The URL can be used to link to this page

Agenda 05-02-13 BOYNTON BEACH FIREFIGHTERS’ PENSION FUND QUARTERLY BOARD MEETING Thursday, May 2, 2013 @ 9:00 AM Renaissance Commons Executive Suites 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 AGENDA I. CALL TO ORDER – Luke Henderson, Chairman II. AGENDA APPROVAL - III. APPROVAL OF MINUTES –Quarterly meeting February 13, 2013 IV. FINANCIAL REPORTS: A). Bogdahn Consulting – Dave West, Consultant 1) InvestmentPerformance Review for Quarter 03-31-2013 2) Acquisition of STW by Schroder US Holdings Inc.-completed April 2nd B) Attorney Report – Adam Levinson 1) Four Year Terms for Trustees - Status 2) Memo 2-15-2013 – Highlights 2013 Fact Sheet – Summary of Factual Landscape on State/Municipal Bankruptcy, Municipal Bonds & State/Local Pensions. V. CORRESPONDENCE – VI. OLD BUSINESS – . VII. NEW BUSINESS : A.Invoices for review and approval: 1. STW Fixed Income Mgt – Qtry fee 6-30-13 - $8,532.17 2 DSM Capital Partners LLC – Qtry fee 6-30-2013 - $16,748.63 4. Bogdahn Group – Qtry fee 3-31-2013 - $8,375 5. Tegrit Administration – Qtry fee 3-31-2013 - $500 6. DGHM – Management fee 3-31-2013 - $15,655.86 7. Klausner, Kaufman, Jensen & Levinson – Service Feb/Ma 2013 - $2,760 9. Anchor Capital Advisors – Quarterly fee – 12-31-12 $10,980.16 11. GRS Service Jan 2013 - $3,296, Feb 2013 - $8,910 13.Intercontinental- Management Quarterly fee 12-31-2012- withheld from dividend reinvestment plan. $8044.80 1 14. Professional Indemnity Agency, Inc.Annual Renewal paid 3-13-13 - $8,185.04 VIII. PENSION ADMINISTRATOR’S REPORT: 1.Salem Trust Co. letter 4-9-2013– Completion to Electronic Benefit Payments— 2.Benefits as of 05-01-2013 IX. COMMENTS X. ADJOURNMENT Next Meeting Date – Thursday, August 8, 2013 @ 2:00PM – Renaissance Commons Executive Suites If you cannot attend, please call Barbara @ 561/739-7972. NOTICE F’PB IF A PERSON DECIDES TO APPEAL ANY DECISION MADE BY THE IREFIGHTERS ENSION OARD WITH RESPECT TO ANY MATTER ,/,,/ CONSIDERED AT THIS MEETING HESHE WILL NEED A RECORD OF THE PROCEEDINGS AND FOR SUCH PURPOSE HESHE MAY NEED TO , ENSURE THAT A VERBATIM RECORD OF THE PROCEEDING IS MADE WHICH RECORD INCLUDES THE TESTIMONY AND EVIDENCE UPON .(..286.0105) WHICH THE APPEAL IS TO BE BASED FS THE CITY SHALL FURNISH APPROPRIATE AUXILIARY AIDS AND SERVICES WHERE NECESSARY TO AFFORD AN INDIVIDUAL WITH A ,, DISABILITY AN EQUAL OPPORTUNITY TO PARTICIPATE IN AND ENJOY THE BENEFITS OF A SERVICE PROGRAM OR ACTIVITY CONDUCTED .CC’(561)742-6060- BY THE CITY PLEASE CONTACT ITY LERKS OFFICE AT LEAST TWENTYFOUR HOURS PRIOR TO THE PROGRAM OR . ACTIVITY IN ORDER FOR THE CITY TO REASONABLY ACCOMMODATE YOUR REQUEST TB(C).I HE OARD OMMITTEE MAY ONLY CONDUCT PUBLIC BUSINESS AFTER A QUORUM HAS BEEN ESTABLISHED F NO QUORUM IS CC ESTABLISHED WITHIN TWENTY MINUTES OF THE NOTICED START TIME OF THE MEETING THE ITY LERK OR DESIGNEE WILL SO NOTE .B THE FAILURE TO ESTABLISH A QUORUM AND THE MEETING SHALL BE CONCLUDED OARD MEMBERS MAY NOT PARTICIPATE FURTHER . EVEN WHEN PURPORTEDLY ACTING IN AN INFORMAL CAPACITY S:\CC\WP\JANET\FIREFIGHTERS' PENSION FUND.doc 2 / MINUTES OF THE BOYNTON BEACH FIREFIGHTERS' PENSION FUND _' QUARTERLY BOARD MEETING HELD ON THURSDAY, FEBRUARY 13, 2013, AT 9:00 A.M. AT RENAISSANCE COMMONS EXECUTIVE SUITES, CONFERENCE ROOM 1,1500 GATEWAY BLVD., SUITE 220, BOYNTON BEACH, FLORIDA PRESENT: Luke Henderson, Chair Barbara LaDue, Pension Administrator Helen (Ginger) Bush Adam Levinson, Board Attorney Matthew Petty (arrived 9:21 a.m.) Jonathan Raybuck Robert Taylor, Jr. I. CALL TO ORDER — Luke Henderson, Chairman Chair Henderson called the meeting to order at 9:04 a.m. a. Congratulations to Matthew Perry for his re- election as Trustee. Chair Henderson congratulated Mr. Perry and announced he will continue to serve as Trustee for another term. II. AGENDA APPROVAL Barbara LaDue, Pension Administrator, added the following two items: D IV, Financial Reports, Item D, Attorney Report, Item 4 - Status ratification of suit against Dell Inc. regarding management sponsored leverage buyout at $13.65 per share. VII, New Business, Item A, Invoices, Item 7 - Kiausner Kaufman Jensen and Levinson - January payment of $570. Motion Mr. Taylor moved to approve the agenda, as amended. Mr. Raybuck seconded the motion that unanimously passed. III. APPROVAL OF MINUTES — Quarterly Meeting of November 8, 2012 Ms. LaDue requested a change on page four, Old Business, Item A. The first sentence was changed to read: "Chair Henderson explained that the Summary Plan Description was due for a reprint and advised the investment manager list needed to be updated to add the 575 175 ad hoc benefit." Meeting Minutes Firefighters' Pension Board Boynton Beach, FL February 13, 2012 Motion Mr. Taylor moved to approve the minutes with the amendment. Mr. Raybuck seconded the motion that unanimously passed IV. FINANCIAL REPORTS: A. Bogdahn Consulting — John Thinnes, Consultant 1. Investment Performance Review for Quarter 12 -31 -12 2. Acquisition of STW by Schroder US Holdings Inc 3. ASB Allegiance Real Estate Fund 12 -31 -2012 John Thinnes, Consultant with Bogdahn Consulting, reviewed the Fund's performance and discussed equity markets. Over the last few years, there have been issues with risk and central banks which made markets volatile. The presidential election and the fiscal cliff also contributed to the market's volatility; however, housing and the gross domestic product improved. The federal central bank indicated they would keep the federal fund rate at zero until 2015 and they would continue to buy mortgage - backed and treasury securities each month until unemployment improved. There were also interruptions from the feds in the fixed- income markets. The S&P was negative for the quarter. With interest rates near zero, investors were searching for higher yields, which could be accomplished via longer -term securities. High- quality, investment -grade corporate bonds were yielding more and for the quarter, lower- quality securities performed better in the market. International markets fared better. The benchmarks used for international investments were positive at nearly 6% for the quarter. From an asset allocation perspective, the funds were within the allowable ranges. All of the equity managers in fixed income had cash in the portfolio. Managers allocate their holdings and, by the quarter's end, they could have a higher cash balance, but its usually invested by the next day. There was brief discussion 5% of the portfolio in cash was a good benchmark. The Boynton Beach plan was in the middle of the peer group rankings in U.S. and International equity. Other plans fared better than the Boynton Beach plan this quarter and their international allocations were between 20% and 25 %. He liked how the plan was positioned with U.S. equity for future performance. There were healthy allocations in PIMCO and Templeton and the real estate allocations with Continental and ASB, which was funded mid- quarter. International allocations were good for the portfolio, especially last year. With the USA and the feds pumping money into the system, it devalued the U.S. dollar. Having Asian currencies in the Templeton Fund would help the fund as it appreciated against the U.S. dollar. 2 Meeting Minutes Firefighters' Pension Board Boynton Beach, FL February 13, 2012 The fund started the quarter with $59,902,100. Contributions were slightly over $4 million. Distributions were slightly over $1 million. Management Fees were under 1% and the return on investment had $951,941. As of December 31, 2012, the total portfolio was at $63,694,923. There was healthy growth, although not as strong as the third quarter. The total fund had a net return of 1.37% versus a total fund policy of 1.31 %. After fees, the policy outperformed. For all of 2012, net of fees, the fund returned 12.42% versus the fund policy of 12.37 %. Anchor tried to beat the index fund, but underperformed in domestic equity by 1.5% due to Hewlitt Packard and Anderson Gold. (Mr. Perry arrived at the meeting.) Anchor was in the portfolio because of the alpha and they are a conservative manager. For the year, the index was up 17.5 %. The fund was up 13.5% and was trailing. The short-term rankings were also not great. Mr. Thinnes explained they were watching Dalton Greiner very closely. Dalton has various products that did very well, but not this fund. He noted this was the first time in history they had a 35% hit rate, and a 65% underperformance rate in the market. He also pointed out their process was not broken. Their strategy had a net inflow of $20 million, but it underperformed by 8 %. Clients did, however, recognize it added value in the long -term. For the one -year period, they underperformed by 8.29 %. Annualized over three years, it would be at 2.91 % or slightly lower. The most recent year had a good experience in the beginning, but since inception it underperformed by under 2 %. There was a 10.7% allocation to Dalton and this was the fifth quarter of underperformance. As of yesterday, the strategy outperformed by 1.5% and they were recapturing some of the return. Managers comparable to Dalton, such as Anchor, were also underperforming, but Dalton was one of the better performing managers. Additionally, it was possible aggressive large cap managers could outperform Chair Henderson requested Mr. West run a search for managers for the Board. Further discussion followed it may not be necessary to replace the manager after conducting a manager search. Mr. Taylor felt it was important to be proactive with their managers. Anchor could be advised of the search and may adjust their fees. Mr. Thinnes agreed to review Dalton and other managers and return to the Board with the results. The Vanguard Fund was uneventful and slightly trailed the benchmark. The DSM Large Cap fund had nothing significant; however, it was pointed out they own Apple. During the fourth quarter the fund was down 20 %, but still outperformed by nearly 1% for the quarter. The largest detractor was Apple. Manning and Napier was uneventful. 3 Meeting Minutes Firefighters' Pension Board Boynton Beach, FL February 13, 2012 STW had an over - allocation to credit. This quarter, the fund outperformed as was expected. For the short-term, as to the acquisition of STW by Schroder U.S. Holdings (Schroder), Bogdahn's fixed income analyst, learned the entire team was moving to New York. For the short-term, they were not worried about Schroder. They have another fixed income core product, but not credit like STW had. Overall, it was a good complement and they would monitor its performance for the next two quarters. If Schroder raised assets or tried to combine their two teams together, it would be a red flag and they may have to order another search. Mr Thinnes agreed to provide Schroder's performance for the Trustees. Mr. Thinnes was very happy with the allocation in global fixed income and commented over the last year, it performed well. Intercontinental had a great quarter at 6.31% versus 2.32% and had higher leverage in the portfolio and solid sales during the quarter. ASB Real Estate had a positive performance at 2.64% versus 2.32 %. It was still too early to tell, but the fund was off to a good start. Managed Futures in the Princeton Futures fund was the only fund not correlated to the equity markets or what was occurring with the global GDP. While it was negative for the quarter, it was a good investment as a diversifier and it made up its loss so far this year. With managed futures, it was all about trend following and they were trend following managers. It was difficult for them, as they invest in future equity markets, such as corn and livestock, which are affected by factors such as the weather. Although the fund was negative since inception, there was a 3.5% allocation in the portfolio and Mr. Thinnes believed this was one of the best managers with one of the best strategies available. Mr. Strong noted the long -term expected rate of return was trending down to about 7.5 %, net of fees, and inquired if Mr. Thinnes saw that an as an achievable return over the next 10 -20 years, in light of the interest rates being so low and because fixed income was not expected to generate much of a return Mr. Thinnes responded they use the JP Morgan assumptions and historical data indicated they could obtain 8 %. The JP Morgan equity assumptions for fixed income over the last 30 years, was 7.5 %. Currently it was at 3 %. Going forward for the next 10 to 15 years would be problematic; however, because International fixed income was much higher than 3.5% due to the currency effect, not only would one get a higher coupon by investing globally, but one could obtain the currency appreciation. Real estate was also in the portfolio so the future expectations for international fixed income and real estate remained at 7.5 %. Attorney Levinson pointed out the portfolio has two real estate managers and the plan had Princeton as a further diversifier in terms of commodities. This was something the Trustees have consistently heard from investment advisors to try to diversify out of traditional fixed income, into fixed income alternatives. 4 Meeting Minutes Firefighters' Pension Board Boynton Beach, FL February 13, 2012 Mr. Thinnes explained the market value of the total fund was $63,694,000. As of yesterday it was $65,476,000, achieving a $2 million dollar increase. B. Davidson, Jamieson & Cristini, PL - Richard Cristini, CPA & Jeanine Bittinger, CPA 1) Audit Report/Financial Statements for PYE 09 -30 -2012 Mr. Cristini explained the Plan received a clean opinion which signified, in all material respects, the assets, liabilities, revenues and expenses were fairly stated in the report. In regard to the intemal control structure, the Board's policies were maintained and continue to be effective. In terms of compliance with laws and regulations, there were no violations found. The Board continues to operate within the statutory requirements. They tested various processes and found no evidence of fraud and internal controls were in place. The Statement of Plan Net Assets showed there was some cash on hand in a Wells Fargo bank account. Receivables showed there was a small employer receivable which was an additional amount due from the employer. All other amounts were properly made and should be shown as an asset of the Plan at the end of the year. Interest and dividends were down slightly. Broker dealers, which was when securities were sold and the plan did not receive a check, did occur during the first week in October and was a Trade date /settlement issue. Ms. LaDue requested trade date statements from the custodian. Investments at fair value reflected total investments of $59 million versus $50 million. Prepaid expenses and total assets reflected the assets were at $60 million in 2012 and $50 million in 2011. Liability payables were down slightly. Payables to broker dealers and the inventory of investments showed, in this case, the custodian was on an accrual basis and the report showed the liabilities as contained in the custodial statements. The statement of changes in the plan net assets included the employer contribution in 2012, which showed a slight increase between last year and this year. Plan members were down, which is the result of less overtime and a reduction in staff size. The figure was lower due to a significant reduction in overtime paid. Rollovers to DROP were down, and Intergovernmental revenue increased. Chapter 175 monies were flat, but the increase for the basic rebate was good. Investment income and Toss reflected $7.4 million income versus $1.5 million loss. Interest was down and dividends were up. Commission recapture was reviewed, as was litigation settlements. Mr. Cristini noted the litigation settlements would be changed for next year. Other income was flat. Total Investment Income reflected income of $8.9 million versus a $181 thousand loss. There was net investment income of $8.6 million versus a $452 thousand loss. On a smoothing basis, the loss from last year would trail for a while and good years were 5 Meeting Minutes Firefighters' Pension Board Boynton Beach, FL February 13, 2012 needed to achieve the assumed rate of return. Deductions in age and service increased and disabilities slightly increased. Beneficiaries slightly increased and DROP payments were down. Refunds were minimal and administrative expenses were down There was a net increase of $9.6 million versus $1.5 million. Net investment income was figures that pertained to the actuary. Footnotes had basically no changes, but would have changes in the future. Increases and decreases in appreciation reflected the plan gained money in 2012. The unrealized appreciation was at $4.5 million resulting in the $7.467 million for 2012. In 2011, there was a loss of $1.5 million. In all, the portfolio had a good year. Mr. Cristini advised most of the plans he worked with had good years, and Trustees were well advised by managers and performance monitors, although two plans he was aware of flat lined. Plan investments at cost and market at the end of the year were at $54 million from a cost basis and $59 million from a market value basis. Designation of DROP accounts were included to remind all the DROP account assets were separately segregated and controlled. The rest of the net assets of $52 million belonged to all the other participants in the plan. This was something followed and that was tested, but were not included in the front of the report because of the current accounting standards, so it was included as a footnote. Going forward, the new Government Accounting Standards Board Standards (GASB) regulations would allow the information to be reflected in the front of the report. Discussion also followed about a Double Drop, which was a methodology to keep employer contributions lower by making a flat commitment up front and then having a second class of calculations. It was not implemented and it appeared to have flaws. Mr. Strong also expressed it did not appear actuarially sound. The concept was presented at an FPPTA meeting. It flattened the employer contribution, but it was at an unrealistically high rate of about 30% for all cities. The schedule of funding progress was reviewed. Mr. Cristini noted, under the new GASB guidelines, there would be changes in the format of the presentation. The schedule of contributions was included and notes to the traditional schedules represent the assumptions used in the actuarial report regarding how the numbers came to pass Additional information included schedules of investment and administrative expenses that were requested by the State. Moving into alternative investments, the fees would be included in the net asset value structure of the investments and the figures would go down, which did not mean they were not paid. The percent of total assets were way under 1% which was good. Trustees are to ensure plan assets are used exclusively for the benefit of members and beneficiaries, and that they are only paying expenses and fees that are reasonable and appropriate. A list of all the information needed for the professionals who work with the Board was included. 6 Meeting Minutes Firefighters' Pension Board Boynton Beach, FL February 13, 2012 The memorandum on the internal control reflected there was nothing to report other than the Board paid sales tax on its rental statements that could be recaptured, that the Board decided it would spend more than it would recoup. Mr. Cristini announced Jeanine Bittinger was now a partner with the firm. He also commented new GASB Standard 67 would affect the stand -alone report that will affect this Board and its reporting. It would go into effect September 30, 2014. The GASB Standard affecting the City would go into effect September 30, 2015. He recommended not to implement early, and it would be better to first watch, prepare, and start testing with some of the schedules that would be required to report on before complying. It did not change the basic accounting. He also noted the balance sheet would be changed from Statement of Assets and Liabilities to Statement of Net Position. If the City decided to implement early, they would also have to also implement early because there were many items the City had to include in their Report that would come from the Firefighters' report. GASB reviews all plans of every size in the country and implemented rules to ensure consistency in reporting. They found that was not occurring, so they implemented standards to accomplish that goal. Mr. Strong noted there would be a learning curve on the City's part and he was unaware of any city that would implement early. Ms. Bittinger announced the technical director of the Government Finance Officers Association would be speaking at the FPPTA conference in June. Mr. Cristini explained the Director had the gift of explaining difficult topics and making them understandable. His subject would be pensions. Attorney Levinson requested the auditors confirm on record they received full cooperation from Ms. LaDue, the professionals in the City and those at the table in compiling the report, and that the process went smoothly so the Board would have complete assurance that the process, in terms of the internal controls and behind the scenes ongoings, was working and that no one was hindering the process they needed to do as auditors. Mr. Cristini explained all was well, including the actuary. He noted Mr. Strong provided guidance with respect to the City's contribution because it would not have been picked up otherwise. C. Gabriel, Roeder, Smith & Co. — Pete Strong, Consultant and Actuary 1) Actuarial Valuation Report for PYE 09 -30 -2012 Pete Strong, Plan Consultant and Actuary, reviewed the Actuarial Valuation Report, the Supplemental Report and a memo regarding GASB Standard 67. The total contribution to the plan from the City and State decreased slightly which was the first time it decreased in quite some time. The plan also achieved a small gain for the year, which also was the first time this happened in some time and the combination 7 Meeting Minutes Firefighters' Pension Board Boynton Beach, FL February 13, 2012 .