0001193125-12-494927.txt : 20121207 0001193125-12-494927.hdr.sgml : 20121207 20121207123417 ACCESSION NUMBER: 0001193125-12-494927 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121207 DATE AS OF CHANGE: 20121207 EFFECTIVENESS DATE: 20121207 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEI INSTITUTIONAL INTERNATIONAL TRUST CENTRAL INDEX KEY: 0000835597 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-05601 FILM NUMBER: 121249036 BUSINESS ADDRESS: STREET 1: SEI INVESTMENTS ATTN: CAREN ROSCH STREET 2: 1FREEDOM CIRCLE DRIVE CITY: OAKS STATE: PA ZIP: 19456 BUSINESS PHONE: 610 676-3097 MAIL ADDRESS: STREET 1: SEI INVESTMENTS ATTN: CAREN ROSCH STREET 2: 1FREEDOM CIRCLE DRIVE CITY: OAKS STATE: PA ZIP: 19456 FORMER COMPANY: FORMER CONFORMED NAME: SEI INTERNATIONAL TRUST DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: SEI WEALTH MANAGEMENT TRUST DATE OF NAME CHANGE: 19900129 0000835597 S000006418 SIT INTERNATIONAL EQUITY FUND C000017606 SIT INTERNATIONAL EQUITY FUND - CLASS I C000017607 SIT INTERNATIONAL EQUITY FUND - CLASS A SEITX 0000835597 S000006419 SIT INTERNATIONAL FIXED INCOME FUND C000017608 SIT INTERNATIONAL FIXED INCOME FUND - CLASS A SEFIX 0000835597 S000006420 SIT EMERGING MARKETS EQUITY FUND C000017609 SIT EMERGING MARKETS EQUITY FUND - CLASS A SIEMX 0000835597 S000006421 SIT EMERGING MARKETS DEBT FUND C000017610 SIT EMERGING MARKETS DEBT FUND - CLASS A SITEX N-CSR 1 d297874dncsr.htm SEI INSTITUTIONAL INTERNATIONAL TRUST SEI Institutional International Trust

 

 

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 811-05601

SEI Institutional International Trust

(Exact name of registrant as specified in charter)

 

 

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

CT Corporation

155 Federal Street

Boston, MA 02110

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-342-5734

Date of fiscal year end: September 30, 2012

Date of reporting period: September 30, 2012

 

 

 


Item 1. Reports to Stockholders.


LOGO

 

September 30, 2012

ANNUAL REPORT

SEI Institutional International Trust

International Equity Fund

Emerging Markets Equity Fund

International Fixed Income Fund

Emerging Markets Debt Fund

 

LOGO


TABLE OF CONTENTS

 

   

Management’s Discussion and Analysis of Fund Performance

     1   

Summary Schedules of Investments

     7   

Statements of Assets and Liabilities

     32   

Statements of Operations

     33   

Statements of Changes in Net Assets

     34   

Financial Highlights

     36   

Notes to Financial Statements

     37   

Report of Independent Registered Public Accounting Firm

     47   

Trustees and Officers of the Trust

     48   

Disclosure of Fund Expenses

     51   

Board of Trustees Considerations in Approving
the Advisory and Sub-Advisory Agreements

     52   

Notice to Shareholders

     55   

The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q within sixty days after the end of the period. The Trust’s Form N-Q is available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities, as well as information relating to how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-800-DIAL-SEI; and (ii) on the Commission’s website at http://www.sec.gov.


MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

SEI INSTITUTIONAL INTERNATIONAL TRUST — SEPTEMBER 30, 2012

International Equity Fund

 

I. Objective

The International Equity Fund (the “Fund”) seeks to provide long-term capital appreciation.

II. Multi-Manager Approach Statement

The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (SIMC). The Fund utilized the following sub-advisers as of September 30, 2012: Acadian Asset Management LLC, Causeway Capital Management LLC, del Rey Global Investors LLC, INTECH Investment Management LLC, Neuberger Berman Management LLC, Schroder Investment Management North America, Inc. and Tradewinds Global Investors LLC. For the year ended September 30, 2012, there were no new managers added to the Fund; Quantitative Management Associates LLC was terminated during the period.

III. Market Commentary

For the year ended September 30, 2012, we saw strong equity returns on the heels of relatively positive economic data combined with significant central bank intervention worldwide. The greatest concern continued to be the eurozone sovereign debt saga, with the focus shifting from Greece and other peripheral countries to questions regarding the financial strength of larger national economies such as Germany and France, which may eventually have to backstop the debts of their weaker neighbors. Entering 2012, eurozone debt fears waned temporarily, bringing strong equity market results in January and February despite the fact that yield spreads between stronger governments and troubled governments remained quite high (wide spreads may be an indication of stress and risk aversion in credit markets). While there were releases of improved economic data throughout the period, fears persisted regarding the prospects of a hard landing for China and other emerging markets’ domestic economies, as well as concerns regarding the potential for a double-dip recession in the U.S. However, global equity markets rallied in the third quarter of 2012, due, we believe, to central banks around the world signaling that they will take the necessary measures to stimulate economic growth. Performance was strong across developed markets with the exception of Japan, which continues to struggle due largely to the impact of its strong currency on its predominately export-driven economy. Financials also rebounded significantly during the period in response to increasing central bank intervention aimed at stabilizing financial markets.

IV. Return vs. Benchmark

For year ended September 30, 2012, the Fund’s Class A shares outperformed the MSCI EAFE Index (the “Index”), returning 14.76% (Class A) versus the Index return of 13.75%.

V. Fund Attribution

At the sector level, Fund outperformance came mainly from stock selection. Selection in Industrials drove positive results as did selection in Energy and Telecommunications. In contrast, selection in Consumer Discretionary and Consumer Staples detracted slightly from performance. Regionally, outperformance came mainly through stock selection, while regional allocation had little impact. Stock selection in Europe was the greatest contributor to Fund outperformance, particularly within Switzerland and the Netherlands. The greatest detractor from performance was Australia, where stock selection and the underweight allocation both dragged on results.

Some of the managers within the Fund used derivatives for currency hedging (futures and forwards) during the period, though these instruments did not have a meaningful impact on Fund performance.

International Equity Fund:

AVERAGE ANNUAL TOTAL RETURN1

 

     One Year
Return
    Annualized
3 Year
Return
    Annualized
5 Year
Return
    Annualized
10 Year
Return
    Annualized
Inception
to Date
 
Class A     14.76%        2.50%        (9.13)%        5.11%        2.84%   
Class I     14.37%        2.22%        (9.34)%        4.85%        2.03%   
MSCI EAFE Index     13.75%        2.12%        (5.24)%        8.20%        3.85%   

Comparison of Change in the Value of a $100,000 Investment in the International Equity Fund, Class A and Class I, versus the MSCI EAFE Index

 

LOGO

 

  1   

For the year ended September 30, 2012. Past performance is no indication of future performance. Class I Shares were offered beginning on January 4, 2002. Class A Shares were offered beginning December 20, 1989. Class I Shares performance for the period prior to January 4, 2002 is performance derived from the performance of the Class A Shares. The performance of Class I Shares may be lower than the performance of Class A Shares because of different distribution fees paid by Class I shareholders. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower.

 

 

SEI Institutional International Trust / Annual Report / September 30, 2012      1`   


MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

SEI INSTITUTIONAL INTERNATIONAL TRUST — SEPTEMBER 30, 2012

Emerging Markets Equity Fund

 

I. Objective

The Emerging Markets Equity Fund (the “Fund”) seeks capital appreciation.

II. Multi-Manager Approach Statement

The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (SIMC). The Fund utilized the following sub-advisers as of September 30, 2012: Delaware Management Company, JO Hambro Capital Management Limited, Kleinwort Benson Investors International, Lazard Asset Management LLC, Neuberger Berman Management LLC, PanAgora Asset Management, Inc., and The Boston Company Asset Management LLC. For the year ended September 30, 2012, Kleinwort Benson Investors International was added to the Fund; Artisan Partners Limited Partnership was terminated during the period.

III. Market Commentary

For the year ended September 30, 2012, emerging markets outperformed developed markets driven largely by a renewed appetite for risk that was interspersed throughout the period. The greatest concern worldwide continued to be the eurozone sovereign debt saga, with the focus shifting from the fate of Greece and other peripheral nations, to questions regarding the financial strength of the larger nations such as Germany and France, as it was assumed that they would ultimately have to step in and finance the debts of their weaker neighbors. Entering 2012, the euro debt fears waned temporarily, bringing strong results in January and February, despite the fact that spreads on European sovereign debt remained extremely high. While there were releases of improved economic data throughout the period, fears persisted regarding the prospects of a hard landing for China’s and other emerging markets’ economies, along with the worldwide concern regarding the potential for a double-dip recession in the U.S. However, equity markets around the world rallied in the third quarter of 2012, as central banks around the globe continued to signal that they would take whatever measures they deem necessary to stimulate economic growth. Of these measures, the one that created the most positive market reaction was the European Central Bank’s (ECB) announcement to provide liquidity to the market through unlimited purchases of short-duration bonds, and the ECB president’s pledge to “do whatever it takes” to preserve the euro currency union. Within emerging markets, the larger economies of Brazil and India struggled, as the sustainability of growth in those nations came into question. In contrast, Mexico and Korea delivered strong performance through the choppy market environment.

IV. Return vs. Benchmark

For year ended September 30, 2012, the Fund underperformed the MSCI Emerging Markets Index (Gross) (the “Index”), returning 14.21% versus the Index return of 17.33%.

V. Fund Attribution

Stock selection in Information Technology and Financials detracted most from performance. In contrast, an underweight to Materials contributed positively, as did stock selection in Industrials. From a regional standpoint, both stock selection and portfolio allocation detracted from performance. Stock selection in Brazil was strong during the period, but weak selection in China and South Africa detracted from results.

Emerging Markets Equity Fund:

AVERAGE ANNUAL TOTAL RETURN1

 

     One Year
Return
    Annualized
3 Year
Return
    Annualized
5 Year
Return
    Annualized
10 Year
Return
    Annualized
Inception
to Date
 
Class A     14.21%        2.64%        (3.44)%        13.58%        4.99%   
MSCI Emerging Markets Index
(Gross)
    17.33%        5.96%        (0.98)%        17.37%        7.08%   

Comparison of Change in the Value of a $100,000 Investment in the

Emerging Markets Equity Fund, Class A, versus the MSCI Emerging Markets Index (Gross)

LOGO

 

  1   

For the year ended September 30, 2012. Past performance is no indication of future performance. Class A Shares were offered beginning January 17, 1995. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower.

 

 

2    SEI Institutional International Trust / Annual Report / September 30, 2012


MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

SEI INSTITUTIONAL INTERNATIONAL TRUST — SEPTEMBER 30, 2012

International Fixed Income Fund

 

I. Objective

The International Fixed Income Fund (the “Fund”) seeks to provide capital appreciation and current income.

II. Multi-Manager Approach Statement

The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (SIMC). The Fund utilized the following sub-advisers as of September 30, 2012: AllianceBernstein L.P., Wellington Management Company, LLP and Fidelity International Investment Advisors (UK) Limited. For the year ended September 30, 2012, no manager changes were made.

Market Commentary

For the year ended September 30, 2012, markets experienced another roller coaster ride, flipping from “risk-on” to “risk-off” quite frequently. The new European Central Bank (ECB) President Mario Draghi has been extremely active all year-round. At the beginning of his mandate the ECB cut rates in December 2011 and followed suit with two rounds of long term refinancing operations (LTRO). The LTROs have been perceived as a game changer in Europe in terms of: 1) backstopping bank funding for long periods; 2) pushing all short-end rates and spreads lower; and 3) reviving demand for government bonds. The broader collateral eligibility that came along the second LTRO gave the opportunity to small financial entities to access the operation: a total of 800 banks borrowed 530 billion euro. The ECB’s efforts were reinforced by the Euro area finance ministers with an extension of EFSF/ ESM firewalls. The deal ensures 500 billion of lending capacity beyond the funds already committed will be available from the middle of 2012. On the Greek subject the new government took some measures including public and private sector wage cuts, reduction in the number of civil service employees, tax reform, pension reform and a host of other reforms in order to achieve a consolidation of 1.5% of gross domestic product (GDP) in 2012 and an additional 5% of GDP through 2015. By the end of the first quarter a second-round bailout was agreed with even more structural reforms in order to pay the March 20th bond maturity. In addition the PSI negotiations went throughout: EU172bn of bonds tenders in swap

with consents from 85% of holders. The International Swaps and Derivatives Association (ISDA) voted that a Greek credit event occurred which triggered CDS contracts.

The second quarter saw the reversal of the first quarter in the form of renewed markets skepticism about two main worried: the stability of the euro area and the momentum in global growth / demand. Market anxiety about Spain flared up again. At the beginning of the period Spain was in the spotlight as confidence disappeared due to the large fiscal slippage in 2011 (2.5% of GDP). The Spanish government announced its fiscal consolidation plan for 2012, with measures worth EUR27.3bn for the central government budget. But the weak banking system came into light with the Bankia bailout which was much larger than estimated just two weeks prior and was placed on the country’s balance sheet despite the country moving back into recession in the first quarter. By the end of the quarter the decision to provide funds for Spanish bank recapitalization failed to stabilize markets.

At the beginning of the third quarter the ECB cut its main refinancing rate by 25bp to 0.75% as well as marginal deposit and lending rates. The deposit rate is now at zero. During the last ECB meeting of the quarter President Draghi introduced a new policy approach that seeks to navigate the current difficult path in a judicious manner and is called Outright Monetary Transactions (OMT). More precisely, any country requesting ECB action will first be required to have signed up for either a full EFSF/ESM program (such as Greece, Ireland, Portugal) or at minimum to have set up a precautionary program. Precautionary programs are akin to the IMF’s precautionary credit line. The market reaction was strong and positive as investors realized that it was a step towards fiscal union.

The substantially stimulating monetary policy applied in Europe was used throughout the world: the US, Japan, the UK and China all loosened their monetary policy to fight the economic slowdown and the lack of political leadership.

On the market front the major treasury markets (U.S., Europe and UK) are lower than a year ago. Spreads on government debt within the eurozone tightened significantly, especially since the LTRO announcement. On the corporate-bond side, spreads tightened, especially in the US, as companies deleveraged their balance sheets and are still sitting on a pile of cash to stomach a potentially global downturn.

 

 

SEI Institutional International Trust / Annual Report / September 30, 2012      3   


MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

SEI INSTITUTIONAL INTERNATIONAL TRUST — SEPTEMBER 30, 2012

International Fixed Income Fund (Concluded)

 

III. Return vs. Benchmark

For year ended September 30, 2012, the Fund outperformed the Barclays Capital Global Aggregate ex-USD Index, Hedged (the “Index”) returning 6.34% versus the Index return of 5.86%.

IV. Fund Attribution

The fund kept a short duration positioning throughout the year which overall was marginally positive. The main contributor to performance was the asset allocation call through an overweight stance to the corporate, especially financials, and securitized sectors and an underweight stance to the sovereign sector. Another positive driver of performance was the security selection within the corporate and securitized sub-sectors. The country selection was positive as the fund successfully managed to adjust the exposure of the so-called peripheral countries according to the market environment. Treasury futures, currency forwards, options and swaps were used to efficiently assist in managing the Fund’s duration, currency and yield-curve exposures.

International Fixed Income Fund:

AVERAGE ANNUAL TOTAL RETURN1

 

     One Year
Return
    Annualized
3 Year
Return
    Annualized
5 Year
Return
    Annualized
10 Year
Return
    Annualized
Inception
to Date
 
Class A     6.34%        4.85%        4.03%        4.74%        4.63%   
Barclays Capital Global Aggregate ex-US Index, Hedged     5.86%        4.22%        4.84%        4.46%        6.17%   

Comparison of Change in the Value of a $100,000 Investment in the International Fixed Income Fund, Class A, versus the Barclays Capital Global Aggregate ex-US Index, Hedged

LOGO

 

  1   

For the year ended September 30, 2012. Past performance is no indication of future performance. Class A Shares were offered beginning September 1, 1993. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower.

 

 

4    SEI Institutional International Trust / Annual Report / September 30, 2012


MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

SEI INSTITUTIONAL INTERNATIONAL TRUST — SEPTEMBER 30, 2012

Emerging Markets Debt Fund

 

I. Objective

The Emerging Markets Debt Fund (the “Fund”) seeks to maximize total return.

II. Multi-Manager Approach Statement

The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corp. (SIMC). The Fund utilized the following sub-advisers as of September 30, 2012: Ashmore Investment Management Limited, ING Investment Management Advisors, B.V. and Stone Harbor Investment Partners LP. For the year ended September 30, 2012, no manager changes were made.

III. Market Commentary

For the year ended September 30, 2012, emerging markets debt (EMD) posted a return of 18.52% (as measured by a blended benchmark) during a roller-coaster market that saw increasing asset prices despite persistent volatility. EMD began the period with a stretch of volatility caused by resolution of the U.S. debt ceiling crisis and deepening concerns over financial stresses in Europe. Investor risk appetite returned on news of an improving outlook in Europe, positive developments in China, a temporary respite from the U.S. government’s fiscal challenges, and relatively attractive valuations that resulted from a mid-2011 selloff across global markets.

Emerging markets local-currency debt posted positive absolute returns, but failed to keep pace with the strong dollar market during the period. Local currency assets were severely impaired in September 2011, coming off another period of volatility, causing investors to return to external-debt sectors. After additional volatility in the second quarter of 2012, the European Central Bank and U.S. Federal Reserve provided more support to financial markets, enacting measures designed to minimize the likelihood of extremely severe market events in the short term. Central bank policies in emerging markets also began to ease as inflation risks took a backseat to fears of a global slowdown.

The accommodative tone from policymakers caused a surge in appetite for external emerging market debt assets. This resulted in asset-class inflows of approximately $60 billion — $25 billion more than projected at the start of 2012 — with another quarter left in calendar year 2012. These positive technicals put upward pressure on EMD asset prices and boosted returns, despite liquidity challenges and supply imbalances. New issuance, which usually helps absorb investor inflows, was largely completed at the start of 2012 and thus unavailable to offset a sharp decline in yields. Though sovereign financing remained quiet, very strong issuance in new corporate deals helped pick up the slack. Investors are still becoming acquainted with the growing EMD corporate sector.

Growth expectations in emerging markets declined during the period, yet remain significantly higher than in the developed world. Economic fundamentals continued to improve despite fiscal pressures in a few countries, giving way to more credit-rating upgrades—a trend that is expected to continue. The strong technical environment has clearly supported asset prices, but we believe it is ultimately the positive underlying long-term fundamentals that are supporting investors’ increasing comfort with the emerging markets debt asset class.

IV. Return vs. Benchmark

From September 30, 2011 through June 30, 2012, the Fund’s benchmark was the JP Morgan EMBI Global Diversified Index. During that period, the Fund outperformed the benchmark, returning 13.11% versus 12.11%.

From June 30, 2012 through September 30, 2012, the Fund’s benchmark was 50% JP Morgan EMBI Global Diversified Index and 50% JP Morgan GBI-EM Global Diversified Index. During that period, the Fund outperformed the benchmark, returning 6.16% versus 5.72%.

For the year ended September 30, 2012, the Fund returned 18.48% versus a linked return of 18.52% for the two benchmarks used during the period.

 

 

SEI Institutional International Trust / Annual Report / September 30, 2012      5   


MANAGEMENT’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

SEI INSTITUTIONAL INTERNATIONAL TRUST — SEPTEMBER 30, 2012

Emerging Markets Debt Fund (Concluded)

 

V. Fund Attribution

Adding to the Fund’s relative return for the period was an overweight to local-currency debt (particularly in Mexico and Brazil), security selection in quasi-sovereign debt, an underweight to Lebanon and security selection in Venezuela.

At the country level, security selection in Mexico was the largest contributor to relative return as the country’s debt benefited from a high correlation to U.S. Treasuries, which rallied. Mexico’s currency, the peso, also rallied on favorable economic growth expectations for continued reforms under the new administration. Local-currency debt in Brazil was also a strong contributor to performance, with the majority of returns derived from local rates rather than changes in the exchange rate (the Brazilian government currently manages the U.S. dollar-exchange rate of its currency, the real). Bond yields fell and prices rose as Brazil’s central bank slashed interest rates after it became apparent that global growth was slowing. An underweight in Lebanon, one of the benchmark’s worst performers, was beneficial. Demographics and high levels of debt resulted in unattractive fundamentals there. Security selection in Venezuela’s Energy sector helped returns thanks to supportive oil prices. Bonds in Venezuela also posted a rally during the year on expectations of a potential regime change which would have been viewed as market friendly.

Detracting from relative returns was a broader allocation to corporate debt, which performed well but lagged dollar debt during the year. An overweight to Argentina detracted in the Fund’s fiscal year but benefited returns in the third quarter of 2012. An underweight to Peru and an overweight to local-currency debt in India also detracted from returns. Currency forwards and swap contracts were used in the Fund for the year ended September 30, 2012 as a way to either hedge particular positions or gain exposure to additional areas of the market. These tools, which allow for more efficient portfolio management, had a marginally positive impact on Fund performance.

Emerging Markets Debt Fund

AVERAGE ANNUAL TOTAL RETURN1

 

     One Year
Return
    Annualized
3 Year
Return
    Annualized
5 Year
Return
    Annualized
10 Year
Return
    Annualized
Inception
to Date
 
Class A     18.48%        11.80%        9.34%        14.25%        10.77%   
JP Morgan EMBI Global Diversified Index     19.55%        11.83%        10.07%        11.74%        10.04%   
50/50 Blended Benchmark consisting of the J.P. Morgan EMBI Global Diversified Index and the J.P. Morgan GBI-EM Global Diversified Index     16.18%        10.72%        9.50%        N/A        N/A   

Comparison of Change in the Value of a $100,000 Investment in the Emerging Markets Debt Fund, Class A, versus the JP Morgan EMBI Global Diversified Index

LOGO

 

  1   

For the year ended September 30, 2012. Past performance is no indication of future performance. Class A Shares were offered beginning June 26, 1997. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower.

 

       N/A — Not Applicable.
 

 

6    SEI Institutional International Trust / Annual Report / September 30, 2012


SUMMARY SCHEDULE OF INVESTMENTS

International Equity Fund

September 30, 2012

 

 

LOGO

 

Description   Percentage of
Net Assets (%)
    Shares      Market Value
($ Thousands)
 
      

COMMON STOCK — 93.8%

  

  

Argentina — 0.0%

  

  

Other Securities

    0.0      $ 42   
      

 

 

 

Australia — 3.1%

  

  

Australia & New Zealand Banking Group

    0.6        407,583         10,490   

Newcrest Mining

    0.5        330,170         10,005   

Other Securities

    2.0           35,728   
      

 

 

 
         56,223   
      

 

 

 

Austria — 0.0%

  

  

Other Securities

    0.0           651   
      

 

 

 

Belgium — 1.7%

  

  

Anheuser-Busch InBev

    0.9        197,567         16,819   

Other Securities

    0.8           15,226   
      

 

 

 
         32,045   
      

 

 

 

Bosnia and Herzegovina — 0.1%

  

  

Other Securities

    0.1           2,288   
      

 

 

 

Brazil — 0.4%

  

  

Other Securities

    0.4           6,729   
      

 

 

 

Canada — 3.5%

  

  

Barrick Gold

    0.5        225,222         9,405   

Other Securities

    3.0           54,514   
      

 

 

 
         63,919   
      

 

 

 

Chile — 0.2%

  

  

Other Securities

    0.2           4,407   
      

 

 

 

China — 0.4%

  

  

Other Securities

    0.4           7,249   
      

 

 

 
Description   Percentage of
Net Assets (%)
    Shares      Market Value
($ Thousands)
 
      

Colombia — 0.1%

  

  

Other Securities

    0.1      $ 2,622   
      

 

 

 

Czech Republic — 0.1%

  

  

Other Securities

    0.1           2,161   
      

 

 

 

Denmark — 1.2%

  

  

Novo Nordisk, Cl B

    0.6        62,554         9,894   

Other Securities

    0.6           12,013   
      

 

 

 
         21,907   
      

 

 

 

Finland — 0.3%

  

  

Other Securities

    0.3           6,212   
      

 

 

 

France — 8.8%

  

  

BNP Paribas (A)

    0.6        207,576         9,875   

Sanofi

    1.6        353,602         30,183   

Schneider Electric

    0.8        238,540         14,134   

Total

    0.5        194,192         9,643   

Other Securities

    5.3           98,741   
      

 

 

 
         162,576   
      

 

 

 

Germany — 8.4%

  

  

Bayer

    0.5        108,656         9,342   

Daimler

    0.5        189,074         9,162   

Deutsche Boerse (A)

    0.6        205,895         11,407   

Linde (A)

    0.8        88,407         15,241   

Muenchener Rueckversicherungs

    0.5        55,307         8,645   

Siemens

    0.9        158,522         15,828   

Other Securities

    4.6           85,837   
      

 

 

 
         155,462   
      

 

 

 

Hong Kong — 3.0%

  

  

Other Securities

    3.0           55,811   
      

 

 

 

India — 0.3%

  

  

Other Securities

    0.3           6,238   
      

 

 

 

Indonesia — 0.1%

      

Other Securities

    0.1           2,052   
      

 

 

 

Ireland — 1.1%

  

  

Experian

    0.5        541,123         8,992   

Other Securities

    0.6           11,933   
      

 

 

 
         20,925   
      

 

 

 

Israel — 0.8%

  

  

Check Point Software Technologies*

    0.5        185,968         8,956   

Other Securities

    0.3           6,075   
      

 

 

 
         15,031   
      

 

 

 
 

 

SEI Institutional International Trust / Annual Report / September 30, 2012      7   


SUMMARY SCHEDULE OF INVESTMENTS

International Equity Fund (Continued)

September 30, 2012

 

Description   Percentage of
Net Assets (%)
    Shares      Market Value
($ Thousands)
 
      

Italy — 0.9%

  

  

Other Securities

    0.9      $ 16,753   
      

 

 

 

Japan — 16.0%

  

  

Chugai Pharmaceutical

    0.0        10,400         219   

Fanuc

    0.8        85,700         13,857   

Honda Motor (A)

    0.7        387,000         11,923   

JGC

    0.6        309,200         10,353   

Jupiter Telecommunications

    0.5        8,833         8,992   

KDDI

    0.5        110,600         8,615   

Mabuchi Motor (A)

    0.5        178,500         8,191   

Nippon Telegraph & Telephone

    0.6        222,200         10,624   

Seven & I Holdings

    0.8        444,200         13,686   

Toyota Motor

    0.7        331,200         12,941   

Other Securities

    10.6           195,952   
      

 

 

 
         295,353   
      

 

 

 

Malta — 0.0%

  

  

Other Securities

    0.0             
      

 

 

 

Mexico — 0.3%

  

  

Other Securities

    0.3           5,204   
      

 

 

 

Netherlands — 4.7%

  

  

Akzo Nobel

    0.8        267,747         15,153   

Reed Elsevier

    0.6        869,613         11,641   

Other Securities

    3.3           59,079   
      

 

 

 
         85,873   
      

 

 

 

New Zealand — 0.1%

  

  

Other Securities

    0.1           2,584   
      

 

 

 

Norway — 1.3%

  

  

DNB

    0.6        920,593         11,297   

Other Securities

    0.7           11,887   
      

 

 

 
         23,184   
      

 

 

 

Poland — 0.1%

  

  

Other Securities

    0.1           1,791   
      

 

 

 

Portugal — 0.0%

  

  

Other Securities

    0.0           179   
      

 

 

 

Russia — 0.8%

  

  

Sberbank of Russia ADR

    0.5        752,179         8,763   

Other Securities

    0.3           4,973   
      

 

 

 
         13,736   
      

 

 

 

Singapore — 1.4%

  

  

Other Securities

    1.4           25,906   
      

 

 

 

South Africa — 0.6%

  

  

Other Securities

    0.6           11,301   
      

 

 

 
Description   Percentage of
Net Assets (%)
    Shares      Market Value
($ Thousands)
 
      

South Korea — 2.8%

  

  

KT&G

    0.6     137,854       $ 10,506   

Samsung Electronics

    0.9        13,366         16,187   

Other Securities

    1.3           24,540   
      

 

 

 
         51,233   
      

 

 

 

Spain — 1.0%

  

  

Other Securities

    1.0           19,119   
      

 

 

 

Sweden — 2.1%

      

Other Securities

    2.1           39,292   
      

 

 

 

Switzerland — 8.5%

  

  

Givaudan

    0.7        14,019         13,314   

Nestle

    1.2        337,630         21,304   

Novartis

    1.1        341,225         20,895   

Roche Holding

    1.8        175,867         32,879   

SGS

    0.5        4,654         9,568   

Sulzer

    0.4        56,389         8,220   

Zurich Insurance Group

    0.6        47,073         11,731   

Other Securities

    2.2           38,248   
      

 

 

 
         156,159   
      

 

 

 

Taiwan — 0.1%

  

  

Other Securities

    0.1           1,418   
      

 

 

 

Thailand — 0.1%

  

  

Other Securities

    0.1           1,630   
      

 

 

 

United Kingdom — 18.4%

  

  

BG Group

    0.9        779,002         15,724   

BHP Billiton

    0.7        405,901         12,617   

British American Tobacco

    0.6        229,719         11,794   

Diageo

    0.4        291,195         8,180   

HSBC Holdings

    0.4        874,000         8,223   

Petrofac

    0.6        394,859         10,170   

Rolls-Royce Holdings

    0.5        606,526         8,257   

Shire

    0.5        305,490         8,949   

Tesco

    0.9        3,215,538         17,239   

Vodafone Group

    1.0        6,631,151         18,819   

Other Securities

    11.9           219,738   
      

 

 

 
         339,710   
      

 

 

 

United States — 1.0%

  

  

Other Securities

    1.0           17,419   
      

 

 

 

Total Common Stock (Cost $1,711,127) ($ Thousands)

   

     1,732,394   
      

 

 

 
 

 

8    SEI Institutional International Trust / Annual Report / September 30, 2012


Description   Percentage of
Net Assets (%)
    Shares      Market Value
($ Thousands)
 
      

PREFERRED STOCK — 0.4%

  

Brazil — 0.1%

  

Other Securities

    0.1      $ 1,383   
      

 

 

 

Germany — 0.3%

  

Other Securities

    0.3           6,421   
      

 

 

 

Total Preferred Stock
(Cost $7,335) ($ Thousands)

   

     7,804   
      

 

 

 

U.S. TREASURY OBLIGATIONS — 0.3%

  

Other Securities

    0.3           4,399   
      

 

 

 

Total U.S. Treasury Obligations
(Cost $4,399) ($ Thousands)

   

     4,399   
      

 

 

 

RIGHTS — 0.0%

  

France — 0.0%

  

Other Securities

    0.0           41   
      

 

 

 

Total Rights
(Cost $—) ($ Thousands)

   

     41   
      

 

 

 

AFFILIATED PARTNERSHIP — 6.3%

  

SEI Liquidity Fund, L.P. 0.150%**† (B)

    6.3        118,692,866         116,607   
      

 

 

 

Total Affiliated Partnership
(Cost $118,693) ($ Thousands)

   

     116,607   
      

 

 

 

CASH EQUIVALENT — 3.1%

  

SEI Daily Income Trust, Prime Obligation Fund, CI A 0.070%**†

    3.1        57,461,405         57,461   
      

 

 

 

Total Cash Equivalent
(Cost $57,461) ($ Thousands)

   

     57,461   
      

 

 

 
Description   Percentage of
Net Assets (%)
  Face Amount (1)
(thousands)
    Market Value
($ Thousands)
 
       

TIME DEPOSITS — 2.7%

  

 

United States — 2.7%

  

 

Brown Brothers Harriman

     

4.150%, 10/01/2012

      ZAR        14      $ 2   

2.580%, 10/01/2012

      AUD        309        321   

1.550%, 10/01/2012

      NZD        137        114   

0.550%, 10/01/2012

      NOK        715        125   

0.400%, 10/01/2012

      SEK        10        2   

0.185%, 10/01/2012

      CAD        6        6   

0.054%, 10/01/2012

      GBP        598        965   

0.030%, 10/01/2012

        46,735        46,735   

0.010%, 10/01/2012

      JPY        30,165        388   

0.010%, 10/01/2012

      SGD        140        114   

0.005%, 10/01/2012

      HKD        1,747        225   

0.005%, 10/01/2012

      CHF        1,060        1,128   

(0.014)%, 10/01/2012

      EUR        288        370   

(0.200)%, 10/01/2012

      DKK        852        147   
       

 

 

 

Total Time Deposits
(Cost $50,642) ($ Thousands)

   

    50,642   
       

 

 

 

Total Investments — 106.6%
(Cost $1,949,657) ($ Thousands)††

   

  $ 1,969,348   
       

 

 

 

A list of the open futures contracts held by the Fund at September 30, 2012, is as follows:

 

Type of

Contract

    

Number of

Contracts

Long

      

Expiration

Date

      

Unrealized

Appreciation

(Depreciation)

($ Thousands)

 

DJ Euro Stoxx 50 Index

       585           Dec-2012         $ (930

FTSE 100 Index

       198           Dec-2012           (327

Hang Seng Index

       25           Oct-2012           30   

SPI 200 Index

       57           Dec-2012           (28

Topix Index

       155           Dec-2012           235   
              

 

 

 
               $ (1,020
              

 

 

 

For the year ended September 30, 2012, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the year.

A list of the open forward foreign currency contracts held by the Fund at September 30, 2012, is as follows:

 

Settlement

Date

  

Currency

to Deliver

(Thousands)

    

Currency

to Receive

(Thousands)

      

Unrealized

Depreciation

($ Thousands)

 

11/02/2012

     EUR        11,621         USD        14,562         $ (391
              

 

 

 
 

 

SEI Institutional International Trust / Annual Report / September 30, 2012      9   


SUMMARY SCHEDULE OF INVESTMENTS

International Equity Fund (Concluded)

September 30, 2012

 

A list of the counterparties for the open forward foreign currency contracts held by the Fund at September 30, 2012, is as follows:

 

Counterparty   

Settlement
Date

    

Currency to

Deliver

($ Thousands)

    

Currency to

Receive

($ Thousands)

    

Unrealized

Appreciation

(Depreciation)

($ Thousands)

 

State Street

     11/02/2012         (14,953      14,562       $ (391
           

 

 

 

For the year ended September 30, 2012, the total amount of all open forward foreign currency contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the year.

Percentages are based on a Net Assets of $1,848,122 ($ Thousands).

 

*   Non-income producing security

 

**   Rate shown is the 7-day effective yield as of September 30, 2012.

 

  Investment in Affiliated security (See Note 4).

 

(1)   In U.S. Dollars unless otherwise indicated.

 

(A)   This security or a partial position of this security is on loan at September 30, 2012. The total market value of such securities at September 30, 2012 was $111,744 ($ Thousands) (See Note 8).

 

(B)   This security was purchased with cash collateral held from securities on loan (see Note 8). The total value of such securities on loan at September 30, 2012 was $116,607 ($ Thousands).

 

††   The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). In certain instances, securities for which footnotes listed above may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available (i) without charge, upon request, by calling (800) 342-5734; and (ii) on the SEC’s website at http://www.sec.gov.

AUD — Australian Dollar

CAD — Canadian Dollar

CHF — Swiss Franc

Cl — Class

DJ — Dow Jones

DKK — Danish Krone

EUR — Euro

FTSE — Financial Times and the London Stock Exchange

GBP — British Pound Sterling

HKD — Hong Kong Dollar

JPY — Japanese Yen

L.P. — Limited Partnership

NOK — Norwegian Krone

NZD — New Zealand Dollar

SEK — Swedish Krone

SGD — Singapore Dollar

SPI — Share Price Index

USD — U.S. Dollar

ZAR — South African Rand

The following is a summary of the inputs used as of September 30, 2012, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):

 

Investments in Securities   Level 1     Level 2     Level 3(1)     Total  

Common Stock

  $ 1,726,328      $ 5,712      $ 354      $ 1,732,394   

Preferred Stock

    7,804                      7,804   

U.S. Treasury Obligations

           4,399               4,399   

Rights

    41                      41   

Affiliated Partnership

           116,607               116,607   

Cash Equivalent

    57,461                      57,461   

Time Deposits

           50,642               50,642   
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Investments in Securities

  $ 1,791,634      $ 177,360      $ 354      $ 1,969,348   
 

 

 

   

 

 

   

 

 

   

 

 

 
Other Financial Instruments   Level 1     Level 2     Level 3     Total  

Futures Contracts*

  $ (1,020   $      $      $ (1,020

Forwards Contracts*

           (391            (391
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Other Financial Instruments

  $ (1,020   $ (391   $      $ (1,411
 

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)   

A reconciliation of Level 3 instruments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets.

 

*   Futures and forwards contracts are valued at the unrealized depreciation on the instrument.

For the year ended September 30, 2012, there were transfers between Level 1 and Level 2 assets and liabilities. The primary reason for changes in the classifications between Levels 1 and 2 occurs when foreign equity securities are fair valued using other observable market-based inputs in place of the closing exchange price due to events occurring after the close of the exchange or market on which the investment is principally traded (see Note 2).

For the year ended September 30, 2012, there were transfers from Level 2 into Level 3 assets and liabilities for certain securities. The primary reason for changes in the classifications between Level 2 and Level 3 occurs when trading of securities are halted on the primary exchange on which they are traded.

Amounts designated as “—” are $O or have been rounded to $O.

The accompanying notes are an integral part of the financial statements.

 

 

10    SEI Institutional International Trust / Annual Report / September 30, 2012


SUMMARY SCHEDULE OF INVESTMENTS

Emerging Markets Equity Fund

September 30, 2012

 

 

LOGO

 

Description   Percentage of
Net Assets (%)
   

Shares

     Market Value
($ Thousands)
 
         

COMMON STOCK — 93.6%

  

  

Argentina — 0.2%

  

  

Other Securities

    0.2         $ 2,067  
         

 

 

 

Austria — 0.2%

  

  

Other Securities

    0.2              1,546  
         

 

 

 

Brazil — 9.3%

  

  

Gerdau ADR (A)

    0.6           550,665         5,237  

Petroleo Brasileiro ADR

    1.1           413,765         9,492  

Petroleo Brasileiro

    0.1           80,722         923  

Totvs

    0.5           215,292         4,456  

Vale

    0.1           58,092         1,038  

Vale ADR, Cl B

    0.6           300,325         5,376  

Other Securities

    6.3              57,050  
         

 

 

 
            83,572  
         

 

 

 

Canada — 1.3%

  

  

Pacific Rubiales Energy (A)

    0.5           196,676         4,695  

Other Securities

    0.8              7,192  
         

 

 

 
            11,887  
         

 

 

 

Chile — 0.5%

         

Other Securities

    0.5              3,999  
         

 

 

 

China — 11.5%

         

AAC Technologies Holdings (A)

    0.6           1,498,180         5,411  

Agricultural Bank of China, Cl H (A)

    0.5           12,488,732         4,865  

Baidu ADR* (A)

    0.4           32,500         3,797  

Beijing Capital International Airport, Cl H

    0.1           1,094,000         734  

China Coal Energy, Cl H

    0.1           1,206,000         1,101  

China Communications Services, Cl H

    0.1           810,000         469  
Description   Percentage of
Net Assets (%)
   

Shares

     Market Value
($ Thousands)
 
         

China Construction Bank, Cl H

    0.9        11,602,800       $ 8,051  

China Life Insurance, Cl H

    0.2           602,000         1,739  

China Petroleum & Chemical ADR (A)

    0.2           20,200         1,867  

China Railway Construction, Cl H

    0.0           232,500         208  

China Railway Group, Cl H

    0.1           1,655,000         724  

Dongfeng Motor Group, Cl H

    0.0           268,000         313  

Foxconn International Holdings* (A)

    0.1           3,333,000         1,096  

Industrial & Commercial Bank of China, Cl H

    1.0           14,800,419         8,743  

PetroChina ADR (A)

    0.4           27,766         3,586  

PetroChina, Cl H

    0.4           2,794,119         3,661  

Tencent Holdings

    0.4           109,547         3,733  

Zhejiang Expressway, Cl H

    0.1           1,012,000         705  

Other Securities

    5.9              52,892  
         

 

 

 
            103,695  
         

 

 

 

Colombia — 0.9%

         

Bancolombia ADR, Cl R (A)

    0.4           63,000         3,762  

Other Securities

    0.5              4,519  
         

 

 

 
            8,281  
         

 

 

 

Cyprus — 0.5%

         

Other Securities

    0.5              4,627  
         

 

 

 

Czech Republic — 0.3%

         

Other Securities

    0.3              2,713   
         

 

 

 

Denmark — 0.1%

         

Other Securities

    0.1             699   
         

 

 

 

Egypt — 0.1%

         

Other Securities

    0.1             565   
         

 

 

 

Guernsey — 0.0%

         

Other Securities

    0.0             357   
         

 

 

 

Hong Kong — 5.8%

         

China Mengniu Dairy (A)

    0.4          1,240,815        3,713   

China Mobile

    1.1          906,645        10,051   

China Mobile ADR (A)

    0.2          39,540        2,189   

China Resources Enterprise (A)

    0.1          386,000        1,289   

China State Construction International Holdings (A)

    0.5          3,631,784        4,272   

China Unicom Hong Kong ADR (A)

    0.3          145,490        2,373   

CNOOC ADR

    0.2          9,710        1,969   

CNOOC

    0.4          1,643,407        3,370   

Cosco International Holdings

    0.0          208,805        82   

Dah Chong Hong Holdings

    0.1          743,400        677   
 

 

SEI Institutional International Trust / Annual Report / September 30, 2012      11   


SUMMARY SCHEDULE OF INVESTMENTS

Emerging Markets Equity Fund (Continued)

September 30, 2012

 

Description   Percentage of
Net Assets (%)
   

Shares

     Market Value
($ Thousands)
 
         

Vinda International Holdings (A)

    0.4 %        2,628,460      $ 3,621   

Other Securities

    2.1             18,958   
         

 

 

 
            52,564   
         

 

 

 

Hungary — 0.0%

         

Other Securities

    0.0             367   
         

 

 

 

India — 7.0%

         

Cairn India*

    0.8          1,163,614        7,303   

ICICI Bank ADR (A)

    0.7          165,744        6,653   

Reliance Industries GDR (B)

    0.7          190,252        5,989   

Other Securities

    4.8             42,898   
         

 

 

 
            62,843   
         

 

 

 

Indonesia — 2.4%

         

Bank Rakyat Indonesia Persero

    0.5          5,983,451        4,658   

Other Securities

    1.9             17,101   
         

 

 

 
            21,759   
         

 

 

 

Ireland — 0.1%

         

Other Securities

    0.1             1,284   
         

 

 

 

Israel — 0.4%

         

Other Securities

    0.4             3,259   
         

 

 

 

Macau — 0.3%

         

Other Securities

    0.3             2,664   
         

 

 

 

Malaysia — 1.8%

         

Other Securities

    1.8             16,293   
         

 

 

 

Mexico — 5.0%

         

Genomma Lab Internacional, Cl B* (A)

    0.7          3,040,501        5,891   

Grupo Financiero Banorte, Cl O

    0.5          825,351        4,670   

Grupo Televisa ADR

    0.7          258,043        6,067   

Other Securities

    3.1              27,987   
         

 

 

 
            44,615   
         

 

 

 

Netherlands — 0.4%

         

Other Securities

    0.4             3,099   
         

 

 

 

Peru — 0.6%

         

Credicorp

    0.5          36,900        4,623   

Other Securities

    0.1             268   
         

 

 

 
            4,891   
         

 

 

 

Philippines — 0.7%

         

Other Securities

    0.7             6,009   
         

 

 

 
Description   Percentage of
Net Assets (%)
   

Shares

     Market Value
($ Thousands)
 
         

Poland — 0.9%

         

Other Securities

    0.9 %         $ 8,478   
         

 

 

 

Russia — 7.2%

         

Gazprom ADR (A)

    1.0          913,965        9,222   

Gazprom Neft JSC ADR

    0.0          11,637        286   

Lukoil ADR

    1.0          141,281        8,694   

Rosneft GDR

    0.0          27,110        182   

Rosneft Oil GDR

    0.5          647,645        4,353   

Sberbank of Russia ADR (A)

    1.5          1,097,060        12,845   

Uralkali GDR

    0.4          87,400        3,616   

VTB Bank GDR

    0.2          636,355        2,119   

Other Securities

    2.6             23,568   
         

 

 

 
            64,885   
         

 

 

 

Singapore — 0.0%

         

Other Securities

    0.0             305   
         

 

 

 

South Africa — 5.4%

         

MTN Group

    0.6          268,069        5,205   

Standard Bank Group

    0.6          456,800        5,848   

Other Securities

    4.2             37,770   
         

 

 

 
            48,823   
         

 

 

 

South Korea — 14.7%

         

Hyundai Motor

    0.7          27,260        6,181   

KB Financial Group ADR (A)

    0.4          103,265        3,644   

KCC

    0.4          14,732        3,864   

Kia Motors

    0.5          72,671        4,538   

Korea Zinc

    0.5          10,526        4,626   

Samsung Electronics

    3.7          27,482        33,282   

SK Telecom ADR (A)

    0.5          325,994        4,740   

Sung Kwang Bend

    0.4          161,697        3,834   

Other Securities

    7.6             67,649   
         

 

 

 
            132,358   
         

 

 

 

Taiwan — 7.7%

         

Hon Hai Precision Industry

    1.1          3,258,159        10,226   

Taiwan Semiconductor Manufacturing

    0.6          1,812,219        5,552   

Taiwan Semiconductor Manufacturing ADR

    0.6          363,089        5,744   

Other Securities

    5.4             48,057   
         

 

 

 
            69,579   
         

 

 

 

Thailand — 2.6%

         

Other Securities

    2.6              23,551   
         

 

 

 

Turkey — 2.1%

         

Other Securities

    2.1             18,700   
         

 

 

 
 

 

12    SEI Institutional International Trust / Annual Report / September 30, 2012


 

Description   Percentage of
Net Assets (%)
   

Shares

     Market Value
($ Thousands)
 
         

United Arab Emirates — 0.2%

         

Other Securities

    0.2 %         $ 1,773   
         

 

 

 

United Kingdom — 1.5%

         

Other Securities

    1.5             13,516   
         

 

 

 

United States — 1.9%

         

Yahoo!*

    0.5          264,900        4,232   

Other Securities

    1.4             12,582   
         

 

 

 
            16,814   
         

 

 

 

Total Common Stock
(Cost $806,414) ($ Thousands)

            842,437   
         

 

 

 

PREFERRED STOCK — 4.0%

     

Brazil — 4.0%

         

Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR (A)

    0.4          84,960        3,833   

Cia de Bebidas das Americas ADR (A)

    0.4          96,492        3,693   

Cia Vale do Rio Doce ADR, Cl B

    0.0          1,393        24   

Petroleo Brasileiro, Cl Preference

    0.3          214,816        2,367   

Petroleo Brasileiro ADR, Cl A (A)

    0.9          362,457        7,999   

Vale ADR, Cl B (A)

    0.4          202,297        3,512   

Other Securities

    1.6             14,727   
         

 

 

 

Total Preferred Stock
(Cost $35,746) ($ Thousands)

            36,155   
         

 

 

 

EXCHANGE TRADED FUNDS — 0.7%

  

  

United States — 0.6%

     

iShares MSCI Emerging Markets Index Fund

    0.6           124,063        5,126  
         

 

 

 

Hong Kong — 0.1%

         

Other Securities

    0.1             1,112   
         

 

 

 

Total Exchange Traded Funds
(Cost $6,173) ($ Thousands)

            6,238  
         

 

 

 

DEBENTURE BOND — 0.0%

     

Brazil — 0.0%

         

Vale, Ser 1997
0.000%, 09/30/49 (B)

    0.0          8          
         

 

 

 

Total Debenture Bond
(Cost $—) ($ Thousands)

              
         

 

 

 
Description   Percentage of
Net Assets (%)
    Shares/
Face Amount (1)
(Thousands)
     Market Value
($ Thousands)
 
         

RIGHTS — 0.0%

  

       

Thailand — 0.0%

         

Other Securities

    0.0 %         $ 268  
         

 

 

 

Total Rights
(Cost $0) ($ Thousands)

   

          268  
         

 

 

 

AFFILIATED PARTNERSHIP — 10.0%

  

  

SEI Liquidity Fund, L.P. 0.150%**† (D)

    10.0          91,070,119        89,808  
         

 

 

 

Total Affiliated Partnership
(Cost $91,070) ($ Thousands)

            89,808  
         

 

 

 

CASH EQUIVALENT — 0.5%

  

     

SEI Daily Income Trust, Prime Obligation Fund, Cl A 0.070%**†

    0.5          4,231,824        4,232  
         

 

 

 

Total Cash Equivalent
(Cost $4,232) ($ Thousands)

            4,232  
         

 

 

 

TIME DEPOSITS — 1.2%

  

     

United States — 1.2%

         

Brown Brothers Harriman

         

4.150%, 10/01/2012

      ZAR         842         102   

0.550%, 10/01/2012

      NOK                 

0.400%, 10/01/2012

      SEK                 

0.185%, 10/01/2012

      CAD                 

0.054%, 10/01/2012

      GBP         5         9   

0.030%, 10/01/2012

         9,836         9,836   

0.010%, 10/01/2012

      SGD         7         5   

0.005%, 10/01/2012

      HKD         3,253         420   

0.005%, 10/01/2012

      CHF                 

(0.014)%, 10/01/2012

      EUR         1         1   

(0.200)%, 10/01/2012

      DKK         3          
         

 

 

 

Total Time Deposits
(Cost $10,373) ($ Thousands)

            10,373  
         

 

 

 

Total Investments — 110.0%
(Cost $954,008) ($ Thousands)††

   

      $ 989,511  
         

 

 

 

Percentages are based on a Net Assets of $899,730 ($ Thousands).

 

*   Non-income producing security

 

**   Rate shown is the 7-day effective yield as of September 30, 2012.

 

  Investment in Affiliated security (See Note 4).

 

(1)   In U.S. Dollars unless otherwise indicated.

 

(A)   This security or a partial position of this security is on loan at September 30, 2012. The total market value of securities on loan at September 30, 2012 was $87,300 ($ Thousands) (See Note 8).

 

(B)   Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” These securities have been determined to be liquid under guidelines established by the Board of Trustees.

 

(C)   Variable Rate Security — The rate reported on the Summary Schedule of Investments is the rate in effect as of September 30, 2012.
 

 

SEI Institutional International Trust / Annual Report / September 30, 2012      13   


SUMMARY SCHEDULE OF INVESTMENTS

Emerging Markets Equity Fund (Concluded)

September 30, 2012

 

 

(D)   This security was purchased with cash collateral held from securities on loan (see Note 8). The total value of such securities at September 30, 2012 was $89,808 ($ Thousands).

 

††   The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). In certain instances, securities for which footnotes listed above may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available (i) without charge, upon request, by calling (800) 342-5734; and (ii) on the SEC’s website at http://www.sec.gov.

ADR — American Depositary Receipt

CAD — Canadian Dollar

CHF — Swiss Franc

Cl — Class

DKK — Danish Krone

EUR — Euro

GBP — British Pound Sterling

GDR — Global Depositary Receipt

HKD — Hong Kong Dollar

L.P. — Limited Partnership

MSCI — Morgan Stanley Capital International

NOK — Norwegian Krone

SEK — Swedish Krona

Ser — Series

SGD — Singapore Dollar

ZAR — South African Rand

The following is a summary of the inputs used as of September 30, 2012, in valuing the Fund’s investments carried at value ($ Thousands):

 

Investments in Securities   Level 1     Level 2     Level 3 (1)     Total  

Common Stock

  $ 834,741     $ 5,894      $ 1,802     $ 842,437  

Preferred Stock

    36,155                     36,155  

Exchange Traded Funds

    6,238                     6,238  

Rights

    268                     268  

Debenture Bond

                           

Time Deposits

           10,373              10,373  

Affiliated Partnership

           89,808              89,808  

Cash Equivalent

    4,232                     4,232  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Investments in Securities

  $ 881,634     $ 106,075     $ 1,802     $ 989,511  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)   

A reconciliation of Level 3 instruments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets.

For the year ended September 30, 2012, there were transfers between Level 1 and Level 2 assets and liabilities. The primary reason for changes in the classifications between Level 1 and Level 2 occurs when foreign equity securities are fair valued using other observable market-based inputs in place of the closing exchange price due to events occurring after the close of the exchange or market on which the investment is principally traded (See Note 2).

For the year ended September 30, 2012, there were transfers between Level 2 and Level 3 assets and liabilities. The transfer was due to a change in the availability of observable inputs used to determine fair value.

Amounts designated as “—” are $O or have been rounded to $O.

The accompanying notes are an integral part of the financial statements.

 

14    SEI Institutional International Trust / Annual Report / September 30, 2012


SUMMARY SCHEDULE OF INVESTMENTS

International Fixed Income Fund

September 30, 2012

 

 

 

LOGO

 

Description   Percentage of
Net Assets (%)
    Face Amount (1)
(Thousands)
    Market Value
($ Thousands)
 
       

GLOBAL BONDS — 92.6%

  

     

Australia — 1.8%

       

Government of Australia,
Ser 124

       

5.750%, 05/15/2021

    0.5       1,900     $ 2,415  

Other Securities

    1.3           6,597  
       

 

 

 
          9,012  
       

 

 

 

Austria — 1.2%

       

Republic of Austria

       

4.300%, 09/15/2017

    0.4         1,420       2,132  

3.900%, 07/15/2020

    0.0         75       112  

3.650%, 04/20/2022

    0.1         290       429  

3.200%, 02/20/2017

    0.1         300       427  

1.950%, 06/18/2019

    0.5         1,900       2,538  

Republic of Austria, Ser 97-6

       

6.250%, 07/15/2027

    0.1         225       423  
       

 

 

 
          6,061  
       

 

 

 

Belgium — 3.8%

       

Kingdom of Belgium, Ser 44

       

5.000%, 03/28/2035

    0.2         500       816  

Kingdom of Belgium, Ser 47

       

3.250%, 09/28/2016

    2.1         7,325       10,276  

Kingdom of Belgium, Ser 48

       

4.000%, 03/28/2022

    0.2         725       1,058  

Kingdom of Belgium, Ser 49

       

4.000%, 03/28/2017

    0.1         230       333  

Kingdom of Belgium, Ser 50

       

4.000%, 03/28/2013

    0.8         3,200       4,194  

Kingdom of Belgium, Ser 58

       

3.750%, 09/28/2020

    0.1         231       332  

Kingdom of Belgium, Ser 65

       

4.250%, 09/28/2022

    0.0         125       185  

Other Securities

    0.3           1,396  
       

 

 

 
          18,590  
       

 

 

 
Description   Percentage of
Net Assets (%)
    Face Amount (1)
(Thousands)
    Market Value
($ Thousands)
 
       

Brazil — 0.3%

       

Other Securities

    0.3 %       $ 1,318  
       

 

 

 

Canada — 4.7%

       

Government of Canada

       

5.750%, 06/01/2033

    0.4         1,300       2,074  

5.000%, 06/01/2037

    0.4         1,300       1,975  

4.250%, 06/01/2018

    0.2         715       841  

3.500%, 06/01/2020

    0.9         3,795       4,396  

2.750%, 06/01/2022

    0.4         1,800       1,993  

2.250%, 08/01/2014

    0.2         1,000       1,038  

2.000%, 06/01/2016

    0.3         1,425       1,489  

1.500%, 03/01/2017

    0.0         255       262  

1.500%, 09/01/2017

    0.2         825       846  

Other Securities

    1.7           8,177  
       

 

 

 
          23,091  
       

 

 

 

China — 0.1%

       

Other Securities

    0.1            335  
       

 

 

 

Czech Republic — 0.1%

       

Other Securities

    0.1           462  
       

 

 

 

Denmark — 1.7%

       

DONG Energy MTN

       

6.500%, 05/07/2019

    0.1       EUR        245       397  

Kingdom of Denmark

       

4.500%, 11/15/2039

    0.1         1,300       336  

4.000%, 11/15/2017

    0.4         8,915       1,807  

3.125%, 03/17/2014

    0.1       EUR        500       671  

3.000%, 11/15/2021

    0.9         21,800       4,329  

Other Securities

    0.2           1,098  
       

 

 

 
          8,638  
       

 

 

 

Finland — 1.2%

       

Government of Finland

       

3.375%, 04/15/2020

    0.8         2,550       3,755  

Other Securities

    0.4           1,940  
       

 

 

 
          5,695  
       

 

 

 

France — 5.7%

       

EDF MTN

       

6.500%, 01/26/2019 (A)

    0.1       USD        250       306  

5.500%, 10/17/2041

    0.0       GBP        100       178  

4.125%, 03/25/2027

    0.0         100       139  

4.000%, 11/12/2025

    0.0         150       206  

French Treasury Note

       

1.000%, 07/25/2017

    0.1         235       304  

0.750%, 09/25/2014

    0.2         800       1,041  

Government of France

       

5.000%, 10/25/2016

    0.5         1,760       2,656  

4.750%, 04/25/2035

    0.3         815       1,331  

4.500%, 04/25/2041

    0.3         1,060       1,701  
 

 

SEI Institutional International Trust / Annual Report / September 30, 2012      15   


SUMMARY SCHEDULE OF INVESTMENTS

International Fixed Income Fund (Continued)

September 30, 2012

 

Description   Percentage of
Net Assets (%)
    Face Amount (1)
(Thousands)
    Market Value
($ Thousands)
 
       

3.250%, 10/25/2021

    0.1 %       350     $ 494  

3.000%, 10/25/2015

    1.1         3,850       5,343  

3.000%, 04/25/2022

    0.1         555       764  

Other Securities

    2.9           13,534  
       

 

 

 
          27,997  
       

 

 

 

Germany — 11.9%

       

Bundesobligation

       

1.250%, 10/14/2016

    0.7         2,470       3,301  

0.500%, 04/07/2017

    0.3         1,150       1,486  

Bundesobligation Inflation Linked Bond

       

2.250%, 04/15/2013

    5.1         19,144       25,089  

Bundesobligation, Ser 159

       

2.000%, 02/26/2016

    0.0         95       130  

Bundesrepublik Deutschland

       

3.250%, 07/04/2021

    0.6          1,850       2,779  

3.000%, 07/04/2020

    0.1         295       434  

2.500%, 01/04/2021

    0.1         437       622  

2.250%, 09/04/2020

    0.0         120       168  

2.000%, 01/04/2022

    1.7         6,000       8,172  

1.750%, 07/04/2022

    0.1         250       332  

Bundesrepublik Deutschland, Ser 00

       

5.500%, 01/04/2031

    0.1         340       660  

Bundesrepublik Deutschland, Ser 03

       

4.750%, 07/04/2034

    0.2         460       853  

Bundesrepublik Deutschland, Ser 07

       

4.250%, 07/04/2039

    0.4         1,185       2,152  

4.000%, 01/04/2018

    0.0         25       38  

Bundesrepublik Deutschland, Ser 08

       

4.750%, 07/04/2040

    0.0         25       49  

4.250%, 07/04/2018

    0.0         125       193  

KFW MTN

       

4.375%, 07/04/2018

    0.3         915       1,395  

0.875%, 11/15/2013

    0.4         1,625       2,109  

Kreditanstalt fuer Wiederaufbau

       

4.750%, 08/12/2015

    0.2       SEK        6,000       996  

4.375%, 10/11/2013

    0.3         1,050       1,410  

3.875%, 01/21/2019

    0.2         575       861  

3.375%, 08/30/2017

    0.1       CHF        370       454  

Landwirtschaftliche Rentenbank MTN

       

3.750%, 02/11/2016

    0.0         173       247  

Other Securities

    1.0           4,811  
       

 

 

 
        58,741  
       

 

 

 

Indonesia — 0.1%

       

Other Securities

    0.1           412  
       

 

 

 
Description   Percentage of
Net Assets (%)
    Face Amount (1)
(Thousands)
    Market Value
($ Thousands)
 
       

Ireland — 0.5%

       

Other Securities

    0.5 %       $ 2,377  
       

 

 

 

Italy — 4.9%

       

Edison MTN

       

3.875%, 11/10/2017

    0.2         600       826  

Italy Buoni Poliennali Del Tesoro

       

6.500%, 11/01/2027

    0.1         500       693  

6.000%, 05/01/2031

    0.1         500       661  

5.500%, 09/01/2022

    0.0         130       173  

5.000%, 09/01/2040

    0.4         1,755       2,023  

5.000%, 03/01/2022

    0.4         1,500       1,938  

4.750%, 05/01/2017

    0.6         2,105       2,799  

4.750%, 09/01/2021

    0.9         3,250       4,165  

4.500%, 03/01/2019

    0.1         400       519  

4.250%, 10/15/2012

    0.2         585       753  

4.250%, 02/01/2015

    0.6         2,325       3,099  

3.750%, 03/01/2021

    0.1         255       307  

3.500%, 06/01/2014

    0.3         1,150       1,507  

Italy Buoni Poliennali Del Tesoro Inflation Linked Bond

       

2.100%, 09/15/2021

    0.3         1,430       1,620  

2.100%, 09/15/2016

    0.2         733       930  

Other Securities

    1.0           1,914  
       

 

 

 
        23,927  
       

 

 

 

Japan — 22.2%

       

Government of Japan 5 Year Bond, Ser 79

       

0.700%, 12/20/2013

    1.2          447,300       5,791  

Government of Japan 5 Year Bond, Ser 95

       

0.600%, 03/20/2016

    0.8         313,950       4,102  

Government of Japan 10 Year Bond, Ser 275

       

1.400%, 12/20/2015

    1.7          626,600       8,385  

Government of Japan 10 Year Bond, Ser 284

       

1.700%, 12/20/2016

    0.3         100,000       1,369  

Government of Japan 10 Year Bond, Ser 288

       

1.700%, 09/20/2017

    3.6         1,277,950       17,646  

Government of Japan 10 Year Bond, Ser 298

       

1.300%, 12/20/2018

    0.9         321,150       4,377  

Government of Japan 10 Year Bond, Ser 301

       

1.500%, 06/20/2019

    0.7         235,300       3,248  

Government of Japan 10 Year Bond, Ser 303

       

1.400%, 09/20/2019

    0.2         74,050       1,016  

Government of Japan 10 Year Bond, Ser 308

       

1.300%, 06/20/2020

    2.8         1,016,000       13,849  
 

 

16    SEI Institutional International Trust / Annual Report / September 30, 2012


Description   Percentage of
Net Assets (%)
    Face Amount (1)
(Thousands)
    Market Value
($ Thousands)
 
       

Government of Japan 10 Year Bond, Ser 316

       

1.100%, 06/20/2021

    0.4 %       165,550     $ 2,212  

Government of Japan 10 Year Bond, Ser 318

       

1.000%, 09/20/2021

    0.6         225,000       2,979  

Government of Japan 10 Year Bond, Ser 321

       

1.000%, 03/20/2022

    0.0         12,000       158  

Government of Japan 20 Year Bond, Ser 48

       

2.500%, 12/21/2020

    1.9         629,450       9,340  

Government of Japan 20 Year Bond, Ser 55

       

2.000%, 03/21/2022

    0.8         257,000       3,691  

Government of Japan 20 Year Bond, Ser 99

       

2.100%, 12/20/2027

    1.6         538,250       7,638  

Government of Japan 20 Year Bond, Ser 106

       

2.200%, 09/20/2028

    0.2         67,150       962  

Government of Japan 20 Year Bond, Ser 109

       

1.900%, 03/20/2029

    0.1         39,000       535  

Government of Japan 20 Year Bond, Ser 112

       

2.100%, 06/20/2029

    2.6         910,000       12,789  

Government of Japan 20 Year Bond, Ser 128

       

1.900%, 06/20/2031

    0.0         15,000       202  

Government of Japan 30 Year Bond, Ser 29

       

2.400%, 09/20/2038

    0.3         103,250       1,489  

Government of Japan 30 Year Bond, Ser 30

       

2.300%, 03/20/2039

    0.8         294,150       4,158  

Government of Japan 30 Year Bond, Ser 33

       

2.000%, 09/20/2040

    0.5         167,000       2,212  

Government of Japan 30 Year Bond, Ser 34

       

2.200%, 03/20/2041

    0.1         30,000       414  

Government of Japan 30 Year Bond, Ser 36

       

2.000%, 03/20/2042

    0.0         10,000       132  

Other Securities

    0.1           759  
       

 

 

 
        109,453  
       

 

 

 

Jersey — 0.1%

       

Other Securities

    0.1           715  
       

 

 

 

Malaysia — 0.2%

       

Other Securities

    0.2           820  
       

 

 

 
Description   Percentage of
Net Assets (%)
    Face Amount (1)
(Thousands)
    Market Value
($ Thousands)
 
       

Mexico — 1.1%

       

Mexican Bonos, Ser M10

       

7.750%, 12/14/2017

    0.4 %       24,085     $ 2,108  

Mexican Bonos, Ser MI10

       

9.000%, 12/20/2012

    0.6         40,000       3,141  

Other Securities

    0.1           295  
       

 

 

 
        5,544  
       

 

 

 

Netherlands — 4.3%

       

ABN Amro Bank MTN

       

4.875%, 01/16/2019

    0.1       GBP        200       352  

3.750%, 07/15/2014

    0.2         750       1,022  

Kingdom of Netherlands

       

4.500%, 07/15/2017

    0.2         500       758  

4.000%, 07/15/2018

    0.1         185       278  

4.000%, 01/15/2037

    0.1         300       499  

3.500%, 07/15/2020

    0.1         485       721  

2.250%, 07/15/2022

    1.2         4,305       5,804  

Other Securities

    2.3           11,545  
       

 

 

 
        20,979  
       

 

 

 

New Zealand — 0.3%

       

Other Securities

    0.3           1,612  
       

 

 

 

Norway — 0.4%

       

Other Securities

    0.4           2,224  
       

 

 

 

Poland — 0.3%

       

Other Securities

    0.3           1,871  
       

 

 

 

Qatar — 0.1%

       

Other Securities

    0.1           441  
       

 

 

 

Russia — 0.3%

       

Other Securities

    0.3           1,329  
       

 

 

 

Singapore — 0.8%

       

Government of Singapore

       

3.125%, 09/01/2022

    0.5         2,805       2,635  

Other Securities

    0.3           1,353  
       

 

 

 
          3,988  
       

 

 

 

South Africa — 0.7%

       

Republic of South Africa, Ser R203

       

8.250%, 09/15/2017

    0.7          24,405       3,259  
       

 

 

 

South Korea — 0.6%

       

Other Securities

    0.6           2,832  
       

 

 

 

Spain — 2.1%

       

Banco Santander

       

4.625%, 01/20/2016

    0.1         300       399  
 

 

SEI Institutional International Trust / Annual Report / September 30, 2012      17   


SUMMARY SCHEDULE OF INVESTMENTS

International Fixed Income Fund (Continued)

September 30, 2012

 

Description   Percentage of
Net Assets (%)
    Face Amount (1)
(Thousands)
    Market Value
($ Thousands)
 
       

Government of Spain

       

5.850%, 01/31/2022

    0.0 %       150     $ 191  

5.500%, 04/30/2021

    0.5         1,770       2,212  

4.750%, 07/30/2014

    0.3         925       1,217  

4.700%, 07/30/2041

    0.2         995       962  

4.600%, 07/30/2019

    0.0         155       190  

4.200%, 01/31/2037

    0.0         190       172  

4.000%, 04/30/2020

    0.1         285       331  

3.800%, 01/31/2017

    0.1         420       519  

3.300%, 10/31/2014

    0.1         475       608  

Instituto de Credito Oficial MTN

       

2.375%, 03/04/2013 (A)

    0.0       USD        200       199  

Santander International Debt SAU MTN

  

     

4.625%, 03/21/2016

    0.2         700       898  

Santander Issuances, Ser 24

       

7.300%, 07/27/2019 (B)

    0.1       GBP        400       602  

Other Securities

    0.4           2,261  
       

 

 

 
        10,761  
       

 

 

 

Supra-National — 0.3%

       

Other Securities

    0.3           1,363  
       

 

 

 

Sweden — 1.6%

       

Other Securities

    1.6           7,749  
       

 

 

 

Switzerland — 1.1%

       

Other Securities

    1.1           5,317  
       

 

 

 

Turkey — 0.3%

       

Other Securities

    0.3           1,594  
       

 

 

 

United Arab Emirates — 0.1%

       

Other Securities

    0.1           384  
       

 

 

 

United Kingdom — 11.9%

       

Abbey National Treasury Services MTN

  

     

5.500%, 06/18/2014

    0.3         775       1,309  

5.250%, 02/16/2029

    0.2         450       877  

5.125%, 04/14/2021

    0.1         300       571  

4.250%, 04/12/2021

    0.1       EUR        350       517  

3.625%, 09/08/2016

    0.1       EUR        300       421  

3.375%, 06/08/2015

    0.1       EUR        500       685  

Direct Line Insurance Group

       

9.250%, 04/27/2042 (B)

    0.0          100       180  

Eastern Power Networks MTN

       

6.000%, 11/12/2036

    0.1         160       323  

Royal Bank of Scotland

       

5.750%, 05/21/2014

    0.2       EUR        600       828  

5.125%, 01/13/2024

    0.2         400       779  

United Kingdom Gilt

       

5.000%, 03/07/2025

    0.0         100       216  

4.500%, 12/07/2042

    0.8         1,890       3,915  

4.250%, 06/07/2032

    0.1         265       535  

4.250%, 12/07/2049

    0.0         25       50  
Description   Percentage of
Net Assets (%)
    Face Amount (1)
(Thousands)
    Market Value
($ Thousands)
 
       

4.250%, 12/07/2055

    0.1 %       175     $ 354  

1.000%, 09/07/2017

    0.7         2,200       3,600  

United Kingdom Treasury

       

4.750%, 12/07/2030

    0.5         1,250       2,687  

4.750%, 12/07/2038

    0.4         956       2,053  

4.250%, 03/07/2036

    0.2         550       1,097  

4.250%, 09/07/2039

    0.4         885       1,759  

4.250%, 12/07/2040

    0.1         285       565  

4.000%, 09/07/2016

    0.1         250       460  

4.000%, 03/07/2022

    0.6         1,490       2,929  

2.250%, 03/07/2014

    0.3         795       1,321  

2.000%, 01/22/2016

    0.2         533       907  

1.750%, 01/22/2017

    0.6         1,670       2,834  

United Kingdom Treasury, Ser 2002

       

5.000%, 09/07/2014

    0.1         200       353  

Other Securities

    5.3           26,354  
       

 

 

 
          58,479  
       

 

 

 

United States — 5.8%

       

Bank of America MTN

       

5.650%, 05/01/2018

    0.1         350       399  

Bank of America, Ser E MTN

       

5.125%, 09/26/2014

    0.5       EUR        1,700       2,332  

Citigroup

       

5.875%, 01/30/2042

    0.0         75       90  

4.500%, 01/14/2022

    0.0         60       66  

4.450%, 01/10/2017

    0.1         550       604  

4.250%, 02/25/2030 (B)

    0.3       EUR        1,400       1,471  

4.000%, 11/26/2015

    0.1       EUR        230       317  

JPMorgan Chase

       

4.500%, 01/24/2022

    0.0         200       222  

2.750%, 08/24/2022

    0.1       EUR        300       386  

0.921%, 10/12/2015 (B)

    0.1       EUR        350       430  

JPMorgan Chase Bank

       

0.877%, 05/31/2017 (B)

    0.3       EUR        1,250       1,528  

Merrill Lynch MTN

       

0.805%, 09/14/2018 (B)

    0.1       EUR        375       405  

US Bank MTN

       

0.817%, 02/28/2017 (B)

    0.4       EUR        1,700       2,165  

Other Securities

    3.7           17,901  
       

 

 

 
          28,316  
       

 

 

 

Total Global Bonds
(Cost $431,445) ($ Thousands)

   

      455,686  
       

 

 

 

MORTGAGE-BACKED SECURITIES — 3.3%

  

 

Non-Agency Mortgage-Backed Obligation — 3.3%

  

 

Bear Stearns Adjustable Rate Mortgage Trust, Ser 2004-6, Cl 3A

       

5.452%, 09/25/2034 (B)

    0.0          191       187  

Bear Stearns Commercial Mortgage Securities, Ser 2004-PWR6, Cl A6

       

4.825%, 11/11/2041

    0.1         575       620  
 

 

18    SEI Institutional International Trust / Annual Report / September 30, 2012


 

 

 

Description   Percentage of
Net Assets (%)
    Face Amount (1)
(Thousands)
    Market Value
($ Thousands)
 
       

Bear Stearns Commercial Mortgage Securities, Ser 2005-T18, Cl A4

       

4.933%, 02/13/2042 (B)

    0.0 %       135     $ 148  

Bear Stearns Commercial Mortgage Securities, Ser 2006-PW11, Cl A4

       

5.621%, 03/11/2039 (B)

    0.1         450       511  

Bear Stearns Commercial Mortgage Securities, Ser 2006-T24, Cl A4

       

5.537%, 10/12/2041

    0.1         400       464  

Bear Stearns Commercial Mortgage Securities, Ser 2007-PW16, Cl A4

       

5.906%, 06/11/2040 (B)

    0.1         241       284  

Bear Stearns Commercial Mortgage Securities, Ser 2007-PW17, Cl A4

       

5.694%, 06/11/2050 (B)

    0.1         190       223  

Citigroup Commercial Mortgage Trust, Ser 2007-C6, Cl A4

       

5.888%, 12/10/2049 (B)

    0.3         1,140       1,341  

Citigroup Commercial Mortgage Trust, Ser 2008-C7, Cl A4

       

6.262%, 12/10/2049 (B)

    0.1         405       484  

Citigroup Mortgage Loan Trust, Ser 2005-2, Cl 1A4

       

2.746%, 05/25/2035 (B)

    0.2         897       867  

Citigroup, Ser 2007-CD4, Cl A4

       

5.322%, 12/11/2049

    0.1         325       370  

Fosse Master Issuer, Ser 2011-1X, Cl A3

       

2.208%, 10/18/2054 (B)

    0.1         285       466  

JPMorgan Chase Commercial Mortgage Securities, Ser 2007-CB18, Cl A4

       

5.440%, 06/12/2047

    0.2         880       1,014  

JPMorgan Mortgage Trust,
Ser 2004-A5, Cl 3A1

       

5.008%, 12/25/2034 (B)

    0.1         233       237  

Merrill Lynch Mortgage Trust, Ser 2005-LC1, Cl A4

       

5.291%, 01/12/2044 (B)

    0.1         370       414  

Merrill Lynch, Ser 2007-7, Cl A4

       

5.810%, 06/12/2050 (B)

    0.1          285       319  

Other Securities

    1.7           8,369  
       

 

 

 

Total Mortgage-Backed Securities (Cost $15,731) ($ Thousands)

          16,318  
       

 

 

 

CORPORATE OBLIGATIONS — 2.3%

  

     

United States — 2.3%

       

Bank of America MTN

       

5.000%, 05/13/2021

    0.0         175       192  

Other Securities

    2.3           11,014  
       

 

 

 

Total Corporate Obligations (Cost $10,279) ($ Thousands)

          11,206  
       

 

 

 
Description   Percentage of
Net Assets (%)
    Face Amount (1)
(Thousands)
    Market Value
($ Thousands)
 
       

ASSET-BACKED SECURITIES — 0.4%

  

   

Automotive — 0.4%

       

Bank of America Auto Trust, Ser 2012-1, Cl A2

       

0.590%, 11/17/2014

    0.2 %       900     $ 901  

Other Securities

    0.2           914  
       

 

 

 
          1,815  
       

 

 

 

Other Asset-Backed Securities — 0.0%

  

     

Santander Consumer Finance, Ser 2007-1, Cl A

       

0.394%, 09/20/2022 (C)

    0.0         31       39  

Other Securities

    0.0           2  
       

 

 

 
          41  
       

 

 

 

Total Asset-Backed Securities (Cost $1,857) ($ Thousands)

          1,856  
       

 

 

 

U.S. TREASURY OBLIGATIONS — 0.1%

  

   

Other Securities

    0.1           486  
       

 

 

 

Total U.S. Treasury Obligations (Cost $408) ($ Thousands)

          486  
       

 

 

 

MUNICIPAL BOND — 0.0%

  

     

Other Securities

    0.0           51  
       

 

 

 

Total Municipal Bonds

       

(Cost $45) ($ Thousands)

          51   
       

 

 

 

TIME DEPOSITS — 0.5%

       

United States — 0.5%

       

Brown Brothers Harriman

       

4.150%, 10/01/2012

      ZAR                

2.580%, 10/01/2012

      AUD        4       4  

1.550%, 10/01/2012

      NZD        22       19   

0.550%, 10/01/2012

      NOK        125       22  

0.400%, 10/01/2012

      SEK        106        16   

0.185%, 10/01/2012

      CAD        22       23  

0.054%, 10/01/2012

      GBP        40       64  

0.030%, 10/01/2012

        1,525       1,525  

0.010%, 10/01/2012

      JPY        5,139       66  

0.010%, 10/01/2012

      SGD        60       49  

0.005%, 10/01/2012

      HKD        2          

0.005%, 10/01/2012

      CHF               

(0.014)%, 10/01/2012

      EUR        533       686  

(0.200)%, 10/01/2012

      DKK        1         
       

 

 

 

Total Time Deposits
(Cost $2,474) ($ Thousands)

   

    2,474  
       

 

 

 

Total Investments — 99.2%
(Cost $462,239) ($ Thousands)††

   

    $ 488,077  
       

 

 

 
 

 

SEI Institutional International Trust / Annual Report / September 30, 2012      19   


SUMMARY SCHEDULE OF INVESTMENTS

International Fixed Income Fund (Continued)

September 30, 2012

 

A list of the open futures contracts held by the Fund at September 30, 2012, is as follows:

 

Type of

Contract

     Number of
Contracts
Long (Short)
       Expiration
Date
       Unrealized
Appreciation
(Depreciation)
($ Thousands)
 

Australian 3-Year Bond

       64           Dec-2012         $ 36   

Canadian 10-Year Bond

       15           Dec-2012           8   

Euro-Bobl

       41           Dec-2012           (8

Euro-Oat

       6           Dec-2012           8   

Euro-Bund

       60           Dec-2012           8   

Euro-Buxl 30 Year Bond

       4           Dec-2012           (8

Euro-Schatz

       18           Dec-2012           (3

Japanese 10-Year Bond

       6           Dec-2012           23   

Japanese 10-Year Bond

       (5        Dec-2012           (3

Long Gilt 10-Year Bond

       5           Dec-2012           4   

U.S. 10-Year Treasury Note

       (180        Dec-2012           (117

U.S. 2-Year Treasury Note

       (35        Dec-2012           (3

U.S. 5-Year Treasury Note

       (112        Dec-2012           (51

U.S. Long Treasury Bond

       (19        Dec-2012           (25

U.S. Ultra Long Treasury Bond

       (6        Dec-2012           8   
              

 

 

 
               $ (123
              

 

 

 

For the year ended September 30, 2012, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

A list of the open forward foreign currency contracts held by the Fund at September 30, 2012, is as follows:

 

Maturity Date    Currency
to Deliver
(Thousands)
     Currency
to Receive
(Thousands)
     Unrealized
Appreciation
(Depreciation)
($ Thousands)
 

10/04/2012

     USD        90         ZAR        734       $ (1

10/04/2012-10/31/2012

     USD        11,997         EUR        9,256         (88

10/04/2012-10/31/2012

     USD        550         JPY        42,952         2   

10/04/2012-10/31/2012

     ZAR        27,825         USD        3,345         (24

10/04/2012-11/05/2012

     AUD        9,778         USD        10,143         (1

10/04/2012-11/05/2012

     CZK        136,603         USD        6,949         (28

10/04/2012-11/05/2012

     EUR        240,666         USD        308,731         (916

10/04/2012-11/05/2012

     GBP        51,645         USD        83,194         (189

10/04/2012-11/05/2012

     USD        3,810         CZK        73,466         (57

10/04/2012-11/05/2012

     USD        1,629         KRW        1,818,495         7   

10/04/2012-11/08/2012

     DKK        61,005         USD        10,467         (67

10/04/2012-11/08/2012

     SEK        38,726         USD        5,902         (1

10/04/2012-11/09/2012

     CAD        26,922         USD        27,450         100   

10/04/2012-11/16/2012

     JPY        11,742,909         USD        150,588         (415

10/04/2012-12/27/2012

     MXP        77,267         USD        5,778         (203
Maturity Date    Currency
to Deliver
(Thousands)
     Currency
to Receive
(Thousands)
     Unrealized
Appreciation
(Depreciation)
($ Thousands)
 

10/05/2012-10/31/2012

     SGD        4,364         USD        3,527       $ (30

10/11/2012

     TRY        2,878         USD        1,599         (2

10/11/2012-10/31/2012

     NZD        2,049         USD        1,683         (17

10/18/2012-10/31/2012

     USD        2,033         MXP        26,046         (12

10/31/2012

     CHF        1,625         USD        1,735         5   

10/31/2012

     KRW        2,558,461         USD        2,277         (24

10/31/2012

     MYR        1,001         USD        325         (2

10/31/2012

     NOK        1,247         USD        218           

10/31/2012

     PLN        3,745         USD        1,170         5   

10/31/2012

     USD        721         AUD        698         2   

10/31/2012

     USD        738         CAD        723         (4

10/31/2012

     USD        559         NOK        3,200         (1

10/31/2012

     USD        744         NZD        907         8   

10/31/2012

     USD        161         SEK        1,060         1   
            

 

 

 
             $ (1,952
            

 

 

 

A list of the counterparties for the open forward foreign currency contracts held by the Fund at September 30, 2012, is as follows:

 

Counterparty   Settlement Date     Currency to
Deliver
($ Thousands)
    Currency to
Receive
($ Thousands)
    Unrealized
Appreciation
(Depreciation)
($ Thousands)
 

Bank of America

    10/04/2012-10/31/2012        (2,274     2,269      $ (5

Bank of Montreal

    10/31/2012        (163     163          

Barclays PLC

    10/04/2012-11/08/2012        (22,541     22,639        98   

BNP Paribas

    10/04/2012-11/05/2012        (95,932     96,734        802   

Brown Brothers Harriman

    10/04/2012        (3,898     3,913        15   

Citigroup

    10/04/2012-11/09/2012        (18,910     18,990        80   

Credit Suisse First Boston

    10/18/2012-10/31/2012        (38,895     38,775        (120

Deutsche Bank

    10/04/2012-11/05/2012        (17,295     17,089        (206

Goldman Sachs

    10/31/2012        (1,298     1,309        11   

HSBC

    10/04/2012-11/16/2012        (179,222     179,297        75   

JPMorgan Chase Bank

    10/04/2012-10/31/2012        (11,072     11,049        (23

Morgan Stanley

    10/04/2012-10/31/2012        (5,182     5,111        (71

National Australia Bank

    10/04/2012-10/11/2012        (1,752     1,759        7   

Royal Bank of Canada

    10/31/2012-11/09/2012        (10,481     10,522        41   

Royal Bank of Scotland

    10/04/2012-12/27/2012        (6,595     6,395        (200

Societe Generale

    10/4/2012        (2,012     2,056        44   

Standard New York, Inc.

    10/5/2012        (2,417     2,388        (29

State Street

    10/04/2012-11/05/2012        (173,947     171,364        (2,583

UBS

    10/04/2012-10/31/2012        (56,820     56,932        112   
       

 

 

 
        $ (1,952
       

 

 

 
 

A list of outstanding swap agreements held by the Fund at September 30, 2012, is as follows:

 

Interest Rate Swaps  
Counterparty   Fund Pays   

Fund Receives

   Termination
Date
   Currency     

Notional
Amount

(Thousands)

    

Net Unrealized

Appreciation

(Depreciation)

($ Thousands)

 
Citigroup   3.79%    6-Month GBP LIBOR    05/19/2019      GBP         2,500       $ (684
Deutsche Bank   1.93%    6-Month EURIBOR    04/03/2019      EUR         4,200         (259
UBS   1.07%    6-Month EURIBOR Flat    09/11/2017      DEM         2,000         (17
UBS   2.66%    6-Month GBP LIBOR    09/05/2032      GBP         1,000         15   
Deutsche Bank   6-Month EURIBOR    4.17%    03/28/2013      EUR         7,000         361   
Deutsche Bank   6-Month EURIBOR Flat    1.77%    09/07/2022      DEM         5,250         23   
JPMorgan   6-Month JPY LIBOR    2.22%    03/30/2027      JPY         750,000         1,348   
Royal Bank of Scotland   6-Month EURIBOR    3.14%    08/04/2021      EUR         1,450         248   
JPMorgan   6-Month EURIBOR    4.38%    01/07/2013      EUR         5,400         278   

USB

  3-Month Canadian Bankers Acceptance Rate    2.56%    04/24/2022      CAD         2,000         91   
                

 

 

 
                 $ 1,404   
                

 

 

 

 

20    SEI Institutional International Trust / Annual Report / September 30, 2012


 

 

 

 

Percentages   are based on a Net Assets of $491,793 ($ Thousands).

 

(1)   In local currency unless otherwise indicated.

 

(A)   Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” These securities have been determined to be liquid under guidelines established by the Board of Trustees.

 

(B)   Variable Rate Security — The rate reported on the Summary Schedule of Investments is the rate in effect as of September 30, 2012.

 

(C)   Securities considered illiquid. The total market value of such securities as of September 30, 2012 was $1,411 ($ Thousands) and represented 0.3% of Net Assets.

 

††   The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). In certain instances, securities for which footnotes listed above may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available (i) without charge, upon request, by calling (800) 342-5734; and (ii) on the SEC’s website at http://www.sec.gov.

 

AUD — Australian Dollar

CAD — Canadian Dollar

CHF — Swiss Franc

CZK — Czech Koruna

Cl — Class

DEM — German Mark

DKK — Danish Krone

EUR — Euro

EURIBOR — Euro London Interbank Offered Rate

GBP — British Pound Sterling

HKD — Hong Kong Dollar

JPY — Japanese Yen

KRW — Korean Won

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

MXP — Mexican Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krone

NZD — New Zealand Dollar

PLC — Public Limited Company

PLN — Polish Zlotty

SEK — Swedish Krone

Ser — Series

SGD — Singapore Dollar

TRY — Turkish Lira

USD — U.S. Dollar

ZAR — South African Rand

The following is a summary of the inputs used as of September 30, 2012, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):

 

Investments in Securities   Level 1     Level 2     Level 3     Total  

Global Bonds

  $      $ 455,686      $      $ 455,686   

Mortgage-Backed Securities

           16,318              16,318  

Corporate Obligations

           11,206               11,206   

Asset-Backed Securities

           1,856              1,856  

U.S. Treasury Obligations

           486              486  

Municipal Bond

           51              51  

Time Deposits

           2,474              2,474  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Investments in Securities

  $      $ 488,077     $      $ 488,077  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

Other Financial Instruments

  Level 1     Level 2     Level 3     Total  

Futures Contracts*

  $ (123 )   $      $      $ (123 )

Forwards Contracts*

           (1,952 )            (1,952 )

Interest Rate Swaps*

           1,404              1,404  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Other Financial Instruments

  $ (123 )   $ (548 )   $      $ (671 )
 

 

 

   

 

 

   

 

 

   

 

 

 

 

*   Futures, forwards, and swap contracts are valued at the net unrealized appreciation/(depreciation) on the instrument.

For the year ended September 30, 2012, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the year ended September 30, 2012, there were no transfers between Level 2 and Level 3 assets and liabilities.

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

 

 

SEI Institutional International Trust / Annual Report / September 30, 2012      21   


SUMMARY SCHEDULE OF INVESTMENTS

Emerging Markets Debt Fund

September 30, 2012

 

 

 

LOGO

 

Description   Percentage of
Net Assets (%)
    Face Amount (1)
(Thousands)
    Market Value
($ Thousands)
 
       

GLOBAL BONDS — 86.0%

       

Angola — 0.1%

       

Other Securities

    0.1       $ 851  
       

 

 

 

Argentina — 1.9%

       

Republic of Argentina

       

8.750%, 06/02/2017

    0.0         320       312  

8.280%, 12/31/2033

    0.1         1,891       1,484  

8.280%, 12/31/2033

    0.0         351       262  

7.820%, 12/31/2033

    0.1       EUR        1,685       1,409  

7.820%, 12/31/2033

    0.0       EUR        275       230  

7.820%, 12/31/2033

    0.7       EUR        9,497       7,960  

7.000%, 10/03/2015

    0.2         1,765       1,610  

4.191%, 12/15/2035 (A)

    0.1       EUR        7,500       1,158  

2.500%, 03/31/2019 (B)

    0.1         1,800       663  

1.180%, 12/31/2038 (A) (B)

    0.0       ARS        2         

0.044%, 12/15/2035 (A)

    0.1         4,360       569  

0.000%, 12/15/2035 (A)

    0.0       ARS        2         

Other Securities

    0.5           6,635  
       

 

 

 
          22,292  
       

 

 

 

Azerbaijan — 0.1%

       

Other Securities

    0.1           703  
       

 

 

 

Barbados — 0.1%

       

Other Securities

    0.1           1,332  
       

 

 

 

Belarus — 0.2%

       

Other Securities

    0.2           2,225  
       

 

 

 

Bermuda — 0.1%

       

Other Securities

    0.1           861  
       

 

 

 

Bosnia and Herzegovina — 0.1%

       

Other Securities

    0.1           910  
       

 

 

 

Brazil — 7.0%

       

Banco Nacional de Desenvolvimento Economico e Social

       

6.500%, 06/10/2019 (C)

    0.1         660       813  

5.500%, 07/12/2020 (C)

    0.1         400       474  
Description   Percentage of
Net Assets (%)
    Face Amount (1)
(Thousands)
    Market Value
($ Thousands)
 
       

Barclays, CLN (Nota Do Tesouro Nacional)

       

6.000%, 05/15/2015

    0.1 %     BRL        850     $ 997  

Barclays, CLN (Nota Do Tesouro Nacional, Serie F)

       

10.000%, 01/01/2017

    0.4       BRL        9,890       5,027  

10.000%, 01/01/2021

    0.3       BRL        6,770       3,390  

Brazil Letras do Tesouro Nacional

       

8.260%, 01/01/2015 (D)

    0.4       BRL        10,800       4,435  

Brazil Notas do Tesouro Nacional, Serie B

       

13.054%, 05/15/2015

    0.9        BRL        8,660       10,157  

10.674%, 08/15/2020

    0.5       BRL        4,560       5,712  

6.000%, 08/15/2016

    0.3       BRL        2,540       3,021  

Brazil Notas do Tesouro Nacional, Serie F

       

10.000%, 01/01/2014

    0.1       BRL        1,490       752  

10.000%, 01/01/2021

    0.1       BRL        3,100       1,552  

Citigroup Funding, CLN (Federal Republic of Brazil) MTN

       

6.000%, 08/16/2018

    0.5         5,154       5,136  

Deutsche Bank, CLN (Nota Do Tesouro Nacional) MTN

       

10.000%, 01/06/2021

    0.2         2,500       2,614  

Federal Republic of Brazil

       

11.000%, 08/17/2040

    0.0         150       192  

10.250%, 01/10/2028

    0.0       BRL        290       187  

10.125%, 05/15/2027

    0.4         2,827       5,113  

8.875%, 04/15/2024

    0.1         360       582  

8.500%, 01/05/2024

    0.5       BRL        8,920       5,175  

8.250%, 01/20/2034

    0.1         900       1,487  

7.125%, 01/20/2037

    0.4         3,021       4,554  

5.875%, 01/15/2019

    0.0         260       324  

5.625%, 01/07/2041

    0.1         1,150       1,472  

4.875%, 01/22/2021

    0.1         460       550  

2.625%, 01/05/2023

    0.0         400       400  

JPMorgan, CLN (Nota Do Tesouro Nacional)

       

10.000%, 01/01/2023

    0.1       BRL        1,800       897  

6.000%, 05/15/2015

    0.4       BRL        3,705       4,346  

Vale

       

5.625%, 09/11/2042

    0.0         340       346  

Other Securities

    0.8           11,834  
       

 

 

 
          81,539  
       

 

 

 

Canada — 0.0%

       

PTTEP Canada International Finance MTN

       

5.692%, 04/05/2021

    0.0         200       231  
       

 

 

 

Chile — 0.8%

       

Other Securities

    0.8           8,866  
       

 

 

 
 

 

22    SEI Institutional International Trust / Annual Report / September 30, 2012


Description   Percentage of
Net Assets (%)
    Face
Amount (1)
(Thousands)
    Market
Value
($ Thousands)
 
       

China — 1.1%

  

Tencent Holdings

       

3.375%, 03/05/2018

    0.0 %       217     $ 219  

Other Securities

    1.1           12,045  
       

 

 

 
          12,264  
       

 

 

 

Colombia — 4.2%

  

Bogota Distrito Capital

       

9.750%, 07/26/2028 (C)

    0.6       COP        9,020,000       7,380  

Citigroup Funding, CLN (Republic of Columbia) MTN

       

11.000%, 07/27/2020

    0.6       COP        8,830,000       6,355  

Ecopetrol

       

7.625%, 07/23/2019 (C)

    0.0          220       281  

Republic of Colombia

       

12.000%, 10/22/2015

    0.3       COP        4,279,000       2,926  

11.750%, 02/25/2020

    0.2         1,552       2,526  

10.375%, 01/28/2033

    0.0         140       256  

9.850%, 06/28/2027

    0.2       COP        2,670,000       2,247  

9.850%, 06/28/2027

    0.2       COP        2,550,000       2,146  

8.125%, 05/21/2024

    0.2         1,310       1,955  

7.750%, 04/14/2021

    0.3       COP        5,668,000       3,875  

7.375%, 01/27/2017

    0.1         445       553  

7.375%, 03/18/2019

    0.2         1,760       2,327  

7.375%, 09/18/2037

    0.7         5,379       8,257  

6.125%, 01/18/2041

    0.2         1,195       1,619  

4.375%, 07/12/2021

    0.1         450       518  

4.375%, 03/21/2023

    0.1       COP        2,176,000       1,187  

Titulos de Tesoreria

       

7.000%, 02/25/2015

    0.1       COP        570,000       714  

Other Securities

    0.1           3,905  
       

 

 

 
          49,027  
       

 

 

 

Croatia — 1.0%

  

Other Securities

    1.0           11,415  
       

 

 

 

Czech Republic — 0.1%

  

Other Securities

    0.1           937  
       

 

 

 

Dominican Republic — 0.2%

  

Other Securities

    0.2           2,038  
       

 

 

 

Ecuador — 0.0%

  

Other Securities

    0.0           248  
       

 

 

 

Egypt — 0.1%

  

Other Securities

    0.1           767  
       

 

 

 

El Salvador — 0.3%

  

Other Securities

    0.3           3,159  
       

 

 

 

Georgia — 0.1%

  

Other Securities

    0.1           834  
       

 

 

 
Description   Percentage of
Net Assets (%)
    Face
Amount (1)
(Thousands)
    Market
Value
($ Thousands)
 
       

Ghana — 0.1%

       

Other Securities

    0.1 %       $ 1,352  
       

 

 

 

Hong Kong — 0.3%

       

Other Securities

    0.3           3,243  
       

 

 

 

Hungary — 3.3%

       

Republic of Hungary Treasury Bills

       

0.000%,
01/02/2013 (D)

    0.2       HUF        570,200       2,532  

Republic of Hungary

       

8.000%, 02/12/2015

    0.4       HUF        1,069,000       4,957  

7.750%, 08/24/2015

    1.0       HUF        2,463,850       11,367  

7.000%, 06/24/2022

    0.3       HUF        768,730       3,402  

6.000%, 01/11/2019

    0.1       EUR        612       783  

5.750%, 06/11/2018

    0.2       EUR        2,018       2,565  

5.500%, 05/06/2014

    0.0       GBP        66       106  

5.000%, 03/30/2016

    0.0       GBP        227       339  

3.500%, 07/18/2016

    0.2       EUR        1,637       1,967  

Other Securities

    0.9            11,187  
       

 

 

 
          39,205  
       

 

 

 

India — 0.1%

       

Other Securities

    0.1           1,301  
       

 

 

 

Indonesia — 4.7%

       

Deutsche Bank, CLN (Republic of Indonesia)

       

7.000%, 05/15/2022

    0.1       IDR        4,600,000       515  

Indosat Palapa

       

7.375%,
07/29/2020 (C)

    0.0         352       400  

JPMorgan, CLN (Republic of Indonesia)

       

7.000%, 05/15/2022

    1.2       IDR        122,400,000       13,715  

Majapahit Holding

       

8.000%, 08/07/2019

    0.0         370       467  

7.875%,
06/29/2037 (C) (E)

    0.0         205       266  

7.750%, 10/17/2016

    0.0         370       438  

7.750%, 01/20/2020

    0.0         30       38  

7.750%, 01/20/2020 (C)

    0.0         250       314  

Pertamina Persero

       

6.500%, 05/27/2041 (C)

    0.0         380       435  

6.000%, 05/03/2042 (C)

    0.1         935       1,014  

5.250%, 05/23/2021 (C)

    0.1         500       552  

4.875%, 05/03/2022 (C)

    0.0         220       237  

Perusahaan Listrik Negara

       

5.500%, 11/22/2021 (C)

    0.0         310       347  

Republic of Indonesia

       

11.625%, 03/04/2019

    0.1         628       959  

11.625%, 03/04/2019 (C)

    0.2         1,195       1,825  

11.625%, 03/04/2019

    0.2         1,786       2,728  

11.000%, 10/15/2014

    0.1       IDR        5,200,000       603  

10.375%, 05/04/2014

    0.0         190       216  

8.500%, 10/12/2035

    0.1         401       636  
 

 

SEI Institutional International Trust / Annual Report / September 30, 2012      23   


SUMMARY SCHEDULE OF INVESTMENTS

Emerging Markets Debt Fund (Continued)

September 30, 2012

 

Description   Percentage of
Net Assets (%)
    Face Amount (1)
(Thousands)
    Market Value
($ Thousands)
 
       

8.500%, 10/12/2035

    0.3 %       2,010     $ 3,186  

8.250%, 06/15/2032

    0.7       IDR        65,922,000       8,008  

7.500%, 01/15/2016

    0.1         500       588  

7.750%, 01/17/2038

    0.6         4,482       6,678  

7.750%, 01/17/2038

    0.0         100       149  

7.000%, 05/15/2022

    0.2       IDR        17,800,000       1,995  

6.875%, 01/17/2018

    0.1         910       1,115  

6.750%, 03/10/2014

    0.0         160       171  

6.625%, 05/15/2033

    0.0       IDR        3,214,000       332  

6.625%, 02/17/2037

    0.0         110       146  

6.625%, 02/17/2037

    0.0         70       93  

6.250%, 04/15/2017

    0.2       IDR        16,000,000       1,717  

5.875%, 03/13/2020 (C)

    0.1         764       921  

5.625%, 05/15/2023

    0.0       IDR        3,900,000       394  

5.250%, 01/17/2042

    0.0         337       383  

4.875%, 05/05/2021 (C)

    0.1         850       973  

Other Securities

    0.1            2,382  
       

 

 

 
          54,936  
       

 

 

 

Iraq — 0.6%

       

Republic of Iraq

       

5.800%, 01/15/2028

    0.6         7,453       6,838  

Other Securities

    0.0           500  
       

 

 

 
          7,338  
       

 

 

 

Israel — 0.2%

       

Other Securities

    0.2           2,631  
       

 

 

 

Ivory Coast — 0.4%

       

Other Securities

    0.4           4,801  
       

 

 

 

Jamaica — 0.2%

       

Other Securities

    0.2           1,959  
       

 

 

 

Jordan — 0.1%

       

Other Securities

    0.1           694  
       

 

 

 

Kazakhstan — 1.8%

       

BTA Bank

       

10.750%, 07/01/2018 (C) (F)

    0.0         1,202       222  

10.750%, 07/01/2018 (F)

    0.1         3,634       672  

0.000%, 07/01/2020 (C) (F)

    0.0         2,492       156  

Development Bank of Kazakhstan

       

5.500%, 12/20/2015 (C)

    0.0         450       488  

Kazakhstan Temir Zholy Finance BV

       

6.950%, 07/10/2042 (C)

    0.0         200       243  

Kazatomprom Natsionalnaya Atomnaya Kompaniya

       

6.250%, 05/20/2015

    0.0         100       109  

KazMunayGas National

       

11.750%, 01/23/2015

    0.3         2,624       3,166  
Description   Percentage of
Net Assets(%)
    Face Amount (1)
(Thousands)
    Market Value
($ Thousands)
 
       

11.750%, 01/23/2015 (C)

    0.0 %       410     $ 495  

9.125%, 07/02/2018

    0.0         329       426  

9.125%, 07/02/2018 (C)

    0.2         2,010       2,601  

8.375%, 07/02/2013

    0.1         690       723  

7.000%, 05/05/2020 (C)

    0.2         1,436       1,763  

6.375%, 04/09/2021 (C)

    0.3         2,569       3,084  

6.375%, 04/09/2021

    0.1         912       1,095  

Republic of Kazakhstan

       

6.375%, 10/06/2020 (C)

    0.1       EUR        600       719  

Other Securities

    0.4           4,822  
       

 

 

 
          20,784  
       

 

 

 

Kuwait — 0.1%

       

Other Securities

    0.1           817  
       

 

 

 

Latvia — 0.0%

       

Other Securities

    0.0            551  
       

 

 

 

Lithuania — 1.3%

       

Republic of Lithuania

       

7.375%, 02/11/2020 (C)

    0.1         1,100       1,397  

7.375%, 02/11/2020

    0.0         90       114  

6.625%, 02/01/2022 (C)

    0.1         1,000       1,240  

6.625%, 02/01/2022

    0.1         1,000       1,240  

6.125%, 03/09/2021

    0.6         5,738       6,843  

6.125%, 03/09/2021 (C)

    0.2         1,989       2,372  

5.125%, 09/14/2017 (C)

    0.1         785       875  

4.850%, 02/07/2018

    0.1       EUR        650       905  
       

 

 

 
          14,986  
       

 

 

 

Malaysia — 4.2%

       

Malaysia Government Bond

       

4.392%, 04/15/2026

    0.2       MYR        8,100       2,841  

4.262%, 09/15/2016

    0.8       MYR        27,100       9,198  

4.160%, 07/15/2021

    0.4       MYR        13,410       4,568  

4.012%, 09/15/2017

    0.9       MYR        29,800       10,052  

3.892%, 03/15/2027

    0.1       MYR        1,719       571  

3.580%, 09/28/2018

    0.2       MYR        6,750       2,229  

3.418%, 08/15/2022

    0.2       MYR        7,700       2,491  

3.314%, 10/31/2017

    0.1       MYR        2,040       667  

3.197%, 10/15/2015

    0.7       MYR        26,550       8,681  

Petronas Capital

       

7.875%, 05/22/2022

    0.3         2,148       3,066  

Wakala Global Sukuk

       

4.646%, 07/06/2021 (C)

    0.0         390       450  

Other Securities

    0.3           3,788  
       

 

 

 
          48,602  
       

 

 

 

Mexico — 9.1%

       

Comision Federal de Electricidad

       

5.750%, 02/14/2042 (C)

    0.1         500       556  

4.875%, 05/26/2021 (C)

    0.0         200       223  
 

 

24    SEI Institutional International Trust / Annual Report / September 30, 2012


 

 

 

Description   Percentage of
Net Assets(%)
    Face Amount (1)
(Thousands)
    Market Value
($ Thousands)
 
       

Deutsche Bank, CLN (Urbi Desarrollos Urbanos)

       

10.468%, 12/22/2012

    0.0 %       240     $ 211  

Mexican Bonos

       

8.000%, 06/11/2020

    0.0       MXP        2,400       220  

7.500%, 06/03/2027

    0.7       MXP        83,123       7,470  

6.500%, 06/09/2022

    0.7       MXP        103,539       8,758  

6.250%, 06/16/2016

    0.1       MXP        19,480       1,586  

6.000%, 06/18/2015

    0.3       MXP        47,840       3,843  

5.000%, 06/15/2017

    0.1       MXP        14,948       1,163  

4.750%, 03/08/2044

    0.3         2,744       3,053  

3.625%, 03/15/2022

    0.0         300       327  

Mexican Bonos, Ser M

       

6.500%, 06/10/2021

    0.8       MXP        109,352       9,263  

Mexican Bonos, Ser M10

       

8.500%, 12/13/2018

    0.3       MXP        34,500       3,165  

8.000%, 12/17/2015

    0.2       MXP        24,227       2,060  

7.750%, 12/14/2017

    0.3       MXP        34,900       3,055  

Mexican Bonos, Ser M20

       

10.000%, 12/05/2024

    0.1       MXP        14,500       1,586  

8.500%, 05/31/2029

    0.1       MXP        16,000       1,560  

7.750%, 05/29/2031

    0.2       MXP        27,780       2,504  

Mexican Bonos, Ser M30

       

10.000%, 11/20/2036

    0.3        MXP        32,600       3,625  

8.500%, 11/18/2038

    0.6       MXP        66,900       6,503  

Mexican Udibonos

       

5.000%, 06/16/2016

    0.0       MXP        260       113  

2.500%, 12/10/2020

    0.7       MXP        19,040       7,892  

Mexichem

       

6.750%, 09/19/2042

    0.0         200       208  

4.875%, 09/19/2022

    0.0         200       203  

Mexico Cetes

       

4.390%, 12/13/2012 (D)

    0.3       MXP        410,000       3,160  

Pemex Finance

       

9.150%, 11/15/2018

    0.2         1,595       1,998  

Pemex Project Funding Master Trust

       

6.625%, 06/15/2035

    0.1         1,244       1,561  

5.750%, 03/01/2018

    0.1         1,255       1,470  

Petroleos Mexicanos

       

8.000%, 05/03/2019

    0.1         360       471  

6.500%, 06/02/2041

    0.0         20       25  

6.500%, 06/02/2041 (C)

    0.0         140       174  

6.500%, 06/02/2041 (C)

    0.1         442       551  

6.000%, 03/05/2020 (C)

    0.0         60       72  

6.000%, 03/05/2020

    0.0         130       155  

5.500%, 06/27/2044 (C)

    0.0         150       165  

United Mexican States MTN

       

8.300%, 08/15/2031

    0.2         1,400       2,247  

6.050%, 01/11/2040

    0.2         2,016       2,696  

5.950%, 03/19/2019

    0.0         370       459  

5.750%, 10/12/2110

    0.7         6,964       8,322  

5.625%, 01/15/2017

    0.0         402       470  

5.125%, 01/15/2020

    0.1         920       1,099  
Description   Percentage of
Net Assets(%)
    Face Amount (1)
(Thousands)
    Market Value
($ Thousands)
 
       

United Mexican States, Ser A MTN

       

6.750%, 09/27/2034

    0.1 %       640     $ 911  

Other Securities

    1.0           11,533  
       

 

 

 
          106,686  
       

 

 

 

Mongolia — 0.1%

       

Other Securities

    0.1           1,124  
       

 

 

 

Morocco — 0.0%

       

Other Securities

    0.0           323  
       

 

 

 

Nigeria — 0.3%

       

Other Securities

    0.3           3,911  
       

 

 

 

Oman — 0.0%

       

Other Securities

    0.0            113  
       

 

 

 

Pakistan — 0.1%

       

Other Securities

    0.1           852  
       

 

 

 

Panama — 1.0%

       

ENA Norte Trust

       

4.950%, 04/25/2023

    0.0         250       250  

Other Securities

    1.0           10,858  
       

 

 

 
          11,108  
       

 

 

 

Peru — 1.6%

       

CFG Investment

       

9.750%, 07/30/2019

    0.0         450       355  

Corp Azucarera del Peru

       

6.375%, 08/02/2022

    0.0         121       128  

Republic of Peru

       

8.750%, 11/21/2033

    0.5         3,391       5,909  

8.600%, 08/12/2017

    0.1       PEI        2,110       996  

8.375%, 05/03/2016

    0.1         340       423  

8.200%, 08/12/2026

    0.2       PEI        4,950       2,569  

7.840%, 08/12/2020

    0.1       PEI        3,150       1,503  

7.840%, 08/12/2020

    0.1       PEI        2,820       1,345  

7.350%, 07/21/2025

    0.2         1,160       1,699  

7.125%, 03/30/2019

    0.0         140       185  

6.950%, 08/12/2031

    0.1       PEI        1,400       644  

Other Securities

    0.2           3,169  
       

 

 

 
          18,925  
       

 

 

 

Philippines — 2.0%

       

Development Bank of Philippines

       

5.500%, 03/25/2021

    0.0         330       369  

Republic of Philippines

       

10.625%, 03/16/2025

    0.2         1,440       2,523  

9.500%, 02/02/2030

    0.4         2,849       4,925  

8.375%, 06/17/2019

    0.0         320       442  

7.750%, 01/14/2031

    0.6         4,868       7,448  

7.500%, 09/25/2024

    0.0         290       412  
 

 

SEI Institutional International Trust / Annual Report / September 30, 2012      25   


SUMMARY SCHEDULE OF INVESTMENTS

Emerging Markets Debt Fund (Continued)

September 30, 2012

 

Description   Percentage of
Net Assets(%)
    Face Amount (1)
(Thousands)
    Market Value
($ Thousands)
 
       

6.375%, 10/23/2034

    0.1 %       530     $ 730  

6.250%, 01/14/2036

    0.2       PHP        73,000       1,945  

5.500%, 03/30/2026

    0.1         540       677  

4.950%, 01/15/2021

    0.0       PHP        15,000       379  

4.000%, 01/15/2021

    0.1         1,016       1,135  

Other Securities

    0.3           2,553  
       

 

 

 
          23,538  
       

 

 

 

Poland — 5.9%

       

Republic of Poland

       

6.375%, 07/15/2019

    0.7          6,510       8,040  

6.250%, 10/24/2015

    0.1         3,080       1,020  

5.750%, 04/25/2014

    0.0         980       314  

5.125%, 04/21/2021

    0.1         1,000       1,165  

5.000%, 04/25/2016

    0.3         11,500       3,689  

5.000%, 03/23/2022

    0.4         3,465       4,019  

4.750%, 10/25/2016

    0.1       PLN        5,100       1,626  

4.750%, 04/25/2017

    0.5       PLN        19,646       6,274  

4.060%, 07/25/2014 (D)

    0.4       PLN        14,090       4,094  

4.000%, 03/23/2021

    0.1       EUR        736       1,032  

3.000%, 03/17/2023

    0.1         700       688  

Republic of Poland, Ser 0114

       

4.530%, 01/25/2014 (D)

    0.6       PLN        24,410       7,227  

Republic of Poland, Ser 0415

       

5.500%, 04/25/2015

    0.7       PLN        23,970       7,733  

Republic of Poland, Ser 0922

       

5.750%, 09/23/2022

    0.6       PLN        21,450       7,255  

Republic of Poland, Ser 1019

       

5.500%, 10/25/2019

    0.2       PLN        7,500       2,490  

Republic of Poland, Ser 1021

       

5.750%, 10/25/2021

    0.5       PLN        17,920       6,021  

Republic of Poland, Ser CPI

       

3.000%, 08/24/2016

    0.3       PLN        12,134       3,954  

Other Securities

    0.2           2,824  
       

 

 

 
          69,465  
       

 

 

 

Qatar — 1.1%

       

Qtel International Finance

       

7.875%, 06/10/2019

    0.1         770       993  

5.000%, 10/19/2025 (C)

    0.0         200       223  

4.750%, 02/16/2021 (C)

    0.1         457       507  

4.750%, 02/16/2021

    0.0         250       277  

Ras Laffan Liquefied Natural Gas II

       

5.298%, 09/30/2020

    0.0         420       472  

Ras Laffan Liquefied Natural Gas III

       

5.832%, 09/30/2016

    0.0         178       194  

State of Qatar

       

9.750%, 06/15/2030

    0.2         1,025       1,809  

6.550%, 04/09/2019

    0.2         1,533       1,911  

6.400%, 01/20/2040

    0.0         220       300  

6.400%, 01/20/2040 (C)

    0.1         377       515  
Description   Percentage of
Net Assets(%)
    Face Amount (1)
(Thousands)
    Market Value
($ Thousands)
 
       

5.750%, 01/20/2042 (C)

    0.1 %       750     $ 954  

5.250%, 01/20/2020

    0.1         1,182       1,398  

5.250%, 01/20/2020 (C)

    0.2         2,300       2,720  

Other Securities

    0.0           311  
       

 

 

 
          12,584  
       

 

 

 

Romania — 0.4%

       

Other Securities

    0.4           4,910  
       

 

 

 

Russia — 6.0%

       

Credit Suisse, CLN (Russian Government Bond)

       

7.600%, 04/14/2021

    0.7       RUB        238,700       7,635  

7.500%, 03/15/2018

    0.2       RUB        81,500       2,623  

Gazprom Neft OAO Via GPN Capital

       

4.375%, 09/19/2022 (C)

    0.1          550       547  

Gazprom OAO Via Gaz Capital

       

4.950%, 07/19/2022 (C)

    0.1         877       919  

Russian Agricultural Bank Via RSHB Capital

       

5.298%, 12/27/2017 (C)

    0.0         415       439  

Russian Foreign Bond –Eurobond

       

12.750%, 06/24/2028

    0.2         930       1,802  

11.000%, 07/24/2018

    0.0         292       427  

7.850%, 03/10/2018

    0.8       RUB        270,000       9,281  

7.500%, 03/31/2030

    1.6         15,114       19,082  

5.625%, 04/04/2042 (C)

    0.1         800       960  

5.000%, 04/29/2020 (C)

    0.1         900       1,033  

3.250%, 04/04/2017 (C)

    0.1         1,200       1,263  

Sberbank of Russia Via SB Capital

       

6.125%, 02/07/2022

    0.0         250       276  

SCF Capital

       

5.375%, 10/27/2017 (C)

    0.1         1,010       1,016  

VEB-Leasing Via VEB Leasing Investment

       

5.125%, 05/27/2016

    0.0         320       332  

Vnesheconombank Via VEB Finance

       

6.902%, 07/09/2020 (C)

    0.1         785       926  

6.902%, 07/09/2020

    0.1         1,240       1,463  

6.800%, 11/22/2025

    0.0         450       529  

6.800%, 11/22/2025 (C)

    0.0         150       176  

6.025%, 07/05/2022 (C)

    0.1         750       835  

5.450%, 11/22/2017 (C)

    0.0         300       326  

VTB Bank Via VTB Capital

       

6.875%, 05/29/2018

    0.0         300       323  

6.551%, 10/13/2020 (C)

    0.1         860       908  

6.315%, 02/22/2018

    0.1         762       806  

6.250%, 06/30/2035

    0.0         357       379  
 

 

26    SEI Institutional International Trust / Annual Report / September 30, 2012


 

 

 

Description   Percentage of
Net Assets(%)
    Face Amount (1)
(Thousands)
    Market Value
($ Thousands)
 
       

6.000%, 04/12/2017 (C)

    0.1 %       1,400     $ 1,463  

Other Securities

    1.2           13,915  
       

 

 

 
          69,684  
       

 

 

 

Saudi Arabia — 0.1%

       

Other Securities

    0.1           1,061  
       

 

 

 

Senegal — 0.1%

       

Other Securities

    0.1           1,150  
       

 

 

 

Serbia — 0.1%

       

Other Securities

    0.1           1,322  
       

 

 

 

Singapore — 0.2%

       

Other Securities

    0.2            2,276  
       

 

 

 

Slovak Republic — 0.1%

       

Other Securities

    0.1           1,359  
       

 

 

 

South Africa — 7.4%

       

Eskom Holdings

       

5.750%, 01/26/2021 (C)

    0.1         600       684  

Republic of South Africa

       

13.500%, 09/15/2015

    0.7       ZAR        51,580       7,616  

10.500%, 12/21/2026

    1.0       ZAR        75,065       11,540  

8.500%, 06/23/2017

    0.1         860       1,045  

8.000%, 12/21/2018

    1.3       ZAR        117,120       15,529  

7.750%, 02/28/2023

    0.3       ZAR        30,193       3,860  

7.250%, 01/15/2020

    0.7       ZAR        63,000       7,986  

7.000%, 02/28/2031

    0.2       ZAR        18,400       2,037  

6.875%, 05/27/2019

    0.3         2,847       3,584  

6.750%, 03/31/2021

    1.4       ZAR        135,540       16,617  

6.500%, 02/28/2041

    0.1       ZAR        9,200       913  

6.250%, 03/08/2041

    0.0         279       368  

5.875%, 05/30/2022

    0.1         670       825  

5.500%, 03/09/2020

    0.3         2,697       3,203  

4.665%, 01/17/2024

    0.2         1,500       1,684  

Republic of South Africa, Ser R203

       

8.250%, 09/15/2017

    0.4       ZAR        31,600       4,219  

Transnet MTN

       

4.500%, 02/10/2016 (C)

    0.0         280       297  

Transnet SOC

       

4.000%, 07/26/2022 (C)

    0.1         1,119       1,137  

Other Securities

    0.3           2,968  
       

 

 

 
          86,112  
       

 

 

 

South Korea — 0.1%

       

Other Securities

    0.1           1,695  
       

 

 

 

Sri Lanka — 0.1%

       

Other Securities

    0.1           1,676  
       

 

 

 
Description   Percentage of
Net Assets(%)
    Face Amount (1)
(Thousands)
    Market Value
($ Thousands)
 
       

Supra-National — 0.1%

       

Other Securities

    0.1 %       $ 1,407  
       

 

 

 

Thailand — 2.9%

       

Thailand Government Bond

       

3.775%, 06/25/2032

    0.1       THB        29,000       909  

3.650%, 12/17/2021

    0.3       THB        98,980       3,235  

3.625%, 05/22/2015

    1.0       THB        354,070       11,614  

3.625%, 06/16/2023

    0.1       THB        49,409       1,595  

3.580%, 12/17/2027

    0.2       THB        62,656       1,978  

3.450%, 03/08/2019

    0.1       THB        44,700       1,443  

3.250%, 06/16/2017

    0.5       THB        168,940       5,455  

2.800%, 10/10/2017

    0.3       THB        103,000       3,252  

1.200%, 07/14/2021

    0.3       THB        117,298        3,859  

Other Securities

    0.0           741  
       

 

 

 
          34,081  
       

 

 

 

Trinidad & Tobago — 0.1%

       

Other Securities

    0.1            1,583  
       

 

 

 

Turkey — 6.1%

       

Export Credit Bank of Turkey

       

5.875%, 04/24/2019 (C)

    0.0         200       220  

5.375%, 11/04/2016 (C)

    0.0         390       418  

Republic of Turkey

       

11.875%, 01/15/2030

    0.1         460       863  

10.500%, 01/15/2020

    0.2       TRY        4,200       2,643  

9.018%, 07/17/2013 (D)

    0.6       TRY        13,503       7,112  

9.000%, 03/05/2014

    0.1       TRY        960       545  

9.000%, 05/21/2014

    0.4       TRY        6,892        4,343  

9.000%, 01/27/2016

    0.1       TRY        2,590       1,502  

9.000%, 03/08/2017

    0.6       TRY        11,900       6,959  

8.000%, 02/14/2034

    0.2         1,370       1,932  

7.500%, 07/14/2017

    0.0         410       492  

7.500%, 11/07/2019

    0.4         3,400       4,272  

7.375%, 02/05/2025

    0.1         1,170       1,518  

7.250%, 03/15/2015

    0.0         410       454  

7.250%, 03/05/2038

    0.0         250       332  

7.000%, 09/26/2016

    0.0         360       417  

7.000%, 03/11/2019

    0.0         240       291  

7.000%, 06/05/2020

    0.1         460       566  

6.875%, 03/17/2036

    0.1         913       1,158  

6.780%, 05/15/2013 (D)

    0.2       TRY        4,600       2,453  

6.750%, 04/03/2018

    0.3         2,814       3,310  

6.750%, 05/30/2040

    0.0         375       473  

6.580%, 03/20/2013 (D)

    0.2       TRY        3,653       1,970  

6.250%, 09/26/2022

    0.1         740       886  

6.070%, 02/20/2013 (D)

    0.3       TRY        6,200       3,364  

6.000%, 01/14/2041

    0.1         1,002       1,156  

5.625%, 03/30/2021

    0.0         190       217  

5.125%, 03/25/2022

    0.2         1,709       1,882  

4.500%, 02/11/2015

    0.3       TRY        5,750        3,461  
 

 

SEI Institutional International Trust / Annual Report / September 30, 2012      27   


SUMMARY SCHEDULE OF INVESTMENTS

Emerging Markets Debt Fund (Continued)

September 30, 2012

 

Description   Percentage of
Net Assets(%)
    Face Amount (1)
(Thousands)
    Market Value
($ Thousands)
 
       

4.000%, 04/29/2015

    0.5 %     TRY        10,219      $ 6,124  

4.000%, 04/01/2020

    0.2       TRY        3,149        1,952  

3.000%, 02/23/2022

    0.3       TRY        5,283        3,109  

Other Securities

    0.4           4,744  
       

 

 

 
          71,138  
       

 

 

 

Ukraine — 1.6%

       

Financing of Infrastrucural Projects State Enterprise

       

8.375%, 11/03/2017 (C)

    0.1         550       506  

Government of Ukraine

       

9.250%, 07/24/2017 (C)

    0.1          1,100       1,156  

9.250%, 07/24/2017

    0.1         950       996  

7.950%, 02/23/2021 (C)

    0.0         250       249  

7.750%, 09/23/2020

    0.0         250       247  

7.650%, 06/11/2013

    0.1         441       444  

6.875%, 09/23/2015 (C)

    0.0         350       346  

6.580%, 11/21/2016 (C)

    0.0         230       221  

6.250%, 06/17/2016

    0.0         200       192  

6.250%, 06/17/2016 (C)

    0.1         600       576  

National Naftogaz of Ukraine

       

9.500%, 09/30/2014

    0.2         2,130       2,165  

Oschadbank Via SSB No. 1

       

8.250%, 03/10/2016

    0.1         430       411  

The EXIM of Ukraine Via Credit Suisse First Boston International

       

6.800%, 10/04/2012

    0.0         320       320  

Ukreximbank Via Biz Finance

       

8.375%, 04/27/2015

    0.4         5,083       4,905  

Other Securities

    0.4           5,619  
       

 

 

 
          18,353  
       

 

 

 

United Arab Emirates — 1.2%

       

Dubai World

       

1.000%, 09/30/2015

    0.1         1,200       600  

1.000%, 09/30/2018

    0.1         1,015       467  

Other Securities

    1.0           12,696  
       

 

 

 
          13,763  
       

 

 

 

Uruguay — 0.7%

       

Other Securities

    0.7           7,761  
       

 

 

 

Venezuela — 2.5%

       

Petroleos de Venezuela

       

5.500%, 04/12/2037

    0.0         550       333  

5.375%, 04/12/2027

    0.1         1,391       859  

5.250%, 04/12/2017

    0.0         430       340  

5.000%, 10/28/2015

    0.0         560       475  

4.900%, 10/28/2014

    0.8         10,110       9,130  

Republic of Venezuela

       

13.625%, 08/15/2018

    0.2         2,100       2,258  

13.625%, 08/15/2018

    0.0         144       149  
Description   Percentage of
Net Assets(%)
    Face Amount (1)
(Thousands)
    Market Value
($ Thousands)
 
       

10.750%, 09/19/2013

    0.0 %       210     $ 215  

9.375%, 01/13/2034

    0.1         980       870  

9.250%, 09/15/2027

    0.1         620       559  

9.250%, 05/07/2028

    0.0         530       466  

9.000%, 05/07/2023

    0.1         590       519  

8.500%, 10/08/2014

    0.0         456       458  

8.250%, 10/13/2024

    0.0         490       407  

7.750%, 10/13/2019

    0.0         540       466  

7.650%, 04/21/2025

    0.1         610       477  

7.000%, 03/31/2038

    0.0         40       29  

6.000%, 12/09/2020

    0.1         847       638  

Other Securities

    0.9            10,363  
       

 

 

 
          29,011  
       

 

 

 

Vietnam — 0.1%

       

Other Securities

    0.1           1,350  
       

 

 

 

Zambia — 0.0%

       

Other Securities

    0.0           452  
       

 

 

 

Total Global Bonds (Cost $924,701) ($ Thousands)

          1,002,472  
       

 

 

 

LOAN PARTICIPATIONS — 1.4%

  

   

Other Securities

    1.4           16,874  
       

 

 

 

Total Loan Participations (Cost $20,316) ($ Thousands)

          16,874  
       

 

 

 

CONVERTIBLE BONDS — 0.3%

  

   

Other Securities

    0.3           2,918  
       

 

 

 

Total Convertible Bonds (Cost $2,902) ($ Thousands)

          2,918  
       

 

 

 

TIME DEPOSITS — 5.5%

  

   

United States — 5.5%

  

   

Brown Brothers Harriman

       

4.150%, 10/01/2012

      ZAR        2,928       355  

0.030%, 10/01/2012

        59,115       59,115  

0.010%, 10/01/2012

      SGD                 

(0.014)%, 10/01/2012

      EUR        3,642       4,685  
       

 

 

 

Total Time Deposits (Cost $64,155) ($ Thousands)

   

        64,155  
       

 

 

 

Total Investments — 93.2% (Cost $1,012,074) ($ Thousands)††

   

      $ 1,086,419  
       

 

 

 
 

 

28    SEI Institutional International Trust / Annual Report / September 30, 2012


 

 

 

A list of the open futures contracts held by the Fund at September 30, 2012, is as follows:

 

Type of
Contract
     Number of
Contracts
Long (Short)
       Expiration
Date
       Unrealized
Appreciation
(Depreciation)
($ Thousands)
 

Euro-Bund

       (7        Dec-2012         $ (3

Euro-Buxl 30 Year Bond

       (8        Dec-2012           1   

U.S. 10-Year Treasury Note

       40           Dec-2012           23   
              

 

 

 
               $ 21   
              

 

 

 

For the year ended September 30, 2012, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

A list of the open forward foreign currency contracts held by the Fund at September 30, 2012, is as follows:

 

Maturity Date  

Currency
to Deliver

(Thousands)

   

Currency
to Receive

(Thousands)

    Unrealized
Appreciation
(Depreciation)
($ Thousands)
 

10/01/2012-11/21/2012

    MYR        33,971        USD        11,033      $ (73

10/01/2012-12/19/2012

    USD        38,705        MYR        120,702        690   

10/02/2012-10/30/2012

    USD        15,077        IDR        144,460,789        4   

10/02/2012-12/19/2012

    IDR        121,799,424        USD        12,746        40   

10/02/2012-12/21/2012

    USD        24,073        BRL        49,294        154   

10/02/2012-01/03/2013

    BRL        30,961        USD        14,965        (250

10/03/2012-10/31/2012

    EUR        32,221        USD        41,406        (49

10/03/2012-11/05/2012

    USD        6,912        EUR        5,413        52   

10/04/2012-12/19/2012

    USD        32,099        RUB        1,029,252        708   

10/04/2012-12/20/2012

    RUB        630,325        USD        20,117        40   

10/08/2012-11/23/2012

    EUR        10,795        PLN        45,489        293   

10/09/2012-01/15/2013

    USD        12,158        INR        670,353        396   

10/10/2012-10/22/2012

    USD        10,745        THB        337,843        220   

10/10/2012-12/19/2012

    THB        257,358        USD        8,299        (50

10/12/2012-11/30/2012

    USD        20,202        TRY        36,756        186   

10/16/2012-11/30/2012

    USD        34,898        MXP        458,234        654   

10/16/2012-12/05/2012

    PHP        123,231        USD        2,960        7   

10/16/2012-12/05/2012

    USD        4,661        PHP        195,187        17   

10/18/2012-11/23/2012

    USD        10,719        KRW        12,011,706        87   

10/19/2012

    PLN        5,280        EUR        1,252        (34

10/19/2012-11/13/2012

    USD        3,260        COP        5,899,070        1   

10/19/2012-11/16/2012

    COP        10,053,926        USD        5,515        (53

10/19/2012-11/20/2012

    USD        5,027        PEI        13,182        43   

10/19/2012-11/26/2012

    PEI        3,315        USD        1,241        (33

10/19/2012-11/30/2012

    MXP        210,570        USD        15,903        (434

10/19/2012-12/3/2012

    CNY        33,301        USD        5,228        (46

10/19/2012-7/25/2013

    USD        4,126        CNY        26,301        35   

10/24/2012-11/26/2012

    USD        6,181        CLP        2,981,474        57   

10/25/2012-12/18/2012

    USD        1,298        RON        4,519        (23
Maturity Date  

Currency
to Deliver

(Thousands)

   

Currency
to Receive

(Thousands)

    Unrealized
Appreciation
(Depreciation)
($ Thousands)
 

10/26/2012

    TWD        174,028        USD        5,933      $ (9

10/31/2012

    EUR        2,076        CZK        50,690        (82

10/31/2012

    GBP        517        USD        828        (7

10/31/2012

    PLN        638        USD        200        2   

10/31/2012

    USD        1,720        CZK        33,712        2   

10/31/2012-11/19/2012

    CZK        99,725        EUR        4,031        92   

10/31/2012-11/28/2012

    USD        4,873        ZAR        41,205        88   

10/31/2012-11/28/2012

    ZAR        81,007        USD        9,768        2   

10/31/2012-11/30/2012

    HUF        1,288,066        USD        5,783        (1

10/31/2012-11/30/2012

    USD        6,270        HUF        1,402,781        23   

10/31/2012-12/10/2012

    USD        15,357        PLN        50,396        280   

11/09/2012

    INR        71,607        USD        1,318        (29

11/13/2012

    TRY        19,714        USD        10,799        (119

11/13/2012-11/28/2012

    ILS        10,440        USD        2,599        (57

11/16/2012-11/26/2012

    CLP        2,599,293        USD        5,392        (43

11/21/2012-12/18/2012

    HUF        1,191,594        EUR        4,194        61   

11/23/2012

    KRW        2,740,000        USD        2,400        (65

11/28/2012

    USD        2,624        ILS        10,281        (9

11/30/2012

    CZK        34,203        USD        1,771        23   

07/17/2013-07/17/2015

    CNH        151,802        USD        23,050        (33

07/17/2013-07/17/2015

    USD        23,050        CNH        150,599        99   
         

 

 

 
          $ 2,857   
         

 

 

 

A list of the counterparties for the open forward foreign currency contracts held by the Fund at September 30, 2012, is as follows:

 

Counterparty   Settlement Date     Currency to
Deliver
($ Thousands)
    Currency to
Receive
($ Thousands)
    Unrealized
Appreciation
(Depreciation)
($ Thousands)
 

Bank of America

    10/16/2012-12/10/2012        (12,332     12,449      $ 117   

Barclays PLC

    10/01/2012-07/25/2013        (139,808     140,630        822   

Citigroup

    10/01/2012-12/19/2012        (139,087     139,808        721   

Deutsche Bank

    10/02/2012-12/18/2012        (56,548     56,964        416   

Goldman Sachs

    10/31/2012-11/30/2012        (10,510     10,417        (93

HSBC

    10/02/2012-07/17/2015        (65,020     65,160        140   

JPMorgan Chase Bank

    10/02/2012-01/03/2013        (56,437     56,614        177   

Standard New York

    10/02/2012-11/21/2012        (6,080     6,164        84   

UBS

    10/02/2012-01/15/2013        (37,339     37,812        473   
       

 

 

 
        $ 2,857   
       

 

 

 
 

 

SEI Institutional International Trust / Annual Report / September 30, 2012      29   


SUMMARY SCHEDULE OF INVESTMENTS

Emerging Markets Debt Fund (Concluded)

September 30, 2012

 

A list of outstanding swap agreements held by the Fund at September 30, 2012, is as follows:

 

Interest Rate Swaps

 
Counterparty   Fund Pays   Fund Receives   Termination Date   Currency     Notional
Amount
(Thousands)
    Net Unrealized
Appreciation
(Depreciation)
($ Thousands)
 
Barclays Bank PLC   Singapore Swap Offer Rate Fixing 6 Month   2.77%  

06/14/2032

    SGD        2,220      $ 19   
Barclays Bank PLC   1.86%   Singapore Swap Offer Rate Fixing 6 Month  

06/14/2022

    SGD        3,830        (26
Barclays Bank PLC   Brazil Interbank Deposit Rate   9.04%  

01/02/2017

    BRL        3,525        7   
HSBC   Brazil Interbank Deposit Rate   9.14%  

01/04/2017

    BRL        2,162        6   
           

 

 

 
            $ 6   
           

 

 

 

 

Total Return Swaps

 
Counterparty   Reference Entity/Obligation   Fund Pays   Fund Receives   Termination Date     Currency     Notional
Amount
(Thousands)
    Net
Unrealized
Appreciation
(Depreciation)
($ Thousands)
 
HSBC   Republic of Indonesia, 10.50%, 8/15/30   Cash Deposit Of Notional Amount   Price Return     08/15/2030        IDR        29,500,000      $ (15
HSBC   Republic of Indonesia, 11.50%, 9/15/19   Cash Deposit Of Notional Amount   Price Return     09/15/2019        IDR        68,500,000        (245
HSBC   Republic of Indonesia, 11.50%, 9/15/19   Cash Deposit Of Notional Amount   Price Return     09/15/2019        IDR        4,500,000        (15
HSBC   Republic of Indonesia, 8.25%, 6/15/32   Cash Deposit Of Notional Amount   Price Return     06/15/2032        IDR        18,100,000        (9
HSBC   Republic of Indonesia, 8.375%, 9/15/26   Cash Deposit Of Notional Amount   Price Return     09/15/2026        IDR        18,900,000        (4
HSBC   Russia Government Bond – Ofz, 7.6%, 7//22   Cash Deposit Of Notional Amount   Price Return     07/22/2022        RUB        38,800        61   
HSBC   Russia Government Bond – Ofz, 6.9%, 8/3/16   Cash Deposit Of Notional Amount   Price Return     08/05/2016        RUB        46,300        85   
HSBC   Russia Government Bond – Ofz, 6.9%, 8/3/16   Cash Deposit Of Notional Amount   Price Return     08/05/2016        RUB        356,000        539   
HSBC   Russia Government Bond – Ofz, 7.1%, 3/13/14   Cash Deposit Of Notional Amount   Price Return     03/17/2014        RUB        14,900        22   
HSBC   Russia Government Bond – Ofz, 7.1%, 3/13/14   Cash Deposit Of Notional Amount   Price Return     03/17/2014        RUB        207,000        233   
HSBC   Russia Government Bond – Ofz, 7.4%, 4/19/17   Cash Deposit Of Notional Amount   Price Return     04/21/2017        RUB        20,700        29   
HSBC   Russia Government Bond – Ofz, 7.4%, 4/19/17   Cash Deposit Of Notional Amount   Price Return     04/21/2017        RUB        36,700        54   
HSBC   Russia Government Bond – Ofz, 7.4%, 6/14/17   Cash Deposit Of Notional Amount   Price Return     06/16/2017        RUB        45,700        45   
HSBC   Russia Government Bond – Ofz, 7.4%, 6/14/17   Cash Deposit Of Notional Amount   Price Return     06/16/2017        RUB        54,000        56   
HSBC   Russia Government Bond – Ofz, 7.5%, 2/27/19   Cash Deposit Of Notional Amount   Price Return     03/01/2019        RUB        20,700        11   
HSBC   Russia Government Bond – Ofz, 7.5%, 2/27/19   Cash Deposit Of Notional Amount   Price Return     03/01/2019        RUB        23,670        29   
HSBC   Russia Government Bond – Ofz, 7.5%, 2/27/19   Cash Deposit Of Notional Amount   Price Return     03/01/2019        RUB        183,000        426   
HSBC   Russia Government Bond – Ofz, 7.5%, 3/15/18   Cash Deposit Of Notional Amount   Price Return     03/19/2018        RUB        4,500        2   
HSBC   Russia Government Bond – Ofz, 7.5%, 3/15/18   Cash Deposit Of Notional Amount   Price Return     03/19/2018        RUB        21,600        12   
HSBC   Russia Government Bond – Ofz, 7.6%, 4/14/21   Cash Deposit Of Notional Amount   Price Return     04/16/2021        RUB        19,000        41   
HSBC   Russia Government Bond – Ofz, 7.6%, 4/14/21   Cash Deposit Of Notional Amount   Price Return     04/16/2021        RUB        87,000        166   
HSBC   Russia Government Bond – Ofz, 8.15%, 2/3/27   Cash Deposit Of Notional Amount   Price Return     02/05/2017        RUB        36,000        52   
HSBC   Russia Government Bond – Ofz, 8.15%, 2/3/27   Cash Deposit Of Notional Amount   Price Return     02/05/2017        RUB        37,400        60   
             

 

 

 
              $ 1,635   
             

 

 

 

 

30    SEI Institutional International Trust / Annual Report / September 30, 2012


 

 

 

Percentages are based on a Net Assets of $1,165,102 ($ Thousands).

