILB1I&0.F>.*QMS,,(#S6CJ#IYPR MI9L8P*JM(P4!8B"#6@FS,EA@268+D'%9ME#NN5W# M(W=ZZ'R4WL2!SQ4:V4:R@@XQS5*=D!H0RI;1@```],4ZZN+::((`"[=ZHR!F M^4\@=*;`@B<2,"<=::J-*PK&:NBSW%Z8[5"W.23T%6]3\-3Z;;K+(P<=\#I7 M76-W:`EHD"MCG@5;+Q7UJXG3Y>1R*T6J&>8K;HR$G&:JNNUB!737&CM+=R): MJ63)QBJ;:#-]J6)N&)QS24K`9\2H(N<9J%F^N*ZN/P=<,P#2@+ZBC5?#-K9A M!&[%CUR>M%[*[&4/"NEV^J3R"X/"XP,XKII_!FG/;*L:['!R6!Y_E6%I"/ID MSNAK>;7)7@^1,,11[2-@,?5M"T[3@H#C+'&"V:R+XB.18T&5VT^ZBNKO4!+< M.S_-D#/`JPP`G.Z+*XQFES(#*W?.%/%-O"=HQ5EK622X*N#1KF"%9)(6"GG.*!$!@$5T.:1D92`K)2R9.:VVL8?* MR/O&J7V8C@BH]HI#*UON097BHW#LY)RE*XBE'&<=*40R*XVJ M6S5W;C@"M"Q=64`J.*BI4<5!UKJIY8F_=D#\JK) M:QK-N)X["LXXAVU1NAA);-&V2,5((\CDUNRI')P%%0/IX/W#R:J.(OOH) MTGT,D6X'..:7:?2K\UI+&N<`@55_"K4D]F9N+6XZ*T"'G&":AU"+R!O7\*@C MN9#*NYSC/-:8EBE!!`;ZT]G<#G0[LQR2,TY8UVYJW=VQCFS@8/3%49D>)LYQ M[5HG<0^0%2%SQ6AIKE;340PR/LX_]&QUG!7/).:OV;C['J.3C_1E_P#1L=,9 M7,Q"[0O6H<^N:MJ!Y`*D$U&%8#>,9]*FX";@X&#\W:DQ@[2/K4D[XC7"KFH" M=YXZ^M`R7RUCSR.:C7:L@+"!Q6LRL(P3R,]ZS+F!O,P@901GCO]*=.=]"JM.VJ,TN%;"@`#CBKD"M M(02>/054FC,9VE>1P2>YK6T^/<@;%7(B!:@3`'%6T05&J8J>->>:E%,>$%.` M7THX%,:95!JA#B@J-@*A:Z&>#3#.2.M*Y23)2HI",5";@`#2N.Q/D M9IRD54\[YN336N,'K1<+&DKCUJY#*N.37//>H@RS5%_:6YL(WX5<61)'6JP+ M?*:YKQ`NS5T?C!0')I(+^0-B-VSWS3M=$C2VDI^8[E/6%$8!>U$RB-"1]XUFVQ%]+U$MQ&HY[\56>4D<"JL-PRC;@8/>EWL7] M!3G/FL@)-I8<5=L;#[1*"[80=>:J!6VELU$\[1\!F!]C4+<9NR6-LMK(5(W* M>*R2X\DH1^-53I4R`,TWN(L6LOE*2M74U-Q:&(@9/>LW@(=M,5\ M#DT7:$SJ-&F@\C!`#=\TS5;55D%TK@'L*YX2D`%6(^E323RRJN^5F`Z`T^>\ M;,=S575Y(U`89P*J7UXUXP8KTJJ,L!5FP,8N564?+2Q6<640<^E*:#UQTJI2E(CAEP.,5WVN8FA):2S1&?)R.0*R[R;[2ZE1M(X-6 MX[NY13L;Y,8Y%0F)7Y.!FFM`*P#!MH/XUI6T9DL=13'_`"[+S_VUCK.CVQ3D M29V]C6[IHA-M>E6S^X&?^_B55P,,HT:XR0#WJ>*)EQEJOO;H06;[OI5>Y*\; M1BIN`V6,;`,9-1,CI'C9@>M21SN#C'(]:)Y@J89N32&58T^8#-)LV2<'O2A& MSYHZ4^/$DOS"G\%68Y&:FE4*0QY!IC'"\>O%&&(&_IZ5.X"BX$.<<9K: ML[H76D1+D>;!E6'MV-8$ZEV08Q4^G3M9WBS=4/RNOJ*&DT:4JGLY7.C@??'M M-,G21+65ARP.%JS>*!"DUN._K6<5RL[9R4XZ'-N^Z0 M1D[B3DUT5E'MB'TKGWAV76_`P7.![5U%LGR#Z5L]3FCH2!E3W$L%NHWL`:IRW<.,YI:CT&/=2^GZ4JW ML@7[I/X54EOXAQ&2S'LHIB2ROV?'N*=F":-%;EVZBID8L15*#.[:PYK0M4R2 M<5++3&L2&JI<3X.,\UK-!^[9\=!7/SVY9BSOCFJ2);`E)&!9B:M0QP'G=C\Z MS_L"2'[['Z&K]C9>6WWB,^^:K0G4V+6&&6)HXS\_&35K7V\A+;&,!6&:+,VT M3C:P)IOB9T-K;D$=35K8RGLNAD3V[XWECECTITF1R:B=F@*#9\V*M6[QSN%F^6LWH!%$Z`\CC-1W"%V*]6':GVB&2*2,C&T5 M5K@B&XN/F`]J?!.SCDU#*`&"M]*L1Q@*,4`2>=SQ3F4D;^U0>7AC@&I58A`M M("=6!&,=J3E>?>FQ?/GU%.R0-K4)7$.620R8`XJW9RK'=`S#BJ0E3H&Y%*YS MUJ=F!UCW5J=JL!@UB:I'%'='RNC=A56"&>XQL!)'2MFUT5Y0&N=R`]\\_I6C M;GLBDF87EC5P9`VU<].:APP08&?I6U:ZI!=3NKJ%&W.3SQ^57UM[:;#1E2< M84@=!VJ7170+'*C'.>M-8@5T%W8*ARP#CDYQ@BJ::='(^6/'H*ETK;!8S&.5 M`IR@`5/=VI@8XR4'>J;':,YK)IH0Z4G;Q5<%*<7+`@4"S8!68X#4+0!T9R>* M=YAR5I&`MSA3FD#ASQ0!7D1N<'FFY95Z\U),2.1UJD)68\\55A"3K(6!R<4V M%WW]3BGS2^9A>!BFQ\'DU26@V6F=B``2*>K'(.>135(*YJ+S#FI<0N7&O)"P M!Z"I?MGL/SK,M19D]:CV465SLS%=F^5F)J='"#'K58Q2(0<\=Z;(^9< M*:ZK$EJY9D0;#423!1D]Z>(W<8+<4-`,9]*`);R\#6HC"CZXJ?2)5%CJ#8QB MW'_HV.LJ0Y4\<5?TQ,Z?J0SQ]F7_`-&QT[:`66N8Y+9LYXZBH(I$E&\$\540 MG!13UI8HRI^7\:FPBRZ;Y#\V#5B>"-K<`$'/>JISG'K2R$I;L-W(I6&0DM&` MI.1VI23&N?6FP9F0$C)%2RAF7:PI@*DP`1?4U/,YW@#I5+(RH[@U89LC(ZBD MT`LC`.".H%,,C8VCDTPG=`3WJ>QMF>,R'I3>@%[2=0:V(1W+1$_,G;ZCTK:N MOFC!C*LAY!'<5R9&R4UM^&;@3W$EG(25\MF0>A&*AQ;U1M2JIFDQQ47SR_='YT M#2*$T8))6,''?%4I?+[Q#/TK>^R$CYCGV[5#+:+Z"E9E(P"JY)2+'X8I\<4C M=L"M8VJ#MFE\GL!B@#+,..W-:UI$%ASCFF"V(YZU91<1X]Z$A,<(]\3K_LFL MR33UE!)Q;CYR.Q%,EC"DY.!6EM";ZF%_9:AL@5=MK()CA:MC8>A%.7`;B ME8JY+%"\>"GS#T;G%4=>(=805'&>*V(F'%8^M8-S&,_PD_RJI:(PGL8?D9?( M&*M64/EREAP.M1O$XY&>:E1C'`VX_,>E879B2%\R[B00.*JW,1=N#BFJ3D@$ MX%3+)F/)I:WN"(6M_DY.3[T]%2,8'%2"0$`8%,DEC5N@-%V!#YPCD9L9/K6E MHT$,K2R3/@,,#FLLNI5P1]*V-`LUGAQ(E)$= MJ@5TUZBP0M&5W*%[C-<_+;M;PAF'7I1-68$:.QEQVJ_;"V-L[2XW@G%9)=MP MYYIT:.1UX)J4!-,NUOW9Q43++*,@Y`KLM/M[(6,998V)`R3C-8^K10170:WV MA?X@.E/E:5PL9*:;=NJO'`Q7KG%;^FZ&9'2:5B-O\).!4$6LNBQP+&'QP$C& M6<_X5O0B]V#S#%$IZJ@)8?B:M+JRU$M;H;.,!BHQ6-J6OQQEDA=B?;_]=27T MJ*/WA+X_O-7-7DUN68M'&2?3_P#750I MZXZ5#,;@7)XH%XE42.6=1]Q3POL36CIZ^5;B2X56`(53VI=`ZG2QW^ZW$TQ MV@#CWK+O-3W2YCPN!T!ZUGWFH9P%Y0=`O051:^#D`QJ/US0DQZ&I_:42;@,CD>AXK-T[,AHKZUIKV*)(,L# MUJE9^9*"43..]=M=)%=6SJVU@0:X^&0V\[1+C:'(J*T7%>Z$4KZD,MI/)\PP M*RY6\IF!'(KIMV]N&JI=V46&.]2 MP%T8>E=;V,2PSE"`>E2KM=2>](Q5U&X"D=<*-O%(0Z$$CYN:=^%5Q/L/-/\` MM8_NTK`9'FD1X89J#:7;Y3R*!,6XXIFQ@=P-;I6&6(7<$AC@BIA(5!W'/%4B M,C.2#3H_G8*>*30$JKE>M7=/_P"//4P.UL/_`$;'534L87%JT?SC MG'6E&73CJ:MW`9!Y9.58555E0[2<4K@.4&%?F7/K5ZUFB"WU))5C\QON@9QU-5(W1L!B1ZU<\V$-''"Q5@1 MR*+VT#S.LDA9VFA"Y8'S%'MG%1"/:,U>L<2?9Y0?GV>4Q]<#-/U!5$9(M MH;J6IE;=QJRFU1V%5@<4V63`J33JTMU@'-)R*42Y+.JM9[&BU.KBFRN:RM8GS=1$==F?UJ0S,MFN/O2'`_`U7 MO+*XFO'D:&4HH`7"^U5)Z&%1`MTA4*0-QJ.X8,P'&?:JHRLK*R$;?48-,6?Y M_?/>HMF/RJ+>D;`/S2L`Z!QR&ZTYD4]L9IC MLL1SQS2F2-ADGD=*`$:+S2L2'DD"NCT^TN-.G5B-\1'..UGU-0S7)*^7NPJC+&H/MH3`5<>B^ON:J$7NRXJQVVAQ0V=JI MD*RSL,LY`./8>U/U#6XHCM4.[?[&*XY=56&,^.365--*I(DG4'^Z@I$CN96R2S$_WCQ5A=,D8 MY;].