- _ led to a reduction in the total contribution required. The City's net required amount was 3.52% versus 3.57% The State monies were higher this year due to Ordinance 06-092 requiring the Board to reevaluate the cost of the COLA every three years. The COLA was intended to be cost neutral. Member contributions increased 5% when it was first implemented. In 2009, it increased by about $43K, so part of the State money was used to defray the City's additional cost. The analysis was done again showing the effect as of October 1. 2012, and it added about $80K more. Discussion followed the interest rate assumption was lower, the termination rate was less than expected, and other factors that were not 100% realized caused deviations and fluctuations in the cost of benefits. It was important to have a reserve of the State monies available so it could be used to keep member contributions at 5 %. While the Ordinance required a review every three years, a suggestion was made the review be conducted annually. A study done a few years ago showed the effect of lowering the interest rate to be about $20K. Chair Henderson wanted to track the money it was costing them. Once it was reevaluated in the third year, they would know the total sum and create a cushion. This could be achieved through an Ordinance amendment. it was also recommended adding a footnote on page 6A of the State report reflecting the Board's intentions. Further dialogue ensued that since the Board voted to reduce the assumed rate of return by 15 basis points each year, the rate changed from 7.95% to 7.8 %. That change caused the contribution to increase by 1.37% of pay, but the Board was still using the 1983 Group Mortality Table. It was noted the State has started to push Boards to use the updated Mortality Table and may start rejecting reports; however, the Board had already decided to use the new mortality table once the assumed rate of return reached 7.5 %. As to the continued appropriateness of having the 7.5% rate of return, it was up to the investment manager to signify whether they could achieve that rate. A suggestion was made to have the investment consultant comment on whether or not the weightings of 60% - 40% continued to be the best investment strategy in terms of the allocation of the overall asset structure at the next meeting. Mr. Strong noted the fund had a small actuarial gain of $161K with the majority of that gain due to the salary experience He pointed out salaries were down from last year There was a 17.1% return on the market value, but the return on actuarial value was only 2.72% due to phasing in losses from the past. He noted they would be phasing in losses from 2008, 2009 and 2011, and this was the last year to phase in the 2008 loss. Last year, the market value was below the actuarial value. Now it was almost in tandem so they closed the gap in smoothing. The funded ratio, because of the return on assets was 57.2% this year compared to 58.2% last year. 8 Meeting Minutes Firefighters' Pension Board Boynton Beach, FL February 13, 2012 The change in the Employer Contribution reflected a change from 34% to 37% which was a slight experienced gain. As a percentage of pay, the contribution was up about 3 %. Chapter Revenue for 2012 showed the funds were divided between the Supplemental Ad Hoc Benefit and regular fire monies. The regular was $1.4 million but they could only recognize $623 thousand of it. This past year, $380 thousand was added to the excess reserve which totaled $2.2 million at the beginning of the year. On October 1, 2012, it was $2A7 million. One hundred thirty -seven thousand dollars was used to pay out the ad hoc supplemental benefits. Mr. Strong advised last year, they expected payroll to be over $10 million, but it came in at $9.37 million. Last year, the total annual required contribution was $4.27 million. Before the 15 basis point change in the discount rate, it was $4.096 million, resulting in a small decrease. Calculations were depicted showing the lump sum required payment from the City in October and the bi- weekly payments. With a lump sum payment, the figures were at $4.226 million, still below last year's total Annual Required Contribution. The Actuarial Accrued Liabilities, last year were $84.3 million. Before the change in the discount rate this year, it was $86.9 million and $88.4 million after the change. The funded ratio was 58.2% in 2011, 58.1 % this year before the change in the discount rate, and 57.2% after the change. Attorney Levinson explained that by using 7.8% as an assumed rate of retum which will continue to drop, the plan was ahead of the curve compared to many of the other plans he worked with. The average plan was at 8% or slightly less. Last year's unfunded liability was $35 million. When adding the cost of benefits that accrued during the year, less the contributions by the City and State and then adding in the interest adjustments, the expected year -end unfunded liability was $36.5 million when the actual was $36.4 million, resulting in a gain of $161 thousand. The history of the plan's gains and losses were reviewed. For 10 of the last 11 years, there were tosses due to investment returns falling short of expectations and higher salary experiences than were expected. It appeared the fund had turned a corner as the fund had a gain this year. Mr. Strong pointed out over the last 35 years, the average investment return was a 8.2% compounded return. It also included the 30 -year bull market on fixed income. He noted it was the last few years that really hurt the plan. Pension Fund Income and Disbursements were reviewed. Mr. Strong noted the returns were very strong this year and when averaged, was about $4.1 million and in line with the assumption. Over the last 10 years, the market value returns were about 5 %. The actuarial returns were at 3.3% due to the phase in. Over all years shown, it was 8.5% versus 8.2 %. The 9 Meeting Minutes Firefighters' Pension Board Boynton Beach, FL February 13, 2012 main source of the difference was when the plan began, the actuarial value was higher than the market value in 1982. Now that they were equal, the compound market return was higher than the compound actuarial return Mr. Strong explained they are required to show the liabilities on a present value of approved benefit basis, which is different than the actuarial ongoing accrued liability. Assuming the plan was frozen and no more benefits were accrued, it would show the liabilities at the FRS rate of 7.75 %. At that rate, liabilities were $82.3 million versus $78.6 million last year. The funded ratio is measured on a market value basis. The funded ratio was above 100% in 2000, but with the exception of 2007, it consistently dropped due to the experienced losses. The plan has now reached a plateau. They did not expect actuarial losses on the market value of losses on the market value of assets and Mr. Strong was optimistic as long as they reached their investment return goal, the funded ratio would increase going forward. Mr. Strong distributed a memo pertaining to GASB and the Supplemental Valuation Report showing how the additional $80 thousand contribution was calculated which would be sent to the City and State. The Supplemental Valuation Report discussed Ordinance 06 -092, the deferred 5% COLA. The Annual Required Contribution reflected what the valuation would have been this year if the State Monies were $623 thousand, and Mr. Strong reviewed the methodology used to align the contribution with what it would have been, had there been no Ordinance. Attorney Levinson noted when the COLA was instituted in 2006, the City wanted to stabilize its contribution via the COLA. and the plan was working Chair Henderson requested a motion to adjust the Chapter 175 monies up by $80,978 to cover the additional cost of the COLA Motion Mr. Taylor so moved. Mr. Raybuck seconded the motion that unanimously passed Mr. Strong reviewed GASB Standard 67 and advised the bulk of the changes would be required on the City's financial statements. There are some items that need to be reflected on the Board's Financial Statement as of September 30, 2014. Most important were the additional disclosures of the expected real rate of return and target investment allocation for each asset class and a disclosure of whether the returns were arithmetic or geometric. Attorney Levinson inquired whether there were conversations with the Investment consultants about plugging in expected rates of returns per asset class and who would provide it. Mr. Strong responded that ideally, this would be provided by the investment consultant. He reminded the members these would not be instituted until 2014, but the Trustees should be aware of the pending changes. A disclosure of the investment return 10 Meeting Minutes Firefighters' Pension Board Boynton Beach, FL. February 13, 2012 assumption and description of how it was determined would be required. The actual investment return for the year was required and he clarified this information, typically, would not be the same calculation shown on the actuary's investment return in the Valuation Report. It may be in line closer to what the investment consultant shows as the return, but it must be done under the GASB rules. A determination of the discount rate, which might be lower than the long -term expected rate of return, and a projection of future cash flows to determine a cross -over date was required. Benefit payments after that date would then be discounted. A disclosure of past experience study dates with regard to significant demographic assumptions were required. Attomey Levinson explained Senate Bill 534 was pending in the Legislature that had additional disclosures which assumed no employee /employer contributions, and no investment earnings to determine when the plan would run out of money. GASB wants a disclosure of past experience studies as it pertained to demographic assumptions, the funding policy, and year -end disclosures of liabilities, assets and pension expenses. A more general study was recommended and Chair Henderson suggested having an experience study when the assumption reached 7.5 %; however, that would be in September 30, 2014. The fee for a typical study is $10,000. While a study could help align the assumptions, Mr. Strong pointed out they had tracked some of the prior experiences and retirements were in -line over the last 12 years. Terminations were not in line and reducing them would have a cost. Chair Henderson thought significant changes were forthcoming this year with the City and State. Firefighters were also at the end of a three -year contract. Mr. Strong thought the termination assumption should be lowered and the mortality assumption should be strengthened. A suggestion was made to consider requesting a scaled -down experience study that would review termination rates, the salary experience, and bring them in line. As to retirements, Mr. Strong explained when one entered the DROP, they are considered an inactive retiree that was no longer included in the pensionable payroll and their salaries are not included in the overall payroll calculations. Attorney Levinson clarified the Plan has a funding policy, but not a funding policy as defined by GASB and the City had always contributed 100% of its retired contribution. Mr. Strong referenced the change in the year -end disclosure of the liabilities, assets and pension expenses and explained this requirement would lead to two separate reports: an accounting report and a funding report. The accounting report would roll forward the liabilities for GASB purposes to September 30, 2014, and take the market value as of the same date. It would disclose a net position as of September 30, 2014, within the first few months after the end of the year before they can collect all the data they need for the September 2014 disclosure. The only significant impact could be if there was a cross -over date. If so, it would lead to a lower discount rate and higher liability than what was in the funding report. There would also be a pension expense calculation for the City's financials under GASB 68, and that would be a much different calculation than the employer contribution calculation. 11 Meeting Minutes Firefighters' Pension Board Boynton Beach, FL February 13, 2012 When the Union contract expires on September 30, 2013, the new legislation could have a decreasing effect contingent on how the contract is worded. Accumulated leave could be recognized as of that date, but the member could not accumulate any more leave after that date. It would depend on how the leave is frozen. If the hours are frozen, those hours could be applied towards eventual pay at retirement. If the dollar amount is frozen, that would have an even greater impact because one would freeze current pay times hours and that was the dollar amount that could be added. An analysis would have to be conducted. Currently, Mr. Strong was using an 11 % load to adjust for accumulated leave. It assumed final average pay would be 11 % higher than it would have been without the leave. A three -year final average would be used D. Attorney Report — Adam Levinson 1 ') Four -Year Terms for Trustees — Status Attorney Levinson commented the Board was trying for some time to enact an ordinance that was already in place for the Police. It was submitted to the City, but it had not been placed on the City Commission agenda. Attorney Levinson suggested he send a formal letter to the City. Chair Henderson requested it be sent to the City Manager, the City Attorney and to him and he would walk it over. Further discussion ensued it may be better to abandon the concept as pensions, in general, were a toxic issue, but with the upcoming election, it may be better to move it forward, 2) 15 Annual Client Conference, March 10 — 13 2013 Attorney Levinson invited the Trustees to the above referenced conference. The conference is held by Klausner Kaufman Jensen & Levinson every year. 3) Florida Supreme Court Upholds Prospective Changes to State Retirement Benefits. Attorney Levinson advised in 2011, the Legislature revised the FRS system and took away the three years of COLA. It was a prospective change so prior years of COLA would be unaffected, but going forward, it would be affected The other change litigated was the 3% member contribution. Many employees did not receive a raise and the ruling was effectively a pay cut. Additionally, the money was not used to help the FRS, it was used to help the State with its budget. The trial judge ruled it was an unconstitutional taking, it violated the right to collectively bargain and it impaired the obligation of contract. The Florida Supreme Court, in a 4-3 decision, ruled it was okay, and FRS was properly amended. As it pertained to employees, the principal that one cannot change benefits retroactively, but future changes could be put in place. Attorney Levinson had handouts he distributed. One was an article about misinformation that highlighted a group of economists who were not pension friendly, and the misinformation was emanating from those with an anti - pension perspective, 12 Meeting Minutes Firefighters' Pension Board Boynton Beach, FL February 13, 2012 The next handout was put together by the National Association of State Retirement Administrators. The organizations who put the four -page summary together were the National Governor's Association, the National Conference of State Legislatures, the National League of Cities, and National Association of State Retirement Administrators. Attorney Levinson commented a summary of the fact sheet would be posted on his firm's website. It counteracts some of the misinformation and there were some in Washington who proposed to amend the federal Bankruptcy Code to allow States to declare bankruptcy. There was hysteria with much of it being unfounded. Attomey Levinson commented there were two bills pending in the Legislature. They were Senate Bill 458, (SB 458) and he would be in Tallahassee regarding the Chapter 175/185 monies. He clarified 1999 was the high water mark for Chapter monies and when the first bill was signed by Governor Bush, with the concept the growth of the State monies had to be used for extra benefits. Now the sentiment was to the contrary. The proposal would bring the interpretation closer to the Naples Interpretation. Attomey Levinson clarified SB 458, if passed in its present form, would affect the State monies received into the plan. The current version focused on plan funding, and if the plans were less than 80% funded, 75% of the premium tax monies, after 2012 had to be used to pay down the unfunded liabilities. Twenty -five percent could be used for other purposes such as extra benefits. Another aspect was if a City could reduce the cost by lowering benefits, they have to take 25% of the savings generated from lowering benefits, to shore up the unfunded liabilities. He noted many cities were putting second tiers in place, or were reducing the multiplier. It helped cities with their budgets, but it did nothing to help the underlying funded ratio in the plan. This bill would mandate, if reducing benefits, using a piece of the savings to increase the funded ratio of the plan. The proposed bill targeted funding ratios. He noted the League of Cities was interested in funding relief and was opposed to the current version of the bill. Senate Bill 534 had new disclosure requirements that bemoaned the lack of meaningful disclosure, but required a regime that Attomey Levinson felt was counter productive, on top of the new GASB requirements. 4) Status ratification of suit against Dell Inc. regarding management sponsored leverage buyout at $13.65 per share Attorney Levinson leamed from Bernstein Litowiz, the law firm retained to monitor the portfolio, that the plan owned 7,700 shares of Dell Computers through the Anchor account. Dell's CEO /Chairman Michael Dell, and a private equity firm called Silver Lake proposed to take the company private via a management sponsored (MBO) and leveraged buyout (LBO.) This presents a conflict of interest for members of management who participate in the deal, as Dell has a duty to secure the best price reasonably available for shareholders. Based on the conflict of interest that would affect the process, Mr. Dell and Silver Lake are cashing out shareholders at $13.65 per share, which dramatically undervalues the 13 Meeting Minutes Firefighters' Pension Board Boynton Beach, FL February 13, 2412 company. Dell traded at $17 per share a year ago, and the $13.65 price represents only 8.4 times the company's projected eamings. The average LBO is typically at 15 times earnings. The Chief Investment Officer at Penza Investment Managers, which owns 14 million shares, also suggested that Dell's shares are closer to $25 per share. Yesterday, T Rowe Price announced they will oppose it from a stand point of proxies and will vote their shares and agree that $13.65 is not a fair price. This issue was discussed with Chair Henderson last week and the plan was to file a lawsuit, but new information was emerging. Bernstein Litowitz had not decided how they want to approach the case, as there are a few different procedural steps to take. Attorney Levinson distributed a formal retainer agreement explaining the Boynton Plan would be the lead plaintiff in the lawsuit in Delaware, if filed. Since Friday, other managers have stepped forward indicating they do not agree $13.65 per share represents a fair shareholder value. Attorney Levinson already signed a retainer agreement on behalf of the firm. It was signed by the Chair of Bernstein Litowitz and signed by the Board Chair Board ratification of the Chair's signature was needed The suit would be at no cost to the plan, there would be multiple parties, it would be a class action suit and there was no obligation on the part of the Trustees to attend Motion Mr. Taylor moved to authorize the Chair to sign and the minutes support the suit and that any fees would be paid by the firm. Ginger seconded the motion that unanimously passed. It was noted that any award granted would be shared by the parties included in the class action suit. Motion Mr. Taylor moved to approve the Valuation Report and send it to the State. Ms. Bush seconded the motion that unanimously passed. On another matter, Attorney Levinson explained when a member divorces and a benefit is going to be paid, the benefit is not paid to the former spouse. It is paid to a joint account and from the joint account, each party receives their share. Ms. LaDue already has it setup going to the member. He explained if a member is getting a divorced, before obtaining a court order, it should be submitted to Ms. LaDue, and she can forward to the Attorney so it could be ascertained they could comply. V. CORRESPONDENCE 1) FPPTA Announcement — The Public Pension Institute Web Site - January 31, 2013 14 Meeting Minutes Firefighters' Pension Board Boynton Beach, FL February 13, 2012 This item was for information only. Chair Henderson explained this website can educate appropriate parties. They also started recording instructional sessions and purportedly would post them online. VI. OLD BUSINESS 1) Summary Plan Description — Review of updated SPD December 2012 and approval for distribution. Chair Henderson explained the above would be distributed to the members by Gabriel Smith Roeder. A motion was needed. Mr. Petty had a few concerns he discussed with the Board. The investment managers needed to be up -to -date. He also noted on page two, the trustee terms lists four year terms, but that was not yet approved. There was agreement the change in trustee terms from four years to two years should be made. Motion Mr. Taylor moved to approve the plan as amended. Mr. Raybuck seconded the motion that unanimously passed. VII. NEW BUSINESS A. Invoices for review and approval: 1. STW Fixed Income Mgt — Quarterly fee 03 -31 -2013- $7,500.40 2. DSM Capital Partners LLC — Quarterly fee 03 -31 -2013 - $15,543.94 4. Bogdahn Group — Quarterly fee 12 -31 -2012 - $8,375 5. Tegrit Administration — Quarterly fee 12 -31 -2012 - $500 6. DGHM — Management fee 12 -31 -2012 - $12,827.04 7. Klausner & Kaufman — Service November 2012 - $1,830 8. Ellen Schaffer — Annual Pension Support Fee $1,650 and Programming service Fee $345 and $690 9. Anchor Capital Advisors — Quarterly fee 12 -31 -2012 - 10. Davidson, Jamieson & Cristini — Audit progress bill - $5,000 11. GRS — Service Oct 2012- $1,142, November $924 and December 2012 12. intercontinental - Management Quarterly fee 09-30 -2012- $12,413.66 withheld from dividend reinvestment plan. It was noted the Anchor bill was not received and the invoices should be approved as listed above. 