 

(1)   In U.S. Dollars unless otherwise indicated.

 

(A)   Variable Rate Security — The rate reported on the Summary Schedule of Investments is the rate in effect as of September 30, 2012.

 

(B)   Step Bonds — The rate reflected on the Summary Schedule of Investments is the effective yield on September 30, 2012. The coupon on a step bond changes on a specified date.

 

(C)   Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” These securities have been determined to be liquid under guidelines established by the Board of Trustees.

 

(D)   Zero coupon security. The rate reported on the Summary Schedule of Investments is the effective yield at time of purchase.

 

(E)   Securities considered illiquid. The total market value of such securities as of September 30, 2012 was $27,387 ($ Thousands) and represented 2.4% of Net Assets.

 

(F)   Security in default on interest payments.

 

††   The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). In certain instances, securities for which footnotes listed above may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available (i) without charge, upon request, by calling (800) 342-5734; and (ii) on the SEC’s website at http://www.sec.gov.

ARS — Argentine Peso

BRL — Brazilian Real

BUBOR — Budapest Interbank Offered Rate

CLN — Credit Linked Note

CLP — Chilean Peso

CNH — Chinese Yuen (Offshore)

CNY — Chinese Renminbi

COP — Colombian Peso

CZK — Czech Koruna

EUR — Euro

GBP — British Pound Sterling

HUF — Hungarian Forint

IDR — Indonesia Rupiah

ILS — Israeli Shekel

INR — India Rupee

KRW — Korean Won

MTN — Medium Term Note

MXP — Mexican Peso

MYR — Malaysian Ringgit

PEI — Peruvian Inca

PHP — Philippine Peso

PLC — Public Limited Company

PLN — Polish Zlotty

RON — Romanian Leu

RUB — Russian Ruble

Ser — Series

SGD — Singapore Dollar

THB — Thailand Baht

TRY — Turkish Lira

TWD — Taiwanese Dollar

USD — U.S. Dollar

ZAR — South African Rand

The following is a summary of the inputs used as of September 30, 2012, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):

 

Investments in Securities   Level 1     Level 2     Level 3 (1)     Total  

Global Bonds

  $      $ 1,002,378     $ 94     $ 1,002,472  

Convertible Bonds

           2,918              2,918  

Time Deposits

           64,155              64,155  

Loan Participations

                  16,874       16,874  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Investments in Securities

  $      $ 1,069,451     $ 16,968     $ 1,086,419  
 

 

 

   

 

 

   

 

 

   

 

 

 
Other Financial Instruments   Level 1     Level 2     Level 3     Total  

Futures Contracts *

  $ 21     $      $      $ 21  

Forwards Contracts *

           2,857              2,857  

Total Return Swaps *

           1,635              1,635  

Interest Rate Swaps *

           6              6   
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Other Financial Instruments

  $ 21     $ 4,498     $      $ 4,519   
 

 

 

   

 

 

   

 

 

   

 

 

 

 

*   Futures and forwards contracts and swaps are valued at the unrealized appreciation on the instrument.

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining value ($ Thousands):

 

     Global
Bonds
    Loan
Participations
 

Beginning balance as of October 1, 2011

  $      $ 18,404   

Accrued discounts/premiums

           69   

Realized gain/(loss)

           4   

Change in unrealized appreciation/(depreciation)

    94        426   

Purchases

           568   

Sales

           (2,597

Transfer into Level 3

             

Transfer out of Level 3

             
 

 

 

   

 

 

 

Ending balance as of September 30, 2012

  $ 94      $ 16,874   
 

 

 

   

 

 

 

 

(1)   

Of the $16,968 ($ Thousands) in Level 3 securities as of September 30, 2012, $7,648 ($ Thousands) or 0.6% are not valued via third party pricing vendors and broker quotes. If significant, the disclosure of the unobservable inputs and the interrelationships and sensitivity between these inputs are required for those Level 3 securities that are not valued by third party pricing vendors or broker quotes.

For the year ended September 30, 2012, there have been no significant transfers between Level 1 and Level 2 assets and liabilities.

For the year ended September 30, 2012, there have been no significant transfers between Level 2 and Level 3 assets and liabilities.

Amounts designated as “—” are $O or have been rounded to $O.

The accompanying notes are an integral part of the financial statements.

 

 

SEI Institutional International Trust / Annual Report / September 30, 2012      31   


Statements of Assets and Liabilities ($ Thousands)

September 30, 2012

 

     International
Equity Fund
    Emerging Markets
Equity Fund
    International Fixed
Income Fund
    Emerging Markets
Debt Fund
 

ASSETS:

       

Investments, at value (Cost $1,773,503, $858,706, $462,239 and $1,012,074, respectively)(1)

  $ 1,795,280      $ 895,471      $ 488,077      $ 1,086,419   

Affiliated investments, at value (Cost $176,154, $95,302, $0 and $0, respectively)

    174,068        94,040                 

Cash

                         245   

Foreign currency, at value (Cost $0, $7,793, $0 and $3,175, respectively)

           7,820               3,180   

Cash pledged as collateral for forward foreign currency contracts, futures contracts or swap contracts

                  937        477   

Receivable for investment securities sold

    12,849        5,125        9,003        4,575   

Unrealized gain on forward foreign currency contracts

                  130        4,356   

Receivable for fund shares sold

    1,218        475        700        2,150   

Dividends and interest receivable

    5,113        1,048        4,964        16,164   

Variation margin receivable

    12               44          

Foreign tax reclaim receivable

    2,573        41                 

Unrealized gain on foreign spot currency contracts

    8               18          

Swap contracts, at value (Premiums paid $0, $0, $0 and $57,906, respectively)

                  7,407        61,922   

Receivable for swap contracts closed

                         24   

Total Assets

    1,991,121        1,004,020        511,280        1,179,512   

LIABILITIES:

       

Payable for investment securities purchased

    17,827        5,920        9,780        7,552   

Payable upon return of securities loaned

    118,693        91,070                 

Payable to custodian

    578        4,001        409          

Payable for foreign currency ($111, $0, $131 and $0, respectively)

    115               131          

Unrealized loss on forward foreign currency contracts

    391               2,082        1,499   

Swap contracts, at value (Premiums received $0, $0, $0 and $0, respectively)

                  6,003        2,375   

Payable for swap contracts closed

                         13   

Payable for securities lending collateral

                         243   

Payable for fund shares redeemed

    2,523        1,413        602        1,369   

Variation margin payable

    736               7        7   

Unrealized loss on foreign spot currency contracts

    11               2          

Investment advisory fees payable

    775        696        121        363   

Administration fees payable

    690        473        241        613   

Shareholder servicing fees payable

    386        182        37        236   

Trustees’ fees

    1                      1   

Chief compliance officer fees payable

    2        1        1        1   

Administration servicing fees payable

    4                        

Other accrued expenses

    267        239        71        138   

Accrued foreign capital gains tax on appreciated securities

           295                 

Total Liabilities

    142,999        104,290        19,487        14,410   

Net Assets

  $ 1,848,122      $ 899,730      $ 491,793      $ 1,165,102   

NET ASSETS:

       

Paid in Capital (unlimited authorization — no par value)

  $ 2,861,623      $ 973,543      $ 499,037      $ 1,034,287   

Undistributed (distributions in excess of) net investment income

    29,231        3,390        (15,636     8,863   

Accumulated net realized gain (loss) on investments, futures contracts, option contracts, foreign currency contracts and swap contracts

    (1,061,086     (112,457     (16,015     42,955   

Net unrealized appreciation on investments and option contracts

    19,691        35,503        25,838        74,345   

Net unrealized appreciation (depreciation) on futures contracts

    (1,020            (123     21   

Net unrealized appreciation on swap contracts

                  1,404        1,641   

Net unrealized appreciation (depreciation) on forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies

    (317     46        (2,712     2,990   

Accumulated foreign capital gains tax on appreciated securities

           (295              

Net Assets

  $ 1,848,122      $ 899,730      $ 491,793      $ 1,165,102   

Net Asset Value, Offering and Redemption Price Per Share — Class A($1,842,851,384 ÷ 225,042,679 shares, $899,729,692 ÷ 87,797,789 shares, $491,792,970 ÷ 45,472,189 shares, $1,165,101,681 ÷ 96,521,107 shares, respectively.)

    $8.19        $10.25        $10.82        $12.07   

Net Asset Value, Offering and Redemption Price Per Share — Class I ($5,270,600 ÷ 644,509 shares)

    $8.18        N/A        N/A        N/A   

 

(1)   Included in “Investments, at value” is the market value of securities on loan in the amounts of $111,744, $87,300, $0 and $0, ($ Thousands), respectively.

N/A — Not applicable. Share classes currently not offered.

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

 

32    SEI Institutional International Trust / Annual Report / September 30, 2012


Statements of Operations ($ Thousands)

For the year ended September 30, 2012

 

      International
Equity Fund
     Emerging Markets
Equity Fund
     International Fixed
Income Fund
     Emerging Markets
Debt Fund
 

Investment Income:

           

Dividends

   $ 54,932       $ 22,185       $       $   

Dividends from Affiliated Investments(1)(2)

     25         4                   

Interest

     54         1         12,803         62,625   

Security Lending Income — Net(2)

     1,933         579                 12   

Less: Foreign Taxes Withheld

     (4,693      (2,103      9         (94

Total Investment Income

     52,251         20,666         12,812         62,543   

Expenses:

           

Investment Advisory Fees

     8,759         8,831         1,462         8,564   

Administration Fees

     7,805         5,467         2,925         6,549   

Shareholder Servicing Fees — Class A

     4,323         2,103         1,219         2,519   

Shareholder Servicing Fees — Class I

     14                           

Administrative Servicing Fees — Class I

     14                           

Trustees’ Fees

     35         17         10         20   

Chief Compliance Officer Fees

     8         4         2         5   

Custodian/Wire Agent Fees

     334         496         66         93   

Printing Fees

     231         112         68         147   

Overdraft Fees

     30         36         6         13   

Professional Fees

     158         194         45         120   

Registration Fees

     50         24         13         25   

Other Expenses

     147         86         56         64   

Total Expenses

     21,908         17,370         5,872         18,119   

Less:

           

Waiver of Investment Advisory Fees

             (832              (4,377

Waiver of Shareholder Servicing Fees — Class A

                     (888        

Net Expenses

     21,908         16,538         4,984         13,742   

Net Investment Income

     30,343         4,128         7,828         48,801   

Net Realized and Unrealized Gain (Loss) on Investments, Affiliated Investments, Futures Contracts, Swap Contracts and Foreign Currency Transactions:

           

Net Realized Gain (Loss) from:

           

Investments

     (48,483      (70,342      6,293         51,146   

Affiliated Investments

                             (243

Futures Contracts

     8,354                 182         (2,673

Swap Contracts

                     (944      339   

Foreign Currency Transactions

     371         (1,087      16,653         (810

Net Change in Unrealized Appreciation (Depreciation) on:

           

Investments

     242,252         170,444         14,772         68,002   

Affiliated Investments

     (339      (352              267   

Futures Contracts

     (1,696              247         (121

Swap Contracts

                     214         1,564   

Foreign Capital Gains Tax on Appreciated Securities

             (292                

Foreign Currency Transactions

     (362      184         (15,591      2,058   

Net Realized and Unrealized Gain on Investments, Written Options, Futures Contracts, Swap Contracts and Foreign Currency Transactions

     200,097         98,555         21,826         119,529   

Net Increase in Net Assets Resulting from Operations

   $ 230,440       $ 102,683       $ 29,654       $ 168,330   

 

(1)   Income is from the investment of collateral in an affiliated security.
(2)   See Note 4 in Notes to Financial Statements.

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

 

SEI Institutional International Trust / Annual Report / September 30, 2012      33   


Statements of Changes in Net Assets ($ Thousands)

For the years ended September 30,

 

     International
Equity Fund
    Emerging Markets
Equity Fund
 
     2012     2011     2012     2011  

Operations:

       

Net Investment Income

  $ 30,343      $ 36,457      $ 4,128      $ 4,092   

Net Realized Gain (Loss) from Investments, Affiliated Investments, Futures Contracts, and Swap Contracts

    (40,129     175,855        (70,342     128,870   

Net Realized Gain (Loss) on Forward Foreign Currency Contracts and Foreign Currency Transactions

    371        (3,283     (1,087     (1,199

Net Change in Unrealized Appreciation (Depreciation) on Investments, Affiliated Investments, Futures Contracts, and Swap Contracts

    240,217        (405,494     170,092        (311,142

Net Change in Unrealized Appreciation (Depreciation) on Foreign Capital Tax Gains on Appreciated Securities

                  (292     319   

Net Change in Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts, Foreign Currencies, and Translation of Other Assets and Liabilities Denominated in Foreign Currencies

    (362     (198     184        (218

Net Increase (Decrease) in Net Assets Resulting from Operations

    230,440        (196,663     102,683        (179,278

Dividends from:

       

Net Investment Income:

       

Class A

    (34,665     (27,359     (2,183     (8,167

Class I

    (96     (106              

Total Dividends

    (34,761     (27,465     (2,183     (8,167

Capital Share Transactions:

       

Class A:

       

Proceeds from Shares Issued

    568,731 (1)      534,221        298,296        267,635   

Reinvestment of Dividends & Distributions

    32,156        25,959        2,014        7,653   

Cost of Shares Redeemed

    (519,994     (667,954     (196,578     (327,928

Increase (Decrease) in Net Assets Derived from Class A Transactions

    80,893        (107,774     103,732        (52,640

Class I:

       

Proceeds from Shares Issued

    1,307 (1)      1,445                 

Reinvestment of Dividends & Distributions

    67        78                 

Cost of Shares Redeemed

    (1,982     (4,124              

Decrease in Net Assets Derived from Class I Transactions

    (608     (2,601              

Increase (Decrease) in Net Assets Derived from Capital Share Transactions

    80,285        (110,375     103,732        (52,640

Net Increase (Decrease) in Net Assets

    275,964        (334,503     204,232        (240,085

Net Assets:

       

Beginning of Year

    1,572,158        1,906,661        695,498        935,583   

End of Year

  $ 1,848,122      $ 1,572,158      $ 899,730      $ 695,498   

Undistributed Net Investment Income Included in Net Assets at End of Year

  $ 29,231      $ 32,544      $ 3,390      $ 1,998   

Share Transactions:

       

Class A:

       

Shares Issued

    72,568        60,845        30,168        22,954   

Reinvestment of Distributions

    4,334        2,973        215        643   

Shares Redeemed

    (66,704     (76,626     (19,866     (28,393

Total Class A Transactions

    10,198        (12,808     10,517        (4,796

Class I:

       

Shares Issued

    166        165                 

Reinvestment of Distributions

    9        9                 

Shares Redeemed

    (254     (466              

Total Class I Transactions

    (79     (292              

Net Increase (Decrease) in Shares Outstanding from Share Transactions

    10,119        (13,100     10,517        (4,796

(1) See Note 10 in Notes to Financial Statements.

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

 

34    SEI Institutional International Trust / Annual Report / September 30, 2012


Statements of Changes in Net Assets ($ Thousands) (Continued)

For the years ended September 30,

 

     International Fixed
Income Fund
    Emerging Markets
Debt Fund
 
     2012     2011     2012     2011  

Operations:

       

Net Investment Income

  $ 7,828      $ 11,662      $ 48,801      $ 50,403   

Net Realized Gain (Loss) from Investments, Affiliated Investments, Futures Contracts, and Swap Contracts

    5,531        3,682        48,569        32,145   

Net Realized Gain (Loss) on Forward Foreign Currency Contracts and Foreign Currency Transactions

    16,653        (25,271     (810     1,855   

Net Change in Unrealized Appreciation (Depreciation) on Investments, Affiliated Investments, Futures Contracts, and Swap Contracts

    15,233        (20,547     69,712        (93,220

Net Change in Unrealized Appreciation (Depreciation) on Forward Foreign Currency Contracts, Foreign Currencies, and Translation of Other Assets and Liabilities Denominated in Foreign Currencies

    (15,591     31,787        2,058        1,547   

Net Increase (Decrease) in Net Assets Resulting from Operations

    29,654        1,313        168,330        (7,270

Dividends and Distributions from:

       

Net Investment Income:

       

Class A

    (12,225     (22,700     (53,538     (25,140

Net Realized Gains:

       

Class A

           (490     (2,001       

Total Dividends and Distributions

    (12,225     (23,190     (55,539     (25,140

Capital Share Transactions:

       

Class A:

       

Proceeds from Shares Issued

    92,376        124,990        446,482        399,472   

Reinvestment of Dividends & Distributions

    11,251        21,936        49,190        22,662   

Cost of Shares Redeemed

    (118,192     (141,201     (319,757     (445,193

Increase (Decrease) in Net Assets Derived from Capital Share Transactions

    (14,565     5,725        175,915        (23,059

Net Increase (Decrease) in Net Assets

    2,864        (16,152     288,706        (55,469

Net Assets:

       

Beginning of Year

    488,929        505,081        876,396        931,865   

End of Year

  $ 491,793      $ 488,929      $ 1,165,102      $ 876,396   

Undistributed (Distributions in excess of) Net Investment Income Included in Net Assets at End of Year

  $ (15,636   $ (30,912   $ 8,863      $ 15,008   

Share Transactions:

       

Class A:

       

Shares Issued

    8,800        12,022        39,221        35,467   

Reinvestment of Distributions

    1,098        2,157        4,465        2,016   

Shares Redeemed

    (11,260     (13,579     (28,264     (39,651

Total Class A Transactions

    (1,362     600        15,422        (2,168

Amounts designated as “—” are either $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

 

SEI Institutional International Trust / Annual Report / September 30, 2012      35   


Financial Highlights

For the years ended September 30,

For a Share Outstanding Throughout Each Year

 

     Net Asset
Value,
Beginning
of Year
    Net
Investment
Income
(Loss)
(1)
    Net
Realized
and
Unrealized
Gains
(Losses)  on
Securities
(1)
    Total from
Operations
    Dividends
from Net
Investment
Income
    Distributions
from
Realized
Capital
Gains
    Total
Dividends
and
Distributions
and Return
of  Capital
    Net Asset
Value,
End of
Year
    Total
Return†
    Net Assets
End of Year
($ Thousands)
    Ratio of
Expenses
to Average
Net Assets*
    Ratio of
Expenses
to Average
Net  Assets
(Excluding
Fees Paid
Indirectly)**
    Ratio of
Expenses
to Average
Net Assets
(Excluding
Waivers and
Fees Paid
Indirectly)**
    Ratio of
Net
Investment
Income
(Loss) to
Average
Net Assets
    Portfolio
Turnover
Rate
 

International Equity Fund

  

Class A

  

                       

2012

  $ 7.29      $ 0.14      $ 0.92      $ 1.06      $ (0.16   $      $ (0.16   $ 8.19        14.76   $ 1,842,851        1.26 %(3)      1.26 %(3)      1.26 %(3)      1.75     56

2011

    8.34        0.16        (1.08     (0.92     (0.13            (0.13     7.29        (11.34     1,566,893        1.27 (3)      1.27 (3)      1.27 (3)      1.88        98   

2010

    7.88        0.10        0.36        0.46                             8.34        5.84        1,898,206        1.27 (3)      1.27 (3)      1.28        1.26        144   

2009

    8.85        0.13        (0.94     (0.81     (0.16            (0.16     7.88        (8.73     2,053,411        1.28 (2)(3)      1.28 (2)(3)      1.29        2.01        154   

2008

    16.18        0.27        (5.52     (5.25     (0.34     (1.74     (2.08     8.85        (36.96     2,329,504        1.25 (2)(3)      1.26 (2)(3)      1.26 (2)      2.15        218   

Class I

  

                       

2012

  $ 7.28      $ 0.12      $ 0.91      $ 1.03      $ (0.13   $      $ (0.13   $ 8.18        14.37   $ 5,271        1.51 %(3)      1.51 %(3)      1.51 %(3)      1.48     56

2011

    8.32        0.13        (1.06     (0.93     (0.11            (0.11     7.28        (11.44     5,265        1.52 (3)      1.52 (3)      1.52        1.54        98   

2010

    7.89        0.08        0.35        0.43                             8.32        5.45        8,455        1.52 (3)      1.52 (3)      1.53        1.00        144   

2009

    8.82        0.13        (0.94     (0.81     (0.12            (0.12     7.89        (8.80     8,397        1.53 (2)(3)      1.53 (2)(3)      1.54        1.97        154   

2008

    16.13        0.22        (5.49     (5.27     (0.30     (1.74     (2.04     8.82        (37.14     6,538        1.50 (2)(3)      1.51 (2)(3)      1.51 (2)      1.72        218   

Emerging Markets Equity Fund

  

Class A

  

                       

2012

  $ 9.00      $ 0.05      $ 1.23      $ 1.28      $ (0.03   $      $ (0.03   $ 10.25        14.21   $ 899,730        1.97 %(4)      1.97 %(4)      2.07     0.49     93

2011

    11.40        0.05        (2.35     (2.30     (0.10            (0.10     9.00        (20.38     695,498        1.96 (4)      1.96 (4)      2.09        0.44        98   

2010

    9.64        0.04        1.78        1.82        (0.06            (0.06     11.40        18.93        935,583        1.96 (4)      1.96 (4)      2.09        0.38        81   

2009

    11.43        0.08        0.18        0.26        (0.10     (1.95     (2.05     9.64        16.40        916,780        1.97 (4)      1.97 (4)      2.11        1.08        80   

2008

    21.49        0.14        (5.64     (5.50     (0.08     (4.48     (4.56     11.43        (33.33     965,730        1.99 (4)      1.99 (4)      2.08        0.85        94   

International Fixed Income Fund

  

Class A

  

                       

2012

  $ 10.44      $ 0.17      $ 0.48      $ 0.65      $ (0.27   $      $ (0.27   $ 10.82        6.34   $ 491,793        1.02 %(5)      1.02 %(5)      1.21     1.60     103

2011

    10.92        0.25        (0.22     0.03        (0.51 )(9)             (0.51     10.44        0.41        488,929        1.02 (5)      1.02 (5)      1.21        2.40        119   

2010

    10.21        0.24        0.57        0.81        (0.10 )(8)             (0.10     10.92        7.97        505,081        1.07 (7)      1.07 (7)      1.21        2.33        135   

2009

    10.46        0.28        0.53        0.81        (1.06            (1.06     10.21        8.85        538,159        1.02 (5)      1.02 (5)      1.06        2.86        170   

2008

    10.91        0.37        (0.68     (0.31     (0.14            (0.14     10.46        (2.89     703,324        1.02 (5)      1.02 (5)      1.04        3.45        147   

Emerging Markets Debt Fund

  

Class A

  

                       

2012

  $ 10.81      $ 0.55      $ 1.36      $ 1.91      $ (0.63   $ (0.02   $ (0.65   $ 12.07        18.48   $ 1,165,102        1.36 %(6)      1.36 %(6)      1.80     4.85     102

2011

    11.19        0.63        (0.70     (0.07     (0.31            (0.31     10.81        (0.71     876,396        1.36 (6)      1.36 (6)      1.80        5.58        59   

2010

    10.24        0.67        1.14        1.81        (0.86            (0.86     11.19        18.78        931,865        1.36 (6)      1.36 (6)      1.79        6.41        70   

2009

    9.43        0.71        0.85        1.56        (0.75            (0.75     10.24        18.62        790,597        1.37 (6)      1.37 (6)      1.81        8.47        73   

2008

    11.04        0.62        (1.18     (0.56     (0.74     (0.31     (1.05     9.43        (5.71     877,354        1.37 (6)      1.37 (6)      1.79        5.94        83   

 

*   Includes Fees Paid Indirectly, if applicable. See Note 4 in Notes to Financial Statements.
**   See Note 4 in Notes to Financial Statements.
  Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
(1)   Per share net investment income/(loss) and net realized and unrealized gains/(losses) calculated using average shares.
(2)   The expense ratio includes interest expense on reverse repurchase agreements. Had this expense been excluded, the ratios for Class A and I shares would have been 1.28% and 1.53%, respectively, for 2009 and 2008.
(3)   The expense ratio includes overdraft fees. Had this expense been excluded, the ratios for Class A and I shares would have been 1.26% and 1.51%, respectively for 2012, 1.27% and 1.52%, respectively for 2011 and 2010, 1.28% and 1.53%, respectively for 2009 and 1.25% and 1.50%, respectively for 2008.
(4)   The expense ratio includes overdraft fees. Had this expense been excluded, the ratios would have been 1.96% for 2012, 2011, 2010, 2009 and 2008.
(5)   The expense ratio includes overdraft fees. Had this expense been excluded, the ratios would have been 1.02%, 1.02%, 1.01% and 1.02% for 2012, 2011, 2009 and 2008, respectively.
(6)   The expense ratio includes overdraft fees. Had this expense been excluded, the ratios would have been 1.36% for 2012, 2011, 2010, 2009 and 2008.
(7)   The expense ratio includes proxy and overdraft fees. Had these expenses been excluded, the ratio would have been 1.01% for 2010.
(8)   Includes return of capital of less than $0.01.
(9)   Includes a return of capital of $0.01 per share.

Amounts designated as “—” are either $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

 

36    SEI Institutional International Trust / Annual Report / September 30, 2012


Notes to Financial Statements

September 30, 2012

 

1. ORGANIZATION

SEI Institutional International Trust (the “Trust”) was organized as a Massachusetts business trust under a Declaration of Trust dated June 30, 1988. The operations of the Trust commenced on December 20, 1989.

The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment company with four funds: International Equity Fund, Emerging Markets Equity Fund, International Fixed Income Fund and Emerging Markets Debt Fund (together the “Funds”). The Trust’s prospectuses provide a description of each Fund’s investment objective, and strategies. The Trust is registered to offer Class A shares of each of the Funds, Class G shares of the International Equity, Emerging Markets Equity and Emerging Markets Debt Funds, and Class I shares of the International Equity Fund.

As of September 30, 2012, the Class G shares had not yet commenced operations.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Use of Estimates — The preparation of financial statements, in conformity with U.S. generally accepted accounting principles (“GAAP”), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, or, if there is no such reported sale, at the most recent quoted bid price. Debt securities are priced based upon valuations provided by independent, third-party pricing agents, if available. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. SEI Investments Management Corporation (“SIMC”) or a sub-adviser, as applicable, reasonably believes that prices provided by independent pricing agents are reliable. However, there can be no assurance that such pricing service’s prices

will be reliable. SIMC or a sub-adviser, as applicable, continuously monitors the reliability of prices obtained from any pricing service and will notify the Funds’ administrator if it believes that a particular pricing service is no longer a reliable source of prices. The Funds’ administrator, in turn, will notify the Trust’s Fair Value Committee if it receives such notification from SIMC or a sub-adviser, as applicable, or if the Funds’ administrator reasonably believes that a particular pricing service is no longer a reliable source for prices. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker.

Securities for which market prices are not “readily available” are determined to be unreliable or can not be valued using methodologies described above are valued in accordance with Fair Value Procedures established by the Trust’s Board of Trustees (the “Board”). The Trust’s Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) designated by the Board. The Committee is currently composed of two members of the Board of Trustees, as well as representatives from SIMC and its affiliates. The Committee provides regular reports to the Board concerning investments for which market prices are not readily available or may be unreliable. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when, under normal conditions, it would be open; or the security’s primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. Examples of factors the Committee may consider are: (i) the facts giving rise to the need to fair value; (ii) the last trade price; (iii) the performance of the market or the issuer’s industry; (iv) the liquidity of the security; (v) the size of the holding in a Fund; or (vi) any other appropriate information. The determination of a security’s fair value price often involves the consideration of a number of subjective factors and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security’s value would be if a reliable market quotation for the security was readily available.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which a Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time the Fund calculates net asset value if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the adviser or sub-adviser of a Fund becomes aware of a

 

 

SEI Institutional International Trust / Annual Report / September 30, 2012      37   


Notes to Financial Statements (Continued)

September 30, 2012

 

Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates net asset value, it may request that a Committee meeting be called. In addition, the Fund’s administrator monitors price movements among certain selected indices, securities and/or baskets of securities that may be an indicator that the closing prices received earlier from foreign exchanges or markets may not reflect market value at the time the Fund calculates net asset value. If price movements in a monitored index or security exceed levels established by the administrator, the administrator notifies the adviser or sub-adviser for any Fund holding the relevant securities that such limits have been exceeded. In such event, the adviser or sub-adviser makes the determination whether a Committee Meeting should be called based on the information provided.

The International Equity Fund and Emerging Markets Equity Fund also use a third-party fair valuation vendor. The vendor provides a fair value for foreign securities held by these Funds based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security). Values from the fair value vendor are applied in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Committee. The Committee has also established a “confidence interval” which is used to determine the level of historical correlation between the value of a specific foreign security and movements in the U.S. market before a particular security will be fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the International Equity Fund and Emerging Markets Equity Fund will value the non-U.S. securities in their portfolios that exceed the applicable “confidence interval” based upon the adjusted prices provided by the fair valuation vendor.

In accordance with GAAP, fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy has been established to maximize the use of the observable market data and minimize the use of unobservable inputs and to establish classification of the fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing an asset. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

Level 1 — quoted prices in active markets for identical investments

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risks, etc.)

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”)”. ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity, and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. The adoption of ASU No. 2011-04 did not materially affect the Funds’ financial condition or results of operations.

The valuation techniques used by the Funds to measure fair value during the year ended September 30, 2012 maximized the use of observable inputs and minimized the use of unobservable inputs.

For the year ended September 30, 2012, there have been no significant changes to the inputs or the Trust’s fair valuation methodologies.

Security Transactions and Investment Income — Security transactions are recorded on the trade date. Cost used in determining net realized capital gains and losses on the sale of securities is determined on the basis of specific identification. Dividend income and expense is recognized on the ex-dividend date, and interest income or expense is recognized using the accrual basis of accounting.

Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/

 

 

38    SEI Institutional International Trust / Annual Report / September 30, 2012


or as a realized gain. The Trust estimates the components of distributions received that may be considered nontaxable distributions or capital gain distributions.

Amortization and accretion is calculated using the scientific interest method, which approximates the effective interest method over the holding period of the security, which is not materially different from the effective interest method. Amortization of premiums and discounts is included in interest income.

Expenses — Expenses that are directly related to one of the Funds are charged directly to that Fund. Other operating expenses of the Trust are prorated to the Funds on the basis of relative daily net assets.

Classes — Class-specific expenses are borne by that class. Income, non-class specific expenses, and realized and unrealized gains/losses are allocated to the respective classes on the basis of relative daily net assets.

Foreign Currency Translation — The books and records of the Funds investing in international securities are maintained in U.S. dollars on the following basis:

(i) market value of investment securities, assets and liabilities at the current rate of exchange; and

(ii) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.

The Funds do not isolate that portion of gains and losses on investments in equity securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities.

The Funds report certain foreign-currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for Federal income tax purposes.

Forward Foreign Currency Contracts — To the extent consistent with its Investment Objective and Strategies, a Fund may enter into forward foreign currency contracts as hedges against either specific transactions, fund positions, speculative purposes or anticipated fund positions. All commitments are “marked-to-market” daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded currently. The Fund realizes gains and losses at the time forward contracts are extinguished. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the year are recognized as ordinary income or loss for federal income tax purposes. The Fund could be exposed to risk if the counterparties to the contracts are unable to meet the terms of the contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Refer to each Fund’s Summary

Schedule of Investments for details regarding open forward foreign currency contracts as of September 30, 2012, if applicable.

Futures Contracts — To the extent consistent with its Investment Objective and Strategies, the Funds may purchase futures contracts to gain exposure to market changes, which may be more efficient or cost effective than actually buying the securities. To the extent consistent with its Investment Objective and Strategies, a Fund may utilize futures contracts for tactical hedging purposes as well as to enhance the Funds’ returns. In addition, the International Fixed Income Fund and the Emerging Markets Debt Fund may utilize futures contracts to efficiently assist in managing the Funds’ duration and yield curve exposure. Upon entering into such a contract, a Fund is required to deposit and maintain as collateral such initial margin as required by the exchange on which the contract is held. The contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized losses or gains are incurred. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction.

Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Refer to each Fund’s Summary Schedule of Investments for details regarding open futures contracts as of September 30, 2012, if applicable.

Swap Agreements — To the extent consistent with its Investment Objective and Strategies, a Fund may invest in swap contracts as an efficient means to take and manage risk in the portfolio, including interest rate risk, credit risk and overall yield sensitivity. A swap agreement is a two-party contract under which an agreement is made to exchange returns from predetermined investments or instruments, including a particular interest rate, foreign currency, or “basket” of securities representing a particular index. Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal. Credit default swaps involve the periodic payment by a Fund or counterparty of interest based on a specified rate multiplied by a notional amount assigned to an underlying debt instrument or group of debt instruments in exchange for the assumption of credit risk on the same instruments. In the event of a credit event, usually in the form of a credit rating downgrade, the party receiving periodic payments (i.e. floating rate payer) must pay the other party (i.e. fixed

 

 

SEI Institutional International Trust / Annual Report / September 30, 2012      39   


Notes to Financial Statements (Continued)

September 30, 2012

 

rate payer) an amount equal to the outstanding principal of the downgraded debt instrument. Total return swaps allow an investor to benefit from the cash flow without ever actually owning the underlying security. The receiver must pay any decline in value to the payer at the end of the total return swap. However, the investor does not need to make a payment if there is no decline in price. Payments can be made on various indices, bonds (i.e. mortgage backed securities, bank debt and corporate), loans or commodities. The value of a total return swap is equal to the change in value of the underlying asset versus the accrued income payment based on LIBOR (London Interbank Offered Rate) or some other form of index on the notional amount. Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal to manage a Fund’s exposure to interest rates. Payments received or made are recorded as realized gains or losses. A Fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults on its obligation to perform. Risk of loss may exceed amounts recognized on the statement of assets and liabilities. In connection with swap agreements, securities/cash may be set aside as collateral by the Fund’s custodian. A Fund may enter into swap agreements in order to, among other things, change the maturity or duration of the investment portfolio; protect a Fund’s value from changes in interest rates; or expose a Fund to a different security or market.

Swaps are marked-to-market daily based upon quotations from market makers and the resulting changes in market values, if any, are recorded as unrealized gains or losses in the Statement of Operations. Net payments of interest are recorded as realized gains or losses.

Entering into swap agreements involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Summary Schedule of Investments or the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform and that there may be unfavorable changes in the fluctuation of interest rates. Risks also arise from potential losses from adverse market movements.

Counterparty risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by having the counterparty post collateral to cover a Fund’s exposure to the counterparty. Refer to each Fund’s Summary Schedule of Investments for details regarding open swap contracts as of September 30, 2012, if applicable.

Delayed Delivery Transactions — A Fund may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed delivery purchases are outstanding, the Fund will set aside liquid assets in an

amount sufficient to meet the purchase price. When purchasing a security on a delayed delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Fund may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Fund has sold a security on a delayed delivery basis, the Fund does not participate in future gains and losses with respect to the security.

Loan Participations and Brady Bonds — To the extent consistent with its Investment Objective and Strategies, a Fund may invest in U.S. dollar-denominated fixed- and floating-rate loans (“Loans”) arranged through private negotiations between a foreign sovereign entity and one or more financial institutions (“Lenders”). The Fund invests in such Loans in the form of participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties. Participations typically result in a Fund having a contractual relationship only with the Lenders, not with the sovereign borrowers. This Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participation and only upon receipt by the Lender of the payments from the borrower. In connection with purchasing Participations, the Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement relating to the Loan, nor any rights of set-off against the borrower, and the Fund will not benefit directly from any collateral supporting the Loan in which it has purchased the Participation. As a result, the Fund assumes the credit risk of both the borrower and the Lender that is selling the Participation.

Certain debt obligations, customarily referred to as “Brady Bonds,” are created through the exchange of existing commercial bank loans to foreign entities for new obligations in connection with debt restructuring under a plan introduced by former U.S. Secretary of the Treasury Nicholas F. Brady. Brady Bonds have only been issued since 1989, and, accordingly, do not have a long payment history. They are issued by governments that may have previously defaulted on the loans being restructured by the Brady Bonds, so they are subject to the risk of default by the issuer. They may be fully or partially collateralized or uncollateralized and issued in various currencies.

Illiquid Securities — A security is considered illiquid if it cannot be sold or disposed of in the ordinary course of business within seven days or less for its approximate carrying value on the books of the Funds. Valuations of illiquid securities may differ significantly from the values that would have been used had an active market value for these securities existed.

Dividends and Distributions to Shareholders — The International Equity, Emerging Markets Equity and International Fixed Income Funds will distribute substantially all of their net investment income and all net realized capital gains, if any, at least annually.

 

 

40    SEI Institutional International Trust / Annual Report / September 30, 2012


 

 

The Emerging Markets Debt Fund will distribute substantially all of its net investment income, if any, at least quarterly and all net realized gains, if any, at least annually. All dividends and distributions are recorded on ex-dividend date.

Investments in Real Estate Investment Trusts (“REITs”) — Dividend income is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

Redemption Fees — The Funds charge a redemption fee based on a redemption, or a series of redemptions from a single identifiable source that in the aggregate exceed a specific dollar threshold within any thirty day period, as presented below:

 

     Dollar
Threshold
($ Thousands)
    Redemption
Fee
 
International Equity Fund   $ 50,000        0.75
Emerging Markets Equity Fund     25,000        1.25   
International Fixed Income Fund     25,000        1.00   
Emerging Markets Debt Fund     25,000        1.00   

For the year ended September 30, 2012, the Funds did not charge any redemption fees. Such fees, if any, are retained by the Funds for the benefit of the remaining shareholders.

 

3. DERIVATIVE TRANSACTIONS

The following tables include only Funds that had exposure to more than one type of risk on derivatives held throughout the year. For Funds that held derivatives throughout the year with only one type of risk exposure, additional information can be found on the Summary Schedules of Investments and the Statements of Operations. The fair value of derivative instruments as of September 30, 2012 was as follows:

 

      Asset Derivatives     Liability Derivatives  
      Year ended September 30, 2012
($ Thousands)
    Year ended September 30, 2012
($ Thousands)
 
Contract Type    Statements of Assets & Liabilities Location   Fair Value     Statements of Assets & Liabilities Location   Fair Value  
International Equity         

Foreign exchange contracts

  

Unrealized gain on forward foreign currency contracts

  $     

Unrealized loss on forward foreign currency contracts

  $ 391   

Equity contracts

  

Net Assets — Unrealized appreciation on futures contracts

    265  

Net Assets — Unrealized depreciation on futures contracts

    1,285
    

 

 

     

 

 

 

Total Derivatives not accounted for as hedging instruments

  $ 265        $ 1,676   
    

 

 

     

 

 

 
International Fixed Income Fund         

Interest rate contracts

  

Net Assets — Unrealized appreciation on futures contracts

  $ 95  

Net Assets — Unrealized depreciation on futures contracts

  $ 218

Interest rate contracts

  

Net Assets — Unrealized appreciation on swap contracts

    2,364 †   

Net Assets — Unrealized depreciation on swap contracts

    960 † 

Foreign exchange contracts

  

Unrealized gain on forward foreign currency contracts

    130     

Unrealized loss on forward foreign currency contracts

    2,082   
    

 

 

     

 

 

 

Total Derivatives not accounted for as hedging instruments

  $ 2,589        $ 3,260   
    

 

 

     

 

 

 
Emerging Markets Debt Fund         

Interest rate contracts

  

Net Assets — Unrealized appreciation on futures contracts

  $ 24  

Net Assets — Unrealized depreciation on futures contracts

  $ 3

Foreign exchange contracts

  

Unrealized gain on forward foreign currency contracts

    4,356     

Unrealized loss on forward foreign currency contracts

    1,499   

Equity contracts

  

Net Assets — Unrealized appreciation on swap contracts

    1,923 †   

Net Assets — Unrealized depreciation of swap contracts

    288 † 

Interest rate contracts

  

Net Assets — Unrealized appreciation on swap contracts

    32 †   

Net Assets — Unrealized depreciation on swap contracts

    26 † 
    

 

 

     

 

 

 

Total Derivatives not accounted for as hedging instruments

  $ 6,335        $ 1,816   
    

 

 

     

 

 

 

 

*   Includes cumulative appreciation/(depreciation) on futures contracts as reported in the Summary Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets & Liabilities.
  Includes cumulative appreciation/(depreciation) on swap contracts as reported in the Summary Schedules of Investments. Market Value is reported within the Statements of Assets & Liabilities for swap contracts that have paid premiums.

 

SEI Institutional International Trust / Annual Report / September 30, 2012      41   


Notes to Financial Statements (Continued)

September 30, 2012

 

The effect of derivative instruments on the Statements of Operations for the year ended September 30, 2012 is as follows:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income ($ Thousands):

 

Derivatives Not Accounted for as Hedging Instruments    Futures      Forward
Currency
Contracts
     Swaps      Total  
International Equity            

Equity contracts

   $ 8,354       $       $       $ 8,354   

Foreign exchange contracts

             1,425                 1,425   

Total

   $ 8,354       $ 1,425       $       $ 9,779   
International Fixed Income Fund            

Interest rate contracts

   $ 182       $       $ (47    $ 135   

Foreign exchange contracts

             20,693                 20,693   

Credit contracts

                     (897      (897

Total

   $ 182       $ 20,693       $ (944    $ 19,931   
Emerging Markets Debt Fund            

Interest rate contracts

   $ (2,673    $       $ 9       $ (2,664

Equity contracts

                     330         330   

Foreign exchange contracts

             875                 875   

Total

   $ (2,673    $ 875       $ 339       $ (1,459

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income ($ Thousands):

 

Derivatives Not Accounted for as Hedging Instruments    Futures      Forward
Currency
Contracts
     Swaps      Total  
International Equity            

Equity contracts

   $ (1,696    $       $       $ (1,696

Foreign exchange contracts

             (391              (391

Total

   $ (1,696    $ (391    $       $ (2,087
International Fixed Income Fund            

Interest rate contracts

   $ 247       $       $ 214       $ 461   

Foreign exchange contracts

             (15,926              (15,926

Total

   $ 247       $ (15,926    $ 214       $ (15,465
Emerging Markets Debt Fund            

Interest rate contracts

   $ (121    $       $ 6       $ (115

Foreign exchange contracts

             1,716                
1,716
  

Equity contracts

                     1,558         1,558   

Total

   $ (121    $ 1,716       $ 1,564       $ 3,159   

 

Certain Funds are party to International Swap Dealers Association, Inc. Master Agreements (“ISDA Master Agreements”). These agreements are with select counterparties and they govern transactions, including certain over-the counter derivative and foreign exchange contracts, entered into by the Trust on behalf of a Fund and the counterparty.

The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable ISDA Master Agreement.

4. INVESTMENT ADVISORY, ADMINISTRATION AND DISTRIBUTION AGREEMENTS, INVESTMENT SUB-ADVISORY AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory, Administration and Distribution Agreements — SIMC serves as investment adviser (the “Adviser”) to

each Fund. In connection with serving as Adviser, SIMC is entitled to a fee, which is calculated daily and paid monthly, based on the average daily net assets of each fund.

The Trust and SEI Investments Global Funds Services (the “Administrator”) are parties to an amended and restated Administration and Transfer Agency Agreement dated December 10, 2003 under which the Administrator provides administrative and transfer agency services to the Funds for annual fees, based on the average daily net assets of each fund.

SEI Investments Distribution Co. (the “Distributor”), a wholly owned subsidiary of SEI Investments Company (“SEI”), serves as each Fund’s Distributor under an amended and restated Distribution Agreement dated September 16, 2002. The Trust has adopted plans under which firms, including the Distributor, that provide shareholder and administrative services may receive compensation therefrom. Such plans provide fees payable to the Distributor, calculated as a percentage of the average daily net assets attributable to each

 

 

42    SEI Institutional International Trust / Annual Report / September 30, 2012


 

 

particular class of each respective fund. Under both the shareholder servicing plan and Administrative Service Plan, the Distributor may retain as profit any difference between the fee it receives and the amount it pays to third parties.

The Adviser, Administrator and/or Distributor have voluntarily agreed to waive a portion of their fees in order to keep total direct operating expenses (exclusive of interest from borrowings, brokerage commissions, taxes, Trustees fees and extraordinary expenses not incurred in the ordinary course of the Funds’ business) at a specified level. The voluntary waivers by the Funds’ Adviser, Administrator and/or Distrib-

utor are limited to the Funds’ direct operating expenses and, therefore, do not apply to indirect expenses incurred by the Funds, such as acquired fund fees and expenses (AFFE). The waivers are voluntarily and the Funds’ Adviser, Administrator and/or Distributor may discontinue all or part of any of these waivers at any time. Prior to February 1, 2012, the Adviser had contractually agreed to waive fees or reimburse expenses for the International Fixed Income Fund until the later of (i) two years after the effective date of the Expense Limitation Agreement, or (ii) January 31, 2012.

 

The following is a summary of annual fees payable to the Adviser, Administrator and Distributor and the voluntary expense limitations for each fund:

 

     Advisory
Fee
    Administration
Fee
    Shareholder
Servicing
Fee
    Administrative
Servicing Fee
    Voluntary
Expense
Limitations
 

International Equity Fund

         

Class A

    0.505     0.45     0.25            1.27

Class I

    0.505     0.45     0.25     0.25     1.52

Emerging Markets Equity Fund

         

Class A

    1.050     0.65     0.25            1.96

International Fixed Income Fund

         

Class A

    0.300     0.60     0.25            1.02 %* 

Emerging Markets Debt Fund

         

Class A

    0.850     0.65     0.25            1.36

* Prior to February 1, 2012 the expense limitation was contractual.

 

For the year ended September 30, 2012, the Distributor retained 100% of both shareholder servicing fees and administrative servicing fees, less the waiver.

Investment Sub-Advisory Agreements — As of September 30, 2012, SIMC has entered into Investment Sub-Advisory Agreements with the following parties:

 

Investment Sub-Adviser

International Equity Fund

Acadian Asset Management LLC

Causeway Capital Management LLC

del Rey Global Investors LLC

INTECH Investment Management LLC

Neuberger Berman Management LLC

Schroder Investment Management North America, Inc.

Tradewinds Global Investors LLC

Emerging Markets Equity Fund

Delaware Management Company

JO Hambro Capital Management Limited

Kleinwort Benson Investors International

Lazard Asset Management LLC

Neuberger Berman Management LLC

PanAgora Asset Management, Inc.

The Boston Company Asset Management LLC

International Fixed Income Fund

AllianceBernstein L.P.

Fidelity International Investment Advisors (UK) Limited (delegates to Fidelity International Investment Advisors)

Wellington Management Company, LLP

Investment Sub-Adviser

Emerging Markets Debt Fund

Ashmore Investment Management Limited

ING Investment Management Advisors, B.V.

Stone Harbor Investment Partners LP

Under the investment sub-advisory agreements, each sub-adviser receives an annual fee, paid by SIMC.

Brokerage Commissions Paid to Affiliates — The Distribution Agreement between the Distributor and the Trust provides that the Distributor may receive compensation on fund transactions effected for the Trust in accordance with the rules of the Securities and Exchange Commission (“SEC”). Accordingly, it is expected that fund transactions may result in brokerage commissions being paid to the Distributor. The SEC rules require that such commissions not exceed usual and customary commissions. For the year ended September 30, 2012, the Distributor received no brokerage commissions.

Fees Paid Indirectly — The Funds may direct certain fund trades to the Distributor who pays a portion of the Fund’s expenses. Accordingly, the expenses reduced, which were used to pay third party expenses, and the effect on the Fund’s expense ratio, as a percentage of the Fund’s average daily net assets for the year ended September 30, 2012, can be found on the Statement of Operations and Financial Highlights, respectively. During the year ended September 30, 2012, the Funds did not report any such fees.

 

 

SEI Institutional International Trust / Annual Report / September 30, 2012      43   


Notes to Financial Statements (Continued)

September 30, 2012

 

Investment in Affiliated Securities — The Funds may invest excess cash in the SEI Daily Income Trust Prime Obligation Fund, an affiliated money market fund. Additionally, the Funds may invest cash collateral from the securities lending program in the SEI Liquidity Fund L.P., also an affiliated fund.

Payment to Affiliates — Certain Officers and Trustees of the Trust are also Officers and/or Trustees of the Administrator, Adviser and/or the Distributor.

The Trust pays each unaffiliated Trustee an annual fee for attendance at quarterly, interim, and committee meetings. The Administrator or the Distributor pays compensation of Officers and affiliated Trustees.

A portion of the services provided by the Chief Compliance Officer (“CCO”) and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust’s Adviser, sub-advisers and service providers as required by SEC regulations. The CCO’s services have been approved by and are reviewed annually by the Board.

Interfund Lending — The SEC has granted an exemption that permits the Trust to participate in an interfund lending program (“the Program”) with existing or future investment companies registered under the 1940 Act that are advised by SIMC (the “SEI Funds”). The Program allows the SEI Funds to lend money to and borrow money from each other for temporary or emergency purposes. Participation in the Program is voluntary for both borrowing and lending funds. Interfund loans may be made only when the rate of interest to be charged is more favorable to the lending fund than an investment in overnight repurchase agreements (“Repo Rate”), and more favorable to the borrowing fund than the rate of interest that would be charged by a bank for short-term borrowings (“Bank Loan Rate”). The Bank Loan Rate will be determined using a formula approved by the SEI Funds’ board of trustees. The interest rate imposed on interfund loans is the average of the Repo Rate and the Bank Loan Rate. For the year ended September 30, 2012, the Trust had not participated in the Program.

5. INVESTMENT TRANSACTIONS

The cost of security purchases and the proceeds from the sale of securities, other than temporary cash investments and futures, during the year ended September 30, 2012, were as follows:

 

     Purchases
($ Thousands)
    Sales and Maturities
($ Thousands)
 
International Equity Fund    

US Government

  $      $   

Other

    969,262        926,585   
Emerging Markets Equity Fund    

US Government

             

Other

    857,518        751,674   
International Fixed Income Fund    

US Government

    962        915   

Other

    446,817        452,900   
Emerging Markets Debt Fund    

US Government

             

Other

    961,838        896,544   

Included in the realized gain on investments for the International Equity and Emerging Markets Equity funds was $786 and $1,319 ($ Thousands), respectively, received from AXA Rosenberg Investment Management, a former investment sub-adviser to the funds, as a result of a settlement with the Securities and Exchange Commission related to a coding error in its quantitative investment process. The settlement proceeds represented 0.05% and 0.19% of the funds’ average net assets, respectively, for the year ended September 30, 2011.

6. FEDERAL TAX INFORMATION:

It is each Fund’s intention to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute all of its taxable income (including net capital gains). Accordingly, no provision for Federal income taxes is required.

The Funds may be subject to taxes imposed by countries in which they invest with respect to their investments in issuers existing or operating in such countries. Such taxes are generally based on income earned. The Funds accrue such taxes when the related income is earned.

Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. Federal income tax regulations, which may differ from those amounts determined under GAAP. These differences, which may result in distribution reclassifications, are primarily due to paydown reclassifications, foreign currency transactions, net investment losses, investment in partnerships, swaps and passive foreign investment companies. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital, undistributed net investment income or accumulated net realized gain, as appropriate, in the period that the differences arise.

Accordingly, the following permanent differences, primarily attributable to different treatment for gains and losses on paydowns of mortgage and asset-backed securities for tax purposes, investments in swaps, investments in passive foreign investment companies, investments in partnerships, distribution reclassification, REIT income reclassification, distributions in excess of net investment income and foreign currency transactions have been reclassified to/from the following accounts as of September 30, 2012:

 

    

Paid-in
Capital

($ Thousands)

    Undistributed
Net
Investment
Income/(Loss)
($ Thousands)
    Accumulated
Realized Gain/
(Loss)
($ Thousands)
 
International Equity Fund   $      $ 1,105      $ (1,105
Emerging Markets Equity Fund            (553     553   
International Fixed Income Fund     (1,462     19,673        (18,211
Emerging Markets Debt Fund            (1,408     1,408   
 

 

44    SEI Institutional International Trust / Annual Report / September 30, 2012


 

 

The tax character of dividends and distributions declared during the last two years were as follows:

 

            Ordinary
Income
($ Thousands)
    Long-Term
Capital Gain
($ Thousands)
    Return of
Capital
($ Thousands)
    Totals
($ Thousands)
 

International Equity Fund

    2012      $ 34,761      $     —      $      $ 34,761   
    2011        27,465                      27,465   

Emerging Markets Equity Fund

    2012        2,183                      2,183   
    2011        8,167                      8,167   

International Fixed Income Fund

    2012        12,225                      12,225   
    2011        22,700               490        23,190   

Emerging Markets Debt Fund

    2012        53,538        2,001               55,539   
    2011        25,140                      25,140   

As of September 30, 2012, the components of Distributable Earnings (Accumulated Losses) were as follows:

 

     Undistributed
Ordinary
Income
($ Thousands)
    Undistributed
Long-Term
Capital Gain
($ Thousands)
    Capital
Loss
Carryforwards
($ Thousands)
    Post
October
Gains (Losses)
($ Thousands)
 

International Equity Fund

  $ 29,975      $      $ (1,005,442   $ (38,847

Emerging Markets Equity Fund

    5,483               (26,674     (53,694

International Fixed Income Fund

                  (16,081       

Emerging Markets Debt Fund

    36,708        37,028                 

 

      Post October
Currency
Losses
($ Thousands)
     Unrealized
Appreciation
($ Thousands)
     Other
Temporary
Differences
($ Thousands)
    Total
Accumulated
Gains (Losses)
($ Thousands)
 

International Equity Fund

   $     —       $ 18       $ 795      $ (1,013,501

Emerging Markets Equity Fund

             1,072                (73,813

International Fixed Income Fund

             24,367         (15,530     (7,244

Emerging Markets Debt Fund

             76,423         (19,344     130,815   

Post-October losses represent losses realized on investment transactions from November 1, 2011 through September 30, 2012, that, in accordance with Federal income tax regulations, the Funds defer and treat as having arisen in the following fiscal year. For Federal income tax purposes, capital carryforwards may be carried forward and applied against future capital gains as follows:

 

     Expires 2017
($ Thousands)
    Expires 2018
($ Thousands)
    Total Capital
Loss
Carryforward
09/30/12
($ Thousands)
 

International Equity Fund

  $ 306,282      $ 690,357      $ 996,639   

Emerging Markets Equity Fund

           19,246        19,246   

International Fixed Income Fund

           16,081        16,081   

Under the recently enacted Regulated Investment Company Modernization Act of 2010, Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010

for an unlimited period. However, any losses incurred during those future 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. Losses carried forward under these new provisions are as follows:

 

     Short-Term Loss     Long-Term Loss     Total *  

International Equity Fund

  $ 6,750      $ 2,053      $ 8,803   

Emerging Markets Equity Fund

    6,697        731        7,428   

 

*   This table should be used in conjunction with the capital loss carryforwards table.

During the year ended September 30, 2012, the following Funds utilized capital loss carryforwards to offset capital gains:

 

    

Amount utilized

($ Thousands)

 

International Fixed Income Fund

  $ 4,547   

Emerging Markets Debt Fund

    749   

For Federal income tax purposes, the cost of securities owned at September 30, 2012, and the net realized gains or losses on securities sold for the period were not materially different from amounts reported for financial reporting purposes. These differences are primarily due to investments in partnerships, passive foreign investment companies, defaulted bonds and wash sales which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years. The aggregate gross unrealized appreciation and depreciation on total investments held by the Funds at September 30, 2012, was as follows:

 

     Federal Tax Cost
($ Thousands)
    Aggregate
Gross
Unrealized
Appreciation
($ Thousands)
    Aggregate
Gross
Unrealized
Depreciation
($ Thousands)
    Net
Unrealized
Appreciation
($ Thousands)
 

International Equity Fund

  $ 1,967,993      $ 160,093      $ (158,738   $ 1,355   

Emerging Markets Equity Fund

    988,190        106,471        (105,150     1,321   

International Fixed Income Fund

    462,279        31,197        (5,399     25,798   

Emerging Markets Debt Fund

    1,014,648        94,246        (22,475     71,771   

Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years and has concluded that as of September 30, 2012, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

7. CONCENTRATION/RISKS

Each Fund invests in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not

 

 

SEI Institutional International Trust / Annual Report / September 30, 2012      45   


Notes to Financial Statements (Concluded)

September 30, 2012

 

typically associated with investments in the United States, as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries. The market values of the International Fixed Income and Emerging Markets Debt Funds’ investments will change in response to interest rate changes and other factors. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Changes by recognized rating agencies in the ratings of any fixed income security and in the ability of an issuer to make payments of interest and principal may also affect the value of these investments. Also, the ability of the issuers of debt securities held by the International Fixed Income Fund and Emerging Markets Debt Fund to meet their obligations may be affected by economic and political developments in a specific country, industry or region.

Certain securities held by the Funds are valued on the basis of a price provided by a principal market maker. The prices provided by the principal market makers are estimates that may differ from the value that would be realized if the securities were sold. At September 30, 2012, the total value of these securities represented approximately 2% of the net assets of the Emerging Markets Debt Fund.

In the normal course of business, the Funds enter into contracts that provide general indemnifications by the Fund to the counterparty to the contract. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, Management believes that based on experience, the risk of loss from such claims is considered remote.

8. SECURITIES LENDING

A Fund may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Trust’s Board of Trustees. These loans may not exceed 33 1/3% of the total asset value of a Fund (including the loan collateral). No Fund will lend portfolio securities to its Adviser, sub-adviser or their affiliates unless it has applied for and received specific authority to do so from the SEC. Loans of portfolio securities will be fully collateralized by cash. Collateral will be maintained in an amount equal to at least 100% of the current market value of the loaned securities by marking to market daily, although the borrower will be required to deliver collateral between 102% and 105% of the market value of borrowed securities for domestic and

foreign securities, respectively. However, due to market fluctuations during the day, the value of securities loaned on a particular day may, during the course of the day, exceed the value of collateral. On each business day, the amount of collateral is adjusted based on the prior

day’s market fluctuations and the current day’s lending activity. Income from lending activity is determined by the amount of interest earned on collateral, less any amounts payable to the borrowers of the securities and the lending agent. Lending securities involves certain

risks, including the risk that a Fund may be delayed or prevented from recovering the collateral if the borrower fails to return the securities.

Cash collateral received in connection with securities lending is invested in short-term investments by the lending agent. These investments may include the SEI Liquidity Fund L.P., and the Fund bears all of the gains and losses on such investment. There is no guarantee that these investments will not lose value.

9. NEW ACCOUNTING PRONOUNCEMENT

In December 2011, the FASB issued a further update to the guidance “Balance Sheet — Disclosures about Offsetting Assets and Liabilities”. The amendments to this standard require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The amended guidance is effective for interim and annual reporting periods beginning after January 1, 2013. At this time, management is evaluating the implications of this update and its impact on the financial statements has not been determined.

10. LITIGATION SETTLEMENT

During the year ended September 30, 2012, the International Equity Fund received reimbursements to Class A of $3,740 ($ Thousands) and to Class I of $12 ($ Thousands). These amounts received by the International Equity Fund were related to the Bank of America Fair Value Market Timing Litigation and are included in the Statement of Changes. The reimbursements did not have a significant impact on the International Equity Fund’s performance for the year ended September 30, 2012.

11. SUBSEQUENT EVENTS

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, no disclosures and/or adjustments were required to the financial statements as of September 30, 2012.

 

 

46    SEI Institutional International Trust / Annual Report / September 30, 2012


Report of Independent Registered Public Accounting Firm

 

To the Board of Trustees and Shareholders

SEI Institutional International Trust:

We have audited the accompanying statements of assets and liabilities of SEI Institutional International Trust comprised of the International Equity Fund, Emerging Markets Equity Fund, International Fixed Income Fund and Emerging Markets Debt Fund (collectively, the “Funds”), including the summary schedules of investments, as of September 30, 2012, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2012, by correspondence with the custodian and brokers, or other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the funds comprising SEI Institutional International Trust as of September 30, 2012, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

 

LOGO

Philadelphia, Pennsylvania

November 29, 2012

 

SEI Institutional International Trust / Annual Report / September 30, 2012      47   


Trustees and Officers of the Trust (Unaudited)

 

The following chart lists Trustees and Officers as of September 30, 2012.

Set forth below are the names, ages, addresses, position with the Fund, term of office and length of time served, the principal occupations during the past five years, number of portfolios in fund complex overseen by the directors, and other directorships outside the fund complex of each of the persons currently serving as Directors and Officers of the Fund. The Fund’s Statement of Additional Information (“SAI”) includes additional information about the Directors and Officers. The SAI may be obtained without charge by calling 1-800-342-5734.

 

Name,
Age and
Address
  Position(s)
Held with
Trusts
  Term of
Office and
Length of
Time Served1
  Principal Occupation(s)
During Past Five Years
  Number of
Portfolios in
Fund Complex
Overseen
by Trustee2
  Other Directorships
Held by Trustee
INTERESTED DIRECTORS        
Robert A. Nesher
One Freedom
Valley Drive,
Oaks, PA 19456
65 yrs. old
  Chairman of the Board of Trustees*   since 1982   Currently performs various services on behalf of SEI for which Mr. Nesher is compensated.   96   Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, Director of SEI Global Master Fund, plc, SEI Global Assets Fund, plc, SEI Global Investments Fund, plc, SEI Investments Global, Limited, SEI Investments — Global Fund Services, Limited, SEI Investments (Europe), Limited, SEI Global Nominee Ltd., and SEI Structured Credit Fund, L.P.
William M. Doran
One Freedom
Valley Drive
Oaks, PA 19456
71 yrs. old
  Trustee*   since 1982   Self-employed Consultant since 2003. Partner, Morgan, Lewis & Bockius LLP (law firm) from 1976 to 2003, counsel to the Trust, SEI, SIMC, the Administrator and the Distributor. Secretary of SEI since 1978.   96   Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, Director of SEI since 1974. Director of the Distributor since 2003. Director of SEI Investments — Global Fund Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe), Limited, SEI Global Nominee, Ltd, SEI Investments (Asia), Limited, and SEI Asset Korea Co., Ltd.
TRUSTEES          
George J. Sullivan Jr.
One Freedom
Valley Drive,
Oaks, PA 19456
69 yrs. old
  Trustee   since 1996   Retired since January 2012. Self-employed Consultant, Newfound Consultants, Inc. since April 1997-December 2011.   96   Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, State Street Navigator Securities Lending Trust, Director of SEI Structured Credit Fund L.P. and member of the independent review committee for SEI’s Canadian-registered mutual funds.
Rosemarie B. Greco
One Freedom
Valley Drive,
Oaks, PA 19456
65 yrs. old
  Trustee   since 1999   Director, Governor’s Office of Health Care Reform, Commonwealth of Pennsylvania from 2003 to 2008.   96   Director, Sunoco, Inc.; Director, Exelon Corporation; Trustee, Pennsylvania Real Estate Investment Trust.

 

  *Messrs. Nesher and Doran are Trustees who may be deemed as “interested” persons of the Trust as that term is defined in the 1940 Act by virtue of their affiliation with SIMC and the Trust’s Distributor.
  1Each

Trustee shall hold office during the lifetime of the Trust until the election and qualification of his of her successor, or until he or she sooner dies, resigns or is removed in accordance with the Trust’s Declaration of Trust.

  2The

Fund Complex includes the following Trusts: SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, Adviser Managed Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Liquid Asset Trust, SEI Tax Exempt Trust, SEI Alpha Strategy Portfolios, LP. and New Covenant Funds.

 

48    SEI Institutional International Trust / Annual Report / September 30, 2012


 

Name,
Age and
Address
  Position(s)
Held with
Trusts
  Term of
Office and
Length of
Time Served1
  Principal Occupation(s)
During Past Five Years
  Number of
Portfolios in
Fund Complex
Overseen
by Trustee2
  Other Directorships
Held by Trustee
TRUSTEES (continued)        
Nina Lesavoy
One Freedom
Valley Drive,
Oaks, PA 19456
54 yrs. old
  Trustee   since 2003   Founder and Managing Director, Avec Capital, since 2008. Managing Director, Cue Capital from March 2002 to March 2008   96   Director of SEI Structured Credit Fund, L.P.
James M. Williams
One Freedom
Valley Drive,
Oaks, PA 19456
64 yrs. old
  Trustee   since 2004   Vice President and Chief Investment Officer, J. Paul Getty Trust, Non-Profit Foundation for Visual Arts, since December 2002.   96   Trustee/Director of Ariel Mutual Funds and SEI Structured Credit Fund, L.P.
Mitchell A. Johnson
One Freedom
Valley Drive,
Oaks, PA 19456
70 yrs. old
  Trustee   since 2007   Private Investor since 1994.   96   Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II and Bishop Street Funds.
Hubert L. Harris, Jr.
One Freedom
Valley Drive,
Oaks, PA 19456
68 yrs. old
  Trustee   since 2008   Retired since December 2005. Chief Executive Officer and Chair of the Board of Directors, AMVESCAP Retirement, Inc., 1997-December 2005. Chief Executive Officer, INVESCO North America, September 2003-December 2005.   96   Director of Colonial BancGroup, Inc. and St. Joseph’s Translational Research Institute, Chair of the Board of Trustees, Georgia Tech Foundation, Inc. (nonprofit corporation); Board of Councilors of the Carter Center.
OFFICERS          
Robert A. Nesher
One Freedom
Valley Drive,
Oaks, PA 19456
65 yrs. Old
  President and CEO   since 2005   Currently performs various services on behalf of SEI for which Mr. Nesher is compensated.   N/A   N/A
Peter A. Rodriguez
One Freedom
Valley Drive,
Oaks, PA 19456
50 yrs. old
  Controller and Chief Financial Officer   since 2011   Director, Fund Accounting, SEI Investments Global Funds Services (March 2011, September 2002 to March 2005 and 1997- 2002); Director, Mutual Fund Trading, SEI Private Trust Company (May 2009 to February 2011); Director, Asset Data Services, Global Wealth Services (June 2006 to April 2009); Director, Portfolio Accounting, SEI Investments Global Fund Services (March 2005 to June 2006)   N/A   N/A
Russell Emery
One Freedom
Valley Drive,
Oaks, PA 19456
49 yrs. old
  Chief Compliance Officer   since 2006   Chief Compliance Officer of SEI Institutional Managed Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Asset Allocation Trust, SEI Liquid Asset Trust, SEI Tax Exempt Trust, SEI Institutional Investments Trust, The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, and Bishop Street Funds, since March 2006. Chief Compliance Officer of SEI Structured Credit Fund, LP and SEI Alpha Strategy Portfolios, LP since June 2007. Chief Compliance Officer of Adviser Managed Trust since December 2010. Chief Compliance Officer of New Covenant Funds since February 2012.   N/A   N/A

 

SEI Institutional International Trust / Annual Report / September 30, 2012      49   


TRUSTEES AND OFFICERS OF THE TRUST (Unaudited)

 

 

Name,
Age and
Address
  Position(s)
Held with
Trusts
  Term of
Office and
Length of
Time Served1
  Principal Occupation(s)
During Past Five Years
  Number of
Portfolios in
Fund Complex
Overseen
by Trustee2
  Other Directorships
Held by Trustee
OFFICERS (continued)        
Timothy D. Barto
One Freedom
Valley Drive,
Oaks, PA 19456
44 yrs. old
  Vice President and Secretary   since 2002   General Counsel, Vice President and Secretary of SIMC and the Administrator since 2004. Vice President and Assistant Secretary of SEI since 2001. Vice President of SIMC and the Administrator since 1999.   N/A   N/A
Aaron Buser
One Freedom
Valley Drive,
Oaks, PA 19456
41 yrs. old
  Vice President and Assistant Secretary   since 2008   Vice President and Assistant Secretary of SIMC since 2007. Associate at Stark & Stark (2004-2007).   N/A   N/A
David F. McCann
One Freedom
Valley Drive,
Oaks, PA 19456
36 yrs. old
  Vice President and Assistant Secretary   since 2009   Vice President and Assistant Secretary of SIMC since 2008. Attorney, Drinker, Bidder & Reath LLP (law firm), May 2005-October 2008.   N/A   N/A
Stephen G. MacRae
One Freedom
Valley Drive,
Oaks, PA 19456
44 yrs. old
  Vice President   since 2012   Director of Global Investment Product Management since 2004.   N/A   N/A
Keri E. Rohn
One Freedom
Valley Drive,
Oaks, PA 19456
31 yrs. old
  Privacy Officer and Anti-Money Laundering Compliance Officer   since 2009   Compliance Officer of SEI Investments Company since June 2003.   N/A   N/A

 

  1Each

trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns or is removed in accordance with the Trust’s Declaration of Trust.

  2The

Fund Complex includes the following Trusts: SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, Adviser Managed Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Liquid Asset Trust, SEI Tax Exempt Trust, SEI Alpha Strategy Portfolios, L.P. and New Covenant Funds.

 

50    SEI Institutional International Trust / Annual Report / September 30, 2012


Disclosure of Fund Expenses (Unaudited)

 

All mutual funds have operating expenses. As a shareholder of a fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.

Operating expenses such as these are deducted from the fund’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the fund’s average net assets; this percentage is known as the fund’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The table on this page illustrates your fund’s costs in two ways:

Actual fund return. This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”

Hypothetical 5% return. This section helps you compare your Fund’s costs with those of other mutual funds. It assumes that the fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expense Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.

NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.

 

   

Beginning
Account
Value

4/1/12

    Ending
Account
Value
9/30/12
    Annualized
Expense
Ratios
    Expenses
Paid
During
Period*
 

International Equity Fund

  

                       

Actual Fund Return

       

Class A

  $ 1,000.00      $ 993.90        1.26   $ 6.28   

Class I

    1,000.00        992.70        1.51        7.52   

Hypothetical 5% Return

  

     

Class A

  $ 1,000.00      $ 1,018.77        1.26   $ 6.36   

Class I

    1,000.00        1,017.52        1.51        7.62   

Emerging Markets Equity Fund

  

                       

Actual Fund Return

       

Class A

  $ 1,000.00      $ 965.20        1.97   $ 9.68   

Hypothetical 5% Return

  

     

Class A

  $ 1,000.00      $ 1,015.21        1.97   $ 9.93   

 

    Beginning
Account
Value
4/1/12
    Ending
Account
Value
9/30/12
    Annualized
Expense
Ratios
    Expenses
Paid
During
Period*
 

International Fixed Income Fund

  

                       

Actual Fund Return

       

Class A

  $ 1,000.00      $ 1,033.40        1.02   $ 5.22   

Hypothetical 5% Return

  

     

Class A

  $ 1,000.00      $ 1,019.94        1.02   $ 5.18   

Emerging Markets Debt Fund

  

                       

Actual Fund Return

       

Class A

  $ 1,000.00      $ 1,072.00        1.36   $ 7.09   

Hypothetical 5% Return

  

     

Class A

  $ 1,000.00      $ 1,018.23        1.36   $ 6.90   

 

*   Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown).
 

 

SEI Institutional International Trust / Annual Report / September 30, 2012      51   


Board of Trustees Considerations in Approving the Funds’ Investment Advisory and Sub-Advisory Agreements (Unaudited)

 

SEI Institutional International Trust (the “Trust”) and SEI Investments Management Corporation (“SIMC”) have entered into an investment advisory agreement (the “Advisory Agreement”). Pursuant to the Advisory Agreement, SIMC oversees the investment advisory services provided to the series of the Trust (the “Funds”) and may manage the cash portion of the Funds’ assets. Pursuant to separate sub-advisory agreements (the “Sub-Advisory Agreements” and, together with the Advisory Agreement, the “Investment Advisory Agreements”) with SIMC, and under the supervision of SIMC and the Trust’s Board of Trustees (the “Board”), the sub-advisers (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) are responsible for the day-to-day investment management of all or a discrete portion of the assets of the Funds. The Sub-Advisers are also responsible for managing their employees who provide services to these Funds. The Sub-Advisers are selected based primarily upon the research and recommendations of SIMC, which evaluates quantitatively and qualitatively the Sub-Advisers’ skills and investment results in managing assets for specific asset classes, investment styles and strategies.

The Investment Company Act of 1940, as amended (the “1940 Act”) requires that the initial approval of, as well as the continuation of, the Funds’ Investment Advisory Agreements must be specifically approved: (i) by the vote of the Board or by a vote of the shareholders of the Funds; and (ii) by the vote of a majority of the Trustees who are not parties to the Investment Advisory Agreements or “interested persons” of any party (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval(s). In connection with their consideration of such approval(s), the Funds’ Trustees must request and evaluate, and SIMC and the Sub-Advisers are required to furnish, such information as may be reasonably necessary to evaluate the terms of the Investment Advisory Agreements. In addition, the Securities and Exchange Commission takes the position that, as part of their fiduciary duties with respect to a mutual fund’s fees, mutual fund boards are required to evaluate the material factors applicable to a decision to approve an Investment Advisory Agreement.

Consistent with these responsibilities, the Trust’s Board calls and holds meetings each year that are dedicated to considering whether to renew the Investment Advisory Agreements between the Trust and SIMC and SIMC and the Sub-Advisers with respect to the Funds of the Trust. In preparation for these meetings, the Board requests and reviews a wide variety of materials provided by SIMC and the Sub-Advisers, including information about SIMC’s and the Sub-Advisers’ affiliates, personnel and operations. The Board also receives extensive data from third parties. This information is provided in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to Fund operations and Fund performance. The Trustees also receive a memorandum from Fund counsel and independent counsel to the Independent Trustees regarding the responsibilities of Trustees in connection with their consideration of whether to approve the Trust’s Investment Advisory Agreements. Finally, the Independent Trustees receive advice from independent counsel to the Independent Trustees, meet in executive sessions outside the presence of Fund management and participate in question and answer sessions with representatives of SIMC and the Sub-Advisers.

Specifically, during the course of the Trust’s fiscal year, the Board requested and received written materials from SIMC and the Sub-Advisers regarding: (i) the quality of SIMC’s and the Sub-Advisers’ investment management and other services; (ii) SIMC’s and the Sub-Advisers’ investment management personnel; (iii) SIMC’s and the Sub-Advisers’ operations and financial condition; (iv) SIMC’s and the Sub-Advisers’ brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the level of the advisory fees that SIMC and the Sub-Advisers charge the Funds compared with the fees each charge to comparable mutual funds; (vi) the Funds’ overall fees and operating expenses compared with similar mutual funds; (vii) the level of SIMC’s and the Sub-Advisers’ profitability from their Fund-related operations; (viii) SIMC’s and the Sub-Advisers’ compliance systems; (ix) SIMC’s and the Sub-Advisers’ policies on and compliance procedures for personal securities transactions; (x) SIMC’s and the Sub-Advisers’ reputation, expertise and resources in domestic and/or international financial markets; and (xi) the Funds’ performance compared with similar mutual funds.

 

52    SEI Institutional International Trust / Annual Report / September 30, 2012


At the June 27, 2012 and September 19, 2012 meetings of the Board of Trustees, the Trustees, including a majority of the Independent Trustees, approved the Investment Advisory Agreements and approved the selection of SIMC and the Sub-Advisers to act in their respective capacities for the Funds. The Board’s approval was based on its consideration and evaluation of a variety of specific factors discussed at the meeting and at prior meetings, including:

 

 

the nature, extent and quality of the services provided to the Funds under the Investment Advisory Agreements, including the resources of SIMC and the Sub-Advisers and their affiliates dedicated to the Funds;

 

 

the Funds’ investment performance and how it compared to that of other comparable mutual funds;

 

 

the Funds’ expenses under each Investment Advisory Agreement and how those expenses compared to those of other comparable mutual funds;

 

 

the profitability of SIMC and the Sub-Advisers and their affiliates with respect to the Funds, including both direct and indirect benefits accruing to SIMC and the Sub-Advisers and their affiliates; and

 

 

the extent to which economies of scale would be realized as the Funds grow and whether fee levels in the Investment Advisory Agreements reflect those economies of scale for the benefit of Fund investors.

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services provided by SIMC and the Sub-Advisers to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, SIMC’s and each Sub-Adviser’s personnel, experience, track record and compliance program. The Trustees found the level of SIMC’s and each Sub-Adviser’s professional staff and culture of compliance satisfactory. Following evaluation, the Board concluded that, within the context of its full deliberations, the nature, extent and quality of services provided by SIMC and the Sub-Advisers to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates dedicated to the Funds supported renewal of the Investment Advisory Agreements.

Fund Performance. The Board of Trustees considered Fund performance in determining whether to renew the Investment Advisory Agreements. Specifically, the Trustees considered the Funds’ performance relative to their peer groups and appropriate indices/benchmarks in light of total return, yield and market trends. As part of this review, the Trustees considered the composition of each peer group and selection criteria. In evaluating performance, the Trustees considered both market risk and shareholder risk expectations for the Funds. The Trustees found Fund performance satisfactory, and, where performance was below the benchmark, the Trustees were satisfied that appropriate steps were being taken. Following evaluation, the Board concluded that, within the context of its full deliberations, the performance of the Funds supported renewal of the Investment Advisory Agreements.

Fund Expenses. With respect to the Funds’ expenses under the Investment Advisory Agreements, the Trustees considered the rate of compensation called for by the Investment Advisory Agreements and the Funds’ net operating expense ratio in comparison to those of other comparable mutual funds. The Trustees also considered information about average expense ratios of comparable mutual funds in the Funds’ respective peer groups. The Trustees further considered the fact that the comparative fee analysis either showed that the various fees were below average or that there was a reasonable basis for the fee level. Finally, the Trustees considered the effects of SIMC’s voluntary waiver of management and other fees and the Sub-Advisers’ fees to prevent total Fund expenses from exceeding a specified cap and concluded that SIMC and the Sub-Advisers, through waivers, have maintained the Funds’ net operating expenses at competitive levels for their respective distribution channels. Following evaluation, the Board concluded that, within the context of its full deliberations, the expenses of the Funds are reasonable and supported renewal of the Investment Advisory Agreements.

 

SEI Institutional International Trust / Annual Report / September 30, 2012      53   


Board of Trustees Considerations in Approving the Funds’ Investment Advisory and Sub-Advisory Agreements (Unaudited) (Concluded)

 

Profitability. With regard to profitability, the Trustees considered all compensation flowing to SIMC and the Sub-Advisers and their affiliates, directly or indirectly. The Trustees considered whether the varied levels of compensation and profitability under the Investment Advisory Agreements and other service agreements were reasonable and justified in light of the quality of all services rendered to the Funds by SIMC and the Sub-Advisers and their affiliates. The Trustees found that profitability was reasonable and that the margin was not increasing despite growth in assets. When considering the profitability of the Sub-Advisers, the Board took into account the fact that the Sub-Advisers are compensated by SIMC and not by the Funds directly, and such compensation with respect to any Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. Based on this evaluation, the Board concluded that, within the context of its full deliberations, the profitability of each of SIMC and the Sub-Advisers is reasonable and supported renewal of the Investment Advisory Agreements.

Economies of Scale. The Trustees considered the existence of any economies of scale and whether those were passed along to the Funds’ shareholders through a graduated investment advisory fee schedule or other means, including any fee waivers by SIMC and its affiliates. Based on this evaluation, the Board concluded that, within the context of its full deliberations, the Funds obtain reasonable benefit from economies of scale.

Based on the Trustees’ deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, unanimously approved the continuation of the Investment Advisory Agreements and concluded that the compensation under the Investment Advisory Agreements is fair and reasonable in light of such services and expenses and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment. In the course of their deliberations, the Trustees did not identify any particular information that was all-important or controlling.

 

54    SEI Institutional International Trust / Annual Report / September 30, 2012


Notice to Shareholders (Unaudited)

 

For shareholders that do not have a September 30, 2012 taxable year end, this notice is for informational purposes only. For shareholders with a September 30, 2012 taxable year end, please consult your tax advisor as to the pertinence of this notice.

For the fiscal year ended September 30, 2012 the Funds of the SEI Institutional International Trust are designating the following items with regard to distributions paid during the year:

 

Fund   (A)
Return of
Capital
    (B)
Long-Term
Capital Gain
Distributions
(Tax Basis)
    (C)
Ordinary
Income
Distributions
(Tax Basis)
    (D)
Total
    (E)
Dividends
Received
Deductions (1)
    (F)
Qualifying
Dividend Income
(15% Tax Rate
for QDI) (2)
    (G)
U.S. Government
Interest (3)
    (H)
Interest
Related
Dividends (4)
    (I)
Short-Term
Capital Gain
Dividends (5)
 
International Equity     0.00     0.00     100.00     100.00     0.00     100.00     0.00     0.03     0.00
Emerging Markets Equity     0.00     0.00     100.00     100.00     0.00     100.00     0.00     0.01     0.00
International Fixed Income     0.00     0.00     100.00     100.00     0.00     0.00     0.07     0.10     0.00
Emerging Markets Debt     0.00     3.60     96.40     100.00     0.00     0.00     0.00     0.00     0.00

The Funds intend to pass through foreign tax credit to shareholders. For the fiscal year ended September 30, 2012, the amount of foreign source income and foreign tax credit are as follows:

 

Fund   Foreign
Source
Income
    Foreign
Tax Credit
Pass
Through
 

International Equity

  $ 32,578,354      $ 2,589,995   

Emerging Markets Equity

    6,762,434        1,912,645   

 

(1) “Dividends Received Deduction” represent dividends which qualify for the corporate dividends received deduction.

 

(2) “Qualifying Dividend Income” represent qualifying dividends as created by the Jobs and Growth Tax Relief Reconciliation Act of 2003. It is the intention of the Fund to designate the max amount permitted by law.

 

(3) “U.S. Government Interest” represent the amount of interest that was derived from direct U.S. Government obligations and distributed during the fiscal year. Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders who are residents of California, Connecticut or New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income.

 

(4) “Interest Related Dividends” represent qualifying interest that is exempt from U.S. withholding tax when paid to foreign investors as created by the American Jobs Creation Act of 2004.

 

(5) “Short-Term Capital Gain Dividends” represent qualifying short-term capital gain that is exempt from U.S. withholding tax when paid to foreign investors as created by the American Jobs Creation Act of 2004.

Items (A), (B), (C) and (D) are based on the percentage of each fund’s total distribution.

Items (E) and (F) are based on the percentage of “Ordinary Income Distributions.”

Item (F) is based on the percentage of gross income of each Fund.

Item (H) is based on the percentage of net investment income distributions.

Item (I) is based on the percentage of short-term capital gains distributions.

Please consult your tax adviser for proper treatment of this information. This notification should be kept with your permanent tax records.

 

SEI Institutional International Trust / Annual Report / September 30, 2012      55   


SEI INSTITUTIONAL INTERNATIONAL TRUST ANNUAL REPORT SEPTEMBER 30, 2012

 

Robert A. Nesher, Chairman

Trustees

William M. Doran

George J. Sullivan, Jr.

Rosemarie B. Greco

Nina Lesavoy

James M. Williams

Mitchell A. Johnson

Hubert L. Harris, Jr.

Officers

Robert A. Nesher

President and Chief Executive Officer

Peter A. Rodriguez

Controller and Chief Financial Officer

Russell Emery

Chief Compliance Officer

Timothy D. Barto

Vice President, Secretary

Aaron Buser

Vice President, Assistant Secretary

David F. McCann

Vice President, Assistant Secretary

Stephen G. MacRae

Vice President

Keri E. Rohn

Anti-Money Laundering Compliance Officer

Privacy Officer

Investment Adviser

SEI Investments Management Corporation

Administrator

SEI Investments Global Funds Services

Distributor

SEI Investments Distribution Co.

Legal Counsel

Morgan, Lewis & Bockius LLP

Independent Registered Public Accounting Firm

KMPG LLP

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Trust and must be preceded or accompanied by a current prospectus. Shares of the SEI Funds are not deposits or obligations of, or guaranteed or endorsed by, any bank. The shares are not federally insured by the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, or any other government agency. Investment in the shares involves risk, including the possible loss of principal.

For more information call

1 800 DIAL SEI

(1 800 342 5734)

 


LOGO

 

 

SEI-F-018 (9/12)


Item 2. Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.

 

Item 3. Audit Committee Financial Expert.

(a)(1) The Registrant’s Board of Trustees has determined that the Registrant has at least two audit committee financial experts serving on the audit committee.

(a) (2) The audit committee financial experts are George J. Sullivan, Jr. and Hubert L. Harris, Jr. Messrs. Sullivan and Harris are independent as defined in Form N-CSR Item 3 (a) (2).

 

Item 4. Principal Accountant Fees and Services.

Fees billed by KPMG LLP (“KPMG”) related to the Registrant.

KPMG billed the Registrant aggregate fees for services rendered to the Registrant for the fiscal years 2012 and 2011 as follows:

 

          Fiscal 2012      Fiscal 2011  
          All fees and
services to  the
Registrant that
were pre-
approved
    All fees and
services to
service
affiliates that
were pre-
approved
     All other fees
and services  to
service
affiliates that
did not  require
pre-approval
     All fees and
services to  the
Registrant that
were pre-
approved
    All fees and
services to
service
affiliates that
were pre-
approved
     All other fees
and services  to
service
affiliates that
did not  require
pre-approval
 
(a)    Audit Fees(1)    $ 190,100        N/A         N/A       $ 178,500        N/A         N/A   
(b)    Audit-Related Fees    $ 20,000 (3)    $ 0       $ 0       $ 25,000 (3)    $ 0       $ 0   
(c)    Tax Fees    $ 0      $ 5,000         N/A       $ 0      $ 0         N/A   
(d)    All Other Fees    $ 0      $ 236,000       $ 0       $ 0      $ 234,500       $ 0   

Notes:

 

(1) Audit fees include amounts related to the audit of the Registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings.
(2) See Item 4(g) for a description of the services comprising the fees disclosed under this category.
(3) Audit-related fees include amounts related to attestation reporting over compliance with an exemptive order under the federal securities laws.

(e)(1) The Registrant’s Audit Committee has adopted and the Board of Trustees has ratified an Audit and Non-Audit Services Pre-Approval Policy (the “Policy”), which sets forth the procedures and the conditions


pursuant to which services proposed to be performed by the independent auditor of the Registrant may be pre-approved.

The Policy provides that all requests or applications for proposed services to be provided by the independent auditor must be submitted to the Registrant’s Chief Financial Officer (“CFO”) and must include a detailed description of the services proposed to be rendered. The CFO will determine whether such services: (1) require specific pre-approval; (2) are included within the list of services that have received the general pre-approval of the Audit Committee pursuant to the Policy; or (3) have been previously pre-approved in connection with the independent auditor’s annual engagement letter for the applicable year or otherwise. In any instance where services require pre-approval, the Audit Committee will consider whether such services are consistent with SEC’s rules and whether the provision of such services would impair the auditor’s independence.

Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by the CFO. The Audit Committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor. The Audit Committee has delegated specific pre-approval authority to either the Audit Committee Chair or financial experts, provided that the estimated fee for any such proposed pre-approved service does not exceed $100,000 and any pre-approval decisions are reported to the Audit Committee at its next regularly scheduled meeting.

Services that have received the general pre-approval of the Audit Committee are identified and described in the Policy. In addition, the Policy sets forth a maximum fee per engagement with respect to each identified service that has received general pre-approval.

All services to be provided by the independent auditor shall be provided pursuant to a signed written engagement letter with the Registrant, the investment advisor or applicable control affiliate (except that matters as to which an engagement letter would be impractical because of timing issues or because the matter is small may not be the subject of an engagement letter) that sets forth both the services to be provided by the independent auditor and the total fees to be paid to the independent auditor for those services.

In addition, the Audit Committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work of the independent auditor and to assure the auditor’s independence from the Registrant, such as reviewing a formal written statement from the independent auditor delineating all relationships between the independent auditor and the Registrant, and discussing with the independent auditor its methods and procedures for ensuring independence.

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

 

     Fiscal 2012     Fiscal 2011  

Audit-Related Fees

     0     0

Tax Fees

     0     0

All Other Fees

     0     0

 

(f) Not Applicable.

(g)(1) The aggregate non-audit fees and services billed by KPMG for the fiscal years 2012 and 2011 were $236,000 and $234,500, respectively. Non-audit fees consist of SSAE No.16 review of fund accounting and administration operations, attestation report in accordance with Rule 17Ad-13, and agreed upon procedures report over certain internal controls related to compliance with federal securities laws and regulations and tax consulting services for various service affiliates of the Registrant.


(h) During the past fiscal year, Registrant’s principal accountant provided certain non-audit services to Registrant’s investment adviser or to entities controlling, controlled by, or under common control with Registrant’s investment adviser that provide ongoing services to Registrant that were not subject to pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X. The Audit Committee of Registrant’s Board of Trustees reviewed and considered these non-audit services provided by Registrant’s principal accountant to Registrant’s affiliates, including whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.

 

Item 5. Audit Committee of Listed Registrants.

Not applicable.

 

Item 6. Schedule of Investments

The Schedules of Investments in securities of unaffiliated issuers as of the close of the reporting period for the International Equity Fund, Emerging Markets Equity Fund, International Fixed Income Fund, and Emerging Markets Debt Fund are listed below.


Schedule of Investments

International Equity Fund

September 30, 2012

 

Description   Shares        Market Value
($ Thousands)
 
      

COMMON STOCK — 93.8%

      

Argentina — 0.0%

      

Tenaris

    2,059         $ 42   
      

 

 

 

Australia — 3.1%

      

ALS

    85,776           766   

Alumina

    1,118,227           988   

Amcor

    386,803           3,121   

AMP

    16,846           76   

APA Group (A)

    148,993           734   

Atlas Iron *

    2,273,801           3,334   

Australia & New Zealand Banking Group

    407,583           10,490   

Australian Stock Exchange

    6,115           188   

Beach Energy

    389,254           512   

BHP Billiton (USD) ADR (A)

    43,900           3,012   

Boral

    37,541           150   

Brambles

    128,646           939   

Caltex Australia

    98,796           1,698   

Centro Retail Australia (B)

    26,036           57   

CFS Retail Property Trust Group (B)

    34,385           69   

Coca-Cola Amatil

    11,072           156   

Commonwealth Bank of Australia

    21,044           1,220   

Credit Group

    6,790           45   

Crown

    17,653           167   

CSL

    96,080           4,596   

Dexus Property Group (B)

    890,282           880   

Echo Entertainment Group

    23,844           95   

Fortescue Metals Group (A)

    29,671           108   

Goodman Group (B)

    225,718           930   

GPT Group (B)

    17,180           61   

Iluka Resources

    309,448           3,195   

Leighton Holdings

    15,451           267   

Macquarie Group

    23,382           692   

Newcrest Mining

    330,170           10,005   

Orica

    1,042           27   

Ramsay Health Care

    4,996           125   

Roc Oil *

    155,859           59   

Santos

    48,384           572   

Sims Metal Management

    3,984           40   

Sonic Healthcare

    4,827           68   

Stockland (B)

    11,664           41   

Suncorp Group

    33,368           321   

Tatts Group

    297,431           838   

Telstra

    560,363           2,284   

Toll Holdings

    129,438           594   

Transurban Group

    155,478           970   

Wesfarmers

    26,894           958   

Westfield Group (B)

    52,378           553   

Westfield Retail Trust (B)

    48,979           147   

Westpac Banking

    220           6   

WorleyParsons

    2,351           69   
      

 

 

 
         56,223   
      

 

 

 

Austria — 0.0%

      

Andritz

    5,398           306   

Oesterreichische Post

    4,748           170   

Raiffeisen International Bank Holding

    4,820           175   
      

 

 

 
         651   
      

 

 

 
Description   Shares        Market Value
($ Thousands)
 
      

Belgium — 1.7%

      

Ageas

    71,318         $ 1,712   

Anheuser-Busch InBev

    197,567           16,819   

Belgacom

    239,617           7,321   

Colruyt (A)

    105,151           4,585   

KBC Groep

    21,585           518   

Solvay

    1,114           129   

UCB

    2,810           155   

Umicore

    15,401           806   
      

 

 

 
         32,045   
      

 

 

 

Bosnia and Herzegovina — 0.1%

      

Axis Capital Holdings

    65,521           2,288   
      

 

 

 

Brazil — 0.4%

      

Centrais Eletricas Brasileiras

    163,400           973   

Centrais Eletricas Brasileiras ADR

    204,827           1,215   

Cia Energetica de Minas Gerais ADR

    30,145           365   

Petroleo Brasileiro ADR

    182,027           4,176   
      

 

 

 
         6,729   
      

 

 

 

Canada — 3.5%

      

Agrium

    26,300           2,726   

Bank of Nova Scotia (A)

    52,400           2,871   

Barrick Gold

    225,222           9,405   

Cameco

    155,934           3,033   

Cenovus Energy

    78,540           2,739   

Cott *

    7,100           56   

Goldcorp

    120,100           5,510   

Horizon North Logistics

    23,300           189   

Kinross Gold

    616,016           6,290   

Magna International, Cl A

    62,800           2,715   

New Gold *

    464,100           5,684   

Nexen

    57,900           1,467   

Onex

    11,606           458   

Silver Wheaton

    117,700           4,675   

Sino-Forest, Cl A *(C)

    76,000           8   

Suncor Energy

    314,047           10,320   

Talisman Energy

    154,187           2,054   

Toronto-Dominion Bank

    44,636           3,719   
      

 

 

 
         63,919   
      

 

 

 

Chile — 0.2%

      

Sociedad Quimica y Minera de Chile ADR

    71,500           4,407   
      

 

 

 

China — 0.4%

      

Huaneng Power International, Cl H

    3,902,000           2,969   

Industrial & Commercial Bank of China, Cl H

    7,245,000           4,280   
      

 

 

 
         7,249   
      

 

 

 

Colombia — 0.1%

      

Ecopetrol ADR

    44,500           2,622   
      

 

 

 

Czech Republic — 0.1%

      

Komercni Banka (D)

    10,900           2,161   
      

 

 

 

Denmark — 1.2%

      

AP Moeller - Maersk, Cl B

    267           1,913   

AP Moeller - Maersk, Cl A

    10           68   

Carlsberg, Cl B

    2,362           209   
 

 

1    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

International Equity Fund

September 30, 2012

 

Description   Shares        Market Value
($ Thousands)
 
      

Coloplast, Cl B

    1,627         $ 339   

Jyske Bank *

    112,431           3,345   

Novo Nordisk, Cl B

    62,554           9,894   

Tryg

    87,138           5,668   

William Demant Holding *

    5,246           471   
      

 

 

 
         21,907   
      

 

 

 

Finland — 0.3%

      

Elisa, Cl A

    10,216           231   

Kone, Cl B

    610           42   

Metso

    18,695           669   

Nokian Renkaat

    16,012           652   

Stora Enso, Cl R

    601,458           3,741   

Wartsila, Cl B

    25,299           877   
      

 

 

 
         6,212   
      

 

 

 

France — 8.8%

      

Accor

    5,851           195   

Air Liquide (A)

    28,877           3,583   

Alcatel-Lucent *(A)

    2,943,893           3,253   

Alstom

    35,938           1,262   

Areva

    79,082           1,450   

Arkema

    64,580           6,053   

AtoS

    4,951           346   

AXA (A)

    334,595           4,989   

BNP Paribas (A)

    207,576           9,875   

Bureau Veritas

    993           102   

Carrefour (A)

    149,982           3,114   

Christian Dior

    2,735           367   

Cie Generale des Etablissements-Michelin,
Cl B

    66,812           5,240   

Cie Generale d’Optique Essilor International

    78,167           7,328   

Compagnie Generale de
Geophysique-Veritas *(A)

    24,987           788   

Danone

    251           15   

Dassault Systemes

    483           51   

Electricite de France (A)

    99,095           2,079   

Eurazeo

    1,155           53   

Eutelsat Communications

    117,109           3,769   

Fonciere Des Regions (B)

    2,242           169   

Iliad

    2,753           449   

Lafarge

    1,037           56   

Lagardere SCA

    1,577           43   

Legrand (A)(E)

    182,420           6,883   

L’Oreal

    45,865           5,680   

LVMH Moet Hennessy Louis Vuitton

    39,838           5,996   

Nexity

    5,300           153   

Pernod-Ricard

    28,375           3,187   

PPR

    31           5   

Publicis Groupe

    4,834           271   

Remy Cointreau

    4,058           467   

Renault (A)

    51,741           2,431   

Rexel

    271,110           5,462   

Safran

    165,847           5,971   

Sanofi

    353,602           30,183   

Schneider Electric

    238,540           14,134   

Societe BIC

    874           106   

Sodexo

    77,542           5,845   

Technip

    61,762           6,874   

Thales (A)

    57,530           1,978   

Total

    194,192           9,643   

Veolia Environnement

    13,090           141   
Description   Shares       

Market Value

($ Thousands)

 
      

Vinci

    648         $ 28   

Vivendi

    66,494           1,298   

Wendel

    6,885           582   

Zodiac Aerospace

    6,430           629   
      

 

 

 
         162,576   
      

 

 

 

Germany — 8.4%

      

Adidas

    5,068           416   

Allianz

    17,552           2,091   

BASF

    85,318           7,206   

Bayer

    108,656           9,342   

Bayerische Motoren Werke

    21,776           1,594   

Beiersdorf

    3,293           242   

Brenntag

    46,416           5,948   

Celesio

    4,397           78   

Continental

    43,852           4,299   

Daimler

    189,074           9,162   

Deutsche Bank

    37,161           1,470   

Deutsche Boerse (A)

    205,895           11,407   

Deutsche Lufthansa

    118,404           1,607   

Deutsche Post

    356,756           6,976   

Deutsche Telekom

    326,073           4,017   

E.ON

    98,739           2,346   

Fresenius

    483           56   

Fresenius Medical Care

    97,122           7,130   

GEA Group

    187,253           5,672   

Gerresheimer

    2,466           129   

Hannover Rueckversicherung

    9,300           595   

HeidelbergCement

    24,890           1,305   

Henkel

    11,160           729   

Hugo Boss

    1,724           152   

Infineon Technologies

    1,064,754           6,764   

Kabel Deutschland Holding *(A)

    38,349           2,739   

Lanxess

    10,830           899   

Linde (A)

    88,407           15,241   

MAN

    7,922           726   

Merck

    10,747           1,327   

Muenchener Rueckversicherungs

    55,307           8,645   

RWE

    2,644           118   

SAP

    104,943           7,440   

SAP ADR (A)

    69,900           4,986   

Siemens

    158,522           15,828   

Suedzucker

    31,798           1,127   

Symrise

    166,749           5,653   
      

 

 

 
         155,462   
      

 

 

 

Hong Kong — 3.0%

      

AIA Group

    1,836,200           6,844   

ASM Pacific Technology (A)

    49,500           586   

BOC Hong Kong Holdings

    197,500           628   

Chaoda Modern Agriculture *(C)

    2,440,000           346   

China Merchants Holdings International

    400,000           1,233   

China Mobile

    517,000           5,731   

China Mobile ADR

    85,100           4,711   

CLP Holdings

    151,000           1,283   

CNOOC

    2,557,000           5,244   

First Pacific (A)

    678,000           737   

Galaxy Entertainment Group *

    249,000           835   

Hang Lung Group (A)

    20,000           127   

Hang Seng Bank

    3,100           48   

Hong Kong & China Gas

    38,600           98   

Hongkong Land Holdings (A)

    125,000           751   
 

 

2    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

International Equity Fund

September 30, 2012

 

Description   Shares        Market Value
($ Thousands)
 
      

Hutchison Telecommunications Hong Kong Holdings

    802,000         $ 355   

Hutchison Whampoa

    189,500           1,838   

Hysan Development

    111,000           505   

Jardine Strategic Holdings

    221,610           7,517   

Kerry Properties

    29,000           147   

Li & Fung (A)

    810,000           1,256   

MGM China Holdings

    180,000           312   

New World Development

    1,100,000           1,705   

Orient Overseas International

    16,000           88   

RCG Holdings *

    16,196             

Shangri-La Asia

    122,000           237   

SJM Holdings

    59,000           128   

Sun Hung Kai Properties

    386,000           5,656   

Swire Pacific, Cl A

    9,500           116   

Wheelock

    70,000           302   

Wing Hang Bank

    16,500           155   

Yue Yuen Industrial Holdings (A)

    1,869,000           6,292   
      

 

 

 
         55,811   
      

 

 

 

India — 0.3%

      

Idea Cellular *

    3,857,257           6,238   
      

 

 

 

Indonesia — 0.1%

      

Bank Mandiri

    2,291,200           1,963   

Telekomunikasi Indonesia ADR

    2,286           89   
      

 

 

 
         2,052   
      

 

 

 

Ireland — 1.1%

      

CRH

    89,657           1,730   

Elan *

    137,679           1,486   

Experian

    541,123           8,992   

James Hardie Industries

    98,311           889   

Kerry Group, Cl A

    17,614           903   

Ryanair Holdings ADR *

    132,700           4,280   

Smurfit Kappa Group

    261,595           2,645   
      

 

 

 
         20,925   
      

 

 

 

Israel — 0.8%

      

Bezeq Israeli Telecommunication (D)

    2,408,029           2,810   

Check Point Software Technologies *

    185,968           8,956   

Mellanox Technologies *(D)

    2,579           267   

NICE Systems *(D)

    10,303           342   

Teva Pharmaceutical Industries (D)

    3,217           133   

Teva Pharmaceutical Industries ADR

    60,932           2,523   
      

 

 

 
         15,031   
      

 

 

 

Italy — 0.9%

      

Enel

    372,509           1,319   

Eni

    40,748           892   

ERG

    93,152           673   

Exor

    32,479           818   

Fiat Industrial

    86,357           845   

Intesa Sanpaolo

    1,145,666           1,744   

Luxottica Group

    19,568           693   

Pirelli & C (A)

    37,159           401   

Prysmian

    2,808           50   

Saipem

    2,901           139   

Snam Rete Gas

    902,841           4,007   

Telecom Italia RNC

    5,833,246           5,114   

Unione di Banche Italiane

    15,658           58   
      

 

 

 
         16,753   
      

 

 

 
Description   Shares        Market Value
($ Thousands)
 
      

Japan — 16.0%

      

Advantest (A)

    33,200         $ 433   

Aeon Credit Service

    6,600           143   

Aisin Seiki

    7,800           223   

Ajinomoto

    3,000           47   

Alfresa Holdings

    16,900           837   

Alpen

    14,700           277   

AOKI Holdings

    3,800           83   

Aoyama Trading

    5,300           102   

Arc Land Sakamoto

    12,800           191   

Arnest One

    37,800           585   

Astellas Pharma

    144,700           7,375   

Autobacs Seven (A)

    2,500           114   

Bank of Yokohama

    40,000           191   

Belluna

    6,800           55   

Best Bridal

    65           75   

Calsonic Kansei (A)

    199,000           770   

Canon

    1,500           48   

Casio Computer (A)

    30,500           217   

Central Glass

    31,000           92   

Central Japan Railway

    34,700           3,060   

Chiyoda

    34,200           584   

Chugai Pharmaceutical

    10,400           219   

Chugoku Electric Power

    18,800           251   

Citizen Holdings

    57,000           291   

Coca-Cola West (A)

    172,500           2,869   

Cocokara fine

    1,600           56   

Cosmo Oil

    22,000           41   

Credit Saison

    21,200           514   

Dai Nippon Printing (A)

    750,600           5,248   

Daicel

    225,000           1,353   

Daido Steel

    4,000           19   

Daihatsu Motor

    37,800           633   

Dai-ichi Life Insurance

    454           517   

Daiichi Sankyo

    74,200           1,230   

Daiichikosho

    4,600           111   

Daikyo

    175,000           443   

Dainippon Sumitomo Pharma

    101,500           1,119   

Daito Trust Construction (A)

    29,700           2,997   

Daiwa House Industry

    202,000           2,942   

Denso

    2,800           88   

Doutor Nichires Holdings

    6,200           78   

Dydo Drinco

    4,400           201   

EDION (A)

    78,900           350   

Eisai

    600           27   

Faith

    340           37   

FamilyMart

    4,800           237   

Fanuc

    85,700           13,857   

Fast Retailing

    4,000           933   

Fuji Film Holdings

    312,600           5,256   

Fuji Heavy Industries

    110,000           916   

Fuji Soft

    4,100           86   

Fujishoji

    42           57   

Fujitsu

    182,000           685   

Fukuoka Financial Group

    61,000           249   

Geo Holdings (A)

    200           230   

GMO internet

    8,200           56   

Goldcrest

    1,640           25   

Gulliver International

    2,250           65   

Hachijuni Bank

    231,000           1,286   

Hakuhodo DY Holdings

    3,740           253   

Hankyu Hanshin Holdings

    51,000           277   
 

 

3    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

International Equity Fund

September 30, 2012

 

Description   Shares        Market Value
($ Thousands)
 
      

Hino Motors

    361,000         $ 2,371   

HIS

    12,100           382   

Hisamitsu Pharmaceutical

    900           50   

Hitachi (A)

    655,700           3,658   

Hitachi Chemical

    1,100           15   

Hitachi Construction Machinery

    17,900           291   

Hitachi High-Technologies

    12,400           300   

Hokkaido Electric Power

    4,000           33   

Hokuriku Electric Power

    3,800           46   

Honda Motor (A)

    387,000           11,923   

IHI

    304,000           680   

Iida Home Max

    30,600           286   

Inpex

    67           401   

Isetan Mitsukoshi Holdings

    34,600           362   

Isuzu Motors

    179,000           867   

IT Holdings

    56,400           735   

Itochu

    57,000           580   

Itochu-Shokuhin

    1,900           71   

J Front Retailing

    83,000           467   

J Trust

    9,200           108   

Japan Petroleum Exploration

    2,400           97   

Japan Prime Realty Investment, Cl A (B)

    131           396   

Japan Real Estate Investment, Cl A (B)

    4           40   

Japan Retail Fund Investment, Cl A (B)

    37           66   

Japan Steel Works

    239,000           1,336   

Japan Tobacco

    35,200           1,060   

JFE Holdings

    6,164           82   

JGC

    309,200           10,353   

Joyo Bank

    10,000           49   

JSR

    3,200           53   

Jupiter Telecommunications

    8,833           8,992   

JVC Kenwood

    78,200           281   

Kamei

    5,000           49   

Kanamoto

    5,000           58   

Kanematsu *

    158,000           185   

Kanematsu Electronics

    6,100           68   

Kansai Paint

    411,300           4,573   

Kao

    105,200           3,110   

Kasumi

    12,600           84   

KDDI

    110,600           8,615   

Keio

    63,000           477   

Keisei Electric Railway

    53,000           480   

Keyence

    11,100           2,853   

Kinki Sharyo (A)

    37,000           120   

Kintetsu (A)

    11,000           43   

Kita-Nippon Bank

    1,700           50   

Koito Manufacturing

    1,000           12   

Komatsu

    63,700           1,258   

Konaka (A)

    7,700           71   

Konica Minolta Holdings

    36,500           282   

Kubota

    73,000           741   

KYORIN Holdings

    6,000           148   

Lawson

    6,500           501   

Mabuchi Motor (A)

    178,500           8,191   

Makita

    72,400           2,820   

Marubeni (A)

    203,000           1,299   

Medipal Holdings

    34,600           478   

Megane TOP

    14,700           170   

Misawa Homes (A)

    24,600           374   
Description   Shares        Market Value
($ Thousands)
 
      

Mitsubishi Gas Chemical

    11,000         $ 55   

Mitsubishi Heavy Industries

    112,000           487   

Mitsubishi Materials

    180,000           569   

Mitsubishi UFJ Financial Group

    351,400           1,653   

Mitsubishi UFJ Lease & Finance

    4,480           189   

Mitsui Fudosan

    10,000           201   

Mitsui Home

    8,000           42   

Mizuho Financial Group

    288,800           471   

MS&AD Insurance Group Holdings

    268,900           4,669   

Namco Bandai Holdings

    500           9   

NEC

    64,000           102   

NEC Fielding

    9,800           120   

NEC Mobiling

    1,200           47   

NEC Networks & System Integration

    17,900           301   

NET One Systems

    23,400           296   

NHK Spring

    36,700           316   

Nichii Gakkan

    9,500           92   

Nichireki

    8,000           41   

Nidec

    700           51   

Nihon Unisys

    17,700           128   

Nikon

    28,100           776   

Nintendo

    35,500           4,513   

Nippo

    35,000           407   

Nippon Densetsu Kogyo

    5,000           49   

Nippon Road

    9,000           32   

Nippon Shinyaku

    6,000           77   

Nippon Synthetic Chemical Industry

    7,000           46   

Nippon Telegraph & Telephone

    222,200           10,624   

Nippon Telegraph & Telephone ADR

    155,603           3,689   

Nippon Yusen

    80,000           142   

Nishimatsu Construction

    78,000           120   

Nissan Motor

    39,200           335   

Nissan Tokyo Sales Holdings *(A)

    42,000           187   

Nisshin Fudosan

    13,200           77   

NOK

    27,200           437   

Nomura Holdings

    71,300           256   

Nomura Real Estate Holdings

    55,400           977   

Nomura Real Estate Office Fund, Cl A (B)

    18           113   

North Pacific Bank *

    412,300           1,180   

NTT Data

    139           438   

Nuflare Technology

    11           97   

Oita Bank

    16,000           53   

Ono Pharmaceutical

    1,800           111   

Oracle Japan

    4,200           217   

Otsuka

    5,500           495   

Otsuka Holdings

    86,400           2,688   

Panasonic

    204,900           1,359   

Relo Holdings

    1,400           49   

Resorttrust

    4,500           84   

Riken

    9,000           33   

Rohm

    60,200           2,034   

San-In Godo Bank

    15,000           110   

Sankyo

    91,000           4,252   

SBI Holdings

    5,320           34   

Secom

    65,300           3,416   

Sega Sammy Holdings

    117,400           2,235   

Seino Holdings

    76,000           484   

Sekisui Chemical

    610,000           4,932   
 

 

4    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

International Equity Fund

September 30, 2012

 

Description   Shares        Market Value
($ Thousands)
 
      

Sekisui House

    216,000         $ 2,152   

Sekisui Jushi

    5,000           52   

Seven & I Holdings

    444,200           13,686   

Shikoku Electric Power

    34,100           386   

Shimamura

    2,400           280   

Shimano

    7,600           555   

Shin-Etsu Chemical

    89,800           5,067   

Ship Healthcare Holdings

    5,900           189   

Shiseido

    362,600           4,992   

Showa

    34,000           301   

Showa Denko KK

    148,000           236   

SKY Perfect JSAT Holdings

    96           43   

SMC

    29,100           4,705   

Softbank

    120,700           4,902   

Sojitz

    370,700           481   

Sony Financial Holdings

    396,800           6,824   

Stanley Electric

    16,400           244   

Sumitomo

    56,100           759   

Sumitomo Electric Industries

    23,400           248   

Sumitomo Forestry

    8,900           79   

Sumitomo Mitsui Financial Group

    222,600           6,981   

Sumitomo Mitsui Trust Holdings

    1,272,220           3,794   

Sumitomo Precision Products

    29,000           120   

Sumitomo Real Estate Sales

    1,090           55   

Sumitomo Realty & Development

    10,000           266   

Suruga Bank

    6,000           68   

Suzuken

    39,100           1,304   

Suzuki Motor

    37,300           726   

Sysmex

    4,400           212   

T&D Holdings

    32,500           353   

Taiheiyo Cement

    59,000           127   

Taisho Pharmaceutical Holdings

    500           41   

Takashimaya

    9,000           62   

TDK

    7,800           291   

Tobu Railway

    172,000           929   

Toho

    3,700           68   

Toho Holdings

    32,500           668   

Tokai

    2,800           72   

Tokyo Electron

    93,200           3,983   

Tokyu Land

    86,000           462   

Toppan Forms

    16,800           163   

Topre

    4,100           35   

Toshiba TEC

    96,000           427   

Totetsu Kogyo

    9,000           115   

Toyoda Gosei

    19,100           384   

Toyota Motor

    331,200           12,941   

Toyota Motor ADR

    25,066           1,968   

Toyota Tsusho

    97,600           2,094   

TS Tech

    7,100           114   

Unicharm (A)

    10,100           582   

Unipres

    10,600           236   

USS

    4,270           453   

VT Holdings

    4,300           37   

Wacoal Holdings

    175,704           2,123   

Warabeya Nichiyo

    13,300           231   

Watabe Wedding

    6,395           55   

Yakult Honsha

    6,500           309   

Yamato Kogyo (A)

    2,500           74   

Yamazen

    7,600           49   

Yaskawa Electric (A)

    568,000           3,818   

Yellow Hat

    12,500           174   

Yuasa Trading

    38,000           66   
Description   Shares       

Market Value

($ Thousands)

 
      
       $ 295,353   
      

 

 

 

Malta — 0.0%

      

BGP Holdings *(C)

    198,683             
      

 

 

 

Mexico — 0.3%

      

Grupo Financiero Santander Mexico ADR *

    372,538           5,104   

Industrias, Cl B *

    16,800           100   
      

 

 

 
         5,204   
      

 

 

 

Netherlands — 4.7%

      

Aegon

    19,059           99   

Akzo Nobel

    267,747           15,153   

ASML Holding

    31,862           1,705   

Boskalis Westminster

    5,482           198   

DE Master Blenders 1753 *

    7,800           94   

European Aeronautic Defence and Space

    126,776           4,023   

Fugro

    2,212           151   

Gemalto

    14,719           1,296   

Heineken

    24,693           1,474   

ING Groep *

    758,940           6,004   

Koninklijke Ahold

    627,734           7,871   

Koninklijke DSM

    2,920           146   

Koninklijke Vopak

    12,357           869   

PostNL

    881,986           3,075   

QIAGEN *

    6,088           112   

Randstad Holding

    1,865           62   

Reed Elsevier

    869,613           11,641   

Royal Dutch Shell, Cl A

    251,816           8,713   

Royal Dutch Shell, Cl B

    173,193           6,147   

Royal Imtech

    136,176           3,598   

Unilever (A)

    211,207           7,480   

Wolters Kluwer

    316,745           5,962   
      

 

 

 
         85,873   
      

 

 

 

New Zealand — 0.1%

      

Chorus

    108,845           294   

Telecom of New Zealand

    1,158,145           2,290   
      

 

 

 
         2,584   
      

 

 

 

Norway — 1.3%

      

Aker Solutions

    2,672           51   

DNB

    920,593           11,297   

Marine Harvest *

    1,918,283           1,551   

Orkla

    92,652           704   

Seadrill

    54,455           2,128   

Statoil

    287,117           7,418   

Telenor

    1,820           35   
      

 

 

 
         23,184   
      

 

 

 

Poland — 0.1%

      

KGHM Polska Miedz (A)

    37,620           1,791   
      

 

 

 

Portugal — 0.0%

      

Jeronimo Martins (A)

    10,704           179   
      

 

 

 

Russia — 0.8%

      

Gazprom ADR

    242,597           2,448   

NovaTek GDR

    20,703           2,449   

Sberbank of Russia ADR

    752,179           8,763   

Surgutneftegas ADR

    8,414           76   
      

 

 

 
         13,736   
      

 

 

 
 

 

5    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

International Equity Fund

September 30, 2012

 

Description   Shares        Market Value
($ Thousands)
 
      

Singapore — 1.4%

      

Bukit Sembawang Estates

    10,000         $ 43   

CapitaLand

    103,000           267   

ComfortDelgro

    38,000           53   

DBS Group Holdings (A)

    332,000           3,895   

Fraser and Neave (A)

    150,000           1,086   

Jardine Cycle & Carriage (A)

    9,000           353   

Keppel (A)

    172,110           1,599   

Keppel Land

    125,000           362   

Oversea-Chinese Banking (A)

    153,000           1,165   

SembCorp Industries (A)

    562,600           2,600   

SembCorp Marine (A)

    1,153,000           4,671   

Singapore Airlines

    512,000           4,483   

Singapore Land

    23,000           133   

Singapore Press Holdings (A)

    18,400           61   

Singapore Technologies Engineering (A)

    53,000           153   

Singapore Telecommunications

    29,000           76   

Transpac Industrial Holdings

    48,000           68   

United Overseas Bank

    263,000           4,213   

UOL Group

    53,000           247   

Wilmar International (A)

    14,000           37   

Yangzijiang Shipbuilding Holdings (A)

    427,000           341   
      

 

 

 
         25,906   
      

 

 

 

South Africa — 0.6%

      

AngloGold Ashanti ADR

    94,946           3,328   

Gold Fields

    445,972           5,770   

Impala Platinum Holdings

    123,886           2,087   

Liberty Holdings

    9,672           116   
      

 

 

 
         11,301   
      

 

 

 

South Korea — 2.8%

      

Hana Financial Group

    16,860           516   

Hyundai Mobis

    18,391           5,138   

Hyundai Motor

    5,303           1,202   

Kia Motors

    18,767           1,172   

Korea Electric Power ADR

    205,475           2,552   

KT ADR

    340,100           5,319   

KT&G

    137,854           10,506   

LG Display

    42,450           1,083   

Samsung Electronics

    13,366           16,187   

Shinhan Financial Group

    93,150           3,181   

SK Telecom ADR

    301,044           4,377   
      

 

 

 
         51,233   
      

 

 

 

Spain — 1.0%

      

Abertis Infraestructuras

    20,089           296   

Amadeus IT Holding, Cl A

    7,675           179   

Banco Popular Espanol (A)

    417,341           913   

Distribuidora Internacional de Alimentacion

    94,301           521   

Enagas

    273,304           5,397   

Endesa

    8,158           157   

Ferrovial (A)

    4,641           61   

Grifols *(A)

    23,575           780   

Inditex

    1,209           150   

Indra Sistemas (A)

    424,772           4,120   

Red Electrica

    32,676           1,551   

Tecnicas Reunidas (A)

    107,286           4,994   
      

 

 

 
         19,119   
      

 

 

 

Sweden — 2.1%

      

Alfa Laval

    2,952           54   
Description   Shares       

Market Value

($ Thousands)

 
      

Assa Abloy, Cl B

    33,045         $ 1,074   

Atlas Copco, Cl A

    42,475           993   

Atlas Copco, Cl B

    44,271           928   

Boliden

    8,744           146   

Electrolux, Ser B

    67,994           1,680   

Elekta, Cl B

    398,140           5,268   

Getinge, Cl B

    4,628           140   

Hennes & Mauritz, Cl B

    5,674           197   

Hexagon, Cl B

    32,954           708   

Husqvarna, Cl B

    25,468           130   

Industrivarden, Cl C

    16,573           238   

Investor, Cl B

    2,859           63   

Lundin Petroleum *

    929           23   

Millicom International Cellular

    558           52   

Nordea Bank

    442,824           4,387   

Sandvik

    450,787           6,129   

Scania, Cl B

    19,351           356   

Skandinaviska Enskilda Banken, Cl A

    453,068           3,800   

Skanska, Cl B

    14,886           241   

Svenska Cellulosa, Cl B

    5,678           106   

Svenska Handelsbanken, Cl A

    18,156           681   

Swedbank, Cl A

    75,866           1,428   

Swedish Match

    23,971           971   

Telefonaktiebolaget LM Ericsson ADR (A)

    220,274           2,011   

Telefonaktiebolaget LM Ericsson, Cl B

    799,138           7,295   

Volvo, Cl B

    13,771           193   
      

 

 

 
         39,292   
      

 

 

 

Switzerland — 8.5%

      

Compagnie Financiere Richemont

    36,683           2,202   

Credit Suisse Group

    379,890           8,056   

Georg Fischer

    1,400           495   

Givaudan

    14,019           13,314   

Helvetia Holding

    415           145   

Julius Baer Group

    139,231           4,859   

Lindt & Spruengli

    1           36   

Lindt & Spruengli Participating Certificate

    10           32   

Nestle

    337,630           21,304   

Novartis

    341,225           20,895   

OC Oerlikon

    157,324           1,513   

Partners Group Holding

    14,000           2,915   

Roche Holding

    175,867           32,879   

Schweiter Technologies

    76           36   

SGS

    4,654           9,568   

Sika

    2,302           4,698   

Sonova Holding

    1,789           181   

Sulzer

    56,389           8,220   

Swatch Group

    951           380   

Swiss Life Holding

    9,320           1,110   

Swiss Prime Site

    501           41   

Swiss Re

    13,955           898   

Syngenta

    2,971           1,111   

UBS

    271,853           3,311   

UBS Foreign

    367,651           4,479   

Weatherford International *

    137,978           1,750   

Zurich Insurance Group

    47,073           11,731   
      

 

 

 
         156,159   
      

 

 

 

Taiwan — 0.1%

      

United Microelectronics ADR (A)

    691,541           1,418   
 

 

6    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

International Equity Fund

September 30, 2012

 

Description   Shares        Market Value
($ Thousands)
 
      

Thailand — 0.1%

      

Advanced Info Service

    39,500         $ 274   

Total Access Communication

    451,200           1,356   
      

 

 

 
         1,630   
      

 

 

 

United Kingdom — 18.4%

      

Aberdeen Asset Management

    166,469           836   

Acergy

    230,475           5,322   

Admiral Group

    8,442           144   

Afren *

    1,099,100           2,487   

Aggreko

    41,105           1,535   

AMEC

    435,491           8,059   

Amlin

    974,112           6,347   

Associated British Foods

    41,244           858   

AstraZeneca

    153,203           7,310   

Aviva

    1,016,319           5,230   

Babcock International Group

    79,796           1,194   

BAE Systems

    943,014           4,951   

Balfour Beatty

    1,134,671           5,565   

Barclays

    2,174,725           7,545   

Barratt Developments *

    52,363           143   

BG Group

    779,002           15,724   

BHP Billiton

    405,901           12,617   

BP ADR

    54,757           2,320   

BP

    945,430           6,664   

British American Tobacco

    229,719           11,794   

British Sky Broadcasting Group

    11,741           141   

BT Group, Cl A

    1,404,157           5,231   

Bunzl

    397,833           7,124   

Burberry Group

    22,344           361   

Cairn Energy (A)

    642,651           2,855   

Capita

    420,414           5,258   

Centrica

    1,131,885           5,991   

Cobham

    29,101           104   

Compass Group

    87,647           967   

Croda International

    13,403           525   

Davis Service Group

    44,500           392   

Debenhams

    78,364           130   

Diageo

    291,195           8,180   

EnQuest *

    80,776           150   

Eurasian Natural Resources

    435,354           2,170   

G4S

    163,525           702   

GlaxoSmithKline

    189,305           4,364   

Hammerson (B)

    17,563           128   

Home Retail Group

    4,113,765           5,919   

HSBC Holdings

    1,731,904           16,165   

ICAP

    722,600           3,747   

IMI

    23,690           344   

Imperial Tobacco Group

    143,340           5,305   

Informa

    722,603           4,699   

InterContinental Hotels Group

    62,036           1,623   

Intermediate Capital Group

    39,223           189   

Intertek Group

    30,983           1,371   

ITV

    936,436           1,337   

Johnson Matthey

    40,414           1,575   

Kazakhmys

    111,185           1,243   

Kingfisher

    1,400,715           5,976   

Land Securities Group (B)

    15,745           194   

Legal & General Group

    492,213           1,048   

Lloyds Banking Group *

    2,724,841           1,709   

London Stock Exchange Group

    20,328           310   

Marks & Spencer Group

    17,433           100   
Description   Shares       

Market Value

($ Thousands)

 
      

Meggitt

    57,097         $ 364   

Melrose

    104,704           409   

Michael Page International

    481,352           2,766   

Micro Focus International

    28,756           274   

Mondi

    49,096           499   

National Grid

    22,482           248   

Next

    16,695           930   

Old Mutual

    341,665           937   

Pearson

    43,393           848   

Persimmon (A)

    20,741           254   

Petrofac

    394,859           10,170   

Polyus Gold International *

    493,318           1,727   

Premier Oil *(A)

    782,626           4,536   

Prudential

    576,074           7,456   

QinetiQ Group (A)

    261,900           801   

Reckitt Benckiser Group

    747           43   

Reed Elsevier

    304,769           2,913   

Rexam

    834,692           5,862   

Rio Tinto

    136,462           6,357   

Rolls-Royce Holdings

    606,526           8,257   

Royal Bank of Scotland Group *

    42,333           176   

SABMiller

    37,495           1,647   

Sage Group

    841,761           4,260   

Severn Trent

    28,277           767   

Shire

    305,490           8,949   

Smiths Group

    2,900           49   

SSE

    1,399           31   

Standard Chartered

    4,815           109   

Standard Life

    123,050           542   

Tate & Lyle

    50,619           544   

Taylor Wimpey

    179,659           158   

Tesco

    3,215,538           17,239   

Tullow Oil

    233,575           5,167   

Unilever

    149,420           5,434   

United Utilities Group

    472,750           5,466   

Vodafone Group

    6,631,151           18,819   

Whitbread

    11,315           414   

William Hill (A)

    209,849           1,074   

Willis Group Holdings

    139,700           5,158   

Wolseley

    50,863           2,170   

WPP (A)

    118,782           1,614   
      

 

 

 
         339,710   
      

 

 

 

United States — 1.0%

      

Alon USA Energy

    12,029           165   

American International Group *

    8,142           267   

Apple

    121           81   

Autoliv

    43,900           2,720   

Calamos Asset Management, Cl A

    12,204           142   

Cambrex *

    14,189           166   

CF Industries Holdings

    4,882           1,085   

ConocoPhillips

    33,651           1,924   

Delek US Holdings

    3,208           82   

Eli Lilly

    12,784           606   

GenCorp *

    4,013           38   

John B Sanfilippo & Son *

    2,229           29   

Lydall *

    2,757           39   

Magnachip Semiconductor *

    7,654           90   

Manpower

    38,467           1,416   

Marcus

    6,186           69   

Movado Group

    1,241           42   

Myers Industries

    6,159           96   

Newmont Mining

    94,700           5,304   
 

 

7    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

International Equity Fund

September 30, 2012

 

Description   Shares/Face Amount
($Thousands)
      

Market Value

($ Thousands)

 
      

PDL BioPharma

    43,451         $ 334   

Phillips 66

    43,583           2,021   

Standex International

    1,518           67   

Taser International *

    6,745           41   

Tesoro

    5,369           225   

Town Sports International
Holdings *

    4,210           52   

Unisys *(C)

    13,413           279   

Western Refining

    1,475           39   
      

 

 

 
         17,419   
      

 

 

 

Total Common Stock
(Cost $1,711,127) ($ Thousands)

   

       1,732,394   
      

 

 

 

PREFERRED STOCK — 0.4%

      

Brazil — 0.1%

      

Centrais Eletricas Brasileiras

    153,300           1,383   
      

 

 

 

Germany — 0.3%

      

Bayerische Motoren Werke

    1,912           98   

Draegerwerk

    2,624           260   

Henkel

    26,883           2,141   

ProSiebenSat.1 Media

    24,899           628   

RWE

    3,675           147   

Volkswagen (A)

    17,232           3,147   
      

 

 

 
         6,421   
      

 

 

 

Total Preferred Stock
(Cost $7,335) ($ Thousands)

         7,804  
      

 

 

 

U.S. TREASURY OBLIGATIONS (F)(G)— 0.3%

  

U.S. Treasury Bills

      

2.386%, 01/31/2013

  $ 4,130           4,129   

0.071%, 11/15/2012

    270           270   
      

 

 

 

Total U.S. Treasury Obligations
(Cost $4,399) ($ Thousands)

         4,399   
      

 

 

 
   

Number Of

Rights

          

RIGHTS — 0.0%

      

France — 0.0%

      

Cie Generale,
Expires 10/12/2012

    25           41   
      

 

 

 

Total Rights
(Cost $0) ($ Thousands)

         41   
      

 

 

 

AFFILIATED PARTNERSHIP — 6.3%

  

    

United States — 6.3%

      

SEI Liquidity Fund, L.P.