*7,D7RMF=(Y(^\?Q%5V(/;GVKH4TK(^Z*>=+P/NBFI@Z9S:AB<`]>*T+ M:`QQ%,?._+,?X16C]@5><'BJ]XAC&<97V-5S7(<6B)DB'RIAO4U%+=RE0@?, M0Z+V%([B0;>(Q_NU4+[3B3GGM5HADIE)!;G\Z%M(V`P(Y!'2D,LRJ2HFB^]U*CO21SM M`ZS0,0#SQV/I4-N_E2-$Q.QN5-.<>4X=>5;[RTAG0PZW<26^Q),''(]/I4!+ M`%^I/-9,9,+K(GW#S6F9=\08="*QJ1)V*YGEB.1(0*ECN)9UR9"V*KR`;?7- M00CR),@GGM4@IJQ'-&@%VW8/DDU=M#NM-3`_Y]A_Z-CJ@T:0(#NY-6 MM/D#6NI@=!;+_P"CHZD"L4)CR>U.B?"?-^%1,S;=N>#0H(P":0B0QEOF-2A% M\LA3R:B$N!@#BI`^'!QS2`@:/9\QX-3PKD!@>E."!@2XHC*#Y%H&.,KNWSG( MJK(^9L"K3Q;>/6J8K?^._UJSJ1(7!]:K:/JL.IVP:0[9!P13M5DX4@\G@_A33 M;6IK$HN^U>:J/+N!YZ4^=CM^E55/RD5#9LBM0_/^5-E!%PS M>W%-:X:,9$9<=R#0D6V6HXC^%/*_)5>"_BD.TJRMC/-6&9<=:K8G<:D\D+<' M('8U?&HEX,#KWK.*!U'S5$8Y03M;BBX[%X7AR!GG-+=7K3%8\G:!^=4`&7[S MTV:YCM@`58NW(&.M.(I*Y5=OXTKM+.BO(-J]EJ:WC`&3VY-#8 MDK%K>$9#)]R%"6]N]=1HWB&"_(B"F-B0%4FL'3PF6>0`[^QJ_I-A;6%S=:EY MASL.%/8]?Z54;HRJ:FEKDEG*WV:5=SL,Y'5>N*XZ2Q+.QZ%33Y;TSZG)..-Q MZ$].:M7\;NB31GAA\V/6G..ES"]S.831)M(XIJ0;QN8\T]I"3M;D"G*F&QFL M0$GMF9D8#(J(QJ&(-6I&DV84U6128W9C[4P(!][BI`4?Y3UJ%CM;I^-21'

Q-1C+2`'I4@PRA<\@TDAQTZBEU`:P97]J;)\BEA^5/4N[@`54U& M0PD+G)`JDKLI:E6>XRVP'@=3ZFJQE;-1ENYQ-P MFUCVQ560;AR`:V-4MC$Q/:L8G&0>E;1=T92C9C4(!P"#['K2ME&YXS377/S# MJ/UI^=Z>XJC,DA8I+[-TJQ(N`1GKTJJ>80V.1Z594B2'.>E`T1R#=#GH5[U* MK`\-P&P?P]:0@!3CHPJ&-OW)#?\`+-L?A0!8@.U_*8]?NU=MG*N86/RMTJB< M$JRG_P#6*M9#(KCK]X5+U&6Y(0B_-VK-F8`[JU)0944@]:J36X49(SBL.I.Q M55QCGJ:OZ7917,C-)PJ]JSRRJV0*N0RG`5.K<<4II\N@XZ/4L7-DD+[8CG=T M%,;3YQ&3QP.U:-I;K$`9!ECWJ2Y?:A\HY-R-O9K=G*RAO,VXR:>--N" M`=C<^U:ME]F\W?-CS,\`UL[D]JTG6<79(F--/X[U1&Z5_ M>D.0<$\5-`!C(/-4E8=QLD7'N*K*2&R6XJTTV<@=>]5BGS8/>FA%[3HGDD^1 M]B#DD5J79BNXL"4E5X/-8,,DL>Y4SSZ5TGA_2[V_C(,'EPGI(X(S]*F2>X[% M_0-#MYY8Y5I)[_I7 M-Z1<_:["6$MF2!MP]<-_]>AJR+I[EB0D96JX.&YJPP+@`?>'0>M5FY/2LV;H MBG3<3BECB&VI<;E]Z2(8;%(M%*YTY9P=N0?;M1:7D]A(1>+YL6,`JOS"M+&W MD4UXHY%^8"M$^C$TF4K?5;&572=/)8MP"O;WJ^\6GC:WVB%5)_YZ#FJ+:=$V M0=N#ZBFI8Q0?<2,$]\9-59$VD3W=_:6G%M&)792%8`8!I+>U:Z+7,X&X]..` M*:L$*N'.&?UJ^)%,051BGH%FBE<(,C-,P%X[#K5F8`'<1P!69-<``X[U%M0N M3R77EJ26P!6?-=O/)GC')!]JQ`K*_P`P((." M#VJ_8:H\3Y#$>XK;1-.U<#>!%<'^),#-92I]AIW.6+MO.TTKDK!@]S5S5]*D MT^7:6W!N0RC@UG3,5"(:RL,%VO'T&:9OV_*H_&HY&:/[M20+O&6X)HL(@K-TVQ.I:@L/ M/S'G`K2G;&;R+P`'LQ_^O5;LTV1O<=J:Q[5$LZR*&0Y!]*<7%%Q6`BF8I2]- M+BD4(U1L:>3FF-S2&1$\U#*,U,PJ)NE0RC'U.W\V,XZ]JY&X0JQ]^:B?*LK@9!&#[D5*!B3\:0`F)ACE#F M@8B?+(4/W6'']*GB."R?\"`_G55C\BXZKQ_G\*L,3A91ZX-("[!(1&5':H,R MN<'-/1MCY..:?(&\PJHP36,]`:*LD9CD&>AJ>`%90W3%638RNJDG-$]N(47! M^:LN=/0.5I7'27LI!`;M26GGRN3G(JD[%3BK>GW!CEVDX4TI1M'1!&3;U+1T M^+(<_>[U=$2X[56DNHBVT'FE_>_WJYGS/PVM@@9I M5&YLD5ZAR#=P.`!S3FZ8I'38_M05WMUH`D\TJ`HYJ_IXW6FI9Z&V7_T='6:8 M2H]ZO:8";34QS_QZC_T='2`AD41L-AR#4;@X!S2PQL)W1,=P.3^-63A0`! MC-.S`Y_2/"5G8%99_P!_,.Y^Z#]*Z!`J#"A0!Z#&*CFD\MOX56B`Y+QKJ&]A;*W"\GGOS6'X1DSKZQ,>)8V!_`9'\JKZO.+BZD<9P6S MRP-0G:\6*Q-V,C7( MYH5?GXZ4Q6\ML$\58X(W"F&Q&_':H)&*]ZG6%0'`;K]!7/W, MQ;':K.K7GVBZ;!^5?E%9PRQR:T2,)2TL/05*#TS4:\4\'BK,B0&I%.:@S2AA MFBXBY$^.AJ];7;HXV-@Y[UC!S4RRLB9!(9N!BG<+'8VVKI<2>722I[5,HI@F]F8MU:W$$VR>%H MSZ,,4Z*(@C=TKO8KFTOXAYT:,"/XAFL^_P##4,L;263;&[)U'ZUE*#MH,Y5@ M,-M/%,W%DQ3[JVN+-WBN$*']*ARH4!>_6HL,K7\H2,1@\DY-;?@.S7;<7S@' MGRUS[8)-0#=# M7(O4?J*0RLO&Y6]?SJ:$[K=USR*+@`29_OW4_I5N(GRW7/(PPK.:NAFWG:JD'J*J3LO.[FJ45V^\*S<=.: M74'VJ-KI<4QIM&;)`I;/>G^4`N0*L3[`N0.:J;W`Q5IMB"2+I8-GM29W(P)JZT:+&?7%5&!`Z4D[C(H1A@*T9"KPX!Z53\OD M8IX)4%,H#"=C\]*UM(M)-7G$$(QCEF/115/3].GU"Z6WA4,S'KG@#UK MTS2-+@TBR6&%1NQEF/5C[TTKC0:5I5MI<`2%`7_B<]2:OX&AT+5$4N>HY%,CN/+X;.*&Z=:K2`DT[CY2]YJRCY3FDW M>IJE&K)R#3_,8"G<5K$YDY[4TR#H359Y"*B:X5.M-#N7#(![FJ6H:ALC,49^ M=AR1VJI->.^0OR@]ZHN2S=>O4U<48SF(3N/&:V?RIC\?NP?=L?RIRBF!/&V.]68I2*J*,^U2* M0#@G:RG"L2#[UQ2$\8XJY;RLK9H$>@21VVHP;9%#CW%Y["NVU/3X9FWE0&Q]X=16K%`D98QH%W')QW-5[NS$PSNP:EW-HM'-WZ7$ MEH;?SP0""K[<'CU%%+)X-.2XG&V1US@_C6GGI6:1J68Y_F_=PLP]00*N1W*`9D1 MH_\`>']15&RL[N^4/]J$(QD!%!_6LZ[U"_T^[>**Z,JJ<'*BK4"'/4ZR.4;0 M5.5]J;$F'WD/1OI[ULVUTLJ!U/7J/2I>@UKL0V M\LD,AMICD?PMZT3]"*L7"+)AAU%5GY!J64CG=5CY)%8[<5T.IKP37/S##FMH M,QJ+4D@;CZ&GS$K*K>M01-AL5/-\T0/I6AD$9P>*MP_,A7H>HJ@IST[5;AM'G&B5`!FHU2(!Y>6X(H`>V&0(!DU-8`Q6^HY'_+L/ M_1L=50O5@3DU9M%9K74MQ_Y=E_\`1L="`I-)E6I(B",MTH:-RN5&0*:BD@AN M/:F,=*X##8:EM8Y+R[CMHES+*VU3Z56<`-A:[;P/HRK#_:4Z9D;B+/8<@FFE M<#?T?2X=)LA&@4R8^=\7CWU[).[$[F^7/IVKI/$ M5\\^BQF`$QLY#G&0![URD:^HXH`O.CW.BW%I'RX83`>NT:61QN;+*-H/M4ULSI*&!()-)Q+C M*S.TM+G;?I45ZGEL5/455L)#)$KGN*LWIW)O/<5A(ZHZE%FYH50:A9 M^>*EB;)J30?Y=#KM&<584#;FJMRYQ[4Q%.X?'<5G32`'DU9N'"KN8_2LPR$N M3@'/J*UA$YZD[:#BZL>I%+LQ]*AZTY)"GN/2M; +BDIE(12$%+B@" MG`4P$`R:61_*&T??/Z4XGRD+'KVJ!`22QY)[T`21KCZU,!34&!S3_I3`'%$>D1OW?+'\S4R94%=FT3C&":0L.^*K27`4)UW=1ZTN=6'R:CK@C&<\U5!##! MI))?,Z&HB&5ASCHI/0 MQMZKP:I3Z7!,YL!+&?G!!/7'>MX6(3@B@VRD]!^52VWN-)+8AASBF2IBKHC"BH)\`4BC#OX] MRFN>O$VG\:ZB[7(-Y%1:%'/-6HFW*1ZU5I\38/6N@YAPRK8J8 M-WJ*4-H(Q6;=M1/VW-.^R?[5+,(RX"\&IAG`YK1)(:((F(B8A<@U$)@'"E,$U+9^9& MI\P87M1=HJHK=3ZU'4S`DCC%3A%9!GMS45NN8>>2>E-W/%)Z@=J0#_.C/RK4 M^FS*L6I;QP+M(5M+2*!1@1K@`5Q7@G3%DN M'OYA^[B^5 M5OE7=_J2>>]2,X-4Q=[3ZFK,2X&[ MT:F7(V7V[_:JT%^4_P"]6@BW9W8BW1$\DY'TK3\T2V0;/M7/-V.