-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
HnIncZJF06QZDEAQzEX3PdhgM1oA57GmrH9XBv+B1H0LVd570Me7oq5d9u4L7eTt
BvwOOiMEOMFwxBRO7XUNmg==
0000950136-04-004623.txt : 20041230
0000950136-04-004623.hdr.sgml : 20041230
20041230171518
ACCESSION NUMBER: 0000950136-04-004623
CONFORMED SUBMISSION TYPE: N-CSR
PUBLIC DOCUMENT COUNT: 8
CONFORMED PERIOD OF REPORT: 20041031
FILED AS OF DATE: 20041230
DATE AS OF CHANGE: 20041230
EFFECTIVENESS DATE: 20041230
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: MORGAN STANLEY INSURED MUNICIPAL BOND TRUST
CENTRAL INDEX KEY: 0000861185
IRS NUMBER: 000000000
STATE OF INCORPORATION: MA
FISCAL YEAR END: 1031
FILING VALUES:
FORM TYPE: N-CSR
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-06053
FILM NUMBER: 041234828
BUSINESS ADDRESS:
STREET 1: C/O MORGAN STANLEY TRUST
STREET 2: HARBORSIDE FINANCIAL CENTER, PLAZA TWO
CITY: JERSEY CITY
STATE: NJ
ZIP: 07311
BUSINESS PHONE: (212) 869-6397
MAIL ADDRESS:
STREET 1: C/O MORGAN STANLEY TRUST
STREET 2: HARBORSIDE FINANCIAL CENTER, PLAZA TWO
CITY: JERSEY CITY
STATE: NJ
ZIP: 07311
FORMER COMPANY:
FORMER CONFORMED NAME: MORGAN STANLEY DEAN WITTER INSURED MUNICIPAL BOND TRUST
DATE OF NAME CHANGE: 19981221
FORMER COMPANY:
FORMER CONFORMED NAME: INTERCAPITAL INSURED MUNICIPAL BOND TRUST
DATE OF NAME CHANGE: 19920703
FORMER COMPANY:
FORMER CONFORMED NAME: ALLSTATE MUNICIPAL PREMIUM INCOME TRUST II
DATE OF NAME CHANGE: 19901202
N-CSR
1
file001.htm
ANNUAL REPORT
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: 811-06053
Morgan Stanley Insured Municipal Bond Trust
(Exact name of registrant as specified in charter)
1221 Avenue of the Americas, New York, New York 10020
(Address of principal executive offices) (Zip code)
Ronald E. Robison
1221 Avenue of the Americas, New York, New York 10020
(Name and address of agent for service)
Registrant's telephone number, including area code: 212-762-4000
Date of fiscal year end: October 31, 2004
Date of reporting period: October 31, 2004
Item 1 - Report to Shareholders
Welcome,
Shareholder:
In this report, you'll learn about how your
investment in Morgan Stanley Insured Municipal Bond Trust performed
during the annual period. We will provide an overview of the market
conditions, and discuss some of the factors that affected performance
during the reporting period. In addition, this report includes the
Trust's financial statements and a list of Trust
investments.
![](spacer.gif) |
Market
forecasts provided in this report may not necessarily come to pass.
There is no assurance that the Trust will achieve its investment
objective. The Trust is subject to market risk, which is the
possibility that market values of securities owned by the Trust will
decline and, therefore, the value of the Trust's shares may be
less than what you paid for them. Accordingly, you can lose money
investing in this Trust. |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
Fund Report |
![](spacer.gif) |
For the year ended October 31, 2004 |
![](spacer.gif) |
![](spacer.gif) |
Market
Conditions
The U.S. economy continued to expand during the
Trust's fiscal year ended October 31, 2004. However, through the
spring and summer the economy hit what Federal Reserve Board Chairman
Alan Greenspan described as a "soft patch."
Oil prices almost doubled, reaching record highs, and employment growth
weakened. As a result, real gross domestic product growth that had
averaged 4.3 percent in the first half of the fiscal period slowed to
3.5 percent in the second.
Throughout most of the year, the
Federal Reserve Open Market Committee (the
"Fed") maintained its short-term borrowing
rate (the federal funds rate) at an historic low. By April the market
had begun to anticipate that the Fed would begin to increase short-term
interest rates in response to higher commodity prices and reduced
concern about the risk of deflation. In a series of three measured
moves between June and the end of October, the Fed did increase the
federal funds rate, from 1.00 to 1.75 percent.
Rising inflation
fears led to rising bond yields from April to June. The market reversed
course in July, however, with yields falling from July through October
as investors became concerned with slower growth. Rising and falling
yields tended to offset each other over the entire period, and
long-term municipal bond yields at the end of October had changed
little from where they had begun the fiscal year. Higher short-term
interest rates reduced the yield pickup for extending to longer
maturities, and the yield curve flattened.
The supply of
new-issue municipal bonds declined by 8 percent in the first
10 months of 2004. California remained the largest issuer, accounting
for 16 percent of total underwriting volume. New York was second, and
accounted for 9 percent of total underwriting volume. The ratio of
municipal yields to Treasury yields, which serves as a gauge of
relative performance, indicated that municipals generally remained
attractive relative to Treasuries during the period. As a result,
taxable investors such as insurance companies and hedge funds that
normally focus on other sectors of the bond market supported municipal
bond prices by "crossing over" to purchase
municipal bonds.
Performance Analysis
The net asset
value (NAV) of Morgan Stanley Insured Municipal Bond Trust (IMB) moved
from $15.84 to $15.74 per share during the period ended October 31,
2004. Based on this decrease plus the reinvestment of tax-free
dividends totaling $0.8625 per share, ordinary dividends of $0.01193
per share and long-term capital gains of $0.100688 per share, the
Trust's total NAV return was 6.32 percent. IMB's value on
the New York Stock Exchange (NYSE) decreased from $14.50 to $14.26 per
share during the same period. Based on this change plus the
reinvestment of dividends and distributions, IMB's total market
return was 5.22 percent. IMB's share price was trading at a 9.40
percent discount to its NAV on October 31, 2004.
Past performance is
no guarantee of future results.
Monthly dividends for the
fourth quarter of 2004 declared in September were decreased from
$0.0725
2
to $0.065 per share to reflect the
Trust's current and projected earnings level. The Trust's
level of undistributed net investment income was $0.046 per share on
October 31, 2004, versus $0.120 per share 12 months earlier.
One
of our key strategies in managing the Trust was to keep its overall
interest-rate sensitivity lower than that of its benchmark index. This
defensive strategy helped performance early in the period when rates
rose but had the net effect of hampering total returns over the whole
period by limiting the Trust's participation in the rally later
in the period. The Trust's duration,* adjusted for leverage, was
9.9 years. The Trust's net assets
of approximately $100
million, including preferred shares, were diversified across 48 credits
in 13 long-term sectors.
As discussed in previous reports, the
total income available for distribution to holders of common shares
includes incremental income provided by the Trust's outstanding
Auction Rate Preferred Shares (ARPS). ARPS dividends reflect prevailing
short-term interest rates on maturities ranging from one week to two
years. Incremental income to holders of common shares depends on two
factors: the amount of ARPS outstanding and the spread between the
portfolio's cost yield and its ARPS auction rate and expenses.
The greater the spread and the higher the amount of ARPS outstanding,
the greater the amount of incremental income available for distribution
to holders of common shares. The level of net investment income
available for distribution to holders of common shares varies with the
level of short-term interest rates. ARPS leverage also increases the
price volatility of common shares and has the effect of extending
portfolio duration.
During this 12-month period, ARPS leverage
contributed approximately $0.15 per share to common-share earnings. The
Trust has one ARPS series totaling $30 million, representing 30 percent
of net assets, including preferred shares. The series is currently in a
two year auction mode maturing in July 2006 with a yield of
2.45 percent.
The Trust's procedure for reinvesting all
dividends and distributions in common shares is through purchases in
the open market. This method helps support the market value of the
Trust's shares. In addition, we would like to remind you that the
Trustees have approved a procedure whereby the Trust may, when
appropriate, purchase shares in the open market or in privately
negotiated transactions at a price not above market value or net asset
value, whichever is lower at the time of purchase. The Trust may also
utilize procedures to reduce or eliminate the amount of ARPS
outstanding, including their purchase in the open market or in
privately negotiated transactions. During the 12-month period ended
October 31, 2004, the Trust purchased and retired 110,900 shares of
common stock at a weighted average market discount of 9.27
percent.
3
Performance data quoted
represents past performance, which is no guarantee of future results,
and current performance may be lower or higher than the figures
shown.
Investment return, net asset value and common share
market price will fluctuate and Trust shares, when sold, may be worth
more or less than their original cost.
|
There
is no guarantee that any securities mentioned will continue to perform
well or be held by the Trust in the future. |
* A
measure of the sensitivity of a bond's price to changes in
interest rates, expressed in years. Each year of duration represents an
expected 1 percent change in the price of a bond for every 1 percent
change in interest rates. The longer a bond's duration, the
greater the effect of interest-rate movements on its price. Typically,
trusts with shorter durations perform better in rising-interest-rate
environments, while trusts with longer durations perform better when
rates
decline. |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
LARGEST
SECTORS |
![](spacer.gif) |
|
Transportation |
![](spacer.gif) |
|
31.6 |
% |
Water
& Sewer |
![](spacer.gif) |
|
31.4 |
|
General
Obligation |
![](spacer.gif) |
|
15.8 |
|
Hospital |
![](spacer.gif) |
|
11.6 |
|
Refunded |
![](spacer.gif) |
|
10.1 |
|
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
CREDIT
ENHANCEMENTS |
![](spacer.gif) |
|
MBIA |
![](spacer.gif) |
|
35.5 |
% |
Ambac |
![](spacer.gif) |
|
25.4 |
|
FGIC |
![](spacer.gif) |
|
20.5 |
|
FSA |
![](spacer.gif) |
|
14.1 |
|
U.S.
Gov't.
Backed |
![](spacer.gif) |
|
3.4 |
|
XLCA |
![](spacer.gif) |
|
1.1 |
|
![](spacer.gif) |
Data
as of October 31, 2004. Subject to change daily. All percentages for
top five sectors are as a percentage of net assets applicable to common
shareholders. All percentages for credit enhancements are as a
percentage of total long-term investments. These data are provided for
informational purposes only and should not be deemed a recommendation
to buy or sell the securities mentioned. Morgan Stanley is a
full-service securities firm engaged in securities trading and
brokerage activities, investment banking, research and analysis,
financing and financial advisory services. |
Results of
Annual Shareholder Meeting
On October 26, 2004, an annual
meeting of the Trust's shareholders was held for the purpose of
voting on the following matter, the results of which were as
follows:
Election of
Trustees:
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
Michael
Bozic |
For: |
![](spacer.gif) |
|
3,582,096 |
|
Withheld: |
![](spacer.gif) |
|
236,347 |
|
James F.
Higgins |
For: |
![](spacer.gif) |
|
3,579,154 |
|
Withheld: |
![](spacer.gif) |
|
239,289 |
|
![](spacer.gif) |
Election of Trustee by preferred
shareholders:
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
Charles
A.
Fiumefreddo |
For: |
![](spacer.gif) |
|
460 |
|
Withheld: |
![](spacer.gif) |
|
0 |
|
![](spacer.gif) |
The following Trustees were not standing
for reelection at this meeting: Edwin J. Garn, Wayne E. Hedien, Manuel
H. Johnson, Joseph J. Kearns, Michael E. Nugent and Fergus
Reid.
4
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
Distribution by Maturity |
![](spacer.gif) |
(% of Long-Term Portfolio) As of October 31, 2004 |
![](spacer.gif) |
![](spacer.gif) |
Weighted
Average Maturity: 19
Years
Portfolio structure is subject to
change. |
Geographic Summary
of Investments
Based on Market Value as a Percent of Total
Investments
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
Alaska |
![](spacer.gif) |
|
3.0
|
% |
Arizona |
![](spacer.gif) |
|
2.3 |
|
California |
![](spacer.gif) |
|
7.1 |
|
Florida |
![](spacer.gif) |
|
7.1 |
|
Georgia |
![](spacer.gif) |
|
6.0 |
|
Hawaii |
![](spacer.gif) |
|
3.6 |
|
Illinois |
![](spacer.gif) |
|
10.4 |
% |
Michigan |
![](spacer.gif) |
|
3.7 |
|
Missouri |
![](spacer.gif) |
|
3.1 |
|
Nevada |
![](spacer.gif) |
|
3.2 |
|
New
Hampshire |
![](spacer.gif) |
|
4.7 |
|
New
Jersey |
![](spacer.gif) |
|
3.1 |
|
New
Mexico |
![](spacer.gif) |
|
1.1 |
% |
New
York |
![](spacer.gif) |
|
13.2 |
|
North
Carolina |
![](spacer.gif) |
|
1.1 |
|
Ohio |
![](spacer.gif) |
|
2.1 |
|
Oregon |
![](spacer.gif) |
|
1.8 |
|
Pennsylvania |
![](spacer.gif) |
|
4.5 |
|
Puerto
Rico |
![](spacer.gif) |
|
3.3 |
% |
South
Carolina |
![](spacer.gif) |
|
1.1 |
|
Texas |
![](spacer.gif) |
|
7.5 |
|
Virginia |
![](spacer.gif) |
|
5.8 |
|
Washington |
![](spacer.gif) |
|
2.3 |
|
Joint
exemptions* |
![](spacer.gif) |
|
(1.1 |
) |
Total† |
![](spacer.gif) |
|
100.0 |
% |
![](spacer.gif) |
![](spacer.gif) |
* |
Joint exemptions have been included in each geographic
location. |
![](spacer.gif) |
† |
Does not include open short futures contracts with an underlying face
amount of $14,085,938 with unrealized depreciation of
$194,066. |
5
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
Call and Cost (Book) Yield Structure |
![](spacer.gif) |
(Based on Long-Term Portfolio) As of October 31, 2004 |
![](spacer.gif) |
![](spacer.gif) |
Years
Bonds Callable—Weighted Average Call Protection: 6
Years
Cost
(Book) Yield(a)—Weighted Average Book Yield:
5.4%
![](spacer.gif) |
(a) |
Cost or
"book" yield is the annual income earned on a
portfolio investment based on its original purchase price before the
Trust's operating expenses. For example, the Trust is earning a
book yield of 6.2% on 5% of the long-term portfolio that
is callable in 2005. |
![](spacer.gif) |
Portfolio
structure is subject to change. |
6
Morgan Stanley Insured Municipal Bond Trust
Portfolio of Investments
October 31, 2004
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
PRINCIPAL AMOUNT
IN THOUSANDS |
![](spacer.gif) |
|
![](spacer.gif) |
COUPON RATE |
![](spacer.gif) |
MATURITY DATE |
![](spacer.gif) |
VALUE |
|
|
|
![](spacer.gif) |
Tax-Exempt Municipal Bonds
(139.4%) |
|
|
|
![](spacer.gif) |
General
Obligation
(15.8%) |
$ |
2,000 |
|
![](spacer.gif) |
North
Slope Borough, Alaska, Ser 2000 B
(MBIA) |
![](spacer.gif) |
|
0.00 |
% |
![](spacer.gif) |
|
06/30/11 |
|
![](spacer.gif) |
$ |
1,574,300 |
|
|
2,500 |
|
![](spacer.gif) |
Mount
San Antonio Community College District, California, 2001 Ser B
(MBIA) |
![](spacer.gif) |
|
5.00 |
|
![](spacer.gif) |
|
08/01/28 |
|
![](spacer.gif) |
|
2,594,650 |
|
|
2,000 |
|
![](spacer.gif) |
Hawaii,
Ser 2001
(FGIC) |
![](spacer.gif) |
|
5.375 |
|
![](spacer.gif) |
|
08/01/18 |
|
![](spacer.gif) |
|
2,231,400 |
|
|
1,500 |
|
![](spacer.gif) |
Chicago
Park District, Illinois, Harbor Ser 2003 C
(Ambac) |
![](spacer.gif) |
|
5.00 |
|
![](spacer.gif) |
|
01/01/24 |
|
![](spacer.gif) |
|
1,565,835 |
|
|
|
|
![](spacer.gif) |
Illinois, |
|
1,400 |
|
![](spacer.gif) |
Ser
2000
(MBIA) |
![](spacer.gif) |
|
5.75 |
|
![](spacer.gif) |
|
12/01/17 |
|
![](spacer.gif) |
|
1,599,794 |
|
|
1,300 |
|
![](spacer.gif) |
Ser
2000
(MBIA) |
![](spacer.gif) |
|
5.75 |
|
![](spacer.gif) |
|
12/01/18 |
|
![](spacer.gif) |
|
1,485,523 |
|
|
10,700 |
|
![](spacer.gif) |
|
![](spacer.gif) |
|
|
|
![](spacer.gif) |
|
|
|
![](spacer.gif) |
|
11,051,502 |
|
|
|
|
![](spacer.gif) |
Educational
Facilities Revenue
(5.3%) |
|
1,500 |
|
![](spacer.gif) |
New
Hampshire Health & Education Facilities Authority, University of
New Hampshire Ser 2001
(Ambac) |
![](spacer.gif) |
|
5.125 |
|
![](spacer.gif) |
|
07/01/33 |
|
![](spacer.gif) |
|
1,556,025 |
|
|
2,000 |
|
![](spacer.gif) |
New
York State Dormitory Authority, St John's University Ser 1996
(MBIA) |
![](spacer.gif) |
|
5.70 |
|
![](spacer.gif) |
|
07/01/26 |
|
![](spacer.gif) |
|
2,141,620 |
|
|
3,500 |
|
![](spacer.gif) |
|
![](spacer.gif) |
|
|
|
![](spacer.gif) |
|
|
|
![](spacer.gif) |
|
3,697,645 |
|
|
|
|
![](spacer.gif) |
Electric
Revenue
(8.2%) |
|
1,400 |
|
![](spacer.gif) |
Alaska
Industrial Development & Export Authority, Snettisham Hydroelectric
1st Ser (AMT)
(Ambac) |
![](spacer.gif) |
|
5.00 |
|
![](spacer.gif) |
|
01/01/27 |
|
![](spacer.gif) |
|
1,420,314 |
|
|
1,000 |
|
![](spacer.gif) |
Long
Island Power Authority, New York, Ser 2004 A
(Ambac) |
![](spacer.gif) |
|
5.00 |
|
![](spacer.gif) |
|
09/01/34 |
|
![](spacer.gif) |
|
1,030,830 |
|
|
1,000 |
|
![](spacer.gif) |
South
Carolina Public Service Authority, 1997 Refg Ser A
(MBIA) |
![](spacer.gif) |
|
5.00 |
|
![](spacer.gif) |
|
01/01/29 |
|
![](spacer.gif) |
|
1,030,400 |
|
|
2,100 |
|
![](spacer.gif) |
Snohomish
County Public Utility District # 1, Washington, Ser 2004
(FSA) |
![](spacer.gif) |
|
5.00 |
|
![](spacer.gif) |
|
12/01/22 |
|
![](spacer.gif) |
|
2,228,856 |
|
|
5,500 |
|
![](spacer.gif) |
|
![](spacer.gif) |
|
|
|
![](spacer.gif) |
|
|
|
![](spacer.gif) |
|
5,710,400 |
|
|
|
|
![](spacer.gif) |
Hospital
Revenue
(11.6%) |
|
2,000 |
|
![](spacer.gif) |
Mesa
Industrial Development Authority, Arizona, Discovery Health Ser 1999 A
(MBIA) |
![](spacer.gif) |
|
5.875 |
|
![](spacer.gif) |
|
01/01/16 |
|
![](spacer.gif) |
|
2,265,220 |
|
|
2,000 |
|
![](spacer.gif) |
University
of Missouri, Health Ser 1996 A
(Ambac) |
![](spacer.gif) |
|
5.50 |
|
![](spacer.gif) |
|
11/01/16 |
|
![](spacer.gif) |
|
2,163,060 |
|
|
2,500 |
|
![](spacer.gif) |
New
York State Dormitory Authority, Memorial Sloan Kettering 2003 Ser I
(MBIA) |
![](spacer.gif) |
|
5.00 |
|
![](spacer.gif) |
|
07/01/24 |
|
![](spacer.gif) |
|
2,622,650 |
|
|
1,000 |
|
![](spacer.gif) |
University
of North Carolina, Hospitals at Chapel Hill Ser 1999
(Ambac) |
![](spacer.gif) |
|
5.00 |
|
![](spacer.gif) |
|
02/15/24 |
|
![](spacer.gif) |
|
1,041,080 |
|
|
7,500 |
|
![](spacer.gif) |
|
![](spacer.gif) |
|
|
|
![](spacer.gif) |
|
|
|
![](spacer.gif) |
|
8,092,010 |
|
|
|
|
![](spacer.gif) |
Mortgage
Revenue – Multi-Family
(3.9%) |
|
2,640 |
|
![](spacer.gif) |
New
York State Housing Finance Agency, 1996 Ser A Refg
(FSA) |
![](spacer.gif) |
|
6.10 |
|
![](spacer.gif) |
|
11/01/15 |
|
![](spacer.gif) |
|
2,734,459 |
|
![](spacer.gif) |
See Notes to Financial Statements
7
Morgan Stanley Insured Municipal Bond Trust
Portfolio of Investments
October 31, 2004 continued
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
PRINCIPAL AMOUNT
IN THOUSANDS |
![](spacer.gif) |
|
![](spacer.gif) |
COUPON RATE |
![](spacer.gif) |
MATURITY DATE |
![](spacer.gif) |
VALUE |
|
|
|
![](spacer.gif) |
Mortgage Revenue
– Single Family
(4.0%) |
$ |
1,355 |
|
![](spacer.gif) |
New
Jersey Housing Mortgage Finance Authority, Home Buyer Ser 2000 CC
(AMT)
(MBIA) |
![](spacer.gif) |
|
5.875 |
% |
![](spacer.gif) |
|
10/01/31 |
|
![](spacer.gif) |
$ |
1,372,059 |
|
|
1,375 |
|
![](spacer.gif) |
Virginia
Housing Development Authority, 2001 Ser J
(MBIA) |
![](spacer.gif) |
|
5.20 |
|
![](spacer.gif) |
|
07/01/19 |
|
![](spacer.gif) |
|
1,429,932 |
|
|
2,730 |
|
![](spacer.gif) |
|
![](spacer.gif) |
|
|
|
![](spacer.gif) |
|
|
|
![](spacer.gif) |
|
2,801,991 |
|
|
|
|
![](spacer.gif) |
Public
Facilities Revenue
(6.8%) |
|
3,000 |
|
![](spacer.gif) |
Broward
County School Board, Florida, Ser 2001 A COPs
(FSA) |
![](spacer.gif) |
|
5.00 |
|
![](spacer.gif) |
|
07/01/26 |
|
![](spacer.gif) |
|
3,099,180 |
|
|
1,500 |
|
![](spacer.gif) |
Jacksonville,
Florida, Excise Tax Ser 2003 C (AMT)
(MBIA) |
![](spacer.gif) |
|
5.25 |
|
![](spacer.gif) |
|
10/01/19 |
|
![](spacer.gif) |
|
1,640,070 |
|
|
4,500 |
|
![](spacer.gif) |
|
![](spacer.gif) |
|
|
|
![](spacer.gif) |
|
|
|
![](spacer.gif) |
|
4,739,250 |
|
|
|
|
![](spacer.gif) |
Recreational
Facilities Revenue
(6.0%) |
|
1,250 |
|
![](spacer.gif) |
College
Park Business & Industrial Development Authority, Georgia, Civic
Center Ser 2000
(Ambac) |
![](spacer.gif) |
|
5.75 |
|
![](spacer.gif) |
|
09/01/26 |
|
![](spacer.gif) |
|
1,407,238 |
|
|
600 |
|
![](spacer.gif) |
Casino
Reinvestment Development Authority, New Jersey, Hotel Room Fee Ser 2004
(Ambac) |
![](spacer.gif) |
|
5.25 |
|
![](spacer.gif) |
|
01/01/23 |
|
![](spacer.gif) |
|
658,620 |
|
|
2,000 |
|
![](spacer.gif) |
Hamilton
County, Ohio, Sales Tax Ser 2000
(Ambac) |
![](spacer.gif) |
|
5.25 |
|
![](spacer.gif) |
|
12/01/32 |
|
![](spacer.gif) |
|
2,108,320 |
|
|
3,850 |
|
![](spacer.gif) |
|
![](spacer.gif) |
|
|
|
![](spacer.gif) |
|
|
|
![](spacer.gif) |
|
4,174,178 |
|
|
|
|
![](spacer.gif) |
Tax
Allocation Revenue
(3.1%) |
|
1,000 |
|
![](spacer.gif) |
Long Beach
Bond Finance Authority, California, Downtown North Long Beach Poly High
and West Beach 2002 Ser A
(Ambac) |
![](spacer.gif) |
|
5.375 |
|
![](spacer.gif) |
|
08/01/18 |
|
![](spacer.gif) |
|
1,118,770 |
|
|
1,000 |
|
![](spacer.gif) |
San
Diego Redevelopment Agency, California, Centre City Ser 2004 A
(XLCA) |
![](spacer.gif) |
|
5.00 |
|
![](spacer.gif) |
|
09/01/23 |
|
![](spacer.gif) |
|
1,055,780 |
|
|
2,000 |
|
![](spacer.gif) |
|
![](spacer.gif) |
|
|
|
![](spacer.gif) |
|
|
|
![](spacer.gif) |
|
2,174,550 |
|
|
|
|
![](spacer.gif) |
Transportation
Facilities Revenue
(31.6%) |
|
2,000 |
|
![](spacer.gif) |
Chicago,
Illinois, O'Hare Int'l Airport Passenger Ser A (AMT)
(Ambac) |
![](spacer.gif) |
|
5.375 |
|
![](spacer.gif) |
|
01/01/32 |
|
![](spacer.gif) |
|
2,069,560 |
|
|
3,000 |
|
![](spacer.gif) |
Illinois
Toll Highway Authority, Priority Refg 1998 Ser A
(FSA) |
![](spacer.gif) |
|
5.50 |
|
![](spacer.gif) |
|
01/01/15 |
|
![](spacer.gif) |
|
3,474,840 |
|
|
1,500 |
|
![](spacer.gif) |
Wayne
County, Michigan, Detroit Metropolitan Wayne County Airport Refg Ser
2002 D (AMT)
(FGIC) |
![](spacer.gif) |
|
5.50 |
|
![](spacer.gif) |
|
12/01/17 |
|
![](spacer.gif) |
|
1,648,260 |
|
|
3,000 |
|
![](spacer.gif) |
Nevada
Department of Business & Industry, Las Vegas Monorail
1st Tier Ser 2000
(Ambac) |
![](spacer.gif) |
|
5.375 |
|
![](spacer.gif) |
|
01/01/40 |
|
![](spacer.gif) |
|
3,112,020 |
|
|
2,500 |
|
![](spacer.gif) |
New
Hampshire, Turnpike 1991 Refg Ser B & C
(FGIC) |
![](spacer.gif) |
|
11.553 |
‡ |
![](spacer.gif) |
|
11/01/17 |
|
![](spacer.gif) |
|
3,049,625 |
|
|
|
|
![](spacer.gif) |
Metropolitan
Transportation Authority, New
York, |
|
1,000 |
|
![](spacer.gif) |
State Service Contract Ser
2002 A
(MBIA) |
![](spacer.gif) |
|
5.50 |
|
![](spacer.gif) |
|
01/01/20 |
|
![](spacer.gif) |
|
1,128,120 |
|
|
2,000 |
|
![](spacer.gif) |
State
Service Contract Ser 2002 B
(MBIA) |
![](spacer.gif) |
|
5.50 |
|
![](spacer.gif) |
|
07/01/20 |
|
![](spacer.gif) |
|
2,262,120 |
|
|
1,000 |
|
![](spacer.gif) |
Port
Authority of New York & New Jersey, Cons 121 Ser
(MBIA)# |
![](spacer.gif) |
|
5.125 |
|
![](spacer.gif) |
|
10/15/30 |
|
![](spacer.gif) |
|
1,040,910 |
|
![](spacer.gif) |
See Notes to Financial Statements
8
Morgan Stanley Insured Municipal Bond Trust
Portfolio of Investments
October 31, 2004 continued
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
PRINCIPAL AMOUNT
IN THOUSANDS |
![](spacer.gif) |
|
![](spacer.gif) |
COUPON RATE |
![](spacer.gif) |
MATURITY DATE |
![](spacer.gif) |
VALUE |
$ |
2,000 |
|
![](spacer.gif) |
Southeastern
Pennsylvania Transportation Authority, Ser A 1999
(FGIC) |
![](spacer.gif) |
|
5.25 |
% |
![](spacer.gif) |
|
03/01/18 |
|
![](spacer.gif) |
$ |
2,197,140 |
|
|
2,000 |
|
![](spacer.gif) |
Dallas-Forth
Worth International Airport, Texas, Refg & Impr Ser 2001 A
(AMT)
(FGIC) |
![](spacer.gif) |
|
5.50 |
|
![](spacer.gif) |
|
11/01/31 |
|
![](spacer.gif) |
|
2,092,740 |
|
|
20,000 |
|
![](spacer.gif) |
|
![](spacer.gif) |
|
|
|
![](spacer.gif) |
|
|
|
![](spacer.gif) |
|
22,075,335 |
|
|
|
|
![](spacer.gif) |
Water
& Sewer Revenue
(31.4%) |
|
1,000 |
|
![](spacer.gif) |
Los
Angeles Department of Water & Power, California, Water 2004
Ser C
(MBIA) |
![](spacer.gif) |
|
5.00 |
|
![](spacer.gif) |
|
07/01/25 |
|
![](spacer.gif) |
|
1,050,410 |
|
|
2,000 |
|
![](spacer.gif) |
Miami
Beach, Florida, Water & Sewer Ser 2000
(Ambac) |
![](spacer.gif) |
|
5.75 |
|
![](spacer.gif) |
|
09/01/25 |
|
![](spacer.gif) |
|
2,255,400 |
|
|
2,000 |
|
![](spacer.gif) |
Augusta,
Georgia, Water & Sewerage Ser 2000
(FSA) |
![](spacer.gif) |
|
5.25 |
|
![](spacer.gif) |
|
10/01/22 |
|
![](spacer.gif) |
|
2,182,780 |
|
|
2,000 |
|
![](spacer.gif) |
Henry
County Water & Sewer Authority, Georgia, Ser 2000
(FGIC) |
![](spacer.gif) |
|
5.625 |
|
![](spacer.gif) |
|
02/01/30 |
|
![](spacer.gif) |
|
2,207,500 |
|
|
1,200 |
|
![](spacer.gif) |
Honolulu
City & County, Hawaii, Wastewater Jr Ser 1998
(FGIC) |
![](spacer.gif) |
|
5.25 |
|
![](spacer.gif) |
|
07/01/17 |
|
![](spacer.gif) |
|
1,325,904 |
|
|
1,000 |
|
![](spacer.gif) |
Rio
Rancho, New Mexico, Water & Wastewater Refg Ser 1999
(Ambac) |
![](spacer.gif) |
|
5.25 |
|
![](spacer.gif) |
|
05/15/17 |
|
![](spacer.gif) |
|
1,093,800 |
|
|
2,000 |
|
![](spacer.gif) |
Allegheny
County Sanitary Authority, Pennsylvania, Sewer Ser 2000
(MBIA) |
![](spacer.gif) |
|
5.50 |
|
![](spacer.gif) |
|
12/01/24 |
|
![](spacer.gif) |
|
2,214,280 |
|
|
2,000 |
|
![](spacer.gif) |
Austin,
Texas, Water & Wastewater Ser 2004 A
(Ambac) |
![](spacer.gif) |
|
5.00 |
|
![](spacer.gif) |
|
11/15/27 |
|
![](spacer.gif) |
|
2,073,020 |
|
|
3,000 |
|
![](spacer.gif) |
Houston,
Texas, Combined Utility First Lien Refg 2004 Ser A
(FGIC) |
![](spacer.gif) |
|
5.25 |
|
![](spacer.gif) |
|
05/15/23 |
|
![](spacer.gif) |
|
3,244,320 |
|
|
4,000 |
|
![](spacer.gif) |
Norfolk,
Virginia, Water Ser 1995
(MBIA) |
![](spacer.gif) |
|
5.875 |
|
![](spacer.gif) |
|
11/01/20 |
|
![](spacer.gif) |
|
4,232,799 |
|
|
20,200 |
|
![](spacer.gif) |
|
![](spacer.gif) |
|
|
|
![](spacer.gif) |
|
|
|
![](spacer.gif) |
|
21,880,213 |
|
|
|
|
![](spacer.gif) |
Other
Revenue
(1.6%) |
|
1,000 |
|
![](spacer.gif) |
California,
Economic Recovery Ser 2004 A
(MBIA) |
![](spacer.gif) |
|
5.00 |
|
![](spacer.gif) |
|
07/01/15 |
|
![](spacer.gif) |
|
1,114,750 |
|
|
|
|
![](spacer.gif) |
Refunded
(10.1%) |
|
1,750 |
|
![](spacer.gif) |
Detroit,
Michigan, Water Supply Ser 1999 A
(FGIC) |
![](spacer.gif) |
|
5.75 |
|
![](spacer.gif) |
|
01/01/10 |
† |
![](spacer.gif) |
|
2,012,518 |
|
|
1,425 |
|
![](spacer.gif) |
Port
of Portland, Oregon, Portland Int'l Airport Ser Seven B (AMT)
(MBIA) |
![](spacer.gif) |
|
7.10 |
|
![](spacer.gif) |
|
01/01/12 |
† |
![](spacer.gif) |
|
1,748,318 |
|
|
3,000 |
|
![](spacer.gif) |
Puerto
Rico Infrastructure Financing Authority, 2000 Ser A
(ETM)†† |
![](spacer.gif) |
|
5.50 |
|
![](spacer.gif) |
|
10/01/32 |
|
![](spacer.gif) |
|
3,287,910 |
|
|
6,175 |
|
![](spacer.gif) |
|
![](spacer.gif) |
|
|
|
![](spacer.gif) |
|
|
|
![](spacer.gif) |
|
7,048,746 |
|
|
90,295 |
|
![](spacer.gif) |
Total
Tax-Exempt Municipal Bonds
(Cost
$89,524,674)
|
![](spacer.gif) |
|
97,295,029 |
|
![](spacer.gif) |
See Notes to Financial Statements
9
Morgan Stanley Insured Municipal Bond Trust
Portfolio of Investments
October 31, 2004 continued
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
PRINCIPAL AMOUNT
IN THOUSANDS |
![](spacer.gif) |
|
![](spacer.gif) |
COUPON RATE |
![](spacer.gif) |
MATURITY DATE |
![](spacer.gif) |
VALUE |
|
|
|
![](spacer.gif) |
Short-Term
Tax-Exempt Municipal Obligation
(1.3%) |
$ |
900 |
|
![](spacer.gif) |
Missouri
Health & Educational Facilities Authority, Cox Health
System Ser 1997 (MBIA) (Demand 11/01/04)
(Cost
$900,000)
|
![](spacer.gif) |
|
1.73* |
% |
![](spacer.gif) |
06/01/15 |
![](spacer.gif) |
$ |
900,000 |
|
$ |
91,195 |
|
![](spacer.gif) |
Total
Investments
(Cost $90,424,674) (a)
(b)
|
![](spacer.gif) |
|
140.7 |
% |
![](spacer.gif) |
|
98,195,029 |
|
|
|
|
![](spacer.gif) |
Other
Assets in Excess of Liabilities |
![](spacer.gif) |
|
2.4 |
|
![](spacer.gif) |
|
1,636,249 |
|
|
|
|
![](spacer.gif) |
Preferred
Shares of Beneficial
Interest |
![](spacer.gif) |
|
(43.1 |
) |
![](spacer.gif) |
|
(30,061,248 |
) |
|
|
|
![](spacer.gif) |
Net
Assets Applicable to Common
Shareholders |
![](spacer.gif) |
|
100.0 |
% |
![](spacer.gif) |
$ |
69,770,030 |
|
![](spacer.gif) |
![](spacer.gif) |
Note: |
The categories of investments are shown as a percentage of net assets
applicable to common
shareholders. |
![](spacer.gif) |
AMT |
Alternative Minimum Tax. |
![](spacer.gif) |
COPs |
Certificates of Participation. |
![](spacer.gif) |
ETM |
Escrowed to maturity. |
![](spacer.gif) |
† |
Prerefunded to call date
shown. |
![](spacer.gif) |
†† |
A portion
of this security has been physically segregated in connection with open
futures contracts in the amount of
$97,500. |
![](spacer.gif) |
‡ |
Current coupon
rate for inverse floating rate municipal obligations. This rate resets
periodically as the auction rate on the related security changes.