      

0.150%†**(H)

    118,692.866           116,607   
      

 

 

 

Total Affiliated Partnership
(Cost $118,693) ($ Thousands)

   

       116,607   
      

 

 

 

CASH EQUIVALENT — 3.1%

      

SEI Daily Income Trust, Prime Obligation Fund,
Cl A 0.070%†**

    57,461,405           57,461   
      

 

 

 

Total Cash Equivalent

(Cost $57,461) ($ Thousands)

         57,461   
      

 

 

 
Description   Shares/Face Amount
(1) (Thousands)
       Market Value
($Thousands)
 
      

TIME DEPOSITS — 2.7%

      

United States — 2.7%

      

Brown Brothers Harriman

      

4.150%, 10/01/2012

  ZAR 14         $ 2   

2.580%, 10/01/2012

  AUD 309           321   

1.550%, 10/01/2012

  NZD 137           114   

0.550%, 10/01/2012

  NOK 715           125   

0.400%, 10/01/2012

  SEK 10           2   

0.185%, 10/01/2012

  CAD 6           6   

0.054%, 10/01/2012

  GBP 598           965   

0.030%, 10/01/2012

    46,735           46,735   

0.010%, 10/01/2012

  JPY 30,165           388   

0.010%, 10/01/2012

  SGD 140           114   

0.005%, 10/01/2012

  HKD 1,747           225   

0.005%, 10/01/2012

  CHF 1,060           1,128   

(0.014)%, 10/01/2012

  EUR 288           370   

(0.200)%, 10/01/2012

  DKK 852           147   
      

 

 

 

Total Time Deposits
(Cost $50,642) ($ Thousands)

         50,642   
      

 

 

 

Total Investments — 106.6%
(Cost $1,949,657) ($ Thousands)

       $ 1,969,348   
      

 

 

 

A list of the open futures contracts held by the Fund at September 30, 2012, is as follows:

 

Type of Contract   Number of
Contracts
Long
    Expiration
Date
   

Unrealized

Appreciation

(Depreciation)

($ Thousands)

 

DJ Euro Stoxx 50 Index

    585        Dec-2012      $ (930

FTSE 100 Index

    198        Dec-2012        (327

Hang Seng Index

    25        Oct-2012        30   

SPI 200 Index

    57        Dec-2012        (28

Topix Index

    155        Dec-2012        235   
     

 

 

 
      $ (1,020
     

 

 

 

For the year ended September 30, 2012, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the year.

A list of the counterparties for the open forward foreign currency contracts held by the Fund at September 30, 2012, is as follows:

 

Counterparty   Settlement
Date
   

Currency to
Deliver

($ Thousands)

   

Currency to
Receive

($ Thousands)

    Unrealized
(Depreciation)
($ Thousands)
 

State Street

    11/02/2012        (14,953     14,562      $ (391
       

 

 

 

For the year ended September 30, 2012, the total amount of all open forward foreign currency contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the year.

Percentages are based on a Net Assets of $1,848,122 ($ Thousands).

 

*   Non-income producing security.

 

**   Rate shown is the 7-day effective yield as of September 30, 2012.

 

  Investment in Affiliated Security (See Note 4).
 

 

8    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

International Equity Fund

September 30, 2012

 

 

(1)   In U.S. Dollars unless otherwise indicated.

 

(A)   This security or a partial position of this security is on loan at September 30, 2012. The total market value of securities on loan at September 30, 2012 was $111,744 ($ Thousands) (See Note 8).

 

(B)   Real Estate Investment Trust.

 

(C)   Securities considered illiquid. The total market value of such securities as of September 30, 2012 was $633 ($ Thousands) and represented 0.0% of Net Assets.

 

(D)   Security fair valued using methods determined in good faith by the Valuation Committee of the Board of Trustees. The total market value of such securities as of September 30, 2012 was $5,713 ($ Thousands) and represented 0.3% of Net Assets.

 

(E)   Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” These securities have been determined to be liquid under guidelines established by the Board of Trustees.

 

(F)   The rate reported is the effective yield at time of purchase.

 

(G)   Security, or portion thereof, has been pledged as collateral on open futures contracts.

 

(H)   This security was purchased with cash collateral held from securities on loan (see Note 8). The total value of such securities as of September 30, 2012 was $116,607 ($ Thousands).

 

ADR — American Depositary Receipt
AUD — Australian Dollar
CAD — Canadian Dollar
CHF — Swiss Franc
Cl — Class
DJ — Dow Jones
DKK — Danish Krone
EUR — Euro
FTSE — Financial Times and the London Stock Exchange
GBP — British Pound Sterling
GDR — Global Depositary Receipt
HKD — Hong Kong Dollar
JPY — Japanese Yen
L.P. — Limited Partnership
NOK — Norwegian Krone
NZD — New Zealand Dollar
SEK — Swedish Krone
SGD — Singapore Dollar
Ser — Series
SPI — Share Price Index

USD — U.S. Dollar

ZAR — South African Rand

The following is a summary of the inputs used as of September 30, 2012, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):

 

Investments in Securities   Level 1     Level 2     Level 3(1)     Total  

Common Stock

  $ 1,726,328      $ 5,712      $ 354      $ 1,732,394   

Preferred Stock

    7,804                      7,804   

U.S. Treasury Obligations

           4,399               4,399   

Rights

    41                      41   

Affiliated Partnership

           116,607               116,607   

Cash Equivalent

    57,461                      57,461   

Time Deposits

           50,642               50,642   
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Investments in Securities

  $ 1,791,634      $ 177,360      $ 354      $ 1,969,348   
 

 

 

   

 

 

   

 

 

   

 

 

 

 

Other Financial Instruments   Level 1     Level 2     Level 3     Total  

Futures Contracts *

  $ (1,020   $      $      $ (1,020

Forwards Contracts *

           (391            (391
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Other Financial Instruments

  $ (1,020   $ (391   $      $ (1,411
 

 

 

   

 

 

   

 

 

   

 

 

 

(1) A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets.

*Futures and Forwards contracts are valued at the unrealized depreciation on the instrument.

For the year ended September 30, 2012, there were transfers between Level 1 and Level 2 assets and liabilities. The primary reason for changes in the classifications between Levels 1 and 2 occurs when foreign equity securities are fair valued using other observable market-based inputs in place of the closing exchange price due to events occurring after the close of the exchange or market on which the investment is principally traded.

For the year ended September 30, 2012, there were transfers from Level 2 into Level 3 assets and liabilities for certain securities. The transfer was due to a change in the availability of observable inputs used to determine fair value.

Amounts designated as “—” are $O or have been rounded to $O.

The accompanying notes are an integral part of the financial statements.

 

 

9    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

Emerging Markets Equity Fund

September 30, 2012

 

Description   Shares        Market Value
($ Thousands)
 
      

COMMON STOCK — 93.6%

      

Argentina — 0.2%

      

Tenaris ADR (A)

    34,504         $ 1,407   

YPF ADR

    50,800           660   
      

 

 

 
         2,067   
      

 

 

 

Austria — 0.2%

      

Erste Group Bank

    30,880           690   

IMMOFINANZ *

    235,666           856   
      

 

 

 
         1,546   
      

 

 

 

Brazil — 9.3%

      

All America Latina Logistica

    165,664           680   

B2W Cia Global Do Varejo *

    47,600           250   

Banco Bradesco ADR (A)

    218,681           3,514   

Banco do Brasil

    218,080           2,666   

Banco Santander Brasil

    177,511           1,301   

Banco Santander Brasil ADR

    462,475           3,408   

BM&FBovespa

    587,384           3,535   

BR Malls Participacoes

    126,300           1,738   

Brasil Insurance Participacoes e Administracao

    222,000           2,094   

Braskem ADR (A)

    83,310           1,176   

BRF - Brasil Foods ADR (A)

    158,820           2,748   

Centrais Eletricas Brasileiras

    128,580           766   

CETIP - Mercados Organizados

    56,000           732   

Cia Hering

    89,197           1,992   

Cosan, Cl A

    18,312           290   

Cosan Industria e Comercio

    80,889           1,474   

Cyrela Brazil Realty Empreendimentos e Participacoes

    266,667           2,279   

Diagnosticos da America

    80,300           480   

EDP - Energias do Brasil

    121,900           764   

Embraer ADR (A)

    38,717           1,031   

Estacio Participacoes

    57,258           957   

Even Construtora e Incorporadora

    408,339           1,574   

Fibria Celulose *

    41,000           372   

Fibria Celulose ADR *(A)

    260,175           2,430   

Gerdau ADR (A)

    550,665           5,237   

Gol Linhas Aereas Inteligentes ADR *(A)

    191,645           1,100   

Helbor Empreendimentos

    73,649           387   

Hypermarcas *

    219,760           1,597   

JBS *

    246,600           808   

Kroton Educacional *

    94,279           1,618   

Localiza Rent a Car

    62,212           1,077   

M Dias Branco

    53,121           1,739   

Magnesita Refratarios

    158,400           589   

MRV Engenharia e Participacoes

    355,832           2,106   

Obrascon Huarte Lain Brasil

    87,816           799   

Oi ADR (A)

    194,224           798   

Petroleo Brasileiro

    80,722           923   

Petroleo Brasileiro ADR

    413,765           9,492   

Porto Seguro

    101,170           1,017   

Qualicorp *

    160,600           1,544   

Santos Brasil Participacoes

    71,520           1,015   

Sul America

    121,794           898   

Telefonica Brasil ADR (A)

    78,502           1,707   

Totvs

    215,292           4,456   

Vale

    58,092           1,038   

Vale ADR, Cl B

    300,325           5,376   
Description   Shares        Market Value
($ Thousands)
 
      
       $ 83,572   
      

 

 

 

Canada — 1.3%

      

Africa Oil *

    154,340           1,520   

Alamos Gold

    95,100           1,847   

B2Gold *

    142,367           570   

First Majestic Silver *

    50,600           1,174   

Pacific Rubiales Energy (A)

    196,676           4,695   

Yamana Gold

    108,904           2,081   
      

 

 

 
         11,887   
      

 

 

 

Chile — 0.5%

      

Banco Santander Chile ADR (A)

    8,802           644   

Cia Cervecerias Unidas ADR

    4,804           343   

Enersis ADR

    44,117           723   

Latam Airlines Group ADR (A)

    29,103           736   

Sociedad Quimica y Minera de Chile ADR

    25,194           1,553   
      

 

 

 
         3,999   
      

 

 

 

China — 11.5%

      

AAC Technologies Holdings (A)

    1,498,180           5,411   

Agricultural Bank of China, Cl H (A)

    12,488,732           4,865   

Anhui Conch Cement, Cl H

    227,000           707   

Asia Cement China Holdings

    300,500           127   

Baidu ADR *(A)

    32,500           3,797   

Bank of China, Cl H

    7,628,105           2,902   

Bank of Communications, Cl H (A)

    3,630,347           2,463   

Beijing Capital International Airport, Cl H

    1,094,000           734   

BYD Electronic International

    2,340,000           498   

China Coal Energy, Cl H

    1,206,000           1,101   

China Communications Services, Cl H

    810,000           469   

China Construction Bank, Cl H

    11,602,800           8,051   

China Dongxiang Group

    984,000           105   

China Liansu Group Holdings (A)

    2,191,700           1,142   

China Life Insurance, Cl H

    602,000           1,739   

China Merchants Bank, Cl H

    1,581,576           2,664   

China National Materials (A)

    6,831,438           1,921   

China Petroleum & Chemical, Cl H

    2,324,646           2,171   

China Petroleum & Chemical ADR (A)

    20,200           1,867   

China Railway Construction, Cl H

    232,500           208   

China Railway Group, Cl H

    1,655,000           724   

China Telecom, Cl H

    3,100,000           1,791   

China Vanke, Cl B

    1,322,800           1,663   

China Zhongwang Holdings

    483,005           186   

Chongqing Rural Commercial Bank, Cl H

    2,226,612           879   

Daphne International Holdings (A)

    2,383,000           2,391   

Dongfeng Motor Group, Cl H

    268,000           313   

First Tractor, Cl H

    2,987,900           2,301   

Foxconn International Holdings *(A)

    3,333,000           1,096   

Giant Interactive Group ADR (A)

    168,628           875   

Golden Eagle Retail Group (A)

    450,500           884   

Great Wall Motor, Cl H (A)

    693,679           1,830   

Guangzhou Automobile Group, Cl H

    1,682,415           1,104   

Harbin Electric, Cl H (A)

    536,682           413   

Hidili Industry International Development (A)

    3,895,366           934   
 

 

1    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

Emerging Markets Equity Fund

September 30, 2012

 

 

Description   Shares       

Market Value

($ Thousands)

 
      

Huaneng Power International, Cl H (A)

    3,460,800         $ 2,634   

Industrial & Commercial Bank of China, Cl H

    14,800,419           8,743   

Inner Mongolia Yitai Coal, Cl B

    41,922           226   

Lianhua Supermarket Holdings, Cl H

    1,014,000           806   

NetEase ADR *

    25,479           1,430   

PetroChina, Cl H

    2,794,119           3,661   

PetroChina ADR (A)

    27,766           3,586   

PICC Property & Casualty, Cl H

    1,658,000           2,036   

Ping An Insurance Group, Cl H

    345,500           2,611   

Prince Frog International Holdings (A)

    5,611,100           1,809   

SINA *

    29,700           1,921   

Sinotrans, Cl H

    3,405,000           444   

Soho China (A)

    1,148,028           711   

Sohu.com *

    41,800           1,759   

Tencent Holdings

    109,547           3,733   

Tingyi Cayman Islands Holding (A)

    668,000           2,012   

Travelsky Technology, Cl H

    362,880           193   

Tsingtao Brewery, Cl H (A)

    256,000           1,413   

Weiqiao Textile, Cl H

    1,054,400           385   

Zhejiang Expressway, Cl H

    1,012,000           705   

Zoomlion Heavy Industry Science and Technology (A)

    2,245,260           2,551   
      

 

 

 
         103,695   
      

 

 

 

Colombia — 0.9%

      

Almacenes Exito

    42,561           697   

Bancolombia ADR, Cl R (A)

    63,000           3,762   

Ecopetrol ADR (A)

    35,500           2,092   

Ecopetrol

    587,903           1,730   
      

 

 

 
         8,281   
      

 

 

 

Cyprus — 0.5%

      

Eurasia Drilling GDR (B)

    140,201           4,627   
      

 

 

 

Czech Republic — 0.3%

      

CEZ

    17,261           643   

Komercni Banka (C)

    10,440           2,070   
      

 

 

 
         2,713   
      

 

 

 

Denmark — 0.1%

      

Carlsberg, Cl B

    7,876           699   
      

 

 

 

Egypt — 0.1%

      

Commercial International Bank Egypt (C)

    98,456           565   
      

 

 

 

Guernsey — 0.0%

      

Etalon Group GDR *(B)(D)

    56,800           357   
      

 

 

 

Hong Kong — 5.8%

      

Chaoda Modern Agriculture *(D)

    2,056,181           292   

China Everbright International (A)

    1,384,300           732   

China High Precision Automation Group

    1,385,624           222   

China Mengniu Dairy (A)

    1,240,815           3,713   

China Mobile

    906,645           10,051   

China Mobile ADR (A)

    39,540           2,189   

China Power International Development

    2,184,200           597   
Description   Shares        Market Value
($ Thousands)
 
      

China Resources Enterprise (A)

    386,000         $ 1,289   

China Resources Gas Group (A)

    590,500           1,206   

China State Construction International
Holdings (A)

    3,631,784           4,272   

China Unicom Hong Kong ADR (A)

    145,490           2,373   

CNOOC ADR

    9,710           1,969   

CNOOC

    1,643,407           3,370   

Cosco International Holdings

    208,805           82   

COSCO Pacific

    580,996           812   

Dah Chong Hong Holdings

    743,400           677   

Global Bio-Chemical Technology Group

    4,393,300           465   

Haier Electronics Group *

    1,649,700           1,913   

Hengdeli Holdings (A)

    6,072,000           1,762   

KWG Property Holding

    3,054,467           1,694   

Lenovo Group

    1,820,613           1,508   

Minth Group

    428,000           452   

NWS Holdings

    489,224           786   

Shanghai Industrial Holdings

    341,000           1,014   

Sino Biopharmaceutical (A)

    1,952,000           720   

SJM Holdings

    1,057,405           2,299   

Skyworth Digital Holdings (A)

    284,000           135   

Sunny Optical Technology Group

    1,250,000           693   

TPV Technology

    407,890           89   

Vinda International Holdings (A)

    2,628,460           3,621   

Xinyi Glass Holdings

    3,086,944           1,437   

Yuexiu Real Estate Investment (E)

    266,538           130   
      

 

 

 
         52,564   
      

 

 

 

Hungary — 0.0%

      

EGIS Pharmaceuticals

    1,778           141   

Richter Gedeon

    1,288           226   
      

 

 

 
         367   
      

 

 

 

India — 7.0%

      

Asian Paints

    19,025           1,419   

Axis Bank

    48,301           1,040   

Bajaj Holdings and Investment

    12,648           191   

Ballarpur Industries

    894,389           336   

Bank of Baroda

    47,330           716   

Bank of India

    49,860           294   

Bharat Heavy Electricals

    163,280           765   

Cairn India *

    1,163,614           7,303   

Chambal Fertilizers & Chemicals

    428,234           600   

Corporation Bank

    14,494           115   

Cummins India

    147,080           1,409   

Glenmark Pharmaceuticals

    227,154           1,813   

Godrej Consumer Products

    117,570           1,491   

Grasim Industries

    25,316           1,591   

Havells India

    69,082           818   

HCL Technologies

    180,774           1,979   

HDFC Bank ADR (A)

    37,700           1,417   

Hexaware Technologies

    162,156           374   

Hindustan Petroleum

    69,680           407   

ICICI Bank ADR (A)

    165,744           6,653   

India Cements

    527,110           948   

Indiabulls Financial Services

    218,840           888   

Indian Bank

    146,669           538   

Jubilant Life Sciences

    169,946           682   

Mahindra & Mahindra GDR

    142,083           2,329   

McLeod Russel India

    20,755           127   

NMDC

    138,920           511   

Oil & Natural Gas

    162,136           863   

Oil India

    19,676           184   
 

 

2    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

Emerging Markets Equity Fund

September 30, 2012

 

 

Description   Shares        Market Value
($ Thousands)
 
      

Oriental Bank of Commerce

    173,340         $ 992   

Petronet LNG

    362,300           1,085   

Reliance Industries GDR (B)

    190,252           5,989   

Reliance Industries

    201,750           3,202   

Rolta India

    365,340           503   

Rural Electrification

    669,186           2,769   

Shriram Transport Finance

    227,998           2,679   

State Bank of India GDR (B)

    8,510           723   

State Bank of India

    60,384           2,565   

Steel Authority of India

    335,380           543   

Sterlite Industries India

    304,470           575   

Sterlite Industries India ADR (A)

    45,590           346   

Syndicate Bank

    219,373           452   

Tata Chemicals

    100,421           611   

UCO Bank

    227,884           332   

Yes Bank

    231,420           1,676   
      

 

 

 
         62,843   
      

 

 

 

Indonesia — 2.4%

      

AKR Corporindo

    644,922           286   

Aneka Tambang

    3,608,894           509   

Astra Agro Lestari

    331,399           760   

Bank Bukopin

    3,373,948           226   

Bank Mandiri

    1,493,200           1,279   

Bank Negara Indonesia Persero

    1,536,000           630   

Bank Rakyat Indonesia Persero

    5,983,451           4,658   

Holcim Indonesia

    560,662           167   

Indo Tambangraya Megah

    99,500           438   

Indocement Tunggal Prakarsa

    290,270           617   

Indofood CBP Sukses Makmur

    347,434           231   

Indosat

    1,030,500           582   

Japfa Comfeed Indonesia

    527,131           259   

Kalbe Farma

    949,293           466   

Medco Energi Internasional

    1,716,000           307   

Perusahaan Perkebunan London Sumatra Indonesia

    3,083,411           789   

Sampoerna Agro

    282,000           85   

Semen Gresik Persero

    1,173,700           1,772   

Tambang Batubara Bukit Asam

    971,000           1,644   

Telekomunikasi Indonesia

    2,291,616           2,263   

United Tractors

    1,068,071           2,310   

XL Axiata

    2,131,000           1,481   
      

 

 

 
         21,759   
      

 

 

 

Ireland — 0.1%

      

Kenmare Resources *

    2,023,611           1,284   
      

 

 

 

Israel — 0.4%

      

Israel Chemicals (C)

    268,657           3,259   
      

 

 

 

Macau — 0.3%

      

Sands China (A)

    713,500           2,664   
      

 

 

 

Malaysia — 1.8%

      

Affin Holdings

    96,100           106   

Axiata Group

    1,179,736           2,509   

Berjaya Sports Toto

    289,360           410   

British American Tobacco Malaysia

    34,351           679   

Digi.Com

    428,901           741   

DRB-Hicom

    967,872           738   

Genting

    207,300           591   

Genting Malaysia

    710,156           813   
Description   Shares        Market Value
($ Thousands)
 
      

Hong Leong Financial Group

    84,800         $ 329   

KLCC Property Holdings

    106,600           203   

Kulim Malaysia

    273,500           441   

Lafarge Malayan Cement

    51,587           150   

Malaysia Building Society

    501,327           395   

Media Prima

    151,347           116   

Parkson Holdings

    336,718           531   

Public Bank

    485,500           2,284   

Telekom Malaysia

    281,476           570   

Tenaga Nasional

    90,525           202   

Top Glove

    1,039,428           1,666   

Tradewinds Malaysia

    35,682           84   

UEM Land Holdings *

    2,460,100           1,352   

UMW Holdings

    422,783           1,383   
      

 

 

 
         16,293   
      

 

 

 

Mexico — 5.0%

      

Alfa, Cl A

    1,695,520           3,160   

America Movil ADR, Ser L (A)

    117,355           2,985   

America Movil, Ser L

    1,608,374           2,051   

Cemex ADR *(A)

    301,658           2,513   

Consorcio ARA *

    781,500           245   

Desarrolladora Homex ADR *(A)

    51,150           698   

Desarrolladora Homex *

    121,300           277   

Empresas ICA ADR *

    142,080           1,100   

Fomento Economico Mexicano ADR

    29,055           2,672   

Genomma Lab Internacional, Cl B *(A)

    3,040,501           5,891   

GEO *

    2,294,130           2,819   

Gruma, Cl B *

    620,132           1,756   

Grupo Financiero Banorte, Cl O

    825,351           4,670   

Grupo Financiero Santander Mexico ADR *

    124,878           1,711   

Grupo Herdez

    32,875           85   

Grupo Mexico, Ser B

    354,191           1,172   

Grupo Televisa ADR

    258,043           6,067   

Industrias, Cl B *

    44,233           264   

Industrias Penoles

    14,915           737   

Kimberly-Clark de Mexico, Cl A

    943,400           2,255   

Wal-Mart de Mexico, Ser V

    527,618           1,487   
      

 

 

 
         44,615   
      

 

 

 

Netherlands — 0.4%

      

VimpelCom ADR

    94,280           1,122   

Yandex, Cl A *

    82,000           1,977   
      

 

 

 
         3,099   
      

 

 

 

Peru — 0.6%

      

Credicorp

    36,900           4,623   

Intercorp Financial Services, Ser INC

    8,266           268   
      

 

 

 
         4,891   
      

 

 

 

Philippines — 0.7%

      

Alliance Global Group

    2,157,288           760   

BDO Unibank *

    668,853           1,040   

International Container Terminal Services

    1,045,644           1,765   

Manila Electric

    3,990           24   

Megaworld

    7,326,000           392   

Nickel Asia

    214,350           90   

Rizal Commercial Banking

    66,500           73   

SM Investments

    77,903           1,363   
 

 

3    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

Emerging Markets Equity Fund

September 30, 2012

 

Description   Shares        Market Value
($ Thousands)
 
      

Universal Robina

    300,934         $ 502   
      

 

 

 
         6,009   
      

 

 

 

Poland — 0.9%

      

Asseco Poland

    41,369           577   

Bank Pekao

    11,040           544   

KGHM Polska Miedz (A)

    43,152           2,054   

PGE

    192,356           1,111   

Polish Oil & Gas

    379,560           482   

Polski Koncern Naftowy Orlen *

    98,921           1,405   

Powszechna Kasa Oszczednosci Bank Polski

    207,449           2,305   
      

 

 

 
         8,478   
      

 

 

 

Russia — 7.2%

      

Alliance Oil *(A)

    157,214           1,244   

Gazprom ADR (A)

    913,965           9,222   

Gazprom Neft JSC ADR

    11,637           286   

Globaltrans Investment GDR (B)

    263,660           5,478   

Lukoil ADR

    141,281           8,694   

Magnit GDR

    97,811           3,325   

Mail.ru Group GDR (A)

    27,299           911   

MMC Norilsk Nickel ADR

    37,470           598   

Mobile Telesystems ADR

    139,135           2,438   

NovaTek GDR

    25,605           3,029   

Pharmstandard GDR *

    57,650           819   

Rosneft GDR

    27,110           182   

Rosneft Oil GDR

    647,645           4,353   

Sberbank of Russia ADR (A)

    1,097,060           12,845   

Severstal GDR

    47,025           588   

Surgutneftegas ADR

    38,455           350   

Tatneft ADR

    9,018           374   

TMK GDR

    129,055           1,963   

Uralkali GDR

    87,400           3,616   

VTB Bank GDR

    636,355           2,119   

X5 Retail Group GDR *

    116,667           2,451   
      

 

 

 
         64,885   
      

 

 

 

Singapore — 0.0%

      

China Yuchai International

    23,951           305   
      

 

 

 

South Africa — 5.4%

      

Adcock Ingram Holdings

    58,170           419   

African Bank Investments

    253,978           1,017   

Anglo American Platinum (A)

    46,697           2,422   

AngloGold Ashanti

    24,574           871   

ArcelorMittal South Africa

    145,522           723   

AVI

    109,700           795   

Barloworld

    296,334           2,582   

Bidvest Group

    89,428           2,233   

Exxaro Resources

    136,544           2,663   

FirstRand

    315,725           1,067   

Gold Fields

    89,580           1,159   

Impala Platinum Holdings

    45,655           769   

Imperial Holdings

    73,073           1,661   

JD Group

    153,600           866   

Liberty Holdings

    87,400           1,051   

Life Healthcare Group Holdings

    494,925           1,904   

Mondi

    76,006           779   

MTN Group

    268,069           5,205   

Murray & Roberts Holdings

    385,669           1,033   

Naspers, Cl N

    42,464           2,650   

Netcare

    214,447           465   

Remgro

    64,565           1,137   
Description   Shares        Market Value
($ Thousands)
 
      

RMB Holdings

    40,853         $ 183   

Sanlam

    266,337           1,213   

Sappi

    40,682           117   

Sasol ADR (A)

    36,375           1,622   

Sasol

    35,112           1,584   

Shoprite Holdings

    103,820           2,118   

Standard Bank Group

    456,800           5,848   

Telkom

    213,890           456   

Vodacom Group

    125,556           1,554   

Woolworths Holdings

    89,174           657   
      

 

 

 
         48,823   
      

 

 

 

South Korea — 14.7%

      

AMOREPACIFIC Group

    1,221           542   

Bioland

    38,881           628   

BS Financial Group

    195,748           2,113   

Daelim Industrial

    8,666           740   

Daesang

    24,441           517   

Daewoo Shipbuilding & Marine Engineering

    31,740           741   

Daishin Securities

    40,932           325   

Daou Technology

    122,153           1,918   

Doosan

    1,255           155   

Gamevil *

    13,659           1,288   

Genic *

    6,231           363   

Grand Korea Leisure

    34,184           903   

GS Home Shopping

    2,692           268   

Hankook Tire

    34,400           1,288   

Hite Jinro

    54,259           1,191   

Hyundai Development

    36,980           740   

Hyundai Marine & Fire Insurance

    39,803           1,239   

Hyundai Mobis

    8,750           2,444   

Hyundai Motor

    27,260           6,181   

Hyundai Wia

    12,665           2,137   

Industrial Bank of Korea

    55,200           608   

KB Financial Group

    57,694           2,061   

KB Financial Group ADR (A)

    103,265           3,644   

KCC

    14,732           3,864   

Kia Motors

    72,671           4,538   

Korea Electric Power *

    77,030           1,934   

Korea Electric Power ADR

    31,820           395   

Korea Exchange Bank

    147,610           1,128   

Korea Zinc

    10,526           4,626   

KT

    13,830           438   

KT ADR (A)

    201,720           3,155   

KT&G

    26,805           2,043   

LG Chem

    11,493           3,428   

LG Display ADR (A)

    101,140           1,271   

LG Display

    74,310           1,895   

LG Electronics

    23,284           1,446   

Lotte Chilsung Beverage

    1,623           2,014   

Lotte Confectionery

    1,343           1,875   

Mando

    18,449           2,556   

Mirae Asset Securities

    35,190           1,072   

NHN

    8,585           2,244   

Nong Shim

    4,732           1,130   

POSCO

    4,549           1,496   

POSCO ADR (A)

    3,000           245   

Samsung Electronics

    27,482           33,282   

Samsung Fire & Marine Insurance

    5,009           1,077   

Samsung Heavy Industries

    28,785           976   

Samsung Life Insurance

    17,949           1,552   

Seah Besteel

    9,504           326   
 

 

4    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

Emerging Markets Equity Fund

September 30, 2012

 

 

Description   Shares       

Market Value

($ Thousands)

 
      

Shinhan Financial Group

    68,874         $ 2,352   

Shinsegae

    7,005           1,324   

Silicon Works

    78,951           2,085   

SK Holdings

    14,402           2,015   

SK Telecom

    10,201           1,349   

SK Telecom ADR (A)

    325,994           4,740   

Sung Kwang Bend

    161,697           3,834   

Taekwang Industrial

    109           93   

Tongyang Life Insurance

    32,458           293   

Woongjin Coway

    57,050           1,578   

Youngone

    4,540           150   

Yuhan

    3,667           505   
      

 

 

 
         132,358   
      

 

 

 

Taiwan — 7.7%

      

Asustek Computer

    157,740           1,714   

AU Optronics

    502,000           182   

AU Optronics ADR

    144,290           502   

Catcher Technology

    453,000           2,133   

Chailease Holding

    984,000           1,856   

Chicony Electronics

    151,438           356   

China Steel Chemical

    168,800           746   

Chinatrust Financial Holding

    1,353,809           817   

Chunghwa Telecom

    481,056           1,541   

Compal Electronics

    526,000           473   

CTCI

    187,000           427   

Elan Microelectronics

    902,000           1,594   

Evergreen Marine Taiwan

    1,351,996           713   

Farglory Land Development

    196,043           366   

Formosa Taffeta

    88,000           84   

Hon Hai Precision Industry

    3,258,159           10,226   

Huaku Development

    176,196           426   

ILI Technology

    124,000           431   

Lite-On Technology

    951,478           1,229   

MediaTek

    242,924           2,565   

Merida Industry

    367,750           1,355   

MStar Semiconductor

    99,000           795   

Nan Ya Printed Circuit Board

    590,049           963   

Novatek Microelectronics

    106,000           383   

Pegatron *

    992,738           1,292   

Phison Electronics

    192,000           1,549   

Pou Chen

    1,059,000           1,084   

Powertech Technology

    411,500           790   

President Chain Store

    125,652           673   

Radiant Opto-Electronics

    281,272           1,219   

Realtek Semiconductor

    484,380           960   

Siliconware Precision Industries

    707,000           787   

Siliconware Precision Industries ADR (A)

    9,590           53   

Simplo Technology

    273,094           1,635   

SinoPac Financial Holdings

    2,863,727           1,207   

Synnex Technology International

    670,783           1,519   

Taishin Financial Holding

    5,390,431           2,078   

Taiwan Fertilizer

    789,000           2,140   

Taiwan Semiconductor Manufacturing

    1,812,219           5,552   

Taiwan Semiconductor Manufacturing ADR

    363,089           5,744   

Tatung *

    1,036,428           267   

Teco Electric and Machinery

    1,679,000           1,163   

Transcend Information

    230,640           624   

U-Ming Marine Transport

    188,926           302   
Description   Shares        Market Value
($ Thousands)
 
      

Uni-President Enterprises

    863,680         $ 1,532   

United Microelectronics

    4,805,293           2,000   

United Microelectronics ADR (A)

    835,510           1,713   

Yageo

    566,489           172   

Young Fast Optoelectronics

    224,723           542   

Yuanta Financial Holding

    2,103,399           1,105   
      

 

 

 
         69,579   
      

 

 

 

Thailand — 2.6%

      

Airports of Thailand

    672,400           1,737   

Bangkok Bank

    385,700           2,431   

Bangkok Bank Foreign (A)

    371,900           2,429   

Bangkok Bank NVDR

    363,071           2,288   

CP ALL

    606,982           700   

CP Seven Eleven PCL

    831,722           959   

Electricity Generating

    40,800           172   

Kasikornbank NVDR

    435,600           2,583   

Kiatnakin Bank

    287,544           432   

Krung Thai Bank

    2,938,600           1,747   

Krung Thai Bank NVDR

    2,837,982           1,687   

Land and Houses

    5,849,700           1,729   

PTT

    283,050           3,026   

Siam Cement NVDR

    72,000           816   

Siam Makro

    41,788           539   

Thai Beverage

    835,068           276   
      

 

 

 
         23,551   
      

 

 

 

Turkey — 2.1%

      

Anadolu Efes Biracilik Ve Malt Sanayii

    80,900           1,203   

Aselsan Elektronik Sanayi Ve Ticaret

    508,810           1,842   

Asya Katilim Bankasi *

    421,730           465   

EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret

    158,566           164   

Eregli Demir ve Celik Fabrikalari

    401,351           494   

Ford Otomotiv Sanayi

    166,682           1,727   

Koza Altin Isletmeleri

    55,998           1,204   

Tekfen Holding

    463,325           1,682   

Tofas Turk Otomobil Fabrikasi

    121,104           612   

Tupras Turkiye Petrol Rafinerileri

    30,037           686   

Turkcell Iletisim Hizmetleri *

    395,987           2,415   

Turkcell Iletisim Hizmetleri ADR *

    83,435           1,263   

Turkiye Garanti Bankasi

    490,840           2,050   

Turkiye Sise ve Cam Fabrikalari

    718,028           996   

Ulker Biskuvi Sanayi

    73,714           313   

Yapi ve Kredi Bankasi

    664,463           1,584   
      

 

 

 
         18,700   
      

 

 

 

United Arab Emirates — 0.2%

      

Dragon Oil

    181,498           1,773   
      

 

 

 

United Kingdom — 1.5%

      

Afren *

    744,370           1,684   

African Barrick Gold (A)

    95,430           686   

Anglo American ADR

    72,740           1,066   

BG Group

    62,381           1,259   

Hikma Pharmaceuticals (A)

    103,686           1,216   

JKX Oil & Gas

    164,060           209   

Old Mutual

    509,925           1,399   

Petrofac

    58,035           1,495   

SABMiller

    42,900           1,881   
 

 

5    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

Emerging Markets Equity Fund

September 30, 2012

 

Description   Shares        Market Value
($ Thousands)
 
      

Tullow Oil

    118,471         $ 2,621   
      

 

 

 
         13,516   
      

 

 

 

United States — 1.9%

      

Avon Products

    212,100           3,383   

Cognizant Technology Solutions, Cl A *

    28,200           1,971   

EPAM Systems *

    50,462           956   

First Cash Financial Services *

    43,900           2,020   

Freeport-McMoRan Copper & Gold

    50,000           1,979   

Samsonite International (A)

    1,184,352           2,273   

Yahoo! *

    264,900           4,232   
      

 

 

 
         16,814   
      

 

 

 

Total Common Stock
(Cost $806,414) ($ Thousands)

         842,437   
      

 

 

 

PREFERRED STOCK — 4.0%

      

Brazil — 4.0%

      

Banco do Estado do Rio Grande do Sul

    234,456           2,044   

Bradespar, Cl Preference

    38,439           529   

Centrais Eletricas Brasileiras ADR, Cl B

    60,831           549   

Cia Brasileira de Distribuicao Grupo Pao de Acucar, Cl Preference

    4             

Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR (A)

    84,960           3,833   

Cia de Bebidas das Americas ADR (A)

    96,492           3,693   

Cia Energetica de Minas Gerais

    81,100           983   

Cia Vale do Rio Doce ADR, Cl B

    1,393           24   

Itau Unibanco Holding

    75,427           1,141   

Itau Unibanco Holding ADR

    227,292           3,473   

Klabin

    156,914           818   

Marcopolo

    359,300           2,077   

Petroleo Brasileiro, Cl Preference

    214,816           2,367   

Petroleo Brasileiro ADR, Cl A (A)

    362,457           7,999   

Randon Participacoes

    149,747           860   

Vale ADR, Cl B (A)

    202,297           3,512   

Vale, Cl A

    129,714           2,253   
      

 

 

 

Total Preferred Stock
(Cost $35,746) ($ Thousands)

         36,155   
      

 

 

 

EXCHANGE TRADED FUNDS — 0.7%

  

    

Hong Kong — 0.1%

      

iShares FTSE A50 China Index Fund

    884,800           1,112   
      

 

 

 

United States — 0.6%

      

iShares MSCI Emerging Markets Index Fund

    124,063           5,126   
      

 

 

 

Total Exchange Traded Funds
(Cost $6,173) ($ Thousands)

         6,238   
      

 

 

 
Description   Shares/Face Amount (1)
(Thousands)
      

Market Value

($ Thousands)

 
      
   

Number Of

Rights

          

RIGHTS — 0.0%

      

Thailand — 0.0%

      

Krung Thai Bank,
Expires 10/11/2012

    735         $ 136   

Krung Thai Bank NVDR,
Expires 10/11/2012

    709           132   
      

 

 

 

Total Rights
(Cost $0) ($ Thousands)

         268   
      

 

 

 

DEBENTURE BOND — 0.0%

      

Brazil — 0.0%

      

Vale, Ser 1997

      

0.000%, 09/30/2049 (F)

    8             
      

 

 

 

Total Debenture Bond
(Cost $—) ($ Thousands)

           
      

 

 

 

AFFILIATED PARTNERSHIP — 10.0%

  

    

United States — 10.0%

      

SEI Liquidity Fund, L.P., Cl A

      

0.150%†**(G)

    91,070,119           89,808   
      

 

 

 

Total Affiliated Partnership
(Cost $91,070) ($ Thousands)

         89,808   
      

 

 

 

CASH EQUIVALENT — 0.5%

      

SEI Daily Income Trust, Prime Obligation Fund

      

0.070%†**

    4,231,824           4,232   
      

 

 

 

Total Cash Equivalent
(Cost $4,232) ($ Thousands)

         4,232   
      

 

 

 

TIME DEPOSITS — 1.2%

      

United States — 1.2%

      

Brown Brothers Harriman

      

4.150%, 10/01/2012

  ZAR 842           102   

0.550%, 10/01/2012

  NOK             

0.400%, 10/01/2012

  SEK             

0.185%, 10/01/2012

  CAD             

0.054%, 10/01/2012

  GBP 5           9   

0.030%, 10/01/2012

    9,836           9,836   

0.010%, 10/01/2012

  SGD 7           5   

0.005%, 10/01/2012

  HKD 3,253           420   

0.005%, 10/01/2012

  CHF             

(0.014)%, 10/01/2012

  EUR 1           1   

(0.200)%, 10/01/2012

  DKK 3             
      

 

 

 

Total Time Deposits
(Cost $10,373) ($ Thousands)

         10,373   
      

 

 

 

Total Investments — 110.0% ,
(Cost $954,008) ($ Thousands)

       $ 989,511   
      

 

 

 

Percentages are based on a Net Assets of $899,730 ($ Thousands).

 

*   Non-income producing security.

 

**   Rate shown is the 7-day effective yield as of September 30, 2012.

 

  Investment in Affiliated Security (See Note 4).

 

(1)   In U.S. Dollars unless otherwise indicated.
 

 

6    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

Emerging Markets Equity Fund

September 30, 2012

 

(A)   This security or a partial position of this security is on loan at September 30, 2012. The total market value of securities on loan at September 30,2012 was $87,300
($ Thousands) (See Note 8).

 

(B)   Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” These securities have been determined to be liquid under guidelines established by the Board of Trustees.

 

(C)   Security fair valued using methods determined in good faith by the Valuation Committee of the Board of Trustees. The total market value of such securities as of September 30, 2012 was $5,894 ($ Thousands) and represented 0.7% of Net Assets.

 

(D)   Securities considered illiquid. The total market value of such securities as of September 30, 2012 was $649 ($ Thousands) and represented 0.1% of Net Assets.

 

(E)   Real Estate Investment Trust.

 

(F)   Variable Rate Security - The rate reported on the Schedule of Investments is the rate in effect as of September 30, 2012.

 

(G)   This security was purchased with cash collateral held from securities on loan (see Note 8). The total value of such securities as of September 30, 2012 was $89,808 ($ Thousands).

 

ADR — American Depositary Receipt
CAD — Canadian Dollar
CHF — Swiss Franc
Cl — Class
DKK — Danish Krone
EUR — Euro
FTSE — Financial Times and the London Stock Exchange
GBP — British Pound Sterling
GDR — Global Depositary Receipt
HKD — Hong Kong Dollar
L.P. — Limited Partnership

MSCI — Morgan Stanley Capital International

NOK — Norwegian Krone
NVDR — Non-Voting Depositary Receipt
SEK — Swedish Krona
Ser — Series
SGD — Singapore Dollar
ZAR — South African Rand

The following is a summary of the inputs used as of September 30, 2012, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):

 

Investments in Securities   Level 1     Level 2     Level 3(1)     Total  

Common Stock

  $ 834,741      $ 5,894      $ 1,802      $ 842,437   

Preferred Stock

    36,155                      36,155   

Exchange Traded Funds

    6,238                      6,238   

Rights

    268                      268   

Debenture Bond

                           

Time Deposits

           10,373               10,373   

Affiliated Partnership

           89,808               89,808   

Cash Equivalent

    4,232                      4,232   
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Investments in Securities

  $ 881,634      $ 106,075      $ 1,802      $ 989,511   
 

 

 

   

 

 

   

 

 

   

 

 

 

(1) A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets.

For the year ended September 30, 2012, there were transfers between Level 1 and Level 2 assets and liabilities. The primary reason for changes in the classifications between Level 1 and Level 2 occurs when foreign equity securities are fair valued using other observable market-based inputs in place of the closing exchange price due to events occurring after the close of the exchange or market on which the investment is principally traded (See Note 2).

For the year ended September 30, 2012, there were transfers between Level 2 and Level 3 assets and liabilities. The transfer was due to a change in the availability of observable inputs used to determine fair value.

Amounts designated as “—” are $O or have been rounded to $O.

The accompanying notes are an integral part of the financial statements.

 

 

7    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

International Fixed Income Fund

September 30, 2012

 

Description  

Face Amount(1)

(Thousands)

      

Market Value

($ Thousands)

 
      

GLOBAL BONDS — 92.6%

      

Australia — 1.8%

      

Australia & New Zealand Banking Group MTN

      

3.625%, 07/18/2022

    300         $ 435   

Commonwealth Bank of Australia MTN

      

3.000%, 05/03/2022

    230           320   

2.625%, 01/12/2017

    245           337   

Government of Australia

      

6.000%, 02/15/2017

    750           894   

5.750%, 07/15/2022

    700           903   

Government of Australia, Ser 124

      

5.750%, 05/15/2021

    1,900           2,415   

Government of Australia, Ser 20CI

      

6.076%, 08/20/2020

    200           406   

National Australia Bank MTN

      

2.625%, 01/13/2017

    410           563   

New South Wales Treasury, Ser 13

      

5.250%, 05/01/2013

    980           1,035   

Queensland Treasury, Ser 17

      

6.000%, 09/14/2017

    780           914   

Suncorp-Metway

      

5.125%, 10/27/2014

  GBP  235           398   

Westpac Banking MTN

      

5.625%, 04/29/2018 (A)

  GBP 240           392   
      

 

 

 
         9,012   
      

 

 

 

Austria — 1.2%

      

Republic of Austria

      

4.300%, 09/15/2017

    1,420           2,132   

3.900%, 07/15/2020

    75           112   

3.650%, 04/20/2022

    290           429   

3.200%, 02/20/2017

    300           427   

1.950%, 06/18/2019

    1,900           2,538   

Republic of Austria, Ser 97-6

      

6.250%, 07/15/2027

    225           423   
      

 

 

 
         6,061   
      

 

 

 

Belgium — 3.8%

      

Anheuser-Busch InBev MTN

      

8.625%, 01/30/2017

    200           337   

2.875%, 09/25/2024

    650           846   

Fortis Bank

      

4.625%, 10/24/2049 (A)

    200           213   

Kingdom of Belgium, Ser 44

      

5.000%, 03/28/2035

    500           816   

Kingdom of Belgium, Ser 47

      

3.250%, 09/28/2016

    7,325           10,276   

Kingdom of Belgium, Ser 48

      

4.000%, 03/28/2022

    725           1,058   

Kingdom of Belgium, Ser 49

      

4.000%, 03/28/2017

    230           333   

Kingdom of Belgium, Ser 50

      

4.000%, 03/28/2013

    3,200           4,194   

Kingdom of Belgium, Ser 58

      

3.750%, 09/28/2020

    231           332   

Kingdom of Belgium, Ser 65

      

4.250%, 09/28/2022

    125           185   
      

 

 

 
         18,590   
      

 

 

 
Description  

Face Amount(1)

(Thousands)

      

Market Value

($ Thousands)

 
      

Brazil — 0.3%

      

Centrais Eletricas Brasileiras

      

6.875%, 07/30/2019

  USD  150         $ 179   

Embraer

      

5.150%, 06/15/2022

  USD 106           114   

Globo Comunicacao e Participacoes

      

5.307%, 05/11/2017 (B)(C)

  USD 380           413   

Petrobras International Finance

      

5.375%, 01/27/2021

  USD 250           282   

Vale Overseas

      

4.375%, 01/11/2022

  USD 314           330   
      

 

 

 
         1,318   
      

 

 

 

Canada — 4.6%

      

Bell Canada MTN

      

5.000%, 02/15/2017

    270           304   

Canada Housing Trust No. 1

      

4.100%, 12/15/2018

    1,390           1,602   

2.050%, 06/15/2017

    2,470           2,561   

CDP Financial

      

4.400%, 11/25/2019 (B)

  USD 850           977   

Government of Canada

      

5.750%, 06/01/2033

    1,300           2,074   

5.000%, 06/01/2037

    1,300           1,975   

4.250%, 06/01/2018

    715           841   

3.500%, 06/01/2020

    3,795           4,396   

2.750%, 06/01/2022

    1,800           1,993   

2.250%, 08/01/2014

    1,000           1,038   

2.000%, 06/01/2016

    1,425           1,489   

1.500%, 03/01/2017

    255           262   

1.500%, 09/01/2017

    825           846   

Nexen

      

6.200%, 07/30/2019

  USD 125           151   

Province of British Columbia

      

3.250%, 12/18/2021

    1,150           1,243   

Royal Bank of Canada, Ser 2 MTN

      

4.625%, 01/22/2018

  EUR 252           381   

Teck Resources

      

2.500%, 02/01/2018

  USD 89           89   

Toronto-Dominion Bank

      

2.200%, 07/29/2015 (B)

  USD 540           565   

TransCanada PipeLines

      

2.500%, 08/01/2022

  USD 300           304   
      

 

 

 
         23,091   
      

 

 

 

China — 0.1%

      

Talent Yield Investments

      

4.500%, 04/25/2022 (B)

  USD 310           335   
      

 

 

 

Czech Republic — 0.1%

      

Government of Czech Republic, Ser 51

      

4.000%, 04/11/2017

    8,050           462   
      

 

 

 

Denmark — 1.8%

      

Danske Bank

      

5.375%, 09/29/2021 (A)

  GBP 170           246   

3.500%, 04/16/2018

  EUR 155           220   

DONG Energy MTN

      

6.500%, 05/07/2019

  EUR 245           397   

FIH Erhvervsbank

      

2.000%, 06/12/2013 (B)

  USD 625           632   
 

 

1    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

International Fixed Income Fund

September 30, 2012

 

Description  

Face Amount(1)

(Thousands)

      

Market Value

($ Thousands)

 
      

Kingdom of Denmark

      

4.500%, 11/15/2039

    1,300         $ 336   

4.000%, 11/15/2017

    8,915           1,807   

3.125%, 03/17/2014

  EUR  500           671   

3.000%, 11/15/2021

    21,800           4,329   
      

 

 

 
         8,638   
      

 

 

 

Finland — 1.2%

      

Elisa MTN

      

2.250%, 10/04/2019 (D)

    300           384   

Fortum MTN

      

2.250%, 09/06/2022

    350           444   

Government of Finland

      

4.375%, 07/04/2019

    400           622   

3.375%, 04/15/2020

    2,550           3,755   

Nordea Bank Finland MTN

      

2.375%, 07/17/2017

    190           260   

2.250%, 05/03/2019

    170           230   
      

 

 

 
         5,695   
      

 

 

 

France — 5.7%

      

Arkema

      

3.850%, 04/30/2020

    200           275   

AXA MTN

      

5.250%, 04/16/2040 (A)

    600           707   

BNP Paribas MTN

      

4.730%, 04/12/2049 (A)

    300           328   

2.500%, 08/23/2019

    350           455   

2.375%, 09/14/2017

  USD 445           447   

BPCE SFH MTN

      

3.625%, 05/12/2016

    100           140   

2.750%, 02/16/2017

    300           411   

Caisse de Refinancement de l’Habitat MTN

      

4.500%, 10/25/2017

    540           805   

2.600%, 04/26/2016

    65           89   

Cie de Financement Foncier MTN

      

4.625%, 09/23/2017

    95           141   

4.625%, 09/23/2017

    575           853   

4.250%, 01/19/2022

    300           443   

4.125%, 10/25/2017

    220           319   

2.500%, 09/16/2015 (B)

  USD 800           827   

Cie de St-Gobain MTN

      

6.000%, 05/20/2013

    50           66   

Credit Agricole Home Loan SFH MTN

      

3.500%, 07/21/2014

    200           271   

3.500%, 06/14/2018

    200          285   

2.875%, 09/09/2016

    300           413   

Credit Logement

      

1.402%, 03/29/2049 (A)(E)

    350           243   

0.852%, 12/15/2049 (A)(E)

    42           32   

Dexia Credit Local MTN

      

2.625%, 01/21/2014

    300           393   

0.927%, 04/29/2014 (A)

  USD 410           400   

Dexia Municipal Agency MTN

      

4.500%, 04/27/2015

    380           522   

3.750%, 05/18/2016

    225           307   

EDF MTN

      

6.500%, 01/26/2019 (B)

  USD 250           306   

5.500%, 10/17/2041

  GBP 100           178   

4.125%, 03/25/2027

    100           139   

4.000%, 11/12/2025

    150           206   
Description  

Face Amount(1)

(Thousands)

      

Market Value

($ Thousands)

 
      

Eutelsat

      

5.000%, 01/14/2019

    200         $ 295   

French Treasury Note

      

1.000%, 07/25/2017

    235           304   

0.750%, 09/25/2014

    800           1,041   

Government of France

      

5.000%, 10/25/2016

    1,760           2,656   

4.750%, 04/25/2035

    815           1,331   

4.500%, 04/25/2041

    1,060           1,701   

3.250%, 10/25/2021

    350           494   

3.000%, 10/25/2015

    3,850           5,343   

3.000%, 04/25/2022

    555           764   

HSBC France MTN

      

4.875%, 01/15/2014

    250           339   

Iliand

      

4.875%, 06/01/2016

    300           413   

RCI Banque

      

3.400%, 04/11/2014 (B)

  USD  250           253   

Societe Financement de l’Economie Francaise

      

3.375%, 05/05/2014 (B)

  USD 905           946   

Societe Generale SCF MTN

      

4.000%, 07/07/2016

    650           928   

Societe Generale SFH MTN

      

3.250%, 06/06/2016

    400           556   

Societe Generale MTN

      

5.750%, 04/20/2016 (B)

  USD 111           115   

3.875%, 12/17/2015

  GBP 100           168   

Vivendi MTN

      

7.750%, 01/23/2014

    250           349   
      

 

 

 
         27,997   
      

 

 

 

Germany — 11.9%

      

Bundesobligation

      

1.250%, 10/14/2016

    2,470           3,301   

0.500%, 04/07/2017

    1,150           1,486   

Bundesobligation Inflation Linked Bond

      

2.250%, 04/15/2013

    19,144           25,089   

Bundesobligation, Ser 159

      

2.000%, 02/26/2016

    95           130   

Bundesrepublik Deutschland

      

3.250%, 07/04/2021

    1,850           2,779   

3.000%, 07/04/2020

    295           434   

2.500%, 01/04/2021

    437           622   

2.250%, 09/04/2020

    120           168   

2.000%, 01/04/2022

    6,000           8,172   

1.750%, 07/04/2022

    250           332   

Bundesrepublik Deutschland, Ser 00

      

5.500%, 01/04/2031

    340           660   

Bundesrepublik Deutschland, Ser 03

      

4.750%, 07/04/2034

    460           853   

Bundesrepublik Deutschland, Ser 07

      

4.250%, 07/04/2039

    1,185           2,152   

4.000%, 01/04/2018

    25           38   

Bundesrepublik Deutschland, Ser 08

      

4.750%, 07/04/2040

    25           49   

4.250%, 07/04/2018

    125           193   
 

 

2    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

International Fixed Income Fund

September 30, 2012

 

Description  

Face Amount(1)

(Thousands)

      

Market Value

($ Thousands)

 
      

Deutsche Bank MTN

      

1.543%, 12/15/2015 (A)

  GBP  280         $ 416   

Deutsche Postbank MTN

      

3.750%, 02/12/2014

    800           1,078   

FMS Wertmanagement

      

1.000%, 07/18/2017

    1,000           1,290   

Hypothekenbank Frankfurt MTN

      

2.875%, 01/19/2016

    160           220   

K+S

      

5.000%, 09/24/2014

    350           485   

KFW MTN

      

4.375%, 07/04/2018

    915           1,395   

0.875%, 11/15/2013

    1,625           2,109   

Kreditanstalt fuer Wiederaufbau

      

4.750%, 08/12/2015

  SEK  6,000           996   

4.375%, 10/11/2013

    1,050           1,410   

3.875%, 01/21/2019

    575           861   

3.375%, 08/30/2017

  CHF 370           454   

Landwirtschaftliche Rentenbank MTN

      

3.750%, 02/11/2016

    173           247   

Muenchener Rueckversicherungs MTN

      

6.250%, 05/26/2042 (A)

    200           281   

RWE

      

7.000%, 10/12/2072 (A)

  USD 224           233   

Volkswagen International Finance

      

1.625%, 08/12/2013 (B)

  USD 800           808   
      

 

 

 
         58,741   
      

 

 

 

Indonesia — 0.1%

      

Pertamina Persero

      

6.000%, 05/03/2042 (B)

    380           412   
      

 

 

 

Ireland — 0.5%

      

Bank of Ireland MTN

      

4.625%, 04/08/2013

    195           248   

GE Capital UK Funding MTN

      

4.375%, 07/31/2019

  GBP 810           1,421   

Governor & of the Bank of Ireland MTN

      

4.000%, 01/28/2015

    250           319   

Guaranteed Funding, Ser 2009-1

      

2.319%, 02/11/2013

    300           389   
      

 

 

 
         2,377   
      

 

 

 

Italy — 4.9%

      

Edison MTN

      

3.875%, 11/10/2017

    600           826   

Enel Finance International MTN

      

4.875%, 03/11/2020

    100           131   

3.875%, 10/07/2014 (B)

  USD 350           360   

Intesa Sanpaolo MTN

      

6.375%, 11/12/2017 (A)

  GBP 300           470   

4.875%, 07/10/2015

    300          399   
Description   Face Amount(1)
(Thousands)
      

Market Value

($ Thousands)

 
      

Italy Buoni Poliennali Del Tesoro

      

6.500%, 11/01/2027

    500         $ 693   

6.000%, 05/01/2031

    500           661   

5.500%, 09/01/2022

    130           173   

5.000%, 09/01/2040

    1,755           2,023   

5.000%, 03/01/2022

    1,500           1,938   

4.750%, 09/01/2021

    3,250           4,165   

4.750%, 05/01/2017

    2,105           2,799   

4.500%, 03/01/2019

    400           519   

4.250%, 10/15/2012

    585          753   

4.250%, 02/01/2015

    2,325           3,099   

3.750%, 03/01/2021

    255           307   

3.500%, 06/01/2014

    1,150           1,507   

Italy Buoni Poliennali Del Tesoro Inflation Linked Bond

      

2.100%, 09/15/2021

    1,430           1,620   

2.100%, 09/15/2016

    733           930   

UniCredit MTN

      

6.375%, 10/16/2018 (A)

  USD 100           143   

4.875%, 03/07/2017

    110           144   

Unione di Banche Italiane MTN

      

4.500%, 02/22/2016

    200           267   
      

 

 

 
         23,927   
      

 

 

 

Japan — 22.2%

      

Government of Japan 5 Year Bond, Ser 79

      

0.700%, 12/20/2013

    447,300           5,791   

Government of Japan 5 Year Bond, Ser 95

      

0.600%, 03/20/2016

    313,950           4,102   

Government of Japan 10 Year Bond, Ser 275

      

1.400%, 12/20/2015

    626,600           8,385   

Government of Japan 10 Year Bond, Ser 284

      

1.700%, 12/20/2016

    100,000           1,369   

Government of Japan 10 Year Bond, Ser 288

      

1.700%, 09/20/2017

    1,277,950           17,646   

Government of Japan 10 Year Bond, Ser 298

      

1.300%, 12/20/2018

    321,150           4,377   

Government of Japan 10 Year Bond, Ser 301

      

1.500%, 06/20/2019

    235,300           3,248   

Government of Japan 10 Year Bond, Ser 303

      

1.400%, 09/20/2019

    74,050           1,016   

Government of Japan 10 Year Bond, Ser 308

      

1.300%, 06/20/2020

    1,016,000           13,849   

Government of Japan 10 Year Bond, Ser 316

      

1.100%, 06/20/2021

    165,550           2,212   

Government of Japan 10 Year Bond, Ser 318

      

1.000%, 09/20/2021

    225,000           2,979   

Government of Japan 10 Year Bond, Ser 321

      

1.000%, 03/20/2022

    12,000           158   
 

 

3    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

International Fixed Income Fund

September 30, 2012

 

Description  

Face Amount(1)

(Thousands)

      

Market Value

($ Thousands)

 
      

Government of Japan 20 Year Bond, Ser 106

      

2.200%, 09/20/2028

    67,150         $ 962   

Government of Japan 20 Year Bond, Ser 109

      

1.900%, 03/20/2029

    39,000           535   

Government of Japan 20 Year Bond, Ser 112

      

2.100%, 06/20/2029

    910,000           12,789   

Government of Japan 20 Year Bond, Ser 128

      

1.900%, 06/20/2031

    15,000           202   

Government of Japan 20 Year Bond, Ser 48

      

2.500%, 12/21/2020

    629,450           9,340   

Government of Japan 20 Year Bond, Ser 55

      

2.000%, 03/21/2022

    257,000           3,691   

Government of Japan 20 Year Bond, Ser 99

      

2.100%, 12/20/2027

    538,250           7,638  

Government of Japan 30 Year Bond, Ser 29

      

2.400%, 09/20/2038

    103,250          1,489  

Government of Japan 30 Year Bond, Ser 30

      

2.300%, 03/20/2039

    294,150          4,158  

Government of Japan 30 Year Bond, Ser 33

      

2.000%, 09/20/2040

    167,000          2,212  

Government of Japan 30 Year Bond, Ser 34

      

2.200%, 03/20/2041

    30,000          414   

Government of Japan 30 Year Bond, Ser 36

      

2.000%, 03/20/2042

    10,000          132   

Japan Finance Organization for Municipalities

      

4.500%, 05/27/2014

  EUR 450           615   

ORIX

      

4.710%, 04/27/2015

  USD 135           144   
      

 

 

 
         109,453   
      

 

 

 

Jersey — 0.1%

      

BAA Funding MTN

      

7.125%, 02/14/2024

    150           281   

Gatwick Funding MTN

      

5.750%, 01/23/2037

    250           434   
      

 

 

 
         715   
      

 

 

 

Malaysia — 0.2%

      

Government of Malaysia

      

5.734%, 07/30/2019

    900           335   

Petronas Capital

      

5.250%, 08/12/2019 (B)

  USD 410           485   
      

 

 

 
         820   
      

 

 

 

Mexico — 1.1%

      

America Movil

      

3.000%, 07/12/2021

  EUR 225           295   

Mexican Bonos, Ser M10

      

7.750%, 12/14/2017

    24,085          2,108  
Description  

Face Amount(1)

(Thousands)

      

Market Value

($ Thousands)

 
      

Mexican Bonos, Ser MI10

      

9.000%, 12/20/2012

    40,000        $ 3,141  
      

 

 

 
         5,544   
      

 

 

 

Netherlands — 4.3%

      

ABN Amro Bank MTN

      

4.875%, 01/16/2019

  GBP 200           352   

3.750%, 07/15/2014

    750           1,022  

Akzo Nobel MTN

      

8.000%, 04/06/2016

  GBP 205           396   

Alliander MTN

      

2.875%, 06/14/2024

    200           265   

Allianz Finance II MTN

      

3.500%, 02/14/2022

    300           419   

BMW Finance MTN

      

3.375%, 12/14/2018

  GBP 250           429   

Cooperatieve Centrale Raiffeisen-Boerenleenbank MTN

      

4.125%, 01/12/2021

    230           331   

4.000%, 01/11/2022

    125           178   

Daimler International Finance BV MTN

      

7.875%, 01/16/2014

    575           807   

Deutsche Telekom International Finance MTN

      

6.500%, 04/08/2022

  GBP 90           183   

Diageo Capital MTN

      

5.500%, 07/01/2013

    550           734   

E.ON International Finance

      

5.800%, 04/30/2018 (B)

  USD 150           181   

EDP Finance BV MTN

      

5.750%, 09/21/2017

    200           254   

Hit Finance

      

5.750%, 03/09/2018

    300           401   

ING Bank MTN

      

3.375%, 03/23/2017

    125           177   

3.375%, 03/03/2014

    500           671   

1.109%, 05/23/2016 (A)

  USD 450           419   

ING Verzekeringen

      

2.088%, 06/21/2021 (A)

    860           1,062  

Kingdom of Netherlands

      

4.500%, 07/15/2017

    500           758   

4.000%, 07/15/2018

    185           278   

4.000%, 01/15/2037

    300           499   

3.500%, 07/15/2020

    485           721   

2.250%, 07/15/2022

    4,305          5,804  

Koninklijke KPN

      

3.250%, 02/01/2021

    200           261   

LeasePlan MTN

      

3.250%, 05/22/2014

    1,040          1,402  

Linde Finance MTN

      

3.875%, 06/01/2021

    450           663   

LyondellBasell Industries

      

5.750%, 04/15/2024

  USD 230           262   

NIBC Bank MTN

      

3.500%, 04/07/2014

    97           131   

Petrobras Global Finance BV

      

4.250%, 10/02/2023 (D)

    153           198   

RWE Finance MTN

      

5.000%, 02/10/2015

    500           704   

SNS Bank MTN

      

3.500%, 03/10/2014

    500           672   
 

 

4    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

International Fixed Income Fund

September 30, 2012

 

Description  

Face Amount(1)

(Thousands)

      

Market Value

($ Thousands)

 
      

UPCB Finance

      

7.625%, 01/15/2020

    250         $ 345   
      

 

 

 
         20,979   
      

 

 

 

New Zealand — 0.3%

      

Government of New Zealand

      

5.500%, 04/15/2023

    1,650          1,612  
      

 

 

 

Norway — 0.4%

      

DnB Bank MTN

      

4.750%, 03/08/2022

  EUR 120           163   

DnB Boligkreditt MTN

      

2.750%, 04/20/2015

  EUR 625           849   

2.375%, 04/11/2017

  EUR 224           306   

Eksportfinans

      

2.375%, 05/25/2016

  USD 200           185   

2.000%, 09/15/2015

  USD 20           19   

Government of Norway

      

4.500%, 05/22/2019

    1,150          235   

Sparebank 1 Boligkreditt MTN

      

2.375%, 11/22/2016

  EUR 170           232   

Yara International

      

7.875%, 06/11/2019 (B)

  USD 185           235   
      

 

 

 
         2,224   
      

 

 

 

Poland — 0.3%

      

Republic of Poland

      

5.125%, 04/21/2021

    135           157   

5.000%, 03/23/2022

    380           441   

5.000%, 04/25/2016

    3,700          1,187  

Republic of Poland, Ser E MTN

      

4.200%, 04/15/2020

  EUR 60           86   
      

 

 

 
         1,871   
      

 

 

 

Qatar — 0.1%

      

State of Qatar

      

4.500%, 01/20/2022 (B)

  USD 390           441   
      

 

 

 

Russia — 0.3%

      

Gazprom Via Gaz Capital MTN

      

6.580%, 10/31/2013

  GBP 240           404   

3.755%, 03/15/2017

    400           530   

Russian Agricultural Bank Via RSHB Capital

      

7.750%, 05/29/2018 (B)

  USD 335           395   
      

 

 

 
         1,329   
      

 

 

 

Singapore — 0.8%

      

Government of Singapore

      

4.000%, 09/01/2018

    495           482   

3.125%, 09/01/2022

    2,805          2,635  

2.375%, 04/01/2017

    425           376   

Temasek Financial I

      

2.375%, 01/23/2023 (B)

  USD 495           495   
      

 

 

 
         3,988   
      

 

 

 

South Africa — 0.7%

      

Republic of South Africa, Ser R203

      

8.250%, 09/15/2017

    24,405          3,259  
      

 

 

 

South Korea — 0.6%

      

Korea National Oil

      

3.125%, 04/03/2017 (B)

  USD 540           567   
Description  

Face Amount(1)

(Thousands)

      

Market Value

($ Thousands)

 
      

Korea Treasury Bond

      

4.250%, 06/10/2021

    1,009,870         $ 994   

3.500%, 09/10/2016

    1,380,800           1,271   
      

 

 

 
         2,832   
      

 

 

 

Spain — 2.1%

      

Banco Bilbao Vizcaya Argentaria

      

4.375%, 10/20/2019 (A)

    100           108   

4.125%, 01/13/2014

    150           196   

Banco Santander

      

4.625%, 01/20/2016

    300           399   

Bankia MTN

      

5.750%, 06/29/2016

    400           480   

4.250%, 05/25/2018

    150           161   

CaixaBank

      

5.125%, 04/27/2016

    200           261   

Government of Spain

      

5.850%, 01/31/2022

    150           191   

5.500%, 04/30/2021

    1,770          2,212  

4.750%, 07/30/2014

    925           1,217  

4.700%, 07/30/2041

    995           962   

4.600%, 07/30/2019

    155           190   

4.200%, 01/31/2037

    190           172   

4.000%, 04/30/2020

    285           331   

3.800%, 01/31/2017

    420           519   

3.300%, 10/31/2014

    475           608   

Instituto de Credito Oficial MTN

      

2.375%, 03/04/2013 (B)

  USD 200           199   

Santander International Debt SAU MTN

      

4.625%, 03/21/2016

    700           898   

Santander Issuances, Ser 24

      

7.300%, 07/27/2019 (A)

  GBP 400           602   

Telefonica Emisiones MTN

      

5.811%, 09/05/2017

    300           406   

5.597%, 03/12/2020

  GBP 100           159   

4.375%, 02/02/2016

    375           490   
      

 

 

 
         10,761   
      

 

 

 

Supra-National — 0.3%

      

European Investment Bank MTN

      

2.750%, 09/15/2021

    1,000          1,363  
      

 

 

 

Sweden — 1.6%

      

Akzo Nobel Sweden Finance MTN

      

2.625%, 07/27/2022

  EUR 150           191   

Kingdom of Sweden, Ser 1041

      

6.750%, 05/05/2014

    5,970          997   

Kingdom of Sweden, Ser 1049

      

4.500%, 08/12/2015

    5,050          850   

Kingdom of Sweden, Ser 1051

      

3.750%, 08/12/2017

    5,295          913   

Kommuninvest I Sverige, Ser 1508 MTN

      

2.750%, 08/12/2015

    5,300          836   

Nordea Bank MTN

      

4.500%, 05/12/2014

  EUR 100           137   

4.000%, 03/29/2021

  EUR 255           334   

Skandinaviska Enskilda Banken MTN

      

4.000%, 09/12/2022 (A)

  EUR 190           247   

Stadshypotek MTN

      

3.750%, 12/12/2013

  EUR 350           469   
 

 

5    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

International Fixed Income Fund

September 30, 2012

 

Description  

Face Amount(1)

(Thousands)

      

Market Value

($ Thousands)

 
      

Svenska Handelsbanken MTN

      

2.875%, 04/04/2017

  USD 250         $ 263   

0.670%, 10/19/2017 (A)

  EUR 500           642   

Swedbank Hypotek

      

3.625%, 10/05/2016

  EUR 250           356   

Swedbank

      

7.375%, 06/26/2018 (A)

  EUR 150           200   

3.375%, 05/27/2014

  EUR 500           676   

Telefonaktiebolaget LM Ericsson

      

4.125%, 05/15/2022

  USD 465           479   

Volvo Treasury

      

5.950%, 04/01/2015 (B)

  USD 145           159   
      

 

 

 
         7,749   
      

 

 

 

Switzerland — 1.1%

      

Credit Suisse MTN

      

4.750%, 08/05/2019

  EUR 400           601   

2.875%, 09/24/2015

  EUR 220           297   

Glencore Finance Europe MTN

      

7.125%, 04/23/2015

  EUR 300           435   

5.250%, 03/22/2017

  EUR 300           423   

4.125%, 04/03/2018

  EUR 300           407   

Government of Switzerland

      

2.000%, 04/28/2021

    1,070          1,290  

Novartis Finance MTN

      

4.250%, 06/15/2016

  EUR 375           543   

UBS

      

6.625%, 04/11/2018

  GBP 150           291   

6.375%, 07/20/2016

  GBP 160           296   

5.875%, 12/20/2017

  USD 425           503   

4.280%, 04/29/2049 (A)

  EUR 200           231   
      

 

 

 
         5,317   
      

 

 

 

Turkey — 0.3%

      

Republic of Turkey

      

9.000%, 01/27/2016

  TRY 2,750           1,594   
      

 

 

 

United Arab Emirates — 0.1%

      

IPIC GMTN MTN

      

6.875%, 03/14/2026

    100           197   

5.875%, 03/14/2021

    125           187   
      

 

 

 
         384   
      

 

 

 

United Kingdom — 11.9%

      

Abbey National Treasury Services MTN

      

5.500%, 06/18/2014

    775           1,309  

5.250%, 02/16/2029

    450           877   

5.125%, 04/14/2021

    300           571   

4.250%, 04/12/2021

  EUR 350           517   

3.625%, 09/08/2016

  EUR 300           421   

3.375%, 06/08/2015

  EUR 500           685   

Anglian Water Services Financing, Ser A5 MTN

      

6.293%, 07/30/2030

    500           1,067  

Aviva MTN

      

6.875%, 05/22/2038 (A)

  EUR 195           243   

Bank of Scotland MTN

      

4.750%, 06/08/2022

  EUR 290           450   

4.625%, 06/08/2017

  EUR 275           407   
Description  

Face Amount(1)

(Thousands)

      

Market Value

($ Thousands)

 
      

Barclays Bank MTN

      

6.750%, 01/16/2023 (A)

    350         $ 579   

5.000%, 09/22/2016

  USD 125           139   

4.875%, 12/29/2049 (A)

  EUR 200           175   

4.500%, 03/04/2019 (A)

  EUR 125           154   

4.250%, 01/12/2022

    400           735   

4.000%, 01/20/2017

  EUR 200           284   

BAT International Finance MTN

      

7.250%, 03/12/2024

    250           546   

5.375%, 06/29/2017

  EUR 425           644   

Bishopsgate Asset Finance

      

4.808%, 08/14/2044

    194           313   

BP Capital Markets MTN

      

3.830%, 10/06/2017

  EUR 350           501   

2.994%, 02/18/2019

  EUR 300           411   

British American Tobacco Holdings MTN

      

4.000%, 07/07/2020

    100           145   

British Telecommunications

      

8.750%, 12/07/2016

    165           334   

5.750%, 12/07/2028

    411           791   

Centrica MTN

      

4.375%, 03/13/2029

    300           528   

4.250%, 09/12/2044

    200           315   

Coventry Building Society MTN

      

4.625%, 04/19/2018

    230           424   

Direct Line Insurance Group

      

9.250%, 04/27/2042 (A)

    100           180   

Eastern Power Networks MTN

      

6.000%, 11/12/2036

    160           323   

4.750%, 09/30/2021

    100           182   

ENW Finance MTN

      

6.125%, 07/21/2021

    350           687   

Experian Finance MTN

      

4.750%, 11/23/2018

    300           545   

FCE Bank MTN

      

5.125%, 11/16/2015

    200           344   

4.825%, 02/15/2017

    200           342   

First Hydro Finance

      

9.000%, 07/31/2021

    220           419   

Great Rolling Stock MTN

      

6.250%, 07/27/2020

    300           576   

HSBC Bank

      

3.100%, 05/24/2016 (B)

  USD 261           275   

HSBC Holdings MTN

      

9.875%, 04/08/2018 (A)

    80           134   

6.500%, 05/20/2024

    250           519   

4.000%, 03/30/2022

  USD 145           156   

Imperial Tobacco Finance MTN

      

8.375%, 02/17/2016

  EUR 75           118   

7.750%, 06/24/2019

    600           1,250  

7.250%, 09/15/2014

  EUR 150           216   

Legal & General Group MTN

      

4.000%, 06/08/2025 (A)

  EUR 200           247   

Lloyds TSB Bank

      

4.200%, 03/28/2017

  USD 380           419   

Marks & Spencer MTN

      

6.125%, 12/02/2019

    100           181   

Mondi Finance MTN

      

3.375%, 09/28/2020

  EUR 250           321   

Motability Operations Group MTN

      

3.750%, 11/29/2017

  EUR 300           424   
 

 

6    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

International Fixed Income Fund

September 30, 2012

 

Description  

Face Amount(1)

(Thousands)

      

Market Value

($ Thousands)

 
      

National Westminster Bank

      

6.500%, 09/07/2021

    220         $ 358   

Nationwide Building Society

      

3.125%, 10/13/2016

  EUR 175           245   

Network Rail Infrastructure Finance MTN

      

4.400%, 03/06/2016

  CAD 690           752   

Northern Rock

      

5.625%, 06/22/2017 (B)

  USD 1,750           1,966   

Northumbrian Water Finance

      

6.000%, 10/11/2017

    500           956   

Rolls-Royce

      

6.750%, 04/30/2019

    100           205   

Royal Bank of Scotland

      

5.750%, 05/21/2014

  EUR 600           828   

5.125%, 01/13/2024

    400           779   

Severn Trent Utilities Finance

      

6.250%, 06/07/2029

    350           743   

SP Manweb MTN

      

4.875%, 09/20/2027

    300           499   

SSE MTN

      

5.750%, 02/05/2014

    245           419   

Tesco

      

6.052%, 10/13/2039

    339           640   

Thames Water Utilities Cayman Finance MTN

      

6.125%, 02/04/2013

  EUR 200           262   

United Kingdom Gilt

      

5.000%, 03/07/2025

    100           216   

4.500%, 12/07/2042

    1,890          3,915  

4.250%, 12/07/2049

    25           50   

4.250%, 12/07/2055

    175           354   

4.250%, 06/07/2032

    265           535   

1.000%, 09/07/2017

    2,200          3,600  

United Kingdom Treasury

      

4.750%, 12/07/2030

    1,250          2,687  

4.750%, 12/07/2038

    956           2,053  

4.250%, 09/07/2039

    885           1,759  

4.250%, 12/07/2040

    285           565   

4.250%, 03/07/2036

    550           1,097  

4.000%, 03/07/2022

    1,490          2,929  

4.000%, 09/07/2016

    250           460   

2.250%, 03/07/2014

    795           1,321  

2.000%, 01/22/2016

    533           907   

1.750%, 01/22/2017

    1,670          2,834  

United Kingdom Treasury, Ser 2002

      

5.000%, 09/07/2014

    200           353   

Virgin Media Secured Finance

      

7.000%, 01/15/2018

    180           315   

Wales & West Utilities Finance MTN

      

6.750%, 12/17/2036 (A)

    200           380   

Western Power Distribution South West

      

5.750%, 03/23/2040

    200           381   

Westfield UK & Europe Finance MTN

      

4.250%, 07/11/2022

    300           503   

William Hill

      

7.125%, 11/11/2016

    100           176   
Description  

Face Amount(1)

(Thousands)

      

Market Value

($ Thousands)

 
      

WPP MTN

      

6.625%, 05/12/2016

  EUR 225         $ 341   

Yorkshire Power Finance

      

7.250%, 08/04/2028

    208           457   

Yorkshire Water Services Bradford Finance

      

6.375%, 08/19/2039

    100           216   
      

 

 

 
         58,479   
      

 

 

 

United States — 5.8%

      

Alcoa

      

5.400%, 04/15/2021

    215           226   

Altria Group

      

4.750%, 05/05/2021

    180           206   

4.250%, 08/09/2042

    265           263   

American International Group

      

8.175%, 05/15/2058 (A)

    240           294   

6.765%, 11/15/2017

  GBP 150           278   

AT&T

      

5.875%, 04/28/2017

  GBP 200           379   

4.875%, 06/01/2044

  GBP 200           346   

4.450%, 05/15/2021

    525           618   

Bank of America MTN

      

5.650%, 05/01/2018

    350           399   

Bank of America, Ser E MTN

      

5.125%, 09/26/2014

  EUR 1,700           2,332   

Bristol-Myers Squibb

      

2.000%, 08/01/2022

    670           651   

CCO Holdings

      

8.125%, 04/30/2020

    90           102   

Cellco Partnership

      

7.375%, 11/15/2013

    725           779   

Citigroup

      

5.875%, 01/30/2042

    75           90   

4.500%, 01/14/2022

    60           66   

4.450%, 01/10/2017

    550           604   

4.250%, 02/25/2030 (A)

  EUR 1,400           1,471   

4.000%, 11/26/2015

  EUR 230           317   

Comcast Cable Communications Holdings

      

8.375%, 03/15/2013

    750           777   

DIRECTV Holdings

      

4.375%, 09/14/2029

  GBP 300           486   

3.800%, 03/15/2022

    310           319   

Eastman Chemical

      

3.600%, 08/15/2022

    109           115   

2.400%, 06/01/2017

    53           55   

General Electric Capital MTN

      

5.500%, 01/08/2020

    305           361   

5.300%, 02/11/2021

    205           235   

4.625%, 01/07/2021

    750           838   

3.150%, 09/07/2022

    45           45   

Goldman Sachs Group

      

6.375%, 05/02/2018

  EUR 400           600   

5.250%, 07/27/2021

    110           121   

4.375%, 03/16/2017

  EUR 350           480   

0.675%, 02/04/2013 (A)

  EUR 450           579   

Ingersoll-Rand Global Holding

      

9.500%, 04/15/2014

    213           240   

JPMorgan Chase

      

4.500%, 01/24/2022

    200           222   

2.750%, 08/24/2022

  EUR 300           386   

0.921%, 10/12/2015 (A)

  EUR 350           430   
 

 

7    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

International Fixed Income Fund

September 30, 2012

 

Description  

Face Amount (1)

(Thousands)

       Market Value
($ Thousands)
 
      

JPMorgan Chase Bank

      

0.877%, 05/31/2017 (A)

  EUR 1,250         $ 1,528   

Merrill Lynch MTN

      

0.805%, 09/14/2018 (A)

  EUR 375           405   

Metropolitan Life Global Funding I MTN

      

4.625%, 05/16/2017

  EUR 200           290   

Mondelez International

      

7.000%, 08/11/2037

    200           276   

5.375%, 02/10/2020

    400           483   

2.625%, 05/08/2013

    625           632   

Morgan Stanley MTN

      

5.625%, 09/23/2019

    175           191   

5.375%, 08/10/2020

  EUR 150           207   

3.750%, 09/21/2017

  EUR 350           459   

Nabors Industries

      

9.250%, 01/15/2019

    221           289   

NBCUniversal Media

      

4.375%, 04/01/2021

    375           425   

News America

      

4.500%, 02/15/2021

    210           237   

Noble Holding International

      

4.900%, 08/01/2020

    25           28   

Omnicom Group

      

3.625%, 05/01/2022

    130           137   

Owens Corning

      

6.500%, 12/01/2016

    145           163   

Philip Morris International

      

2.900%, 11/15/2021

    325           339   

2.875%, 05/30/2024

  EUR 100           132   

2.125%, 05/30/2019

  EUR 100           131   

PNC Funding

      

5.125%, 02/08/2020

    300           355   

3.300%, 03/08/2022

    150           161   

Proctor and Gamble

      

2.000%, 08/16/2022

  EUR 200           254   

Rabobank Capital Funding Trust IV

      

5.556%, 12/31/2019 (A)

  GBP 153           222   

Republic Services

      

4.750%, 05/15/2023

    155           178   

Ryder System MTN

      

5.850%, 11/01/2016

    116           133   

Time Warner Cable

      

6.200%, 07/01/2013

    750           782   

5.850%, 05/01/2017

    286           341   

Transocean

      

2.500%, 10/15/2017

    173           174   

United Technologies

      

1.800%, 06/01/2017

    201           208   

US Bank MTN

      

0.817%, 02/28/2017 (A)

  EUR 1,700           2,165   

WellPoint

      

4.650%, 01/15/2043

    110           112   

3.300%, 01/15/2023

    204           206   

Wells Fargo MTN

      

4.600%, 04/01/2021

    75           87   

3.500%, 03/08/2022

    335           357   

2.625%, 08/16/2022

  EUR 400           519   
      

 

 

 
         28,316   
      

 

 

 

Total Global Bonds
(Cost $431,445) ($ Thousands)

         455,686   
      

 

 

 
Description  

Face Amount (1)

(Thousands)

       Market Value
($ Thousands)
 
      

MORTGAGE-BACKED SECURITIES — 3.3%

  

    

Non-Agency Mortgage-Backed Obligation — 3.3%

  

    

Bear Stearns Adjustable Rate Mortgage Trust, Ser 2004-6, Cl 3A

      

5.452%, 09/25/2034 (A)

    191         $ 187   

Bear Stearns Commercial Mortgage Securities, Ser 2004-PWR6, Cl A6

      

4.825%, 11/11/2041

    575           620   

Bear Stearns Commercial Mortgage Securities, Ser 2005-T18, Cl A4

      

4.933%, 02/13/2042 (A)

    135           148   

Bear Stearns Commercial Mortgage Securities, Ser 2006-PW11, Cl A4

      

5.621%, 03/11/2039 (A)

    450           511   

Bear Stearns Commercial Mortgage Securities, Ser 2006-T24, Cl A4

      

5.537%, 10/12/2041

    400           464   

Bear Stearns Commercial Mortgage Securities, Ser 2007-PW16, Cl A4

      

5.906%, 06/11/2040 (A)

    241           284   

Bear Stearns Commercial Mortgage Securities, Ser 2007-PW17, Cl A4

      

5.694%, 06/11/2050 (A)

    190           223   

Canary Wharf Finance, Ser II, Cl C2

      

1.325%, 10/22/2037 (A)(E)

    200           200   

Citigroup Commercial Mortgage Trust, Ser 2007-C6, Cl A4

      

5.888%, 12/10/2049 (A)

    1,140          1,341  

Citigroup Commercial Mortgage Trust, Ser 2008-C7, Cl A4

      

6.262%, 12/10/2049 (A)

    405           484   

Citigroup Mortgage Loan Trust, Ser 2005-2, Cl 1A4

      

2.746%, 05/25/2035 (A)

    897           867   

Citigroup, Ser 2007-CD4, Cl A4

      

5.322%, 12/11/2049

    325           370   

Commercial Mortgage Pass-Through Certificates Series 2008-C1, Ser 2008-C1, Cl A3

      

6.407%, 02/15/2041 (A)

    85           99   

Credit Suisse Mortgage Capital Certificates, Ser 2006-C5, Cl A3

      

5.311%, 12/15/2039

    1,215          1,382  

CW Capital Cobalt, Ser 2006-C1, Cl A4

      

5.223%, 08/15/2048

    140           157   

Eddystone Finance, Ser 2006-1, Cl A2

      

1.003%, 04/19/2021 (A)(E)

    150           215   

FHLMC, Ser K501-X1A, IO

      

1.756%, 08/25/2016 (E)

    333           17   
 

 

8    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

International Fixed Income Fund

September 30, 2012

 

Description  

Face Amount (1)

(Thousands)

       Market Value
($ Thousands)
 
      

Fosse Master Issuer, Ser 2011-1X, Cl A3

      

2.208%, 10/18/2054 (A)

    285         $ 466   

Granite Master Issuer, Ser 2005-1, Cl A5

      

0.299%, 12/20/2054 (A)(E)

    177           223   

Granite Master Issuer, Ser 2006-2, Cl A5

      

0.319%, 12/20/2054 (A)(E)

    349           440   

Greenwich Capital Commercial Funding, Ser 2007-GG9, Cl A4

      

5.444%, 03/10/2039

    250           285   

GS Mortgage Securities II, Ser 2012-ALOH

      

3.551%, 04/10/2034 (B)

    181           195   

GS Mortgage Securities II, Ser 2012-GCJ7, Cl A4

      

3.377%, 05/10/2045

    60           65   

GSR Mortgage Loan Trust, Ser 2005-AR1, Cl 4A1

      

5.069%, 01/25/2035 (A)

    261           260   

JPMorgan Chase Commercial Mortgage Securities, Ser 2004-CB9, Cl A4

      

5.777%, 06/12/2041 (A)

    110           119   

JPMorgan Chase Commercial Mortgage Securities, Ser 2005-CB13, Cl A4

      

5.467%, 01/12/2043 (A)

    75           83   

JPMorgan Chase Commercial Mortgage Securities, Ser 2007-CB18, Cl A4

      

5.440%, 06/12/2047

    880           1,014  

JPMorgan Chase Commercial Mortgage Securities, Ser 2007-CB19, Cl A4

      

5.920%, 02/12/2049 (A)

    250           294   

JPMorgan Chase Commercial Mortgage Securities, Ser 2012-WLDN, Cl A

      

3.905%, 05/05/2030 (B)

    100           109   

JPMorgan Chase Commercial Mortgage Securities, Ser LDP9, Cl A3

      

5.336%, 05/15/2047

    190           217   

JPMorgan Mortgage Trust, Ser 2004-A5, Cl 3A1

      

5.008%, 12/25/2034 (A)

    233           237   

LB-UBS Commercial Mortgage Trust, Ser 2006-C7, Cl A3

      

5.347%, 11/15/2038

    250           289   

LB-UBS Commercial Mortgage Trust, Ser 2008-C1, Cl A2

      

6.157%, 04/15/2041 (A)

    11           13   

LB-UBS Commercial Mortgage Trust, Ser C2, Cl A3

      

5.430%, 02/15/2040

    465           532   

Merrill Lynch Mortgage Trust, Ser 2005-LC1, Cl A4

      

5.291%, 01/12/2044 (A)

    370           414   

Merrill Lynch, Ser 2007-7, Cl A4

      

5.810%, 06/12/2050 (A)

    285           319   
Description  

Face Amount (1)

(Thousands)

       Market Value
($ Thousands)
 
      

Morgan Stanley Capital I Trust 2005-TOP19, Ser 2005-T19, Cl A4A

      

4.890%, 06/12/2047

    75         $ 83   

Silverstone Master Issuer, Ser 2009-1, Cl A2

      

2.225%, 01/21/2055 (A)

    300           495   

Storm, Ser 2006-1, Cl A2

      

0.568%, 04/22/2048 (A)

    1,048          1,348  

Storm, Ser 2011-4, Cl A1

      

1.658%, 10/22/2053 (A)

    717           931   

UBS-Barclays Commercial Mortgage Trust, Ser 2012-C2, Cl A4

      

3.525%, 05/10/2063

    170           184   

UBS-Barclays Commercial Mortgage Trust, Ser 2012-C3, Cl D

      

4.958%, 08/10/2049 (A)(B)

    115           98   

Wells Fargo Commercial Mortgage Trust, Ser LC5, Cl D

      

4.780%, 10/15/2045 (A)(B)

    41           36   
      

 

 

 

Total Mortgage-Backed Securities
(Cost $15,731) ($ Thousands)

         16,318   
      

 

 

 

CORPORATE OBLIGATIONS — 2.3%

      

United States — 2.3%

      

American Express Bank

      

5.550%, 10/17/2012

    530           531   

American Express Credit MTN

      

2.750%, 09/15/2015

    400           421   

Anadarko Petroleum

      

6.375%, 09/15/2017

    330           398   

Ball

      

5.000%, 03/15/2022

    230           241   

Bank of America MTN

      

5.000%, 05/13/2021

    175           192   

BE Aerospace

      

5.250%, 04/01/2022

    230           239   

CBS

      

4.300%, 02/15/2021

    300           334   

CIGNA

      

5.125%, 06/15/2020

    154           178   

Cimarex Energy

      

5.875%, 05/01/2022

    116           122   

CMS Energy

      

5.050%, 03/15/2022

    140           154   

CNA Financial

      

7.250%, 11/15/2023

    110           136   

6.500%, 08/15/2016

    40           46   

COX Communications

      

7.125%, 10/01/2012

    750           750   

CVS Caremark

      

6.600%, 03/15/2019

    375           479   

Daimler Finance North America

      

1.788%, 07/11/2013 (A)(B)

    400           403   

DIRECTV Holdings

      

4.600%, 02/15/2021

    300           328   

Duke Realty

      

6.750%, 03/15/2020 (F)

    140           168   

Enterprise Products Operating

      

5.950%, 02/01/2041

    100           118   
 

 

9    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

International Fixed Income Fund

September 30, 2012

 

Description  

Face Amount (1)

(Thousands)

       Market Value
($ Thousands)
 
      

EQT

      

8.125%, 06/01/2019

    285         $ 345   

General Electric Capital MTN

      

2.375%, 06/30/2015

    150           156   

Goldman Sachs Group

      

6.000%, 06/15/2020

    45           52   

Hartford Financial Services Group

      

5.125%, 04/15/2022

    385           433   

Humana

      

7.200%, 06/15/2018

    280           339   

Laboratory Corp of America Holdings

      

3.750%, 08/23/2022

    50           52   

2.200%, 08/23/2017

    93           95   

Lincoln National

      

8.750%, 07/01/2019

    128           168   

Lorillard Tobacco

      

6.875%, 05/01/2020

    375           460   

McGraw-Hill

      

5.900%, 11/15/2017

    325           382   

Morgan Stanley

      

3.450%, 11/02/2015

    125           128   

Motorola Solutions

      

7.500%, 05/15/2025

    85           106   

Nisource Finance

      

6.800%, 01/15/2019

    235           284   

Nissan Motor

      

3.250%, 01/30/2013 (B)

    430           433   

Prudential Financial MTN

      

6.100%, 06/15/2017

    125           147   

Ryder System MTN

      

7.200%, 09/01/2015

    108           125   

SABMiller Holdings

      

3.750%, 01/15/2022 (B)

    400           434   

SLM MTN

      

5.050%, 11/14/2014

    155           164   

Time Warner

      

4.875%, 03/15/2020

    150           173   

Time Warner Cable

      

7.500%, 04/01/2014

    385           423   

Union Electric

      

6.700%, 02/01/2019

    45           58   

Viacom

      

6.125%, 10/05/2017

    325           391   

Wachovia Capital Trust III

      

5.570%, 12/31/2049 (A)

    385           381   

Wynn Las Vegas

      

5.375%, 03/15/2022 (B)

    235           239   
      

 

 

 

Total Corporate Obligations
(Cost $10,279) ($ Thousands)

         11,206   
      

 

 

 

ASSET-BACKED SECURITIES — 0.4%

      

Automotive — 0.4%

      

Auto Compartiment, Ser 2007-1, Cl A

      

0.413%, 02/25/2019 (A)

    86           111   

Bank of America Auto Trust 2012-1, Ser 2012-1, Cl A2

      

0.590%, 11/17/2014

    900           901   
Description  

Face Amount (1)

(Thousands)

       Market Value
($ Thousands)
 
      

Ford Credit Floorplan Master Owner Trust, Ser 2010-1

      

1.871%, 12/15/2014 (A)(B)

    800         $ 803   
      

 

 

 
         1,815   
      

 

 

 

Other Asset-Backed Securities — 0.0%

      

Lambda Finance, Ser 2005-1X, Cl A2

      

0.589%, 11/15/2029 (A)(E)

    2           2   

Santander Consumer Finance, Ser 2007-1, Cl A

      

0.394%, 09/20/2022 (E)

    31           39   
      

 

 

 
         41   
      

 

 

 

Total Asset-Backed Securities
(Cost $1,857) ($ Thousands)

         1,856   
      

 

 

 

U.S. TREASURY OBLIGATIONS — 0.1%

  

    

U.S. Treasury Bonds

      

4.375%, 11/15/2039

  $ 20           26   

4.375%, 05/15/2041

    205           272   

3.875%, 08/15/2040

    5           6   

U.S. Treasury Notes

      

2.000%, 02/15/2022

    175           182   
      

 

 

 

Total U.S. Treasury Obligations
(Cost $408) ($ Thousands)

         486   
      

 

 

 

MUNICIPAL BOND — 0.0%

      

State of Illinois, GO

      

5.877%, 03/01/19

    45           51  
      

 

 

 

Total Municipal Bond
(Cost $45) ($ Thousands)

         51   
      

 

 

 

TIME DEPOSITS — 0.5%

      

United States — 0.5%

      

Brown Brothers Harriman

      

4.150%, 10/01/2012

  ZAR            

2.580%, 10/01/2012

  AUD 4           4   

1.550%, 10/01/2012

  NZD 22           19   

0.550%, 10/01/2012

  NOK 125           22   

0.400%, 10/01/2012

  SEK 106           16   

0.185%, 10/01/2012

  CAD 22           23   

0.054%, 10/01/2012

  GBP 40           64   

0.030%, 10/01/2012

    1,525          1,525  

0.010%, 10/01/2012

  JPY  5,139           66   

0.010%, 10/01/2012

  SGD 60           49   

0.005%, 10/01/2012

  HKD 2             

0.005%, 10/01/2012

  CHF            

(0.014)%, 10/01/2012

  EUR 533           686   

(0.200)%, 10/01/2012

  DKK 1             
      

 

 

 

Total Time Deposits
(Cost $2,474) ($ Thousands)

         2,474   
      

 

 

 

Total Investments — 99.2%
(Cost $462,239) ($ Thousands)

       $ 488,077   
      

 

 

 
 

 

10    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

International Fixed Income Fund

September 30, 2012

 

A list of the open futures contracts held by the Fund at September 30, 2012, is as follows:

 

Type of Contract      Number of
Contracts
Long (Short)
       Expiration
Date
       Unrealized
Appreciation
(Depreciation)
($ Thousands)
 

Australian 3-Year Bond

       64           Dec-2012         $ 36   

Canadian 10-Year Bond

       15           Dec-2012           8   

Euro-Bobl

       41           Dec-2012           (8

Euro-Oat

       6           Dec-2012           8   

Euro-Bund

       60           Dec-2012           8   

Euro-Buxl 30 Year Bond

       4           Dec-2012           (8

Euro-Schatz

       18           Dec-2012           (3

Japanese 10-Year Bond

       6           Dec-2012           23   

Japanese 10-Year Bond

       (5        Dec-2012           (3

Long Gilt 10-Year Bond

       5           Dec-2012           4   

U.S. 10-Year Treasury Note

       (180        Dec-2012           (117

U.S. 2-Year Treasury Note

       (35        Dec-2012           (3

U.S. 5-Year Treasury Note

       (112        Dec-2012           (51

U.S. Long Treasury Bond

       (19        Dec-2012           (25

U.S. Ultra Long Treasury Bond

       (6        Dec-2012           8   
              

 

 

 
               $ (123
              

 

 

 

For the year ended September 30, 2012, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the year.

A list of the open forward foreign currency contracts held by the Fund at September 30, 2012, is as follows:

 

Maturity Date   

Currency to

Deliver

(Thousands)

    

Currency to

Receive

(Thousands)

   

Unrealized
Appreciation

(Depreciation)
($ Thousands)

 

10/04/2012

   USD 90       ZAR 734      $ (1

10/04/2012-10/31/2012

   USD 11,997       EUR 9,256        (88

10/04/2012-10/31/2012

   USD 550       JPY 42,952        2   

10/04/2012-10/31/2012

   ZAR 27,825       USD 3,345        (24

10/04/2012-11/05/2012

   AUD 9,778       USD 10,143        (1

10/04/2012-11/05/2012

   CZK 136,603       USD 6,949        (28

10/04/2012-11/05/2012

   EUR 240,666       USD 308,731        (916

10/04/2012-11/05/2012

   GBP 51,645       USD 83,194        (189

10/04/2012-11/05/2012

   USD 3,810       CZK 73,466        (57

10/04/2012-11/05/2012

   USD 1,629       KRW 1,818,495        7   

10/04/2012-11/08/2012

   DKK 61,005       USD 10,467        (67

10/04/2012-11/08/2012

   SEK 38,726       USD 5,902        (1

10/04/2012-11/09/2012

   CAD 26,922       USD 27,450        100   

10/04/2012-11/16/2012

   JPY 11,742,909       USD 150,588        (415

10/04/2012-12/27/2012

   MXP 77,267       USD 5,778        (203

10/05/2012-10/31/2012

   SGD 4,364       USD 3,527        (30

10/11/2012

   TRY 2,878       USD 1,599        (2

10/11/2012-10/31/2012

   NZD 2,049       USD 1,683        (17

10/18/2012-10/31/2012

   USD 2,033       MXP 26,046        (12

10/31/2012

   CHF 1,625       USD 1,735        5   

10/31/2012

   KRW 2,558,461       USD 2,277        (24

10/31/2012

   MYR 1,001       USD 325        (2

10/31/2012

   NOK 1,247       USD 218          

10/31/2012

   PLN 3,745       USD 1,170        5   

10/31/2012

   USD 721       AUD 698        2   

10/31/2012

   USD 738       CAD 723        (4

10/31/2012

   USD 559       NOK 3,200        (1

10/31/2012

   USD 744       NZD 907        8   

10/31/2012

   USD 161       SEK 1,060        1   
       

 

 

 
        $ (1,952
       

 

 

 

A list of the counterparties for the open forward foreign currency contracts held by the Fund at September 30, 2012, is as follows:

 

Counterparty   Settlement Date    

Currencyto

Deliver
($ Thousands)

   

Currency to

Receive
($ Thousands)

    Unrealized
Appreciation
(Depreciation)
($ Thousands)
 

Bank of America

    10/04/2012-10/31/2012        (2,274     2,269      $ (5

Bank of Montreal

    10/31/2012        (163     163          

Barclays PLC

    10/04/2012-11/08/2012        (22,541     22,639        98   

BNP Paribas

    10/04/2012-11/05/2012        (95,932     96,734        802   

Brown Brothers Harriman

    10/04/2012        (3,898     3,913        15   

Citigroup

    10/04/2012-11/09/2012        (18,910     18,990        80   

Credit Suisse First Boston

    10/18/2012-10/31/2012        (38,895     38,775        (120

Deutsche Bank

    10/04/2012-11/05/2012        (17,295     17,089        (206

Goldman Sachs

    10/31/2012        (1,298     1,309        11   

HSBC

    10/04/2012-11/16/2012        (179,222     179,297        75   

JPMorgan Chase Bank

    10/04/2012-10/31/2012        (11,072     11,049        (23

Morgan Stanley

    10/04/2012-10/31/2012        (5,182     5,111        (71

National Australia Bank

    10/04/2012-10/11/2012        (1,752     1,759        7   

Royal Bank of Canada

    10/31/2012-11/09/2012        (10,481     10,522        41   

Royal Bank of Scotland

    10/04/2012-12/27/2012        (6,595     6,395        (200

Societe Generale

    10/4/2012        (2,012     2,056        44   

Standard New York, Inc.

    10/5/2012        (2,417     2,388        (29

State Street

    10/04/2012-11/05/2012        (173,947     171,364        (2,583

UBS

    10/04/2012-10/31/2012        (56,820     56,932        112   
       

 

 

 
        $ (1,952
       

 

 

 

For the year ended September 30, 2012, the total amount of all open forward foreign currency contracts, as presented in the table above are representative of the volume of activity for this derivative type during the period.

 

 

11    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

International Fixed Income Fund

September 30, 2012

 

A list of the open swap agreements held by the Fund at September 30, 2012, is as follows:

 

Interest Rate Swaps  
Counterparty    Fund Pays    Fund Receives   

Termination

Date

     Currency     

Notional

Amount

(Thousands)

     Net Unrealized
Appreciation
(Depreciation)
($Thousands)
 
Citigroup    3.79%    6-Month GBP LIBOR      05/19/2019         GBP         2,500       $ (684
Deutsche Bank    1.93%    6-Month EURIBOR      04/03/2019         EUR         4,200         (259
UBS    1.07%    6-Month EURIBOR Flat      09/11/2017         DEM         2,000         (17
UBS    2.66%    6-Month GBP LIBOR      09/05/2032         GBP         1,000         15   
Deutsche Bank    6-Month EURIBOR    4.17%      03/28/2013         EUR         7,000         361   
Deutsche Bank    6-Month EURIBOR Flat    1.77%      09/07/2022         DEM         5,250         23   
JPMorgan    6-Month JPY LIBOR    2.22%      03/30/2027         JPY         750,000         1,348   
Royal Bank of Scotland    6-Month EURIBOR    3.14%      08/04/2021         EUR         1,450         248   
JPMorgan    6-Month EURIBOR    4.38%      01/07/2013         EUR         5,400         278   
USB    3-Month Canadian Bankers Acceptance Rate    2.56%      04/24/2022         CAD         2,000         91   
                 

 

 

 
                  $ 1,404   
                 

 

 

 

For the year ended September 30, 2012, the total amount of all swap agreements, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

 

Percentages are based on a Net Assets of $491,793 ($ Thousands).

 

(1)   In local currency unless otherwise indicated.

 

(A)   Variable Rate Security - The rate reported on the Schedule of Investments is the rate in effect as of September 30, 2012.

 

(B)   Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” These securities have been determined to be liquid under guidelines established by the Board of Trustees.

 

(C)   Step Bonds - The rate reflected on the Schedule of Investments is the effective yield on September 30, 2012. The coupon on a step bond changes on a specified date.

 

(D)   Security is when-issued.

 

(E)   Securities considered illiquid. The total market value of such securities as of September 30, 2012 was $1,411 ($ Thousands) and represented 0.3% of Net Assets.

 

(F)   Real Estate Investment Trust.

AUD — Australian Dollar

CAD — Canadian Dollar

CHF — Swiss Franc

CZK — Czech Koruna

Cl — Class

DKK — Danish Krone

EUR — Euro

EURIBOR — Euro London Interbank Offered Rate

FHLMC — Federal Home Loan Mortgage Corporation

GBP — British Pound Sterling

HKD— Hong Kong Dollar

JPY — Japanese Yen

KRW — Korean Won

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

MXP — Mexican Peso

MYR — Malaysian Ringgit

NOK — Norwegian Krone

NZD — New Zealand Dollar

PLC — Public Limited Company

PLN — Polish Zlotty

SEK — Swedish Krone

Ser — Series

SGD — Singapore Dollar

TRY — Turkish Lira

USD — U.S. Dollar

ZAR— South African Rand

The following is a summary of the inputs used as of September 30, 2012, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):

 

Investments in Securities   Level 1     Level 2     Level 3     Total  

Global Bonds

  $      $ 455,686      $      $ 455,686   

Mortgage-Backed Securities

           16,318               16,318   

Corporate Obligations

           11,206               11,206   

Asset-Backed Securities

           1,856               1,856   

U.S. Treasury Obligations

           486               486   

Municipal Bond

           51               51   

Time Deposits

           2,474               2,474   
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Investments in Securities

  $      $ 488,077      $      $ 488,077   
 

 

 

   

 

 

   

 

 

   

 

 

 

 

Other Financial Instruments   Level 1     Level 2     Level 3     Total  

Futures Contracts *

  $ (123 )   $      $      $ (123 )

Forwards Contracts *

           (1,952 )            (1,952 )

Interest Rate Swaps *

           1,404              1,404  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Other Financial Instruments

  $ (123 )   $ (548 )   $      $ (671 )
 

 

 

   

 

 

   

 

 

   

 

 

 

 

*   Futures contracts, forwards contracts, and swap contracts are valued at the net unrealized appreciation/(depreciation).

For the year ended September 30, 2012, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the year ended September 30, 2012, there were no transfers between Level 2 and Level 3 assets and liabilities.

Amounts designated as “—” are $O or have been rounded to $O.

The accompanying notes are an integral part of the financial statements.