*MV%PQBDA M)Y'(K*<>ITTI]&2$C?5A.,<'FHK>/>V3G.:OPQ:L7#EY&8GDFH"<"NA:(X MV[NXT@"DQ3E7/6IE0`9;\*9)$F4&?7M4R@..#T[4UN>*3:1T-`$@7%.50`68 MX`IBRD<.,^XID\AD(`&%_G0`QW,LGMV%3(M,C3VJ8<"@!13AVI!3J8!2CI2? M6G9H`A5/S5FP(][+N&=FM=+IL,,"*"0#6"5SK;Y=" M2VL]MJ4Z9']*S;Q9;?(8$\\5TBM&RX5AFLO4(9')[BKE&R,XRU,$W]S"X(@+ MIWP>:T8[^.2/N#Z&HC`.7('-*7]ZTN96%<`U7?`J0M4+FDV4AC- M52=LT^5L=ZKNV:S9:16GZ5S.IC]X?K732_=-<]J*9M1J<\_G2KF,C/0TCY5\CI0,>AVG_9/Z5>M9=K;2*C.T+FJFG*'E`)P<@BM2Y8POP./6LYQ;U(D13*!$"!6/>)(B[P M.,UNPAI8V8]*JRVXD.UN034PLE=DHQQ"6VN3UJUY0QUI+V%HW"H#BD$+X'-5 MS:#*+W+2H(E7K5HA6C$1Y(JI&I#YC&35J*&13YC=:KEOL0,+>4`#P!419R&( M&2!?UI@=K)<_P!E>&;&%%"2R_,V.WS9_K4LL@_X3!D(_P"6;=3U^0UB>+[G M=J[Q(0(XMH4#MP*UKI2OBRWFZK*F-WJ=F*EC,AID6];9G:')Y^O2EN;LR3[Q ME?QYJO.!'?3C.1O/\ZC9B2>*8C2U-_.L8I.A7`P.PK')S_\`KJ\YWV##/.>E M4!TQ0@-"P;;#)]*K0<3CIG-3V71AZCUJ-1B;)SU_.@#N(9?.T8,<#"$'\!69 MI!`N9(2I"R(5'S`C)JQHSYTMP>V>I]JK:>=NI1XR,.,XSR#WJ1]CCM9@,-W( MK#E&(/YT6[;[<]^*Z'QQ9!+I9U&!(.?<\US5HVURN:M"-E]-M38!=Y\\Q&0M MS@'KCZ5CVS$"*7&-^1BK,]Y=FU:U1E5'&UFQ\Q7TS4%XHB-MM`VJN*)6L5#= M&Q:$#\JN!_X=H&:S+.Y!XP<;>U:0^;&WI6#.Q:BE<(<'KZ5A:ME:&`D4>!EJ1 MR2<4]VSP*8!DT"!12XXIX'%(1[4`,VBE5!3L4Y13`3&!2@4-Z4HH`*!THH%` M#A[T=Z;W_P`:=VYI@+DTTMVI"U-S0`\/Q73>%6$MK=1=-K*?S_\`U5RN:Z'P M:5"(MVP;F[5E7.CB%=P)0GIWK)JVYK>,MBW(O&<\53F.TAAVJD+F M[M>'&]/6KBSQW*!E/U%(5K%VWFW(#4_F5DPOY4I7/!Z5<5N*`+/F4QFJ`OS0 M7HN%ADI.:@)J5SFHC4C(I.5-9-]"2<]:UVZ55D3?)BFG8&KF+LVGD=N]2*N8 M\XY!J6^>/SA&G++][%1[PF0#P:T,[%:ZA!@++P1S5,\I5Z[?9#CNXQ6>3P*T MAL93W$5BC9%.;KD=*C-/7[A'I6AFBU;RE<$=JUX9!-#G/(K"A8!L5=T^8K(\ M9_"H:*3+]L_EW`(]16R["9,?B*QTC)F4KT)K9V;`,C!K"HWT"1+$RQVY4CDU M6)P<@TQR>Y[XIKQSE1M0D'O4VFXI]".5I7%617?+@8I^R*JK1.C<@T[]Y_=- M54GS.Z14I7Z%&)=J9&.:EC"NK#).*K.DRQ>6HP?6F1->01D!`_O6T;]2"Q&, MFK!CR,`522\0D;U*MW!J[%<(W(89K0"*2!2.E6=.3;;WN,_Z@?\`HQ*221<$ M<5)8OBWO3V$`_P#1B47L!%.?+C#$9Q5W0;E)]3C;RU_=!FR>.QK/GG26`IN` M-2^'B$NG4,.8GQ]<5',-&%?3--=O*3DL2OL:IM_K/;-,"]9$"2E;`EIMI_K!4CC] M[GWZT@-S0I,*Z'.TK^=3*J1W.[(&6XQUYK.TR58YOF(`Q6A*1A3QN)PIZ9J6 M,L>)XA<:$&VGE,!;8D$$\#!(SZ5?MM5#,1''E4'S.W]* MQY?,EE6W@);C''3WI\S+#$+>$Y40E_=/=3%F)Z\"JZIFG*A8Y MJPB8ID#4C`[4]SC@<4X\+41Y/K0(8>33PM`%.`H`0T4M&*8"`:O:5,+?4H)`.C`?GQ2EL5'<](MU^*Z4' M=TR!@_7-6XE(7(JG?Q+)ST;'6LUH;Q>I7N+)E`%K,R!1P(W(_E6?/<:O``J7 M$A"G/.2:G/VB+HQ/XFHWN9]I#1[OP)I/+7GKP.:LK"BC:B`#V%+1;"U*%O M:NRJ&.2.IJTPV\5:"JB'UJK)R:AC0SK0:4"D>D4---/2@M4;-@4"&2-@5`&) M;"]3WHGE4=3BK-C:F[N5BC8#C).?>G8+D,-G!`A;;ECR2:S)I`ID8!0,]2*U M-2F2S,BR2`A#C([UR=U=M.2%^5/YUI"+9G.:BAL\IFD)R2/6F-QBGQ)D>U,? M[U;G.]1E.7BF]ZM3(^VX#5"O4TI.,FI*.ETS$DRC/ MNWBNG@^5,FG&_44BK/"R/DH"/I1L;_GD/RJW]IB/#8I/M47I3<43,+D@T MP*RAXB)(!!JUPJ_=+!A]",_UJC928%7T$=#K+>;I.GR9SA" MGY9K&C-:URK/X8A;'W)V7],UBH>?K20V:5H?W@XZ@_RJNXQ(?K4]EQ*OU[TR M8$3'ZTQ$]MU'-3./GYJ&W^\*G?(/(ZT@'PMM8%2XYQ[D]*=CGWI6!VY]*8#69+:%DA'SM]YN]4PA)R:L%:`` M/:@!J)M]*=Q]*=VXXI"#0`QCS[4W%/(YI<V*`&X]J*I$Y;FI[IR23_*H(^3DT`2+2,?2GMPM1K\SQR3SS0!ZWIDPN-/AF[.H-.N(-W(K/\,SJV@VP[JNW]36FTZDXK/2 MQOJ9LL#*?6H&![BM20J159U!K-HT3*!X-.!XZ5,T8%-"@&I'<8.N:4-MI6(J M)F]*!BNY-1$^I7%H^()2"/TJ34;K&8XSSWK**DFMX1ZLPJ2Z(=/<37+[YI&= MCSR:;&A9N*E'2C%!H&*.E(QY- M*/Y4@&6I`:>F';=P#U.*ZK5U^T6"Q9QGK7*:9_R$;0'O(*ZK6]BJB$XSZ5*& MQNAVZV:X8YS6V+N,*1GMQ5/3(0T2@^E6GM5$@XXJA.URE=.,JRDYI1*N.M:4 M]I'L(VC@U!]BC]*9-D<\&4`*1FH)E5C@=:FB=&&>]),R@%N]0D!!'"I<9S4E MPIQC/%7H8EN8E:/8A`^;<>]17Y2!FC3YBO&?4TTUL!4ED=8PH'2DCFDDL]14 M#;_HX_\`1J4&?Y@2AIUM('@U`;M0R0+$SO>29H]K'W7BL2)O+F5CTS6XN+G1KB`_>MR M)8Q[$X;^E84@P:N.P&V9?^)')#N&!.&QG_9QFL]:DLY?,LID.M M.&,8R,TP(^G4TG;-28%)U[T`-Q2&G>M-QUS0`@`ZTA_.G'CC%-(Y(QTH`7'U M_"DX/3FE)SB@8%`"8-*<"CK_`/JIK^U,",\FG**0"G#I0`=Z<>!S2*.<]:60 M\>]`$+G)JQ%\ENS>O%5>K59F.RV0>O-`%&9LFEA%1L+Y9,L@[]Q6,HOH=$9+J=>+GWH-S[U@Q7RS+F-P MWMWJ3[2:SNS913-C[2/6D.Q> M9JBD?`XJHUS[U$USZ4`6'D`J!Y*@+LW.*0[CQ3$$CECM7K4=U.+6#_:/2IT0 M1(785@W<[3RLS=,\"M(1NR)RLB)W+,6)Y--W4WK2XKH.6XNX^M`YI*4T`&,T MH%)THR:!BDX^M-HZ4#KB@!U*H.?K1BGJ.]XD'"FF>=/ZT^<5BVJ`8.<>U.:5 M,\$$^]1'(//:FLB,W%")9KZ*]](6BC!\E@V'`Z'%4+ZUN+*;=<@DGG. MH/:7*0(2_O2%$1P$&<5FDU)E6T&/VU)0?^791G_MK'56=R"E]I)8AN:,M/>">"Y(XG0`\?Q`#-/J!@Z6W[Z1"!\T9J1!A\8YS5>Q/EWT7N=OYU< M"XFQTP?2FQ&E;#Y1Q1./WAP*6V^Z,>M+*/GI`+$,4K$9S0HP/\*8Y^OY4`-8 MU$Y[?TIS'GC'X5$S8SZ4`,)YQ[4SKTYI2?<_2F9_&@!PYYS3STJ,#`R*D4#% M`#3[BD-.(]>G:@\TP&G@4WUI[?C3":`$[_\`UJ08I<<=_P`J,S;4SGK1"A/S M&@8\#:E-67'%$K8J$9)H`OKP`>N::[!1@TL>!`"GQ_:](@EQ\P&&/N*Y,\*?>NL\*2^9I,T1_@D/ZBHFM#2F[,BDA*L1410^]: M<\>6-5F3'%8'59F/:JCG+5U05D:LR'4N*`,FEZ4BA",4AX^M.]_TIH!ZXYH`2G+[4H0M4BJ",#J*`2&J. MY_*EW9I&R!BD7G&>AI#-/2_NL1ZU?P,C/8U1TX[(ESW)S6D$W;CV[5#W+Z$4 MV%^4=NM1@@`^M/F&6.,U"$QS2))4P6Z"IMH]!4"*2:EP:!"L3GD<4PXS@5(Y MQZ8JM).H4]JJ)+);,0?:T$\A09!#9Z$<\U+XH:S29((8U64$L[H``V?4]ZI: M99G5=0%L9"FY2V<9Z"NHU:TCBTQHI5C>8QA5;:-Q(`R<==I'\ZU=)A,B7BD\&-%///,J5KM MJ248XC`=XY]:NQLLN.0*NZGIOV*!75B5QDD^YX%9HMW:'SRA$>0-WJ:2DGJ% MBQ9V*SZG!&O(+\_AS71^,+5;C0)6*@M"-ZGTYY_2L;PU'C7H>3C#?