Position in inverse floating rate municipal obligation has a total
value of $3,049,625 which represents 4.4% of net assets
applicable to common
shareholders. |
![](spacer.gif) |
# |
Joint exemption in
locations shown. |
![](spacer.gif) |
* |
Current coupon
of variable rate demand
obligation. |
![](spacer.gif) |
(a) |
Securities have
been designated as collateral in an amount equal to $13,794,715 in
connection with the open futures
contracts. |
![](spacer.gif) |
(b) |
The aggregate cost
for federal income tax purposes is $90,378,014. The aggregate gross and
net unrealized appreciation is
$7,817,015. |
![](spacer.gif) |
Ambac |
Ambac Assurance Corporation. |
![](spacer.gif) |
FGIC |
Financial Guaranty Insurance
Company. |
![](spacer.gif) |
FSA |
Financial Security
Assurance Inc. |
![](spacer.gif) |
MBIA |
Municipal Bond
Investors Assurance
Corporation. |
![](spacer.gif) |
XLCA |
XL Capital
Assurance Inc. |
Futures Contracts Open at October
31,
2004:
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
NUMBER
OF CONTRACTS |
![](spacer.gif) |
LONG/SHORT |
![](spacer.gif) |
DESCRIPTION, DELIVERY
MONTH AND YEAR |
![](spacer.gif) |
UNDERLYING FACE AMOUNT AT
VALUE |
![](spacer.gif) |
UNREALIZED DEPRECIATION |
50 |
![](spacer.gif) |
Short |
![](spacer.gif) |
U.S.
Treasury Notes 5 Yr December/2004 |
![](spacer.gif) |
$(5,568,750) |
![](spacer.gif) |
$(54,212) |
75 |
![](spacer.gif) |
Short |
![](spacer.gif) |
U.S.
Treasury Notes 10 Yr December/2004 |
![](spacer.gif) |
(8,517,188) |
![](spacer.gif) |
(139,854) |
|
![](spacer.gif) |
|
![](spacer.gif) |
Total
unrealized depreciation |
![](spacer.gif) |
$(194,066) |
![](spacer.gif) |
See Notes to Financial Statements
10
Morgan Stanley Insured Municipal Bond Trust
Financial Statements
Statement
of Assets and Liabilities
October 31,
2004
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
Assets: |
![](spacer.gif) |
|
|
|
Investments
in securities, at value (cost
$90,424,674) |
![](spacer.gif) |
$ |
98,195,029 |
|
Cash |
![](spacer.gif) |
|
27,255 |
|
Interest
receivable |
![](spacer.gif) |
|
1,544,466 |
|
Prepaid expenses and
other
assets |
![](spacer.gif) |
|
273,224 |
|
Total
Assets |
![](spacer.gif) |
|
100,039,974 |
|
Liabilities: |
![](spacer.gif) |
|
|
|
Payable
for: |
![](spacer.gif) |
|
|
|
Variation
margin |
![](spacer.gif) |
|
39,063 |
|
Investment management
fee |
![](spacer.gif) |
|
35,404 |
|
Common shares of beneficial
interest repurchased |
![](spacer.gif) |
|
26,974 |
|
Accrued expenses
and other
payables |
![](spacer.gif) |
|
107,255 |
|
Total
Liabilities |
![](spacer.gif) |
|
208,696 |
|
Preferred
shares of beneficial interest, (at liquidation value)
(1,000,000
shares authorized of non-participating $.01 par value, 600 shares
outstanding)
|
![](spacer.gif) |
|
30,061,248 |
|
Net
Assets Applicable to Common
Shareholders |
![](spacer.gif) |
$ |
69,770,030 |
|
Composition
of Net Assets Applicable to Common
Shareholders: |
![](spacer.gif) |
|
|
|
Common shares of
beneficial interest
(unlimited shares authorized of $.01 par
value, 4,431,820 shares
outstanding)
|
![](spacer.gif) |
$ |
61,385,233 |
|
Net
unrealized
appreciation |
![](spacer.gif) |
|
7,576,289 |
|
Accumulated
undistributed net investment
income |
![](spacer.gif) |
|
202,318 |
|
Accumulated undistributed net
realized
gain |
![](spacer.gif) |
|
606,190 |
|
Net
Assets Applicable to Common
Shareholders |
![](spacer.gif) |
$ |
69,770,030 |
|
Net
Asset Value Per Common Share,
($69,770,030 divided by
4,431,820 common shares
outstanding)
|
![](spacer.gif) |
$ |
15.74 |
|
![](spacer.gif) |
See Notes to Financial Statements
11
Morgan Stanley Insured Municipal Bond Trust
Financial Statements continued
Statement of Operations
For the
year ended October 31,
2004
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
Net
Investment
Income: |
![](spacer.gif) |
|
|
|
Interest
Income |
![](spacer.gif) |
$ |
5,025,321 |
|
Expenses |
![](spacer.gif) |
|
|
|
Investment
management fee |
![](spacer.gif) |
|
353,824 |
|
Auction commission
fees |
![](spacer.gif) |
|
150,262 |
|
Professional
fees |
![](spacer.gif) |
|
55,004 |
|
Transfer agent fees and
expenses |
![](spacer.gif) |
|
29,611 |
|
Shareholder reports and
notices |
![](spacer.gif) |
|
24,205 |
|
Registration
fees |
![](spacer.gif) |
|
15,334 |
|
Custodian
fees |
![](spacer.gif) |
|
11,186 |
|
Trustees' fees and
expenses |
![](spacer.gif) |
|
8,457 |
|
Auction agent
fees |
![](spacer.gif) |
|
8,046 |
|
Other |
![](spacer.gif) |
|
21,014 |
|
Total
Expenses |
![](spacer.gif) |
|
676,943 |
|
Net
Investment
Income |
![](spacer.gif) |
|
4,348,378 |
|
Net
Realized and Unrealized Gain
(Loss): |
![](spacer.gif) |
|
|
|
Net Realized
Gain (Loss)
on: |
![](spacer.gif) |
|
|
|
Investments |
![](spacer.gif) |
|
1,330,668 |
|
Futures
contracts |
![](spacer.gif) |
|
(1,016,155 |
) |
Net
Realized
Gain |
![](spacer.gif) |
|
314,513 |
|
Net
Change in Unrealized Appreciation/Depreciation
on: |
![](spacer.gif) |
|
|
|
Investments |
![](spacer.gif) |
|
(278,731 |
) |
Futures
contracts |
![](spacer.gif) |
|
118,586 |
|
Net
Depreciation |
![](spacer.gif) |
|
(160,145 |
) |
Net
Gain |
![](spacer.gif) |
|
154,368 |
|
Dividends
to preferred shareholders from net investment
income |
![](spacer.gif) |
|
(714,907 |
) |
Net
Increase |
![](spacer.gif) |
$ |
3,787,839 |
|
![](spacer.gif) |
See Notes to Financial Statements
12
Morgan Stanley Insured Municipal Bond Trust
Financial Statements continued
Statement of Changes in Net
Assets
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
|
![](spacer.gif) |
FOR
THE YEAR ENDED OCTOBER 31, 2004 |
![](spacer.gif) |
FOR THE
YEAR ENDED OCTOBER 31,
2003 |
Increase (Decrease) in Net
Assets: |
![](spacer.gif) |
|
|
|
![](spacer.gif) |
|
|
|
Operations: |
![](spacer.gif) |
|
|
|
![](spacer.gif) |
|
|
|
Net
investment
income |
![](spacer.gif) |
$ |
4,348,378 |
|
![](spacer.gif) |
$ |
4,581,129 |
|
Net
realized gain |
![](spacer.gif) |
|
314,513 |
|
![](spacer.gif) |
|
799,757 |
|
Net
change in unrealized
appreciation/depreciation |
![](spacer.gif) |
|
(160,145 |
) |
![](spacer.gif) |
|
175,316 |
|
Dividends
to preferred shareholders from net investment
income |
![](spacer.gif) |
|
(714,907 |
) |
![](spacer.gif) |
|
(747,426 |
) |
Net
Increase |
![](spacer.gif) |
|
3,787,839 |
|
![](spacer.gif) |
|
4,808,776 |
|
Dividends
and Distributions to Common Shareholders
from: |
![](spacer.gif) |
|
|
|
![](spacer.gif) |
|
|
|
Net investment
income |
![](spacer.gif) |
|
(3,934,947 |
) |
![](spacer.gif) |
|
(4,131,366 |
) |
Net
realized
gain |
![](spacer.gif) |
|
(457,206 |
) |
![](spacer.gif) |
|
(1,064,712 |
) |
Total
Dividends and
Distributions |
![](spacer.gif) |
|
(4,392,153 |
) |
![](spacer.gif) |
|
(5,196,078 |
) |
Decrease
from transactions in common shares of beneficial
interest |
![](spacer.gif) |
|
(1,566,996 |
) |
![](spacer.gif) |
|
(1,406,893 |
) |
Net
Decrease |
![](spacer.gif) |
|
(2,171,310 |
) |
![](spacer.gif) |
|
(1,794,195 |
) |
Net
Assets Applicable to Common
Shareholders: |
![](spacer.gif) |
|
|
|
![](spacer.gif) |
|
|
|
Beginning of
period |
![](spacer.gif) |
|
71,941,340 |
|
![](spacer.gif) |
|
73,735,535 |
|
End
of Period
(Including accumulated undistributed net
investment income of $202,318 and $544,934,
respectively)
|
![](spacer.gif) |
$ |
69,770,030 |
|
![](spacer.gif) |
$ |
71,941,340 |
|
![](spacer.gif) |
See Notes to Financial Statements
13
Morgan Stanley Insured Municipal Bond Trust
Notes to Financial Statements
October 31, 2004
1. Organization
and Accounting Policies
Morgan Stanley Insured Municipal Bond
Trust (the "Trust") is registered under the
Investment Company Act of 1940, as amended, as a diversified,
closed-end management investment company. The Trust's investment
objective is to provide current income which is exempt from federal
income tax. The Trust was organized as a Massachusetts business trust
on February 27, 1990 and commenced operations on February 28,
1991.
The following is a summary of significant accounting
policies:
A. Valuation of Investments — (1) portfolio
securities are valued by an outside independent pricing service
approved by the Trustees. The pricing service uses both a computerized
grid matrix of tax-exempt securities and evaluations by its staff, in
each case based on information concerning market transactions and
quotations from dealers which reflect the mean between the last
reported bid and asked price. The portfolio securities are thus valued
by reference to a combination of transactions and quotations for the
same or other securities believed to be comparable in quality, coupon,
maturity, type of issue, call provisions, trading characteristics and
other features deemed to be relevant. The Trustees believe that timely
and reliable market quotations are generally not readily available for
purposes of valuing tax-exempt securities and that the valuations
supplied by the pricing service are more likely to approximate the fair
value of such securities; (2) futures are valued at the latest sale
price on the commodities exchange on which they trade unless it is
determined that such price does not reflect their market value, in
which case they will be valued at their fair value as determined in
good faith under procedures established by and under the supervision of
the Trustees; and (3) short-term debt securities having a maturity date
of more than sixty days at time of purchase are valued on a
mark-to-market basis until sixty days prior to maturity and thereafter
at amortized cost based on their value on the 61st day. Short-term debt
securities having a maturity date of sixty days or less at the time of
purchase are valued at amortized cost.
B. Accounting for
Investments — Security transactions are accounted for on the trade
date (date the order to buy or sell is executed). Realized gains and
losses on security transactions are determined by the identified cost
method. Discounts are accreted and premiums are amortized over the life
of the respective securities. Interest income is accrued
daily.
C. Futures Contracts — A futures contract is an
agreement between two parties to buy and sell financial instruments or
contracts based on financial indices at a set price on a future date.
Upon entering into such a contract, the Trust is required to pledge to
the broker cash, U.S. Government securities or other liquid portfolio
securities equal to the minimum initial margin requirements of the
applicable futures exchange. Pursuant to the contract, the Trust agrees
to receive from or pay to the broker an amount of cash equal to the
daily fluctuation in the value of the contract. Such receipts or
payments known as variation margin are recorded by the Trust as
unrealized gains and losses. Upon closing of the contract, the Trust
realizes a gain or loss equal to the difference between the value of
the contract at the time it was opened and the value at the time it was
closed.
14
Morgan Stanley Insured Municipal Bond Trust
Notes to Financial Statements
October 31, 2004 continued
D. Federal Income Tax
Policy — It is the Trust's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated
investment companies and to distribute substantially all of its taxable
and nontaxable income to its shareholders.
E. Dividends
and Distributions to Shareholders — The Trust records dividends and
distributions to shareholders as of the close of each business
day.
F. Use of Estimates — The preparation of
financial statements in accordance with generally accepted accounting
principles requires management to make estimates and assumptions that
affect the reported amounts and disclosures. Actual results could
differ from those estimates.
2. Investment Management
Agreement
Pursuant to an Investment Management Agreement with
Morgan Stanley Investment Advisors Inc. (the "Investment
Manager"), the Trust pays a management fee, calculated
weekly and payable monthly, by applying the annual rate of 0.35%
to the Trust's weekly total net assets including preferred
shares.
3. Security Transactions and Transactions with
Affiliates
The cost of purchases and proceeds from sales of
portfolio securities, excluding short-term investments, for the year
ended October 31, 2004, aggregated $21,319,462 and $24,786,807,
respectively. Included in the aforementioned are purchases of
$1,562,596 with other Morgan Stanley funds.
Morgan Stanley Trust,
an affiliate of the Investment Manager, is the Trust's transfer
agent. At October 31, 2004, the Trust had transfer agent fees and
expenses payable of approximately $3,900.
The Trust has an
unfunded noncontributory defined benefit pension plan covering certain
independent Trustees of the Trust who will have served as independent
Trustees for at least five years at the time of retirement. Benefits
under this plan are based on factors which include years of service and
compensation. Aggregate pension costs for the year ended October 31,
2004, included in Trustees' fees and expenses in the Statement of
Operations amounted to $7,103. At October 31, 2004, the Trust had an
accrued pension liability of $57,203 which is included in accrued
expenses in the Statement of Assets and Liabilities. On December 2,
2003, the Trustees voted to close the plan to new participants and
eliminate the future benefits growth due to increases to compensation
after July 31, 2003.
Effective April 1, 2004, the Trust began an
unfunded Deferred Compensation Plan (the "Compensation
Plan") which allows each independent Trustee to defer
payment of all, or a portion, of the fees he receives for serving on
the Board of Trustees. Each eligible Trustee generally may elect to
have the deferred amounts credited with a return equal to the total
return on one or more of the Morgan Stanley funds that are offered as
investment options under the Compensation Plan.
Appreciation/depreciation and distributions received from these
investments are recorded with an offsetting increase/decrease in the
deferred compensation obligation and do not affect the net asset value
of the Trust.
15
Morgan Stanley Insured Municipal Bond Trust
Notes to Financial Statements
October 31, 2004 continued
4. Preferred Shares of Beneficial
Interest
The Trust is authorized to issue up to 1,000,000
non-participating preferred shares of beneficial interest having a par
value of $.01 per share, in one or more series, with rights as
determined by the Trustees, without approval of the common
shareholders. The Trust has issued Auction Rate Preferred Shares
("Preferred Shares") which have a liquidation
value of $50,000 per share plus the redemption premium, if any, plus
accumulated but unpaid dividends, whether or not declared, thereon to
the date of distribution. The Trust may redeem such shares, in whole or
in part, at the original purchase price of $50,000 per share plus
accumulated but unpaid dividends, whether or not declared, thereon to
the date of redemption.
Dividends, which are cumulative, are
reset through auction
procedures.
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
SHARES* |
![](spacer.gif) |
AMOUNT
IN THOUSANDS* |
![](spacer.gif) |
RATE* |
![](spacer.gif) |
RESET DATE |
![](spacer.gif) |
RANGE
OF DIVIDEND
RATES** |
600 |
![](spacer.gif) |
$ |
30,000 |
|
![](spacer.gif) |
|
2.45 |
% |
![](spacer.gif) |
|
07/06/06 |
|
![](spacer.gif) |
2.199%
– 2.45% |
![](spacer.gif) |
![](spacer.gif) |
* |
As of October
31, 2004. |
![](spacer.gif) |
** |
For the year ended October 31,
2004. |
Subsequent to October 31, 2004 and up through December
3, 2004, the Trust paid dividends at a rate of 2.45% in the
aggregate amount of $122,496.
The Trust is subject to certain
restrictions relating to the preferred shares. Failure to comply with
these restrictions could preclude the Trust from declaring any
distributions to common shareholders or purchasing common shares and/or
could trigger the mandatory redemption of preferred shares at
liquidation value.
The preferred shares, which are entitled to
one vote per share, generally vote with the common shares but vote
separately as a class to elect two Trustees and on any matters
affecting the rights of the preferred shares.
16
Morgan Stanley Insured Municipal Bond Trust
Notes to Financial Statements
October 31, 2004 continued
5. Common Shares of Beneficial
Interest
Transactions in common shares of beneficial interest
were as
follows:
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
|
![](spacer.gif) |
SHARES |
![](spacer.gif) |
PAR VALUE |
![](spacer.gif) |
CAPITAL PAID
IN EXCESS OF PAR VALUE |
Balance, October 31,
2002 |
![](spacer.gif) |
|
4,637,620 |
|
![](spacer.gif) |
$ |
46,377 |
|
![](spacer.gif) |
$ |
64,224,804 |
|
Treasury
shares purchased and retired (weighted average discount
6.42%)* |
![](spacer.gif) |
|
(94,900 |
) |
![](spacer.gif) |
|
(949 |
) |
![](spacer.gif) |
|
(1,405,944 |
) |
Reclassification
due to permanent book/tax
differences |
![](spacer.gif) |
|
— |
|
![](spacer.gif) |
|
— |
|
![](spacer.gif) |
|
25,826 |
|
Balance,
October 31, 2003 |
![](spacer.gif) |
|
4,542,720 |
|
![](spacer.gif) |
|
45,428 |
|
![](spacer.gif) |
|
62,844,686 |
|
Treasury
shares purchased and retired (weighted average discount
9.27%)* |
![](spacer.gif) |
|
(110,900 |
) |
![](spacer.gif) |
|
(1,109 |
) |
![](spacer.gif) |
|
(1,565,887 |
) |
Reclassification
due to permanent book/tax
differences |
![](spacer.gif) |
|
— |
|
![](spacer.gif) |
|
— |
|
![](spacer.gif) |
|
62,115 |
|
Balance,
October 31, 2004 |
![](spacer.gif) |
|
4,431,820 |
|
![](spacer.gif) |
$ |
44,319 |
|
![](spacer.gif) |
$ |
61,340,914 |
|
![](spacer.gif) |
![](spacer.gif) |
* |
The Trustees have voted to retire the shares
purchased. |
6. Dividends to Common
Shareholders
On September 28, 2004, the Trust declared the
following dividends from net investment
income:
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
AMOUNT PER
SHARE |
![](spacer.gif) |
RECORD DATE |
![](spacer.gif) |
PAYABLE DATE |
$0.065 |
![](spacer.gif) |
November
5, 2004 |
![](spacer.gif) |
November 19,
2004 |
$0.065 |
![](spacer.gif) |
December 10,
2004 |
![](spacer.gif) |
December 23, 2004 |
![](spacer.gif) |
7. Expense
Offset
The expense offset represents a reduction of the
custodian fees for earnings on cash balances maintained by the
Trust.
8. Risks Relating to Certain Financial
Instruments
The Trust may invest a portion of its assets in
residual interest bonds, which are inverse floating rate municipal
obligations. The prices of these securities are subject to greater
market fluctuations during periods of changing prevailing interest
rates than are comparable fixed rate obligations.
To hedge
against adverse interest rate changes, the Trust may invest in
financial futures contracts or municipal bond index futures contracts
("futures contracts").
17
Morgan Stanley Insured Municipal Bond Trust
Notes to Financial Statements
October 31, 2004 continued
These futures contracts involve elements
of market risk in excess of the amount reflected in the Statement of
Assets and Liabilities. The Trust bears the risk of an unfavorable
change in the value of the underlying securities. Risks may also arise
upon entering into these contracts from the potential inability of the
counterparties to meet the terms of their
contracts.
9. Federal Income Tax Status
The amount
of dividends and distributions from net investment income and net
realized capital gains are determined in accordance with federal income
tax regulations which may differ from generally accepted accounting
principles. These "book/tax" differences are
either considered temporary or permanent in nature. To the extent these
differences are permanent in nature, such amounts are reclassified
within the capital accounts based on their federal tax-basis treatment;
temporary differences do not require reclassification. Dividends and
distributions which exceed net investment income and net realized
capital gains for tax purposes are reported as distributions of
paid-in-capital.
The tax character of distributions paid was as
follows:
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
|
![](spacer.gif) |
FOR
THE YEAR ENDED OCTOBER 31, 2004 |
![](spacer.gif) |
FOR THE
YEAR ENDED OCTOBER 31, 2003 |
Tax-exempt
income |
![](spacer.gif) |
$ |
4,589,406 |
|
![](spacer.gif) |
$ |
4,878,792 |
|
Ordinary
income |
![](spacer.gif) |
|
54,172 |
|
![](spacer.gif) |
|
— |
|
Long-term
capital
gains |
![](spacer.gif) |
|
457,206 |
|
![](spacer.gif) |
|
1,064,712 |
|
Total
distributions |
![](spacer.gif) |
$ |
5,100,784 |
|
![](spacer.gif) |
$ |
5,943,504 |
|
![](spacer.gif) |
As
of October 31, 2004, the tax-basis components of accumulated earnings
were as
follows:
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
Undistributed
tax-exempt
income |
![](spacer.gif) |
$ |
274,152 |
|
![](spacer.gif) |
|
|
|
Undistributed
long-term
gains |
![](spacer.gif) |
|
412,124 |
|
![](spacer.gif) |
|
|
|
Net
accumulated
earnings |
![](spacer.gif) |
|
686,276 |
|
![](spacer.gif) |
|
|
|
Temporary
differences |
![](spacer.gif) |
|
(118,494 |
) |
![](spacer.gif) |
|
|
|
Net
unrealized
appreciation |
![](spacer.gif) |
|
7,817,015 |
|
![](spacer.gif) |
|
|
|
Total
accumulated
earnings |
![](spacer.gif) |
$ |
8,384,797 |
|
![](spacer.gif) |
As of
October 31, 2004, the Trust had temporary book/tax differences
primarily attributable to book amortization of discounts on debt
securities, mark-to-market of open futures contracts and dividend
payable and permanent book/tax differences attributable to tax
adjustments on debt securities sold and market discount retained by the
Trust. To reflect reclassifications arising from the permanent
differences, accumulated undistributed net realized gain was charged
$20,975, accumulated undistributed net investment income was charged
$41,140 and paid-in-capital was credited
$62,115.