 

 

12    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

Emerging Markets Debt Fund

September 30, 2012

 

Description  

Face Amount(1)

(Thousands)

      

Market Value

($ Thousands)

 
      

GLOBAL BONDS — 86.0%

      

Angola — 0.1%

      

Republic of Angola Via Northern Lights III

      

7.000%, 08/16/2019

    775         $ 851   
      

 

 

 

Argentina — 1.9%

      

Capex

      

10.000%, 03/10/2018 (A)

    488           366   

City of Buenos Aires Argentina

      

9.950%, 03/01/2017 (A)

    1,754           1,570   
      

Deutsche Bank, CLN (Cablevision) MTN

      

9.375%, 02/13/2018 (A)(B)

    1,732           1,299   

Empresa Distribuidora Y Comercializadora Norte

      

9.750%, 10/25/2022 (A)

    606           303   

Province of Buenos Aires

      

9.625%, 04/18/2028 (B)

    595           422   

9.625%, 04/18/2028 (A)(B)

    1,605           1,140   

9.375%, 09/14/2018 (B)

    470           343   

Province of Medoza

      

5.500%, 09/04/2018 (B)

    266           205   

Province of Neuquen

      

8.656%, 10/18/2014 (A)(B)

    84           86   

Republic of Argentina

      

8.750%, 06/02/2017

    320           312   

8.280%, 12/31/2033

    1,891           1,484   

8.280%, 12/31/2033

    351           262   

7.820%, 12/31/2033

  EUR 1,685           1,409   

7.820%, 12/31/2033

  EUR 275           230   

7.820%, 12/31/2033

  EUR 9,497           7,960   

7.000%, 10/03/2015

    1,765           1,610   

4.191%, 12/15/2035 (C)

  EUR 7,500           1,158   

2.500%, 03/31/2019 (D)

    1,800           663   

1.180%, 12/31/2038 (C)(D)

  ARS 2             

0.044%, 12/15/2035 (C)

    4,360           569   

0.000%, 12/15/2035 (C)

  ARS 2             

Transportadora Gas del Norte

      

3.500%, 08/22/2019 (A)(D)

    173             

3.500%, 08/22/2019 (A)(D)

    318             

0.000%, 08/22/2019 (A)(E)

    125           72   

0.000%, 08/22/2019 (A)(E)

    38           22   

WPE International Cooperatief

      

10.375%, 09/30/2020 (A)

    950           807   
      

 

 

 
         22,292   
      

 

 

 

Azerbaijan — 0.1%

      

State Oil of the Azerbaijan Republic

      

5.450%, 02/09/2017

    657           703   
      

 

 

 
Description  

Face Amount(1)

(Thousands)

      

Market Value

($ Thousands)

 
      

Barbados — 0.1%

      

Columbus International

      

11.500%, 11/20/2014 (A)

    1,200         $ 1,332   
      

 

 

 

Belarus — 0.2%

      

Republic of Belarus

      

8.950%, 01/26/2018

    1,230           1,207   

8.750%, 08/03/2015

    1,030           1,018   
      

 

 

 
         2,225   
      

 

 

 

Bermuda — 0.1%

      

Bermuda Government International Bond

      

4.138%, 01/03/2023 (A)

    820           861   
      

 

 

 

Bosnia and Herzegovina — 0.1%

      

Republic of Bosnia & Herzegovina

      

0.000%, 12/11/2017 (B)(C)

  DEM 1,821           910   
      

 

 

 

Brazil — 7.0%

      

Banco Cruzeiro do Sul

      

8.875%, 09/22/2020 (F)

    384             

8.875%, 09/22/2020 (F)

    1,144           1   

Banco Nacional de Desenvolvimento Economico e Social

      

6.500%, 06/10/2019 (A)

    660           813   

5.500%, 07/12/2020 (A)

    400           474   

Barclays, CLN (Nota Do Tesouro Nacional)

      

6.000%, 05/15/2015

  BRL 850           997   

Barclays, CLN (Nota Do Tesouro Nacional, Serie F)

      

10.000%, 01/01/2017

  BRL 9,890           5,027   

10.000%, 01/01/2021

  BRL 6,770           3,390   

BM&FBovespa

      

5.500%, 07/16/2020

    300           341   

BR Malls International Finance

      

8.500%, 12/31/2049 (A)

    145           158   

BR Properties

      

9.000%, 12/31/2049 (A)

    241           260   

Braskem Finance

      

7.375%, 10/04/2049

    200           210   

Brazil Letras do Tesouro Nacional

      

0.000%, 01/01/2015 (E)

  BRL 10,800           4,435   

Brazil Notas do Tesouro Nacional, Ser B

      

13.054%, 05/15/2015

  BRL 8,660           10,157   

10.674%, 08/15/2020

  BRL 4,560           5,712   

Brazil Notas do Tesouro Nacional, Serie B

      

6.000%, 08/15/2016

  BRL 2,540           3,021   

Brazil Notas do Tesouro Nacional, Serie F

      

10.000%, 01/01/2014

  BRL 1,490           752   

10.000%, 01/01/2021

  BRL 3,100           1,552   
 

 

1    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

Emerging Markets Debt Fund

September 30, 2012

 

Description   

Face Amount(1)

(Thousands)

     Market Value
($ Thousands)
 
     

Cia Energetica de Sao Paulo MTN

     

9.750%, 01/15/2015

     630       $ 452   

Citigroup Funding, CLN (Federal Republic of Brazil) MTN

     

6.000%, 08/16/2018

     5,154         5,136   

Deutsche Bank, CLN (Nota Do Tesouro Nacional) MTN

     

10.000%, 01/06/2021

     2,500         2,614   

Federal Republic of Brazil

     

11.000%, 08/17/2040

     150         192   

10.250%, 01/10/2028

   BRL 290         187   

10.125%, 05/15/2027

     2,827         5,113   

8.875%, 04/15/2024

     360         582   

8.500%, 01/05/2024

   BRL 8,920         5,175   

8.250%, 01/20/2034

     900         1,487   

7.125%, 01/20/2037

     3,021         4,554   

5.875%, 01/15/2019

     260         324   

5.625%, 01/07/2041

     1,150         1,472   

4.875%, 01/22/2021

     460         550   

2.625%, 01/05/2023

     400         400   

Fibria Overseas Finance

     

6.750%, 03/03/2021

     700         747   

General Shopping Finance

     

10.000%, 12/31/2049 (A)

     294         300   

Globo Comunicacao e Participacoes

     

6.250%, 07/20/2015 (D)

     147         159   

Hypermarcas

     

6.500%, 04/20/2021 (A)

     224         235   

Itau Unibanco Holding

     

5.650%, 03/19/2022 (A)

     200         209   

JBS Finance II

     

8.250%, 01/29/2018

     300         306   

8.250%, 01/29/2018 (A)

     1,320         1,346   

JPMorgan, CLN (Nota Do Tesouro Nacional)

     

10.000%, 01/01/2023

   BRL 1,800         897   

6.000%, 05/15/2015

   BRL 3,705         4,346   

Marfrig Holding Europe

     

8.375%, 05/09/2018

     1,200         978   

Minerva Luxembourg

     

12.250%, 02/10/2022 (A)

     1,000         1,154   

Minerva Overseas II

     

10.875%, 11/15/2019

     110         122   

Morgan Stanley

     

10.090%, 05/03/2017

   BRL 2,600         1,380   

Odebrecht Drilling Norbe VIII/IX

     

6.350%, 06/30/2021

     25         28   

6.350%, 06/30/2021

     116         131   

OGX Austria GmbH

     

8.375%, 04/01/2022 (A)

     400         348   

OGX Petroleo e Gas Participacoes

     

8.500%, 06/01/2018 (A)

     508         457   

OSX 3 Leasing

     

9.250%, 03/20/2015

     200         207   
Description    Face Amount(1)
(Thousands)
     Market Value
($ Thousands)
 
     

Petrobras International Finance

     

5.375%, 01/27/2021

     20       $ 23   

QGOG Atlantic/Alaskan Rigs

     

5.250%, 07/30/2018 (A)

     290         302   

Schahin II Finance

     

5.875%, 09/25/2022 (A)

     590         618   

Telemar Norte Leste

     

5.500%, 10/23/2020 (A)

     200         210   

Vale

     

5.625%, 09/11/2042

     340         346   

Vale Overseas

     

8.250%, 01/17/2034

     230         298   

6.875%, 11/21/2036

     250         289   

Voto-Votorantim Overseas Trading Operations

     

6.625%, 09/25/2019 (A)

     490         565   
     

 

 

 
        81,539   
     

 

 

 

Canada — 0.0%

     

PTTEP Canada International Finance MTN

     

5.692%, 04/05/2021

     200         231   
     

 

 

 

Chile — 0.8%

     

Banco del Estado de Chile

     

4.125%, 10/07/2020

     130         141   

3.875%, 02/08/2022 (A)

     230         244   

BancoEstado

     

4.125%, 10/07/2020 (A)

     270         293   

Empresa Nacional del Petroleo

     

6.250%, 07/08/2019

     50         58   

6.250%, 07/08/2019 (A)

     100         115   

5.250%, 08/10/2020 (A)

     240         262   

Inversiones Alsacia

     

8.000%, 08/18/2018 (A)

     966         991   

Nacional del Cobre de Chile

     

7.500%, 01/15/2019

     170         220   

6.150%, 10/24/2036

     1,530         1,961   

4.250%, 07/17/2042 (A)

     654         647   

3.875%, 11/03/2021 (A)

     410         446   

3.750%, 11/04/2020 (A)

     290         313   

3.750%, 11/04/2020

     110         119   

3.000%, 07/17/2022 (A)

     721         727   

Republic of Chile

     

5.500%, 08/05/2020

   CLP 140,000         313   

5.500%, 08/05/2020

   CLP 500,000         1,113   

3.250%, 09/14/2021

     556         602   

Telefonica Moviles Chile

     

2.875%, 11/09/2015

     300         301   
     

 

 

 
        8,866   
     

 

 

 

China — 1.1%

     

Agile Property Holdings

     

8.875%, 04/28/2017

     400         403   

Central China Real Estate

     

12.250%, 10/20/2015

     300         325   

China Oriental Group

     

8.000%, 08/18/2015 (A)

     950         921   

7.000%, 11/17/2017

     200         172   

China Overseas Finance Cayman II

     

5.500%, 11/10/2020

     100         110   
 

 

2    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

Emerging Markets Debt Fund

September 30, 2012

 

Description   

Face Amount(1)

(Thousands)

    

Market Value

($ Thousands)

 
     

China Shanshui Cement Group

     

10.500%, 04/27/2017 (A)

     650       $ 682   

CNPC HK Overseas Capital

     

5.950%, 04/28/2041

     400         511   

Country Garden Holdings

     

11.250%, 04/22/2017

     700         763   

Evergrande Real Estate Group

     

13.000%, 01/27/2015

     400         405   

13.000%, 01/27/2015 (A)

     600         607   

9.250%, 01/19/2016

   CNY 5,000         702   

7.500%, 01/19/2014

   CNY 3,000         450   

Franshion Development

     

6.750%, 04/15/2021 (A)

     320         329   

Hidili Industry International Development

     

8.625%, 11/04/2015

     800         628   

Mega Advance Investments

     

5.000%, 05/12/2021 (A)

     406         453   

Sinochem Offshore Capital

     

1.800%, 01/18/2014

   CNY 2,000         310   

Sinochem Overseas Capital

     

6.300%, 11/12/2040

     150         174   

4.500%, 11/12/2020 (A)

     2,072         2,204   

4.500%, 11/12/2020

     327         348   

Sinopec Group Overseas Development 2012

  

  

4.875%, 05/17/2042 (A)

     700         784   

3.900%, 05/17/2022 (A)

     300         321   

Tencent Holdings

     

4.625%, 12/12/2016

     250         266   

3.375%, 03/05/2018

     217         219   

West China Cement

     

7.500%, 01/25/2016 (A)

     200         177   
     

 

 

 
        12,264   
     

 

 

 

Colombia — 4.2%

     

Bancolombia

     

5.950%, 06/03/2021

     300         337   

5.950%, 06/03/2021 (A)

     398         448   

5.125%, 09/11/2022

     175         177   

Bogota Distrito Capital

     

9.750%, 07/26/2028

   COP 375,000         307   

9.750%, 07/26/2028 (A)

   COP 9,020,000         7,380   

Citigroup Funding, CLN (Republic of Columbia) MTN

     

11.000%, 07/27/2020

   COP 8,830,000         6,355   

Colombia Telecomunicaciones ESP

  

  

5.375%, 09/27/2022 (A)

     310         315   

Ecopetrol

     

7.625%, 07/23/2019 (A)

     220         281   

Emgesa ESP

     

8.750%, 01/25/2021

   COP 870,000         546   

Empresa de Energia de Bogota

     

6.125%, 11/10/2021

     300         330   

Empresas Publicas de Medellin ESP

  

  

8.375%, 02/01/2021

   COP 310,000         193   

Grupo Aval

     

5.250%, 02/01/2017 (A)

     200         212   
Description   

Face Amount(1)

(Thousands)

    

Market Value

($ Thousands)

 
     

4.750%, 09/26/2022 (A)

     222       $ 219   

Gruposura Finance

     

5.700%, 05/18/2021 (A)

     410         447   

Republic of Colombia

     

12.000%, 10/22/2015

   COP 4,279,000         2,926   

11.750%, 02/25/2020

     1,552         2,526   

10.375%, 01/28/2033

     140         256   

9.850%, 06/28/2027

   COP 2,670,000         2,247   

9.850%, 06/28/2027

   COP 2,550,000         2,146   

8.125%, 05/21/2024

     1,310         1,955   

7.750%, 04/14/2021

   COP 5,668,000         3,875   

7.375%, 01/27/2017

     445         553   

7.375%, 03/18/2019

     1,760         2,327   

7.375%, 09/18/2037

     5,379         8,257   

6.125%, 01/18/2041

     1,195         1,619   

4.375%, 07/12/2021

     450         518   

4.375%, 03/21/2023

   COP 2,176,000         1,187   

Titulos de Tesoreria

     

7.000%, 02/25/2015

   COP 570,000         714   

Transportadora de Gas Internacional ESP

  

  

5.700%, 03/20/2022 (A)

     350         374   
     

 

 

 
        49,027   
     

 

 

 

Croatia — 1.0%

     

Agrokor

     

9.125%, 02/01/2020

     130         167   

8.875%, 02/01/2020

     200         200   

Government of Croatia

     

6.750%, 11/05/2019

     2,473         2,788   

6.625%, 07/14/2020 (A)

     1,988         2,229   

6.625%, 07/14/2020

     600         673   

6.375%, 03/24/2021

     810         898   

6.375%, 03/24/2021 (A)

     1,551         1,720   

6.250%, 04/27/2017 (A)

     1,212         1,312   

5.875%, 07/09/2018

   EUR 150         208   

Zagrebacki Holding

     

5.500%, 07/10/2017

   EUR 1,100         1,220   
     

 

 

 
        11,415   
     

 

 

 

Czech Republic — 0.1%

     

Central European Media Enterprises

  

  

11.625%, 09/15/2016 (A)

   EUR 700         937   
     

 

 

 

Dominican Republic — 0.2%

     

Cap Cana

     

10.000%, 04/30/2016 (F)

     982         147   

10.000%, 04/30/2016 (F)

     844         211   

Dominican Republic

     

7.500%, 05/06/2021 (A)

     1,490         1,680   
     

 

 

 
        2,038   
     

 

 

 

Ecuador — 0.0%

     

Republic of Ecuador

     

9.375%, 12/15/2015

     240         248   
     

 

 

 

Egypt — 0.1%

     

Government of Egypt

     

6.875%, 04/30/2040

     240         236   

5.750%, 04/29/2020 (A)

     100         100   

5.750%, 04/29/2020

     150         151   
 

 

3    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

Emerging Markets Debt Fund

September 30, 2012

 

Description  

Face Amount(1)

(Thousands)

       Market Value
($ Thousands)
 
      

Nile Finance

      

5.250%, 08/05/2015

    280         $ 280   
      

 

 

 
         767   
      

 

 

 

El Salvador — 0.3%

      

Republic of El Salvador

      

8.250%, 04/10/2032

    110           131   

7.750%, 01/24/2023

    332           388   

7.650%, 06/15/2035

    1,337           1,494   

7.625%, 02/01/2041 (A)

    380           424   

7.375%, 12/01/2019

    170           195   

Telemovil Finance

      

8.000%, 10/01/2017 (A)

    500           527   
      

 

 

 
         3,159   
      

 

 

 

Georgia — 0.1%

      

JSC Georgian Railway

      

7.750%, 07/11/2022 (A)

    390           445   

Republic of Georgia

      

6.875%, 04/12/2021 (A)

    340           389   
      

 

 

 
         834   
      

 

 

 

Ghana — 0.1%

      

Republic of Ghana

      

8.500%, 10/04/2017 (A)

    300           352   

8.500%, 10/04/2017

    851           1,000   
      

 

 

 
         1,352   
      

 

 

 

Hong Kong — 0.3%

      

Bank of China Hong Kong

      

5.550%, 02/11/2020 (A)

    870           975   

Fosun International

      

7.500%, 05/12/2016

    400           392   

Hutchison Whampoa International

      

6.000%, 12/31/2049 (C)

    260           269   

Hutchison Whampoa International 11

  

    

4.625%, 01/13/2022 (A)

    400           438   

Industrial & Commercial Bank of China Asia MTN

      

5.125%, 11/30/2020

    260           285   

PCCW-HKT Capital No. 4

      

4.250%, 02/24/2016

    301           320   

Swire Pacific Financing MTN

      

4.500%, 02/28/2022

    250           273   

Yancoal International Resources Development

      

5.730%, 05/16/2022 (A)

    281           291   
      

 

 

 
         3,243   
      

 

 

 

Hungary — 3.3%

      

Republic of Hungary Treasury Bills

      

0.000%, 01/02/2013 (E)(G)

  HUF 570,200           2,532   

Republic of Hungary

      

8.000%, 02/12/2015

  HUF 1,069,000           4,957   

7.750%, 08/24/2015

  HUF 2,463,850           11,367   

7.625%, 03/29/2041

    810           915   

7.000%, 06/24/2022

  HUF 768,730           3,402   

6.750%, 11/24/2017

  HUF 1,011,200           4,540   

6.750%, 02/24/2017

  HUF 902,000           4,056   

6.375%, 03/29/2021

    832           906   

6.250%, 01/29/2020

    710           770   

6.000%, 01/11/2019

  EUR 612           783   

5.750%, 06/11/2018

  EUR 2,018           2,565   

5.500%, 05/06/2014

  GBP 66           106   
Description   Face Amount(1)
(Thousands)
       Market Value
($ Thousands)
 
      

5.000%, 03/30/2016

  GBP 227         $ 339   

3.500%, 07/18/2016

  EUR 1,637           1,967   
      

 

 

 
         39,205   
      

 

 

 

India — 0.1%

      

ICICI Bank

      

5.750%, 11/16/2020 (A)

    128           136   

Reliance Holdings USA

      

6.250%, 10/19/2040

    800           898   

5.400%, 02/14/2022 (A)

    250           267   
      

 

 

 
         1,301   
      

 

 

 

Indonesia — 4.7%

      

Adaro Indonesia MTN

      

7.625%, 10/22/2019 (A)

    455           500   

Bakrie Telecom

      

11.500%, 05/07/2015

    484           218   

Berau Capital Resources

      

12.500%, 07/08/2015

    954           1,011   

Deutsche Bank, CLN (Republic of Indonesia)

      

7.000%, 05/15/2022

  IDR 4,600,000           515   

Indosat Palapa

      

7.375%, 07/29/2020 (A)

    352           400   

JPMorgan, CLN (Republic of Indonesia)

      

7.000%, 05/15/2022

  IDR 122,400,000           13,715   

Majapahit Holding

      

8.000%, 08/07/2019

    370           467   

7.875%, 06/29/2037 (A)(B)

    205           266   

7.750%, 01/20/2020

    30           38   

7.750%, 10/17/2016

    370           438   

7.750%, 01/20/2020 (A)

    250           314   

Pertamina Persero

      

6.500%, 05/27/2041 (A)

    380           435   

6.000%, 05/03/2042 (A)

    935           1,014   

5.250%, 05/23/2021 (A)

    500           552   

4.875%, 05/03/2022 (A)

    220           237   

Perusahaan Listrik Negara

      

5.500%, 11/22/2021 (A)

    310           347   

Republic of Indonesia

      

11.625%, 03/04/2019

    628           959   

11.625%, 03/04/2019

    1,786           2,728   

11.625%, 03/04/2019 (A)

    1,195           1,825   

11.000%, 10/15/2014

  IDR 5,200,000           603   

10.375%, 05/04/2014

    190           216   

8.500%, 10/12/2035

    2,010           3,186   

8.500%, 10/12/2035

    401           636   

8.250%, 06/15/2032

  IDR 65,922,000           8,008   

7.750%, 01/17/2038

    4,482           6,678   

7.750%, 01/17/2038

    100           149   

7.500%, 01/15/2016

    500           588   

7.000%, 05/15/2022

  IDR 17,800,000           1,995   

6.875%, 01/17/2018

    910           1,115   

6.750%, 03/10/2014

    160           171   

6.625%, 02/17/2037

    70           93   

6.625%, 05/15/2033

  IDR 3,214,000           332   

6.625%, 02/17/2037

    110           146   

6.250%, 04/15/2017

  IDR 16,000,000           1,717   

5.875%, 03/13/2020 (A)

    764           921   

5.625%, 05/15/2023

  IDR 3,900,000           394   

5.250%, 01/17/2042

    337           383   
 

 

4    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

Emerging Markets Debt Fund

September 30, 2012

 

Description    Face Amount(1)
(Thousands)
     Market Value
($ Thousands)
 
     

4.875%, 05/05/2021 (A)

     850       $ 973   

Sable International Finance

     

8.750%, 02/01/2020 (A)

     200         223   

Star Energy Geothermal Wayang Windu

     

11.500%, 02/12/2015 (A)

     400         430   
     

 

 

 
        54,936   
     

 

 

 

Iraq — 0.6%

     

Republic of Iraq

     

5.800%, 01/15/2028 (A)

     545         500   

5.800%, 01/15/2028

     7,453         6,838   
     

 

 

 
        7,338   
     

 

 

 

Israel — 0.2%

     

Israel Government Bond - Fixed

     

5.500%, 01/31/2022

   ILS 9,100         2,631   
     

 

 

 

Ivory Coast — 0.4%

     

Government of Ivory Coast

     

3.750%, 12/31/2032 (F)

     5,583         4,801   
     

 

 

 

Jamaica — 0.2%

     

Digicel Group

     

10.500%, 04/15/2018

     160         174   

8.250%, 09/30/2020 (A)

     1,700         1,785   
     

 

 

 
        1,959   
     

 

 

 

Jordan — 0.1%

     

Kingdom of Jordan

     

3.875%, 11/12/2015

     710         694   
     

 

 

 

Kazakhstan — 1.8%

     

ATF Bank JSC

     

9.000%, 05/11/2016

     300         296   

BTA Bank

     

10.750%, 07/01/2018 (A)(F)

     1,202         222   

10.750%, 07/01/2018 (F)

     3,634         672   

0.000%, 07/01/2020 (A)(F)

     2,492         156   

Development Bank of Kazakhstan

     

5.500%, 12/20/2015 (A)

     450         488   

Halyk Savings Bank of Kazakhstan

     

7.250%, 01/28/2021 (A)

     700         725   

Kazakhstan Temir Zholy Finance BV

     

6.950%, 07/10/2042 (A)

     200         243   

Kazatomprom Natsionalnaya Atomnaya Kompaniya

     

6.250%, 05/20/2015

     100        109  

6.250%, 05/20/2015 (A)

     923        1,006   

Kazkommertsbank Via Citigroup Global Markets

     

8.700%, 04/07/2014 (C)(D)

     1,100        1,013  

KazMunayGas National

     

11.750%, 01/23/2015 (A)

     410        495  

11.750%, 01/23/2015

     2,624         3,166   

9.125%, 07/02/2018

     329         426   
Description   Face Amount(1)
(Thousands)
       Market Value
($ Thousands)
 
      

9.125%, 07/02/2018 (A)

    2,010         $ 2,601   

8.375%, 07/02/2013

    690          723   

7.000%, 05/05/2020 (A)

    1,436           1,763   

6.375%, 04/09/2021

    912           1,095   

6.375%, 04/09/2021 (A)

    2,569           3,084   

Republic of Kazakhstan

      

6.375%, 10/06/2020 (A)

    600           719   

Tengizchevroil Finance

      

6.124%, 11/15/2014

    179           187   

Zhaikmunai LLP

      

10.500%, 10/19/2015

    150           160   

10.500%, 10/19/2015 (A)

    1,349           1,435   
      

 

 

 
         20,784   
      

 

 

 

Kuwait — 0.1%

      

Kuwait Projects MTN

      

9.375%, 07/15/2020

    200           237   

8.875%, 10/17/2016

    500           580   
      

 

 

 
         817   
      

 

 

 

Latvia — 0.0%

      

Republic of Latvia

      

5.250%, 06/16/2021 (A)

    490           551   
      

 

 

 

Lithuania — 1.3%

      

Republic of Lithuania

      

7.375%, 02/11/2020

    90           114   

7.375%, 02/11/2020 (A)

    1,100           1,397   

6.625%, 02/01/2022

    1,000           1,240   

6.625%, 02/01/2022 (A)

    1,000           1,240   

6.125%, 03/09/2021

    5,738           6,843   

6.125%, 03/09/2021 (A)

    1,989           2,372   

5.125%, 09/14/2017 (A)

    785           875   

4.850%, 02/07/2018

  EUR 650           905   
      

 

 

 
         14,986   
      

 

 

 

Malaysia — 4.2%

      

Axiata SPV1 Labuan

      

5.375%, 04/28/2020

    250           280   

IOI Investment L MTN

      

4.375%, 06/27/2022

    200           206   

Malaysia Government Bond

      

4.392%, 04/15/2026

  MYR 8,100           2,841   

4.262%, 09/15/2016

  MYR 27,100           9,198   

4.160%, 07/15/2021

  MYR 13,410           4,568   

4.012%, 09/15/2017

  MYR 29,800           10,052   

3.892%, 03/15/2027

  MYR 1,719           571   

3.580%, 09/28/2018

  MYR 6,750           2,229   

3.418%, 08/15/2022

  MYR 7,700           2,491   

3.314%, 10/31/2017

  MYR 2,040           667   

3.197%, 10/15/2015

  MYR 26,550           8,681   

Petronas Capital

      

7.875%, 05/22/2022

    2,148           3,066   

5.250%, 08/12/2019 (A)

    2,790           3,302   

Wakala Global Sukuk

      

4.646%, 07/06/2021 (A)

    390           450   
      

 

 

 
         48,602   
      

 

 

 

Mexico — 9.1%

      

America Movil

      

3.125%, 07/16/2022

    200           206   

Axtel

      

9.000%, 09/22/2019

    219           136   
 

 

5    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

Emerging Markets Debt Fund

September 30, 2012

 

Description   Face Amount(1)
(Thousands)
     Market Value
($ Thousands)
 
    

Bank of New York Mellon Institucion de Banca Multiple

    

9.625%, 05/02/2021 (A)

    1,374       $ 1,264   

BBVA Bancomer

    

6.750%, 09/30/2022 (A)

    500        546  

6.008%, 05/17/2022 (C)

    550        546  

Cemex

    

9.250%, 05/12/2020

    200        200  

9.000%, 01/11/2018 (A)

    306        306  

9.000%, 01/11/2018

    200        200  

Cemex Espana

    

9.250%, 05/12/2020 (A)

    1,400         1,397   

Comision Federal de Electricidad

    

5.750%, 02/14/2042 (A)

    500        556  

4.875%, 05/26/2021 (A)

    200        223  

Desarrolladora Homex

    

9.750%, 03/25/2020 (A)

    700        714  

Deutsche Bank, CLN (Urbi Desarrollos Urbanos)

    

10.468%, 12/22/2012

    240        211  

GEO

    

9.250%, 06/30/2020

    306        315  

8.875%, 03/27/2022 (A)

    200        204  

Grupo Bimbo

    

4.500%, 01/25/2022 (A)

    200        216  

Grupo Senda

    

10.500%, 10/03/2015

    2,965         3,069   

Grupo Televisa

    

6.000%, 05/15/2018

    145        172  

Mexican Bonos

    

8.000%, 06/11/2020

  MXP 2,400         220   

7.500%, 06/03/2027

  MXP 83,123         7,470   

6.500%, 06/09/2022

  MXP 103,539         8,758   

6.250%, 06/16/2016

  MXP 19,480         1,586   

6.000%, 06/18/2015

  MXP 47,840         3,843   

5.000%, 06/15/2017

  MXP 14,948         1,163   

4.750%, 03/08/2044

    2,744         3,053   

3.625%, 03/15/2022

    300        327  

Mexican Bonos, Ser M

    

6.500%, 06/10/2021

  MXP 109,352         9,263   

Mexican Bonos, Ser M10

    

8.500%, 12/13/2018

  MXP 34,500         3,165   

8.000%, 12/17/2015

  MXP 24,227         2,060   

7.750%, 12/14/2017

  MXP 34,900         3,055   

Mexican Bonos, Ser M20

    

10.000%, 12/05/2024

  MXP 14,500         1,586   

8.500%, 05/31/2029

  MXP 16,000         1,560   

7.750%, 05/29/2031

  MXP 27,780         2,504   

Mexican Bonos, Ser M30

    

10.000%, 11/20/2036

  MXP 32,600         3,625   

8.500%, 11/18/2038

  MXP 66,900         6,503   

Mexican Udibonos

    

5.000%, 06/16/2016

  MXP 260         113   

2.500%, 12/10/2020

  MXP 19,040         7,892   

Mexichem

    

6.750%, 09/19/2042

    200         208   

4.875%, 09/19/2022

    200         203   

Mexico Cetes

    

4.390%, 12/13/2012 (E)

  MXP 410,000         3,160   
Description   Face Amount(1)
(Thousands)
    

Market Value

($ Thousands)

 
    

NII Capital

    

10.000%, 08/15/2016

    359       $ 354   

7.625%, 04/01/2021

    516        410  

Oceanografia

    

11.250%, 07/15/2015

    1,079         750   

Pemex Finance

    

9.150%, 11/15/2018

    1,595         1,998   

Pemex Project Funding Master Trust

    

6.625%, 06/15/2035

    1,244         1,561   

5.750%, 03/01/2018

    1,255         1,470   

Petroleos Mexicanos

    

8.000%, 05/03/2019

    360         471   

6.500%, 06/02/2041

    20         25   

6.500%, 06/02/2041 (A)

    140         174   

6.500%, 06/02/2041 (A)

    442         551   

6.000%, 03/05/2020 (A)

    60         72   

6.000%, 03/05/2020

    130         155   

5.500%, 06/27/2044 (A)

    150         165   

United Mexican States MTN

    

8.300%, 08/15/2031

    1,400         2,247   

6.050%, 01/11/2040

    2,016         2,696   

5.950%, 03/19/2019

    370         459   

5.750%, 10/12/2110

    6,964         8,322   

5.625%, 01/15/2017

    402         470   

5.125%, 01/15/2020

    920         1,099   

United Mexican States, Ser A MTN

    

6.750%, 09/27/2034

    640         911   

Urbi Desarrollos Urbanos

    

9.750%, 02/03/2022 (A)

    600         528   
    

 

 

 
       106,686   
    

 

 

 

Mongolia — 0.1%

    

Development Bank of Mongolia

    

5.750%, 03/21/2017

    420         438   

Mongolian Mining MTN

    

8.875%, 03/29/2017 (A)

    677         686   
    

 

 

 
       1,124   
    

 

 

 

Morocco — 0.0%

    

Kingdom of Morocco

    

4.500%, 10/05/2020

  EUR 250         323   
    

 

 

 

Nigeria — 0.3%

    

Afren

    

11.500%, 02/01/2016 (A)

    877         1,000   

10.250%, 04/08/2019 (A)

    500         567   

Nigeria Government Bond

    

16.000%, 06/29/2019

  NGN 169,000         1,203   

Republic of Nigeria

    

6.750%, 01/28/2021 (A)

    550         621   

UBS

    

7.396%, 08/29/2010 (A)(B)(C)

    750         520   
    

 

 

 
       3,911   
    

 

 

 

Oman — 0.0%

    

Blue City Investments

    

13.750%, 11/07/2013 (A)(B)(F)

    2,250         113   
    

 

 

 
 

 

6    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

Emerging Markets Debt Fund

September 30, 2012

 

Description   Face Amount(1)
(Thousands)
     Market Value
($ Thousands)
 
    

Pakistan — 0.1%

    

Republic of Pakistan

    

7.125%, 03/31/2016

    390       $ 348   

6.875%, 06/01/2017

    600         504   
    

 

 

 
       852   
    

 

 

 

Panama — 1.0%

    

ENA Norte Trust

    

4.950%, 04/25/2023 (G)

    250         250   

Republic of Panama

    

9.375%, 01/16/2023

    560         813   

9.375%, 04/01/2029

    1,712         2,915   

8.875%, 09/30/2027

    1,350         2,187   

8.125%, 04/28/2034

    1,954         2,784   

7.250%, 03/15/2015

    350         401   

7.125%, 01/29/2026

    100         142   

6.700%, 01/26/2036

    1,150         1,616   
    

 

 

 
       11,108   
    

 

 

 

Peru — 1.6%

    

Banco de Credito del Peru

    

5.375%, 09/16/2020

    10         11   

5.375%, 09/16/2020 (A)

    302         325   

BBVA Banco Continental

    

5.000%, 08/26/2022 (A)

    184         189   

CFG Investment

    

9.750%, 07/30/2019

    450         355   

Corp Azucarera del Peru

    

6.375%, 08/02/2022

    121         128   

Inkia Energy

    

8.375%, 04/04/2021 (A)

    200         218   

Interoceanica IV Finance

    

3.926%, 11/30/2025 (A)(B)(E)

    857         540   

3.196%, 11/30/2018 (A)(B)(E)

    331         285   

Peru Enhanced Pass-Through Finance

    

4.194%, 06/02/2025 (A)(E)

    1,000         645   

3.288%, 05/31/2018 (B)(E)

    161         147   

3.121%, 05/31/2018 (A)(B)(E)

    436         397   

Republic of Peru

    

8.750%, 11/21/2033

    3,391         5,909   

8.600%, 08/12/2017

  PEI 2,110         996   

8.375%, 05/03/2016

    340         423   

8.200%, 08/12/2026

  PEI 4,950         2,569   

7.840%, 08/12/2020

  PEI 2,820         1,345   

7.840%, 08/12/2020

  PEI 3,150         1,503   

7.350%, 07/21/2025

    1,160         1,699   

7.125%, 03/30/2019

    140         185   

6.950%, 08/12/2031

  PEI 1,400         644   

Southern Copper

    

6.750%, 04/16/2040

    186         214   

Volcan Cia Minera

    

5.375%, 02/02/2022 (A)

    183         198   
    

 

 

 
       18,925   
    

 

 

 

Philippines — 2.0%

    

Development Bank of Philippines

    

5.500%, 03/25/2021

    330         369   
Description   Face Amount(1)
(Thousands)
       Market Value
($ Thousands)
 
      

National Power

      

9.625%, 05/15/2028 (B)

    1,100         $ 1,694   

Power Sector Assets & Liabilities Management

      

7.390%, 12/02/2024 (A)

    620           859   

Republic of Philippines

      

10.625%, 03/16/2025

    1,440           2,523   

9.500%, 02/02/2030

    2,849           4,925   

8.375%, 06/17/2019

    320           442   

7.750%, 01/14/2031

    4,868           7,448   

7.500%, 09/25/2024

    290          412  

6.375%, 10/23/2034

    530          730  

6.250%, 01/14/2036

  PHP 73,000           1,945   

5.500%, 03/30/2026

    540          677  

4.950%, 01/15/2021

  PHP 15,000           379   

4.000%, 01/15/2021

    1,016           1,135   
      

 

 

 
         23,538   
      

 

 

 

Poland — 5.9%

      

CEDC Finance International

      

8.875%, 12/01/2016

  EUR 400           351   

Eileme 2

      

11.625%, 01/31/2020 (A)

    1,000           1,120   

Polish Television Holding

      

11.000%, 11/15/2014 (A)(D)

  EUR 600           803   

Republic of Poland

      

6.375%, 07/15/2019

    6,510           8,040   

6.250%, 10/24/2015

  PLN 3,080           1,020   

5.750%, 04/25/2014

    980           314   

5.125%, 04/21/2021

    1,000           1,165   

5.000%, 04/25/2016

    11,500           3,689   

5.000%, 03/23/2022

    3,465           4,019   

4.750%, 04/25/2017

  PLN 19,646           6,274   

4.750%, 10/25/2016

  PLN 5,100           1,626   

4.000%, 03/23/2021

  EUR 736           1,032   

3.000%, 03/17/2023

    700           688   

0.000%, 07/25/2014 (E)

  PLN 14,090           4,094   

Republic of Poland, Ser 0114

      

4.530%, 01/25/2014 (E)

  PLN 24,410           7,227   

Republic of Poland, Ser 0415

      

5.500%, 04/25/2015

  PLN 23,970           7,733   

Republic of Poland, Ser 0922

      

5.750%, 09/23/2022

  PLN 21,450           7,255   

Republic of Poland, Ser 1019

      

5.500%, 10/25/2019

  PLN 7,500           2,490   

Republic of Poland, Ser 1021

      

5.750%, 10/25/2021

  PLN 17,920           6,021   

Republic of Poland, Ser CPI

      

3.000%, 08/24/2016

  PLN 9,570           3,954   

TVN Finance II

      

10.750%, 11/15/2017

  EUR 200           275   

10.750%, 11/15/2017 (A)

  EUR 200           275   
      

 

 

 
         69,465   
      

 

 

 

Qatar — 1.1%

      

Doha Finance MTN

      

3.500%, 03/14/2017

    300           311   

Qtel International Finance

      

7.875%, 06/10/2019

    770           993   

5.000%, 10/19/2025 (A)

    200           223   

4.750%, 02/16/2021 (A)

    457           507   
 

 

7    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

Emerging Markets Debt Fund

September 30, 2012

 

Description  

Face Amount(1)

(Thousands)

       Market Value
($ Thousands)
 
      

4.750%, 02/16/2021

    250         $ 277   

Ras Laffan Liquefied Natural Gas II

  

    

5.298%, 09/30/2020

    420          472  

Ras Laffan Liquefied Natural Gas III

  

    

5.832%, 09/30/2016

    178          194  

State of Qatar

      

9.750%, 06/15/2030

    1,025          1,809  

6.550%, 04/09/2019

    1,533          1,911  

6.400%, 01/20/2040

    220          300  

6.400%, 01/20/2040 (A)

    377          515  

5.750%, 01/20/2042 (A)

    750          954  

5.250%, 01/20/2020

    1,182          1,398  

5.250%, 01/20/2020 (A)

    2,300          2,720  
      

 

 

 
         12,584   
      

 

 

 

Romania — 0.4%

      

Government of Romania MTN

      

6.750%, 02/07/2022 (A)

    350          394  

6.750%, 02/07/2022

    2,204          2,479  

6.500%, 06/18/2018

  EUR 1,050           1,462   

6.000%, 10/19/2013

  RON 2,030           575   
      

 

 

 
         4,910   
      

 

 

 

Russia — 6.0%

      

Alfa Bank Via Alfa Bond Issuance

  

    

7.750%, 04/28/2021 (A)

    750          794  

7.500%, 09/26/2019 (A)

    1,065          1,073  

Bank of Moscow via BOM Capital

  

    

6.699%, 03/11/2015

    600          639  

Credit Suisse, CLN (Russian Government Bond)

      

7.600%, 04/14/2021

  RUB 238,700           7,635   

7.500%, 03/15/2018

  RUB 81,500           2,623   

Evraz Group

      

9.500%, 04/24/2018

    500          563  

6.750%, 04/27/2018 (A)

    250          248  

6.750%, 04/27/2018

    800          794  

Gazprom Neft OAO Via GPN Capital

  

    

4.375%, 09/19/2022 (A)

    550          547  

Gazprom OAO Via Gaz Capital

      

4.950%, 07/19/2022 (A)

    877          919  

Lukoil International Finance

      

6.656%, 06/07/2022

    300          360  

Metalloinvest Finance

      

6.500%, 07/21/2016

    500          509  

MTS International Funding

      

8.625%, 06/22/2020 (A)

    1,400          1,703  

Novatek Finance

      

5.326%, 02/03/2016

    200          213  

Novatek OAO via Novatek Finance

      

6.604%, 02/03/2021 (A)

    363          424  

Russian Agricultural Bank Via RSHB Capital

      

5.298%, 12/27/2017 (A)

    415          439  

Russian Foreign Bond - Eurobond

  

    

12.750%, 06/24/2028

    930          1,802   

11.000%, 07/24/2018

    292          427  
Description  

Face Amount(1)

(Thousands)

       Market Value
($ Thousands)
 
      

7.850%, 03/10/2018

  RUB 270,000         $ 9,281   

7.500%, 03/31/2030

    15,114           19,082   

5.625%, 04/04/2042 (A)

    800          960  

5.000%, 04/29/2020 (A)

    900           1,033   

3.250%, 04/04/2017 (A)

    1,200           1,263   

Sberbank of Russia Via SB Capital

      

6.125%, 02/07/2022

    250          276  

6.125%, 02/07/2022 (A)

    260          287  

SCF Capital

      

5.375%, 10/27/2017 (A)

    1,010          1,016  

Severstal Via Steel Capital

      

6.700%, 10/25/2017

    501          536  

6.250%, 07/26/2016

    600          627  

Sinek Capital Via Edel Capital

      

7.700%, 08/03/2015

    500          511  

Teorema Holding

      

11.000%, 10/27/2009 (F)

    3,400          340   

TMK Capital

      

7.750%, 01/27/2018

    1,100          1,122  

VEB-Leasing Via VEB Leasing Investment

      

5.125%, 05/27/2016

    320          332  

Vimpel Communications Via VIP Finance Ireland

      

9.125%, 04/30/2018

    550          630  

9.125%, 04/30/2018 (A)(B)

    600          687  

7.748%, 02/02/2021 (A)

    1,150          1,229  

VimpelCom Holdings

      

7.504%, 03/01/2022 (A)

    400          420  

6.255%, 03/01/2017

    200          206  

Vnesheconombank Via VEB Finance

      

6.902%, 07/09/2020 (A)

    785          926  

6.902%, 07/09/2020

    1,240          1,463  

6.800%, 11/22/2025

    450          529  

6.800%, 11/22/2025 (A)

    150          176  

6.025%, 07/05/2022 (A)

    750          835  

5.450%, 11/22/2017 (A)

    300          326  

VTB Bank Via VTB Capital

      

6.875%, 05/29/2018

    300          323  

6.551%, 10/13/2020 (A)

    860          908  

6.315%, 02/22/2018

    762          806  

6.250%, 06/30/2035

    357          379  

6.000%, 04/12/2017 (A)

    1,400          1,463  
      

 

 

 
         69,684   
      

 

 

 

Saudi Arabia — 0.1%

      

Dar Al-Arkan International Sukuk

      

10.750%, 02/18/2015 (A)

    600          640  

Saudi Electricity Global Sukuk

      

4.211%, 04/03/2022

    200          215  

2.665%, 04/03/2017

    200          206  
      

 

 

 
         1,061   
      

 

 

 

Senegal — 0.1%

      

Republic of Senegal

      

8.750%, 05/13/2021 (A)

    950          1,150   
      

 

 

 
 

 

8    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

Emerging Markets Debt Fund

September 30, 2012

 

Description  

Face Amount(1)

(Thousands)

       Market Value
($ Thousands)
 
      

Serbia — 0.1%

      

Republic of Serbia

      

7.250%, 09/28/2021 (A)

    450        $ 476   

7.250%, 09/28/2021

    800          846  
      

 

 

 
         1,322   
      

 

 

 

Singapore — 0.2%

      

DBS Bank

      

3.625%, 09/21/2022 (C)

    200          205  

MMI International

      

8.000%, 03/01/2017

    250          260  

Oversea-Chinese Banking

      

3.150%, 03/11/2023 (A)(C)

    208          209  

PSA International MTN

      

3.875%, 02/11/2021

    100          109  

Sea Product

      

4.743%, 05/14/2010 (B)

    1,451          1,291  

Yanlord Land Group

      

9.500%, 05/04/2017

    200          202  
      

 

 

 
         2,276   
      

 

 

 

Slovak Republic — 0.1%

      

Slovakia Government International Bond

  

    

4.375%, 05/21/2022 (A)

    1,292          1,359  
      

 

 

 

South Africa — 7.4%

      

African Bank MTN

      

8.125%, 02/24/2017

    400          430  

AngloGold Ashanti Holdings

      

5.125%, 08/01/2022

    205          209  

Edcon Proprietary

      

3.502%, 06/15/2014 (C)

  EUR 1,100          1,316   

Eskom Holdings

      

5.750%, 01/26/2021 (A)

    600          684  

Gold Fields Orogen Holdings

      

4.875%, 10/07/2020

    324          330  

Myriad International Holding

      

6.375%, 07/28/2017

    320          362  

Republic of South Africa

      

13.500%, 09/15/2015

  ZAR 51,580           7,616   

10.500%, 12/21/2026

  ZAR 75,065           11,540   

8.500%, 06/23/2017

    860           1,045   

8.000%, 12/21/2018

  ZAR 117,120           15,529   

7.750%, 02/28/2023

  ZAR 30,193           3,860   

7.250%, 01/15/2020

  ZAR 63,000           7,986   

7.000%, 02/28/2031

  ZAR 18,400           2,037   

6.875%, 05/27/2019

    2,847          3,584  

6.750%, 03/31/2021

  ZAR 135,540           16,617   

6.500%, 02/28/2041

  ZAR 9,200           913   

6.250%, 03/08/2041

    279           368   

5.875%, 05/30/2022

    670           825   

5.500%, 03/09/2020

    2,697           3,203   

4.665%, 01/17/2024

    1,500           1,684   

Republic of South Africa, Ser R203

      

8.250%, 09/15/2017

  ZAR 31,600           4,219   

Sappi Papier Holding

      

8.375%, 06/15/2019 (A)

    300           321   

Transnet MTN

      

4.500%, 02/10/2016 (A)

    280           297   
Description   Face Amount(1)
(Thousands)
       Market Value
($ Thousands)
 
      

Transnet SOC

      

4.000%, 07/26/2022 (A)

    1,119         $ 1,137   
      

 

 

 
         86,112   
      

 

 

 

South Korea — 0.1%

      

Industrial Bank of Korea

      

2.375%, 07/17/2017 (A)

    200           203   

Korea East-West Power

      

2.500%, 07/16/2017 (A)

    202           206   

Korea Electric Power

      

3.000%, 10/05/2015 (A)

    100           104   

Korea Hydro & Nuclear Power

      

4.750%, 07/13/2021

    200           227   

3.000%, 09/19/2022 (A)

    280           278   

Korea Western Power MTN

      

3.125%, 05/10/2017 (A)

    441           462   

KT

      

3.875%, 01/20/2017

    200           215   
      

 

 

 
         1,695   
      

 

 

 

Sri Lanka — 0.1%

      

Bank of Ceylon

      

6.875%, 05/03/2017 (A)

    320           341   

Republic of Sri Lanka

      

7.400%, 01/22/2015 (A)

    150           163   

6.250%, 10/04/2020 (A)

    480           522   

6.250%, 07/27/2021 (A)

    400           435   

5.875%, 07/25/2022 (A)

    200           215   
      

 

 

 
         1,676   
      

 

 

 

Supra-National — 0.1%

      

Andina de Fomento

      

4.375%, 06/15/2022

    764           828   

Inter-American Development Bank MTN

  

    

16.400%, 08/20/2015 (E)

  IDR 6,610,000           579   
      

 

 

 
         1,407   
      

 

 

 

Thailand — 2.9%

      

Bangkok Bank

      

3.875%, 09/27/2022 (A)

    338          338  

2.750%, 03/27/2018 (A)

    201          201  

PTT Global Chemical

      

4.250%, 09/19/2022 (A)

    200          202  

Thailand Government Bond

      

3.775%, 06/25/2032

  THB 29,000           909   

3.650%, 12/17/2021

  THB 98,980           3,235   

3.625%, 05/22/2015

  THB 354,070           11,614   

3.625%, 06/16/2023

  THB 49,409           1,595   

3.580%, 12/17/2027

  THB 62,656           1,978   

3.450%, 03/08/2019

  THB 44,700           1,443   

3.250%, 06/16/2017

  THB 168,940           5,455   

2.800%, 10/10/2017

  THB 103,000           3,252   

1.200%, 07/14/2021

  THB 113,600           3,859   
      

 

 

 
         34,081   
      

 

 

 

Trinidad & Tobago — 0.1%

      

Petroleum of Trinidad & Tobago

      

9.750%, 08/14/2019 (A)(B)

    1,090           1,401   

6.000%, 05/08/2022 (B)

    171           182   
      

 

 

 
         1,583   
      

 

 

 

Turkey — 6.1%

      

Export Credit Bank of Turkey

      

5.875%, 04/24/2019 (A)

    200           220   
 

 

9    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

Emerging Markets Debt Fund

September 30, 2012

 

Description   Face Amount(1)
(Thousands)
       Market Value
($ Thousands)
 
      

5.375%, 11/04/2016 (A)

    390         $ 418   

Republic of Turkey

      

11.875%, 01/15/2030

    460          863  

10.500%, 01/15/2020

  TRY 4,200           2,643   

10.000%, 12/04/2013

  TRY 1,200           688   

9.500%, 01/12/2022

  TRY 5,750           3,473   

9.018%, 07/17/2013 (E)

  TRY 13,503           7,112   

9.000%, 03/05/2014

  TRY 960           545   

9.000%, 05/21/2014

  TRY 5,460           4,343   

9.000%, 01/27/2016

  TRY 2,590           1,502   

9.000%, 03/08/2017

  TRY 11,900           6,959   

8.000%, 02/14/2034

    1,370          1,932  

7.500%, 11/07/2019

    3,400          4,272  

7.500%, 07/14/2017

    410           492   

7.375%, 02/05/2025

    1,170           1,518   

7.250%, 03/05/2038

    250           332   

7.250%, 03/15/2015

    410           454   

7.000%, 03/11/2019

    240           291   

7.000%, 09/26/2016

    360           417   

7.000%, 06/05/2020

    460           566   

6.875%, 03/17/2036

    913           1,158   

6.780%, 05/15/2013 (E)

  TRY 4,600           2,453   

6.750%, 05/30/2040

    375           473   

6.750%, 04/03/2018

    2,814           3,310   

6.580%, 03/20/2013 (E)

  TRY 3,653           1,970   

6.250%, 09/26/2022

    740           886   

6.070%, 02/20/2013 (E)

  TRY 6,200           3,364   

6.000%, 01/14/2041

    1,002           1,156   

5.625%, 03/30/2021

    190           217   

5.125%, 03/25/2022

    1,709          1,882  

4.500%, 02/11/2015

  TRY 4,800           3,461   

4.000%, 04/29/2015

  TRY 8,840          6,124  

4.000%, 04/01/2020

  TRY 2,700          1,952  

3.000%, 02/23/2022

  TRY 5,200          3,109  

Turkiye Garanti Bankasi

      

5.250%, 09/13/2022 (A)

    200          201  

4.000%, 09/13/2017 (A)

    270          270  

Yuksel Insaat

      

9.500%, 11/10/2015

    146          112  
      

 

 

 
         71,138   
      

 

 

 

Ukraine — 1.6%

      

DTEK Finance

      

9.500%, 04/28/2015 (A)

    320          320  

9.500%, 04/28/2015

    550          550  

Ferrexpo Finance

      

7.875%, 04/07/2016 (A)

    238          225  

7.875%, 04/07/2016

    1,200          1,134  

Financing of Infrastrucural Projects State Enterprise

      

8.375%, 11/03/2017 (A)

    550          506  

Government of Ukraine

      

9.250%, 07/24/2017

    950          996  

9.250%, 07/24/2017 (A)

    1,100          1,156  

7.950%, 02/23/2021 (A)

    250          249  

7.750%, 09/23/2020

    250          247  

7.650%, 06/11/2013

    441          444  

6.875%, 09/23/2015 (A)

    350          346  

6.580%, 11/21/2016 (A)

    230          221  

6.250%, 06/17/2016

    200          192  

6.250%, 06/17/2016 (A)

    600          576  

Metinvest

      

10.250%, 05/20/2015

    400          404  
Description   Face Amount(1)
(Thousands)
       Market Value
($ Thousands)
 
      

8.750%, 02/14/2018 (A)

    369         $ 352   

8.750%, 02/14/2018

    929          885  

MHP

      

10.250%, 04/29/2015 (A)

    1,428          1,449  

Mriya Agro Holding

      

10.950%, 03/30/2016 (A)

    316          300  

National Naftogaz of Ukraine

      

9.500%, 09/30/2014

    2,130          2,165  

Oschadbank Via SSB No. 1

      

8.250%, 03/10/2016

    430          411  

The EXIM of Ukraine Via Credit Suisse First Boston International

      

6.800%, 10/04/2012

    320          320  

Ukreximbank Via Biz Finance

      

8.375%, 04/27/2015

    5,083          4,905  
      

 

 

 
         18,353   
      

 

 

 

United Arab Emirates — 1.2%

      

Atlantic Finance

      

10.750%, 05/27/2014 (D)

    983           1,080   

Dolphin Energy

      

5.888%, 06/15/2019

    137           155   

5.888%, 06/15/2019 (A)

    384           435   

DP World MTN

      

6.850%, 07/02/2037

    1,500          1,616  

DP World Sukuk

      

6.250%, 07/02/2017

    100          109  

Dubai DOF Sukuk MTN

      

6.396%, 11/03/2014

    340           364   

Dubai Electricity & Water Authority

  

    

8.500%, 04/22/2015

    958           1,078   

7.375%, 10/21/2020

    120           140   

7.375%, 10/21/2020 (A)

    1,676           1,959   

Dubai Holding Commercial Operations MTN

      

6.000%, 02/01/2017

  GBP 250           372   

4.750%, 01/30/2014

  EUR 1,550           1,904   

Dubai World

      

1.000%, 09/30/2018

    1,015           467   

1.000%, 09/30/2015

    1,200           600   

Emirate of Dubai MTN

      

7.750%, 10/05/2020

    410           487   

6.700%, 10/05/2015

    130           143   

Emirates Airline

      

5.125%, 06/08/2016

    300           311   

IPIC GMTN

      

5.500%, 03/01/2022

    200           224   

5.500%, 03/01/2022 (A)

    363           407   

3.750%, 03/01/2017 (A)

    400           421   

MAF Global Securities MTN

      

5.250%, 07/05/2019

    500           517   

MAF Sukuk MTN

      

5.850%, 02/07/2017

    200          215  

Pyrus

      

7.500%, 12/20/2015

    700          759  
      

 

 

 
         13,763   
      

 

 

 
 

 

10    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

Emerging Markets Debt Fund

September 30, 2012

 

Description     

Face Amount (1)

(Thousands)

      

Market Value

($ Thousands)

 
         

Uruguay — 0.7%

         

Republic of Uruguay

         

9.250%, 05/17/2017

       218         $ 289   

8.000%, 11/18/2022

       2,471          3,593  

7.625%, 03/21/2036

       1,344          2,093  

6.875%, 09/28/2025

       317          431  

Republic of Uruguay PIK

         

7.875%, 01/15/2033

       869           1,355   
         

 

 

 
            7,761   
         

 

 

 

Venezuela — 2.5%

         

Petroleos de Venezuela

         

12.750%, 02/17/2022

       280          286  

8.500%, 11/02/2017

       500          452  

8.500%, 11/02/2017

       900          815  

5.500%, 04/12/2037

       550          333  

5.375%, 04/12/2027

       1,391           859   

5.250%, 04/12/2017

       430          340  

5.000%, 10/28/2015

       560          475  

4.900%, 10/28/2014

       10,110           9,130   

Republic of Venezuela

         

13.625%, 08/15/2018

       144          149  

13.625%, 08/15/2018

       2,100          2,258  

12.750%, 08/23/2022

       4,042          4,295  

11.950%, 08/05/2031

       1,510          1,536  

11.750%, 10/21/2026

       2,964          2,979  

10.750%, 09/19/2013

       210          215  

9.375%, 01/13/2034

       980          870  

9.250%, 05/07/2028

       530          466  

9.250%, 09/15/2027

       620          559  

9.000%, 05/07/2023

       590          519  

8.500%, 10/08/2014

       456          458  

8.250%, 10/13/2024

       490          407  

7.750%, 10/13/2019

       540          466  

7.650%, 04/21/2025

       610          477  

7.000%, 03/31/2038

       40           29   

6.000%, 12/09/2020

       847          638  
         

 

 

 
            29,011   
         

 

 

 

Vietnam — 0.1%

         

Republic of Vietnam

         

6.875%, 01/15/2016

       360          392  

6.750%, 01/29/2020

       560          622  

Vietnam Joint Stock Commercial Bank for Industry and Trade

         

8.000%, 05/17/2017 (A)

       350          336  
         

 

 

 
            1,350   
         

 

 

 

Zambia — 0.0%

         

Zambia Government International Bond

         

5.375%, 09/20/2022 (A)

       450          452  
         

 

 

 

Total Global Bonds
(Cost $924,701) ($ Thousands)

            1,002,472   
         

 

 

 

LOAN PARTICIPATIONS — 1.4%

  

Angola — 0.1%

         

Republic of Angola

         

3.667%, 04/30/2016

     EUR 867           1,040   
         

 

 

 
Description   

Face Amount (1)

(Thousands)

    

Market Value

($ Thousands)

 
     

Brazil — 0.0%

     

Virgolino de Oliveira

     

5.551%, 11/03/2015

     382       $ 375   
     

 

 

 

Indonesia — 0.2%

     

PT Bumi

     

15.000%, 01/18/2013 (B)

     252         113   

15.000%, 01/18/2013 (B)

     316         142   

11.243%, 08/07/2013 (B)

     1,743         1,621   
     

 

 

 
        1,876   
     

 

 

 

Mexico — 0.5%

     

Altos Hornos Promissory Note (Counterparty: Deustche Bank)

     

0.000%, 12/31/2049 (B)(F)

     4,500        1,665  

Altos Hornos Promissory Note No. 5

     

0.000%, 04/29/1999 (B)(F)

     2,500         925   

Altos Hornos Promissory Note No. 6

     

0.000%, 04/29/1999 (B)(F)

     2,500        925   

Altos Hornos Tranche A (Counterparty: Bank of America)

     

0.000%, 04/11/2004 (B)(F)

     6,540        2,420  
     

 

 

 
        5,935   
     

 

 

 

Singapore — 0.6%

     

Ashmore Cayman SPC, No. 1 PIK

     

0.000%, 08/31/2011 (B)(F)

     9,161         4,727   

Morton Bay

     

6.220%, 12/30/2009 (B)

     3,158        2,921  
     

 

 

 
        7,648   
     

 

 

 

Total Loan Participations (Cost $20,316) ($ Thousands)

        16,874   
     

 

 

 

CONVERTIBLE BONDS — 0.3%

     

Dana Gas Sukuk CV to 19.076 Variable Shares

     

7.500%, 10/31/12

     850        646  

Firstsource CV to 42,549.14 Shares

     

5.580%, 12/04/12 (E)

     1,800        1,890  

Suzlon Energy CV to 533.2762 Shares

     

2.446%, 07/25/14 (E)

     450        382  
     

 

 

 

Total Convertible Bonds
(Cost $2,902) ($ Thousands)

        2,918   
     

 

 

 
 

 

11    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

Emerging Markets Debt Fund

September 30, 2012

 

Description  

Face Amount(1)

(Thousands)

      

Market Value

($ Thousands)

 
      

TIME DEPOSITS — 5.5%

      

United States — 5.5%

      

Brown Brothers Harriman

      

4.150%, 10/01/2012

  ZAR 2,928         $ 355   

0.030%, 10/01/2012

    59,115           59,115   

0.010%, 10/01/2012

  SGD             

(0.014)%, 10/01/2012

  EUR 3,642           4,685   
      

 

 

 

Total Time Deposits
(Cost $64,155) ($ Thousands)

         64,155   
      

 

 

 

Total Investments — 93.2%
(Cost $1,012,074) ($ Thousands)

       $ 1,086,419   
      

 

 

 

A list of the open futures contracts held by the Fund at September 30, 2012, is as follows:

 

Type of Contract   Number of
Contracts
Long (Short)
   

Expiration

Date

   

Unrealized

Appreciation

(Depreciation)

($ Thousands)

 

Euro-Bund

    (7     Dec-2012      $ (3

Euro-Buxl 30 Year Bond

    (8     Dec-2012        1   

U.S. 10-Year Treasury Note

    40        Dec-2012        23   
     

 

 

 
      $ 21   
     

 

 

 

For the year ended September 30, 2012, the total amount of all open futures contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the year.

A list of the open forward foreign currency contracts held by the Fund at September 30, 2012, is as follows:

 

Maturity Date  

Currency to Deliver

(Thousands)

   

Currency to Receive

(Thousands)

    Unrealized
Appreciation
(Depreciation)
($ Thousands)
 

10/01/2012-11/21/2012

  MYR 33,971      USD 11,033      $ (73

10/01/2012-12/19/2012

  USD 38,705      MYR 120,702        690   

10/02/2012-10/30/2012

  USD 15,077      IDR 144,460,789        4   

10/02/2012-12/19/2012

  IDR 121,799,424      USD 12,746        40   

10/02/2012-12/21/2012

  USD 24,073      BRL 49,294        154   

10/02/2012-01/03/2013

  BRL 30,961      USD 14,964        (250

10/03/2012-10/31/2012

  EUR 32,221      USD 41,406        (49

10/03/2012-11/05/2012

  USD 6,912      EUR 5,413        52   

10/04/2012-12/19/2012

  USD 32,099      RUB 1,029,252        708   

10/04/2012-12/20/2012

  RUB 630,325      USD 20,117        40   

10/08/2012-11/23/2012

  EUR 10,795      PLN 45,489        293   

10/09/2012-01/15/2013

  USD 12,158      INR 670,353        396   

10/10/2012-10/22/2012

  USD 10,745      THB 337,843        220   

10/10/2012-12/19/2012

  THB 257,358      USD 8,299        (50

10/12/2012-11/30/2012

  USD 20,202      TRY 36,756        186   

10/16/2012-11/30/2012

  USD 34,898      MXP 458,234        654   

10/16/2012-12/05/2012

  PHP 123,231      USD 2,960        7   

10/16/2012-12/05/2012

  USD 4,661      PHP 195,187        17   

10/18/2012-11/23/2012

  USD 10,719      KRW 12,011,706        87   

10/19/2012

  PLN 5,280      EUR 1,252        (34

10/19/2012-11/13/2012

  USD 3,260      COP 5,899,070        1   

10/19/2012-11/16/2012

  COP 10,053,926      USD 5,515        (53

10/19/2012-11/20/2012

  USD 5,027      PEI 13,182        43   

10/19/2012-11/26/2012

  PEI 3,315      USD 1,241        (33

10/19/2012-11/30/2012

  MXP 210,570      USD 15,903        (434

10/19/2012-12/3/2012

  CNY 33,301      USD 5,228        (46

10/19/2012-7/25/2013

  USD 4,126      CNY 26,301        35   

10/24/2012-11/26/2012

  USD 6,181      CLP 2,981,474        57   

10/25/2012-12/18/2012

  USD 1,298      RON 4,519        (23

10/26/2012

  TWD 174,028      USD 5,933        (9

10/31/2012

  EUR 2,076      CZK 50,690        (82

10/31/2012

  GBP 517      USD 828        (7

10/31/2012

  PLN 638      USD 200        2   

10/31/2012

  USD 1,720      CZK 33,712        2   

10/31/2012-11/19/2012

  CZK 99,725      EUR 4,031        92   

10/31/2012-11/28/2012

  USD 4,873      ZAR 41,205        88   

10/31/2012-11/28/2012

  ZAR 81,007      USD 9,768        2   

10/31/2012-11/30/2012

  HUF 1,288,066      USD 5,783        (1

10/31/2012-11/30/2012

  USD 6,270      HUF 1,402,781        23   

10/31/2012-12/10/2012

  USD 15,357      PLN 50,396        280   

11/09/2012

  INR 71,607      USD 1,318        (29

11/13/2012

  TRY 19,714      USD 10,799        (119

11/13/2012-11/28/2012

  ILS 10,440      USD 2,599        (57

11/16/2012-11/26/2012

  CLP 2,599,293      USD 5,392        (43

11/21/2012-12/18/2012

  HUF 1,191,594      EUR 4,194        61   

11/23/2012

  KRW 2,740,000      USD 2,400        (65

11/28/2012

  USD 2,624      ILS 10,281        (9

11/30/2012

  CZK 34,203      USD 1,771        23   

07/17/2013-07/17/2015

  CNH 151,802      USD 23,050        (33

07/17/2013-07/17/2015

  USD 23,050      CNH 150,599        99   
     

 

 

 
      $ 2,857   
     

 

 

 

A list of the counterparties for the open forward foreign currency contracts held by the Fund at September 30, 2012, is as follows:

 

Counterparty   Settlement Date    

Currency to
Deliver

($ Thousands)

   

Currency to

Receive

($ Thousands)

   

Unrealized
Appreciation

(Depreciation)
($ Thousands)

 

Bank of America

    10/16/2012-12/10/2012        (12,332     12,449      $ 117   

Barclays PLC

    10/01/2012-07/25/2013        (139,808     140,630        822   

Citigroup

    10/01/2012-12/19/2012        (139,087     139,808        721   

Deutsche Bank

    10/02/2012-12/18/2012        (56,548     56,964        416   

Goldman Sachs

    10/31/2012-11/30/2012        (10,510     10,417        (93

HSBC

    10/02/2012-07/17/2015        (65,020     65,160        140   

JPMorgan Chase Bank

    10/02/2012-01/03/2013        (56,437     56,614        177   

Standard New York

    10/02/2012-11/21/2012        (6,080     6,164        84   

UBS

    10/02/2012-01/15/2013        (37,339     37,812        473   
       

 

 

 
        $ 2,857   
       

 

 

 

For the year ended September 30, 2012, the total amount of all open forward foreign currency contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

 

 

12    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

Emerging Markets Debt Fund

September 30, 2012

 

A list of the open swap agreements held by the fund at September 30, 2012, is as follows:

 

Interest Rate Swaps  
Counterparty    Fund Pays   Fund Receives   Termination
Date
     Currency      Notional
Amount
(Thousands)
    

Net Unrealized
Appreciation

(Depreciation)
($Thousands)

 
Barclays Bank PLC    Singapore Swap Offer Rate Fixing 6 Month   2.77%     06/14/2032         SGD         2,220       $ 19   
Barclays Bank PLC    1.86%   Singapore Swap Offer Rate Fixing 6 Month     06/14/2022         SGD         3,830         (26
Barclays Bank PLC    Brazil Interbank Deposit Rate   9.04%     01/02/2017         BRL         3,525         7   
HSBC    Brazil Interbank Deposit Rate   9.14%     01/04/2017         BRL         2,162         6   
               

 

 

 
                $ 6   
               

 

 

 

 

Total Return Swaps  
Counterparty    Reference Entity/Obligation    Fund Pays    Fund
Receives
     Termination
Date
   Currency      Notional
Amount
(Thousands)
    Net Unrealized
Appreciation
(Depreciation)
($Thousands)
 
HSBC    Republic of Indonesia, 10.50%, 8/15/30    Cash Deposit Of Notional Amount      Price Return       08/15/2030      IDR         29,500,000      $ (15
HSBC    Republic of Indonesia, 11.50%, 9/15/19    Cash Deposit Of Notional Amount      Price Return       09/15/2019      IDR         68,500,000        (245
HSBC    Republic of Indonesia, 11.50%, 9/15/19    Cash Deposit Of Notional Amount      Price Return       09/15/2019      IDR         4,500,000        (15
HSBC    Republic of Indonesia, 8.25%, 6/15/32    Cash Deposit Of Notional Amount      Price Return       06/15/2032      IDR         18,100,000        (9
HSBC    Republic of Indonesia, 8.375%, 9/15/26    Cash Deposit Of Notional Amount      Price Return       09/15/2026      IDR         18,900,000        (4
HSBC    Russia Government Bond - Ofz , 7.6%, 7//22    Cash Deposit Of Notional Amount      Price Return       07/22/2022      RUB         38,800        61   
HSBC    Russia Government Bond - Ofz , 6.9%, 8/3/16    Cash Deposit Of Notional Amount      Price Return       08/05/2016      RUB         46,300        85   
HSBC    Russia Government Bond - Ofz , 6.9%, 8/3/16    Cash Deposit Of Notional Amount      Price Return       08/05/2016      RUB         356,000        539   
HSBC    Russia Government Bond - Ofz , 7.1%, 3/13/14    Cash Deposit Of Notional Amount      Price Return       03/17/2014      RUB         14,900        22   
HSBC    Russia Government Bond - Ofz , 7.1%, 3/13/14    Cash Deposit Of Notional Amount      Price Return       03/17/2014      RUB         207,000        233   
HSBC    Russia Government Bond - Ofz , 7.4%, 4/19/17    Cash Deposit Of Notional Amount      Price Return       04/21/2017      RUB         20,700        29   
HSBC    Russia Government Bond - Ofz , 7.4%, 4/19/17    Cash Deposit Of Notional Amount      Price Return       04/21/2017      RUB         36,700        54   
HSBC    Russia Government Bond - Ofz , 7.4%, 6/14/17    Cash Deposit Of Notional Amount      Price Return       06/16/2017      RUB         45,700        45   
HSBC    Russia Government Bond - Ofz , 7.4%, 6/14/17    Cash Deposit Of Notional Amount      Price Return       06/16/2017      RUB         54,000        56   
HSBC    Russia Government Bond - Ofz , 7.5%, 2/27/19    Cash Deposit Of Notional Amount      Price Return       03/01/2019      RUB         20,700        11   
HSBC    Russia Government Bond - Ofz , 7.5%, 2/27/19    Cash Deposit Of Notional Amount      Price Return       03/01/2019      RUB         23,670        29   
HSBC    Russia Government Bond - Ofz , 7.5%, 2/27/19    Cash Deposit Of Notional Amount      Price Return       03/01/2019      RUB         183,000        426   
HSBC    Russia Government Bond - Ofz , 7.5%, 3/15/18    Cash Deposit Of Notional Amount      Price Return       03/19/2018      RUB         4,500        2   
HSBC    Russia Government Bond - Ofz , 7.5%, 3/15/18    Cash Deposit Of Notional Amount      Price Return       03/19/2018      RUB         21,600        12   
HSBC    Russia Government Bond - Ofz , 7.6%, 4/14/21    Cash Deposit Of Notional Amount      Price Return       04/16/2021      RUB         19,000        41   
HSBC    Russia Government Bond - Ofz , 7.6%, 4/14/21    Cash Deposit Of Notional Amount      Price Return       04/16/2021      RUB         87,000        166   
HSBC    Russia Government Bond - Ofz, 8.15%, 2/3/27    Cash Deposit Of Notional Amount      Price Return       02/05/2017      RUB         36,000        52   
HSBC    Russia Government Bond - Ofz, 8.15%, 2/3/27    Cash Deposit Of Notional Amount      Price Return       02/05/2017      RUB         37,400        60   
                   

 

 

 
                    $ 1,635   
                   

 

 

 

For the year ended September 30, 2012, the total number of all open swap agreements, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

 

Percentages   are based on a Net Assets of $1,165,102 ($ Thousands).

 

(1)   In U.S. Dollars unless otherwise indicated.

 

(A)   Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." These securities have been determined to be liquid under guidelines established by the Board of Trustees.

 

(B)   Securities considered illiquid. The total market value of such securities as of September 30, 2012 was $27,387 ($ Thousands) and represented 2.4% of Net Assets.

 

(C)   Variable Rate Security - The rate reported on the Schedule of Investments is the rate in effect as of September 30, 2012.

 

(D)   Step Bonds - The rate reflected on the Schedule of Investments is the effective yield on September 30, 2012. The coupon on a step bond changes on a specified date.

 

(E)   Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase.

 

(F)   Security in default on interest payments.

 

(G)   Security is when-issued.

ARS — Argentine Peso

BRL — Brazilian Real

BUBOR — Budapest Interbank Offered Rate

CLN — Credit Linked Note

CLP — Chilean Peso

CNH — Chinese Yuen (Offshore)

CNY — Chinese Renminbi

COP — Colombian Peso

CZK — Czech Koruna

DEM — German Mark

EUR — Euro

GBP — British Pound Sterling

HUF — Hungarian Forint

IDR — Indonesia Rupiah

ILS — Israeli Shekel

INR — India Rupee

KRW — Korean Won

MTN — Medium Term Note

MXP — Mexican Peso

MYR — Malaysian Ringgit

NGN — Nigerian Naira

PEI — Peruvian Inca

PHP — Philippine Peso

PIK — Payment-in-Kind

PLC — Public Limited Company

PLN — Polish Zlotty

RON — Romanian Leu

RUB — Russian Ruble

Ser — Series

SGD — Singapore Dollar

 

 

 

13    SEI Institutional International Trust / Annual Report / September 30, 2012


Schedule of Investments

Emerging Markets Debt Fund

September 30, 2012

 

SPC — Segregated Portfolio Company

THB — Thai Baht

TRY — Turkish Lira

USD — U.S. Dollar

ZAR — South African Rand

The following is a summary of the inputs used as of September 30, 2012, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):

 

Investments in Securities   Level 1     Level 2     Level 3 (1)     Total  

Global Bonds

  $      $ 1,002,378      $ 94      $ 1,002,472   

Convertible Bonds

           2,918               2,918   

Loan Participations

                  16,874        16,874   

Time Deposits

           64,155               64,155   
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Investments in Securities

  $      $ 1,069,451      $ 16,968      $ 1,086,419   
 

 

 

   

 

 

   

 

 

   

 

 

 

 

Other Financial Instruments   Level 1     Level 2     Level 3     Total  

Futures Contracts *

  $ 21     $      $      $ 21  

Forwards Contracts*

           2,857              2,857  

Total Return Swaps *

           1,635              1,635  

Interest Rate Swaps *

           6              6  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Other Financial Instruments

  $ 21     $ 4,498     $      $ 4,519  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

*   Futures and forwards contracts and swaps are valued at the unrealized appreciation on the instrument.

 

     Global Bonds    

Loan

Participations

 

Beginning balance as of October 1, 2011

  $      $ 18,404   

Accrued discounts/premiums

           69   

Realized gains/(loss)

           4   

Change in unrealized appreciation/(depreciation)

    94        426   

Purchases

           568   

Sales

           (2,597

Transfer into Level 3

             

Transfer out of Level 3

             
 

 

 

   

 

 

 

Ending balance as of September 30, 2012

  $ 94      $ 16,874   
 

 

 

   

 

 

 

 

(1)  

Of the $16,968 ($ Thousands) in Level 3 securities as of September 30, 2012, $7,648 ($ Thousands) or 0.6% are not valued via third party pricing vendors and broker quotes. If significant, the disclosure of the unobservable inputs and the interrelationships and sensitivity between these inputs are required for those Level 3 securities that are no valued by third party pricing vendors or broker quotes.

For the year ended September 30, 2012, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the year ended September 30, 2012, there were no transfers between Level 2 and Level 3 assets and liabilities.

Amounts designated as “—” are $O or have been rounded to $O.

The accompanying notes are an integral part of the financial statements.

 

 

14    SEI Institutional International Trust / Annual Report / September 30, 2012


Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders

SEI Institutional International Trust:

We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the financial statements of SEI Institutional International Trust, comprising the International Equity Fund, Emerging Markets Equity Fund, International Fixed Income Fund and the Emerging Markets Debt Fund (collectively, the “Funds”), as of and for the year ended September 30, 2012, and have issued our unqualified report thereon dated November 29, 2012 (which report and financial statements are included in Item 1 of this Certified Shareholder Report on Form N-CSR). Our audits included an audit of the Funds’ schedules of investments in securities (the “Schedules”) as of September 30, 2012 appearing in Item 6 of this Form N-CSR. These Schedules are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these Schedules based on our audits.

In our opinion, the Schedules referred to above, when read in conjunction with the financial statements of the Funds referred to above, present fairly, in all material respects, the information set forth therein.

 

LOGO

Philadelphia, Pennsylvania

November 29, 2012


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 Company and Affiliated Purchasers.

Not applicable.

 

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

The Registrant has a standing Governance Committee (the “Committee”) currently consisting of the Independent Trustees. The Committee is responsible for evaluating and recommending nominees for election to the Registrant’s Board of Trustees (the “Board”). Pursuant to the Committee’s Charter, adopted on June 18, 2004, as amended, the Committee will review all shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Committee at the Registrant’s office.

 

Item 11. Controls and Procedures.

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrants internal control over financial reporting.


Items 12. Exhibits.

(a)(1) Code of Ethics attached hereto.

(a)(2) A separate certification for the principal executive officer and the principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.

(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as exhibits.


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.

 

SEI Institutional International Trust
By:   /S/    ROBERT A. NESHER        
  Robert A. Nesher President & CEO
Date: December 5, 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/    ROBERT A. NESHER        
  Robert A. Nesher President & CEO
Date: December 5, 2012
By:   /S/    PETER A. RODRIGUEZ        
  Peter A. Rodriguez Controller & CFO
Date: December 5, 2012
EX-99.CODE 2 d297874dex99code.htm CODE OF ETHICS Code of Ethics

SEI LIQUID ASSET TRUST

SEI TAX EXEMPT TRUST

SEI DAILY INCOME TRUST

SEI INSTITUTIONAL MANAGED TRUST

SEI INSTITUTIONAL INTERNATIONAL TRUST

SEI ASSET ALLOCATION TRUST

SEI INSTITUTIONAL INVESTMENTS TRUST

SEI ALPHA STRATEGY PORTFOLIOS, L.P.

ADVISER MANAGED TRUST

NEW COVENANT FUNDS

Financial Officer Code of Ethics

 

1. Introduction

The reputation and integrity of SEI Liquid Asset Trust, SEI Tax Exempt Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, SEI Alpha Strategy Portfolios, L.P., Adviser Managed Trust and New Covenant Funds (each a “Trust” and, collectively, the “Trusts”) are valuable assets that are vital to the each Trust’s success. The Trusts’ senior financial officers (“SFOs”) are responsible for conducting the Trusts’ business in a manner that demonstrates a commitment to the highest standards of integrity. The Trusts’ SFOs include the principal executive officer, the principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.

The Sarbanes-Oxley Act of 2002 (the “Act”) effected sweeping corporate disclosure and financial reporting reform on public companies, including mutual funds, to address corporate malfeasance and assure investors that the companies in which they invest are accurately and completely disclosing financial information. Under the Act, all public companies (including the Trusts) must either have a code of ethics for their SFOs, or disclose why they do not. The Act was intended to foster corporate environments which encourage employees to question and report unethical and potentially illegal business practices. Each Trust has chosen to adopt this Financial Officer Code of Ethics (the “Code”) to encourage its SFOs to act in a manner consistent with the highest principles of ethical conduct.

 

2. Purposes of the Code

The purposes of this Code are:

To promote honest and ethical conduct by each Trust’s SFOs, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

To assist each Trust’s SFOs in recognizing and avoiding conflicts of interest, including disclosing to an appropriate person any material transaction or relationship that reasonably could be expected to give rise to such a conflict;


To promote full, fair, accurate, timely, and understandable disclosure in reports and documents that the Trusts file with, or submit to, the SEC and in other public communications made by the Trusts;

To promote compliance with applicable laws, rules and regulations;

To encourage the prompt internal reporting to an appropriate person of violations of this Code; and

To establish accountability for adherence to this Code.

 

3. Questions about this Code

Each Trust’s compliance officer designated to oversee compliance with the Trust’s Code of Ethics adopted pursuant to

Rule 17j-1 shall serve as Compliance Officer for the implementation and administration of this Code. You should direct your questions about this Code to the Compliance Officer.

 

4. Conduct Guidelines

Each Trust has adopted the following guidelines under which the Trust’s SFOs must perform their official duties and conduct the business affairs of the Trust.

 

  a) Ethical and honest conduct is of paramount importance. Each Trust’s SFOs must act with honesty and integrity and avoid violations of this Code, including the avoidance of actual or apparent conflicts of interest with the Trust in personal and professional relationships.

 

  b) SFOs must disclose material transactions or relationships. Each Trust’s SFOs must disclose to the Compliance Officer any actual or apparent conflicts of interest the SFO may have with the Trust that reasonably could be expected to give rise to any violations of this Code. Such conflicts of interest may arise as a result of material transactions or business or personal relationships to which the SFO may be a party. If it is not possible to disclose the matter to the Compliance Officer, it should be disclosed to the Trust’s Chief Financial Officer, Chief Executive Officer or another appropriate person. In addition to disclosing any actual or apparent conflicts of interest in which an SFO is personally involved, the Trusts’ SFOs have an obligation to report any other actual or apparent conflicts which they discover or of which they otherwise become aware. If you are unsure whether a particular fact pattern gives rise to a conflict of interest, or whether a particular transaction or relationship is “material,” you should bring the matter to the attention of the Compliance Officer.

 

  c) Standards for quality of information shared with service providers of the Trusts. Each Trust’s SFOs must at all times seek to provide information to the Trust’s service providers (adviser, administrator, outside auditor, outside counsel, custodian, etc.) that is accurate, complete, objective, relevant, timely, and understandable.


  d) Standards for quality of information included in periodic reports. Each Trust’s SFOs must at all times endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Trust’s periodic reports.

 

  e) Compliance with laws. Each Trust’s SFOs must comply with the federal securities laws and other laws and rules applicable to the Trusts, such as the Internal Revenue Code.

 

  f) Standard of care. Each Trust’s SFOs must at all times act in good faith and with due care, competence and diligence, without misrepresenting material facts or allowing your independent judgment to be subordinated. Each Trust’s SFOs must conduct the affairs of the Trust in a responsible manner, consistent with this Code.

 

  g) Confidentiality of information. Each Trust’s SFOs must respect and protect the confidentiality of information acquired in the course of their professional duties, except when authorized by the Trust to disclose it or where disclosure is otherwise legally mandated. You may not use confidential information acquired in the course of your work for personal advantage.

 

  h) Sharing of information and educational standards. Each Trust’s SFOs should share information with relevant parties to keep them informed of the business affairs of the Trust, as appropriate, and maintain skills important and relevant to the Trust’s needs.

 

  i) Promote ethical conduct. Each Trust’s SFOs should at all times proactively promote ethical behavior among peers in your work environment.

 

  j) Standards for recordkeeping. Each Trust’s SFOs must at all times endeavor to ensure that the Trust’s financial books and records are thoroughly and accurately maintained to the best of their knowledge in a manner consistent with applicable laws and this Code.

 

5. Waivers of this Code

You may request a waiver of a provision of this Code by submitting your request in writing to the Compliance Officer for appropriate review. For example, if a family member works for a service provider that prepares a Trust’s financial statements, you may have a potential conflict of interest in reviewing those statements and should seek a waiver of this Code to review the work. An executive officer of each Trust, or another appropriate person (such as a designated Board or Audit Committee member), will decide whether to grant a waiver. All waivers of this code must be disclosed to the applicable Trust’s shareholders to the extent required by SEC rules.

 

6. Affirmation of the Code

Upon adoption of the Code, each Trust’s SFOs must affirm in writing that they have received, read and understand the Code, and annually thereafter must affirm that they have complied with the requirements of the Code. To the extent necessary, each Trust’s Compliance Officer will provide guidance on the conduct required by this Code and the manner in which violations or suspected violations must be reported and waivers must be requested.


7. Reporting Violations

In the event that an SFO discovers or, in good faith, suspects a violation of this Code, the SFO must immediately report the violation or suspected violation to the Compliance Officer. The Compliance Officer may, in his discretion, consult with another member of the Trust’s senior management or the Board in determining how to address the suspected violation. For example, a Code violation may occur when a periodic report or financial statement of a Trust omits a material fact, or is technically accurate but, in the view of the SFO, is written in a way that obscures its meaning.

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated as confidential to the extent possible.

 

8. Violations of the Code

Dishonest or unethical conduct or conduct that is illegal will constitute a violation of this Code, regardless of whether this Code specifically refers to such particular conduct. A violation of this Code may result in disciplinary action, up to and including removal as an SFO of the Trust. A variety of laws apply to the Trusts and their operations, including the Securities Act of 1933, the Investment Company Act of 1940, state laws relating to duties owed by Trust officers, and criminal laws. The Trusts will report any suspected criminal violations to the appropriate authorities, and will investigate, address and report, as appropriate, non-criminal violations.

EX-99.CERT 3 d297874dex99cert.htm CERTIFICATION PURSUANT TO SECTION 302 Certification Pursuant to Section 302

Certification

Pursuant to Section 302

of the Sarbanes-Oxley Act of 2002

I, Robert A. Nesher, certify that:

1. I have reviewed this report on Form N-CSR of SEI Institutional International Trust;

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: December 5, 2012

 

/s/ Robert A. Nesher

Robert A. Nesher

President & CEO


Certification

Pursuant to Section 302

of the Sarbanes-Oxley Act of 2002

I, Peter A. Rodriguez, certify that:

1. I have reviewed this report on Form N-CSR of SEI Institutional International Trust;

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: December 5, 2012

 

/s/ Peter A. Rodriguez
Peter A. Rodriguez
Controller & CFO
EX-99.906CERT 4 d297874dex99906cert.htm CERTIFICATION PURSUANT TO SECTION 906 Certification Pursuant to Section 906

CERTIFICATION

Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002

The undersigned, the President and Chief Executive Officer of SEI Institutional International Trust (the “Fund”), with respect to the Fund’s Form N-CSR for the year ended September 30, 2012 as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

1. such Form N-CSR 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 such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Dated: December 5, 2012

 

/s/ Robert A.Nesher

Robert A. Nesher
President & CEO


CERTIFICATION

Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002

The undersigned, the Controller & CFO of SEI Institutional International Trust (the “Fund”), with respect to the Fund’s
Form N-CSR for the year ended September 30, 2012 as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

1. such Form N-CSR 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 such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Dated: December 5, 2012

 