^@FNONX MUDMWCD`*2*5(^O%,#QL-YV;&8W*@^H[5=5MZ1 M/_>0']*!%VWSC%2$$N2`:AMS^\Q[5;VXR3P/>I`BQ@=.WK4;E)QD$5&Q_2F`F1]*9_*@FD'7I0`\M`$;=312YYX_E2=3S3`,=C2'\J=^( MQ2&@!OKB@QH'TH`4=Z/KBE%#$8I@-4\?6H#UI`36_WQ]:2]/SFE@^\*2[^\>M,"B/O5,.F,U#_`!4_=@4V`,=[ MA1T%6#\B@5';J,%S39'R:0#7;)I8@2>E,`R:LQ+@4#)3PN*C)5N,_E2R-Q40 MYXS0"8T]_2MSPA<;+N>W)XD3(^HK$V_*?:K?A^3R]:MN?O/M_.IDKIFD7JCL M95^8U7*CTJ[<+\YJL5KE.I,A*CL*01^M3;:7;F@"+8*`G-3"/B@IB@"$CBJ- MX"RXK0851NAP::`YU_O/5=U[U<6,F>5<9P:AF7;D=<5TIG,T5\4#%*?TI`2. M]60.!`I2<(FCCU#?'M99%SD'/.2#_`"K>\-S2Q:.3);2, M$&Y0O.X$\8/;UI.32NBK:F5X:MRFOK#,#'(%/!Y[O.<'-:=ZEMLF1X5DCB1!9) M@X7$G;.3_2KVF&:[%ZL:JCM"NW`P`?-2N@@W-9MIY[+8^`1)QD\$8-5)[:\M MM%2%<[226PP''7^=7Y5GPX?:=JC)SWQ61=VU_'I"@2-(9)?DVG/RD?RK"+=D M7U9)X<#IX@B1\`JK9`.,+4N(;X`;F_=R`>HR0:SK/<]A$_]TE:T;BZ^U326DI!6;*`[LA6S M\I_/BF:);&32[V)\[X90<9Z<8/ZU/0!ML2)016I%"Q!/&,=164@V3A<=#75Z M?;#[,9!W[@4F!G740CB3`8\\<@QGKCFMS5G_=L`2>V3QCZUSH2??\Z>S8SC\:A)JQ#^IZTS-`ZYH!QUZ^M`$J'FK"#Y?2JR' MISBK4?2D`Q^!S^E,)P"2?SJ23\*C.,#'ZT`(!28]!2DT#I3`#T/]:3/)Z?G2 MD?D*2@!K4A/8T9S37/'%`"=30!S0.N.U*,F@!>O>FL>#3AG';-1R&@")SS4) MZU(YS47>@98@I+CK2PTVX.30!3/WC0>E#?>-`Y8"J$3`_N\"HSUJ1B`N.]1] M32&/1JP0XS04>CNXD16'1@#4!7FF:IW@B7RHS\QZGTII7+2N9%XX@O"T1 M^\,&JPQGFI'C9T8GC'(]Z;&0Q`Z&MT3RV=F1-"2"5X'I4/UZU>DVJ.6%5S$3 MRJ^XS5)F=2GKH1;<#W]*3.!Z4IR>HI,U1@)DT[.#VIN:4GIQ0(=O]J0MBF;J M3/-%AW+$38/6E:4JV14`-!.:5@N6A,<9_'%/6MT)(S@?X5T.FZ@EUI+SW*ID,4)11DD=,>_-8_ MB$RMJTL4K[@N"N.@!`JWH`A7S(O.*AE#>6P_B'4@_2M):J[)5T[%W5]+\C3D M-M`[`E`-J\]#\Q]VBOI%&XI"/E/3_6(/ZUTMY>0PQ00-(TC2MM7! MXZ=/IBL>5`/[1%M",)"JY5>3\Z'`'H`/UIPE?1@T:!OWN(X!Y?EK,FYB?7O4 M=W.[6T!E((;(8`XSSTJ31OLT^FY4956*CU7Z_G4][#:2IL5E54&`Q]QSCUK. MUMA^9FV=@NFZQ;N9O,:1R(E7C`P].\2.T4+.H.0IP0*VC?E)>YP-XQ\YCR<'%=!X<9;GSI,?.\!B ME^;N/NG'J>E<[PD694`N@H&#G!!] M:[+2TQIB^O?!]ZY#4D\G4)$PW#G!Z9YKLM(97L54'<12`Y'5Y3YK+NYSC[QX M'TK,VR'.%9N@/'KP*MZV=NI2C!4'!Y'6M7PK&OG3NT.Y0@^8C(!ZTF[*X'/3 MVUS"F^6"1%!`RRDW?,H=E96]LNYF5 MU!"DC/WL9('M[UV&EM`MC+-`=GF3%W4<>6V`&'YBMB()<0*TL2DD9P5H3N/0 M\I4<@5=7N*])^QVG>U@)_P"N8K'\3VD$6F&2*")&\Q>50`U5F+0XJ7@XYQZU M$1]:EE)+8/K46.:!"X_"CIS_`#H.!2$CVZTP`^_7T!J,MQ3F/IQBFGKDT`-[ M9IA]_P"=.S3M.'7I31Q^%*!G\:!"D^HJ!S^M2-TXJ%SGI0!&QI! M0:0?6@9/%3933X^AXJ.7O0!4?[QI8_O4C]:5*H0_!)J1%`ZTU:4GFD,DS[TT MGFDY-.5"3S2`0`FD(QWJ7`7M4,A^:F(&8D8)R!2K&T@[*O3)_IZU+#:,0'F^ M6/T[FK0!8_*-JBDV=5.@Y:LZ;2!_Q)K<9)V@CGZFK!.6JOH)WZ>Z]=C?S-6= MOS5S2W-6K.PX#BE'`IX7*T;*"2,G(IFPGGM[U,(\9)Z#K6?>7KN_V:S7S)"< M$J,X[=J:0TK[%;4]0$(,%ORXX9CT%4].T"_OOG2-DC/>3(S[CBNHTO0;>TB% MS?A99&PVU^0OYCWIE]XF2%BEM&NT?Q$?RP:T2LAIMNT$0+X1@51]INR@[X8# M^8J%M$\-A]AO'+9QD2IC^58]YK,US(6>>3'IN-46O%/0X-.QIR-_%([$>%=# M:,.MT_U$J?X5%+X1LIT/V2]);W<,/T%JTT0/*\&J: M-LY%7(Y4D`.<-ZU#-$.C"JX.-C^C=&^E-CD;[0T?\)[>E3Y=U",@<'I4]G:" M.4NX"^@I`RLZ-%GCK3,,N]A]<&K&BWR0[7(++ZX[5;"E(B7.[<>!U MKEOH:-=SG)(-/BMEENG$LFT)OX)8@8J'4K:WT^\M_*XE<@;$Z*.A)^N?YUT, MVD6#2.TK%HW8,(\$8.,&FFVL&=76W5F3@$Y)..G\JO;J*UQDUO;PK'^Z5B.= M[+G;QC\ZIVL*RZ==QI.S$JZF5QAA\ZC'';BK[K+]HRV%!7##/OG%,6UABM)8 M(V9L`.23R3YBG%2FUH#*NE6TL23PDK@J#N5LJ3_CQ4UQ9R3206Z1$HBX<@'! MR/6I[99$FE*1*L2=`#G)'6H8_$T'VJ6U52K1`DDC@@=>U6O>0K:6-VQM([2` M(B@<#/OCBL7QD`-*+JY#*>@/N!S5RSUN"[DC5),F12P&#R!^'M7)^+]3\^Z6 MWCDR$Y<#IGL*WNMD39[D-Q8WA\/QHMJC#S/,\R-?FV[01S^/Z51%M<"2TN8[ M>9D@C4N<8P02:[.TMU.GQ!H]K-&)0N[&W/(!J06!-&']^>:W/#$XEMR,\X&`:I:[IDJ:!;AF$LT`"DA<<`2:`YCQ"DTFGQ6,*,\DCY MVJ.PZUS4FCZE#<1)]EE#N1M*C('OD5Z+^Y(>0'2`AAP0?I63XG&_1I,=F4_K2:=+(T<99 MSL4')8U)KN'T6X*CY=N1GVK>,^97%8\]D/S4U1D_X4K8)R.M-3)(S3$.?@\T MSOSFGL#[U%D>E`P)]*8W2G'GU%,/M0`AZ>M(*6DYI@+^%.Z"@4A-`$;GW_.H MFI[&HF-`##2`\T$TB]:8%E#@5'+Z&I$^[4@/85%90[YM[=FUID4'8L9W8Z9KH8EWR=,UG):G%.W,["JIZ`<5(ZK&A>1@JCN3BG; MDBB,DAP@]JY;5-2EOKGRXLMNX1`>/J:%$48N1W:M_ M1M(BTVW\Z4!IW&2QYV]#CI4/AW2%L+5;FX7?<2N:,%U/S(^P'MU-:155+-U=CDMW-(6& M*9W0HJ,;,SQIL0Y9F8^](UA'C`%72U-+"GFA0BO2&!.0P[YKK=#\2?=BNG!7LYZ]^N37.2P(XY`JE+`T)RI./ M;M2MM:-;ZM;L M&4+<)G:PZUYU<6[VMR]O,NV1&*D5:9#2,_;1C%32Q%>5SBH2?6J)V%S3@PSE M>#49(^M(>:`N64NY$_#T-2?;YF?@GZ9JHF:LPM@C)HL.YL:5!YKAYGV[NF!G M%:QM4!P`Y'KD#-5M&NALV01Q^9_>(K0^SSGG[2!GT@K)NSU+2NB6TU(PS?9G MC4N?DR3R.U3)=L]K`]JIV[R&'7C.*HV,Z27L-PSK&XAQG\:TKNQC2. M$V]WY+@N47;G=Z]:Y;="FT6'G:';M0Y1# M#\Q90V[UR,\5=@2>*%F:38KA>P)ZTK6':R)]V+E@R,,Q;<^E3PPJD9D^9MB* MN,\_>4Y_2LY)P)A$[2.VX[2..^`*TXY`(VW*2?)&?KN%)-WN0RM(K(9&4L`6 M+?XU));ME7($E)D#]-V`?;`YJ8W;"0U,3VA6095C@ MBJFG:1;Z;,TYPK,3@+G"CH`*N$85H4Y<'(-);2R"26&5?N@$-5J2O9D="VGR M.6SWJ&X)P"%RH<9Q4Y;1BH]JR,S)@[EQ^E-IVL!BZA=#S(XH',2Y8ENY M(!K-2_9W9)/F8@A6Z?@:U[Z***9"-N=F%#?WJRIHUMG3S@K*6!/JS>M8[@6D MN_,BV>:#*HVA=O45/ID(=8OM!"!I/4UAOY/GN68Q([?>![>OYUHZ/:L MLX4S!XVZ'N&]:J*8&Y.UM$6#JH!P6SGJ.E)=,EQ9R122?*Z')QC'%4Y5D2[9 M2%DR/EW=!ZDU3NY"H'DHSY906+=2?05IS6`YF\MWM9A'(?F(W8]/2JR'+<\5 M>UCS#J$K3`!^.AR*HH>I_E6JV$*3SGM49]^:>?K49ZXS0`AZ=.:8>O6GGCOF MF=Z`%[<=*0<]:4]*4#UH`*:QX]J?G]:B)/*B5.,]3]:E/0FFK@L:>WW34'M122LB)4W/D MU*[!5)/0"E1=JY-5;^0[5ACY9R!0*;Y8W.E\+VH33FN6^].Q;/MD@5L[4MHF MEE.