18
Morgan Stanley Insured Municipal Bond Trust
Financial Highlights
Selected
ratios and per share data for a common share of beneficial interest
outstanding throughout each
period:
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
|
![](spacer.gif) |
FOR
THE YEAR ENDED OCTOBER
31, |
![](spacer.gif) |
|
![](spacer.gif) |
2004 |
![](spacer.gif) |
2003 |
![](spacer.gif) |
2002 |
![](spacer.gif) |
2001 |
![](spacer.gif) |
2000 |
Selected
Per Share Data: |
Net asset value, beginning of
period |
![](spacer.gif) |
$ |
15.84 |
|
![](spacer.gif) |
$ |
15.90 |
|
![](spacer.gif) |
$ |
15.70 |
|
![](spacer.gif) |
$ |
14.56 |
|
![](spacer.gif) |
$ |
14.09 |
|
Income
(loss) from investment operations: |
Net
investment
income* |
![](spacer.gif) |
|
0.95 |
|
![](spacer.gif) |
|
1.00 |
|
![](spacer.gif) |
|
1.03 |
|
![](spacer.gif) |
|
1.07 |
|
![](spacer.gif) |
|
1.09 |
|
Net
realized and unrealized
gain |
![](spacer.gif) |
|
0.04 |
|
![](spacer.gif) |
|
0.21 |
|
![](spacer.gif) |
|
0.28 |
|
![](spacer.gif) |
|
1.06 |
|
![](spacer.gif) |
|
0.43 |
|
Common
share equivalent of dividends paid to preferred
shareholders* |
![](spacer.gif) |
|
(0.16 |
) |
![](spacer.gif) |
|
(0.16 |
) |
![](spacer.gif) |
|
(0.18 |
) |
![](spacer.gif) |
|
(0.25 |
) |
![](spacer.gif) |
|
(0.25 |
) |
Total
income from investment
operations |
![](spacer.gif) |
|
0.83 |
|
![](spacer.gif) |
|
1.05 |
|
![](spacer.gif) |
|
1.13 |
|
![](spacer.gif) |
|
1.88 |
|
![](spacer.gif) |
|
1.27 |
|
Less
dividends and distributions from: |
Net
investment
income |
![](spacer.gif) |
|
(0.87 |
) |
![](spacer.gif) |
|
(0.90 |
) |
![](spacer.gif) |
|
(0.82 |
) |
![](spacer.gif) |
|
(0.78 |
) |
![](spacer.gif) |
|
(0.86 |
) |
Net
realized
gain |
![](spacer.gif) |
|
(0.10 |
) |
![](spacer.gif) |
|
(0.23 |
) |
![](spacer.gif) |
|
(0.14 |
) |
![](spacer.gif) |
|
— |
|
![](spacer.gif) |
|
— |
|
Total
dividends and
distributions |
![](spacer.gif) |
|
(0.97 |
) |
![](spacer.gif) |
|
(1.13 |
) |
![](spacer.gif) |
|
(0.96 |
) |
![](spacer.gif) |
|
(0.78 |
) |
![](spacer.gif) |
|
(0.86 |
) |
Anti-dilutive
effect of acquiring treasury
shares* |
![](spacer.gif) |
|
0.04 |
|
![](spacer.gif) |
|
0.02 |
|
![](spacer.gif) |
|
0.03 |
|
![](spacer.gif) |
|
0.04 |
|
![](spacer.gif) |
|
0.06 |
|
Net
asset value, end of
period |
![](spacer.gif) |
$ |
15.74 |
|
![](spacer.gif) |
$ |
15.84 |
|
![](spacer.gif) |
$ |
15.90 |
|
![](spacer.gif) |
$ |
15.70 |
|
![](spacer.gif) |
$ |
14.56 |
|
Market
value, end of
period |
![](spacer.gif) |
$ |
14.26 |
|
![](spacer.gif) |
$ |
14.50 |
|
![](spacer.gif) |
$ |
14.31 |
|
![](spacer.gif) |
$ |
14.29 |
|
![](spacer.gif) |
$ |
13.125 |
|
Total
Return† |
![](spacer.gif) |
|
5.22
|
% |
![](spacer.gif) |
|
9.27 |
% |
![](spacer.gif) |
|
7.01
|
% |
![](spacer.gif) |
|
15.19 |
% |
![](spacer.gif) |
|
12.12
|
% |
Ratios to Average Net Assets
of Common
Shareholders: |
![](spacer.gif) |
|
|
|
![](spacer.gif) |
|
|
|
![](spacer.gif) |
|
|
|
![](spacer.gif) |
|
|
|
![](spacer.gif) |
|
|
|
Total
expenses (before expense
offset) |
![](spacer.gif) |
|
0.96 |
% |
![](spacer.gif) |
|
0.98 |
%
(2) |
![](spacer.gif) |
|
0.94 |
%
(2) |
![](spacer.gif) |
|
0.93 |
%
(2) |
![](spacer.gif) |
|
0.95 |
%
(1) |
Net
investment income before preferred stock
dividends |
![](spacer.gif) |
|
6.16 |
% |
![](spacer.gif) |
|
6.27 |
% |
![](spacer.gif) |
|
6.66 |
% |
![](spacer.gif) |
|
7.00 |
% |
![](spacer.gif) |
|
7.67 |
% |
Preferred
stock
dividends |
![](spacer.gif) |
|
1.01 |
% |
![](spacer.gif) |
|
1.02 |
% |
![](spacer.gif) |
|
1.16 |
% |
![](spacer.gif) |
|
1.65 |
% |
![](spacer.gif) |
|
1.75 |
% |
Net
investment income available to
common shareholders |
![](spacer.gif) |
|
5.15 |
% |
![](spacer.gif) |
|
5.25 |
% |
![](spacer.gif) |
|
5.50 |
% |
![](spacer.gif) |
|
5.35 |
% |
![](spacer.gif) |
|
5.92 |
% |
Supplemental
Data: |
![](spacer.gif) |
|
|
|
![](spacer.gif) |
|
|
|
![](spacer.gif) |
|
|
|
![](spacer.gif) |
|
|
|
![](spacer.gif) |
|
|
|
Net
assets applicable to common shareholders, end of period, in
thousands |
![](spacer.gif) |
|
$69,770 |
|
![](spacer.gif) |
|
$71,941 |
|
![](spacer.gif) |
|
$73,736 |
|
![](spacer.gif) |
|
$74,599 |
|
![](spacer.gif) |
|
$71,089 |
|
Asset
coverage on preferred shares at end of
period |
![](spacer.gif) |
|
332 |
% |
![](spacer.gif) |
|
339 |
% |
![](spacer.gif) |
|
345 |
% |
![](spacer.gif) |
|
348 |
% |
![](spacer.gif) |
|
336 |
% |
Portfolio
turnover
rate |
![](spacer.gif) |
|
22 |
% |
![](spacer.gif) |
|
7 |
% |
![](spacer.gif) |
|
16 |
% |
![](spacer.gif) |
|
16 |
% |
![](spacer.gif) |
|
26 |
% |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
* |
The per share amounts were computed using an average number of common
shares outstanding during the period. |
![](spacer.gif) |
† |
Total return is based upon the current market value on the last day of
each period reported. Dividends and distributions are assumed to be
reinvested at the prices obtained under the Trust's dividend
reinvestment plan. Total return does not reflect brokerage
commissions. |
![](spacer.gif) |
(1) |
Does not reflect the effect of
expense offset of 0.02%. |
![](spacer.gif) |
(2) |
Does not
reflect the effect of expense offset of
0.03%. |
See Notes to Financial Statements
19
Morgan Stanley Insured Municipal Bond Trust
Report of Independent Registered Public Accounting Firm
To
the Shareholders and Board of Trustees of
Morgan Stanley Insured
Municipal Bond Trust:
We have audited the accompanying
statement of assets and liabilities of Morgan Stanley Insured Municipal
Bond Trust (the "Trust"), including the
portfolio of investments, as of October 31, 2004, and the related
statements of operations for the year then ended and changes in net
assets for each of the two years in the period then ended, and the
financial highlights for each of the five years in the period then
ended. These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is
to express an opinion on these financial statements and financial
highlights based on our audits.
We conducted our audits in
accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. Our
procedures included confirmation of securities owned as of October 31,
2004, by correspondence with the custodian and broker. 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 Morgan Stanley
Insured Municipal Bond Trust as of October 31, 2004, the results of its
operations for the year then ended, the changes in its net assets for
each of the two years in the period then ended, and the financial
highlights for each of the five years in the period then ended, in
conformity with accounting principles generally accepted in the United
States of America.
Deloitte & Touche LLP
New
York, New York
December 14,
2004
2004 Federal Tax
Notice (unaudited)
During the year ended October
31, 2004, the Trust paid the following per share amounts from
tax-exempt income: $0.878 to common shareholders and $1,046 to
preferred shareholders. For the year ended October 31, 2004, the Trust
paid the following per share amounts from long-term capital gains:
$0.085 to common shareholders and $121 to preferred
shareholders.
20
Morgan Stanley Insured Municipal Bond Trust
Trustee and Officer Information
Independent
Trustees:
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
Name, Age and Address of Independent
Trustee |
![](spacer.gif) |
Position(s) Held with Registrant |
![](spacer.gif) |
Term
of Office and Length of Time Served* |
![](spacer.gif) |
Principal
Occupation(s) During Past 5 Years** |
![](spacer.gif) |
Number of
Portfolios in Fund Complex Overseen by Trustee*** |
![](spacer.gif) |
Other
Directorships Held by Trustee |
Michael Bozic
(63) c/o Kramer Levin Naftalis & Frankel LLP Counsel to the
Independent Trustees 919 Third Avenue New York,
NY
|
![](spacer.gif) |
Trustee
|
![](spacer.gif) |
Since April
1994 |
![](spacer.gif) |
Private Investor; Director or Trustee of the Retail Funds
(since April 1994) and the Institutional Funds (since July 2003);
formerly Vice Chairman of Kmart Corporation (December 1998-October
2000), Chairman and Chief Executive Officer of Levitz Furniture
Corporation (November 1995-November 1998) and President and Chief
Executive Officer of Hills Department Stores (May 1991-July 1995);
formerly variously Chairman, Chief Executive Officer, President and
Chief Operating Officer (1987-1991) of the Sears Merchandise Group of
Sears, Roebuck & Co. |
![](spacer.gif) |
208 |
![](spacer.gif) |
Director of Weirton Steel
Corporation.
|
Edwin J. Garn (72) c/o Summit
Ventures LLC 1 Utah Center 201 S. Main Street Salt Lake
City, UT
|
![](spacer.gif) |
Trustee
|
![](spacer.gif) |
Since January
1993 |
![](spacer.gif) |
Managing Director of Summit Ventures LLC; Director or
Trustee of the Retail Funds (since January 1993) and the Institutional
Funds (since July 2003); member of the Utah Regional Advisory Board of
Pacific Corp.; formerly United States Senator (R-Utah) (1974-1992) and
Chairman, Senate Banking Committee (1980-1986), Mayor of Salt Lake
City, Utah (1971-1974), Astronaut, Space Shuttle Discovery (April
12-19, 1985), and Vice Chairman, Huntsman Corporation (chemical
company). |
![](spacer.gif) |
208 |
![](spacer.gif) |
Director of Franklin Covey (time
management systems), BMW Bank of North America, Inc. (industrial loan
corporation), United Space Alliance (joint venture between Lockheed
Martin and the Boeing Company) and Nuskin Asia Pacific (multilevel
marketing); member of the board of various civic and charitable
organizations.
|
Wayne E. Hedien (70) c/o
Kramer Levin Naftalis & Frankel LLP Counsel to the Independent
Trustees 919 Third Avenue New York,
NY
|
![](spacer.gif) |
Trustee
|
![](spacer.gif) |
Since September
1997 |
![](spacer.gif) |
Retired; Director or Trustee of the Retail Funds; (since
September 1997) and the Institutional Funds (since July 2003); formerly
associated with the Allstate Companies (1966-1994), most recently as
Chairman of The Allstate Corporation (March 1993-December 1994) and
Chairman and Chief Executive Officer of its wholly-owned subsidiary,
Allstate Insurance Company (July 1989-December 1994). |
![](spacer.gif) |
208 |
![](spacer.gif) |
Director of The PMI Group Inc. (private mortgage insurance);
Trustee and Vice Chairman of The Field Museum of Natural History;
director of various other business and charitable
organizations. |
![](spacer.gif) |
21
Morgan Stanley Insured Municipal Bond Trust
Trustee and Officer Information continued
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
Name, Age and
Address of Independent Trustee |
![](spacer.gif) |
Position(s) Held with
Registrant |
![](spacer.gif) |
Term of Office and Length
of Time Served* |
![](spacer.gif) |
Principal Occupation(s) During Past
5 Years** |
![](spacer.gif) |
Number of Portfolios in Fund Complex Overseen by
Trustee*** |
![](spacer.gif) |
Other Directorships Held by
Trustee |
Dr. Manuel H. Johnson (55) c/o Johnson
Smick International, Inc. 2099 Pennsylvania Avenue,
N.W. Suite 950 Washington,
D.C. |
![](spacer.gif) |
Trustee
|
![](spacer.gif) |
Since July
1991
|
![](spacer.gif) |
Senior Partner, Johnson Smick International, Inc., a
consulting firm; Chairman of the Audit Committee and Director or
Trustee of the Retail Funds (since July 1991) and the Institutional
Funds (since July 2003); Co-Chairman and a founder of the Group of
Seven Council (G7C), an international economic commission; formerly
Vice Chairman of the Board of Governors of the Federal Reserve System
and Assistant Secretary of the U.S.
Treasury. |
![](spacer.gif) |
208 |
![](spacer.gif) |
Director of NVR, Inc. (home
construction); Chairman and Trustee of the Financial Accounting
Foundation (oversight organization of the Financial Accounting
Standards Board); Director of RBS Greenwich Capital Holdings (financial
holding company).
|
Joseph J. Kearns
(62) PMB754 23852 Pacific Coast Highway Malibu,
CA
|
![](spacer.gif) |
Trustee
|
![](spacer.gif) |
Since July
2003
|
![](spacer.gif) |
President, Kearns & Associates LLC (investment
consulting); Deputy Chairman of the Audit Committee and Director or
Trustee of the Retail Funds (since July 2003) and the Institutional
Funds (since August 1994); previously Chairman of the Audit Committee
of the Institutional Funds (October 2001-July 2003); formerly CFO of
the J. Paul Getty Trust. |
![](spacer.gif) |
209 |
![](spacer.gif) |
Director of Electro Rent
Corporation (equipment leasing), The Ford Family Foundation, and the
UCLA Foundation.
|
Michael E. Nugent (68) c/o
Triumph Capital, L.P. 445 Park Avenue New York,
NY
|
![](spacer.gif) |
Trustee
|
![](spacer.gif) |
Since July
1991
|
![](spacer.gif) |
General Partner of Triumph Capital, L.P., a private
investment partnership; Chairman of the Insurance Committee and
Director or Trustee of the Retail Funds (since July 1991) and the
Institutional Funds (since July 2001); formerly Vice President, Bankers
Trust Company and BT Capital Corporation
(1984-1988). |
![](spacer.gif) |
208 |
![](spacer.gif) |
Director of various business
organizations.
|
Fergus Reid (72) c/o
Lumelite Plastics Corporation 85 Charles Colman Blvd. Pawling,
NY
|
![](spacer.gif) |
Trustee
|
![](spacer.gif) |
Since July
2003
|
![](spacer.gif) |
Chairman of Lumelite Plastics Corporation; Chairman
of the Governance Committee and Director or Trustee of the Retail Funds
(since July 2003) and the Institutional Funds (since June 1992). |
![](spacer.gif) |
209 |
![](spacer.gif) |
Trustee and Director of certain investment companies in
the JPMorgan Funds complex managed by J.P. Morgan Investment Management
Inc.
|
![](spacer.gif) |
22
Morgan Stanley Insured Municipal Bond Trust
Trustee and Officer Information continued
Interested
Trustees:
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
Name, Age and
Address of Interested Trustee |
![](spacer.gif) |
Position(s) Held with
Registrant |
![](spacer.gif) |
Term of Office and Length
of Time Served* |
![](spacer.gif) |
Principal Occupation(s) During Past
5 Years** |
![](spacer.gif) |
Number of Portfolios in Fund Complex Overseen by
Trustee*** |
![](spacer.gif) |
Other Directorships Held by
Trustee |
Charles A. Fiumefreddo (71) c/o Morgan
Stanley Trust Harborside Financial Center, Plaza
Two, Jersey City, NJ
|
![](spacer.gif) |
Chairman of the Board and
Trustee
|
![](spacer.gif) |
Since July 1991 |
![](spacer.gif) |
Chairman and Director
or Trustee of the Retail Funds (since July 1991) and the Institutional
Funds (since July 2003); formerly Chief Executive Officer of the Retail
Funds (until September
2002). |
![](spacer.gif) |
208 |
![](spacer.gif) |
None
|
James F.
Higgins (56) c/o Morgan Stanley Trust Harborside Financial
Center, Plaza Two, Jersey City,
NJ
|
![](spacer.gif) |
Trustee
|
![](spacer.gif) |
Since June
2000
|
![](spacer.gif) |
Director or Trustee of the Retail Funds (since June
2000) and the Institutional Funds (since July 2003); Senior Advisor of
Morgan Stanley (since August 2000); Director of the Distributor and
Dean Witter Realty Inc.; previously President and Chief Operating
Officer of the Private Client Group of Morgan Stanley (May 1999-August
2000), and President and Chief Operating Officer of Individual
Securities of Morgan Stanley (February 1997-May
1999).
|
![](spacer.gif) |
208 |
![](spacer.gif) |
Director of AXA Financial, Inc. and The
Equitable Life Assurance Society of the United States (financial
services).
|
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
* |
This is the earliest date the Trustee began serving the funds advised
by Morgan Stanley Investment Advisors Inc. (the
"Investment Manager") (the
"Retail
Funds"). |
![](spacer.gif) |
** |
The
dates referenced below indicating commencement of services as
Director/Trustee for the Retail Funds and the funds advised by Morgan
Stanley Investment Management Inc. and Morgan Stanley AIP GP LP (the
"Institutional Funds") reflect the earliest
date the Director/Trustee began serving the Retail or Institutional
Funds as applicable. |
![](spacer.gif) |
*** |
The Fund
Complex includes all open-end and closed-end funds (including all of
their portfolios) advised by the Investment Manager and any funds that
have an investment advisor that is an affiliated person of the
Investment Manager (including but not limited to Morgan Stanley
Investment Management Inc.). |
23
Morgan Stanley Insured Municipal Bond Trust
Trustee and Officer Information continued
Officers:
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
Name,
Age and Address of Executive Officer |
![](spacer.gif) |
Position(s) Held
with Registrant |
![](spacer.gif) |
Term of Office
and Length of Time Served* |
![](spacer.gif) |
Principal Occupation(s)
During Past 5 Years** |
Mitchell M. Merin
(51) 1221 Avenue of the Americas New York,
NY
|
![](spacer.gif) |
President
|
![](spacer.gif) |
Since May
1999
|
![](spacer.gif) |
President and Chief Operating Officer of Morgan
Stanley Investment Management Inc.; President, Director and Chief
Executive Officer of the Investment Manager and Morgan Stanley
Services; Chairman and Director of the Distributor; Chairman and
Director of the Transfer Agent; Director of various Morgan Stanley
subsidiaries; President of the Institutional Funds (since July 2003)
and President of the Retail Funds (since May 1999); Trustee (since July
2003) and President (since December 2002) of the Van Kampen Closed-End
Funds; Trustee (since May 1999) and President (since October 2002) of
the Van Kampen Open-End Funds. |
Ronald E. Robison
(65) 1221 Avenue of the Americas New York,
NY
|
![](spacer.gif) |
Executive Vice President and Principal Executive
Officer
|
![](spacer.gif) |
Since April 2003
|
![](spacer.gif) |
Principal Executive
Officer-Office of the Funds (since November 2003); Managing Director of
Morgan Stanley & Co. Incorporated, Managing Director of
Morgan Stanley; Managing Director, Chief Administrative Officer and
Director of the Investment Manager and Morgan Stanley Services; Chief
Executive Officer and Director of the Transfer Agent; Managing Director
and Director of the Distributor; Executive Vice President and Principal
Executive Officer of the Institutional Funds (since July 2003) and the
Retail Funds (since April 2003); Director of Morgan Stanley SICAV
(since May 2004); previously President and Director of the Retail Funds
(March 2001-July 2003) and Chief Global Operations Officer and Managing
Director of Morgan Stanley Investment Management Inc. |
Joseph J. McAlinden (61) 1221 Avenue of the
Americas New York, NY
|
![](spacer.gif) |
Vice
President
|
![](spacer.gif) |
Since July 1995
|
![](spacer.gif) |
Managing Director
and Chief Investment Officer of the Investment Manager and Morgan
Stanley Investment Management Inc.; Director of the Transfer Agent,
Chief Investment Officer of the Van Kampen Funds; Vice President of the
Institutional Funds (since July 2003) and the Retail Funds (since July
1995). |
Barry Fink (49) 1221 Avenue of the
Americas New York, NY
|
![](spacer.gif) |
Vice
President
|
![](spacer.gif) |
Since February 1997
|
![](spacer.gif) |
General
Counsel (since May 2000) and Managing Director (since December 2000) of
Morgan Stanley Investment Management; Managing Director (since December
2000), Secretary (since February 1997) and Director (since July 1998)
of the Investment Manager and Morgan Stanley Services; Vice President
of the Retail Funds; Assistant Secretary of Morgan Stanley DW; Vice
President of the Institutional Funds (since July 2003); Managing
Director, Secretary and Director of the Distributor; previously
Secretary (February 1997-July 2003) and General Counsel (February
1997-April 2004) of the Retail Funds; Vice President and Assistant
General Counsel of the Investment Manager and Morgan Stanley Services
(February 1997-December 2001). |
Amy R. Doberman
(42) 1221 Avenue of Americas New York, NY |
![](spacer.gif) |
Vice
President |
![](spacer.gif) |
Since July 2004 |
![](spacer.gif) |
Managing Director and General
Counsel, U.S. Investment Management; Managing Director of Morgan
Stanley Investment Management Inc. and the Investment Manager, Vice
President of the Institutional and Retail Funds (since July 2004);
previously, Managing Director and General Counsel — Americas, UBS
Global Asset Management (July 2000 – July 2004) and General
Counsel, Aeltus Investment Management Inc. (January 1997 – July
2000). |
Carsten Otto (41) 1221 Avenue of the
Americas New York, NY |
![](spacer.gif) |
Chief Compliance Officer |
![](spacer.gif) |
Since October 2004 |
![](spacer.gif) |
Executive Director and U.S.
Director of Compliance for Morgan Stanley Investment Management (since
October 2004); Executive Director of the Investment Adviser and Morgan
Stanley Investment Management Inc.; formerly Assistant Secretary and
Assistant General Counsel of the Morgan Stanley Retail
Funds. |
![](spacer.gif) |
24
Morgan Stanley Insured Municipal Bond Trust
Trustee and Officer Information continued
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
Name,
Age and Address of Executive Officer |
![](spacer.gif) |
Position(s) Held
with Registrant |
![](spacer.gif) |
Term of Office
and Length of Time Served* |
![](spacer.gif) |
Principal Occupation(s)
During Past 5 Years** |
Stefanie V. Chang (37) 1221
Avenue of the Americas New York, NY
|
![](spacer.gif) |
Vice
President
|
![](spacer.gif) |
Since July 2003
|
![](spacer.gif) |
Executive Director
of Morgan Stanley & Co. Incorporated, Morgan Stanley Investment
Management Inc. and the Investment Manager; Vice President of the
Institutional Funds (since December 1997) and the Retail Funds (since
July 2003); formerly practiced law with the New York law firm of Rogers
& Wells (now Clifford Chance US LLP). |
Francis J.
Smith (39) c/o Morgan Stanley Trust Harborside Financial
Center, Plaza Two, Jersey City, NJ
|
![](spacer.gif) |
Treasurer and
Chief Financial Officer
|
![](spacer.gif) |
Treasurer since July 2003 and
Chief Financial Officer since September 2002
|
![](spacer.gif) |
Executive
Director of the Investment Manager and Morgan Stanley Services (since
December 2001); previously, Vice President of the Retail Funds
(September 2002-July 2003), Vice President of the Investment Manager
and Morgan Stanley Services (August 2000-November 2001) and Senior
Manager at PricewaterhouseCoopers LLP (January 1998-August
2000). |
Thomas F. Caloia (58) c/o Morgan Stanley
Trust Harborside Financial Center, Plaza Two, Jersey City,
NJ |
![](spacer.gif) |
Vice President
|
![](spacer.gif) |
Since July
2003
|
![](spacer.gif) |
Executive Director (since December 2002) and
Assistant Treasurer of the Investment Manager, the Distributor and
Morgan Stanley Services; previously Treasurer of the Retail Funds
(April 1989-July 2003); formerly First Vice President of the Investment
Manager, the Distributor and Morgan Stanley
Services.
|
Mary E. Mullin (37) 1221 Avenue
of the Americas New York,
NY
|
![](spacer.gif) |
Secretary
|
![](spacer.gif) |
Since July
2003
|
![](spacer.gif) |
Executive Director of Morgan Stanley & Co.
Incorporated, Morgan Stanley Investment Management Inc. and the
Investment Manager; Secretary of the Institutional Funds (since June
1999) and the Retail Funds (since July 2003); formerly practiced law
with the New York law firms of McDermott, Will & Emery and Skadden,
Arps, Slate, Meagher & Flom
LLP.
|
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
* |
This is the earliest date the Officer began serving the Retail Funds.
Each Officer serves an indefinite term, until his or her successor is
elected. |
![](spacer.gif) |
** |
The dates
referenced below indicating commencement of service as an Officer for
the Retail and Institutional Funds reflect the earliest date the
Officer began serving the Retail or Institutional Funds as
applicable. |
25
(This page has been left blank intentionally.)
(This page has been left blank intentionally.)
![](spacer.gif) |
![](spacer.gif) |
![](spacer.gif) |
Trustees
Michael Bozic Charles A.
Fiumefreddo Edwin J. Garn Wayne E. Hedien James F.
Higgins Dr. Manuel H. Johnson Joseph J. Kearns Michael E.
Nugent Fergus Reid
Officers
Charles A.
Fiumefreddo
Chairman of the Board
Mitchell M.
Merin
President
Ronald E. Robison
Executive
Vice President
and
Principal Executive Officer
Joseph
J. McAlinden
Vice President
Barry Fink
Vice
President
Amy R. Doberman
Vice
President
Carsten Otto
Chief Compliance
Officer
Stefanie V. Chang
Vice
President
Francis J. Smith
Treasurer
and
Chief
Financial Officer
Thomas F. Caloia
Vice
President
Mary E. Mullin
Secretary
Transfer
Agent
Morgan Stanley Trust Harborside Financial Center,
Plaza Two Jersey City, New Jersey 07311
Independent
Registered Public Accounting Firm
Deloitte & Touche
LLP Two World Financial Center New York, New York
10281
Investment Manager
Morgan Stanley Investment
Advisors Inc. 1221 Avenue of the Americas New York, New York
10020
Investments and services offered through
Morgan Stanley DW Inc., member SIPC.
© 2004 Morgan
Stanley
![](html_mslogok50.jpg)
37931RPT-RA04-00905P-Y10/04 |
![](spacer.gif) |
MORGAN STANLEY FUNDS |
Morgan
Stanley Insured Municipal Bond
Trust
Annual Report October 31, 2004
|
![](html_mslogoko.jpg) |
Item 2. Code of Ethics.
(a) The Trust has adopted a code of ethics (the "Code of Ethics") that applies
to its principal executive officer, principal financial officer, principal
accounting officer or controller, or persons performing similar functions,
regardless of whether these individuals are employed by the Trust or a third
party.
(b) No information need be disclosed pursuant to this paragraph.
(c) The Trust has amended its Code of Ethics during the period covered by the
shareholder report presented in Item 1 hereto to delete from the end of the
following paragraph on page 2 of the Code the phrase "to the detriment of the
Fund.":
"Each Covered Officer must not use his personal influence or personal
relationship improperly to influence investment decisions or financial reporting
by the Fund whereby the Covered Officer would benefit personally (directly or
indirectly)."
(d) Not applicable.
(e) Not applicable.
(f)
(1) The Trusts Code of Ethics is attached hereto as Exhibit A.
(2) Not applicable.
(3) Not applicable.
Item 3. Audit Committee Financial Expert.
The Trust's Board of Trustees has determined that it has two "audit committee
financial experts" serving on its audit committee, each of whom are
"independent" Trustees: Dr. Manuel H. Johnson and Joseph J. Kearns. Under
applicable securities laws, a person who is determined to be an audit committee
financial expert will not be deemed an "expert" for any purpose, including
without limitation for the purposes of Section 11 of the Securities Act of 1933,
as a result of being designated or identified as an audit committee financial
expert. The designation or identification of a person as an audit committee
financial expert does not impose on such person any duties, obligations, or
liabilities that are greater than the duties, obligations, and liabilities
imposed on such person as a member of the audit committee and Board of Trustees
in the absence of such designation or identification.
Item 4. Principal Accountant Fees and Services.
(a)(b)(c)(d) and (g). Based on fees billed for the periods shown:
2004
REGISTRANT COVERED ENTITIES(1)
AUDIT FEES......................... $28,989 N/A
NON-AUDIT FEES
AUDIT-RELATED FEES....... $ 5,752(2) $5,067,400(2)
TAX FEES................. $ 4,455(3) $ 545,053(4)
ALL OTHER FEES........... $- $ -
TOTAL NON-AUDIT FEES............... $10,207 $5,612,453
TOTAL.............................. $39,196 $5,612,453
2003
REGISTRANT COVERED ENTITIES(1)
AUDIT FEES......................... $ 27,379 N/A
NON-AUDIT FEES
AUDIT-RELATED FEES....... $21,284(2) $ 1,086,576(2)
TAX FEES................. $ 4,346(3) $ 252,500(4)
ALL OTHER FEES........... $ - $ - (5)
TOTAL NON-AUDIT FEES............... $25,630 $ 1,339,076
TOTAL.............................. $53,009 $ 1,339,076
N/A- Not applicable, as not required by Item 4.
(1) Covered Entities include the Adviser (excluding sub-advisors) and any entity
controlling, controlled by or under common control with the Adviser that
provides ongoing services to the Registrant.
(2) Audit-Related Fees represent assurance and related services provided that
are reasonably related to the performance of the audit of the financial
statements of the Covered Entities' and funds advised by the Adviser or its
affiliates, specifically data verification and agreed-upon procedures
related to asset securitizations and agreed-upon procedures engagements.
(3) Tax Fees represent tax compliance, tax planning and tax advice services
provided in connection with the preparation and review of the Registrant's
tax returns.
(4) Tax Fees represent tax compliance, tax planning and tax advice services
provided in connection with the review of Covered Entities' tax returns.
(5) All other fees represent project management for future business applications
and improving business and operational processes.
2
(e)(1) The audit committee's pre-approval policies and procedures are as
follows:
APPENDIX A
AUDIT COMMITTEE
AUDIT AND NON-AUDIT SERVICES
PRE-APPROVAL POLICY AND PROCEDURES
OF THE
MORGAN STANLEY RETAIL AND INSTITUTIONAL FUNDS
AS ADOPTED AND AMENDED JULY 23, 2004,(1)
1. STATEMENT OF PRINCIPLES
The Audit Committee of the Board is required to review and, in its sole
discretion, pre-approve all Covered Services to be provided by the Independent
Auditors to the Fund and Covered Entities in order to assure that services
performed by the Independent Auditors do not impair the auditor's independence
from the Fund.
The SEC has issued rules specifying the types of services that an independent
auditor may not provide to its audit client, as well as the audit committee's
administration of the engagement of the independent auditor. The SEC's rules
establish two different approaches to pre-approving services, which the SEC
considers to be equally valid. Proposed services either: may be pre-approved
without consideration of specific case-by-case services by the Audit Committee
("general pre-approval"); or require the specific pre-approval of the Audit
Committee or its delegate ("specific pre-approval"). The Audit Committee
believes that the combination of these two approaches in this Policy will result
in an effective and efficient procedure to pre-approve services performed by the
Independent Auditors. As set forth in this Policy, unless a type of service has
received general pre-approval, it will require specific pre-approval by the
Audit Committee (or by any member of the Audit Committee to which pre-approval
authority has been delegated) if it is to be provided by the Independent
Auditors. Any proposed services exceeding pre-approved cost levels or budgeted
amounts will also require specific pre-approval by the Audit Committee.
The appendices to this Policy describe the Audit, Audit-related, Tax and All
Other services that have the general pre-approval of the Audit Committee. The
term of any general pre-approval is 12 months from the date of pre-approval,
unless the Audit Committee considers and provides a different period and states
otherwise. The Audit Committee will annually review and pre-approve the services
that may be provided by the Independent Auditors without obtaining specific
pre-approval from the Audit Committee. The Audit Committee will add to or
subtract from the list of general pre-approved services from time to time, based
on subsequent determinations.
- ----------------
1 This Audit Committee Audit and Non-Audit Services Pre-Approval Policy
and Procedures (the "Policy"), adopted as of the date above, supersedes
and replaces all prior versions that may have been adopted from time to
time.
3
The purpose of this Policy is to set forth the policy and procedures by which
the Audit Committee intends to fulfill its responsibilities. It does not
delegate the Audit Committee's responsibilities to pre-approve services
performed by the Independent Auditors to management.
The Fund's Independent Auditors have reviewed this Policy and believes that
implementation of the Policy will not adversely affect the Independent Auditors'
independence.