15 Meeting Minutes Firefighters' Pension Board Boynton Beach, FL February 13, 2012 Motion Mr, Taylor moved to pay the invoices. The motion was seconded by Mr. Raybuck and unanimously passed. B. Renewal Fiduciary Liability Coverage /Payment of Premium April 2013 Ms. LaDue had reviewed the coverage which would be due in April Advanced authorization for the Trustees and Ms. LaDue was requested. Motion Mr. Petty moved to approve the renewal. The motion was seconded by Mr. Raybuck and unanimously passed. C. Verification of Retirement Benefits — Thomas R. Murphy. This was for information only. VIII. PENSION ADMINISTRATOR'S REPORT: 1. Salem Trust Co. letter of 2 -1 -13 — Service Enhancement Ms. LaDue explained this pertained to retirees with health insurance deducted from their pension benefit checks. Retirees can take a $3,000 tax exclusion from their income. Salem Trust has been handling it and it is labor intensive. If someone has a health insurance premium for $1,000 per month, Salem has to watch the account for the first three months and then make an adjustment. If the premium is only $500 per month, the account has to be watched for six months. It is an administrative nightmare. Most individuals set this up in a similar fashion since the IRS did not provide procedures Salem Trust is sending a letter to all retirees involved in this service that they are discontinuing this. If they had a tax exclusion for the first three months, based on $1,000, then their withholding tax was small for the first three months and then when that changed, the tax was readjusted. The withholding tax will be level, but it is more than what they expected and they will have to do all the work in claiming: their exclusion via their 1040 when they file. Salem Trust sent instructions on how to do this. Salem initiated this effective January 2013. In 2012 it was captured on their 1099 Right now there is an advantage in terms of ones withholding reduced during the initial months to the $3,000 maximum. Since that process now disappeared, Mr. Taylor inquired if one could recapture the withholding when it was reduced. Ms. LaDue responded just when they filed for their refund. 16 Meeting Minutes Firefighters' Pension Board Boynton Beach, FL February 13, 2012 Salem Trust was discontinuing direct hard checks and will maximize Automatic Clearing House (ACH) or debit. She noted this change only applied to eight retirees. Ms. LaDue agreed to put a brief letter together about it. 2. Benefits as of 02 -01 -2013 There were no comments on this item. IX. COMMENTS Ms. Bush commented her term was also renewed. She also commented she would be out of town for the May 9th meeting. Ms. LaDue agreed to contact the members to set up a date. May 2nd was identified as a good alternative meeting date and as another altemative, May 1st was identified. A morning meeting would be better. Chief Carter sent Chair Henderson an email about a 1099 on his benefit and it was explained it was all incorporated X. ADJOURNMENT There being no further business to discuss, the meeting was properly adjourned at 11:45 a.m. Catherine Cherry Recording Secretary 22613 17 Barbara Ladue From: Loma Maltbey [loma @robertdklausner.com] Sent: Wednesday, May 01, 2013 4:40 PM To: LaDue, Barbara - Boynton Beach FF 61' Subject: Memo re State Budget Crisis Task Force Attachments: Memo re State Budget Crisis Task Force.pdf „4.4„ ***** TO ALL CLIENTS PLEASE READ THE ATTACHED MEMO AS REFERENCED ABOVE. Lorna Maltbey Administrator Klausner, Kaufman, Jensen & Levinson 10059 N.W. 1st Court Plantation, FL 33324 Telephone: (954) 916 -1202 Fax: (954) 916 -1232 Website: www.robertdklausner.com Disclaimer: This e-mail is intended only for the individual(s) or entity(s) named within the message. This e-mail might contain legally privileged and confidential information. If you properly received this e-mail as a client or retained expert, please hold it in confidence to protect the attorney - client or work product privileges. Should the intended recipient forward or disclose this message to another person or party, that action could constitute a waiver of the attorney - client privilege. If the reader of this message is nit the intended recipient, or the agent responsible to deliver it to the intended recipient, you are hereby notified that any review, dissemination, distribution or copying of this communication is prohibited by the sender and to do so might constitute a violation of the Electronic Communications Privacy Act, 18 U.S.C. section 2510 -2521. If this communication was received in error we apologize for the intrusion. Please notify us by reply e-mail and delete the original message. Nothing in this e-mail message shall, in and of itself, create an attorney - client relationship with the sender. IRS CIRCULAR 230 NOTICE: To the extent that this message or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. 1 __ _______, pit ,,! ,, ,,,,, i id 1 To: All Clients From Klausner Kaufman Jensen & Levinson Re: State Budget Crisis Task Force Date: May 1, 2013 In 2011, Paul Volker (former Chairman of the Federal Reserve) and Richard Ravitch (former Lt. Governor of New York) formed the State Budget Crisis Task Force (hereinafter "Task Force ") to draw national attention to the eroding financial condition of the states. In 2012, the Task Force issued its report, which put a spotlight on key drivers of fiscal stability, including pension costs. Recently, the Task Force held a national dialogue at the Federal Reserve Bank of New York. Participants at the roundtable discussions included Federal Reserve officials, elected officials, trustees, actuaries, union representatives and lawyers. Adam Levinson from Klausner Kaufman Jensen & Levinson was invited to discuss pending litigation and legal protections. Other invitees and speakers included Thomas Di Napoli, New York Comptroller; Alicia Munnell, Director of the Center for Retirement Research at Boston College; Robert North, New York City's Chief Actuary; Robert Attmore, Chairman, Government Accounting Standards Board; Josh Gotbaum, Director and CEO, Pension Benefit Guarantee Corporation; Jerome Stermer, Director, Illinois Office of Management and Budget. In his remarks, Mr. Levinson discussed the following: • public plans are designed to cope with market volatility and were generally well funded in 2000, prior to the Great Recession; • well publicized problems are not systemic in nature; 10059 NORTHWEST 1ST COURT Pi AN1 kTION Fi,oRtim 3332.4 PHONE (954) 916 -1202 • FAX \ (95-) 916-1/3/ www.rohcrtdk1au cum 34,70 *;xxMsc • on the whole, state and local systems have weathered the financial crisis, as they have other dislocations in the past; • public pensions benefit the economy and are a source of economic stimulus, acting as an economic stabilizer during difficult financial times; • while public pensions are flexible laboratories of change, it is important to be mindful of constitutional and other legal protections for accrued benefits; • all things being equal "good actors" automatically make actuarially determined contributions into their plans, have dedicated revenue streams that are used for pension funding, and have embedded this funding discipline into their state constitution and/or state statutes; • by way of example, Chapter 112, Florida Statutes, contains useful requirements that would prevent another Prichard, Alabama. For all municipal/local pension plans, the public employer in Florida is required to fund on an actuarially sound basis (pay the ARC every year; can't exceed 30 year amortization; review by state actuary every three years; actuarial impact statements required for all amendments; 80 — 120 corridor on smoothing; detailed actuarial reporting in annual valuations; no contribution holidays ever). We anticipate that the Task Force will prepare a white paper containing non - binding pension recommendations. In particular, we expect that the Task Force will focus on "greater transparency about liabilities and risks" and will seek to improve "fiscal discipline in making pension contributions." We welcome your thoughts on these topics, which we are happy to share with the Task Force and Federal Reserve researchers. National Conference of State Legislatures (NCSL) International Association of Fire Fighters (IAFF) National Association of Counties (NACo) Fraternal Order of Police (FOP) U.S. Conference of Mayors (USCM) National Education Association (NEA) National League of Cities (NLC) National Association of Police Organizations (NAPO) International City /County Management Association (ICMA) American Federation of State, County and Municipal Employees (AFSCME) National Association of State Auditors Comptrollers and Treasurers (NASACT) American Federation of Teachers (AFT) Government Finance Officers Association (GFOA) Service Employees International Union (SEIU) National School Boards Association (NSBA) International Public Management Association for Human Resources (IPMA -HR) National Conference of State Social Security Administrators (NCSSSA) National Public Employer Labor Relations Association (NPELRA) National Conference on Public Employee Retirement Systems (NCPERS) National Council on Teacher Retirement (NCTR) National Association of State Retirement Administrators (NASRA) April 24, 2013 The Honorable James Sensenbrenner United States House of Representatives Washington, DC 20515 Dear Representative Sensenbrenner: In the 112 Congress, you cosponsored legislation known as the Public Employee Pension Transparency Act (PEPTA). While we understand and respect your interest in addressing issues surrounding the solvency of public sector pension funds, the twenty -one national organizations listed above, representing public employees, public employers, and pension fund administrators, are united in our view that PEPTA is imprudent and unnecessary. We respectfully request an opportunity to meet with you and your staff to further discuss public pension systems, ongoing reforms and conditions we believe make federal legislation like PEPTA unwarranted. Public pension accountability, funding, structures and reporting have undergone much reform and modification over the last decade. The Government Accountability Office stated this in a March 2012 report, "State and Local Government Pension Plans: Economic Downturn Spurs Efforts to Address Costs and Sustainability." State and local governments have continued to make changes to fortify their retirement systems. The GAO report also documented that the exhaustion dates cited in the PEPTA summary materials are "not realistic estimates" of the true financial condition of state and local retirement plans. Nevertheless, the legislation has been reintroduced in the 113th Congress, along with the same misleading information. Page 2 PEPTA does not protect employee benefits, save costs or result in more transparency. It is an inappropriate Federal mandate that imposes costly regulation and threatens to tax state and local government bonds. We are hopeful your schedule permits an opportunity to further explore and constructively discuss state and local pension systems and the PEPTA legislation. Please have your staff contact any of the individuals listed below. Thank you for your consideration of this request. Sincerely, Michael Bird, NCSL, (202) 624 -5400 Barry Kasinitz, IAFF, (202) 737 -8484 Deseree Gardner, NACo, (202) 942 -4204 Timothy Richardson, FOP, (202) 547 -8189 Larry Jones, USCM, (202) 293 -7330 Alfred Campos, NEA, (202) 822 -7345 Neil Bomberg, NLC, (202) 626 -3000 Bill Johnson, NAPO, (703) 549 -0775 Elizabeth K. Kellar, ICMA, (202) 962 -3611 Ed Jayne, AFSCME, (202) 429 -1188 Bill Cunningham, AFT, (202) 393 -6301 Barrie Tabin Berger, GFOA, (202) 393 -8020 Cornelia Chebinou, NASACT, (202) 624-5487 Saralee Todd, SEIU, (202) 730 -7362 Debra Rigsby, NSBA, (703) 838 -6208 Tina Chiappetta, IPMA -HR, (703) 549 - 7100x244 Angie Dowdy, NCSSSA, (225) 342 -0295 Josh UIman, NPELRA, 202.642.1970 Hank Kim, NCPERS, (202) 624 -1456 Leigh Snell, NCTR, (540) 333 -1015 Jeannine Markoe Raymond, NASRA, (202) 624 -1417 Barbara Ladue From: Billy Williams [billy @STW COM] Sent: Friday, April 05, 2013 6:23 PM To: Ladueb @bbpdpension.com Subject: STW's Acquisition by Schroders Dear Barb, As planned, on April 2 Schroder US Holdings Inc. completed the acquisition of STW. I am focused on making this a success for you going forward. Best regards, Billy William H. Williams Chief Investment Strategist STW FIXED INCOME MANAGEMENT LLC A SCHRODER GROUP COMPANY Office: (805) 745 -2400 ! Mobile: (805) 452 -5496 billy('stw.com www.stw.com IRS Circular 230 Disclaimer To ensure compliance with IRS Circular 230, any tax advice provided in this communication (including any attachments) is not intended or written to be used, and it cannot be used by the recipient or any other taxpayer (i) for the purpose of avoiding tax penalties that may be imposed on the recipient or any other taxpayer, or (ii) in promoting, marketing or recommending to another party a partnership or other entity, investment plan, arrangement or other transaction addressed herein This electronic mail message and any attachments transmitted with it contain confidential information intended only for the named addressee If you are not the intended recipient or the person responsible for delivering this e-mail to the intended recipient, you are hereby notified that any use, distribution, copying or disclosure of this communication is stnctly prohibited If you have received this e-mail in error, please immediately notify the sender by reply e-mail, and delete all copies of this communication from your computer and network Thank you 1 STW FIXED INCOME MANAGEMENT Ms. Barbara LaDue Invoice Number: 04133310 Pension Administrator Invoice Date: 04/09/13 City of Boynton Beach Municipal Firefighters' Pension Trust Renaissance Executive Suites 1500 Gateway Boulevard, Suite #220 Boynton Beach, FL 33426 For Account: City of Boynton Beach Municipal Firefighters' Pension Trust Fund Original Invoice Please Pay /- Period Under Management 04/01/13 to 06/30/13 g Assets Under Management: t" 9,100,978 Quarterly Fee Due: $ 8,532.17 Fee Schedule 0 to 30,000,000 0.375% 30,000,001 to 100,000,000 0.250% 100,000,001 to 500,000,000 0.125% 500,000,001 to 1,000,000,000 0.100% 1,000,000,001 and above 0.080% Fee Breakdown Account Assets Fee City of Boynton Beach Municipal Firefighters' Pension Trust Fund 9,100,978 v 8,532.17 City of Boynton Beach Municipal Firefighters' Pension Trust Fund - TIPS 2,229,620 V 11,330,597 8,532.17 Wire Instructions: Wells Fargo Bank, N.A. Ventura, CA ABA Routing Number: 121000248 Account Number: 4945349280 Account Name: STW Fixed Income Management LLC tit Schroders STW, a Schroder Group Company 6185 Carpinteria Avenue • Carpinteria, California 93013 PH: (805) 745 -2400 • FAX (805) 745 -2401 stw @stwcom • www.stw.cam -- - - - - - - -- - INVOICE - - -- DSM CAPITAL PARTNERS LLC 116 Radio Circle Drive, Suite 200, Mt. Kisco, NY 10549 Tel: (914) 242 - 1900 15- Apr -13 Invoice No: 11322 Luke Henderson City of Boynton Beach Municipal Firefighters Pension Trust Fund 1500 Gateway Boulevard, Suite 220 Boynton Beach, FL 33426 Billing Period: FROM 04/01/2013 TO 06/30/2013 Account Name City of Boynton Beach Municipal Firefighters Pension Trust Fund 4 Portfolio Value $7,265,935 it if C`"' Amount Due $16,748.63 FEE CALCULATION % of Annual Rate Rate Assets Under Management Fee 1.0000 % 0.25 On the first: 5,000,000 12,500.00 0.7500 % ,115 On the next: 2,265,935 4,248.63 ,t7, ' • VS Total $16,748.63 To wire payment: JP Morgan Chase ABA #: 021000021 A/C Name: DSM Capital Partners LLC A/C #: 3241067005 THE "-„voitif4A_ OGDAHN GROU Invoice Date Invoice # 3 /19/2013 8668 4901 Vineland Rd Suite 600 Orlando, FL 32811 Bill To Boynton Beach Firefighters' Pension Plan Attn Barbara La Due Description Amount Performance Evaluation and Consulting Services 8,375.00 1/1/2013-3/31/2013 Balance Due $8,375.00 - Z April11, 2013 Ms. Barbara LaDue Invoice ID: 1707 Administrator City of Boynton Beach Firefighters Pension 1500 Gateway Boulvard, Suite 220 Boynton Beach, FL 33426 Email: Ladueb @bbpdpension.com MANAGEMENT FEE' BOYNTON BEACH FF BOYNTON BEACH MUNICIPAL FIREFIRGHTERS PENSION For the Penod 1/1/2013 through 3/31/2013 3/31/2013 Portfolio Value: $ 8,607,566.97 Quarterly Fee Based On: 0.75% on the first $25,000,000 ($8,607,567) $ 16,139.19 Quarterly Fee $ 16,139.19 Prorate Cash Flows -$ 483.33 01/30/2013 CASH + $ 800,000.00 -$ 483.33 managed for 61 days Net Fee: $ 15,655.86 PLEASE REMIT PAYMENT TO: By Wire: Wells Fargo Bank NA ABA Number: 121000248 Account Name. Dalton, Greiner, Hartman, Maher & Co., LLC Account Number: 2090001865061 Swift Code: WFBIUS6S By ACH/EFT• Wells Fargo Bank NA ABA Number 063107513 Account Name Dalton, Greiner, Hartman, Maher & Co., LLC Account Number: 2090001865061 By Check: Dalton, Greiner, Hartman, Maher & Co 3001 Tamiami Trail North, Suite #206 Naples, FL 34103 Attn: Dolores Casaletto Klausner,__K ' Jensen &Levins n A Partnership of Professional Associations Attorneys At Law 10059 Northwest 1st Court Plantation, Florida 33324 Tel. (954) 916 -1202 www.robertdklausner.com Fax (954) 916 -1232 Tax I.D.: 45- 4083636 BOYNTON BEACH FIREFIGHTERS March 31, 2013 Attn: MRS. BARBARA LA DUE, ADMIN. Bill # 14617 1500 GATEWAY BOULEVARD, SUITE 220 BOYNTON BEACH, FL 33426 For Legal Services Rendered Through 03/31/13 CLIENT: BOYNTON BEACH FIREFIGHTERS PENSION FUND . BOYNTON MATTER BOYNTON BEACH FIREFIGHTERS - GENERAL FILE • 900334 Professional Fees Date Description Hours Amount 02/05/13 REVIEW DELL ISSUES - SECURITIES LITIGATION - 2.50 0.00 NO CHARGE 02/15/13 REVIEW DELL COMPLAINT, COMMENTS RE SAME - 2.50 0.00 SECURITIES LITIGATION - NO CHARGE 03/06/13 REVIEW LATEST PROPOSED AMENDMENTS; 0.50 150.00 REVIEW EMAILS; REVIEW ACTUARIAL HYPOS 03/08/13 DRAFTED EMAIL TO ACTUARY; REVIEW FUNDING 0 50 150.00 POLICY ISSUES 03/13/13 TELEPHONE CONFERENCES WITH SECURITIES 1 50 0.00 COUNSEL; TELEPHONE CONFERENCE WITH CLIENT - SECURITIES UTIGATInN - NO CHARGE 03/27/13 RECEIPT AND REVIEW CORRESPONDENCE FROM 0.50 150.00 DIVISION OF RETIREMENT; REVIEW FILE Total for Services 8.00 $450.00 CURRENT BILL TOTAL AMOUNT DUE $ 450.00 Past Due Balance 2,310.000‹ AMOUNT DUE $2,760.00 g • 1 • - 11 - �- i - -• - -- -- - • _ _ - A Partnership of Professional Associations Attorneys At Law 10059 Northwest 1st Court Plantation, Florida 33324 Tel. (954) 916 -1202 www.robertdklausner.com Fax (954) 916 -1232 Tax I.D.: 45- 4083636 BOYNTON BEACH FIREFIGHTERS February 28, 2013 Attn: MRS. BARBARA LA DUE, ADMIN. Bill # 14539 1500 GATEWAY BOULEVARD, SUITE 220 BOYNTON BEACH, FL 33426 For Legal Services Rendered Through 02/28/13 CLIENT: BOYNTON BEACH FIREFIGHTERS PENSION FUND : BOYNTON MATTER: BOYNTON BEACH FIREFIGHTERS - GENERAL FILE . 