%'6H;!8[#3+=)#A(XP*P-5U9KHL6XB7MZ]/:IM=G#"FYOR&:MJK7)SR$Z M*OJ:M>&--,]P)91D+\S'U((XK$C7<3+)][^%?[HKOM'A^Q:0N1\S$L?R_P#K M4_(VJOV<-/D.U2\2WMR!UVX'7T-Y\VY;'8]/Q-9ER1N]V-9JB8XH9JC9J9LV*6IA:FDTFZF0V.S2YJ/=2;N:8KDP;-1R;EY7D M=Q29S2K+MP&Y%`KE=HE?YHSAA_#78>%]6,L8AD/S+P/TKDYXN=\9]ZDL9S'. MLL9"R*1QZU+5S&<$]#TTC/S#K7->+]&%U:&_@'[V(?.!_$.2:UM(O1=VJ2;O MFQT].E77`Y1AF.088?7J*29P--.QY,'WIM_BJJ^.M7]7LGTO4Y+<]`IU.&JLI/:I4+9I#1M6>E6'@>W63:W#(QWX_K^%4RMJ+??.AV*HPZD%CSV-<*[ M&IIPPL(WGGC=6CPJKC&T9/3/2@,8H#+YAD&.>^:ALED MAU2-1EH6!<'KG`/'ZU5)1"8][#DCG@?YSBFPM)$;=V.`CL-Q;IN'_P!84XO7 M4#7U&010?N]RX9>#U(R*B0>8P'F$-D9W'@9JI?W$L]LS93UX)SU`%(^Q(74$ M;E`.2>2:&[L2+YL`68QR,K.<,4[U>#?8;5VF$DJAB20,D"LG2OWL+M$/G7DD M$FKE_J0M[4#*-N8+C&XC\,UK&21#U*]SJ,32B6/D8X."#]"*GCO]ZYVY4]1W M%9TLL*))<21N<+NP4QN!]!3EO;'[+'(TC+\YP&.,GIBL];W0F:T>HQ@$="HZ M9I'8``JT:8;YOF]>GTK$N9+>/YG.\GL#C\Z2/5$N3<6PAVA8\B0#N!ZT^9M: MB18U*2-5$[29$;8)4@Y%8G_'Q,DAW$/(1$A&23V)[<5,IA>T83[U7(&3W/KQ M4UE>RPN/,2/K\K0\J1[]P:<(Z!5 MX;A?,5FBGM3*L1*IXIZGD5&G2I%/-2QDJ<5HPC9#&.^,G\:ST MYK249``]!_*ID=N#7O-A%PK'U-3(FX"F!>0HZ"K4*9('%2>DD074PMXL\;NU M5="`GU47,Y!C@^8Y]:GO;423;I9`%'93R:8&"@1PJ$C'8=_K1T.>I!SEKL:. MI7K75PY#[8@>.>U9D3>?(9G'[I.$'J?6FONGE\A3A%^\U6,`X7&V-11L:)7T M6R-'0[1[N_C&,J,YR/8UU&M72PQ,B#'&./H:K>%K=4L/M)7&_P"X<<+41=NXJC-L:U!,D;?AR_V3+&S8W'U[\"NXB821CZ5Y>G[ MJ5)HB=JG)]J[K1;SS[=&SG@?TK*6CN36TOWXV*UM!G,RJ>M`ZT&E4<\U M9`]!5^TM69@Y7CV%0VEG)<2+P0F>36XH\M0JDCM64YVT&5V4MP!BCRV_NG\J MFRP?C&*F^TL/X!4I7'8V+69KBWFC=BA7@JQ]JS;L`:?'$`W][/T-4?[7U/\` MZ"-W_P!_V_QH_M?4_P#H(W?_`'_;_&A4+=3%8Q=BY&T4<>1T)Z&I1=!P,(I( M[8XK._M?4_\`H(W?_?\`;_&C^U]3_P"@C=_]_P!O\:/8>8OK2O>QK.(&MTF5 ML.PP1N&<^OM3[20/-=?=PL*CKS_K4K&_M?4_^@C=_P#?]O\`&K=GJFH-;7Y: M_NB4@!4F9N#YB#(Y]"?SH5"SO<:Q2[&U/!A7G;E5P@G\L'/R#@KTZUEW:-97,@-PDKA]P5CE1Z9]ZP/[7U/\` MZ"-W_P!_V_QH_M?4_P#H(W?_`'_;_&J]CIN2\4GT.EAU+[9`\4HB^Z!O"X/T M'M5=H3O3[0JP+"['#XY'K^-87]KZG_T$;O\`[_M_C1_:^I_]!&[_`._[?XT> MQ7<'B4^AIMDV,M[_`*PHX3$9)`R<=<=:A2&>21(;>Z)`^4Q!_F!^GIS5+^U] M3_Z"-W_W_;_&C^U]3_Z"-W_W_;_&G[%"^LKL=#JEG_9ME`0S'RU&2AZGO5.P MNS,)#"FP8^=WCQ^M97]KZG_T$;O_`+_M_C1_:^I_]!&[_P"_[?XT*EYA]878 MTY96=W5+B2('^*(#-<_=1K/<%8KEGP>K@YS]*N_VOJ?_`$$;O_O^W^-']KZG M_P!!&[_[_M_C5*G;J+ZPNQ=T^WEN8`TLN_(P`X'KU]:K3LJLWDAV!SLW=!V[ M=^:C_M?4_P#H(W?_`'_;_&C^U]3_`.@C=_\`?]O\:7L]=ROK*[%Q;Z-K`QS2 MD^61EP*3Z&@NA/=DFRN;>9<9P'!;]*R+B&2WF:*92KKU7TJ?^U]3_`.@C M=_\`?]O\:/[7U/\`Z"-W_P!_V_QJU#S%]9CV*QI![]*M?VOJ?_01N_\`O^W^ M-']KZG_T$;O_`+_M_C1RA]878JC&>:.AJU_:^I_]!&[_`._[?XT?VOJ?_01N M_P#O^W^-'*'UA=BBY]5'NS47]KZG_`-!&[_[_`+?XT?VOJ?\`T$;O_O\`M_C2 MY#H_M9?R?C_P".09;+-4#2EB(X!EB<9%6_[7U/\`Z"-W_P!_V_QH_M?4_P#H M(W?_`'_;_&CD(>9I_9_$GM;&0Q>6B]LNQ'0U5*O>W"V=L3M_B;K3_P"U]3_Z M"-W_`-_V_P`:/[7U/_H(W?\`W_;_`!HY/,)9FFK*/XGH\,*6MK%#'C9&N*Y# M490]P[D\#BL?^U]3_P"@C=_]_P!O\:/[7U/_`*"-W_W_`&_QHY#*CCU2;?+< MDE9G/'`H2+O4?]KZG_T$;O\`[_M_C1_:^I_]!&[_`._[?XTU>>^.K3R-9%PN-DZ`\>H`!H_M?4_^@C=_]_V_QH_M?4_^@C=_ M]_V_QIQC8YWB4^AS6.:T+:T&`\O3/0UJ_P!KZG_T$;O_`+_M_C1_:^I_]!&[ M_P"_[?XTVFQ?6%V&Q2*@PHP/:EW@DG-+_:^I_P#01N_^_P"W^-']KZG_`-!& M[_[_`+?XUG[+S#ZPNPQ79I.!5C)]*B_M?4_^@C=_]_V_QH_M?4_^@C=_]_V_ MQJE`:Q*[%.BBBM#C"BBB@`JY8_\`'IJ/_7N/_1L=4ZN6/_'IJ/\`U[C_`-&Q MT#13HHHH$%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%% M%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444 M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110` M4444`%%%%`!1110`5>LB!XW5<;@?;F@KE M=KF?15B2PO(D=Y+2=%3AF:,@+]>*(["\E56CM)W5AN4K&2"/4<4"LRO14GV> M;R6F\F3RE;87VG:&],^M.-IK1: M?.'M7D!.7C.1@$]#CTJIY/\`I?D;OX]F['OC-`*RNYT5X;6:16. M`4C)!/IQ35M;AIS`L$IF'6,(=WY4"LR*BIOL=U]H%O\`9IO//2/8=Q_#K5RP MT*_OG8+`\:K&9-TB,`P]!QR3VH&HM[&;13G1HW9'4JZG#*PP0?0TV@D****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`JY8_\`'IJ/_7N/_1L=4ZN6/_'IJ/\`U[C_`-&QT#13HHHH M$%%%%`'2>%$BM8+W4[B7R4C7RD?!.&;O@=>WYU9O(;>\T.QFM+C[2;"58G?8 M4.TD8X/_``']:Y*B@U52RM8[N6XEE\3:Q;2.6@6R.(R?E^ZIZ?\``C51;F:& MT\,1Q2,B22_.`<;OF4<_F:X^B@?M6=G?VSWFG:M:6BJTRZ@9#&"`<$#GGWS1 M?6GVC7[-!G`J86&Z0_,-JD\9()KC**`=1/H=[%'LU/P\#YFX"X4^:X= MQA>A(XXKC/\`F*_]M_\`V:JM%!,IW.]OY?ME]K6G0QQQ7(A5DD1S6ZE6"(!DMY45`W\0<'UKAJ*"O:Z['9^7=W'AN9=,S&[7SX1' M`)7)X!_+\JM7D@F>_MK.9?[3-K$I96`+$$[@#ZX(_2N-;49FTI-.*IY*2^:& MP=V<$>O3FJE`_:H[JT+)J>@V]V^^_C27S?FR54J<`^__`->J&AW]S=ZU?1S3 MLS&WD2)2V.=V0!^9KE**!>U)+F.6&XDCN`1*K'>"25``_$Y^[^E5M=,1UBY,#^8A;.[=NYP,\]^3"KG&>*B\ M,_\`(PV7^_\`T-`6]_RN4K3[)O8WGGE3$-\I49;'H!ZFG:ZMW]K5[JU:VC*[(8R.%0= M`/S_`%H"WNWL9E%%%!F%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`5FH_\`7N/_`$;'0-%.BBB@04444`%%%%`!1110`4444`%%%%`! M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%% M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444 M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!5RQ_X]-1_P"OFH_]>X_]&QU3JY8_\>FH M_P#7N/\`T;'0-%.BBB@04444`%%%%`!1110`4444`%%%%`!1110`4444`%%% M%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444 M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110` M4444`%%%%`!1110`4444`%%%%`!5RQ_X]-1_Z]Q_Z-CJG5RQ_P"/34?