/s/ Peter A. Rodriguez

Peter A. Rodriguez
Controller & CFO
GRAPHIC 5 g297874cov_14.jpg GRAPHIC begin 644 g297874cov_14.jpg M_]C_X``02D9)1@`!`@$`8`!@``#_[0@T4&AO=&]S:&]P(#,N,``X0DE-`^T` M`````!``8`````$``0!@`````0`!.$))300-```````$````'CA"24T$&0`` M````!````!XX0DE-`_,```````D```````````$`.$))300*```````!```X M0DE-)Q````````H``0`````````".$))30/U``````!(`"]F9@`!`&QF9@`& M```````!`"]F9@`!`*&9F@`&```````!`#(````!`%H````&```````!`#4` M```!`"T````&```````!.$))30/X``````!P``#_____________________ M________`^@`````_____________________________P/H`````/______ M______________________\#Z`````#_____________________________ M`^@``#A"24T$"```````$`````$```)````"0``````X0DE-!!X```````0` M````.$))300:``````!M````!@`````````````!`@```JT````&`&,`;P!V M`%\`,0`T`````0`````````````````````````!``````````````*M```! M`@`````````````````````````````````````````````X0DE-!!$````` M``$!`#A"24T$%```````!`````(X0DE-!`P`````!9@````!````<````"H` M``%0```W(```!7P`&``!_]C_X``02D9)1@`!`@$`2`!(``#_[@`.061O8F4` M9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,#`P, M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+"PT.#1`.#A`4#@X. M%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P, M#`P,#`S_P``1"``J`'`#`2(``A$!`Q$!_]T`!``'_\0!/P```04!`0$!`0$` M`````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@) M"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D M%5+!8C,T)E\K.$P]-U MX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$` M`@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D M8N%R@I)#4Q5C+RLX3#TW7C\T:4 MI(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B7I[?'_]H`#`,!``(1 M`Q$`/P#O^H_5;HG4-SK<<56N_P`-3^C?),[G;?99_P!=98N7ZC]0.H4R_I]S M`[^9?_X"N^24V/F,L-I6.TO4&OEY/!E^:%']Z/ID^.Y6%F83 M@S,HLQW&0WU&EH,?N./L?_805[+;55=6ZJUC;*WB',>`YI'@YKES_4?J+T?* ME^+NPK3/\W[JY/[U+_\`T2^E6\?/1.DQP^(U#GY?A4QKBD)?U9>DOG22WNH? M4OKF'N?76W,J'YU!]T>=#]K_`/MOU5A.:YCRQX+7MT0]Y/JMVC]&P$L%CO4?7ZC'? MZ2K]%4_]'=Z:$I"(LKX0E,U$67-25X=-:YU46.FYK/\`YV]KM MWTF)F=/:Z?TE@#3SZ%A'#']OZ_YW_HQ#CCW3[,^WXM))$LQ[ZANLKS^;_`.O-K7JZ2L8^BK<.;Q3TEZ3_`%MO\9H9?AW,8[,/6/ZGS?XKS#LC(?9ZKK7NLDG>7.+I M/TO>3N2]>^9]5\S,[CSIY_R&J67AY>%9Z692_'>>!8TMG^H[Z+_[""K`HBQ3 M2EQ@D2L'K;)SWNCOU_#_`(7S?X/Z3YKU'ZE];PI=76,RH2=U'TH_ ME4._2;O^*]981!:YS'`M>TPYI$$$=G-/N:O9URWUV_F6_P!`^@?Z3_2/_01: M6/WZ_6"/T/J<3..5L^T9CS`,/^EQ/__9.$))300A``````!5`````0$````/ M`$$`9`!O`&(`90`@`%``:`!O`'0`;P!S`&@`;P!P````$P!!`&0`;P!B`&4` M(`!0`&@`;P!T`&\`N5Y9T38E27?7+DV?%KHR]7OYCBO3 M*G;*NF._3TPK!*&K]XM_U3IQ6>;?<6+?W-S69E$\D5R]1B>T;VI[$#[[\;.T M'<'K3Y+5X[/+/K_6;*EM+5?%SFL1897+YNFBD7W(+/(7\`O;]/\`OKKQVZ'K MO7J=OY'F-2VO#.A[VA'URW#ASGY$K3;QU.,?J>>E5&%9SC"6BQNK_)G7;[IV M^TXN6QG7@LL=9H?M5$1)6?8C9?YQ2K??@QN6)ZUYH&>M\K:)54@FI;7*>C6N M55MY%]7.?![-(4.K\.[!PN_5K'8>:[ESFZ]5_!&VJBG5;-@VVK*52:>P>:_; MKJ%E2?95G&?16?0L'A=BP6QVR7F"RUO=V_FL;TV:5?+C=LUV[Q]YY)-&YB.1/.-RIR2-_:8YS5\E,5F9-9``````````` M```````````````````````````````````````````````````````````` M````````````````````````````````````````````````````/__0O\`` M`\QN&DZ;T*AFZKONIZWNVLV*XV]FM[QGW7QOL9L9G,7;WF.D M3ZHIXV2QN\N+'HYJ\%7Q3S(?_(;\&?B7UC[^WY2_L7CYM4KYG48UEQS:=#NQM\OZ%S1K*^=)D58Z>BO6-5 M_5*5;]\1>[^E]>ZQ^+9F\2VJI)8JY\M.-.:UWE:^%Z5:YJHYJHOFBI5%3W0K)^GZK$ZO\`)Z\AZ=ON&";,SP6:V7E?]JPO7D07@5Y9>,:YDGK'&] MG@ZU$6Y_Q\UYA&W:&XPG+OQR'MIUU5A7U'W+;*G$,6&8E-7T2-_*YU*T56+4-/S>B)P``````````````````````` M```````````````````````````````````````````````````````````` M````````````````````````````````?__2O\``````````'\K0AU"VW$)< M;<2I#C:TX6A:%XRE2%I5C*5)4G/IG&?IG!]15145%HJ'QS43'GW<../ MSJR3(6I.,?)C&5>LIZMWF[@:KTXK?,NNK!M/P;FLS*)2B-]:?>\2"KR'_`; MWW1\SKGQ[W?7>UT:/E>8UB\^UT#?VF_5M[NV_6B>U]/9R(M6K[.1%3S0I[LFH[1IU\[&[5K]WC[Y*T;/$^/F1/-BN M1$>WTJ]#T[5]ZUF=CTF:_M] M#5['3R/TY3A3M=;Q9<13B<*S[5>SW)_CC.,GNQ^3R.)N67N+OYK:\;X/B>Z- MR?XS51?]4Q>8P>%V*QEQF?Q-M>XY_P!Z*>)DL:_:QZ.;7T6E4\B'?R%_!5XJ M=1^^M^066R>/VSR/D=;CTKCVY:"Y)<]5*6_J>P6#=I$2IS^RW`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`I M>4^_+4'?M;@IG0V4J3E+34FHEKS[L>^3CVY4JQ>K?)^=G3M]QP2/;YS6JT7_ M``PR+15]5;*U/1A2[??@A:R]:\[;;8L3O%+:^3F;]C;F%O,U/)K7P/7C]4G" MJP7^0'@SY5^,;LIWK_&]JI:",YE.-WJ(S>TZ&ZC*O1AQ6WZXY9TD!R4C]2&) MCL:5Z>N%-)4E6,6-UCN-I>WHQN"ST,ETJ?T+EZ)7QM5WBC9',?ZM145$U,-V(M`````` M```````````````````````````````````````````````````````````` M`````````````````````````````````````!__U;_````````````````` M`````!\W6FGVG&'VVWF7FUM/,NH2XTZTXG*'&W&UXRA;:T9SC.,XSC.,^F3Z MURM5'-54E.XPI]Z35N2W/57H\E2LJ)8U;O7 MW!U;IQ19A;RP;^ZNJS)3T1ZJDS41/!&R(U/U51*%>]]^+W9[?NM<3ZVF-RS^ M/YBPY;=U5XJKHD:ZW>KEXN<^%7KQH]%55(*?(3\"?D;H/WMQP7;]8[I1->]U MFAFJC\]W]+?Z%?$U#N;&3J-G]NG*\*+J)4I3OGP>[@8/K7>D9:VS5DG%(W4M;JG# M@C9'K`^G'CUV*ZG".J\J0P=)Y-T_CNP.:KU;GVX<[V)OWYQ4[CKUIK\M]I'L MSF3#191HZ9\-274J0^QEQE:5I4E6<*QG,_8G-X?/6J7N%RD%U:K^E$]KT3V7 ME5:+ZHM%2BHJ%0=AU;9-2OG8S9\#=X^_3]"XB?$Y4]6\Z)S-XHJ.;5JHJ*BJ MBH8],H8$```````````````````````````````````````````````````` M```````````````````````````````````````````````__]:_P``````` M```````````````````#Q>^\XY]U/7I6I=+TG5-^UF;C.)-#N%!6;#5N*]/T MO8AVL:4RW):SZ90ZC"7&U8PI*L9QC)D,;ELIAKIE]B,A-;7C?!\3W,=]E6JB MT]47@O@IA\YKV"V:PEQ>Q8:UOL:_QBGB9*Q??E>BHBIY*E%1>**BD-7D+^!_ MQAZ5]]<<4V#9^";(_P#(ZU6QE.[SSYQY7JO.%T%Y/8V&O^5SZ8S&MT1V$YS[ M8ZL8PDGK5_DCN&)Z<&P6L.3M$XG7US@\@M51B5N;55\?Z*1R2MJOZDZ-:GA&M$0@M\A?Q!^:W`_OK.-SY/8]/ MB?(Y_4_'W9.TR$1T^J\.3M-5%A[M%4AG&5/+;@2(K/IGU?SC&,YL=J_?/M]L MW3A?E/R%^[]W=4C2OM+58EX^"*]KE_5*5[[\4N\6C=:YCP*9;$LJO6L%6943 MU=!RMN$HG%RI$YC>/UKXD8\R'+KY4B#/BR8,V&\Y'EPYC#L:5%D,JRAUB1'> M2AYAYI>,X4E6,*3G'IG!+TCHW)5%1:HJ+X*BIP5"N$L4L$LD,\3F M3,54.T7;?N/&]-OU*TNKI6T2=&]. MY;P6G+<1*R6B5JC5>K*^+5(-/(;_``^;2OO[OQ?[$IO/\Y^/H'8&/D1ZY^5[ M[>NW_68"5H3C]+,=F73KSZ>F79?\59L7JWR?_P#A3Y0^ M,3\C/9N.[9K5*R_AAK9?F81[VXS[[,O"N,6,UGN#IVX-;_`,]!-<*E>DJ\DR>M8G\KU1/!7(BM]'*4MWKL]W*[;O? M_>[4KJVLT=1+AJ)+;.JM&TN(E?$BN\48YS9*>+47@:M&Y$9@```````````` M```````````````````````````````````'U88>DO,QHS+LB1(=;8888;6Z M\^\ZO#;3++3>%+<=<6K"4I3C."(B>*JIR8Q\CV1 MQL5TCE1$1$JJJO!$1$XJJKX(?>=76%7(S$LX,RNE82E>8TZ*_$D80O'JA>69 M"&W,)7C'TSZ>F3C'+%,WGAD:]GJBHJ?RH=D]O/;2=*Y@?'+2M'(K5_D5$4X9 MV'2```````````````````````````````````````?_T+_````````````` M`````````````````````!\9$>/,COQ);#,J+*9=CR8TAI#\>1'?0IIYA]EU M*FWF7FU92I*L92I."HJ<%1>"H1G>0OXC/"CR`^^LO[N?[HMOF?(Y_5?''(FG^^ M2OU7\L_4_LIND3OFD?K?<_;FY;WJK^>E2O=B7-7[X]P=8Z3'.OOKCAVS:QWK76?D>:J/='T'H+;"?5S*/V>]L7] M8L_MVOI[F+=,B0I/\N+C*L(+':O\D]1RO3@V*TFQMTO#FXS05_G,:DC:KZQ< MK?-_"I2K??A#W%U_K7>EY&VSE@E52/A:W2)X_P!'(]87T3S;.CG*GTQHJHTA MDZ#S/HG)]BD:ET[1MLY_LT7W9=H]PH+/7[++275LXDLQK.-&7)AN+;S\;[?O M9:%1,[KF?U>_D MQ>R86ZL,BWQCGB?$^E:51'HBJU53@Y*M7Q150\.9$PH````````````````` M````````````````````````!DCCO-;7LO6>9\EHY#<*VZ7OFJ:+!GO,+DQZ MU_:+R%38LY3#:VUNQ*U,S+[N,*3GXVU?7'\3$Y[+0X#"9?-W#%=!:6TDRM1: M*Y(V*_E1?5U*)[J;#J6NW6W;3KNK64B,NLC?06S7*E48LTC8^=42E6LYN9W% M."+Q0M'^0?D7XU?ADIM!X5P+@M3N_8]CTR-LU_M]_(BU-O,H7;"RIH^Q;KN, M:HF7FP6-[=TL[X*F+F)!A--JRCX&\M-.4YU?5=M[^W&3V/9ME?;X&*X6-D3$ M5S4>C6N5D42N1C&L8]E9'*OC>LC42K(W.1$(5_.*O\`&"J\D=ZK M_$.7:S>-Q7(C<*1+F/V%)_4&4+7?,Z//GY5GN]^?;3GMIV[G[EW^VI-L]S9I8S1TY463GZSI_61E.7I>]:^5./Z5=\>\U MIV.Q';M;71++)+E;:;FYW-AZ?Y9EI2E(9.;G_,+6M*R[;L7[V[)_9:+V2I/]4_`IOX5>B(R<^_/ MN]J9G[=:-_<#"76&_C$E]U;ITW4>WE5.:.)G)3G?P3IUK7Q#$6O&B3'^;U)31?PF^(= MG&J*R/92/[@?N+!B!%9G/_-S[;%N_-+;:3(=^5:<95[E9]V<>N2!NWEQM7 M(E5KY\2M(6W/SL)SYO,N9^1?B1X>>.$6IJ-:\EYO`MPZGP'Q<7+;M6UMG1WC$XJK8WO5L[6I7IN1U%Y?INI-KFN=P.UG:7M]%:Q6W< M5^"GO<9<+1J7I1WWZ/X?TO2/Z7Z'T" M@W]VEY%X:^"NJ2>9.3+=?9L=AZ%7SZ+4H&O0]5FNV;LBNFS M79+C33;.5?*I'#%;U<8G\YB\9=6J7%]G\Q(EQ.DLT,<$-SP5K('(^57K(Q(T M:]C$:CG*[[J+RV#M19[#_#<_G;&^6SQ6HZW`MG:.M[:ZFN[FQJJ.ENFNC@;$ MV&1TSGQ22.>K6M97F5N!-_\`QYZV_4;-_EV^RUN ML=8Z%<<8W'5=UQI/WC3NU:'TMVB=38Q,,P95)<-O*C-N85A&S8SNC=MGM/X_ M:P1XY'WL4L\;96QNDMH&W44D75HJ1S6Z3)R.J]LL2M1ZIXZ/G>PN/?:9'^Z. M0NILTL6,N+>TF?;R3,AO;J3'SPW'Y?F19K:[6V4Z)?\CW&*W5QYV_\`2]WZ18XV7S7]U\;<8F*WV&ZO9F7,2\RI#;PP-N>=OU M5YG1SVK4555O/*O"B(AX]T[+:[J_]_FV&+MI;&X1&(ZZN[B[?8I$ M[Z>7ILGM<@]R-1']*!O&JJJX/\>_%-'D?S2PL-&M;5?5*+OO&N=7M`YB(J@A M\T[.]9ZU5[SCUC-S$O:[O5>U'GK5(^V;BS6E+PWG&%.;%M&Z+JF7BBR,+/X- M)C+J=C^/.L]JC9'0^-*/A M-9QWHB(Q48DCX8([FL35B59F,8K MFM57)DG8?`OQMJJ?5=MO+OKO,=5K_(_2>`]--/:9$2-O]9M+$3;6[#B MBK6LYS=Z3L&OMN7NN7'WTMNOD?R9*EXPI6(M>Y6V33WMC;V]C>7KL3+>V_+: MW]HBK"Z-5BY;OE=.R5CU2&>+D:KV_4RG!-AO^R';RUM,9E;R]RN-QD>PV^,O M%??XC(*U+IDR-G1V/YV6DEO+$BW-I/U'I$[Z)%UN7/EB7@G(Y7?B?5]+>3CJ/=?0[/2IL*MEKN:Q\5TDO]MFM+R&5(U8C7VE] M9,C@G3ZE25B1UA_#7G?U/ITQ-^(A````````````````!__1O\`````````` M`````````````````````````````\%T7EG->O:\_J?4M"U'H6MR/?E5-N.O MUFP06G7&E-?=16K.-(^RG-H7GXY#/QOM*]%(6E6,9QDL5F-%5JI5/5JU1?!45#![!K.N[78/Q>S8.TO\<[]W/$R5J*J4YFH]%Y M7)Y.;1R+Q144AE\AOP,>-G1/O[GA>T[/PG8GOF>9I7%/;[SQU_/RO8:Q57,Z M/M-3]P^O",K9MG8\=K'\N(KTPG,^ZM\E-MQ?2M]CLXYPKJ^FQ/E<77*B->N<8?7A."(C^9 M?U4J4IW[XL]X=#ZUP_7ERF(;5>O85G1$3S?#RMN&43BY5B5B?KK15(U'V'HS MST:2R['D1W7&'V'VUM/,/-+RVZR\TYA*VW6UIRE258QG&<>F26FN:]K7L^.1BMD:JHJ*E%14X*BHO%%1?%#Y'(X@``````````` M``````````````````````````]_RCHMYR#I_/.JZSAI6P M*-D8K%5*^:5JB^2HBF=U?8+W5-DP&SXZBWV/O(;B-%KRJZ&1LB-=3BK7*WE< MGFU53S+7&ZJ_&K^8>@TR\M^E.D-.UR7EM_,O+;\5;K[92S'IW:[$W-_;08C\[K4DG.YR1OEMW+1& M]1'QT?!(K41JH^B+1*M>C6J?I]F%^._RRL<1>W6Q+C-XBAZ;&K+'!>1I57K` MLYSVNB1RIS+ROC5SVD?/=/P"^0FDP[&YX?TC3>U0H;;DAG6[6&YS M?=IB,8PM$2N9L+&[U&=(;^J*OBB)7E2"[:M4V;1MDN]/W*AMM7VK6[&347VO7L&166]19PW,MR M84^#*;;D1WVEX^N%)QZX],X]<9QDL;97MID;2WO["Y9-92L1S'L5'-QEMLG;R*R6*1JL>Q[5HK7-Q4US^=FCY>FYK>7HNGK7F\:]5*4]%/UW[\=@\OWP MQ';?^%9^VL?X7;3\W58]_/\`F66G+R\GAR]!:U\>9*>"D9'_`/GA[+_^Q/,O M^:VU?^M)>_\`5)@?^RMY_ND?^L5R_P#0/MW_`&^QO^XS?ZY$SYK^(NQ^%/8H MO'=HV^DW:RE:92;FFYH(,ZO@IBW<^Y@-0LL6*E2,OL+IE*4K^SG"\>G\,DV= MOMXM.X.!?GK.QDMXDN'QVV/4LEE8;RX= M9QW'4B:YK:2.D:C:/XU3IJJKX<4)L_.7_4?^'O\`W??^CS;2O?;K_2(WO_EO M^_Q%Q^]'^AEVG_ZK_P":SE9$MZ?G&9GVWN^];;4\,K%+K]=?\>M5SJG/KW5O MW:JV!ME&];#T.+=6%BNVE^FPP-@V-W+$B&B&EIIIKT1\B5.*P%CK>.L9]CF1 M'2MRDW4G9)RN97HL@5C6\J?0YD:A M:R0\[)43\S+=)(]ZO=^*V65W*Z-(T1&MXC\\VK5;]>A;HYS%,G.H;G.AT^WU&Q4F\5TJPE/8FT]G6-)5+>; M0RAA>6L:C8]J=>Q6.Q]AB+Z^M);2YFE@GCD9UHOS%.K$BNBA<.;'/'+'$YWYL=*X_VR;W#D>E\EYC;RM`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`#*NKN!J6M1>$>.=!SK2:WIS5!RZOTO; MKC26=FZO20:+8.AR<;IT#:]GE[S5Q:B"Y527+/,6O>A-*1'SCY,.9JUT*WMY M;Z[?LF5ERMP^W5]PZ6)LJQVSU>R!.E#'&D+E<])&I'S/1[D5WA35[[NY>7D& M+QT>DZ_!@+..\2*S;;SR6Z37L;8Y;I?S%U-,ZY8C(UA>LW)$Z-JI']Y':U'M9RC<=?76WTAJ M-G&,H8D//1O7'ZFU8SG&=TUGN%N6H.8F!ST\5NB_T3EZD*^OX3^9B5\U:B.] M%0C'>NS?;3N.R1=MU*UGO7)3\PUO2N4]/QXE9*J)Y-*D&/>/#SR8\9Y3K/:N.[?IM>A[##6SJA-W6E3'%K:0 MTB%NM`]::O(>=R^C^5B7\R25/MB>C M9$3@O'EIPJBJA2O=^TW<7MS*YFXZE=VD"+1)N5)+=R\*Y64H1CU4K.$XSG' MDOKZSQEE=9'(7#8K*"-7O>Y:-:UJ555^Q/\`"O@G$R&)Q62SN3L,-A[.2XRE MU*V**)B5<][UHUJ)ZJJ^?!/%51.)Z'J_)>B\/WR_YGU75+73-UUJ6N):4UJS MA*O3"U)9G0)32G(5K43T)^2+,C..Q9+6<+:6I.<9/+ALN,?, MVK7M7^5')XM+)&*YCV\6N5.)O#^/?S)\J>2]\X_H/.=WW/<-1W#?=0T^RY!;6D[8=7MJ>Y MN85;.9IZBS4IA*T9CONAH6F9O6L[D\KCK>"^@ MMI96W36HR1KFL5R*YS:+(U52BL?S(M?I1'*BDS=A^[?RA.%N2U1,O1,/KSE2V(;;>,^UG&,:#\ M8;R]GU'-VD[W.LH+[\*O@U7QM<]K5]*T=1/!7*OBXEWYW8W%VO<75LC:Q,;D M[K%?CTHBO2.9[(GN1/%W+S,YEXJV-K?!B&5OS_?\C/`S_P"6.S?_``K@AA?C M+_;^Y7^6M?\`97AL_P`Z/_U'9#_Y:_\`]AC"MP6Q/SU`!9N\Y?\`4?\`A[_W M??\`H\VTJ%VZ_P!(C>_^6_[_`!'Z.=Z/]#+M/_U7_P`UG*R);T_.,E2W3PJY M_LGA7QOL7')4Q?>:KD=WV7M//)$Z7,>V[E2>G;II#G1=.B27G?C=YZ_K#:+J M)&2EI,&4U)SA*TJ^6&%42TGZ5;:+=:1R7FE5XF>+76.L])ZOM.P1M/K- M^[3H,.V5#:565.W[3.NMRO6IKD&KJJV3\;49Y6$-,M95CW8KN#)#'D(,E;W% M]EGYO(VUM!;1L65T-I,K:KS.BC1D3%8CY))&U5S4JKE,5L'9Z*YGP]UA+RRQ M>NQ:MAKV]N[V:5(&7.0MFOY4Y&3S.DN)$D6.&&)]&L>M&L:JF$>B^&'7>=:O MLFZN3-+W/5:'/*YT"[T&\F[!%W'4NSJVF'H.^Z>ARG@2;'5;'8M.G4S_`,[< M:QAW#>(K\1#GKZ;#BM_P>5O+3'I'<6][)^9163,1BQ2VO36:&7ZG(V1K)62I M17,=$O.UZH:;G^T&UX#&Y#,.EL[S&0?DG-DMI'2MG@R'6;;7,%8VJ^%\L$EN M[F1DL&M6IYG`^:4?4MXM\W4E_79%)LEIJ] M!25.O6K-6M-KLEALNTMUJ(RD,M_>Q)3>7<88RK/#%=P]=S5CKU_CEFDCR=V^ MWA;R(CT?&V1[W/:KOIC;'&LBNJJ\CF+3ZJ';G^S.YZQEMQQ&:;;12X/'1WER M_J*L2QS/ABC9$]&?7,Z:9(491J=1DK>;Z*KC#C_$V.KQM@LK/L?$^.T^O2Z2 MN=L^O;9OZAJ^[;?9LL-U;JI%9C. M["["OM8H<#D+^>5KW(VUC8[E:SEJKWRR11-5>9$:U9.=_'E:M%IK>IZB(QROD2+I1_3SO:KFHN;W/`SI=+ M+Z1CH?2>%9;)MV^;[8(UV9L&QZWG;]8D:OC5-9VJ\VJLV/7,IF1 MUP83S[<9679#3#3;JV]=3N3B+AF)_A>)R5[%8>C#- M),R6*DC%CC9+>,^F48]\^_82TM\Y<7D5U"MA9P7,C)(N21T=PURQHR-R MHY7\[5BQ)G2S,: MK$BZ;VW#)&+(DENO4;6BHR^\Y"ZO+&"T@;>PYU^)5 MCY.55NHHI9KAR*JL:CTF_:7*H]>W;^IM)U?8*INZ@QY#\.;'KY=?,;AO\`PON* M:4DZ5[BXNV@RLF6Q.0L+BTLW72Q3QQI)+`Q:/?%TY9&.Y%5J.8Y[7M5S>9J( MJ*>EO9;/7MUKT.N[%A\M9Y#),QZ7%I-,Z&"[E3FCBN.M;PRLZC4>Z.1L3XI$ MC?R/BTK1+75M4V;HSV\;G?Z/"Z-M2-D?C\TCVN MEC_,GDHX\M=WF\ZY!A[*6&":[6YN M);9MW-UE2T1]O:3.?,QL+W2.8QUNC5:J3NYCM_&'CGBU.V;R`U;R@Z=K]9(T M*L5`T.[U/HD1G5=FLX5A_@4-[#VYAEJ'%=K51\R,R$2,*;@3DJSF/ MY]PSVY1VFL7FG8>5[;E]9F20*LD;5:U6-D8Y[%B5:N23FY>56T66-4^OU=N- M2[:39'>L9W)V2".2QCY;:2"Z:D,SVND;+)#*V*1LZ(C6+$K.;G1U6P3(J]/0 M(DT@P````````````__3O\`````````````````````````````````````` M````````'&F0XEA%D09\6-.A3&7(\N',8:DQ94=Y.4.L2([R5LOLNHSG"DJQ ME*L9],X.<K9&K5%1:*BIX*BIQ13KEBBGBDAGB:^%Z*CFN1%:J+P5 M%1>"HOFB\",+R$_#]X4=Z^]LX>@.\8VZ5[W,;)QQV)JT1<+3,&K]]>X.M=.&3)ID+%O[NZK(M/:5%29%]*OMU:ZW5*_>Y8F/=5?K1:*D%/ MD-^"3RDYCF=<<7NM:\@-98PMUN#7K9T?H33*,?([E[6=@L':&=AE&?1&(5Q( ME2,IS[8RPX>YL)2=@OZV'EAO9-0H]?W.I3*6A2YLVB5L%UK>\:`U.6C"<,PK"Q7[LX M][WM]+[ M<[;/%+P_VI[I[\23'KK.[IZ2BS$;=:4AR*K>[_;M_P!IHXDQ64X=;KX3B'D8 MS\G]E.,_+SM)WEW%8[+=-ZA3#HY%BR*&-ZIY*]Z*B^'BI]QWR)^ M,_;9)LIVP[472[(YBHQ\D<8HM7UVM2MJGUJAC/O2'F*VO;<4K.5K6Z_(== M?=4IUU:LV,U#4\3I.!M,!AV._+1U5SG45\CW?>D>J(B*YWLB(C41J(C6HA2O MN/W#V'NCMN1V_996+?3T:UC$5(X8F<(X8D555&-2J\55SG*Y[E5SG*L]>\?F M`_'WU^AT6I[9XA;OU-[0JA==0N;AK',;]JG=GPZ>->+J/W+:EKB-VJZ.-EWT MPG+F&&_=C]./2M>.[%]S\%7G=3TJM M/$O!FOE?V)VRQPEKN/:F\R;[&+DB6>&SE2-7-C216<\R\J/Z;*^%>5M?`QK_ M`.(=^(;_`/G3_P#;;CW_`-2F6_S6]\O_`!4_]_=?\&:[_G[^*?\`X`?_`&EA M_P`,15>VSQAXO_<7H5?SNIUVWU+]DUN@_<=OB;+MME/V/[/5Y MUA7N?=TUM7QOE6O#V?L_;E.$I1G,S]NL!M>NX2ZLMPV#^)9-UTY[9>>1_+$L M<36QUD1KN#VO=1$I]5?%5*R=Z-N[?[IM-AE.V^G_`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`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`;CM67(]IQ#C8KHJ4LRHC>,80W MA"VLK<]M\C=WNAW5UFDF6PMXH;YSTW"X_%]V["PU=ULW+WL]SB6Q*QK,?ZOM3GD568DU<"5UKJ/5>=4_)>K=`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```````` M````#__4O\`````````````````````````````````````````````````` M`QWTOD?+NS:\YJG6.>Z=T77E_)E-5N.OUE]&C.NIPE4J!^X1WW*V)DJ(J_I-YD56.]'-5'(J(J*BHA"YY#?@1\>-\Q.N>`[ MELW$+]W*W6M>LU/[_P`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`Y?1EQ&KX7+[->J^J(:Z&U&@``````````` M`````````````````````````````````````````````````````````__6 MO\`````````````````````````````````````````````````````````` M'#L*ZOMX,NKM8,.SK9[#D6=76$5B;!FQ7DY0]&EQ)*'8\EAU&Q],R$^F,XF35N_/<#6^G!<7[U/U2M&_?$CL_NW7NK/$/PN6=5>K8JD<:KQIS6SD=;\M5J[ILB>[PYT M(+/(;\%OE?RO[^XY'.UOR!U:-\SK;%"ZWJ._M16OE<4[)U#8)JJV8O#*4X2U M76LZ4ZYG*4L?3'NL=JWR-TK,].#.1RXN]6B5>G5AJM/"5BO=ZK-;YW&-JJ)$J072-2JU6"5W([A2B132/%8>=TT7=N<; M!,U3H.H[-H^SU^U64Y],Y]" M=L?DL?EK6.]Q=]#>Q5S99*/[T4\; MXI&\53BQZ-=2J+QI1:'E#VF+```````````````````````````````````` M```````````````````````````/_]>_P``````````````````````````` M```````````````````````````````````#&/4^+=A/]F1%<9?3_P":O!F,-L&;UVZ2]P65GM+G MS6-[FU3T0OXLO-/QS^^ ML-@Y3,W[4(7R+5O/)5O[W18CM>N79E MC=7[R]O]KZ<5KFFVU\[]S+G,:U)XVIYNEA8WW\2/!25)5E*L92I.G[VF2Y\N4RY.QZ^J#(NW&7'E+2U9IG1LKSZJ:4;[J_CZ)UAI%'L&&4 M?*M$6!NU#"70V\YW'L0G$JNJ6/7U4I[&,^F+&ZO\GK&;I6^X8-T,G!%FMEYV M5X<5B>O.U/%5Y7R+Y(TI7OOP1RMMU[SMOM3+J%*JEM>HD-MIFK[;R3<=!RI]<:+;V-=]YJUF\A:T*;I]PJ7+#5K MA6/CSGTC3'^]O+G\MN6K7=C5U&O>SFA>OI'.Q70R>'Z$CN%%\T,`FS&B@````````` M``````````````````````````````````````````````__T;_````````` M```````````````````````````````````````````````````````````` M`!UUM45-_6S:6]JZZZI[)A<6QJ;:%&LJV?&<_P`Y&FP9C3T64POT^J%H4G/^ M0[8)Y[::.XMIGQSL6K7-56N:OJBI147W13SW5I:WUO-9WUM'-:2-Y7L>U'L< MB^*.:Y%:Y/945"*CR%_##X7]O^^M=8U>QX3M\KY'4W'*WV8.NNR5>N6_O]!L M6YFL(AH4K.5-UK=6ZO\`V7?H31J_?W?]=Z<-Y>,R5BG#EN457T]IFTDK[R+( MB>A6/??B%V@W/K76-QDF$RSJKU+)4;$J^7-;/1T/+[0I"J_K$%OD+^#;RWY- M]];\M7KOD#JL;Y'4?TH\G6]Z:BM^NF$LU=C9OKSZ_R\>A8 MW5_D5H^;Z<&927%WJ_[8G4A5?:5B51/>1D:)ZE*M]^%_=35NM=ZTZWSV,;5? MP5Z5RB)YNMY745?1L,LSE_5(?]JU#;-$O)NL;OJ^Q:;LM:K"+'7MJI++7KR` MM6/8Z\BN+1_W7QO:]COLS8W,XVXM,C&M'Q31OBD;_`#F2(US?\*(>=/48\``````````` M````````````````````````````````````````_]*_P``````````````` M```````````````````````````````````````````````````````````# M%'6>%<;[O1_TYV/F>F=&J4)<3%9VJB@V4JM4[E&7'J:S<:Q:4DI>6\>KT-YA MWTQZ>[T,UA-DSVMW/YO`Y>XM)_-8WJU'4\GM^Z]/9R*GL:OM.DZCNUE_#]MU MRSR%JB+1)HVOY"=Y"?@#XIMOWMSXY]%V+DELOWNL:A MM_S[[HRE8]F&XD*S??C[I2M9Q[LK>DRKE6<^F,-XP6$U?Y-;#8].WVK%17T* M>,L5(9OM5J(L3U]$:V+[2G6^?!?3LIUKOM_G[C%72\4@GK- M7/?<+Z-0@I\AOQB^9OC9F=/V[DMEM^HP<*<A-Y^F7;6N@(SG.,8SGUQZV.U;N_H.V=..QS;(+YW[FXI#)7T3F7IO7VC>]2 ME&^_'#N[V\ZT^5U:2[Q3.*W-E6YAHGBYW(U)8FI^M-%$GH:`DFD%@``````` M````````````````````````````````````````'__3O\`````````````` M```````````````````````````````````````````````````````````` M`````&E/D+^/'Q"\F_OIW2^.Z^SMD[Y'%[_IB5:7N_W;GK_OV;=4'VB-A?1[ ML^U-JS/9QZ^OL]<8SB0=7[I;SJ'3CQ&>E6R;^YE_%AIZ(Q]>1/\`)JQ?PG:GN/UIMBU*!,H^J_FK?\`J]QS+^DZ2+EZJ^B3ME;^R06>0W^'YWZCQ.NO M&7J];O,!&5.L:-U!MG6MJ2SA7HB/!V^ICKUB\FJQG&G;[?A7VTJ^,UO62.OJL3EZC$_FNE7V*5;[\$LY9=:\[<;1'>P)Q2 MVO$2&:GHV=B=&1W\^.W;X\:T18/>T^-/?/':UQ3]LY-NG.WW'E1XDZ\J'JT:Z1B])ZIX].9O-#+3SZ;W(A@XV(T ML```````````````````````````````````````````'__4O\`````````` M```````````````````````````````````````````````````````````` M````````````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```````````````````````````````````!_]:_P``` M```````````````````````````````````````````````````````````` M````````````````````````````:,^0_P".#P]\FL3YW0>14U3MT[+CJ^@< M_P`)T?=,S'5.J7/G6%,TW7['+SEY7UMXM@C^&?;ZI3G$C:MW7WO4>G'B\Y(^ MQ;PZ$WXT5$_11KUYHTX?NG,7WXJ0MOWQ\[3=QNO-GM4ABRKZK^:M?ZO<ZQVK_)S#7?3M]MPTEI-X++!^+%[JZ- M:2L3V:LR_P#LI3OOP4V7']:\[=[+#D;9*JEO=(D%Q3R:V5M8)7>[TMF_R<81 MNR>.O<_'NYQ1=IY7NG.9KCRV(;^Q4LEBFMEMX5E:J'8F,/Z_L#*<(5ZN094A MO].?U?3)8;`[5KFT0?F=?S5O=QHE51CT5S?Y[%H]B^SVM4IKMV@;KH=W^2W# M6+S'S*M&K+&J1O5/'I2I6*5/>-[DX+QX&&#/FH`````````````````````` M``````````__U[_````````````````````````````````````````````` M`````````````````````````````````````````````````!TNPZYKVW4T M[7=KH:79]?M&QRLBM,8]/56$S$YE7]J5L MJ\?L*K[[\-NTVV]>ZP,$V"RKJKS6J\]NKEKQ=:R*K4:E4^B!\"<$I3C6"WR& M_"?YC\8^_MM%J:?O^HQ?E>;G?Z4&2GDQE\M$I.E8J\/"9M6HG[4J1>"\"E6^_#KNWJ' M7NL+:PYW%-JJ.M%5)T:E?O6LE'JY:?<@=/XIQ7C2)B_UW8-3N)^O;317&M7] M6^N+9T=_63::XKI+>?1<>?66+$:;#?1G^*'$)5C_`"$V6MU:WL$5U97,QR/:Y/5KFJJ*GNBE6[ZPOL7=SV&3LIK>^B=ROCE8Z.1BIXHYCT1S5]E1% M.F/0>0```````````````````````````__0O\`````````````````````` M```````````````````````````````````````````````````````````` M`````````````````PEVCQMX-Y$U&*7MG*=,Z+%:87&AR[ZH:S>U++BEJ6FB MV>'F)LE`I2G%9RJ%+CJS[L_7ZY-AU_;-EU:?\QKV:N+5ZK548Y>1R_MQK6-_ M^.UQINW]O=(WZT2SW'6+/(1(VC72L3J,1?\`:YF\LL7BO&-[5XD(7D+_`(?K MG%_]]=>-'5;;G]BOY'H^D=);>VK4ENJ]?CB0MJKFVMIHX:/I^N3'NWL_7Z_7 MZ6'U?Y.Y:UZ=OMV%9=1>"S04CE^U8W5C>OLUT2%--]^">O7W6O.W6SRV%PM5 M2WNT6:"ODULS$2:-J>KVW#B"WR%_'/Y@>,_WT[HG'[VPU.#\BW-_T1"MVTM, M5OU]9TZTI&WY6O15>GT_=8\!>?\`:_7!8W5^ZNB[=TX\5G8VWKOW,WX4M?1& MOHCU_P`FYZ>Y2K??C_W8[<]:?/ZG/)BV5K=6W]8M^5/TG/C171)_EVQ+[&CY M(A#(```````````````````````!_]&_P``````````````````````````` M```````````````````````````````````````````````````````````` M````````````````:#^0GXR_#/R2^]G[GR&IU?;9ON6O?>8_%H>UYDK]F%S9 MRJF/^P;%,RVWA&'+:!892GZ)]/3'I)>K]W=^U/IQ6&= MB>=(WL]R#M\^.7:+N'UI\OJD5ME7_P#&;.EM/5:?4[D3I2NHE*SQ2T3PH06^ M0GX`.PZM][<^.'2]?ZI5(]SK.F[NEG1MV0C]"6X<&ZP[)TV]?RKW*4[)=I$) M3],)5G'KFQNK_)O!7G3M]KQ$ME-X++#6:+[59PE8GE1J3+[H4JWSX+;9C.M> M=OMB@R=LG%+>XI;7">%&MDJMO(OBJN>MNE."(J^,)/7>!]IX'>?TYV7F&Y\Y MM5J4F*G9Z.9!@VF$8QE;U)<>Q=/>Q4_PR]"??:PK&<>[UQG&+"X/9M?V:V_- MX#,6]W#Y]-Z*K?9[?O,7V>U%]BF^UZ/N&CWO\/V[6[S'W*K]/6C.2G3 ME3]J-SFUJE:HIB,SAJH```````````````````/_TK_````````````````` M```````````````````````````````````````````````````````````` M`````````````````````````````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`!]^7/C*J9+ZAQS8TZO# MRM6=]U-I.Y:-F.G.<)E2M@U_[UJB;>],^QNS1!D9QC/\O!8_5^Y^C[?TV8?/ M1?G'?N9%Z4U?1&/HKZ>:QJ]ON4IWSL1W4[<+-+LFI7'\-9_QF!/S%M3]9TL7 M,D:+Y),D;OV33(WXB$````````````__U+_````````````````````````` M```````````````````````````````````````````````````````````` M`````````````````````````````/Q24J3E*L84E6,I4E6,92I.<>F<9QGZ M9QG`\.*>)\5$5%14X$?7D+^+SPO\COOK#9^35VE;?-^1:MZY7EG1-B5)=]_F.*],J=LJZ8[]/3"L$H:OWBW_5.G%9YM]Q8M_M/DM7CL\L^O]9LJ6TM5\7.:Q%AE^-HPE:VH<2=*EOZ9>._H]JGGI=1C*E8 M]&O3USBQVK?)G7;_`*=OM6,EL)UHBRQUFA]U5$1)6?8C9?YQ2G?O@SN>(ZUY MH&=@RUHE52":EMA4,W5=]U/6]VUFQ3E$_7MLHZ MS8J2:G*%M9Q*J[>-+A/_`,MU6/U(SZ85G_*>RQR%_B[F.]QM[-;WC/NOC>YC MT^QS514_E,;EL/B,]8S8S.8NWO,=(GU13QLEC=Y<6/1S5X*OBGF0_>0_X,_$ MWK&)UOR>1L/CWM5*3A#-99UL9I*?1 M+7U)UU;Y%[MA.G!FV192R3A^)^'-3T25C:+[K)'(Y?-Q4_?OA;VNVCKW>KR3 MX'*.JOX-9K956O%;>5R*U/"C89H6(B<&D%/D+^&GS3X;]]:Z_I\/N>H1?D<3 M=\E>?N+U$?'JIK$W09C,/<%S%H3G*D5\:R9;SCTR]GU3ZV.U?OWV_P!CZ<-U M?NQM\[]"Y1&LKYTF15BIZ*]T:K^J4IWWXC=X-+ZUS88EF:Q3:KU+%5DD1/+F MM7(V?F]4B9,U/U_"L6%G5V=)83*BYKI]1:U[ZXL^LLXDB!809+6?:['F0I;; M4F,^WGZ*0M*58S_'!,L,T-Q%'/;RM?"]*M:*E3@':=```!__UK_````````````````` M```````````````````````````````````````````````````````````` M``````````````````````````````````````````````-?.X^*7CIY)5ZH M';>0:9OCGP9C1[R?6_8;=7,9QG'Q5.Z4SE;ME2U]<9RB--:2K.,9SC/ICTVC M7=TVK4Y4EU[.W%LE:JQKN:)R^KHG\T;E]W,4T/=.V';_`+AP+!N6J6=\[EHD MCFLAM9PAMM$JKLGLISE2Y&5_EQ="]>5RKQ55;)&GDC/2E^^_!#'S]>\[;[6^"1:JEM?)SQUXK1MS$U'L: MG!$1\,SO-TG#C!?Y!>!7EEXQKF2>L<;V>#K41;G_`!\UYA&W:&XPG+OQR'MI MUU5A7U'W+;*G$,6&8E-7T2-_* MYU*T56+4-/S>B)S__U[_````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M`````````````````````.+-_P!"E_Z+_HLC_3?]"_S2_P#2_P#W7_TG^X]3 MG'_2,\?%/#Q\?+W]/_YC_D M;_RQUW_A/_M/_P#L/^X^[+C-_P"Z2;_^W_I&>/\`2_T3_N_]'_K^_(?FF_\` 9TB;;_NL_H9/#^S_VB+[_`/TQ_M?MU3__V3\_ ` end GRAPHIC 6 g297874cov_17.jpg GRAPHIC begin 644 g297874cov_17.jpg M_]C_X``02D9)1@`!`@$`8`!@``#_[0:&4&AO=&]S:&]P(#,N,``X0DE-`^T` M`````!``8`````$``0!@`````0`!.$))300-```````$````'CA"24T$&0`` M````!````!XX0DE-`_,```````D```````````$`.$))300*```````!```X M0DE-)Q````````H``0`````````".$))30/U``````!(`"]F9@`!`&QF9@`& M```````!`"]F9@`!`*&9F@`&```````!`#(````!`%H````&```````!`#4` M```!`"T````&```````!.$))30/X``````!P``#_____________________ M________`^@`````_____________________________P/H`````/______ M______________________\#Z`````#_____________________________ M`^@``#A"24T$"```````$`````$```)````"0``````X0DE-!!X```````0` M````.$))300:``````!M````!@``````````````V0```?4````&`&,`;P!V M`%\`,0`W`````0`````````````````````````!``````````````'U```` MV0`````````````````````````````````````````````X0DE-!!$````` M``$!`#A"24T$%```````!`````(X0DE-!`P``````^H````!````<````#$` M``%0``!`4````\X`&``!_]C_X``02D9)1@`!`@$`2`!(``#_[@`.061O8F4` M9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,#`P, M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+"PT.#1`.#A`4#@X. M%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P, M#`P,#`S_P``1"``Q`'`#`2(``A$!`Q$!_]T`!``'_\0!/P```04!`0$!`0$` M`````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@) M"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D M%5+!8C,T)E\K.$P]-U MX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$` M`@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D M8N%R@I)#4Q5C+RLX3#TW7C\T:4 MI(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B7I[?'_]H`#`,!``(1 M`Q$`/P#U5))))2DDDDE*22224I))))2DDE"RVNIN^QP:T=RDIFF)`$G0#DK/ MNZNT"*&%Q_>=H/\`-^DL^V^ZX_I7EW\GAO\`F#VI*=2_JN/68K_2G^3]'_/_ M`/(K/OSLF_0NV,_<9I_G.^DY`210_P#_T/54DDDE*22224I))5+^HXU,@'U' M_NMU^]WT4E-M!NR\>C2QX#OW1J?\T++NZEE6R`14T]F<_P"?_P"157^/*2+; MU_5;7R*!Z;?WCJ[_`,BU4GO?8[?8XO=XG5,DBI22%=EXE!#;[ZZ7.$M;8]K2 M1^\UKCN?/^`^BU121:6_*OR/YQWM_<&C?_,O[2$DDBI22222E))))*8N9 M6XRYC7$:`N:'&/[02%53?HUL!\0QHX_LJ222E))))*?_TNUROZ9:AKYY210_ M0R2^>4DE/T,DOGE))3]#)+YY224_0R2^>4DE/T,DOGE))3]#)+YY224__]DX M0DE-!"$``````%4````!`0````\`00!D`&\`8@!E`"``4`!H`&\`=`!O`',` M:`!O`'`````3`$$`9`!O`&(`90`@`%``:`!O`'0`;P!S`&@`;P!P`"``-@`N M`#`````!`#A"24T$!@``````!P`(``$``0$`_^X`#D%D;V)E`&1``````?_; M`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$! M`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$!`0$!`@(!`@(#`P,#`P,# M`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#_\`` M$0@`V0'U`P$1``(1`0,1`?_=``0`/__$`(X``0`"`@,!`0$````````````( M"@8'`P0%`@$)`0$!`0$!`````````````````@$#!!```00"`00!`P,!!@,) M``````$"`P0%!A$A$A,'"#%!%%$B%3)A0E(C,PEQ0R53)#2T=18V%QD1`0$` M`@("`@(!!0`````````!,0(102%1$@-Q@6'!\2(R4O_:``P#`0`"$0,1`#\` MO\`````````````````````````````````````````````````````````` M````````````PW;?8.GZ/!YMESM+'R*Q7PT>];&2LIP[M_'QU=);AX9N/B7N8F:SC66+JI]$?5Q<3W4Z[D5.4 M=-)81R+UC:I412N)CA'RO//+_]"_P``````````````````````````` M````````````````````````````````````````--;K[W]>:7Y:\N53.96/ MN;_%8%8[TK)&\(K+5M)&T*BL]D\M7`^ M+4,:_EO&.D6QEWL7[29:6.-T*_=%KQ0/3_$I4UD<[O:CO8LV+D\MJW/-:LSO M62:Q8E?//-([^I\LLCG22/=]U5552TN$,`/_T;_````````````````````` M```````````````````````````````````````````'3OY"ABZDU[)W:F.I M5V]T]R]8AJ586\\(LL\[XXF(JKQU5.H$;=U^46G8/S5-5K3[7D6\L2RU7T,) M&_JBN6U-&MJWXW=>(HO'(GTE3ZES2]HN\F$1MU]S^P-Z\T&4S,E+%3*Y%PN' M[\?CG1N5?\JPD;W6;\?''2Q)*G*S9RABF*Q7Q0SR]]VRB<\I4H0I)=MKRU4_RXW?VFR6X9;)FHH[K\L57S M4]#PBM^K&YO/(G///"R5<37D5/IU8Z:;].Z+ZH5-/:+]GJ(H[-N>T[C:_+V; M.7\O(CE=%'8FXJ5E5.%_$HQ)'2J(J?5(HV\_/>CF>>)6W\S(Q45JJMV>)M>KW)U3PPI(Q?I(OU+ MFD[1=[<(W7;][)6I;N1N6LA&-/J^6:5S(XV)]U540".NZ_)K M1==\U37TFV[)L[FHM%WXV'CD1%_U,I+&[\AJ+PJ+7CF8Y%_K12IK:B[R81&W M7WK[#W7S5[&67#8F7N;_`!."[Z$#HW*J=EJTU[K]U',X1S9)5B54Y1BD&.KNXX1:^.K-B MI0N1O3N1G>[[JJ]2Y),.=MN:P\U@``````````````!__]:_P``````````` M````````````````````````````````````````UKN?MS0M%22/-YR"3(QH M[_HV,[G"^.2M"[LIN_ MP```````````````````````````````````````````````''++%!%)-/)' M##$QTDLLKVQQ11L17/DDD>J,8QC4Y555$1`-`[K\D=`U99JN+FDVW*1*YGX^ M'>UN-9(G/2?,R-?65BJG'=7;95.?H5-;47>1$7=/D%[$W#RUXLBFMXIZN1,? M@'2U)'QJJ\-M9)7NR$ZJSH]&OCB?_P!G]BYK(B[VM(*JN57.55555555Y557 MJJJJ]555*0_`````````````````````?__0O\`````````````````````` M```````````````````````'CYO8<'K5)^1S^6H8BDSE/R+]F*NU[D3GQPH] MR/GF7[,8CGN^R*,LMDS46]T^5V&H^:GHV(DS5A.6MR^726EC&N1>DD%!JLR- MQBI]I%JJB_JGUN:>T7[)TB3M_LK==ZDCI/UD8J+`U5[ MF-RN32*_EWM5%1LL51._&T7ISU:[\KJG*.3Z%S2=N=WO2+V9SN:V*Z_(YW*7 MLM>DY1UF_9ELR(U7*Y(XUD2:P``````````` M``````````````'_TK_````````````````````````````````````````^ M7.:QKGOO-16:K7O/V;+1*Y MBT<$L<]>.5.4[;65%6#\=KONTN:R.=WM:%DDDED?+*]\LLCE M?))(YSY'OY5B(J@QE&/=?E5K6+\M/3,=-LEMO+4 MR5Q)<=AF.Z?NCC>UN1N]JHJ*G97:O16O5"YI>T7>=(C[G[7WO>WR-SVI4)58KXJ".=9R=A.$X\&.K-EMN:Y51.]6)&G/[G(G4V2W$9 M;)FHF;K\K\C9\M/1,.S&PJCF)F7GE$DK8V)[Z5=S>BHLK["+SU8A.J]$3JJK]@-,;K[Z]>:6LM:3*?SN6C[FKB\"L=Y M\Q M*^::5Z_5\DLCG/>Y?U554I#A```````````````````````````````````` M`?_6O\`````````````````````````````=/(9''XFI+?REZGC:,#>Z>Y?L MPU*L+?UEGL/CB8G_`!5`(U;K\H]0PGEJ:I5GVJ^WEJ6N7X_"QOZ(J_D31K;M M]BJO2.)&.XZ2<+R7-+VB[R81&W7W+O\`O?EARV9DJ8R7E/X7#H_'XSL7_ES, M9(^S>9_98EFX^W!4UD<[M;VU:4D````````````````````````````````` M``````'_U[_```````````````````````````8KM&[ZGI=9+6S9VABFN8Z2 M&":7R7K+6KPJU,?`DMVUP[HOCC#9+<,MDS43]U^6,CO+3T+"I&G#F?S M6?:CI.O+>^IBJ\JL:J?U,?-*[G^]%]BII[1?L]1%+9=QVC<;?YVRYN_EYT55 MC;9EXK5^>>6U*421TZC.J](V-3J7))ASMMS6-&L````````````````````` M```#`)_:?KZM[.H^F9]IQT?M#):;9]@TM-7\AC5-FMJ;M(B+NOR@W7/^6IK,,&I8YRN:DT#FWLS+&O3]]Z:)L-7 MNXYXAB:]BKQY'?4N:R9<[O;A'"Y=N9&S+=R%NS>N3N[Y[=R>6U9F?PB=\L\[ MWRR.X3ZJJJ6EU0P````````````````````````/Y[?[FF7VW$_&CG3_`&=F M_4]S(>Q--H939,1C?9<]6[@%7)WWW1]9S4=)K+.5I5G*CD94 M9SX?QCV;W%\ELSZ;^.Z3[![KT'T4[?/=^!VCV)L_M?Y`3X MO<,WAIJ$FD7)_9ND^M,Y[OK^KGUK3X-;HW<-WRW:-A+,CTKJZ&.;Q/3MQKSM MCY?K^S9*;A\UZ%72\AK^_;1[(]MI_MT>T,QK>QX*MOTLV=3_`.]FMQ.9L8?> M]7TW,Y7VAB_6[7,@L6<0R_V29YX_GAG&GGQX^7]$ROB)\AOCKZ MLUR]F\5[D^:'MY=MS7IG0]HC]R:Y[5W?':[[6W2'8&VWXJ?,:I`[%Y"[>J2? MS?@LV:J+'6_'67O;S4LG=1MKM>I$=/5OL'V+:W/VG/N/M+Y@?_H#5ROR0BU# MT9#0W.?X_P`46+TS<+OJ3'S8-V!L>OI/74N3BH3T+3;T?EORQOE7\5_Y#\G/ MGS?DJR<3B3X>//;3OKSVC[ABP&0G]+>X?EQNFP2_"?Y*;%\S8O:L_L5E#U1[ MOPOI_8;VD6/765V/%XR76=TK>THDJU%PT[I?X^M!VO65EA(\YO7./+;)S_E) MFS*OG4KL6 M2>U;FCKUX(TZ*^:>9S(HV)S]7*B`1TW7Y.:/KOEJ:ZR;;LDSEJ.IO_$PT;^G M^IDY8WNL(B+RG@BE8[CCO:5-;PMW\U>WEG8C$R]S?XC!>2A5 M?&O3LM3MD?>NMD3=KWS;MV ML?D;-G;V31KU?#4?(D./JN7E.:N.KI%2@=VKPKFL1[D3JJER28<[;6IJ-*#5Z3NYJ7I?'D$?/8?)(J-YZ M)SPGV*0Z!K`````````````````````````````````````````````````` M```__]2_P````````````'%--#6BDGL2Q000L=)+--(R***-J:3;LHSEJ0XE[68QCTZ_YV9D8^N]BI]Z[;'7HO'V MJ:VHN\B(NZ^__8>Y>:LW)?\`MW$R\M_C<"LE1TD:\IV6LCWKD+'>Q>'M21D+ M_O']BYK(B[VM)JJN57.55555555Y557JJJJ]555*0_`````````````````` M``````````````````````````````````````?_U;_``````````!XN=V/` MZQ2=D=@R]#$4V\HDUZS'`DCFIRL<#'+Y+$RI]&1HYZ_9!Q;@MDRBUNORNQ%- M)J>BXB3+SHCFLS&8;+2QK7=426#'M5F0ML5.%XD=55/T+FGMSOV3J(E[?[)W M7>97.V3/7+E=7]T>-B/'5DBK*Z/A.'O:Z1>.KE7J7))B.=MN:P M8U@````````````````````````````````````````````````````````` M`__6O\````````:^W'VEHVB,>FP9VK'=:WN9B*:_G9>3IRU/P:ZND@;)_=?- MXXU7^\;);B,NTF42-T^5FP9'RU-)Q<6OU7=S6Y3(MAR&7O-2\U:G>=M.5CY:E+!.CFJ,D1.B6:K1MLU7%2=S4J81TC+KXU14XLY=_%Q[^'*B^'\=CDX MY9]RYK(YW>W\-#R2/E>^65[Y))'NDDDDJN>][W*KG/55>JJ4A\` M```````````````````````````````````````````````````````````` M```?_]"_P``\S+9K$8&E)D:BIU:J5D5 M%Y1YM[?(W/YVPZ@]W+KD-DMPRV3-1+W3Y892UYJFBX:/%PKW-;F,TV.WD%1? MZ9*^-C<^A5>WC_FOLM5%_I0N:>W._9Z18SVR9_:+BY#8 GRAPHIC 7 g297874g09w69.jpg GRAPHIC begin 644 g297874g09w69.jpg M_]C_X``02D9)1@`!`@$`8`!@``#_[0R44&AO=&]S:&]P(#,N,``X0DE-`^T` M`````!``8`````$``0!@`````0`!.$))300-```````$````'CA"24T$&0`` M````!````!XX0DE-`_,```````D```````````$`.$))300*```````!```X M0DE-)Q````````H``0`````````".$))30/U``````!(`"]F9@`!`&QF9@`& M```````!`"]F9@`!`*&9F@`&```````!`#(````!`%H````&```````!`#4` M```!`"T````&```````!.$))30/X``````!P``#_____________________ M________`^@`````_____________________________P/H`````/______ M______________________\#Z`````#_____________________________ M`^@``#A"24T$"```````$`````$```)````"0``````X0DE-!!X```````0` M````.$))300:``````!M````!@``````````````Q0```4<````&`&<`,``Y M`'<`-@`Y`````0`````````````````````````!``````````````%'```` MQ0`````````````````````````````````````````````X0DE-!!$````` M``$!`#A"24T$%```````!`````(X0DE-!`P`````"?<````!````<````$,` M``%0``!7\```"=L`&``!_]C_X``02D9)1@`!`@$`2`!(``#_[@`.061O8F4` M9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,#`P, M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+"PT.#1`.#A`4#@X. M%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P, M#`P,#`S_P``1"`!#`'`#`2(``A$!`Q$!_]T`!``'_\0!/P```04!`0$!`0$` M`````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@) M"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D M%5+!8C,T)E\K.$P]-U MX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$` M`@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D M8N%R@I)#4Q5C+RLX3#TW7C\T:4 MI(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B7I[?'_]H`#`,!``(1 M`Q$`/P#TMN/G`R^GU[LVH@.VC"]>#]&?6^Q MLL;_`%/40^ETX;Y@=[G,;^=]!:: M22G/<_&^B+,C>"QI<&ODP3L]SF;?WMZDZW'NQHWW>F-D.#2'2WT[6_29O]WY M^]7DDE.>VO$M8#6^^+-.'B2TEZCX]-C[-CMM>_P!39[U6ZCU"[U6].Z:6OZASV45963C&Z9TS&Z9C>AC[G%[C9?=8=UMMKOYS(R+ M/;OML_S&?S5/ITUUUI*?_]#TIK>I`RY];FCL)!.NFNU0R&YXQK=SZR8;L):2 M)W"=P::D1IZE,N%1:)D"9.NFV7?G-0\G[>,:W<*7&&[-7-$[A.XQ9^;_`"4E M-Y))))2DDDDE*24+KJ:*G77O;556-S['D-:T#\YSW>UJRQ]8\>X[NG8N3U*E MLE^3C,;Z,#\ZF_)LQZ\S_P!`/M22G7260?K5T&L'[7D_87`269K'XKO[#3E,_.];Z-G3\-_^A_I]_\`A_L7Z2C( M2F=V3?ULOQ>F7.IP`2S*ZE48(ZNMH:T/IK?H/%UC7.=_:1;\_$P=F!B5>MD,8!3@XX:-K![6;_H4 MXF.W;['VNK9_@Z?4L_1I@.O.U<<2J?S0++8\M^[&W_YE:2F=6+T?HN):_'HQ M^G8K?TEOI,94R8V[WBMK&[OS4^#D9N2Y]]M7V?%#ZQ_P"&OUVT;_\` M!XVWUJ_\/^E_5Z!-Z9??E5Y/4KVY`QR'8]%=9KJ;9_IWM?9>ZZ]G^"W/].K_ M`$7J_I%HI*?_T?2VV=1W#?4S:)F#J8/YO]9J'D/S?L]OJ5UF`W;#B).X3)VO M16WY<^['@:R0X'C[OI(>1;E&BS?0!`&WWC4[A_FI*;J2J]1ZCC].Q_6OW/<] MP9316-UMMADLHQZO\)8[;_4KKWW7>G1798L:_JG4K7^GDY>/T:8_5Z2,S.(/ M\C;]GQ[/ZN-U.O\`X1)3K]1ZM@]-:PY5D66DBC'8#9=:X1N9CXU0==SJ-?_"_Z.OTW&.* M7NZ9@W7Y%NEW4NI/+++(XWNL;9F[&?X/'^RX^,S_``7IJZ[IW4,AI&7U"QD_ MF8C6TM^'J6?:_J%M9WB_.?ZC&'3]+3C?H\#%?[? MYW&QJ$<]=Z5N+:\@7Q](T-=<&_UW8S;6L_MI,Z'TMKQ8^@9%HXMR"Z]XCPLR M76O:KP`:`&B`-`!PDISSU_HH:769==W]9>/\`@*'^W$8[_293/M'_`'4H_GEJ))*:^'@XN#4:L9FQI)<]Q)<] M[C]*RZZPOMNM=_I;7OL5A)))2DDDDE/_TO2VY5Y=#L9S1!ETSJ/`?20<[)RA MAY#F8C[;&-FNH/8W>Z1MK]2W:RO=_I/_`#A6#E.%SZS39#/\)'M.C7>W_.VH M=U]EE-C119(`(TYU'T9VI*A53M8^+BXM?I8M+**^=E;0QO^:P-2-SQ/Z%^G]7_P`F MHUY#WUL?Z%C=[0[:[:")&[:[W_2:DI.D@MO>9_0V""1KM[&)^FDW(>7/;Z%@ MV$"3M@R-WM]Z2DR2#Z[]P;Z-FH)GVQH0(^GYI&]X+1Z%AW&)&W30NEWO_DI* M3)(+KWM$^C8>!`VSJ=O[Z?UG_P"A?_T?_)I*2I(+;WN:'>C8)`,';(GL?>DV M][A/H6#4B#M[';/T_P`Y)29)!%[R7#T;!M($^W61NT]Z=MSC:*S4]H+2[>8V MZ%K=GM<[W>Y)3__3]553+V[]?6F&_P`UNCG^3[=R^8$DE/TV[9Z`G[1])\;= M^[C\[;_X%N_/_P"$3U>G#X^T\L^EOF8_,W?F_O\`^#7S&DDI^F:O3]T?:IV. M^EOB/?\`O?G_`.C4F;/69'K_`$]-V_;Q^=N_[^OF1))3],.]+3^E\:;?4_E? M2_\`,_\`@T2_9ZIGUYUG;OV_1_DKYC224_3=FS:-WK_S8GT]_'O_`'/\+_54 M1Z?HNC[3MW.YW[^!]'=[]G^B_P"$7S,DDI^G*_3V/_I$2R=V_=R>/_1G_!IF M;-ICU^'3NW3]'M/_`'U?,B22GZ=IV^L8]>9$[]VWG\W=[?Z^U#&R=/M,Z?OQ M]+S]NWZ6[_@MG_!+YF224__9`#A"24T$(0``````50````$!````#P!!`&0` M;P!B`&4`(`!0`&@`;P!T`&\` ME2Z=<55?"BHH"Q"9K1#1C(3:\Z816'0=:SE'B:U,SL6,4HNMR(9@BW_6$,`=\/5&6,421<@E[ MHYY+`0-RJAIA3J&!A!+%$$$D/.9\K;+##)BW7G5JSX82G&O=S>S&NZG3B,ZKNUI=7K*HT1>2''\-E)D,(0C"F5J56;)-JS1MB4/A] MS:[?3/SY#$@30XF.I4;:[;3GLNG7*3"L=EK\3'C'TW984D9U6/5'1B'K_`&V0DXS1&$W'ZQVXL#>]WVW*,"XZ_[;DUKOM4 MM'HCZDDR+Z.C)<,(Q@-F0%99]9U0[*6Q>KV6+8$W7-O=@%!6*`#O8\B,M*>:'9^[3OC ML1418UXN(US)"3$MMN)+L2Z99ZU`T`+5FW8F@"7"W+E=F%-%5^[14AAQM."0 M&XO+J37BG@6",H&(M^S=FM^0-!>LS\%0Q9F;N55HE2CQ*399@=DJ0ZUC;BE; M9)JLFS]9L2-?+NCV8MIE943].%3^\*+*\&\C"]J3N3;YK+!F&:9(5J.L5-8E M3A8BXSV;<#L3L_M+4Y<]4K85KPC1G&LN/#&L6#6=M[NB;0Y-VV9GH(>I4*:T241S-9WS2 MT'/[U/`"GZ8`)"7DV_RPX9+QX'D$B_.CU5KP,Y%PNG&\.REEI]%V#$TD0V2^ ML5)0VMH2OVBN2YC&QUO>]QC& M1B/-)=A-WVB0(#BY37%4K4==]<%+G,5ZQ/V!5)7OS5E2'FY6.5=V6(6J;;HT MZ?-!OG*#4U%86.PF0](LT48C)#&V+S=NKW86;L1@D5>Z=1=E`N3>O0IJL0<= M,!:W,.KLJ^MI9COT.7!-9RR3&1Y3"DYJ=8L>7W5L&A'-Q^HE M1E[U7+35H=J5XV18K3;!)8R&B-9):H51O!4T1/6S[JLMFE_I9:';(JZWOFZXT'2[N%+2N&DD$/&H.PXI*&V_.VTO%33$>&9W_L MJ1M\HO7@=1F=KW;]C3-@?3*-":ET],#Z]@*]+5YVC761F]VO6[6 M\F7;;,]$R.QXA$?&@R;J_HO_`+0KI`PK+K/!>C*WZGW;^W/48^PMQEZGVDT.[]S70B`+CEL/4&ID[#C9/UDGRB9:T0E=@82:J^[VE`%C_6 MH=UATVNQ<;DUG+;IC.'!-JH#;,K=J]>:Q7[AL<]%HMM/I&J[=3=X;?EAX^6L M,9-_?%W/NS)%6.;MM+JD63-R=5=&15HLV/$`%7[\PQML,BU&X6FO;PE`9JP@ MF5>/QLW&P9LG8=UG8N%'.V)!QNBX%^G3$,S7M?V[Z)*8!QEHEAR<:9(,\DBE M31K0Z,2IM=KP)3C"+S8W8_Z`')]JHVV[*V!0AJ_M%R,FF`J/3KA%,O/ZXEBK M44223#1;P(2XR)B4LIPF6%^J!?.M[9?):_=>Q[+*V!J\O00J-N59VV;`&)AP MUZ>L\N#B2U;,U2HUDVK/3I,:Y(7-3:SDVQ28=++"/4'#'=/SA#@.`X#@.`X# M@?_0[-D],Z-)V;8MIN]TV/<92ZS2).#/;LCM%FJ4+C6D1K'(S%@UNBI2UM.: M@PBFF"YMPY;`ASS*4>+$VA_6 MZM6*OH$\=72;M]WHK3[[R7'95T+ZJ2X?D;)>4NI&5Q.:*R\'*1Q6R+N>BQ3& M+C9)LL6AHLDCL2"D=7E:ZN;"XZD@5D$C7P6L!1A@41?TT]#F52`YCGBO(RM] MWJM2#4'BS-HN\]#V@Z.EME0,JJDKBMKS$1;YB[Q4K>,"4D,Y!8,Q+(9QB'?B M67(R/"`=0X$,VQ@99/HNL1:8Y,FR-LMVPIJ&BFG(TU;H[:LNLY0O*FTYSGQ3CP+=HG'PAP'`OY7CBF!&E>V#)D"?!Q];:,^W`">?7^/Y&6EKSX)2K. M`HT3=*=/5URWP=LK,S4V63B7;1$ST7(UUH>+]7$D^Y-AE/1J&8[+#GKJR[A+ M/D5Y\X\,\"K-RT4\8W',R<>[(.QZ99H!LP99CD4MW#")-L5+F7UQZW\X1A[" M\%'#HRTWZ;3.,XQY4^5./#'AP+8I[&EJA#RLG0&=7U>`5Z;K+F5MJRE7CD:KD%OM%.E+!!A72IF35 M3963:8@6QPY$I6AV\94X_8(]DQ9<,RA./'*B4-IQC]N>!5I>?@J^@%R>FHF$ M;E),2%C')>1#C42,S(96D")!48\RDN3.4VK#+#?F==RG/E3GPSP*@R2.3ZOM MWV7_`$'EC/\`HNH=]$AKP]5AWR*5Z;S?FQYDY\%8\?QQP`Q(Y@[!8C[)0A3+ M1(I0SJ'QR1WT)=8?8?:4IMYEYM6%)4G.4J3G&<9\.!0INX5*LPQ-CLEIKE?K MP9*@BYV;FXR*AA3$'*C%B$RAY0X+!*9)&1\MJ7A>'\9;\/-CPX%6$DHX_P`O ML3PC/.$')(]H4P1YXZ1]?Z>>GT5K\P1_M7?1=Q^1WTU>7.?+GP#V\"E2D["0 MC?K34Q%1#/I*?]64D!(]OT4E!`J>\Y;S2?22;)#,Y5X^&'2&T?\`$M.,A[QB M1S!V"Q'V2A"F6B12AG4/CDCOH2ZP^P^TI3;S+S:L*2I._"]M[WZ;[CW3'H?4?J/TCV'J^?T_>_5O^5]+Q\_N/W?AY_R\#Z$-AX4@ MXIL;"@$/N-F$):PH-M;?@2X@AS'B.A32?SYQG&,IQ^/X<#[-N-O-MO,N(=:= M0EQIUM25MN-K3A2'&UISE*T+3G&<9QG.,XSP/R\PR0C#;[+3Z$NL/I0\VAQ" M7AGFR1GL)7A6,.CD-)<0K]J%IPK'AG&,\#Z\"R!-FZWD(N+G`-@T@V%FYY^K M0LP):X$F+E[.,:5&$UR+D&3UB2$\/)`O#K#:6LA#[*V\HPI"L8"HO72G#M65 M\BV5EAFE^'WB\]/1;353\0T2&/N5Q92407B`XE_'NLM?NODC+GHX9_/YO+^/`^# MUGK0TF;"$6F8R&Q8Y*(>E@&I./KV7GA\3QH"R$E"0V7QG$8*<0ECSMJQY MO%.<8#V14M%3L:#,P_C@.`X#@.!&C7?^Y_LK_)O7O\`@]H<+=HDOPC4 M]LKIAWRLVPKM9*5\C-FJ-1L%IG)NMU/.NVU)JL+*R)!T?6FGA;(VR2/`#/I$ M:>PAO+[;*7,H1E64)W[ZR?]"OR-?\`DYLO_;IS_J;CVX_P8O\`1_H5 M^1K_`,G-E_[=.?\`4W'MQ_@Q?Z3.ZE:'[$Z61>%[][2S78UVQJ@45H21JK%? M&J#<5B5S)$#E9E9,LY^=5(,I6WX,MLI#3G]XIS]W+9=IA9,=5P=EZ5?-H13= M,JM3(?9`KVRYE%H*F*\'"&2=FT?N#5T54F!GI5,^W/.SEY#)4ZZ$B+0#A:LF M>LGT,Y:BMVK2QC.I>P,!$3M@OEXV]3;:&1*VY51CB96:+UWFDU^/6S5:Y3:N M(,T,(PUE]8>'U)S^^>6VVTEL=D6J[UZWG6K,'8R13C1:E"26E(5-4O;,3<9O MKE1;SIA_7$8W-ORL)B*OMIAXFT2,B4DP9Q?KX%66,M;"VAF/M>(G?]#HLO.6 M:4V;,D6/<`L*!#0-MF)5ZO:;=U0:[6`Y*2K5[UV]$6&+OXX8TM,-3@!$I)"^ M5!!#,@MLV+HKE3I/8&QQU<0A_<Z/PG[W/M^OKZ5+3Y ME,E=;GWQN#^P-HTR/*`D-LD.TJ;.6BS1[1KD@MXIT=Q]["E%XPO@TU1SW/UQ MW-LJ2V\97ZZN*KV^1L(OT9/V>O#6CRZQT_KF8T@TAJ#DY.LL/KW+"343-I'* MRR_'2'GSE8Z6UIBR[+LF=)[=EL;/BV(BV/9D(/N#$0+=F/T^WKO,9O*?LMAK MF*`;7'/U69M,M*KA\F(LBT1#`ZY'_A=:C\8J:,]=@:E=)5)4S4::C899>L[W M00:\\Q1S!8Z4M!=2X0IL1C*#UY MOZ.MKDB0S,"#S%ZHME"77[J%'UJO)1?0Y/=+]T@_K33EI'NVNVVXR&;6--K$ M,'<7C$@/=*@+**0MEXUE:<94CP]5/DR&,_TJ[!Q MR,)IY2ZE%3A46`9!A6<(3-1INQ]F=A9"ZIA&`,YAV;MJ2J;$JQX2V<+%<*@L MB!OOLY5ET:/Y5-:=F3K8&F[W"UBPPU]9E+&77[$NN1%A%#J&YL#2,#E[9NQY M86MOV^3K#CT6W%UT3.!V4.1A##9?J#11$Z8W=;XNB0EQ8MGT:H7N)F,NG[*F M@;#-"P&Y.L%T`G[$L':]Z*<)8C*K<7&`T398>$LL.-C`NOC@C!2H?7G;\!J/ M9F)2PR+(<1J=N;$@;,U$JG*M"P^JQ=CTR*GB]Q.!1=^D7@+#D:0#KT$L@E27 M%6(=E[TL#1GJNZUMS.DXBJN0TA'S2>P(NQOH\]80YJ8`J:NW"=NI^L3R9>9' MDID.BYPZ_P"!QCCA*?N,*V^)Y\NIRO*<(X$%*3J+[!;8$7(R-%>;LBX>*%2#D= M;(+[D5F",UIL&%37&W=6G%JU]3K%39JP04KJEZT;*L\UL"MW6`W-3XZYD'5@ MBR0-DK15A(:M/TYT.6L1;@F2W&UJ+J*)L#4&Y[IUNE-)0$6`'*#UVVR%D1=& MP&@-E2%O$O,O7H5,K69G$7%VF-M1L=)V1(@8=9^I_P#*QN,1.5CMC3*NW[7. MP[]:9-4MJ?VP]9G*9B$6^I5EZG0L,?$ MC1*!&4$RQ!*%`(A0DCJ.!FHB/N$G,PBZE]YW^P7*.I+A,48[4@Y5B-&)'+)@ MC9&$S8$V/*]EY>#MNJ>M[V7&J_H>@#IE28ED&&(]1VJ'6".EAT M9CDW7))XA+$B\L;1N"Y67__TNW*K=CZU>$77--H^T+(JH62'K(2 MH^K"H!NC\W78FTB259G#ID.NQ\6S$RZ%$*GC(5YA6$^=K"2`U$EP^,;VAUG+ MO2KH.91V!A*$'L>4L.7ZPA0M=/I\#>A,IHZK+C:Y9;]?LX&4X8KSK.224CX< MR_XMX&%Z-;BKGVI8+,?%6:(+J]CC:;-U`^-&#/J"T,ER=RKA@+;T=B1";2AHMU]L`H,L@N%_P!"V5#;`^H-!1=DK\C' M"0TLY"VV(5"3+M8;(Q9KO M_<_V5_DWKW_![0X6[1)?A#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.` MX#@.`X#@.`X$7>X?;_2O1W1MEWUO2?5$UB%4B-A(4##1%GO=O-&+(A:13HUU MUC$E89C`3JDX4MM@89EXDAQH9AYU!9+;B-&?0#J!N?Y&M]0_RM_(Q`#C0[33 M3G3CK!(Q[ZJS2J:,8Y)5>]S45*L-*-!:=(4;$Y*9R1,G+Q+NX:&1'LYF^K5O MK^,=-W*P<#__T^QJ%ZH6>,G]U2S]QUD?'[9N@LY)UB8TI&S--N\1]EU6#/(W M!46K-!Q]HNCD_7U'M2$8[$->X9>05[44N5S&]569*'AJL==6EUVMQT6[ M"2+%-C&-BIN$-IJG(&`?NDGD>BQ\5JOTYZ/)D M")"4?(PX*?'I\6\!9A_4YN=$M4-8[PU*5W:TQ#V3=,8Q57(]^VS]?NNMU81RK4[-C?B&C(MJ6F4$6`R0N$F1(&-.CC/J?0AD09MK",D1.U%UJT M17NU>\I"$UC6HXVHP'7^9K1`[!.'(>4>8V.^X:'E1*L)>6Z&TK.<^./%&/PY M&K;B-A/*R"LS%2Z=4&1RYTSZL2ABUPUG$ M$*;S]\VX/#8V):!-,C6BC27&TYLQJ4,)RF##9&*F[5OK,3=U,)2E"4H0E*$( M3A*4IQA*4I3CP2E*<>&$I3C'AC&/V_P"#VAPMVB2_"'`C*Z7[ M"QK0R\M9=6R9(E:F;B6%M>&4Y5[C+:EX\$J5XX\68GKR[+_&^;+XLBX^1DV. MX^NO0C&7GWV"8F]Q\@^EEA9"FXZ,D:D)(2CRT(SA"!VW5+7G",8RK.,<9AZ\ MNS4AJ+7.U_GZ[(1G9G?D',4#XQ-`W&7#T1I62S(QY_8&PQSZQ"K)8\BD#-DC MOJ:2B9.9<<'!;PJ"CE..YE3\-_IK])B?LZK(F)BH&*C8.#C8^%A(6/#B8>'B M0QHZ*B8J.&;#CXV-CPVV1`(\`1E#3++2$-M-HPE.,)QC'*YJAP'`<#__U>X: M,[&ZDFEVYN(FYR4]KL!I]Y2U)N@B`FZ]BSN39$;."UE$9]FC[%4PJU%1;- M;Q/-Z_*;G%Q7NOJB(C/O%#X'QES`5X;;%$)JDM<\2QHL-!2"(>88DZY9H>RQ MLX^Y'M`5\NE2L.%D&@O9+>;-AYR`,R'*#8-B)<:/L,;%'FU^;$\7`)%EMP`Y*% MY8><]-?E#$.N_P#<_P!E?Y-Z]_P>T.%NT27X0X#@.`X#@.`X#@.`X#@.`X#@ M.`X#@.`X#@.`X#@.!SR_(-\FVW-F;<)^-_XM`F=G=H[.-(1.UMUP,B.Y3.N$ M0V2/'V)U%E:23%"VR`9(4W)R2UJ;KY+C8HZ"9I:1A9GLW..F>6R;GQT_%OI/ MH/K2:C\^3;V\=H(%D=Z;JNH3,K,W:9R^S+%Q$2W)H*?BJ4-84J,9&=<>***\ MI)CS[R&LM,)>5M3NE='Z6GGFR9S4&KYDAEKT&7Y6@5.1>:9\ZG/1;=,B7EH: M\Z\J\N,XQXYSG_UY4S>[%LMT?Z63S#XT[U!ZNS0Q3N'R1Y;0&IY%@A[#F'L/ M/M&5)YMYW#V//YE8SGS?C^W@S>[',M\8GQT3+S;YG1KJHRMIKT4IB=%ZY@6< MH\ZE^+@T'7XX=YWQ5G\ZTJ7X>&/'PQC&&#VO=,FJ52L46M0-,I=?AJG4:M$@ MP-;K-=C1(>"@86,';$CHJ(B@&F`H^/"&:2VTTTA*$)3C&,<(K_`<#']8VMK6 MZVJ[4:HWJKV2X:W*!!OE;AID*0EZF9)-O.!#388SKCH3SWMG4>56/%+K2VU> M"T*3BXHR!R#_UNP6G]?-Q5.9WBZ`30PJOL:^"2ZJ;7[AMFB0]GCW*%3(L^QP M,G7IR3EM$3C=HAB''!H=$DB38H,892#H%(N`$.`X#@.`X&E? MM%W:VEO[9A/2[X^7,3E\+<`,^:>>:^T*&$&*TM\HLLI];;`PPS#:EN.+4E"$ M)SG.<8QP.8'M#W4[!?+/N6?Z!?&7,R-6T!!R+45VK[O1CAJ:W]L/Y>9D:M09 MB-<#<(@9A(Q([.!"D&6];:FF%CP:##BIOLW).,SRW;RND_2/1?0K2<-I31L! M[4-GTI"XW.4;%>N>R+5EG#1EJN$H.PS[LQW\4#CHP@0`;"6!VT-I\,UFVW=+ MWA#@.`X#@?`HH8(8@TTA@0,1ATHLLIUL<848=M3KY!#[JD-,L,M(RI:U9PE* M<9SG.,8X&BG>/:#1)K^H(U]N.WWVE923B(Q!FMDLFP-5>:]F M^N*.;9>::]N^V98'4Y0TH:,0^61TDG'7ENSG.D;2^KG5;4O4?6@.N-5PR6,+ M2,5:[6A.%.*\RU^W&1Y10FUY;90G&595BVVYJR822Y% M.!__T.Z-&]-*N*NZ<;;UNC]-982"V"MZZUT=JES![;3@4=97GY%MJ')*R]AM MM+ZD>9Y*VL?O&W$)&%93M/6*I0B$3L:AJF@X;[C+B$V^OYE!:]],:FOKQ`&) M'W;$-]'?07[I2,,>V6EWS>3.%<#U!;&U[)54N]QU[II](`0:X=<@K/"%54)N M-<4U(N%V%@Y<0,@!U&4O96\G#2L9PKPSC@>(3:^K3S*Y'`[*H!LA<67":B") M<:Z29:AV73&'7ZX*S(K?G&6GXXA"E"I=2E;#F,Y\4*\`JU3O-*OH),G1KA5K MG&A&*CC)"IV")L0(D@D<T.%NT27X0X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@84[!=BM M+=6-7V#<>^K_``>NM?UMG*RY>9>5DB0,4VXX+"5Z(%0_+62QR/I*2+'@LOED M*QGR-YQC.<%DMTCFN+F.[/\`\@&S/Q-:^\>FOQ51DVIB4GGT,L;6[)#Q1N4/ M"#(QEP61:*PCP]!.7ZO#/Y4HAR;-%;'3-_IK3A\\G1]UHZP:/ZA:G@M+:`HL M91*+!_\`,.#B841+6&:>'''/M%KFG_/(6*S2J!&_7+(6I>4-H;1A#+;;:*S; M;K6?N$.`X'A/DXV*921*2`,:.MU+*'SRQPV5O*0M:6DND.-H4ZI#:LX3C/CG M":ZAY<[O73T1A@-P]U!^RJ:,]@-K#N5DI8=F4ON-8]!>,92 MG/CE.<8\C9S5W2&IS+,=MG=#@Q<7.[04A MG+[]>B0BLC//`F,YQD>)4G\C3C9DKY<+'"QO$X3-_9/VVV;H=&Z*UCUSUQ!: MLU-6A:W5H-E/F\B6W)2=44NN2U MMT^;;Z:$77QQ!H\R"#B9DDV.CFR$-A`M1T4H2=+IHN&7ZW7)\$F!HD.C7T,5 M7(T0L4_==]GJO:(V,T&)K.(H5MUJS%_90#(UCAXMF1-"8*49#QN74NY>+=%: M&603Z1M*4#NB7JI`AS-[VA3]V,"XMKI4-"DZ>D>O`T'1Y2;17&R%2-^!UT>0 MDQ@)T>-RGR+P_P#@K(8NF>M^V;+%[+KI#MKAXK829GWH9@Q:/2)#:;M$E,&97Z;K67AE)/6=2NS$W:;7<(:L44Z7I M&O-?@5VC3"[#%1[=!K74&O? M'_`/DQ="B[:0!/T7LI4=:E2#\=5=SRVM(TJF65R/4AJ4>;CHFT'6L9 MD=Y?BVAL$DG+7XOLCN9PUR9:]*VDZ'^2+HAV82(C2_:C3]JE#U(2'5I&SM4F M]$95I<@^.\\]G"T!"F MOHRQQE9QM^FL#K[\:?9GY&]HU_N?\P)Q(]7CUXF-&=%H8@^'IE+B3?3)$BHV!@(N.@X.&! M%BX>&AP1HR*BHT%E`P4=&QP33`8((8[:6VF6D);;0G"4XQC&,3HU6/2VOU7[!.12E?6WHI6<.$B@NH' M8;0[@LX-3><9W.%WND9MZ3=@^L_%GM7LV^1M+Y$M]7Z?O$VTPJ.U9JV>AHJG MT2.PZZ0U`O$/0DS!O^V4XC.68D8=ILEM3BC#E.*=S?>33C-#USO600/@VZ1B M/Y=(7N*4;RA2/;'WX!MC"LY3G#N%1E7CB?.C&/#'[SR^&<^.,_AX3_3D>L75 M'?"OT,"4[DFD7F7PYA&$)D=DV=I+&4Y5XJ:^DDQBLY<\?Q\^5X_#'AX?CXO? MEW/6+IC_`(=_CV"0XDG2$A+*6K"DN2&U=N-K9QC'AE#>(J\QC>4JS^.?.E6? M']F?#D]^7=?6=FP77NO*3JBEU[7>N:W&5&EU2/;BX&OQ+2FQ`1&\J6K.5NK= M)+,*?<6\02^XZ02^XMUY:W%J5G.ZKSX#@.`X'__2[^.`X#@.`X$:-=_[G^RO M\F]>_P"#VAPMVB2_"'`R&V%O?3X_6?74< M/8!3DNX[@4<"3N#)H]&CGO>*\CP[1Y4FUX*\`W%>5"IEJ<;4(_O_`.>3Y'_W M>O:/5OBXZ[37YL6NZ*+D=_2L,]^?+0;$A&MW8&0])QEUEX>%IJ5>"L)D',>9 M'&J_C/FI/]:_@(Z::FL*MG]A"[IWOG39 M$"4P1Y?,K%B,L;V'%*5AW'Y<)82\[TTCDE5J M%(J+$4(UAD6-9K;H2X9J/&93A#;*6<-H3CPQC&.5EK"WK\&WQC;Z4<;+=:*] MKBP&J=7BQ:3DI;53PKKV8K59*8H#[BUY\WB1#O\`AG]GAXY\9B-3ERG5 M"-/PE=ONMC7K?'O\J&^=;Q,7A68#4N\6E7BA94GQ6/@QV*=^RQL-Y3A"\IHY M'G2K.?!.$^13'ROM+OQ4"S[8_P#DN:@KDCK,ZE+I>'FDJ&<:GX7JE[\=WQ!UGK5; M"NTW:NXN]I>]ER(5.63;=N?+L,'KV4,9RV0%K)J=929F1'%5@3,X0TT5@5O# M`+$<*IUAUA+RSI-FZKE9.!'7L=VKT;U3J"KAN:ZA0"'T._0JT'C$G5#A"_2!&4M.2'V49\W+);<1+<-2OON]'RGJ\D:W*].NEDFI MK+AKWN<[,VS`KPA:LBN)3'%RT9+#J_#T\A0*6G@PWYL^.+;=UDD26Y%.`X#@.`X#@.`X'__3[X,V&`PW,/9G(?#5=+P!8'[%R5D'!(^34CI+4' MZS?NDBK<4RDG(_F];`ZGD91A?AYP2A:F_P"#VAPMVB2_"'`< M!P'`!J,['?.Y\;'71PF*SNY&\K@S^5FG]=8]O:)!;V&F/ MDX^2C:NS(PKTWY72&@&VJ9K5DK"4>/M"CHN(IKB%(RIEQ35&%(4C\+;KU3^.;IATL#8QU[T/3JI8T"*#+V)*#O6W9TDV]X*,25?[.[*V4< M0YW'G<#$?&`PK&,(80E*$IK-MN]3;X0X#@.`X#@.!X)25BX.-.F9N2`AXB+% M?.DY64,'CXV.!&;4Z28<<6XR*(*.TG*EN.*2A"<9SG.,<#3AM_Y,KIMVYGZ" M^.+7A.\-CX\1IS<)H:6]5T9AQ3K"I00B14''RB65M.>D?(.BQ:W6TX'1(^IA MOFYQDUY;,YSI%[=<_B\@8:X8WUW(N3W:3L/(+8.=)LZR9/7-1+8<6X,/`PDD MR.F?Q'>IG`RC1F0!<>7VL>.MM+F5Y:8XZ0G'K=VV=*<)QA*<82E.,)2E.,8P MG&,>&,8QC\,8QCF&G]X#@.`X#@.`X#@.`X'_U.J2B:KV-2K!OY$-UE)LP-@V MQ67H*2OD=I@V9%0QK&J-XG&)%%WI3.Z]>U4HR5;"1,%`3&99YITDDF0(ERHR M-=M5R2'72Y)K^*C6M7RK!,>T:8U>K)*ZV9D[5K[/63.K0-+6"0@[2?-1T\_- M9"B2U#CNU_#4;F5;+4_Z+*AF,J$4RQ/578%8!TS,PD9>MI5G:L5KI7Z;M`-4 MK7$KUX&NM&E6HFWF4,2?VDN$G2X\+WRXT]IU]4D2&XZZCE1B.1Z_;0DA;J%` MZZ>I,]?+-69[5]W27KG*^N$3#;DN5SEH,E47;7IA!4E%RI$HWFO-R++I=C=B MG5MAAI)7%S$I-(4J1@)"W2XG:O>3LWO"M3(4?`=?R+*&/ MIP:).56?3^Z=Q:K376C%V(B%6K+AD?#*<2QAAYHT M^-6A2TS+4XVZW2(ST7XO]>,J?4ZF M.G#@6)BL,$-CJ]%U$&A^0>PAIQ^=)6E3>&.Z^TFG&-T/7+X\ND_4QN/Y/7E:'<^.:6\QY/7:0XA3C/JI\[?JHQG*F_43CQ3XXQXX_9P/KP M'`<""G;GY"="=1150UCDWKSMHYEK[>T[2W6CK8>0:E6(U7TEN/M`F*ZR=TOD;D0KCW/LDOUUZXY+;DZYUJI+C MT7:IT5MY;@+US2>VZZ"8A*6\J(F&WS$KPY[:/CL.87S6>/']=:F+=]FY#4&E M=5Z$I@.O]04B#HM4`_.F.AQU>L:3E.$KD)F4*<(EIV5>3C&%E&/OD+QC&,KS MC&,8Q;;O6MF4>0.`X#@.`X#@.`X#@.`X'__5[^.`X#@.`X$:-=_[G^RO\F]> M_P"#VAPMVB2_"'`IX(R62W9I235/E:^:Y2"+V3,_ M'#\?$YXNMU&/]ZO=>YZT0VA;+KTVZ!=6>AU)^SNNVM8^OFG#-#VG84SZ,YLZ\K;4ASU;9]PULC?FK:R>+C.7H1 MZW14C9DX3A65X>7TX=[/AG\<8SCRYUZ7K MHGM%L_ZH?EDW?^7372NIZ'@BOR9L&]IPA+'";\C/*]'YST/^1'=7B[V2^0B7JL<0I*RZCH2',AH\@=?E\T: M[(0R-6B^DRC\N%$`2&%*3A2O.K.5YOMQFW$Q>[WM?!KU2]-LPG979%VU*RIX MRY,7ZI,3I1;WF]V_YW=>%#MX(0XIK.,H6OTL^"EJ5XKS/]+VAZQ_66ICRX<'SX*KDQ2OR_3UX93A.$>7\<_BG/DP]^_&'KV MK^(Z$?(=4?(JC?)]=)[+2&_31?Z,>=CS>5P9:'ES=RO^'\-BYPK"U(SEQ[\V M4I5C#G'MQN_`Q>ZES'7SYIRHHBJ_ZRM%GPDPTQ%GV,6NL5R[0\>4XD,XJ%+A M-*@.(,$!\7D$).:-RZI7D=0O"'.7/#^3'+NE3U)^.'1W5LK[Y)]]M_>TBZ\? M/[GV`C$A.JESLO+DBZO'EOR#58]\Z2YEQ_#Q,F_AQ27C'4YPG&>7*W3HLDC8 M1S*G`_P"#VAPM MVB2_"'`<"F3,U#5R*/G;#+1D#"10SALI,S)XL7%1H;./,\6?('.L"!C-)_%3 MCBTH3C]N>!I<[+?/KT*T;**H^L;+8^VVVR25Q?#/M58SCQF6IPM14QL7Y^/D&5AO7FN*+\7^B)I6<9LN MP?4F-[$0A.74DCM`3405<09=D1YM3+B*[3EY=3XH.3^;"&J_A/FI@=,/A(ZX M=:;J1O;=ECLG3E$E6@X? M&,JR_&5")1(6F493X>&5#!NIQG.,9SXJQC-DMVB6R-:Q_P`NTGL^2/A.FO4/ M=W8Q0+V`B[:_'EU:HQY+N/$^I$(1^*7B5QUJLV`7/RJPK'GV\SF0]/.5)QEB-4G/AC.6 MU8\<3\)WI^5?K/Q1;7VPG#G:_OIOO:(AG@X?3Z:0Y5*P.O.5Y<8#9G92TP;K M:E*_]Q$*'GR_E\GX8SQ[R;<3U[U(W6GQ.]$=9X'?9TH%>91C.,JE=ES./#&)>?*]5]9V3SJ5'I5!C,0M%I]7I4 M,G.%)B:E7XFN1B5)QG"/,JNC@.`X#@.`X#@.`X#@.` MX#@.`X#@.`X#@.`X'__7ZC*U79>.K'?J,S4MFSI)Q;I43-)I.S0+V9?&-2ZW M11XN0AHLE=96'G$?ZY*FH]P#"(UV9FVE5+@7L#8MDU[#VR M6M5MCY$9YXG53-:D8'6K^B6T^&M-SOA@S8%RDK[##1XT>[,`N@FRA:W(I"6T MRN*BO*PEBD7^HUJL7N*J=DV;7+C2:4S2[S!/KT13I7KT!O.,CZP5$@RE?$EC MI6QY:KCK(DG8&2BG(X(MIQ:LAB(ZF[2='L[=*K5XA[B?/UM_JK+RD#:1HG6U M%'V_;9"VQ MXTJC$577PT=";"CK!&RBMI!MV]6PYHX2P.8E)@N0!+@$25DX'/SW`^6;;UW[!#]$_BDI%8W_`-C62"$; M4V]+M_7-+:6`$PXQ+-ORX,D)#&3=?*4C$@<6\Y%@%^2.0Q(23RA!IGLW..F> M6S','\'G8/M/*`7?Y6^^6TM]E()9DTZ-T](N4[4,,6O+ M3OT>KP)/D:3G!:O'&$,=SVD_6-T76SH_U+ZA12(OKEH37NL7?;8#+LD9$?4[ MW+#83C'H3NP[`[+WF=9QX9SA!<@\A.5*RG&/-GQK-MN]7SM'LSU[THA[.UMS MZWHQ+"&&F"*[79FO4]APA2F1C"'WXB1MJ@AW4J6\I^*!&RTC.< M%)3YEHUZ=;<1/;M%I?I%\N/;'][M?<-/Z5Z[/_XZAJI"I+8.0G?SLK=D8*;+ ME6GUC>"'DJM(7@M6?,&G\4)N>$VF3\K\,^:6^(KI]JLQ-AMM9F]]7=PCWIEG MW-*YL8SQJ\H.<9>SC.?&7G;\19QC9?$0\17X MT.&@8N.A(>.9P/'Q40"-&QH+&,Y5A@,$-ID49G"E9SA*$)3XY_9S"JCP'`_P"#VAPMVB1QIH<:&7(R)8P$>`,^:>>:^T*&$&*TM\HLLI];;`PPS#:E MN.+4E"$)SG.<8QPCF,[1][NQGRB[CL'07XKI4FO:JB'E1G9[NZRJ1`@(6#3( MI#DH76EDC"F'51)C3;K3;X:\2=G7A;8"AHIHF0)F^S+]H2:\/'P8BWWHQMS M*4!Y6X\^[OCPM^F.7/-U9&SVV^4K?2DLZ"Z21&D*\9YD?>/8*6+1)#"KQXCR M8L/-.Z_)0IW\,X2W$S"/*K\,*Q^\YKUX3?DSFW:/YCX_^^F\G%$=JN_MDB(D MO'_/T+009=?A"1U^&,`.F`#T"(<;8:QY?$F&/RM6/,I2E>*U3VXS;B8MWK.. MJ_B"Z.ZT=0?)Z\F-M3J7,.JF]M68^Q*>=4K+CZR:_$IK].,R0[GS*R_&NJ_# MPQG&,J\TO/EW/6-B5.HM)UW"LUO7].JM&KHZLK'@:=7HBLPK"U)2A2V8N%$" M!:5E*,8SE+>,^&,?_3F=]VEU_C@.`X#@.!$6*M]5H&]^VMWO%BAJE3ZIK?1$[9;/8I$6)@ MX*&C8S:9)\G*21KK(H08K#>5+6M6$XQCA>DS%)C79EK9MQO:;)=":39[P1>%3]N0F`K14W.18 M6A,:`D)J"NM*IS;4A6I4IR_I`=`FVPWS"[,Z[#I(='2H%-1=.;NR/0MAPU;O M-FD*N]M*K.T>>^YK+8;$7H4"2T`#O:RU^]2!B&'3KEM)H>SN4JRWB8N($_6V.JL1*3UI)B=DT4C;]MC[;*3C!920=E MBB4MI;3TG*JD'`:P+$3+9#),AD\J*E3HB6R:=*,-5=?%1TQL*5L! MLIG:1C=OQL.#.D+`._*098((D`J3B&&4B04F02,V*.^@@5NI7.[W,Z/_`"._ M)EW8VGIRW2>O>M75&J1^@9C8X-7VD1L6(V/@06P/P4U&I'I-)NEIGHQ1\Q[> M-FXV`B!GPFUX<4]EDQC#3UXAPD"XV3<&F M9:RM+RG_`)A<`PM'TNJ)>6M?F6"RV6\A><$$$9SE6=6VZ=&.N;NV"\@*L-MI3X^"<8P'VX'RRP MRIYLE3+2B&FGF&G\MHR\VR0MAQ]EMW./.AI]8S:EIQG&%9;3G/CY<>`?7@.! M&C7?^Y_LK_)O7O\`@]H<+=HDOPAP'`Z=TN%!T#J(D&3@4ACY$)97F+B,ON;7E8^A;+'% MVZU.X@=P4BFU_:)2M=N3&->SINBQ=BW!"XBNQ^OC%:X*V9)CJ.5$KCX]8C"9 M!MY;;V7JC"LCV!VA&BW4V!V*]=IZAV:LP.KZ0D37.%]CXF9W)0H@E8[PN4U$.<([0L1CC4CAY66<#$D+3AI7J MI:\4>>+=IJD3^NVTO[+NR_\`573K_+'E3R?KMM+^R[LO_573K_+'@\L)[_[( M;H@*)`G0O57LE43']V=:85Z5=L_4M2"XFR=CM55V?K&,1G9Z6)P[=H*4)A49 M4T@?"S\9(>&8PX0T)]LV?KMM+^R[LO\`U5TZ_P`L>#R?KMM+^R[LO_573K_+ M'@\GZ[;2_LN[+_U5TZ_RQX/+">@.R&Z)^B3QTUU5[)6XQC=G9:%9E6K/U+2@ M2)K?8[:M=@*QG$GV>B24M+'RL#.1WB6,MD.B_;-GZ[;2_LN[+_ M`-5=.O\`+'@\GZ[;2_LN[+_U5TZ_RQX/+"5Q[([H#WEI2#%ZJ]DHV(FJWM\F M6JRK/U*R[9WX@>BJC#6E,=GB(Y.*ZHYY2O<%#+S[K'I)=_/A`QI=6;?UVVE_ M9=V7_JKIU_ECP>3]=MI?V7=E_P"JNG7^6/!Y8WW+V(W!#Z@VK+Q?4CLI6Y.* MUO>9&.L3EHZBJ;@#P:Q*$AS3B0.TLB#R?KMM+^R[LO_573K_+'@\L)4[LCN@S> M6ZX,KJKV2DHB%K>H"8FK)L_4K#M8?EQ[TJ3-=4_V>'CE8L2@65)]N42O'M<^ MJEK\F%C&DU9M_7;:7]EW9?\`JKIU_ECP>3]=MI?V7=E_ZJZ=?Y8\'EA/?_9# M=$!1($Z%ZJ]DJB8_NSK3"O2KMGZEJ07$V3L=JJNS]8QB,[/2Q.';M!2A,*C* MFD#X6?C)#PS&'"&A/MFS]=MI?V7=E_ZJZ=?Y8\'D_7;:7]EW9?\`JKIU_ECP M>3]=MI?V7=E_ZJZ=?Y8\'EA/0'9#=$_1)XZ:ZJ]DK<8QNSLM"LRK5GZEI0)$ MUOL=M6NP%8SB3[/1).7:3!18T*O*6ECY6!G([Q+&6R'1?MFS]=MI?V7=E_ZJ MZ=?Y8\'D_7;:7]EW9?\`JKIU_ECP>6$KCV1W0'O+2D&+U5[)1L1-5O;Y,M5E M6?J5EVSOQ`]%5&&M*8[/$1R<5U1SRE>X*&7GW6/22[^?"!C2ZLV_KMM+^R[L MO_573K_+'@\GZ[;2_LN[+_U5TZ_RQX/*V[EO_;(=/M9@O3OLK&E"UN=)&D56 MGJ!E(#[$64ZR:K`_:LE_*17$X"6?"/__6[XIZ!A;1"RM;LD5'SL!.QY45,PTJ*R=&RD:[V@N"LG8&'P:H=(BC/1;]TH5#BGDC9(\OK9'2 M\O*\(\?+A6/'\$_@%@`;4UFW&$'14EX-9-EW'XF-K5@587Y%DN';0I6"+ M@DK]4(BR`U*3G!0IZ1"(/&%(;)0/A@<.2D4.,^^V04+'& M/,H<:#)6T%@S>Y](D"N#V2PP[P@$Q72\C3L%*+99-$>+M4#:&!Y"(RE4/73: M>6:J;;3D"(+A"E/$L/1Y'H%U5\S4KT4/"1\H M;).R/U#,/F"8KP83]A?LZ9M.0%12!5229!.1FHDD)HV1"=@K6Z0/7;`2='BDAQM>E2A_1;/*<9#]=QIK+F''F4K"VHG< M6E`:JY8*_880>MOV0T9#<%#2&")6TVDD:SY5&5Z-BOJ\Y*7TJW"20#HPSZK" MN;$)$45F1&6^%]0=_I=E/$BZ_98F9..J<->@F8XI)6"Z?87'FH.PCO->9AZ, ME%CK]%Q*L^?&/''X9QG(>!&T:"LJ<#S9@67:X<%'2SA:"PPVBCIS[7:P)(%C ML@2@[%G2N,)>%<>9$D6G1GUMOM.-I"W@=J:@L-KK\:U+QC]WS[\&(#DX&3`L MT`[)".G.QHSL(S$V@BP MK>.CHX0>KU>WVHR1(DQYLAAR)!KL#*&2X(V*S)-EE"H>&`)CR6"7&GF'6T#" M_+/=ZM3,`9LLNU&8DG7$#Y4.83AH<=3"#9:0R$.3])KT6LMG!LF5Z,>%E]K# M[S?JM^8BU;-M75(+9L+:9Z,4"RW"-K>D3DB$89'=2T[Y0^2-TZC!S68UJWPXRK`)%J@8Y@8UMQH`Z6*:)ER1C8 MV,6R&RDAV4`/DQ@Q96OK85YVI(5;T>^A*LM/+PE6`DYRQ-98'%DX5U,1F$?\`NCT&X^?$C6[M'Y5ADDCZ>F9%R[AG M!C/JEU>T'=FN9,BNC`2DV2JT2JX*,>;I%Z]D/-HQEQ,//R*JVD"IRI`WE(9' ME70GGQ7&WVTJ9<;6H8787=ZL#:HNDER[3-FF1W"(Z.R.8I+V$#2)K8SAZ!U1 MHLB:!#'$BB//-E%C1QCS#;C8A*FB,A!PTAA^6L]J,;L67X>"C(K M,G8SKY)V=DP(D(T*"U(2T8_9@1280@ M44Y9B"@P5/DS0E;6F/E"AVHR83&V,]B/D%!O/IC3G4#EY9=5A'`MYC:FH)FQ M5QG,O&+MBWC(F(:E8&3`L5=(E?9IS&2Z):)%DJ*]:\(&P$S(X`5-?N?:X(\6 M_$KT/;QU4/`GV=VWB)@XV8$@234@R[GC)FU./OC30@S<>LR0':I,FW+OD#MN MCC1J'B7EH:'?6V3"Z;/?*E3@@I&QS0\>">KQ&)2T44@/Y";-UA@6LQ4#,QXPDC],A(")" MB9`!$>IPB?A(^$*C$QS&:N\'(T^0CE"&-B+$-"6(XAM_&&LA>,'9X.R"R!D, M>DH:*E)*%D%K8*#R))1#V63QWFSF!G<):5X*2YYIT4_M$QJ15SB'K_*6- MB+3'Y1:XVH0,J4V^C[5V`X.5<71R0;1]^0MI4%>_HYV['VL0/ MC)MX'>:857?*`X`F5\T56DBT=R0!^V)ZTAQ_ZO/CWC%AJ5!DJ_\`ZAU::NV= MO2VR,VBZQ2T<>4SF#-00DS"JC/$8/3%]9*X,#+%#0N5AMT MZ9*KTD<6F33;WL01E+K.N;/'V142ZYCQ@!H.6Q)-PZF,,OK=3E2AU1F4/I!> MH8)7UBT#:T9N^KG99BVURF'7"0M?VMJ-,"#3BONJ.L`400U,N0>6$.Q#3(U\*]U)1I_&UYK.N7]Y+G\:Y*1=D;%$ M`:KZ[+B:JGUU\YT8UY#=S4OVN&&0$+@\17ES&.9C_:8X+G&JH2H^M$[D,6%+ M79VSNS.PET@>NUYD>J`3?U26:M@HQE[LY-"E[!G>/T)]+Z6`H7%K^F,.L_4? MK!'*G1B"4#U(B*W+C-CM)5$9^PT;.98B7;!V+=U$BZU+5Q<6$ZSL MNY?KN!3W9BZA)E+S)6I(F*N7E`;P0BXS+8Q32+#AP:I#=G6==.T*-S>9"Q`Q M#5.MSL\B,A[%+74_528J'QLD$]V,G84N)@70<@YF2IY!M=0XEG!XZRU1ZDU( MP3>1=?J.U*LZ>L;4]G84:-31PJEKXC9"-F*N(GUN9MQC=U%+=T\WV#\OU^,< M80VNW>E[<]$?[/@41H;5WN[Q@B:V/]79CNQR]SN'5BJ>K):J1?M<-;_&@6<6 M[W<)5"K]B3?B7X]R0?8&S8&`VGI/`I&8K.'5MK3[.HYC%4/^H:L7K>FN%.3, M37(>E#U)=7E<^SMS*9JWMA??;M9S5EZ^9&2;*H+P>VAX+ M.8AQQAJ*L$MC2B=>5YZY2FZW=-*U[NW`4?-P-38L#(;N,I:6$ MXKDNU*1]&@9@LEJ1A[,AJ]IJTKMTBLH92B24H M-EE;E44L%V+;ET.19GPL4\;1ZZNSFO36P6->?K2X/*-IK%:+C_\`42O7MS^O MS$R]9+<%+8HH]`PGZU&M-^U>:R%[$YIW$EYAKY2SKXU,_P!-!@N)E?T+[UMS M0$XNM27M?O#]>)I,.?2JI2[9]S_;OZ@>BJIB1DS]=^G^P2R3]0\J^5.J/\*- MJE4!!JCIJT,`L[JI+AS5RK%(*NDCLC%T@6X\2@ORUN#GH6>($$)(X,1(*(=R&XD7/5X[*/ MK7&]!7!):[.6AU_:2J*)6*\RS30)Q,B$WZW4O MS2$W'ZU;U,\]%9K\/9)B\&Z*;HT=FS1XV(Z=@Y:,BBJSF.Q(&3N2ZV.1@7,R M*]XL8P)G+'%W%UWDC6CDG-V9,]]V/CT@2+JVO%[6_5;,WGZA+3$BJX-MYUTG ML=AKZA'2(OTI5[R+ZAN(3#/B%U4H.L98RW&6&>19F.WF7K:59*;'N/RLFS;; MJB9CZD`%>VEU_64CL+%BP+4$''AN-1WNHLOU['8F)D41C"O4/7[!!"%9\0V<)_-4O1#JC MA:N^MWX>.LA_W`Y`R7U27V521LZH$UGF(U<[-YEZ[L:_XF)'6K<*NO,9QF4% MRLALE^)RB'<9':&KQZP8U:F2T$]F5VFYKWZ_#(ID?;("J,(QL5O7FHL#$WJ8 MA[*18E.E6QR,R"RT#@4>SLRF'W7HMZ&4Q%N=66J;%3_U:L9S>XG$.WL+?"8Q J-KU-)9J9>UG-W;.5,.QRX?=.,1\L',+<3#MRZ2LDQ[25!K8.=)0U4?_9 ` end GRAPHIC 8 g297874g17o14.jpg GRAPHIC begin 644 g297874g17o14.jpg M_]C_X``02D9)1@`!`@$`8`!@``#_[0E(4&AO=&]S:&]P(#,N,``X0DE-`^T` M`````!``8`````$``0!@`````0`!.$))300-```````$````'CA"24T$&0`` M````!````!XX0DE-`_,```````D```````````$`.$))300*```````!```X M0DE-)Q````````H``0`````````".$))30/U``````!(`"]F9@`!`&QF9@`& M```````!`"]F9@`!`*&9F@`&```````!`#(````!`%H````&```````!`#4` M```!`"T````&```````!.$))30/X``````!P``#_____________________ M________`^@`````_____________________________P/H`````/______ M______________________\#Z`````#_____________________________ M`^@``#A"24T$"```````$`````$```)````"0``````X0DE-!!X```````0` M````.$))300:``````!M````!@``````````````'@```(`````&`&<`,0`W M`&\`,0`T`````0`````````````````````````!``````````````"````` M'@`````````````````````````````````````````````X0DE-!!$````` M``$!`#A"24T$%```````!`````(X0DE-!`P`````!JP````!````<````!H` M``%0```B(```!I``&``!_]C_X``02D9)1@`!`@$`2`!(``#_[@`.061O8F4` M9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,#`P, M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+"PT.#1`.#A`4#@X. M%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P, M#`P,#`S_P``1"``:`'`#`2(``A$!`Q$!_]T`!``'_\0!/P```04!`0$!`0$` M`````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@) M"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D M%5+!8C,T)E\K.$P]-U MX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$` M`@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D M8N%R@I)#4Q5C+RLX3#TW7C\T:4 MI(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B7I[?'_]H`#`,!``(1 M`Q$`/P#TG-ZOTW`R<3%R[Q5?GV&K$K()+WC5P&P.V[=WTW^Q3ZCU+`Z7B69O M4+V8V-4)?8\P/ZK1]*RQWYE;/TEGYBX;Z_=>R^G?6SHMF#T^WJ-_3,?)R[*Z MPZ-F0W[$'EU;+7-90YF^WV?Z)7OJST[!^M5>/]9NL9=?6,ANE&*QI;B8CH:Z MRAN(_<]^4UQ]]^7[W_J^S^;HL24@Z1_C'P.J];NN?U#'Z;T;'8:JL?)(;??9 M[7?:]SH;CTL^A77ZC]_^$_X'KL+K?1NH6&K`S\;+L:-SF47,LVNQW'\YZ;K-CO](N?NP'=9Z/1TOH_U5MQ MLZJNJH]6ZC2S"-+F!K/ME;Z7?:\BSV^I^B_/_2>E=_,I*?3$EY%UGZQ?6NYW M6>F=/RW_`+-Z*W$Q,SJ!T?I\N[?\`I,EGZ#&Q_P";M]>VKTDI M[G'R<;*I;?BVLOI=(;;6X/:=I+';7LW-]KV[45<3=U'JW16=(^IOU9U?ZR4'$:X&^AV)7 M4PCO4S*=<'M_KN24]*DJ>)UCI.=8:L+-Q\FUHES*;66.`_>+:W.L+ZGMG;;Z&.QF[9_I$E/5)+SOKF'B]'^L'2NG/^LG M4<+&RJ\BS,MNSC(%89]DVNR@^EGJV^HSZ/Z38MSZJ]3ZCF]1R64Y5G5.@UU# MT.HY%0JL=?NV/HHLJKQJLS&K8S<[)^S_`,[_`(6Q)3__T/01T2/K,[K_`*Y. M["&",?;Q%IR?5]7=_*V>GZ?]M4.K_5*RS./6/J_EGI'5B#ZSFM#L?)YVMSL; MZ+W>[^D?SM?_``C_`$MG1I)*<*C#ZAUSI5_3OK5@U4G>T$XUSBRWTRVYF31& MR_&;ZK&[*['^I_I%NI))*M9))3R M61]6[/K)C]/ZW<[(Z%]9<-GI_:&`$LLK<^NYCZ=SJLG#LL]=]&VS]8QK_P#0 MV^FL[JGU7^NF=E4Y&91T+J]F*PU4WY;,EKG-/NHXV?=>_*LQ M<6S%F\-]S&UL]3]!L]E?YZU4DDE/__9.$))300A``````!5```` M`0$````/`$$`9`!O`&(`90`@`%``:`!O`'0`;P!S`&@`;P!P````$P!!`&0` M;P!B`&4`(`!0`&@`;P!T`&\`=G`NT.>YIAX$)05A5Z%N$T:,M2H.."1VX$88+ M&19!<]`=`9SX?KG],8_7.<_TZ`QGQ_7'ZXS^N,X_KT!T!T!T!T!T!T!T!T'_ MT+*/Y15_:Y55)^(%IOR4-B2.17D3K?8ZR(R-J7RA>LH.E@8'9BDV,LI"UT6D MO&)`G:TA62L%K%"@8<"P`D\0`=0Z]]W^?B%E-^E;Y.^/7C"D3@[,LRV[D&$" M3;7:-`Q/)[%)8CKS"V)V6AJ*OPNK6K1+Y&X.(%RW/@467D!;DV&!+:O_`.-Y MPP0!BCK1G2:&3AP8&9.TJ)78\LL67223J"\C-5OTH$KEI+&O?G-4<,TXTI"G M*!D6"R"R2`%E`#+7J!KOP22GE3Y??R..UUUAUCUPGEX,5]0J0RYL4R^MSEBI.5A>G2@%,:O5&@-*]K6GA(KB\Y_]I>3WD2T_HYEK!#4%!J=1)W9^PBI7"E)9 M5S7!'F`N/RAVJE^?#GA:S51`;:,+:V\*988J4'DK0+CS<^244''_`""^8:QE M;#(>.OCT*=I!-K'M"M-5MEMHHP(I1#*;ENP&'=#'==H/)R%A"-PO*<,32X"= MAICLBCC60H)"(#EDTQJ"TG4ULSSB2 SSU8VCVDE>/"LD(\EE'%F8+P$&`AP%.FH%C\P MO)-H5K!M=2FXU'ZO.MOR79*62EMG&LL;MIP'7(KOE##1#$S$I':/,[>9$X1& MO3JS#<'*G`*HL\]0,\`\"!%T9>7.,];W[5:2,^V&AEUN^I%=T38,MEELZI69 M6[?+S;Z9Y(\LD41E5/;?G1X]F;&4D\Y=@+@#(E6,8)'Y1A8@LWT7Y!Y[L5L/ MM3IA>=-1>`;(:8HJN47!*:2L=5;NN;Z.VV53((HCB=,\I&TI1'JV1 MS8L&(L!&'*LT8!!P'__1NYW_`-$8ENSS<:/-NP.JX;IU9AVD&R2Z73"1QIU6 M5WB=+)@U-4?B\AD"`Q*D*?F'W@E:UHSS@FX, M-@>%J/O5YZS2!Z4R'83BLL*=.*UI5B&BP6LL;5*P9(:\R6)3DE,A)+4M2D3L M>X@"'``.&"DC>2%C>B/,UI3OBZ*:SC,L>J+VACY^&N=:B['M.:GO^+2$D@)C M@U(8H_FDDS8",7CD1C,"\!%'1O@%U/I&?;CV+M9K]K=M+.K M@W>NZ]*6GME5ZU62ZQRC+0;(&_1J#2!DGC.O8$DFB$Z!(>XTE.?WY."I+/#D M[RB@>KG-TIN';KBGN#3_`$^A\<(FLOD=`-47@B!8PP&)EQ:/WQ7+Z^E"--RW M,;-'XNSMQKNH++#W"3MPP$%''B*),!H=@>`ZO;;UFTLH^H]E[:U(GFH-#+-: MQ7+1J1(B?[2IN/%AIZNC(YK'H7RBZ5;/V]CQ+>I"]Q]/+WNKIC:]CO"CTRF4/1; MW::!R=%)F`$EHT04Y9:=N3ED$@R^^U"[_:(\R1W,]K5KLY;OZ[6'0C%1.P%, M5HM+7WS`H8A01=*\NUS6M%,0N$V$FV!-UTJ" MG*>E$N%+R$LRH*)O=VOJ$@,OM&UIU4Z:&QF!0)C<)++I&GD\TBK))DK*Q-1*AQNN$8H>% M1*1ETM(8S!H_(1VY:D6FCB\B>4J1$,30R.I&5!Y9@!F)LF'EA&SBNW!W+I'7 MG3C0Y)PP[NQU=3E6UI5=F6Y9CY6E9U.VOK:B1)+`L%LD,I=L#?HT>^'+70M& MC"9H`WZ^;1V'1DH.N&EM=' MU7K/5C'6$1<'U=*Y#A"I=WN1S*7N@"2W283R:2=Q>IC.98Y`3EA/<79S^R^=YO\`GX?V?O[>@Z>L:2MT&M]`HJ; ML$U6/$_+F14Y=*Z)A3*7"G"8%6*WM,_+DRN-A3&+@OB5,[X4B'ZLL!_F!P"B MM+Z7]F3_`'7]8?'_`#Q>E^TOBGLWJ>W'?Z?Y;_PO/[?#Q[?W>'0>G6WUA\52 M_4'P/X3YZGT7UM\>^*^J[\>L]+\8_P"H\_O\/,[/W>/]W0+SH#H#H#H#H#H/ "_]D_ ` end GRAPHIC 9 g297874g19k39.jpg GRAPHIC begin 644 g297874g19k39.jpg M_]C_X``02D9)1@`!`@$`8`!@``#_[1+64&AO=&]S:&]P(#,N,``X0DE-`^T` M`````!``8`````$``0!@`````0`!.$))300-```````$````'CA"24T$&0`` M````!````!XX0DE-`_,```````D```````````$`.$))300*```````!```X M0DE-)Q````````H``0`````````".$))30/U``````!(`"]F9@`!`&QF9@`& M```````!`"]F9@`!`*&9F@`&```````!`#(````!`%H````&```````!`#4` M```!`"T````&```````!.$))30/X``````!P``#_____________________ M________`^@`````_____________________________P/H`````/______ M______________________\#Z`````#_____________________________ M`^@``#A"24T$"```````$`````$```)````"0``````X0DE-!!X```````0` M````.$))300:``````!M````!@``````````````S0```.L````&`&<`,0`Y M`&L`,P`Y`````0`````````````````````````!``````````````#K```` MS0`````````````````````````````````````````````X0DE-!!$````` M``$!`#A"24T$%```````!`````(X0DE-!`P`````$#H````!````<````&(` M``%0``"`H```$!X`&``!_]C_X``02D9)1@`!`@$`2`!(``#_[@`.061O8F4` M9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,#`P, M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+"PT.#1`.#A`4#@X. M%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P, M#`P,#`S_P``1"`!B`'`#`2(``A$!`Q$!_]T`!``'_\0!/P```04!`0$!`0$` M`````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@) M"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D M%5+!8C,T)E\K.$P]-U MX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$` M`@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D M8N%R@I)#4Q5C+RLX3#TW7C\T:4 MI(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B7I[?'_]H`#`,!``(1 M`Q$`/P#9_;0Q[+*JNO,J8U]TUNKNL<7'V?I+[J;/SVNV,J9^K_SGJ9_^$*[Z MPTNM]G7Q56\-WQ78]S9V^NROU,;9[_\``W;?T'I?T;]:L]'#R+<;[3=/U?<[ M]+9[O4S=?>[WZ>WW?20_5QO_`)WG?]N9J*G>S.M8-F;E9.+UXTUO:3BU%EY# M+'-96XN#F.KV?TG;^C_167>KZ?Z%#L^L$V"IO7!Z&USSD!CFD6![K:F^A]G? M98YS_2?9]#&]'U,?T5B.OQ@TD?5YQ(_X3-77/^J/0AE/I9@/?6STPYYNR&G] M([:YS-?3M])OO?L^A^__`*(*:-?7Z*R2SKX'N>YLU6627/W,]3UJOH,I?8UE M+;&>F_TOTGIUIL;ZS`8MGVOJ[+'V5T11M?N:YCMV55]KIQZ6;KJ/T7K;?Y[_ M`$;%;H^JO1'N8;.FV"FUY8U[+LC>V#MW74W%CJZ_Y?\`Y[_FU&SZK]'K:2_I M-[BUA>?3NN.I+O3K`]6W=]#]([\S?_-I*0?\XJ6U-;5UQC'5-+!^CN<+('I- MON-M+[&VN9^DV5O].N__`$Z@?K`U]3:KNOL<&FHE[:K6.=M-;[=WIT?\$]GI MLG_-*R_ZL]$:"?V3D$`;F@6WDD'=MT:X[7>S](S\SU/ST?"^J70, MDO%O3KL?:&N&^ZZ"';M-7_39L_2)* MPD`;]S!9MWLV'?O;[%)V)C.?6]U8W4'=M[_G;'J-?2^GULV,H:UO,#XA__`%3&I#I?3VO<]M#0YX`UUCWL=ZE;?L^VNVK])5[&;/]'6M@UY M/VCT1G`93:V>G67$A[F-+;;;J?;[;/5J]E3_`/A5D]"OZ:[IN391B&IKNIN8 MZHY%C]]K2W],'EK=OT=_H/\`T'_"+599A.M+#B`4NR9]>N7`WAS:VV/:QOJ- M?N97OM?^C_X5)3&Y]PR['U=1:SU"'-J<"8_F\:S:QVYOI-MQ=^W]^R_]+7Z_ MJIJ[,YSZV4=0KLJL&]EKS62XN>3MKK:QCG>UKV5OW>GL_P"W5&ZS#J>]V3@6 M/<]]KR:_4L;MK>ZO=[Q6UC[++++?1;^B][[O43-MZ0RQE[,"[U@06@#])+3N M&YKK?;MW^_U/S/2]7]%9CI*;#<3K5N,\79(:ZQK-M8@.:0[<]OVFEK/<]GL? M9Z6S_@?]))N'UKT]CLUL@M+';>S7,=L?IN?ZK&OKW[_T?_#_`)A#UFILE^/> MQHT#BT03[V[6[7N=NWU^FW]_]'_I%#]NTAI<['O;&V&[1N.X[?H[O=_9]G_7 M$E+?8>JNJL%V9ZCW,AI;^C`._?\`F-.S]'^CW_I/_2KMQ>ML+OUQCQ^8"R`! M&W6?5L?^_P#SOYG_``WZ"=/5VV/8PX]S7.(#C`+6R=GN?N_?/YG_`!G\TALZ MX)VOQ;B^7:5#>T!FKMUCO39OV_X-F_\`T?\`/?HDE*=@]9WN=7GQNV3N8T\" M+-C=NQF]_N^C_P"36ACMN;16V]P?<&M%CP(!6ES=M>UOTW_\`%_X.Q:%-K;J67-!#;&AX#A!APW>X)*9I)))*4DDD MDI__T>\Z.,G[%B^KGLR;1?E2YEOJ,M;ZF1Z=7J.;O>[%_1L>W_`^EL1<6G/U M9^T&7618VYP:#M=+_3?55N_1^F[T_4JM]15.DG%JP<*NJI^QQR,ACR_<]KK' M766;',K;ZGNM>S^1ZF/_`#J;%."S$#AA64AM%ME=.]SFV,ASK*;+&;V._G/T M?J_\'Z*2FYC,S;:FOQ\NOT=(V/-XD%VYION:Y]F^6_\`GMG[]DFT=:(9ORZQ MM#9'@M'L],6?S>S_`*TJ+G8&^LWXV1DOM`#;`1DZO=M=6]WIV^HUC7?GL_F_P!& MDI/>S.JP3]LSZV6E[8L)%+`(/MEH#W;G?R_H,_P?\XI_9^M&PM^UU^G.ZMT` MD`;-C7L:QGJ?O._2U_3_`,)_@RU=&PJ:?1HWU>[?O:[WD[37]-V[_!O>W_U( MF9T+IS"88=KC)83+>VV/W=NW_P!*?X+8E).GC,8U[W;JP!NT[9>'1M M_K*W(\5G5_5_I=8:T5DM:`"UQ+@[;^_N^E_+_P!)_A%.KHN#5:VUC3N:_P!2 M7'=PUM8;+OS?T5#_`/K%22F^DDDDI22222E))))*?__2]`HNS@W&.1D5C]`Z MR\;JP2-?TVC2W8W=5^D9^B9^D]3U/4K3-LSV8EKCEU6M%#G&]SF#T[=H+?F;V;F5>G^EV?X6E-CY/3 M/3%C&W-<_&:17,NLJ?Z8]9K*GN9;8WU&L]3^<_P=:2F=5G7'L::K,:RHM)98 M7$DGWPY[J_;L_F6/V?\`"?I5%_[2-WIX=^.VUC&'(H]N]K@YUON:QCOY]MS- M_O\`^*_G%5RKOJ]?Z[;J['7$O]1ON;82T6/]+>XL^DVC^:>[TT7('3,ZL7W- MM'KV^FT/MM+C;;CBH#=OUGEUCF; MHVLKV^SU/?\`H?\`A4;!/5"_=EFIU+JPX&LS#_!O[U?^OO\`S,W'9T#(LQZV M>HY^07>F8(D['&]IWW,Q_P#KM'Z&#&]+QL>ZL/MJ952UEM7L!+);6S-V-'N= M[?YQG_;7J)*;`=]86LC9CO>`!O<3K`K#W>S;])_JO^A5_P"!_I8V-ZXTUEKJ MW%E1WM=M%;K`'>YW^$9[_1^A_P"!JHT=*]0M%V34X2P,C5S&AK[6M]C[&5L> MS_@_TE>1_IOTT`.B,;54+\@.=)=H`[:=USW7--;?8_?ZGT?4L24Z#OV^#-;< M<@A@`=(VN#GB[Z,_HW5FKT_=O_G/T>_]&E8WKH;6ZIS'6"L^HQ\!A?)_=&_= MMV^FS^;_`-);_I6PLO&Q\.UN+ZN0*3O+;(!_2.=N8RQ_IUN]-^_\Y%_;F!N< M`7.%=AJL<&F&N:"Y^[^0W]]J2F)/77,+`*6/@GU-2)AVUM;=W^DV_I+/\'_@ ME+'/6Q>QMXI=CZ;G`G?&U^\_N;O4V).ZYT]I:'.<)!<06D$1^\T^[]__`#/Z MB/C=1QLJQU51<7L&YP+2($EC3K^\]EC6?\5;_HTE-E))))2DDDDE*22224__ MU/1WG.]5_IM9M-)%3B&D"T`[-WO98[W>IZE?T/\`A/YU,ZSJ+/4::FV?0>QS M2ULMWCU:-CW_`,XROZ-F_P!)4VXW1;'-H^TBP;WOVG:6N)<*'U[]NUS]]7IO M]WVE_P"D]3^>>I9&!T>VEC;^O_AOTO\`.)\?`P\>VIS\ MYSW5$D,+V!KA8=U7J,^D_P!M;?=_A/2]1)3*O)ZJZN&8M3`=&O#@]C0!K+*W M[W['>S8S_A/YOV*-C^KN-=U%#6%]=;GUD-($^_(8[<^FUU['._1_S=/\YO\` MTB'1TWIC&[!FN(#BTM]1K?Q+,''K=17D-?#C8X MNM>H:3B,US_H?]HOZ17_/_`$OY_)^E_P"B?_0M5F?TMW_)W]'^?+OH M?]UU\_))*?=F_P`ZW^A?2/\`.?0^B[_V>_TO_=?[(K5O\X/Z!_-8?\__`%JO MH_\`NM_+7S^DDI]_ZA_/W?T+F[^?Y_G/\)_(_?\`Y"E7_P`G/_H7#./YCZ&1 M_P"`?]R/_0Y?/R22GZ(S/YQW]%^A\_YW(X_X7_1_^AR"/Z)A_P#)_P#,W_2^ MC](_T?\`X/\`TG\M?/J22GW_``OZ11_R?_.?X+C^=N_F_P#OG_6TU']%N_Y. M^F[^:XY?_K_VZO`4DE/U'@_T+'^C_-,^A]'Z(^A_(1U\JI)*?JI)?*J22G__ MV3A"24T$(0``````50````$!````#P!!`&0`;P!B`&4`(`!0`&@`;P!T`&\` M_\0`EP`!``("`P$!`0`````````` M``8'!0@$"0H"`P$!`0$!`0$````````````````!`@,$$``!!`("``4$``$+ M`@,)```%`P0&!P$"``@3%!46%Q$2&`DE(2(CTR0FEB=8&1J4U$(S-3%!,C1W MMR@X"A$!``(!!`,``0,%`0````````$1(4%181(Q`A.!<:%B\)&Q,@,B_]H` M#`,!``(1`Q$`/P#NX&=RKVIB[W%QWQ:=W3"GCO8'L#7\-+TP0ZWW/U2LX-%6 M=G.J_HUI"(YI%^P5%VW%&$4;MW9-XF7V='62VCY3=FXQNA&ZV6-6W[@;SF\/ M"KE>JX.,RZY"?6(;UZ.%Y58X&I'3[M%*"(`*,LR1RNJ0,@31@C`?AZJ8C;`R M(D>RNC<>JFKGZY6G6-V3L/\`8CV6K^YX+)Y`A3)&I('U'[QVQ>E64G.1=RLI MA.NJ;C M(S:$%,=2;ANYAJWBEF5O#IV16$N(DFWW8.&K5N\<99D&CM5!;5+"TZQFI4E= M_P"U/M++.NIW=M`*WIR26GTLAG=RF)K4]SE)I)XY#C_9_K]5X:O9LR+UV":" M92Z!60[T*/FVSEKJLFHW31U527U36O6-]6Q);O=W$DO8:AJ5;B:AJ\_&N_\` M)NLM_#H\3*V!#K'ARG5[\@8IO&3TF@X*4`?+!2*VCO=)NQ=*&!S3;57#)PZ; M:+*BIGA4D/\`VK7Y$.O<&+1KK_,5PKX6NJPJ)ELM)_VA6MFD6\TB+BC.IJ4J.YZSA4)>HOD\93+3ZSZO5DRNJBFKQT1?IH:8\-!% M'4M1G]'ZP/O+V):W+:M/UX/A=TR>W/V1]I:#IPI:,]+QF!5K#J2ZB5K<&1:! M"'Q"7$2P<=)QQQ#=HDGHIA^HLCLNCM]VZ1*CSPA;G]V,N?Q.@+(BE$Q8K$)9 M776N11Z/R$@F=U$=!V\I=QW(Q19J^ MT9N9^B!1P1<.$%4!NKC*NNNVFOTRM.NC7<_W?[6HVW8JEH%XY'4-H_\`JM)` M(-0MLOI!"`Z'93LE(@L@*(R0S!F3_P`Z=B1!DR+-,(K-B3-FFJW&5?U,L]>,/8?JRK"L)00 M<&UU'VC,<479:MQP9IJ_,KK+[;Y46=8_"37;^RKL5:8I!>JH,!H>$0R__P!< M$#L%W(K*21-G!&\.6C[F'-X9.E(V\44((K$=DWKUKME%ONC MQ9'K&K\NP';GN37]56W!:PU9SIJ\=) M-JTFS&7(R..72ZA!XGE8>Y#"Q:#W+8FX<[I\$1'[.\6MI1;9TX<8V7"J]AK5 MC":L*M&<0LM[/S+6;R(2;<69&C"3N%0W",J7M%YS.8<8N\8M7H MJ?'WHDH6BI@[O(M*S5.H/9$S24367;?N"Z7,F]5-&7ZU(*R:4:RDHZGFK,I`6K:M1\T M:JLIBPAJ"%8II`F4M;K[X)I(8UT?[;YV7PIMG.W'SY.\L3%?VR=%(("+QB#_ M`*OZVAD>D$OC,^.!HDZKN-CRTRA1U.30V0OVP:KV2;HA$3Z.KH7G?&=1ZNN, MH83Q_)Q\^3O*W[)_?+1%QPDY6]K=(-K$@$FT8IR&&S&P(X?C9I,:39&1Z9,0 M1K]=D]T9EAR#A/"FFV-5D=-L?RZXX^<[G=CFO[S>N3.0VE*VW0Q@G)+P8@A= MR&LS*)[O[2&QB/N(G'AT^74KK?,J8AXP[5'MT7OC)ILE-D<8\/.=>/G.YW0& M'_M[Z6UR/C8RM_UKPFN6<-EY2PHBE`RM?1-.,STP`)19_-`Z(6KVC=K)E8V7 M<,,._LV4U9*>!C/A8QIA\^3O+2;KWVWZ?TG/+"G$FZN&[AUG4'?ULI%CR?7: MOXGO$RM@1&S2;R71^H>OT$$3ZC M>J1_N2Z@2]^[*RK]=$:D1-]:$>NQT1,R>($7JEO1,,RCL:LK5TZKI1=*:!`` MU!DW(:;:N4VJ>$L;?9]=>/GRG>7`0_;]TQ:A'T:;?K?BZ$?)5P0;FO0Z5PL>OS:XOCU@7C+!\Y"N# M#GS"S;1'#A-EC#3#Y*PB."8E$-R>M9%LQR-Q\JX.Q\2(P3JIWAFV`&'BSAC]GTV9JKJY1SIX MJGW/ER?24D'?M^Z3")[*+4&?K'K1E9DV=GWTML!#:L=9E(7-EOH0T8PIE97.[Y\G>6$BW[6^A4%#N`$(_5K5D-$/"T3. MOF<4VK2.8(%X'*59M"'Q%8/5;)P06B$N6W(C/&WWPQ=[Y41QIG.>/ER?27P< M_:OT&D[$^,DOZLJID8V4V0\N&0CC^*S,L"]J$L(ZE;!>,R55.6ZDL,I(83?/ M?MPN]2VW37V4T44UV?/D^DMBZ-_8GTN[;]L*;`G/URU6E:$J*Q>$1NV92/K2 M7'X@TBZJ1F([L%W=9HDD](F]"-]QO@N45&&R6F4-T_MQCDG_`)U$S9'O/ANM M>%;=?*[;ANK4ODTL,SR[>V<"[D3J5BI/4$..$9Z6[$`I!`F:(.QI>)?R,8N\ M@+6.C@P%L5*XB\87^W?+Q)OJ\YND3/EOA4L^I:(L'*Z*K MUR?!LD/O*`AY!\AEI@WL$4T8%G[-FM]A! MLT:'TG;#Z.4D5%%66ZFFNR&Z*JA&NT![6)3H_%%-*RD0FL+&>R)"NK.<22%N MD3`B/#SY-*<2*'H&\26)U[,&L<6R#)[:.LKY40U?(C]G".%"TE`3MSUV/H.' M+"R6B3=K'I5+UEC`"61W3$1AP$7*BTK3VD``7X\8>14PB4%$-/N9G1F%78U1 MVW;N%$A4[.0_[7]?1)*1##%C,@BD4BQ:8G7YP)*`L?:`XZ@"=2CPI04!M(V0 M,P]O)Q^YH6V=K$PVKQ++UNA]^."IV8M#N-UO5Q(-UK(T%-XI#3D\DKZ0Q2<1 MD8#C\7A@BQ).D3*2&,C!S231F"GFA8B#V5P;8L%L*KM$]==LZBI?N![>]>9$ MI)$V<^6'^SP:]X_/?X[^I>/[=]']M>\_[3XWF_->3_`*'R_JG\.X*?_]'M/N']'TOL"W+3 MGJ':BDPZ,VL:;RY$0_;$\OQ:4DDQ,RF.>YT?:Z9=L='N$E/IC&/OUS].=8]\ M1B6)]95S_L'S/_5U1'_2E?\`O^7O_&3K)_L'S/\`U=41_P!*5_[_`([_`,9. MLG^P?,_]75$?]*5_[_CO_&3K)_L'S/\`U=41_P!*5_[_`([_`,9.LG^P?,_] M75$?]*5_[_CO_&3K+/,O_P">:VB39-Z.[+U,_9K??X+ME'I*Z;*^&INDIX:Z M"ZB2GAJI[:Y^F<_3;&<9_EQR?2-CK+E?\=BY_P#476'^%I7_`%G'TC8ZR?\` M'8N?_476'^%I7_6I_Z/[4Z[]C*CNTS>-?R(76\M;R-Z$%QV1M2!)!%JZ;Y;-7# MO?+=)7;+C&?KO_)],L45MV6Z2U[*)5%G!2-QZ#3]A&V\ M.5;V)`8K+UIX!BAA])8I(#()NRD;MWC+D,Y'.MVA%UIG?S&&3ICS=+8JH^H5 MKC%-TM M=5F#17/D=VV_\[@F;67#*@9P:%3F*!I1(="D_F-IS@Q-]LCM92W.VC*3DAV< M,%]&6&6NT('EFXD'E9%?RPT4R35\;PL_>1$*QZOU[4EH3&T8BY-MW\O",H^J M#5V$ZBV(MBWC[5DT5?M13:32=N$;1INB%T-OR6L>:K.FPSRK9VLCL6U.[=`* MW>DX.D?G,ZD4%K!\>6KJ`D!=7))1H%(!$QC^\`VG3&NVMFDJX`@9P]:"A2AC M'EDO"RLJY400W2%OLYT)@TP%#6D_LNS9V9&F*[1UE)K>%#BK^LZZ`SZ'-Z>, M,XM$(^!*PN7PNV)4Q/;K,]GK[>0.ETUF^R3'5F+<8Z&Y&RVL3 MY!?*#$1<'4VC\CM,UD]-Y`*D:\44F"N[Y\N[RW:KD%6C?4@XTSHHGJTT:"T^ ML+I["+&%SX44D\J8HV"5N4L348;",*LEKJIE2E#R;'S`U;7"0H`KEVS\3&^? M.?\`F9W3_F<%N+8'2RLK-VF&DJ,RM5G-"MD&2#9DN'1RQ(6,(K<8LZ';.A#Y M#*L<,='23EONOLIJY2<([>%P6BH;H/6P>&2B(IRB1Y4FM5=AZLDYA@' MA,?5?->Q@^I0TB/(C(]&1@I$M&`E,B&8O.Z2OU1UW\ULYW^W;46M[\<0_M'V M+[RE/MK\COR.\MX$=\YZQ\W_`)&>S?/>B_?[6^6_[7XGV^H^1_LGF?M_G\%O M_]+7WM)_^S78O_Z[6[_]P)#STQXARGS*B.`X#@.`X'M6_72H@E^FR$[.H]/) M:WS`.P^BT5K!0NC84E35N.VDM@$0<1])8VT.&,;^716::Y<([*??I]-M<9YP M]_\`:73U\0G$(J`J2I$::B+*5H$AX(E)R)54&P#/9$\*$4V319-1%##=_P"$I[S,QEBEHS#-H!:7 MGG`"QHTWN5K2M_VH#I%PY5A&^;!K.'U!!I&N1O?.5M-HC(5W8EJ%PR?JZ/5- MOO'/Q&'Q-ZQLVAY=/IU6`J8VV..3H1.3H4^-(^C+2=V0LJ2QG9V*K^,F9C96 M8L_DJ(I:,V5BUV.%RUT@`*X;OTWKC5PT'N]4TLZYRII4W5E)0 MG:,!-;BUJW>;U]"XF^FTS@T8@=95NUCEBFP[NAQT1"&7#ZNRA@N(>QML<9>$ MP>,W3AIJI]%\;M&VZ$7&&+3F_=4Y8EHA!F]SQ*/FYW&@@4D]@4:.;0(.GW$K M^&2)_#RAZC`4*>-M.MDG>DD]\^[AV&+;S7J3Q^S)*Z#";0TOV=93J)QR?R/L M5N$#35T$@I"-5I7QAK8PP/VTO*)R!W>QYQ"QXB-QQCU@#0L@U(Y>1U8FW(O' MHO0P;U;M=:F&HTF6[DEJ9;5"E7]L,@COI^ZK*50-K7#!K#W6Y_\`7P9>M-8P M+C5.`A43)MNR**,<].0DKP@S>(JM]QH\8NPRXBX=@U)R6_''9ZW8Y.MK'+5M MHA/B`,@?BN(A#8SY&=`&-=1\+IFN,!I8J:A3UXY:E00C8OW+?"146ED4M#L=VHUJF"T99U<9B%@0&Q;8&BY?)DB2A(4,I43 M6MG6K9<^C3\*\PV?$XM#JT=O$=-LK)*X1W2SI]^<9U%('$^[98O9US1!2LC, MS'A;29US14?K7T+,^GZ0$-9#>S#LA6L&9PR$!Q@*74W(_)N%2#)%R/U982RX M=/6Z:HK$,GIWQCDAFU2A:YJFR)C7]@SB.Q8]<2N\#C4)B[&6=6B':L.\2'22 M="I\6(-J\5'/7R"83";9IL[UPKN^3:,GHID,]\X`WCSX^9K.THKLB&J^4"!< MT+T/#5)+#[C0LEW`)4.D;.O%22%/BM^_P!U_MB+3$K'I?&XK(XZ4]N!8O-;`J1\[E\A(1%& M6QMG%G]<65.X[(G!ALMLED:V(^M-5VRR;EFWVPG]XJ5(4YWYD2P@H7[#9:+39NO>X,+M5U#]*^KZTY8,D0N)E9+(@0Z$%@58)S:1RV(@$IHX&SUV MZ,:J2"$ODW+J+(R1@P9X2(N7"(Q9-YM4K=K%$?VNT8YZ[5==TJ;.W.\\BJ#W M&(Z?JR,Q^226+P:-2*Y$*]?6Q:T(3+"ZXDLB2#907<:$B;W?3`M$DE]SC"SK M-TV(!]N&4\MZL837<+D1:MYNA&$H0P%>G&9)%X2 MT_+X^@-9:/"Y@ZUKYZO!# M&!O2AZO`#PV-7272EIQ@KVP\(@5%.=!;1SHW398*H(N7B@KE\,_VC=:BS&=$ M`.)!(6L*1BY)-R)D]'J#C\Y/^O;]8%U]BII' M6W=B9*W%85JS39Y7H9]$LNVTU*2,N0-QM@DZ@BFWU&DW*6XO1S9/U[Z]-PM>Q,YJ4 MB;(*;"B*JU%W-9M?GADI8167"D6T"D$>GP"2M95(8F8,^L;#W6'TA0V76)9= MY3SOH6YL<^@\4C$5>P*3004!*TY"6T/G6KT:P:C&PDB2C<9(QV0Y50E MT?0A#9WJ[;+8-CE`E")PY,!"-Q\_CD[83<<<(PBZM4G;OU'0B?92?& M[]1WJ]QLH,K!CU<=6DG$8&Q%",,'#2T(]+XH)BTN-"]F%APFFW].`T1HH,=: MX'CFU)U@^"J!\)Z"'PL<\U7;+9W<[;C*H:DZ!PZ&^IN;$EAB<%=7%<:0YY"9 M#==48@HRK`5GQR+M8\[3O2:28-KN#N.0L'0X44%1;TQWJS:A6J&F^JHMR4NA M<';6K`Y(S)CFM.UXTT2#TOEC83]F3W2Z[R/K$BUE;HM;A"NY8Q3JZ2JL_//X M@T$`2*-!$92]%RK=QL=WF-B6)8AAVBX&IB,L M$I'8$JD\B'B6X]/PV[-LZ1:-?NWV133VWWVV(I\=TFZ\#!340F"L1\D+%Q\) M&R9^_NP,GD\)$1@V!D8@=74PD=H%996[3!F+#%G.@%Z.P_\`3VVCKQDT4]=2 MW*0Q[J;0\5*Q8R!BAQB]B&Z*HS3:R;0>#B2S*5R><"'$R#/IFY#V$YC4NF9, M@'5/H$E`SEUG9CEO]J>-!(0 MJ.5R+8Y-12?!S&VC^$0T*.+[97SN?;A!OJ>SO8>SV0%RL$9UYJ,-8R-K#(T^ M9S%JJ]:)ZY65WVQ]W M"6QCCK%2CN7NIF\BQ1X]>R%_+G4:=SRPG57K2LLQ>CRTGWII>5J5'[A*IDG* MSI[@)YEP\<*.E-]G.^RV2W*/K=/J&<@4X\X"SU9HV?8>,"2MXWIO*Q+;T1Y' M-HV#G&UD9F8*"JA""[=2.LWZ`%313;[FF=OY>"WTXZ=]>'1L\=7@Y/=>1C#X MAZ*Q8=F:1$>QE>`/NC$7@JC!%EG6ZXMCDNJ5*-F!`:Q%3H6T>.!*X[0-=-UA585H$R1P.'U8Z%6 M&S=5`$2;EG#90?%MP[%=FKELJENWQA/`M/,LQ@QLFU:IK/B+AV2(NLIIXV65NF)O8LHV MPTP-=MW:6Z:OW?9MJIKG&?Y>=I]HZU>:8J;\:O0M?-;V;.[QC;9C6ZSVEW8^ MG"-@2F&%:Z"S:<'ZRM.0SB)Q":%Y>1P>8556KYS@QHT!M,%2STNY2T>LT4ET M"7%TCQY8&\.N=YV_>E"W&TE-=CXO6,Q%;9JJ9P$G+'$6%?;8`VP)H$EHBUXP M&)GK'CA,0/\``=!'*HELWQJW5U37*H$(L3$1,.$GUJM:I)6$)=;\C8W'DI0D M(=LIC*RL\,;1!L/K,+EV=-3Y:4&E(V8C4$3$O&8YZF838QN,89N&NVIGQZE[ MK'N2'7@)LJQYM4L"BUCMK@H2*4^X;')[K!-H1*8`?N$Q&Y`7V6CYO):$FTKF M=:$%&.%BK#<8EX#)YASOLV$4U$0Z,6G$3$E#0P:!TC3^;P21N#:$AU')3!"/ M5ETWBCE\5!;[;J-BC>3TE*7FJ:GB:8T?HY34SLKOHG%MR073KL0!G4CE<7?" M(;,I@8-&7EJ)R?ES*6LU5%"39I@@7*)8%P[P^5DX#@.`X#@.`X#@.`X#@.`X#@.`X#@.` MX#@.!__6[CNE7>#M39O[3)30\ZN`S(:D83WL4):0MR&BC9DB.AJ/OSM]<_7K[>L1ZW$98B9NGOQXNORC8M,PJ4 MOI[JCH'`BP;C:.R%\1?QE%!C&- MY"_?'Y#,87'X:WGQ>N])+`(`[$[S4&Q54T?[CBQ"5LDFZVBP\FDD*V3J;L+. M5[85K%A/8"T(U`IE5]L643@(>/40Z!-R-1RSK?&!P)@7D=+GIPE'I4ULTJN6 MPH75?9<;I^1=,4D\)9&C4QI^RHG)X\&L#-4SBNZ^:^P[2]8?Q.QMUY[2TMKB MZ9HJ(:HV5458LT)^R1K=JNLE''ZNE2N4DF'>4U&=B9!G3PXM'"R9I.8RT M@Q=E7T/7.$G"@XRU)'_-M$FRN[9#!%IC<4QJ?>&QF::+>0T+%61F1RJ:0.`, M@UVD3+`Y+*W[?5?TWF>)*2?4T`5BD;VG=LCR0EX@V*NGPMNYRY9L%M$DUA7+ M(Q?NW,G2R;2EWOP)UX2[,9:"H8A7H@'((KM!"#5!R_9O4"K1QEPOZ M+N.:.'^L6E=2_O=;RXN:/!59`8BSKB"]L%['PK)IT/EC*1T[0-:7-!'T!&VM MU\AQ/?4AI9K-L[UD<<8)(JZJK)(D&B:&7PJ%P%N[L@'N]T&M/"7R4LDLAB]. MY^4E&SR3/8=VOJWJ))M[+99KQ;%6_9.[;'$&23122KJC4'6CS1@]1\IM4I-) M%>ED2?K(1GT6#`8':N]K/Z;WCR4PCAMO[CB/9-U0\V'UK+;"$PB*'9=)F\>) M;0C,@8#63PRZ')$6R>FZR/!JUF==\YM4$6)1PS7EO739\?.7&Z,Q.6UZ_!6= M%8E4,6I&6&H_-7?5FOKYJJ23]^SO8,L&+#48_"2#)VDF\(CG2"V5HM1NM.3= M[I!%7)PF2I)OB$$3=K5A3A/%D.49E:/82!Y;[0RG'L-=5R@+A#BVTDB.@I^H M:?K(.12Z:[+&F4U=A3-0+MS*SI^3@_8HAWZK5=-LS4.ETUTU:E*JCG['YE+8>K)075^8 MY=O=:F.QIJ6;7X,9%8+;,0M>5,3&&FO5MW8\HD,7VJA1J59PF,300AJ78O-" M^[#5\Z91:Y=ET-E`V;Q"*30*X:.P\OC8.4"73!ZW)L7(T^+:EF+AD1:9RU(- M%FKO39-=/.4U=,XVU_DSCE923@.`X#@.`X#@.`X#@?_7].G3*.?KEL7MC>\W MZ\4[-(UV'I:72Y&Q)G)9!/=69$H-2EC6C3UD-JWEMI(P")&Y;'; M&B44B,J0#L["7"K$W).)`Y>.T\1H\4P.<^(TSLFX;K))X;RJ(E*/U[P*5R2; M(UU3*$XI::`JI)RV'T2-,RR)2F(5)[J:QX"FE$JRIB**[N?355$00T* MLRVRDHSW:IC+:@4!I^?.61QC#X3(E:\F'$-=7"C!M(FHU)^P\\V9^82+3CAE>EL:$ ML9W'E.KT?!6/+$S0V9!MZH%"9[.FCQ[&4BS&0L42Y]*!E*X6W53745P+<`=\[82W9;92&6/J MZ;[+42Z)S94M+JE0RI7Z[Z7+'Y>#N0[)ZZ2SG9P?5-3V/#94[>C,*Y'E!P&%12Q&\HEEJV?'R#2&^D#1Y M1H5.6'<C7J2:Z?AJZZ[8&5 MB/Z^@)6+F804A$0)0N1.3CV01!_&@KR+G7DG-O9+)'9D`X9*"2;F0R,BX(/E M%T=]W;U=1=7.ZN^VV2(2IUSZ^+18/!UJ)II6%1XLH?`0]2L(3O%@9U;_`,TT M'C^P/(D865_\3E!'1;;_`-^W"W.Z:.J[K]\FS1>P:'.T1\QUL1@DZC(5PFQL M#1TN^TG+/15EOJVF.CURHM@GIC5[A53;?Q/NVSG)&(^&Z@S)0Y8\0EY8L?EC\&=]+]4$O90=/OWI%5NJGN]=O5UEL[J+*;;!&UN MM/7%R#+QAQU_I->-2`\WE)Z/+55!%09N3LT'#5I(RXG<#LP)'FK9XLFF\63W M<::*[ZZ[XQMMC);G=F5V];.QW=2 MS+.8QQK%KRFRAV!*AI`W+O7##:=S^08V)LT4D]QJOITB;9^W;.<_?G;7_P`/ M-^WM$Q$0S$5,NQ2/UI(8J9O$V%D8[5Y<=NQ2P$]G0MSOF.@AM64I5$C%(Y3( M)X='G0BL'KH>[VQANV=OD/&;N$T%-%\--;JOZ)A:UCUOQ,G.W%U1J=YA[^%! M+VKZHID.ALIA\42"L)P<;@Z\B6TZEJQO3U%T^?;Y=OUL9576R]7=/5BWX6]4 M-!2:JK'F$D^6I1)8(;%ZL`-1?KYJJ0PH]RN4?&G6^F[ M5+.$>"_#[-=*)R[G4^EP6U(\('%94A8<-BR\9FIH(C.679"KNR8]Z;'&[,)# MXNQW.5CD872B",?0D>2RI5^AL1;([["R,]%RK3U\G-9Y#I;*9)/:9L%V695P ML$8#']==^KA[O2`2"&DY;*R#$<8^4&\?;;[OU5-5!&C];[\J:MD1;`(?KX*( MV-")EO;.[D($D=;R"11A9E,6S5TI4/8"P+[A"`5`+/PP?P,%)OAIND19OF[5 M1!9QHFKAVJWQ%OA?K'K!@/U'@W640]KM3:*06LXH=7EU3Q^4FG>\ MR'-63]5L<+O"S5PJDW5=)951PBO%M/S'Z^2A6QQ\T^6=]0[RPE);*XQNRF+5 MBL/$=P[C[<1/T-"/3^/#OK?6V2] M?74WP7G0Z3!#8B!QN*1T6-EB+&+C(.I,5,N&+V!,VV[X0X#@.`X#@.`X#@.`X#@.`X#@.!_]'OQ_45,);(NX7[ M(AL@E,C.C@EDJH!F!DV3*,A"/RA:R'@C&KUTN@P2\!NGI]J6NF/LTUQ_[,8^ MG3W\>K/KYEVJ4U)91%Y%VUQ9T_.3`<"[.Q\!`%C[,*)T$@II0G6E[&*]BS<< MT$CE&2D]FKEJTV4VV6=$GJFRRVRJF^<G)P'KFN>T-J![<9U5+2D3O$/0<,ZU2H`(A+(1;:8P4W,2^X3\6 M*$&Y`SHNM&5]VB;9QXB:`J&:*=S+1`6M;T5+/H(K'X!.8NL_5%QS[V-=5*S[ M/5'6,TD-FF"%@LYI"B>E/S(L?\&/:]K>R-@JF M"U:EZL'0L18-<`1),O5,RD[B:1FY^_\`?_5".2804:V7%!^H&+U/`0TJ151: M+Z&G"NJ^'*0]SKC@J&.:=T^Q>;0I*O7,+`[>Y2M;@S;W(&,#&]E:E;SGU3VQ M(HHU/7D%GPA*O(9$D9.HS!QB9>0ROKJ47:#UT7G(M1F5DS>QIU)NA=:6U=4^ M8P-[9DKZ93.9QK>8-+%<3"/L1L1.D&)8I@TRRLS57 MQOJBEG;3E350KV\9E`74V)4'/2=CTV-L62-ZFL*UIU;]F0MN]2Z](&IHBWL+ MW*8*6A4D=F:NCK0P%V$7]5KU7W!LJ?EZJ8%)G7\29F]H M;HRW-5<2-ONP[XW?MH59,!%3OJQMZP8QEO7T"A@LX[.AWY?:]L]ZSC2T?A#HG>5?=<[-UR)@H6/!C2UX2QX*G581UE.>R(RPU MC='P=FF8>O`867*Y5)-G))L+'([X=BHRP]=]E;LCPF#MY?;,3'>KUO4(^R>P M5AQF4'(3!Y'M+^]J1D4>@S*R0$0CDIS)JF!Q5V[V7'.EB&V&+Y95]N%9MQ2W M`?;#LHOL&G$MB4=C45R<8PV1U.QJ>>FK-#F7'Z[F_<0X^P2VG31P6+`K-2VB MS4.D$:JKH[*-U%41S1/73&F$0. MB^JBN'&,ZU)BFV'"'`*(*;;YPNKMOG M/->V-4C.BUJX[%>\@TY=R2M9?!Y'"('&+65A&ZX>52,Q7,[%R%-MFY8+IKZXUTPAMML6M%MM.V5"/G4%:M)F16VL-* M);@7&L"L7`X8M/9&3AD*'3XMM$M1=5&Y5-0KL(P82A8.]W9IUU*M9&H]KB`VREIH&D(S=&"6<[ MEC"%$R&ID2.V%D2KZ"ET51;GP2S!5BIH[;(;?;C8BVN`X#@.`X#@.!QGK1)^ MS=L%]W*:#ULNT6W9/7@UYHDY2W14W:$1R[4@P-T2T#*I)E"FCIX)204;.]L[I9WSOG&4M,X^G+[ M3=)&$F`]48L+C$JBIFQ+3G#2=11G7$R)2TC"E#TBJ4/!IG"8[5;DQ'X)'W;& M,1Q6>$3+9XRRUD*IM799R2<(K.6Z\:MG(?UQ!Q@!.0Y6?6).B-D9C3292N3; M0$4>+1F+,FHAA#\-:\@,%BS((YCZ2XYPX;C4BRC1XI]'NJJ;95N+8.,]4*K@ M8[L$F.)R%FP[!,9"A.G"Z\58X##S;RP#)-82\81@=L[?)DK*+N-BA[8R3WTV M017=*M6C9!(7X?E#J*'$P`$:3[%VE<\>ALLKR0QO4YM0J;8"9K(@W,BF.CZJ MZ;@JKM$CC5OH_2>*N%=D-=,H[(;;;;[B^%?;?KZZ^(6!#K4=(NW4@@I0+(-7 MLAC-.R-9^]B-FRNX(L[6D\HJXM-(AM&9A+'"J2L:*@55D&[?1WNX\+[LBY0V M8]-)>D8H*/5+*]0]6UR!Z@Q6:%#,R8IRB8Q'IY;S.TX`,.1O2EY&UDSAWA)V MCHY"2&!^&Y*.%7NA5KHU8H"_*ZNJ]-MZ0C5D%3C^+(';GM$VA8@\;MTLIXUVW$Y;9\(<#\4W+=9# M#I)=%5MMIE35PFKINALGCZYRIA;7;*>=,8QGZY^OT_DX'VFHFLFFLBIHJDKI MJHDJGMKNFHGOKC;11/?7.==]-]!]\!P'`1F"NW,7L:1WOW:'5^8<^(.W%2LY*)0UB!S1 M=9/ZHHM3#A!?1;&NVN,:?=CZXYKW\_A/77]5P=?J[C0=G:D=VZ[$*XH2S2T9 MC8RE)#"8^Z"H$A%7O!VH+=??5;4Z68>E.7@;G#:ZR]?P2&US&@D8F,_D%?D(Q#I2-'1]RW`# MZ'CQMWF)I5XE+A-L'#A[JJUC5D1EP+B8:)#K+TZ M[2]O-C998*K,*]E[TS>F&S?04DD&*)N,-G#`B]`*.&:PQ^[:CK"WNU";D]+: M1N9J4;"K'9EFA?V4E1+<$A8XW2A-(4W'ZI%\2W-1Z_<0]/UREH\V?)FL^:U% MZXJ36C0P3UDOUN\@E:+5T?UJN-=QJ^[M(/==VFK1A,E^W,.!&:^V$;._JJ)8 M1'$DM1XY^W;70@];J:8\;7ZZ19E8@..=M9X>?.[."W\/B(RY>I5F`@JYH