900334 Professional Fees Date Description Hours Amount 02/05/13 RECEIPT AND REVIEW AGENDA; REVIEW FILE 0.20 60.00 02/12/13 PREPARATION FOR BOARD MEETING 1.50 450.00 02/13/13 ATTENDED BOARD MEETING 4.50 1,350.00 02/15/13 DRAFTED EMAIL TO INVESTMENT CONSULTANT 0.50 150.00 RE GASB 67; REVIEW PENDING ISSUES 02/26/13 RECEIPT AND REVIEW CORRESPONDENCE FROM 0.10 30.00 SALEM; DRAFTED EMAIL TO RINSEM 02/27/13 CALL TO BRAD RINSEM AT SALEM RE ACCELAPAY 0.40 120.00 FEE SCHEDULE; REVIEWED EMAILS; REVIEWED CORRESPONDENCE FROM SALEM; DRAFTED EMAIL; REVIEW WEBSITE 02/28/13 DRAFTED EMAIL TO ACTUARY RE PENDING 0.50 150.00 ISSUES; PREPARED OUTLINE Total for Services 7.70 $2,310.00 CURRENT BILL TOTAL AMOUNT DUE $ 2,310.00 PC Past Due Balance — '�'j 2,400.00 AMOUNT DUE $ Anchor Capital Advisors LLC One Post Office Square 617- 338 -3800 FAX 61 426 -6871 www anchorcapital com • January 01, 2013 Barbara LaDue 3025 City of Boynton Beach Municipal Firefighters Pension Trust 1500 Gateway Boulevard, Suite 220 Boynton Beach, FL 33426 Regarding Account: 80106279 Anchor Capital Advisors LLC STATEMENT OF MANAGEMENT FEES For The Period 09 -30 -12 To 12 -31 -12 Portfolio Valuation as of 12 -31 -12 $ 7,284,127 15 3,000.000 0 750% per annum 5,625 00 4,284,127 @ 0.500% per annum _ 5,355 16 Management Fee $ 10,980 16 TOTAL DUE AND PAYABLE $ 10,980.16 Member of Boston Private Wealth Management Group GRS Gabriel Roeder Smith & Company Invoice Consultants & Actuaries One East Broward Blvd. Suite 505 mac lug oice r Ft. Lauderdale, Florida 33301 -1804 (954) 527 - 1616 2/7/2013 120738 Bill To: Please Remit To: BOARD OF TRUSTEES, BOYNTON BEACH MUNICIPAL FIREFIGHTERS RETIREMENT FUND Dept. # 78009 Gabriel Roeder Smith & Company Ms. Barbara La Due PO Box 78000 City of Boynton Beach Detroit, Michigan 48278 -0009 Renaissance Executive Suites or 1500 Gateway Blvd., Suite 220 ACH Payment to: Boynton Beach, FL 33426 Gabriel Roeder Smith & Company JPMorgan Chase, ABA #: 072000326 Account #: 0486723 Description Project # \111ount For services rendered through 1/31/2013 Charges since 12/31/2012 for preparation of the 10/1/2012 Actuarial 100560 -068 $3,296 Valuation Report; total charges to date equal $7,914 Invoice Total $3,296 Paid to Date Client No. 100560 Amount Due $3,296 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. GRS Gabriel Roeder Smith & Company Invoice Invoice Consultants & Actuaries One East Broward Blvd. Suite 505 Date Inv nice # Ft. Lauderdale, Florida 33301 - 1804 (954) 527 - 1616 3/13/2013 121072 Bill 1 : Please Remit Tu: BOARD OF TRUSTEES, BOYNTON BEACH MUNICIPAL FIREFIGHTERS RETIREMENT FUND Dept. # 78009 Gabriel Roeder Smith & Company Ms. Barbara La Due PO Box 78000 City of Boynton Beach Detroit, Michigan 48278 -0009 Renaissance Executive Suites or 1500 Gateway Blvd., Suite 220 ACH Payment to: Boynton Beach, FL 33426 Gabriel Roeder Smith & Company JPMorgan Chase, ABA #: 072000326 Account #: 0486723 Description Project # \mount For services rendered through 2/28/2013 1. Final Charge for 10/1/2012 Actuarial Valuation Report 100560 -068 $3,422 Total charges equal $11,336; prior year fee of $11,115 (including $750 fee for required state disclosure at 7.75 %) plus 1.99% increase in CPI from 9/2011 to 9/2012, less previous charges of $7,914 . erepara ion o page . a or inc usion to e 1 - a e • epo 100560 -068 -- $550 3. 2/13/2013 Supplemental Actuarial Valuation Report showing 100560 -068 $4,938 the impact of re- evaluating the cost of the Plan's COLA, as required once every three years under Ordinance 06 -092 Invoice Total $8,910 Paid to Date Client No. 100560 Amount Due $8,910 PLEASE INDICATE THE INVOICE NUMBER ON YOUR REMITTANCE. THANK YOU. 1270 SOLDIERS FIELD ROAD BOSTON, MASSACHUSETTS 02135-1003 TELEPHONE 617-782-2600 FACSIMILE 617- 782 -9442 www intercontinental net PAUL J. NASSER Chief Fznanczal Officer and Chzef Operating Officer March 26, 2013 Ms. Barbara LaDue, Pension Administrator City of Boynton Beach Firefighters' Pension Fund Renaissance Executive Suites 1500 Gateway Blvd., Suite 220 Boynton Beach, FL 33426 RE U.S. Real Estate Investment Fund, LLC Dear Ms. LaDue: We are pleased to announce that U.S. Real Estate Investment Fund, LLC (US REIF) has made a distribution to you in the amount of $20,085.16, which constitutes your pro rata gross share of an overall distribution of $3,352,273.28. The Fund has withheld $8,044.80 for payment of asset management fees for the fourth quarter 2012, resulting in a net distribution to you of $12,040.36. As authorized by your executed Dividend Reinvestment Plan (DRIP) letter, Intercontinental has reinvested your net distribution of $12,040.36 into US REIF. Intercontinental will report the number of reinvested shares as part of the first quarter 2013 reporting. ju aveanyq - • ■•• - • ••. - .. • • 1 - , • -. - • • •' -. . 6 7 -77" -0440. ely, /1 Paul J. Nasser cc via email: David West, Bogdahn Consulting ,•ognip 202 PROFESSIONAL INDEMNITY AGENCY, INC. 37 RADIO CIRCLE DRIVE MOUNT KISCO, NY 10549 TO: CITY OF BOYNTON BEACH MUNICIPAL FIREFIGHTERS TRUST FUND U. S. SPECIALTY INSURANCE COMPANY $1,000,000 LIMIT OF LIABILITY, $ -0- DEDUCTIBLE Renewal of Policy #U712 -50978 — 4/10/13- 4/10/14 PREMIUM $7,955.00 WAIVER OF RECOURSE 125.00 FLORIDA CAT L3% SURCHARGE 105.04 $8,185.04 i //dr e 6 Please make check payable to: PROFESSIONAL INDEMNITY AGENCY, INC. and mail to: TRUSTEE AND FIDUCIARY INSURANCE SERVICES, INC. 3810 Inverrary Boulevard, Suite 303 Lauderhill, FL 33319 THANK YOU. C 0 \I Y April 9, 2013 RE: Completion of transition from Paper to Electronic Benefit Payments: Report Card I am pleased to report that we have completed the transition to a paperless environment for monthly benefit payments. Currently we are processing approximately 8,000 monthly benefit payments, 508 of which had been previously delivered in paper check form. As of this point in tune, 394 of those 508 check recipients have elected to sign up for ACH /direct deposit. 114 recipients have been issued debit cards that have been activated. 5 of these 114 debit card holders have since requested that they be added to the direct deposit method of payment. There were some who made a point of sharing their dissatisfaction with the change. In each of the five instances we listened and we made every effort allay their apprehension by pointing out the many benefits to them in replacing their paper checks. Due to unique circumstances, we did extend four exceptions for issuing paper checks: two inmates who are unable to receive or use debit cards, a beneficiary that is a church, and a retiree who is currently out of the country and is being contacted for a resolution. Preparing and troubleshooting a project of this scale not only requires detailed planning; it requires cooperation and understanding from our clients. I appreciate your support and input. Please understand that our door is always open if you have further comments or questions. It is our duty as well as privilege to help protect, to the best of our ability, the safety and soundness of plan participants' financial well - being. Regards, - 1 NIk Bradley K. Rinsem, President & Chief Executive Officer DEERFIELD BEACH TAMPA 171 V iI , I S11M1 1101, I L 75') m [ h \1('.';, t 13 "WO7 0 11 1 (871 'S • 1 -1\ MI) I) 301 -129 SALE; RJS C MPAN`r ■ S A SUBSIDIARY 3F S FIDUCARY SERV C'L-S 1N AN EMPLOYEE - OWNED COMPI,NY r W -I zmO H c n o m San M a - s J. 3 rD -J• d Z , 1 wOIONHM N4lONOV AON Lr iHMOlOt.001MulMwtnwNtntriMI -ANZ owF•A000VWU . IO NNOCl 1- lWVwViAU -1 V VI-- AWOOONW01lOOOlVOVwV '1I-- 1 01W00ANJulkO 1wNNV V,V V V 7c 7:7c 4 ..J =X :cm0 0 011 T1 mmm0C7°pnnnn(1 n 03coco03coDDD r mmDCmm DDcDDrHWIW-CCOm7DXXDDD7300Hmzrr D, Hm3 Im>' G1G1r xrc I I3mmzr3000<c3O1zzry - Ir VI z 011HmZ XC)7c 11 n >C113 3E vO0 rm3m rt p, -Im-<*. X> C1- 77o0 H- x - 0<mrrm277- 4-4XZX AZm3=- 77Dz - 3 m >70Z. DDDvIHDm - <vrHn - - mDmm zH>CV)Z. rD 703- DpuDHZ - 1Z 1(nCo- - 3z0mco IC•Cr73 23D0 m - 1 0 H=zmDrD°rmc)7o >00> - 073 - 1 n- rOcoH-- zzp -• m mnrnDN3 IZOC <. Hm77mZDu W H- 0 - <. =c1- 0- f O=ZD- mmmmHm0n073>03ZZOm >0- >u1m00uHm73-<D In Dm-7<rr-0u z 'zm H-C -14n7oz >f'<- 1700DDrr03X rt r r 70 z 3 z H O m H r m< m H m Z ° X H on r - < ° H Z `^3 �v H r = H > H m 3 3 rt 11 0 - 1 H' O000000HHO00000HOOH0000001 •- 0000 O n H H� 1 " �HVNH+ ONNwtnOOC 1AVCIVANVNHHMMNp1HOHviHN 740 CO \ \\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \\ 0 rD !L 0 000 0000000000000000000000000000000 J•1-1 -< �� H'H H H H H H H H H H H H H H H H H H H H H H H H H H H H H U -'•(D Z \\\ \\\\\\\\\\\\\\\\\\\\\\\\\\\ W T1-{ H 000WOlOOHW o O HO 000 O O AOlOONIOHwAN04H ANVIHV4VHO0ulV0.41.WW 0tOtuA • \rt1 70Z M 1100 H M 0 CID =n 1n .--12 na m Oa' zm IZ-J• 0H rD J - XI J. m rt - 0 - n '< M H Z 11 77 �n1 77c� 0 = D r D DDH HDDDHH n r- 11 T1mD7o v3 z Om > r 7o7o-IH H » 37o HH = -<DD=mmr>0 ,>H0 >x Q1 zx x 00=z rzm <DZ 70 Z - IZ 0rnC H 73 D m-i lE rn 3 VI r n."O =m z70DH <Z OXXZ Z- M 0 77�� m v1 DHDD Dr DDU1 H n v H D Z n n H2 >> 0 D M Z H uzmtn 3 >3z n DD 00H • rr 11 DZ nD >C-o ODD• 3M Oo H mz mr z c c OD = r m m DmMODG1m 7o m 3m H xim mr=n cOrrm n Hvx On<=0o 013000 >2 rD 0 mO rm r mm-< -♦ m X n nn 'n7c> mm mOC z 3 Z H� ZH XD m m m -<�o'00 - m I >"<r Z0 0 r -h X In O r o Z m I H - n HN I n m o r� O -< z = zHO J. HNm -s - 3 O Z m t< H v > z 4' 0 13 - O 0 W wIV NJ1-' Ww N NH+ Ww W W N NJ NJ N Ww NH W Hw WH Nww. M H 1 1 1 1 1 1 1 1 11 1 11 1 1 1 1-4 W W Oro \ D° >> >>>> O3> > >> DOD DD r+ vi O . . 1-' 1J N '0AtnAWWU1WAA001O1WWANWWWA W HNA00NAWVW -4 O1NNNt 0000HNNNHNVW0VHANtn00tn.tnW0C1'.0 Ni M-11. 'C 0 o0ODOI04.0AM. AwtorQwwVMOOW0V00wVV10000V1-1HwHw001 MO NNO1v1AVw00HA HtnNW00A01WOltn00H l000■4011-1W001V10A 3 rt 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . Otn00tn1- J ' 3 \ VWA tn01A0110WC1O1tnVN'D0.pl0HNWV WHW0000000AwH%.0W '.4--1 0 D \ CI N m V W A W W N A N W H 00 AH W Nw N N N N W W0 NJ WNUtH+w X 0 VANAHAOlv7wNHloNOO1NNAVtJIOIOIAVNtON00wtnV1V0ovi S n W H ANHNWwW. P. O0o0VAA HlOCIwO00001001010101OO1o0wAVHOV -+• --1 tn0lWOOtn 1ONAOO■0001o0AV01NOAO1AW01tO■Ht00AW04H m- 0I04AwOiViV tDNH0ltnvivM (.0001o00000wAVtDHA001■00Wv1 <r1 -< m a tnNVANwNWO.P.Mw OVHO1HVO1HNA0000O00AC1V0)0AH - 10. ---' OIAN000N00NA0000AO 1NANN0001A0A00AAA0ANAO0lnN N z(Dtn cm° scn a3• •7 J . (D J•A) 00.1 1 00WOAAOVV dW00 '< CONOVIW CIOvnO00VNYC1OONJWOWA00OAOW-4. 01 TOWF �1 CA 00 lONlnY0 0 0 1 VNV 0000OAlOHWIDHOIAHtnVQICIOWW 0000 AM r 3 H 2 m m O s m m> C 0 r H D X< m m m O H n D D D D 0 H H D Z H H Al ommHD- IOHxxHV Dn- Immwox-inxxvnc3>'3Hxm v1 z rmmaxmv -17oxz - <x- Izxmmwmn0 -I-IH m- D3WCnx c+ a+ rtImO23mN- HZ >Zrmv00Dr- DxZHHC > 000mxx -1 - a OOH-0z - mn- - <mm7oH- <zruzmzzz>m -<> Z7 m zzn- 73n -Ir- 7C- - totoZ- - D- rm- z- - <0- -I- Zr m v 7CMOXI- -11ru3- -II- m- 7C- C -J- 30- xtx - 730NH<ZD32- mrmmH- rOHOIO0730'13m >D z Hm -Immm• 3DrHD -Im- - zr >v13 - n- =room H 0 n02C170v- >O Zx- 17o,xZmz 0. � zczz r >c-i>< rt xmOC1- ILJV1mm mx- mHmz -1 H HC'> x.'OrxZ - r 1 11 xD Z3 x --1 � -< r 0 m H rmtn am > -<m H - cn v -< v1 z > r L r* -1, O m OH00000YOOH0000000 +I- 0000OOOOOOYOOYO V -4 '. . 00VV OA0001 -∎ 730 03 \\\\ \\\\\ \\\\\\\\\\\\\\\\\\\\\\\\\\ 0(0 W 0 00000000000000000000000000000000000 J•rtrt -< YHYYYYYI--' YI--' YHYYI--` YYYYHYYIJYHYYYH1-`YF-'HHH N J•m Z \\\\ \\\\\\\ \\\\\\\\\\\\\\\\\\\\\\ \\ w '11-1 0003000 OOF-+t0000vfl '.00'.01- +0000O'OO'OOt000000Ot0 S(D O HO NCIOICIYYOOt Ho41JA03m0001 - +NW JoNJOI(13- 4HwAAol -koH00 • \ x Z mm H m O n> in 0 -1= ( m Ois 70m 1ZJ• (1 (1)- -73 J. m K M H z c1 0= uC1rm 03u730033]C ro0ov1W Orry -i 0 N z Om mDDD OHmOmnZHDHDDcr 3DDHmx7o> > 03 ZX z - m mzN • pWon- Itn -XO> > CX3HCX Z 3 cn xX> V03 (D >z xxxHHr m v a m m H 7o Z Z r> mm H D z n 0 -<H m r Hr z D 1n z m HZ-< mr x z m - <H > O --1M V1 1n H x 1 mDz -oDrH• H > -D 3m 3 3Z 3r - h DZ 3xvIm A 7� n H Z > 0 3HZ> >m T w rnm vD 03 vm 1->m Omz rxn Dr>nnHCD H CO H c/13H70 DD0r7:mX mD 3m 7ox0x7o. cX3 n (D 0 Ovv1 xma >r7lm0zz>H -1HH> —.00 x O Z tn ZHm o03 - <mmz<3Zmz HZ mry z -1 n) nx Dm >ztnO0m >mv1 \-I zv1D 0D - F1 70 V) O <m Z 3 ZO3 Z m no Z � n v O 0 - 1 H m D V) 1 -s -I --I 3 Z r m m `L it Z 073 H N Gl •110 1- m Y - 0 • 0 \ 0 NW WW1 NIJ . . W WYWWWWWNYYWWWWW W NNNYY w OM \ c D D Doo 1 1 1 1 1 1 1 1 1 1 1 1 1 1 i •0= N ^DD 0317on>03 >0030>0 0 rtvl 0 • IJ N V1OIW WWA4=.4W0 x VOIAAYNA -•I v1Y41.tflY01NVW000t+.1A:.. - - - - - - - - - - - - - - - - - - wHor - +V wol- 100mulr O1J�V O00C1NAwYOIOYGIwOWOAtOtO (D O 0 u101_-1WOOW4OOWODOONOCIw' NtnOVC1VWWVN mm 0 . YtnWONV1000 V 00NOW.VI.A U1 rt V1 Nwww,- • • • • • . • • • • • • • • • • . . J•S \ tONOtO lA tnommw.p.m0ot000AOYOVY 0- 0 WHmni00OVto00'.nNVltpinl- -AV1WO 7'< \ N m .0..1 N N W W W N A w A Y N W N A W 0 .03-.1 4WW00AA00N tnAWWYNw Z IJ - - V1- -4M W N 0100Nw '.0W000tJ1Vtn44. tn00YV01C1LAN_ - - - - - - - - - - - - - Sn 0000Y0041.00V 0101- .o.HmtOot.noo 0ONcoulko wtp --"m--1 N01tnVAVwV C1Yto VIJ1- 1wwCwOOAO +OVVOO v1J•O . - rn -. 0 nQN)T u1O < rt ........ .. . ...... W tirJHko nt0O00Atn001Vtn1- W'00A•_ . ...wo0W.. ... -< m w NC1ON61 OOANA0oC1N01OIN0omm .4O 0NAOC1ONO00OAO w v m H V1 Z D r Cn0 - n 0 ; 3 c n H H O n r (D W t0 N uts W l'_N - -V J d- - -� "H •••s , 1t.0 _ •••• -+ N 00 0101 0 1 v1 100 D 00 w H+ .A W V H N K tO N too. 0100 ui .•< .10 4 03 01 00 V1 001Ow�l0000w -< O 4.01■01w0o' tnMM3mX0 «- 1 -10u1 r OHHODCZC D OHD73x -1Z W 1 - 10n7JZ -IC I Z NnrD -<DO to Z nxx- •IzH -im 0 zmnz,7 r+ p1 HODmHZx•< m HHZ -< 7 - - 3 m- 7373Z- - - r n- -I- - 03 (D n>17- G1D61 r XXHMMWD m v+ mzon- 73rD - - Oz7o77ooX73 -1- OZOxDrD73 m 3Dmm >HX - D2Drm00 73 >Z- z0- v+ (n - 7a H m -< r H 7o m H -1 r (n rt H Dmmztnz n X-t 3Z -<D - n - -1 m 0 z H m x x n D -< H r CO S O M -h 0 0 \ 0000000 � My 33 0 0000000 - -r rrt -< m HHHHHHH 0- z \\\\\\\ W z m-1 -I 0 nt001- c O HO H NI - 00�to00H • \-11 m Z M Mm 0 H m m 0 CI D m r � x r0 0 0 c X M - < (D __1 N H M - m M rt 71 71 Ln ' . < m H 0 ZM Z M WOX 3n z H-1 H m wD C x m X Z Z DZ mH 0 -f1 HM M m Om -i HZ w DH H -I Z 0-1> n Dz ( •• 0 z m� 7 X C � m -< -4 r H 0 n (n 0 1 J. �I n X W 7o m H H K H 3 Z CI -I v 0 •I m -I 0 0 • 0 N W cn r 0 H rt W O S wWW. W1'W. Cr w (D NWWWNWW O((0 \ 1 1 1 1 1 I 1 - 1 3 I I I 11 Ts= N 17 >>D33> DD -1 • D (0 0DD 33D rttn 0 D rt 7 • • H -< '< rt NJ 3 M •PNH HNHH W .WVN01.w -I z - - - - 3 0 -I 00. 10tnW.NW N O1H010VO. MO (11 HWO - -1.000 00 1.0 . 000(n-q w MM 0 0 -.00H(n ?(0V H Vtn00Hw01 0 1 - 1* tr1 • J. S \ W0VWHt11V00 0 1O00W00NNH 0- 0 •O N wv100000J,1000 to N VH- (301.01.0 7`< H > \ c to H+ .1b N m V CO W HH 1 - , I - , H+ 01 N N WN(J1 t.1WN X 0 0010th ?3101.00 01 Vv101 ?NV - {(D W W N •• 00 - S n 0 H . ?NwV(OO141.. .1h. N 41. tnHO O(n.P - V ? 00VVW01v1V01 W W 00010 00000 0-J.0 N N O 0 H 0100 W • 00 • W 01 N (D 0110 < rt O 00 ? • V • • -< rD W V 00 01 •PN.A.P.P W0 0 - 1.0 VAV001 w to - 10. -J 4.3.4.3 -PON.4. 0 0100NOONN pirtrIk.,„„ H.,:..,.,,,.. KLAUSNER: - KAUFMAN= JENSEN C 'y LEVINSON MEMORANDUM TO: ALL CLIENTS FROM: KLAUSNER, KAUFMAN, <JENSEN & LEVINSON RE: 2013 Fact Sheet re State and Municipal Bankruptcy - Municipal Bonds - State and Local Pensions DATE: February 15, 2013 A fact sheet regarding state and municipal bankruptcy. bonds and pensions was recently released by thirteen nationally recognised governmental associations. including the National Governors Association. National l,eag >ue of Cities and NASRA (National Association of State Retirement Administrators). In addition to summarizing the factual landscape, the memo pushes back at any suggestion that federal legislation is necessary to amend the bankruptcy code in connection with public pensions or bonds. Sample highlights from the memo include the following: Any federal law allowing states to declare bankruptcy would only serve to increase interest rates. rattle markets, raise the costs for state go \ eminent. create more volatility and uncertainty in financial markets, and erode state sovereignty 0 Reports of a growing number of defaults by state and local governments are simply inaccurate. 0 Pension obligations are generally backed by cvplicit state constitutional or statutory guarantees. RN contrast. states have more flexibility to change their retiree health plans. It is therefore misleading to combine unfunded pension liabilities with unfunded retiree health benefits. Over the last 25 years, despite three economic recessions. actual public pension investment returns averaged 8.8 percent per year, which exceeded projections. ® In most cases, pension reforms will be sufficient to remedy undcrfunding problem, where it exists. Flerc is a link to the fact sheet• http i `t■ vv %t nanra 01U resu ir».. s 201 3' 9 '0201 al. k" - o'U'i OLI o2) Nluilldu n'OIllovv, pit 10059 Noto'wo, ,tir 1 Cot 1 :t t't vvI ytIn. F1ORIO% ;;; — PWt'L (95 1) 916-1202 . 1- vv 1954 0 1 0- 1 23' \\ tt v■ robci td1.1au , ,ncr cow ,t . . .ii Facts You sh Know State and Municipal Bankruptcy si Municipal Bonds ` State and Local Pensions 2 0 1 3 F A C T S H E E T J --�"� FACTS: State and Local Bankruptcy .�drIoNAL -...''''''' D OVE t�QRS Unintended Consequences. The mere suggestion that Congress should enact V AssncrxnoN preemptive authority for states to file for bankruptcy is pernicious because of 1 its predictable consequences Any federal law allowing states to declare bank - `/+\ ruptcy would only serve to increase interest rates, rattle investors and markets, 1 8 1 91 1 I raise the costs for state government, create more volatility and uncertainty in NCSL financial markets, and erode state sovereignty under the 10th Amendment to the U.S. Constitution NATIONAL ConrtnivCr q Srw -c Lee,,,nrur, States Versus Municipalities. The bankruptcy conversation further demonstrates ~~ a basic rni:,undeistanding about the function and operation of state and local governments The Co,incd of Stare Governments The mechanics of bankruptcy are inapplicable to a sovereign entity Bank- shying c ° " "' ruptcy is not a legal option for states, as constitutionally recognized sover- eigns, because states have taxing authority and constitutional or statutory 8 oatAssrwoono requirements to balance budgets. Alternatively, bankruptcy may be an o 9 0 "a '' q g }, P Y option P .1166.— ® for some municipalities under Title IX of the federal Bankruptcy Code because P7e. Voce of Ammo's Cow a municipalities are legal corporations, not sovereign entities. Eligibility for Chapter IX relief is narrowly tailored by several factors. States determine NATIONAL whether their municipalities, as "political subdivisions, public agencies, or LEAGUE instrumentalities of the state," may pursue this option. One key eligibility lac- or CITIES tor is that a municipality must be insolvent and unable to meet its obligations when they fall due � cov According to Moody's Investor Service, 21 states and the District of 4� Columbia have not passed laws on municipal bankruptcy while 28 states o either authorize or provide conditional or limited Chapter IX filings. Cur y , �V �' rently, only Georgia and Puerto Rico legally prohibit municipalities from kr * c filing under Chapter IX 1 C r/I1. Ise; ', 'yam, -i; s`, f1 _ , NGA - Natio li ' `::A.�� .. a Governors A ;SOciatio ,..• " ` r` N CSL §', N ationaPUConference ° of S to Lei + t1.4,,,,,,,,r,:: "r , : , .• to g stature's '� 4 ; , , � � � ,CSC - T of - State G ` 'T , ? { INQCO = *NationalAssociation ,dfCounties , t r '`f r ``s'4- ;} ' �'NLC - }tf ; _ f ,,:,.,N,,,, , ,. , =�• naf 'Cares r r u U - The,U ..S. Confer`ence,of Mayors . i . ICMA- ?International;Ctty" /County. ManagementAssociatiarit . , �..