^OX_\`1L=4ZN6/_'IJ/_7N/_1L=`T4 MZ***!!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4 M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!11 M10`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%% M`!1110`4444`%7+'_CTU'_KW'_HV.J=7+'_CTU'_`*]Q_P"C8Z!HIT444""B MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*** M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@` MHHHH`*N6/_'IJ/\`U[C_`-&QU3JY8_\`'IJ/_7N/_1L=`T4Z***!!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M7+'_`(]-1_Z]Q_Z-CJG5RQ_X]-1_Z]Q_Z-CH&BG1110(****`"BBB@`HHHH` M****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`H MHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BB MB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`JY8_\>FH_ M]>X_]&QT44#13HHHH$%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110 M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`! M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%% -%%`!1110`4444`?_V3\_ ` end GRAPHIC 41 strategicgrowthx2x1.jpg GRAPHIC begin 644 strategicgrowthx2x1.jpg M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP. M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=? M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@` M50'J`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D* M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H MJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(! M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P M%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P# M`0`"$0,1`#\`]`HHK'\3:K/I&GQW%ND;.TH0B0$C&">Q'I0)NRNS8HKB(_%6 MNS0F:+3HGB&%I_WPW_Q5'_"<:G_`,\+3_OAO_BJ!>W@=_17!_\`"9ZMY1E^RVWE@[2W MEOC/IG=UXIG_``G&I_\`/"T_[X;_`.*H#VT#OZ*X#_A.-3_YX6G_`'PW_P`5 M1_PG&I_\\+3_`+X;_P"*H#V\#OZ*X#_A.-3_`.>%I_WPW_Q5'_"<:G_SPM/^ M^&_^*H#V\#OZ*X#_`(3C4_\`GA:?]\-_\51_PG&I_P#/"T_[X;_XJ@/;P._H MK@/^$XU/_GA:?]\-_P#%4?\`"<:G_P`\+3_OAO\`XJ@/;P._HK@/^$XU/_GA M:?\`?#?_`!5'_"<:G_SPM/\`OAO_`(J@/;P._HK@/^$XU/\`YX6G_?#?_%4? M\)QJ?_/"T_[X;_XJ@/;P._HK@/\`A.-3_P">%I_WPW_Q5'_"<:G_`,\+3_OA MO_BJ`]O`[^BN`_X3C4_^>%I_WPW_`,51_P`)QJ?_`#PM/^^&_P#BJ`]O`[^B MN`_X3C4_^>%I_P!\-_\`%4?\)QJ?_/"T_P"^&_\`BJ`]O`[^BN`_X3C4_P#G MA:?]\-_\51_PG&I_\\+3_OAO_BJ`]O`[^BN`_P"$XU/_`)X6G_?#?_%4?\)Q MJ?\`SPM/^^&_^*H#V\#OZ*X#_A.-3_YX6G_?#?\`Q5'_``G&I_\`/"T_[X;_ M`.*H#V\#OZ*X#_A.-3_YX6G_`'PW_P`51_PG&I_\\+3_`+X;_P"*H#V\#OZ* MX#_A.-3_`.>%I_WPW_Q5'_"<:G_SPM/^^&_^*H#V\#OZ*X#_`(3C4_\`GA:? M]\-_\51_PG&I_P#/"T_[X;_XJ@/;P._HK@/^$XU/_GA:?]\-_P#%4?\`"<:G M_P`\+3_OAO\`XJ@/;P._HK@/^$XU/_GA:?\`?#?_`!5'_"<:G_SPM/\`OAO_ M`(J@/;P._HK@/^$XU/\`YX6G_?#?_%4?\)QJ?_/"T_[X;_XJ@/;P._HK@/\` MA.-3_P">%I_WPW_Q5'_"<:G_`,\+3_OAO_BJ`]O`[^BN`_X3C4_^>%I_WPW_ M`,51_P`)QJ?_`#PM/^^&_P#BJ`]O`[^BN`_X3C4_^>%I_P!\-_\`%4?\)QJ? M_/"T_P"^&_\`BJ`]O`[^BN`_X3C4_P#GA:?]\-_\51_PG&I_\\+3_OAO_BJ` M]O`[^BN`_P"$XU/_`)X6G_?#?_%4?\)QJ?\`SPM/^^&_^*H#V\#OZ*X#_A.- M3_YX6G_?#?\`Q5'_``G&I_\`/"T_[X;_`.*H#V\#OZ*X#_A.-3_YX6G_`'PW M_P`51_PG&I_\\+3_`+X;_P"*H#V\#OZ*S]"OI=2TB"[F5%DDW9"`@<,1W^E: M%!JG=7"BBB@85S/CW_D"P_\`7PO_`*"U=-6'XKL9=2L[6TA9%DDN."Y('".> MWTH(J*\6X2PDFM!!+IL;!C]H M.U2IDV#H"0"O7'(7-1_\(/J?_/>T_P"^V_\`B:/^$'U/_GO:?]]M_P#$T'/: M?\I8D?2H)DV"PD\VX@60E4PJE?G(&2%&1V/&:;;"TN8I)(8K`SI#/@%$"J`Z M;"0>.A/)J'_A!]3_`.>]I_WVW_Q-/3P9JT88)=6RAQM;$CC(/LOVJ+[+Y9/E_.8@@4G)P0%)` MXQ6A_P`(/J?_`#WM/^^V_P#B:/\`A!]3_P">]I_WVW_Q-!,E-JW*T_[[;_`.)H M#V<^QS5%=+_P@^I_\][3_OMO_B:/^$'U/_GO:?\`?;?_`!-`>SGV.:HKI?\` MA!]3_P">]I_WVW_Q-'_"#ZG_`,][3_OMO_B:`]G/LT_P"^ MV_\`B:/^$'U/_GO:?]]M_P#$T![.?8YJBNE_X0?4_P#GO:?]]M_\31_P@^I_ M\][3_OMO_B:`]G/LT_[[;_`.)H#V<^QS5%=+_P@^I_\][3_OMO_B:/ M^$'U/_GO:?\`?;?_`!-`>SGV.:HKI?\`A!]3_P">]I_WVW_Q-'_"#ZG_`,][ M3_OMO_B:`]G/LT_P"^V_\`B:/^$'U/_GO:?]]M_P#$T![. M?8YJBNE_X0?4_P#GO:?]]M_\31_P@^I_\][3_OMO_B:`]G/LT_[[;_ M`.)H#V<^QS5%=+_P@^I_\][3_OMO_B:/^$'U/_GO:?\`?;?_`!-`>SGV.:HK MI?\`A!]3_P">]I_WVW_Q-'_"#ZG_`,][3_OMO_B:`]G/LT M_P"^V_\`B:/^$'U/_GO:?]]M_P#$T![.?8YJBNE_X0?4_P#GO:?]]M_\31_P M@^I_\][3_OMO_B:`]G/L=-X1_P"1:M/^!_\`H;5LUE>&8&M_#UFCD$E-_'HQ M+#]#6K2.V'PH****"@JE??\`'WIW_7P?_14E7:I7W_'WIW_7P?\`T5)0)EVB MBHY_^/>3_=/\J!DE%9OAZ&.'0;$1(J!H$=L#&6*@DU@B]OQX<^S>?-]I^S?: MA<9.[R]N[KZ[_EQZBL)[\[V#:GL.[:R_N_WTN@+ MF5C+!>%`JJ"AC?:H7`SR#[GTQ5V\NYH8+0VUR95N5\E)`JL3(V-K\#'`#'TH M`V**YA]1>[DN(DEDDCCN+5EW[,J3-@CY>@^4<-\W7-(-*`+-%5A?6_F6\9BJ@U*T,DJ>;S$"6^4X.#@X.,-@\'&<'CK4B7<#VS7 M`?;$H)8N"NW'7(."/QH`GHJE_:EIY/F[WQNVE?*?>#C/*XR.,'D="#5P$,`5 M((/(([T`+1159+^W>Z^SJ[>9DC[C;21U`;&"1Z9SP:`+-%5Q>0M=?9UWM(.I M6-BH.,X+8P#[9JE<0QIXFLI511));S!V`Y8`QXS^9H`U:***`"BFO(D:[I'5 M%R!EC@9)P/UI$D212T;JX!(RISR#@C\Z`'T444`%%9&IWT%UI&KQ0EF,,$J. M=A"YVG(!Z'%7[&&."RACAC6-`HPJC`'>@"Q16)J#S:391_Z5<2"68"28LFY! ML[%_E&2HZ_WCCG%4YM5ODBE+7"IMM#)O1591/Y>3&#SD`?/WSGK@8H`Z>BN6 MN=7NX@4@NO.CWN(;DF)1(P5"%8G"XW,X.WGY>.AJ=KZ]#2DWBQJXN<&7:JQ^ M7*JK\V.,@GDY[<'G(!T5%03CG[HQQ[U9^W MN="$POB&$Z1OE`&[17--K$J&T3[2[R-*%'$826,S% M`QS@DE1GY..AZ$5"MY)-862W-Z8Y";0I"<9FRR$MR-QYR.