2. DELEGATION
As provided in the Act and the SEC's rules, the Audit Committee may delegate
either type of pre-approval authority to one or more of its members. The member
to whom such authority is delegated must report, for informational purposes
only, any pre-approval decisions to the Audit Committee at its next scheduled
meeting.
3. AUDIT SERVICES
The annual Audit services engagement terms and fees are subject to the specific
pre-approval of the Audit Committee. Audit services include the annual financial
statement audit and other procedures required to be performed by the Independent
Auditors to be able to form an opinion on the Fund's financial statements. These
other procedures include information systems and procedural reviews and testing
performed in order to understand and place reliance on the systems of internal
control, and consultations relating to the audit. The Audit Committee will
approve, if necessary, any changes in terms, conditions and fees resulting from
changes in audit scope, Fund structure or other items.
In addition to the annual Audit services engagement approved by the Audit
Committee, the Audit Committee may grant general pre-approval to other Audit
services, which are those services that only the Independent Auditors reasonably
can provide. Other Audit services may include statutory audits and services
associated with SEC registration statements (on Forms N-1A, N-2, N-3, N-4,
etc.), periodic reports and other documents filed with the SEC or other
documents issued in connection with securities offerings.
The Audit Committee has pre-approved the Audit services in Appendix B.1. All
other Audit services not listed in Appendix B.1 must be specifically
pre-approved by the Audit Committee (or by any member of the Audit Committee to
which pre-approval has been delegated).
4. AUDIT-RELATED SERVICES
Audit-related services are assurance and related services that are reasonably
related to the performance of the audit or review of the Fund's financial
statements and, to the extent they are Covered Services, the Covered Entities or
that are traditionally performed by the Independent Auditors. Because the Audit
Committee believes that the provision of Audit-related services does not impair
the independence of the auditor and is consistent with the SEC's rules on
auditor independence, the Audit Committee may grant general pre-approval to
Audit-related services. Audit-related services include, among others, accounting
consultations related to accounting, financial reporting or disclosure matters
4
not classified as "Audit services"; assistance with understanding and
implementing new accounting and financial reporting guidance from rulemaking
authorities; agreed-upon or expanded audit procedures related to accounting
and/or billing records required to respond to or comply with financial,
accounting or regulatory reporting matters; and assistance with internal control
reporting requirements under Forms N-SAR and/or N-CSR.
The Audit Committee has pre-approved the Audit-related services in Appendix B.2.
All other Audit-related services not listed in Appendix B.2 must be specifically
pre-approved by the Audit Committee (or by any member of the Audit Committee to
which pre-approval has been delegated).
5. TAX SERVICES
The Audit Committee believes that the Independent Auditors can provide Tax
services to the Fund and, to the extent they are Covered Services, the Covered
Entities, such as tax compliance, tax planning and tax advice without impairing
the auditor's independence, and the SEC has stated that the Independent Auditors
may provide such services.
Pursuant to the preceding paragraph, the Audit Committee has pre-approved the
Tax Services in Appendix B.3. All Tax services in Appendix B.3 must be
specifically pre-approved by the Audit Committee (or by any member of the Audit
Committee to which pre-approval has been delegated).
6. ALL OTHER SERVICES
The Audit Committee believes, based on the SEC's rules prohibiting the
Independent Auditors from providing specific non-audit services, that other
types of non-audit services are permitted. Accordingly, the Audit Committee
believes it may grant general pre-approval to those permissible non-audit
services classified as All Other services that it believes are routine and
recurring services, would not impair the independence of the auditor and are
consistent with the SEC's rules on auditor independence.
The Audit Committee has pre-approved the All Other services in Appendix B.4.
Permissible All Other services not listed in Appendix B.4 must be specifically
pre-approved by the Audit Committee (or by any member of the Audit Committee to
which pre-approval has been delegated).
7. PRE-APPROVAL FEE LEVELS OR BUDGETED AMOUNTS
Pre-approval fee levels or budgeted amounts for all services to be provided by
the Independent Auditors will be established annually by the Audit Committee.
Any proposed services exceeding these levels or amounts will require specific
pre-approval by the Audit Committee. The Audit Committee is mindful of the
overall relationship of fees for audit and non-audit services in determining
whether to pre-approve any such services.
8. PROCEDURES
All requests or applications for services to be provided by the Independent
Auditors that do not require specific approval by the Audit Committee will be
submitted to the Fund's Chief Financial Officer and must include a detailed
description of the services to be
5
rendered. The Fund's Chief Financial Officer will determine whether such
services are included within the list of services that have received the general
pre-approval of the Audit Committee. The Audit Committee will be informed on a
timely basis of any such services rendered by the Independent Auditors. Requests
or applications to provide services that require specific approval by the Audit
Committee will be submitted to the Audit Committee by both the Independent
Auditors and the Fund's Chief Financial Officer, and must include a joint
statement as to whether, in their view, the request or application is consistent
with the SEC's rules on auditor independence.
The Audit Committee has designated the Fund's Chief Financial Officer to monitor
the performance of all services provided by the Independent Auditors and to
determine whether such services are in compliance with this Policy. The Fund's
Chief Financial Officer will report to the Audit Committee on a periodic basis
on the results of its monitoring. Both the Fund's Chief Financial Officer and
management will immediately report to the chairman of the Audit Committee any
breach of this Policy that comes to the attention of the Fund's Chief Financial
Officer or any member of management.
9. ADDITIONAL REQUIREMENTS
The Audit Committee has determined to take additional measures on an annual
basis to meet its responsibility to oversee the work of the Independent Auditors
and to assure the auditor's independence from the Fund, such as reviewing a
formal written statement from the Independent Auditors delineating all
relationships between the Independent Auditors and the Fund, consistent with
Independence Standards Board No. 1, and discussing with the Independent Auditors
its methods and procedures for ensuring independence.
10. COVERED ENTITIES
Covered Entities include the Fund's investment adviser(s) and any entity
controlling, controlled by or under common control with the Fund's investment
adviser(s) that provides ongoing services to the Fund(s). Beginning with
non-audit service contracts entered into on or after May 6, 2003, the Fund's
audit committee must pre-approve non-audit services provided not only to the
Fund but also to the Covered Entities if the engagements relate directly to the
operations and financial reporting of the Fund. This list of Covered Entities
would include:
Morgan Stanley Retail Funds
Morgan Stanley Investment Advisors Inc.
Morgan Stanley & Co. Incorporated
Morgan Stanley DW Inc.
Morgan Stanley Investment Management Inc.
Morgan Stanley Investment Management Limited
Morgan Stanley Investment Management Private Limited
Morgan Stanley Asset & Investment Trust Management Co., Limited
Morgan Stanley Investment Management Company
Van Kampen Asset Management
Morgan Stanley Services Company, Inc.
Morgan Stanley Distributors Inc.
Morgan Stanley Trust FSB
6
Morgan Stanley Institutional Funds
Morgan Stanley Investment Management Inc.
Morgan Stanley Investment Advisors Inc.
Morgan Stanley Investment Management Limited
Morgan Stanley Investment Management Private Limited
Morgan Stanley Asset & Investment Trust Management Co., Limited
Morgan Stanley Investment Management Company
Morgan Stanley & Co. Incorporated
Morgan Stanley Distribution, Inc.
Morgan Stanley AIP GP LP
Morgan Stanley Alternative Investment Partners LP
(e)(2) Beginning with non-audit service contracts entered into on or after May
6, 2003, the audit committee also is required to pre-approve services to Covered
Entities to the extent that the services are determined to have a direct impact
on the operations or financial reporting of the Registrant. 100% of such
services were pre-approved by the audit committee pursuant to the Audit
Committee's pre-approval policies and procedures (attached hereto).
(f) Not applicable.
(g) See table above.
(h) The audit committee of the Board of Trustees has considered whether the
provision of services other than audit services performed by the auditors to the
Registrant and Covered Entities is compatible with maintaining the auditors'
independence in performing audit services.
Item 5. Audit Committee of Listed Registrants.
(a) The Trust has a separately-designated standing audit committee established
in accordance with Section 3(a)(58)(A) of the Exchange Act whose members are:
Michael Bozic, Edwin J. Garn, Wayne E. Hedien, Manual H. Johnson, Joseph J.
Kearns, Michael Nugent and Fergus Reid.
(b) Not applicable.
Item 6.
See Item 1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
The Trust invests in exclusively non-voting securities and therefore this item
is not applicable.
7
Item 8. Closed-End Fund Repurchases
REGISTRANT PURCHASE OF EQUITY SECURITIES
- ----------------------------------------------------------------------------------------------------------
Period (a) Total Number (b) Average (c) Total Number (d) Maximum
of Shares (or Price Paid per of Shares (or Number (or
Units) Purchased Share (or Units) Approximate
Unit) Purchased Dollar Value)
as Part of Shares (or
of Publicly Units) that
Announced May Yet Be
Plans or Purchased
Programs Under the
Plans or
Programs
- ----------------------------------------------------------------------------------------------------------
November 1, 2003 --
November 30, 2003 1,900.00 14.6156 N/A N/A
- ----------------------------------------------------------------------------------------------------------
December 1, 2003 --
December 31, 2003 6,200.00 14.9935 N/A N/A
- ----------------------------------------------------------------------------------------------------------
January 1, 2004 ---
January 31, 2004 10,400.00 15.1168 N/A N/A
- ----------------------------------------------------------------------------------------------------------
February 1, 2004 ---
February 29, 2004 4,100.00 15.0919 N/A N/A
- ----------------------------------------------------------------------------------------------------------
March 1, 2004 ---
March 31, 2004 5,200.00 15.4242 N/A N/A
- ----------------------------------------------------------------------------------------------------------
April 1, 2004 ---
April 30, 2004 13,200.00 14.1399 N/A N/A
- ----------------------------------------------------------------------------------------------------------
May 1, 2004 ---
May 31, 2004 11,000.00 13.3516 N/A N/A
- ----------------------------------------------------------------------------------------------------------
June 1, 2004 ---
June 30, 2004 13,500.00 13.3822 N/A N/A
- ----------------------------------------------------------------------------------------------------------
July 1, 2004 ---
July 31, 2004 14,000.00 13.6799 N/A N/A
- ----------------------------------------------------------------------------------------------------------
August 1, 2004 ---
August 31, 2004 12,600.00 13.9914 N/A N/A
- ----------------------------------------------------------------------------------------------------------
September 1, 2004 -
September 30, 2004 9,200.00 14.0754 N/A N/A
- ----------------------------------------------------------------------------------------------------------
October 1, 2004 ---
October 31, 2004 9,600.00 14.1216 N/A N/A
- ----------------------------------------------------------------------------------------------------------
Total 110,900.00 14.3320 N/A N/A
- ----------------------------------------------------------------------------------------------------------
8
Item 9. Submission of Matters to a Vote of Security Holders
Not applicable.
Item 10 - Controls and Procedures
(a) The Trust's principal executive officer and principal financial officer have
concluded that the Trust's disclosure controls and procedures are sufficient to
ensure that information required to be disclosed by the Trust in this Form N-CSR
was recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission's rules and forms, based
upon such officers' evaluation of these controls and procedures as of a date
within 90 days of the filing date of the report.
(b) There were no changes in the registrant's internal control over financial
reporting that occurred during the registrant's most recent fiscal half-year
(the registrant's second fiscal half-year in the case of an annual report) that
has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.
Item 11 Exhibits
(a) The Code of Ethics for Principal Executive and Senior Financial Officers is
attached hereto.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant are attached hereto as part of EX-99.CERT.
9
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.
Morgan Stanley Insured Municipal Bond Trust
/s/ Ronald E. Robison
Ronald E. Robison
Principal Executive Officer
December 14, 2004
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.
/s/ Ronald E. Robison
Ronald E. Robison
Principal Executive Officer
December 14, 2004
/s/ Francis Smith
Francis Smith
Principal Financial Officer
December 14, 2004
10
CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS
ADOPTED SEPTEMBER 28, 2004
I. This Code of Ethics (the "Code") for the investment companies within
the Morgan Stanley complex identified in Exhibit A (collectively,
"Funds" and each, a "Fund") applies to each Fund's Principal Executive
Officer, President, Principal Financial Officer and Treasurer (or
persons performing similar functions) ("Covered Officers" each of whom
are set forth in Exhibit B) for the purpose of promoting:
honest and ethical conduct, including the ethical handling of actual or apparent
conflicts of interest between personal and professional relationships.
full, fair, accurate, timely and understandable disclosure in reports and
documents that a company files with, or submits to, the Securities and Exchange
Commission ("SEC") and in other public communications made by the Fund;
compliance with applicable laws and governmental rules and regulations;
prompt internal reporting of violations of the Code to an appropriate person or
persons identified in the Code; and
accountability for adherence to the Code.
Each Covered Officer should adhere to a high standard of business ethics
and should be sensitive to situations that may give rise to actual as well as
apparent conflicts of interest. Any question about the application of the Code
should be referred to the General Counsel or his/her designee (who is set forth
in Exhibit C).
II. COVERED OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND APPARENT CONFLICTS OF
INTEREST
OVERVIEW. A "conflict of interest" occurs when a Covered Officer's
private interest interferes, or appears to interfere, with the interests of, or
his service to, the Fund. For example, a conflict of interest would arise if a
Covered Officer, or a member of his family, receives improper personal benefits
as a result of his position with the Fund.
Certain conflicts of interest arise out of the relationships between
Covered Officers and the Fund and already are subject to conflict of interest
provisions in the Investment Company Act of 1940 ("Investment Company Act") and
the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example,
Covered Officers may not individually engage in certain transactions (such as
the purchase or sale of securities or other property) with the Fund because of
their status as "affiliated persons" (as defined in the Investment Company Act)
of the Fund. The Fund's and its investment adviser's compliance programs and
procedures are designed to prevent, or identify and correct,
11
violations of these provisions. This Code does not, and is not intended to,
repeat or replace these programs and procedures, and such conflicts fall outside
the parameters of this Code, unless or until the General Counsel determines that
any violation of such programs and procedures is also a violation of this Code.
Although typically not presenting an opportunity for improper personal
benefit, conflicts may arise from, or as a result of, the contractual
relationship between the Fund and its investment adviser of which the Covered
Officers are also officers or employees. As a result, this Code recognizes that
the Covered Officers will, in the normal course of their duties (whether
formally for the Fund or for the investment adviser, or for both), be involved
in establishing policies and implementing decisions that will have different
effects on the Fund and its investment adviser. The participation of the Covered
Officers in such activities is inherent in the contractual relationship between
the Fund and the investment adviser and is consistent with the performance by
the Covered Officers of their duties as officers of the Fund. Thus, if performed
in conformity with the provisions of the Investment Company Act and the
Investment Advisers Act, such activities will be deemed to have been handled
ethically. In addition, it is recognized by the Funds' Boards of
Directors/Trustees ("Boards") that the Covered Officers may also be officers or
employees of one or more other investment companies covered by this or other
codes.
Other conflicts of interest are covered by the Code, even if such
conflicts of interest are not subject to provisions in the Investment Company
Act and the Investment Advisers Act. The following list provides examples of
conflicts of interest under the Code, but Covered Officers should keep in mind
that these examples are not exhaustive. The overarching principle is that the
personal interest of a Covered Officer should not be placed improperly before
the interest of the Fund.
Each Covered Officer must not:
use his personal influence or personal relationships improperly to influence
investment decisions or financial reporting by the Fund whereby the Covered
Officer would benefit personally (directly or indirectly);
cause the Fund to take action, or fail to take action, for the individual
personal benefit of the Covered Officer rather than the benefit of the Fund; or
use material non-public knowledge of portfolio transactions made or contemplated
for, or actions proposed to be taken by, the Fund to trade personally or cause
others to trade personally in contemplation of the market effect of such
transactions.
Each Covered Officer must, at the time of signing this Code, report to
the General Counsel all affiliations or significant business relationships
outside the Morgan Stanley complex and must update the report annually.
Conflict of interest situations should always be approved by the
General Counsel and communicated to the relevant Fund or Fund's Board. Any
activity or relationship that would present such a conflict for a Covered
Officer would likely also present a conflict for the Covered Officer if an
immediate member of the Covered Officer's family
12
living in the same household engages in such an activity or has such a
relationship. Examples of these include:
service or significant business relationships as a director on the board of any
public or private company;
accepting directly or indirectly, anything of value, including gifts and
gratuities in excess of $100 per year from any person or entity with which the
Fund has current or prospective business dealings, not including occasional
meals or tickets for theatre or sporting events or other similar entertainment;
provided it is business-related, reasonable in cost, appropriate as to time and
place, and not so frequent as to raise any question of impropriety;
any ownership interest in, or any consulting or employment relationship with,
any of the Fund's service providers, other than its investment adviser,
principal underwriter, or any affiliated person thereof; and
a direct or indirect financial interest in commissions, transaction charges or
spreads paid by the Fund for effecting portfolio transactions or for selling or
redeeming shares other than an interest arising from the Covered Officer's
employment, such as compensation or equity ownership.
III. DISCLOSURE AND COMPLIANCE
Each Covered Officer should familiarize himself/herself with the disclosure and
compliance requirements generally applicable to the Funds;
each Covered Officer must not knowingly misrepresent, or cause others to
misrepresent, facts about the Fund to others, whether within or outside the
Fund, including to the Fund's Directors/Trustees and auditors, or to
governmental regulators and self-regulatory organizations;
each Covered Officer should, to the extent appropriate within his area of
responsibility, consult with other officers and employees of the Funds and their
investment advisers with the goal of promoting full, fair, accurate, timely and
understandable disclosure in the reports and documents the Funds file with, or
submit to, the SEC and in other public communications made by the Funds; and
it is the responsibility of each Covered Officer to promote compliance with the
standards and restrictions imposed by applicable laws, rules and regulations.
IV. REPORTING AND ACCOUNTABILITY
Each Covered Officer must:
upon adoption of the Code (thereafter as applicable, upon becoming a Covered
Officer), affirm in writing to the Boards that he has received, read and
understands the Code;
13
annually thereafter affirm to the Boards that he has complied with the
requirements of the Code;
not retaliate against any other Covered Officer, other officer or any employee
of the Funds or their affiliated persons for reports of potential violations
that are made in good faith; and
notify the General Counsel promptly if he/she knows or suspects of any violation
of this Code. Failure to do so is itself a violation of this Code.
The General Counsel is responsible for applying this Code to specific
situations in which questions are presented under it and has the authority to
interpret this Code in any particular situation. However, any waivers2 sought by
a Covered Officer must be considered by the Board of the relevant Fund or Funds.
The Funds will follow these procedures in investigating and enforcing
this Code:
the General Counsel will take all appropriate action to investigate any
potential violations reported to him;
if, after such investigation, the General Counsel believes that no violation has
occurred, the General Counsel is not required to take any further action;
any matter that the General Counsel believes is a violation will be reported to
the relevant Fund's Audit Committee;
if the directors/trustees/managing general partners who are not "interested
persons" as defined by the Investment Company Act (the "Independent
Directors/Trustees/Managing General Partners") of the relevant Fund concur that
a violation has occurred, they will consider appropriate action, which may
include review of, and appropriate modifications to, applicable policies and
procedures; notification to appropriate personnel of the investment adviser or
its board; or a recommendation to dismiss the Covered Officer or other
appropriate disciplinary actions;
the Independent Directors/Trustees/Managing General Partners of the relevant
Fund will be responsible for granting waivers of this Code, as appropriate; and
any changes to or waivers of this Code will, to the extent required, be
disclosed as provided by SEC rules.
V. OTHER POLICIES AND PROCEDURES
This Code shall be the sole code of ethics adopted by the Funds for
purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and
forms applicable to
- --------------
2 Item 2 of Form N-CSR defines "waiver" as "the approval by the
registrant of a material departure from a provision of the code of
ethics."
14
registered investment companies thereunder. Insofar as other policies or
procedures of the Funds, the Funds' investment advisers, principal underwriters,
or other service providers govern or purport to govern the behavior or
activities of the Covered Officers who are subject to this Code, they are
superseded by this Code to the extent that they overlap or conflict with the
provisions of this Code unless any provision of this Code conflicts with any
applicable federal or state law, in which case the requirements of such law will
govern. The Funds' and their investment advisers' and principal underwriters'
codes of ethics under Rule 17j-1 under the Investment Company Act and Morgan
Stanley's Code of Ethics are separate requirements applying to the Covered
Officers and others, and are not part of this Code.
VI. AMENDMENTS
Any amendments to this Code, other than amendments to Exhibits A, B
or C, must be approved or ratified by a majority vote of the Board of each Fund,
including a majority of Independent Directors/Trustees/Managing General
Partners.
VII. CONFIDENTIALITY
All reports and records prepared or maintained pursuant to this Code
will be considered confidential and shall be maintained and protected
accordingly. Except as otherwise required by law or this Code, such matters
shall not be disclosed to anyone other than the Independent
Directors/Trustees/Managing General Partners of the relevant Fund or Funds and
their counsel, the relevant Fund or Funds and their counsel and the relevant
investment adviser and its counsel.
15
VIII. INTERNAL USE
The Code is intended solely for the internal use by the Funds and does
not constitute an admission, by or on behalf of any Fund, as to any fact,
circumstance, or legal conclusion
I have read and understand the terms of the above Code. I recognize the
responsibilities and obligations incurred by me as a result of my being subject
to the Code. I hereby agree to abide by the above Code.
- -------------------------
Date:_____________________
16
EXHIBIT B
INSTITUTIONAL FUNDS
COVERED OFFICERS
Mitchell M. Merin - President
Ronald E. Robison - Executive Vice President and Principal Executive Officer
James W. Garrett - Chief Financial Officer and Treasurer
RETAIL FUNDS
COVERED OFFICERS
Mitchell M. Merin - President
Ronald E. Robison - Executive Vice President and Principal Executive Officer
Frank Smith - Chief Financial Officer and Treasurer
17
EXHIBIT C
GENERAL COUNSEL
Barry Fink
18
EXHIBIT 11 B1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
CERTIFICATIONS
I, Ronald E. Robison, certify that:
1. I have reviewed this report on Form N-CSR of Morgan Stanley Insured
Municipal Bond 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 officers 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) 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) Omitted.]
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 registrant's most recent
fiscal half-year (the registrant's second fiscal half-year in the case of
an annual report) that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial
reporting; and
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
19
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls
over financial reporting.
Date: December 14, 2004
/s/ Ronald E. Robison
Ronald E. Robison
Principal Executive Officer
20
EXHIBIT 11 B2
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
CERTIFICATIONS
I, Francis Smith, certify that:
1. I have reviewed this report on Form N-CSR of Morgan Stanley Insured
Municipal Bond 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 officers 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) 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) Omitted.]
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 registrant's most recent
fiscal half-year (the registrant's second fiscal half-year in the case of
an annual report) that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial
reporting; and
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
21
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls
over financial reporting.
Date: December 14, 2004
/s/ Francis Smith
Francis Smith
Principal Financial Officer
22
SECTION 906 CERTIFICATION
Certification Pursuant to 18 U.S.C. Section 1350,
As Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
Morgan Stanley Insured Municipal Bond Trust
In connection with the Report on Form N-CSR (the "Report") of the
above-named issuer for the period ended October 31, 2004 that is accompanied by
this certification, the undersigned hereby certifies that:
1. The Report fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934; and
2. The information contained in the Report fairly presents, in all
material respects, the financial condition and results of operations of
the Issuer.
Date: December 14, 2004
/s/ Ronald E. Robison
---------------------------
Ronald E. Robison
Principal Executive Officer
A signed original of this written statement required by Section 906 has been
provided to Morgan Stanley Insured Municipal Bond Trust and will be retained by
Morgan Stanley Insured Municipal Bond Trust and furnished to the Securities and
Exchange Commission or its staff upon request.
23
SECTION 906 CERTIFICATION
Certification Pursuant to 18 U.S.C. Section 1350,
As Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
Morgan Stanley Insured Municipal Bond Trust
In connection with the Report on Form N-CSR (the "Report") of the
above-named issuer for the period ended October 31, 2004 that is accompanied by
this certification, the undersigned hereby certifies that:
1. The Report fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934; and
2. The information contained in the Report fairly presents, in all
material respects, the financial condition and results of operations of
the Issuer.
Date: December 14, 2004
/s/ Francis Smith
----------------------
Francis Smith
Principal Financial Officer
A signed original of this written statement required by Section 906 has been
provided to Morgan Stanley Insured Municipal Bond Trust and will be retained by
Morgan Stanley Insured Municipal Bond Trust and furnished to the Securities and
Exchange Commission or its staff upon request.
24
GRAPHIC
2
html_62398dbm.jpg
GRAPHIC
begin 644 html_62398dbm.jpg
M_]C_X``02D9)1@`!`0$!(`$@``#__@`V($EM86=E(&=E;F5R871E9"!B>2!'
M3E4@1VAO1E]8)$A4A45:6T=,*$Q8Q
M86*4H=77%!HW.4%257>5MS)3<79XM;:!\!@B(R=46%F9P=+8&29'L20I,S4V
M9W)SHK+Q_\0`&@$!``,!`0$```````````````0%!@$#`O_$`#T1`0`!`00$
M"0D(`@,````````!`@,$!1$2-'*Q(3$S46%SD9+!$Q054U2AT=+P(D%28G&!
MD[)CTR1"@O_:``P#`0`"$0,1`#\`Y,MR79A"-==?RRC7!P@$]GJUQ+O)%CZ*
MK0J9Q5CANK:Y,8R%;MGU4J%ESJN&W-W[DJ=XY2ZRDU"C+F5*,FJ$Z
MM7%NM5*%NQ3Y\RF-HLNFET-)%3RH7$X_H:<$)XL9>(\?C/Q^7CXR\AXR^C$!
M0D1XRQX_VGRX\>+'BQG])^,_$?$`DZFLOU4?2XV6M7M!(H$!N--5G3W`W5MP
M5E=5N6M=DB.&5$G.QMR*.FHY+=D;V"*363:B;538XITJ&5!+C_U<'7BYV6SU
M=NSWGC5#^5RX?[EVL_F5S!4@$OX.O%SLMGJ[=GO/#@Z\7.RV>KMV>\\5``$O
MX.O%SLMGJ[=GO/#@Z\7.RV>KMV>\\5``$OX.O%SLMGJ[=GO/#@Z\7.RV>KMV
M>\\5``$OX.O%SLMGJ[=GO/#@Z\7.RV>KMV>\\5``$OX.O%SLMGJ[=GO/#@Z\
M7.RV>KMV>\\5``$OX.O%SLMGJ[=GO/#@Z\7.RV>KMV>\\5``$OX.O%SLMGJ[
M=GO/#@Z\7.RV>KMV>\\5``$OX.O%SLMGJ[=GO/#@Z\7.RV>KMV>\\5``$OX.
MO%SLMGJ[=GO/#@Z\7.RV>KMV>\\5``$OX.O%SLMGJ[=GO/#@Z\7.RV>KMV>\
M\5``$OX.O%SLMGJ[=GO/#@Z\7.RV>KMV>\\5``$OX.O%SLMGJ[=GO/#@Z\7.
MRV>KMV>\\5``$OX.O%SLMGJ[=GO/#@Z\7.RV>KMV>\\5``$OX.O%SLMGJ[=G
MO/#@Z\7.RV>KMV>\\5``$OX.O%SLMGJ[=GO/#@Z\7.RV>KMV>\\5``$OX.O%
MSLMGJ[=GO/#@Z\7.RV>KMV>\\5``$OX.O%SLMGJ[=GO/#@Z\7.RV>KMV>\\5
M``$OX.O%SLMGJ[=GO/#@Z\7.RV>KMV>\\5``$OX.O%SLMGJ[=GO/#@Z\7.RV
M>KMV>\\5``$OX.O%SLMGJ[=GO/#@Z\7.RV>KMV>\\5``$OX.O%SLMGJ[=GO/
M#@Z\7.RV>KMV>\\5``$OX.O%SLMGJ[=GO/#@Z\7.RV>KMV>\\5``$OX.O%SL
MMGJ[=GO/#@Z\7.RV>KMV>\\5``$OX.O%SLMGJ[=GO/#@Z\7.RV>KMV>\\5``
M$OX.O%SLMGJ[=GO/#@Z\7.RV>KMV>\\5``$OX.O%SLMGJ[=GO/#@Z\7.RV>K
MMV>\\5``$OX.O%SLMGJ[=GO/#@Z\7.RV>KMV>\\5``'@4J0X9=!3P+=AJUM6J)!02#E03.^*%1WR=#,FPG*@CADRP\\``
M`T[Y#Q_I<1XN*&(\?+BQ%_C$7TF6,B^D;^,!+4/Y7+A_N7:S^97,%2$M0_E<
MN'^Y=K/YE3K(!D!C'^W0?