„0c.,,�. NAS30` "N , of , ,f, rr _; °; atiohal As,, ,.: ioq of State Budget Officer ,, ` i; cifit?) Nf1SACT- National As GFOA= 'Goyeinment FiriancetOfon of State Auditors; C ompt ro llers "and Treasurers . •, . „ Officers Association''' ;��r� '� ^� Vi + ; ,. N ''' - ar ''' NASRA NASRA Association ; of State Retiremenf.Admmistrators= = "' * . state Actions. Long term fiscal constraints have put Federal Tax-Exemption of Municipal budgetary pressures on most states, which are required Securities to balance their budgets annually or biennially. States have risen to this challenge by making tough spend- ■ Municipal securities existed prior to the formation ing cuts and, in some cases, raising taxes, which is of the federal income tax. Both when first enacted within their power as sovereign entities. During this and today, the federal income tax specifically time, unfunded pension and health care liabilities have states that income from municipal bond interest is also grown, due chiefly to the lower rate of return exempt from federal taxation. Additionally, many on investments and deferred annual contributions. states exempt from taxation the interest earned Between 2009 and 2011.43 states have reduced their from municipal securities when their residents pension plan costs, unfunded liabilities, or both, by purchase bonds within their state. modifying their pension plans. ■ Due to the reciprocal immunity principle between Throughout this difficult period, no state contem- the federal government and state and local gov- plated walking away from its obligations to residents ernments, state and local governments are prohib- or the bond markets by requesting that the federal ited from taxing the interest on bonds issued by government allow states to receive bankruptcy the federal government. protection. In 2011, NGA leadership issued a preemptive state- Not All Municipal Debt and Defaults Are ment and a John leadership letter with the NCSL that the Same declared opposition to any congressional legislation that would permit states to file for bankruptcy protec- • Municipal debt takes two forms: (1) General tion. Opposition to such legislation remains in 2013. Obligation. or GO Debt, that is backed by the full faith and credit (taxing power) of a general purpose government like a state, city or county, and (2) FACTS: Municipal Bonds Non-GO debt that is issued by governments and special entities that is usually backed by a specific Municipal securities are predominantly issued by state revenue source (special taxes, fees or loan repay - and local governments for governmental infrastructure meets) associated with the enterprise or borrower. and capital needs purposes. Most debt is issued not • There are two types of default: (1) the more minor for operating budgets, but rather for capital projects "technical default," where a covenant in the bond that help governments pay for public projects, such as agreement is violated, but there is no payment the construction or improvement of schools, streets, missed and the structure of the bond is the same, highways, hospitals, bridges. water and sewer systems, and (2) defaults where a bond payment is missed ports, airports and other public works. or in the rare event that debt is restructured at a loss to investors. Municipal Securities - - - - - - ■ There are approximately 1.5 million municipal Defaults Are Rare bonds outstanding, totaling $3.7 trillion, 70 percent • From 1970 through 2012, there were 71 rated of which are owned by individual investors. municipal bond defaults. Only five rated city or • On average, 12,000 issuances are completed each county governments defaulted during this period. year. The majority of rated defaulted bonds were issued • Municipal securities are considered to be second by not - for -profit hospitals or housing project only to Treasuries in risk level as an investment financings. (Moody's) instrument. • In the first nine months of 2011. municipal bond • While most municipal securities are issued for defaults were down 69 percent compared to the governmental infrastructure and capital needs same period in 2010 (S&P). purposes, state and local governments and other • Historically, municipals have had lower average types of government authorities may issue bonds cumulative default rates than global corporates over - for other purposes, which include transactions in all and by like rating category. Between 1970 and which the proceeds are borrowed by non-profit 2012, the average 10 -year default rate for Moody's institutions (e.g., health care and higher education) Aaa -rated municipal bonds was zero compared to and for economic development purposes. a 0.48 percent default rate for Moody's Aaa -rated corporate bonds. Additionally, the average one -year mented public retirement system pension distributions default rate for all municipals was just 0.01 percent annually generate over $73.4 billion in federal tax rev - versus 1.61 percent for corporates, and in the double- enue, more than $59.7 billion in annual state and local A rating category to which the majority of municipal government tax revenue, and a total economic impact ratings are assigned, average cumulative default rates of more than $1 trillion.' are much lower for municipals than for corporates with the same double -A symbol (Moody's'). ▪ With nearly $3 trillion set aside in pension ■ trusts for current and future retirees, most states Except for Arkansas in 1933, no state has defaulted on its debt in the past century. It is important to and cities have substantial assets to weather the nom'' i po economic crisis note that in the 1933 Arkansas default, bondhold- • Public pensions are paid out over decades; ers were paid in full. state and local government retirees do not draw • The recovery rate of payment for governmental down their pensions all at once. debt exceeds the corporate recovery rate, with a • State and Iocal employee retirement systems recovery rate for general obligation and tax- backed debt at 100 percent. do not seek federal financial assistance. One- ■ size - fits-all federal regulation is neither needed Reports of a growing number of defaults in the state nor warranted and would only inhibit recovery and local government sector are not based on facts, efforts at the state and local levels. nor current budget estimates and economic data. • State and local governments are taking steps to Debt Service Is a Small and strengthen their pension reserves and have a Well Protected Share of State and long - term time horizon. Munlclpai Budgets • Between 2009 and 2011, 43 states have made changes to benefit levels, contribution tate ■ Debt service is typically only about 5 percent of structures, or both; many local governments • the general fund budgets of state and municipal have made similar fixes to their plans.' governments. • While pension obligations are often backed by • Most state and municipal governments operate explicit state constitutional or statutory guar - under a standard practice of paying their debt antees, states are generally free to change any service first before covering all other expenses; in provision of their retiree health plans, includ- some cases this is required by law or ordinance. ing termination, as they do not carry the same legal protections. It is misleading to combine Bankruptcy Does Not Necessarily Mean unfunded pension liabilities with unfunded Default retiree health benefits as an argument that a pension meltdown is impending. • In- many - municipal - bankruptcies the - jurisdic- tions have not defaulted on their debt /municipal is Long-term investment returns of public funds bonds and investors have been paid, includ- continue to exceed expectations. ing the well - publicized bankruptcy of Orange • Over the last 25 years, which saw three eco- County, CA in 1994. nomic recessions and four years of negative median public fund investment returns, actual FACTS: State and Local public pension investment returns averaged 8.8 percent, which exceeded projections! Government Pensions • These actual returns exceed the 7.8 percent average public pension investment return Pension dollars help the economy of every jurisdiction. assumption, as well as the average assumed Public employees live in every city and county in the rate of return used nation. More than 90 percent retire in the same ' �' the largest corporate Jul plans. diction where they worked. The 8200 billion in annual benefits distributed from pension trusts are a critical is Retirement systems remain a small portion of source of economic stimulus to communities through- state and local government budgets. out the nation, and act as an economic stabilizer in • The portion of combined state and local govem- difficult financial times. Recent studies have docu- ment spending dedicated to retirement system contributions is about four percent. Pensions pension, and these contribution rates are being are a trust to which public retirees and their raised by many state and local governments employers contributed while they were working • While there are pension trusts that are fully Endnotes funded with enough assets for current pension 1 Moody's Investors Service, 20)3. obligations, there also are legitimate concerns 2 Pcnswnomics Measuring the Economic lrnpact of Defined about the extent of underfunding, due primar- Ilene(it Expenditures, National Institute on Retirement Security, ily to the Great Recession and stock market March 2012 declines In most cases, a modest increase i State Pension Reform, 2009 -2011, National Conference of State in contributions to take advantage of coin Legislatures, March 2012 pounded interest, modifications to employee 4 Median Returns for Periods Endcd 09/30/2012, Callan Associates eligibility and benefits, or both, will he suffi MOtman 20)0 Pension FLmmng Study dent to remedy the underfunding problem ° 6 NASRA Issue Brief Pension plan Investment Return Assumption, August 2012 to The unprecedented number of benefit and financ- 7 The Impact of Public Pensions on State and Local Budgets, Center nag changes in public plans over the last few years for Retirement Research at Boston College, Alicia H Munnell, Jean - Pierre Aubry, and Laura Quinby, October 2010 will help to minimize any required increases. The 8 State and Local Pensions: An Overview of Funding Issues and vast majority of public employees are required Challenges, Center for State and Local Government Excellence, to contribute a portion of their wages — typically, January 2013 five to ten percent —to their state or local For More Information National Governors Association ..a • PC 530 ','1du 1 *:,.or;_ National Conference of State Legislatures I �'. 1. Jl 811 ° 9r' �ti redBt ck • (202) 6-a 350? :e .r -. � , f- It ;, ier! cl:d • 202 ! 62�' ..F' The Council of State Governments ;.ley • ; :`2) , 274 :?(.60 psi .crr National Association of Counties r:h c: l3 1 rrnirc • l:.02) J -:2 -4254, mbclarrninc r rot r_" ■ {202)0 National League of Cities ti ;tc .,irci Bonds. L E zt orn • (202, 626 nl , _o�'l; r .11- • t202) 626-3042 bonmeri: nlc.ero The U.S. Conference of Mayors , r gs • 222 7 _ L ' 80 6109, ljcni = usmay International City/County Management Association • 4 02 )62 - 3611, eki?lior.�■.n-:o.c National Association of State Budget Officers 0 P t'r, r; ■ ( i ;? ;. ,, 8 8604 icb; National Association of State Auditors, Comptrollers and Treasurers :: rr ol)a Ch:bioct� • 1,2021024-- cchebinourtirasaot . org Government Finance Officers Association at' Dono)1 • '2112. 3 -6020. dmodo =rat•" r!`co or National Association of State Retirement Administrators nrr • ;202) 624-141 Icdn,1 C�n�5t3 C a z z 0 c c K < CD 0 C .n r-f- T �. CD 0 a) _ • 0 -13 3 °3 c CD F C , p CD "" — _= � w CD O N.) cl) k< cs = cn w _‘ 0 .... oj W CD '{ (p xi 3 a) CD CD < = :. c j CD C is r�r�rr z O� n .., p:i O :,.. .., , , .z.- m IC T * Q V, C-. z ° ? m 0 o x n n N H < < 3 y N CD * S O 3 3 co y 3 Oi R Y p p f0 p +�I p N 01 o ','� 0 O. co O K - N 4 n j N .. a • N N #P 3 o m o 3 s 3 3 7 o 7 o 7 • • - (D fD (0 M 1 g 0 3 cal W O O W 0 3- W ? j 0 I fD N N I-. l0 d 7 t0 C C l C G 00 4, 0 < 00 (''y O N 3 3 j O y A ( y O • N T d 0 v cc p -1 W m n CO N a C_ � 0 ,71 00 (0 N m (c) W 0J 7 3 3 3 3 m N a, N O - m o. - 3 (p N 0 0 0" 0� CrCb m o o u' ao m o o 0 m o< Cr El) co ED cD o — 0) co 0 0- 0 0 0- g (D O Q CD o0 0 0 v m c Q ' v, a ^• n' z z 0 me �3 .0 mmvm`�-� -v 3 m 9,, a- `al CD o y 0 Q 3 ni o °„ ,0_"`‹ a CD co = 0 v 0 v 4 Q Q .QD ? Q-IN 0 ccb s' � "0.(D � c C c D a 0 n 0' z _ (D S CD n ti to s ? 0 Q O `C co ".•F6 .6' (D Z. 2) O (Da 0 Q -, m n �. 3 `C O. �. i N `< 0 cp N v ✓ 0 0 z v 0 ti y a .9 . O • N 0 Z5 � 5 Q Q(0 ° 0 �c m o m '' ( S 0 0 eL ti' ° m ' 2 °' Q <_ v m c as X cD' -1 _., N CCDD N 0 v y O z O z 0 y S N Q O 0 ... 0 o cD ya y m c Cr 0 , Z CO - 0 0 cD -1 v COD O< `C o o o a o cQa� 0�� o °' c Q O O m 3 ° a co Z- C • v 0 Q a c4 c c) z- -• oii _'. c a —D c ni St: el. o CD _.o ^• � a' a oa �. CO ti o •m 0 o o `er Z Q o -3 CD o`< 0. z O c a 0 z is, 0 C 0 n n Q N 0 C o o 0 m o v CO Z • '''� 0 o 0 CD 0 v Q (o cp Q 0 Z 0 0 co a3 Cn Q o ti • < o 0 cB•CDCD v �m a o CD �a 0 Q v y CO `° 0 0 cD 0 v v0, N m O ^ �' v, o Q" S- om CD -.1 �� ° "° ' m om � 0C, CO -1 0 poi -I "V z o 0) 41 N.) ,r (I) M a) c N O i n N z 1� c E M M o L y � ( r c d •" L l0 N . O O'-'. CO ^ 44 1 III a c (r1 x ° o �/ �w o a o o � o M co _ "o v 4 C4 2 r o t L o o a (.....), L 0 e - os O 1 RS 2 o 0 N c O O O e O 0 o LO La e M 1` O M co d O o C M o N O C O C G O L o R c 't O O ° L M o e O Q O c M v- o N o O° . O a r N N o c O / ma y '7 c } N V ° o D LL y O O O ( O °) y d m m U) W U) 0 0 0 a 0 O T a m 0 m 0 x w 2 a M ° a N < ° r Q °r) °° U° < FN a i L U U N (n N N 71 7 N u) as U C W a_ M s- V N co co co (n o t Q CO E 0 N N N > , T (/) .) T O Q 5 N (n N N � _ N N y N N U W 7 7 co 7 (6 T f0 m E (A N D T T W T2 T lc C S' c .2 m m r (.7.) 2 W = 7 m co m T m m CJ m (° m = u m M m m m m 2 u) m co m m g m y U C 5 C a) 0 a) ti -O a) O 5 a) ` m C - O a) a) (n — `- (o m a) N CO C a) C C_ C m a) C _C O L - - C w t f0 w m . 0 � cNi C :O m O C as a) m IV N C N C O m ~-a X N N -a (0 -c N oo• "0 ,_ u)m0a02 a 2 . a) .- o(n a) a °' ic ' a �� > °3 c @ � c °� a a c>.1- c ° 3 a) C 4) o to U X a) C L 10 +' c = Lc , .... ' CD N U ( C O 13 C E c° a) a, O c N o > C i a0 -c .- Ts O a) in U >, DI - a N _ m o> L O a) > c C V O m 8 co E 0 L ca °� W a � i � mo > a E @ c a _ o 3 (n o 3 `� m O a ' C V p a) C m a) C a) o D1 i«:. C - Y U a)Um w.c u) .0 0 + (ri cEaa) •— m ° a -q• a) f Y `• 2 co D co ( N n c \° ° C c m o a c 0 O x a) - 3 N - O p ) O m m a E v > -6 •m E OL O 0 a) x Q co O ... •" N a) o o> o 2 0 E a m '-co (o E �w c@ c (1) m m� ° m Y o V a c,_ o o o >, c o a� L p o > 3 E c, v C E X ca 5 c 0�U E (7) ). m 3 E m a)� u) m E a) a) me O 0) aci m e O s N co c> 5 c 3= o o ) - a) rn m 3 O fn N O C E O O 7 L E N 7 L O E •= ("o > m ( o c Q m `) +' -o Q a) a) — 0 U a > N a) O N a) m 4- L N s a ° .-. p- U N a) > _c m O c L ai > C c m a) o o y m m L cn — a) > _j c Q ° 2 0 >, o) o c° o ° a L « L V L E c< z aa- - rn c o o c °) i cn o m L am? c m o 0 -- m H m mB c ao rn ° ° a ( a E t o ( c o• � 2._ > ° 0) E a c i a ) w a a a)wm a a) a)o 3. .. o a cL y 0 a (n L .- , c) m 6 N o c_c E @ 0 o - 0 ° o 0 c m a -c a c ti m w N m a) O �' (>', E 2 CI) ° m > m° c a) t _o c (n a) c I- 0 ° E aai o ff °? (a o Ew ��v) > E �c co >° —• om L N � 3 ' NL � _ _ _ _ _ o m ° «. c o ° ° t c E c m a) L" o 2 m (o 1. o a) a m co L O) o O— O" C •o O 4- N 7 Y U O o C [n ) a) ° a) C L f ` . � O co m L C In ° L 7 m : -. m O p C) E L O m m f0 a 6 c N D C ,_ c U 'O a) t m u) ) a) a— m gun in ° vH ° o N 3 E c m a) 0- X a) o ' m CS . ° t c 2 a) c >0 ._ Z'm > a ' a)c " -o c s m a) .0 c E (n a) mo. a 0 o �Y = y E a) 3 m e ° c ) l i� 0 c o f c N ov aE f o -.-C.. o ( p = L - E o o ° a) t '' 0 c o ° m o m ' m a L C y > V •) -° a) m a) 0 ) O) . a) .. C (o . to O . V) - L y � E� 0, N m Ea P c E o2 E o E ._ s >-0 vi c ° o ' ° ° c ' a) E E m Q m — o o m U a m v ° a) (n ` o ( °) E .c° a) c a C o i O E W 0 C '.- L a) C L o a) a T m O o C E a) a) N -0 L o 0 rn o a ) a) am.c a) E o.. m E z O Ec < a ° o s o occ N c o o c -o co o m �a H o °U ao a z • • Cn I o • • m c 7 = N 0 -, v X 3 m 7 0 CD m + c.71 m s c m C 0 m 0 7• C g c co m m y �•nci�-� X-n��' w °offm CL -- °° ° o -^ (n °m m -7.0 � m O U . m� y v v m o3 CD 0 3 m CD <y m C m a • 3 v = a0 Q0 O C Q x- a) y (D O° n (D `= b9 (D 7 O ( c< s= <) y O 0 CZ' 0 O y 0 m 7 0 n � O 3 (D c m 7 N p f. N N 3 D 0 cD 0 x 5' . s _co o G7m v 0 - m co (1° m .... °- _ m 7 o co o 7 cn v °7 _ m m o .. '. o cn 3 < (fl 7 a o o m p 0 O. m a y 0 w cD c 3 3 a o o v �' ° 5 7 mm c° `n m 3 n o o m x ID a) o 0 0 -,- woo-r-, (D a. s 7 f° - c - c cn cn 7 m D m< m °_' CO 7 m Cn X CD •-.. a , ? an c 0 0 n 7- 3 ` G. O (D a a) -0 0 ( c 0 ° 0 sG (D ,-. O (D lD c .. _ (D a * 0 (D + 7 Q co 0 m `< C 'p Cr) xr o �' m x C ° map s O 3 . ° o �' °: (D I O 7 1 1 (n O 7 (D .+ y A .� n a p -° pT 0 (D a ( 0 n ` � (n d o c0 (D .•. (p N 0 0 (D nnn El N O 0 o N 3 X N (on 7 „.......(n c 0 X o a 0) 0 O n O< � 0 O n a CD CI) 3 O 7 y - D) O (D 0 D 'O o- c O 0 3 a) y S N ` N 7 7 (D (D 3-, (D _ 7 a 0 - 7 "O o N 1 - O 3 fD 73 3 3 c S c m 0 (D 7 W 7 - c (b 0 (D ( D p v (D c c (D -* CO 7 0 (D (D CD P. v 3 .=. - W a ° m ° m (D L v O CA P- 0 O(D N v m 0) = c 3 ca fl? cn c O 3 m • o c 3 * D m< m K 7 7 7 3 - m (n 0 m c S° so (n 0-m S(n 0 n m m ° cD CD -' CD sm 3: CD * oc cn +00 x•-• 6- ° o 0) 0_ ° o r. y 7 0 Q 0 m 3•< m I •X 7 O' N 7 O c fD (D N ° N v (D cp O CD v Q a) N Cn • 0 fD 6 n) x 7 0 0 - 0 v 7J 7 2 (O = (n N N o `-- -0 N 7c ° 0 7 7 Q Q 3 N O a (I) ai a 3 N O G 3 7 O- a 0 7 0 G) -‘ a (Q �' O �. 0 7 <n C7 v 7 a m w 0 7 7' -0, x < ' w N ° o ° O (D O 7 0 c st - o v c m s < (� (D CD 7 0 0 7 X 7 (° cD y (n (D K (D - ( a ( D .. 0 10 CU am m 0 ) (D 3 (D M 3 m x c � X� � c m (D ° 0 :U x 0= (D c - c 7• 01 c (n m w � n a i D X v ° � _ m m c° o m ° 3 a - o c a c . n 0 0 (D 10 0 y P. 0 7 < v X () O = (D O (n = C 0 to (n 3 (D _ S -, 0 p = n N 7 0) (D W fD 7 O 5 `G 7 D n -• (D _ 7 cD N c) -0 _ O N - 7 O (D 3= (D c (00 7 - •-•-. < 0 O (D - 0 7' ( 00 .+7 O a 0 7 0 aa 0 50-' (n 7 � (n (D ( 0 S X (p °O m 0. 0 c _, (D o 0 cQ (D 7 (p o O m o 4, w 0 (p _ m on CD 0 ( a (Nn X + 7 V '(J ' N O 5 a 3 (D Q 3 0 s c c 3 n ° g (D a,- y° o° v 3 ( 0 � = in X O cn m (D (D (D = X 7 ( 0 n 7• cD �' (1 c cD 7 n a N a K _ � - W N a K K o O N O 0 a a O _ - O W w O N N 0 a °- O _ - O O 0 0 a p O 0 p O O O O N 0) 0 O ° O O O p o°° O-0 a ) °° 0 ° 0 °° p o -0 o p Q o 0 O S5 v ° a °" ° - ' m c ° - g ° a g S ° v } a S ° > w o o m O 7 X N 7 X ( S X N 7 X W C 7 X (D S X m S X m 7 X (D IL ° 3 a) M 0 0 o N y 3 o (D y co +' V M _ � cn ° — 0 E a o — — N C cc O `G o ° a A a CD ° CD I (n A 0 0 ° (D CD -1 1/4111kill.) y CD s O) — `O y CD 3- _ (n � p CD �.�( o r o m O T fl. o °D 0 D D cD nn o e y x A. O C m M w ° ' — ° O . ° l N ° ' N N 3 CD e A W W 171) 0, c W o a O S O ` - 1 - 1 N • p 3 3 N 0) 3 1 :. o e c 0 s E - N _ 0 _ Z =�M x O L a o a ct / O � .; O c„) ›T N N > ►rl c C 4- 2 ❑ N — 0 W ° ❑ O e V r y t O � N .- N U7 Q CO > N �.. O s. 0 O 0 0 F `i‘ C W ■ N N 0 ■ 0 0 C 0 8€ CD L 0 . o n n CD 0 v o 0) m 0 co CO N 0 cJ 0 — co " N a 3 0 a n co O v 0 0 O N m � 0 N d c N N ° ,- c o NCO N ° to c O0 c M c`-, c 0 0 0) N c E • 0 — O co co 0 n 0 O ° 0 O 7 0 0 O a. O D O 0) o L o O -o 0 Lo a) fn Q Q 111-1.1:"' Q 0 u) o V ° 0 0 re ) ) , , O N in 0 _ 0 — o a) a) rn U) 0 N 0 y) N ( . 3 = o 0 w 0 o o Lr? O 0 0 0 0 0 0 e 0 0 0 0 0 e 0 0 e 0 0 0 . W R 0 0 N N 0 CO 0 0 00 CO CA C`7 CO 0 CO n 0 CO 0 0 N U7 O) CO C) CO v V V M C) c 1 . 7 4 n 0 C) O) N o N 0 N W CO T O U_ CD N N N a) o N N f0 0) 0 51. N 0) a) c o a 0 a o Z c 0) m 0 c O a) 7 C To in .0 C O a) 2 W N 47 a) C W 2 7 N CO w Co _E co 2 7 E co .J C t co C '2 _ 2 7 N N If N E - co a) N L L O co 2 F o O E i O o 0 7 o a) 0 N U o - F 0 c To o 0 V U _ ) ^ to to 0 C a) X N L ) C co • o o 0 (o t6 a) 1 6 0 `) 33 a) L a) - o - a o >, 0 L >, CO • a) E L u) ca O +. co , - C a) as T O "0 CO a) >, a) "0 O N N O (d O a V v a 3 C C O "r -0 .r ( n v 7 — a) c a) m ca � � 0 co >,a )0 3 m ( m -,N a (0 ea c o_ .. .. 0 0) v� aa) o f- c -c u) u ) : ( 0 0 - 3 c 3 O 0 c o o n 3 co= 0 � � c a)c�"� =L ° a) N O N C a'.. ,- N L 0 O C C c\ 0 Y @ • a) m as o a O 3 a a) i 0 C co 3° o 0 U s- a3 a O u t o >, Y N m O _c, s- 0 a) C CT L s- C- 0 2 LL Q 3 7 0 >+ -.-• v 'O N N 0 0 N 0 iL 0 0 to L N 0. O O c c 0 co E 0 N N 2 N 0 .6 0 a) U = N c eo - cn CO P. E c— u `n ) . c 0 0 a) c co • L a) c 3 co of 0 v E 03 E m a) E -c T LO 0 .J -c m b n E ` L 3 L C U O 3 � • U i O U c (� > + i a) C _ «+ a) L 03 • ± a° o c DZ O± E a) 2 c. >13 �` 0 c " 3 0 a) c Qp n 0 L U w 0 O w Q fl U U m a) .. a O-- x) O 0 0 E 0 - N - a) � ac . c` - o E 7 • N 0 a) a 0 O C O >, 3 U 0 0 -0 0 coo C O o U— 0- W 0 U) O E . '0 N a) t 92 co. '0 U N CO co 0 (n " - c 0 (n 0 0 Q c E -0 O't L ,= C o N c c (n n _. E c Y w co E L a) .E as (n + U CO L, m O • Et O O C C V E d 0 O ',_ L U 7 'ti 0 ea +'�+ ( E n co C - 0) 0 a) p ) w 0 ) t 0 a n E o o a) E CO 3 r r 0 0 L. O w >, c as 9 a) E� v °`_? a) 3 c 3 0 L-) M co • o 0 - a m 3 c — ` o c m m aa) a a n3 LL ° E • c° 0 0) E c c C U° O c• E o cn LO (n N 0) g L -.= 0 • • • CO n � - n <xzgDO A ug- tzIou02aoz x �DKv 00>M XI Co _I 0 C CD CD' 0 -= N 7 0 0 0) 90 N 0) CD y (D C O8 -I aj N W J (D - X C c • m 'U fD o T A 2 0 B w 0 Q o < 7)(D a F 3 N o o (p 7 m o N Q 0 C l 3 0 N 0 0 z 0 0 7 co ■ CD CO X CD (� O y N �S 7 (D ` g m B S 7 m o c v m 0) -, °' m -0- o o 0- - o s� c 7 i n 7 v om� 0 O [7 A n `G co Q' n N N °o Q 0= O ° y 0 C_ 0 0 c o o D , o f y o 5 x m 0 (i 3 •< Cu ° 3 a s v q n ° 3 7 0 3 " 0 +l7 O) 0 7 .1 0 n 0 CS 3 0 0 co N O O C /r t0 O. co p N O 'O 0 (D 00 C7 'O (Q CO 7 c 3 4 7 1 ' 0 0 7 0 2 . < 0 7 0 n 7 °: o) O W 7 0 O (D (� C") 0) 0 -a 0 j 0 CD q 7 7 °' ° s O O n P 1 m O -.{ y m(- � m�� ? �D0 K -0 ai -0 `'oo ' o O0 Wp > > 2Ozr 3 - oD X 13 co 3 mz < O 3 ° p v v <T o o c x<m m O�X 0 ° -f mc_ � xmT,4 a o co (o 4, m O 0 0 0 0 0 0 0 0 0 0 CC p 0 0 0 0 0 0 0 0 0 0 0 CC A 3 N N CC D (, O 0 0 0 o O 0 0 0 0< 7 3 O O O o 0 0 0 N 0 0 G? 3 W W W CO A A A N (n 0) G (0 O N N W 0 0- N E m -. O N N 0, A N CO A V 6 m ( N A A O O CT 0) W O C.W E m Q 0 0 0 0 0 0 0 0 0 o 0 a. 0 0 0 0 0 0 0 0 3 y o 8 0 0 8N 0 0 0 0 0 • Q N a (n C O 0 O 0 F N N N N W W W A ? 6 J ; 01 (r CT G1 01 0) O) co W Z) N DC ' .Z) to O CO A (b O N CO A CT O N A V V CO CO O CO 0) A (D A O O 0) V- O -a p ) A CD A 0) CO CD C•3 0 CO O A A c N W 0)) OD 0) 0 CO ) 0) 44. c A CO O N CO V O W 0 E O 0 0 0 0 0 0 0 o a 3 a c o 0 0 0 0 0 o c 3 0 0° 0 0 0 0 o e ° 3 00 7 3 7 --1 KMM W 0 0 70707 _ 0 0 03 0-1 227 m 7 m a) U7) W 0 0 0 0 CD (D .- W 0 7 0 7 c 7 0 7 0 3 7 0 3 ( p O 0) co 0(0 c -I. O) 0 3 CD 3 3 3 3 3 a c 3 (0(0(0 3 c 3 c c o c 0 3 3 �'- 3 o m m o) n m of 0) 3 m 3 m 3 ° 3 d 3 3 r, 3 3 �' c^ < w �< m m m 0 0 v f� T, 7 7 7 7 0 -4 j 0 N CD ? CD ? CD N N C o 0) o) 3 5 0 0 0 co co 0 0 0) 0 0 0 0 0 0 0 0 0 -o N 0 0 0 0 cp a � S S J S 5 (6 S o N J N J (D N (D S J S _ _ 3 7 3 3 O _ 7 „. � _ . 7 .+ 7 . _ + O O O o O 0 7 0 0 0 0 0 0 0 0 0 Ul 7 0 0 O 7 7 0 0 0 0 7 5 7 7 0 7 0 7 7 w O O O 2 (0 `0 � `Z ` ((0 ( �� CD Up 0 CO (0 0 co N 01 O OM73>N2m0D 0) N�r(Wtp0020T. Z 000 -au)00 - 0> Z n 0_ O 0 m 7 (D , _ - (D N C c O `< m (D C c 7 0* 0j 0 0 J N c J co_ CD 0 0 z CD .7 N O 'O j "O 7 CT 3 0 (D f/1 - 3 0 3 0) N y N m 7 CD M 7 cp 0 N ^ 3 x = 7 _ # m CD -13 * < o) O N c0 ( o p _ < o CD s+ m m w K ° 1 `° 1 3 3 Z m m N 7 0 0 c 0 0 0 7 o N m TD d Q a 71 o o 0 D N O N 0 3 gKo Od °--, c o o D o W-I 0 0 3 7 o - Dw 4. o _ o '0 7 (D 0- C m 0 N O co 7 7 C 7 ) o * 0 0 0 0 0 (D 0 Q) ( 0 3 7 0 +C) O O 0) 0 p ( 0 3 N m = c 3 c 0 m 0 K 0 3 0 7 0 0 0 -o << y 0 = 3 m o 3 0 3 ' a • . 7 C Q N y j c .. O N co C -C3 O O CD N O 0 0 co C ( o 3 7 0 0 0 . . 00 K (n ( (n p N 0 0 0 co O 5 CD 0 ai O 0 0 0 ca tl) 7 O 7' co 9 o ..1 D 0 cn KM -lpz�v 3 3 Nm - 0 m v v�< �� v SU 2 5C- 0 0 o -I-053 Q _.1 '� X p ° � 7:1 p - r l O p z ( { ) T ` o o al CD CD (0 0000000000 D o o0 o0000o 0o C 0 3 0 000000000 C D 0 �p 0 0 o O O O A O O O O O 7 3 0 0 0 0 0 0 0 0 0 0 _ c N N N N N CO CO CO CO CO _ C 7, (D m 7 O O V OD OD O s N W A m 0. �+ O 0 0 0 0 0 0 0 0 0 = o ° o a o 0 0 0 a 0 . 