#VYH`ZNBJUM:F" M25VGEE,ASAVR%Y)P!V^]CZ`>E4K"&.'Q!J?E1JF^*%VVC&6)DR3[T`:U%%%` M!14-S=6]H@>ZN(H%)P&D<*"?3FG03Q7$0E@E26-NCHP8'\10!)116=KOFG2V M6"9X9'EB021G#+F102/P)H`T:*YN6\O[VYM?(D:W>-G@=0/E:;RG)R#U4%5P M>^35U-29]&FU"5Y88Y&S&`JAHUR%'WN.3DY;@9YX%`&O17/Z=J4MZ\*SWC6P M*D1Y\L&=A(ZD=""0%4X7^]Z8JK8ZK-!96\3WF^1H[4+YFTL6,A65>G)`P#W' M?F@#JJ*Y>UU)K[5;9$FDEA6=74R>7D$QS9&$Z#@<-\PYS744`%%%%`%+1O\` MD"V'_7O'_P"@BKM4M&_Y`MA_U[Q_^@BKM`H[(****!A5*^_X^]._Z^#_`.BI M*NU2OO\`C[T[_KX/_HJ2@3+M1W'_`![R?[A_E4E-=0Z%3T(P:!E/0_\`D!:? M_P!>T?\`Z"*O56T^S%A9QVR2RRI&`JF0C(`X`X`JS0!F_:K>SU,64,$CS7#> M;(P8'&SN&N(9(7D/R?ZLJ7!8$LYR= M[``XZ=3ZT`6%U:!GN`BNRP9#,"IRV=NT#.02$DY^;#*,<#CUZTD^BO.KEK ME5FF62.=Q%PRN%!P,\'"*`23]#0!>N[M;8*/*DE=LD)'C.!U/)'`J*/5()+M M8$5V#$()<#86*;]O7.=O/3'OGBEN;2:602QSQQR)N5&,6<(P&0>>3D9S].#4 M$&CK;W4;1R@6\;B18MG(81^6/FSTV]L=>_:@#4HHHH`I75O+<:C:97_1X-TK M'/5\848_%C^5)K%L]WILT$<$ M2VJ^\JY81L5 M"@#@9&!D]/IS6G10!CK87JS27@$'VF5VS'YC;%4HB]=O)_=@]!U(]ZN2:=') MI:6#L3&J*FXJK$[<=F!!Z=Q5RB@"GIVGQ:="T<)R&; M[C$1^9WR9F&\%/>MFB@#)ATN2'4A,BQ*GG/,TH<^8^X'Y",? M=!.>O8<5)=?\C#I__7"?^<=:5538JVI)>M+*61"B1DC8N<9/3.>!WH`M4444 M`5[^%KFRE@0(3*NP[^@!X)_+/%)I\#VME';R$,8AM#`YW`'@GW(QGWS5FB@` MHHHH`YZ\L[BWM=>F98XK>6"1EC1]VYMGWSP,'U]2?;)W;?\`X]X_]P?RIMW; MI=VDUM(6"31M&Q7J`1@XI;:$V]ND1E>7:,;WQN/UP`/TH`EK-UJ]M[6!(;J, MO%J6D MAC`=QYF-I:)U`R<`$D<$]LXSQCK4::W8.`5EDP0&_P!0XPIZ,>.![GC@TLVF MF28E9@L+R1RR)LRQ9"",'/`^49&#^%0+H86QEMO/)\RR2TW;.@4-\W7_`&NG MM0!;?4H8[V:U9)M\42RDK$S`@DC`P.3Q_AT.*LFJV-S3:LA,;M(\8&"0,.4!)`P,D<9ZG@9K0K M&700MXD_G[AO+NC!L-^\:1>`P&07[@]!P*V:`"LVU_Y&'4/^N$'\Y*TJJV]B MMO>7-UYTLCW&T$/C"A/7-`%JBBB@"&YMDN4"R-*H!S^[E:,_FI%.@ MA6"(1H7*CH7=G/YDDFI**`"D)`!)(`'4FEJ*XA6XMY8')"R(4)!P<$8H`J2: MK8/"P>9T5PP^XZ,>,\<`Y(Y&.3VZ46^H:?&AMX7*);@ICRV"C;P5!(P2,=!S M51=!?R@KW>YE8.KXU,71+BY@ECN[@(GVB6:)8U(927) M!+!N1@YQP>>M`&@VKV2>7ND<&3.`87RN"`=PQ\N,CKCK3FU.U578M(0C^7Q$ MYW-SD+@?-C!SC.,&J7]A;K>1'N/GD@EA9P&.=^WYOF9CP%'?\J6YT62XDDD% MTL3&421B-710<,#G:X))#G&TN1(KQK$L(B6.-"N<`#+$L/\`]!%7:I:-_P`@6P_Z]X__`$$5=H%'9!1110,*S]4FB@FT^6:1(XUN#EG8 M`#]U)W-:%%`FKE+^U],_Z"-I_P!_U_QH_M?3/^@C:?\`?]?\:NT4!J4O[7TS M_H(VG_?]?\:/[7TS_H(VG_?]?\:NT4!J4O[7TS_H(VG_`'_7_&C^U],_Z"-I M_P!_U_QJ[10&I2_M?3/^@C:?]_U_QH_M?3/^@C:?]_U_QJ[10&I2_M?3/^@C M:?\`?]?\:/[7TS_H(VG_`'_7_&KM%`:E+^U],_Z"-I_W_7_&C^U],_Z"-I_W M_7_&KM%`:E+^U],_Z"-I_P!_U_QH_M?3/^@C:?\`?]?\:NT4!J4O[7TS_H(V MG_?]?\:/[7TS_H(VG_?]?\:NT4!J4O[7TS_H(VG_`'_7_&C^U],_Z"-I_P!_ MU_QJ[10&I2_M?3/^@C:?]_U_QH_M?3/^@C:?]_U_QJ[10&I2_M?3/^@C:?\` M?]?\:/[7TS_H(VG_`'_7_&KM%`:E+^U],_Z"-I_W_7_&C^U],_Z"-I_W_7_& MKM%`:E+^U],_Z"-I_P!_U_QH_M?3/^@C:?\`?]?\:NT4!J4O[7TS_H(VG_?] M?\:/[7TS_H(VG_?]?\:NT4!J4O[7TS_H(VG_`'_7_&C^U],_Z"-I_P!_U_QJ M[10&I2_M?3/^@C:?]_U_QH_M?3/^@C:?]_U_QJ[10&I2_M?3/^@C:?\`?]?\ M:/[7TS_H(VG_`'_7_&KM%`:E+^U],_Z"-I_W_7_&C^U],_Z"-I_W_7_&KM%` M:E+^U],_Z"-I_P!_U_QH_M?3/^@C:?\`?]?\:NT4!J4O[7TS_H(VG_?]?\:/ M[7TS_H(VG_?]?\:NT4!J4O[7TS_H(VG_`'_7_&C^U],_Z"-I_P!_U_QJ[10& MI2_M?3/^@C:?]_U_QH_M?3/^@C:?]_U_QJ[10&I2_M?3/^@C:?\`?]?\:/[7 MTS_H(VG_`'_7_&KM%`:E+^U],_Z"-I_W_7_&C^U],_Z"-I_W_7_&KM%`:E+^ MU],_Z"-I_P!_U_QH_M?3/^@C:?\`?]?\:NT4!J4O[7TS_H(VG_?]?\:/[7TS M_H(VG_?]?\:NT4!J4O[7TS_H(VG_`'_7_&C^U],_Z"-I_P!_U_QJ[10&I2_M M?3/^@C:?]_U_QH_M?3/^@C:?]_U_QJ[10&I2T;_D"V'_`%[Q_P#H(J[110"5 MD%%%%`PHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH` M****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`H IHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`_]D_ ` end GRAPHIC 42 strategicgrowthx4x1.jpg GRAPHIC begin 644 strategicgrowthx4x1.jpg M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP. M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=? M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@` MG`$6`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D* M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H MJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(! M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P M%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P# M`0`"$0,1`#\`ZCSI?^>K_P#?1H\Z7_GJ_P#WT:KW4Z6MM)/("4C4L0O7BJPU M.+RF)BE657\OR2!O+8R!UQTYZT&9H^=+_P`]7_[Z-'G2_P#/5_\`OHUFMJL: MH/W$YE,@C\G`W`D$CJ<8P/6F-JZ#R]MKK_\`?1JC'?"2[>W6WF_=D!Y/EVJ2H;USW]*;%J44KH!'*LK_P#?1JDM_$UG!<@/LG*!1CD; MB`,_G3&U.)9&'ERF)6V-,%&P-G&.N>O?&*`-#SI?^>K_`/?1H\Z7_GJ__?1J MM=+_P`]7_[Z M-'G2_P#/5_\`OHUFMJUL'M5^?_22RJ<<*00"&]#DX^M$^K6\%Q/`PD9H(3*Y M4#&!CCKUY'YT!J:7G2_\]7_[Z-'G2_\`/5_^^C6<-3B\IB8I5E5_+\D@;RV, M@=<=.>M!U2)8\F*82[Q'Y)4;]Q&1WQT![T!J:/G2_P#/5_\`OHT>=+_SU?\` M[Z-4)+\(S(()FD6-9"BA<@$D=SU&#FFV^J13B(M%+")4:13(``5`!SP3_>%` M&CYTO_/5_P#OHT>=+_SU?_OHU0@U&.:5$,4T0D&8VD7`?C/'.>G/.*;:ZK;W M<=N\0?\`?L4`(&5(!;G\!^HH#4T?.E_YZO\`]]&CSI?^>K_]]&JMG<&YM_-* M>6=S*5SG!5BO]*GH`?YTO_/5_P#OHT>=+_SU?_OHTRB@!_G2_P#/5_\`OHT> M=+_SU?\`[Z-,HH`?YTO_`#U?_OHT>=+_`,]7_P"^C3**`'^=+_SU?_OHT>=+ M_P`]7_[Z-,HH`?YTO_/5_P#OHT>=+_SU?_OHTRB@!_G2_P#/5_\`OHT>=+_S MU?\`[Z-,HH`?YTO_`#U?