M4&,N4M(#(#&,N4M)!C+E+20#(#&,N4M)!C+E+20#(#&,N4M)!C+E+20#(#&,
MN4M)!C+E+20#(#&,N4M)!C+E+20#(#&,N4M)!C+E+20#(#&,N4M)!C+E+20#
M(#&,N4M)!C+E+20#(#&,N4M)!C+E+20#(#&,N4M)!C+E+20#(#&,N4M)!C+E
M+20#(#&,N4M)!C+E+20#(#&,N4M)!C+E+20#(#&,N4M)``^$CCL)A:5E7XJ2I7!NNXEA50:EF-1TO:X#ME7X2+".-!7I3YI*M=MG9E$7K25U(I.X
MD1R6UUON`V:57H6ZA42_6RU)=I$=*IEI1DD92:]6IT^FE*
M5;*WTJ3%WNKK8)]1!OI,H][,+'+@_1+S>(N0N,\9\1>/E_:,@('/05M9O`^8
MTAZKK3AD,>V$$^2CIS4KX*V.-4N9%#.GFY&^M3)<O1VUVP@PA_*Y]R[6?S*Y@J0"7>`[TSQO7H[:[80/`=Z9
MXWKT=M=L(*B`"7>`[TSQO7H[:[80/`=Z9XWKT=M=L(*B`"7>`[TSQO7H[:[8
M0/`=Z9XWKT=M=L(*B`"7>`[TSQO7H[:[80/`=Z9XWKT=M=L(*B`"7>`[TSQO
M7H[:[80/`=Z9XWKT=M=L(*B`"7>`[TSQO7H[:[80/`=Z9XWKT=M=L(*B`"7>
M`[TSQO7H[:[80/`=Z9XWKT=M=L(*B`"7>`[TSQO7H[:[80/`=Z9XWKT=M=L(
M*B`"7>`[TSQO7H[:[80/`=Z9XWKT=M=L(*B`"7>`[TSQO7H[:[80/`=Z9XWK
MT=M=L(*B`"7>`[TSQO7H[:[80/`=Z9XWKT=M=L(*B`"7>`[TSQO7H[:[80/`
M=Z9XWKT=M=L(*B.)CNY7="]^-RIPNF9@Z6RP?+0730'-85I7;J7$_7,^4=9I
ME5PO2X38GI,FE;9E01I]/3,ZDJ9,Z9_Z5'/K*F&8?>YE1=Y>34:L"V^TZA-52YZA+06S;U0MVIJU1"DR*^E@I6\JI[E
MJ*>IJ."YU"RSK6):K;MR/UUT](MH-LF\HW%?*8Y(5=R-YUOYE)58Y
M*I0;U7*E>Z:DT'765]754=TW8DTM1/CFTZ91H=O*BEH946+>TTB>I,ZM4)LN
M#$9PQUE743SWQ[^;%Q8NO<^.D87I>+`QP:N3_P".[L^(O$7Z7T!\=(POO]3+
M!JZ>79_Y@\]N_P"..VGYCTC=/6T]ZCH_-T^Z>9V"W@.],\;UZ.VNV$#P'>F>
M-Z]';7;"#KZ?CI&%]_J98-73R[/_`##F%;C'N@CZW3/`?;&%1<1@-&VKE7KA
M7/9TYKLE17%1"D4C$&)W3+VL;U86]4TV5<53$9S$33/!PO1VU
MVP@>`[TSQO7H[:[805$![I"7>`[TSQO7H[:[80/`=Z9XWKT=M=L(*B`"7>`[
MTSQO7H[:[80/`=Z9XWKT=M=L(*B`"7>`[TSQO7H[:[80/`=Z9XWKT=M=L(*B
M`"7>`[TSQO7H[:[80/`=Z9XWKT=M=L(*B`"7>`[TSQO7H[:[80/`=Z9XWKT=
MM=L(*B`"7>`[TSQO7H[:[80/`=Z9XWKT=M=L(*B`"7>`[TSQO7H[:[80/`=Z
M9XWKT=M=L(*B`"7>`[TSQO7H[:[80/`=Z9XWKT=M=L(*B`"7>`[TSQO7H[:[
M80/`=Z9XWKT=M=L(*B`"7>`[TSQO7H[:[80/`=Z9XWKT=M=L(*B`"7>`[TSQ
MO7H[:[80/`=Z9XWKT=M=L(*B`#P*4EJ5`GT])7.%27*J24SOJI7T:%35=5OY
MTR9`GP=YEQP2(/@]')**7*@BF;^=%,FQAYX``!"%S":L0VZ5W5R[<
MYKI="Q'/3,QU5M755,ND2G541*11(,55\$BD5BG10(RS/5Z9-F5L2'2HZO6+
M1I](EU\^GN-/42*N1*J:6=*J*:HERYU/42)D$Z1/D3H(9DJ=)FRSBES94V7'
M#'+F2XHH)D$4,<$44,1&83-#^5RX?[EVL_F5S!4A+43BNY]R[6?S*YHJ&_
MAY?4?4`V`:[^'E]1]0;^'E]1]0#8!KOX>7U'U!OX>7U'U`-@&N_AY?4?4&_A
MY?4?4`V`:[^'E]1]0;^'E]1]0#8!KOX>7U'U!OX>7U'U`-@&N_AY?4?4&_AY
M?4?4`V`:[^'E]1]0;^'E]1]0#8!KOX>7U'U!OX>7U'U`-@&N_AY?4?4&_AY?
M4?4`V`:[^'E]1]0;^'E]1]0#8!KOX>7U'U!OX>7U'U`-AUD7=C7SHEIOX++9
M?FU?(=FWOX>7U'U#K).[&OG1+3?P66R_-J^0@8EJT[=&]68MJ=6W3XN)X``,
M\R0```#M0^Y-/F>;=??GA%?F#&.J\':A=R:F1;CS;K&?_CGA%?F#&+/"^6KV
M/%=8)R]KU<;W)>`:[^'E]1]0;^'E]1]0O6F;`-=_#R^H^H-_#R^H^H!L`UW\
M/+ZCZ@W\/+ZCZ@&P#7?P\OJ/J#?P\OJ/J`;`-=_#R^H^H-_#R^H^H!L`UW\/
M+ZCZ@W\/+ZCZ@&P#7?P\OJ/J#?P\OJ/J`;`-=_#R^H^H-_#R^H^H!L`UW\/+
MZCZ@W\/+ZCZ@&P#7?P\OJ/J#?P\OJ/J`;`-=_#R^H^H-_#R^H^H!L`UW\/+Z
MCZ@W\/+ZCZ@&P#7?P\OJ/J`!\S'5@47)G7*?%R6&[K>-.96NIV+S;:$VAN,J
MLYQJ5RT>ZK>>C^N(CJ+K4I,FX:E,GZ#
ML!I4S!8[.8]'5U%?2,UK-QJ4M=50P05-93-Q%H4615U$$HBEPSZF50P3IT,O
M_)PS8XR@,X2(?K@`0.>T:!SW@?,VL4W4GQ4C'MA*EPMQWN9L2YD,U4N9'%%5
M2D!43Y=9,A,B*7-J8)LR5!C@EQ0P110Q?K,DZ)SCN=K9N-M&-4/Y7+A_N7:S
M^97,%2`2_).BK,6U.K;I\7$\``&>9(```!VA_,N
MKP':A]R:?,\VZ^_/"*_,&,6>%\M7L>*ZP3E[7JXWN0;DG1.<=SM;-QMHPR3H
MG..YVMFXVT8J`"]:9+\DZ)SCN=K9N-M&&2=$YQW.ULW&VC%0`!+\DZ)SCN=K
M9N-M&&2=$YQW.ULW&VC%0`!+\DZ)SCN=K9N-M&&2=$YQW.ULW&VC%0`!+\DZ
M)SCN=K9N-M&&2=$YQW.ULW&VC%0`!+\DZ)SCN=K9N-M&&2=$YQW.ULW&VC%0
M`!+\DZ)SCN=K9N-M&&2=$YQW.ULW&VC%0`!+\DZ)SCN=K9N-M&&2=$YQW.UL
MW&VC%0`!+\DZ)SCN=K9N-M&&2=$YQW.ULW&VC%0`!+\DZ)SCN=K9N-M&&2=$
MYQW.ULW&VC%0`!+\DZ)SCN=K9N-M&&2=$YQW.ULW&VC%0`!+\DZ)SCN=K9N-
MM&&2=$YQW.ULW&VC%0`!X)*0:9'3Z=.IZQ;JI-,4PH)ZJX%E84)G?9TR=%\(
M4E.KJJZI.&*8<$LY\^9WJ3#+D2][*ERX(0\Z```]2GCAKV'9BW<5MU2VXEI>
MM4ZT=G/9,:[+HD3I9Q039,
M^3,@FRID$1PS)<<,<)XHB`3=#^5RX?[EVL_F5S!4A+43Y7+A_N7:S^97-%0W
MWFQ:`&P#7?>;%H#?>;%H`;`-=]YL6@-]YL6@!L`UWWFQ:`WWFQ:`&P#7?>;%
MH#?>;%H`;`-=]YL6@-]YL6@!L`UWWFQ:`WWFQ:`&P#7?>;%H#?>;%H`;`-=]
MYL6@-]YL6@!L`UWWFQ:`WWFQ:`&P#7?>;%H#?>;%H`;`-=]YL6@-]YL6@!L.
MLB[L:^=$M-_!9;+\VKY#LV]]YL6@=9)W8U\Z):;^"RV7YM7R$#$M6G;HWJS%
MM3JVZ?%Q/``!GF2````=J'W)I\SS;K[\\(K\P8QU7@[4+N34\6X\VZXC/_/G
MA%>(O_F#&+/"^6KV/%=8)R]KU<;W)>`:[[S8M`;[S8M`O6F;`-=]YL6@-]YL
M6@!L`UWWFQ:`WWFQ:`&P#7?>;%H#?>;%H`;`-=]YL6@-]YL6@!L`UWWFQ:`W
MWFQ:`&P#7?>;%H#?>;%H`;`-=]YL6@-]YL6@!L`UWWFQ:`WWFQ:`&P#7?>;%
MH#?>;%H`;`-=]YL6@-]YL6@!L`UWWFQ:`WWFQ:`&P#7?>;%H`!\\W!N==NYC
MC?CM8EP[I,9WW#0(%2DR30J-0;:K[]HJ10H"0F(:7)^#IJ.GT*4GT_?(YO>*%.I9-%1
MR>^38HYDPY5-(E2]_,BBCCWN_C,XHC'DP`0.>QF<[[P/F:Z6PA.&;0L>V$FC
MF+"92J$=+*G*ES(YLN1%42XXI4$R,H8XX8#(HXH83,C,B,OUF12T>;9D]'$W
ML!JA_*Y]R[6?S*Y@J0"7Y%+1YMF3T<3>P#(I:/-LR>CB;V`J``)?D4M'FV
M9/1Q-[`,BEH\VS)Z.)O8"H``E^12T>;9D]'$WL`R*6CS;,GHXF]@*@`"7Y%+
M1YMF3T<3>P#(I:/-LR>CB;V`J``)?D4M'FV9/1Q-[`,BEH\VS)Z.)O8"H``E
M^12T>;9D]'$WL`R*6CS;,GHXF]@*@`"7Y%+1YMF3T<3>P#(I:/-LR>CB;V`J
M``)?D4M'FV9/1Q-[`,BEH\VS)Z.)O8"H``E^12T>;9D]'$WL`R*6CS;,GHXF
M]@*@`"7Y%+1YMF3T<3>P#(I:/-LR>CB;V`J``)?D4M'FV9/1Q-[`,BEH\VS)
MZ.)O8"H``E^12T>;9D]'$WL!UJ_=?C:;S6W3BU*K,6U.K;I\7$\``&>9(```!VA_$5^8,8L\+Y:O8\5U@G+VO5QO<@W(I:/-LR>CB;V`9%+1YMF3T
M<3>P%0`7K3)?D4M'FV9/1Q-[`,BEH\VS)Z.)O8"H``E^12T>;9D]'$WL`R*6
MCS;,GHXF]@/U#E>S/9L%),=KI;;8EJ$2$."LF4\,$=1!21*M;1PU
M,L.3-KJ"E5$VIJZ6&;(D*%'.F05,OY
MR6SL@V68_P"WK]K<(VQ%$K)#]<[X>*VA76=:R](TA:CB;V`9%+1YMF3T<3>P'ZAM/9GO*"KF-)TMMS
MRT^.3*KHV\O)"Y!1S*B&..G@JXDJMK(::.?!+F128)QP1388(XI91%#$9?J!
MUU+\BEH\VS)Z.)O8!D4M'FV9/1Q-[`5``$OR*6CS;,GHXF]@&12T>;9D]'$W
ML!4``2_(I:/-LR>CB;V`9%+1YMF3T<3>P%0`!+\BEH\VS)Z.)O8!D4M'FV9/
M1Q-[`5``$OR*6CS;,GHXF]@&12T>;9D]'$WL!4``2_(I:/-LR>CB;V`9%+1Y
MMF3T<3>P%0`!X)*;*`A)].E(R,F):;2%,*FH*"BDTU)(*=.F5$TI4B44,N#O
MD^;-G1[V$M],F1QGQQ&8#SH``#T6?V&S1LFZ+WLY36O7G5=O
M:BJ64.M;EP'A7URU#$N&;"4/!.V3H<+80'3WE5=Z;$CS**"ABJU&%']R&FYD
MIZ-ANN]#FS9R*Z4)'<:/.GR8Z>=-2EU-I59.F39$PBCD39E'628YDF/_`!Y4
M<44N(S.$S`?CD/Y7+A_N7:S^97,%2$*B>#3:]WWW*FUC(MA-I)2XN)
M:1,JITQUIW=@+@07)NG5J:YO+
M:0O44O`RMI31UB,I42I2P5$%UKW38Z>.HH9\^3#/AE3I4R*5%&4PITQ>M,H8">96[79R&!TT;7M,,K=KLY#`Z:-KVF`X4G=LT$$=M-SS*.7+F
M%E'PC2Q3)<$PL1LZUIF1%'#%BQF1&>+Z2(_H(=?O\&IO]%I?1I'9CGT]VCNY
MJ.BVNY]PMMS-]P14EQL(F*KA0UI-5XJ6&:S[7E+BJ"3ZFH[S#,BABA@.9O2C
M.&(H<>(QP'!G\1JJB\S$53'V*.")F/N9;%ZZJ;W,4U51]BC@BJ8^Z.:7\?@U
M-_HM+Z-([,/@U-_HM+Z-([,?V`0=.O\`%5WI^*K\I:>LK[U7Q?Q^#4W^BTOH
MTCLP^#4W^BTOHTCLQ_8`TZ_Q5=Z?B>4M/65]ZKXNP"[B9@@@MINAA02Y(S,RQ_29G])CG/#@A=Q<.YJ->VNZ"0N1S-]OQ
M5=QL':*DA7%I-2(JJ&4S[H%,BIR4*FG[]#+BBAAC.7OB@.*$HL6,AS>LK=KL
MY#`Z:-KVF-+=)SNUC,\,Z$;Y;*XSG<[O,SG,V5.YTJ9*F
M=[F1;R;+CEQ8HX(B(`]8'I@:6M?KE<+Q<:Y=*I=*O-J8$9>E7*<,A38:,KFM
MDZFLP:O?QSFZV'=3N1=H%Q(.*N@@3*^2FH@TG8AP*D?9:=Z#2=B/)@`\9P
M*D?9:=Z#2=B'`J1]EIWH-)V(\F`#QG`J1]EIWH-)V(<"I'V6G>@TG8CR8`/&
M<"I'V6G>@TG8AP*D?9:=Z#2=B/)@`\9P*D?9:=Z#2=B'`J1]EIWH-)V(\F`#
MQG`J1]EIWH-)V(<"I'V6G>@TG8CR8`/&<"I'V6G>@TG8AP*D?9:=Z#2=B/)@
M`\9P*D?9:=Z#2=B'`J1]EIWH-)V(\F`#QG`J1]EIWH-)V(<"I'V6G>@TG8CR
M8`/&<"I'V6G>@TG8AP*D?9:=Z#2=B/)@`\9P*D?9:=Z#2=B'`J1]EIWH-)V(
M\F`#QG`J1]EIWH-)V(ZR_NQ2GD4VZ@VFET\F3(@/`MMB9P294$J$SRL7QAWQ
MPRX82,][###CQ8][#"7B(B+LXQUD7=C7SHEIOX++9?FU?(0,2U:=NC>K,6U.
MK;I\7$\``&>9(```!VG'%\M7L>*ZP3E[7JX
MWN25P*D?9:=Z#2=B'`J1]EIWH-)V(\F`O6F>,X%2/LM.]!I.Q#@5(^RT[T&D
M[$>3`!P6^[7*2EI+9[GH5+34],45R,(S?%(DRY)1?]SK6?I%+AA(_P!$O'R%
MR$.`&.P$[MD^33<\_O(PC/Z.M:.O[&>Q+69V*-S*8QK<[%&Z```0%4```.?Y
MW%'24M7;/="RJJ:GJ2AN1@Y[TI\F7.*'_N==/]$ID,1%^D?BY3Y3'.1X%2/L
MM.]!I.Q'!V[B;^33=#/O(P<_Z.ND.
M@TG8AP*D?9:=Z#2=B/)@)*6\9P*D?9:=Z#2=B'`J1]EIWH-)V(\F`#QG`J1]
MEIWH-)V(<"I'V6G>@TG8CR8`/&<"I'V6G>@TG8AP*D?9:=Z#2=B/)@`\9P*D
M?9:=Z#2=B'`J1]EIWH-)V(\F`#QG`J1]EIWH-)V(<"I'V6G>@TG8CR8`/\\J
MEIY,$,J3)DRI<./>RY4J5+@AQF<1[V""`H2QQ&9GB+C,S,^,P'^@``!\S;BX
M9MX6<^+C,U*MI;U;E-M6<\]!I-&=(='T8;:W3.5OHCBHY=1)I%Y(3%FEDU4$,NIE
M4RK04ZA(E5$$$UZN-[E)@)5ED9/UW
M7JVN9L@&61D_7=>K:YFR`O6F54!*LLC)^NZ]6US-D`RR,GZ[KU;7,V0`<+CN
MV3Y--SS^\C",_HZUHZ_L<]ONS]Y(CLMKN?G`_#!_!+CX1,4XU1L.=O0'WQGV
MN(BD1N%'2H:J(C_3@I3G12H8H(IA00QPF?`D&>Q+6IV*-S*8QKD[%']8``!`
M50```[`3N)OY--T,^\C!S_HZZ0YS@X'7<8#R1&G;7=`^&.&"^%W'P=HI)I;8
M<[A@+O;/NB1E/C;R.JPTL1G^A!5')BFPPQQ2RCA@B,N;AED9/UW7JVN9L@-/
M<]5L=CQEM;AJ=VZJE50$JRR,GZ[KU;7,V0#+(R?KNO5M]*HII1S(-[.E[^3,EQQ`$0J\$G!TKJ-P)U
M9:=K5*:Z'=/?:VFSX%*:G5;LKJ]QJ2NLP4,:B=+15#AJ7B[/"B4GRJ2D=5,Y
MU^@<=.JT"O7TL_V+@@AEPE!`10PPD4,,,)%###"18H882+B(B(B(B+$1$6(B
M(B(BV`!+4/Y7+A_N7:S^97-%1Q%Y=)]8ER'\KEP_W+M9_,KF"I`,8B\ND^L,
M1>72?6,@`QB+RZ3ZPQ%Y=)]8R`#&(O+I/K#$7ETGUC(`,8B\ND^L,1>72?6,
M@`QB+RZ3ZPQ%Y=)]8R`#&(O+I/K#$7ETGUC(`,8B\ND^L,1>72?6,@`QB+RZ
M3ZPQ%Y=)]8R`#&(O+I/K#$7ETGUC(`,8B\ND^L,1>72?6,@`QB+RZ3ZPQ%Y=
M)]8R`#&(O+I/K'61]V-?.B6F_@LME^;5\AV;HZR+NQKYT2TW\%ELOS:OD(&)
M:M.W1O5F+:G5MT^+B>``#/,D````[4+N30O_`%/-NO'\N>$5])YP8QU7H[4/
MN33YGFW7WYX17Y@QBSPOEJ]CQ76"72?6&(O+I/K&0%ZTS&(O
M+I/K#$7ETGUC(`.#'W;)\FFYY_>1A&?T=:T=?V.P$[MD^33<\_O(PC/Z.M:.
MO[&>Q+69V*-S*8QK<[%&Z```0%4```.P$[B;^33=#/O(P<_Z.ND.72?6,@`QB+RZ3ZPQ%Y=)]8R`#&(O+I/K#$7ETGUC(`,8B\
MND^L,1>72?6,@`QB+RZ3ZPQ%Y=)]8R`#&(O+I/K`9```?..ZV$]=%N.&[#+0
MUZU3?KFQ?>F8B`Z7&W56M2VXT:?`[J\)R;3O)-)^IIJ*^M+R$I-.D6::N;M%
M3("IPC)0*I30X25_>BW#IJ7PP&0\ZQ,C1:MVM!L.:I1YD<!0_E$5^8,8ZKP=H7W*J\:]"W(:W5)3L5[.&7ERPB3*N0*-`J*,SB?D,PX,:@
MY$NJ**`YO>HCBI2@.;+FPRXXR@WQV>%\M7L>*ZP3E[7JXWN4J`E&4Q6S373_
M``MI;;!E,5LTUT_PMI;;"]:95P$HRF*V::Z?X6TMM@RF*V::Z?X6TMM@'"Z[
MMD^33<\_O(PC/Z.M:.O['/9[L^XHSAC(N!,,]B6LSL4;F4QC7)V*-P``("J
M```'8"=Q-_)INAGWD8.?]'72'.<'`X[C!!1UJH54ZFKYR"N(\RH*:
M<2:KR*"4HTW>YTR215$NC5*ZFA.:4LI\KO55-QR9DN*+>1G%+@`/S*C:.UBP
M3EA5;;,%3A>:JD+KNA4&8VJV%T+2!WK@)7<<-2ES"7%1%^#R#25!5^%UB:PQ1'CQ0PG%Q>/B+'Q8_I`
M9Q%R%H(,1]WIGZR?'0\!G_`%4L+W18WWHC
MPF\W>F9BJVHB8XXFCHZ>13
M283BB.&5*@(XC,C,^>=W;U]GWH<\^N?M-EWX^OO^LI@\^N
M?M-EWX^OO^LI#W9'"*:B0M-]LWSM2PKLM]"
M!_#Z.C/]MI[F3DU:X*JZ]-X4HJ11E4]=\`K:NC^$2YGP:IG2M[,BMP]XF)
MB)B>)X8EC$7(6@@Q%R%H(9`==8Q%R%H(=9'
MW8U\Z):;^"RV7YM7R'9NCK(N[&OG1+3?P66R_-J^0@8EJT[=&]68MJ=6W3XN
M)X``,\R0```#M0NY-"+_`+'FW7$7RYX17Y@QCJO1VH?UZN-[DN8BY"T$&(N0M!#("]:9C$7(6@@Q%R%H(9`!P8^[8_
MDTW//[R,(S^CK6CK^QV`G=LGR:;GG]Y&$9_1UK1U_8SV):S.Q1N93&-;G8HW
M0``"`J@``!V`G<3GR:;H9]YG_1UTASF\1EC/$6/%QGX\1WKG1':M4+14E7X&S'`];:T$IN
MUSKN'"NS:I@4L5#[LP\]I_3C^D^/']./QD?TEQ@,XBY"T$&(N0M!#(`,8B
MY"T$&(N0M!#(`,8BY"T$`R`#!Q$7C/\`OX_47&?(7&?$,^,>C.'*DW+5F>SI
M3&I;H*"3*5'S$M4-GJYQISS-V3;4/219JNFU#4JZ%6)N)UUYC:G*DRHJ#;"<
MI1H*V]I<#02EJMHO]P0P8H2#\4A_*Y]R[6?S*Y@J0BZS2W!07^O.-L
M-1%="6X6RT$R,ZQWDVZN@KFU7NZ;4012)K?5Y53(J9+AI8Y,^742XH9DF?+F
MR8<4N*9_?PJO#FI;VM.FV)`6$!'X73>`XH2.U3?(CB(C,KI4T1D1GQF4/@46
M,R+C(L98SXL9>,>I*Q?C=&Z175J5&W/^SRNCTJFH4R2K5.'FFI50J)E^U-57]8G+]WS
M55%.6<53G^&BNOMT*:LOW?18>L.%)!)G_`$MCQ:U>3=$W&FU*,X=S9L*NI%9WGX8E+&'F@*B;5?!Y\JJI
M_A-#78*M12S^\54B34R>^R8^]3Y4J=!O9LN"*'Y\I3S6G\5K\G3]92^?*T\U
MK_#;?Z^GZRE[Z6>>"I<&T]L7ZMITE'67M;QD.]62::"JETZ6IN5L):U7ILF"
MNQUD$JAJJV;32H:L_A4,N7##4?Y8HQ1Q\V/\(#=+/]G?9C_>!)G_`$MA_A`;
MI9_L[[,?[P),_P"EL/*4\UI_%:_)T_64GE:>:U_AMO\`7T_64OI.`^=*/?C=
M&ZM72:59W/\`L\D(]4II],K*U-AYIJK4):7/K),I14J=++!EH8E.?04<`HHB*U3?,BB,B,[I4T)F1'Q&@4>(S+C,
ML9XCXL9^,=IJBKBTO_5-5/\`:(S_`&?5-459Y15&7XJ*Z.S3IIS_`&XOO6`!
M'O"J\.:EO:TZ;8D/"J\.:EO:TZ;8D?3Z6$?SG?\`LIO_`-N/_P#4Q(O"J\.:
MEO:TZ;8D:QNB\44$<)6I;V.*&*$L=TZ;Z2,N9(#J.=WN^>+W03[]S_H!C#Y$
M#FW[IOW-7NFV&-A\84F$_;BEP;4ICWHN9&[VTG.:]:M1KM(F>#3<18):G34M
MM:J1)J8IR1/F'!+J)L,,$R`M_%B.(_1/XHINMGZ[!0UZ+WNM&>M[I>:[6NJF
MRJF)F,ISIX>"(YV5O5POEI>+6NBPJFFJK@G.B,\HB.*:HG[G%\`O4U=M/Q1_1M^]GJ[UG\[B^#6/]"+
M_P"F+_R,Y*_-?;GG_!=@U_E,UQ]"Q\^L
M""WN$)@V8&^"O@^O"VS+4799/!\M):MS5Z+=>"_<,=T)W4##)9&$'9
M%%L(VFFV\'MG6JK*!]7G4*%7FKR`][C.6KJI$F@MO6233XZ-W4$N3,BG%,CG
MR:C'!#"4&.'?K.NUL)HLZ9JJTJ9RC+BB>'CR0,2LK2VNLT65$UUS73E3&7%P
M\/#,1P?JZ\(!R@_BBFZV?KL%#7HO>ZT/BBFZV?KL%#7HO>ZT4OF5Z]35VT_%
MG/1M^]GJ[UG\[B^`.4'\44W6S]=@H:]%[W6A\44W6S]=@H:]%[W6AYE>O4U=
MM/Q/1M^]GJ[UG\[B^#M0^Y-/F>;=??GA%?F#&.)_\44W6S]=@H:]%[W6CFD;
MB+@:86.YO8!32P8[P,>VCB?")[GA6TJ7)J:YATT^.I
ME2(IDJJ@.G@AEQPPG#'&4>]ES\/N]M96M4VEG-,33E$SEQY]$RM,*NEXN]M:
M56UE-$5491,S3.^ZH"/>%5XUITVQ(>%5XUITVQ(MU\L("
M/>%5XUITVQ(>%5XUITVQ(#AB=VR?)IN>?WD81G]'6M'7]CM!.Z&]
MRSPW=U?9V"NA6(:UG&M663=MV5US1/\`O#4T$BLI7P@,I+2H$R-.M]6Q39TJ
M>WJZ.KAFP2BEP1R#@BC[X92^+]\44W6S]=@H:]%[W6BEOUVM[6\379V=55.C
M3&<33QQ'#QRSN)W.\V]YFNRLJJZ=&F-*)IB,XB,XX:HG@_1Q?`'*#^**;K9^
MNP4->B][K0^**;K9^NP4->B][K1#\RO7J:NVGXJ_T;?O9ZN]9_.XO@#E!_%%
M-UL_78*&O1>]UH?%%-UL_78*&O1>]UH>97KU-7;3\3T;?O9ZN]9_.^P/<3?R
M:;H9]YG_1UTASG!Q8^YY-RSPW=R@9V%0A7W:UG'367L=MIEULQ,"\-37R*
M.E8Z`]4M5@4XU&WU%%*G39[AH8Z2&5!-*9!!/..*#O9%,Y'?A5>'-2WM:=-L
M2+^[4U46%E15&55-.4QS3G+4W.BJSNMA173--=%G%-5,Y9Q,?IG"P@(]X57A
MS4M[6G3;$AX57AS4M[6G3;$CW25A'Q]WS/BTTM"K0STLN#+@G]G
MG:Z7DZ]#/2R^SEQY]'2X>_QQK=1,TV!9JRNU[\@^.-;J)FFP+-65VO?D)_\`
M%%-UL_78*&O1>]UH?%%-UL_78*&O1>]UHIT<:YK7OT?
M.H'QQO=1>,LD^!9B/B/_`#97:X_V_P"?(/CC6ZB9IL"S5E=KWY"?_%%-UL_7
M8*&O1>]UH?%%-UL_78*&O1>]UH98G_E[T='YNCWSSFCC7-:]^CYU`^.-;J)F
MFP+-65VO?D/MON!O=`.&CNG^&NZL'7""8V#LW&.B8/CZNG25]JV:^D!RQN)M
MO&W+?H*:?7.2Y+N3XDF91.U2CJJ>!+@JIE1*HXY=7*ERYLJ=\"/BBFZV?KL%
M#7HO>ZT?:[<%]PJW0S=43&C
MP9Y_:Z/?+WNT8K%O9^6BT\EIQIYU4S&CGPYQ%4SQ.;>`CWA5>'-2WM:=-L2'
MA5>'-2WM:=-L2+A?+"`_-HR@XZM-IJA:0:-(4YG??A*=3+\M6DT^]GS8).\4
M(4NA*H[[3PRI\6*EE=ZBFQ2?\?O??(P#]%%##%Q1$1EY?[>LQL`````````#
M&/\`;H/^_P#:$7Z)^/Q'XO'XOH\H]2[9TUS4RX6&/'1-MQ2X%"Y#27K4S;C+
M"U3,1Q',L?;M$5XVS729[H4D-K0/5OK(!L```````````#6,C,N+'^E`?%R%$1GCXRXC(L47CXC/
MB/Q`,E$1^+'X\7&1EHQD6,O*7$!F1>/D,_$?T?W\7C/Z!\[L%UKW_M\V[X(5
M(@U2Y4R7?0*3*<5]8*]AKCQ=*JI+LZX<*Y4-5?NY-JFDAT/@[+9+K2J&*%P3
M:A0HN]3DY-IU"7_?">;U[EQ[QPVT0[@2UA8P-[^MFO6&DOJ5&R9-P*]W6;5V
MHW4^LJEQ'HTY^*:*C7/3F0[HT-.44J-1I_AKB0Y57(@@#Z%%$1\98_[2,C_M
M(R(R/R&6,9'K1@HH3C;]K)U$M([F;*+.?EQE"W33>E14U#L:ML%%WJ54QD):
M^'5:BH4,=,DS._IJ(H*-77MU$JDI`K/@D]-B3Z/V7```````````!KOX>+C/
MC\A_LX^+_%X^+'%BQGQ%QA%XB\D1'XL?$1XS]6/EY/&/C*S;>81,XL'V96M&
M^%-4(CB5*5G3%UT*\,^VM0GX8R@XW6LW3GUKQKXU-&=V"V5*A-N#%U/B\8U*.$SQ8_HQ^(_V\G$>+CQ'Q
MXN/$/6:\]7JTQ71,(JND*K7;:O(6W=0,-+;ZFIO)7DTM5'
M.#ZP@!>7Q@`````````#6+CA,N/CY#Q&?DQ_1^WZ/&`QOX>/C/B/%Q0Q'C_9
MB+CQ8CQF6,BQ<>(;8R_O_?U^(?&2Z-MKHN.X]Y752VVPCH&5.N*H(;@MVDN-
MR?#;EI]`UKP4K"N\@N+*+*H?@U)=E8MUX*M!IFWJ6WUL41NN!XR%"IIJE)8W
MTL9$-Z4Q+::6]4YL+=`GVJ0);J64]SJ9/U6NA2(E'(7J:C3HT).:A)2A7RZR
M=3+L;NH:DJR=!'%04M)CJ986W?P\7&?&>+CAB+3C+B(_H,\1'Q8C/&0W'Q`8
M5KL(>5<1+49#$O,DM.?=]"7+)Q5:BX&O06RI(KB6B6;MU%PVFMW9?]/^T\9D6/B(SQGQE^TP&P`
M```````````#4XX2XCQ^+'XHM&/%BQ^;X_(,D91%C+_B7+R_L/B'RTPNV3>!