3 (O 0 0 0 0 0 0 0 0 0 0 (- 7 0) 0 O. CA Q 3 U g o or A A in 6 6 O) m 6 (O 7 F ' CO N N N N 01 W A X) co O) OD CO 0 01 O) A A N O N V W W A 01 CO 01 CO CO OD 0 (0 CO J C)) N CO N O CO CO 0 0 0) - W CO CO 0 W W O) OO C O N OD O W (O CT CO N CO C (O 0) V 01 OD 9 A co N) A ` \ 0 0 0 0 0 0 0 0 0 0 3 c o 0 0 0 0 0 0 0 0 3 0 0 0 0 0 ° 0 0 0 0 3 0 r� 0 2 C 2 m 2 C� 2 ( n -1 5 2 0 7 0 2 2 0 2 V ) m m 5 m T 71 5 M 2 F 0) ^• - / 0 y O N N f 0) 7 0) ((1 y C N 7 0 7 0 0 7 N 0 N N O o o d C 0 d C 0 CD 0 c 0 c S y 3 K - C 3 0 0 ^r o- c 2 c o- S c o- 0 3 0 0 0 - m � y . . O 73 $ W g 3 rn 0 o 0 0 m w 0 3 3 (� 0 3 (� o o o m y _ N N 0 ( = O 0) 0) N o) ) E D N 03 0 N a) O 5555 0) (%j 0 " p 7 m m m 0 mm 7 p m m pm 7 m D N 7C /� O • (0 0) 0) - (D N N co CD �, _} 0 -o "0 - 0 (7 0 0 O 1 y g y J S S - /r O 0 m co N 70 0 0 O 3 0 7 /O 0) (D N 0) (D o 0 .�. "4 z -N N °o = __ 1 c -E M o 0 C O O O ��JJ ^ N ° Z N N i-� C E V M c T c0 x U T / O L V C U N N C N H H CJ - O I / I ��V// lll Y i Q J o co N CO r.... C o .c • 0 e ) e ° �_ H C • e e ,� 0 ao • • e °' e 0 0) o e m e d 0 O O M CL — o e e e -a 00 r 0 ) _ O c CO a 0 O — " o N o d 0 . 0 e Y o e (0 o O (0 o O In — (0 O 2 M �' M o N - O To a) Ln Q V g 0 o N N . 0 N o ix 0 1 T 1 1 O L o ° L 1 l I ' 1 O 1 O , O (o d v r O e d L e O e M ,_ L CD O CO 7 o d = O >7 v a N 6 C ° ° L r V CO v 7_ v CO v CO v 7 v v CO Lo ` E Y a y V) u) W a> Y 0 - y O 3 Q ° m 2 2 < < 3 O Q O o 2 2 < Q v x x C W W it C W W E - 0 W W Cl_ m W W Q W J O 0 m W -J 3 o W W 0 w W I CD ' 3 'o o) 0 Q) L -o V) L) 'O V "O >, - o C a 'O "O >, O C U C O a) C 7 a) +• Co - I' ) >, .) c +• O X LO a o ° U C Q O o C O O o L O N L O E a . v) T a) a) o• O 3 W a) E > E a) N T ° c a) ° f a) p oW �wp > c ° �O� cw c r U a) O O (0 -P a) T N N — O O CO L - o L (,) m a) 3 0 a) a) 2 CO i t" Y T a) ` C }, m (o u) .• o) OO o Tts a) Q a) L a) 0 ca z .0 'U CO a) w ( o o u) = o co • a) > a '- N - Q >' a`) - n E 3 • c p c m Z o"0 - O Q a) c v C p o (1) 3 r y a ) -o C U i 7 � a). a) a) 0)(/) co L a) Q CT >, o , .. a - O O > o- N j } C j U O CD O O 6 _C O _C u) 0 0 U N L (o _5 CO c .- m e u) c U H E ca y m N a) a) = N} o> CO 3 0 c C C 0 4l E L LO 0 co 3 — i -p w C U C - n E O C o C a) C u) 3 N a) L (o L C 7 " r �o...0 as 't as E oa)a (1) a) o7 L N E a N 0 0 0 L L t a p 7 o C G X o 3 0 o C C a C C C 0 a) a) C o" O � >. o a3 v Ey � � a)v ( ' °tLa ° - a) o v) o o o m m m CO Cr w � .' > 43 E CL Z 3 a'c a) -- a) u) u) a) _c C C L a) N CO d C C - .0 - O )5 @ ' C T _c C a) .c @ a > > o c °) L a) m n N � o cn >, asw v � �� y m� c c �2 co E > o N Y m > c a ) 3 W y u) N a) > m a , 3 " O V L O O U E O O. T a) o_ N ,_ L X a) a) c >, C - 3 L U) O O L c a> E t " cm 3c a) . . a a) ) a) C >mr 0) 5 IoW o rna)"c CO CO L -C > > --. c./2 a) o 5 � E - , W a) 3 E a°) W o a a) cn c a) u i a ,� m a Q. as ,° c cn L o m o a) o C L O { a � i o �'�oc� w �a - 0 c.) c � n Q )3 °� o� E a) m t N ) a) co N cU v o aO 3 N a) Y v ( n L a) ` o _ . —D u) c ° o (1 ) ) C m cE°c' o_ c° a)> L• = c t a) o a) 3 a) (air) 'E co V) " ca E@ U cu a) a) 0 w c 5 o) a) o c o N _c$ c N p ,_C a) u) E D 0. V) @ c' o@ E °) o o c o L ? co (n m o m o a) c E a) m 2 U E a) oo ° U co -c u_ -o -) .L. 0 p a L > cn CL U 0 • • • • • • (O o C J -n 2 n n J M 3 o C J ?t 2 0 0 5 3 m 3 -1c 1 3 m 2 n n 3 g m 3 y ^ R cp O 0 0 0_7 = 7 c a 0 N N o N N 7 c a 0 ° O ' (D co c O O c a W co O J N N p – v J y y N W n y :. 0 O a a J J C ( 0 n 0 N 3 d a 0 3 3 a N O m a 3 »7 a 0 3 3 a aalj < N 0 0 c c- c c 'c = n 3 a m m 3 3 p1 n 3 o m m m m N v m CD = 1 w to v m m O m D c co v a 0 n 0 a ( x n m m m J N C d O 0 0 y O 0 0 N f� V) ?. (D (D o J O $ 0 7 O 0 0_ O to O sz 2 m N N . ti 0 0 O v) m (n 0 (0 (0 1 0 0 O W V 'A V -• CO V 0) . N O O W co co W V ' co O' co co O O co 0 A A O N O N O V O O 0) A _, V W - O A V 0 C co A A W V co V V O V O V 0 CO 0 W W CD O) (O N eg 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 A C o 0 0 0 0 0 0 0 0 0 co O O (C 0 0 0 0 0 c a a a N 4, -+ N N N „ 6 6 A W O N co A N co co co v N IaD N 0) co N N 71-4 co .1). -+ O in - O - (O an e \ O - O N 0 e ° 0 (4 Ng 0 0 0 0 0 c o W w -- a ° \ 0 e z,-- - e e A C 0 3 0 0 Is CT _ _ ' 'z _ 2.‹ m r r co i O O N N > _.. CO Y N (q O V N O W N f, a 00 A V O (O O O v 6, V + O O N j c n W W N 0) W - N N O O 07 O co A ° W (T 0) O 0 CO On 0 A O CO -• 0) O N O .,,*,e -* 0 0 0 0 0 0 A o 0 :,.g. 0 0 0 ° o o W e ° ° OD 0 0 0 0 ° o o ili c L c 3 3 J V 11 KIMO - 0n - 00113KK;05 (n1c0X 0 , n 0Z , F mzcoDc zmcncn>coo-n( -Cn 0 0 0= g 0 J' 0 0 c- C g c. 0 0 c a C 0) E 0 J' J 3 0(a F, (D 7 0 0 co j E ( j N F 5* 0 N.0 J O D nt 0 Z a c ? 3 n 4) o . N 8 m a – 1" N D t o m D 2 m d c a n = fi d T. co c c j m J a a a O N 0 j ,. _ S. I v m 5 m m a(o J J 2 v a 0 m a a a 0 c 3 A O O co O a c 3 J O • 0 O 0) j J N N E . N n to CO V v 0 0 0 0 0 0 0 0 0- -• N N N co co 07 co co O" c n O = -+ - • N W W O) co co N N OD 0 A 0D - Cu A IV N NJ o 0 e 0 0 0 0 0 0 0 0 0 0 0 o a 0 0 0 0 0 (0 m T. m -, O . D m = m .1. CD 1 3 0 (n 0) C) — O W O O O O O O O O O O O O O— - • -, - • N N CO A' V an O O O O O O O O O O- • - • - • -- N N (T 0) 0) 0) A, D 3 O-• o -) N co co N co 0) V CO W A O m co co A N co • O -, N N A co 0) co 0o W A V CO N W CO A A A O N ° 000 0d�0oo 000e 0o0e 0 0 8 „o 000000 0o0 0ooe oe o 0 ? * fl. O C K 0 D ) (a .+ W 6 Q ' N 6 m A OD O p W O 0 6 N Co O O W A (o) r, Q O N V W 0 CO A W 6 N W 0 OD t0 a' O O a N A CD OZ = �eoo \O rn o o vo . D \e ° . ° e . . . --P. --P., ° ° ° o � °° °� -- - o � 0 °� 0c m 0 3 123 O >Q° G) n - o m d m C O Z 00 N v 0 W O) V-. A A V OA W O N A A co 0 N N N N-• O A _, O W W A (O N N A 0:, O W T A �J N 0 N N O O O O N _ 'G 3 S C F�jy A co O V N A Cn -+ (O W V V W cn O W O O N OD (O ' N Co N O O 4' W W A O) co A-. O N O W O A V A-. V OD " t Z 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o e o 0 0 0 0 0 o e o 0 0 0 0 0 0 0 0 0 0 0 0 0. 0 . 0 0. 0 c g 3 �' N 0 3 oa d co � o 0 0 a N O ‘`- ° y =EM ; 0 . E x w a g N N E d 0 ca .0"; ++ N 0 y Y a N� �O 1- L o a Q =.� CO CO 8`.' O c y 2 p o m T N r r Z U 0 O C c H d , N N :i ■ o m o m O o ' . - m 2 co N c N c c 9 O o U O (h 9 V V .t. (h o 2 O Oi o o O I- e ° x i+ ° - O c p c = CO d V u O , c ID ca 0 o ° U U - C E N E N ' o 0 03 ` 0 N '0 = C7 CD a) o J 0 d d o N T C p u) L L ° O d c a N E t a1 o m O 3 ° U 0 G 0 o o � ocn ° Q N 'O o < m o Z m U cn cm to a� Q < m y rn d rn D a) c c c Za / Q c0 2 o d ns O1 D m} o a) F O a x a,s d o a) m . co a) ( H aO1i x > t 0 m a 2 rn« m n E `p m m S a Q o Q g O o 2 a N Q 0 E a d a U E o E E a o c U in c C7 i c d U E co co >, L 0 7 L - 0 - N L O > _c 8. O— E 000 in N . - . c N o c as N O N OL co m CO CO .0 "'' CT) C N j .>' lf� 0 ' O ( c N u) 3 E L 0 0 • a M t - L - >' c " � O E w CO 3 a C O O a 7 U c_c c a us N 0) d E d u) y o c o c° D E o o c N - 7 a) E >, Q t d w a) C O L L 0 L C a) L D) O 7 3 D N N C N o a w L E H a m O m @ >, u) a) @ N .c L 8 0 -o U) E 0 E N 3(9 a° w CO m 1=2 ° N L ° O E > .- ( +U d U 0 • c v 7 ° O c> a) a X L rtes ) a)o)� c a a) ) zw0 c c o o•v o i c . �E �� 0 ��ox N N C L N - 0 -0 E O N u) O O V) a) c C - N >, O , U s@ a) E o - O CO C C E m 2.' c -D co 0 CD _0 yo V _ —� o•c a) a i � ChRI -5 L O G O O 0 > 4- _C E 3 a fo E N u ) > -0 Q a) E 0i o - U) D) 7 D m o L a) o us rs co ° o o L M o o a ) 2 Q ,_.? co c 12 a c a ai E _c 7 2 c 7 ..., cOO p U46 N O 0- " a) > a) a) = a a) (13 0 U E LO • E o �— 7 m L . n �; E E � U a) rn° Nv 0 0 ¢ C E o - 2 o w N N O y _c c C L m a) > c >,a) Q o v -0,_ a - aa)) xU > m 0 - o ° D m `° E�� > 00 a o a) N u) u) 3 .- SS a) o u) c Y E aa 3 Y CD � co — E ,? u) -a ( t o `� 3 4477) a> E.' at E 0 o C 0 O U N CO 7 L � .4 . o a) Ti • a) W .0 • 0 O o u) • w 0 C a) 7 6 y c O i > N . ti O p) N> N N O 3 w a E o N N" co 2 _0 E cO > 0 a) II-0- + } N - E >>7 c w N c O a t C L a `C (1) c r Q C U .- -c D) 0 L U .c — (j):-1. C a) a) O 0 a, O 7 C) a) w N a) 0) u) D) D) CO 0 r L•C U °- u) N L 3° c o a) m o t CA ° 2 rn c �) L a m -2 2 > N c mE O a) N " 0 C N C N N 0 -a in 2 O 00 o m 0 � c gi 4=. "0 E L L 1 - .c L a) • 03 46 cu c - 00 c3 "F. D) ( A N u) N a) Lo c j - j • U c c c3 0 a) o _ ui m C r to M N ' Q L a) C -0--1- d = d a 12 C 75 2 u) U) N 73 N a) O L� N§ -0 }+ .6 >, O - 7 >, a rn 0 73 L _Lr mo m m m 3 3° U 0 3 a ` MU �c o f y o x W D) g 2 R m C m a) L C a) 0 c >" >, c N D) D N-c — a ) C E _ ` U N a) N 3 O o N O 7 C 0 i c N@ C \° C m O co x m 00 O 7 N ....• _ O L N a) > o — N m N L L o m CL L E a) — N N U 0) t . 00 • N a) u) 7 N N O co c a v 2 O E O L y r N 0T U . >' � C u) a) Q L 46 L N Q N >, a) Q c N N CA 7 D N 46i 3 O a N y ° N C °• U + N O 0 •- in rn N °- E_ CO $ rn cn c 7 a) m . J u) u) 7 0 o m e a ° 0 w c c c a4 o '- 0) C 7 * E < Q L co c- 0_2 N < U) a) N a Q— L u) O 0 2 NON LL Q O O d m 3 0 • a o o • • • • c 0 3 7 G7 ° o m `< - IC7 ( .0 7 mm "_< Cr m �� O co c p cil CD N 7 j (D < Q n �, m m -`< Q al - m 7 c CD n= 0 0 0 m (1) 0° 0) n a a) (D o = m CD m g � v c c 7 -0,_ o �' m 3 FA o 5 v n v m � a, _ m , CD - o N N v ti N N (n n) c o ID ` ` 7.c N ( p 7 C N c0 ° 7 cn c ) — a. ( � 0 D o O (D N O (D S 7 S O 3 0 N S .0 „ O v (D 0 m a X ) O CD (n 0 7 ,-. (D * ° (D ° � o n v . "O n) n 7 ,� 7 7 c 3 v n n m 3 3? m (n < CD 7 c_, n 0 v a 3 r3 c ( / ) o v ° °° v . (Dm m n m �, v 3 -+ 7 C D o _ 7 _ 3(Q ° m 0- o .7- 0_300.7-7730.0,00 -, m < m ( D ` � v 7 c m n) 3 3 m 7° c o ( m - x ' cn (D 0 . N -- � N ° 7 S n N 7 �. CO ,=.:. CD c v m a n c (O m n d N CD . .. . 1 ' (D-._„(/) O N < m N m ai j .< in 7 m O O c) (p N Cr n O N (n 7` 7 -O O p O. 7 `�• n O c O (D 7 n =* 7 7 a c n 7, 7 v c m 0 O V; m . k< CD 3 a) g (O n) (D (D r N p p CD = y O ° _ O o) n o f D 7 N N 0 7- N n (� (b a _ 7 ( S (D c D n N S n 7 0 � • - 7 N n 0 °- S -, p 7 7 n 7 -- o 7 N m P Q o o c .O. 0_ 3 7 a o* ( D O (D 7 N �' 7 (D 0 p 0 3 3 S `< s. c�u N 7 N (D c a 'O O c n 3 N ° 3 c) (D n (D (n a 3 Q S O y c O c to -• N N N n m O O (Q a " O O c.a. . N (D _ O (D a O C 71 O .< S (D 7 co 0 I y n) < ^) N fD N W cr) v N ((3 7 ( •`< N co n = O j CD n) (O cn 0 p (D (<D n ° O _ v N -s O -0 oo (p a '< * (D -s N m S N ti 7 o O N 7 S n (D N O O _ \ 7 < S CD (D O O o � . O d U, 0 < O (7 CD 0 °c � 0 m � n CD 5 7 ca .71 m'm ° 5' m 3 � o (� 0 o n) o =- o cn y (n p n n) ' D n - •NL(n -,O n3 o S 0 O co S *3v CD co o p� ° 7 0� � (� �' 3 _ 3 v *N ° o c (n O p O N p 0 y n ° N 3 < CD. N (D p (O � , N G < co ° a n m < v y 3-a _ „c � , c m co • n � 3 ?c ° , ° p () O to TIN ( v 7 7 p O c c O n n 0 Q 0 3 n 7 7 0 p mac,* ( p m -. (D (n p 7 j n , ca. °' Q c Y (D n c c 7 �� 6 s u m 7 °� 7 c 7 7c < �, ( n O S in O c Q N S (D O ( °) d _ n o ° — ) 7 (O (. o. (n 7 -Op fD o m m co v ;-' o° D 7 O o < o. * co (n Q 0 gs S 7 5o)5- m o m� (non�7 '<30 = --‹ m CF ' O O ' ° 7 O co ` C O (O O 3 O O X o 7• <• 3 c, c • 7 a 7-o v 7- m = 0 gc o e o (D CO (D n (D (D (D (D (D 7 7 (D (D ( 7 (<D f-, CO 3 N S ( v 3 0 1 1- O O co - - N N) CO Co . . U1 j f 0 (J1 0 U1 O (71 0 U1 0 (,1 0 0 0 0 N N W W 4 A Q O O ■ . O ■ . . , , , , O D O O O O O O O O O O O O C1) - g, ■ , N O 0 N C p ( c so w N r--.`;' ° 1 _< 03 9 N N (D . 07 N — v O I Q ' N j m 0. o -- • 3 N N 0 c_ i s (G o o = j n a N O " g, co N 3 N > 0. ° .-. C 0 N (D cn I I N ° I 1 R,, 8 F ( N O ' o 1 j su N 3 -° _ W N N (D 01 N c n (D \ \ \\ W O o `z s-1. v ♦ N rt \ _ CD f ij \ \ L �� cTi j O . 0. 3 1:Z/ -1 w ; o n CU O T co \ fD (n r N et D C .) '5, \ O '•:) 3 n 3 R w S 0 ,:Z X 013 o N (D co 3 Z Eu.N Q � E M Q C7 f! O 0 2 o 0 co 0 A rn o co cD cfl v 4 ru V N O V a0 M r- dl O N CA a7 11Y c d O E C1� a1 co M •• CO C9 . = as 4' (D 6) N N O W c r' ' M •7 N O N O N c0 W Q) M M M CO 0) Q) ) (3).4: CO 6) m CD LL N OL 2 N Q a> 2 N N Q i (> N T E E O _ C 7 W a) C W To E a) c 8 > N U O X E N c D E p y O C x O a) N o y C_ ii U L.L. Q U c ■ a■ • Q o 0 '40 rn 1.0 o rn co Ii a) v (0 ri O 0 a N- M Q O M • N l6 CA C (D d f0 s' E c 0 0 a> !A N a> N _3 M 0 42,„ N (O O L0 M c r D N F V O c N > O L[') W d1 0 M O � � O O O Lo = d N E Y • V d (M CD a) E E O T c a) W a> LL as E a) I) U 0 O X @ > E ' E V w ° E _ p y O C • x O a1 o ■ ill ■ • Q 1 > ■ • • • • X • ( co c * R 3 02 m co M c (4 > > CD xj _ CD m 0- o c � o o m m m - ° o 0 Qo -a- c D D x co a Cn c G ) m, c on m a m a m °) a in a 0 m v 3 m 1 -co m (D c c m - 00 F2 x o m 0 CD CL 0 ' 0 ^ a rn TI CD 0) 7-1: c CD C d - 1 a m X n D o x o . 3 D X x 1 0 X V WO i O N 7 O co N `< N N N W W W W (T m m V co (O d T ty O N 1- N W m - co O) OD N O - 4=..x („) 3 A (P N m m W N N A m O Cfl O d m N O m A CD W N A m A O A - co V CO A Cb CD CD A A (n O N CD < A tom 1 (r 0 m O m m 0) N A N ( 0 N O D E A m A U) m W W N m A CD (D V O N H CD W O D 0 O W CO W A in in (T co O O -+ N A 2 IV in 00 CD j W V A A V A m CD '► O 7 D • • • a • • •• c x D(n-o -I m-< o D 0 w K _ c ° - 7 07- O o ( o c T 5 M Sp m '6 o p ^ n D D co a c O m n o n m o� rif 0)- Z C) Q = o N. a ° 0) - 'o n Fe, cr c 3 c 0) a - W `< .c � m T D a -i a X d r oho X . D 0 � X °a w . j O p O W c N N N W co co m V CO CO CO CD d CA CU O N A 01 N V W N N m 'co 7(' V° A A CD N W m m W W m m O O m .O N d m m CD CD Cp m- CD V V V W . p ua N m - CO (D O 00 A N 01 (b CT U) V m < - Cj 01 N (O m 01 W O --> - (O 0) m (D ! - m W CO A CO V N O V W O V V CO C (p n CD D Ch `'3 O CO 0 A CT CD O N N W (n n 0 M 0 m O O w W W A N CA) m V (0 .) CT O? (O a) O . O *, 3 O O> 7, o cli Z w C.h< CN 1 O . m T l ' ' a Q - D o n � _ p Sp n O 0 c O- O ' 0 CD Z d v C7 CD m (n C n (S d O n CU 'O - O N O O < N C m co c m zi O m. < a ' (0 -° 0) O N 3 co Q 61 Q M a (p W CD p 2 c X 6 O : O Cr co co 7 d 0 co O O U) co co Q co 0 O N O n W N C co 0 CD C CD CU co 'O 7 o CA p a C c- Q N C m N Q H N 3 N X d - i a 0 Ti 0 m 0 m T T 0 D D m co co W x (D N n Q 3-Z O- = = 0 C o m Q ° m 0 v o X O > - n Q m —. 0 'U * F x -° -° 0 < 0 co co -, m CD ' X - -1 O m o 0 ■ o ■ D 0 o o ' C OD O o 3 CD o 01 N N 0) CO 0) N CO CO CO CO V O) '1 N V O A V N N CO O N N W ( 0 N (O W A A W 0) CO N O CO O CO 0) W y, '.. (D O CO -. O OD -. CO m CO -. W V V V CO C N -- 'cm O N 00 N OD A CO V 0) O) (J) - CO j y (J) N 03 j (J) 0 CJ) W CO C)0 CO 0) CO p) CO co O W O V N A V co V O CO V N O ,'S n A O 0 0) N O v 0 O O D a p C) 3 N c a 0 0 O ■ III .4. O W W O O (J) A A W W cm N N O Co G 0 O-. ill O -+ N 'co O V O W Cr) O O CO A (O in , 2R o D N III ro a N ae O ae 0 N A N A O 0 N N o) D O:) p o n — , 9, „j, ( o O ff..: A 0 ( J) W (J) A ( 0 0 0 0 0 0 (..j'31 ( J) 0 0 -,,:n,, 0 ac:,:. 0 CJ) 0 2). \ y �►�yy > co W= o (O O ta st n n 0) - m ao D d W a) o O x o O N C �Z o ° O o w Q 3 O C co z O N N. co 10 co N - O N co 00 O co co V N N O O y+ LL 1� e- CD LO r 0o O �9 N co O CD CO O CO CO CO O Q �,/ L co o a �p r O O O 16 00 00 10 M 0) 1() V OD W O n Cg O R N R r r r r r r N r r r n .0 s � O v l0 o 15 h () (D 1n • 0 CO N (O r 6) CO CO CO ' e 0) O 1f) N N N 01 N N t- In N 1n (n < 1ff et N O O N O O M O1 CO CO tel CO r O O - (0 M (D M O M M a0 N In r N O V 01 01 K) O CO N CO • N O (O CO CO f` N � � N O CO O CO N N O) e- 6) r CO 6) CO N N O co O N (O (D (O (O O) 6) (D r 00 N 1n N N O 1n r r 4+ ris V 0 Q 1n 1n N 1n N- 0 0 0 N 0) 0) 0 M a 0) 01 N O Ill CD 0) r N 1` CO O n r 111 e- CO CO CO CO 6) V O w o a 4 N - 0 0 6 et et O O (O M O 1n et 0) 6) O co N r r r r e- r M 01 r e- CO N_ O N C 7 OO 0) (0 O O 0) ' Oo W _ et e- 6) co 6) et 00 CO n O 0) O 0) ) N CO 04 (1') n N O 1n C) 04 00 CO • ( D co Co 6 co LO 04 N CO N CO CD CO 04 N N Y4 N O c) h. N- (6 1n 00 6 6) co (Ni (O CO O O N 0 O CO CO 0 e- V CO CO ct 7 Ps r- c6 co m r N CO M .3 0 CO )- CO O CO CO CO et 16 (O (O (O (O O O 1� r 6) N 11) M N If) (1) M N r a- CD 0) M 0) N r 0 P I-- 0 00 Cr) O N 0 CO V N O r of 6) r 0 0) 0) N r I— co co O e- N. co c O M N r 00 - O et V t- r- 0) co O 1n 11) O) 11) M in et r r r e- r N r r I- N r N O. 0 .- 1` Co et ' et et r c') O et 00 U) M 01 N O CO M h V 1 N. ` et O 11) 0 0) O 0) 0 CO 6) M O 0 et 01 V 6) m CO a M (D r 1n CD O O O _ O 44 00 e- O 1n a 4. (D (O M M 6) et 0) 6) 6) e- O r- r CO ct V 1n CO CO t- 0) N- N. n 6) 1f) (0 0 O r N CO CO CO 0) 0) et N O N r e 0) st V O (A (D I` (0 to (D co c0 co O CO N (D M N 16 M N co N r r 1f) et et et (0 O r N in CO 0) N M 0) co O N V co O) et 1` CO O 0) 0) 0 O 1n V O r CO 0) N- N r c 6 O r 0 00 O O V (O (D N C') O 1n C 0o (0 CO 0 et )- )- r r r N r r )- 01 r N C1 0 O) 00 6) 0) CD � 0 0 N e- 0 et M co O N CO O 00 OO N 00 N 0 0 N 1` 0 CO O 00 CO V N 0 r O i 1n C) (n 0 r N 6) CO 6) O e- et r W M O et 00 V CD O co el D1 V N N N r r- co et N N 0) 0) 0 N O N CO (D r 00 0) 0 0 O N CO CO CO ' V (D N O N M N r (0 (O O 1f) (D N- (O 1f) (D 0) 6) (D O 00 N co' M 0) 16 0) N co N e' 00 N N O O 0) 0 (D (0 et CO V ' (0 CO c) V' 0) LO (D 0- V 0) 1n CO O O) 0) (O 0) CO 0) (D 0) N- 0- 11) r e O N (V Ni 6) O 6 et e! (D co M c) O) V V 00 (n c) (D et r r r e- r N r s- M e- O N a- 1 co co O r r co ' co co r r n et O N r 0) 0 0) • CO CO 0) (O r 0) 6) N. CO 00 0) 0) CO LO N 0 N ✓ et 0 (0 11) CO CO (O 0 1` rh 6) N V co N. N (0 �^ (D N N- N- 6) 1` M M 6) 1l) (O CO O 6) CO 0 CO O CO CO CO 00 h. M O N et 00 1f) 0) CO 0) et 1f) N CO CO 04 0) 0) I. co r (V N r CO t` O O O 00 O (O r- O) 0) t- e- 6) N co M M (6 0) N vt (n r X X X X U) d m LL '5 W H Q w >-. T > W (0 E y LL a) -- L �, u E o m Q '5 c m c o E LL a Y W 1 O) L 0 .a N V O "C7 7 j o X o p w O a) K m0 a o A o o 0 >> c nU o.o g g o x w co is r n o ° O (� rn (a co c a 0 LL 45 C7 W c o E U U In a) m W a a) 730 a— c O Q O Q --0 1:2) —1 + Cr) K o d O a c W Q w o Q c Li G LL F C7 p Q o f x CO 4 ~ 1-Q0 >0< F ° - 2 1- 1-0) 1- 1- F-- CO 4 W g M C) o C (D 0 K O y 3 3 S 0 O a co W 7 Ro 0 3 O 0 0 T O N c C S N ow N o 2 r ='1 m v ca S 0 (o O O1 T C 3 o. rn 0) N O 01 CO N - co O c j W t 3 - 1 N O to J O O O O t/./ e O O N 01 0 - -.1 N A 01 W W N co A Co CO 00 (0 - CO (0 A CO NO A M CO 0) (71 0 0 N O_ N 0 0 Ut CO e O O N Co (T O O Co O c71 c0 N N V a> CO f= 7 (0 A (0 CD A O (0 N al 07 N 'O N 0 _, N O O o 0 A o *co N A -+ 0 CO -, t71 C77 V GO C.P Co N N M . (0 A O N U1 A t.. 01 Co Co 1 C 3 N O D N N 0 co o O o 0 o N 0 o is o "" O (o N O D O n ( 4) t O A° �^ x CP • V CO 0:1 2 - w o d 0O M 0`" ) n N 3 y/ N n � T 0 - ° V O 1� O O N O a 4.1 d O � J �.y F. rl 0 b 0 N C 0 x �/ hi w e. o 4. ID (y) z] 3 N Q O • _ CI) t C.) C) tr m Z o o Y = N O " N ( m 0 • C a N d N 0) CD M O r N E o c o - o a X iL m o_ M O O s 0) E O O C O 0) co X co i 0 rn o ■ m rn c O > o) co 5 W O- 0) W > c c o c a) N 0 > (0 (0 c c 0 o 0) o) O • a 111 1111 o� co 0 m o M O W O O N W o co o) O 11 ._ • . -..... mod... , 6 o - O O O O O O O O o O O O O O O O O O O o Q O O to O O ui O Cn O Cn O Lc) O Lri O U7 O o O co O co 00 C) (fl in II) Cr CO M N N d Q ( %) uol;eaollb' • CO ) - O1 -I v' n m _ o z o m 0 - °' Allocation ( %) m y = d a c _ N 1 7 7 Q 8 1,,-) N W () A ? CT CT O) O) �I CT 0 CT O N O O C O CT O O O CT O „ CD CD ' - ' O O O O O O O '6 O O O O O O O O CD N . uo j A -s (T � C V C70 O 0 m w i ▪ N •. ?.' • V V w O N m ay G• �l O CT CO CT A = w V O CO O CO N A A O O m a in c v c co ? - W O C a)) O) ?) X O m 0 . CT 000 a cli 7 A o 3 v _. R u s w A CT w (O l) M C O oo ( 0 A • a -- - o CD D w - w m a) -• w 4 CT N O -s - A O V A S.2.-5- w O M N A CT CO - 00 M �) co d C "...1 C C O A m • 0 ) D a c U) CP,..., O O-. N p7 O D N "' N W 7N O W C y O M 03 2.1 1•I J 4 J _ V w P.P. O n o x N=c. �z w C 0 V 01 Z i c o T 03 0 a' Q N 7 co co co O N- I` co _ CO co T T O N N- O O O W CO O) O O - CO 0) c0 10 0) t� 00 co 0) o co M (n N 0 N CO a0 N CO M In T « y 1O 1D CO (O CO (O CO O N. t- 0) N V CO h N 1() O CO N T �' !a M N t0 N O t` M M T 0) 11) (0 W O 0) T °D c0 O ^ L 'W L OO 0 CO O M (D CO CO h co O N CO 1n co M a) co V V N r n W O ` . M O N (D CO N O) 0) n co N N T CO N- O •a r- U vV t /- (0 A M 0 0 (O 00 (D O) 0) 1- - 0) N c0 ('') c6 1() M Ni N (O CD yO d c • F cQ c c w ( IP (0 O O N 10 co CO N 10 CO t� 0 CO CO 0 0) 0 W CO 10 M N. (0 CO 0 in 0 0 N- 0 0) � M 0 N a V 0 0 N- N ( M �� •0 M E E (O 00 ' O O) r ( O a) ao 00 O O) O O M N °O M N O C ry 3 N 00 Cr) O (D 00 M CO CO T 0 V (O 10 0) U) T 1. V d c0 T O 0) LO (D .7 V T T T C) T ce C M M T 10 0 CZ U C CtS it U co to 1- C N V ' CO (D ' 1- 0 0) ) N • i . W ,1" I,- CO L C M M (D (O O O t` N (O a+ G) '- ,- � T Lei O X O N w C 0 E N N N N i 1n 117 7 Q) d h N- n V T co w (9 (".-7 n co 2 co O N N. 7 O) on a 0 CD W Q co N T C O . 1 1 1 1 1 i 1 1 1 N, N .? T N. N. T + co co C M co O 0 y co c0 ' O (0 ' • ' c0 (O CO ' 1 . • . . . N T O T co _ ) co co O co M co co c0 N N N N O N M 111) ( 0 p0 Z L N N CO V O O O (V T T T T ('V C) 7 co O) co 6) 0) (D V 0 0 N h. (0 T M CO O N 00 0 (0 V co CO co N CO V N O O N r O O O 0) O d' N O (f) N To p co T O d ((7 O) O 0 T N O co a) CO T .et N 0) M O) N M O V W V O T O O e 0) ' t 10 (' J ( \ 1 O M co R 47 ti t- 00 - N N 0) 0) co N O N CO CO T CO M (f) T CO V O) . 0 N O N CO CO (0 'V V to N O N M N e (0 -(0 O co co a_ 10 (0 1` (0 10 (0 O) a) (O O 0) Ni (0 M M O M N N M M m O co N T T NO N a is p X s X a u. a_ X d m To v) (. O w a) C H 1' m > > >.. ' (0 �+ V N 7 co m 0 �, w W O) L D a) V O C to a x 0 W O W X c 0 J ` ° as _ C) m m • � W m CD C N LL E d N O ( ` L cn w g O V a > o 0 a V V O x y - L R a `O + 7 (O L m U 0_ O (6 C () U • O _O W V > m _ co (° Z a a c a) C 7 W 0 � - `� f x is 0- oQQP- m :: o x o xa o0 0 a) .0 o Hs m W p 0 C = - E w p ji > C7 Q °' o y a a m a To A U _O m R C 10 f6 > . U E 10 ` m C N U > >. W C 0 O C CO CO V) p (0 O O F- I- O - C) O - (/) 'i ( C) D O To LL 1 - I - < 0 > 0 F- 2 F- I- CO CO I- 0 F- F- Q 0. 0 c' 2 m p 2'a co �7 n > 5 -I � - o -I (n (n -I -1 K -1 o < o > -I -I m y 0 • C (p S W C7 CD Ql ('� E < < 0) iy L) (D p S 01 O1 E co = r n 7 °—' (T Q 3 m Q. m a D D 3 c W R- t a c �_ m G1 m m 3 u) fl Z .� 0 o 11) v .may) (p t)) N C CD 7 a) _ O-0 o y N Z?' CI (DZ.' O n G -. p 'O j j < o m T 3 N W (D CZ (D N T o 071 ,n N m C) co 2 N W — R W C 0 Oi o a ( - 'o o ( a m O.0 m m.. 0 N co 3 o 11. . 