_OHT>=+_`,]7_P"^C3**`-*Q9GA)9BQW=SGL**;I M_P#J&_WOZ"B@M;&-J%NUU83P(0&D0J"W3-0R:OM5^B@@R9-+EN9EFN60.TJLZQNPPJJP`!X.GJ+^YN9"29&&P*[``;`IR.G8U%%8W/EV]M*T7V>W M92K+G>^W[H(Z#MW/2M.B@+F3;V-X+"WM9A`!`\1#(Y.X*P)[#TISZ?V[S>3)"RK+"^]=W0\$$'\#4!@OA.+I5M M_.*>6\9=MN`<@@X]SV[UHT4`9#Z.[HBM*N=LI9AQAW8,"!Z`C^5,?2+F2&0O M)$9Y8)%D;G!=BI';H`,?E6U10%RA)IRQI$UF`LD4AD'F,2')!4Y)R>AZ^U1/ M8SRI/)+';2S3[08V8A%5(LQ(')\QQ_("J-^H?0E;JT-S^09 M?_L*7_F':?\`]<6_]&O03S.^YH1ZY=K_`*P12C_:0#^6*O6^M6LI"S*T#>OW ME_Q'ZUSU%`U-H[$8*!U8,AZ,IR#^-%0WT1>+ MY74?/&3R/<>HH-8R3)Z***"@HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH M`****`"BBB@`HHHH`T-/_P!0W^]_044:?_J&_P![^@HH+6QGT45#=W/V.TDG M_C'RQ_[Q_P`.M!!GZU?[-UG`W/25A_Z#_C6)02222>UD7@26X?_OIF/]:" MELS+HHHH)"BBB@`KJ[*8W%A!*3EMNUOJ./Y8KE*W]`?=8S)__H**-/_U#?[W]!106MC/7[P^M M_H**"UL9]97B"#=%#5%0B M3"!3U./NGU'YG\Z#0Y\37;P7,OFSMY4C,?O1["44C@XRH.[ MY>^1Q6KI=QYT+*P<2HQW[O4DYQ[`@@?2K9BC8,"BX8AFXZGCD_D/RH2..,L8 MT52YRQ48W'U-`%%G)GO)I&D)M3F.-7*@C8#R!UR]:1@A+;C$A8G.=HSV_P`!^0I/LT!D5S#'O0DJVT9!/7!]Z!E&PN[B]MW6 M1D21H$E5D4@+O!QU)SC%5A=S6K[%)'D12M-'(YDW,H0C#$YQAA^O'IL"&)5* MB)`"H4@*.5'0?3DTU;6W145+>)50DJ`@`4GKCTH`II=W+W/V4O!O0MN<(<,` M$.`,\'Y^N3T]ZKV5_N>V1UZUIBSM1&D8MH=B- MN5=@PI]0.QH-G:L5)MH24QM)0?+CIB@">BBB@04444`%%%%`!1110!H:?_J& M_P![^@HHT_\`U#?[W]!106MC/HHHH(*FI6`OX@R8%P@^7_;'I]?2N:961BK@ MJP."#U%=A5:^L(;\9<^7.!Q(!U_WO7ZT$2C?5'+T58N[&XLVQ,F%/1QRI^AJ MO08VL%%%%`!1110`5:T^QDOIMJ_*B\NYZ*/\?:K5EHTLV)+G,$7H1\S?0?U- M;:(D42Q0H$C7H!_,^IH+C"^XJ(D4:11+MC084?U/O2T44&PR9HUA=I2!&%)8 MGICO63#-&NC7+V;QAI/,,,<1!V';D*`.^!G'J36S10!SKQ&6W66T^S@02[8V MC&%=B4(8=><@J?J?I6II4XFM2JH5$3>7DMG.`#D^_//OFKN,TM`7,"X,D=[. M?F,8T8:8*X_=EE^5R5P,X'RKUYZU-)*XU@7'ER> M2K"W,FX;`#[9SG>5'3M6O10*Y@IJ4RK$?M(G?:P,<3(?,?VXY7Z8(YSFF17E MQ*ZR&\"+Y#[2'+%QM6+8"H/D"3(XR3GCK6_10(SM'8/]L*SFX7 M[1Q(@`K1HHH`****`"BBB@#0T__4-_O?T%%&G_`.H;_>_H**"UL9]% M%%!`4444``)P5X*GJI&0?PJI-I=E-SY31-ZQ-@?D?Z5;HH$U/936S10+DB9D>A6ZG][<22>RJ%_7FKUO;6]KS;P*K?WS\S M?F>GX5+10-)+8"23DG)HHHH&%%%%`!1110`4444`8TDZ+)>Q!T,OVN([#@G; M^Z&O6NCHH'/7D^X_"EBNY;=KG,[R$.$>3]WNC'F2=2<`=!P>FZNEHH"YF:?=R MS702>96_H**"UL9]%:GV.#^Y^IH^QP?W/U-!/*9=%:GV. M#^Y^IH^QP?W/U-`_H**L1QI$NU!@9SUHH+1_]D_ ` end GRAPHIC 43 strategicgrowthx29x1.jpg GRAPHIC begin 644 strategicgrowthx29x1.jpg M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP. M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=? M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@` M-`"<`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D* M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H MJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(! M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P M%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P# M`0`"$0,1`#\`]`HHHH`****`(;BZBMC'YQVK(VP,>@..,GM_C3Y)$BC,DCJB M`9+,<`56F!NKA(@N88VW2L1PQ[*/7GD_3%9UE!::G>^?!:P+96SXC98P/-D' M4CC[H[>I^E`&VK!U##.",C(Q3JS]9U-=+LC*$,LSD)#$.KN>@J+2+&=&%Y?, M6NW4@Y/3."1Z`<#`'ZDF@#5J&ZN$M+=YY<[$Y8CL,]:FK#N[FYO&B6/R8[?< M9CYF@J]HPFUJX&L7BE( M%)%G`?X1TWGU)H`WE;L?3(+W5)EO]2C,*!P\,1/*@=..WJ2>3TX'4`Z"BBB@`HHHH`**KWEY#90 M^9,3R=JHHRSGL`.YJE*LCVTEWJK^3;(I8VZ'@+_MD?>/L..W-`&?XFU;>J:5 MI\@>YN25D,9!,2#[W?@X_K4FD:W;"RMX[:PN8[3=Y$+':=Q"DGH?]D\U0\-V M`UC^T-3N%\M+I6MX$7CRX^AQ^@_`^M:C:!*=*6S%]M9(O)218L!4[X7/WB.I MS],4`8UIK9O->AOKJTE,+2&WLPNTJO\`>?KR<=2.!ZULR>)[5);I!!.XMXA+ MN4##+Z]>/;.,]J'\-PM>6TBS%;>W@\E8-N0>>3G/?H?7UJ)_#!:P:$W@::6X M$\\CQ96;!X4KG[HXXS0!J_VA%]@ANBC_`+]5,<6/G8D9"X]?Y5R.L3SP1KH9 MVI>7C*KR[\JL/\*YXZ7;CA@P>%]1U///-`#9?%=LDUW'':W,JVT8D:10`I!Q MCDGWX]:MG7(3]CCAAEEN;N,2+",!D7&G'O0!2U/5 M4U753Y<;3:;IN992K`+(XZ9)[?SYKJM.O!?V$-T(VC\U=VQNHKDEM]+T2U@N M;2[M=1,+9N4WJQ<$_?49.&'MU%=!I^FQ?VB^JPW7FI<*2H"]0<8YSR/PH`UZ M***`"HYYH[>"2:9@L<:EF)[`5)6?JXW1VXD!^S^>IF(SPH!(S[;@M`$>FVTM MQ.=3OEQ,XQ#$?^6"'M_O'N?PK%\5W4NJW\'A^Q.6=@UPPY"CK@_3K^5:]]JL MLBF#2(6N;EQQ)@B*/W+=/P%&@Z''I*2222&>\G.Z:8]SZ#VH`T;2VCL[6*VA M&(XE"J/85-110`4444`%%%%`!1110`4UE5U*L`RGJ",@TZB@"%;6W7[L$0YS MP@ZT_P`M/[B_E3Z*`*\EC:2KMEM8''HT8- COVER 44 filename44.htm f_jhiiiltr.htm

May 17, 2012

EDGAR

United States Securities and
Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549

Re:  Form N-CSR 
  John Hancock Funds III (the “Registrant”) on behalf of: 
  Core High Yield Fund 
  Discipline Value Mid Cap Fund 
  Disciplined Value Fund 
  International Value Equity Fund 
  Leveraged Companies Fund 
  Rainier Growth Fund 
  Small Cap Opportunities Fund 
  Small Company Fund 
  Strategic Growth Fund 
 
 
  File Nos. 333-125838; 811-21777 

 

Ladies and Gentlemen:

Enclosed herewith for filing pursuant to the Investment Company Act of 1940 and the Securities Exchange Act of 1934 is the Registrant’s Form N-CSR filing for the period ending March 31, 2012.

If you have any questions or comments regarding this filing, please contact the undersigned at (617) 663-4497.

Sincerely, 
 
 
/s/ Salvatore Schiavone 
Salvatore Schiavone 
Treasurer