MTWN0%&V3)NG5(:6SIM!=BJ;]6KH]*^+95*@BJ#B;K0=%/=>2CSU2H2*)P->1
M;&GM^UWDJNM;H7S1/RC2D6"D7K!@^RL*!O+-KVPJ,E'3["&S+KJ%96O=[*E=
M=]J1U5UYU;95GUZ3$EK4J=4(=IZY/1:JDK';5SJ?@^K@6E20KHE&GKH>]@`7
MB+^__GQZ0`:[Z''BQ\?%]!_26/'^S%]/B_M&<9#*YX)5'1*OYE.=&Z*N&[DAO5%&JLZWE$D-ZH=;K*V]MU2CF.1`M`[U!
M3E,5/47#2U\#4935HJ)PJU$G+LY$H:9GRT*0OI%/0+5`A53<35
15%3Z^E2UN&I6*2NK*@`__]D_
`
end
GRAPHIC
3
html_mslogok50.jpg
GRAPHIC
begin 644 html_mslogok50.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````/```_^X`#D%D
M;V)E`&3``````?_;`(0`!@0$!`4$!@4%!@D&!08)"P@&!@@+#`H*"PH*#!`,
M#`P,#`P0#`X/$`\.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-#`T8$!`8
M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?
M'Q\?'Q\?'Q\?_\``$0@`)`"_`P$1``(1`0,1`?_$`:(````'`0$!`0$`````
M``````0%`P(&`0`'"`D*"P$``@(#`0$!`0$``````````0`"`P0%!@<("0H+
M$``"`0,#`@0"!@<#!`(&`G,!`@,1!``%(1(Q05$&$V$B<8$4,I&A!Q6Q0B/!
M4M'A,Q9B\"1R@O$E0S13DJ*R8W/"-40GDZ.S-A=49'3#TN(()H,)"A@9A)1%
M1J2T5M-5*!KRX_/$U.3T976%E:6UQ=7E]69VAI:FML;6YO8W1U=G=X>7I[?'
MU^?W.$A8:'B(F*BXR-CH^"DY25EI>8F9J;G)V>GY*CI*6FIZBIJJNLK:ZOH1
M``("`0(#!04$!08$"`,#;0$``A$#!"$2,4$%41-A(@9Q@9$RH;'P%,'1X2-"
M%5)B)$@Q=4DP@)"A@9)C9%&B=D=%4W\J.S
MPR@IT^/SA)2DM,34Y/1E=865I;7%U>7U1E9F=H:6IK;&UN;V1U=G=X>7I[?'
MU^?W.$A8:'B(F*BXR-CH^#E)66EYB9FINI*P45\
M!7J?;%4-I?F30=5=H].OH;F1!5HT8/$[T]\53'%78J[%78J[%5"ZO[&T,
M0NKF*W,[<(1*ZH7<_LKR(J?88JKXJ[%78J[%7B'Y82/INOZ9=,Q%OJWUBR:O
M3G&%=?O)7%6<_FC(]S9Z7H,1(EU>]CC-/]]H1R/T,RG%5+\FO^41?_F+E_XB
MF*HRZ_-/RI!/)&C3W,<)XRW,$1>)36GVJC;W'T8JR.TU?3KS31J=K,)K)D,@
ME6I^%14[=:BFXZXJD48[:UG^M,XO"1#&L;PMK2]:^EE6*:W:
M#BT`+!>"QF>2XO:5:VMD]5U%*_%N`-NU:XJC?+_
M`)ETC7[5KC3IN8C/&:)AQD1CT#*?'QZ8JEE[^9'E6TFN+=IY)+NVF-NUK'$[
M2-(K%6"B@!H1UKBJCY/;ROJ.JZAK>BSF5N2`0QO'^T'"#?[MQ48JD'G'SAI*^=M&;ZPZII,LJ:D%5Z*U0*#8<^G;
M%6=0^;=!ET,ZY]9"::*CUG5E-5;C0*1R)KT%,52O3OS-\KWMW%;59KZ
M.U6298YG]**\>(K`S5ILYWZ^V*H'\SO]ZO+/_;2C_6N*LJUS7]*T.R^N:E.(
M8J\4%"S,W\JJ-R<52K0_S!\NZO?"PA:6WNW'***Y3TS(*5^`U(.V^*II9:_I
MEYJ=YI<$A^NV-/K$3*RT#=""10CY8JW?Z[IMA?V5A<2$7>H,5M8E4L25I4F@
M^$"O4XJ\BTRWE7\M(M6@'^D:/JHND/>GP*1_P14_1BK,HYX]=_,RUEB/.RTB
MP$ZD]/4N5!7Z2DBGZ,52#RQ=RVOY0:Q-$2LGJ2H&&Q`D$:>-BK._)&F6=M
MY.TR!(U,=Q:QS3J0"':=`[\J]?M4^6*L9\CI]4M?..EQG_1+*XG%NM:\05=:
M?=&,57?D[H-G#H9UAE#WET[HDA%3''&2O%:].35)IBJG;:II_E[\R-:?6I%A
M&H11R6=VPJO``52HJ5^S3_8_+%5?0[N#7/S*N-7TD%M-MK/ZO8;ZV\M:,VIZ_.0=0>+X(U8=>;;IHE:XCU
M"1(Y2`656EEY!3VK3?%5;RM1?S)\T(OPJ5A8J-A6BFOXG%4]\S>4M"\R1"&^
M6ES`/W<\3`2QAOOJ#3H1BK#KF?S7Y`N+9[F].K>6Y9!$QD!]6*N]!4DBBC;?
MB:=!BJ9^<2&\^>42#4%Y2".A'PXJG?G:X\L6VDI/YAB$]O%*KV\-.3O,M2JJ
M*BM16M=J=<58'Y_UGS%JOEOU9]#&FZ2DL9BFG8>ORW"\8_A*5!\,53K\S(H[
MF'RQ#./4CFO(TE4D_$KA0U3UWKBJ)_-JW@B\E!(HUC2">'T54!0E*CX0.FV*
MJ7YC.SOY5=MV:_B)^9XXJ@//]W./S!T6,6+ZI':6QN8["/JSLT@KT;[)C5NG
M;%4-YIO?,>O7.F7$'EF\LKVPN%D2Y(+?`#4KLJG[0!Q5.O,@_0?YA:/K8^&U
MU1387I'\VP1F/TK_`,#BJ_3Z:U^9]]>?:MM`@%M">WK25Y'Z*N/H&*K/(_EF
M_7R'?Z/J5NUM-=/.H22E0)(U"M]^*KORI\N:EI6GWMQJ<+P7ES(D:I)]KT84
M`3Z/B(^C%5GDGRK?'R%?:+J<+6DUW),`'&XY(O!Z>S#%5#1_,?FS0-)71;OR
M[=WEY9+Z-K7M4EU``ZOJYEN+B-=^+.
MIXI\ZL2?GBJ+_+?3;[3O*5K:7T+6]RCREHGZ@-(2/PQ5A<-GK^I>:]=OO+L,
M%_9/-Z<\NHQHR3--\TIYUU/5=]MEI)'0Q`CT^,8()W55H?EBJ8>1])U&QUGS/
M-=V[0Q7E\TML[='0R2'DOT,,5=Y?TG4;?S]Y@OYK=DL[I(A;SG[+E0M:?=BJ
M7ZKI?F'RWYIN?,&BV;:EI^H@?I"QC/[P./VE&Y.^XH#U(Q5"Z])YB\[O:Z3%
MH]SI6F)*LUY=WJ&-J*"*(I`K]H].IIT&*ICY]L=1@U;R]K-A8RWT6F2.+B"!
M2\G!N''BHJ>@;\,54?-B:UK.FZ/K]CI'7]CIUWQ5*
M_-UUYU\V:0]O::%-8V4+(\J7%1/*]:`(C!31:U)_'MBJ>^=-)U._3RTUI;22
M?5KN&6Y`&\:#C4M\L517YFZ7J&I^5I+6P@:XN#-&PC3K0$U.*H;SOH^IWO\`
MAOZI;O-]4O(I+GC^PB\:D_=BKO/&BZNFKZ9YGT:#ZU>:;6.>T'VY(6KLOT.P
M\=\54W\S>:A'Q4(#\2JK`4K:[L/RVU35GFW!O\`
MA>7TXJ]"Q5V*NQ5V*NQ5V*O'KO\`2WZ7I\]NO]
MFU,55]`^N_XMT_\`QO\`7/TER_W%>KP^J^IV^Q^U6G3O2N*O6L5=BKL5=BKL
M5=BKL5=BKL5=BKL5=BKL5=BKR;S]_BK]*S_ICZS_`(-^L)S^K>G]BBT_ROM?
GRAPHIC
4
html_mslogoko.jpg
GRAPHIC
begin 644 html_mslogoko.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````/```_^X`#D%D
M;V)E`&3``````?_;`(0`!@0$!`4$!@4%!@D&!08)"P@&!@@+#`H*"PH*#!`,
M#`P,#`P0#`X/$`\.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-#`T8$!`8
M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?
M'Q\?'Q\?'Q\?_\``$0@`AP$3`P$1``(1`0,1`?_$`:(````'`0$!`0$`````
M``````0%`P(&`0`'"`D*"P$``@(#`0$!`0$``````````0`"`P0%!@<("0H+
M$``"`0,#`@0"!@<#!`(&`G,!`@,1!``%(1(Q05$&$V$B<8$4,I&A!Q6Q0B/!
M4M'A,Q9B\"1R@O$E0S13DJ*R8W/"-40GDZ.S-A=49'3#TN(()H,)"A@9A)1%
M1J2T5M-5*!KRX_/$U.3T976%E:6UQ=7E]69VAI:FML;6YO8W1U=G=X>7I[?'
MU^?W.$A8:'B(F*BXR-CH^"DY25EI>8F9J;G)V>GY*CI*6FIZBIJJNLK:ZOH1
M``("`0(#!04$!08$"`,#;0$``A$#!"$2,4$%41-A(@9Q@9$RH;'P%,'1X2-"
M%5)B)$@Q=4DP@)"A@9)C9%&B=D=%4W\J.S
MPR@IT^/SA)2DM,34Y/1E=865I;7%U>7U1E9F=H:6IK;&UN;V1U=G=X>7I[?'
MU^?W.$A8:'B(F*BXR-CH^#E)66EYB9FIN5Y;>+7;(
MV3W:&2V!>.0.BGB2#&SCKBIB1S23%B[%78J[%78J[%78J[%78J[%78J[%78J
M[%78J[%78J[%78J[%78J[%78J[%78JRW\K?(\7G?SG:>79;MK%+E)G-RJ"0K
MZ4;24XDKUXTZXAG"/$:0_GWR7<>5?.M]Y920WK6\D:VTP7B9DF19(F"@M]H.
M.AQ1*-&F3_G+^3L7Y
M9X&MV*NQ5V*NQ5D_D+S[JGD_5'G@1+S3+Q/0U?2)_BM[NW;9D=345H3Q:FWR
MJ"LHRIE'YS:GY-OM*\GCRC*S:3!9W*K;2MRFMF>Y,K02]ZH7H*]10U/7"6>0
MC:D7=_E1Y`T"\L-`\W>:9]/\T7L4PWQI>
M`#8G=CTWY1^88/,WFCR_/-#%=>5M.N=6N9&Y<)K>V"./2H#O(DJE:_3C3'@-
MD=S!L#!V*NQ5END^1XK[\N=<\WF[:.31[JVMELP@*R"X8`L7KMQY>&+,1VMB
M6+!V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5ZI_SC)_Y.#2O
M^,-W_P!0[X0VX?J9?IFC1>;O,WY5>:YB/JQL636I6W`D\O%F>27WE`3%F!9!
M_&RIYWB_Y6##^4JWA98O,&H:O)<4-&6&6^B=U4]BL>RXK+U4A;#SQHVJ?FB_
MY>W/EO3%\ES7DFBV]I';(MQ'P9H8[E;@?O/5+@,37OX[XH$@956RSR1IWE7R
MKY%_,"ZU[2;?69O+FKI:V:7,2L7GBD,42N:5$9D`9UK0BHWQ6(`!M!>4M6OY
M_(OFKSUH&DV)\3BB)V)'-7_,O6
M-1;R;Y"76](A35=9N);W7M"MK>*TGOO1E6.VDD,4?K1O-&2/AZUV&U`IF=A;
M+K+0-7UF'5]-\VZ!Y?T+1)M-N9M%\OQB!-7M3%&7AFC](&2J@5D+TW[#[.%D
M!?,!Y_Y?URR\L?D?:ZY!HNGWVN2Z[/;6M_>P),T`^K*W(*P^,BAXAM@36F!@
M#4;2W\[K6SFA\G^8H[6"TOM?T:*YU)+6,0Q/.#0R!%V!8-0_+$HR="GUUK?Y
M9?FY<6C:_=3>5?/4D4=JVH\1+I]W(HXH9!4%"?:_
M)^K_`)A>6-=MK.^U'2-"U'5&O;F,W,LYCBMQ%&TSGD]J\=&],_ABR@2+!8K^
M7VM^8/,/F+7=4T;R;INH>8;F*`PWAC2'3-+CC3@\GH2?N0TBI4$O6H-`=QBP
MB23L$^_,SRS:'3O(OF"\329=@ZU'0#$L
MICD61W.O:7)^?$GY=Q>7-)@\M74CV^H1):1^M.SV?J^H9:`H5-.(2E/GOA97
MZJK9Y[H4*P_D-Y\A0DK%J]BBD]:+*H%<#6/I+T>/REYG\K6WEG3/*OE32M3T
MA[.WN?,MW?FQ^L7\MSJJ/*GII'-/:QR;MQ*R<%7EVK@8F(W#"?,5A8Z!^37ERU>VA.M>
M9KR?59;DHIGCLX`((8@Y'()(?WFQQ8$5$>;SC`UNQ5V*NQ5V*NQ5V*NQ5V*N
MQ5V*NQ5V*NQ5V*NQ5GOY(>;-$\J?F+8:WK4S0:?!'<+)(J-(09(61?A0$_:.
M$-F.0!LISY$_-33M"_*3S1Y:N"?TQZ/[GTTE;D./3;K3=3<;MBUKY
M[TR;\LO..EW\Q77M?U2WOX85C;@P$HDE/(#BM-Z`G%CQ>DLT_+35M+\H?DS+
MK&LKJ$<&KZN?JMWH,AAO!Z,7I\+J:J*L0(9D1B:DUIBS@:C94KM?+5E-H'YR
M6EUK5]8P:Q%:7]GKW"2Z>D9D]2VF!XR(E#Q'B.HIBNVTD1HWF3\E="\UZQY@
M_P`3ZAK&H:]#>)'/)9S(EF+I#43EOWD\E2%!0<:?1BH,0;MYQ=^9]'D_)ZP\
MM)*QU>#6Y;Z2'@W$0/;B,-SIQKR[5KBUWZ:3#SIY[TB[L_R^DTEAFV*92Y>2=ZV?R*\VZVOFFYUVZ\N-=E9M7\N"RDG
M9I1_>"VN(AZ:"0CJP]Z#[(61X2;1-C^;'E;7/S2\W:QKO&O4CEMT*@$41:IYJ\Y_ENOE/RAH'EFZN
MI8/+^K-<7+WD1662-F#O..(X<6:O%*\@*5Q3*0H`+/\`E8GE7_H8K_&OUE_\
M/?6?5^L^E)RX_4_1KZ=.?V]NF*.,<=I)8><-!A_*WS=Y?DF8:IJVI6UU8Q<'
M(:**0,Q+TXKL.AQ0)#A(3S5-7_*WS]9Z'J?F37[CRYKFEV4.G:I;+92W2W:6
MU>$D#Q5$;L#0\]O;;=9$QES*6>1-6L(/SQTF[\C:?I?F+>6>FA$TC08XM(TV&/9(X[1>+JM
M.PE+T]L2N4[O.\#6[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78
MJ[%78JR+RM^8?G;RJDD?E_6+BPAE;G)`A#1%J4Y>FX9.5.]*XLHS(Y*?FCSW
MYP\U/$WF'59]1$-3#'*P$:$[$K&H5`3W(&*RD3S2'%B[%78J[%78J[%78J[%
M78J[%62^6?S'\Z^5]-O=-T#5'T^TU`AKI8DBYLP'$%964R(:?R,,60F1R8VS
M,S%F)+$U).Y).+%K%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J
M[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J
M[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J
M[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J
M[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J[%78J
*[%78J[%78J__V3\_
`
end
GRAPHIC
5
html_new62398call.jpg
GRAPHIC
begin 644 html_new62398call.jpg
M_]C_X``02D9)1@`!`0$!(`$@``#__@`V($EM86=E(&=E;F5R871E9"!B>2!'
M3E4@1VAO*&QLK4G*#(T0E9AV&B4F-4-$1517
M@I*3E*?2TT=596B'M/#_Q``:`0$``P$!`0``````````````!`4&`0,"_\0`
M0!$``@$"`@0)"0<$`@,```````$"`Q$$(042,4$3-%%A<7*1H;$5,U)3>)/K!J^$FER-HG?@6W0U)E5-)W1O`;0EK%3*9"5?5^QX>>OUR
M!C(VJOW^%BYY"&0]>U=RMV15MD;OK.^%)28BJ!1MG[8K+BJUB&2:2=5J+P\U
M8HI9=Z)@`1+UZ=0`>G4`'`.@17('>;(%I*QS"3:^=VUQZ
M35]32+1%Z@"B8[(-W%`17("A0,`,8Q@#&,8`QC&`,8Q@#&,8`QC&`,8Q@#&,8`QC&`,8Q@#&,
M8`QC&`,8Q@#&,8`QC&`,8Q@#&,8`QC&`,8Q@#&,8`QC&`,8Q@#&,8`QC&`,8
MQ@#&,8`QC&`,8Q@%$DMSJUK!SEUK4A3-F!.:ZE94;O'L6%(F%*U1J_#QD[8]
MFRZD-?'Z#*O5Z,FX1U,U!=8FXF*$U#.%-9^IY5@JOZ_RG'KQEY#^UTT;N`!Z
M^'HUU9@]OVO;Z^`=/'PSQ:3X'T";F[/9IK8VV)*R75)W7;A.C(4..D+/K"39
MD83.JYOUFU]&MGT'-M4&*$M=5&P;A=(QD6A\LV2)[1RG*'S,O(H=/:Z>(=/#QP#]M>[=U4E0Z20^RM?E,6H5?J4UUK!1#
MK`QPAU`TJ`^@0$!Z=!#Q`1`0$?78*R5^T,SR-;FXB?8$<*-#O82482S0CI(B
M:BK
MCE'ZZ:22[U1C#,V34[M9)!!-5R9(5U"(I$.H8J9``#L^,8P!C&,`8QC`&,8P
M!C&,`8QC`&,8P!C&,`8QC`&,8P!C&,`8QC`&,8P!C&,`8QC`&=?G[76:H2+4
MLUA@ZZG-S4?7(92=EXZ')+6"5,8D9!QAY%RV+(3$B/O+]@YK]C&ILW,/69B*EII*PU_EURKM.-I;6ETM%?4!;:O:A
MF"UFQP-A-7II[6YXL',1LN,)8(WN>N$%,!'.7(QDRQ\XGZLBGOF'[7SB?GVZ
M??+U[#EJ'A&UJ.@G.UW&Q=ZZ&=#;'E41B!B]VT>Q>9-7G=X=RB=<`(RH&J&J
MC*VILMKG6\J>W66FG5M*;`C(QA6=Q"#W5I^S2K*"KNU-;SLU(J'2CXB&O
ME2E91\JFBJX439Q\?,.7CI0B"*RQR((*&*BDHJ8`(0Y@77*NT:T?27:OK>NT
M].Q@/'Q]W&=.C&,8`QC&`,8Q@#&,8`QC&`,8Q@#&,8`QC&`,8Q@#&,8!L!0H
MB8`ZB)1[I@`/0/3KT'W!Z=!$!\0`Q1_5!U\'Y4?6S,V_\75FRVW>>+^R
MK9!;7ML?HV\TW8$GND;;1:5%2'&^STB:?URN[UA=?;&V2IL:W7Q#89YVR;$:
MVW;ECF6%3YZ-2SH\JV*28U"K=U/YGVC*=T`@(X.G?/:"B/B'7ITZ!^A+\Z`94]K:O
M7NM0*S#85_2V/.'E'+I&>1IT322HQJJ#8C>,&(AW\@U5,V63A8QC`&,8P!C&,`8QC`&,8P!C&,`8QC`&,8P!C&,`8QC`&,8P!C&
M,`8QC`&,8P!C&,`P>O+7B$/I/@0!TTU`'>3VY+L1^/J9K_S1G_X1M_[67IO)VT4
M"=M'P*,FW;)F^61>P[R;=%,WU#=K?JB)E-]_++^7I/)W?9HN!7OD7OXC-K9'
MPTYNO23E*VNOS/Y\R[")@ZE1XJ@G4FUPL%;6ERKG)?E/Z&G]H7\4,WYL3^AI
M_:%_%#-^:IM"N0D#:9&F.D:_6?R#E
MU9_B'NJ=6CW$6K,\<]E2ZL6X$3NH]22U3.OCQZPF31$Z[,ZYFRHBDD)E4C"*
M:8B)0`]EUS](%(_@A6/R%'YW/*(:#RA>(T6EI!QNY2J@2H5<.^EJF..0PC`1
MPCW3?)H7W>@AT^=$!*(B(=UO?%=B0*TXK2;[0C(R;F-]9=BUY&MSJP-T&
MRP2"+!"4EB'C7`N?--G0N2F46;N2"B3S8&,!Z!C&,`8QC`&,8P!C&,`8QC`&
M,8P!C&,`8QC`&,8P!C&,`8QC`&,8P!C&,`8QC`&,8P#!\\M<^HGP']^7=WQ=
M57(^+)!WRUSZB?`?WY=W?%U53N^S1<"O?(O?Q&;6R/AN,4NNB'@^-8?VL/$E^4_H:?VA?Q
M0S?FQ/Z&G]H7\4,WYJ3;C&,8`QC&`,8Q@#&,8`QC&`,8Q@#&,8`QUZ>GPS03
M`4.IA``#TB(@`??SCI-=N6/>F5(>Z'NAF[+.&MKCRBG)K@E,,;#
M?YCY*=&8UT-DH[^N>SZM+:P85*:FK.T"@Q<.YNEIIUHJE
MJA6:].K\BG7'TCIQ3UZ[
M^J-:G^2.0_3_`*#=OC_Y1B]NE
MT8YAXZA7E_,*;)/26>QPAV,8A7Q=2<:-'?M;&6T1Z;FKK,52D;2ZSH2MQW\I
M_'C-R']XW;X?^75FP#T;729!H%(ZD(/^Y"KA^A#VH&/`/:]H/`,[J!2E_0E`
MOCU\``/'W?#V\Z5KM0`H-(`04Z_(A6/^"5'_`)!CQ]H@^/NAZ0'P'H(#G="F
M`WB'>_ZQ3%^\8`'^/`-V,8P!C&,`8QC`&,8P!C&,`8QC`&,8P!C&,`8QC`&,
M8P!C&,`8QC`&,8P!C&,`8QC`,'SRUSZB?`?WY=W?%U5#XUA_:P\27Y3^AI_:%_%#-^;$_H:?VA?Q0S<)@
M#T]?XBF-^*`_#FI-N!$`Z`(@'4>@=1#Q'T]`]T>GM8`Q3?H3`/0>@]!`>@^Y
MX>W^QE,/)&P6Z!D>.JU27O2)9'DIK^$M"5-@;#-M'=.F(2X1\XC>4X2%ETXN
MD(JN(UZ_G9L8>$B91M$.GJH]?NH.U
M#H^:7*FL2-['R@_MFNH_G^]L^D?\6M0?V:9(/>4X>PFE&E4E!.E=J+M=Z\E?L+R
M7^R#NV:\/S_>V?#P^EK4'W_S-?$?V1\P<[7GKR"<^Q\F61(_
MBOON/*JYN%7;Q=-MK.Q-RJO':QC+.G*I4P.X<*F%5=4QU5![Y
MQRH83%#Q$?P^UZ?X@]L?1G@W*CQXS,V_\7-EP#R"@\)N*[BBTI9725+,
MH>H5?O&%"3ZB(0,<'7PDRAZ`](@(CZ3"(]1&IO7.KJ#J2"6K.N:O&5*!<2;F
M97C(HK@C923=HMF[EX8'#AP?SRR+-LF<>_W>ZB7H4!ZB/V:Y^D"D?P0K'Y"C
M\[G@#&,8`QC&`,8Q@#&,8`QC&`,8RDKD/R%L.CYPPMJW$6&O-^/'(_;[A)9]
M),)E2P:1;Z[D8N'371;O(]"#G&5Q?IRK]5LH_C#L4'39!RW!RF`%6N,\(T)L
M2UWR$N4?>FU<3N6N-C6C6]B?T[UQ3JLX\@F\-*MIB$93#R2E8M%Q&6!@V>Q3
M^4DUV$NTDD`?N$02,'N^`,8Q@#&,8`QC&`,8Q@#&,8`QC&`,8Q@#&,8!@^>6
MN?43X#^_+N[XNJKD?%D@[Y:Y]1/@/[\N[OBZJN1\69[27&7U(>!E-,<<_2A\
M0R])Y.[[-%P*]\B]_$9M;++>7I/)W?9HN!7OD7OXC-K9'PW&*771#P?&L/[6
M'B2_*?T-/[0OXH9B6^5Y;MW/H[A?QCG]*;>VCIV>F.580LM-ZKV!;->2\I#_
M`"F-DO\`UID9*HR\.]?1GJYHU>^H'*ZK7U6V;N?->>13.7+23^AI_:%_%#,-
M_P`M#^L9XI?=>A\1NT\`E-W>3N[B]XH^DINEX#J`^V`^=H7S]/W>_SFYC&[I2D
M+WN3N[C=TA>O=(7K>!Z$+U'NE#YTO7P`,H_QF9X2IZR?[I?,QO#5?6U/WR^9
M?;[(#F]S2O/:C\!J==N7_*2XU&R\H=9P]CJMKY!;;L5;L$0\?N".XJ;@IBW/
M(N6C710`KEB_:N&JY0[JJ1@\,EP4OH9/M0R&?[%?V6KLZ_NLM5?E%SDS`E]#
M)]J&7FC9.5&3DVWK;VWR\IIM$2E+#-RDY/7>?I^R7\YF9TWQBE['XYFFM'Q13P_''K1\43O[+]*-OW.A_,IXPR_2C;]SH?S*>,UQO
MBTGNZ/W?*K;TCX**Y*N*FWY*W=]`-JNZV0-E78S]HC6=)0E9%*M[D$2<)Q#W42R*MUK&3CGLHL\LW*0K5
M6;+JF="551*B1),&ZD@#@Z0(D33\T8H)E*7N@%2HID'KU(7Q'O#X!XCTZ=1]
MT>GAU'/!^5'ULW(;WC-O_%U9L`\?H,5S2&C4L6]WXP@B-0JWL$
M=U`PI[A*4>@]0[P%`3!\\8`,(@%3>N&^SFT$LGMB4HLM91DW)F[K7L%9:_!E
MAQ0;`T168VBQVB0/)$<`\,X=7.`E2(
MGTAX8!KC&,`Q2NV8\H[O?97/>::HFTQN$WN"=HSQ-Q<)NZQ
M*L,$-':_LZ!D6!:FFN1Z,B51P9ZZ56.C#VEJU:MK!'%_P`$ET&K9)^DN1NB
M4E)/E?/LLD']R%I'_7/*QM>G7J0A)*,6DE9>BF9O&Z1Q5'%5J5.:4
M(22BG%/)QB]O2WVF:Y1_+)+-K2M1U.H'9HZ?I]7BO5(Q\%7^0-EC(UL=ZZ6?
M/5B-F^FBE,X>/7"[IVX4$Z[EPJ=990YS";+[_8?]OS<^URWAN?45FXS5?1S?
M56IXG9+>;@MJ35^6F5Y*Z,:H,4LQDZ/54F*22;LSWU6FY<*&.F5`4.Z<5"18
MF9E/D7?UZ7,'[EJK?'%#9]83%UZM90G).-N1+>EX,^L!I#%5\1&G4FG%K-:J
M7YHKP;[>@D=\8QET:(8QC`&,8P!C&,`8QC`&,9XEM[DMQTX^G@$]\[[TOI-2
MU%DS52.-I*[:2Y6[+M9ZM.S\'5XE]/628BH"#C$0<2,Q-R+*)BF"`J$2!9[(
MR*[9FT2%51-,%'"Z9.^Z<>@]*`=I]HCP>F=W]6F
MVM,6M_)O2RM79VM9@L2O2,\B2S2:B\7%2QFDFZ;),'"CE-H*"92'4*H3;JGF
M]V:6H=;T;6%8YW\-"P-#JT'58U0_)G1R*[M"%8(LS2+PK>Y$2/(RJZ:TG)+`
M7O.)!XZ7.)CJ&,/->'IQ_3N^S1<"O?(O?Q&;6R/AN,4NNB'@^-8?VL/$E^4_H:?VA?Q0S#?\M#
M^L9XI?=>A\1NTA\1NT>=N;E:Y3.OX3AP[^14EGL;5?ELPS
M1U(';MV17*Z3.R)@H9NP9LXUD0W5)A&,F<:Q3;L&C=NG5OQ9\KKYD[YY.\;:2V;[<_/]69Y+2.$;2517;26S:[);^?N9($8S0H
M]0_ZQ@^`P@'W@_JS7)9.&,Z!M6_,]5ZRV)LV08/)2/UU1+A>WT9'@(OY%E3Z
MY)6)TP9`":PB\>(QQV[8`15'SRA.B2@_.&\TXQ[>E]QZZ4F[4W1B[Q"S9X*[
M5I.JS]14J4V[@*[*HU6W5Q^G.-Y/U+.-)!M)>M=<>+O*U$`
M5%8QC`+"/E.'L)G,_P#:]"_TDM2Y$G#Z1^R/XO_3!7_W_`(/\K,LXC.7K_P!,
M%?\`W_@_RLRRNA^./6CXHIX?CCUH^*)W]E^E&W[G0_F4\89?I1M^YT/YE/&:
MXWQ3?RCW1;]&4ROVZKTMS:HX]H^FL@H15,2A\\0Y>@>/3/0]DZHUYM^%:UW9-3B;A",I1&8;QL
MPDJJU*^2;.V!S'(BL@*S9[&R$A$RD>L92.F(>0D(B6:/HQ\Z:*]%Y2E`G&3D
M*4H`4I=%[>`H%```H!KFR@`%`/```````/``\``````#RB@\P=*MZ+2D5#[9
M`Y*A5NO3C=R4.`]Z`CC`)3IZC,0Q3`("4Q3"!BB`^WTRI?7>R*QML53&P
M#&(23B)4&R4J[T.0]6-46ZZW>/<'\ZD@Z56;N$TO
MIUT4!H%(ZB;Z4*Q^J,'_`"%'^X.=S`.GN_QB(_A$<`UQC-!,4H=3"`!X>(B`
M>GT?#@&N,8P!E"&].T\[/KC+L:4U%R`Y@Z!U!LV%8P\G+4>_;"BJ_9(]A/L$
MY2&=NHUV(+)(24>JF\9G'P6;J$5#YTP97
S
MH,W_`)9]JOV6>Z-=14/3>T!XCO+C6K82V55TXY5AJ=.!GTJA<:S&6<+#7JW:
M7K.F",?/(HJHN7*QD4HF4J(K7;7]E3'5V!86/M)N)4_8&4+$M)
MR<1V=6HI&9F6T)LD1\TT(N5N3H5,`R'+[Y_\HW_:
M'^O'?/\`Y1O^T/\`7E;Y5EZF/[W_`*E/Y'?,1_;8S
MB[R1U#OB0HC2'?W%GK&XQ]I7K;*P.)!K"N95\^RR0?W(6D?]<]R9BU9E*^5\^RR0?W(6D?\`
M7/Q'6C_`-ES!^Y:JWQQ0V8:V9E/D7
M?UZ7,'[EJK?'%#9]X#C$>CXHGWHOC<>CXX$COC&,T9KQC/@E)-E#1LA+R2X-
MH^+8O))\X$BJ@(,F#=1TZ6%-!-590$D$E%!(DFHJ<"]U,ASB4H\?5+1`7>L5
MRYU24:SE7MT##VBMS3(5#,Y>`L$23YP)%5`09,&ZCITL*:":JR@)()*
M*"1)-14X%[J9#G$I1`^_&L5RYU24:SE7MT##VBMS3(5#,Y>`L$'AZ?0(AZ!')9X/0'V`_!D3)Y+O[-GQ0_@SR+_`*/NQ,EFP]`?8#\&7^C6
MWALVW]Y+;T1-5HAMX2[;;X26W/\`+`P??+7/J)\!_?EW=\755R/BR0=\M<^H
MGP']^7=WQ=57(^+*W27&7U(>!3Z8XY^E#XAEZ3R=WV:+@5[Y%[^(S:V66\O2
M>3N^S1<"O?(O?Q&;6R/AN,4NNB'@^-8?VL/$E^4_H:?VA?Q0S#?\M#^L9XI?