3 O C o (.) J Er c CD 3 0 N ` G {p . C _ TI na N C 1 C 3 . In N -I ^ Q X �! (y V�l Q x X d 7 0 0. o 0 .. co 0) - -, ( 3 C. ' co t0 N N W CN N W 0) N co co O 00 00 O) (J1 O) J 01 N O s N O N A CD (0 0) (.) O N j O O x O O) A C O ( N (D V V 0 V CO V O) 01 01 A A O) -a . N J W A O-, 0 CD CO A CO W W O 0) A A 01 CO -+ CO N - (.0 A CO O o O (D O) in 01 i 0) C) A A O) (D 0 A - CO A 0 y 0 A N 00 O CO V 0 CO O CO O Cr A A CO -.1 A V 0) N 0 CD N O O N N W 01 CO A 0 W - A -. O CD CO CD A CO N - N (31 CO - A 0) W co 0 N N 3 Z V C C O) 01 C71 O 0 OD 01 1 C11 V V --4 V 0) 0 W CD 03 V 03 CO Do • -, co . i . 1 . I C C>1 N • . . O) co • 0) 0 ) N n A A 3 V O V V V U1 N 0 CD CD 0 C N V V V 0 W ( 0 0 - . 0) W • • • • . • • . A A A . A . 03 W 0 0 o 3 N (D v N N .N J 1 ✓ J Q N N C V V rr 0) CO 0 CA 1 0) 0) -, 1, _ 7 0 O O) N J V V CO N-a O O m O i ((0 - V V V 0 W CO N - N - (0 3 A . . 01 CO A . . ■ A A A . A • CO 01 V V N 7 M . 1 J K V 0) - a 0 co A co — N N • -' W (") A 7' 0) V -+ O A 01 O O 0) - co V A . O N 0) W 01 01 A CO W W Ni V 01 (11 N 0-, 7 C0 (D W • 1 • • . • • Cn 0) 0) . J . J 0) CD CO y co 73 CD Q -+. O 0 3 t0 -+ W A -, -, N -. W O "co O) 01 CO Co - - C < O A O n N (31 O — N CT 0 0) -+ 00 0 V -+ O) 0) Ni 0) 03 to C CT N W 01 0) N CO 0) 0) CT 00 A 0 V V A 0) Ni N 0) W S al CD A N 00 10 A A 10 V O 01 A W O N N C)1 N CD O) W 0) el) A 0) CD A CO W N 01 CO A (D W N A A N CI) V W CO N CD 0 0 V N 0) 01 0) A V A 01 N N V CD A A V W 0 N C7) r7 7 3 ,. N O_ 71 0./.0 N N W 2 0 4�) O T O) W A 0 m 3 -< 0) N N W N W W O) N CD V 0 CD J C7) Cp W O 0 w 0) (D /1 V A Co V - CO N A N W V CD CO N W O) N (T A y» f) _ 01 {�.( J N A A W (O W W 01 CO A N O W V OO CO 0) W 0 CO 0 00 =,. -1 `.r O O) O) o CD - O CO O) 01 CD 1 V W W V (D J J N O N C co p) ,... �•/ - N - CO O 01 N V (b A N 0 V V O O 0) O 01 01 01 A - 0 y s — 0 O > N CO 01 O N O N C71 W CO CO (b O (0 W V 0)) O 00 - m CO - W CO CO 0 CO J N 0 A V 03 C N l' • z w C. (D V 3 N Z d c0 M O O r Z a R N N A A A 0. AP 4- ( C I- co 0 O O O S O S O 0 O 2 c N N N N N N N N m i O C O O O O ` F- 0 r 0 0 o 0 o M Q 0 o 0 0 al 0 0 CA co ro I� A o N r S m Of 1(.11,....11 _ ro O .. t m d = O 6) O _ CO 6) ' {p ' O p CO O) co O ! O O CO V N N O O N CO LC et N N CO N O) r at 6) LO O) O O) O 10 e- CO r: N 6) N (D 0 O Of CO N LO O LO 1f) CO d V 4 0 d 0 Cf) ii r N ' ' M r N A N d M O xi O Cfl i n 1n O CO co cci xi ' t 7+ /0 '- E M u A co co M W A 0 )) f- O W U in p CO co C O M N O 0 CO O N O CO CO CO III CO 6) C() N 40 CO at Q CO V Q N CO d: (O CO O M N CO LC). IV N 9 (O O co V M 1.-. CO Q) V V' W CO N th In e- n r C 1n 0 V r N CO r Ln q V O r 16 xi O co 6 V O CO Z M Z 4 0)(0 M N tv ' v V Of O CO rt M CO N- O) CO I 6) 0) CO I-- O) 1N I` N CO 10 0) V CO N O N CO 0 0 O 0 Q < 6) 0 O O CO O r e O O 6) - 6) c0 M t` N 10 � Of CO CO '- ( CO O N CO O co O CO O .- 6) o r O 1 V ( V6 e- ( xi e- 4 111 CO O xi 1l1 10 O (O Z V Z u - 5 r ' s ._ . r• r r r r N co N M Iv M Of N v 6) v O) CL } T s Cf) N (n M 6) O CO I- h CO CO r 6) c0 co Is 0) 0) 10 1� W 6) 0) O 10 10 (0 N at N 6) r' co co to co d- O 6) 6) 10 V �• 0) 0) N r CO N 4 co r- e O O O O O 6) lh M O * t O N CC O N 6) fO M N 0) 'a M O xi co ' - co 4 4, r r r 0 N co 4 10 co M ' co N r- m 6 0 M M 0 0) 0) CO CO P CO N 10 0 0) a I- N- O) N CO 0) CO 0 M CO N- 0 1f) 1f) 1C) A CO 'V CO M L0 e- P CO 7 (0 0) 1 0 0 ) M O N e- N CO CO Of CO (0 1() C9 d h- O N.: N- O n r: r o r• r 0 r r 0 0 IV 0 e- O 0 0 0 0 < CV (O O — r r r r r r t... CO O O Of 04 N d' at r h N v te a- 10 r... CO W I- Is CO 0) at 10 r• Cr) N O r 10 U V co Is O M O I- M r 0 t- N V N 0) CO N 0) M V N e N- Of O 6) 1D r 00 CO 6) O 0 0 CO MI O r W 0) 0) CO g 10 10 O co 1q O 1O O 6) O •- r 0 0 N V O M O O O O O O O O O- N O r' r r r S. m m c co "O a) 2 x ° c m CO i 2 '6 U co 2 i 10 0 °) — v o E m 2 .5 LL O y c N w c as Q " c g co 2 W ) a E ) co a) L.L U N (n d x co 2 m H 2 T 0 ' p 0 c) d N LL Q tl W 'U Q d U (C O O a m m 2 o. T V d ._ CO C V = C C U 0 0 O O C w Y 3 , O V E o co is x in ° - W W n E 0 m LL u' 2 m e - '2 a 4.0 0 0 0 d m c °- c u c r .N m x cc d V 1 O d T Of 0) V W C ° C -0 0 0 O = LI= D m -o a) Z' ._ 0) d E a) c 0 .) co 'O a) a) c a) E o m c a) m +, c D c c 0 c .0 3 Q c E o C• m c c m x E O c O d C 0 g as 3 LL y L< O 9 Q W m o O m U J .. c (U K LL N uj C (n a) _ o 0 01- OHaQ OH OH o- OH o- OHo 6 H 0� Cmo 2 0 H I- I- I- I- F- 1- I- 12 Or 1 3 goo S �q �� ocn� oMd oX� o C. S - m . m c CD N I- (/) CD c c m N i c m N 3 m CD g �° •« to m m v o `° `°_ `° `° g co 3 n Q , s --a a > >= D n i. d CD 3 Z m m CD o m o m ° �' D o n D m o n to °° cu a) °1 0 m (fl ° 0 ° a ° 0 ° o o 0 0 ° c CD m m c 0 Q 0 a x a a CD < d CO m a m if � m 0 4 a F o x co X 2)) cD m < m m a y 0 5 v? m - a m m m 0 c ' CD ° m a c m a s at 0 °— m m q < .< co XO c 'm Ti c m X D D m c X (!) 0 0 - D T T K � co co a c (D 7 c ":7)) a a �. oTi m 7 N N N W Cl N N 9 fD J Co O A CT CO O CO O O O O O N W N co o CO W CD -+ N en O A 0 6) C)1 W . -s N.. Oo in N V u (T A— G1 A N A 6) (x. N- CO O co 6) 01 O CO 0) CO A co N A co _ 0 - 0 -a CO -L CO CO (° O O P A O A W A O A A • IV O L) A _, N CO V V A Co A 0 A A ° W (0 0) N W -+ 00 N ° W •-• 0 O W W (I1 GJ -, CO 01 al al CO V C0 N O N O CO O N O N W 1 W CO CO C cc co V1 -. W O 0) O O O O A O U) A O . co OD O 6) V O . co W V O co op O— A U1 co A W W O) CO Cn A S V 01 N s O XI r 0) ) A W C N �_ O V CO W A (T A N N W Cil N O N N N N N O N— N A : -.1 k) N O N CT O CA j- CA (a A W V W IN CO : -.1 C) Co 0 (.0 CO 01 6) 6) N N— V as A A O as - W O W W O W A. Cr) .-. A CO A XI O A CO A v0 -+ Z ° Z °) Z Z a1 O (n al 0) Z th Z °) Z th Z • C)1 D 0) D w> o D rn C 1 rn m 01 > > ( > co XI XI O c u' c o - CO a su 6) c) 6) O) (n - + O) C)1 N O W W U7 -+ O) CT 01 O 6) -.4 m W N 6) 0) -+ O N N O O 'co 0) O W '4=. O O 6) A O M co O V V W 0 01 Cr -. 01 6) 01 01 O 01 01 O) 0 0) n cp -43► C -�j Wv vv� o � A) Co tO '-1 f0 -' Q 0 CO O y S O O O O O -, a) pm _ O O O O O d LI J f.y CD ° w CO ° C d 13 i) O (Q Q = S 01 #w x Al c C Cc� z L AN x m - o ce ■ R M O . rAh r �hy� co 0 v d ° 8 np — — VV C F R V C O 8 e, D O a C N N N N i •` C O O O O _ .� 1- • g o o F o �1 ea -- � `i C D V 1 .... co a 3 d C r- O) 00 O 1- f- 00 m CO N CO CO O> N h CO O. n M M C A 0 ‘ - 0 a ) 0 N- CC) N Ch N LO C� M U LC) O C() CO N 7 CC) O CC) M cCi a h M C7 a w R L. C C >- V O Ili v o Sri v vi 7 4 o Z ri Z • Z ri Z v CO m to M V o) co O - N- 0 0 < 8< O) Q '7 Q 0 O CO C h LO 00 N Cfl CD O CO O CA V O CC) O cO 7 O O Z V Z CO Z • Z 10 • O Cn l . V d 4 co R. IZ .4 V 0 C!) CO O N 0) N- Co" r' N CC) CO v- C� u) N O N CA M O M CO •V CO N N- co 4 4 N- • M . M . Cn ,- CO 0 0 O) V 0) 7 O V r CO CO N W CO 6) V O) C .. N M 0) M N N 0 O O CO CO ,- 10 0 10 )A O M CO h C � M V co O co V co C� ) . 4 t- C- a 0 0 0 O O O O O M N N O In N N O N O ,- V .-. CL N LO M N CO O M o) 0 0 N- a 0) CO <I LC) , - M M M co co CA O V CO V . 0 ) C ) ( 0 O O O O O O O O O O 7 N O 7 r' •) O 1. 0 0 1. • 1 0 c 1 m x x g 2 U ° X- c X c a + m m Q c% co co d if; c ~ p c O H m 0 O CJ) Z LL LL k LL m 2 c m 2 g. U c O y To 7 To 0 • O D Z` N Q E p c D p E .�. N G O 8 5 8 0 CJ 8 1 C C L C m L c OI 8 c J X J X_ w X LL N (n d C C , C d C C C 63 a) N a u. N O a) O • • c,) 2 mom m ° o 0m ° o a •, fn cn 0 a . N 1 A II > 5 o c= o 0 W F. n m m c m n 2 c CD m m c m m 8 a CO o� O (n m (p m • 9- m W c 2 c ° m Q 'a' N O C 7 a n n N on d cn a m m m o a > n m a a Q m x 'U CD 0 N N cD () cD m m m m CD N v m CO m c CD z m P. N ° CD m D > C C) 0 - n a v N N K N CD co a a m m N = N N 0. d N 3 0 N O N O N N N O N N in O to W O O in W O O V W O) co N V co c0 O V W CD N A N A O A A N O N U1 O Cn U1 U1 A O1 CO A K) - O . . . N W C)) V O O O O O O 0 0 rn v rn o v o I.) W _ _ _ _ J Z O N Z O Z N W O? b D w D D c�D D co O1 CO 70 v CO CO 0 Z O A Z U1 Z A N U1 IQ 5 CD cr, w> c a0 w XI A 0 - : - C=. C11 01 g O O O D w > ° m > 'co > CO D -A > Ul XP 0 ' 01 Ai Ai el O- Al U1 O 01 C11 A N O N A N Of O— O_ CO A W CD n 0 0 .�i c O 1 w o 3 a t ° D R 2 O O O p 3 Q c o o -1 41�4J ". ' o N N O w w O ' ' _ N r0 z Co O . 7 NAM Z 6. =.... x o If> CD N N CO V • 1L O O IX 4 4 M C V 1 2 _ A � C &a 0 (A W WNCO W 2 N: Z < m<(.0 �o� Zw ` W--M a 1n Q co Q M Q V V`/ d • ~ 1 n M N 1(1 00 N W cos Z Z o Z co Z m Z N- ■ Z M Z M Z M Z M Z M Z N >- g r r r r O co 1 Fs O • en O O N O V ii tlJ 4 A co N c, -1- v d N 12 N L � C v d ,m r, V o Q N Q Q m Q M Q , Q Q c m Q Q . Q (p MN A M M V O M N ■M W M V M r ■ O V O y N N O N CV 64 (0 Z Z U) Z r Z N Z V Z 6 Z U) Z 6 Z 6 Z o 5 Z G - r r r r r r r N 0.1 O i t 0. A CO „, f , m A m co V (D M O G N O N = V ~ O. 10 m M 10 O) c0 CNN- V M O M C0 M N 0) (0 M N 0) 1� Q O Q h CO O to co N- O Co O co m O U) r h M U) 01,-00 W U) 00 N W U) W Ln ■W M Id cV V o N V M (0 N 0 N N N N o O 0) M O 0) N O cM M N N Z N Z r E 0 ✓ O O O! N Ws* A m V O O .-. O O 10 CO A .. (0 CO M N c0 C00) c0 N O N r , .,,m 01 Lo O 10 LO O O 0-4-o CD Lo r o A o I� t (00)00) O1 m O N Q (O < 1` O y M r A L( N M 1.1W0 N.,-,-N ( W (0 N,-,—.4- N r r M M N O O O 000- 11'1"';5 Ci C N 1'6'5; r m m V c4 0) V N Z0) Z V r Of O tO W N V CO CO 4 2 N m co r 0 F N ✓ y .,— A N- O 0) r N O) O (0 N 0) N V N 1- 10 00 r N O 00 I- O Q N Q N O N Co C O o f C ) 0 ) d ' W U) 00 I 0 ( 0 - 0 4 N^ V N N h V N N W (00) O 66956 r O) r M O N O N V N U) ( I� O 00 Co O m Z (0 Z f` r r r r O r 0 V W M n CO N 0 c0 N CO W ✓ r v N 12 N ✓ o. 1s (0 r N (0 O) O) U) CO L() M 00 M 0) U) M O (0 (0 m r (0 (0 (0 Q 00 Q L() O f n W.71-'-' r V (0 N I� O W U) U) M N O f) O CD r LO U) Of r N N ....,-....„1‘) N Q N M Q N N O 1- M r 0 (V � M 06 -4- , L0 M M M L0 7 U) Z4'%--- 1 r ✓ N U V v M M y A ... C(00 A 00)) M 00 ✓ r N 12 N o 0 1n N t� M N O) M M V 1O O (C) M N r U) CO M �- N (O Co �- t` O A O O O N O M V V M M O r -0 O N r M CO M V 1- �-N-) (00.0) t.... r 0 0 r W6 A(.4 N N O Ch N 64 '—'1: co (0 0 U) 10 U) O (D 4 U) O) I- r r r r r r (p p) U) 00 too v. NV 0 N M M O W M M (0 c0 1 M 0 O O) Q N o m N M m M (0 M M Lo O L() N- U) m rn A M V O U) r P0) V CO M Ln M � O r N M 00 f- A M O Ln M V� r � h h O 1 . : 1- O 1' ..:,--(6 r r O r r r 0 0 N O r 0 o 0 0 0 (‚4(0 0 r r r r r r r r a N N C W m a) N c � m G c m co U m =o U % c 2 coo Q x E . co U a) � a i CC 'Es' E m 2 .a. U. 0 m c 1 '5 o a c m m m 2 W Q v o `o To 0 + L 2 a x m m > g a 0 - o oc m w It ° li m LL v cv Q a 0 @ E E C) m m 2 i. co LL T o= CJ O O • C V O E E co 7 3 LIJ m a) o > a> c w w E g 2 • l i” 0 c v OP ci) TD a Za a° m d u n U w m o c a � ` � w o LL J i > o a L , . a. , . m E o c E a) m a� c m E m la ' c C 7 c C= c • �' , 0- c E O c a m c` m x c E O c m O O c & ` 7 w N 7 ' N 1 3 Q W o 0 0 2 ( / j r C N 0 K LL 0) (O 0 0 E 2 N O C c u. 6 u• o d W �n m LL (6 m Q U N E 461-E 30 0 1 Q 73 151-- ° N p H p H N .61-°- p 1- 0- o m 0 0 F- !-- F- H H F- H cc p - o) o -oxcn ocn 0Xi o? oX� o H K o f c K " Q (c c 5' � c 3 3 m m C m N ( J ) 3 0 MC C (o C Co y 0 w m( 5 o o in 63 m °) o n cn m D in = m D • �. m m CD R 3 m m o m o 0 ° a' D 2 o n D 2 o n m m ° � . °) o m m ° m °° ° o v ° o v c cc $ °' = m c C) 0 ° o o- x a s to - o n 0 ° co o<i 4 m 0 o 'n x x < c n i c c 5." c m 3 5 (o c Co Co C 0 o l0 5 J m 3 a m a s m a m co o c x c Jo co c x I 0 a m a 0 • T �. �. a m c_, c in (n Cn m x D D `m X m 0 0 m. . > _ + 0 o o o n sl" BY co Poi C1 (1 (D (U o X V m N N m 0. C) N 0 0 co 00 CO O co O O A O A CO A O A A -+ N O co A O N 0 0 V- 40 -+ O— O CO V V A 0) A 0 A O CO CO 0) N W - , 00 N co -+ 00 m N 0 (:.) w in w co in 01 C CO v CO v .� N N W N W N N CD N N (CD N A -' A 0 V CA O C.)) CO O O CO V 00 N V V W V 6) W 03 01 lo. 7 0) CO IV IV <O CA V O IV O) O O CO Cn 0 CO V V V (0 CO 0) W -+ O CO CO V 01 CO (..3 00 01 V 0► o O N W ( N A W O 0 0 7 , 0 -, W co CJ7 - Cn N W co 0 V) O 00 O CT N W V Cp CO CO W N N A Co W N O) CD CD CD 00 A °' O CO N — °' A CO N N N A N CO N-• Si _, o O CO CO OD N O N O O A Cn N A N -. -A N 7, 1 CO O O O O CO CO ■I O W CO N N (T Cn W 00 O A 'co O 1 , 1 A V W -' A N 0 V N A N - CO 01 CO CO O a) 0) A Ut 0) A N CO V ' 0 O 0 N ov P v c O D � �v O CO � 0 Z Z �) • Z • Z 6) ° 61 6) (3 Z o Z W Z o Z 0 V fb O a) (D _ (O CD A V A V CD • A D o D D (n D v o o) D (o D 6) D (o D o N o 0 _ O O co W v O A A O O 0 O 3 j (a N N N j N -' N d Z Z ° Z Z N Z Z Z N Z co Z N Z Cn -I <n A (b CO (o V O V Cp 0 H (n D w D V D o D w D (p D w D o D w D o D 'p _. ,. o o <D co V CD 3 0 1 N N N -, s -s -' -, -' 3 Z W Z Z co Z °) Z A Z Z Z . Z• Z cn C1 �� D co D N D (n D V D A D V D w D V D w D M n N O N CD Co rs) co _ ---, -.1 O O T o tOg -A -A O V Z Z a Z O) Z Z Z 0 Z A Z Z A Z 01 CD /1 (b 6) Oo O in V ( n Cn �f 0 O („� ) n o D a) D o D A D w D (o D D cn D D (n D • S wC Z IIIIIIIIIIIIIIIIIIMIIII IIIIIIIOIIMIIIIMIIMMMIMIIIMIIMMMNIIMIIIIMMIMIMMMINIIIMIIIIIMIMIMIIII CO _ z L;N 0 or d A re e�+f N O c �'' a M Q a a s a m a a M a C7 V` • 0 1- O N Z M Z c6 Z Z N Z Z ,i Z N Z M Z N y TO o it o oi N N O N c 1 ~ d a ;a v a�a�a a ° - a ° a e O N Z 4 Z u) Z 4 Z L 0 Z Z e a Z I` Z cd Z E O ( d 0 0 0 ell :, r~ a Co CO N co a o a go) a a °� a a CO a M ti (0 M 1.0 N N 00 Z Z { • Z Z L O N O 4 -f C`") Z CO Z Z N N l6 0. E V CO O3 O W CO Co O O N O N ~ 0 CO O „t_ 0 CO r-- O N a CO a C' a M Q N v Z od Z 4 Z O N v rnlri� MLn 7co c d Z 4 rn v co 0 co N O N O IS f" O. M c N N C CO 0 0 0 CD a N a . a N < 00 ` (A co I: 0 0 o r� cd - o Z c o Z Z (Z r O w- I.- N O 00 r 0 O N " is ~ a o + NNo� 0))-0)0 aCO a f) aca� CO • ■ C to c 6 4 7 Ch h CA CV N. O Z � - Z �- Z • Z N N O N V ~ O' M N CO C0 0 .0 N 7 In O Ln O 001-00 O N CO 00 Cl LC) O) M CO N N 'I CC) .0 3- 0 Co 0) N co O CO t.O 7 r C) Lf) co r-.: N 00 C0 0) 0 0 CO N 03 Ln 0 o to L() In 0 O CO C r - - d 0 O M V 0) I- M V I` I O 0 0 0 0 0 0 0 M N LC) O In N N. O 1. N m O X m % N C X X 1 O a) N — v X N LL 'O O X i C Y C to U c CO c0 O m c c a o m 0 O Cn Z l L m 0 m 2 g. m 0 d 0 o Z O v O v 0 £ 0 N c 85 o5 o c. O CO a O € C L C m L C m is C N U 0 1- N C a> O Q > • CU C O T 0 ) O J X fl 8 C E O ` J X O_ LL K C - CU , 16 - O LL 5 N 0 a) IL O X 0 C (n N U 0 K O C p O C S] U N LL C a T C (/) C {L 0 2 N _O d 2 N O ' W r X a2 6 O N O Q _ m a N C� LL ,a) D N n N C � N U 5 L m O O M o m o m o a m m in co 1 > 5 7J N ° W= ° o w n m o m 0 C D C c0 o m m v g to m m m in m m 7 0 7 7 7 T • 7 T 7 CV m W T a( T co 0 w CD 7 CD 0 Cu 7 a = 0— c am„ A m m m p y 7 7 7 • a 0- a m y T co 'm Cu 0 N s< CO m N Ti X m M CD m w °' m 5 m 0 CO C F N z N Fi CD t 0) in A + + 0 0 m m m m m CD f0 a a m N N" 7 7 m 1 N N O N CT O pi (31 CP A CO CO 01 i....) La A j -+ A -->. -, N T Ca) a) V O O 0 0 0 0 T 4 V CA V CO v O V O Z N N Z Z N O' N Dco a >° Ca -4; o NJ 0 N a) a) C.)1 NJ ..a O O O N N Z - Z a) Z 01 • Z d) — (b O CA 0 • V > co > N > V> N 01 V N CD Q N O O CO W C(0 A O > > (0> -4 > m > > v 0 o� o rn rn 0 o o <o w 6 w w Z N W Z Z W Z- Z to 0 D 01 > a) > co > a) D CD > fD C) IN) o in in o o w n iv NJ O 3 13 im Z Z w Z w • Z w z w Z C O • D' o D co D o D co D , .+ o o CD A A CO ct O _ CD O N t!1 CO CO 1 Do :D wD�D wD�D � � 3 N p N Cp o �1 W Ln N l7 2 p 01 Zri op -< ^O^ T Z 2 Z V Z Z V Z N t!1 • n4J D a V D rn D D rn D s O O o o 01 CD V V O O N= ■_ gal a) c 7; . ƒ $ u . # ■ C c.i al ■ 2 2r .1; ' W > '\/ . —^ ? � c •- [[ e e e . C - f\ O § 0 ) ° ° ) �° ` \ f \/ \ = o 2 a . § / (__.," (0f ea § 3 a <c� ) \ � § � 1:11: � \ � § . / 2m= k 3 k e k CO 2 I ° e 2. 7 C1 ( % a E \ § 8 § § § 2 8 8 8 k \ 8 ` r o N CO 2 c = ° / -- - - - - - - - - ?� r a � � B x � LU i\\ -6, � | . �3 LO Or 13 /�� £ £ —_ § f §E2 ■ � �� - W ] §7 % CO - .-¥ 7 � s& G E f , , § f iii @ t C £ t / 0 ^ § § .- co CA i _ _ _ 'CCD w ƒ \ �c §� k ® i ). m u , § }\ k 0) \ § \ S § / / n ) _ e ._ § \ § 22 ° 0.- k \ | % _ a § z)' 2c' — — §§§ 2 / ° /\ � // 7:-.., 2 e w » : f e \ = kk \ ) /k2 \ o §\ ) • o� 3 @ I . 2 � \ 2 ca \ ^ o \ \ \ # ) ® § § . o / f § q \ / } ^ / \ o 2 u 2 « - co ce 7 I 2 w�. ' . \J ) 7 2 ` t 2 }a c 2 c 0 }} % E 2 a ) CO ) = k w • • E O< it w e a 0 I- W -1 _ x -1 x II Co 0 0 y o m N Return (%) 5 Total Fund (Gross) ( %) -< o' T O g iv T m ' o ' o O in o vt o N o XI - c 0 m e 0 C — I — I o o o o 0 0 0 0 0 0 o O S °- N S a n) a v m _ G) ) _ v G) C - n T to O O 0) o O O 3 0 c ( • m C 0. o w 0 ) m (D ai w y • m $ O c.. W m a m -I -< -I -< 0 3 o • o N RI 33 0 o -, R) @ y 8 $ to O . -, 3 e ) O - 3 H -< O 10 (O to W 3 so in N + • • d u' 3 m f 0 50 O co m a m o i O • -• O c x 4. 1 Cn • 3 ( ' (0 O 0 • Si o 0 N m 0 c • 0. s 7 o U) o (o o C O Q co d 0. co o 0) c acv o CO c ,- 0 u o m '< 0 ., u a, a' X/ o — 0. r m CD (o o o J 0 o d , 0 N 0 0 d 3 v — m 3 v o o N v s 0 N 0 0 v U) (O G A c i t F o c x f m O N 3 . O - co A . = (O CO (0 <. 7 N V ? V CO 0. CO (o Co ^! y crt • 0 EL CD m 0 o . ; m 8 (0 N CO O W N O O o - ., N O CO ss O O y CO W Return (%) O • • Return Percentile Rank _< a C.), 01 N A • • $ o $' G) 00 o o ( o I.I. N 0 .G ( O O Q O 0 0 0 0 0 0 0 O 0. N N c mm T T - c c S) 3 • 0. O. N ('1 'D a m• O b i0 0 0 A O O a 0) 0 G) C D D v O :: D 0) O .s.. y Ca N w 7 z 0) —I 0 , O e) 3 c xi N N a) O O Z N O O - O rn • A 0 0 x m 7 s $ p 0 -, N N O ca 0 0 ", -- O XI S (T O( A 2 a— O 0) A? a s (0 E s 0) I 0) c W N N O O N O N Co O 0 j O :'p N CO N V A co 0 d w N 0, o O d e o O a 1 W 5. N tn N • 0 N O 0 0 Q -4 0 0 3 1 e �a • O CO o - y m • O s o co W o CJ1 v O b ca 0 6 6 3 — - i 0 O 81 o _ • O N • 3 N (.1 O a r N ono • O 0 0) / ,_ v v =s NIP �A • O v < s O O w N N N N M 3 0 o a, CD O N N W a • 0 D (n 3) W 0 d • H ,a v v N a O M m zf n Rf N O a • 0 3 to u, ugc. N • 0 w v a/ XI O N c — !"Z w s. ' iui zP. M x • 0 N IY M N n r4 C4 C.) W M 7 M ' M m o �/ V @ N N N ` F-. ` N GI V ] N 6 N 6 l yy++ C O v CV N nab M r C C. O° c.. co ' E p 2 M ° 20 wy v p Q I a o CO `� l u. O u tt o as ° 0. D. o° Gd f7 a d N Q 0 Q 0 C3 61 ` 0) %- U C O 0_ C V to C •,- u9 d co A D p O o > o Q O' W W d y d V U U w y o co 0 00 ld O O C r C N E O o O T O L O 0 CI. _ cu 1 N m I 0/r 0 Lo In 3 8 ° o ,_ o o o 0 a c N .- m E R CJ S m W W o m y) a 64 �� t m t m M V «A L , d �, o x SK W W R )n v C )) N N CO u CO In m 0 Q N C) r d N O C O O) N W LL ALL C 00 C C CO N 3 N 73 W .�.. M r W -, M • I tl: a ,mO CI c o ) 0) o N N 0 M C 0 0 M_ N_ ' .0 ' ® 3 • Cn r C•7 re; ® r N d' G G O u C O v 'I c'J C) r W m co N co r y co co C C © CM 0 CO M C O iI O O CO 7 3 O a 1 a M C 0 N 't- O U IY 0 ;r ta• CO CO N 2 Lt. • N v N CO O CO .r U. u' c u ! LO o N CO S m D° + C v u� W 4, o 0 V 0 N m N 4 0 O Q) Z E.- 0 Z co u { 00 01 el i F O C` 3 r r r Ir • 7 N C r W co v m CL N VS to m V a co o U) m ; I N D a • r O 3 1 j N O n D 0 7 N ! r r ` Co O 4+ W d • p O V ` O N M U 41 + N C 2 0 O 10 0 O C u+ W r o O o O O d CO C a O M CO N N CO w T a CO 113 Q 7' Y! LurnezJ W W Z. 5 Q • 0 CO • V . T. _� U U N W W 7 C 2 y y d W O O. cr O w cr v W Q E E d '? U N E O w a 13 RI 0 o CO E To C 0 C 0 V' F I- 2 a c D 0 C o C o m • • • 0 0. _ _ e total Domestic Equity ( %) .< p W p N Return (° / 0 '' - O ®• - o m IN V7 0 0 0 o m P3 p o K O -1 -i o 0 0 o O C o 0 0 o m O v 3 ° O t o. v m c 7 0 n o c N a N R (7 o V +• o m co _ M H M m ° �, m o Q O a ... Q , ..< Q A A A7 m m Co 1 y N P is A • 3 ° 3 m o tD N 0 O o f 5 ',1 ° CD X • O 0 0 N m O m 0 1- C 1 t ° o ((0 o ' i c o rn ox p_, n E NJ to t m m m p a 01 A- o d 3 ° -< Xi >b m o . ee . 0 A t -, N N A a m o faf CO O • C d W V 01 3 a m m d m o o o m` 0 tu o m ° � 'd ' "' o co . of C 9 C O O W O A e W ^ , o N C o A C e O (O N -. O V -. V o m O w 8 4I- N O CI CO 1 (7 -+ n _. _,_, 0 d 3 0 O (O 3 01 0 O (O 9 d 0 CO CO V w a N N ° CT i F ° ° c c irF w o c w n ° ° ° • ,1 o CO A F. 7 O CO d," .. . 7 3 a c $ n } m m ? m i o o 0 l W -' D D W 0 0 o V . o o N = Return M) 0 • • Return Percentile Rank o w m ° m I •• N 01 0 a -I -I o .9 o 0 o XJ 0 0 0 0 o C w m ° ° o ° o ° o °o C a v m o C O t7 5 a 0 0 m 0 o n CD m o 'o N CD 13 n 5 r 1 o m m ' • o m m ° o c c Z o m 3 z o d 3 cc m m re o 0 =: D A 51. N 3 0 0 7 7 O o Ui t< m Dr to r -, N .2. ; co W N O O y sr - a ' , "" M1i 0 o A= o O 7 =• in o A W . W CO Co w d Xl a m O (n p 0 CD (n O/ (n a) 01 A y fl 0 - &- on N N C m j N o 0 N 3 _ 0 CO 01 a 7 c,, — O » N n° O o e • o n o N a V A G - as 1 0 W 7 O CU N O (71 ". 01 „ - r, A A N o e 7 o (71 01 O 01 01 0 . N .. N 41 �� N A aoaoa ' --1 O m• 0 0 N 7 N °° v DI. N O CO 0 ((0 O G a G • • '", A W i 7 A (O W 7 N 0 0= in ens °' "• • -, to n o 0, 0 o CO x N W w N „ C7 ^� iD CI Ca / � CI Z � \ k � 2 ° CO CI) .c en ) 2 = \ ( _ ` _ \ , �� is, CO k & \ k �� s2% _ ■ > ■ J j� �Q ` 2 � ��§\/ e � E g o a N o - (�� _ « o. k _ o ' ` + k(/ &9 C 20 � k ,_cn _ \ \ o ° a 5el - �a °2» ) k § g ( » ( . .F.,- } \ E { , k ) 0. 6 | �0» E CO 8 8 8 8 8 8 8 8 a � o z 2 � � � � S / ■ = f 8 � �� 2 \ 0I §t om E 99 69 69 69 69 99 uJ uJ co '6 ) . 0 - m ° z = �� ® /\ © � 04 a $ ell 2 � � -0 c' • [ « I @ Z& CV § § ) , 0. /I i \\/ ° e „ 1- N 04 E� \ \ )�I ,- ,,- � $&}% '5 xi , • ® \ \\ � k co el • > 0) — 2 + • 0(0 � � � \ \ ® $ a c # r= , ' — ^ — � � /f% Z5 .c » o%R & $ • e [§_ 0 ®° = ® > 2a } a n r4 o s a A sa > °( _ � °° ® §m 2 f 72< Z. 2 • \ § �� 0 2 - , J 2 6 \ x > § . J* § s § % - ' , , - 00 © 0, - § ® W j ^ cr - $ | J 2 S, % / k \ u_, >/ 0 i i i } $ 7 $ CO / o a \/ y S § S « « J \ » � \\ IX \ � \ 2 m 7 \) } E ) To $ o f § § { % ee f \} ` \ U. k 0. U. s > s ;:7 p, 1 .N� y Return (%) A n chor NI Cap Value Equity (% -< S - S 1 O Q c O 0 ®• N W A (n o N W o o ` D > C! = D O K X D o 0 o a 0 0 0 0 o G 0) — y N c 3 o C) o C) m m o cn ° o- CO o Co °= a • m co << w < < o D ° o 0 • o O C m ) m o) E . E c . o ‘1' o 2 (1, 0. C1 m 0 < N l -. hi Qa t a a 0 co c • to x 01 x Ca F 0 01 v 0 m m m 3 0) 0) x C o • m cn CD N 0 1 •t o 4• -< coo + O -i 0) 1 o Z m 0) o A m iv N N 0 0 0 D a F O C N O a d O 1 1 p W A CD C ]c O O _ CM N .< N N A „ 7 ca a ° V 0 A0 3 a I� 0 m 3 m 3 Ft X n o O 0) c O co • _O N c ° !