C&[C*;]VJ,,A3(GO])UF MP:VSMGPS0[*::96B0CZX%?`DYH%M5UVU#0E^[UCS/?TEDY$-TL-E M0Q'#[+V,-.NE@[)* M/-098;,7P5)PENH;,::-DG+-NP';OUW!<96WU;%]EHG<4G(>( MV'ETF0"#5_F/U?68YBP9:ZYD@J<$7LM8E?JJS0?0QM/8PR>'@%K&`E8EZN,AYNP,&A2 MT`5B,KN*9O8+*0:F`6@O7=Q)&E@*R!#<6NQ:::NUQ39R$60K=%3>X*CL:KWT MN\NP&/)0Q#F+"KT-*]60\[&BGLM.U* M@.DLDK*_X9UCFP9L<;V0K'HVR86_8H1B@4//!(U9NZ5=J*H-FRBG*E)&2[3O M[$ZS"+GHO>,ASTDNBK:;9K3EFRLR*!B,I[-PJ@Y<6UQ6-CAA,Z$MV1QV_#NA M5$G1!5P->I:(MGRVK`5?A+M?V"UKD6ZF"E< MVPWK/9&/0X:9U98$3.[6(2K6:(2`W58J.P&0,@%6RL:R+6`^L)O`" M!>81:XPQ`$-:DE"!5%-^BDEYUENTW%)/F:!$HIXFS8?J_:,T17]W8; M#Y..FT2BTS$?^DRZ.!).+_MH85\P< M6#O+RT_DB+B1MY7*]BYR0&3EFF5"#@DLZ?OW!)99VENXRILLWU43&4MA(NEJ M6KO!>&JBX[79M\$-:'/6"QQD55D:<>B43<(FRKXN^>"MA2`@2&3T6V9LA+9D MS9ZI,F[=-,9EB<5)0!,F+K?6.!W)6K($-2&QO4@;PZC,!G\Z&R07G.<$-=E6 M)^=4"@NGNINJKXP+;7ZZI[*:J#+GR"AJ26%.5SD09(L!:-FD\O\`0J?8N@RE MG62#N^P3@PFP*MR(8R]M")#Y`W?M%$GHHBQ158*MLZ:XX,H6,CG66Q:^"40" MD"4CC!Y+-CB6$?M"=^]G3Z"32NK.5B"KO.(=$&QE[6RC4[6S/(W!MHPU(.P;Y1EESLRWREL+E-G/4B@ M7@QB)>0XLZ1:N9`X(/G-AV8N?F*,L1`-92(LR4*S':26O&9&QB8EJ^$R9V6& M.V@IDW50V1:-TTQPD/5[R:3^61\4E7#"P"`B M5E0+66.F@%1\MA2(KFW#T4H@Z;Y4="9SA,,4?V%FW5Z6U#1Q&X+4FEO.K&:UTV[:M9)"C+^^4;F9)19`MV*Y(2> M31)UUEF=5%H@4)E*55F4J5#V](D3N-]#<:CY=DR:/G8?J8B"62]\M%6*S"0Q:=U+('7K&:-G#$O62+0HSW8ZY>LG2;C1;*HY)H\J:4UF4ZT=CWW86D+9,YIY M-.N](9F0DH.2 M)H;HQ;BI56/Z$W4&<]4TAPF2V)7E8Y$[?KV;$IM?%HQJ22:OY MG)SA.Z&[Y$<1V:O@RY]!CAD34PQ=J[MQ<9=Q/*R`^FTUM/)E-],1$HN88VD\A0U?CXT.87_`#2$#Y2; M:Z[LTGP-D;L$!);B&/%](B;C#R?)!!3 M03%2#%4<1QJ-CH^4."FA!TD/UY%J/#:QQVIB8KK)/[P')RR6OZMC*S1]'#<1 M)12;RZPL1D$4AL92BB`]1=L5!-Q;=HBIKMDXWTQKKO\`1Z/,+1C=HI4D'IUW;[6,O(;,Q( M=T28PQ1@P>M'+QQIC39)%6+4+;EO[`BL//3P8]JUL]:M9'O'*J4!/+,F:T\3 M:WC`*)?2/#RMJ@G4?(CQI^PV2Q$2$>%90'=[I"W0O5XMME`4RU#=P++LN938 MG+:X>C8$$K.NW#2)PZ,V#(;":3Y_?7:"FY(86`FX3$I4UAAK6B]7R*94<.)" MVN[?#ILDX5HH^0[-!C(*(4;G#LO)F3YCZ>/(X60>$'8O?D6ER1KO7.I,1D\82K M&NH[)Z\(6&[G;FP[4D-9QC$6KP/0LA>;@7*I:/$L)U*0B,_L$E0]G=86`RZ$$A4NK$62)P,LUA#E)L^)Z1T]G&[O.[)BZ$ MN&ZPJ,I3V9N6W():DF)Q^=2P/5581:KC=<6Q[8M M.1P`]'6;9N+6KV0IF%547J*#-=ZCIKN(A@8]^PR2RZ6^TP=+Y9;S&0[QRK3$ MS.Q7*W0W< M!\Y?"`Y>.P/U9]*>ND/56B%E-IE&GY>ZS,Q$&U(E(VP8=K)!\;UACERTV\NW M7=M]=_'1:[I*Z:5*:X".YG8.82V@"*<8AT'CMQ5?4EGR.(M9IB9ZQV+VC27> MJUH\UC1QY449(;S?#:@Q6QA=[ET*U<-4&S)KHEL^=O8M1ERXW^QV4NFF&[.F MRTC28P: MB=&[Q5N.%;,M@IN/D-VZC-X.L.%P M"5CGRK%1!=1!8=E'3QL9;.7K;*+M>I*\.$.`X#@.`X#@.`X#@.`X#@?_T?;1 M#Y_2X*@9'.V`5Y&JC#$K>R<#%1:QIZY>#;(F8B<)H@6+J2NSRLMF:#_=DQ0\ M=P^\ZDBFAJHIAOK9\Y(X96I#]+KPG8[#X<#JD15&DLAY>/&(F#KU[426NPF4 MS".D6+9-$7%Q+]!`<9<;-5LC7[;RC[515+**O(LVK")=N.KAC->-P#U$4)DH MDU-XJ5?0MS&`H!L]WM_;U,CZDP'N8H0ES*I)JZTRJ@DKE`4[\YE!1=%-P*E: MYYU4E7TDI)7E*+10H])MFJQ'P-F*ZKI-/.F^RN,C,,)`Y5TWMX%-K-`CJ)(C[*<2 M.*SR2DAU9JKV:!AUI26E6I&2%4]WNDU@L@FT1<-0;EVLX:O]J*MD#0BP/5K`#;$P//"2[(O#HZ2:%!4JD&LLE`TBW>#ED7P^22G3!- M^BKC9-X0QAPKC=;'W\(^DJJJ]$A$RR-;P)(K`A&D?@Q-*'QY,A#`">S7=,)$ MWNH[#F.B--F*&<-F>R*.,HZ?37^9K]`_20UA6LMD<Y)A-]]\YVSELJEG.?Y>!CEZ8IYUK.]'545JYTM+9# M:SM5X+%UM;&V:XWPVVG>J@O;$OV;X4V^S)#S'V?=GZ?3Z\#E_%%6^NQN4?&L M`]S0X&UC$0D7LZ.^NQ6-,5=5V4>C9?T[U` K:8W2:-5$FZ>V,9UTQG'`_= M6L:U73$I+U[!UD@#:/,@2:L3`*)A6<1;&F<4:"=-Q^=1S:,-)(12')HXTT9) MOW.J.--5U<;!P]*AJ=,L1/IU?7>ATQ$=(`6-:0J-:EBD$2;IM$X21)8&8>/8 MBFU1T2U&J[[,\)ZXUPG],8QP)!$8;$*_CX^)0.*1N$Q43JOJ+C,1!BXW'QNK MEPJ[OWJ;[;9^N`Q5Y`7 MIF4"=:E`P=G%&Y69SP='X&.KRIVX,\%)HG\29-SONLX;I;.6KN+;'0SIT%B] M;1"!%9P^F)B+R&?E/DP_$XJXL/(6;R,[,=8N"-[LUL1X4TE;H8]>IXTZU6=UXJH<'H2X:Y*`(7+*K;AR31%TS8:QIJ*90Z^8&> M%X&'[HE`F,&3@"]W:B68DTBT58D&>KC6.J86W2UJ7PC)']?IW6+5M&8K>>\9 M2@5%]>J.>[,X=+@Z)\?1<,OZ'K2!%Q7ER5W*`CF3)WINX19:%5V#3([*3Q(H MDYQJW%N.^_7S(MV8K4+>C<";:N!>'DH&P*6BCC9@VHOK/311K'5XO=<93V;E MG?7!N95$R7651)[N\;MR80G@:DNL+=F?"'`3XJUHRKU,E)>%A;N35(VMR004K*@D8(L%45F0)5ZOE9NGINX23YE85X@5G\IZ4VE'QEA6K"[+%5O:\@@4 MR'-M%+C:UGB9VBEU^.O7=C1:4^:FLQK2&,4R2SUDJ5?[HKZ#5%[+ M!7=%'*5I![%LJ5L#U)+N'U31E&89E;(3&X-&U9IN`>;S',%;R%X[:[^BO-8[ M[RQ*I&FHH3Z(-'SEBQR2C#[1=TV0U651TJ:M1!DY[76:KUU3FLJ M+:)'%^D_8`=TNHQ M\C"V=..0V7*'9#LG/*1F<8G]E<:9=[$UMG#E1(:IHPUBU M"N*K['=C;9MFE,'Y++XM76ML5:<-O$ZJ>PSU4=8].]LAYVK9\Q=M#0<`UC=D MP**CU!FATW:"/U"(?M!2KF8Q_KMJ93J8G5LV M(+#@@'HPA<82Y2,U?$%BLA5-=B6Z,.69[NMM5,O$Q;=RR>84PT M'I)+J+.DW+A:ILT'=R6S^M'76!%:M#31F1L&RK=&6+8,F=GK+?Q5I%9'9:-8 ML-Q5FRS=B):2)=)DUT<9WT3=-F^&".//D&#A&+YES3-W]F+/KN2LS9MW5]L. MV@3)"F`],6)NG5VX^Z*F$Q*D5!+W=BJ5&.%&B*318(94 M4%1^$].W7VP$ZF6;`R/>8JU*JX?V[FN+NB\2B@M;9@68#8YI)("3 M>9=;#&V57#K5-VURW134;*BH8N077?*O::9P M[]@E`0:"QQ:7ZJXUF`BZZ,*&S9!93*K=ZP&K.VW@BG6$,5&/C79WL:98Q[,B M/[1<$9<56ZN:>:T6I]FGK0PW2=K*/4(P[4:;[[*H>/D3$.T/E9.`X#@.`X#@.`X#@.` MX#@.!__4]Q<]M9S"H#"30.+-9!+;",0R(06'KFMHX'=R66H86NQB`"OY$+:L98.GU@UQ"&+P6<1P.U:V$<9AT)$P(MV9!`NT9 M)N\+IZ:83U=:XQC"J>,_=@4C;N\E6P;M(60@IPZOUK,DQ",?C"JIR2V4J.H& MM+R3:QX.B-26;'"F]B8#-&.F7FR[AMHKC?ZK^`D39&^M'8S;L"A-]LMJE4]F M/@C%8K3EX#[GCV7AAD[=N([($WD.K2?P2;@-&J:CT89CK/3+9\U4;.7.V723 M0LQ3ZEUN7>%["P^G(_4E5&HE,HA,IXPG9F])='9&UC51;;20[MWR#';==RRW5PGH-&/#=UZ`D#>(/Q1B+KU;8[.3FW\]2G*\06C(-]&&K\Z//H5C(5&ZZ&F=%$1*BN M/Z)9INX%2F+OL[3@]LY>D)`4'M&4J6AC[=_$I6RY1ATF&3`A:,?K]K%CXN61X69#/^T\'ZOR2;0Z M:FX6P"30?"R\_'/WJ+#7?7Q'*#7*VFBZ;S@I+(AW1IR0L*T]0?&6Y>Q8M`B^ MB\7A%I3*!C)+/ZQ^71,(VGZ%>"6:9]Q!--B;=L2:"2"C!1INLT;+/FC=45*I M+9[1]=;-#@XV4@4OG;1.66JR=[R"(V-7JE4SRH*5S;3C>5$MHVA-X*Y/5W*T M-$W#)JH[V'E7#?=%3?5XRX*E*HQ??4.LW4NE(UBK"515<#V!V1@ZULQ]#W<5 MHX6@SSQ2824R3!;19>I[-:2*+NQ1\=&%W$Y!NHHB4AHE4P8:>&]?HHM,LW&K[93 M5AJJZ3%2VDX0X#@.`X#@.`X#@.`X#@.!_]7W.2NLH].8:&K]](B8PS"U86?! MR>+.!3.6Q.1QA;16.2H8W+,I`,0W<+#5TMF[]H]'OVF[AHX1<-U%D]@PHJG( M(!KV7U6G)CRL2*P4I&92S('!*SYNK+',V,S:PB#_`&&INT9I81*8O'Q1XXVV M9JKMTU$&Z.-5O%+>K)S>DX%8T3;UY*_42498P@_#,A,$4TM-QLKC*T)<&'>B M:&%%#"4:W(,FRNWT0\)^[UV24^['V"U>N*4IA&BW=4J3=V,C$+FFTL?6`/E, M9CTHA]K-;&TMU:6;E`XT;$HK(=+!*8?*#-!K8-A!UEAD?@:KEGL+FV:"]:XN M+B,UBCZ;6?(E;0,R:16K*R+RI"SA24ED4L(0%.0%X)!'$[]E1 M!\%AT'B0!")BRT],KZN4!R)-VZ6SYAZMA/774+$7B,7-V2#L;5\JXE5?16=5 MNFV:/VRC)DPLDA5DQ.MC#'1-1PF8^E>!5VOW*)9T:N-]LZ;ZK)[:D:M&>A_6 M_4C2\N-LO#7H"`5+704U(!]=%7A.%T81=&:T8G99*824DD8]#/$G+MPO&2$< M4*;N=T'^SEI]C?0MRKE[TRZN5FF6ASVYBT#)66SB(9$5(9!1V%9&%A1:>9AP M9["YO7!*+6QH.6M,RW5D7#PLR'OFPN5I)=$*A;>C,&,DL]A# MP0E%JR@+>2B=XRI(6_6Q[U)2G+YT[C;F7/Y-I13I,5A%4IN&\PV2?>0\]XCA M06D82@F$7[(&NPYU<&'CD.H&,4[$=MI"]<*.1@4F4D[.7&B:R;5N&9E/56"2N42(RYDUA#(E.9,%F=E5&'.BV]861* MP#4.R8EY.-=`'LE:(O6L>8Z%!PDJ,$GL-_J4:O[9OF"]DCX6,;,HVP(N@DNM.M@KA]J7<%7*#)CHS8+, MF^=M,BU%&>A#MS+*\A`23.`G6:+@8JWE0%A-"HZ9S4I"^OQ_KH%%N16N\D&R4.AJU%)(;@EWB30LT%_W6K'>AM2QH"\`#Y+/=&Y60R*3&U6J M=;`4RI*6TGI0$BUU!Q2MX_%`+$G7S$?KE`0/'))/AB+A+">ZS[#L7+...E%3 MNT2XMR:L%>*/&,L2`PA0^,]K08W82[5Y8TPB+?4!J21D\Y?MU7#M1\Z?M6JS M]_L/09^H/L.!IYJ=61)@LV@1Z#,G![LW(YW=X3:MGSRT M6$Y[,0NY.NH1HF_VF)";)06+Q-DR=LI6`5'L&X;8/ALZ%O<86BWA:_7V'7U5 M$\B<*S`F&*==U_&6)&22`@Q+S.+C(M%R(N'1164LI@DAE]$O),&+J/LHQN'< MOBQ0TS,MD\X#9J332N[.I?8&2">U]>1FOG1"NNR9R^[=DK=$Q'F>7%B5JQL1 M:E\I)NBR;E4Y<,H*5OLW4UT\!L,@+I-YLWV71SM%N,;MAY*([BR"5-(2Q$W& M`C@J>VZWEECCYQ"F`HS";*[^]?I=7^D,40F;R6K.X7T]Q+6GF%!3;4(@DNP2 MWRX412WJ81]U7/:44;CS8D/O"45>)D-@QB<(Q&SVS&XY#3PNY.U_Q*R`6&_G M,P\K%YZ0@4N4X$;19KLV.(;8>MUVNGV*[94<)>%KOH(EP"D/[JKM M)VW'M;4C<_?1*SV)TV#L6/OZPL9C9$@5<"6"KUT MV*K%%GFKD'MH,,%?U(]F)!7UN54+&WQ84))@.RD+J1@&N5FS.*')M':_VK-_ M:\GFMC`"4]K!/!&6#M3 M*)B2DQ88<`%D)W@>Z5=K(J8=CW&-=-M?"VW+4I[6O;>G+#]L"G!YM#YS)S\M MBC>"'"0%6F-E]= MWXAJJ_;:JLT]E\"IVH%L+KR.00UNT*"G M#-(B`?.9I%GX5)!^DV64,M\L-=#B;YZBW1 M(QQZ/^JK,DURNP?::[9;K*_;M]!4^&`_*;KW@<)*;VM%D$#8^2$QS=RL[:EM MVL0,(1N2ZN03EHD;'O0\G>-Q*S9PW27;A!%05.SBR[M#4<0C543 MA<_ZK!KR)DXU*#DD=C>KI-S6;P.HR2:J$$2ZNC=1# M3;57PQ3F[]I.O";XFPVN"#9W#Q/2^%Y9=)7<5.S[9]GJ!?$(Z*3M.+-R,I&%"XEH2<.`ZVC,+I) ME">AG4LV98C+]JG"3>WE"7E'>^`I#.J>WD77A"I8N!]J*;L-E:YT+)V[:(5` M1`C9/+C'W"!.59!$PDO9;HH$=6I1#"@V0-<(ZKMTMW?CI;M]54UD=U!4X9IA MV6H4H3BX9A:<3<%YCY+`$9J]WT?+*D9*?A3)L1:J(Z+`7B\XBY`#A!_AJM@Z MT4&YUP]QA#)*8,OVQHF-3.QX)+9JC#S56$XL,E"TF9NQ8C.99#T)VT(C"RB6 M[-\##1I?S!A]C;5H&3TSN]402^U38M2XP#M[0)Z1/XEF;Z`Y*QM634UD/(QI M(0X<36,2AC"MTT5EFVS),-()84;#0S]95)L7(KZ,VNRCO.4,"I?;'M35?Q_2 MEE2W$NR3]X[58)"FQE65H-5RV'J#=04DV7@AQ M-[EQJG@:H%?ZN_!V9N,)BI<=EV@H,AB*>2LP&X7FQ,H&CS'1$K@JN4"E6`(D MR)"-A^I2/K('2[)CC!!%KA1Z^:H:?Y+[-<;*;[AVSDBEE1@V7=:"I6:0 M[/\`7T4ZDS,A;4-:K1'<6D;R0<%4;C]W2 MZ!@@V9*Z:.5TDMQ4H:OW5ZWM)"]C[RP46OEHA7LT9F]Q194$>'62O96@5A'W M;5FXVNZ M:B>^N-M%$]]N3<+),7>NRZR" M*&W@IN7!8O\`965C_AG^:%*_;[F]U^@49Z#['^#O@KRONN<_`WC^X/\`,/QO M>'W^3]D?V/Q_(>;_`*/[^1G?F!^-WPC3WOSTCX@]I^^/Q;K; MXJ^3O"_O?\M_"_L_[_I_E5ZQZ;YS^V_;P9_+,]>OQ']LRWV?\Z>=]X=#???J MWP'ZG[O_`#EL7X5\[\2_Y?>9^3_%]U>G?T7M#R7D_P"*^:X)MK60SU6UCL:V MPGVH54UJQ?-%I6JKU9;LU`V.CLHS`TQJ\+1<]A4:YWI;R^-=V*:@?679QE77 M:0^J8R7+\0Z]/NK=+N^XHN\@/8YS?HW>RP"I[JW+0(6,:0'K4A#&LYEZT``Q$C0RX>-=T5L-VKQT,Z>&Y-2_!/P/VX]E?DO[9\D.]Q>C? MCQYS[/,23RGQC\5_Y*>\O4O,^[/?/]YOL\#WK_8O!X3-J+;_`(5?"LR]4_(' MVIX9W_R?Q?\`"]R?EC1OV>U/C;_)GQ/R.](\KXW]U/*>>\Q_#/`X7-PVACGP M]^,W4WX@^?O&^<;"^&_C?\:?E/Y?]L=EOE7W+[@__'#P?3O>_GO+?P_S7A^5 M_G?9PFLVU43_``R]SA/1OR1]N?"CKX[]2_%CT/XF_#+[`_C7IGM3QO;OP_P#W.\EZ?]W]-YW@R[#(]\>^P.Q_R%^4'O3Y;H3W'\E_ M!'RG\J??4GXX?&OQ9_E+YGW5[9\EZK_9O5OO]8_HO,\)LB$)_'7S-@^:_(3W MI[_Z5?*ONKXI]Q_)O^X9<7Q_ZO[2_NEYWY]]5]T^D_PGV?Y'T/\`IOKP3;^= M@OA/YWO/Q_R=]]?%I'Y)^*?@_P!%^'_8\+^]/^3NI M?Q_\N>+_``_SON+VQZQZ-_,\EZIY;^E\IPFA=\_=7 MEO9_E/5_F3M%Z[Y_R?\`:_=/F_E_XO\`N_AWMWUCUS^U^6X(M"89^(_V=>?; MWY">O?.Y7[_2OP[]^>\O=5/>/[F]D?W@]&]`]M^?^(_XW[4_]9_F_9PNY?ASW9X?^TX^]L^'[<_@OLW\._+>F^8_CGNWP/4 MOZ'S7"9M"ZC_``;^5);[/^>/6_EB#^0]3^!/M]U_GW1/N_T/TO\`S5]L_DU[ M=]Q>XOZ+T3Q?0/YGEN%F]7*MG\6?2C'B?DUY7VY#_-^G?A]X/FOFOO#[2]%^ M?/X-\A>YO?OIOD?XCY3TKT_^+<)FW@^"CZ D/Y_P/XO_`/(?9]/6OX]]?KZA_:O$Y64_X#@.`X#@.`X#@?_9 ` end GRAPHIC 10 g297874g24k38.jpg GRAPHIC begin 644 g297874g24k38.jpg M_]C_X``02D9)1@`!`@$`8`!@``#_[0UX4&AO=&]S:&]P(#,N,``X0DE-`^T` M`````!``8`````$``0!@`````0`!.$))300-```````$````'CA"24T$&0`` M````!````!XX0DE-`_,```````D```````````$`.$))300*```````!```X M0DE-)Q````````H``0`````````".$))30/U``````!(`"]F9@`!`&QF9@`& M```````!`"]F9@`!`*&9F@`&```````!`#(````!`%H````&```````!`#4` M```!`"T````&```````!.$))30/X``````!P``#_____________________ M________`^@`````_____________________________P/H`````/______ M______________________\#Z`````#_____________________________ M`^@``#A"24T$"```````$`````$```)````"0``````X0DE-!!X```````0` M````.$))300:``````!M````!@``````````````Q0```4<````&`&<`,@`T M`&L`,P`X`````0`````````````````````````!``````````````%'```` MQ0`````````````````````````````````````````````X0DE-!!$````` M``$!`#A"24T$%```````!`````(X0DE-!`P`````"MP````!````<````$,` M``%0``!7\```"L``&``!_]C_X``02D9)1@`!`@$`2`!(``#_[@`.061O8F4` M9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,#`P, M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+"PT.#1`.#A`4#@X. M%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P, M#`P,#`S_P``1"`!#`'`#`2(``A$!`Q$!_]T`!``'_\0!/P```04!`0$!`0$` M`````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@) M"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D M%5+!8C,T)E\K.$P]-U MX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$` M`@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D M8N%R@I)#4Q5C+RLX3#TW7C\T:4 MI(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B7I[?'_]H`#`,!``(1 M`Q$`/P#TMN/G`@G*W0"-IK`!U]KO:5&QF736]YR`[0!H+!H9^E]+W>U2;;G; MANH`;!W$.$R"=!_6:H9%F6:;`^IH:`W:=W)W#RZG[1;FUD!VW[' M]H@_1GUOL+7-_J>J@].IP66VFFWJ-CC4X.;E?:MFV6SZ?VUK*?6_<_PBT,IG M4'N;]COII:`=XMI=:29;&TUY&-L]GJ?O_F?Z/9;"BKJS;''(R<>RLL<&MKH? M6X/+OT;S8_*R&^FVKV/K]+WV?I?5_P`"DI!^K-QQ-F2&^\[ANW#](S=N]-OY MKOH?\$IO=C[ZP;L@&)$!\<.]S_8C-9U#8-]E9?M,D`QN(]O^:].UF?RZROA_ M#3`,M]+\[\UN_>DI`/LY:TBZ\AKVG<=T@^GHWWLW;=G\Y_PR>K[.XF++K"TM M=+]PC^HUCO]?ZB>HT'W"VZS MT]KO<':>UWYNQN[?^K-CV>E^ZT&1H?SC]+W(Z2G/N=0^TEQO)96`8& MA;8=P]FWZ7Z),646.8S?D`[6P^3)#B?I/_D>I[UHI)*4DDDDI__0],;GTNCV MO:-9)$`0?=*'D9E;Z;6[;!M#2983RX#3;N5D9..X@-M82[Z(#AK\$+)NI?CO M#+&N@`F"#H2$E-E))))2DDE6SL_'P*?5O))<=M53!NLL?#GBC'J^E;G102RW)QR74X\_3]#)=^AZAUA]88UCZJ?LW1/4O_29&1Z?K]-@] M/P^GX56#AU"K&I;M96-=#JXN+O<]]CCOML?[[+/?8DI#T?.?F88-Q:#$.P+"[]EYQBKU' M_L]^_I>1;;?Z56-C?:;?\&NBLZWTBMVQV93OG;L:]KG3N-,;&%S_`.>8ZK_C M/8DINI+-_;N*YF^BG*R`6[VFO&N`<"UMK=EEM==3MS+/W_\`@_YQ3/6<6JP5 MYK;,%SG;6'(`#'2;=FS)K=;C;GLH?;Z7K>NRO^=JK24WTD')S,7%H.1D6MKJ M`G<3SINAG[[G?FL8@8F9EY5SG?931A@.#;;G;;7N!&US,5K7[,=[/S\BVG)_ M[J?X1)3_`/_1].&%BB8K`)G42#K]+5#R\7&^S634PAP`<'-!!`<':[OY2=N$ MYI!&1:2`0)=(@_O-_.V_O(>3B%N/:1?=[@`#N!CW!WMWM>W^3]%)3>20[[Z< M:E]^0]M5-32^RQY`:UK1+GN<5S^5]9,G/MMP?J_2_(L875VY30W96X>I6?TU MWZM6ZM_H7?I/M#[*'_H<+(24Z76.NX?2:G/N.YX#7%NNUK7.%?J7VAKF4M_T M6[]-E;/0PJA9O6;7YO5WNKQLFKTWT[/2R+JR0\T6N;^EZ=TVQWO M_9;++,VS_O3SK/TF&K_2OJ\:LD]0ZH]N3FD[JF2Y]5).YVZM]_Z3(R?TCJ_M MEOI^E1^K86/@8OZNMM)3"FFFBIE%#&U4U-#*ZV`-:UK1M:QC&^UK6J:222G# M^L>*VJS&ZT*O6^Q[JZW[,]M.=Z>S_M-;57_/+0Z=U3 MI/4:R[IF51E,;J[T'M?MW>[WMK/L=_75Q9W4/J]T7J3_`%+,K&=U"WO9G6691,>68^YG^:Q+*^IW0K2+,2D]+R6B&9/3 MC]EL`\_0VU7-_D9%5K$E-W'Z)TO&R/M%..&V?FB7%C"27.=10YQIH>[=[WTU MUHXS<,Y9P1?6\_O7W.W77O_EVO M>DI__]+TMO[3D;A20.8+@2?F$+*_:/V6[^8W;/T4[RW?/M-NW:[T_P"I_P!! M'.4X7/K--FUG%D>TZ-=[?\[:AW7V656,%%D@`C0:^[ALEJ2G-_YITY>0W*Z] MDV]6M8X/KHL_1XE;@7EIHZ?4=GT;?2WYEF9?Z?\`AEM4T4X]3::*VU55B&5L M`:UH_=:QOM:EZKYCTG_'V_\`DU"K)?94RPX]C"\`ECMH(G\UWO24G206WO,_ MH;!!(UV]C$_32%[]Q'HV:`&?;!F?Y?DDI,D@F]^\-]"S4$[O;`B-/I_G;DC> M\1^AL,F--NFA,GW^22DR2!9D/96YXHL=M$[6[23\/>I&UXG]$\Q_5_\`)I*2 MI(+;WEH=Z-@D`P=LB>WTTS,A[P2:+&PYS8.W7:2W>/?]%_TF)*3I((O>7.;Z M%@VQK[8,_N^]2;:YU@8:GM!!.XQ&A'M]KG?O)*?_T_552S=OJ:^M.UO\UNCZ M7;;[?4_]%KYB224_3?M^S#^[B=T>[G^2HLV>C;/K1#9C=NY$[-ONW_P!5 M?,R22GZ8J]/UO^U.[WS/J;.';OY'_%?^!)5;/5;'KSN;]/=MX;X^S=_I%\SI M)*?I:[9N?/K\_F[_`-[\S:B7[/5,^O,B=N^.&?N^S9_I5\RI)*?IJS;LIGU) MVCZ$\S^=M46^GZ!_G_YT\;Y^A_YZV_\`@G_#+YG224_3-6STK/Z1'Z.=V_?] M+M_W[;_@T]&WU!'J_1,[YC\_Z.[_`+ZOF5))3]-8NW>(];EOT]TZ/I_R_S/^^+YH224_P#_V3A"24T$(0``````50````$!````#P!! M`&0`;P!B`&4`(`!0`&@`;P!T`&\`/I4A8YZ_:GKT'@DJ!@Y>1>M3TS=PY*A'5LN:0+(QYXN31W7&FO(HS!H M8):T]6^X%%<*>2N)-!8&J$=9W8B6F:[&7XB1E]:1FU(NFQ%*(D?-,6D^O2[; M33+)N6W26#,(6IH(AU`I)B=T,,52US/9+4\(TYZ,1*`&*3Y'W$L%I(&M-LC[ M$7(,$52QTLP2LT^[CA69<(H@NG7W$_\`EF6<^BRTJU'&N.U`U^HIA#`@ETJ9193S0PHHUCAWR"2'UI:8888:,4X\\\XK"4I3C*E M*SC&,>/!4\+LX&BK>79/YXZYN/9L#HOX[>O=]TU#W:PQVK[O-;LHP&JZ_)%7_-9_J.?^F!UH M_7/6W_JFXSPM=/D?\UG^HY_Z8'6C]<];?^J;C/!73Y-A/0G;7R6;,D=DL]_. MJNJNN47$!5IS6IVO=CU^XFVD\M^839!)&.KVQMFM"BQ@[`BTOO$@*\[WE0V1 MC*U#UF:\2G"R3$C"=A8Q?Y@G)O,L;78L2DC6JX5^1AX4F-P"?+PNOLC2&NMG MTEB0D5'3,RXB.EH%QEQOWI.,!`H'A$_5:VR$Y7.OJD7'\PSDE5G2MJBQN][O MO+V\RO7,.2$Y;R;AZ)5+G"IK!BG(I([3#)#:L(6XK"O)%GRO,/96Z8J0"CX] MF,-A\[,N($"B8VKT"22'D8 M\5XJ4A*![*=CX*B5@)X+7=OL\7HPF<+?E86S!3MWNU?U;:IZ9,%C8JWSI@RJ MCL*#;K=ECEM9*8E`B;3N+<-%D;"NQ+IAENZ7I7RPF:!:ZO#/6THRT16N+P$%?8N"5UOP(/4/4V)(L5 MXI!FU;*`20Z[-(P;`Y3Z"%CEL\J5#Z:ENB_7[;5:@T.,+IP-_AC$FP=8L=8) MQ"6'6/9Y)=+V`/(S]B"=F:M/T&&?);RL$D`5Y1DBL+8F]D2M6W%V" M<8M-;;L\7L364+2HBR[FV!-XA:;8J/H(:ZV<'1AY]L<+HJO96X2F&@CF:M)R$C;Z?6JP7#5>TQXUK!_P":O8^E=DV" M.C")^8)%C*YKRL1,GEY1#@T<=*L*(>>:,#86*1EK3>>]PB:_&33E8FB-F736 ME-K$`]6+LY+467L^C=#[*):DWY;8,W,'UN$H0&QY8HN1=&=.F85+&2TD%884 M)A,VS<[*#V_L^TUF'EIZ.H'72K6BH1V-F;2B8@G8S1^_BF8Q&IJHV'4-AKGG MX>''.]X(4JQ=@]CR1^Q2]8"U&9J5)A-I6B&F2JE;)UF[`:\ MU[H&U`0L')QUG@P7R[//;*G`F9`=!8^,1Z,-L/+'(P\*5.F[@L$SMN.5;K'% MQ%>#BMLUJ4J0M?L,!FI6LCJ8BER,TR);33[?(C7X(^OALJA;JRZ" M@4>P(D6#FZS7Q:O;HF7J MUGK!N#VP)1^X#`FJLD/=9>5C')'\JMO9#02\0F(4J7R*3]I3=MPV#>BZ M[8Q`1X\R@Q5U@AP*5*04O%BN!U)DK&P')*^3K]6FYR6FRG8J,Q'O`F1XSK@4 MS)9#,RV)A;'7"^[-E[-L(J]5W83$'LB/)W+JEFTF5LSW4`[8YN';K578`L)* M*='QVMW*,^N*ET19&)V4DWE87G)#J1*;ON?=O[<]R_\`WSKW_P#O;@_EC;V2 MM$]`]@.K61K':D@3.QZ['.Z\AIFYU0LOW56VR]*GA_0PI"D[:$7@<-4_$'J= M77PHPA-G(C]>1F[MP`VZWRNQM@&OQGUB6JS4*1IT'B`)TP>W;+:]'7$JSJM14C,RP*%2$>R2U'H87[45UR5P MW440FR%P-KV7&V;8TA-1<](;()E)4>T[VUP%J@N"V=%NZ]HM^LKTK;X'6-?O M-5DWF1K'&P-9;?CXI3P;\BV8T7D/'7MTWT9<>OP\_2]L!TEJWR]8A=U[49L5ZL,;(MR08NM$&1]=CJ/6Z:BHS&)/7T MQ'7D3"JZ@EDR7%)/#\,)'=;=>DGY$MJ[)]:*E+5F!HQEMORJ'6*]$P5?IJ3Z MSB,AR("DO42$L<=)*JB[2)/1,>XDP?TY!(34HT@M(^'/-E0M]SFBEO"R<>5L MFZGLV*6S<;+,F!T1%GDMC0UX#J\<4LE38,605;KS+"R\S#62^Q,G^1G8S:%CKMUE;]!3=V0Q1QB\&QD M[)--I3$O13#L;'A1[S;@0S8^!:^==:CB]>8D<_F:V70@^N5:FH,NKU?,)"IU M*1.8K=;:5`UVO-2`P+ME/<66>@R3*64KW!+J4MI01CCJ[26F(WM+OTF.U'K" M/(KM=Z\RU?("H-4%>@I5+>R"TR4.ZQ$MKC)!)0;+F'F,H(AF2,"/2S$.I_$B[&-%9] M)3Z6\M)<_9RKQ_#@4:K;&U[>$N+I5[IMP0R]D9Y=6M$)8$M$)9]PIAQ42<7A M#V!_V\ISX*\G[7AX?CP+L8)'*0IT5]DEM+Q(RG&'4/(20&0Z(6PI;:E)P\*6 MPMIQ/^\AQ"DJQC.,XX'[;<;>;;>9<0ZTZA+C3K:DK;<;6G"D.-K3G*5H6G., MXSC.<9QG@?O@?,Z:&PXAE\L9EUQ;#;;3K[3;BW"E/)&;0A:\*4LA0[F&\8QX MKRA7AX^&?`/IX'BZ2.PL9I]]EEPQY0PC;KJ&UE$)'?+4P,A:L*?>2(*Z[E*? M%6&VU*\/!.?!>0A332TJ6RO&,^*%8P%V<#XB?IQ#K$> M9[)]YSPDA@2?0<=<^D&`OI/8&=\RU_3#W1EX=2G_``7E-9\<*RG@?,;/P4;( MQ$/(S43'R]@68U`Q1LB&+(S;D?,KPQ^/` MJ`Q(Y@[!8C[)0A3+1(I0SJ'QR1WT)=8?8?:4IMYEYM6%)4G.4J3G&<9\.![< M#Q')'+900*^R2.YYO3?'=0\ROR*4A7D=;4I"O*M.<9\,_AG&<<#VX%FMW37L MFN3=:ME-D'*99FZY,N-ST(6NJ7(H=D1J!DUI*<5!68D2=;:2*[Z12VS$IPG. M'<84%6(L]:$FD5HJPP8UC]L3-(BG"$G*B1R/\-9.&_1 M0O\`9RK&?PX%/(ME%+J>;B59:F319U MD)K]IU0OJI;3^*LXQP*G"6.O65DTBN3T-/CQLF9"R+\)*`RK($S'*2B0B370 M7WT"R8"UXP\PO*76LYQA2<>/`K/`_P!SVAPLZADOPC5/M7IYWVNFR+O:J;\A\W1:A/6:8DZK2PM;CI'J5<+. M>>A:VAX*>%:/S"1RVQLE*;2Z7EKU7/VUJYOVZ_%FIY6!_P`BOR-?]3FR_ITY M_,W'MU^!4_(_Y%?D:_ZG-E_3IS^9N/;K\"I^3,3J7HCLQI@FZ+W[VID.Q0,Z MQ#IK4?(4X>!75RPG#LR1KY@['6JF3[22L%9F9R8D2*#-Z_-&BH;\NGSD@/+L#;8I^SXFN.F`1&(# MW<(^VXRHU2T86O=>8>[P%_"+U/4'(&PR.P)'33[ON"-?0] M>1'UK&HY0@4R#CI.*6AMPT=LY2'4J6MW'CY!>WLUJG;PTH"^!)6")C0-BVFP MXBX:[.Q$2;&W'MT==ITV5CXV2&;E7B-'RQ>$-$89*98`,EQ]%1$@NF^R#9,O9(ERTQ&PYJFMUJ M!L4_LE4S"UP&J;8W_,4\&V0QMQMXTM)LU._5EPF#;NQX=KGFK>S]1KE])&$/D MI:.;"E<-O-HRL<4:IA4:;2-V2&UX.RVV'G(VK1-YA+8X!.W02R#`3!&N>R]6 MN)U9;VEP.P- ME:SLT457[%IJ!JS]-@JEHJ)V$%`RZ)^"W%!W2SPU'G85AQYY@9EXEMYE\/Q; M.9'"G48;L`0/AMF*OZ(:0OD``(]9[E&.2=-J^N>W>T3;0'/.R=B-FITJRZ1( MA0&2!5R;S3W;O,V*#:JT+ MI+1,AL*[-%MRED8K\FS;],RM)$:0B)\V+F@@1Q3(S?DBX90WO6>R9>][BME. MN$S6UV/KW6Z%30Q2:T+"F7^-*WJ^-+2IJZ[(W6(>KA-WBB&'PC16R MVM/*B/K%5.PEV/V+.C(N]%$>A-I2>LZTK8<2`<);4Z]T"#JUB>:J5DDH3`*+ M[7;64L/)I4>=DQQA8PJ=3@-E5S9X-XME.OTVX`/LBFRLHS;XFSQ,MG M:6Z=5XJ4[2*T9<,NU.EU*EPSADRPH..?%#`7A#4B0A#I(7[;ZC..;**E/MO' M[%B[2O3Z09F4DJ^%':\=UQ=Y.QFR,HP>\W..KAUR*)F!Q%BR#QLTVLW*ZW'8D: M?`6$:1=C_P`D/YR:^SF1)?\`:2^!A/&E(+=T5>BS-AAS'T.6H44Y(/R=O?FP M(FUA!U((*"KH*=@6`-YI0[P'`RI>7,98%'@;W1U,$J24TOULE/HPG"D9;\V?,D3M M=M:C-MBRB';C=M=3L+AEY*X^M:NLU3E%$*QCV[J)>4W!=!$,M*\'G?.DA1"5'O%(3&KS"1;]I/;KV*-<*!$ZXC(/[-N)9$*O4;9)R4A6X4LU[UX[,"86K):VWUQW*EK^?K%GE MX/9L4?K38L2B]["K^X8R`J]GI-Q:0[(570KS;)FER5B4R"7 MD5YHMU)$H$:1A_`1_6-5;\@[/,6QI:TB50Y]P63C7)H8:<.61Z^5KD"I,83OHRFV&`E[[.R]>FZO%SC M5/B*O`6E&MAYZNPE4`E!QJQ'!:>>P$*C-9&FW&.9L@*PXDEJQ+0=0Y)IX& M,49)#K0QAT='O0O<%J7\#WGK(YZ;0Q.2:1*]&$RTI/%4^Z`5)`P5=%M9PX=S M.KP]3E9:/KY?N"`!#7SA\,D(<92X,0AH5*I5/;E$NTK]"@I"81.X385/0=@I M]RI\T)BK-TIZ;]_$VZ`@Y".4P-L6$>:P^VWDL>0;=8]5O"U((IS6\=#UF-=B[A8#M=[&CJZ&SKF1E(FY_2K`?5!H:TO0LA"EMY:BGS77_`$%J M92XG'CP4_L?O#7,P=5(^#D+#8';I6*;=($JN4#8-AB.FE19*DKE"`_2:8<<=\C:%*P*?JO[MUY9:+,[+CC+,-1X*L_G(VP6#7>Q: MF._5_H[\_P#6H8>TU2&.L07T@93_`(Q[16?+E./#S+1A0I)?U*.]0EGWX7K! MLY),:]TQZ@H^%.IR^2CU/,PSA3*\>96,)\4*_'\,\"D0]PK,]'ORD7,"/@#' M6N.>)>RX$E!-'L!U6M:O*<@9Q0D-.QSK#A&,9'5X)<0M3:VUJ"OMOLO9=PR\ MT[EAW+#V&W$+RR\E*5J9=PG.?3=2A:O`@R)[&ZKFGK\U M&R%G*1KBPAU:<,'UYL`H"4FCVZ^H42E&!UDAB^NN.V<-OR0V37/\9#GE]%QI MUPM*V-O#612QDMSYK39-#M>R<%FU>VQT>-5:)+@P-V5)29\$-'Q-BJ,S),C2 M4&4ZS-A.J5AX1'D7Y12J![5I)M?F;*@V8$CZ_*#0AC+GDPZUE8 M2)P'`(E#]S6 M'76NDK8UK2I7%5MMH:H!]OZN2UB>*)(42AI%0F1&8R$=,K/\`EF*^ MZ6E*!!$O>3(E$NJ-D[>,[4[Q9D.N=GAQY:%Z\`3I;^Q-7%HJD9G[AL*G#&0; M*\_*CH&(=?\`0"2\1E(^4X3YU(QF+-5&6P[E9:GX+X9^GM>[DSO>4$O=&=S6 M&[7?8!PCNSB<4YNQ[!`F0+"L4$>*'L3,9Y)XA0X6910@ZO+YM.G;@F3'=I MLHL35LHU?L%9@FPU"U@:N9A_I=H-]PP1&D*?>6TZI?J"B*84>TW;)SHC\7G6 M?X[CM@26@"MI$F;+C*S$V96P+TJRBJ%JA$P3%*"C`8J#B1RDN3CV,NJ86XA' M[+66TK=PY:2>TSM*>\^JCNY-D@WUJY8KS6:W4*7/QR8QXQR9J%7L-SV&[!>M MB1''8:F=FXJ!K[F6G%9CH,P/_=D%*:$33["^M)-(XK,;AUL;WBSA:4ZY1+[F^Q- M_O=MKTP9$UZ_UH&&K=:+@XV/C;@7J0QAMD@Z:F#S76#M;EE/./*\LGR>MZ;8M2J#H&R5KKY;="R!U0"&E]:$ M4*+L5>:LI+A$@?27J8?99N.G9%_#2W6V!7TBB/I:3G#B<9QXX5P3.I4VT=5T M3$[/V6*EJN!+3MAG;+(^]J+9H]B?+V7H;8$5$6O+)XA$O%I!TJJ'(RM2EX$D MO,VG&&?2<%K"C^E3\38&+:B6H$Q/#KLTB`,=7]DPM2@9&4ONW[['Q<13:MMJ M)@RZF\]M90)P<@V7ZPS9N%9=:D2.FLIM!B<',GRB399YI]]O"$E-L,N92A>5)P+7[7]:?E^7$E_P`_ M[,F_:>X_\,L%J^I1!/KBO"_YL+V#/K>CZWJ-_M8\KJ$J_P"SPX+^C&>`ZZ[B MJEC["SU1OE+J2MLWIJ?CAJW"V2#C)`:2A-9!6.V3$(BQ2T)7-FELUB6$=EXL M1!$D9(*DRLYRD,,$7I)I>E[!)%5$(G%#&J49I3:6J+#`9'MLND\C91-/(?.2 M6_-QTM)Q[?Y+:P9D@UN1/4:0XHIM[P<4+42"T%8H>.ND67(0D\[LN8_-%DEY MF=VO+$0$G40Z4%K2-KLI+;%.NB78HB!(D,R;,J$2)(90Z,AO#;;>!:QHOIHF M,F9BU)L4(=4L5XN\Y;IN1%'=$'6PM(E?I\6V*X0^A MM5:U[`1$8\ZWAI!I(;IBFT.DN8X1?O`_+6.VVZ;C*W6:_%#8PHF2FYZ9*"BHJ/'3GQ6\ M^ZVVC'^W..!SG6_Y0>TW7+MS<-_=M*O9*'\9MNV)&];.O`]2K]`N$1;S)9]- MBKW:HG88)S,P30IFC11_C@.`X#@.!C1KO^I_LK_!O7O\`<]H<+.H9+\(< M!P'`/<-RU7\Z&QMR]%ZA+[OUYH3JGM"H6/:V[J;F M-51=ZS$!(R,)+:90*8PRN,4S+8?D(F1?;`F=*B*]1=2*@8B@(?E(T\26C#8QL1ET01B2 M:F"H<`M[\1L.+7?HSG]D:_$?V?[`;_TQLN@]H]1IU/NWK-M>9TM818.G2-0U M_.0L.PC-;>IC!CKXKK4(*RX`ZD1;@RA1Q"D+RDO"4R%[1$3AM?Y63@.`X#@. M`X#@.`X#@.`X#@.`X#@?_];N-#[%:9D7+@/&W5F3,HTS'U^=CXV&L:?@VI$=>&7TX7YAWTMBE<3N37#CCBF+"LJ)'KF+ M:9;PX2PFZ\C:\JOMVQ,E+;*$B7J!$(88<!T.E>9N?9J*C,Z6W\AO?C27Q M#Z`!HFJ*MKVP]JML)7(U'7M:J\#556Z[2P[<79.PNVH*EAQWJL2DT%EQU2LH M.L$ECVK#V&VBB1+]MD1>9TY=+/UV[]=)XSKY\T&UI";M&SY_?0UQNC=ED""+ M,?`66,1[/%M;;#SB&K&Q:VJ2A6\-9:;&CWT(9;:84'YT]:C?Y+':.T^M?BZ6 M^QLK<&NPW2_YA]4]E8JF](U:L$);("#M-9E09VMV6'C+!7YN+ M(;+C9F$F0F)&*E8XMG*FB@9``EMYEQ.88`K4%K_`%PY M]$A\9M,1:;O9)L=+VW=Z9L'8#\7,SOU.D2- M(VG);$%@:%AVML,V6.F(U,?'N%%+A%"R*3I;`[^3<`,"TNZBUM<:N_*'78BL MLF*UOK+5,>W2BY18Q45K/\[NMVU2I",B':](6$B\N^6)9P7,Y; M#&_5&A(J*[4[Q*;V;O8U59A>O$RPS*;BN<@+,.)^X9GL+(.2>MN>A\J"PWD4 MC"FLLN.(\/*XK&8LSB,-AW*RB-<: MRTS,]A^R?96\(JNI-21T@370I4&+D(4:S24A9TQ4J.$\VY/!BBM91X8<*R2] ME(PSWFC41=YPPCOIG3G_`$\_6O8=WK2K;MKLUV3L\O*03&RK%&6;;FV[GG)A MT>):)V$C(/`NM*`7-+?E#V1D+),-7G&7##1V\-+GO/T8H?%3\:NVNVVW)#Y- M_DD2;=K7?2VK+K6AVX5MH>1:3EM,#+FUM;>18C7D+&--LP\2E+;)+"48RWD+ M"L'Z_7_TSVF\1^KI3[2=?*EVFZ\[9Z^7)@?Z#LVERE;02ZPA],-+*:P37)YA MG*)8 M:DQ:#)6,9JQXJ+Q0Y(PLGK;:;H5GBGW&R$Y(FT.80MD;*>2MPW,Z[PVC_%CV M!UC3K/N'XJ8N(VA!7OH$EZNPDQN"=A)BT;AU>7:#R`MCQ`T%&QHT)6!4V2)^ MGA*PY[>#EHK&'%*RXEM'"=H_URW-\K)P'`+VY^R&[-BGS6J-( M`6;%EAJM9`HNP1T31]+>['>%I(MHCI/"K`3&,M1$3`!@LY;OZNOH448(8<((=@0,1AH4005I ML<848=M+3`X[#24-,L,M(PE"$XPE*<8QC&,8Y&7OP.33YFZ19?CZ[Y=7/EJT M_%D8@9"V1M![#0T6C+3$XE,>N'DAS48](%*]A:S=-"96YA?I2L<@M7B[Y,X3 MJ^&NN;ZRV#_(7;=Z:Y%ZU_(E\=J M$)$6$6N25_8J3133#CJHMULH40.P^IAX53[+3RA MB<-X('4XA*\L/X9<>:P\SE7E7Y5K3YL9\,YQ^/*R]N`X#@.`X#@.`X#@.`X# M@.`X#@?_T>_C@.`X#@.!C1KO^I_LK_!O7O\`<]H<+.H9+\(>^ZGQ293V0-/KRW1FHN,@85UFONVHQN,]S'@M(.*PX\ M@131GMB--8'4+JOO[YM^TJ^_G>:&F*IU5ILH\'HK2:I*1%B#HR,-2X+6:\VX MP(2_`(,$0]8IW"!B)D]*FV?20VVV#:K,[)F(CUZR["8>'B:]$QD#`Q@$+"0H M`D5$1$4(P!&1<8`PV*#'QX(K;0P808S26VFFTI0A"<8QC&,<,JCP'`Q7[L=8 M*OW'ZO;?Z\6EIC#=^JAP]=DWDX\U>ND>CZC3[`R[Y5.,_39X9E3WD\%.#9=: M\?*XK@^L;:/_`("MZR.S^NG87XQ>PKVXHT+)2%I]J')1;;/_=^/)JX;[>.T>63OQ1"@=%9JW?%1N/LK M4-H;EI\S<-P:(J$/$784F'ZZV%X*1C8@^?L-5@JV_;UR[TC-EPD<9)9`:->4 MV0\.TKT$<)VS^5-Y?*R"<^`8?[M^47X_>O-;HMPVCVGUD M+6=FQ4I.Z^F*45+[;$M\)"R[E?E)B!SJ2)O#A\6).L/!Y(0GTE%#/M)5E;#V M&UK'69\(.OOS1=-:-V=USU-&;W!?=E;.+U"U7Y/7^NLS%-:CMWPM:LM%L)9-F#TSN?5^U3:7 M*%PMM"U_>:W;3*W)A$*$(%FA(21-(CE8(1E*%.I2AS_:C*L?CRI4QX3'PAP' M`<#6YV`^5/JQUZ[0:LZUB?0+%>3Y&3@` MQX109>#'VXM4K)C@IR0L3#64J4M8ZS,7X0CTRTA\KLYV9G^R/>[L/2*CK\`& MTU2E]0M'-_5-;&!G+6)'V6;EC&6GV4Q[@Z#X]XA^5G2,O800^`REP%R969ZU M40W(\K+_TNPVH;_VO,'[WB[@?K76/#R%7H,U0 MRTSB;$'L6TZ,@=KMR3MG46T,+5H.QV@6'D0UPRB18X*;MO7VH19T&(F(JJ2!FSW-2_1[.15'[%,2XXU<:VVS@F/3,K7 M(*C5Y04+@E.!PC5GL9L$8FU/R<;42(O4EWIFOM@,1<-._4[O(W?:H6 M7;(^S6HZ'C51\@X*4B;45(J.B<$,9"P>^*2[J+95PL[\H#>&:RX4G6^LMK@O MTH&9]L'$[,_.[2*HIDJ0FRK+(5Q^C.^65'P&F504CR1XJF\I<#'#5'8K7\OV MIWB&)7][-.VJ$Z\0<6N4ZN=FH044U?W#"P]9#IK44>%38C#QZ%9D)AP$!+*7 M'$.`X#@.`X#@.`X%C;*V9K_3E%LNS=IW"OT&@4Z,>E[-;+ M/(L1<-$@,^&/4(*(4G"WGW5I:89;PM\A]:&FD+<6E.1MILN>\>\/??;/6RW_ M`!W[!UM3/CE/]M<=H]EYJ'`.M&PRZO$L8C51$3>V`6\/D@ZF?'RFXWRK7>9W;NZT%BV9O6,U,.R@D8^G*2(X:[GLY:#;%B<9PD6`BTL1X M#"&F4^DA"Q,:Q'W2>UXC'5T_0T+#UR)CH&O1,9!0<0&Q'Q,-#`"Q<3%@"MX: M&!CHX)I@,(,=I.$H::0E"$X\,8QCD95/@.`X#@8 M-IG<\HQK;LI'P+"_(4Z\$U$7%983*5M&&S]*:8F@6LX1[F;@K M6ZPWJ`K4/4Z_&\+8NWR)_(?9=&Z.V7UT^*C:$ MG<-I%[!&N=&W%P8CZ1JFI,VV/H-EBK0#KR'D;"=007<62BER,84L\@^544^"KS>+ M;F6>,E]:UE&>I?B$V3&5CL!4NRWR4]R.RD1V!UJG6LJP3:Y"H-4T5%QA[>U8 MZ8)9+-M4*(L(JHIT!GTVT`XCI,YA8SB",8;5]2>VJZKSUO\`!?\`'E1=#&]< M['KZ];BUX?M,'&:90P4MW"G MTN>B-Z*CVF[9AP/Q_=(:]2]>&UI%7+6M8V`NEHM$W^8[$Y M!R=ZC[%+#%S4[_FB'\OJ?==_'*^5+GEE@'%QD?GQ`C@0<^T"`\0Q!QL^QC4N MHC@O%EM'^4`0^O#+?^XUA:L)QCQSPC5O9?B,ZU5NX;FWAU1'DNIO9K:FLKQ0 MXS;&O#YTJ!ITS>71R9*ZQ>M79X*O"3#C@J$93'KCFV\94\SAHOP(Q*:]IQ$Z M8WM;G^3_`.-+K(?8^T=*5\FD@%M,6#AYSK]B3@KQ0=("UXTHR];/0C5KDC9) MA$B*VWEIJ/(:%;\[I\XOS)SAD_&9QAL`TM\B_5/@Q+K&3-GC[CMNHZPMFV`>O%#EX&CYENM3S-J8V=\6^LC=MLN-1X#LA-;(W[H,N M!=9D8F6:(ZTG65:U+G==OBX.;WA;*=5AF68Z.N6S,1(EAFA,.LX=2'ZC<>-GP0..R MTAMM%9F9EDEPAP/_T^WMMOJQD!*1M4%I@H MU//K$[#GU"#^A#*0N/CG1PG%O.*4WGQQA);E=Y&E=8&FID)2IC3A68-5?+58 MSY>QLRP;E;(IKY\^+.R$@+8K,73S'XE^9/03+D1C[HKA*F'7&U$>*-(ZY;%3 M'_1S'8UP6E-71YT!)"5$-LVM^18#ZBY1[)A3,S*V462L:'CG&[A,@VB>/E1C MI;!I@TL>4:TX@HAYY85RF:YI6O6C6*=`#0C4A[-M]++QA.6@8QMQF'A`%'$E M+BZS`L/N-QT4+EF.CD.K2,PTE:\9"'M=_P!3_97^#>O?[GM#A9U#)?A#@.`X M#@.`X#@0IO/L?H?K-68ZY;_VS1M1UB7F1J]$S%XG1(4:3FB\*6U'@)(7ZQCR M&4*==]-*DL,(4ZYE#:5*P*F=-#6S+-MK>(7:Z]_-95Z!UM^,^NRP5?TOH:5G M'!=IV?9-)N04Q5;S"6K6QN;Y="9VM`2(ST:,1EB344EP$!MD1XIR??3>(KU_ M9K]?WIW1^8-(O4/XX-6/]+_CEH@XU0G+4,%BG+EZJE2$N1MHFZ^I8P@)S+BU M_E:!=(=.P\^Y(DGH4I+%B+WB#'6V; MHM``[EMEW5MJ06/!MY64W48-_+BL>T%>PE'E?2-,3,SF9;+.`X# M@.`X#@83_(AU%A>\'43;W7R10.W.6&"7,Z\E",I0F#V36\+E*=(9>7GR#COR M37LR7,X5Y0RGO#'CX?A8F8U*W=#?&%U+Z]=D-J]M:E5K-9-^[ M8MEQMA]]V';9&W'5%R^&'EV6'HS)*1V(>,-Q(N,>J^DR2P)GV_NLLY4A2B9F M8KPV$<($R\[Z;BT8;46(MS>]F]O:CB]5Z$[P?-+I^'E>ZM<=N;O6 M/HE1)^4C82P4"2D`)FC2F\];S9%L55Y*+LBB%R!)A*1W@6`Q#8\T]EV-;GW; MCS'73]]=?CJ[;?+_`+7@NZWRE3$Y2M'-)7(Z6ZS0RY&N-KK!SC18@D=`%.O$ M4JH2Z&6'#)`G+U@GVFF\K<2UD=]FU69VS/:HKK_;JYUUK>@ZCIL%KS6-0@*+ M2*T(D&#K%:CAXN)CQ\9RI7I##H3A;[[BLN//+RIUYU2EN*4M659;97MP'` M&O$4IJ'N:$.^"BBPC$-X\,*RE/B6^N8GJZU6W&WFVWF7$.M.H2XTZVI*VW&U MIPI#C:TYRE:%ISC.,XSG&<9X8?O@.`X#@.`X#@.`X#@.`X#@.!__U>_)HD=] M9+3#[+S@;R1BVVG4.+%(4.P6E@E"%94P\H0IIW"5>"LMN)5X>"L9R'MP'`T.%G4,E^$.`X#@.`X&L3Y'OD#MG3:N:NKNC]!6_L[O MS>=VE*'K>D5060(K$;+UY-<+GOSW.0@\@5#F)`LPRP@UXC]71?PR?(!UPL?7W8!ZZ][V6A;/4 MKH+&HEI&EVR!*RL69!!6;'>ZP5&$%`$-^NUZ@ICF,*PKPSA]]%S&8VYQ/_YD M_-YT%S@GI/VZF-JZ^B7%O1^NS;0/.0S(2U_MU_I<=5_P!0!WCZS2X],^0?H7*+>8PEEZVZY#LFM;#D M85WTRIL M*.`WT)IVU&J0A-1[`QV=7%LK=SY6FE6PTH_61!#KG["6AYYYW*O#'E_:3XRR M>LQX;09?:NKZ_4Q;[/;(H4)13A,'A727N%>C:F8"IOU4FBV,R19AR!%-?M8< M0]E&4_CX^'*RP!VM\S7QAZ=]RW9^XFJIXL=E;B0]6D3.Y'"'4^*4"-$ZJB+A M&MDN.>"/!U]I#><^+BD)PI6)<->O:?#6_L;_`%/_`$]C7'H[26C.QV[I='G] M%Y->KE&K9*\94EMML\F'CSP4:X2!(O)SC"',Q)J4* MS_W+G^S-]>_Q/PC?=L@ZM_ZCKI)N0D"I;_C[CU#V2]D<,VI&?,1.Q$(.G&4^#BLYSX3Z2>L[C,-]%/NE.V%78VWT"V5F\5 M.99P3#VBGST79J[*CY_##\;-PI1L:!SS]M_] M2'U=U<7(4/J13['V\V@A3PK4G!HD*IJ&*(1XLNE/VDR,)L-J0"\I+GEC(WZ< M6UA7EDV?'"^-XB&O7SVFH1S\5793Y8NX7<`+=?8DTVM]6[@0FMS1>;,L]J9B!GIDIYHZ9P!C*EY0TTYFI*)M45_LTU MVIWBN:V[HF0"%A.O#UO'B^NNP(@J<@,?<-:XVMF%]HYMJJRZ@$$-X.*8F6TREI33PFJAL-X0X#@.!"F\NR&A.L]:"M^_\`;U`U#7).01%14E>[)'0* M9B26IK"@888MY)DN2PA[#CR!FW%IQ8GFBYHUXA]N-S(%^RD4OLU/R[?TZ,OC9^)K1/ MQ[5YVQCKSMGLI:Q75['W[:1?6GC2Y+.")>'IC!CICU7K1!BUJ=\'7#Y%6?.8 M^[X-MM5B9F6UCA#@.`X#@.`X#@.`X#@.`X%MVNFU"]PY%=O%5K=RKYF,I+@K M7!QEAARDYQE.<$1DN*8$_C*97BIH%L'Q\/P5C/CG-N]Q9%QJ6LB$_TJ>GF; M(658NT%QEJFT_G$1!C4-D4]J/6\M_(KDGFZ*2(II;B_'*6W\.N+RYX-^/I\? MC\6O?MRSFUA_IT_CLU]@=Z9@M@;#-;1G#N;-88D8'*_-CP6(F&KX,V+_`(>/ M+GS2#JL^96?-^.,)7QUAFYG?:6P:@_&[T5UH@=NK=8=7.($SG(V+7$D["]'/ ME\F,HSL`VSYQE'^\G_Y%_M8\%?CR^W;E*CAE=%:_H4#"%5J#I%1AJX<-@(V` MBJW#1T(8&EM321"HH,)D$@9+2U)PVMO*<)SG'AX9YFYY5K%[0?"OT3[-"G/D MZU9U99R?7=9G-;($C(Q!3GJ+0IVG&#EUD8?UW/,Y]-8C"G4_L^X3C&/#7M.I MS":U-2T46[X1?D=Z(665V7\=G8ZS/!I=46_!TJQE5X^:8&SA3+-MUI9#"JS: M`T)0WE(RWK(XXXCQP/C.$4I0EZIL)RG/@C/AXUJ7(D M+`;_`)CRLN'3$7A)36<8#,:SC*D7.H/6.N>TL:*S\4GRJ?)S9(G9??[<]IK% M-60U(QE8O#[\!#08Y'J>?%0TG76H5F)-:8D75H&.?9U\-M:V!J;("I++6*XI*%X\[ M+DDB4.97^*2?PQX7VG48ABKS.9;7AQQQ!V!16&1A1F6AQAAVD,CCCLH2VRPP MRVE+;3+3:<)2E.,)2G&,8QX_P!S MVAPLZADOPAP/)]]D9EXDEYH<<=IQ]]]]Q#3+#+2,N.O/.N92AMIM"%/-I.-"CSO+D@14D,R\A4OAKUJO;30WMWM?J#=$WH&L;/UPU\ MS?R;ZZ`LT*#)ZL!G(OJ/"HE;>=9(.#DZW0J_4XK>S-%R8GW)4?"A5Z1%5A!4 M@\AA*L&JJ\UU;#:7\0W>7Y"9^%VU\N_8Z=@:2.3"C:Y5ADJ7@2+ MD7(A15&JCHX>,#+"N4]HC'6'1!U]ZSZ$ZJT(;6?7K5E M3U736%MOOQU9`],N8.;:PQB5LLX6X5/6F:4RG"%&R))12D8PG+GEQC&*Q,S. MTZ6F2'69;4=9ES:[V^63:G97N/I[;^@[_V7W)%QM6U->:/\ M?^AXRUPM/@-DM4Z`.V%K?=-QBH`61W;6QKY[W$@X/5SDS4,0]'-&1#:4.Y-U M$1,2S#T)\+'<;M]&AO\`=ZRT[I;U@/L"KD-TDZH5RKT5@TY]]1HQ=ICZ^W)U M0&6'R[CVY\^1;I\1C&1<8!2A"6UT"N=M(NSUC M?=QB];6XNOZ'F'HV3(#G]=D'3#<95X6T69M^&@5EDLG4NU MQ8=:GH*J;)E3"ZG['7EGLUWDZ!!1DIAFQ.%2C1DO'LEJ>$:<]&(E`#%)\C[B M6"TD+66UV=CNG"NU*R4X\>MTZZB1]D5"+*-J%^^OXJ\HK$)+2R`#GGJPE;5<;`%'C M;0:-D1HV.9P''Q@[^<-9).)$84[GR)6I?CC$:B)F(II5M?;WYH_EVC]L:XZR M=;`-,]0]L1)%2BKW=XZ6H+P-+]9['*@@8!D1:P!)AMA&O, MY$1[C[ML^Y7Q#\^'1]HCK)U\ZPUC%/Z_:=H&I8 M!3;+9;%-KP,8=+J'QG#1%AF\-N3ED.3C.?\`,'DDOY\?Q7GE8F9G:=.`X#@. M`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X'_]+M$1U/CGOO M^J2VOLDHS?06*^9.##Z_%L55J#E,J--+@Q#2*1(1UJ-=!JZD,R$X'(E!#%.) M&](ITPPPMZ7A;.N58NATT_/6V\OQ=B*3.3-<9?J3$.;=V-?MZV!V#ZR*A]>$ MM,3`B"/A(8-:BPY0`8YD-!36',BWLYHI;PLG'E;)NI[-BELW&RS)@=$19Y+8 MT'):M*UO=1G8ZEQ]8CWM>`ZO'%'`1%9C9!#N5R#!;F%+4+4P7K)4V#%D%6Z\ MRPLO,PUDOL3)_D9V,VA8Z[=96_04W=D,4<8O!L9.R33:4Q+T4P[&QX4>\VX$ M,V/@6O?7FH(G7Z)/"[):KN[)5NKTK!5X=KQKXE,ICLJHQ&5= M^6QL4Z0DX:NL1C=="GGR@&5?44B8/1Z:<)>2G'AR-7-1EM"2G"<82G&$I3C" M4I3C&,)QC'AC&,8_#&,8Y67]X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X M#@.`X#@.`X#@.`X#@.`X'__3[^.`X#@.`X&-&N_ZG^RO\&]>_P!SVAPLZADO MPAP'`+)5+_`!VN MY0"'LC_U@ZP"5`HU`M)M9S$7`6T^!L@,#9,2(C!87JCH3(O"8C\$AK,26R6- MH#LN[+W%-YLD'L#,^N8I$BRG[6N&HXJB#T>W/P$_%R$ MFZ]%._1I))3:`O#VC8)<6DK8VUD;7FQFH?<@\Y%1^UZC#5'92YFE2=)?/X>*?&+BHRR)^[N^?[2[E^J^E_YPY4J.3[N M[Y_M+N7ZKZ7_`)PX*CE!W9W>G8FO]:^PL]$]<;W2Y6$T=MF7C+B%M?4OO*G( M1M"GS`[,)],MKDE[F!)924W[=*G_`#M8]/&5>&."(BXRG'[N[Y_M+N7ZKZ7_ M`)PX*CD^[N^?[2[E^J^E_P"<."HY/N[OG^TNY?JOI?\`G#@J.4':FWIV)DK[ MV=#,ZXWN>&K^\8"(B8M_:^I?2I<>]UKZ]3SE9"]W;4L>V*E9LF9S[;*F/6EG M/'/K>KC`J,93C]W=\_VEW+]5]+_SAP5')]W=\_VEW+]5]+_SAP5'*#ML[T[$ MQM]ZQ!A]<;W`C6#>,_$2T6QM?4OI72/9ZU]A9YNLF^TMJF/;"RL(-,X]SE+' MK1+?AGUO2QD5&G8F>T1K&8E>N-[N4C(5I@@NT&;7U+[J:=R22G)K M_P!2MK9_G5A.,?XJ<*_9Y%F(O:RD%`XZXWM$4]HZV2[E-QM?4OLRI`:^TL-FS+\+;]-]R` M,6X*GS*]?R$Y\N/)YL\BU%;3E]W=\_VEW+]5]+_SARI4RN].Q,#HC9TQ%=<;W39&/K3Y`EH#VOJ7W4*[@D9.#6/IMMTY?=W?/]I=R_5?2_\XM+.>.?6]7&!48RG'[N[Y_M+N7ZKZ7_G M#@J.3[N[Y_M+N7ZKZ7_G#@J.4';9WIV)C;[UB##ZXWN!&L&\9^(EHMC:^I?2 MND>SUK["SS=9-]I;5,>V%E80:9Q[G*6/6B6_#/K>EC(J,Y3C]W=\_P!I=R_5 M?2_\X<%1R?=W?/\`:7M6].Q, M]HC6,Q*]<;WTY?=W?/]I=R_5?2_P#.'*E1R?=W?/\`:79D-Q#+RW,>7@I;S?8W0[#Y@MK!>76V0PRI-^L,)+E(%R^1Z#X[SK.A5&YP8R-E+OE+4KIA M=X:WGYZ#K$?)SR)VP$&`@1\K0[]`K'E`09Z5>A)QZ=K$<-6+"Y#5DTYF.DEB M'$@-))::6PZTXLE+CN6QJA0,!9M,B6%[X>1.;]E!3\[D6*AU`IFIZ5Q`1@`'A]&7GD85C.0L2?WKJ!K,M7;`7,ELO+FJ\4`1K/82U M'1,J\J/I%]D!!AK#7$6JN-%2`=8?CQ)&RQ+F$QH;CJ2Y$W"@AVG34J'P*7Y! MW^I6"HOWH"54/5A$V%4A)3L?*5=<3^4Y&3B;,B:CK*%$RL([!2,,4T4@MAE3 M*F%>;&,8\>$6@K>VNL#K>0]='RFBY0%Z!$U5M4VWL$PPU=,D4D4D2EO6\=I@ M*W1CZ7%@I;=8-:<;4I"O-P+>C^Q>B%A2,_#V3UQ)*:BV,GQ%)N)#ESF94>4A MH,FL>PK+A&Q%RK='(CPBHK$@@EP%`K2U.8:;R6I7U`[:U_9K!#52%G72;'/5 M*9O`4.]"SX!H]>KUACZG.+FVI&*$_+4Q%6:10`_%R.191!31#>1_,*5ADCVF M]I46N61BJ34TZ!+/"+-6ZN&G7($!I$=*RR6IFUL1CM6@CB(R#*?9&-,')?:9 MRIM"\93XA8B>P6F).1AA3#)X>8:=9F8P.RZKV7!2\(""P['2H\^KTY MQN==!78RD"Q"Z>R.HWB'Q09>TR[[9A8`C=2C"/'\.$1F;V*U#',,FG6 M21$C%)!P?-OTN](KU;*D2\1XL5=;%FM?0Z)/?4%I'BVJKFQ'6FJ2!YU3'5%6J-;HYY;U=?6U,+8#P0D132FG%%J7T`=C M=3R9<&$#)VQ]RQRT)#0S_P!K=J-QY9-E4UBNEJE7J6W&"P<\AW+H6V*7UVNL#K>0]='RFBY0%Z!$U5M4VWL$PPU=,D4D4D2EO6\=I@* MW1CZ7%@I;=8-:<;4I"O-P+>C^Q>B%A2,_#V3UQ)*:BV,GQ%)N)#ESF94>4AH M,FL>PK+A&Q%RK='(CPBHK$@@EP%`K2U.8:;R6I7?3]SZYOLQF"J\S('26!I% M]2"JK;H45LB%?!$L$&Y)3D%&QK5LK!TBT/+0RGL2T43YV2QF7&G4H(^FS;17[*?$`"BQ4O.*:D[#'0Y(JS%U)E$DUDQJ#>CY* M&$/L/U5%F,`CZ]B&"@!9*0F79LV5&:%0*T\M];R,(QGQQP(]-[%:ACF&33K) M(B1BD@X/FWZ7>D5ZME2)>(\6*NMBS6OH=$GOJ"TCN1\R0`I0`:^(&7*0C,G,!5B.@7M=7N`D8:5D+'4:M'1UAK!E4!E:0D^9OT/Z" MI48!IX61:+0K(JLO8*D>MVR#MK,J_!$DD(A)^8J\HDN*EHAX:;@B=4QU15JC6Z.>6]77UM3"V`\$)$4TIIQ1:E7,[TUK MAF*(^J3RF)BPS54&>10[^MH:P0-W+UL7&S2T5=2:ZZ9>@78R.5(>U;EB4XP$ MHA*DJR1__]?OXX#@.`X&LVN!ZJ5=+TW6;&,U+.ZZC5%%AQYD`Y*N0>!0&PFG(TBQ(VF4T2IN2LUM-W4>*IM M=N"#=K&M!TJEV^MT&FTEJDGK<2VA1<>XE=6'=$4&/9&34.OO!O0;C`RRPUE' MG-[WL+T_;E&3C$W(MV.-LVNGHT"3OV:@)A1>NIRO[1E:=!3:=4.5I38YT?(S M:JTTXE+^'W9Q3-3PN'MHUK5VI#9V4>L*#:AK6Y8FXV)8E)\[76$P>+^&.\B: MB"(F`6.H-4B28@V%3Y6$O,*DU0ZD"$"2(545>]1^-EDV]AO5FKCZTPBCZX?M MT?E-LUAB6EMIJCMA#RDQ1W[I]545'/X!D6COS&D8UPWZ8KD5:=,%HJJJ)^5) M[8K`Z7M4HV'^8*EJ0J9>M;^_]O\`V@*NOFNH8([,5M;S?5V(_P!5J0C/I/L7 M@P?><$_5FII!NE,Z(4U%&1\C26Y#;B'CDQM;AJD6`G85WQ-OU6*Q+3M:C]8. M/^XS7F2#2F45[VF"'%Y]3/*DL.X0'4V8;=+#%H&0)]6<^XTKL.B55W77MT:[ MI;MB\D!>=C,W+Z234UZX8$]U)^Z9E&X-\3U85QX=J*I-=%UUY-W?A MJEC0C=RJVO::7EF89/>?&4F M:(;UHCL8YBOF;K)OC878QNZ+G(R."U@;;/SUJ?[E&1[0TM(-QC/YH0+F/&`6 M6'YW",//^[;R*D]>I0T?RBMHD8^"@8TSUEXK&RW!W[3,'V, M&/&6JFHGV8=EP%V922XMZ-;+G6>QB-OOU.B: MFQ!)J#C6JD[>B;$)'[&5%JWP)'JAEVN1!>PP0"EQ((3)"HU:(JIABZ5=:HN1 M)X`+7#\?M9.HD[6J6K937L8RU;M=*VX[85VBZQ$O.H/OW@F*;2F.-$D/?JPL MF/\`8(X&7T\W6'NO$`T29+QT$Y5M:H@3KI&FS-L$E%%UC%(?E8J&EH*Q2%\; ML/L+HG['DN&S=FQK]BV3&;&(FK:H5M"4O# MJO\`SZC6LC'7!(L#)@T_./SJH861B2Z_A_V.!TY(QB*D.9#@TW?;;)=COCN[ M$K97?)"&I>MF&'81O0MP<+%@X:1OI$>P250_8,B/OGN('LOTUYYEZ,^JL<&4 MJ](&M*M4@3[$'^_U^YJW3;M8^EQ,-$P@=.7&VG\E@6/Z1-32Y+=8\%A'YJ+, M]H<\/F*]89I6/VJD_59IPNML[Z*S!3?LJ@DQS#IRD,-X;G$V8A8\(\HXFJT,5C->L%C)H+/9TAJ43`4 M_7X5#D=MI$O;D\?"*S>3R8;0[^E$)::$:P>RU7'(EUHEQUN89=BI?T:Q2&KI MJ?),I=CR\ZMI*]:HG(&JQ,4W3G:!.*TVQ(N52QS3KULCZ85)JAU($($D0JHJ]ZC\;+)M[#>K-7'UIA%'UP_;H_*;9K M#$M+;35';"'E)BCOW3ZJHJ.?P#(M'?F-(QKAOTQ7(J(),73F=)W')DWMANCH MJ=11NE#U6UH[[OMD_/NQMP9:"-C-F>I@]D%#X1P/T?+#@D5]0QP9M MG[HIJDL:3EVHD^,E*6W8-N),D!8FOP5%*:_.EI_,SM,B')JQUT#7.9#W6(YL M@XEG`>,9(7GQN&!/=2?NF91N#?$]6%<>':BJ371==>37.3YO;'MWX:I8T(W_'$41WVVMEZNQ$/$M[(9OT"G>9CQ,3:)V*>LTA.Y:6.,"TV:'"8:1,/ MDIS"+Q4G2L]EF-3+VIKMZ]RAH^$RU91*1\-`QQ@;W@+>G&W]@3!UC!"&@U4I M%@999R"[.I9<)>BG,C-S##@A#MB!J_UW::%VBQYLN=9[&(V^_4Z)J;$$FH.- M:J3MZ)L0D?L946K?`D>J&7:Y$%[#!`*7$@A,D*C5HBI9)#@W-AU!5*L(C6J)VCS$.SQ4S?8MBQ$GTS%JP0VTS%X$7F.RVLG."$YJ> M$T$-T-[K'3FHLQ^.I#E&U2BDG3\:[,RXF%+JF-(EQ!WM<\'E@J>+HG['DN&S=FQK]BV3&;&(FK:H5M"4O#JO_/J-:R, M=<$BP,F#3\X_.JAA9&)+K^'_`&.!TY(QB*G+`(/UC<3,C:)G&QT[EZ@KV-)& MT2N9BG9Q%ZI2];"PL)![&P\.$0SF);E7WI!W+(R7G!F7'E9;34X92:<8]#[J M?^*?4_6W+>'_`/Z#]"^G^I]+_P#"_P#\CL7UGVGA_P`?_D/<>;_@V?+^T)\, M3SA=;9WT5F"FY1.PWY/86:.F'JU256XO*T7YK:B5KLMP1$3P3%H2\_95!)CF M'3E(8;PW.)LQ"QX1Y1Q-5H8K&:]8+&306>SI#4HF`I^OPJ'([;2)>W)X^$5F M\GDPVAW]*(2TT(U@]EJN.1+K1+CK8?$RPL49F0P0C-1__V3\_ ` end GRAPHIC 11 g297874g38a88.jpg GRAPHIC begin 644 g297874g38a88.jpg M_]C_X``02D9)1@`!`@$`8`!@``#_[1-,4&AO=&]S:&]P(#,N,``X0DE-`^T` M`````!``8`````$``0!@`````0`!.$))300-```````$````'CA"24T$&0`` M````!````!XX0DE-`_,```````D```````````$`.$))300*```````!```X M0DE-)Q````````H``0`````````".$))30/U``````!(`"]F9@`!`&QF9@`& M```````!`"]F9@`!`*&9F@`&```````!`#(````!`%H````&```````!`#4` M```!`"T````&```````!.$))30/X``````!P``#_____________________ M________`^@`````_____________________________P/H`````/______ M______________________\#Z`````#_____________________________ M`^@``#A"24T$"```````$`````$```)````"0``````X0DE-!!X```````0` M````.$))300:``````!M````!@``````````````UP```/0````&`&<`,P`X M`&$`.``X`````0`````````````````````````!``````````````#T```` MUP`````````````````````````````````````````````X0DE-!!$````` M``$!`#A"24T$%```````!`````(X0DE-!`P`````$+`````!````<````&,` M``%0``"!\```$)0`&``!_]C_X``02D9)1@`!`@$`2`!(``#_[@`.061O8F4` M9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,#`P, M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+"PT.#1`.#A`4#@X. M%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P, M#`P,#`S_P``1"`!C`'`#`2(``A$!`Q$!_]T`!``'_\0!/P```04!`0$!`0$` M`````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@) M"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D M%5+!8C,T)E\K.$P]-U MX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$` M`@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D M8N%R@I)#4Q5C+RLX3#TW7C\T:4 MI(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B7I[?'_]H`#`,!``(1 M`Q$`/P#7;URK'=;73US95OL)J--[WN<2P>[*MQ[7,WMKL8S95^J[_6_RA8CL M^L>*RT;>NO%)M-CYINZ,S7W'W?VE'T+_P#YU7?=F(J=3]M83,F^^KKSVBQSC2TT9#A6'6ML M$,MKLJ=Z>)ZV-_-_GIJ_K!0;6MLZR^NO'V>C:VJR'@L;7A?_\`.J[[LQ+T+_\`YU7?=F)*=.SZQBG##<7K3K+F5,K;4:K/ MGOL.5DXSG>H]PN<^VWU/T?L]'U/>C'ZS89IVV]6^T6MR'74V>C?6`P.9; M15<*J6;V_H[,9^QOLKR/\-Z*QO0O_P#G5=]V8KG1^FLS.IT8N9]7#BXUN_U+ MS]J:&[6/>SW6EM?N>UK$%.Q3;U"_`HRL#J^W'M>^7NI>^'5NOR+F5,MJ];T_ M3;95^G_GO1K]'T?YI/F8O6,BP"[J?I%S'.K%?J5M;Z_K&BOU:ZV?1;1_2GN] M1GT/0K_PVAC8_P!APW8>-TX-JI.ZNO<]S=UEEE=\/>U[_P"8=Z_M_P!)Z7L5 M@BTXUE+NGL+QLJ-[W/?SZ5=3 M=OOK9_K[QNON)=NZ5N<'>T:?1C5_.;$)SK64AO[&:2 MRK>UC2-NKJMU'\W^=_.?0_G**_\`C$E.M1F8N27"BUMA:`2&F='?1=_51T"C M#Q:"'4TLJ=MV^UH!CZ6WV_RD=)2DDDDE/__0L6MZ?ZMD_6?(:=[I;]GR]/P/]-E3:O5??_.O_`'/])^E5S]7VLM=F MW/@&OTZO4!#R[[1N]!I=;^C8RSV7>K^A9L_XV;6]2/4]CM;*OT3O3_ M`$GJ6?R-Z"D#L>JRXV,ZKMN>RNISVENXF*X]N[TV^K_.5[*_\/\`Z.U.6XPJ ML;;U8$.V_I"]K2U[7,_?_P!6B-9FOR&@]-H9CFSJ6TED.]1WM!!VVV?I;/T3_I[W?Z+U/\`1HCFTTW-W]6,A[7,I+F[ MCM)?8S;.ZSU66^_^1Z:OTX]614+LO$KKON:/68X->=/HL?8T;;-J)]CQ-/T% M>A)'L;H7?2/'YT)*8_M#`F/M-4^W3>V?>8K[_P"$_,1*;Z;V[Z7ML:#!+2") MY[?%0.#A'G'J.N[Z#>>=W"*QC6`AH@$DGXD[BDIDDDDDI__1A;C_`%<]:R>H MY8.]\C[-P=QG_"*'V?ZM_P#EEE_^PW_J5:MF)]9_5LV]!Q"-[H)PZ#(DP[^= M4?LGUH_\HFYIM,MLJ]UGT59Z'TS/NIS3U/HN'7;6*CB-^RTLW$FSUVZ/?\` MFMK^E]!;=6';AVW##Z=CLQ2]LUU,96^S1L62'-K_`$/O_G/^MH*8-Q\-F4*# MD9+;:FU4UO)(8'5M:*COCT7V/]7^9L^G_HOYA,^_IKW/R7Y;\1UI,62P/(KV MT.`>WU/T>]['LQ[/\-ZEGI(MW[8]>QM./5Z#;-U&.]3=NST_\'_PB2E5C%N>**NHW_I"- MK=QW%L;FBJQ[-[F[6?SK7?V_SU9_9RP,;$DM?[C9N;MV,_KI*79T>RO:*\RYK007-!`!TCV-;M;7Q^;^ MB_?JL1L/I[L5X/VFZY@9L%=A!:-1M<-H;[FM"!9E=9:"?LK2`_8-I!.W=M]; M:7MW,W:X@%S9F#W;N24R22224I))))3_]*K=1]7_6MF M[*GU'S^K4\[G3_VK4?L_U?\`]-E_^PU'_O6MRSI/UL-MA;TC#+2]Q!-&%J), M'5ZW>D]$>[$PSU'I6*,C=:-H<[[.-M?YSV;-OI/_P",14U/JMTS`HZ8 M756VV4]7<'L]OZ%:V,S`ORK;Z7VU9=KC:W=L:]VPQ;3 M2+)98W>WT[?^M_I%.C%S\3#96^G$8UE;O3#&MKKH>0[;M;&U_JV_SFWTOYW_ M``B(!U8!K,>BNM@;MKLLV%[`X/CVT.93^B?Z/Z.OZ?[_`/A$%-)V1TH_) MOQ[G2\@F2PWEE_IM]+U&^YNW^C[Z_P!%^E1+F])F'9>0P$GU&GU""T-YEG_%^G8K3OVGMN-5%-A]FP0W9N:P-L8?>'^S(9^=_-U?Z3^;3/;U8 M-<*<2A@>?:-):T#T@U[?H.?Z0K_\])*146=+H+;CEWV;=P%;Q9Q!KL;Z'IM] MC=O[GL])! MY)3B6-P10^UF3E7"HM%@UW;_`*6YWK^FW_!_IV?F?\&GP\K`HR77'J#[F;GL M:PMLVEPV_G.W,LMJK;8[]'].N[U/]$MKT*-GI^FS8(AFT1[?H>W^1^:G-51$ M%C2-3$#D_2_SI24U\?JN!DY#L:FW=++K_`$Q[<6`]]GI_O;MF]R[R MG!Z95C#`WV6MQ*JNG.(V&`?3C<&_1WN?1ZS/H?S?Z+TU+I]&2,3%NS!C&_;; M9>8K$@.FBUKZV%GIULJX=T.N[>;,AA MHM9+@XD/<'VV5[FU;_5;N8]GT?H>G6M&U_5@_P!*BW&<6L+QZD[W`':QSVL] MNUW^$L8U)MO5[F"S'?B6UN:Z'L+R-P]HVN!+7)*15])P_ZY_/?I$_I];;9 M+;*G-ANC^"=D.V^G6U[/T_O_`,)_UI$Q;\S[397E640&!WIUN.]IUW;FN_P3 MF_024VJ*A3372TEPK:&!SC+B&C;+C^\II@YI;N!!:=0>T)TE*22224I))))2 MDDDDE/\`_]3N6MQ68]+*J,DOJK=CU[=N_:QOL?[HK]79:[^WZW^@3%V%2UK, M?'N%%C`7OK#AM?67;+#6VO9Z[;,;W._PGZ/9]H5SUNLBQSO3H?6'%OI[RPP7 MO#'E^VS_``/I.V?X3^0G-_6'!P9C4:1#_5)DS[V;/3;]#_C$E(<"_#NS6VT5 M7ASV&MMITKWHV%9SO;[#7[7D>T@,_ZD(=.9U+U MA0<.JJNL-W'U8ALM%GHL]+]+74S\_P#1L_P7^#4WY/5QZ@./14`RSTK'6D@O M&YU&]GIL]KFM_2_I$E+OZ+B/86$V$&8#GN(#G%SC8/=_.>[V/_,^G_.*5W2, M.^X76!VX.]0`&`'%OHO<(]WZ2K;7_P">U$Y/62?;AT[28#O7/&OO_F?ZOM3N MNZJUD&FD.]/^<-A#?4V3'I[?YOU_9_._S:2D8Z%A[R7.LRQN\/K<'!V]W8E^QVON9N=_W_P#G%%MW639#L:D5P3(L M),[?97&S\ZW_``G_`$$SLCK&C68M#B)#W>L=#[=OM]+]UVY)3H)+/;?UJ6M= MBT:B7N%SM#I^9Z/];\Y.W)ZD:9-5/VFMSA;4+/:6AI[ M=7M?]!)3=26>V_K;B)Q:&::SDQ MOMKW.24__]7L>L_9OVA9ZNV?T?T?7W?1=_2/LOMV_P#<;^7ZR'A>C]KPMVW= MZ9GT?5V\Y^[T]GZ+=]+Z/_">G^C])?/J22GW>[T-K9]+=Z9^EZVV(/T]OZ/T MO]?YOTD:G[-N&W9_,W1ZOK_Z.W=]H]3\W;_[L>G^D7@222GW^W[+^SF;_H>J M9]/[1N_F-(]+]/L^AOV_X'U/\)ZR'F^A]ELW>G],1ZGK;(W?F;/^U&W;ZG_" M_P##>LO!$DE/O]'V;[';M^AZXG=Z_A=]/?\`IO4_TB?*^S>H9C_`?Z?G95M] M7;^9M^G_`"/YW](OG]))3[_F?9?M%?J3'IT1Z7VCB&?Z#W?1_H__``G_``J% M?]FCW>C/V9NV?7B/0K_I>S\W_0^I^E]/[1_PB\%224_0O3?1^T=/]./YNW;/ MJ>I'JV?Z;^5_.>I_Y[72KY5224_522^54DE/_]DX0DE-!"$``````%4````! M`0````\`00!D`&\`8@!E`"``4`!H`&\`=`!O`',`:`!O`'`````3`$$`9`!O M`&(`90`@`%``:`!O`'0`;P!S`&@`;P!P`"``-@`N`#`````!`#A"24T$!@`` M````!P`(``$``0$`_^X`#D%D;V)E`&1``````?_;`(0``0$!`0$!`0$!`0$! M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,# M`P,#`P,#`P$!`0$!`0$!`0$!`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,# M`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#_\``$0@`UP#T`P$1``(1`0,1 M`?_=``0`'__$`*,``0`"`P$!`0$!```````````&!P4("00#"@(!`0$!`0$! M`````````````````0,"!!```04``@$!!0,'"0<"!04`!0(#!`8'`0@`"1$2 M$Q05%E@9(M36%Y?7&"$Q(R255I9763*3E*6GV!I5"C-#)=6V-W?'2(@1`0`" M`0,$`@$#!`,````````!$1(A40(Q06$34F(B<8$CD:%"`['!,O_:``P#`0`" M$0,1`#\`[/P.V.YX=NJ=KVO3-MT#)CW8[L#1:S=,.TC(]TZQZ>$K\'4"=(Z\ M3<)'IJ.GX!I]'$UJ+&?/,Q2;CAD<]]1=D19?+L>.ZBM%OYMZP.YW>GA7RO5< M'6;=LA/K$-Z]'"]JT<#DDJ=VBM!$`%&:98[7E(&P-LT2`/XFNF*W`,B+&IU$ M<>ZV[S[>5IC&[)Z'ZB/9;/\`9Z+9[`QC)')*'U'[QZQNF68G>1>RPKA>NJ=O MKP:8Y3-.A52&:`$6V9\5C@7/;@*"ORBC)F.XY"C/<+7&*_=F+EZJ'8#*X4^M MW;K[B]LU8_1^JFK9<.RK=#IK.RE0[3[7"Q@+6+O="F;19-9ME?)3VI<:='A3 M1A^%R[(C<-)CN(\6F,3W7)ZB.X;/U9R7J=VUL1YJN?JBTT`*[34:C6*S3\:/ M"==RZS4$C\\Y-@`2ECJE/VPD"<"324*&^RVYQ(<:8=YY1P(B)N',3KQW+[.8 MPS:AN\7W5M?)>F)UF[#[!V-&JL)-1+<+YM<^@6;KK7+\4?3+2\'K%$.GWH$F M0R^@;%AI>X9=X81RR68B>G=M**]2C:[C>L"@ZIBI_+)`+L8'2!LMWF(1AN+2ZS\):8QK4J2WOU2. MT%ZZV6%A-#H&,V#6.EE)[N8U=\;W2P6.WUNG'.T?7O,PN>W+B10ZSR$M,L'H MLMLK.AO/Q?B(=C(9X6W(0A:XQOW;)%N]W<2R]AL&Q6.)R'+S]:[_`-FZR[\. MKQ,KH%.T>G.=7OX@:HNLGK-1P5H`_+!2+R):VH\&4X8'1%)=XA2)49"RHJ9\ M*:H?JH;]2>N=8,UO):=IU#9;\S8)M,S_`+/:#E9>F5J8_4KP M2-6>8&"-.0)!*:Q$B\>U"N%-M-LN"HF6T%G]4+3H6N28M=Q;-7,%&=U.M?1X MJ?MFLE*_LB+QNXS.[,3T2%0&:1/K[](K@*_?"AL*+(D$G(3LI#J6$/(86F,; MZK'Z%^H=>>V.H7'.--RBLXV710'=8H%99,Z05LI:@QKIS29)J+8367U_)-3J M:9\B+[EFI=C+#52)'RZF4>Q+RQ,5%M9Q'9/6++K^`Z82U6T@*5JWJX=A^O,B MJ*LL\14!>68KD6V93G^;D@CSD05&FW&^YBJSO1G>')H69:PL4,G5NKW6 M=*K@VT!3D=0Z&TRE!)R0URZPXIU;9*C^R)2?6QMT^IX!I%4PFK%:A;,ZZUWG M>`K5ETPU:L\D=C]:?R(2+@GJYDY#+:JR,GQ%D1B[6<%3K,Q[S$2&TII3ZEKC MUU7%9?5A-TR0N6:RX`4%">R/J9Y`<&`CA!5FDU#H#D^LZ<,+A8KC,A*[-?$Y MY$BRFEM+8B\D4J;X5SRCA2TQ_P"FF>F]Y.U,JUZ/>KS/KE/A$>GGIUZ?4LXQ M#<+P=I0I&_\`?N!5GK%+/0A-*GB[_)S^S-!S"(GS$(K`@-<\/N0IGR[9:C^Z MQ:AZH/;O/GW!,=PD5D.NQI'#RR>,6\6O>IAV*W2J0)N;YZ,Z[4VE]BO3DH6 MD.&-<*PM];M784YCFGV>K":H)J,8.7S9=4MSM>>>D38CIR-Q*G-(2RT[$X61 MQAD.RO:+MM0.KO;^G9<_*MA'KIZ@5)R'C:R^RGJ=>0FR6$P>A:K0\XHC4"HY MN2@CZ5J<_2"\>VGHEA=T`$:^=H=%XC@:[,@PFPQ/AE"S3;LA:XL3ECA#E`\!X#P'@/`>`\!X'_]#KL<]5WH-FO8F]ZA`]/P)'W>!8K17CNRB:]E,& M]F9D:7/`F2CEH0$0=YEG(R%MR7U/?,R8ZOA/+6CCW?-/7YJMZ;( M6G7W/`WIH4L10]3EQ)^D4X72<6'UJ\31TE4P7+M`:)7&8!F0(FJY?A+?0M4- M_GEQGX:_RO'K\FBPPV618V:C[I%=A7& M!36&!#;0*%;8[Z^";3'"43U+Y4_PXKGE7CU^3.6)JOJL^G#1`1>L4?TWJ[3* M]8+?6;\<#5*MY-6QY:Y4HZW9J;89\8,%A-RB%1/LIE"^5\OR9RM_2?7;ZJ['23F;ZMT_M.B4"S(@MV&FW$E1S];--C2<(R/;)B",5^%-1 M#+#F)#?#B%<)>90KC^5/'CUSN9L=%]T#.8=-MY30JBU0PV4U-NLWTP`)5:?=`[(4+$CQ;,[6R\B!Q+]Q3B M83GP..?A<<(X>OR9RTFZ]]K.AF)WS0KQ9NO6A;"F]4>?FSE6/4WK#G]374RN M@5'3266QC2&&&N5.J<>KRL_P"R^S>JQ^L/ MT-M\^65M70=5B)SM0KVV2B)EG.B,US7JF&A5VM:4F5*@./M70(`&L0HY!"DR M6XK?#7"O<]J?'K\IG+P,>KGZ?T4).K4;T_N&*^2S@YD!`.VUGR!\S+;-99UR ML%`D1>(7PG:J9M9.00D0^>/@NRWEN*XY4KGGQZ_)FU'T?NYTZT_ME4>TM@R+ M7VI-.NN4:&-IHVN=9AQ-NQ8GR#DYZ':V&#FD;8OU>P"]9@3I(608D_,/1D,\ M2&X7'$3AZO*^S2J;GY?ZR'0_$;%;[=CG0"'E=HO[W#]UL.?!\JJ!BT+X?5*] MTT0`AH,JY4 M1E9'0N`I>UAKG)8FR6DI7*:?>X>4OEQ7/,Y<,8NUCE,VVYL60>GS3].%9J;Z MD9DY8N97D-EK$Q`"J7>VUZ-6"YBMF]`;F18@F1,6#^, M\J4Y`YE,)EYN[G=F^O-:Z?;CS8>WM3ZFYO6+P>(%R!/2IM)ZZW[4K!-E4^6$ MLTE%GPJW["0^N2Z[89P8F/K M=0Z%1JQV,T`]16Q?&!9SEAV45Q?LH&K$--[K5A54+LXH+NLL<3$5Q,2;9(2_ MZSR(C5R4\/1Y3HUOHW"BZ_U&JFHZT:AW/+0>L/" M1@_7S;+L.)8B<'*9S0(4`/EDM)Y-$Z*1TV/%:&(<>FPW;#&1PRGF?'X=J:UX M99GM?B#G$HCS>P'-:X!U(F**QI4R:7,%+.?UNO/UJ/3(HURTMG`DS&329,7Y M=4MIP=/0\RSR/D\I%/%QV[Q"*J[E?L_))HH#MP&ST>LWM-Q& M2Q#`\#_]'HGHGH M<;!:M`O5HC=DNM<*/9+C9SS$*=8K0B;$9,&YQ!J+,0W6UH1*CHD<(;ZP_XDM7Z,>,_K)C)^`ULWWF^L/\`B2U?HQXS^LF,GX#6S?>; MZP_XDM7Z,>,_K)C)^`ULWWF^L/\`B2U?HQXS^LF,GX#6S?>;ZP_XDM7Z,>,_ MK)C)^`ULWWF^L/\`B2U?HQXS^LF,GX#6S?>;ZP_XDM7Z,>,_K)C)^`ULWWF^ ML/\`B2U?HQXS^LF,GX#6S?>;ZP_XDM7Z,>,_K)C+*#?_`&_W8`S\;Z/V$ZZE M?EOA_,?32EUG?`^-\3X/QOE:F[\+XOPE>[[WL][W>?9_-SX]D;&,NBOIK^DY MLO2KL/-V&^Z/F-K!RWV<\N<3`Q_9;';*4RPF M3/QG#$`M`28`.99'XB(D1),1SF4OEYIQ*>$*S=(YD^)&\W,V*SD]'D6RQW8P M*G720BG5JJ!R@VKTV-2ZB)%@0#;48.Z+B0FI,J_H/B-#V8,*&6V3$ MX>'%YV:S?DO+F"+#I6H7\O)D0H?,J1!US7KCJ=QJ37//"DQ1Q&#=YP!EM6Y;4TO*Y2^1AC1L=U/"825++;*[)U#S'4Z`UG@&`)R@*F3HTV2F@5 M6OB&ITS1L`USK_.ERX,.+"B/21P+6GIC3BN.5K>@LMJY^'RKV"U=;ET5#;A- MTM4_5KE6PFKEKH2ME:'C0A,*MRWXUBF01B4,:99F"_M94HF)QY(@K)C2G("# MA1IAMMYZ/+C")\)!;^F("W<#)#M_L@LN!TVXZ^"*0!PA7,*\6#4\^V,'(D0Y M3;\:<'KESS:!\2(KA/S\);S*UM\KX<2+8ZT=,IMPE*,&]PN4FPE&:#&N$O[. M51@'<8%-L/9&P/@SE1AQ(H$E679'9&4L=`FMS&HDNN!Y,WDHXU*XEB_"O9WI MQ5IRJ5BL"-:M@>35ZM3*8,MS`"OMW<(*I^7T3*XUBI=M&)$'Z-HJ!-`C28Q2 M!(1";DOO<28$QOAE#(MTE\(>`\!X#P'@/`>!_]+57;?_`-9]=_\`W/OW_P"5 MEO/3'2&2L/`>`\!X#P'@/`>`\!X#P/T\_P#MPO\`^Y/_`/GG_P#G+S/_`&=G M7'NZ>VNEE*\![&5^^QNP-\K9CMG%)4XY*I.D[,);$%NIN83QQB\9MEQ6EWC3 M\!KNH\31?`FM_$;9/,1.)'PFHD^9&R:(G>M(P*N6!A6%92JFYP^2=?>:'RD2XNER MPE4RW?,]H%%T6:1V;1;4;P#+8^GY_:.;B^2X2!"XW73XZTVF!$M%HLA289J# MI=T2/J\JRQ0QF[I^%-,%A,=H:2VEU8MI>@Y?UNO&N2@T9,3\TRS,B1)2EQ45(ZRH.!;>W@,)61 MEZO>_N`2;6/66ZZ95NOU+LFHU6=<\8O1&S4BMT:N8@6!SJJ*UROAXTY3E>)F MPB2BFIDQJ.OYN%%T0?(;WVISO*,:Q6'5=:"VNN5BC1H+:\`-V.K5O*ZYZ8S4 MB.-+VMROAJ=,/#NZ8/F*H(_8X=HD3N6X2N6A3Z.?!3`"KIW/*2&KNDOV/YL( M'(.T=0JC1?)N253LEO3/ZH6&A6HE7YO5'KS853GVRUIBC$FZR!YEC=A.0AVPLRRURAXD!6ULM8@?J3"6$]=GLQZLV4$ M8L$X$T:FR9#$O.TRUNIG`34V,E/;9V7G$*M' MS,D-K?$"W]I^T-D;OQZZD\0LX:<'(@"04A$]_0J1);AMQW(8HZDBSR^-*\NM M?E`\!X#P'@/`__T^G&@^OWV1J%]N]3A8SB$F%5[?9:[$DRF[Y\U(BA M3,T;'?D_!M[;7QW6HW"E^ZE*?>YY]G'''\GFOKC=QE*(_P#D.=FO\D\)_P!U MH'Z9>/7&YE)_Y#G9K_)/"?\`=:!^F7CUQN92?^0YV:_R3PG_`'6@?IEX]<;F M4G_D.=FO\D\)_P!UH'Z9>/7&YE)_Y#G9K_)/"?\`=:!^F7CUQN92?^0YV:_R M3PG_`'6@?IEX]<;F4G_D.=FO\D\)_P!UH'Z9>/7&YE)_Y#G9K_)/"?\`=:!^ MF7CUQN92Z,^F+ZJ6P]XM[MV3Z#G>:U(-7LA/Z)&)4Y%H23?)B;G0:TS!?Y-G MRL7Y!R+;7G%>ZVESXC2/8KCCWN.>>7".,7:Q-RZ*W#M!8*I<-OIS^2D(D[.! M_7&/G<@];`,2%JEC[+:E=,I`S=C-UHKHMRT6E9U0'`YH52"-QE@ M[3)T@',<9B5Z>5BEA!<@'9WPUCA$[C&X^2>@#II)0I<&O]B& M*]UNC[5F5OS2T))VG(:E&N@+ZAKV;PWM`V6CY/:3@Z'1#@,Q>XU1599CS4&% M.ARYDB'Q'Y4VXI7'`K6E#A_4$JM$S'1+WMI`8?&9SJIBARKMG]6?RT83K@G- MJ3I)"VD\ZVJ_LV2GD!#5MDC60"2I@_9%#.)@2',1,:CMBMEP&^Y6?IT"Y98$ M;*,VF@Z#DE*/SYT2MF!JY&AZ]E&92H'->$7R-?:S(<- M28B1)"%"EA4?L(+TVE6ZZU2F7T2$%T@=H-(LETKB!=5TVG60.:+5.V4XH/*D M4OCBC05:WQL_D;81S#L9Z:/BM383D@4TXS#O[<+OSTH'E*;68AK9F=B1V/C! MF+$37G4V]Q%KJL:+ZB MN7$F09X;4+.N@Q+/L5;U^\OV/,IHS%>,=Q,=O)0B?34+Q;V+8T6HQF,\E@%( MGRAR_CQY[<6?'7!YMIC+()]07)S59.2JN#O4JUBY=W%2J]&#U2Y*KCE+I-:T M`C:K$1I6@D:<_3HE1N,`BXY%._'5_3#^>&BK2X:!1;^]E,')TFGUB!(DZG1, MBG:O"A'T@XX2P"09"A"+%)X`BKC/O]>@CR>C#$,.&(`R.62^MP7((,QI+K0J M5[8=V2H/8"=H4&CQC+7ZN#_V?+2";]5D-2Y'U(^(]Y#%:M%C(5T@S/K,M$@, M?8#6*"GAIR4.8;D1UNBJ;`^$/`>`\!X#P'@/`>!__]3HGHG1_P!+4KH%Z)G_ M`%'/HITE<;//-!OHHA7TDM,-SI!$9[RH7*E?(3'%M>WGGGGGW/-LN7Q9U&Z& M_P`"'I/_`.I?_P`D#?F/C+G\2HW/X$/2?_U+_P#D@;\Q\9<_B5&Y_`AZ3_\` MJ7_\D#?F/C+G\2HW/X$/2?\`]2__`)(&_,?&7/XE1N?P(>D__J7_`/)`WYCX MRY_$J-S^!#TG_P#4O_Y(&_,?&7/XE1N?P(>D_P#ZE_\`R0-^8^,N?Q*C=8>6 M^EQZ*U$]W5'H]Z;^$]#^Q)0U7>P\BY:;=,DL%9B9E:'J<(L+]5E6JH M'R%K&@H,[[0388^;4VF%O)85&1\=7O*X5QQQYSRYY15.HXUJZ"7BJ8#8;M;J MW>#-;XONI9E51IJK2;XNOVTAGN366[66MV:NC1YP790:J=:+V2EMGQGR\F%, M^"XF2V[&94WPK!5C'C*M6[#+N-,N$0E.N5DG[-K#=NNH"^5> MN4VUU6R6F!<81M^JEJ]3A#'(]AZ/%:^GMJ;0A3DCEXMRDL[J/C!6YQ;X8@W$ MV?&D01<+P;T:]&15>*`]%H6KJFU\*3/RA8=TY?LR#$"/##2$2W6'?>3QQ+F? M'%I9G?7O,LM"'ZW3X-AC@C]>$TWD47NMOLD$#2:]$+P:Y2JA&L)LFS4ZK78Q MZ8B%"@<,-,(?]SCCW&VDMBU=M=(>M;4DS*YH+KSECB5XN:OGF7['N! M.VSRTB.MIE'7]B67E-A+?[I<3?`2QJ].T9VO#@^HFJW:- M%A"*N[9UUL=]L+;4H!66\B)\Q\\QPIMQMO\`H_!`\!X#P'@/`>`\#__U.7&HU9U.RO/P]>\GW4-V_9U8?S/RY M<=TJ=C\/7O)]U#=OV=6'\S\9<=RIV/P]>\GW4-V_9U8?S/QEQW*G8_#U[R?= M0W;]G5A_,_&7'\GW4-V_9U8?S/QEQ MW*G8_#U[R?=0W;]G5A_,_&7'.DNN,3?1WTO M&&:X:[3C3MZ5,\O.MHML2U74>4LF=/U. MFY<9Z;1NO]ORJ3"%/2-`YV-5V617$/@)2(4,*8EICE4-OSQQ*+>D+%J&0;OE M&E521GD.)-HY^U67B\R[J5A6VP,UV7H4^Q'2=BLDRPBR<`C=T'C5EA_01A%: M[!/@B9Z(888PZFI<4RNA4;8`EZ[#CZEB5-VNO=F1-4CQ3VA&ZO\`J[I3@^BQ MLV/4K:*:7E,6:TY.P/'1MJI^S8+V5'AUZ0\_R M['A?5^2K\UF+(GZA+R7'^Y`72;Q%EYK?&;+*I=_T>^9_(3Q/DPS9EN,E9,=' M3!]WRIHB$[K7W"`9I3`X"P7+=IL@M,FEY8B8J:/%\-PU?TRV8NCZU_#^TPXC<6K16]8MN;2=2!66Y51G>W MANDZD$6`WJ&8#4BWP]T#5)^IC;C;*803(?@920)B`RX,X=*:C18G(MD[QUU[ M32JF8,B"EXDV!>D93&*T>?MF@:FD[A5>ZF4JJV.F5MY_=.KH^><7V=;DF"9> M0:ITZQ,P)$J:F0U+^FRA<(Y6^J?:^L#RG`"PF8&M6D91IUFV*?I$R6**V43T M*WC$!LHS'F6.Q6*>0IN]%*^1G.K'2>)W$F&12[.D19/R8N&1/=:^R%K#:*FO MIVG-JMSEG8Z=BF;DNT-PFVNJ;5.H_7`9C!.V6P!JQB.::7HE4N9@7'EES`X3 MS*3-D.1Y9!<*(+AE[EC?<,[K>]FPZKK7*W<\WVRBUV36=C,B1SYDQ=\O+XK< M*V[-V,H3`$PU``GXN-/L`SLUK]/#W*QV M'".OOS4//DS;[9;KQQWQ/ES%MPM(80Y_6 M8W*^*D](=&/"'@/`>`\!X'__UK_U+U?/42KFFZ-7@W87Y,.!O=N#"H?ZIL.D M?*C1=@(08,;YB5F;\I_X$5A"??<6MQ7L]JE<\\\\^;QPX[,\IW03\97U)/O' M?](,&_==XPX[&4[GXROJ2?>._P"D&#?NN\8<=C*=S\97U)/O'?\`2#!OW7>, M..QE.Y^,KZDGWCO^D&#?NN\8<=C*=S\97U)/O'?](,&_==XPX[&4[GXROJ2? M>._Z08-^Z[QAQV,IW/QE?4D^\=_T@P;]UWC#CL93N_5];]LUR%U8ZQ6BIKFV M+6]N8Q(+-X!A*7)N!V;;,_>NUZ(4<3;SM#RF)9HH8&0)IX-3QXAB'&D?";D2 M>(D&1A/5I'EXY78#62_6OK)>^'/L[<=7.!:WKI.CYT2O]EH\V+G>B&[0W2,H MC3[&7L9V#HU*C")\2"FR-#1KT^]ERD,F1L[O(53,D?.3(J`P?.D$B<[ MGB+4-D-9[!$F*7AN@8\+META77UE=2(ZVU=M7J!:)FI[8AQC!=-LMD&Z!?"E9R MJ>+ED[)2LMR;K[U)MMM%RBW6BD=CPDRR66X;MR0#++3HPA2"/+$\V,X8:C(% M>4MN?>&Q%BEOIE1JZZH]%>E3Z??4?:DER1@9YV4R'$=)#F1ETR2N49LLY(T1 M4;X8`[:5C769+,]0VQ/6@-8JBF=D44GH2RK-;`K*1B,X)&@QQ#CT3WWY3C*A,0OK8+??B^I M[!6!W85?6^JXA@-+UI)EBMYL9A&YUR*;%%)VK2Y&CU6U(5E5,9S",A44))KY M5;KD_F1.;;7`6FI'Z(19^_/-3-:A!5G$>WU_/,0U_51-MKAB\#(UY.8G1J[; M[75(W-ERJ#01'$R4:<@I^2M9XF+D,>Z2@15*]B8M)12^Y-L/=@A>"6'#"PE[ MBV3,TMUWK3VM6FFUC1A^'HW.8RS<2N`TS,RE&4)X4)8G.6*$??++8]@+B(^F M6FI6EVWR\(>`\!X#P'@/`>`\!X#P'@/`_]?HGHEZ]"QK0+TU:\9[*2;2U<;. MW99,$I84PI!]!NSPX_'9#OM M]Z!G^279[^UK'^]SR_R>#\=C[?>@9_DEV>_M:Q_O<\?R>#\=C[?>@9_DEV>_ MM:Q_O<\?R>#\=C[?>@9_DEV>_M:Q_O<\?R>#\=C[?>@9_DEV>_M:Q_O<\?R> M#\=C[?>@9_DEV>_M:Q_O<\?R>#\=EHXI7_0WWO5J/CM'Q;L0U;=!-M``+AVP MVJ`(1.>9>?1S/F1]1G/QV/<85[5)94XVYRG)W$;/ZTICJ4*+US'-&S6@&W[4,SJMP*BO#G[[6QU='68K6\C@6 M]P-1[!5:%4X=NLI&'6EG'1PY$Z5-1!5\3F3QX75GZ;I'7+8Q0T75VJY:A188 M4SP:#(YZ5AM2J;.JH>US8#0.QUB"YQE5AJG(N0Q/Y9XK95E^`AA]]4B(EP:P M\]_ON/Y"_0!3=LJM/*SS<"76@08 M+JKHBRC5%.7D504.@(*OLI>8B1&(RG$)90V@:P_EFB]4(I*9>&*;UYCE[Y:I M@"!?J3L"IY")^M%DGR[D0#3('U8[0-+FVU!HDMF*U\^6I6Q6B03XDN^^\-LI M%R3[S/N`,]91-`O)"B"BZ$'!5I%%"D< MI)K`\FV*3,CSF5L-OIC<.H6KAOA7`UA\T9CUCM)V=;T9[@]CLVIAIGU*T(J> M?%SNC5XW6Y==G_/&^!\@A;PQ>H(?@O?$=D,2!O#C*O>9X4GPNJF2.Z=3P.A6 MK7;'0H]:(U./J%9)=H3&/<1PS[^,I/#-3IS&K,!I%C9=JBZ44A\L2_EHA-P4 M\R.7,4A*>14]&VT6[TN=(>B0K=5YDJ.$@65^-%/BI$AFN%$\J&'WF6I:W&PA M%/'M8E\\<,/L%9`0[*,(_:VC:%HH8\-G0I]5L<:2X,9^G$]$'I]GO\IY3P_P`\\I^"KP)''O-)EN5IJ+<*M)=ND9Z;3FX] M@$O.6R'&CIER)=:0W+4H[&8B+2ZMR+\5"&^>%<\\<<^WP)3X#P'@/`>`\!X# MP'@/`__0W)TOT2>]5HT?0+,)`9JL78KM:SHU;^BCF7E#RYV>0AJ>9YB<\M.J MCR$\J3SS[4\_R>;9\6>,H1^!9WY_N]F'[21OYGY<^)C)^!9WY_N]F'[21OYG MXSXF,GX%G?G^[V8?M)&_F?C/B8R?@6=^?[O9A^TD;^9^,^)C)^!9WY_N]F'[ M21OYGXSXF,GX%G?G^[V8?M)&_F?C/B8RVCZ4>D'W+PSM7AVN7X)G\>G4*[13 MM@>&7R`2(-CVH.>.?9YSRY\9B86.,W#N[V/ZEF=PU M:H7^(?KD6*$#4T/&<,HMC1K/I]-TR+I_%PIL6NGAE;NI.P$A0UET;:(TP;"> M$0Y3/"D\SH<[)I$T\>J]2K1IFWAMH6:HP\ZG]4P!XLZ/LTJR9[5<1V_1=+!% ME/3;^H96,363P>S5W`^56 M_@BU"ST`JLP&1+X,>P^<(1:_R/;LEF;M$-J9+'2__H-@&"0XHBRN,,87P+W6 M=I68:\G4>-:PZT9T&L%ASJ'EMU':=7+(?$_3:^?.6.B6\%S6;`"E*(5`C<#? M$L0ZIEH\S.91\^.5$X<>':I:N:KT/T+1XU^&3M0J!V9>J^8(D]4L5'8'ZO,O MI#I\0ZH/#7':M]-K`>@'Y$M5KGL#XK#;N]!2MHG7B3F M!+-**W9;^?/59G[,2&QM!"6;#>N^3R^4TYAB;G=YAPRF'.39-;,AGQ9AF7'1 MS*@KCK6\+>^P]([Y;;9$CV.UYJ3RROWW2+8+K\RK&2!NUC=C[T8-W*N86XHG M3WJZQ!#0LH(5B/&;CS&RJ"#,M]<5*'(BQ;&VOT\U$ZT\#IUEJ>>O.ENQ1V7* MJM6B#>3;FH]V,I[7T4`70W!7$D!A5>SF35B*I$>8AI@LZMB.\U[[#D6UI=5. MG?.!VHW>+1.J=ILQ>C#:^.GP@ZUSZD2G;+V&UJ\,`2Y".RY%$V-S98#4OF"P M+8)3ACLM4&*EUJ,S4F;55?NA%JOI;5^$67-J0QHXSL#"L%RHU:L5=L.L1=FH M&B4BN!-LH`(T$S.S+SN3<195PXJ/**F2=9B/\<0%O/\`/(OHKS<^C6SVM_:- M"B3N$FTGYH#/*_+BT\&5DW'I`?"UD(@H MT^E^LV,5TY<9//R(//+DBT25IAOMM>F=!+S3SV/'X=TI""-6MT&U7@ M@H<:*\\Q6=]MVZ%ZT'K1U!&B6!)IRX28,`\!X#P'@?_1@FQ]FNR,'7=4A0NP6WPX4/2+Q%B1(NKWR/%BQ8]G M*,QXT:.R?0TPPPTCA*$)XX2E/''''''''GHB(J-&5SNKC^*3LU]XO=OVNZ!^ MD/EJ-BYW/XI.S7WB]V_:[H'Z0^*C8N=S^*3LU]XO=OVNZ!^D/BHV+G<_BD[- M?>+W;]KN@?I#XJ-BYW/XI.S7WB]V_:[H'Z0^*C8N=S^*3LU]XO=OVNZ!^D/B MHV+G=^F'T`M-TC2:AV:?T70;O?GA-DS!H4]=;6>M+HQJ6+NJY;8]PY/G+AMR MEQV^7.&^4\+Y0GGGV^SCV9?[.L.^/=N!U&UR_P`O;M*_65>U3J^5YNC4X5*T M"T6N?2KM+[$O5'-*MJ5#L8,.%ZU7HI2[<&#@ZP`?)0+*V.FE''??2T_,R:2K M+.[#9]V@:@4QCMY\"K`JR(.6I=TVV7+=+\CFAY8,,1Q,;G#]FZ_7O;+,?TRZ8_>P5T5=!H=JZ$#YGD'$&CQZ M`N=,"13]4&RUS*:HV,M3"V75M_)&K**M28//$46WR[4F.[0?K_L*ZKE%]N-2 M*8`;WRL9-="T1B3VTT[<=/EV=BTCX:^=1ZRRA=,;J,%A4CXA),$^N0/?;:B- M+]U]3S46>M=EA;5W-[19$F358U:J5MLP.T;(#@W*)3:_6JSI=EI/ZJC&<9I` M!7SL142`8]=QN@RX;G`*1;CTU0Q9#/-#X#G' MQ'$"(C1M-CVS:U=.P^J8S9H`2,-PMVXO74Q&"SX/%D':=8@-FZN/5N7)F.17 MU#LJ8/0K4MGAQ+AZ"TMOB*VY\OY4[-SO"'@/`>`\!X#P'@/`>`\!X#P'@/`> M!__2Z)Z)ZIG3T!H%Z!$O24ZUV$B%N-G$S[!.E9?Q-.31QN=#E&)G#_6N<_Q* M)OLJ?<]]YY?OKY]JU\_E<[8S\Y<7'Q0[\6+IA_H^=8?^*RG_`+8?&'+YR7'Q M/Q8NF'^CYUA_XK*?^V'QAR^^)^5[O''++C_E*Q4]EE=>0/I[]@ M\G/[2*Z==40M#`UP?:Y$R!0>M.BSXPB;6.;?(9.C,UB6B56#XL&MIQ\9-X:F M\*=X2EM7/'/G.4[RZGC6E,O3NS'5_KL/YB5?K"C`"]V?S\S-IU(J&&UF=8:O M>!5N)9M8I+V=VQ5>L]F-QZP8A"JQ&E3K5.(Q9#`Z!+94B0[)F9ZRM;.BM.M< M*ZAOM"+CR6@TD@3C!IDGX7"3@T=.?'LV(?\`!<=0X#.+C*D#G^%<\2X"V9"? M8EU/'!&C;WJ#5CZ?MG@=4V@MUVK.H,-42HW* MP5VEN[%2+4.2I(TB_*B@D2(B9#A&'&46NC^Z]W^KM@J_%L32'1$*28>BQ1UE MGW6J6`:`78.R@47:;@`M66`RM>@DFNN4IWX4=HBZVY)?:]BN(;;DT5V6U=NZ M&'T*MW(Z5GVPY-HE03=#5>H^?7RTD2PJ.6J($]S1)3-;ABK^NGFKV)8.\#'W ME@?GV%$TP^'./!4IA)[1X5#+V<%+O',8G4@Y8T39?J]R::G1Z\:#UBR#ZI-7 M7N(-[LE9M=A'B"8@(X0*C3$^-`DQVI;[3*Q4M:M0U/)MSP8EKY#-'K7#K&T< MX&`K]NO.@8N/.+NNWT_""X[4I$,%%L0W-RI@E%DV:M'092,M@=\*8/D.LH2D M54LCE?9/&J(C>#>A"@^<6P=L#[&KG:5=KSV-JAPJG*J'>GKA%O<6I1K$!S^A MYX>',%>"@<`&I[,?GWD,#W(TJ2*E;]F[DX35M3BY#+-V0E9T3K,.M!(#1;>9 MI6=S*G0R6D%8N@WJ&'75:W.XJ0SF4F(N4N9PT\PZMI##R'>14U;T.=R>N+=2 MF79>@2OH(\FZ,FI31=%6?C(8J@^^2#SM014E6U-*CT0K&..6#Y'Z&@,^BJ-&DQG714H2-[GY>41JL%+R1MDR\QH$%R$:9M,*KV` M9GYX6&(%A6@1Z=.K!"1\N>'S)(X>X1(CXI",X^UPT\VXH4N#-]]R;7")`5G] MJ6CE^O6@%#-"X9'D,0,U(E8@@D==@8LTGF#+G!W9T2).X^6><0_\` MT?A*7%X#P'@/`>`\!X#P'@/`>!__T^F^@^BO3[/?;O97.^^'B'+#;[*<<%2@ MXM4H8LL9FSU#Y*E:8PI3\)4CX:^>4(YY4GG\GC^;S;/ZRXQC=$?P.Z9_J#X1 M_8PK]Z/C/ZR8QN?@=TS_`%!\(_L85^]'QG]9,8W/P.Z9_J#X1_8PK]Z/C/ZR M8QN?@=TS_4'PC^QA7[T?&?UDQC=V]],[II`ZB8GH-$B;)6]I&7Z^3;(BTTJ) MP*@P4KK0:N21;7/BH?0IOESCCW>.>/;SGRFYC1U$5#9S/>NL MJB3SIN9L.B76QV,#0Z,6L5A&YP/(R&;O;GH-@""82)D)^OOLN08A?L MS88DR&^D6XR\F2OM*6XX7QRI"FH$/E/_`,[ET7+!.^GAGSQZZV9>EZ+R9N&= M:3EWU%8O+7B\"K:89I5IEQI5H?SMVYV1%.LU!'KKD4B3D#@XU',!N-RSSSSR MHREZXGIXY%#N5VN[%BM4[$K\%//4J4;G$1VH MUV,0'02#\L2RA3D>1%EL\1DQA:TAW6>D%E&5;_`$89 MF"`M4F M9\%?"I2U\")I"TY%@>OS"@6K=AAUGLABSZ9?3;%0MV;'RLYC2L=5BML9=$C8 MLU446P.E,SFGF&VE,3TI3ROEA?+/(N=G]ZCZ?>6:F4C+>C.BV0M?23*]$S7 M['![7.@58I>FM0K\\>!S.X0ABIF>B*$+74TVVGV48)=%U\:S*#&1O$K*ENEN?S*NNOS+I=^(#/&P//%"!$9-)K1K\ZND[!)(DYX]Q>5K^(XM[EQ7/'/`MZ>KO6TEE`>D6"Z:83TJRUK/3%(I[;7-952 MZ55;I8@MPLT"GS@E/JIFP0C\^M!^$RRRI3Z(0J*VWSPOYJ1+$RW&\(>`\!X# MP'@/`>`\!X#P/__4U[VJEW%W9-:=:J=E<;?;QSQ_)SQYZ(F*C5DK+[$73^Z%H_L`M^:>6XW#[$73^Z%H_L`M^:>+C?_`*=\ M>BX<@RVVYWUA[%9#EN/VP%`LU&NE?Q63(SO+\!TBRVOG#WH3Z[IQE<6G5\&A MFY1FQ`*R3H\$H^XGVNKD1V(I@AFTGK:"Y/T_//50B<=&6NJD*3O@JXXH'&Y? M0<@KSSAJG=T=SR';*KR3V(F/O&>[SE\'.X<\+`KT:GM=70T MG.(8**.&PB+,PUL0Q\>J4[+=D3$$9<)Y:HBVFV8MQ:P],']P1U@T@3F,[9H1 M>'SG/0C!1"5#X;(TA<*X7:^#8YB M0<39(8R1>24W&$BF*S'!ODY>RDGK#+['<'$(*.TV3CBAZHCCGM?7QR7Y:YY. M_1_!HV`Z[!>P(:_KGZ98M$/@;?5--*'8=R4`<#5BSAML)0\Y&UB,($#.0D>5 ME9-*>6D\N?.1X;#\A2Y7#CSM2:[(+;\VUFC5GNE8,*H8\)H%K[`Y46HDX>.$ M""!3*$Y+U*JVMS:I-:&SY#,V.!K5L:A)8CO2E&(?',=AV1\+A8VM7N0([<*+ M9DWK*^P/(A$VJR:$JJ\TY''RZ]_T]=\B=A)%EX9)3@`_K\JJ-P7B[40W*A[,3S"=9XXBZ M(8.Y[?YSFY'EJ=?:09H>*V7DX1N!#.0F"U+*:OUUCMM4C:$5`R=!IM: M"9AUUW"P:6T0'<\2.(]5J-;U@-R0>`\!X M#P'@/`>`\#__U=[M(]=/NM5-$OM6%B\04,K5TM(`WGCCC^;S:.'%QE*%_CY=Y/_2<)_P#8?TZ\>OB92?C MY=Y/_2<)_P``V'].O'KXF4GX^7>3_P!)PG_`-A_3KQZ^)E+8+JAZTG<#:>RV M&9+? MYO)/"(B9(Y3;O[V+WJ]9)>L\%!@T<=G$ZO6JS:CJ-@S#5KQ5*9$$':4-#QIQ M[/V4`:A'DCBI>9/GF)"&!\:$W)6WS$3,?C9-(BWK[&[OH.'%Z:8BTT,3S`A9 M:H`P-#MO=&N$M"/[^HIFX>VV'&ZB M0$G];K!R%5I!)^73':F8LU=T6B4?3PK-'":F4V&J3`S=EG.0W38J$+?<'.\, M3IO#:.)$6(_HSM>]2;`KI?)^7T(?;+_H+Q,R*H53IIG'C1C49-9+G1MIYKL= MK64?8E%>A5Y\F]Q>.:DM\7[)$5,CCA:45*E:'/<&EL$XD0GG>N@Q;;E;!VZR MFZ_61PK.-(ME&B:$$R.[#WKC]JV+U(KY4?PIP>-(@FY)2&THEQR^GV"E>!_4 M%H<^*DL8QC>J=7.&1STFRV07E#HR%]H,=);C4FI$2M:]8CZGK72ABTQTM0G/ MDYSB&"'R7O7RE^H31@XRQFK/B6_U0-5DVJ*7)&!N12&6K%5^MA+MGQ4 MFF0&QFYKIL[B0Q1"([PU]-:EN-PILN)*5RTD5Y6%I?<>F9P9NU>1G6K7HU0# M=N$V&!2X-!]YN%1<;S+<;18XLBX:'4(3P0?4-7&,I3RZF?