M=>A\1NTA\1NT1B.2=WEA_L4U
M*^[,TK_J)N/(Q'(6DO/^[X8E=IGC$>K_`(B,K+[.7V0K@?\`=E\8?CKI.4:9
M67V6
MZ.SAX!VSDYH2+U_,;#@]EZEJ+1ELN#F+#5C1=WM186847C8.Q5>0.\3:#WF*
MQ)9--!;^^*H."_WO+PQ?0/VQ_P`6"]J4];.&;S6W"QTT=(+-G39SJ#92[=PW<)F17
M;KH*[M.DL@LD5E]HMK"!)5]<:+X&T6MINW;].
M"JNC]APT65Z_.51Z\%JUW84IW3HY$Q675$ZIBII(@8J"""2>+_C,Y_R\3ZZI
MV_7)]79D/*&,_J*G[NCY=[Y3+[TSY7#VGVP-PZDH'R,+>-IZWIDPK':J
MV0A()1-LN\#79-1@NONARBB^3823@[-99LX21<@DHH@L0IDCR429A,41'IX'
M5+X>X10Y0_CZ`'7]G(-3C#]C4E5G*;5753D[M+4CEVY]++"WE.'L)G,_P#:
M]"_TDM2Y$G#Z1^R/XO_3!7_P!_X/\`*S+*Z'XX]:/B
MBGA^./6CXHG?V7Z4;?N=#^93QAE^E&W[G0_F4\9KC?'2-C[5UYJ*%:V+95O@
MZ9"/I5O"-)*>>`S;+R;AL[?>ITS=Q0P@WC8^2EY!<2`VBX:,E)F369Q4:]>(
M=#Y3&`_&3D*8H@8HZ,V\)1`>H&`=6@!K3UN\<,S-
M5BJ/XPRJ3E9J=NH4ZRBC9
M\1]<,!^77)HY2CW")]U(I]IB"2?0@&\VF!2=\QS]
MWO',(@5.]X/V?@'^K*&>H8V?E+D6UHZINCG
M3<SY^G&N9,M9HW/WEY"FDEHJ,'S$37H5/>,/!MY&4%JFV:IJN8]HXD70*O';<
MJJS@MM@(WC9&1,K8+%8.TSB8.CK2,3M*9B^TUY26&.J=@=6'8%0I<5!/8KD(
M5#8#&ZV76]AK99^N*%AH":68QTZNB*%^6YWRC&U]NNUEENU.GLYSSV-*HMS)G
M53,@E("Y31%-51/S92]PYR]##S?>+[OWA_JRQ#`Z;X\/KKJ;5U@M_:7U_9NQ
MMD7[65@K:?:/\M)QCK.3U_3):Y.)RTV*/W\1B[K-E0:1$147T(@\?3$O-BB,
M:V;UZTN(:X92."NKZ*E(IQVUN8\N634:JJC;>H@`B'RJ../Q61V2;'S*="_7]R8_E;.*HRKT73BU%N47=WM9.^[>1\;AY8J@Z,9*+
MQ/,AW^@^X/P#CH/N#\`Y)<&[+GL*(L9T]N[,*3K+374D])N9]\
MOS9]@9:R@?7NLUB,F%'=>WH_:W!VA:+/\C-R@*FN^D*)8*E?HJ7.Y=UQHG-\
M[5^R;["R9V'KW5UB[-9'7]ON4@#:5;VWD)MY&,KB$S'ZXEJ(F2;C=PR$3/3M
MV9;3K+6,KS)VU'^K+8''3L<>SZXBO;3*<6=0W3C
M](7IG$,+F]U9R'Y&5IQ9V4`X?NH-K,JH;54%VC$N96368E'N^94?NAZB"HAE
M4_S*="_7_P`F/Y6W)?\`M2RUP])T:,*W>7F%HO#T*=*34G!6;5[/M
MS(X_RO@!'M8X/H`C^="TCZ/X9[DS%JZ#[@_`.3&^^^P\[,OE)>$MGRZF(9[KZ4DY'8Y5=][-D$Z1K&'0UZO,7637AM[2+5[8*Z
M3:%34M>L8=P_MU?05>JKBXZ1))JOKZ/J5JTZBJ02FTTFG=9)?X?=[JO%:)J8
MC$5*RJPBIR32:E=)*,<\MN3[B,ZZ#[@_`.9E/D7@"'-+F!U`0_.M5;TA_IBA
M\O*QO9>=@6YLU`I,WV>,/2+9LEY!3]9C;QR2V?`LW6H+0SKCZN;)"8-NQRP.
M[ES6N&A4*(F1X\]B[V='$JP3]MXO:4M>@[/:H9*MV
M6?U?R#Y&5N3G8!K(IRJ$/).$=K*"NQ1DT$GQ$>A>CE,AA,/=Z9]8;`5*%55'
M.$DMJ5[[4]ZYK=_,=PFBZF&K1JNK"26U)2OMB\KKE3[BZ=WR^[]X?ZLM:\Y.
MV6X`=G/LVKZAY8;;L%!O=QHC;9$!%1&J=FWQ!W4G<_-5E"04E*369N-:K'F*
M_*MQ8.7*;TA$".#(@@N@HI5E\RG0OU_\F/Y6W)?^U+*0.0G8H]F]RQM<1?>3
MVB[-ONZU^O(UM.S^0/(RR3435D9-_,(P#)XOM9,R$4C*RLG(E;@`E*Z?.E
M0ZBH(993U]7[MQ4MVNFX\^QIEQ4X1Q?!."G=6=1-QMORBT[^\HJE/*DNQI=1
ML@VC^3=K:OW#%X@Q=/>-7(9TS;/5FRJ35P[:MJ0S6:'XL5[)CL/X2R7.J2?9:3+>;U\]E
M)VWM";]V0]&!U/7XB&GK)>)!:.WV\:I6>!AK)6)>2U,1PK=6\3:JR_5*DG,(
M%+^SGLC>Q*'7=IV)%=EH]E6<"GKNSQ$1\T/L]A*W+5^X9&Q0.J+C6Q<[M%BI
M-W>S5Q:NL=?OW3.QM924A$W)P3?G.V\+8STL/N_+4YK_`)NGZV1K:0]/"_LJ
M_P"W3]/*[;PC[:CL].T.VU,Z1XJ[?L-\V-`T26V3)PTMJ7:-%;(5&%F8"`D)
M`LO=*O"Q2RR,I9H=`K!)V=\L1PHND@9%NN=.ZQWR^[]X?ZLM0^Q'[-3BI<
MW^QN,VA+#HB_2=>>U"2N&L]_6VU)W7\_LZOS=HIS2(UAL>_
M)R,-791G#2KE9U2*Y.-H\[=^^;(E;OU$%U@.*J*9TRF,%`4IY4EV-+J-D&T?
MR;M;5^X8O$&+I[QJY#.F;9ZLV52:N';5M2&;ERU17.FJX;MWC1=9$ITD73=0
MY5B5SQG[/'EQ+5JP1ME>UV)E7J,A)1T6LM
MM9,6S5\^;H.G).AA.LD0W4`+WAR1$8M"518MS?!2PZAN4XU'+GNXM+ZVYY>HZ*\I7['/4>E]
M3ZKG>6ECM&W;D=G!SWW2VX_<9-S62[;2>5:R7-""E-/;6I34]?J96!
MIMV,W;ZI#PY5&H23,2-3/`S"XUW1GMOCGQRG]&;(]89"%1N-#WMR,K5L:0=A1:FF(15TG
MM=4Z*+XK=LG(M1`1!1L4G?`4^H\BL5K+7E0
6T?/3?9Q].H_[7GJ2W*?5%YY!JT$
MDT2D'VGR)Y&V8]5)9#1AK`2$%QM5/U&$T>&B!D.G>\^,:SZ]`1+G<32=>C.D
MFHN6K9O9]F<9;NBQW%T7B,/4HQDHN:C9N]E:<99VSW6(9KH/N#\`XZ#[@_`.
M2>UM[&_L5*WL2X:I;=EI(R]ZC9*N,*)$(<@]DMRWE.=^6`X!X\>&WNLWH)7,
M)JZ[6JLLK<9O*6VLQJ4E&L455'C*.\RDNS/[`]&&B[+&=FPJO6;VN\0U%9)W
MD)LJG0-W^15P#/9"DW+6'?#=CK@E/D._%M/DN71&W28MF,!WUGB'>J_)57UL
M.R7RZ?IY4GD.KZZGV2YN;I[C%:\EX`0[;/B@(@(!\C/(OQ$/_M]V)DLP!B]`
M\?:#W+/&V5U-;)JEL+?KK9%*WCR)K=RC*ULJH$.<6S
MQOMMP9B>:JL\K'22!#J@9L[@N<%AI86AP4I*3UG*\;VS45OZ#$6\M;`1TGP'Z`(_FR[N
M]`?Z.JKD?'T'W!^`+BL#/$574C.,4XQ5FG?+H(6.T94Q=?A8U(16I&-FI7^SM>2MO?<1@
M'0?<'X!R])Y.Z`_W:+@5X#]4B]^U_H,VMF:.CV1/863+$?D4[,^3F)^<8\?7
M6N8![O#:\*I>5N0]:L=GKS47RV]7C>K'JS.FVY"W&GR)&06@%S0J,TD]CCNJ
M\>+_`&(?9"U@^H^4/';BG*:ENRD%%WO7EUK^Z^0E?O=0-:JVJ@J5)RUV\\)'
M2Z<1-2,'*$16=(@"[U!)99(Y53>=+1M2G4A-U(-1DFTE*_N[_IY>%#0]6E6I
MU'5@U"<9-)2N[-7MET]Q>^3,7S9/']07W?\`)#,.'RT+Y[@SQ2Z>/Y[T/1[Q
MNTKFT.27(^RQ,+9/6UY#>OD>V7VHF"$EZTR+^.!<##T:O'"8`'G!'+*M!
MU:52FFDYQ<;O8K[RYQ%)UJ%6DFDZD'&[V*^\A>N@^X/P#CH/N#\`Y*%[=[
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ME06@/FMN2_\`:EECA,/+#TW"
M4E)MWNK_`.>DM\#A982DZ6'?/=E-2N[X_GS-*^CT_2+
MN/VLC$N@^X/P#DTQOSLON'W*JD-]:NO6E@CK8UIFR^2_)&Q5YO9XA
MM(,HN>28+[4(0LG'M)63;-7/>ZIHOW).@@H.6>=T=BWV(NE[_&4:5[,QU-?)
M/#G+2I:,WQM1,+5]23L16SSMKJ]7D]C3;)C5H>V6.%@%3.7
M$@@J,?%8*>(J:\9QBK;&G?8EN7,1<=HZIBZJJ1J0BDK6:=_RWV*VQ,B[>@^X
M/P#E9?9RE-_="N"'@/AS+XP]?`?#\VNDY(E5OL6>Q(M#Y."C.R_G7-J4U3L&
M_)UYONS:*KEU:]6;24T[=]9-'"N_VK8\TPNA4BL+&Y%G4)2'<)RB,LGYMRU0
MJ`XQ]A;V,UNKNN>0&NN$;?75LAK0YGJG,1.^MZ/I&MW'6EZD8F/ME.MD%M]S
M$S<66Q5/YN?'3P
M#T_5!)[67P_F4J$'^/W)CTB/UVO)8/$1ZB/0-H]/$1Z^&>/[Q[-#B?R;H+O5
M7(B$V]NK6C^3B9E]1=BPLBM'K;4(4SJ+=B+EF?O@":OSP@
M;H&6]2+G"45DVLK["^JPR_/8A6N@^X/P#CH/N#\`Y*,<@^Q;[
M#?CK88)A:.S:?M[-!;NVZ8Z\Y$5^SV$E?C*T^WDUL,DFDA6465CL
MWJ1G6*B^N-$)*R1VTS)NH']:/V)O8FW";;5)7LRG,3;_`)"=XSTE#J;[VFX;
M,K?H.\TVBVV@)2RF]&+=V]E7%]J\[6;,=)E57D!)D6E9&&DF[V,:T_DJKZV'
M9+Y=/T\L_P"0ZOKJ?9+FYNGN(U3C"`_-+<<_`?K@-(>T/_2K4,G)TC`!3`(_
M\*O[O^>4S'?XS=A7V)NVJ34MV47@]"5=^RM<\6%E(3D%NZQ-FEEUE>Y2NA8J
M?A=H@`=1$1Z``!X^`988/#RPT)0E*,M:>LG&_HI-._06NC\)+!TY
MPE*,]:>NG&_HQ36:6]=A:J\IO$![$SF=T\?[WH;^DCJ4H^`^D?:'W<
MFM=R=G3QDY#:YL.H=[M-T[=U9;?6L+1KZ^,'F7S%LN'44@#+#][[)/L1*+=KWKYUV64S)6BH+.)1E',-^[,.I
M.4>(@MA6F?LRZA=[*H5F5+6-:RMDK-'L"S:SVF#L]#DB(1:$Y,&K/CC,%/$U
M(SC.,5&"C9IW_$W?+F9XX_1\\95A.-2,%&&I:2=V]9N^2Y'VD93T'W!^`
MO%,-@K_0H_[_`,'[0_\`S=EDF]?^R/[`G7NOMV[!D.SPD9=IJ&TU"KQD+!;;
MW.ZGMGJ7?6U,VG!R5*:.MYLTVK(E3MKB4F26I:!=P<;5K-,22"$4Q2=+U<1/
MD\'85/[-.UN&X=4UQ:J6>$=3T4SW5R"/)P!YA):0@%WR!-M"=J9^BR5=LA/^
MC*@8WATZ#&6BZJ:?"PR:>R6YKFZ?K9!6A*J:?#4\FGLENMS=/<7YV1@!HV\?
M^+M_YE/&>!0G&:D0$BSDV5UY".5F/G01;3')[D).Q9P5:K,Q*ZB)G8[Z,>%3
M27,=`KIJL#=R1!TB!'+=!5-ET:,J(QC&`,8Q@'7K=66%TJMEJ$HYEV4;:J_-
M5N0>0$N_K\ZT8SL:YBW;F%G8I=M*0LL@W=*J1LO&N6[^->%1>,UT7**2A:55
M^#>CG\;78>P?)Q9X2OU)I1E(2:N+\L/8:S#)6A&C1]CCHE.+:OAUDG=;1\KM
MRV39.:ZM*D=@JZ>1,$XBV,`YJ*X7\>6$SK^URM(1N6Q-;7EULB!VI=%_7W9;
MRXN&UB:#*3MN.FA(2[=NG:)12/A5^[!1;DK%U&QC1PQ;JDJP`.@=,8P#7/CD
M62QZJ[QLF^:.69W$>[<1[]N1T@H@9=D^:G2E,"O(KV)S,/9>2DTK!.MI'GH'AWJN`0K;5.:VC*,:]<8.\2$?
M.;(LCX!\G7F3MF+A9W?)Y=S*:\8&K!HK3$JY,MY]YJ*)&GU@6-2.H4Y3Q'
MG5Y)=:4G5)6M4H``=`_RC#_&)A$1_C$1'&,`W9H(=>GB(=!`?`>GH'KT']CW
M0]OT8Q@%&[?A!IYO$-8)Q-;3E8UK9;;.F)*[$F'CN1CMA22,ULBESLJ)22UA
MINQ)9LPD+E&SCZ0?2SF,CS>NB!6_=-VBL<1]-5A1L9JQL\BE'7>DW6&:3=OG
MI)C"!K5:QO=94^,9J.RMR4+74M:)B=J%7FEF
MB[\RB)=,A9=O!72M6V4J$O&.GSPK&K-:[%5M6!+4ZNK$,8!P4KP`X^RAWYDT
M+S#BY^2!E$E@[K*1Z%/IUM;7!KFOBGR4;7:.;WL=;;)W[+8
M4HA*U._/4I:.?SM*EQ2/*0GJRLS,A1QCE'CZ+94<[6JQ3*/B8V,09\P9>OP\I<7++K+
M.Y-@WDXF2AI!)-T5C`*IZ[!0]7@8:M5Z/;Q,#7XF,@X2*9D$C2,B(EBWCXR/
M:D$3"1LR9-T&R!!,82I)%`1$>HCS.,8!H(=0$/=#IX>'I_9RE:P<1-;V"R;!
MM2]EVDRFMB6JNWIV\CKV^17J]VJS.'BZ]9J2Y7;N7E==1$-"DA&,4DY<5M"(
ME;$Q)"`E8);U4Q@'PCPQTXFE*DB'%]K@OH32L'`*P=WED'.OD=`Q\Q$ZU?4!
MR[%ZX@)-A'STXUFW9E'H6E&8D$[&E))KB0*D:74Z_0JE6:15(\L56*A7X>M5
M^-*LX<@QAH-@C&1K47+M5=VY.BT;)$4=.UUW3E0#KN5EEU#J&8P#L^,8P"F:
MV<5M>V^X["NTC/[(:RNRF]'"9;QMVD&T;$S&M',/):YLM3:J)+GK4Q29R";V
M2"1CETX(+#(6"6D(5^YLL^:1X1+AGJ!&(N4$S>;`CXJ^:(3X\6%JRN\JCYZB
M#+6Z;?2*"X@=PA>)B7O5PD)BZ^>/.OW4^\44<@*;,&K&`5/0,.WKT)#P+1=Z
MZ:PL5'1#=S).3/)!PA&,T62*[YV<"G=/5DD"*.G)@`RZYCJF`!,(9RV,8`RF
MBZ<6-=WFZ7>]34WL4DI?JW5JY-,6-UD6\0S+0WQ9BBR];:'(LM5YFH68`M\,
MK!.F+$+8*DZ_8/GJ[@ZS&`=>=\,-12$>ZCCRFS6S>0TU?=(RAX_8UB8.Y2M[
M0N2=]V%8GCYLNF\&^VVVHFEI>V(+H/%/5;Z/131BWB[$]1U(J36BU:%J;&3F
M9=G!M19-7\^Z0>2BC8%U54$5UFK1BU!%DDH5BP;M6;9LSCV[5FW1(B@0H,8!
MVK&,8!3EL7C#K;9]VF;S;'=TO.X>1>3$+4Y"1%JG7QC^(AN)FNH%Y&2C"R;33EXVD[=I+B92V)
M-L9>:^7A9(2W;'N$O(Q8L'1[[*V*NP$C&VA@I'NJV$+&L*XG%Q;5-B#&`>MZ
MLU?6]25E2KUM:9?D>3MCM,W-V.2/+V&QVFV2[B=L=AFI`R:":LA*R;Q991)F
MU91S1($6<OC.?6*9HK4&OKS<=CTG7=4K%WOT?`QMNLD-#,F,G-,*
EVU]21#1TX01(<4&Z/F_.D*)0=J-VJ[OSZS5NHFQ@'KF,8P#_V3\_
`
end
GRAPHIC
6
html_new62398cost.jpg
GRAPHIC
begin 644 html_new62398cost.jpg
M_]C_X``02D9)1@`!`0$!(`$@``#__@`V($EM86=E(&=E;F5R871E9"!B>2!'
M3E4@1VAOQB\/PZ^Q;'TRR(]YM>&EDA421+8=&'OU1=C64924JY&NECZR1YH!MBL/
M=Q7$%+E"@QX%*WH4IA9UYY.0@)B0MOM`NT+31ON,M``X&7&!W-]Q@
VJCTY9JA`G,/1GG)3KR[C$QIA-UE]W[@Y@\P?%7-$2E*41
M*4I1$I2E$2E*41*4I1$I2E$2E*41*4I1$I2E$2E*41*4I1$I2E$2E*41*4I1
M$I2E$2E*41*4I1$I2E$2E*41*4I1$I2E$2E*41*4I1$I2E$2E*41*4I1$I2E
M$2E*41*QJS=[;&CGK`S+ZI^I.LE:QJS=[;&CGK`S+ZI^I.B+)0.8/,'Q5S7`
M8/BKFB)2E*(E*4HB4I7JGV]T+9G4QC)(4/5C/)Y?./`/A$>3R^*N0$!Y0'B'/
M\-:A,6Y"S8WZ49DQ9=@.HV19&M50M3$F]]:<08Q;)/*'J:R)!`X
MJD>Y;(V1YC3](W-.S)"UCN[L$C3(Y(SN"T^V\U2WR-/9(4UXC8^C>[=^&7$7
M:-*4HB5X]U;Y?^O^N;R^*O6/M[H6S.IC&20H>K&Y?>T$*K_4TISI:C/N;RE)
MG&T+$YJP";#[QNM"TJZ^X1``$:U38?R)F=ITI3IIS'`M1LDR"26P*KW&!M&H
M%EG&09@I8,4J\H,"%PD=LUE.,X^TY&DK["U,FQYZQQQSA#3,II@:*-8L!A"8
MBVV@(#S#QKFNG-/K=(FG"V-&^6R=\F4C2Q!HL=Y')&:3Q][<58E77W=_M4X1
MH)LG,1V7V-Y9DS3%RY:G2$KY,)CXJ7FW]QT1*4I1$I2E$2E*41*4I1$I2E$2
ME*41*4I1$I2E$2E*41*4I1$I2E$2E*41*4I1$I2E$2E*41*4I1$I2E$2E*41
M*4I1$I2E$2E*418VM"2R)8ZS*6M&O:E9;S*N_W(N.^>J>9(8#--(LH<6B6
MOJ1%J(DBX[W+=',DFU4JMM$LJ
MZ\+S/].820:I]6-3DWV=39O`!RQHY`0`0^Z!F/((<0\$_4GXAHB]?]UE#[;1
M'[5FJ(0MM&[@&E3/=PB%MO'A:`0;C=#A:`!QN'@`!Q&LF&U>6Z-Z%R*(6I
MBG!$D7%)W)"J;'`@M6G+46$+FY<62M0+2K3`+5(E9)*E(?;>G4%6'%WVA^D"
MB^`?@6\P>*OZ@`!R!1$I2E$2E*41?P4F"40<9:`#<64;?:%P<0$;"[[@XAR#
MPXAR\!`>'CJLX==\0VH"%U=$1.*-%UQ*)TH3%"8(9PM`3
M!+*M&^ZVVVVZ[B(6V@/T7WL;7MV+D:SV[_>KF_8^:P3]-:)MV@Z$K1%[SYH^L5EJMZYOL;?UI7SEM4<)+HH
MG'23&PD^LEH)5=`2Z"%SB2711DDZR2P$D^9*K9LK[WEM-(/E/)T*:,5Z-CVJ
M&Y(G\2:SEV-X&F.YI1ZGNC"2$Q8@4%.U5J?NGW0Z8J],^HSM.7UVX?/++(]
MLCW.`;<7-_4/\<_6M#"JJ>>:1LLCGAK+@$FU[^I24:X'F_K#XPH(\`_K`/A$
M`_YU%*SCOP:+ZN'?)$$+)D^$8S,LE8RA#,SI!":8T03+)\-@KN9
M*F3)L]+=UTF6X_M4.R1='<:/;`4>I_[+JRK+E*+*G3_DA;DW'A3L^*+#9@P2
M28P6=IRHL$-*;)K!Y,XQY_:BV$F=Y/0D%H5"2PLM4V9"EK:X6#:O2.EH*+T*
M.(TGWM39,)%C\XIM#>HHAPE+VNDLE6E8ITVV*Y!(G-E>XXY/KRH#*7JKD[N$
M>DLC8USBKN-5JVB0OK>H-,2O+F4J^IB>^&;,N!Q]LB<(TD:L(A%F4HTAHCD9
MA&`V-C:R3U)RPXI`U-F7DR)+8K*3SCS1O.-OON\OOE+[9OQ^7
MG]6*\/2%'_,,_P#KR\O,*932M>.S,VC^(]J/IU7:E,+0S(\%B"#)DNQ<:RY1
M21A%);GJ'H(ZX+UQ9,3D4H;!:U!4D1V([[G*U7<82I]72E6@5<9L.KH:X.`<
MTW!T@KK:YKVAS3=IT@CQ2O`;[;;1NNXV@'$1$>3@`0``1$0K^
M*G_2$'%V&=P9<6;9;=:8!=]E]Q=UMMUM_"\2[K;A`0O[BX;!#NNY'APK5CB7
M#F2E==D.],@8L6M3ZZSUF:'B/8>R,^.DV"
M6S:($2(E19*XO$C&[)SLD][]2=65B2-ZFPURN/4E*%("1;WU:A5*VM,J]6
M2-"M4UIT9YG>(7`/,(#XN00']/Q41%$7/=!P$1`0`/*'G_R_Y\W+2VX+P"ZT>("`"`^(0'F$!YA`0Y0$.80K6IB?%60\7)M1TQ/'163CE<\)>U#RAFPLD.L,=$N1^CV"2S&.G^'0J;MUS.^-#MD
M(XIM/+BZ)4C8'O)4ND$43K62$+'Q5:3&71J+4PN#.*V$PPRT8S$SK6)K0D
ME$63U*X"ZT>80'S"`T'F'S41+AX`(ARB`"/#R\E82AJ3G$7RQG&,Y(B!;5$X
MG$,ASS#EC.U-JY?D2*XC9,=J)VL-DS9DZ2+$[W;(9\@9V^,/>+8.H&TXD]L<
M9+WHNX:F]?F\RZ.MGEJLR7I'ROA+4Q,)UC!-"E+U(<>LV+5<1763F$L,Z;;6
ML^29*CSQ?TM09KU^^X=E']DCQ,ON)-20RV0K8
M\Y/TGNQAIRND#TXQ%2G611>Z.]V517KUT:5I$BIA5J3S%#4I2I5"(TDY,1>7
MSNJJ=CBUTK0YIL0;Z"/T7*^MI6.RX'M7!%A;5YA2HM)&<)!G3&IL
M@F:,IFG36O8RY7&28S]C1<7NF6/H5E2,L]HV3[(R9^[F%SV.*_LB(>VT]Q[Z
M[AVB$->DSA'D.4]0RH7O?FR]QPT71_'VCO5+!V&YJ]Y?82Y>N?KCWAW'?2+O7OGNS_4/
MUE3!(X,9(USC>P%[Z!<^'J7['64TKPR.9KWNO9HO`TK<-2E>%UUO"
MX.Z`![D?_$`#R@/`>7_`1Y*]UTKR[KGY!Y/'PY/ZO+_UXZXMOMO#C:/$.(A_
M6`\!^`0$!\@@(UOVJ6
M*$#C62--[9E%'!H='&6?*LB,&1U:P](O,8C,:-+L>8>69]AHLQQ+<:1'**23
MPH_'3;*?FKFB)7CW7Z!\_#DYN/_7D\=+KK>`A
MW0`(AXQ`.<*P(^UOD6'ZR)=F&(PB3/T0-TX=GHS!][6J;$\>QS%XLT8J
M=;E#1EMF6,3VV/LMR"RS!V^PE:R(W5;%T#Q+W..ME$6>UM]M_'N1X\!&T?T"
M'.`^00\8#R@/(/`:\ZPDTBXUF,`D.H)V?8&;C2+3_)#-)X?$UBJ#E*D-Q$/;
MV637EM^-WI[C"]L5O""Q<@G;R>DR5/;U2QQGS>G4-[1>;FR%UH\UUH^/D$*(
MO*E*41*4X^+QTX@/,/&B)2E*(E*5X]T''AR\>''FYO/Y/T/S<:(O*E>%IE
MM_'N1X]R(VC^BX.HKD.\^:/K%9:K>N
M;[&W]:5\Y;6BC=H.A*T1>\^:/K%9:K>N;[&W]:5\Y;57!W$/"CZ`KJGR\'!B
MZ&JC&U$>$%GKTX9A[2I173M=Q:B/""SUZ<,P]I4HKIVIB;O9>(_J*BZCOYN(
M_F4JU/W3[H=,5>F?49VG+ZJL*M3]T^Z'3%7IGU&=IR^N_"^^?N?Y6I@G?R\,
MI[MKFU7:=W,'NK/EVU26;1KI"M>'7+U/=M
M+<"K"MISMZ=K7@
M?:(ZU\+8EUAR&'XRQ9J4RE!H%%4^,\(.9$>BK`_&(V=H)<'O&;F\+2T2>T"[
M5+FX+5IH?A'J3;_PJP7^^0MM;_/FD_\`9)I\_=+6-FV6Z6+:+]<#-7TH.K6G
M6!//,)I`)I0`[0!(\`:O-2U54U+:B0-J)@`18"5X`NUIT"_K6[_[Y"VUO\^:
M3_V2:?/W2U.!W7_73JMU[:/\]9*U;9=<,Q3>(:F5\$CCZXQN%1@ULBA.*,<2
M$MHL1P>-QEN/+M>7MT6]\JTAZT;U=Q0J>]RR22JK^K(O>R^1SAH`MH)(T6"F)&
M"-I9@AR"%EP@/D$+1$*K6-LOMRMJIICVGFL'`V"]6[_`<2XUR*Q,L(AZ7&^%
MWA.PM:O&L%?%"0ISD>.'E[66F.KLXK!,<7-6<%RD2[3+22RBR[*8[\4;^KO^
M2-4^V\'],UK[]+,:[(,:5W8B][(`6.