((H>99C.)2TZZ( MBWEJ7;D)9[`0K-_=3N=IJ=3SK-[=9R!36LRS^T\HM6,3&: MI6-1&:=,"WV:]5]6LC4?B$_EA%,T#+YBVF&TU[SPQ"G8J)`KR]E.[WT$C2ZA M9S=D3^?=4*6Q4^Q,G1LZUNR4[+[H$OF:A'9D+-M)F4<"1L)(IFXS1:,E M)^LW.X5(8(M40U'C\O22++\!Y+WS;+'"$J6*IJ[7>^<&E`KM,[%':RY*AKS( M57Z9(R*\]3-"N-C1GA;.]$&RE`()0,LVJ/[TE;;T:0X*EFJ;WHK5Q8)3:SFVQ7Z20DNV.L4BJT*L"[ MP.RL9CG773S=Q*1#VM1$@(A6:0HJV-B@)3\!^7*%>6'D^I?UT M0>U&N#.+#8R66P;.2GM5TYD)-9B#2-?JF'W6>J*G5&R&="*I>;J.5+(WEFIC M5"''2C,AT=&E2614MT,RT$)JU`JFC5Q#K0.WB(YD:V\0KA=:(\CE2>$\%Z>= MM%2+M<+1S[DL62GCY*/8['D/-*0XHB=>`\!X#P'@/`>!_];HGHF%^A9+T"]2 MK7W.[*#+3)N-GD64;!JUA/8XO M_:YVOG\8<5QW0[]0?H&??;[/?X3L?_:+XO\`V?&"N.ZXL*Z">C1V6OT?+\3[ M7]GKK>I8LD9C@_D4USX@T0VAXC)^IVWJ\!#I^7;BAZ;(S0AF3$>RFTPM.-,I?%4*3K&*,VNIZ M6+#S)3#?N<./QH4EUM*FX[RD<^R?"X0LC+_2H]/3KIV$I%A&]CM*9UK)R<#4 MX-)NFK8ZVAMBJ,*M7,NQB(^9A"S8=D1`[J2>HW7/L9-JEIEDHEX^I5XND4JI:5;A0&[5`!8H48\#N(*E6H37M)J@2T2 MDQI8D_&(PHTM]YAQA*G7T*X=:PJC8!?36NZ=`>UHK8FKTV/"F["ZNY;R4K3% M1YTJU7.E<[TY734W/XV6B]%L)?BLQ;WRFN#N7GX`MMF,CF,D:MAM`P#)=1;( MHO-6=-)U:PU([6MC.W0NZ!LUBK%'JO;30I>%RE$E< M@+?&5-+?7!O(W7MC$?84HN;/GR)62<"[]#XQ?Z@\4D(EHJ7T5N9'>4P^EQCG MX?@MYH_6KKPQ;@[$:EDV"]6J`./"%M6/3&J30+3?Q-<9 ML4RUE8$TS9)$,@<(X,YUDG29<9PSRR]&EX<\H$Y%4GF(I"N97+7SW/S/@M$@ M?6?KC7"!>K,#R!.SVT9>S9UNX:_IEZT"RB;O4Z)E-U-E#5WOE@NI>$_4Z37P MR9;LAQ(YJ'';C+86K\H7+*L]3<$C%A!J%3"(Z>'-MV!/TR^Z*,A&B$>T<7:` MU$3>]&YKC8D=F*\5@EGZTNW*`3K[%R1?-<1:7X MSMFX#\)B_/\`PDI3P+6>WC68I%7T"]4!Q`'J(2)6]!"F')QL1:J_#J$>@M!B M@TQ+G0G!SM0BH@OM)0E$EKWN7N%K6M2A,P+4N02IND0:U`NL&=;[Q)*'/L>/$#:V26<(3IIIVN7.^4WZM$*TK.L\-U8DW4+0" M:G9[8*=D=:ADJRZE5>)?18SLF$Z^CXG(M])'5W&9"[2KZ/<8B+;+E$)L89KF MOB(0(E/ND+1213/H`J]PX66%2EX',$Y4FLMB7Y4IOA3JU_S>"UJ4.AU;-*L. MIE,'/#*^,>*RV&)94P>(R2)XQ/L)XN7/6&>5/GCAX^5E3ITZ=*D3)DR0X\\X MMQ:E`\!X#P/__7FFL^FUWJ-ZII9D3UETJ<++Z!/..?*)XZ2ZXQ-]'>.SY5J]H[,1#A6DUE&$@[K4+\+;JEJ!5 M8E<-##4H<%3J&PP_L3-M=X,TU46,,`C(Y@?!:B"8[\SF=SQ#8'9--*\J\LO5 M/2=0V])^](BB,3NMN'ZIK.;0="#6"O6.Q2>KCG7P]6GQ^`;I?;TC%LV@U$HQJ5#=JM?B$80A!L+Q++29 MT60N(Q*40X&C5J[=-.PELO>V6%UBBMUS0VM%'D!PC0A(PA?1\GL3E.FY@\8B M6'KK=X9B17\KJ14-)@7>9K7ZS#LU1I ME/K'3BI5&Q!)Q#YJF5?'NV&O:-K-?KDIT/&;`\6/`+_%!2D"F!XTJ]S)@-QH M8I,9A%2UK7?&]>3V@LNJ5P+8"].L@/((#:JYV$.Y='CRJ-/MKAE-FI$&LDQ] MMBN,G&>6^')"?CM<.,JX3QS[>8MQ37JG:KB M'SHH`MF5?W.MV2\:'F[#MNLMKHX&QZ%V9[#W,K7S$^=3Z]-+06.OF\/AUO\` M`Y#23#?'PVG([#2W!<=.R&ZIT+VXB1L0#-)%+:I@['[7C=4L5AO+[-MLU",] M+K-APFNW52\IL%OGRT;=.CV">PBUQ*PXTTP1^DR#G+\Q(MF[KT?WRU[%J5PF MV\/.#W,Q95*L+%K2`.VK.[1IE(/"LHLL01GL:S+"9[2:ZN$/4Y8WV(CL1"X; M2%%B7#(N%_8EU1FY/OL71VJ?G$:NCZQOU'K4X0EAFQ4JE77:Q.FY[30#'(!O MF%3HL.65X^FQI;$,2\Y\..RMIWGE%29N&_?A#P'@/`>`\!X#P'@/`>`\!X#P M'@/`_]"::SZDO>H)JFEAA/9K2H(L1H%RS$X?PS#'P+&2B0XK/"ARN>&H\ M=I*$^WGGGV<>;QQXUT9W.ZO_`,3COS]Z33_^/'?_`&WRX\=DN=WZ)O1G[+;C MNN#=D[9L^NS;4:IEDB,U^TZ"MF6)JD3BFS"3LLBB*L1RH)$EM<2)2?C-[4V>L%B M8;9`%E:SBWT^P7DW*)90=C%JI?JE1[15JZ`*9[B[8FRS5PGR#--FY6&;*-WD)IE`(S[8-NU769&7*3$;BUU0=JRVK1:@VQ0[" M`D_._!I5CHAH%#GS&AQN0L(@HN*B-.@R)-2=&FZ=2LG73&N=AD6G4-4*,[_W MGK3H>^ZG8B0M^L=:JYWLL-("?"F-$66FI(G%!<&2YPU\1U]#S]U>3^KRV9B6L%'AVBK220%Y MYI-0H5PCV@>/.*78Z60@PKWS"6U.Y^-\>"J8US\M(C\^1:UA!;9V9*=:B[$P*`',VTW*T]G'-'TUW=I1P98[!6H;UPL8LQ4[/V,)7*CLE'VJ[\U*8,E2*T;O.F49K&OAD(09?S[XLR@NP,Y:A/PW:E M(Y*[LZRBX\V6C+H9_/#U-U(^%JQPY(C2+#88YOI*+J9.NV:\*SY44,-%]AI+ M\(+(9#OE7?B,OT9)6=#?0,:G$IEM"%F1$>PPX,`\ M!X#P'@/`>`\!X#P'@?_1Z)Z)VK]'$?H%Z@67H5I)>QPKC9XA\JQ874,DS<8W M.9*D&4?K=C>XU-G(<<3Q\-OV<*_V4_S<:QQY_)Q?'9'A/:7T6S!48)8]/W2V MGBA"$.9<=L;_`,)MV;);C-K<]S8E+^&A;O'//LXYY]G\W'EKG\B^.S]%X/-N ML71VLRJADV)6%J-K1$@].SW-*]:])*VG@`!><.$IXXP3*1HP@6!5RV]\9]AN M4X^U%90_+D,,.Y3,SU=Q&R8<7SJOD-+RS0P`>AUBJ[9#68Y699)B9$:=()OP2T-F, MY\&2I3;'*%K;2A'')%#@NSG6Z^%K;G,!%>G6RDW20%LFPAAQYIJ0LV2'%8[283Y$O$'2BU+`UCNAUIN'T9Z.H,/N MEISV+OH*E6`]CHR\3ZU+RW'C#UC+)>T%8JF6"-3=L&"N6[!/$S9,6+,7%XD" M$,3)(J5N+TCJH#K&@TUR^]?`],S9*!>JU1=IS@?6*"FRF98=L=H()4YD55DG M[`E^+PR2:8^:F<.-<<*<]Y/@U3RL5'(B-!8%4NL9Q/RZVP6C$8;6`M9E4&S# M3+,>6R48ABHRZZ:@E8_#3J7TI<;?1PA7"E<>SGPG_($R/.J[/`!..-J4`'+"A(K+L>)RRR]\%/*T\\\>WP6RTK.\_G M""@";1:=,`FS#EA,A)59"2!!<^[(9ENG"@UV"N'/,.2H[;BI+J%O..`RPH2*!#8(8&-'A@XR,S"&BA4.,.&CX<='#;$2#!B-LQ8D9AO MCA*&VTI0GCCV<<<>!D/`>`\!X#P'@/`>`\!X#P'@/`>`\!X#P/_2Z)Z)Z!_< M*W:!>K6-TCK6P.L]QL]A@,SKAJ#.>?Y^>/Y_'LC:3&7Z9NR^*:!N8&M5:J:@#H=7C%IDW M0:S8:5<+6'TX2J`J,/JIR10]AQBRPZRU,<4_/A().1#+?"8LQIV'R^P_BTC1 MGK+D!NWY\%H):QU$3$K6B=?+I7_L7GTNN!AHC#KWDVCR*HT`DW@VVU'L5ASV M>Q">8?8:#"R45CF/-=@.2)Y$4V/K-!TV58C%L6P]#>1*?^5=9F"U=UOTZYE:KK==B[/&D,.9(0RES7_FH^;D;,G>[`0IH\IJXC6RW)*1QVA&_)G^3X&(Y"*T'C.)T.4VJ1[SO MQ%M:4/$T1V^7/ MAL\S2)(@IE"52YLR3R[)=KE8_@/`>`\!X#P'@/`>`\!X#P'@/`>`\!X#P'@/ M`>!__]/]%GHIE2A/^.'ZD2GD/E>S)1B+\],D2_EF./K7L98^8<<^"UQ[./R4 M^SCSOG_BYX]VT?5HS=JV>D$;3'VE\JK*:*.[#Q;W!U2:$E=L;!>G0RH^8-7% MAX#'`RY1.U&N`>SB-:(;]U]M<*_4_ M542W%`K;76X3N*OB)>28Z.Q3;X1PP/H9"3%G")<>7!Y+68;#($8LB3((B?(N MFC=/K_HFHS]"T3.=$S2TBI`]?4"Q3 M[_IUGT\YA[9*\=A`+\&HPS=NSP:)*RWVY3)(BV1*SEI(PVN):9T73HQO8NT= MRKL0W+!Y$C0F*AS5K-49AGC%UAMN2R`KFV2HTIH@MF#"@.!YG*R5#VZWI?=&@"[+P. MM%TL`6)J;N:,W41DH11X"#I>1PB@FYJ$`LGTAL]+V'3K`K@C*;")#LL"&0XQ ML?.G)F\BH2*MVGL-?.PW7/\`6BQ?P9&MZLN:U[+#7ZG*]5B71Z_(D:`O6 MGZ3&F.2I.SW0B!Y@DS*6_CIBQT#V94-R3,J:(OOV$NUS,M"RHP]$W&RDJ9)XW$SL6O2*6*ET> MZYL=AN,QXKI$1(6_!82024D6&$ZP*A_.GZ%V7:?S2_9I8]:U$36#VBQ[Y?K+ MUXG9MHE&RN<"PV?K$[-,XD4MH-J%WIR'#/-7AD02?ZVS('._:$@+>9(C35V? MC.MOQV'F7?F&GF6G6G_R?Z9MQ"5H=_)2A/\`2)YXY_D3QQ_+_-QY7+[>`\!X M#P'@/`>`\!X#P'@/`>`\!X#P'@/`_]3]@/7[LA7"75G2NR4[,:]3DUJR[6DS M5\[@08DFU/9=UMTM`$V#,%,QQEWM](T"Y4>UE-%S0?(IW%= M=/F<[O8V@#!MY#TJ!8E2[3R6159`)D06:0U-FCW8BA38B[[;S5NN&E[S#!Q) ML[/LLT30GJ:L[&>=8+42M&C[]+/E1K,Q@4>BR17R)-MM,CY"9PZVGE[X?"UC MO26,:&\]M)7)^1;28X[+P&AI-_-KY>=>-6RRUM0OF#\#A"&HZ`'#W#OQ>>5< MN\I]WCW?;R.UM<>N?;4KN.B$Z.5KV=U2;%J1^TSZ2C1BB=QSF2#LP&MHKFH8 M_<*+2S\54]9AY7)D0LD#CRX3D3YEY+T&7,$Q2PM]TK:<]/9?"S:KY?8!.B70 M9GSDB\6BV`2(L^3%6@XB:B.!JIZ-*#M0*YPCGVN(>Y>=_P!GW4^WD13'3NX^ M-A!)J85DWDC,JQFZ5D^Q4,?V"R\2C653)PG7YM2C0*.X3ME0S0R+>BDS,)EX MVUXS#'6?1)F5B52A!D1"GH5(NL!UA"DH4R]&X1,96[#=9D."D5&=TL#+S; M'!AF[8VY7R8L1'<*YQ?J^U<)Y34!.+(1GO-AKHIR]1HFJGH()V2-3(B_/RVT MMN+X5[W`J7IO^R:[^LVT9CAN64V_D\ZH%<0)DR[3+=#IN?U!T5 MGU\YE'R+-+F2Y\^=Q$@C&G82$\2E2WE0!6ZD*7ZB>>W>JZ%9H-6MPEL57@-D MS-X[5+C!KET19^H>;=L@E9,W;BN.5"M7=X!=I<9P9S,>?0V.X7_*Z^TPH4LD M?W8R<>#C$[O-)P9+DRS`&T>Q66NZ/CN?%Z^QG-V"S6V=DUF)CX M:Y#UV``.:,5 E2D?-QN7&I:H[7P%+:FPGGQ3-5+MIEAXH"K4TK-^O&3CM> M?(!*C?B%$!&B-QLU0IP"R7N558-?KEBM\^L/,PXDYYA;TM3+:/>XG#53!2)P M>_O6HJ$KYP8&M+S@I^.WPN3RTRZ*EN6P\W(99D-;Y4A;:N6W4<+1RIMQ*'& MU`\!X#P'@/`>`\!X#P'@/`__5_9MBW6_-J%B6 MA=6"-UC:*/-$].)7B&Q(C`K**&;=8;':?E)$(07F%J\^Q&.N)'SN'&7U.JE M(J0")$S^B0!,)E(B$,D"67.)#$E;CKJHO[+1H^/AJS2J]FLC=U6@RK]-@#Z!'R\U0WJU4I86Q(EU/-Z>V+E M.N1EG5-#UR2,J1-X?E*&O59E!RS/J($.[:]OETO#%@I>=DY6ZWF[T`A!C8KF M4TC?P(Z!8@U7`T2/GA,:<(/%S7,=1(O`G+D2B;KC463'#U53K'6*:7"2V-/U M4I(J=-L-"R*%8SU2)/9/3CS]5>-BZ9/736;%8WN6*@,C\$+3+LA)B*SRVF2E M+[WQ1:[;A0PEWDTJ697.2[0KI`O@/Y)]MA"S8X2;"QT3N'&'N9$'F&??Y4VG MEM7*^$\^]QQQSQR1K5I_1;"]:K(6M6J!-D<5ZZ[+=A!B:&SRW$H,G?+^5TC3 M1,2)HM$NE)56&R%A'PH$04A,DY%.EV:S"W7*N.?1`L1`T.9:C*'-L)#29@V2+E\ MA?0C)0@>J@0]KT@,*!O!E4&MC=&2UK#^W#HEF#US/A(6MC!6CS)$UJ) M4HU9BO-278TAM^.KX7`MDBG4T8_I_6\N-XB,T+`2FMW+F01.D)ELM)_3"_VA M;I9`&P"B5]VD#+PV.M2);DQ4MDU61*6X_NH=?Y%]5D:=UR`:1:I-U@Z!JV66 M4W3HV=W4ID]JA5J3?*%`GF28BN'WB0,\Z+D5^=92C@PT$4(L8SDG*XBD64NJ MX\%J_0QDHHP'C9O7SX_`A/64-9:^.5773\.:!QT+' M@0H#A)X&S,;20^0Y(-LRFQ:IM;Z.ERS86O8[:/LE6K-)L`W7C!.S/P[*2JEA MO`"[R1C(]FC603Z&9#5I5GF@[% MH,&59CU-L"GF9%%;=&3<\V<3N])4TZU0FW3\L%>QBN5D#BBQ8I#E.-$9+O6+B8O=%MUM@_0N"KQFB64 MOP_!^1F08\GZ>/\`J#4WD="Y8%RB5GZ%X]9J<&I"SU]&APV1Y!A_PDOT:R0C M&?8L/T095X%AK%^HEPHYPC,C::05)FR!2Y,=]MAZ`N"\VIQ8MN.%$0J^&$@1 MB7D#0@R`('HDRI,Z0B$-BM0HB7YLQU^9,>2PRGA;KJUN.*]JE*Y5SSSX1D_` M>`\!X#P'@/`>`\!X#P'@/`__UOUUYEE&D4/9Y=NDY(4Y1427<(X3O88OF:YF MSP.P&]`M(S.G@$2[J.L"G:94(34W5!6>I]DN% M_(C;G0S]6%5VS=HKW)V&L&,R=*Z3/T_LO4=VPX)7(1`H=($WJ"/J\%H@W/?6ZS%M;W7>A;SDUZ@4633JY!Q%NC@V_JZI[)TX*?`4^J5ZGU M5%RD7QRP&2%(@"U5Y41=0C#B(\>V?<-J*D)HWRI-?NK0=UGW*!,S>QO7&\%P MH'O3K^NGL'(3<9B4"%FUSV_=C59NXBP!J7`TN23&0KT'N'TZ7:I:G'DNPG8? M'Y,%D7&OZ-&CD'L%88*>L9L_IUU[,'\.LM/T"MN]BQ!VK+KQ7TUK$$BU>Y9? M,UF5&AV![LN6A2)=WD!>0Y(C-CK587G7ODHD73]G0.H=>=&JW9ZGV^:WK5GS M:@:)KHZ@&K-O%INB@=$T#KC@R.2MH@W#3IINV`9>QUFW0V(DZ.4FC2,N-(CQ M(XU#,N-4O271;PAX#P'@/`>`\!X#P'@/`>`\!X#P'@/`>`\!X#P'@/`>`\#_ MU_V/6_O5E((]IM-K4:3>+QE^BT/,RU9'FJV"5*.7J>$$IE),68F+#CAE>,&D MQ9SDIYKE+S2^&^%\>[SR6DSS[N)B-WA5]LE9Q](M1TM<@/V0L!8+/E1"M$M= MPIACGBPU@B=J$H24.T(L@/+1/X05^1?::3Q+C2XL<5+-L=N>M4EN,_'V6EOQ MIP1-@'S&ISRX)$>\Q$F0&ALY,?F(1,&QI&+,&CF5N$"<"9&E1&7H\AEUP5+& MFNY76P,&(E^-3`&'!U*/WU00&I\C8GPM;"7$^0AMATM-R8UC:REOXD20EL5.SU"NW_7`M`?GM:D#B?*UP%9Y$$DR2@$TP;#-J(F#`BP' MX27R]C8L-_!BI8N%Q)(0BYB%!?9;E2X[3@J=GKC=MNM$SY94?;,_7&DA+/84 MD%'6&A#`RF0[02M*IYE[AL4,G`Q5'-S'XHG3#U>#RW1IQ)8E88JBG$ROPZM]+^U;QZ`T#FO2(7$+YF/&A MOON(2RRXM)*1N=VTZUCY$B,_M%$<7#^S:YCL`P@I$A1;;6A%T!DID\8B7!B! MGJ?8AA9^+4[/O8.S&24_9"6)72S0:A985"HN@125A ME1AU>(#;V9U@-!A?5WG.(@N=#=R&>M7SRXSU?7HY]G M$B]3KTJ1:[#)JP6!P@FR5<,PVJD_(:("'Q[10'!1&O\`7W>)LYF-"4U8!:TN M\H(PN7Q4[(K:^[/6>K4*T:#^M.N'!58C'7W(@60[+(D_H-8>N#TD9'^"GX]< ME`&DRFCO//`+F,XA[F9PSS[_`(*E9T_>,H!OU*!9[J#K!BY`@U@&"#4UJ/)C MP+![S(-9=]'+D(-]=)-.P1O,IUE)2>RY&A\OOH4WP*1,IVMPR'CUVW41?LQ'[$2I,258IB$$(@0D,5!'1FT22#)838X,V(\WQS'E09394L4^54[8=?K>X&@B]/JRS9E%= M;:#)G*>D-$[*3K8*&&Y?;8^4=)QK#<1$"2TE?*XDHM`0_P`-JG1>'14OOSVO MZYIE%(:]>J#;X<--/$.'9;[+;<`?Q".Q/<4X] M8),X,,%PIG'P./I+5B(606R(D2_@1C"RT#B"Y(^>B?&%2A##4^P!V(!M(QZ`>CR0$F& MN-,XCKCS&U-O<-J2KV$\,9,[.8%`DVJ%)U2J\3:7(G0K#"9E/2YC!09:FJ*2 M!CHD6.](/V$==)4<2^.'IE3F2,R+'6UP[*CI=+4L)0>U^)Z)Q870MP&(B!;- M3*]!GN2F7X=ECZ1.J`7/+`"?A*DH?#72Q76$/@K7RA:Y*N>%)2GV*Y%2A\'O M=UBFGK0.XTX#'`UBL4&T.79]]2*P4@WZ5IGRSXR1\/F4^$"`CI M@35B2=4(CIBXRWT0B,*1%?Y1(8=:2*?83V.PP];N:&&TZK$K;Q;"M%2&B3%N MO.V\"[<8QX!'?2S\G((`2&?F(&L,^IB0Z@C"87,BPDYA>_`(7R$!,F>B:>&QULI>GQ$ M/%J=D6B=Y^KCI&X#B.JAJVFF$X4&82M#9<%,H5*]/U ME4;[`_K0^T<+["?1OKWU_P"'*^']/]W_`&?D?E_JGU/X_P#5_D?@?/?-_P!7 M^#\?^C\(_]#]H%UP//S]JNLC6S(>77-8V;&;;5JQ,:&*9+VC+ZH'0+JA:&?' MDQYV.9DT]^2Y&:;2ZN*A7NK0I/*N"VBVM]-^NQB^!=JMA&71(E9"46G_`$(8 MSGXRA.-UDV8;S?V-&J26-5V<%LUP0J$@,1&,/2FHJ7FGN$\H6(F6'.]*\8M\ M6SXVK5]2CB%"<8NUJS,58J)Q&YL%($5*@Y-K1^)*H$TL3FO0NND6,V-GOR*A M-E!GWEAUR4J=2+[LL!Z`8H`J+M+C&+X\)ERHL\ES\U3!3A(@W#UR,2G/1JY2 M`@F$]8).U&9C+%S^S9^%U!S.9E(W$!NGWB6*S_`$^7;RSC"<:) MJ0<+5LBOFAV3-W\KF8N&IK=9O4>9"`1:H/8A+^1)QD-3.&YBZESU5R5],/KZ M9KM;K4^P:5*A5N"V#9=G2,Y,.DJHO(L#Q4K5"44YFI03P..U#K?7%R)<6-&+ MM3.9:HTR.U(Y90HRE8&CX_AF^70#8Y>TVR,G>LJHKH*G42Y582*TRHXA9#>H MY[I59),UJ7H,2;G=JV..79)!#,&)S(>&_-(>3\-#@_9"(_IKXZU'1'O2]"+O#PV!U663/2ZQFM-+K&2Z3AM9D9PZ?K64"(TV;3U5PL[QQ(5Q+2N4\ MI:BY?*J>FAC%%KY<-3;]K=9*FJ48RR9=!"LBC6WG(3XL8,+9?R_QD*@DH!)= M#QYG!"1!?L;4U'Q&R:.%*2I1:]KYU0H6@$H4PC9+T*'\5O*:M8Z\%G5E`F[# ML+N!?0L@5& MXB(6TD7*-6#H'F]C"*"R=/VP?P-:Y&4$J%.T(2:RJK2WCKANH4$A%SA*FA9Y MNPOMNS"B2AJ(A#',&=$7'96@7*49)TIS3'C5ZL`.S78J3T,+8PUAXGP*<"M\VP5&*6K)?6M%Q>WB;<-GR*=]+9N]1T?'JY)KCKL9V(S,Y M5Q)C3/?;X;%RQKGIM]>T6(Z>&/6L1%+UB/6X593"S,]7:ZY$SD!E$8T*1/XB`!<6!`8B#F6(ZVW1HYO3:F-R9*V9;0M5M^ZE]=,T;1?M5[#W>DUPG<_;#A*YX7[H92H[_QW5*DG' M@CA[03@^99@[=]9,(;`M`L=.5ZH/6.[U_0K$[7A]QR>S.&(1JR5QI3@RQ.G@ MS+#BFH\-E"(_#`N7O!^GYE(,=?1?%_V,K"T;'-(QD^@U8:A/>:':O0\9SJZ6 MX7+^PC4N':I5;P:NHB,\K6`'?7KSFMMKY,3\/JY5 M2/,>5%?;D342VI'#P^4N#P+67_#E6?U`?P\_;+1?L[\E\K]KOK0;[;>]]I_M M9_/]G?L7]&^H_P!6^@_1?LS]&_\`I/TWZ7_4_"/_T?VK]IJ/3;R"RV-H5DI- M=I%?V(%:;.F\VMRH#SX@74;NS*K\">AV,F>0EIF_&.;,95,,0:L&Q2GD@16NG<\YFS*6>U*I MSC0LTX70Z1L$ICE<)F20G+YBW&RULDP"W@@':D$(TK%"FC&NN6%Y'82X+?=! M-'CEKS@UV)YN&S:^4:!1#F)V#7'[G*3[831Y8X@+F+=?*)B_`Y%]&(QSKOKU M8OO7T]^N/*S8V!8;-/J,'^($I<(K^<2;G8+C8A6>U,;BU&BW`I#J5B>"(E`R M%2$Q(D5ATE`+0F8PN()E/[YB5W5HUX/$[?C)N``L]CNM]C7'L+J--*ZEFUU- MEYN=9AK8$0`)5/(Z%DB)C"`TYF'8G#RP32.4CF2)IN:+:[%.K5]$GKNH[V!P M>TSXS%(:U.+9-W-5"VK$!L4ZE5.>Y;3A6AZ-&AO<6.CP2?"K0'L;!@62&*EH M;G%&Y\$7X0Y'4#9%LR``OL]B3%TC$LSJ^LV(3V!,L7@ALJ^M76W-*9=[$X1R MZR3$ZF$XR8S:*Y$D\1B)=N\.+3+B<1^7IQ;C9L3.ZX:BQN59,A=AS;@O^OX_ MH*D2.P-S;NC[".T]SUJWT./2S%#N"2")G5T_6ZP_"#$*Q].;A?)3>2H9,#B. M2]'S.8$*DT_I3&A:UU_EVS)>ES%8EQGM>FUL7L=)!6/J18;-.J]G#!YAV1A) M^KYL9A$S[,)QI,4_";DPY,2;)8X%]=E^Y7@]U!#]?C6/511JTZ'BSU:S5(K5 M;T2=S@`1+:,61"KQ63\D9C5ZIQKI71,2U1&FS16,$BRI7PGT,-\5+Z--JKU2 M[%3['DWF;%(V55J,UKFH7`]9-$+4]7ZF*K3]@/7YB;P/L$4 M.*H(V(/C<1GV):N'I#T6XUT6?7L)V&.W%XJEPP`'`F2(=>OT<1V;V*YJ&3JS MHF#SK#>XQ&T4PBH[>K>2H9."5%%J4U_JLA^3GL4Q)#FD;V>A'2%Y'U'O9#MI@/,+!3)N<2GQ-?#314?EMKF3#JD]GV M1(\%GE8B?&C,S.IN[1:?J2;+V/SNP%6M#H39622[&$JI63=S"C-1AJL6DLJP MVR1J?;K$4TH0\NN`7^FNZQ0)X8G:>NK[%@+Z=8+&`&W&B)QX;IJ2]HL;$Z;'.7:[ M522\PWRMQV>0(-N2$LR93WD6]8T:X7CJSM9+.Y0-S<\H&Q8:J;G5D..]D;V, MY*[?5JSI`$OOIDJ:SBU!ANP:"?O`B03ICHV3)BOA8OJT#K!`@(CBLWST38@O"EQ M1B8DN4\U%9?0Y(=14EH]#ZZ[7;ZWD_&<;?0*41&]::-3[')+;&4CE3=7RX#) MI=YET8`"H4]T9G6JVL9\TN[-GIP-X7-;GHK*RR6"',6^J=9-U+!F?83%L^TVQ=F^J9K5X+UK&S;$%S(6-ZN.9$ M,NE;3$YEB=F;UG(I3^>12'O#BD"SS(J%_&*^_#%Z1<:*;T+JW>3?&TR%19(R^C%#78%>BFI)2 M2\1FJF-$2W&S8"Y==[N5ZM];,_GZU42MDKM]T"S1)RNPY[-(MJ'7'.=]X@5G M-MVK&7$K*Y$SS,[M*YB-P:U&3,KH1[ASB/$:=Y\)>LZ-@^H@,L"_62B(:J%L M`N6/.`A"PUR=#%Q"92E]8\"J_%O"TT1"G1`@R\*'\O0HCLF(VD"P-GPOFX1& 2.[Y4GLW6\(>`\!X#P'@/`__9 ` end GRAPHIC 12 g297874g43h17.jpg GRAPHIC begin 644 g297874g43h17.jpg M_]C_X``02D9)1@`!`@$`8`!@``#_[1/H4&AO=&]S:&]P(#,N,``X0DE-`^T` M`````!``8`````$``0!@`````0`!.$))300-```````$````'CA"24T$&0`` M````!````!XX0DE-`_,```````D```````````$`.$))300*```````!```X M0DE-)Q````````H``0`````````".$))30/U``````!(`"]F9@`!`&QF9@`& M```````!`"]F9@`!`*&9F@`&```````!`#(````!`%H````&```````!`#4` M```!`"T````&```````!.$))30/X``````!P``#_____________________ M________`^@`````_____________________________P/H`````/______ M______________________\#Z`````#_____________________________ M`^@``#A"24T$"```````$`````$```)````"0``````X0DE-!!X```````0` M````.$))300:``````!M````!@``````````````X@```/8````&`&<`-``S M`&@`,0`W`````0`````````````````````````!``````````````#V```` MX@`````````````````````````````````````````````X0DE-!!$````` M``$!`#A"24T$%```````!`````(X0DE-!`P`````$4L````!````<````&<` M``%0``"',```$2\`&``!_]C_X``02D9)1@`!`@$`2`!(``#_[@`.061O8F4` M9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,#`P, M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+"PT.#1`.#A`4#@X. M%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P, M#`P,#`S_P``1"`!G`'`#`2(``A$!`Q$!_]T`!``'_\0!/P```04!`0$!`0$` M`````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@) M"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D M%5+!8C,T)E\K.$P]-U MX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$` M`@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D M8N%R@I)#4Q5C+RLX3#TW7C\T:4 MI(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B7I[?'_]H`#`,!``(1 M`Q$`/P#9;UZK'?;75UPMJ#K/T9HO>]SBZOZ>5=1:ZKVUVL9Z5/ZKZOJ?Y01* M_K+CUY&X=<>ZCUO5+#CVN<:S8VZS&_28[MG^%8VWU/YJS[/733Z3+EC6XW4? M5LCZN-<-[H=Z&9K[C[OZ1^ MK8#6UV/>\5TBQUGHM%S+:]_IN97O]/\`2>CL_P`)O0AUUEGJU7=WU/4QJ;O2J]S/0WX]GZ+_"^K MZ-WHK#^S=1_^=MO_`+#YG_O0C]/P,J_/QJ,GZO-JQ[;6LNL]'+;M8?I/]1^1 ML9_6O]/\`2VOM]3]+ZO\` M@U']OT6/%E_77%P:T`5TY%;9#Z;G,VUTL_T-M7K?I++Z[_\``_X30M^JW3&. MN#>DM?LKM=7#[H+FN_5V[_5]WJU;M[?S'U_\-6I'ZJ]*:U[3T@.L:6EA;;9L M+7/V.87>MO;;77[K/9_VXDIK]-R\KJ=KQ3UIV7;C,#G$5V4;=]M.ZSTO0;7; M^CHR=F_UOZ1]F_FZOM%VWTS.JP^G4UYN2;GL#:382ZQSGUUUBV2VJMVYS]]G M_"L_3JIT[I[.EOO?A=(%=MC"'$7/(KD5V MG9TL#TBYV\$D%[]PNLKVLW?1_/V>M97^C94DIOV=2PZ[`Q[P`:_6+]`T,G;O MU_E)_P!I8&[9Z["[0;003)`>T?VFN5-XR&8X=5@ULV.(?C[0[#O?(^R M.,'<[_NVH?9NC?\`EED?^PCO_>M:EF!]8S;81T+#(+W03C8^HW&#_/J/V#ZQ M_P#E%A_^PV/_`.ET5.;]FZ-_Y99'_L([_P!ZT[<7HSG-8.IWR]P:)Q'P]4]U3VU/`QWF'/_F_HY'T'?ON6_75@XW2,''?EEYJ9]DD M-<'/GAYRCDV56^KNAS3):[;<['=3-C?ILI;L;ZMGO_/\`_!$I%BY% M568U[\VU]7'I.%A.XBNIK;]P#ZFX%@#GGZ3OI;JW>Y[_4VV?\` MHU1I;U6&[L"BLZ[`-NUF[Z6N[=_+LV-_2?S7_#I*=/&R\?*9OH=N&AX(T.K7 M"?I,=^^WV(RR\6SJ%+V,&!7159:6O#"W207?:#Z?M^C7Z?N_TE:U$E*22224 M_P#_T:UU/U9]:V;,R?4?,48_.YT_]J%#T/JQ_IE:5HZ[ZMD#`C M>Z)_9LQN/,^Y1CKWAT__`.%J*G/]#ZL?Z7,_[8QO_>E=E]3Z^F5]&C$-UE-V M>"/492QXL:*OS&66M=6WT=_Z/]/LWK`JQOK->'FBG"M]-NZS8WISMH_>?M^B MW1=GT_'RJ,.JEOI49'V5GJ4,%(;]L>S=;:]E+6[?H?X-SZ[?5^A^B04K!KP& MY+2PW47ONL>U[S7%QE_K4MU[/48Y_I_SJK4_LHMK+FZS^?8 M_P#P5B19UCV'T<9VPM;#AJ!,N?O:?S'5U[?T?Z3^=]*C^824T'NZ&0RVS(N` MH$>J6QNA_KU^I-?OM9?^E_TGJT>M8K6#TW!R*C;CY.0YL&LASH+;`[U'VN9L M;^GW_GJ;V]:](FK'Q1(&RIX/M(=^"$Z2E))))*?_2K77?5KUK9JRY]1\Q?C\[G3_VF5WH?3OJYUC-?B,& M5264OOWNNH(AA8W:8QO;_.?36ITZ[ZPW=3:ZSJV+D85%P=F5MOI=MI+W,BQO MH-^E]#Z:ZA]5PR*Z:S?3Z-?YW_'_`/$_OW;/V>VZ^RRJXUM: MP,RVDEPV4MMWU.]]OI?I_P`RM6'7=2M9^AR:*KZR:GM>'!CK M!ZC1M=8VO\Q]3_:VS])_P?\`.IS^I,S*1D9E5;=QWL9.US`?SM];O3>[WU_S MS/\`KEE:"FO=D]+S+/5OKR6V5M-MC&[AL#VU_NQ[_18Q_P"B_P"$0]G2O0+F M56V4L>RLAY;+M[=W$/M=MV?0?_[9>BK[1U(9#MN12*W6/#RZPO=!>T5^G46; M*7U,=Z/I[_YQ7.GV6V8E9OMJNOC](^C^;D_N27.24X;G=%&C67L-SF-L=(+7>S_ M`$7T/3VU;*_2]2O_``MBTDDE.YO]?]_P#F MZO3T4DDE*22224__T]WZI/Z;??U1V+A/8[?51>UV0ZT.9=;:Q[P/2K]+TO?8 MNB=;5;>6WXC_`$O7@7@N)]26,K?#`+&U.VU>_P#F%4Z`,PX.,+,\9-EF1?/3W7L8_]%N]'8]OIU_X/^;J1\47NQG.JZ@,@>F[UGRYY`>SU*+J? M3VNJ>]ME-W^$]G\RDI%D96-:YMC^GON>&O=(+O;816^^GZ/TVV,IK_U>I45] M+O>SIXQ+ZJFES1)<*BYI^T[MV_=9^E=ZM%O_`*B3SDMK_2]1;12&U2S=%E9! M;ZC['75^L[UM[/YYM7H?X3U:_P!&B>IU#W@Y[/498*R',#&22';&OL9^DLV! MW\V[Z'Z/^<_3I*;#>A=-%;:_3<6L,M&]VGNWM#8=[?3^C6K&+@XN(7G'86>I MMW:D_1&QGTB?S51`M%55EW4&G(I%C7V-.T..]MQ'V8?HG.KQJWU_S3[/\(AM M'4'W!C>IU&U]8!J;M)<6MDOK]KO1]S_I>G;_`*3_`+KI*=I)4!AY]8'I9,N= ML;8Y_NAK6-:75A^_](Y[7_\`;B6+C=2KRO5OR1;46[7,@#4?1>T!H]/^5_K7 M0E-]))))2DDDDE*22224_P#_U.YIH-./3CT=/$,-U;66.LV-:_\`3/;87ML< M]MEGZ+W_`*.W9^A_16IS%7I.IP'-970:12UCP_9+V64UVM=Z57I^BRRO?_/_ M`.`_2(C,86N&/^T2YP=8][:WN#G`_HMNYMOM].UF]_\`PGJ?HZ5*W!M=MO?G M!MM(+&V@-#9)M'NW.=[OTE?Y_P"D?3^E]3^;24U:FL-C;'=*M]=P)=8YSB!M M(#66/L][[MA_<]-]OT+K?YY3#:KMC7]-M'K.K%Y#GM#'D`.Y]-SJ:H_2/8W9 M_-_];/5@9S8>[.(LWL-C)+F"',/I-WN'TZ=E7_@O^%L6FZQC07.<`&@N))@` M#Z3DE.!34US9MZ67O!(;&]@B/?OWE_J._37U[_\`"_Y_HZ73,3'94RQF,,9U M;K&5L&X0P/S_#.M_ZYZG^C0Z[^D&]K7X5`=8QI=8+FPUOZ0TC:XMLV M[:Z?S?\`"_\`6U\]I)*??:[NFUY%;J,*JQ[VU_9@;V>V'GT6TZ[_`$O7][?9 M^?Z?_==%KR,`WN^SX%+I=_.?Z+^;5DY>,VVI]&!6[)K@5--K M-Q8=K+/L\N_2?JOO_P!'_P`(OG9))3]"TW],#*;:,"O[2"!14+V;H%;'-T!Q90\7UM:6[?YSZ?M^EL]GZ3V?\1ZGSZDD MI^@,K(Z%5<&UX%-^ULUN%U3>9L>QP?9_.>M[/S_^H9:>R[#J9:UF'1;BBX.K M+;F["_TZ@YKY$DE/T+4[I%EH9?C458EE32YSK@=I*_H?GKYI224_ M23,?ZK"2PXL1K#VQJ[=^]M_G$]&-]6`*VT'&T%7*]5P<9EUR$^L0WKT<+RJQP-2.GW:*4$0`4 M99DCE=4@9`FC!&`_#U4Q&V!D1(]E=&X]5-7/CE:8QNR=A^HCV6K^YX+)Y`A3 M)&I('U'[QVQ>E64G.1=RLIA.NJZ[?4(OV[NJ%3] M4^UDB.C@`ZL+'!`^VL#A9$P7JDT+MFL9%!U7:90H)"'RD7@UXOPB@AR[;#%U M$%\++ZH;^TCD1$3P^X*0;P8O-QD9M""F.I-PW.,LR#1VJ@MJEA:8QK4J2N_P!5/M++.NIW=M`*WIR26GTLAG=RF)K4]SE) MI)XY#C_9_K]5X:O9LR+UV":"92Z!60[T*/FVSEKJLFHW31U527U36N,;]VQ) M;O=W$DO8:AJ5;B:AJ\_&N_\`)NLM_#H\3*V!#K'ARG5[_$#%-XR>DT'!2@#[ ML%(K:.]TF[%TH8'--M5<,G#IMHLJ*F?"I(?ZJU^1#KW'#\9JB,6>M"^HEJ=Q M;,D-N7#(&S<_JDQ#(\X`5F0;&).[#`TE!SAWABT:Z_P`Q7"OE:ZK" MHF6RTG]4*SF5N.6L=I:M5*%&=U.M?1XJ?EELE(_$1P%/O*9H;%M'!)1DJZT5U0T6T06F,;ZK'Z%^H=.>V-H3&N+-JB,TV7T@"M ML0",HF;(*R4M`6TTS"7)IK(357Q^I+3B>K]PU]B30N1EANSAQ[OLCIX:K;B8 MJ+:]"^U%P26VZ%L5W:!8!6]M^K!?O6S2+>](BXHSJ:E*CN>LX5"7J+Y/&4RT M^L^KU9,KJHIJ\=$7Z:&F/+011U+4:_X#X7=,GMSU(^TM! MTX4M&>EXS`JUAU)=1*UN#(M`A#XA+B)8..DXXXANT23T4P_461V71V]K=(E1 MU\(6Y];&7/XG0%D12B8L5B$LKKK7.;X"I26S#4JKQQV/MI>HA(MB>CE3D*MB MJ(Q^TW(C-Y6<%/I,A[2#1FELELOLM<>NJR9+ZO!N$P^-SW(5Z($SH'' MAE7]3+/7C#V'ZLJPK"4$'!M=1]HS'%%V6K<<&::OS*ZR^V^5%F,?A)KM]2KL M5:8I!>JH,!H>$0R__3@@=@NY%93E*_M#_9QU2]KR2)LX(WART?M=LHM]T>+(XQWS\RUF\B$FW%F1HPD[A4-PC'(F89M6P M,OA)-0^ALNNHS892PCM65Q<(JWT$K;L5.;19> MGT#1O@;))0`-7,*CE4,IX7?-W)&/&2V93J$U.^^'&GFHN7&RWO+ELIY2V^^G M\WG3U][9SGIV0`9ZJWILA8=/:\#>FA"Q$#M-VT?V1#A<)I8?&IP]'.=G@MW* M`S2.(L#+@0]VRNRW7TWV9KYRHCY>_P#.X]?DSEEVWJ[^GVR;U4T9>GF,9-*- M924=3S5F&JQJVK4?-&JK*8L(:@@(32!,I:W7WP320QKH_P!M\[+X4VSG;CU^ M3.6)BOJL^G#!`1>,0?TWH[#(]()?&9\<#1*-U-&QY:90HZG)H;(7[8,%9)NB M$1/HZNA>=\9U'JZXRAA/'Y./7Y,Y6_9/KM]5;CA)RM[6Z?RFQ(!)M&*N=S-CFOKA]/V/7.YF@,/]7'T^JY'QL96_I[,*Y9PV7E+"B*4##53$TXS/3``E%G\ MT#HA0K1NUDRL;+N&&'?L;*:LE/(QGRL8TP]?DSEI-U[[6=#*3GEA3B3=>K"N M'6=0=_6RD6/0WK#7\3WB96P(C9I-Y+H_4-:001/IP]EU?@ULF'R&N44QB6B" M"6=E=E'J\K/]+[-ZI'ZP_0V7OW965=!]I$3?6A'KL=$3*-=$7JEO1,,RCL:L MK5TZ8*+I30(`&H,FY#3;5RFU3PEC;V/'7CU^4SET$/5S]/YJ$?1IMZ?V$(^2 MK@Y4!`.FE7V@]Y5LFDKZ92"`.&N&7E*Q4S*R;@@X9YQY*KM;=3;&=MLYX]?D MS:CV/WKROLTJFY]7^LAT/I&12^74YT`9U7*)^M MA>:R&O@]51`Q*-\+[.O9-$`(9BZ?(Y>J;N,I[[93RY4W6SKYF^^VSU^4SF5; MAO57Z5(B;_A$TZC2FU*DO^X2]YF*JLG[.I;%HY/96)"HS9V&0--'R.6TAE(A M20)^TEJX8&"+Q5%7&JB>B+U^3.=%GQ7UFNC<%:5@PA/0[>'L*6>R$E4K"+-J MV`,J[)2T*3CLJ(Q)H*&M&X8A)`AIXV?KHZZJNTW2OF[;94VSEZ_)F@"?JB>F M:FM%E]_3+AKQ6$1P3$HAN3A].ELQR-Q\JX.Q\2(P3`.\,VP`P\6<,?8\-F:J MZN4:I[3U>3V2D@[U=/3S$3V46H,].:-LK,FSL^^EM@(1.G-9E(7!#1RM[QA3*RN=WK\F"AW`"$>FI$X M:(>%HF=?,XI$Z?CF"!>!RE6;0A\16#@63@@M$)=OOAB[WRHCC3.<\> MKR>R7X.>J9Z:7#(1Q^(4\98%[4)81U*V"\9D@+ENI+ M#*2&$WSWV<+O4MMTU]E-%%-=GK\GLEM/UN[T="^[O;NJH@XZ#P9O;Q\>X%Q> MUYQ!ZFDI6+,*GBY:Q8T@T?[Q]Y-<:#%(MW3E![LGE7FW$SI/X;?QRT:?`,^Q%]EZK,U/8<0'@!- M],3HR".K0)CX)$5)?78\B2KZ832-2=MB.SY3(3")A?1)9^LAOE%;5=/2IKI# M!9[T54.F@BN9E&IS7DX<2E6(2>-S!W5R;V!E\B81(6.3*\?LV0#Y8S<1FR`A M5XK$EI)B/"GV'IS`MLDNJD*E=T^N-E!:`GM_+QHXJ+A%3S"V!8"XK$GLM-E")1,`!:M/A[)IXK);9\4D-O/VVQKCPR*2G_ M`!3=>\#HV5WM:+(LI86.A`VSA=TW+M&"L@2>A6U,&W#K7*.RJ"0TAE=-#4@Z M71\Q?7WMOC<4V6X0X#@?_]'T3L3T.+@E5@3J4-NR76MDWDDQDYY!D^D4HT>M M$3!M\02:O-$XWOIHZ;Z.,:*8UVSC&^,^&<\ZQS\2QC*'?@-7-]YOK#]))5]6 M.7/ZR8R?@-7-]YOK#]))5]6.,_K)C)^`U; MZP_225?5CC/ZR8R?@-7-]YOK#]))5]6.,_K)C)^`U;ZP_225?5CC/ZR8R?@-7-]YOK#]))5]6.,_K)C)^`U;ZP_225?5CC/ZR8R?@-7-]YOK#]))5]6.,_K)C+G:^@A> M#YPDT9=DNM#QTOO["#9J>ESAPMOG&/9XDQE(?X>/ MLU^NRB?SM@?4WD]D;&,G\/'V:_791/YVP/J;Q[(V,9/X>/LU^NRB?SM@?4WC MV1L8R?P\?9K]=E$_G;`^IO'LC8QD_AX^S7Z[*)_.V!]3>/9&QC+;OH?Z-5Z= M4NUM5W[,;1J:1QN!?/'Q$-&=YADV\^::WF$+9^Y8*1H>PS[N_D22JGF+:?T. MF_L^.WAKF;TLX;-1X,@F@)G#\6_ M>&TF\A&F0[P@QV&8U3;O6;MBKC;.%T5=/'3;FW:FJZZ;QVNZXM&N14A$L6-T M(RW6PU(W5U>`Q3QP>KV.5H$4%11Z)/QSW.-Q^-ZJ[LRZ!IJ4=NG&'>BC3?5I MH+9RINI<,JR!EH.S<"56TQLA"RK#P`A4>AX.4/F\;BT2^`M8X-T1N-=>;LZ\[3B4FPEVQR;QDR>,ILW9` M:UF=>-JW>E=&6V//B#C&F[O9/07K$LS:W4>M;%CP2 M+@&@RK0P=[+B.S"!Q<`(8OR$PB#B&O7[MBR;,FNSU$>HGG"OLYWWPAIIMGV= M<>`B:5G;W1,3;3^2+N+:F0`7*I--965C[46#+!4S,J95RD.+,11E)V)T/QMS M7".C@ M^579VA@?:7WD@->:J,RXF-2:!(BBW2VV%6[K"+A(6P,^Z/_:,XR0D M%WSI8H8C<(C,Y7U!1%,9-FD7(=A2;Y4M%VPUM%W.K@AV&>.1C5VS>CQSP,/7 M7;O]TU/,%^$>(^GP"=,@J3"UY,'+"B81YK+&$>!-)F*U%TO0--+$8)+QVP^2 M0&4KL>OS%]JY9NMAJJI!=)\.?Z(,YHNK$4JJEGO.L#O2$RV<6P;B9L#/XVU`W%.S3]:Q(@'R1ZY2L)\K*/1%TM/Y))NV=119_"*G96LY>UE3^D=J^!#Z$`.ZU+5]$.ERID-/GSP[$?:Q`>1:HKLD&S=&+)M7/Q1,:6N$R$[;*V\&A3*][P8P/:T(]7Y28 MC:DHQ7*D+<];;)LT[8FI@E1I0`S?:V^%#QU%UE+<.UPXPR5;+/UTUL#2NC7< MQ;'=^PVP2,J!;QACV;4<@+FK<15;T*,CTLEG24E8:DCBCTIUY(-`$C&]C%$( M[G9[8*K@<^U68+1Q/Q;D^#1E-YGVNBS*6;PUK=+/5Z*;'*Z-M>MXQ>3W;<8S MJETS1KJ-=@LKT\U(Q>)2^8.96PD,A>-XZL,<#%1:IL`F&:L-AHVZIHOV+<73 MHO8!R=$*]ENOS$/@W7S<%(14*"2C96QZ@+DB>OQDH2T M.-FNCUAJFDBONM4TI3LHH=O4T][@V[UYZWUP)MQO656?W'?YBZ-DF[ MF!!'LG,;UX>@M`OYV?L);68P=-"(7^WF_6.A%JWBHMD[*MDRN8W7*;\3G+E, MMNX:8XU94O7DQ0\F@'6^"C(Q6 M>JDVQMO[.NNOM9SX8QC\G.OKC=C*41_B'.S7ZDZ)_-6!]N-S*3^(<[-?J3HG\U8'URX]<;F4G\0YV:_4G1/YJP/KEQZXW, MI/XASLU^I.B?S5@?7+CUQN92?Q#G9K]2=$_FK`^N7'KCN-S*3^(<[-?J3HG\U8'URX]<;F4G\0YV M:_4G1/YJP/KEQZXW,I>[WIU]Q9[W%ZRG;PF4&"#Y,)G$PC#.)5[LHAH90C@, M`48MF*DSD6C),R5<%MT--G3]JSQM[&5%$M/;WQCE&,TU$VYI9W*L0'U_B-[H MU##@34HQLUU)P5A6\R!KC)3!9AF+Q6DHEB+QB:%[#N"V%FSU`.B)8N6.'8Y7 M3"BVZS))UEJM:6E?_9205"E[S'J_8R)"-4M8W8>R&\DD[F+%`=+-)/377;?.&\:;MGS8>FWRS=/L.U&VCD4B<;]06CI,W0V9C M)XD0WFJ$2?A]1T5,N`(M2&9LAQ84A*1:8'XP'@8NOV[PF]55?X)--ASI@JRU M+)X'[K,99-IWJJE%5-&9Q2SZPVW&/C.^\_!QM@@V%(U1.;P%O'3D)+S[=#Y@ MJZM#I1NEG;WAK\,7;/TV;O3*'!4MNX\7^8``,]@:4#8-AQA?`LF9)F['$ M6C9^/?MEV3]@]02=,WK-TEN@Z:.VJ^BB#ELY04VT43WUVTWTVSC.,XSP*XC5 M(4M#,1;6'U#5\3Q!GQXI"<1J`10%B'DY4PR*E!&+8%B6N(^^D@O;+9^LT\E1 MXAGRU<[Z?DX%HX/%-TO'.7_U(&_0>,N?Q M*C<_P(>D_P#O+_ZD#?H/&7/XE1N?X$/2?_>7_P!2!OT'C+G\2HW/\"'I/_O+ M_P"I`WZ#QES^)4;G^!#TG_WE_P#4@;]!XRY_$J-S_`AZ3_[R_P#J0-^@\9<_ MB5&Y_@0])_\`>7_U(&_0>,N?Q*C=:51>E+Z>E]RM2#T[WW-V#+4A+PZH!`1\ M`L^T$,%FC=X_SHNW0T\ANN^1UVS[7CXJ8_)R3SY1UXK$1/=R=EP=TQZ"/6..XD69!V[DP+$0`,)9+,F&M?#,1>+%5S;47)9%[Z00^"` M"3F,DDV[QSY3=90>YUTWSE!7&KV3L8>7KMT+ZUUIU*I;%15I:>EK!C!E:V69 M]5R`4HJ.!#V5"\LO M?%-]LL$U%6Z>4D7*NJL:UZTQDT6Z=6H)7D\RGI@^&!PY_(#9;:;6@-':U;9$ M&VL4]%9?\,>#FCRN)G!:7^+D(^1UW:+M&NNZK?&I!/#H:KYEM/U'=Z!(H>9$ MRRRI;<1\<&'Y3%38A[`UYQ!WPX$6"OPI8.BE\S2(>YW:[Z8?-B;G3;=5!33P M#H2:BZQM'>MI8%D4LCNL`B$EAL#-T_8AF'LM(7+W,'<&`NKB*/TF142HYK81 ME'&WMX0RT\$\ZXVWQD6QBM'4)(9#(848:;RR2-286WYF$D!TP8=D5IS1\9\S(U4E00+I=.%V(RFY,^EYG`H MU9`%*:F;*,/3,4E<23KE8\'8V;NW6EM>-XY(4&>WN5EQ-P MKAOT)P.@SZ/VM:46+@I%:M%'YF0)Z61ALW@-*NFS>+U]$B=@W!,3(+>PUEU8 M^4U6).&6\;,N1VC9=THJ]=Q;>I?*R<#!MY*!=24M#FY1LK)P0./24N%TVV]\ M8`98_DXN.%%].,>&/$.R%,#I$&$R`.Y]\$'1C` MP*=^2NW]Z'$VJ3UBY\ATD@Y0\]LOKM["FFBFOCX;:XSC..!D^`X#@.`X#@.` MX'__USBPOJW=[\84L.:$1SYK7Q]9J]8O9(2V^MUF:>$5-/==/`7T0FH:;O*JK0B"3>PK5@AJJ%AK5-7;K',:WS1HR/?:5N5PJH,=XB8.QG(7X?KY M1IP[::K;;YQOF+<=$"+="+-$U3,8E7L>C``S,H<+C)Q)E)?>']%KX"T]D76SM`1LF'E&N@_<#'[G*SU,] MI9YEH12AAKO#:]G3*)/Q;S8N.39R7KA+1(UHV$,QR[[Q>#RY'+)D.9*BX0B! M=,^R<)DW7-@%CU=7VR2XN^H(8;);:I M"GKTFW=[#27PC5H@\U%QJV9Z;]?+'IV;V');!!CV+Z04IUPK8Y*4;#,S4A:U MG5,9OM_9%MNAA)OHE&V<]5LH<[1]I34@Y7RXU=H)>0CNM4F591_IE:$,ZRUL MS<328VQ?,$H"K*5'QR8RF*QJ(PJ'[R.DC-Y1"".*FC=1IGG!@?5+=('+ZF$P*QEF/=)2*!N ME4*=,(A&S(J@8%M6:R@!$E@5XO."X9V"]2+G2?QJ=RH>*%6!%6/5`+%'8*>2 MA#X'$Z][G7+8MHB7S1>5'F&2CSK9-F`MTV2<.Q.BSLD(#^0)WPAL+1[K91O8 M$5/0C25`3C&05/)NNP"07*6M:4NV.T4A?3*AA=HUK%H(Y\P/,`/G"B90,.U6$R]@.5DX#@.`X#@.`X'_]:V;6]5#O\``+1L@$([(25D M)"SZ8"1;/2-5]OHT'#9"19LFNFZT146WU;MD==,9WVVVSC'Y./&HT M<\IW0+\6;U#OO,RCZ+UU]3N7'CL93N?BS>H=]YF4?1>NOJ=QCQV,IW/Q9O4. M^\S*/HO77U.XQX[&4[GXLWJ'?>9E'T7KKZG<8\=C*=S\6;U#OO,RCZ+UU]3N M,>.QE.Y^+-ZAWWF91]%ZZ^IW&/'8RG=OOZ87J&]R[S[R4A5EKWF>F,!E'VE? M'HX]`PMDV(_!*@G\B%^8Y$QH>03]S-"&R^/+6T\=DL8V\=CI4*FX,[?&72:2NZ@KBZ5IY9NU;+[$(7BM"*4.1"7E6JS-/>MEH* M9=PB'Q(C7Y$DG,[WN)-ZTS"I2^GNJ.@<")P\(/@NB:N&"R;I<@+$56KIUIV8 MEH&5QF`]@W&T=D+XB_C**#&,;R%^^/R&8PN/PUO/B]=Z26`0!V)WFH-BJIH_ MW'%B$K9)-UM%AY-)(5L_MG3V?O9IV3+:=D$NO,7ZV@88Y&A7T3KX[%)&D?AJ M,VS8]JJ2B*&YH_@1HTNYC3)E&BL?(;N`!+&BZCA1OE(=HT=>4=W3D>=2/=O4 M(PH)6+6_&JO6UL[9L:E.TU--!3L#.[9Z4,:L;P^HPS^76O574NR0P M0]:+@$'%+=HQMZEYE/XX;"!NNT@U? MMP\6DS1+99AMEWA-9ULQ%>6Q_7/LE(NPCUVZ2JEU`(H,@==R`JYEDB(M9TQF M5APV-39&&*P!S"V&6[,`-,N$GA%R2;+^\((ZI,5-5U=VHF*:3HWY=574KU@M MJ47M.K8(]BZ&VF,K@Y4+147*0XMI3PBU75@UJ2B=&CTF,;!G=M(\^;GVTB3S MM(QNVGL*I*;KQ:N]%[#N\4N-SY>JA=,`V=@R>R#<$IT3+;&FD6"S47'A-NR@ ME-CTM5HE_'THYM$ZD5<).(0K8;1-\3:LG;AHKYF=*E/P:[TR8<*)EV-)-C#; MYRJ^KHSH!G(N8'%X%)U]/CX1$]\0>-4\H-,- M5]G2`I4H+U!)\N.-6;8=8$8/7\=DFCAI#PAI9.?+#X_TDO+L)84B801LN`ZV*0F89 MG>Q3,#;@(!4%?7+EU'9[BDMRYDV7`V.R:8'NX^,V;O--M]E=F2C9VO4KRZA3 MU`M&-JA4*#7`]PB328K^PEF6N*VJY[-RR5W#]@U)*F$VB9PK7\)+S())9;<+./LL.!8911P)+JXQG(]5#-2N[<'A#@.`X#@ M.`X'_]?TXL&U_07;SV;MY;UEN]]*D)?)49,]:G[2T:O)`D9>Z&73;1OV"9H: MH."6JF^F-$4M,:YQX::X\-<=?_3=C]=D1^UW_I]_NMWM](;7_P`Q?%?TW/UV M/M=_Z??[K=[?2&U_\Q?%?TW/UV/M=_Z??[K=[?2&U_\`,7Q7]-S]=C[7?^GW M^ZW>WTAM?_,7Q7]-S]=C[7?^GW^ZW>WTAM?_`#%\5_3<_78^UW_I]_NMWM]( M;7_S%\5_3<_79ZC^G;4GIBV*X>]I^H5"SJ(R6FS\AC30M)9-:+\V@4*P99N8 M3%14:3*Q$=8AOG"IKUYN6TI- M*UZA6&VW2(`"J2GUITBI%Y;#@LC0D+X8,#SJ3`M"#/?`])X[78-GFJK5H]37 M53T2>H[K8;UCNI4#9OIV-2`6U1U40"+RH&VBZ@*3D.KI*)3^/PD1`F:L/G;1 M8A6PV61ZK8_6`AMJW-9\@8(&M=&2BC91#+9,:MO%AU.'AGSVI"(F<0JV1S\V M"-.(:'/6_7MC]CHI1CHF*K,T3\UG+8C9$>F5C,X6U&&MV^[ MEJZ)"2#99T@KEOX;^W@:]+6ZZQU.0DFYS#+KXZGEUQYO+V[ANE6.TUNF/1!% MG(QAQFZ6W1)V$+`:"FSQL[RJY;,_(26PHGA/7?4:OZ-!]6K&E\454B%%FK7` MCV]SQX*1#UB5:++&62N4G+["2FKE7;R]\C5K MD-N_I'6,*NFV8K3$=B:-7]E]JBGB,1IZ$!)?(;F`RW:%XF`AJ,U8JR1J+<3< MHZU-*+:N&X[!57/LYTTW2TKBQH97AD9 M%]G4E7CM(5]*8QHS?ZQX,&.RMUD.U>MT&(=%R\=:X;MM72VHU6T$EW7Z'9G+ M6-R>G(MF`)1UA9;8(:A(/,*19#&X"),IRBP+4L!DMEQ^OY<7$'T&PF,86<2 M^,)%8NH]RWSYV6NNFN7:+9RFJBD-75KT1TCNH5[0&MNO)$S?<%@U\2^O#,)J MO>P95')0@A+(K,;-A>K5\4*N&[V1Y4U?/M'*:3]PIE-;.^^=MAJV&)U'5)N. MG(@9K&O2\3E#D8]DL7)PN-OX[(7@40#CP9V<"NAJHTLY$@(P-8ME'"2FZ#,< MV1TSJF@EKH1Q#Z=J(0[9$!565P,?C&((6->CX/&63L>-B\=D\0C0YDY;"TEF MC&.Q.;&A;%%/;5-H.+O6R6-$72^B@=<#25,18*WC<8J.L(Y'6C:1LFH`#`8H M("MFY/?BQN<64#A$1?/BZ,=T3CT'KQ:4D(O"HYD*`#/<@VD@G1 MHEON17(OU79-379S[NDU0;D6KP'`]4HL>P),)`5KN M+D4VE9T;NO8HY%;8>7.OR#/99'+3.4E=F[C7.VN<^.N?R<[9\7/&4(_`L[\_ MW>K#]I(W]#Y<^)C)^!9WY_N]6'[21OZ'QGQ,9/P+._/]WJP_:2-_0^,^)C)^ M!9WY_N]6'[21OZ'QGQ,9/P+._/\`=ZL/VDC?T/C/B8R?@6=^?[O5A^TD;^A\ M9\3&7T">D7U!N7IO2ME0:ZV4?8GI1:.\L%)QT\@?:[B-HG'0^-UW+=)+5%?W MT:KCV,XSGV<8S_IYSYS$S%-<8J&Z\(IF40Z`RV.IS1FI,K-L*S9O8M@-PZZ1 MASF?OSNH;Y>T7(N$VI:NXE\``B%GN'B"8L`W2W1VQC7&F&VO=,]"P-8P:1Q0 MFG4)%P_^S#>*)`:CV0BL(E58!W\5978!CUAR^SW+6ZRD$!Q/1LXJ])*T- M9H;A,+@YG?>Q'LD)X0C+8=$=DVJ34>V>[C5&0Y9?9N+UR\J3-J:E'IY/)&:D M)#%HM6@J1O;OE+R/ZQ57+7-C6!;]YS*OIINX3.)956AU;]CY/'22.R6=BJB8 MQSJJAHP30R(GP[G^!BQ-IM*INORJ>XOPQ4>].=087,*G[*;3(+I,H(9C M;61B)47>+1P#VRK[M3)A_O79+?7&SQ5IK%MG M$^B\U1L\%-&]O`T(Z&N%6U_E[,0ER3E1';L]=5_9B^%',AGC15RP02P^73UJ7X9J@^E4KI.>5E(M+/$OX]!H!!8T>$#P4N05FIJ'4 M!#Z*U(/1)RP9!``#S.D/;D-#@8(,D"[!)N'>.731OLJN+>A?"'`X6MPVNV;6O93=NWLJ=(-VZ$ZE"2*"*4H*)I(HI)E-=$D MDM-<:ZZZXQC7&/#'/1$14:.2M?MMN?\`6[9_T^E?]K#*L::NJ*6K98KYZE[:T&]+638]PV`8:"[ M",P)[6-4:FI?,9*64]VK0*Y"RQ,Y@N+$$9*8DK31OD./03BZ7*=/[O.6/T@[ M9NQ#6P0\VKJD[D'XE1%VU0DA69[U9()!DDV2C)RT=.S]^S'P(S&-7W9".0X"PK.:*FXEI34I@@<+/Y*3 M;6"^6G[1(*<+DR(<<.%+$T6C=%BLW6T4V)5L-UE,@1+CY;I*9`OL.$/'"1CX>[?L9VWS-?:V#$(H*B'9J"L"+V*PYJ\9":MTOE<H;89AU^0;*N2Q1LR08NU56`Y85"OCO=" M](X##7$D[B<;?6!2G6V:32-R`,1=CA,S?UE-C\MKRMHY.K(K.)IR]><[X8.8 M\]EC&4ODF*C9BFZ>-UU&HJ.CW";+ZNFZ#G5-9+5PBDOJDY14;.$]5=-5,)KM MUM=%4%M,;>&^FV,;:[>.,X\<!INC+H69>L7!5SHMUU>JZ+D54,K;XV65 MVQMOGQWVS_.SUPGY,91\41_&9ZR_NJZ)^E5?_P"6SC"?D91\3\9GK+^ZKHGZ M55__`);.,)^1E'Q/QF>LO[JNB?I57_\`ELXPGY&4?$_&9ZR_NJZ)^E5?_P"6 MSC"?D91\3\9GK+^ZKHGZ55__`);.,)^1E'Q;/=-/4*ZR]N.R5<=>_P`-VB:_ M^T#YP_\`F[WBOY7\(^5('*)O_L#["8U[_P"__+7NO_?4?*\[S/Y_L>7M)XS$ M3.1$Q,U3V5-3I]0]@UE3===>88SA%ES5`*`4@TI`Q%=HW^%['[#FKFNAT,08 MM0T,%-%57;G=\E[XOEJVTV][>M45.;I$12=V+V!%5S9`:MW4#L>1OC%665:J M):+QOY&G08!O'#S?5)M,A\P^"F%F3EEIE--,([POA+; M5+"HF*8R>WC:3&=3>'T[2@RUT*KBP*16$[)V=\@%7162(%"HNOZR$Y@DL&2^ M=YC@K5XLD8)1@6EDF.3]^SA=PHS%,P:[8T+''\T'GIF^%*U^(D9J2O',(GVP M'R8=@;\XCHY*$(NM&9S)(@J602*B03PD3'+YV2703434UU%2X0O;:B9`:CT: M$R&6N9'(C#L%I'U*BN)F(G`B`:!V)(#!EA/)6\A$0U$QT#$R4@)$ M3LI8*LTF2+7=YC?7&VR6J>VN^14L-'^Y?7B5`"$CC\LDY)DP;PQTBP2J2XDY M0?;V"I)$8@K"X6X@*,PGVI=>&&4__!&)#+=4.^T7\O9FYPF*E-ZU[#U%.4#>GDN<;M M-$133H!ZCP!9G*STF@P3`2+C1[PS%JQL5W:G8&OB9>RX?6XJ)7;UP;5[ M&;,KF3O74M4YA!,4& M*-E*HMQ1R9*&[('4^,95\W0@JJUJK.;/,,PGA&-2^$W[M!/?V?.3SM4J493[ MCU5O(5FF-CBD9S$!9L>2:Q&PGT[)2QY/IG`"-<(4JTA"MH8EX(E"'F[MEAAL M00U17RJU23;J*\%)M"^S])V+)(W%81*2TD*RD`*D8U<=`K$WC[-H;!DY*-%R M>7*1-.*0J7N`89TXR!,O6!Q+5'.-VFNV<:Y%+^X0X#@.`X#@.`X#@.`X'__3 M]$[$](JGY%8$ZD#GU(NM81P=F,G,KAGRL7]]$+%#;YZJ,>>9:S??WIANOE)3 MVD],^WIGQUQ_)CK'/ZRQC&Z'?@XTS^\UZP_G8K_S;Y<_K)C&Y^#C3/[S7K#^ M=BO_`#;XS^LF,;GX.-,_O->L/YV*_P#-OC/ZR8QN?@XTS^\UZP_G8K_S;XS^ MLF,;IA#?0NB]C/G0NO>_E(SLFQ:>_O1T-CX^4/F;'"R3?+UTT"6<^<-VF'"^ MB?F;ZXT]O?77Q\CPZZI]KZZN9SV:A<]?5MI,U'\`&P]0.= M=IRFO9/"]%-E5)D468:,=Y4FYVSNUVQOIIC7^;[>-L9YZ:/QQ25N8F+U>N%G.4%6 MP5KC1/3*6^^_-I_=:U&.9/61R&6U9%CX!L4([QILYDNLQ9`&!F0RL>! MCH89J6(K1/5;3X8W%L-%]U\)M]4\:)I!J<5B_32XKTA.4>PL%E-XPBQY'*&< M.!6G4AZ;$9"&.Q.7/(TM&\LBTJC[>$I5"*;+I@PX16\GA8'6V(-"R2R.7#Y4U#I!/8VX!I6`H, M?OP%?-B<22B5>22U2 M.I>Q99"\[0Q239.2HFN^74U+DBS%IN5>^YMFVJ_AJ+=28=(*OFMB#K()R:=( M%1]IL[=T'HHUJ_:(RAB[B3M+2/FI#7!N<5XWM;^D#1YJ6$$&.4IZBZNZO1B M3YC!#X%%]Q@(C(71K$/C<<"LX/$F@1T:U:1J/1&,1MFY8C-WY#"2#=BBNHKL MBFV0QJEH)FU8$.D<3-LFS*2W#>,IQ'(8^@E8OY&6K4H=J@"\DD!E*6T(:1X`ZE&]%5]#D%78 M(Y&5=7VHMA47,VWO8/V)5BR*"WK0 MD,)-&S\<18.47C%^Q>(Z.&CUD[;[J-W31TW4U4343VVTWTVQMKG.,XSPCM\# MHBR@TV-'&@I%B7#EV+0H)+"W;=^-)C7[=-VQ(CGS115J]8O6JNBB*R>^R:B> MV-M!WN`X#@.`X#@.`X'__4I^YZ8N%U<-KN6U464X;N+*G2[=PA!90J MBNBK*"BB2R*J8O;15)73;&VNVN+C<>\7H"5]/8AV1N9[+(1+XNR<_P"G2&N/5[1UY7=@USV6M*Q1U7V`_$'7=R2J=$3X M#K>[:2!)54-O63"DIK&DP-TE)#)1H9%LH+E3[8./0;JHK*-5$QRKKDZ=NJJ! M'42=3B]+&'S(.^A56.R5_2(E/1=?URTL";%9MV"K^XJL8%ITXG]E,;@C<;VC M"N[`<;@P]B*!M&X(@V(:JK;JQ;BO*^>OL.OJJ)Y$X5F!,,4Z[K^,L2,DD!!B M7F<7&1:+D1<.BBLI93!)#+Z)>Y,&+J/LHQN'V4LI]KH/F$KZDU!#*?D+I<3JW7M&)R7M>3<,FFI)TFT;$PVL]#+(JO]=!W MGO$LJ[;I:+ZZC31H^WJSO-\+4DHAK,OF5B&ND'#\RL\HYD\;KB:6GT`*2>&, M9`>NF83IV9E4;KBRG0-V]DS4@R5V120<,$TQV_(NBS*MAG;]HZKY*Q4[W)(, M]XX\K5X*L0`$90A;%]6D3FC'L8Q,V;-#%F19>BG,48L$R:\G-N![=SKJN(DZ MFQ'4:.Q7=9]IY*O7L7F[[L3$(&5/5HC=CPW<`O6=/YD/I'LNI=LGB,P@LQ*& M(M5$LM%6N4!C$(N&;M7:+G<:-'-=MU%*FC#QNHNWC^%5A%)5*[U1^.#ZLEUP M&&]LNV,JWGC[J+?*5H#VLE%R%$I%8[KV,;0Q7`>.JCPK9]G7#-NFP4>:;1;A MG0H3M_7`@*ZV$799FOO0]X9#I3^-EY01E,SZLMAQ]S[W-)Q'P8R,#NPB>RON M2#IJ(!N5\JL6K9MM_8Y49(8"P!;60S=1M*)./34: M)-WHP%@]\JZR)3O`+UQH-_9T9AY'L0P(Q!%';)91%T]=GO)* ML:FBKH/3O;X>5=35T$L0=;DB@76:,.9',I\B?CB>U3=@>R^I-I(0#&V;`%)- MV]:R2)DG/N[E^Y?(/7>ZCUR3<$]UHNGX6="ZQ[)2M>O(U(7O92#5>]L*(*6> ME++D'YM=)4R[L>O;/>4N4BLM*+5[;0&059808T M1DA0223;>R2'X?:N!N<:X570&ZB8U6_>,+..OPU$+F!0&.JU9E0/6R("-1$` M$979.BEPLK"@D7NAM7VDEFU*NA23Y)-K+1`PJKOM&M]7"*BJ\7358U6UCVXC MY7K:-D$MM`T$LV!4W,NS1Z4V%H3*519E.M24WEL7`M-7^K5N*O*5R`/&W[$. MGL.^"1Y]LOXJNMEG53356->0?O.SJ!R/?-+K']B&M$,P[23$+.@KBEE6^U;5 MH-'1L/"WLF=HIW6/D#(RIJ76:BM])$FZ6?%U@3@R?*RP(R)/UKH+CLVE8(;HO70 MY9;4>(.OQ[/59;+O&55=6[?7&VV<>.V?R\[8<7/*4(_'3[\_WAK#]FPW],Y< M.)E)^.GWY_O#6'[-AOZ9QAQ,I>OOI">H/V,[F6/<$9NTG$WPN&0D&=":1V+- M8^LF0?G=Q[C9RLW75V<)9;Z^&-<^&,9_+S'/C$1%-<9F>KTLAMWV2IV8=4M. MQD63`2*&VG.(61CT7GPYL+'P"?PZ,QD*M9,BWS![8E,YB$MV-DV()NP5ARK' M=BYP0PKH]QS;TI6Y^V^V8N>V]'HDXJ2VP-7#(@VD"D2I.;A9)%)A/Y!'R+($ M@.?=C#+6T"=>4T14E)T8VWCKQXB_#HL-]U7ZB;4:+DH[L0-R%H48"!VUC*_$6ZNK%X,`RXDH,:)I)^8Y8L4S":BPXJQWU$PU M`#]R;=!GYE-9"VDTXJRO;+[IL;6`!NL5FQ%A7]1=;B5_HQ>51*_)04$5-8LL M+$JM`!%!:#E39Z\/K+:Y:)L'&=(M0FMP^H_$JT=2:"Z0`LUN,+%BBR\#D,VI MOXS&YT[K^,5KA0PVL&K)Q`'(8G%8HYS5JL^(+-F:PI@D>]"-AI5"_IZOY20C4 MUG-&Q^;S(RI"%`<$4M4GG9S#7Z#"=*D#1]F&1\,E`29D'A=ZSV;N7;=199N* MZV[MV]A[9KNYU16JPF(U$$)U6-WEI"H)G:$.+N):::)S@;8MAUM+G1.B"8H& M^;?"G1N.I!&V[M!^]>N6:^Z+(1&C]5WWC6/A`#J:TU,`!+9\(^T58(8A!8!6 M`.=7S/J$K$P:<.9:S*'4I#)*_?JO=1#9_D8U:JKK8UUV0T6%(C9_J%#:_@M3 M708K2?P^FIO,@"C.1R(=%":UEUS/*%O6P(`]A7R]-2*,3.$YE7X3#W61Y&HA MA)5%[F6K;=OU]>(;(-R6RFFF=%E= M,ZXQX;[8\-L]?_39C]=W=K'JMZ%UR3Z+5?6_8F]I'.IJ43#1D'[A8(CXD253 M56T;?$SU!BP[/VDT=L^VX<))X\/^UX^'$S_2-9@KCNW8>^B)Z=8Z7`X`^G5N MMIM)1)D\!BBMG1;4\5!QY5@@;,,QGR1ETH,%KE&R:R_L^7HHOIKX^UMC',^S MDN$-DNK_`%8Z0^G]:LP$U_:!H9/YK$4&\@$V1-@[UD/"!T2,O2RJ]1CP(8$* M*AQ+TAHW=.M7"XUDYJ>!LE82EZOC7Z[2?(<6,M]C89$I"R" MQMLTEC>Y)P_0GJ>IG*FJ23Z93>R%]<-4GB3G*K_/NR>B>F/8+KU=)O5M`WVR M`74V$.)2&LV$##PY[H'D56.4M,(;:8TUQ@6Q*75VBT3`(ZG!O`A'3ZTF'8VDTPW M'*ELSHA9XOXR%WD&P:2#(E8I5R=2"#NFXL< MFQ?);NE6XZ4/'RNFJBNN/!-+?;\O\G)RY<9B=5B)N-'U92FI?C5^5/F^V^^<<7 M2]):PS'JO9EF7&-D,LVB`6GY=(Z^M"Z:\#6$3D@246!$*W;PIX%=Q&0TLTWF M0UYH&"OS!'!S\$S2PZC.7Z.CO(MGA_6BUZ^GT..4O+8]!H;\Z+JV''G!< MC(B1J!,)>#(CD"DAFD.FLJG\A/1O:2>\Y4+1Y<>3D:.^Q`HW!C4>"X[L;=_2 MYW;R7;PGM)I"-DEV052-5D@'NZ\8+"F9-*G=(,R5M"#04\+ADB';2C7.[K#L M6=]Z%>"*R:J?^J\%]%&D^AEUXLF^9^RE\./N[(0M=F/5DQF&MF\XBUG77%[! M95W8(YEU8?2-(=75=AEHS'B$BD=E,!N?843!_#UG(C:+?1Q1OT_K':B:(:RL M?2,IS2%A')B%$EGNKH:P:%^V"-VBDH]\'HZ)QJ/DX;6I1\$9Y%Q\2RV7;)(- MVX]DZWPS%]6SO3WJHXZQMFK-(?7XAJ\ZX=9:_EC>!(.&B,BNJK<6UI:MADM% M``34MM,$IB'3;E7'B4>I#_8@.US:C`O7)FKUY8P2KJE22:WPPB*-(##T)>$,53K'*/55BJ:NY9PQS/6[A_G3&&.S#SV+@7% MVKV*]`[%TA(R,GS5>1HK$ZO[MQ:K9#&5FIAS4,\[+E*K?5O/H*+#5)44,"FZ MU9!)&UW="0H3R='FON:":9!XBWBVV=Z8==9'USA]@A9&N+;*32P]Y@QC$;+P MTI%(VVUB,4C2GP5*!=?NM$8%.#KN/J/GR#:,)84>+;N%7#EPNLKM4F;;D<(< M!P'`-$D&S=+7337'Y-==<8QSO''C4:.=SN^LUW85RZ> MEC%[BA]B(AK9&=)XG;).=RB/;SHJ5+"J*9S(^[T2=G!+9.4GWR&^R9)[J1;M MG"N5E63O']'GCRZRZ1V7OVUFLVC-(6.7J2?QR(S>#LPIXXJ[`MI@6;1MP\SE M<?%!>3!F7O1RR\N:$WB0H5&WF M=@D'8R1!KAZ?$KIBAJU84JC"LS6'.HM94^JT\/=/-F[7.AE:K)N+%2IJCKG? M"6=G18.XQX.6:JR*B3C<1UI`[`MBP:5GSRGJ>P/=J*%H5'!9ZZIA;EM_"V"] M"]JKR)OG?S!/U)(=)NR5,MANN^Y9MOAN^RHHHMAFW;YBUNJJ5=_[ABD%&.BT M-M3R.SVY-)-14,LVMY]-Y0&&WO*:8V8RG,2KHN(CY:= MU[-(2L96C>YU\GHC[ZHS<;Z;*^7OC77.M2.[7"']\;2`.J7@;9@QL(1()"/3 M"6'+=@3=2S7MS;5#U?(8?(5)S"F.9;]CD'"2[=XT#2%.4*GF2.C89A\FZ MY%I**O[_`,[L"OX&;5D_7%)Q:,3Z_2QQ:`CLJQ6DABQP/8@BQ0\*-(PA-R%>*0K06]#.LO-9(U)-]Q.!3"Q;O!< ML.4BC"=2NJI4/+WC9<>-.<`&@R2QR#BII6L:A<#;Q]:YFLV-R!(;-=W*A\6& MF#_?#@;H]#(INL$U14=GLORLG` MP>ZWI""Y[-QDCZ`24Q(1TODK$\6T&Q3;0H9:&7KG$I'K$\L5V(9PH6&:YF6,R%;9@8(Z!P#7>&&='#(S MD<:9J))IN!Z6Y`=J\%+3*S@(SLF(5"Z%N'#^:5_8\\9.?):;AFPFLI#5,<*# MGB2BF%LNWSFV&6[;&B6Z7EMEO;VUSY>-R-1W'?N@W$7E,K:C7I([!X4I/I9$ ME\QIC*!PS[%;?N`4S89*$VS:0'"4-K`FEHU8JKK(I._.4QJTT=*I%I96_9VD MG,YD=/[:A'$V!%(.;%I3$2B`&0DT#2K1DLFXUICV<)B'^=ML88N_)%2V`2U$%]!1E#4<43T2P_"%4L-GNFJ)!IG3 M#T4^T\W75)\Q7SCS$=O!5+?P\-1P/$Q,?WPL M2;Z``(=D`%LGS@LJ^?&=T!`Y!#==XJX<+ZIXRKOOMXYR$H6%C'+G#UP.8N'F MK1=AAVLT;JN<,7.==G++"ZB>RN&CC;7&=T_'V-\XQXXSP.+8*&W537V$C-ET M7J9%);9@URJD029I#DGZ:F4L[Z/4QZ&B&JN,XWPCIKIC/LXQC@9/@.`X#@.` MX#@.`X#@.`X#@.`X#@.`X#@?_]+T3L3T#^X4NL"=2L;9'6M`=)YC)Y"P1?3" MT$WJ+(T;?$FJ3Q-"G'*";I-!SKA371133&^,XQMMC\N>WLC:6,9?4]95>(V, MRB+-8HJ*Q$['@EAIJ)--'>7JT'/MCJ0O?7==#R$B.[;R]E<9VRGC/M8UV_DY MQ;4S;76PO:Y,RZ=V,B&'3F&R2H;/&-89HZVEM)GSVI9.)BWBLF2WC$O'#W)$ M;J=QH\04:&'>VP[WC5FLT+$NK=W5-G;^I1P.FY"O2KTRV?-'L6'/!B;5DX`E M1,B6<[1R11@T^EY8N3:G42N'Z*:!R+1ERLT=ZALI/!::6E3LQE,OKRR*VLQO M`+!KZ*6#`42$GA>MBQ@[#K.=0`G)T2T9;2>#.\21J;J\,\&D$2*:;51%9-9L MY0<*)<#6&0>G8&*Q-O!F%K&6L>;U:/K[9V6C#4S*'Y=MUU[']>2$Q)%VYL,* M56,L.PJIE9D@.;I:$!N4TM]&[G5-J+6&XZ9HJ38]*T;$529R>>Q.P"XE6*:+ M.<$H-VFB_9J.,AI721()-&.RXL@&>^:T<*.-'C=TELWRT5;O!:C@/IFMHK&$ M`02XR+Y_&6E/\`_0%6MXI!,BA).+2V3L9RI&-FD=!(N)!J7; M'E4VV=W;A1[R=.RJ&%57;.>PMJQZ3D9F'(3(S=#(C,$(1=C"*1VK&,RC;U)UU40!A8@#VEOR7RFOA(PNXN*22..SAIZ<%V69<6HQ.HXBU%26NNUC% MG(*Q168D&*N![?<(3TU7;[L=DE55<:XBSV86`VYWH(P<-]M3N_Z^F2J5@JE5 MJRZLQN8K)3$1%Z17Z]0]L'UC,Y!.XE;T<-R,Y.':Q81[62@FS)KLY M&G9(TW?9ZF1$V[T4SV>B!3A%G[NL-&3BL^[L2&/1T^0(VP"?0U!@X?Q[>GP> M4[1SKV_D\$U0F"\CI"(R+;1[UW$L"CG<`,AKCRWV26&H_3.&Z0T04GV"[9L4M.-@*O<$LL7FHRP MUME$,+JZ/7*:K'`J&S.\+F5[]"9.)[*P$':%CNX3=3T2#D=?K&"+]Z.?6(,I M\]K$I94]7%&MD/(1N+47W3A\<4 MU?6\+H&$2/Y$I:EX.13^+I/\`M0LWE';.S:`&1B?Z7T-*&Q]N@4V$1HU20/K0.B.P!,9!A=L. MB'7:*/8/$R%#MPY-F::@X!H_[NF^!R8TM+P5I=]GINU[G6'/&?\)W*GEN]IQ5#K?U< M)@ZE;3U_?>OVJ/W08(QLT15K;>K"Z2SC>0GM&SK;1PY9;Y=:J:I"*E&%)?W( M$CWQ`I);C>"Y;J0*R!P-I2($9'3<=!=HFD/=9JB.B:E=OI2>>T254(ZL#K65 M/WJ0_#Y@V5S[35R-$`ZZ2+L]";-JZ(NV]X$ZOE%@7D:+CI!3B\,5)M)YV,[) MR[2S[&)*]?',=$/CH$P%**C0I[4=MD*X%.X0,>,W1H0FH]6 MV=FW#]Z^55>+*L--M\)Y32SM^7V?'&/#7**K5F)NVQ'7[LB^N??3<_"!T$8R M*I:ZOJNW;29K2O)ZJ;.4D>`;B5)N(C%$X9-PR`))0J,24*L$,/T<-23S.CCR M15:D(7?&)-(0S/'G1EI.62*A(*FKLKE\$5:O/:TW74;MR*"JR_;CF$-BMZR2M M8MK05A5N2M@+O!2\IE5KPR&JQ=.;09600U.-Z+3TY-XUOC5<9'4E'PDNJBR0 M3*I[[O42S$=.[]A.]E#R$G7X$0XEC^1V%)I9%&,=81[4J7#$H.6BP63*%$1# M\@@19"G'XB2??TA5BR("VZ;G=31#&RKK3=OA9MOHMD3%*0I#N@ MK-@!J?3V>4UB/A8@;E)6NZ_C\\?V>$W:2%C'Q@E11X9?L)"67R!'+U=9LY4TVRIO4J4QC_`&[KAV\D@$NL5VDH M"QTH*D.#1PJML9Q(.PMN4'&5@3;=1=Z:5$F:>,*',H:YRU;CUGFB?NRC?VQ2 M"ON^]2[C8_)QRI`9%!]L2FO;;6EX4H(/P09'.M5L=ATRR8%KH]?N";\9`F2> MHW?3XDC[XHV7;(OTMFVHIE'G?JAF`4F7<(6/NO&\6,ZF@(=`#!LU!`M2AJWE M-@R26I@_B0XM,6[BX1\_?XATAAOR M);5@57E"1;L-U#V\"+8%*2<7E@NOKJ(+*9SY6BGLJI[I[Z[8SC&-]B+CX#@. M`X#@.`X#@.`X#@.`X#@.`X#@.!__U?L!Z6=9ZEZKR3L-#()<;6Q9A.;`;V7/ M8HZ?QK$D@"\@1>.1;,D"#O5R@U@2;N\J-E'J265]-?:T]K'Y>:YOF]U;QV16"-K07&XCEZ$ MQ$V4%`-F2458#U1,6?"(R]RUPC[.F'KPFY;;Z.'"V_!4&V5/?-P8;=<>-]S&++M%!MI!'B03=RT M,M`7G1'*:29$YX#@. M`X#@.`X#@.`X#@.`X#@.`X#@.!__UOK\KJI[4A%LXD#FO]W`VOR?<60MI2.D M,2U6M1'LW?82UX=$P;=R8;EF&D0`,-4#>YQ,:@D0%LM&&SY#?99L5$(WU;E9 MV6H#K`BID)':W9=D78^=Q.8`QTCLB8VOVEKWL95\SB"PTM@H-.0_:N\J&-)& MBR:Y,E-VZ6I`?LY<;BUD=?:RO.H)VRAF0\6'T>E#1&=]6;C0MN.=!X?$8Q%H MXQDI"09F1,Y"&H+(#35P%2%/8R,8$57ZAQP02W$S?^5;I5E>AL<$IQO5!:'( M1ON-9_8#:]S\FK=W$V\2?=DK-O2+:P4#&IRL>8.3P79%R.&3:4;I+Y MV7E22:J^%WZXX>Y=NO-%Q<(^E3/9,S*YI8)T+V`E$4.:4D(G$*LJPNND$[`V M9$*X6O5RM!X/(>L!N#U7&H:&D=I#3ODE3C)Z?4;$1SI=!DXTPK%N$IC'7?L\ MV*1&4GYS/-I?&,]?!P9?:[)G(XP#C[%_/6UN-#<6(RIA'++,L(G(A[,@6+C= MW\D=#TGFN=7&B>R0N-EB].:8LFMYA8H&5?S"VG=MDIE8]9 MD;M>V5-PI-_))(^#PV4D9^T>#T%L#%W"JSATX',G2ZZ7*DM^>$.`X#@.`X#@ M.`X#@.`X#@.`X#@.`X#@?__7^R2J;TLJ67`Q$2!6)+P2=&^V#QXFSE, M-5ZM7>/IQ(P8DB\E?LY.+G.F7#UWMJ,'?"W;EBT3\[&5%U"UHJK'8?LX=(;- M(*$A$L>V(QO\Y!8D.C:3"50$'UV[+UI2LE9O',LM2+Q2?30W"Y^L2]T>D(LS M&G!N[?9=P@IA/45"[Z$[+(6,:0A=HQ&A,H(1-0^,B04W.?@]E M+L%8476?/3>Q`,(1(K%5X=JP.Y3V:$==TQ,-5XUV$NS2V(.N_DES/`,W[EW9 M0R[*3P>D&G6UG"898=Z1H&WC\KCD:'7^8`?9L>P(M,M,NOBWGZC]W>C%OJ:%-N*%MS M%U5XVF2PAI'2Z)@Y'I!'FA$T0U"F@9!5HNR6Q*HE7\S'.-VWE+;-#&^K6/H$6[5-RB';Z,T==&^NV$L:(IZ^'LIZ8U#E^SN#?#F@C$4!ZC&$R=V M(R8ZL$-&[6RXLZ(JN,?SU'3A3?;.<[[>(:QJ]%J1=V MFUL,@*8O0(N**0\%6.896[**"`2]2*T:Y`X+#(:QFQ:([UJ[I*H)21*EI+6<(/DCNQ_)MX9C@LDL8TE<1CL"DZ!39VV5] M_:2"&1`2->HJ^VDY:#&NBFNV&Z7LD2*$0*%UK'V\4@$7"1".-G#QXD'`L$![ M/WT@XW=D'RJ:&FN7#Y^Z5V4774SLJKOG.V^V<_EX$NX'$HNBEN@FJLDGNY5R M@VT44TTW<+:HK.=D4-=LXRJKJW;J*9UU\`X'$FNBME7"*R M2N4%FO\`+OOMC7'CG.,<`FNBME7" M*R2N4%`4712W035623W^O\NF^N=<^&<9QP.7@.`X#@.!__ MT?J5L/K!8L_L?L8D$/2L\VD?8_K9*D1]EB(G*JV8Q@(Q@LDD9EA%R[&+-Y6Q MA[=FJ/0:X(+J8;I>3G59QK[68U>D.%>A.XE/V;"HC2$B(NZ78)/I6[("&=;Q MN%M)?.YU:DVN`.2@*LRC;@*((H2`:RBS<>).("54F[A1?1QDJZ>"X[N,[!^_ MPV).V,?(VX?L30+66&4F=V+22,'6A[R*5-O=\9)1_=\)+$[T=3_YU6!O6>`` M5DQ<,=4#[=!ND/R-/PQ6E.]^997)01-)7/=R9B*E80D!5E]IHBMA^PP[:JJ>T045:GZJ_(*]U:H9;RR=OK6BS)-X.`:,S!3;*QLG MA-C)F@T=>I7'J+6?CYVCLOGN:U,M^P:=7RMP0HXRN[KM1O<0.H\R73$X91V1 M6:O)%(^6$FV(4E'7S%B.V^+:#WA35<:-HG('N$YZS02-["K29V-I;!5G)G(R M8ULK8^M6:,)JY!'#VCVY4!GD[27(A-04,LUV8;C_`"UE2I#RW@AS4TM0TCA7 MJD$`P,FR/RMM)RC&+M#+)J;K18S/I!%XZFZV.SQ@BXUV?-W'N*J^R.^JFNNV*D-'_E#U+]G[_4N5L; M9Z\K$-&Y24C)6C"D8?2\S\DG,PBFEB M4\Y[#%J:?5:X!QQ@UGFTUTKU&2#[(&`7#W?,CT>+`F+G11V\75W3=C24UZ\P M_N*&G$4D%[RDQ(-7P61AK!9(FH/M`6KQI7M);`#,4CX)H*?M=B-D,I?OHKE# MWC"#K?1?1)M[AHE4FNS6(90GCQ`O)H2)DL7M/2 MK69>@G9>+V!.:6D>@)Q479CJ;.HO(&E78.I(---SFB`5@[6-K>1EW M)O\`4BG!-+T,5CVX7M^RRX8W-`5?+7!4QV'#@4O@3`6U:V#7,_*-E7*I M[.HNDVQS=LV<;H;87_I&J*I#5GG0:4J>20GU,5MJ\5&R`QHNQ?.(N97%&Z]< MHZOJ_1K")Q2UYH*?SZ*M"$.LTB-F$G?"QZA%_P#"331D]%ZD&;?#5J?JB,MJ M#O\`'3KHNAO<6Q>*S6>/(%+$;#ID,NV=3J!VL"5/-8@YL.5Q=Y$(PII'&[#= MVFP]ZQY> M\5C`^/M`(S9]Y05X\>+M5,Q]+."Q+-2:[*4S4?<@'*[I,U\2*QEO]J\%EU0@ MW,CA.]?R+:>=G;-VO,_.P[=TM("0X9U_*"'NC-=9NIA3.N6""A9#75*+IHC, M<@G;X#95>VSM`KV/MHTW4%SJ/S.T^NIZPY2-+[0+YJ%Q741+(Q!QD1?RUJ[. M-6#PUIE%NU7PCACKN/#)C3HK&5U#ZBIH'2I;9.>D;CK]W!)*5/NI_3CFLQ0K M?J(^JZQ1<<`+R9@=0QCO>)L.A2 M%@K3XS$VK,\PG`@L,U9V4#6U,)#*Y@)A#^,L&J3<9+-7WPY MHMN;%NE#*[T36KLZ4]W"?R*7-TYE84)B[N%7))XM31%?ESU*2T[J>5%G#B/L#DA@ MIR=Q2,G8&1B5>O`$F"QJPA$A3?S\0[,0*>UQ%-2#'06UD3QB1DA13#9J\;CE MD8NBMX_3/?Q_,:S/R5U=*+\"^*P@K/U;$ID4>0CEAVUU%,69*B$$9V)8$/TC M:5J,WA&*X9MSP+2/.SU5@;"VKE%L1$- M=]E-2P\X5?4KL:Q'4=C4<@+&#+26+T#)5W2$C#OY='V]B`:2L4M)_@Q-=)^_ MKAZG8CB*(N=16,[/-F[K5SXKJ-FD6EMUCW6GDA9=E[1D3VLE`M=]8.NMFB:^ M%24ED75-A3P_V1^;JZN4_@$\>Q>=1)&-`6$=PB,QJ624HY#+BVHPZN\ M$XEXIJ.?[J$2`EBFW)O!,4GDM[M2`)8!V'^;2$5:MYK,(._VGLPD8\W2K&'& M"@\;:]\MVHC2/QRNK?0');1+58D+PB#&\3KY*F<,@6TB%!RL,%D.MG62P7]./3Y0M' M6YV;3FRK9/#8^\V1VQHPCA@ZU:;(,EF*V[%]1">Q23$8VXC-8#FZ]D2Z" MCV:,XPC.M(PCV=L;JH#G#=A)\Q[4FN'.URO(B*(1C(]6K=VFS?X&(ZMRK\1" M63_L;*37K$7EUD;R["8>-ZS`K,^I$#1M"P#[-MYPN(0!KR8VJ)8+K9,J'*>[/GCT6<;K9;)^3G5S4KHU,"^J5+B,F@D4 M8U2!FQ,D[CK8WK")1'7F)RZE,O-`'@2FGS6:G8G.#U8@AJ1,[\MF)BP4ROJU MVYUP-2,$:#..)7J(TA2L`G4@*CC4B*3*C@A6M6;TX'") MR*?007;#OA MAEI6\>?!FQ!=:A0P9*3S%-=HJX:!7J7O"0[P\_:I$6A&.TEIR?KS8\U(!0\2 MG,3+]<2;!&OWC@^BXCMQ(4],%`;=24,!WO9ML/FCT0HMLD@BYQJFXTU;;*93 M2BUK"BIYZGTQB%?_`#2PAM120OK"T[*U:B;%62"OE$8H:D\@ZZ#C$G3B3!QV M)ABXYJT*#$UU3?NQ)N]9QUYOJ]8,5F+<6E^SLLLJ:R\44B<9WC.&M]%*Z<0H MT0.F#`FA>P$KHYTH44>,F0QX]GF@ED48Z,OZ%GYRC?95SCV%^5*:B&O42G-4 M"ZZ'R&/1&?DI;1-;GY:N%9O=B\*I:"YW6RN3>BL1U( M2CMC$@U(H?"U8M=65Q-!96RK.@2,X MJA-*4/D2\>C8.OV\A,(-E#FS9!ZZ9^\Z[L$W1`5UU8/L'VGOZB)OV9,:J22P M*[3[1=9:WJ*,Q2/BW$EC$@:Q+J+/K"J)%PBQ:4&((BHFG%//4,LZ(R$:;9?8[+X$+!V4&>D8(=6,P>Q)9L>ZBMHX7B4U+ MK!."[+D\)!/A^%&)==PQ?98H+X6W]^ M3%1,Q_N)_\`CK^[G_D? MNG"RNOA#@.`X%*4S_P!ZN/\`V9_QKEG_`&?][/\`8\8_W\_\S_\`<7_T5\#X -5=?"'` GRAPHIC 13 g297874g54a70.jpg GRAPHIC begin 644 g297874g54a70.jpg M_]C_X``02D9)1@`!`@$`8`!@``#_[0RX4&AO=&]S:&]P(#,N,``X0DE-`^T` M`````!``8`````$``0!@`````0`!.$))300-```````$````'CA"24T$&0`` M````!````!XX0DE-`_,```````D```````````$`.$))300*```````!```X M0DE-)Q````````H``0`````````".$))30/U``````!(`"]F9@`!`&QF9@`& M```````!`"]F9@`!`*&9F@`&```````!`#(````!`%H````&```````!`#4` M```!`"T````&```````!.$))30/X``````!P``#_____________________ M________`^@`````_____________________________P/H`````/______ M______________________\#Z`````#_____________________________ M`^@``#A"24T$"```````$`````$```)````"0``````X0DE-!!X```````0` M````.$))300:``````!M````!@``````````````Q0```4<````&`&<`-0`T M`&$`-P`P`````0`````````````````````````!``````````````%'```` MQ0`````````````````````````````````````````````X0DE-!!$````` M``$!`#A"24T$%```````!`````(X0DE-!`P`````"AL````!````<````$,` M``%0``!7\```"?\`&``!_]C_X``02D9)1@`!`@$`2`!(``#_[@`.061O8F4` M9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,#`P, M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+"PT.#1`.#A`4#@X. M%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P, M#`P,#`S_P``1"`!#`'`#`2(``A$!`Q$!_]T`!``'_\0!/P```04!`0$!`0$` M`````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@) M"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D M%5+!8C,T)E\K.$P]-U MX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$` M`@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D M8N%R@I)#4Q5C+RLX3#TW7C\T:4 MI(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B7I[?'_]H`#`,!``(1 M`Q$`/P#TMN/F@@_:=T3(+!!,^T^T^U1L9ETUO><@.T`:"P:&?I?2]WM3MJZB MT@NN8\"?;MV_U9=[E#(KS1CV[[FF0W;+)@[A),&O\U)2+K%6(]U/VBW-K(#M MOV/[1!^C/K?86N_L>J@].IP66VFFWJ-A-3@YN5]JV;9;)K^V-;5ZW[FW]*ME M))3FU#'V,+79!&VPM)T)#XNU^B[\W]%_VVF+L=O_`&JR03M:V6O^D=S!S7[] MZTTDE.8'XFYX9=D18YSMS=Y#7-<*[&-]I-[VD$Q$G1OYKG_2V*ZDDI22222G_T/2FLZD""Y];@)D`$3K[>WT=J'D- MSQCV[GU'1NPEI.NX3NVFO\U%;^TMWN]$M$Z-W2?#GVM0\G[>,>W=Z+M&[!+F MZ[A.]T6?F_R$E-Y))))2DDDDE*63GOS\W,=C].N]`X`%ECS]"R]PW485WM=^ MK^B[U,S9^E_3XCZ517C5$QOM>=M3/ZN[WVN_P=/J6_F+!Q M*>IYM;Z^E91H9@V/>_-+1LS<_YW[*IM]3'N]+]+ZOZ+&NI_9_Z=*> M@P,RO.Q69-8+-TA];OI,>T^G=39_PE-K7UO5A<]A]2;7:>IN;]EHR'BCJV,\ MR[%S&!M;;;'M]OI6,]&A]G\U93]ASJ_U>RZU7CU#+S_9TE@;2=#U"X'T_P#T M%IEEF9_QOZ+$_*6TUL=DYEH)IQ:XWN`YL>7>RFAG^$OM_1_ MF?SSZJGUSG]0P8?U2ICL9WN=DXP<6T?\'DUOW6OJ9_W/K;L_PF1BX57Z1#?? MTKH1KEY!:(GTJ6M_15_0^A1@XO_`*5'77,R&8W5L5W3+,A MX;B.L>VRNTNG91]HJ_0U9VGOQ'.]_P#VCNS/>])3?NS<2C%^V6W,;C0'"V1M M(=]#8[\_U-WZ/;_.(6'E9F58;'8YQ\.#Z?JR+GF1ML]#_M/5M_,N_6?])3C^ MG^DA1T3IN/E#*JJAS2YU59<376Y^MUF/0X^E19=_A'U-_P#/MN^U]JQOM/V3 MUF?:=GJ^AN'J;`0SU?2G?Z>]VW>DI__1]+:_J$C=6S;!F#K()B)/YS4/(?F^ MA;OKK(`;MAQ$G<)D[7_FHHNS)&['AL&2'`F0=-H_E(>19E&FP/I#0`-IWC4[ MAIPY)3=220,O-P\*DWYE]>-4-#9:X,;/]9Y:DI.LKJ/UAP\(/#2QYK=LMMM> MVG'KOV.P_JVTG$!V9/57[F5-GZ3,9WLM MNL;^=]G_`*GKXGZ/*6ETOZN]/Z?LMT'7TL9H&S#QF_F8^/L M9_I/5O\`5NL2G)V=2Z]=7LLO95KZF9Z3L6JJMPVW5]-KR=N=?GY%?ZO^TG_H M,?&LONQ?1O\`T-O3X]%.-17C8[!732QM=5;=`UK1L8QO]5H1$DE./U3I]E.7 M^U\&@Y%SF"C/P@X`9-&L0VTMH^V8N_?COLV>M3ZV);_.4VX[^G]8L^"^QG1\ M<_F5;RO\`ZS74M;U7S'I/^/M_\FH59#[*V/-%C"]H<6.VR)'T7>_Z22DS M6M:T-:`&@0`-``$Z"V]YG]#8()&NWL8GZ:0O?N(]&S0`S[8,S_+\DE)DD$WO MWAOH6:@G=[8$1I]/\[RMSQ18[:)VMV MDGX>]2-KQ/Z)YC^K_P"324E206WO+0[T;!(!@[9$]OIIF9#W@DT6-ASFP=NN MTEN\>_Z+_I,24G201>\N2 M4__3]55+-V^IKZT[6_S6Z/I=MOM]3_T6OF)))3]-G;]E$^K&]WT=V[\[F/S5 M%NWTKI]:($QNGGW>GL_._J?];7S,DDI^F*O3]?\`[4;H=,[_`$_H^[_@_P#B M_P#P-/5M]9O\_NW-^ENV\#_K>[_2+YF224_2UOI[G3]H^D?H[^=SN-OYO^O[ MB)D;/5,^O,MG;OVS#/W?;L_TR^94DE/TU;MV4SZDP/HSX_G1^-\_0_\];?H_R_^&7S.DDI^F:MGI6?TB/T<[M^_P"EV_[]M_P:>G;OT]7Z M!G=NC\_Z,_\`?%\RI)*?IK%V[Q'K76"$QM'8X(Q@*)#19 M)=A!,D)#-28V$0$!``("`@$$`P$!`````````1$"(3%!41)Q,D)289$B@1/_ MV@`,`P$``A$#$0`_`.T2H]IVKU%[CG*YKTU$%INTJ@)J=G[S08:-4(#48VU6 M0F::1.2$S2YFHH/RW)1LJ&.X)CP2XXDMLT,(N.GK+[3QD+$HF[1K/8-?CQ!( M2/L>"?NLN0KNQIW5P&U@M8E1CEC&-?L+L9*"13;Z4X#>GC1PT.9\ZW&AA?R= MT,,52US/9+4\(TYZ,1*`&*3Y'W$L%PD#6FV1]B+D&"*I8Z68)6:?=QPK,N$4 M073K[B?^[,LY]%EI5J.-<=JYS181"D/B.L?Q\Z%(<41>`U^HIA#`@ETJ9193 MS0PHHUCAWR"2'UI:8888:,4X\\\XK"4I3C*E*SC&,>/!B^EV<#19O3LG\\-= MW)LV!T3\=?7V^:9A[I/1NL+M.;NHHLS;J0&>\Q7K)+`R>^Z0?&2,U'(00\&[ M%C*#<MO_=-QSZ,:?LV$]"=M?)9LR1V2SW\ZJZJZY1<0%6G-:G:]V/7[ MB;:3RWYA-D$D8ZO;&V:T*+&#L"+2^\2`KSO>5#9&,K4/6;CQ4X628D83L+&+ M^\$Y-YEC:[%B4D:U7"OR,/"DQN`3Y>%U]D:0UUL^DL2$BHZ9F7$1TM`N,N-^ M])Q@(%`\(GZK6V0G*YU]4BX_>&WF5ZYAR0G+>3DVO;-68N(IMN[-;Z@*DQ(DQ&O*[/VDZP"5EB0J5D>B*PJLUFK'&/7:1M^ MQ=8LIK94U8WL/2^,AF18H:,XAC\NDJCZF(N=_>VX:V3:9-N$K,E2:L]8'W!3 M8._/35@=*VQV;@&),:Y)L5B:B(,:!UC`&Y8'A))"6I%Q(C;(RPF&1B/XQL/9 M^X^MNZS_`+TJK%H-D4UJFR6O8H6K7REP\M&5'#4I*0T5LG;*8>X#FRYI`^<2 MJT/`(%(]%K#JD8'&8CK7N\MV2$YL^_VUPZC.V2'T9K^EUNZ56QS5!IMOJC^] M:]MCW5 MZ)42)%Q'CF>P/8*>(,Q$N:SJ8U=VD&,]@B)M4J0Q7D6RS5J!KMT3`662R*C8 M;+`)04DTA"B&%(=CH^48,8>;&(DN@5N?L%>D975U M+,A?S+U\W;#H/85;N&Q3XZBXK$L6,?8@CE$`-M&>L*(6(0(U4\O)'[ME:\94 MH6J6*@2-.=D-/1`8_P!YKWO.3NI6S-KKI=\D*ONZ4M@7NXS7A,BEE:3XXL@9 M[(S3Z`V38YI8PC>R]B-NW2BC2565"567$J-2E)FUM5N[DP-:L)%1J]GV(`4" MBXPD7)"5TU\Z.>][CZ9U].2-/O.SK M'+C'KEUP;=7KLFUGZD>ID\^,VC>:F5'C$,X0EH;))13"?*AS_P"7SY%QE(]: MNUCG9!P.7U'L2DB-B/$_6;+(:K.CUN-*;PD%L>D;,N$THM]*\J1_TGI>",X4 MM*LIPHC65JN_R"Z'M^#L>Q+=.V&+V&^J'N$[M3>NO*3;[`B-E@G8.8FA*B=< MM.WWW7E.(UR$4WA3^01AFTY62UB->DY1$Q-QUTFI#8%VNECC)2KQJKK3V7]S MT;8FIZI$Z"KEIE[Q(Q5-ORJ,XF9OE6,"P[7(9"U2\RZ*++OO!%A\J+QL"C*5 MU)V57[)<[3"[)9T[L/91#)>S[<;>:0;:W+//5>!C]@$3R;:4S3)IYF`CR\%H M<,Q'IQX>+BD9'E5]J>XL-N"M6MK!L=]59U+;=K'RFO;?<9^!L@\G3['6M4UV MMZ\3-YUA=C[/)EG3@JFV''%%5T-#V,M'-KR'JZI25B*`OH,Q/"6B-%E*J5#3 M,!L._;:J#;Y%-B8ZSP\3L/9BLVF0E!;3"EEFQV/,)$M'C,X6LO)G@*RUX0X# M@.`X#@.!_]#M1A^J\&+/[5G;#L"\VS.T[%49"0&D450'TZG5(_7P:Z!/$Q5; M$=O4!8&Z%@,YR7P22J'.*%:6TZ7(%G%RNFZ]=ZI>Y>PG3-DN3,/9Y!=@E:@` M36FJ^NZ(H2=))QPIS8N"VO64,CFBEO"R<> M5LFZGLV*6S<;+,F!T1%GDMC0UX#J\<49AK)?8F3^XSL9M"QUVZRM^@IN[(8HXQ># M8R=DFFTIB7HIAV-CPH]YMP(9L?`ROG76HXO7F)'/WFMET(/KE6IJ#+J]7S"0 MJ=2D3F*W6VE0-=KS4@,"[93W%EGH,DREE*]P2ZE+:4$8XZNTEIB-[2[])CM1 MZPCR*[7>O,M7R`J#5!7H*52WL@M,E#NL1+:XR024&RYAYC*',.-(5X^*4YP6 M]1G-PAP'`'+&P8DL`3,!Q4A_V$D5&, MD+-'CSO_`++RT8;=_P#ISG@?R%M%:L@PAM=L4%/!GH/M]=K<38X> M1GX7VY"!"/J\.&8](QOH%.):7ZS:/*XK"<^&JZAAKUB25MLM^H\XE"?,K'BI6,8_CG'`-2,>^<9&, M'A/24>R&2?'-%,.'`CR.2<1[Y@B%Y(&9.R$]AE2TI2[EE?ESGRJ\`_=9([3S M`[C[+9!/J^V86ZA#Q'HIPM[T&E*PMWTD9\5>7&?+C^.>!]J<;0IM*W$(4\O+ M;*5*2E3KF&W'LMMXSG&5KPTTI7ACQSY4YS_+&>!3Y8:&*%::G6(PD),G"DL- MRS0KPJ9D.9`+KK[2#$J9Q)BV!@5T)6/]5!B&E-9PYA&>!4^!0:U#UB%B6!Z? M%P,3!%NDS`S%:!CP(DIZ:?=EBBED./IQG+[CF7%*5E61'BKR-J5X>"9./' M'`JO`\ZBQ4%,@K)'0:2.26.&IYM)3XH3@C)A+(^58>='$>/80ZM.,I;4\WA6 M<96GQ#Z9&'&]7V[#+'KO+)?]%I#7K$.^'JON^1*?4><\N/,K/BK/A_'/`H]B MM58J`0\E;+'`U>.,E(J#$/L4Q'PH14W.G,QD)#CE21`S#\I,21#8XHZ59>(? M<2VVE2E8QD/LR4KD44>2?(PD:T=F$Q:G\' M9BFR_P#241Z?HX<^SE7C_#@>1=PJ30D">[::XV#:31(ZL&KFXQ`ECD)!*U@` M0)*BL,RYIJ&U99:'4XMS"_P"CVAPMZC)?A&J?:O3SOM=-D7>U4WY#YNBU">LTQ)U6EA:W'2/4 MJX6<\]"UM#P4\*T?F$CEMC9*4VETO+7JN?;6KF_EK^K.+[6!_L5^1K_RB.S.F"[JO?O:@_L5 M'SH\*FL@2%/8@7:P:$Y(9E#$2*I*0,(1(L/L(]#QPVG+7F\/-_/-LO4PLEGE M9/9?KSM+9&V)ZP4@(!VJ[,TY3=#;+]W8&HADV@!6O:&QK8@D%I?NYH@QL<2I M#,Y]+#0M[/*2\E`Q"51J6*D5I38[S$])U=M`E3DIB#&DS0]:G!--B'2*&XV*#<>?;>)]H. M$=PM&V\B#OU$4QMJ'9F][$W,*?19]3P-7#U[*=IUWJSQ5(FJ)-![:!(M^K)X MO)N)9'N6\-O,"OBO*:2Z%C3.K>T46!'-0-CN,L![2IN6$$R[S%BL)DA'9WB& M^F$+=@)LUJV MK,WN4U[(S M.4@3%*[)UF"G[@#-7)^>A(*UJC(>,LF;`'D5C4.Y70%Q]&:)*B[#8"=G%U=3 M*'!2"5*'0EK"6LDX9FW_`"S2C1V&V5-I80.JL>&TYV=C(G9%OL4. M?);6V]%ZY%N96O=@LUSVLUKF'W94X>3@9(:Y4`T*()`%IQY8Z#&T8*E3%9&* M2R^(Y%X7_9-1]C9!N*M`D]*EVT:VV*;G@C+G-RFZ;A'9AX@^[PQ!<0;'0T&;EY\J1F2:A4]T4>[2DC,/S6P=J$B'#1<4?E@55IGG'1F&,I= M8<>^G"#RCR+U[ON!9H:9I_9-T@LU#51NR(>'VU[&WE[+9K&S(Z[$1$[)6Z"8 M'K,=,O5IPN/%/##-PS[AI)+J3631PC&#U)V_@*\+5HB=.ASHRBZXK=2E8R89 M9J59+@J7K:$%=EQS=J2@LP)3;Q''2\H`%4`7++&!O@JE5,'Y"6,QD:?2-@2M M;TB!).6F*FP]>W*ERLB[.#76>U_M*?URF+A=NR-I81%-V)Z`;C9J*0:V,.X4 M_9FW5##(RZE@>U@`T'=$S=_:1=*7IB@QS.K(P9Z"EZC#FOAT_7^_HZ3KC4E1 M+*9.V#6$7M*?MP( M_5T9>(^S'O5#;%FL;EJL-V)=8._T9LC?&+O: MF:=.NHKTZ]ZVN6DM2469`[3T/>-5T*+BKY-P,:=3HM.N"G#F5R`+9CA$H\VX M`_(LH:&9X>ZC:CV]7)N+L3S-Y%M]IM,/89B1C[;2XC6]3J[N\KK>K?3;%KR& MDL,F2TEKZYG"CNCIM+:)0WS>];(&S-%C*Y\TF^6_9M1N4?6KC5*;-VJ$W;;P M+A&ZU3-!2BM&,ZZ5KM@H2VSTT`0\S[463CT@L,8)0>XF<=$<2"0$=SVG-J3F ME*W5Z[4;+1[E,:YVMI^1#+QJ.;BZ/`7F?".#GUN+N\E'PA+"XT1]HB(8L/B. MSELJ*?>:!4+%SRV)\K)P'`8/T.%O49+\(^3=BU[*R9^W@-KTX,G5`SM;,G&]6B:UD+ M/M:JA62&`MU\4(=+/"R$8["I8.-68M#N'82*J=='@(R6"@D1*D,2<>TC!/T[S1^1E?)&F MKN<+/"R%XK+Q=PM(&S[)-!TN2`;'V=0Y+32]4*@*\_<93T:&!$ZL4W/@$R)$ MA)D/I6*<`GQ0D96\SUA>63+XE;R/)16P+/6[OMZ-14EAKM=IJ%[.OL$]53$V M=]5+A\NK`B"QB&YIY^$B1FVR&35$GOC*2M9ZHD*4N5(LUL1=33:;2-<"D(KZ M*\C[EZ]Q:%0/UEA$M+IE+8>_U.\3 M8K5U8!*I\+UXGZR^PP3A<-,H_,,],@'E1*L)(29',.>.?''F;Q_#D:MN(V'< MK)P'`HR7X0X#@.`X#@.`X#@.`X#@.`X M#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X'_]7N"C^R>H)9^S"Q4Y/2A%6L M,96"6(F@;!ER)V3F*XW;H]='&BZN83L&+?K*_?Y-@T'AH"3[A3F&,I<47"O2 M&\=7Q$@]&S%E7#/BQ+\P>_,0-EB8N*;%J95]+B9J:D(<:'A;8'1P7IAZ$+?9 MF68MM12Q4LX\_"*F-MBB$U26N>)8T6&@I!$/,,2=@Q+#*=$*%90.MELFXU@DFIR$O-*D)4C8S+R$OC$6$63BW2PLLXRM^OB M(9_TG#O%77X3XX_)CYS@.`X#@.`X#@.!&VP=Q:JU.[6&=F;#J% M#=NDVW7:JBU3T?"YG)EU"G$A`^^?:PYG&,8PI>?!I"UH2I6%.(PJXMZ@DGD# M@.`X#@.`X#@?_];KZJ_5ZYQMCVQ(SUP5AW.0"`"Y54SJC!>D76RJ8-*UB.F%O$S#I[X;+L41A_)"Y+`S_" M12]8[.DQ;0V9BF"2=YOD!N61=#D9(V&\(+7XS`$'-/#0UDG1TH\,CF&XE&HJ/6I;*DE'9(;5GV;F, M;TF;F]1-KQCRE/670/5-3Z3(Z6B+#67U7VQB#-)-DMDRN!Y`Z]QBB6W M,M'P<^*.N*R[A:F!0!FEY6E&?&7:_+Y0QQABU\96Y[GJVUW_`..;L$M4^#9P8L0Z^K+IF(F/-:D(]O*E/XABL,Y;;Q&O>%VDLFTZ37 MU6YOF&C@.`X#@.`X&N/N;\B%)ZV&C:GUO"/[L[/VE3$;4=15ALF47%R,FUYH MPZ[9BO4,$86E:76HT?\`]2-1E/A@=A>2V]:ZYYO26X^K$_7'Q9VCLDBT[I^1 MF\V6W;@V!#.AURET^?S$1&DX\O'K`HC'04OP[\Y#Y7A+4>VT_#,*]11&)%YW M+R-7?'&O237/:U(K9W;7XHY./J.\6)WLQTH4:-$U?;$.RX]>=4@.O(%C8N69 M*(>RP**SA+3<::1[%SQ;2`[6U#F&G M_]?OXX#@.`X#@8T:[_R?[*_V;U[_`*/:'"WJ,E^$.`X#@.`X#@.`X#@.`X#@ M.!1K'8H.H5^U.TOD7V/%F,4FM&'ZLZLU^4;PE$9"1J3`9&Q-L95XY)`CI! MY"W,9>'7+S$CY,I6(WY.FW^9-8S.;EO*YS::E/E#ZZW"3@Z=W-T'ER+["]7' MSYR;=KB.<>D)V&.90XRN237V722L#Y5E)4<1("Y0XHAO"=ZW\;U6;/ M,[9R=5NQM/[5:/I>YJ>9&9=((=:''':<>??><0TRRRTC*W M7775Y2AMIM"$,#)97E#C3B%(6G.<9QG&>!I/VUT*W=U(NTOV-^-B=7'MOYQ([`ZN3A! M$E3[@&/EQTEFKC&GLX,QAMQ:F8UQ]@X;*G,1AB,J:#YTFTO&S.,Z$N6EKFI0,Z/(Q>-9!=GP02&UI?94R/)!*;5@ MD9M&$..9NMG/A9<_5E5N;>&J>OM(D-B;@NL/2:M'X4G!E9^8(0C.6Q0V7GU)2I7E\J5*Q)+>(N<--$AN/N=\H9YM7ZYA3?5GJ`X65 M&S^[+`T\-?MBQJ%*&-!@6P267ELOXPIM8,22@=/E<;-E,X7[3F\:Z]\[,\[= M=-GG57I7H;I_5_H>J*PG-@/&99M&PY[`\C>;4XWA*LXD)?##*0HW#J?.V`&@ M<)M7VL-YX MM52!M>C0MAU`J0M:,KKP3,]'K*D\^_D8G#++&'_4;*7+PYH:67,(=68$0PE. M76'D("M5'8%'OS1[]*ME?M3,8\RP>[`R@DDV,HEK+X;BU"NN8R,>/CU!GL>+ M)#?VVE+3_'@0OKO_`"?[*_V;U[_H]H<+>HR7X0X#@.`X#@.`X#@.`X#@.`X& MF#Y0=HV_;=MU5\=.D3<_?_?,C'2VUY03S/HI^K`BG#5(E5"NX=&9-1%OR1K: MO*XJ-`2WX*2OTV??%2OXYMS;:U)XCE#F_FD[F&=BE_( MI6=5WTCXDZ=L%'6*1@\#MLJGXF:)043N(B+??2\F^LRP8ZQ3%(1%A>JS7%%H M*,(?=SG^G3XS&/R=>6O[_2=LT6J[(UU9(FYT&]P$=9:I9H9_!45.P,N*@H$T M9>4I7A#S#F,+;<2AUI>%(<2E:5)Q7-H_B\Y^+'O.Y"/9^E]+.XTKZ\2ZM:D0 M6I=F-OI;P.I7IX&B8R.,DDL*\?2;5!&,.+<=5%+\O3[]?YC/VW^&_+G-HX#@ M0GO;L5IKK737[UN:]0]-ADX=1'#%O9(G;$:VCSXBZS`"X=EIZ15C.,Y;':7A MI'BX[EMI*EILEO26R=M-TC:>U/RW2SE8<3[N9F3,-X\SCF<(:1A+3*&F$-M(Q;;< MUJ3":N0.`X#@:^>X_P`>.J^U3@]]B#C=0]A:[@M=K/HEF?JQ?TM\7MYV#B@A1!V8P+PERYG"[YSK7MJFNP,XTFC3\W5QW)4IQZI1"9PBA1LT8 MSL*.UN<01*MQ&/HJ\8:P(?\`9<4%E,=>-H$E6T>1?I8$;MB]4B_70^&N%A7+ MZ^*I.WI?8S4#KQE^@##V&.EH[`:5/%O0ZAIXR4D\-/)(0&D93#IW75ZJ[\D? M=$U"%-QK#5FJXIB@RDC+@Y#UI]^G\6A"+!5H)N#>E"+PI+,3Z4DR$V&GS%D> MKE#8K';5&HM@1_:G>)!?:/>TVU!PG7B2E`92O]96A;D$G\PRNL0:+ M$+9%6/E<.]%'^B2YG!.'<-.-"]3AL-X0X#@.`X#@.`X#@.`X#@.!%.\=PU'0 M.I;[N*]$^WK5"KY0_K[;[-R99%,8*0I>:GJ=DIM$:Q$I)1@H(&<^ MGCL!HRI>/HL6"M"O!]SQUO9QK.HSK/-:^N[&WMB?,7V[Q\9'56RR,+U.TU-A MV#O%OROK0]$3+\)**2SK^#D6LJ#DAPY>/=#CAO.ZF7GVW"\LYCH5PESGWPZS M_,^5[="47U8T##]<&.I`>LZ[_M[8H#NL\ZX=&R[$DU4@9QDQ!;N5>]?F3BGE MFO267/?N22U&9>]SG+O*SFYSY<\W3?95X^&#N8[\<'8VSG2_2_?T])6?IANZ MRN8;"I\W.2;>%T&QR2LM1\<.=)&H!EL)])D2;<&D4LL!RSSC,Z:O^IF=N@#M M[UGJO;30UTT[9<#B&R@GU.EV)UG#KM3O,6VZ[7)]I6&G7DCMDKR.:AKRN$1Q M!#.%)]3S8U+BRN=F8P_^+WLS:[Q4;;U6WI[B-[']7BWJ=8PY1_#DC:*3$&XA MH6RMO9PG,FY#.>E'E%(]5!#2@C,NN9.\<:WG.9U4UOB]MJ)IH<:&7(R)8P$> M`,^:<<:^T*&$&*TM\HLLI];;`PPS#:EN.+4E"$)SG.<8QS#33UNSY0).[W(O M0?Q[Z])[([?>2X.=?QAG'=2TEO+BQ7I?,HIX$2>8#=QC&#GR0H+"W&E(*,\< ML*W-,<[<1GY>(]6BOBZS.7)C???:_$=G-V$902Q690AXW4]11YW'VHIB&*%# M8L0H3KJLMB>U"A6RN_C68ACVV^BBC!##A!#L"!B,-"B""M-CC" MC#MI:8''8:2AIEAEI&$H0G&$I3C&,8QC',-/WX&*?:_NUUDZ349=\[&[3@:, M&^T]F`KGJ9E+S<26DJ_Z*H4V/]>=G'FA*6^ M1OYC>\*3-R_''U0$UCUFUPZJUQ4INN.KQ%S[-QT8\RIZJP8MB*$!4#,")>SE MFM.X>;4TIIN>]RIH=4Y:QK.+>6S#X[/EPTCWG45JRRQAV@.W%028!L+KEL'W M438$2\)EUF>?H[TR'%$V,2/>&=R6`MEF9B\-KP4,EI*2'64NMGT;:>5DX#@. M`X#@.!__TN_C@.`X#@.!C1KO_)_LK_9O7O\`H]H<+>HR7X0X#@.`X#@.`X#@ M.`X#@.!HJ[GRDIWS[EZXZ"TH\I.H-2%"[2[13D80MEIQT!`ZF*I@QG&%>X`C MI1D)GTUNI3+S7G=:PJ,4I/37_.MV\LWFX6E\LO=N_P!4-H/Q<]`!4F]OM^1< M73WW*@]B/:Z\:C-CTLKD79`%I;--FI"JL..,D_8>@(!MR33Z+JHYU?*W^W36 M>;TV,_'CT.U?\>O7.MZ0U^EF8L#WI6#:>Q'0FQ);8VP"A66I2<)3C+CHD,%A M&!8H'+CF`0&T)RIQY3SSM2W-RSIX1@W\A?136/R#];[5HS8"!XF=RE4_JW8: M06S);6^P@F'$Q%@#1E3;A466E:@Y4+"T8-CGW4)4V]AE]HLN+EKR^'[O5L^3 MF+C\:W=U1,!W3ZNH(@(N2GB9X[(@I6(PQ26W76Q'1B4X1B.PO'32YSK>G.SS$>@=?>[OR4%A6C MMA/2O6#J\02S(PG7JFNO!7BUQV%L$A.V[)XWJMNK2A"O<3;2ULOMY6-$"X