0]RFOO=5_,S_P!U_E_5Y!6?&ZV;076#K]PYJUDVKS-#EF5\QSEK'$=A
MB]QBT$B]S&S/<"7N[HA*)@L7C"978K#]KK].N).S%TJ;D/,/F'XJHZ4EU/"7$DF-I))N3H\2=)5?1N+J6G
MR-))TD[54K;SUTVNKWWIT\_5UQE6@FM^V\]=-KJ]]Z=//U=
M<95H)J>J\S/Q'-)U%*GE[DI[+:1>[TG_`"<_U`TJ>7N2GLMI%[O2
M?\G/]>N'YN/8_H(]LCM*M%NTKEF#-,>J![Q7BINPQ
MA>3HXBA@&))"G(?90U/JA]<`28Y7IB?4P!,23:-P76"M
M56F]B],).NKUIX_8
M)_;3?W'_`/;R'N4O][JOYF?^Z_R_J\@K%7=;]J'KPU^9RU8Q/5WJ!=LR1_'>
M)L9R*&MSC#,;1>QD>7V<2%J=5Q1\&AL85*[U;>B3)KBEYZI.7:4%Y))1HWF7
M32ZKNMRL\)37-Z#,.=I$KJQ%J@HW.=`PN)<;#2XDG\H\2JR@!<)K!I([V&*VZ/,Z:Y,6OL0E@BM,)3%FFGF&1Z_OD+;6_SYI/_`&2:
M?/W2UGEOA_2I8]ZF6)>TW-]13JQZJ:9M1*&RRM`?H`D<`-`U`&P4]75-0RKG
M:R>9K1(;-;(\`:&Z@#8:@MW_`-\A;:W^?-)_[)-/G[I:DJ[L#M7-H%KUUDY\
MQEJVU%O&8H-$-,2J>1Q@<(3C",$MDL+ROC^/6/%BR#PF,N1YMK.\N2+O96L/
M0C8JN-%,*@LDTNOKJ8-N8?2"ZH>IFN[<<65^TXC\S1J)MJ
M7WAU1.^JC:^>5[?^+I'D'2T:038Z%9-4I497;?[?V:;([/&'<.1G3+%\X)LH
MXA6Y.4/S[E5Z@)[.H23=VB7K02WMD'E12TF\MML6]^&*DY@7GW$`1W)8&&;S
MY&QM+WFS1K*IY)&1,+Y#V6C6?4MN$IU'3^*ZW&?&LG:7Z':?$N%)\XJI4[P<
M_P"Q233Y`YXB7O
M(4EE&>W203:2RS'K5E=P@6,"Y5&XX1T,DGR"&L`
MO:=T3F#R!Q`.
M01KD-]?RP'-L]\=!RB/A(RWQ\_\`N=KG^_4WM1[BN3TE1>W'N=\O/ZL58,4J
M*5L9]X[G>U1U?+],4CTHQ+##>CPU.\IA,&3,#[.5ABB'O<*:2F869QQ_&"+2
M5]LL,/O6@XW&)[D5EEJ4./Z1K`:38TU#M^N!CS^F0L4XP^S88G6-FJ.-$L7,;B
M+8N_GH(0]/D@ES$_/2Z5'/2$UOAD8;&`FPIT[W2R./5O.^UAUV[.+*.D>-Z0
M,P-F,F?*<`R^^3=(X8SQO/1=W.*RF#-K&H+43J,OREM!&C>7$H26TY*0H%1Z
MHJ+.,*(N*BY??1&VS_G7QG^[II]_=W7-+70PO,;^WVA:]F@C3^JY)\1IZ>0Q
M2=OM"VIH(TZM/:"L@=`F$HPZH#%ZR'WBKD!)\TOEP-=
MT+>W<9?&R`<6$6++V3"VS.>1R3S2,G(+!B<=&MC7$/*'PU4R??1&VS_G7QG^
M[II]_=W6Z'8#;8*5VK16/6/M1,;R/G',N%F%H
M=+K\-,L%6N4S,4-E\=D+W*7&9MD@C;`6G4G.!JN`+8H0W2A:J)(0VO;J:QHK
MSG%A>[$OPNJ2=0O&TVTB2_($JC\*BR#41)4RV12AV1,;*D4..EC4@C0$*')P
M.(2$FK59I:9*7>:%QY]]A1877W`%=S1K!&'H=DR69BBF-H=&\F3MD21Z83)C
M8T+6\R1K1R![E-MCN>B))M7*U3_(71TF5)S2SR
M#BKKBS2K[#++AMN`:_4%O('+=S!XZ\Z(E*4HB4I2B+\JW\D4_P!'/^9,JB`D
M'YP2#W_?/VLMJ]_6_DBG^CG_`#)E40$@_."0>_[Y^UEM9&*ZH-LG)BP<<_)3
M;TG)B]17([0="5HB]Y\T?6*RU6]%'T!75/EX.#%T-5&-J(\(
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MI8MHOUP,U?2@ZM:=3=1WTF\H^LS,NUO0U*LB]S`\`;4_UQW/L/Q'5;I5D7N8
M'@#:G^N.Y]A^(ZZ<-S(W'\EUX/G6\.3D%,1._%&_J[_DC5/MO!_3-:^_2S&N
MR#&E7!)WXHW]7?\`)&J?;>#^F:U]^EF-=D&-*T,3RXWPM;&#]KK].N).S%TJ;D/,/F'XJA&[E1X/VNOTZXD[,72IN0\P^8?BJHI,
MM!PV\E;463IN#'TA5*V\]=-KJ]]Z=//U=<95H)K?MO/73:ZO?>G3S]77&5:"
M:GZO,S\1W-2=;G*GC2=12IY>Y*>RVD7N])_R<_U`TJ>7N2GLMI%[O2?\G/\`
M7KA^;CV/Z'+HPG/1[LG[;E/5JJTWL7IA)UU>M/'[#DM6I=56F]B],).NKUIX
M_8TW-]13JPZS,S;YY!3.(9VHXAY!*F#;F'T@NJ'J9KNW'%E0^
M:F#;F'T@NJ'J9KNW'%E?5%F&;1U-7IAF>V:45
M9`56_P"^A>'!I(ZI[SVS2BMFORS_`*\"J'$\G+L^:AOTI2IM1RE*[H-TLCYU
M0LW?3/#=6A=5>FZ#=+(^=4+-WTSPW5H75%AV59O/ZBJW",DS?DZBJ];?6_;N
MT">BK4#]-\95"(J;OOK?MW:!/15J!^F^,JA$5E8AF7[&\EB8MG7[K.25(VW5
M'IE\,^AO4;V=7U')J1MNJ/3+X9]#>HWLZOKSH\S#OCD5Y8=G:??/2Y6M(
M8/BI0.8/,'Q4JG5FN:QJS=[;&CGK`S+ZI^I.LE:QJS=[;&CGK`S+ZI^I.B+)
M0.8/,'Q5S7`
8/BKFB)2E*(E*4HB_*M_)%/]'/^9,JB`D'YP2#W_?/VLMJ
M]_6_DBG^CG_,F51`2#\X)![_`+Y^UEM9&*ZH-LG)BP<<_)3;TG)B]17(<
M/CKBN0YP\X?'6,IU6X>[0="5HB]Y\T?6*RU6]%'T!75/EX.#%T-5&-J(\(+/7IPS#VE2BNG
M:[BU$>$%GKTX9A[2I173M3$W>R\1_45%U'?S<1_,I5J?NGW0Z8J],^HSM.7U
M585:G[I]T.F*O3/J,[3E]=^%]\_<_P`K4P3OY>&.:DGWZL^7;5)9M&ND*
MUX=?R:NK&^[AWG
M_P"BPTI2E8JFU9\;GUT4,BZWVY@>`-J?ZX[GV
M'XCKIPW,C#]KK].N).S%TJ;D/,/F'XJJ*3+0<-O)6U%DZ;
M@Q](52MO/73:ZO?>G3S]77&5:":W[;SUTVNKWWIT\_5UQE6@FI^KS,_$=S4G
M6YRIXTG44J>7N2GLMI%[O2?\G/\`4#2IY>Y*>RVD7N])_P`G/]>N'YN/8_H<
MNC"<]'NR?MN4]6JK3>Q>F$G75ZT\?L.2U:EU5:;V+TPDZZO6GC]AR6M;$,I)
MM9UM6YBV1DWH_P!QJC54I2IQ2*FM[E9X2FN;T&8<[2)75B+5=UN5GA*:YO09
MASM(E=6(M4M%EV;!TM5EAV3AW1TA5B&^']*ECWJ98E[3TW-]13JPZS,S;YY!3.(9VHXAY!*F#;F'T@NJ'J9KNW'%E0^:F#;F'T@N
MJ'J9KNW'%E?5%F&;1U-7IAF>V:459`56_[Z%X
M<&DCJGO/;-**V:_+/^O`JAQ/)R[/FH;]*4J;46'9VGWSTN5K2','F#XJ4#F#S!\5
M*IU9KIZ/9PADCRE),0IB)2WRR.M2I[*,?(B_,C%)FII=&QCD2^'OCBD(12-)
M&GQZ:&=X5(A[UM7N1!;>>XE%+#DWQF;O;8T<]8&9?5/U)U[7'F%'.$Y9RSE%
MTGBR9*Z9ZB\>3.T38F@;;8_"FF3MH$KCH3&K#',]E8#4:++M1$E4K8Y+61ND+$K4-VEC4@L0'J6
MIU3JD)YR)646I2&F$W7IU%EAQ5UAEH7419>`/('(/,'D_P`Z\JQH'1GI%NM&
MV[2_I]&V^T;;K1P_`1"ZVX.%UHAZQA3EI42%`B(+3(T:-*3;82F2I4Y19"<@FRPHDFRPLNVVVT`HB_;
M2E*(E*4HB_*M_)%/]'/^9,JB`D'YP2#W_?/VLMJ]_6_DBG^CG_,F51`2#\X)
M![_OG[66UD8KJ@VRG#,/:5**Z=KN+41X06>O3AF'M*E%=.U,
M3=[+Q']1474=_-Q'\RE6I^Z?=#IBKTSZC.TY?55A5J?NGW0Z8J],^HSM.7UW
MX7WS]S_*U,$[^7ACFI)]W,'NK/EVU26;1KI"M>'7+U/=MI[MKFU>^*_DAWG\FKJQONX=Y_P#HL-*4I6*IM6?&Y]=%#(NM
M]G'Z,8IJ5(;^+O\`+<
M"IC]LMTL6T7ZX&:OI0=6M.MEFV6Z6+:+]<#-7TH.K6G4W4=])O*/K,S+M;T-
M2K(O#YUO#DY!
M3$3OQ1OZN_Y(U3[;P?TS6OOTLQKL@QI5P2=^*-_5W_)&J?;>#^F:U]^EF-=D
M&-*T,3RXWPM;&#]KK].N).S%TJ;D/,/F'XJA&[E1
MX/VNOTZXD[,72IN0\P^8?BJHI,M!PV\E;463IN#'TA5*V\]=-KJ]]Z=//U=<
M95H)K?MO/73:ZO?>G3S]77&5:":GZO,S\1W-2=;G*GC2=12IY>Y*>RVD7N])
M_P`G/]0-*GE[DI[+:1>[TG_)S_7KA^;CV/Z'+HPG/1[LG[;E/5JJTWL7IA)U
MU>M/'[#DM6I=56F]B],).NKUIX_8TW-]13JPZS,S;YY!3.(9V
MHXAY!*F#;F'T@NJ'J9KNW'%E0^:F#;F'T@NJ'J9KNW'%E?5%F&;1U-7IAF>V:459`56_[Z%X<&DCJGO/;-**V:_+/^O`JAQ/)
MR[/FH;]*4J;46'9VGWSTN5K2','F#XJ4#F#S!\5*IU9KFL:LW>VQHYZP,R^J?J3K
M)6L:LW>VQHYZP,R^J?J3HBR4#F#S!\54.3E_JXAQ\G=6\>'$*(O.E*41?E6_DBG^CG_,F51`2#\X)![_OG[66U>_K
M?R13_1S_`)DRJ("0?G!(/?\`?/VLMK(Q75!MDY,6#CGY*;>DY,7J*Y#G#SA\
M=<5R'.'G#XZQE.JW#W:#H2M$7O/FCZQ66JWKF^QM_6E?.6UHHW:#H2M$7O/F
MCZQ66JWKF^QM_6E?.6U5P=Q#PH^@*ZI\O!P8NAJHQM1'A!9Z].&8>TJ45T[7
M<6HCP@L]>G#,/:5**Z=J8F[V7B/ZBHNH[^;B/YE*M3]T^Z'3%7IGU&=IR^JK
M"K4_=/NATQ5Z9]1G:[:YM5VG=S![JSY=M4EFT:Z0K7AUR]3W;7-J]\5_)#O/Y-75C?=P[S_\`
M18:4I2L53:L^-SZZ*&1=;[./T8Q34J0W\7?[D:BM[GUT4,BZWVAJ59%[F!X`VI_KCN?8?B.JW2K(O#^F:U]^EF-=D&-*N"3OQ1OZN
M_P"2-4^V\'],UK[]+,:[(,:5H8GEQOA:V,Y0<1JTV4I2L!2JL+=RH\'[77Z=
M<2=F+I4W(>8?,/Q5"-W*CP?M=?IUQ)V8NE3?JZXRK036_;>>NFUU>^].GGZNN,JT$U/U>9GXCN:DZW
M.5/&DZBE3R]R4]EM(O=Z3_DY_J!I4\OD_Y.?Z]Q_0Y=&$Y
MZ/=D_;M/'[#DM:V(923:SK:
MMS%LC)O1_N-4:JE*5.*14UO@S#G:1*ZL1:KNMRL\)37-Z#,.=I$K
MJQ%JEHLNS8.EJLL.R<.Z.D*L0WP_I4L>]3+$O:;F^HIU2L=\/Z5+'O4RQ+VF
MYOJ*=6'69F;?/(*9Q#.U'$/()4P;'!I(ZI[SVS2BK("JW_?0O#@TD=4
M]Y[9I16S7Y9_UX%4.)Y.79\U#?I2E3:CE*5W0;I9'SJA9N^F>&ZM"ZJ]-T&Z
M61\ZH6;OIGANK0NJ+#LJS>?U%5N$9)F_)U%5ZV^M^W=H$]%6H'Z;XRJ$14W?
M?6_;NT">BK4#]-\95"(K*Q#,OV-Y+$Q;.OW6HWLZOJ.34
MC;=4>F7PSZ&]1O9U?7G1YF'?'(KRP[.T^^>ERM:0Y@\P?%2@8/BI5.K-=
M>1[+..)7,Y;CV.3)@>)I!13A*XXA<"SG-G[Y&RP.^"0`+313&FE)G$$IB@6I
M:<0A=.\UIY)%_5V;_;8T<]8&8_5/U)UZ+%F`)5!12W[)DQL3D=LMC+S#9Q,\>25B?_6%]BYJUNDT$?8\^D6*X[)GYF7HN
M_P"Y"O0.:@E6F-$"KK"+LH+K>`#PQIBH!#HI&\TMF3<:WMI[F5*3
M;\EO,RA:ZU&S,JZ./_J-KG*7)N7X^C12C'K4%HUP[@;'"_(@SW:*3="S'!>\
MI&K:8ZL6(6QG3(%J]8Y*7&59^;$9ZI5NJQTT9CR3EO'T/R[M'
M#"<1HL;*UDQ7;0_6.1%Y29D5!)5H)(J87GHUT5FQ-3&5C'*35SG518!AAGJB]V<:_6EY/XF!H]8?VM.CP[+
M?/Z*RG6W`*13R_\`TZCYDRJ(*0VW!()!QM'_`+_?/$/_`.76U=V7:48!?;=9
M=/=2]UMP#;=:.K74N(#;<`@(#_&ES"`B`_H&M.F<]W^V+6)L?2;(UNSS:9G>
MRE*GAV(#4#E^*(D3:G*5NK](Y#*)?FQK9&5F:D"58M7K3C%!]Y]R9(F1GG*[
M1+Y*RE=4B,-(<@\X>(?+5F47LH=AXZ*6=OCFRQDCDZ9"5O#;AEJ<\WY7C3AD%
MV@G=6Y;:G),ZYR"_'[CCDTAP3JDTI[DQ]/;E!33:-_GM<[^
M]%(HS34=JK@]%2^UC]SOEM^M69Z#F]M'[G>7EM^"RGW:$>YV)>B(+N0?6?-'
M(//X1.6AYN>MZQMP"%O`?_-*^\=1S$&"T^:\2XLAY;@5%
M075#J29(K'BG9V7/SH6U-A64[BTMK@].;BZJ@MN'U5:N4G#RF#79GW*4"Y/^
MWVI<>`A<''5KJ6N#C:/$!X791$!X"''@("'E"MF-O8C8PFY8QK21X]EH%_@J
M&)ACBC83N0?;PS#XA_XE2FNG>`^0?@&K97.
M6[_[&V(Q:9Y26Z`VW(+]:I6R-^O6:A,R1JP\UQ7G.4GE\LF$NS2W,3`QM19S
ME)94_+SC.]$*=8>G1+5-Q*0S"NS98;"Q*8Q$L9D.^:LPQ]5
M*3^.?49VG+ZZXT_;'[8":C9R]PR$Z%8RB41V-HESRD?-068TTL1
MRJUKB3O*(H,)2YE5NYI<)*FK&UR&3$G7LUK\:*1#WTV*6IZ<]T.#]FGI1TSP
M!#BG3RS9@PMC-L<79V;H)CS4WJ18(TB='Y9YSGM<"VUA?_`"%UT&'OHY'/=(QXXU'Q&WX+/2
MZZW@'+_XK/$/_KMJDOVC5MW\(5KOY!Y=9>I[AR#R_P`=`Y1X<@AQY:U;9NV`&R"5$Y#R_(M"@99R&_NSK,9&I5YZS
M:C?IC+)2]BM?9%(9+)U?Q`U6V+VQ"C?6-C:Q[6=ASB>U?2#;5;QT>*J0^`^0?@&G`?(/P
M#5EHS[+W83O[?&7)IV8#P
MU6H'+)YT848Z?F:&S-BE$>39IN=TEZ"%L3:WE!ZXM+^N1+E;:;X.:Y"A+O,N5*U!))=]U:SB=F1L'A9BI"?LR'"YDM/3P]4[
MMF?,IO#8=E]\^RV^#0..KTV<+$TG8<@)8D*V*Y107EPI6BE4,5''$IW5S-8\
MJ3#9)'N?]HP=HWM9QMJ\MJQ)L'EEE?)]K&`XC19VH!H]6O0?@JU/@/D'X!JR
M*W,'\'0-J?[KB'^V.Y\X?^Q^(_%7:^/]DML'9MG:*:>U>SH1QC(3VW2<'AG<
M]0F6%#FR/D,7Y):I33&-J%GO?5Z4C*EX'.
M=[4V-S=42.>UP[+A8`WT@>M>U%ADE+.)72,<`
MUS2`'7_$!ZQZ[_I9;$C;K?4C>7_R[_+_`.D:I^=X.`?X9G7V/`>'VV8UXO\`
MV@QI5KB.E*`B`@,^U,"`AP$!U;:E^4!YP]M*M=^>=@ULH\JR'(F=,LZ/'G.F
M6Y`F62:2O3MG#/;QD+(CVU,I"-`B]<'?,C6WJ7I>C:VYC;3')C'*@QIACJINS:
M67.FBN#^9%_>LVRIV#IF5XMAN8[-XB"35QES
M3CJ6(7G4/E)2,H\+^22@Y?;1^YWEY;?@L7]RIY-/VNOCQ#^/7$G/Z,70?B
MJ;@-UO`>7Q#Y:UMZ==DMH:TD-$D9-+>.\B8`9)HY-[W+&O%VH[4?&DWMKBZDDY5,[X5(D!QB1/?QM[@F^ZT0$>`UD;]RG`OY?:F/[VVI?]Z5:T+#%
M%'&2"6-#21J-O5=;U/&88(HG$$QL:PD7L>R+7%['2JO#>>@$=MIJ]'@/#UIT
M\\O`>'@[8R\=:">`^0?@&KA#/.PEV5^>)I+D.D,PE6Q,Y2E0F)M*(1IC%!)5HFVZRH9LD-AY*I
M$WQM3LP%K0I;INU0')2^S4#DY^9H"]S#()F*X!Z@YL>`
M0ZX#C>QT:[7_`%LJR3@/D'X!J>5N2O)=M(N/)^'I/_PMS_QK9-%-D+L+9<.)
MSD.S/=4S=/6B`.WD&_NA#O?US6]R(@<-?=-0/@F;*Z1C@T.N`#?2TCQ\RO
M2CPN2EJ&3.D8X-#@0`Z_XF=G1<>L^Y;->[M\O^`_Y55;[V*`_P`,).N0?!ZT
M\>+_`/226K+#[E.!?R_U,?WMM2_[TJPFSKL,=E_J8G:K*VHK3H\9KR2J:6MC
M5SG(6>-1<@DJAE8"3B69KO7&97+O,2MA)QQ2(D+.-H&W6\1&[B'94PNGA=$T
MAI<6Z3>P`<#X>.A:%93NJJ=T+7!I\H.R>`QE8\XRCJ21+UC#G-R1OCL
MUO\`EB/M$VA4=4.#Y"US%-4ZXU8N81XA_$9ASG])$KJQ#[NWR
M_P"`_P"5:N=.^QGV>.D=VDD@TN8;F&`'N9MC>S2QUQ=J%U&QI=(FEJ6'.#:W
M.IQ&53!4)4*Y0>J3E\+1L.-,N[H0NX5E=]RG`OY?ZF/[VVI?]Z5:M/$88FQN
M()'B+VT`#QV+?P
M:;'K/GPZ266202,`>ZX!#KC5_P#OUJRJG"9)YY91*QHD>7`$.N!HUZ->OX*L
MWX#Y!^`:F#;F&`AM!=4(B`@'W&:WE'D_WXXLK?[)]C7L0H[C=3DNS9B.;DTL
M>89[B:6(R<[Y-3KF91`,G+\6&KFVQ1GVT)8[S1_3(;,=0B/`KE,H4NR5I.2M
M+H6H(LVC:>=BKLX-)LI>YSI@P=*,!S&1,!D1?Y/C'4#J,C3R\Q@7-&[WL*]6
M1EF:45
M/E^Y3@7\O]3'][;4O^]*L1]0VQ:VPYTV6+V9((#>
MZ2%S;D>?#T[/(T$884Y1R*NV;Z7UHQ%F%9BJ4%N.HW(;"8O+3M<=>FQ]BQSIG
MVQ._KYFBE0P6#D7E2Y_DCJCCZI$T'7'J4^7Z*E]JSW.^6WZ.C$]!R^VC]S
MO+RV_!1EMT'`0VL;YQ`0_P!D+-W/_P#,\-U:$=W;Y?\``?\`*M3.!-A[LR]+
M4X-R;ILT^OF#3EY#(B;'4Q*O7QR+*G_,C0U-UTA<
M6]N%2M>S"7*DMZ*0-*MS;]0635[1
M?DMHB62YXTPU@=0SHF022/S&(8M>'N*Y/1'DPQQ2R*%7W'%6/3@8Q\=30/GF
M=()&M!MH(-]&S]?HZ."LPN2IG=*)&-!`%CVKZ+>H;?@JS+@/D'X!J1MNJ(#_
M``RV&1X#P^TWJ-\7_MU?4NEFV,FP3?)SIW@*#9]'FN^H;%JO+2%4&6LV^M6/
MX_\`8@GE[$BG:W[=X6IGB6)2Y"CCJ-FL=K51L.DZQ0:E;4)*I3G1IEV*FR5Q
M&_QO4'I,P5?CJ5',SLDBV5L4:@M0[:["QOZ:]L>TS:\)LKF?ZHZ);3$2VP+.
MZO+"\L>X&OF##I(I8Y#(PACKD`.N?KZ\OBFPF6">*8RL<(W7(`=^O4O6S[-9
MB_>M'JO?AG?GK9WIW_ZFD[\]7[S2^HJUENKM^E*41*4I1%U!F#"\:S0AB*.1
M/,R8S(1,D$\CRZ&R,^/JR)(VMCLTMZI;9:2J0.Q3>4]*E[3WQ4=9/$:IY<792F4MD[>T"B,,$E-FQ\U@<2.(,`QA@
MLY49&G*B4,2:ZZY0<_DF-ZQMNB\*&-*41=O8\TXX/Q3/)KDK&V-(I")?D)EC
MS!+G&,M25H*=F^-/$G?6_P!40HBR412L]XF+ZXNRXD@M8\K%!*AT.5')4]]G
M>5*41*ZFS'AV-9MBR**2EUEK2@;91')BC4Q"0JH^M![B:[UT8KU@E6'HG9O1
MNEB9S]:'A$X-9KB@;5YB2Y6WHSB5*(NF7719B%T0G.(?U*]:-A"(L_P!3M[*@&GS'
MF-Y==,(X$F,5IH8WX_B;0]2EY?(]CN#)/6&Y1%("U.2D^Q@9755&H^NT7/D:D7JT6?5+$NO
M<8B^(I&S6*C"K3DKFUV.[BS#S^^N,F7K
MLA?9(LO:7-N>R)JX$K8Q.VHN#DGY4B]@%"C:LCOQ6.(:7)'SO4](\DMC@G4M
M?>\JF14A4HB]YC'21A;$+XWF?'LCQI+U
M#ZGCDH)0$.M\<>E;"Z&)VYV0/-J2UP1B%][>N/;B4;TUJ;%#8^LIZ]C>$:YH
M<5R,]2B+HMXT88D?G<]_>77)#B_G$M"M.]'3IRM6-<_8443;&[,;18064B09
M7+:8'#FDV3$I.]CVQBM1FM-Q3O(0>.TL8X%QKB1<+G#FE82Z7PB+8_,<7-T7
M.ZTR.Q1[ELD2VWG+C31]/V/*T`F&-Y,I?4D>F\>Y(O+;GQJ.3N#<<>FO,(N
M.3&VW7$FFDW]T4:99=CDYZ(<*OMQ=TA.GCZ%K`D9SB5RUK/6E7)&8Q,[67"Q^KM
M#$H?V9/(F-
MX85:IT1)7MJ%Q9EO'NK+[1"ZR\`
MNM$!`*4HBPY8-#N%X^V0!GM7Y'>6_'"WU5F)?YTXN=SLR6R**S&V(2\ZXHL^
M71JZ=0N/3I64^F+'=VE)+JN>GAQ3R:4)'G[=@TNP*/W8YO22/)BF[%^7:L<'D\MV>T[FI1%[
MW[C_`!Q;>P*$TKRTA61K,&29?-I?MGQDYYLM+>E
ML4R,D?5#9*&QR<5JB]M0,"9H7M(QUDO0?2OVDC&\A98XWJ41
M92$V6%%V%%66EEEVV6%EV`%MEEEEEMMEEEH3*7U)'IO'G.,/9\:?'&-/@-3NGN2+RVY\:CD[@W''IKS"+CDQ
MMMUQ)II-_=%&F67=#)]'F*R79$]F.V0U+HDC*F.`HNF2I&4:M-B,L@#7-#&Y
MJ3-[79-HO`)K(H3&7I,B3DMD=5(DPH#U#(QJFU2B+]#;HRTWHG'$+TLQDP2*
M482AJ2!0R8R9&E>I4IBJ2".>-DK5+GE2G]7F9":'O+LV)[)A81>YN"PFRQ
M6M5'&]Q8HQ-CG"4'9\8)JA08!5H7J5BDR[N
7U*U3>:J4W!:)YQ@VVB"E$78]*4HB_]D_
`
end
GRAPHIC
7
spacer.gif
GRAPHIC
begin 644 spacer.gif
K1TE&.#EA`0`!`(```````````"'Y!`$`````+``````!``$```("1`$`.S\_
`
end
GRAPHIC
8
square.jpg
GRAPHIC
begin 644 square.jpg
M_]C_X``02D9)1@`!`@$`2`!(``#_[07:4&AO=&]S:&]P(#,N,``X0DE-`^T*
M4F5S;VQU=&EO;@`````0`$@````!``$`2`````$``3A"24T$#1A&6"!';&]B
M86P@3&EG:'1I;F<@06YG;&4`````!````'@X0DE-!!D21E@@1VQO8F%L($%L
M=&ET=61E``````0````>.$))30/S"U!R:6YT($9L86=S````"0``````````
M`0`X0DE-!`H.0V]P>7)I9VAT($9L86<``````0``.$))32<0%$IA<&%N97-E
M(%!R:6YT($9L86=S``````H``0`````````".$))30/U%T-O;&]R($AA;&9T
M;VYE(%-E='1I;F=S````2``O9F8``0!L9F8`!@```````0`O9F8``0"AF9H`
M!@```````0`R`````0!:````!@```````0`U`````0`M````!@```````3A"
M24T#^!=#;VQO/S1B>4I(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]C='5V=WAY>GM\?7Y_<1
M``("`0($!`,$!08'!P8%-0$``A$#(3$2!$%187$B$P4R@9$4H;%"(\%2T?`S
M)&+A7U5F9VAI:FML;6YO8G-T=79W>'EZ>WQ__:``P#`0`"
M$0,1`#\`T4EXRDDI_]DX0DE-!"$:5F5R0`````'``@````!`0#_[@`.061O8F4`
M9$`````!_]L`A``!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`@("`@("`@("`@(#`P,#`P,#`P,#`0$!`0$!`0$!`0$"`@$"
M`@,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P/_P``1"``$``0#`1$``A$!`Q$!_]T`!``!_\0!H@````8"`P$`````
M````````!P@&!00)`PH"`0`+`0``!@,!`0$````````````&!00#!P((`0D`
M"@L0``(!`P0!`P,"`P,#`@8)=0$"`P01!1(&(0<3(@`(,11!,B,5"5%"%F$D
M,Q=2<8$88I$E0Z&Q\"8T<@H9P=$U)^%3-H+QDJ)$5'-%1C='8RA55E<:LL+2
MXO)D@W23A&6CL\/3XRDX9O-U*CDZ2$E*6%E:9VAI:G9W>'EZA8:'B(F*E)66
MEYB9FJ2EIJ>HJ:JTM;:WN+FZQ,7&Q\C)RM35UM?8V=KDY>;GZ.GJ]/7V]_CY
M^A$``@$#`@0$`P4$!`0&!@5M`0(#$00A$@4Q!@`B$T%1!S)A%'$(0H$CD152
MH6(6,PFQ),'10W+P%^&"-"624QAC1/&BLB8U&50V160G"G.#DT9TPM+B\E5E
M=58WA(6CL\/3X_,I&I2DM,34Y/25I;7%U>7U*$=79CAVAI:FML;6YO9G=X>7
MI[?'U^?W2%AH>(B8J+C(V.CX.4E9:7F)F:FYR=GI^2HZ2EIJ>HJ:JKK*VNKZ
5_]H`#`,!``(1`Q$`/P`Y'OW7NO_9
`
end
-----END PRIVACY-ENHANCED MESSAGE-----