^FX32>@]0]=:8+0M-T:$I%>8PRLI,:/YY2<,9:PSB5LDV1EZ6L M,LMO'AD@MYUS"?!*V/\P7:#O+ M:6IMQ"L*3G.,XSRL*CP/E2DH2I:U) M0A"*E*5GPPE*<8\D1%;GG8XS9\A.IWS8)AP=*ZI(1@$@=7251QKS:'%^K M5Q0?9D+4R<4M+2LN2S63OENAY67_T^\1W9&NV!K88_?:6R)0I%J'O)3MI@VQ MJ7+OC@%L1=L?6=AJNR+PDH*ZA@S++JFR6E83X.(SD*S]Y:Y]6:@?O!"?7'X? M-A8AOJH'U9Z`2]@94XU'>O[QR'P1GT\DX1EGS_9\WC_#@?`5JK$G7\VR.L<# M(57`AA^;,%,1Y=?P#'Y?2>;F98( M![8B?@K`@YR!FHF;;BY,N%DW(B1#DD1TS'Y0D^).4&\\D23!4XG#S#GE=:RK M'F3CQQP,?M=_Y/\`97^S>O?]'M#A;U&2_"'`:0;"E,PZ4-I9\7! MWI@H!3CK?D;!+\R4JW-9.=JSG/3'O8FR87X0NH-UO%]F(3EZ30B;`])R17M1G9"4E,!(RA90RDS?;/736FN>V0_ MQ$?'9:^ME?N/:WM2<1>>]G:%UVV;6LT]EDZ2UW"3A")=C6\83Y/3%D5O9:>G M,BX:%2^R.`.C(L>RX]B-;7/$Z;JN5DX#@:0OF!^/N\[SB:7W0ZC/'53O9U42 MBS:\E:VTUB7V=4H,@B6*UT4RIIQ$O,"9(*=AAWDN,&9+*C7FUM'^+4K6MQQ> MF5'QD_(-1_D1ZYQFS8I@:L[5J#PU/WOK/SK;-HVP1Q?,^^*&2XL[-0M.&7"X M;SL*GYVNO9RRO&!'L9Q MR9]-?&3[J_77_P`+O8'MK?(?=WS%=G);?AT0\@^K=9=5RI]5TW5/5QA3@,B? M"AU=I'F'7@8IN``CC"%#H6_,&XSG&6/9\I.-8Z$==ZVU]J*FP>O-64FK:[HE M:%R'`U&F0<=7*]$CJ6IYQ(45%#C!M+(?<4ZZO"?.\ZM2UY4M2E9K"]>`X#@0 M?V&ZW:1[6:PF].[_`->0.QZ#.I]1V*F6%I+BI%#+[`L_6ID18\Q6+)'MDN8' MD`'QRV<+6E*_*M:5%ELYCF[D:%WV^!29/M&I7;9W;^,7)A4C9-'%O.-&XG7T;XV_C9.]M_Y"%?W&?' MZX^-OJ5O3MYM^7C(DPA,E6C:=2*(N8"P_G[UNQV)V6?7!&X6,<4M^`M MLH"4]47%M97E3;LD9>_#P3C.4>7&$N3.LZC;?U)^,7I'TF9#*T1HRLQUS&0O M#NT[:A=VVD2Z\Q[8IQFYV+WI\`R8Q]ET2(Q'`*\DV'-N'F8E%3&$J M_5>%TI-:K3[PTRZ(5;)Z)-C'7/8D1[%;G'R_=K-1D-P93+(5>[2<5?0D:LGH MYW8.UZENR/K99=(4P#!:AE.N(DQ1K$=&6>0JXEWV6T14RF[8$/&K.4%*OM`K]R&+C#6%BH/U12M^#=J=XN2N]: MQ*"Q\+UX+LPK&F!HY=DAL?F&ZJ(#(3?BLU\A0;+[/NL(*SA3V%^G_I^546XQ M.&P[E9.`X#@.`X#@.`X%"LMHK5+@I*SW"P0E5K<..HN6G[%*`PL+&"HSC"B# MY.1?&"$9QG.,>9Q:<>.?#@:A-E_*C,;,M,IISX]M.6+LAL=G.1#-@EQID9JB MJY===&;EGWBG8M^1`2^PM""I`F%C5JPE;1!*,^16YICG:X9^7J*)4/C)O.Z9 M83,EHAQXAM*VO,L MPM'BO*[2<:PQGM\;O^9[XPND,(SJK5]FA=IV2&5])KVF>I]>B+2`W+.KP*Q' MNV6(>C-;`%NR64M%MHDB)1+GFSD5UW'D5BW^72:7UPQI^.KJ9O3NKVJG/ED^ M06A3-*FP9!R)Z<=;[G&2`:-45.(()1`W>1K]@#!/9-B2 MRUYHQ:)_*VR3XQTFW M_P`TWR.Y]ATSZXQ/0O0RYIC6=W*=M`_`!UUA+:WN3NQLO97?C>Y2FBI2P[DFIE%" M08V^Z2RVS3W)R8EY\07)"V_0FY:1CG4_:2$SX^1+!=[XXC>E5*C5*'7HJHT> ML5ZF52"$:`@ZQ5(6-KM>A@64X2R%%0L0,'&QPC2<>"6V6D(3C^6.5A!9=`U MEK?4\#BJZLU]2-:5=)91Z:W0*I`TV!2<:YEXPW$/70(Z.P66[G*G7/3\[BL^ M*LYSP=KWX#@.`X'_U>_C@.`X#@.!C1KO_)_LK_9O7O\`H]H<+>HR7X0X#@.` MX#@.`X&+W:KMWISJ!KY^\;3F\8.*;?:J-'BG!W[?=91I./`&$CG'6_(*RI2< ME&O9;$$1G'G7YU-MKLEVO"6X:#=T7NO;<(KG:'Y==Q@]9NM)"R930G4N//L. M+Y?`$8PAN9.'S0/E1 MW=MV$SI_X4OC,F#*&(0Z"SNS:\*'0M3`EH6L$N4,%CY>&@).75[=;N")2W9E M'U,Y]4%Y?F;YSMM=/C->ZOT+X<.[OR?*GW]N]FK1!#)Z^MO7-]JL:Z$\ MK^21A#SG(:&IZB`6%Y%<<;K!ARV\YRF44K'J+F/9\I/MC<)U;^.WIATS$&3U M[T%2*=8&1\,$7\X-ZU[+/\S&&"LD[`M3TQ:61SL^9;@@Q+`*5+5Z;"$^"<5F MVWNLU.$.`X#@.`X'Y/,,DM+8(9:?9<3Y7&7FT.M.)_GY5MKPI"T^./Y9QP/U MX#@.`X#@.`X#@.`X#@.`X#@.!__6[]4N-K4XE#B%J97AMY*5)4IIS+;;V&W, M8SG*%Y:=2KPSX9\JL9_EG'`^^`X#@.!C1KO_`"?[*_V;U[_H]H<+>HR7X0X# M@.`X#@.!K<[I_(;5NN)P.H-4P:MU]I;>^+%5+5%>03*?13I1"UQE"%>VAX2M2@8T1;7HA MMU38_N`!X2-3Y41\&,>'*P]?`Y)1<:]+QM&JKPN*+B:;7[_8+T MD*L_=+9DB!*UR?D]'QO6B)J$_3C[18S(Z2JT[<;\+)M(KYY0\A'6*79G'&$* M&<.9J)/5%X;I5^IM;H%FAZA;MF5Z_4_7H]2.KPKFDZ-+=>`=SP+5,>8`Q!,V MTLBQ.(KCXXQ-@:++6V*]@E?J!'<9K6[)ERUQ%$L,+*2-WI,KUUFRH%;8FHM: M1N[+/8+U!$+<5C\MQY2AE.$NQ1.(]Z1A)8&OX'=5&+"$">>M]4DZ^JPK`ILS MKZ-=UOJ:$D@+(`\RH_\;-LQS.2V7;E)&-2<(R?96W7&["L3"FS2<,X= M2*B;5%?[--=J=XKFMNZ)D`A83KP];QXOKKL"(*G(#'YAK7&ULPOM'-M5674` M@AO!Q3$RSAYUMSVF4M*:>%QB-AO"'`1:_^HDI4D4-K.4-JSC"EXSG&,^'\N!S[_(1\U-+J$/)Z\ZM7J!& M4MAP:Z=BYELI%4IX[[3N%`T`1<>7)6BS+9:=4DD8(O.,(PB/8-(7A0^YK),[ MIS;C7MJ"Z?=3^WOR3.3F=,O6[K;U3N)G8D0J1=^OUJ@M^^5 M(B5J;<\^)``"0S'E.Y(^N3,JI`<8SG;:[<=:MR:Z=\[.N?IIT3ZU]#M:L:VZ M]4,2"P0T.JVWF62/*;&V#(CI5X2ETMF1ARY)277%J8#:2Q&@^HM(HS"%93F) M;;VS"X0X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X'__0[^.`X#@. M`X&-&N_\G^RO]F]>_P"CVAPMZC)?A#@>4X\&,#)D)(P6/CPV5D&''$,B!BCM MX\SCY))"VV6&6TX\5*4K"<8_GG@:U-]_+ATKT4D\)O8;FV;*#A]+D!J0<>SC M-.M(S_$NX$&1M(9'0[CRO>E(OOM8PK/HJSCRYU--KX3Y1S_]F/\`DD[(G3'Z MOH2#KFO,FE*CXS[O"-;=V,:^^^@4)H8Z2"%HH)I2U>7(OL"GT.+PE#JLI\RK M_C7NYJS7?;J88FU71?S!]^)4:XKZU;*EV35><79?;NZSE1K$;$'^5YLRKUFR MR5-GW!%$,^#>(<>4`]!7_:XQE#B)_P"E_'7$7X:S[MLUMXZ@_P#'IC0]B1V[ M_D5OU'[#6N#;!S5]):YK:*SHJ$)$=03A^Q--0E1/`B(@`**BHH(6.C(R.%8!CXZ/!80,$``$,A MH8,(,9I+;33:4H;0G"4XQC&,<,O;P'`_P"CVAPMZB]MP]@=*:`@ M\V+[2EW M.<>FMU\!;:T^"QEISS7QD^ZIFW[8PL.ZH_-+\D!3,OMUUW1VN2RF21_]P\R] M4Q`QD+SXD5OK=KT\,>JZKPSGCY2?;JOQGY;?TS)T_\` M\;3K>"H.4[4[TW)V8E&76WB:Q&$#Z5U63C&?,MAVLU,N5MWF3G&$X>8L(JLI MQG.4XSG'EQ;;W5ED^W7#=%H+I9U-ZMC#L=?NO>JM7%CC9#^\-$.`X#@.`X#@.`X#@.`X#@ M.`X#@.`X#@.`X#@.`X#@.`X#@.`X'__2ZCZY.V(&K=]1Y"P;CF)*$(>E*[?A MYS?%6FA+:)JG79]+KN*/(/#M56W&V.6:6ZS4WUQ,TC#WN(V+B%Q`9$:])=W+ M*[$>LE^)HY>WG;B]8$.4\.NJV4JJ.Z,(Z_C%6.3B8:-Q]Q'K>/=W9C,(2IE4 MS]Z\18SRE!J;874F%S*L[H]'V!78&:VD]"26SZU+4?)IFUS]@F:)@Y3KY'[T ME8&>FED;2="BY"W3Z&B&B?J32'O&+5AID?+81Q&'[*^KF?1S=QORR+O26^O+ M<^?N5RO3>M7-V6=N]F;)2:1]*GR&J5DO'N;#ZI#55Q!D#K3(O>N[%X3SUO)G M'-N&WQ4BG<3C=[_`#+`]S=VBR8I;0S4"DX6(:Q#!$95 M@9A+N7TYJ5KOVS"?)ELWLAMNHZ(*TEH1,Q1].8V?<(V_2>P,Q`Z,7]F"8K]D ML&IJK8&3#XYTI:T"5I#C#S:/+(H\_P!C6OQG-[2YXQT\NN_@]UK+S3EX[;[Q MVIV,NLB\@F9'&G)>DP4DE6?,L.9L"9::VA,.C^&&VRQ)R&RI'FSEA.5)PW;O M>IQ$DG_6V'2G6W0?7&%>@-%ZAH.KP#,(S*NU*N@1\Q/NM^'D+L]A])RP6@]. M,8Q[B1**?\J<8\_AC&,85-O`7AQY24I2IUS#;;.'',XQC*UX:: M2GQSXY\J<8_EC'`^^!\9;;RXE[+:,NH0XVAW*4Y<0VZIM3K:5^'F2AQ3*,JQ MC/AG*,>/\L<#[X#@8T:[_P`G^RO]F]>_Z/:'"WJ,E^$.`X#@.`X#@.`X#@.` MX#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.!_]3OXX#@.`X#@8T:[_R? M[*_V;U[_`*/:'"WJ,E^$.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@ M.`X#@.`X#@.`X#@.!__5[^.`X#@8!]A-IW"D]G='P$7?R6H&P1F!&-65N?J\ M79[#:3I&5#`*F*]:*K(?>>AV`E0(9AH4@P97V0RB6D)RIPADLQBI(ZWW^4MN M;#AG8Q.W(T;6VIK*7+._=QIR,V;9F[VJ^TW*8.-B6*X2$S"Q!*X0W&2XC)^, M+\C3K2$BH3H6U-VM]D.PY+75VVD&$U+0Z"XU.S]0MNQS8XFR,"O.DN6M(I&# M\.KRG#2E*;]//G\/%/C%XQ.61/YN[Y_:7SH9G7&]SPU?WC`1$3%O[7U+Z5+CWNM M?7J>S\W=\_M+N7ZKZ7_&'!B>T';9WIV)C;[UB##ZXWN!&L&\9^(EHMC:^I?2ND M>SUK["SS=9-]I;5,>V%E80:9Q[G*6/6B6_#/K>EC(Q.>4X_F[OG]I=R_5?2_ MXPX,3V?F[OG]I=R_5?2_XPX,3V?F[OG]I=R_5?2_XPX,3V@WK5O3L3/:(UC, M2O7&]W*1D*TP07:#-KZE]U-.Y))3DU_ZE;6S_.K"<8_U4X5]GD6R9[3E^;N^ M?VEW+]5]+_C#E3$]GYN[Y_:73RYY%Q,=IR_-W?/ M[2[E^J^E_P`8G8F!T1LZ8BNN-[ILC' MUI\@2T![7U+[J%=P2,G!K'TVVN'^=.%9Q_I)RK[7(LDSVG+\W=\_M+N7ZKZ7 M_&'*F)[/S=WS^TNY?JOI?\8<&)[/S=WS^TNY?JOI?\8<&)[0=J;>G8F2OO9T M,SKC>YX:O[Q@(B)BW]KZE]*EQ[W6OKU/.5D+W=M2Q[8J5FR9G/MLJ8]:6<\< M^MZN,#$XY3C^;N^?VEW+]5]+_C#@Q/9^;N^?VEW+]5]+_C#@Q/:#ML[T[$QM M]ZQ!A]<;W`C6#>,_$2T6QM?4OI72/9ZU]A9YNLF^TMJF/;"RL(-,X]SE+'K1 M+?AGUO2QD8G/*[E(R%:8(+M!FU]2^ZFGS\W=\_M+N7ZKZ7_& M'!B>UGT?9>U+-VA"K-SH%FU;`-Z$L\Z-7)6XU*S1\]+L[#I<>F;0Q4)B5%%- MB@BEL861Y',H)SA'CCS<'&&8_"/_UN_C@.`X'B?C8XDP&0)`"(/C/<_33GQ6 M'3(_WK6&#/8DN(4\)[ME.$.^FI/J)QX*\<<"*F]]:Q?%24-*SYB7B8X8`8'7 M^PSI*91,1%@G8:3KL0)57I2R5^:BZK(N!28#),>9D-Q#+RW,>7@PMYOL;H=A MN9L*;)D-H>'AI.;G'J/^'D3F_904_.Y%BH=0*9J M>E<0$7*9A*W"9E!O>R9GH`!X?1EYY&%8SD+!F=\:>65)5:7*G)$CSRX7T7.K MMCS2+.Y`V&.K$\)5!AZ::Q?UPTQ*#X+;B,2&1QU9)M'8;4CTBY% MB6.1D"F8V(E77(JF7B6CV@['6V[96?4EXVME1+9=JAG4_2ALOX(E"_$,5#Q> M,L8&%\P=_J5@J+]Z`E5#U81-A5(24['RE77$_=.1DXFS(FHZRA1,K".P4C#% M-%(+894RIA7FQC&/'A%C%]@M8`A$&$F7%"@U3N#HQ&JMJOV*.36A:T?-.R56 M8I3MEC1PXZX1A.''Q&VW12T/-J6UA2TEP\+>_P#2(.)P\6>6E3EC#C#7XRDW M$@BV6,M$O7XM51BKQKNVM?VJ?C MJM!SKI5AE*J?4#)PI#PZ M,H7Y2/F=VYK^M3)<#-31(AH`TB0<0BOV4R%"=B:R5=#XHRR`PY-=%L;-0#UEL2,D809["J]F\. MIF:>*[`4ES$TZ#FS/>A"9]0AG)GV7TI#\_\`%+6R8*=D)&-CT5_5 M>UK&W.D0R=RG"E>7RI5G!$;2' M8;4<6,%('V4X>'-!@I!RQ9J%V75H9BRX&S!LVJTM5Q==ILC(>]8PD.6*"+2I M]I*FTJ<1A04M'872<"''@-R*6X(B0.KEC@X^2]- M:TI.KYT]$Q@MFA"<(\[$A'+*!);RE;3RT*2K)%HD[OUL(N?;?F);U*X:Y'&- MLTR[$KD31[0BE'#U5`U==5=UQ5K=0`=]&]_@$AQ"2,M^=.B:U$D9U9M5D)4S.LQI<*.>>12F@H4>6CY<^'D3F_904_.Y%BH=0*9J>E<0 M$7*9A*W"9E!O>R9GH`!X?1EYY&%8SDBPK!OC3S))59GBIPYTHV:@VHK.KMCS M@UFE:]/?=V=@*R@2FG!W:9BI!MQT@&,R:2V`.^=EOV0[Q#9.C(27.D!*A>)*($"M$`/9:IZ\S&ULN);,MT84VB(&R][F5-5[(1MXS& M6,#"1X#850LM0(OL;+*8J@>;*F1DYV.E:LN)73965A+4W-1MG!B)6%=@)6#+ M9*26PRII3"LYQY<>.2+35O;76!UO(>NCY31.TP%;HQ]+BP4MNL&M.-J4A7FX%O1_8O1"PI&?A[)ZXDE-1;&3XBDW$AR MYS,J/*0T&36/85EPC8BY5NCD1X145B002X"@5I:G,--Y+BKOI^Y] M9D#I+`TB^I!55MT**V1"O@B6"#FS;17[*?$`"BQ4O.*:D[#'0Y'-!@I!RQ9J%V75H9BRX&S!LVJTM5Q==ILC(>]8PD.6*"+2I]I M*FTJ<1A0(_=>I0`:^(&7*0C,G,!5B.@7M=7N`D8:5D+'4:M'1UAK!E4!E:0D M^9OT/Z"I48!IX61:+0K(JLO8*D>MVR#MK,J_!$DD(A)^8J\HDN*EHAX:;@B< MB20OMI@$`A]EMWPRT0VE8Q+2DN,N.-J2K)%DD[OUL(N?;?F);U*X:Y'&-LTR M[$KD31[0BE'#U5`U==5=UQ5K=0`=]&]_@$AQ"2,M^=.=4QU15JC6Z.>6]77UM3"V`\$)$4TIIQ1< M57,[TUKAF*(^J3RF)BPS54&>10[^MH:P0-W+UL7&S2T5=2:ZZ9>@78R.5(>U M;EB4XP$HA*DJR1__U^_C@.`X#@:S:X'JI5TO3=9L8S4L[KJ-R>;/TNFD:=!U M.])^>N(*C+-?1HZ5IL?446]MY446''F0#DJY!X%`;":MQ+:%%Q[B5U8=T108]D9-0Z^\&]!N, M#EEAK*/.;WO87I^W*,G&)N1;L<;9M=/1H$G?LU`3"B]=3E?VC*TZ"FTZHU="%R=X!FAI!NE,Z(4U%&1\C26Y#;B'CDQM;AJD6`G85WQ-OU6*Q+3M M:C]8./\`N,UYD@TIE%>]I@AQ>?4SRI6$+0.I,U+L@R-:"DQR2896W)"TT2GK MK;^4:\!<":IT-L78S=L%EBH!RCLQ#A!SSK$VU7WD(>B71V&8JNY%UY]>JV9. M;V+Z3_T;&AFYBK4++$595]BBT45;KR;AB1L$^-96R'5).;C&WZ:\PTYEF99/ M>?'*\^N[>M$;].Q6S-UDW5O_`'.MW==FC(X+6IM]_,?37YJ&1C0TM((C'OKJ M(S,8,&LL;V#F<.O^LWC+HO2Y=^,:F5N6BO6Z4-9D/K[2%QT)`QI(V34ZZNSM MI*NLR;8Q8=,8_HG%D8<82!FTM1JB'Q7G(]*AE5)TAVQ`U?Z[M-"[18\V7.L] MC$;??J=$U-B"34'&M5)V]$V(2/V,J+5O@2/5#+MT3$-%'3<:$N'H6*\=;(N9F[P-+>Y@\UQPB*%F* M_<3=@^[PUC"(\P>=^HYSD17O,-XS4\L"90;0^="1#CTU8D:L9:@,Y"'K&IW- MF21CM1@\FMZTDXZW-,P7]OHJ%N>W,?'TO78@Q&C4Z=HV;/'5Z)>OID<(M\'$&D0UTU\]J?RVIP5 MR)P4E0],@NG[6JVH4_\`*8]9]<$300FE41%<4U8+`5JUCM M`XU--P%/HH%,E-SX'O67#ZD\Q>9&4@=.JUC@-(`@; M<\>0@47$`PJI5W]M&M:NU(;.RCUA0;4-:W+$W&Q+$I/G:ZPF#Q?PQ MWD3401$P"QU!JD23$&PJ?*PEYA4FJ'4@1C^6#6%;9T#D.SRK.VG:V2QJ!+=% MUH3;`6VZY&??V3VHH38@ILK3BV<6OQ!+P&WP6T.V\R?'?1L MI<#COJ6.#RSXT4U26-)R[42?&2E+;L&W$F2`L37X*BE-??2T_>9VF1#DU8ZZ M!KG,A[K$K"N/#M15)KHNNO)KG)\WMCV M[\-4L:$;N56U[F2BK&O?CB*(N<>$N&";!KL1#Q+>R&;]`IWF8\3$VB=BGK-(3N6ECC` MM-FAPF&D3#Y*OQI(VB5S,4[.(O5*7K86%A(/8V'APB&; M_LV?+]H7PQ/.%UMG?168*;E$[#?D]A9HZ8>K5)5;B\K1?FMJ)6NRW!$1/!,6 MA+S]E4$F.8=.4AAO#3#:'?THA+30C6#V6JXY$NM$N.MS#+L5/=-C)C[P5MW%V"^ZJ M=O;Y=B0K+JZ8S`OW%>[KVJ8`^IPFX,1PMF%FL&H@RY@1YA\3+"Q1F9#!",U' "_]D_ ` end GRAPHIC 14 g297874g60c86.jpg GRAPHIC begin 644 g297874g60c86.jpg M_]C_X``02D9)1@`!`@$`8`!@``#_[0XH4&AO=&]S:&]P(#,N,``X0DE-`^T` M`````!``8`````$``0!@`````0`!.$))300-```````$````'CA"24T$&0`` M````!````!XX0DE-`_,```````D```````````$`.$))300*```````!```X M0DE-)Q````````H``0`````````".$))30/U``````!(`"]F9@`!`&QF9@`& M```````!`"]F9@`!`*&9F@`&```````!`#(````!`%H````&```````!`#4` M```!`"T````&```````!.$))30/X``````!P``#_____________________ M________`^@`````_____________________________P/H`````/______ M______________________\#Z`````#_____________________________ M`^@``#A"24T$"```````$`````$```)````"0``````X0DE-!!X```````0` M````.$))300:``````!M````!@``````````````HP```/P````&`&<`-@`P M`&,`.``V`````0`````````````````````````!``````````````#\```` MHP`````````````````````````````````````````````X0DE-!!$````` M``$!`#A"24T$%```````!`````(X0DE-!`P`````"XL````!````<````$@` M``%0``!>@```"V\`&``!_]C_X``02D9)1@`!`@$`2`!(``#_[@`.061O8F4` M9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,#`P, M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+"PT.#1`.#A`4#@X. M%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P, M#`P,#`S_P``1"`!(`'`#`2(``A$!`Q$!_]T`!``'_\0!/P```04!`0$!`0$` M`````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@) M"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D M%5+!8C,T)E\K.$P]-U MX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$` M`@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D M8N%R@I)#4Q5C+RLX3#TW7C\T:4 MI(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B7I[?'_]H`#`,!``(1 M`Q$`/P#?;UK!Q;7UU_6&QE;;'[JW8MUCB2YHL:Z^UMOT?3BLB^KJ/KW1]5Z M'CU'P_[-<=PW.]_\Y^?]-:O0>CUY]-[NH=!Q\6RNVIM;32]FZMQ'VA_Z5_N] M-FY)2*OJ_3:&O;1]8[F[WM,OQ;K2*VA];:&^NU^W=3]C]6WZ=EV-;?\`]J[$ MW[>HOMR#?UZRBMTUT"JFT^QV\NL(KHI=2_6CTOTC[JO0?^G_`%A:Q^K.!MJ` MZ/BE_I!]Q+2!Z@+-]+/W]'9^ MB]G_`)FDIRW_`%CIK]`8_776`/:+=V,]@:QNP.XEP ML^RW%H)J./\`S&T4.8UQ]=E6S9ZG\O\`2+H_^:7U:_\`*ZC_`#4O^:7U:_\` M*ZC_`#4E.-5>[J`R,O#ZS=?74:OM+VLLH+-MU5[&5T^C97L^RMO9:]E7_&?S MMBZ0=1Q*J:W6V.(<"/4+':EIV/WPSV.W)871^EX#7LP\6NAMKFO>&MT+F?S; MC_*9^:CLQ<5A!92QI#2P0T"&D[G,T_,W?FI*8/SL6NPUOL#2&AQ<=&B?HM]3 M^;WN_P!'NWICU+IX,?:J9TTWM[\=U/['B$M=Z%,ND^$6-U^&JL56UW5,NJ=NKL:'L<.[7#IO?^?_`()6JAU$,L=;1076U.<"V!M>`155:[_#[]W\Y^B96DI';=TV'.R< MA]#Z/T3LMVRM[Q42VS;;6UOL]2S\QM7O_FD_H=/N>*79C[R^P&JNTBP`UM>S M94'L]VUCO4_/L]GKJ0'5&%Y^QT.?9&YS8`/CV7^H&.>TB6`"QKO\(_])5ZGI_\`;W^G24VJ^DV,D'.R7M@1N>-T@N<7 M%VW^7^XB8W3ACW^L,BZPENU[7NEKM?YPLV_SG]5&PWY#\:MV4UK+R/>UIELS M^;J[Z2+(^[E)2Z2222E))))*4DDDDI22222G_]'M.A5](9@4NQ_5V$YKZWV[ M&N`=?^ML+JR*V[KOYK^1_.>]299TBC"LLJ9FY[=S M&>]ZL=+^VLPJCD7TN(;DNL](U[3-N[&M8YC&U_HJ?;;[/YS^<]1'QQG_`&=S M,C)K>7M`%]9:TMM,-]-K=CJW,W_O_P#;:2FDZ_HA?N^TVNA[@0'N#=Y+7;S] M%GLL-;M_^#4+;>A,O?3;ZS'M<]CZRXD6>YL-=3]'AWT6_\`@G_!I*:#;.C/ M%;V9-X8[V,<2\%[[!Z;(<\-LWM;5MW_Z/_@E;PNG]-R<6NW&?:Z@[MOO6[O<0[W?Z+_B_WK?YQ,!ULW$N-(I`A@`.X^+G_ M`)N_]UC7;$E-O&H;CT,H8YSFUC:'/.YT?RG(JSK&=[8YP M>^E]E?\`I+-J(]N%31>S[*_'>W87M#BQD[V[,CUZBZMNQWZ2VW^?]/\`G5;N MQ\]T[+@`:0P-DC])/NMW!I=]'_7\]1.)G;36[(-M>\.!)++'-EY?6ZVEK=GN M-;F^DS_@4E-![.A,;N^R7!K-[!L:\;9+18QC6.W5[O4^BQ'JSNG]/I><>C(- M3WD@L:ZS<6AE6YDN>[8[;7Z?YEB.RGK0>TNR*G-!;+=D2)FSW?RI]G]C^7;9 M'T.O:'[52)V[@:R8B=XK^C]/^6DIE=U=E%]E5E-A%>V7,&\C<-WN8WZ+?=MK M]WZ39=_HTOVS07,:VFYWJ$!K@R6\-)W.G\S>UCO^$_1I78O5!;;9C9(`>`&- ML&X`@5C=M#?Y%WM9_IO^+KJB,?K8U&36)@D%NXS^CTW0QOYEO^#_`,(DID.L MXQ:QPKNBQS6,]AU+AN_S6_G/5K$RJ\N@7UAP8XN`#A!EI+'?])J,F:UK6AK0 M`T"`!H``DI=))))2DDDDE*22224__]/MLNG%QCO\`\)OWUV?O MKYU224_0C157:+'79]C!Z>R)Y#@YOJNFQF0]\>^S_N-Z/YGHW(M0QKKMK7=0 M<UOH[7[/\+_.>_>B-LQ:RTL9FV>C5M;5$-+6L=1[Q[6[_;]"S_"_ MF,7SFDDI^B\?[$''*#LZ:1!98(#M74!VU[6[GU^I_K^D4;FXM;6%S^HM:UD[ M6N))+B^IV]O[]>S_`(O^;_TWZ;YV224_1+J\/&;CN+^H!L$BMICUC;^LY)+3N!-DF=K* M]7;?=_-;_P"NOF5))3],#HE(<'.RW"A$!``(!!`("`@(# M``````````$1(3%1`A)!$V%Q@9$R`Z$B4O_:``P#`0`"$0,1`#\`[N!G)E]G1UDMH^4W9N,;H1NMEC5MZP-YS>'A5RO5<'&9=ZV5,!8Q-YH4K9JYC,LCY)^D[;/F[)Z,/LLJN&V$M6ZFG%IUB M?*[?4(OV[NJ%3]4^UDB.C@`ZL+'!`^VL#A9$P7JDT+MFL9%!U7:90H)"'RD7 M@UXOPB@AR[;#%U$%\++ZH;^\CD1$3<.LSK_WL[3U:QEC.^IA/[8,>FSUK["W M%V?8-7*#$C=4WMHA!)'UHB\T#%YN,C-H04QU)N&[F&K>*696\.G9 M%82XB2;?=@X:M6[QQEF0:.U4%M4L+3K&:E25W^JGVEEG74[NV@%;TY)+3Z60 MSNY3$UJ>YRDTD\<`*S(-C$G=A@:2@YP[PQ:-=? MP%<*^%KJL*B9;+2?U0K.96XY:QVEJU4H49W4ZU]'BI^66R4C]R:3B]QE=R8G M8C*`(PA_'UX1'`4^\)FAL6T<$E&2KK175#1;1!:=8WRL?H7ZATY[8VA,:XLV MJ(S39?2`*VQ`(RB9L@K)2T!;33,)K)E=5%-7CHB_30TQX:"*.I:C/T^L#[R]B6MRVK3]>#X7=, MGMSU(^TM!TX4M&>EXS`JUAU)=1*UN#(M`A#XA+B)8..DXXXANT23T4P_461V M71V][=(E1K\(6Y];&7/XG0%D12B8L5B$LKKK7.;X"I26S#4JKQQV/MI>HA(M MB>CE3D*MBJ(Q^TW(C-Y6<%/I,A[R#1FELELOLM>NN5DR7U>#<)A\;FYRIX^8 M9.#GJ;-Y%'H_(2"9W41T';REW'?W3WM MR%>B!,Z!QX95_4RSUXP]A^K*L*PE!!P;74?:,QQ1=EJW'!FFK\RNLOMOE19U MC\)-=OJ5=BK3%(+U5!@-#PB&7_Z<$#L%W(K*21-G!&\.6C[ MF'-X9.E(V\44((K$=DWKUKME%ONCQ9'&/+Y]@>W/<>`55;,$J_1I-C-$^IA! M:)*VO([3<0>4.J^L6S>O]D5-7KA%K64T92MO(HS=3F$'R65V#D,,%(OLMR:[ MG=/`B(_P[Q*VE%MG3AQC9<*KV&M6,)JPJT9Q"RWL_,M9O(A)MQ9D:,).X5#< M(QR)F&;5L#+X234/H;+KJ,V&4L([5E<7"'`J! MZ;-0=G+)GFO1M5/L%&IE,XA([G!5C2S::&2PH@4BT@+HRW8NVD6ZQU!-9)9R MIOH[=-%/"7SG3\#&_7.MIW\95D,]4OTI@L.GM>!O3O9B(':;MH_LB'"Z:H$? M&IP]'.=G@MW*`S0FBP,N!#W;*[+=?3?9FOG*B/A[_AN=SO]L3%?5/]*Z"`B\8@_I^*PR/2"7QF?'`T2JVD(V/+3*%'4Y- M#9"_;!CC)-T0B)]'5T+SOC.H]77&4,)X_DX]<[G?[6]9/KH=(KCA)RM[6ZO6 MA8D`DVC%.0PV8@ZR/QLTF-)LC(],F((RQ=D]T9EAR#A/"FFV-5D=-L?RZXX] M<[IW8YKZW'0MG(;2E;;J5/TY)>#$$+N0UF*U3N_M(;&(^XB<>'3Y=24;YE3$ M/&':H]NB]\9--DILCC'AYSKQZYW.Z`P_U9O3'KD?&QE;]%3% M^T/ILTG/+"G$FIFZKAUG4'?ULI%CU/\`4ROXGO$RM@1&S2;R71^H1<$$3ZJ=UG^R_#>J1^K[Z;4O?NRLJZ32F1$WUH1Z M['1$S"JE(O5+>B89E'8U96KIU)U%TIH$`#4&30;FO0Z5PL1;:XOL]8%XRP?.0K@PY\PLVT1PX398PTQ/5.[7LQ5 M-T*O]87TW*1D4OEU.='S=5RB?K87FLAKZN:5B!B4;X7V=>Z:(`3S%T^1R]4W M<93WVRGERINMG7Q-]]MKZYW9[WNK<-ZIGI[HB;_A$TZRVA:E27_<)>\S%563 M$:EEL6CD]E8D*C-G89`U+'R.6TAE(A20)^\EJX8&"+Q5%7&JB>B+USNO?19T M5]8_TZ(*TK!A">ELKA["EGLA)5*PBT(J$`RKLE+0I..RHC$F@J2-&X8A)`AI MXV?KHZZJNTW2OB[;94VSEZYW3N@"?J<^DRFM%E]_3J:/%81'!,2B&Y.H:(+9 MCD;CY5P=CXD1@F8=X9M@!AXLX8^Y[-F:JZN4*I[SU_*^SYE)!WJT^F`(G MLHM09T%4969-G9]]+;`0J6A]9E(7N=SO\`;"1;U1?2D@H=P`A'IYIPT0\+1,Z^9Q2I:*CF"!>!RE6; M0A\16#F63@@M$)-OOAB[WRHCC3.<\>N=SO\R_!SU0?2@D[$^,DOIWM MY&-E-D/+AD(X_45$&6!>U"6$=2M@O&9(PY;J2PRDAA-\]]W"[U+;=-?93113 M79ZYW._VEKGU5O3#L2T8K.I'T&UD%F-/HC&HY/))4E$&)$":QXL-<0Y,>9?% M'9!@G$B#%LJ.V1VU4890T\OG3W<8X]?R=_MV0]@.M$"J[KW+QDA`W-8HH[V< M6[P7-8M&#(VR:C=B+Y,('33VWU7]Q M93DW$S;9*NK@ILC<;Y\+J*60*R+@0@T%F4\D$4C0IT5L&(U,1NPE+%0^0%!WB`S*VVN,+9:$O(BOE/$;^I%Q(#$4;VQ7[F2QZ0AHF=! MMI4'<$Q$ED,A2B(4(1:(N]U6A$C+EM!*:>^,;9*[X9Y]CG.$N$HS?U(:G@$6 MVMNO-))*C9J-QP#O+0FA8T>CLE/PTR)'L-GF'+A\QE\5)"\IXU]NQ%@NWU]Y M9+?3`J=D>#]K.L3MRT:0ML'LN'DUI6H0-/XT,5C^C(NODLR M*R<8N+:.$??;NB>GE$M]W.VJ62U.S]A>T_6J229E#8[?E0R"4DB:8<>"!V#% MRY%X35RNYO0?[=V+<-KV"$L;K@U#3JRIU,1# M8I+[.0)MQDGE!0VP0(HM*@?-47Z+5]IJMJDLLGJIC.-=]\>S;/6/[(K26)XR MK;^'N[G_`*3>L/YYVM^I;E]G':3K)_#W=S_TF]8?SSM;]2W'LX[2=9/X>[N? M^DWK#^>=K?J6X]G':3K)_#W=S_TF]8?SSM;]2W'LX[2=9/X>[N?^DWK#^>=K M?J6X]G':3K)_#W=S_P!)O6'\\[6_4MQ[..TG63^'N[G_`*3>L/YYVM^I;CV< M=I.LG\/=W/\`TF]8?SSM;]2W'LX[2=9/X>[N?^DWK#^>=K?J6X]G':3K)_#W M=S_TF]8?SSM;]2W'LX[2=9/X>[N?^DWK#^>=K?J6X]G':3K)_#W=S_TF]8?S MSM;]2W'LX[2=9/X>[N?^DWK#^>=K?J6X]G':3K)_#W=S_P!)O6'\\[6_4MQ[ M..TG63^'N[G_`*3>L/YYVM^I;CV<=I.LG\/=W/\`TF]8?SSM;]2W'LX[2=9/ MX>[N?^DWK#^>=K?J6X]G':3K+,QS_P#G^[D")""+.;+ZS;MA9D61<:(3*T]E M]T&3U!RKJCJI3*2>RNR:6<:XVVUQG/\`MSC_`&\>R-I.LO51;E7I6T'BL<(& MUA<>#61`9](QB+%)WK+VE=R%I,PT5=K*+HY8C'4P"C'+O;&JN'+5HHTW3V2< M*9QQ;T5:YZWD,6HYL`78&C`&A81ZZXY$EXEH^K;5)FF6V.BO72:L+WDEPSN>5Q9;,\T+!![&0U'*=I MK#(<2%M66T(@TI?7<7@D2C;UZS3<%]6$/0L+>CS"^P^'19% M%XW^#>^Z%J_M;H^C9Q"6C=Y^#95Y+["^UI(.;J2,3.P*VL)9J`U,/J6L8V4U M:5Z&EQ2.ZO2^B@0F6W7(/\L"0_*Z&S46^Y7I*F:0EC`A9[OX6(A(`#H(=*H\\+6!JE/C/7.;$;)ADM>#(Y9D8KA8_(9T34('53\ M9D^RZV/&89&O-E7:D6]4UC?3(1'(S#8VE.7;C2'5KT3KAN[S'6R.[IKT@MPI M;`LAX.I3?#;:Q7!+#)PCKMMJ.T2PKILXS^!BI8`Z8B`(QB-3G+M?R0?J4)U7 MS'6R.^^O57L7+^PK1?W=2F_N9G1"69&N-?;GR>C?"^N5]MO#U%H#1OI\!*5E ME:R;2SY-+$ZA(1%A!F<@>6#(G*T?#4=7,?\`A1),I3];#JP> M'%7J1M\U6'R@+'AJZ;##;10>Z3P M3)E:ED,V3.[[7:M&C6<2=NU:M6\\/HMVS9NB4T20002TQKIIKC&NNN,8QC&, M<]$1%1ARG65(?;;<_P"EVS_S^E?_`(MRU&P?;;<_Z7;/_/Z5_P#BW%1L/;]Z M;>DGL+TW:)1<6!,H_)Y%"Y6WS88E<":FHESFP):@D5'KV``FL?=D6R*6NB?Q M$<^1QKC&,IY]F/9PY?RETXZ0R,!WMPE"/2RE)*PK60=$QT6977%5E&2@Z7$$^U&Q%NQ]@P3L+'=-X2^$PA=*O8E'@3TKF9,3XC8 M*JYV;:"DU'!M&+X?@>?NSK$08CY6=LKLJ'&V`JR5?,5)H(6(R8I7H/5R,2R? M.V(2DYYT/36?BP23EA#'\JD^6#34+L`245&JQ++J<]9O<60K.*^KV;PV.4=U MU5WYMC.M2)PK ML!;G8]M*Y$V":#@<*AEYQ)@^CJ];E23R=";K]2GL;0LG=YD;DVDJ):16H(R. MD6F[1OM_7'"+Q7?`[;9JN$2JCL_V@M5ZG'&KI4`VELGH?8;-CM)E!A:*"+!8 MWDI:,;5B[DAF,AY)!G-9B6V62Y:3J1PB4W1)O""NOE$HM0P$F[)]BY)44Y^E M+A(#-&U!S)<15;2B)J6:75HCUFDDM/V2E(V!-=6`C6UK-M@R++=SX+-5EY%? M9R[."5$A3+6IV!O&56Y9M7-FDA^SEN[<-V'N5X>C1V,2ZM>R'7H("&)EQ>QE MKL.L2`2*1'&ZY`IYB0AF23]D.',TW&K@1$8;-=1KLM>S9I=L:M#?5YM$GP1\ M&7$PYT#C@+!H_/&*T/\`BQ;0%)M)('$@1V[\&5#X>BE53.DJQRZD1,%)"0M^=4S[V^V?;MGKTG_ M`*8N-E[=).[W4'NA>K"D!GI_U)`'3^-2*1XD+^/5A(&Z>D>;HN-VF1S>MA*F MV[K"OLQOXV,:>S_9GDY<9B+[+$Q,U3?E5/I_GLMOUG9=8>N[B4-!8DF0>NP_ M7@.4QJ5`E9)E,+7A11M8LH2&"1R:SMPP&K-D-'.NQ-;P^=SNU45:Q3O9R MJJ+(2B`C*KDH:O:K*E80\+0$'"6T89V&VI7/9'%=QB##9"/E+TJ8KM\FX05: MBL,URCU-MXGB;*[IK6EI4CV'B=\CF!.'#2>&J@DN2*N]WL>+!QB@^8&(8-28 M2.-F34JJVZ&RZ*>XI$)Q==RQ&[`=9M:HJI_$#\- MGME-9R2O.7AS36"5:7JH+.71"%-.OAUDE)DG-K-MQC!(VLU>I-%V=-, MA^'/=7KV'T%LY!-5D9"^#`R*X6+PRRYWIH1-U^,M)&/#'T9@KK)D_FNR.Q], M>FCH44C[1V2V::-&3U1N*E9H_L!3Y:>#*U%S5H1EAE)/82FR&G',?(O5H@UL M)$`SFJ0O>%.):M7SU$_H&U(9+;`U-2&&^6F?&X13,H[/S**3.U=WM4`W5*TU M:L!JJ(3IVZ..I;(R4.B^U?LVD86=6BR/S`. MZ$M',:T+-ERC=1IHIEQKE/@J662[/46N\A@]*>([NYVLQ:AD_@,IQJ,?%9<[ MKT.,G*VP/"%9%C=BCG,<8M))L)7XM*228F93'/H$B\$J1N5>R857+ZM,%E9<+K]C.& M@1<86>$M0;MZYM.T(! M;,XJ,8)@*`(^>KR*59%1P-])W<4?S32'&DJA%+$V39ZW5=^U=#Q]6RRB.PM0 MN/3ACT%',TJ5GA:)%F4VI]V!-/P]?_$H)`:UG3.8NPH0@G7)!U+R;W5FBWQ\ M?R\370:(:[*(KYZ-QE(W><[['C M7DHVQ"=5(WHK;-FGG3EO'2W993U22;91J6PL"Z%UY!#>#+69R][II+ M]99H';BJ_BH%5WK5EY52Y(/@D)AT<$O9E(1-]$G)L_LA@D9=#1N7.VV&V_C" MV9J_I9%*QLV'VDTGTL,'8C#04/\`>6`UR!?29G'ZZ&UFQ:S.31.%@I5+8RW% MB]";8,1>N6#`[OL[:ZHIZH-T1;=#A#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X' M_]77WM)]YKL7_P#G:W?_`-@2'GIC2'*=9>PSTKB$V%>D]49*MH^,E5A,8S?+ MF$1LT3U#!CE;;FD4SR-MH)V+)+4M%-*KMNL M8B;B)MA2!8<22JJS)@M8]+PT%,8T=#R/7669/U+)-W"3Z/NX-"BDQGCV3DE&Y%. M--R\;,/G&,`RI!-3.$:GF,HU6T6E+1I"(C16H^D$)Q=R(FVIO0GIW2GJ0^&0 M$?05\20(Z)A^RT=M&.GM/M/``FGQC#/=%IYW0?\`S:Y!+?8?:*P>XO4"D-DU MJK)8L6C``C74+-2.,.('+FHOP=9).CZU7B[S%O?'BUED) ML;94KD=7,WKPPZ5$`0KPB/4V"A&:KIL7>*DB"@QG#;#I78MSVS")1-+A=81> M"3S.HT0K4&.$B5IS2XM&!7Y-0[A)F@5=AY/V`'25D.PKOLTV#!63EKHGATK[ M]2:\-SN$.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.!__6]/W3'U)9OV?[ MEWSUB/5K%8N!J$3:)$;*!!8N\+F-X!:D6KYFF^9O-<,T-"#.0;N% MNNOX.<\WRXU$3;,3=O4R]KN01AM5T&J":C)N7,Q9V.L-K:IB MW0ZFT<"@"Y@L)&1IS5.Z6ZI?#!XZFKCC-03H_:M9QNKCTFK:&XTD6TG&OANLJ<$(LUV=8 M:IN%4&BA:;+TU?X>V]VS!R+1@\F6B`"1[P:1G$&\^T>+-TOILA]#7C(:>3C\ M$-OVP5T07106U/)OA[MHR=,=TU!2KGW=*#PW!U.Q`\H;+BY1V#]N\,B<@E8\ M-6'7B91.*SFR9>09MMV@(6!2G0IR[3SOLY5365V:H+X06]P4_!7NG#!UPM(' MK'Y7]"48Q<;DI82\9*)!R,QJF\Z-H)_'HD]]OEBB0J>6J]8E,KZMU-%AV%&V M%V_OJ\%)@1[@5"PL`!6*.)<7F,AD\LBC84&C2[]PW>PV5M807(+-]7&CUV$2 MDSQ-%5TS2=:#VV=GQ#R;!-1UH*:]"^R5!6 MRB?RQJ0,BI7/:]BE:G"P8MY1^+`P]]8Y:,O`O\VK@2<8OK2*K:.O=VSMMX.? M=SA+'MPTAT8IFO8C94ILUG(9(^D[M*0L?*'YDX,BH5I89D-)9*V"CG^ZF[#$ ME,AF"R*;W=UJQ003:CL-66AY+ARU<".QYZ+N[?;,G33"R*#[XU`&B3;;7.=A^Z*J?LSMG;&!; M'F>F].'#HJ:(:)-7#ENJ+8-]TQH]D/`/9`DBFZ2*JBFR>Z MNPRS4'Z-T37Y)D2`(33WQVT418M'\T+O![41`M;%1@H-!GG?1--I%FEK'4DW M./83>X>^(_=.UDTE=!DB M;MNP8,T<9QKE9T\=*)-VZ6,[8Q[V^V,>W/`YW`XY MZ]:H-GVJC;?537*6VV,Z9QMC^3/MYTY_QXL1K+N"JNO2%4VEV@E*$:EY$3:U MMUO)1CA>3/I8^)K&(9"8E)3+-272AVX"1.'ODU=MAR&[=J.%L-DAK/.FB#?? MFZ7B&@4)Z3S<^0L(7;D=GV$=AMI228S87&^K[0A8MD+68?+PW:MO+Q^1.;`` MSB#R3$YD0-2P M8VB@RN.+Q0Q942IDC&4)$\V!3E8H1:[N@*S%9-TX=#&4VJNK>Q`ZBK1AE@/K M'EQV==)*A5=)V!-4Y<2<=HI'![B!7D%%.WQ5RWC[=5VUB^V[!EEK'VZ[C91E MIIXCG/*EQ;YRGK_=\8KXA8B^B=9A[%$R2%UK!@!F4%PT?LM3L:;#/=33J,^*BBF\VQ\L6=MG MFC'WTF"2(MJ/&%YRB']OB,GLIN#6N8.Z,%[)9'I2G/HQM!R<0+=A(`M1:E)` M/I0^<0B3POKS@LU-NDQ(?#EYJ[V(:DW:@UWH,,>1@_;>-V%5J`#[8Y-#(A2#UN_GW$),&&X>HU54D,2J.S]4B.3R@UV$F=$GKH8 M=K/*RP.X,4L$%!`X[K M]<>]>PU:&C)`/>DPNIJE/`C*&??:ILDO?W4SX?LSKC37*(B MJ2)NVUM.VQ+;'>7L.DD!TAA>H[;7KD:#^D+`TY-C=JIJ^R@QI\288V%LG1Q" MQ--4HU4;MKH7?L:L&&V2 M?!6[M(M'RNHIA+J9AXD/+$WEWQU"0Q< MB1)U6/%H;*'9A&G(1MA>S<%;$,AS$'>8(XA+65-1S15J^Z-VRTAT>C]:LYM(:FB5M+QEX"2LZ<32+.-X_+$< M^)OJ5`,R'O"LG')#77184U'EG?VV(_`[RT2C-=8MJ*]G977]2B70R3+1HS0\ M3L6U0+V:2]%&5(D?I2K'>MUA-DU6[IHQV,LF'\QC1?+?>+$+K_\`4&A1F[N5[\6HV'R-$LXDEUA MHJ0$F6J==Q5B@O,SLICL?27KXK<4@LM31V6BBR*R@=I(6;#"J2CITBGMOLD* MU<+KUW8C]M/*4KV2`'@NUK'HZM+2,K,W4+"1-0I,JH`V672AT3/V*O<)N)L$ MRV[?4RU"$0+9YIL/7*9?HK(ZBF]/"'`78JZ(P1(?,`S0UABJ/=U>+#)JA'2/PURAA!XHUW64PXWRJCJXB/3F+1$Z MP@TXB!J*RT_%J:-D"]_'[*P3+Q55YI%*,Q)IC84H(I#QV2SQ%&%(NM&6Z1!X MCEALF\TY&%&MVN\QR<^TASF3R$LU:ZO'AZ621BS8O#;]G" M&[\O+R)9ZT$I#TW#\BJ\53V75RKD7.&J]255T-L[#R&U9+#MBD8:&!"6JF>Q M?8.8R^M`L3/Q8\,&PB72.S"4KJ]%(X%#+.D0;T;L^PT::NL+))):ZC,+J!]: M>M@V4@X^''%]I#5[2*3)*(J6Y:Q%B@W?6-/)U`I1-8<^G3H'-56=EM3KX$\/ M-""C!\SW\GNEY5+5(7*4U_U>I"K38`_!(D1`NHN!#1X"/UG-@D8P.;@(2&K8 M683AA>5/X@K-$H#'V8=20J,=SS@>CX"SQ33??&PMP"/4GKR6*.C1&N6SDJ\# M6B`=/LR"6IK+"KELEQ;MB(;Y2/IZ^,7L!ZZ>ME\8PX$I/G;0?NU9NW+=47+' M1_IOUZC#H>]#1*2(KB'$#4#8=VO;Q9N$8U>5D)>OHV#9EYX^:!H1$U9<6;-` M#71()H+*/!^6N6#E=MN+E)XIUIIR%Z!TP0"0;)1PY')!&T3MC67+$(T[B`@\ M"BPZ-H2N7FDH_%H^*D[])H%9X0#H>9VVU:XW]W;`N42(]8.MT24`S9\"*1MI M73>$.&"R5HVD)C#/6M#[Z10@C((ZTFJ$9DKZ/%B[CPW11H\<;MUMFRF^[;/A M<%RD<3ZMTC!ST#D48C!L<[K(6$%08:I8EED8I'_H[6^]/AS2$'*2][#'IL"R=<,%C2H[?9)1UMKMGVBUS.Y-'F)0<$=FAB!@L0T%#A>[Q#S[HBJ&-R) M)HFUQOE;"RP.-$'6F-L8]]%FKMCVXTS[",YP('8%HUS5(IF;LF;1F$"R)#02 M-=20NS%X)D]V[A[D>,2#2P&,#(8HR4PLS)"BC5)\/?M%M?P56SQHOHHGMC M^3;3;&>!D^`X#@.`X#@.`X#@.`X#@.`X'__3]-'I7TW:U5VMZ@A6R*]ED(&V M#V%4D,'?24*]$M96"S)+-A%AEN3;[^(GG;7W5M,_P#O8YOG,3UI MF-9;NU;4I.GGG94?$JZ#)QRU[Z5FD1$MR@T>!^%'.O-/Q^1221:867(-&1.T MHF73>I(H."&^7'F=$%$]\;9PWJU4C'4>43EY:DPGU92*%JDX54D#K:M"<_@; M(;'$8P,L>+2VNFI*CL@1I#J8B`FS!NR;$=?IL\9-'ZJVB3G8>U2BVVYZZQR\ MX>8LF+63H(6@`LV[5K@PD@)T.2)8I+IJ6+21^\$FGRY-63`'H8@74(,!#K28 M.3>K5#<3\.VUJ2H^VJ:["+02V6M;9\JZE7:1>R2@!@]64*6!42M>!`:L?8*! MKBH9TT>NY@-:.5FBTRCR3MDP5;N556KE1JY%QA3)?KGW!90X>LP-NSDBQ3G5 M6'S[Q#9$G*K!&5E(^VQ:65_E^G?E4R1^4#YM*(*.G;ZPV:9U-HZ1=E2FBKO5 MW%N&72][;LDW M.FAV^SM=I)]SF$]-WQI!P*9O70N'$)=;NPTLC1$4,0NBLH8LYFC\-71+M/,C M,S8R=/KY(8N//&;%C]F.GQ..26YG3(BQ&;%%T4W#3!IZW9O7KEJU%P_$TZL] MDW\4LN+QZ46J@SU$W*>K3+7L5.AQ%6PS_5:B`<">ES:4^;ER"+?L<+EY1)$D MNJQ9D5LO_#TU514R+AEK/I#M!$D[O#4ZPG\NBTH@W9&KZ<'K7=G8I$BUR4WU M6WA=F'Y'84T^/(`XK<<"GRKARDN1D0]P;PJ/8JMG2FR53&+9V:]?.QJY:Q)3 M%9#8"DAFCOLD/V3>7;)W`)O&CTH@C^D68&+E)@M%HIJ)&`GF6NP]FT7'>9=: M;;)^=<:K1;A&)A3/9EUF5MF<*L@N4+S^6Z3Z;?M(2!43/(*?L24R&O5*KJ9" MY*\&"=()'7(Q@1:DS,3;L&.SMLDQE2::.BHN'`JWK7V>CTNK65$53X>Q7M=4 M.+N&SREC)RX87FM==1>S=.'B1@2XEKA_+=-;@DL5.8]H_34CHX2>K9U>HN]& MXF82:%]<+ND"U>A9@G<,&JM&PH@YLZ$N^T4\.2N0.0/7OL+&K%G6UB1:Q?I. M^KVQK:E4*<,@6K]LNL[";&GPQBYZDP:T)';=;5^&86 M/*J/$CS=]@XT..%DEE/*O&B3A1#W-JFZ MG(M0G=AC:M`D)'*6NL;C`FH=S+N'92CL`YQIN+C*!A:#[B M-H%J#54G25U)T9'H]#;>=]AC2-?0)TUZ>QNN3D,D4$$RE9Q-YT1[*L21S8EH M.21\%ZV+_2'9V+:B516O*MBMX=JXI)3T?R+KRQP%0V:*"VY80.-8B+?:*'H?3,X;-\10U M:[LH)*-`$UDN-?@ZDG**/6L>3T%N-"+S=$5"=&^S:A[JUV,GD#/M@*MSM'3],-94.+1P(?).';D%,W M^@S3?9)ALIHH\V\UY++)R(B*:N3'O1<\=2FQ&%M!DJ)"M'.8?&YZ^$@(XLX$ MO+M2D.TM.1*"/#R[),=`DEAZ+%)LKLNW1277]Q5PMM+7JNPUW[2A4T)0)S`9 M--3(2?F&TXRS4)KK1>$N+;,5>)>0_2+5H\82URP=1TJ]RS*KA%,"1F^VSY=Z MJW;+BFQ/7WLBI=\BL>-D8.X@)"$J"B`E@5?G\FCT1/%94)#R)P*D<)AF,-WN M\4W72?`UI)%GK=TCE@;>[ZN4V]28;1<(GN)B?*^HT'IR*`)M*HL&@L:C1LC*CE@&QHL2%$E7X9 MV492XQ)7>K=LW>ZM7;)YYIPOG9/;V*J9VSC?;;8C7&C0G1R8H2:#4Y4L.CJ! ML;")L5C9"@I34.)5&HI(_BU;RF-,YW`X9M+H1#I0VT<@W@?#H2(]>:,(MB+,A4T">M2S0JP)MW4:&+HOF9MO(6A=NY340VU52(-I83 MT5QG'X6'RW_Q[<)<[OH_Z_T@5(!"I.IX`1)QN0.)4#(/XN)=O!LB=%4#S@NW M<.&RBN'JAYJB_P#>SG/L?H).,>Q9)/?47+-0BH:MK4E)3%?5]$(84F3E)W*7 M\:`CA#HXL@Z)/D/B"S)!+99%!^9>N-$OY$M'#QPKC7"BZNVX6+P*OM*XH+3C M.*O)NK*LYF\J^A,4&PNN;&M&0&I+K%I1-5![6,5A%)A(L)(1:%DWBKG=KHU2 M3:9QNIKONGKN')@%L0>T!@HQ"'Y@L,+M#KE!ZXB$Q!HL747D*T3DD>D.9``% M9BLT`21LNR>`2>&AILNV7U4:Z^`M[@6/P,/(9`$B8`Y*9,58@HW&@Y.02`V4 M<)M!H8(&9+D2I4B[6SJDU8CV#91993;.-=$],YS_`"8X'U8%FI%T:9MTB::P M`FD)?;OPID4U7=+!A)W14*^)L&;*2#,,C2.F[TJV8-1P11+;1Z\7882?Y:5\%ZDHNZ8KD//F<4-WR-)9FL[L8<3DS9CK9U MARR/3>YI)&EL)LWTA$,)4)0?Q,4=;+#&;F/1_95LG@4T\N+S\/W'>N]NFJ6[ M#43:UB!W4-LN"RRK*WQ'VHQ]F!Q.21N4Q#"XYFC!X.F)",8\5&(L(\]4DKI@ MH-647D!+SN-&HN+B6&GM5=J+LBQ,9:`?K@*:#M:^V0K,#)YO+XE<2L9LV+S6 M7C[&FY^K(Z;@\%FD>C&16(\U"R9MIL]44(+EFVGDE1A5T>Z)2AN_"20ZWJG: M1Q(WUQ-UIY)*M*.GXV!A%F;<9J88"O)NV M8L=MJC@6C=6=-NPU/%PLDBXZB'J\/MN.6&%BSZ<$Q",D63IKLE4TO/26PHSU MM%2MT3);7('?-4I$UFTD5R,=ID98_P`N&V[6+<.%&?33UUCD"'V&!I2>'HL6 MA(DN9-C'9K!BKHCZ>X/K=I"5$S,27\V&QV.`MI:@*7QL/T2:MB?MP4;I-]!: M+R/T[K]D$BE\F>VB$)20Y3DRB(R6.Y8(:OM3LHZ?*=>4H,==]$KCGK M(F,8:R/2VUHW,8]'PCZ84;:40E`>)QR,,L.WDE@A M1H>+MU76X9DNZ2=#HMP_3[HQV0I%7T M``UG(H/*HO7('P(&%&UJ&(]875(A:I:Q-IUP.S%U5V)\KO+'#9I8`T2B0=>8 M2!;OVNCI=1V3BR>CUF3$[8)84'HYBQG7QMI#0+L])$F/7`R=H#JI58&YJDR/ MK%-N^LNGCU&%\`$=&X!50L<'D<&IN-:3I@V&6;-G1ZUK88,W. M[]J-L^U3C^?36/L22N27(Y;FG,1'-!@1=B]G3=/&HG;5 M3(O$/*KV5C=SX8P@TVG61:4'\*;#/A=@:PD#/Y`VU,VSM##EHQJ!@B:#&7*0 M]E#C3G6+O6#$4':RER1&ZNM!XUM%J%I37L;N7ZNDYY74M/`#@J8TW6,QG4PA M;*-2&O6D_G55`)C:Y.*28:O&!RL`8P.0N0H&@[6I'JM/SRV"P686K6E>N!$E>R6.0'XD M."X!_'!C=_N\<+*C-F::(1(5W[E1Y@+FXVF8VVK,KJT$LWD@N%M'9?M*BO1) M'O0Q1+-#,(90.+1M@`_\NNR#V0>&FZ6\_OX+=ONDJ*_9^WV9%0JQCDLKX"#D ME7TEVDM&4@7AB<1S(P_U[BW7R9"(>51L"NH828;2X%?3=?9XW2?L<-D$'+1P MZ3=9U0%/O/.[5L18[9&XVE8`]A-1V3'+&C/3&1=J1,J/0AW7[..L`+%F.\AA/X MD\5P[RT6V3W0=Y31%+1E??,P`M"TH6-IYV5`U\G<`5@9-$)K`4"\TJ6IM[3R MB8GLUK$30\>BLIW9N!B3E*8$2##11D12@K,.VCS.%OX!%'D3:`&11D<9@VT<<"5`Z`=H:&MGB3;5'"*;INFKK MKA337;`9R)5O7<`"B(W!(%"X5'0#M\_!`8E%@<;"A'Q3#O4D]$"PS%DQ&NR. MK]?"ZB*>FZV%E/?SGW]O:'-#PB&1Z-[PP!$8P#AZB1-!2*!P`H9&]T32SIR9 M1W!,FB`O9(LX>K*.=Q?=;?;?WL[[9R$61I"EF\%Q5Z%0U>A6>KO1_K7:, M`BB<%U?IO-"*;W$2T$Z@,.]"">J^%/+^_A;7&^,^]CV\%SNEJD/B2RZCI:+1 MQ5RJ6V/*N%`@S==0YO%\P?!_-\"":]?* M$TC@:':4A4.D1CAQQ)X]%M:UAFL<`R5WHNF[D(8'@+@8+..='2NJCM!+1QOA M3;&=\^]GVBTT3?[MTME\*93US@,;]EE8_&Y3)?LY@?TCG+)F.FQ_P"B$?\`CD#)CC3&$4G:BVB7LQ[N,>S@?>;UK7-FL6(RR(!"K!&BR"18 M:/F\5!2MB.*H8SA`DQ:'F#]NT((XSG&BR>NJFOM_DSP.$;J2J9*NJZD=8UZ? M=."$;++N3<+C95=8K#D7K:(DU5GPU=10A%6Y)PF-6SG*C'1=35'.F-]L9"'1 M'K31,()38P`JR"H$K`;NA+1..K.'45>!0L?5@2:WPO55*O]18!LGH%][8 M?KC7/L2]F?9PMRGJE:URK*2\Y5@$)5FI\!]%#TP4BH+>4FXM^!_Y:+R#9ADL M2`?S>O\`4UEMV_X./P/Y.$!*>`X#@.`X#@.`X#@.`X#@.`X M#@.`X#@?_]'U(VQ%^PLK+]OHT'G#V>M%^P_34?%X$-'3*'X!14M9_7X]*4'D MN@L@*R@7$!M<*DDI$NQ:(:KLL.WR_AIY5TQ&L8'RP+#TB3RW1UW8I(C M6@Q,3+^(7GW>'PL$=)1*2$K+>4`PL@368_K?+E8I)IC(:?E>1^%63$LPLB7@`-KYO]LN(J&F2W58M9PB:MB((0;'& MF*]ZM6T?>"DI?H58Y65#X$K.$VYYV*A@&/9;O\Z-5B(!4Q(3+9;`M)T8EU5V M%$Q5D/G5F3,%,$3A-W6$>>5L*BE>"1KX20D0NO\`RV(YV7L!PC/YK*TH;4?T)2G=(3FK6C:1M1=G('?UHZQ! M[9:E;%HG6A&,NQM$S"Y8\`D+&/V+X4:CHJ(C=%%])Y,1;-*2O-GF=PS#P<*Y M'X?LB;415*=(W3W?@UA'&&D;LLLDZN=M(RL9(4E8DXB3.#F&5(Y,0:!V="(' M(`9$'#`QF1+I;J+"-7I!'^8).'+5Z*4%0M@T>[-P^A>J2\(CTS(6*HY="ISF M1PF6S%^!3*L78S!>:!M%V!;70=Y[Q_ZVNWQMLGK[=\8_EX,7+(/;5[LAVZ(L M=`WLW+E-[E:`2"L$5C#9NIUNMBZ46"\O%HWJ85+%.Q?>==K79&0022.1#RW28@LV8=?;='363QGRE.X;C'0T[608 M/#!#0U(99KH2-[Q88J.;L=]3RRXM_J7BU#Y5-,._6\+B(!](IMATRDI*NS4B MGO7SF"@:_*;I:B7H\N..:*(I-6&B144,-X;)D,XF](P$N" MCL_`3-Q;W4)[+(ZG'#@*2!6"E_TB+()+[\J-4M[H[HM![324"Y2"%R.-5[+27 MG'"1&1MFC=KL*%HMOBVKI9`LM,M?ZMWJ[L_L2?LGL5$IU%3R0(3'IB0KQR.K MB7AXV'4%$%!T8`-9=(8S'&4TDDF%OM7/M`/YVG MW;:1`&9.Q4RH@/KV9RPA$%J:D;(\DTHVP^OJ686T=.%'1(G/[VJ^431(9HHA MA18@/:JL6^<,WN'47#"$;[]0!M.4Q2%8[,63RO)1+V2!.J)](P+7<_3\LL0" MU*'X?&]A>\GK*T'8F(;!0T)*\PI/#;L:\$SRUTF!J(5T2CDG95@=:(,-I$)C.7S9'#&6(FW8'U$(M&!2;.`DSA"0PFNYB^E@[K]8#I2&2T\G=(E_6VL*C`F=&R( M_4C74=(%5U6VSD^5(P9LQ:NDV1LC/&UJ]=I#(3BVF[#&3H<1LJ/:Y;9=>-4PB7[2/ M>3X-\)^@LS^EGTY\?Z7?LWVS]GGN>4\/[.O(?9U]H'DO,?UGS/PGZ-_]U^T; M_O?(N+?_TO;KV(L26U5%8L>K^,CI-)9/;M5P=8,[<-1>I9C,94.CK["A=PJB MD.5;L7.=L.M]7.R">FHE$U%B2FK9)#PE-77):]6QD"[. M2"P;Z#0U*'I12JGU?]F9`RDYPP&=%Y.1HBY:FJ78KD:Q?Y=PL6D^.G%MVQ!/ M99PT69*;[-G*3UBWJ4IQKZDH54,X*OZ-LD-D8Y"&Y!L3W13#QNKCT37FC2P3 M4C28*B6K!(2VW26(>_M"DGF=,;27#99%TI%KY7S>/9^,U:3L`)):^(RJ!5U6 MN)Q<)W)B$L4!L=D,>LPF("A(G+S(AS83XTA6CYJX:H;::^\];Z(^;SA]HRJ1 M#5A[V9949.*\IZNJ?KNAHL*ETT"7+!Q(:)CP`8TRD'38ZD6BIB+N8S%\-"%8 M]E=G#MVZ;-\Z$M<:J?S;7*B\6K!F`F4;[;,"2X M1.75-G#?3=L-?[,\^Q9)LOOLFC%K1+6O=98*+&,9+5\F*24B_)0F-J!R\41; MSJ?P'L;5_4>SD,(NBC9")#!]VVDP^'+.%5='P759UMAOOIJWWJ4EW8;N7&>M M)G72P8-*LPL17;BPYQ/QW@J1^.(9UD;<3&6;U=)$,\EQLM&]FK-B2?!5BBCI M%,5@DYU2X@8:4\X#O#VS<8^=1_5/2PGCE]AJW>Y29L M\X;H.7/AHK2UZMF:M[I`[1GM;PY"M)S$F-DQ-B3&R"8(:AT$9JO%3\T)5VWU M4;[""Q^/`8L^4>MD"&2^$]-'B0Y41ODGI4K5C"/=QHC)HW$A%1RPN7LN7SR( MT_G,ABC!G,-JPFCRO9P8DBJS]1Q7X\7)&Z:J"+M%=^[&N,*:-_.(NV#85\N1 M+.W[<6%ZRV,%CQ%W".P-`L MH_N]#8=CG(Y^;K-TNF_).`OC,7S7RR+E\F28#A7RFH;MTI):'N.V6=J#EX*2V5=N9<UTMKJ\2^$K5*S2Q M.L-^R.Z&[7$G%CF3XM0?7&]=,"6SYDR#*W2)G0600;*!/90@X<1::U,57PY5 MVTWV:DD$-D\;M]E5A,-M>$.`X#@.`X#@?__3]UEG_P!AAWRS^9D`^9_]A^L+ M7ZG?ZF?X!_F'N<*ZV%_KI(/W1GW5I]_3_73ZCDOK!_TK?X__`)'XW(O[;"4Y M]Z&^?N(?V.4?)S[T/X]C?SY_N?\`BG]^\GRI.D:M!`OU'&_N%?K]5OXE^H_] M':'XM_+[_E;_`+/QOD7]NPVYOO.U9]R+Y=33YS?>=_$$Y^5G^G7^-?W#XGP1 MI.JCJX^I-'?NL?Z>R_EQ]2?FG2_R._\`G_\`,WY4_1S@GSJI6JOJ>&_6 M^3OY)_XS_=_'Y4C\J'@_U*ZR?NA?G\;^H_U*^L<2^[)_K]_OW^9>0Y%WU2>B M/QM(_P!U9\Y)3\B/QM\L>S7UC_UD_P`4_)CZ9\$_E$I)]7;S_<__`%&K_P"L MGU=^KO7[YY_D-_R__EWT4X-M5L5A]XRA/W:_W;XU\L/O&?5DO\A/^F__``W_ M`"SS'*F^K/PSY^V/^[V^>49^IGS]_$\_^8_^N7^&?W/XKR+MJDY_Y)U%]QW[ MM$G_`!_\D_E_"OE%_P!-'^*?D_\`#>5-]6H*WUFH3]R_]0(#_3?6;YNR3Y"? MD!_@'Y7^6\O_`#ONWR'E?ZO\4^&^'^![O!^UO5M]XCKO^[7^[V#^6WW MB/J<5^[O_P!/?^X_Y-X_(L^==5L3[^G&_)E\K.$P]-U MX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$` M`@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D M8N%R@I)#4Q5C+RLX3#TW7C\T:4 MI(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B7I[?'_]H`#`,!``(1 M`Q$`/P#TIN-F!TG*W`#1I8`)_>.UW_F"CX9!))8ULM&DN:UWTB[\U7 M57SOZ.?ZS/\`JV)*:G5ZL2Q]1R+GO]O[BE99B#T]V1>UL`M(+C)W;/_;[TE-7=BBL%UMY&Z&N)<7-WWO?\`3]_Z1,Z[%95N=?D;6/)>_P!T@[=^VSV_0T_[=LV*TW$+9_3V MN!:&P73$;O<'1NW.W^Y&K9Z;`S<7;=-SC)/Q*2G-=DX'TW7WV->T@5^^'"). MP!K?^@C5V8['&+[GN#/S@3HXMLW>YFW=^D8Q7DDE.;D?9'#=:^]OKN$!LZ$M M%7TF-.WV-]WN_?1Z,>E[V95=ECI+G`.)`]TZ.K<&[=N[Z*%U?J]73:3M;Z^6 MYKGTXP<&2&?SE]]S_9BX=&[]9R[?T=7_``N1;11=C5Y?UAOK98S)NO<\2YN) MA-KK!/:F_JMM/JU?N7_X7^<24]%FYN)@8MF9F6MHQJ6[K+7F``J'2^KY.?U" M^IU0QJ*JV/JIL#OM)#]6W931^BP?4;_,8=OZ[_A;_LW\PJ-?1.H]0R6W=1NO M%54&H7NI-K'#_"8M6$QN'BVZ[/MKWYN:ROU:\2S!_G7[V+B8V'2*<:L55@R0 M.2X_2L>X^ZRQ_P#A+;/TEB2G_]#TMF!2SZ+GCP]T@'Q:"A96%37COV%XWNK! MA[@8#V<%I5P74F`+&DNXU&J!F6U/QR&O:XAU9(!!_/8DIM))*CU'J^+T\UUO M#[\J\D8^'0-]UA'TMEI?\`-ScF9S+SS>,NYQ)_>--MEF'_9^R^G M_HV)*=9)8YZ+U0^P]=S#3W_1X@L_J^LW#:W9_P!:]7_AE4NP/JJ+#7C61UKK=N-:SIG2ZFYG6LALTXY,5U,X. M;U"QO\QB5_\`;^59^@QO^"H-POK$`YO2,C)Q:W:-'5#5D,8#`=93M-G4K+6? M2J^VYOI[_P"S]'6V/?;8[]'4S_2)*9=8ZA?C-JQ,%@MZ MCFDLQF.^BP-CU\W(_P"ZV(U[7/\`]-;Z&+_.9-:GTWI&+T[U'UE]V5D$.R4-U==73ZC]$WS==' M\JFE]=%/_L3D(^)TS$Q+'7M#K^HTV0S7 MU=OL.C7>T_VD/(OLMI$E-U)"-SP"?1>8\-O;^VF9>]S&N] M&P;@#!V@B1,.]Z2DR2"V]YG]#8()&NWL8GZ:9N2]SGM]"P;"!)#0#+0^6>_W M?2V?UTE)TD'UW[@WT;-03/MC0@1]/S2-[P6CT;#N,2-NFA=+O?\`R4E)DD%U M[VB?1L/`@;9U,?OI_6?_`*%__1_\FDI*D@MO>YH/HV"0#!VR)\?>DV][A/H6 M#4B#M'!VS]/\Y)29)!%[R7#T;!M,2=NLC=[?>G;0-NA#=LM< M[W^Y)3__T_554R]N_7UI@?S6Z.3^[^DV?M'+XV[YB/SMO\G^ M:W?^?$JO3V.C[3&YOTM\S)^A/YG[WYB^9$DE/TS5Z?NC[3]%_P!+?_*X_P#1 M2E7Z?K,C[1.\QOW[>_TMWMV_U_Y"^9$DE/TP?2T_I?>-OJ?ROI?^9_\`!HE^ MSU3/KS)G;OV_1_D^W_-7S&DDI^F[-FT;OM'\V)]/?_+_`'/\-_53?H_2='VF M-[YG?OXUVS[MG^B_X1?,J22GZ9$[]VWG\W=[?Z^U#&R=/M,Z?OQR?'V[?I;O M^"_ZTOF9))3_`/_9`#A"24T$(0``````50````$!````#P!!`&0`;P!B`&4` M(`!0`&@`;P!T`&\`O+GC0@*E#V^QCV:!<98E:);:^"<2AR,?:,:==&PVDOQ\OLBEQTR:?ZHJE! MVZ_5UMF'DQM=8D(J69%N<`W=IJZA4\2[HJU3I;ZD-RF7HLYD;*R)$(Q!R\Y\ MFH%MTYL89;\QEB52W2,S4%B7"FWRL:QD*O'SH\E%&7*].4-%.1'6D@"+6NOG MHV7$*++>CV7P\*(Q@9[+*NBF)I%@G MKC*4B(8@PV@4$6^*48`/)D$.>ED,P4J"2@9TAP@,882_2-E&3Y%BB[E5G=>3 MU<@:Y<3HR2FXZ58%I]O3/Y@SY*5$0P#'S`9%5DA943&760BPE^"26*M@MX/K M#;RTI8I0*#K^X-6SLU)/8&CHB&V!4Y.4/(5C*DL!1X4N^64]E*2LM*#ERQZS M/2`TAU#U4T4Z6AVV7W6G8T);3CF49:3G'9R<_#6-?V1]_-9_N.?^V!TT?^^> MMO[IN.?A<:?L?S6?[CG_`+8'31_[YZV_NFXY^#&G[/27H)VE]0[9L7LQWK^Z M9-:=.$G#R%7;U@SKO8,#=O=X)P\XJV.S`T!?]C#P_H9`L?@=:S6EE>;=QX"< M,8<S2HJ/HL9:[;5R&_-V.S@V*VP5:&&D:'N8 M+T^6']S@2*!3*E"16)8=]+SXR5CPB'IRMLA+U/IZ6SM9.0O<H.F"2C*+32XRQP0D#[LF+I/J\RIF3P@Y MM:T"NY0^A0^$65CJ"Z@H>SSM/DT4"V)C+9M=L@(JVY5!D,/*$;=3VN.'A*;7RIA&I6^M[$QP-T: M8KUH<N;ZW8X[8W*_F@6Z"J%#V7?GK/':PV!%`W0JAP6I)5K7,!'G;") M*@;&Z;<98(LYQR3\L:-@7(&"P3Q^5,.SKFZ+]>-YAU)IQE5)KFS`6L&0M8LE M<,S&25%ZLHT^J7U9L_/Q9AL-,:U@3\([(TMM9XCA0`N7Q4K&.'(,]^1NS=T6 MX@&;+A([>>B:I5'W=N;/G@5+UG03,GT^X'7.,S)],M/VS:]O6J2:L_>M059L)$HT9"AQ@A MTAX.&&3$F_DW!AE,YU`[)CLBYKQM&O+>8.L'Q#T/K:_1P^UGIO8E[JUHDM?O MD74YL6OZTJ5?`GCB&_7!3P24O-%,"F!DY&(Z25WEU+UVNNSA%G>8267& MOR0[HZG5M/N#.XS@>7`NF[+WJZ,L5,@8&..M]:+LZ:Y!RY.PMAFF52&Z6)W: MT?8).RR^@8RZ+8VY-Q@R%WUV=)UZN2 M58FZS'PMLB-?W5EW;V9A6OYZ2A]>B,7<_%3F*5$65;`/G&"13:\(Z_*8RRD3#^"^56^F38'GZ/T3&S-MM#$U:=:W2.*C M[)LJR67-Y8"A09`>='9FW(QV]#NEC8=B94B/>.P$O"6B'FG%/$#Y0Z5/[+&J M$'4Q-H*FQI?5]1/VI(U1R`&HQTK)7"\;$%VI3+(*R?BF96`' M+-'FCD10$K&L]Z+_`$FK=VQK7-N4J5J5BF8;$M<[<+#+:>:F0"6LQSU:CX-ELD2-"D@R#'=V"K@WI53] M3>G:?3RZE3ZA+5N)D92JRK5@7*1U0:;5(SC,G(LLKSX+K9*B"B"Y9?/=/5.L MY4FJ>E[2?%2[TE+EUYLJ#BXM-SF*(=KB5OP1,-`1U@CK2;5I-].<#G-QS1KN M36A$&=C^!D7HMEX60!,V#=I!F>D'K3:)`MFGHGIS8\9):S,UWL+SD;58Z'BI M/68FL1!0(\2/:ACFG5*D1#'$]Y0RZA72_02?&9E)>W34;.E@RFQ(:4+@'HO: MLU%6Z:O<1,WAEFN#O-EQMHG77D-0SD0(Z*R,`\R['"#"-#*1:+K",I'JSSL] M:+I*3,="0)<*)(6K& M4D0;IBFU`+?_`%3DA52MB$1UTU4J/?%@HL=X%2],U%Q:@W6A4+%RM:U*SE&4 M]N.[P,UX'"7(Q[4@+$.GA-RIP1\B% M&+*81(&1\4_'#29XH2EX)("CB9@1M]U"<9=1A0J,&RZTP]-6>:C8"):>>SG#++DC*DB!H==RG/=3E>,J[/LX'""MW!+GFAJ[(.-]U.>^V"0I/;AES*0^R MY&/:D!8AT\)N5."/D0HQ93")`R/BGXX:3/%"4O!)`4<3,"-ONH3E#*RF4KSC M+J,*#&PMB:_DWI@:-O5.D"*],1=>GV`K-"%O0<_.2F(2%@YAI@YQ<9,2\UG` M8HSV$/$%9\)M*G/N\#)%R,>U("Q#IX3*$I>"2 M`HXF8$;?=0G*&5E,I7G&7484`J1CP7XX8T\(,F8-7'1`Y13`[\K(-1Y\NZ!' M-.K0X<:W%1112FFL*7@<9US..XVM6`X;=CKSUA,J+,]#.VN.AHVQR%8;E`5V M$&O31TM&0\\9"I?S)"PTM)0)PXQ2VDL/OA/MH4I3+F$AW/`<#C&FAQH9**0N&A%Q[4U+)9?=0XJ,B')85)3^,>$.HEK#BDY<1 MVAT,9L37\U9"J;#7FG2UO"BFITVJ1EFA3[()"/L1!+$P5!"FNR@\4\-/@.(( M6UAE2#1U85V/-Y4'?0Y,,0`VF`?C'XL!XR%:3#NBN@!$0!I$'(1+>`E*'&>A M9&/=#>8QW5#/L+:4E*D93@/LB1CW9`J(:/"))4VPTAE"B#"'2RW MU(;2E.7BBWUNN*_S+<6I2LYSG.>!]N`X#@.`X'C3]1/ZO=`Z39\3IQZ?ZL3U M/]<=U6S"TS1M&9,GV*E,RK*E1)FRG('#YS)/A9\TW`"9Q+%#)2X]D$5YHW,R MU-<\WIWWTQNE;K@UM*;(ZE>OCJ0MNP=V[WBXM!.A(NP9*T]I6-&+Q)!Q\9$1 MY"JCBX@M*P&M4*PU'AM9?;01(Y?45E#:SJ3AZ\G\+>HLOPCR7V#]./J`N5ZN-NA_J4]5%-BK-9IN>C:E#SUN9B* MP#+2)!PL!%M1FS84!N.B&7\,,):$'1AIM/8C'-S:8_QC.+\L0_\`J^ZD?^Z; MU<_^HKY_\PIA9,>7[W)J+8=OV3(3M7[Z8R;J&K(=HA=O;AZZ',Z[OUZM[B M[[5%04J3>*R\W8Q4XCF'!E'(P2*X0&E_!;>6I>&+P^C]T2ER(D;/-JKU;D;1 M6+)*1D'M&YV`1R7BZQOT":/!!/!B3/1#Y^U4_.(XLPALZ/BL-/X99'9#2,OB MUI;;S8,6_B!B&90"ES]4GO%WMLNQG6="./6.[)L_G\@TD9C"('3&[Y9V5HT[8;GB(J]`JY3T@5@J, MK5_LE(5'7"FPVG*N.R8RJ,5&GR\T3@K#!2R%!C,69:J.SA*CIN4-C:W8+UK< MLM^5KONN<1"G,G5:PU5LV.LUCCK%-$VJ-`E&DY*+5V/-O'-Y<['D*P/E7:QZ MFZA!YX*;:BH.'B4P>LZ>55M5;/V!"U961MH=,JVQ(&"9KS+1A#Q7?4_D5&$QHK MJ!DJQ&4"%E:Q58NHT+5U.K-L=/@)XUB?UCLS54_$7&'CV-;P4]&@^VZH>81& MFS!XS\LIL=MEAEE)90S'7SW3YO(Z1-F81`,*\JE[-JM2CW^H?;5@,U_:KC$Z M8'B]@,6Z3KS4Y8P46F@&R),:]X6%=QN0[JI*2.89&8D&I:@W`C=KM\M+L8/5 M6;_&VL6+9V#8[4SA;%5ZHZK(R<5$SL*RY!/'1.RZB.IG!CS>6P'6F4"B!!C9 M&6#;0TSN^+L>S-XU"909;+2C956&JL4VZP?5M?RM2J,%5I*&M<-&2%V-?38] M10Z0&??LK MM+8$WF7IK%@A1S'.;*3(68@F-FD2CJ7UO! MY4?W0R:G#!8SI]W7LBDC02(QFMPLE![FK]C-F+KM6L1UB^2J/O,3RN*!2N-BL=O]KFP$B+'5 MAS98$M38:--35TUBFLT%6OL%L2%"$B"!,2;=B<:=5APU"7'IJ18%J5!['3CU M(AL#MKV':K&>+8:Q/VY`127CSYC M,6U'(PTTG,>*_(CA8S8.O]J$R8,U#$P=^.X]>J1,FMT5,2SLXW6YD&08M+:C5H)0IIIY2+'B\L2C-%["!GY:< MQ.+%6Q?X&RU<>/N-F"C`XX_JNVSL_8SAD$(L>%*D[#IVZAQ>5OL/N+4H@3"T M,J4MP90P[TS]0)C0AI%IF(62:K&IX&WDTS>ME%LNQ9^BQ&[AYNUYL=LU_:&: MU'2%LV''2@X#;"EI4VHS"V3@A67AF)UTU1]R:WM]K-N62[K#WV;A18-QV^$3 MQ>NH:-7>#)QR427!5R)/5:IEQN?>(CPAG,'V)R(2VW&0D5W@MQPAP'`ZZ8F( MBO14E/3\I'0<'#`E2DQ,S!PT9%14:"RLDV1DI$UU@,$$,=M3CKSJTMMH3E2L MXQC.>!K5=0WU.NI;Z@VS;#T9?1VB27XX)[,-NCKDE6B8BD4*(?=6-(+US,$" MN8C_`!FVG6QIK#)$L?W75P8?W&)3$S\-S63G9D^KZ!T-_1/@C(BL(E.J_P"H M)LD=(UEL*DYF-I6NP61]!F8TAYM5@5JNGS4R\A[R+639Z86XTX_ZAE#;K.]= M+>?#&V[TRZ(X_KKL4K=-Q]7]E@JU$7V."30NGF$A8]CXY8;*P4S(R,@TAZ1! M/>"6II01)L@6K#N%%.-.M)8;;>O429\O0WF5?__2W^.`X#@.`X%:-1?MYZM/ MURU1_!>G\+>HLOPAP'`8@`U+8?)CDI6&,G"\X=4ILL\,37U37C-TM-7-A:O3( MB-N]HJ;]OMV(9^,UM&U^[GUBO6Z]Q5>VG(6,JO;.`C\.Q3\H'3&V2#@TH4:. MZ\2.,(DCNL':$4#7H<'-(MTQ'0[TG9`S78;%FLL&?`S,XS?*LS*[6J!V(Z!. M\NE^)S&F(=A1R#,2[>67FF(N(D&-ZD[Y=TUN/5+4RJ%E7G3K`(,>V(=/[1K\ MMO\`35[3-4<^N[$N559KD9585;4PR(985#^.1ATD=ORSC]3"WL[?K7$RQDV=A1,978"H"W2S4R MM[MU=NMSO-D'A!A[C+@RRD2KX^"X5IIE?< M,/#!BK([`.A+3L'6IU1MUG=].38[A;I>BWR[&5]BB:M-+$DX?V759.2IMDL\ M_L*3%BG!C(L@TN/$E&6E^8!:0W45DP&<"&1;,CXJHAN*]*J])E34!!S! ML0=7S9:'C),N!E/!]3A"CPF"B(B1\NMQCST:Z[EE[N*4CQ$9[,YQV9Y67<WLSV3,7UV^$:2_^X"^DI$X M.1CJJ5*%!*6CRD1I3J#+R6XVKNY0">K53,,0E7^*7/,X:5C[<*_PXS#TV^$8 M3?\`N0_I;124*!V-M"RY4T\XI$)IRXL*;6UA.4,KS8QX!&72.WL1E.5(QV9[ MZD_9VLP]-E!I\GJZ^MXDS9^\;%+]`?TAJJ[B::%DY<&!OF_HF,+2\U,2TE)* M0`>$5E"0NLQSV6VP6)DYA\E+FKQI_P!EH=:[3L][K;?1=]&G3\=IG05, M5B)NO4Q+@'Q0[#QR&D2,P%*3(QD\3:)4=/?5)'8D+0:E6'&6`TL))YUFLUF= MG*[7:\/4#H^^GEIKI.;7;,^8VGO68R45:MUW5G)MD*.D?%5)(K0YA$A[8",4 M0YXRVW73S,.*\T2\GN(1G;:W^%DQ_*_?,J<#_]/?XX#@.`X#@5HU%^WGJT_7 M+5'\%Z?PMZBR_"'`[YM`7:.ES#.9UI MJD1M`SP]:!!"?9K=CE(H0-L=Y]#*(2.%;P!&CX%:446PMV\:]+;SW3A]%+3Z MCLVW3/T[:Z5W>Z_'6VFZ(EY7M&>4RM`,'/!2 MM\1GVO[(6G.J;Z'VK_`8KVL^FZ2-AE)5'@:UZ3X1U(:F7,^$J+E6M;1-=:4E MS&5)RT9CL_Q^SMQG-]-OAGW^V,1WU+NFV240WTQ?3OVIM`XQ#;:55S2E-KH< MLXTXZAMO!-,CKW(O,-K9@GL"=U#JR%.SJD+=9;Q$H[ MK?+[37C7LQ;V]L*)0:5K"J0]'UY5H.F5&`&2)$5^O1X\;&AM8^U:TL#H1ATD MAS.7'GG,K>?=4IQQ2EJ4K//.>VF7[B_`(:<[.XXC.0YV7V4O-C*>:20ZT\^T MQEQ&'G&1UL-OO-M9SWUM,+);2M6,9PG+B<9[.]CM#XLG@D!XD1S1'X_+2W\' M,DLNAY9;[WB/8)0M3.6F^YGO*[W9CLSV_P"'`_*)*/<4"EL\):I-E9,:E!3" ME2`[;;;SCX.$KSDME#3R%96WWDX2K&>WLSC@?48L4Q#C@A(Y2&2"!'5C/-OH M:*#>6,6,XII2L((%(;4VXC/8I"TY2K&,XSC@5PU%^WGJT_7+5'\%Z?PMZBR_ M"'`=/8H:\C3Q!,M(>/6"K=7LYRDT@_.8F$([C#J2Y!6 M06IGX;FOG;I53IICNG?Z:=]17ZH^W'9%O96WHY$E:8>(LT? MJ-[OM[\K(-X=KVC-4349%56A"//>8],.)\C-UWQFL8;0MN-9=?6IA#C\H6OM M[->TG&L9Q;W5J*9]([H%IN&W,:03:CF^_C)]SN=XGLN(6E">XY%*L(]=SW[.S&,^^WROK%M:9TQ]..N\MKHNA=/5)]OO=TV!UQ48Z15E:D M+4IV2'B$'OJSEM/VK<5GL0G'^"<8Q,V^5Q/A."4X3C"4XPE*<82E*<8QA.,8 M[,8QC'V8QC'(/[P'`OV'.HYF(UH76UU54./*WF>J\LS(R@TP M\.T.5AQPA6(Z/')J<,@(IUB=J]_JP6F9J$C;YM"M;7B==93KEN.9I6MI;IV% MNU&EDQ%N-H`5AVDN'G"XX')RHZ09=?5(D"../(X$2R/3]M"2%NH4#KIZDSU\ MLU9GM7W=)>N;D672[&[%.K;##22 MN+F+/Z7I$M!E720B-8M:#A)2D:YJT'1U*IDD.%:JB';F)2WH"H<]*04D"Y$S M4+%,D$OC29@\"AM]EEAH7.:B%-"T[>0747U'D3VZZW.1D?=]7*L\:-J`>&>L MC2]/U9;#0<@F]'JKZF1UMMY5AHKOY1E79CO=F(MQB]`=Q?KE`;<*@=W]6<-AY MTDB-2Z9'3M;TVX.Z.XN/*:3X;4V.0P3*.YS@%X4)*Y)U)=N(UQK,[?Z,PZ!O MIR[WNNI?CW5\7)=(?2_Z22++\BG`G\+>HLOPAP'`;[9H.FTVK1A,S9+199,.&@8.*#1XA)\ MG*'NL"!C-)_Q4M>,=N<8Q]N<8X&E=UU?4GZB/J\[4_DMZ"XBY0?35*3"Z_8K M)&#$0UXW\MIIU<@W(X(($Q7-7M#-K>]/)6PE8>/.3*FT90".D]OK5KC3OG9[ MJ_3S^C%T^]'U6JT]?H*&VAN0!+$FX7),^HTFI3/Y)[#U>AS6&VYN<#=:1GUB M0:6_AUM*Q&@TXPGFKMQC7B,=W.W;VBYE3@.`X#@.`X#@.`X#@?_7W^.`X#@. M`X%:-1?MYZM/URU1_!>G\+>HLOPAP'`L^R[W3=>5H?O>8L-YM$)4H-CN)RM7C2T^='@-=U&.W/>++D+6IM`M;FY4@&!M):\ISG#4:44YE M..]W>[]O&5];\+SMN-O-MO,N(=:=0EQIUM25MN-K3A2'&UISE*T+3G&<9QG. M,XSPC]\!P(EWEO35'3;JZV;EW7=(>A:ZI<<[(S<_,/\`<3G*4J\K&18;>%FS M,]*OXPP$`*VZ680M+33:UJQC@[XC2QWUU'=8?U_-]"Z,T/7K'KKHWKLZHN.K M+I#L8BVBPYZ\L[(W5-B8)#'0WX6%B@XR2%&D80P(@Z2[7UV3/.W^+5LTXG.[ M:VZ#?I]:4Z"M:C5/7L:-*W61CAQ+GL0@+`TG.89>64F+C!E/E^A5L8ESO(%; M<4LAQ*7BG'W\8G\+>HLOPAP'` M]*&M-\];.T7<$HAJ_J'7\Y$5Z1)$>2P^TN6GXM5S='\1>,()C:U*#N8SC*5Y M2I&53+7I?/",\[+_`-PWUHK2C7NI-)_3?U=+XSX-CV22+;=M-19;*E$M/@2T M?<9@:49'5A#/?J5=?00KM\=O.,K:]4VP/U:$J+CG>=>CX:,GIJVS7D1W\(PUD$^%:[K?V#M]["4,?9[_$F'*_^ ML7ZQFDD(STU_6*L-]9&:=4%#]2])/L++"E.9[@#\O;R.H)10B6\8PEQ(37@X MSW&VDX3C.6+\GMKYU/EK_=894N(;K;Z\.8PI#:&TJ[SD_#YK^I^NKU!ZE^[U>_23ZP-0QX2W6I M&WT:/E;W6R$"^$DHR.+LE(U]75H;6YGM;1-DH2C*%>-G#F.QGZ/6>-G!=^L/ M]1#J,3ACH/\`I-;9E(J05W8':/4<893::?XN,^`M8;WL2I9:;QV*<6U='$)P MK&,Y3]BE,_1ZR=[/VGI8_P!P1U3)2K>G6_ISHMIDGC&":ET\5O,[>HC*\?EE M)E84>)DTJ;0KL;\"_.8RK&>W".Q*U.3.DZF69TC_`&Y'24?--W3JKW-U,]8E M[>QC$K)[.V=)PD*?GM[ZU-MP#F=@,*>=4K*_$LQ&,X[O9A.<*4I@][X6OO'T M.?I;WBD#49WI0J%6&`96W&62CS=OK%W"=5CL243;0[`J6L3S?;VX3+KD6$Z\5%::WJK%UUDZ4KPLL>=],CC MZ9X3'AY;PHBCR+V6LXQE>>Q7B,?%7VE[U?G/7M];7HZQACK#^GO!]4E`C5X' M?VYTH213TZ\"PAQ9]AF*Y66[TMMEA&._^=5VK#82G.%+3V]_#DQK>JF6H?[C MSZ;D[2;7/VV=VWJJ[5&%+D"M17S6$MB[S#8K@(;J?I*U_)MG5BD>8D"*!0HA/] MN[T=5AT&^=6%@VAUG;ND&A9"Y6S:=\LX=4/LB<)<))C8&$DP;#(QV'>U/AST MO,^/CM4O&,*PVAA+O?'$>V&K-)Z.2)7HZ/:+)5G.I*J;-)?+=^ZPV//3KES"L8 M2V,J:QG.,JQA>.U*7KK.]DSMXB&KW]'O>_6A:X:]=?F]-7S1L88&6S"ZMU16 M2IA@$9*$LP[%Z+K=,)"PPQ]Q6'PYAGM3V9\7&,*XSK.M5GM^SW)T_IW6^A=? MP.L-45:.J%,KS'A!1@"%*<((6E/FI25.>4X;+S,@M&%D%D+7]JE9[,8QF MVWFKTDWD#@.`X#@.`X#@.`X#@.`X#@?_TMNJ"WWNQV`ZM2+!.4Z(MNJQS[7K MVN$T/,C#/U:MZRI-VEC(&W06QWH^]5B<]P,X%?=;"EXS,DP6>,VDL>)%+CI, M&VMI;(I=@MK]3.JT]&5>LRDM,P958F5QU(C%5`HF!M-SN3$R&(DW-W2RHJ(9 MPA[%6\8[M;RUXJQ([`C8VPH>J;&C2I.N2=OJ&Z-9ZBB[3[<*#C'Q]H.:8R/8 M)&L-6!S+QM<:VRM.6&CF6C%`(5VLX=4E(0O,]2&V:U%[+L1#5$,8TY:(V8#RCPVFL,C"QVNKI; MD2MNKU[G:Y='("AT#8[-GU_6)4(`L.\*O`YL%#P(TQ<9&;9CBJ*X3&NL.N%E M`R(["FGGVHOJ/B0('=@Y5KN^KF8MVHZL1HJV-/U89>; M)-67543#TUI3@ZLH7,/@H<;REQ&5(6A2A9Q'H)PAP'`\_NO+ZE?3!]/:D9G= MSVQ,G?Y<%9%"TI4G1)/9MZ?4XX.,\)#Y?0B!K?FF5I?F)%0X+?AK;:4^5X8S MA9+>GC'6>D;K^^M)9HC;/U`I*R=)/0\',"6#6_1]47B8B\7Z,'>R_&R=Z<.9 M8E`'2&D-]^4FADFK_*+BHN,9(;*S.VLS7KFMD;2FC-0].6N8'4FC=?5O66NJ MTTM$35ZP%Y41+SW=R7(GDNK>D)J;D7$X66>:\0:6[VK>=<7G*N5BW/:5^`X# M@.`X#@.!`&X>JGIRT"RZO<&Y:'2"VDH7F#D)M@RUNMK1E:7!:?$^H6HUK*<= MO>9#6G';CMS]N.VR6]1+9.WG%/\`UA8"]2IM3Z.^FS=74S9F>\TB3#KY];J( M^592E![[@T=8;&V"RE>%KP:%&8SCL3EQ'>[Z=>F/\KA/;XCJ/97UCNIO.%7" M_P"KNBFB2'>0_#4MIBP[$3'OH5@GK,JFV]0VP-P]3MX?[JI66O]SEHF*/>2K"_%P-#GKMOWG,YR MI)$Z4E6,]G9_CVO>^)@]9Y>C6K>G;0^DF4M:EU!KS7[F&O!;%S-22LMJRGO$$.JRG/9V]G,VV]U<2)FY%.`X#@.`X#@.`X#@.`X#@. M`X#@.!__T]YH?I_T:,-L4%&HM=.QVW),67V9%F5"#/B;P>"%&@".6*)."(CI M!EAJ)9<2RIKP/->(1W/,//.N#+N4:?U(W.2-F;U=KINR2X7ILM8$4FLIG)2. M]OBU/R$C+)C,'FA>U06(SPG7%(]/90/V>"A*,#+XLZ9U.,*-'"ZXI0<*+!VJ MMMUP.LPPM8U7:',$U1JT`R MN2(.M:`%(4YEP:HG"4ZNC&54=YTQ]UBN%,QR'X-EU^1(6I(JFDJ6^YG..U:N MT.VJ=&I5"!)C*-3ZM3(TTQ4B9'U.OQ-=!+D%#CB*/)$AQ`V'S%"B--9=6G*\ MMM(3V]B<8P$(ZB_;SU:?KEJC^"]/X6]19?A#@>('U/\`ZC^VM3;-U?T']"4# M![$ZYM\/M-M8DF$2L)I.G2`A+J+A815.)CF9Q8++LDQB0\0&.BPW3S6'65#M M$2UK69YO3Z]!WT9J)H>Z?S1=7MT+ZP.MJQ%L6*;V9?G";!4*'/Y0AQM&NXFP M(=)+D816,,BS1R$/,M,-9CQ(M.,M98+MGB=/;KE9.`X#@.!^5K0TA;CBTMMM MI4MQQ:L(0A",94I:U*SA*4I3CMSG/V8QP*0[G^H]T8Z*R6)<-XU67GQ.\A=5 MH#KNP)_!*%82H$MFJHD@(4Q./O93(D!XQC_C]J<9U-=KX2V12U7U-NIG?V5A M]$/0]?[A&&86W%;0W"I-:I>7,X5X;CK0Q\76'&\)3E?9FU-N9QV8[F,YQS7I M)_ELF;>H?R>?4QZC\MD=3?66)IBIF+RX_K3I[#($,3'O)PDJ%E)J&Q4&G,N= MF<8R4?8F<)SC/WNW*,3VUG4Y,6]U/FG?I%]$VIW&I&3UZ=N&QI4AYZ>W%+*M M;9!&5Y>(<=JXS$32R$D/9[<^8CGU]W'=RO/:O*I=]KY7UCT?@J_`U>+&A*S" M1%=A0DY0'$04:%$18B,Y[G\+>HLOPCS]^I M/U]Z_P#IW]-E@W'94!3]]F%NU72^N'"%H+O^Q"Q77`!7FAUH,9JT$A/G9@M& M4^"(C#2%9*(%:=+)FX4Y^CGT#[`TY#WKK>ZO?,V/KFZM7G[9=9"P#(;F-742 M??%EX[7K(N4(3"3,DH<8F7$:0PU'H'"BFV6TQRE/2+M<\3I[D"MLEP/_F)W-+>;Q&;M\=J^P_01U:]9Y#EZ^H!O6ST.KRG<*A>F[3$J M+&0T`*[E#B!9UUS$[6VR6F>\VKOHFI!:5_?/0I.6^7VFO&L,6]K\:9^GAT;Z M)P(12-%T\V<$PA2+3=QG+]9,$I4A7G19"VN2R(W+:VSK+'4_7^OZ])6FVV65<4@*)A8D=9)3ZDMI<(*(7A.&V!V4. M$$OK0TTA;JT(R1K4]#6M[[]87K/?^J#U'UN1ANE#1,](U/H>6UEU!MF99#00L."PPN=\MW\9ZSMM(IW@@9!$+JVH)'FK[+8?\`_"O/1F"6!J_&/_;E)DD\(P[A M"L,Y=NDKE$O>[/EKL5WIRROM(*6/EWM<2&,D:/96I66AV^W/;B[6]U9)% MG.13@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@?_6W^.`X#@.`X%: M-1?MYZM/URU1_!>G\+>HU_.LG8EU^L]UIC_3AZ>[%(QG1;T\V&/M/6CN2NO? MA]RL4!*.88H4'(HPX')#Q M/LQG/^&.!YY;4^KMT,:O\R,QM$S9\R/W\8A-45Z0M*R5)[<(0)8C/1:00IY> M.ZGLE?\`'[<]F,XSSB(5]R>`:7V*>!>F81JEGI6O&.YV^X9%K"?M^]VJ3EG2=:F-KW5GN MF/Z9W3KTW3BM@$"S.YMR$&+DG]K;9?'L4X#).90MTRN1RV?38,S+J,KP;E), MKCOK3DS+:NYB7:WCPLDG\O0_F5.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X# M@.`X#@.`X#@?_]?=\`ZF-1R47LB=%DK4[`:J(C46N>:UML8F'<`E8.(L8E@K M1P=5)9N%83!S@YCTC%^;$8!6DQQ:0G&B'"X9)-[PUE6YN?K\Y/FQIM7&DB)P MPBKVWV\$[$4Y.PI&*3;$02ZL78QJ-G,MF+8,(N,+`RAD#,-,NX$/996$2X.\VVZI;#J4$:V'U;OJ)VCIHO?4'TF:#DL M174WU46;5D3%VU\ST:/U1K([4]3@)V\.3S_ACQDQ)NMDAA$X5^&,L%GJ4VL< M?#LYSB=MR3$MZCO^B/JCZ0_IZZ%KG2YTAZ\VMUB[J.7FS;.MNNJ7,1`&T-H& M##"SLI@^5BR[HB`!>;;`AF1H(UEJ.80I3CC[CKQ'2?\`G9W<,;;YJW'J_P!9 M#J@\#,7"ZNZ(Z":K[QP;&?C5]S+F5CE,VZ3&D$9SG#:U:<9P MI3\)]UG\JR:H?1MU9.3#=PZKMU;DZJKGG*O,/6FT35:KRVG,I6L9#(LW,7-I MM*\=F/"G66N[C&,-)[,=CWOB8/7YKT4U7TM=.6D4#?%.E-;THP5*$-S455HQ M5F7AO&,(R5:C6"K*:I/_``4\6YGMSG/;VYSS-MO=:Q(GOD#@.`X#@.`X#@.` MX#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X#@.`X'__0W"8GIAV5%1?5C&@VJAQ+ M6^5S`D!%PD'9HFFI?M5`IU7L5\GZDJSRT;#VQ9H,FZM$,D+U0HA94B^3X@C, M87/3.[CTZ66Z$2H1-U@XFN%6F8$@YE,;#7O6LE MH[&MH(&#?GUFR=6D8G5Y'K3RS6"E/N)R/X25=U(8%+=)LU9HZ^5^R7>$?KFZ MYZ"M.X1XRLR04H]+UVZGVD)BD2#UF*8B1"85,5".K*'(SAB)R6EOS!KGA#*> M*3KVUBR%LL.Q[1%V&RVJJU2B%&4J*F:,%B`IRK:0+*,XQ99F9C+)-2UXDBG' M!#6D`-*&'8RIP99I(>45!^DST7W3K0ZJMP[%J5^VC:(ZPZQC(IK9NW=CWD>/ M'-U-49(OQ):PV$VXSWCD92G"964/::';0.TA`Z<-<2XML[+SK)>GL51-::[U M=#IKVM:)4*!!HPUCTFFUR(K8"\LX5AMQX:($$:?>QXBL]]>%+SE6>K3]>K M3]>K3]>K3]LZU;1+-C&"R:G&12I(06+?RMN1RRZ6=JLG7SYL*/)DH^Z9`;E9&T/ MBP;@C>5DCX"P.;NR/0MAPU;O-FD*N]M*K.T>>]S66PV(O0H$EH`'>UEK]ZD" MY*WRE?JA]WL#+\V@YXB'[V<#$LX$8\$(=.N6TFA[.Y2K+>)BX@3];8Z58B4G MK23$[)HI&W[;'VV4G&"RD@[+%$I;2VGI.55(.`U@6(F6R&29#)Y45:31TN08 M1>$4BQ6R^TX6H4$R&D]D35B=.=VP6Q<,7ZOR3J&IH$;CC6N MD(QZ4:>"PAQQ;HX>6G59;PEQ*<.*BW&(L3[JZQ?W$]-']6.TO[+N5.#W5UB_ MN)Z:/ZL=I?V7<'""=^;`ZRXB*UDXQJK1- ME>YTCPO97IQ"_`.SE1&,,*SVCO\`_+R)CE.WNKK%_<3TT?U8[2_LNX.#W5UB M_N)Z:/ZL=I?V7<'![JZQ?W$]-']6.TO[+N#A!73KL#K+FM?V`Q_56B;.MG>W M5'$IDK/U7[43)#,P'4UMV"&KPV%](\[GV]41XY,3$9\=&,Q(0V<#B8[!&1<) MU]U=8O[B>FC^K':7]EW!P>ZNL7]Q/31_5CM+^R[@X058-@=9;/4UJ*"3JK1( MP\CHGJ*EG:H-U7[4]J33T+L#I<#8L,TK'2.PC%AK")]P:,QF/*SD:7/["!>S M+98XPG7W5UB_N)Z:/ZL=I?V7<'![JZQ?W$]-']6.TO[+N#A&.[;QUDQ6F-NR M;.G^GZ`=CM87X]J=@>K#::IV%<#JDL0B6A<)Z/HA69:.4WAX;&"Q<^,A/Y5O M_.D3&8R>D7'K'*I=0*7I3ISD%DU>`?4>?U8[2P<:IZ*$<46;C/1L9G!9.5=] MSM==^^K/WU?YLBXS63^ZNL7]Q/31_5CM+^R[@X/=76+^XGIH_JQVE_9=P<() MI6P.LLK?F]8A>JM$GL1-8TN^S7#^J_:F*Y7E2@U_4\77E9Z1RT*+G?)IR=V! M!]F1F>U;_P#BV.,1.WNKK%_<3TT?U8[2_LNX.#W5UB_N)Z:/ZL=I?V7<'""N MHK8'67"Z_KYC&JM$UA;V]NER)5)5CJOVHJ2)9G^IK44$37B<(Z1X+/MZW#R* MHF7SXZ\8B32FC^K':7]E MW!P>ZNL7]Q/31_5CM+^R[@X05TZ[`ZRYK7]@,?U5HFSK9WMU1Q*9*S]5^U$R M0S,!U-;=@AJ\-A?2/.Y]O5$>.3$Q&?'1C,2$-G`XF.P1D7"=?=76+^XGIH_J MQVE_9=P<'NKK%_<3TT?U8[2_LNX.$$W78'66+OS140C56B0&):L;H?>K@'5? MM3-4C2G3G'K&J\^^D\#JQVED MX)3,46XDL+&.C8/.2QLI[[?8ZU]]./OI_P`V!,9C&-)7CK)E=,:BDWM/]/T^ M[(ZPH)[L[/=6&TTSLTX95(DA*+%A964[ MW4LCA;SA'__6W\B1AS!WQ"V&2A"F71BA26D/CDCOH4T^P^PZE3;S+S:LI4E6 M,I4G.<9QV<#[<#XJ&'40T6IAE1;#+XS!2FD9(9'*6,Z4PT_E/B-LDN!LJ<3C M.$K4TC.<9RE/8'7S\[$U>"FK+/&(CH.NQ,C.S,@XAYQL&)B0WCY$QQL=MY]Q M`H8ZUY2A"EYPGLQC.>S'`AJ1ZBJ+$`S#LL+,Q4S7%R;-FK,H]5HR1K)$5BC% M/,6"9/LXU)B?,PNR(:0'<=EDL/C&H0E>2LX'R7#KR>J35`,?)S,@38XZ"#CY MB5C98ZLR8V+/'U24$A;\]7H9QO%F>>UU)F):FAR012A\-NN-M.M,NK0,,GB- MV5V5EH:$=@+C#R'Y64K\6[)L+C?4!$ MQ:AS'GFAC`W2!A];3N^BTV;-AIU^0':CD2S!\TV,P]$"3T/1)/:!-57W2\2C MD^YKJ$+F$);%6+@1C.%OH>6TTX,,5E.IW7,0;:HTH:RO2-*(DW+.#&@1TN1# M5R`!>D;/<9+$5+F(CH2KAM)6<,2IF9:P6!W05YE(OSHPYSG4=KU,C-@LMV`I MF!EK35RIAJ/%9@G+O4(Z4GI:DMRATB(P/,XJL0]+X))\O$-QN/%>-:SA:4C# M+D;7K9%`A]A1P\K*1]B=CP:]$A-QWJ\],RLCZ/&P\2^5)C5TQ4A)_<8D$R'H MS['86V:L%22!( M-2P@$.P0;'#E9*)::$&.(%+BN(-U-4`U,8()%71VU3[JTUJA.03`5TL M8ZXVLST>?%1)$0^7#A2'5AKB.8$=)C;,*Y*S@<+`LS3E.I[5 MA:)Q<62)J(E;Q<*S`O1,9(T&5%>PX6T6M;+#S##PDA&D%C%2ML':57UJTP_8 MLG*9]'G[3*.@M#.(K](J'I7O&\3"BRPL)KU5Q.!9+P/Y@[*24Y9&=PES*",) MF.I#74++^BD>MD'/NR0$4P"&"45.3L?M4$""81977T@RDG9TM0R5M4`"LV!%4O)-W+\Y@.+3K MVP%"LS2&7"7`QS&CL)7'^(6V,,OI6Z*%?*5.[&A)5K-(@%2CQ%B<*BBP7XB) MCFI#)2D#$M4+8+!$K:U4B7\X-4!G*9:,P*+:/%V:/C!I)AL%Y*G5MN)<;0,.VM6YZ-2K(BNV0PB-;0)YB3L;Z!D5N!)? MA[!8(R,F35EH+'.F82I29`^4#NCI\IAIYUI\H)HHC##>IR@`%V*,>BKD[.U@ MD-$K7088.3GV(YVOSEGDYEV+CI4H@$6OPM8D'2A2L#RKOA#)$$)5*0^)$N'P ME^JK5$2HUWS$[*1`4S)U15DAHQJ0KCMXC6YLK%(1*MFI:8G2XJNE'X=?PS&B M1W@DF%C,E"K?&*S\+;M7D==";)"8EGXH^3'KX,5A@%,P9:B[BC7H=;&<[Z24&*"4DG)&++ZD-:X17W62),IF?G(&KY>9'!0F)M$]) M2L,W4Y!)4B.\3@[/D8\"J/R;S4U!SL]7Y$X%(`LXQ3YB&KE]!%$?(Q-`2U`LEA!CI8<\0-;! MQ'@H\5;1&&AC`[O:B,3)$*2N68=S('1D(5@!!3-L*@K[!:OMZ:V*"25+D^RK M[90HV02^*.O+I"5C))9_*<&&,Q/5#K"6R.M#DL*$V3'"62;=1#%UJE.3\V36 MJH[8;3#S8.6(XP^EL8<\KJ+I0D3)2BX6[N.Q<\ MF$(A&*[XUBRTSK6#VY+SB(5!N2TP\!19YL@G#F$&++3@$<=\X@,8D89=?-MT M_7D0-.3!!!T<_"3%L>(A?)&-@T>M#!'VJ\$O/&B#N5NM1TBP02MA;Q+B'D8' M9?<4E&288G.]1VN*[,-0I[DPX46JS"QN`0Q329>:JUDDZ>7`Q4(P>JS'''VF M)24%G@L$EP["+WQ3)8B'"'#L+9LG-A5L\0@`1#E:GR[!>J MD[$SSC>>(.$N02T>H-Y@Q ML8N'UB.I#6TV9',!+GT@S:*ZU7ITN%>"AI^9L;M'::K4:^4ZT3BP1GR/#Y+9 M?990E3Y#;:W7HV5;!&*[-.\(!R.B)-FLW9YB5G)RJK2B)C4KCK;"VF;I&*P2 MIV9;8/EI*UUXH5OT]9HXC;>"SG1`5)*R,/_7W^.`X#@<*2\'TX_S'C>7\D5X M_EN]YCP?`<\7P.Y]_P`;N=O=[/M[W9V<"@5)^#?:UN^+?DSW#^!>^OCKXS]4 M[GIVPNWU3T+_`$)]&]J>=\;R_P"%]GIWE/Q?RG"\^76L_P`HO:QY[WS[%]I[ MH^/O5?7?:7MGV?9/YB?8OA_IUX_A>;]:]2_._4^YY'[O9P0];\V7Z][J]8_3/W-Z/[>\S[*_#_;OMCM_#_)<#)=Q_!GS M11OD_P`[[E],C_:W;[0].\3U.4\[ZAX/^H_M_P!M^J^K><_0OTOS7F/S_P`/ M@\(PM_PAZC:_?'SK[I]H8]?]3\E[M_EI].M'KOJOD_S_`.(_*^?]7]5_37U# MR/B_B7HO`[=KX4\]6O97S+W_``:1[-]D>5\E\N?%T)[8\'U'\E\F?"'@>H^J M_HCZ!X_J?V^9X.4O$_'G\MAGE?7_`&5Z89Y[U+V%[B]5]T.^O^J?)?\`I=YW MW;YCS'G/T?\`\W@?F?@\'E$,;_+I[-I/MOW_`/$ONRA^Y?`\/V1ZCZW0_B;Y M5]U?C/\`YG[:\+T_\4]/\#US\-\SP[ZUYO[GI'C>Z/Q'U;@Y9]T_?RE_(0?P/W/=7P[']GD/< MOI_L/U&O^%ZAZO\`F_N/SGD?,^+^?=[M\7[_`(G!<^7&/^!/F"W>=]V?*7J= ME]%]O^W_`'#YCX\LGN/V/[`_2GU/TCS?C>K_`(SX_I_>_,?1^#G'TCT_^77N M_IM\N>7]0COFKW-Z'Z!ZY\K;&]L_-7M_]%O*_)'N;R/H'X'YCP^_^5]%X.69 MJ^'N]>O1_F?N>H%^%Z)Y3R?QMZ[LSWS[#\Y^9_%7K/NCSOB_B_=]/](_)>S^ M#E*F_?A_V=2?DC_H'UD'P/+>S?2O3/2G_P#G^Z/Q/R7IG;V^V_TC\MXOE_S; MS?!$0S_PIY.D>J?,OM3T:F?#O=\KZ+\A^A4OV5["\7](/?/@^E^'YS]"_6O& M\;\3\YP.I"_EK\DUY;Y)\;W5LWY7[_A^:\/S.IOGOYD[_P"$^S_A$_'7N/R7M"B^A^O>5\Q\.^3G/AWVQZ)^1]D^C>>] M)\;\:[G?\_\`G/;P5"&M_A/T:U?$WR9[V]3;]:]B_&/KGJGE3?4_)^C_`.@/ MDO:?IGK/A_AO;Z/YW\>\'@_ET$-_)[XM8_ZS^._8VQ_CWUGUGXV]J?'#?SM[ M=_\`Z7Q_2_*>X/.?E?5A=5_'/N&-_P"O_D+U.\^K_)'A>M^[ M_;NL_->X_2OT1]Y?&/HOH_D_R_M[SG=^WU+E1C^^O@OY*I7R_P"<\Q[?DO2> M][/]$\MW)CUCUCM_U#],]K^K>=[/T;\O_P"(_%/2>#G"/KI\0^N6_P!U_P`P M'O/RT3Y?P_!]Y_#GI.Y/->WO(?B_Q[Z)[S\UZO\`ICYCROEOQ+VSP-L/W-[B^.?<_O/Y"L?R!ZK[F_T<\[\C^H=_O_HEV?\` M(_#/#X/**8?X$]MP7LKY/]D?),#[V]M^![=]U^+JGT[Y-]0_*>H>Y/;_`)CT MK\?\YYSQ?S3U7@Y\L9K7\N7EGO1/E7WK[6U=\1>?]+^0_8/N*&^'/ACUG\*] MD^H^0[_K'YEX7FO<7V^M\'*4M%_`'R8]\>>H>[?BJ$]%]7]O>J^QO`I_KOJ? ME/\`4CUSU;T?U/WO^(^>[_I_Y/S_``7/EUD[\!_-]E]9]T_*O_I[ZAZ5W?)^N?C/G/(>D_F?@<'/](WLO\N_E[A\@_+_`(WC M!?S#^K^W_"\[Z^=\9_)_M']&?^IO&]O^TOS;S?>\]][Q.#^&<[`^,/7=O^O_ M`#5Y[Y+;]5]K>U/.>:_E_A/D/V;[=_2OV;\&^2]8\_\`GGGO*^B?C_D>#E*/ M43\._&-?^2_!^,/68?Q/2O9'HWH?I,AW^Y[C^]Z9Z%XOA^V?TH\+_P`I^_WN M"9_M$]K^$?*4[W#\O^T/R/L+L[OIOS-[3,]/]L^'^GWS9Y?S7A>!^#^[?$[_ M`.D?9P.36OB?V_`>T_E7S?\`-;&>]?#]C^XOF3PW/=WOSU[\(]K>M^-ZK[:^ MWSG?](_->[P<_P"RP6C_`$SVQ:/1?>7IGRQM_L]Z^T/.>M?(]C]Y^B^T/R7M MGWUZGY/SWY_W>WO?D?`X*K/K_P"%>RX_%_R7\H^IR?B>S/C;WEY[SU>]5]&] M+_T8],]*]`]4]2_#N_Y;U/\`'O/<%R_.MOY9/>FIO:7OOT/RT-\3>M^<^+?< MGQA3O,^5]7_/?>OM/VWXOJ'W?7>_Z?\`BWN+@Y*EY#W-6/;/\RGK7F=Y>6\] A_*]Y7W)\I[!^2?`]Q_F?N/WGYK_I_P"[Z=Y+S?YIP/_9 ` end GRAPHIC 16 g297874logo_10.jpg GRAPHIC begin 644 g297874logo_10.jpg M_]C_X``02D9)1@`!`@$`8`!@``#_[0J*4&AO=&]S:&]P(#,N,``X0DE-`^T` M`````!``8`````$``0!@`````0`!.$))300-```````$````'CA"24T$&0`` M````!````!XX0DE-`_,```````D```````````$`.$))300*```````!```X M0DE-)Q````````H``0`````````".$))30/U``````!(`"]F9@`!`&QF9@`& M```````!`"]F9@`!`*&9F@`&```````!`#(````!`%H````&```````!`#4` M```!`"T````&```````!.$))30/X``````!P``#_____________________ M________`^@`````_____________________________P/H`````/______ M______________________\#Z`````#_____________________________ M`^@``#A"24T$"```````$`````$```)````"0``````X0DE-!!X```````0` M````.$))300:``````!O````!@``````````````'0```*(````'`&P`;P!G M`&\`7P`Q`#`````!``````````````````````````$``````````````*(` M```=`````````````````````````````````````````````#A"24T$$0`` M`````0$`.$))3004```````$`````CA"24T$#``````'ZP````$```!P```` M%````5```!I````'SP`8``'_V/_@`!!*1DE&``$"`0!(`$@``/_N``Y!9&]B M90!D@`````'_VP"$``P("`@)"`P)"0P1"PH+$14/#`P/%1@3$Q43$Q@1#`P, M#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P!#0L+#0X-$`X.$!0. M#@X4%`X.#@X4$0P,#`P,$1$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,#`P,#`P, M#`P,#`P,#/_``!$(`!0`<`,!(@`"$0$#$0'_W0`$``?_Q`$_```!!0$!`0$! M`0`````````#``$"!`4&!P@)"@L!``$%`0$!`0$!``````````$``@,$!08' M"`D*"Q```00!`P($`@4'!@@%`PPS`0`"$0,$(1(Q!4%181,B<8$R!A21H;%" M(R054L%B,S1R@M%#!R624_#A\6-S-1:BLH,F1)-49$7"HW0V%])5XF7RLX3# MTW7C\T8GE*2%M)7$U.3TI;7%U>7U5F9VAI:FML;6YO8W1U=G=X>7I[?'U^?W M$0`"`@$"!`0#!`4&!P<&!34!``(1`R$Q$@1!46%Q(A,%,H&1%*&Q0B/!4M'P M,R1BX7*"DD-3%6-S-/$E!A:BLH,')C7"TD235*,79$55-G1EXO*SA,/3=>/S M1I2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V)S='5V=WAY>GM\?_V@`,`P$` M`A$#$0`_`+W2\/%^N'7^K-Z_FVE^'DV4X?26VFIK:JW.J]?TVD>H[V[7OK_P MG\[[+:5T'2OJ9;T7J]63TOJ>17TO:[[3TZT^JQSC_-^BY_\`,^[W/?M];V;/ M5_2*?6/J7]5_K):_,>-N4'&M^7B6!KM]9]%[;/YRA]U.WTG>K5ZM?\TL2IO6 M_J;]8NE].=U&SJG2>KO-#*<@DV5%NQ@=6YQ=_-^K5_-_H'L]7]7KL]&U)3"_ MHN+UW_&)U?"S7W-IJQJ+6"FQU9#MM+/S?Y+EM8O^+SH.+E495=N6;,>QES`_ M(1T5G6O\8W5\5^7E83:\6BSU,.P5/=[:6>G8\LLW5? MG[?WUMXGU!QL7+HRAUCJUIQ[&6BJW):ZMQ80_P!.UGHMWU/CWM24UNNN;D] M=Z;G-QCZ]IP,6QC.HN:;&V8U^3T]GVE^UKV.ZCT[%KROM'J56?09G>E95?9C M(HZC]:'U54X60W+.:;*L/-],/8UU+FY!LRK64XE'ZQC?:\5EE-7V9]M&+Z?\ MYR. MKL:]EIL.5CXKJHM^RU/:[[(:HW?:,S%IL_EUVY7_``:SG=;^L0KNLM:^JEM1 MRA8VH-+:LQ]-?366NLKO]-W3:SG/ZE9]EN]%F+7?Z-_\TNF=U+`;5DW&]OIX M;C7D.&NQX#;/3,?X3;;7[&JK9]9NA55,NMRVUL?O$.:\.;Z3A3D>M6YGJ4?9 M[';M_6)N-4WU/M#\ZV_I^+>6M(;>VQSL7-WUU8[,G'_9_ MVF^RQF-71;]@J]*K]95WI'6LH=4RJ>H9+[Z@\LK+*QZ59=>,3$HMK^SX^9B9 M=F]NZO(=F4VLWY=613CK1LSN@6]2;;8]CLS#)HJL<';6OM?5BV5T6$>@Z[U[ MJ,6_T?TM/J^A=Z?J(UG7>CUM',?NJV_:&V4O:VVG[.VQC[_697Z-?Z2S]&AW_6 M7`9@'.QF6YE8M94655N#P7[7-?Z=PJ=Z;JWMLJ?]"[?7Z7\XDI__T`6?\J9/ M_C>?M/9ZA^U>EM^Q;X]WI>O^?_X8_P"L?HO36A]5?1_YUU?\Z_MW_.':[[#] MLV_9XAW]%]/_``FSUMG_`&F_G/3_`%A>0I)*?5?K3^TO^>W4OV/]N^U^G3ZW MV&-WI^G5]+\_T]Z;I7_/7]K8/VC]N>A]JH];UI]/T_5K]7UX_P`#Z>[U?Y"\ MK224^\]<]+_QQOJ[NW^IZ.1MB-O\W=]*?>MSZT[?^;75-T[?LETQS&QW$KYJ M224^U]=_9/[?S?LGJ;_39OV1]G_:'VKIOI?3_/W?L[]K>E_@/1_[7(C_`-E^ MK@_M+TOY[*_:OV>?0]/93L^V^M^M;_7_`&1Z/J_IO6]/\Q>())*?>\>?^89C M[1]IWG[5N_G?M'VG]<^W>A_VD];U/VAZ?_>=ZWIJB-G[*ZOOB?L75=_H_P`U MS3N^S;O=Z7^@7B222GVW-_IG6(GT/LV3_0YC[1OH^R?;_P#M#^V/7V?8?0_6 MOI_;56=^R_2ROY[U/LV#Z'T/Z=Z^)]K]3;[/5^V_L3]K_P#I1>-I)*?>NG1] MM;ZOH?:?LW4?M7V>/2W?Y+V>O]K_`$GJ?9OLW]+_`,'_`,!Z2G]4?VI/Z+9] MA];])Z?J?9?2]#]%^Q_7_P`%]J_G_1_4_P#N+_A%X$DDI__9`#A"24T$(0`` M````50````$!````#P!!`&0`;P!B`&4`(`!0`&@`;P!T`&\`J#_"B1.!J8.<"P4=D/@)`W\&10C7]_W-^\**]2PW#,:E8K,AT8$.2QW*UVRQBA MVK"VR,"31W#ZQ(U0G15$\)C,Y/*[,*!&?%D/:)R:5,)@,O\`9>?^Q2Y?\-_] M6>D$W\&$<;'#7_QXWG*[I_.MG]Z?,]3OM7?*4JB7L+]3""2SYC)6?/$E\ MQ:D^2?3!+\@'B!6,7F8[>T2"/*>!5?.A(Y"UN^H?UJ!`Z+D M:-9YNSSJ0;ZI*G/+(4>:1CL%WASW`^C/T=&:PLS89U3F(HY(T^T2K>O4=SU. MF"Y%:%6ZY[-776.EPG8&=;KW/ M4+I%;0:TR)T4Q%[@LB7EEOYQ2`U:8D:TCTM9[Y4-@ZT262.1 M,]'7PVU_7L6O5;8%)UG?T#B[76L>8G34.7$Z@R!.O5*1[$VU#))` MZ.UNP5BZOT3`;G=&2 M&O*!@LNC&39%2$+T6UQ6LIW+6."69.H20!P]=WPIUDA#D2!8)4`+6G/\[&1X/,DEUM4^7:G*';U=WI[4TK:$GM1M&V<&U8 MD4>B]/[9'/\`Z^2SJ/UX_.*;:9;'D.KJ.SHDZ/F5RZ"%Y2\B5G*(*@K44(@8=V5&\I^E"NNBPR`Z"IS&]X'/G&[@M('GYTS6(- M5R_FX!PE&,^L'A+D>YC+9-'X=&03I\C0+#? M29/8%;S:KR//?957[E(RL+T"UH)&-O*)*[QHSTA"DV'1--0RTJ4^]-D,CSB% M[FZBR>#/K6H"BDC_`%$[F&K&]=VEA.)55)986-V9PIQYR8/`Y(J.\L7A@K(@ M^)B1ITS2_JQM]KONE6Q=K:X60UV%%2U86MY+((7-4@BKYZ8I4:PRN-.Z9$], M+H62=@00G$X*4%^!JT>^\5*=HI5$WFOB MT?6H6YW=/G75!?7B7TBQQP)$3Z);+2U!G?CXBB1!Q\6<=1W-XJ<(#B_:OM>_ M]IUR_CK"/WGI(T?8Q_C2YH:QY++6GE4P>EIY6;A`Z]'82MVE;_'W=&O1@DC' M&_;DQ#0`)Y:G)[X`SN%\'87G'[N<=$Y,Y8Z\B>^=_P#7%<8GY`_THW;HS6%F M;)NJ:^8L"M:ZL*L(Z2G7IRX\.-V6\0Q\D0W)M$A,4J7, M"V"(L)C0*"P%`R;@0!Y%C(19I`*\KXN-09?86SMDN$,>T#UMS&(LQ6^AC\@- MC[0<_P`,D""6QZS8J4UIDSA%;-12QG1.N7-,IP$US2!5F$B4&*##D#9T++@6 MG:&.,=E1NS-AMF-E6.T:\5Z0PRH]DTAGJFR:.`@R`2!LZ^AJV]5D.O&J[&I MJPD`W.#VE"I+`96C)&62J,8I4T*V9P,0*3"C\(G-.G5Y-2J,`$).H``P/Q!Q MT)8$AJXU-7&=7I:N2,,CRJT0;'9MI@\U[($8\>](&L*Y?90P-A8YE+:C$ZFM$RI1$;&8&Q7X+FY6H@P1@O,CDF++(DL76@&=7D?HS7GU3F=T!C9YW M_P!<5QB?D#_2C=NHSIA9FR;JG,3?R%;M[#:G;2:TD5S%?K%H0BI+ON/:2`-+ M.A6SDVJZ]D571EWGD$6#3BRD[?GBQ6]^U%;=`*$V1A9T08T<@=9C-KAOZSZWCHX'M&-(UZ9/ICR0Z MUP:3[H1)]<)0%VT6KA@LRW?3MK,-)(FN018Z4@8ZS4FR$@$EE#3D:%M7IE7M MQ25V=D281VA%6%=A5=TH*Z%-86[*O!DB[N"K85%6Y\M;*B5*&E* M2RJ68;^BC#4K837;`GA8M=TS,TIDRA2I6EI21G8"*P!F'E(K1LBDQ6&H,Q.RI]BC-F"(-7=K.5!H98YQ"NV=DLV\TEOIZ9;ZTK)),(I4)V/H.81JW(;<4<8RC,#!Y* M5C=6\P&1C;S`(<$@SG['93'RL2NRROO"AU8N!5YKN01MI8;05B;+HXUN[W)4 MT7]$+*LQZ:HV\1^6K6[TF,X=`+UB[-6H9UFSJ?RV&L:JT) M8^L!DY"P8<\)BR20K,H!+<@'@L)H15&,HBD$'YT"(\9R^\9PW1T>4;@#ZA_1 M)4#"A=J7J)&U'H^\_X1=B8_M!\6.[/P]&7"S-AG5.8M.V`-6>5 M'5`:\\83`Z;;?!$F.2)AMAK>*P=<,KC5JTY:6(CR@X#C!?IS`&`$+(A@[<8% M.37ZLS-21!J`=-.0H,#E5O-^LJR"4#^;*[B19.=^X(0BIFM(FX& MSDDK_P"K70_%MO\`^* MZ(93FP;@I,APE9X2@8":G$+RX'Q\PI,=.U4B?S@XMC=$2=E]>%$EQ.67WFB' M%M)L!$,MIV;>=J* M(`?KPA:5'(%Q>GJF?4%(6ZT(T2,#]:8537&9'A:S-DB+$UUQO*+(;MSX\A6:]N40)1[08] MI>'DR3H%K+('%<84)J<2$#@J1.I*8)*)5D[(B'85L0%5B=I-XY[L'3+O,$$L M6W%6F8&,A6I>0- MZ$U$F`-4+RIZ+`HQ-J.'?W3(RNGF6':REZ>4P4V(UT:CR:`*]CP:JVGBK5\Y M;G)0CF'W/U_9"]"DNI@8SK*C0/G' MX?695E1U="Y'>,44)=U'")YGN3JFBTLA;/,EE5M%N@=\MB=(_)W]<,1>$JC+ M.%PR8F"*YKV'K3Z=F%QJWYZQWUS)AQ&Y>VZJ;XW%CB!11#G'`;B6$)]8YD(Z M4I2&(I0I$$#>Z@PXJB50"1DMQJ@198!'='CXN"+$,8[25:O.E3I*//VPA9[F MQ)6&\W'6ALI$NH6LJ;->E\KG,C:Y.^R95+<)CW!>J9FZ*IW,2@A$C.3!+4B$ '?H^OJF3_V3\_ ` end