- x O Z C A- 1:1 0 W c r N �. o D a z O A a . m O co m cn m m 8 ■ o a 1 0 1 cc Q 0 U O O 0 0 w N d O Z 9 1 0 O Co L Cl CO CO A 3 A I ° a o D ... 3 0 0 a .. A A V O m u. 7O 0 ° o ° j 3 m m N m 0 u) 0) O W I W O Z D O A D °c D g O v a) IT Return cf.) W • • Return Percentile Rank i • • �A N O) V .. 1 D O O co O 0 c 7 0 co O N 0 73 a N n O N S O O o O p 0 o N D 0 0 D O 0 8 N m ,, A j � M < v • w ,, l � D o 1 0 - CO c c, I Z Z m 3 Z o d c ¢ IC c >: xtc I ..9. N 3 0 C 1 a, ° i ' 09: o gm d am m th d X C o o m N 7 C) d co • 0 x c o < (�'� O CD 2. - N m CO et O to co , Ti 01 • N 0 Yrt, ID ■ S 0) a w C. " `- k 0) x 1 m 0 Cn c' Z 0 0 0 co 0 D 3 ill co c N o .�, G O W 3 N :`F -y , It • Id ... O No 0,+>5. o A N 0 3 t T i'' O AV N O) 3 C to $t I o Z o O v .m 0 N $ W ` 0 W O 3 ''P li 7' I woos a. ` O -s LIIIIIIII) 1•3 N) l7 (6? 0 7 7 , " y � ) El 0 0 CO CO CO A D O .) pt 0 O m Z a rn oo r= 0 Co o o N ri 3 d 7 m D x� A CO �0. o . j 1 1 . S C ID O es) o cn W • �m > cr t 2 ) n )® 2 ■ =U p >$_ _ cc -v , s ' 113 - LL. L. f « IZ § >) �� ) � � § 2 C = ct E �% �° ...0 ° � e� $ < :=,--,-- , . a « ( 0 . ' a 2 o. k g/ a « 0 #a �- / / . y »_ �f) - � { \\ t § B } \ 0 0 R 0 ® § ,- J § .F. E ` ; e ! ! . a 0 cc 7 a | � � \ \ ( � � k k s s E . - K § -� � =�z k {� k {� 2 - to to © - °=s u, h - E - n [ «/ � 2 � { � 7 Z 0 ° �C� 2 2 , c §z z= - L u 0 «m CT) , i . 0 0 � f = ^` » 2 2 TN- ^ k . la . . 11 & 0 { f - & 3 0 0 CV CV o� \ \ K& 0 0 � �� / }} k 0 >- k 0 CO Z o Q C E 0 � k \ • _ LO ��\ \ ± a c & CD z z )\ §Zk �_ - � ■ o=m 1 e g 3 o #% o9 - 2 J [ m= I ) • d� \ > N c7:1 j n k ) ® g ± CO 0 kj � � 1,_ It ° $ $� ® " .0 22 « • co b J 2° o Z- % 0) \ k § ) w ) \ { % f r 0. , , N , 1- •- 1 ° e- § \:} k \ \ w_. \ \ CT 0 IL \\ § > 0 � 2 \ / > / ƒ re \ - \ = c = ' \ R # 7 4 j # e ) ) ) \ 43z C C 3I I 7 = ƒ § - § } ee J ) J k u. O = 0 1 -0 to y N Return (%) 0 , alton All Cap Value Equity (% - O O O• O r N N O> t0 O N CO mi O 2 �) 0 0 0 0 0 0 D 0 D n N 7.1 o O O 0 CO O O O 03 so Q N c • t c N M N ('n ; fD n m _ 'V - — D (� C N H C O n o N , o o co m O 3 o C ,. _ .. O ill = d M V d N N (Q 7 , Q — c - c m E -I ° < ,:, , ...z t w 30 3 v N coo n CD A N-0 m N A C) C1 x - <n W C -I 0 T ° o tu Z m w co m N m n D C t o m o CD A m m c cn ( rn a : N A- ° o O < _ _ _ A m w co N N O c j o ° d C a G o N A O O w ) 3 c. m a O - m m < v 8 ir o co m� d • N O F.' • O m m 0 co l CI Ct) 0 d 3 0 c O d d (7 d CO N T O Z C pr f O o W C 7Z f CO CO Co , C o 0 o o > a � 3 ow a � , g tco�d m 7 10 o c (n m m N X O W O O CA) > ( > CM O o D m ° o o m Retur (%) N • • • Return Pe Rank Ca •• w J o X v ° N o h o x O m pa v ° ° c y o o ° ° ° ° a N o c m 5 d m 8 N ' 0 c,.) D to o c w D o n o 0 °o - to o 0 d od d 4) 0 �o �o w C _ Z Z d 3 z° d 3 m e '` g d ::::: `' ' CT ) D D c e � D o o e.: 5 m m ,'0 o o m a w d O 7 7 x ° `� 3 M "' 2 tD to d N y f�A w y �° (r 0 N C. d p .� S o O � o N Z w d co o ... ,'p i5 w D p' A a p 0) a+ Z E i o o o rr , : ` V ° c cn n D 3 , � , z o 0 D < o 0 i W le A O O 3 '' A 0 O Q a1 O D C O O N d er v o w a 1: N W N � k • PT O w ' O a r1 ;W >; : CO A D d v v N C 03 C s, N • —� 3 O 0 0, 0 ? � F co 0 7? f w r.) o • 3 C .)0 A Z d= m A c p 7 C t9 ■ ,0 D x- A CO � c N u j # S tD 0. I N e o co` W m Xi c..) N C < ' en '-d w Z �z xM Z V c • �N x� /� ry > M 7 cu w 7 .75 M 7 M O Q F Y. 1V CD L > 0 O > O O b 7, N N r ►� t ` �p e i c) ' V o • C W -E M co y M O ` �� V CU a 2 co o � o N CN C 0 d C O. m r 2 1f� O E— Fib 0 K W d M • a <l u. I 0 N E t` d d O J cn in a a � Q arn o ad `� ad - L. QC3 aC R X 3 co LL C ° 2 m 0) ' C O RS in 5�N N d d o W y c0 c0 CO • o M 0 O LI O C C W N co m o 0 O m 7 LO a ` m <a 0 > cn 0. N N 7 > C I N N N a L C ' L C W o 0 0 0 0 0 0 0 0 E m j 0 0 0 0 0 0 0 0 o O -- O w O W E M N o o w 2 2 2 8 L 01 N 3 C 0 U «> A a '5 cll •-• as v v W 2 N N N C ' O O ) N ' Of 0) ' D C L.L. co LL • ( co co A ca : L cri O ® Y ... L C O C C V Q p 7 0 '5 N co LO U O O 0 0 O W j h r` co co co 7 ' N N N 7 N N N a a ' . .y O r. D b ..- ® Y M N ( r 0 • N N N C C O O . — N 7 7 C C N O N (D L rT 0- v O C O O O .— 5 N U 0 W y 000 O N Iv 1 } co c0 co ` co m V 0 N co 7 N M N Z C v N Z C 7 F r H p w— cn 0 T L rn a CO LL 0) L • O O 0) co ,-- N O LL ` C N f` 7 M 0 3 N 2 - M O C 0 co co O > N N N > N V X v W O 0 0 0 m m M O O(0 CO a Y 0 LO O y 0 m N o C 0 0 0 E 2' — O 0) o r 40 V7 / 1 = v M o o S S S o S o CO v ( V w N N N .- .- W N N 5 X LL 0 L.L. N l6 0) u . co C > _ > 2 uin ;aa rn c > O To N • co 7. C C r0 p t0 p) N O ) L i to — to . y - o O in 2 C • N • C N f0 X X X cu c0 2. c0 c _ ° ° a x a CL o W o a co Li-) 7 j N ' O O To - O f0 'O m 1- V O a 1.3 co .5 m 0 m .5 (5 to CO U) .5 C 7 C = O) i > CO 2 fl- O LL u) co ca C as y • O 0 co - it > ii > a 0 > W w y x m < y Return (%) t crd 500 Index Signal (VIP .< - 0 c ° v m 0 N N N N Co o 0 N CO C N W 0 0 a. n o a n d o 0 o rn 0 c o o c o o C co 12. O 0, o Oi a '0 F o N - o to 5 cn c 'O + • 6 - o tQ o o 0 o m o o m o CD x 0. .. n . -. . - °- r, y O Q 0 7 CD N x ct o A M m m m m fl. V) N ft c 0 0 x m CD O a, o LO fD m o t o d O co v W x O d m 3 m -< < 2 v n co cn v o w m X y X y 0 4. CCD O X o Cu N y C n J m -I -1 0 w m a, O O A F O C N o co 0 o 0 -? ^ b> m a 0 -< 0 0 0 A 3 . CD a `O El g a b N X) a� 8 ° N N N A o A S r C, 0 c m o e N V co 3 , o x O 0 e O 0 0t m'O ° m b CT O N C T L _ v C i 1 " A aD 0 0 O IN A In Co O y N A A A - O ° o o 0 0 0 0' 0 0 0 0- 0 0 eL 111110 ° 3 o A N 0 . 0 o CO N A . > > m o 3 C J p J m V m a o 0 m W r CO 0 o D o o D Return (%) m • • Return Percentile Rank .< C71 57' CJI cn / /� . o 01 0 o -. 0 •• O 0 0 m G) 0 0 M ° p O cp 0 0 0 0 0 0 0 0 0 0 o a to a v, o • lu ) Q x m a _ 1 7 3 a to x Lu _ O ", O co 0, V? O r' " • m Z° °: 3 0 =. 3 3 = • c h i D A O . CO O . fC • 0 7 m )? 7 O O to N a, F 3 m a �` • CO co on it Or cn N' u, A N g to a O O fl) x • N N y 00 a " , w co 0 al ' co or .... -, 5 & ; �. • g 4 0. 91 y , • OO C < ',...1 0 0 0 N _ C N • 3 m .. O O N 0 0 0 0 at 0 0 • < N CO N CO 0 0 0 3 ' • C 0o d o $ a oo » • a tu N • til X1/1 0 n 3 -s m o 0 0 W N c' o 0 7 > cn � D OO OO °' < 7 , » fn N N x V V V w m • 1• O O, co O m W W aP m m � 0 ' a n d; 3 / ' 1 ^ 'at rn a o is a o o 4.11 N R p 0 f.i � 4 J O N w 0 N Cll 7 C a N w 7 CD a 0 O O C , A el co o o c ., S W A x c0 CD P7V Wx.g ■ _ in 4 k 7 . # 0 o ) c•-) ) CO cn G t g � ' �° '� ` � & CI c U ) ® ) § N.: - . a ' § ( k \ � � � � . ` laik / f \J 0 � ( ili c - - Q �� ° »- zg af - r 0 % � /\\ o \ 0 § 0 § c e E i { § ) > . . § 1 ! 0 = ` 0 ' 5 ' 1 1 #a @ m # @ a # .- -� 7 }/ ID 0 . § \ _ } _ § K 5 5 ® Lu Lu / m . 5 - t <a ® A\ 0` c` ƒ / Z � ° co 0 /� \ \r u. [ �� CO 2 & a �\\ ®\ &2 \ o \ ® � 2 \ 0 ,_ N0 A o e A/ � §j} ` 2 in o § \ \ # ® III k 0 0 n + 0 � ›- ,_ k / 0 « $ § a 7 # �� § \\ in I i co as 7C .0 0 . o)k it 2 � §j I 0 e j \ ~ ƒ } 0 Csi _ § e © 1 - / 7 2 \ w -I @ o m7 < co ! J )0 ° ki ° ° . 2 o 2 - $ § J \ § § \ \ § / , ` ® , . 3- § )} 0 % = _ \ O 0 = 0 __/ 0 . { k \ \ § 0 k 3 ) co c/§ u 0. 0 _ 4 0 0 CC 0 . — 0 ° as ( , ) § \7 9 §_ \ \ . To C.).- \ o § ) ) 0 - - � 6 ; @ R 2 0 0 •o E co it _ Li- = 0 0 0 1 G.1 X 0 N O 0 Return (%) m SM Large Cap Growth (% cn t O N O O • N (J p N m 1 N CO O A CO xi v r N r ( m m to M X O o o ° o r 9 0 0 0 0 0 0 y 3 y o c r.n 0 - N M C 3 o n fn o o cn r - o 4' • -0 co Fa � n C -D 0 _ . G�� :13 o 0 3 C F o to 0 o to o n CD taa .. o CL 3 _ o S n T C1 m N N m • l 7 N 7 - N o Q l0 t _o O 0 55 (D UI (p to S O 0 0 N O N p 0 x 0 0 a 3 m o , N W x co O 0 x m -< — O co a 9 --1 -i CD X • 0 3 o and - w m� 0 • N 0o D p x 0 o O x. p n A 3 _, tD 0 l 0 xi a m m a o F o N a o to _ _ _ y m N W to N d 3 O y C ' 01 G • 9 ( N T N C - o C o 1 to o - t T N E < O _ n 3 n 3 o. N o Ts y c o - o a) c a x o Q C x.0 o CO C 7?� e ..... o c D W .=. O N ... N O N N O CO N O A 0 0 o C - 0 3 d J °o -0 d o o T m 0 (O cc, (O » 7 CI E Z C N 7 O ? C 1D 3 N 0 A . y • C D .. O (n ... 7 O. O • co N m 0 o C o 3. a m m o m o O C o Z D_ o _s D co O . _ -0 G.) o D y o N / Return (Y.) CD O• Return Percentile Rank .< 0 • m rn , , 9 0 cr, 0 0 0 0 N c w 0 0 0 0 0 0 cD 7J o 0 0 0 N O O _ o 0 O N N C (� N 3 o m N 0 o Co to o .d. m Z-3 o _ - ' O " ° G0 z Z z° o � �, `° 0- o N 0 a) g D o a ' co o °: o m g m CD 0 0 a 5 w m 0 m 3 7 0 o x 3 x Ln m -< 0 0 (0 tU N d 0 N 0 O A t9 N O o. N ' O -< A C. . y x O W N W Z d v O d Ai . Z) to . D p -o co O ) v Z t0 j- cn m N W co D C 0 o o O A C N o O 3 .. O 3 N Q O e v m o na 0 O O 4' N O _. 0 ✓ A 0 A 0 _ = a 0 m 0 O --.I .. CV E Z O O ' 7 J /- 00 ; • O p ON w . 7 3 , cn t ;; tv o��N � � co N. e • �y t A D .. d o N ©• N W 2 o 0 a • ~' m Q T C7 0 z F = zE o 0 0 0 • • m c to 1.1 J � a FD: _ o o a (11 w ITI C m o o e W O • W G) Q 1...) o < 0 a ..d Z W= >M z‘ - N N x) ill Ct W M 7 M 7 M aa - ID = C N N W ` OIL N v () L N m m C 0 It .g PI rn Y c2 c cc) O 1C w a) i+) 'O N O W u: eo o m o r c a to a) co C O F ` r. f - W y N cv O 1+1 L r Q y c as ia ici (j u 0 U d d m d E N O. a aD C O. O 0 C. N (h T L co .. co N- 0 CO 0 n. 5v .a.. T r C d CO a W p N M v w w d d v o E E o o O (O R E c 0 E 8 _ § c c t N d H r 0. d 0) ,_NCO > _ co il 7 y) ( , q d X O x 0 W w i0 c ) C C ix C1 d d ® u9 Lr) co M C. CO N O V 0) (n a £ ) 0 m to v o c o O)d ' • O) a) a VsN c LL c LL r W c co 0) CO CO N m (O M ® } re C') ,t CO 0 a M N O) O 7 (O '4f o) N r r r c c O O O O N N M N r W ,_ c N i3 Q c6 c O (7 V N r W N 0)) M V U c0 (O (O V 0 0 e ix 0 0 N N O = 7 O N r .c a LL U U 2 C n M `xis: r N W rn U M le. r O O) (n w C O r 3 O O O) N C CT ca cu a) N W w d co N 0 E 0 O W (� 1 w .c w 0 p C . CO d a , t m w , U Z c .V. Z a a } v rn LL CI O ~ 1- 9 r r ° 0 a N 2 N co _ m co Q ) - C 1g { (O is CO CO 2 &- 3 CO r ' 7 N 0 • O V C) - N X) N ( T rn d O i o a> .O+ ` o m a) >. cr ry U W v O V C o 0 0 0 0 0 0 o O o O (j d Q C o O o 0 0 0 0 0 0 o d d O C C c co N N V O e CD c U U a a >. .p >, - co uJniaa w W T .5 co co o m .5 w . c W . c W co O O a) W TO O To " m C m m d c c 0 c 0 c Q E E o m a) ° a) O- d d a) ° o 4) Q' f0 3 c c C o (6 E E m co d To N t0 d 2O o N 4 N c c y . c C . c C Q H 2 G N S E To O c o c p w •® O o - ' it 1- it '- n. c) 1- r •g■•■■■■■•=N•I■Nrmm■ENg mmmi■ImI■■ -i m -, _ w o y 0 � j Return (%) ID Total International Equity ( %) -< O i O O •• w a n 0 N - '! y 7 7 0 0 0 0 V7 0 0 0 0 0 XI 0 m n if O p p 3 b 0 0 0 o O_ m 3 °1 m 3 ° — r a S' m o c 3 C N 3 R co > > > 0 -0 • • CO t g ° . g ° c' 0 0) CI) ° m C d d °' m v y m m o m c o a c .� 0 . to c ,2 y 0 0 o O fa m o ' � O to m m to o -< o - c c 3 m to 0 - 0 ,2 . i d d w m o 0 to rA O O -< O 0 at 6, + 3 + 1 -1 -I ro N o ° 7 o o - m .p.. m 3 p o = a co O O� O W O 7 x ' b. G1 t0 m O 3 ° -< m e co m • co fit) a A OI co • 3 O ` O • N o co N al O y ° 3 s a p a o m 7 0 Z 0 • O I d O A d m W C � L ; C - m X o Rt. o p • . O m m N O ° 0 0 O to O m 30 , -• d 3G to Co o w X 0 O N 73 0 0 0 0 0 W W 0 0) - d ^ ' • . O 'co , 0 O N . O G oo N C 0 ; m O n m N S N A Q w o a Return (° /) R Percentile Rank _< O Cr, 0 • m _, O V ^ •• S S S ' O O S O (NT p O S S 0 S O N c 7 7 3 0 7 7 0 N z t0 m m o o l7 co 7 7 N — 0 0 O � 7 ' m_ o Q t mm O ,+ Z b 7:' O - O A O r o) c c ° y E D 0 opt o o »• c c_ 3 .? ,7 co x • 7 7 -0 w c. ,, F O O '� K cD to d O N N N -a 0 2. N o y O C A o 4 r CD F to p 73 3- O XI 0 N O O . d N . �., Dl d A � O J O 0 W O 0 23 0. o p b 4, m n W W ap C a O O 0 it) O U C J+ 3 O N O O + N O E n e e O p ° - o Al O Ul 0 00 0 # o - 0 A O C a CO A A S 0 N O O d O 0 e 3 i;i.. � 0 O �1� a te , O N o A o 0 c 0 o w 7 3 ∎ q ►►ma�yy W N ( �. j e .. N N 0 N ■ C W S O O al w e ° a n • 0 ° t1 � 3 ) o ?E v o �f 0 ^► ;vs - N O V O Sir 0 01 n n O C 7: d 0 0 e • O w rn ro cr, o 00 N = O M 4 Z c, � xl' • 5 N I Q co co 1 N X M 7 1"1 7 0) m CZ W 0 0 V a 0 V L > N o z, > N cp / F� C (5 @ . M (A . r/ C) C N c E N 4- 2 p 2 p 7 :13 ') l co si O _ C d 10 co N - /, L L O (n W y N of O I N d a L fl al d m ry d ^ 7 c R p. 2 V p. z Q D Q D O _ C W u r C O c m m a Q E Q r WO c,-; 2 to m O w RI O , O o a) n o C c o o m - L C C O C 6 rz cu H O o` I N N 0 0 co co C O d C O C r 0 'C N,_ O Q) L 0 O O O O O O 0 O 0 0 C 1a ( n N O W O W E N N 0 (0 " 0 O O Of ( J (0 W 2 (0 0 Yi fA . V EA V3 t9 1H V1 49 49 49 C C • d o c7 co _ 01 LL ' a1 LL V W CO ® N Q CO CO ` C, •- g In Z O C O O : N C C CD M O W ) N 6 W N O) (fl (O r co C c ® V < N 0) O O Z y y C, O 6 6 CO 0) C) CO M O N N N M V <n 7 ` C cf o M N O C co co C O C N C G co r` M O O co W a) W M V a a .- v N N 0 O O O N 0 0 v cfl LL 0 >- r- co Si co 0) N o rn u) 4 w a) w _ (o O co) N O r` a) N � M a) N ` C) ; c0 "" Z` C z a N cr c-7) ( n C V O 00 � H N H lli p 0 W a1 eo rn v f r a1 0 v r•-• a) 0 6 6 co (.0 O LL co. O a) L 0 O L 0. a1 (5 N (5 7 M 2 7 N 9 O N N v > N (n O R O c r Q' C N D) N > N m C 33 0 � . Y O m .- L O co C • v u - M 1a o O of a3 2 N C ii ` a1 r 7, O X - a_ 0 0 0 0 0 0 0 0 0 0 (q a) = 0 0 o 0 5:C 0 0 0 0 0 o O 5 3 O (o d N N N C() V O Q X >+ (T LLI x Q X uunlaa 0 CI- d W o o = w w N a o v O m O m ` m '� to c o 0 co ° (5 w N O w y U ar = a) . y m O y w V > ' > >, c `� > 3 C 0 c 0 m a _ o a1 0 �2 o o ;, c z a 43 g z a) a 0 0 Q d 0 m o a W Q O C) > c Z Q' Z c C to c 47 c0 Z d C oz) 0 To oo To c•S co V C O N O N R C C 61 C '5 C 'c 2 H 2 G c -a c c m c 0 •O E 0 r_ iLL m LL 0. 0 2 2 2 71 W - cu iii - v N Return (%) N ing & Napier Overseas(EXOS; - O 7 0 O J. 0 O• A P N 01 X ^ - - N W A N 01 N 1 ill B 0 b O b O C) O O O O O Cr, xi O 0 o O 0 m p M ¢i _, C C (D Q° a (D QO Q d J co • • Z (/) oZi N __ . o c O o O C o • m' . a o •. m 3 O am W C) , 3 ` 7 E. m C) g m 1Z o co m � m� �� O in -I a y fn N !A d m" o t p g 0 ` to v s ` m < m 0 m m m M 71 N W 7 1 O •C O 7 N X X <a N m H y O N ° -< o 0 X X j17 co X d + d 0 8 to m O N 3 X N `_ iv in 0 0 A 5 7 CO -I -I x E. 3 0, m. o A - n A- 96' y -< o D O I > > A 0 > > to . o + CD f0 d o m N a m a 0 c m W coo CO CO O C 5 . o X cn 0 3 5 °' - ' d N N a d 3 -` m 3 o p ° 8 a d C v d C o m o Z 7c•O _ i C x 13 9 o D'» o ii; ^°. • N 0 A A 0 in v N N _ _ m O O CO O W 7 01 0 0 °.: a • O 0' y O d OW CO v O co, o C O 9 O - O O 7 O Z C m cr. C x J m m X O D ;- 7 O N .O. 7 to o U^ m o M A W '9 W Return (%) N O • Return Percentile Rank .< D , D N Z a iv O• o D iv 0 o . o N -' X 7 • O 1 N N is -, , O p o o D D1 O V y • 0 0 O O O 0 N J ° 0 o ° O ° 0 ° o O o Q m J C > > 7 7 � O m J N f N N J D' O N n d Z m co co N Z 0 . j O O A O O O N 7 N N fG m O 5. N O _ . D < A 7 m 0 S m ° m Z z w 3 z° d 3 < < O v N -3; D O . D �i O ct .d.. m N ° (7 1 co, o, 7C 7 7 O ur o -< m �� 0 - X a) O O CO O m X _ U1 X N O coo -< N O 5" 6 lv x ° O co O o O N o Z so to CA ' d LI 7 a °7 0 o °i co D p v CO C y o to is a 0 N cri W W Z C 01 ° O O C N N O 3 (T 01 D C c O w NI ° o 0 o 0 3 3 h.1 °' 3 N N 0 . -• IQ W 7' Z c ° -. a 3a 0 90 o > C) 0 0 d 00 0 " Of - Z N p m r1 3 J O Fir N O W O a O vr n o oo > 0, O D0 , u) N N O d o O " V N 4 , O W N � • 7 1 2 v v al a D o c/ CD D) O r" O O 7 a 3 4 J O N D C . co J A G w O O P. N 1 O m P'J 0 N o 0 o w ' x ou CD oN K 5 � z W* wM z 01116 _. CD Ee x ~ - N • N � r d d co q C el t f0 � 1— d O 69 m _ _ (� C V X L ` „,- rn C X � ` M � Y M � u C _ O R LL M M O O N :ti � o go a s- C a 2 8 0 2M H ` W . O N N �, 0 E a I— r O LL ( 1/4 4441 -*10 0 G V V V C H F.I. G N M O g 0 O Q Q 0 I O O C N 01 O C t7 t0 .- r-- W d 10 N O 0 T d a) O d d C C 8 c t1 s 0 R E m c c L x o o r„ O a. r d o ET, 'a ` ol� r co p p p p p p p p p p p c o "5 e 8� O O O O O o O O m O O p O 0 5 N 0 o d ,_ d E ? ao * M N N N (moo O O 8 * W co GO 10 d N d V .) W 19 19 69 M 19 69 49 M 19 W M 69 2 N O .- r d r d c;1 U p a p a >< x W W M N C*) CO IX d d 0 r c O 0 r V N E d C co 0)m ' mm oD , CN c LL ALL, r W c CO < , I" CO C c ar V N ^ 0) V • CO (0 c0 M W c C o O 1A '.17 7 CC ,..,= a Y _ _ N O c0 a 41 • M 1n to ui L O) O C O d c N ,_ c w o T v W y m "r N: O N O N N ® M M N C C • N O . .2 7 a .0 00 `p M V LL c�0 U Il N 0 • • t0 c+) M " C N r W d Ul N 7 L O O o 0 _ N M _ ti_) ) CO F a CO d C d ■ M Cl 0 Y 2 Z C rn t10 '— 0 m LL. N M r I- I- H d 1 N O O N l0 r- -17.— c N m E O L a- d Er V d L d a1 d C O d M U co 7 co .0 3 N t0 O M + 7 10 (0 O R G M CO O O O < CI >N S V > N 4 I u) C Y c O O Y O (0 = U (..l C _ O O C ++ o ..... N1 co o 0 0 ° o o ° 0 8 d v * al Id o o co a n i o d d L 0 0 0 0 d • • U 8 8 t d m C d C al co uimaa al d E o E 0 E C c c a E o 4* a v -o c E Ct C CC C Q X X Q ? = -p d •p = u_ IL c •� X C To X R X l6 l0 L L X 11 C • I` C u. C7 F H 2 C '� m C al E ° 0- 2 o C O y •• O o F- lL 1- tL 1— d 0 ~ 71 w o = o = <D Total Fixed Income /° -< 2 cii Return (° /.) Income(%) O d O 0• A o A o 0 0 0 o A xi — T C) i T C) 0 0 0 0 0 '0 GI O - n CD n m C) m O x p, co •D a 01 a N 6) C . - 3 O- o C/1 1 0 M j TI T 1 O O tQ T o . P 8 -. m m p `m ° 3 m 0 3 3 3 a o d in • 3 - 0 O. O -o y y 3 3 o f G o O � . • _ (D (D 01 j b A .<0 0) < W 'p il o O m a) co � W X co su 4. WI y N co 9 O -I — 1 0 co o co m o , m@ y d 3 0 o c o O? m o 0 ., m co l0 A y o c7' O V) F N N T Ut 01 cm co • t9 N C m O) O M oa n • y 3 a o o C ID N O V 0 3 w, n O O C71 d C - O ' d C 0 m ms � a m 0 0 'm. N m — y. — • O FO Q N A 0 CO O O y ." CO a A d m l7 N N N < d N Co 8 N SI O c, O N N A ^ a . u+ 01 O A C N= - C A W CO O O) • C) O O i.::. A .. f1 • m o C 0 3 E. o N � N N O .p A A D D cn o v 9 Cg • • m a = m Return r/°) tD O • Return Percentile Rank ..< o O • CO N m is e7 0 0 0 en o N o C o 0 0 0 n N O O p N N O oo 0 0 oo - a 6 1 p) N c i1 77 3 J R R O d 0 CL a 0 an m a o N c 0 CD 0 0 0 m p O O a to (D (D N O M Z N C1 Z N d 3 (D CD p w CD D c0 O M -' O .d. 0 .Z1 p O O w O 0) 0 3 00 rn a a 0 r. m N -, m tC o) O N N m O tr O 1. — O . o 0 A (/) _ z = F w 0 y .� S 4 » A co O . O A O N (n A Vt W N o n rn L. N W o� O' O) O CD V OD c-O C a O A C 0 0 a. w o O O m c R o ` F-t N 0 • o 1 4,. c A N O S 0 • _ _ C G T. N 0 • co — O co o oo .. O N w O co C) b O• O _ 3 0 • N (T G � 0 • ' t C = c 11 , ) N t 7M o 00 o -) m W N A �. o 0 01 N 0• D 0 • N OD W N a y 19 A N CO d O • t o o = a A • O• 3 � O CO �F o a.F o • A o o -.I O • m i C ^^/) x w CO ( DC a N O» S O. 4J m °� w O • w o � Z wcD Sca r) 2 w E o a O N cD V d d o8 Q re C M 7 M 7 M �Y) To C N )6 C N o.0 L } N M } N M `- ; • r U N ` .- M _ co . `_ C O � ` - C X M Y M Y M 7 _ N t4 LL 2 d 0 R O C a N r 7 ;i 0 O N W to N N M H P _ M t 0 4 co co a o f0 l V V U U d d Q> d d V CO — ad ' ad 0 o a <o v, › N o I— i Lrn ;' CO CD m d C7 ;e N <- (� 8 E W d O N co C C 0 9 V m m E n C N t) t U U C r C V m d CD E E 8 0 6 O { d M 1 - N in a0 € a ! rnr d O C O C CV co O M N H R W t6 a CO O d w d o 3 8 8 8 8 8 8 8 8 8 8 8.. ° t C L C N N C IA O N C N O N o d 0 d o a M o N N O C O X f1 69 i9 M 69 h N W 09 M 69 W w 0 'E .2 t N (D d d O .- O O) } C O NI d d d d O in a C N C C a M CO R ti D5 IL 0 a (L) W 7 M O 7. C C - 5 .- .- N L6 f6 (O Z a co N N L■ 6 r C C 0 0 .0 ' Q 41 N O d' ` m� m )- C O N O O 0 5 =5 N 4 ..' 1 0 0 M M M N C O. N O) ui (G W N m .- (�i C c rt Ov1 o O N 0 0 LO s co C 0 � ( G - •- U + o o Q 0 U CO vrn N v^ � co d E N. 01 sit 00 M 0 • v ('7 v CD O W Q O O O c 0 LO co co T c C N w M 6 u) O d N t d N • co )( }0 . ---- Z r Z D O it 0 {L CD) CO DL i• it • o0 o m to 0 U m 0 1- Y 0 _ LL N 0 d d f6 Q O t� + 7 M G 7 N u) O a iii C N 76 p V . 6 • O O O ( n N N t ' N N CO N N Y p O i a) O 2 T E co O O O O O O O O O O T C V O O O c o O O O O O O d , O V 1- 0 a0 b N 0 N d d O N 0 p E E u) a x d it O = E o u,nfea c t = C E E a) , tta 8 co Ov to m E 8 U _ C _ c .N x X i C C X C x t6 U U a) X co o L, c d o to Q E CD CD E d v m N c.c. N Q O O d O _ d _ 0 7 0 0 m N o m co TO E t6 E 0 m m a ( 0 0 vi C 0 C 0 1- F °- 2 Q 0@ to m to To m E To o LL 1 - it 1 - a •o 0 1~ 0 1 H = H = Return (° /) m 1 DomesticFixedIncome ca —1 N 1 N co C.11 CD v CO (0 (0 o m 0 0 o m O• a o w ' 0 0 0 0 o m a ? 0 f m O 5 m o 1 0 1 0 0 0 o O O O � 3 3 m 3 o 3 m a iu iv' C +, • 7 R u) CD m 0 m 'O m (a o o N m ° o C c) T D) 5 T N 3 3 n �' ° 3' 7 N CD CO 0. — N a N • T T - °' o Q 7 8 . 7 0 . R R m 3 o < 0 3 to o 3 w a CD N o ID 3 0 -< 3 (D -< > > ° 3 (D CD y -0 N 0 0 W CD o o 0 3 3 0, a. � N � N m m N N v, O 2 o d • o 3 0 , .< N w o m • 7 m a o !DD n 3 0 co A N -1 :."1 F N o N 0 CS cD C N m n O 0 '1 CO) N o 0 m 5 , N O F O (0 O 7C y ^ 3 m m • (D 3 3 7 m 5' N • 0 SQ (C o. 0 a N CI ''D 0 N O) ( cn n m o w O O O 3 o O J 3 m tl p o 0 0 O e N n • Ja J 0 it d3 c av° c v d C ., A C g o A C x 13 o O A w — O N . . N Co N o o co N (T 0 N o m M r.‘3 -+ < 0 D= N °• ID o -a g o 0) lo d0 O co A Q y o o C o x f ° x f 7 a N 3 0. C O � 1 C m 7 oo m (u A N .m.. 7 O N A ... (D N N J v A V co Return (%) CD O • Return Percentile Rank .< (D XP o .I.... 5. o b) 17 O • • ° o o ° o ° n 0 o o N o c w y 0 0 0 G E s _ 0 o ° 0 ° o ° o 0 0 ° o ° a d m N C 0 0 7 3 3 0 cD m o 0 T. F m m ��° `��° ° T O m 5 o (D 7 _ T T ° (C N N N O w 5 7 )7 X a 1 s p ID ." o PO E a 0 3 0 0 ao @ i1 ° %) 3 0 0 o sv z w 3 3 O � O 0 ti) 0 0 o ( Jl N N m = O 3 3 x. o 0 m m co O coo O 7 - (O w N _ N 0 - 1 N O - O co N d (o D) s o- 0 N cn w A 0 m CO w O at °' _ a) Ni D d o 0 a o N— 0 W 0 0 '1,' m m p CD A 'OD CT m o w - 0 0 0 A o)) N m < C N 10 7 DI 0 Ul O w OI ' 5 o o p , w N m 0 0'n - 5 W N O E 0 W - 7 a 0 I m 01 ° '* C N m 0 V S A -. o ~ 7 d 0 0 1 1� 3 O A W O G 0 t o A N N 3 0 m m ° ai O W N A< o • o o N N 1 • t= 0 0 O Cn N N G 0 • t7 2 O m a WZ1 F O �F 7 a N O O CT © 1 1 0 0 ^ Co ()( N 7 x 7 4) a 43 0. C O) 7� N • co W 7� N o O CT) . N co S Q` tD A m a c e w W 3 X ��+ N O < . ,- Z w m < M 4. 3 N d E o •O N m rn g 41 M 7 M 3 M M G9 M d . L ; O N ; O N W W M N (' U d ` N O N O ` O,- 0 M C K Y 10 7,-, 01 y M p y C O 0 22 O 2 O ` m W O 01 O M O [...^ L 2 N E 0 T N N O F r F r d Q rn // d m ......._ ...... . _.: . x CV w E - E e .4 )... O ■ LL N Q� Q� o 44 O r ` Ot G0 t-- pp� C O O 5LN i0 � ( j N G O O G O p m 41 C o 1111 N 0 0 m c E co o O o - £ co v X C C LO p IL t 0 a y r o > N G w O ,- 0 CO f 0 0 0 0 0 0 8 8 8 8 g ( � N 3 0 0 0 0 0 o O CO CO N W E '4 o 8 o 'A R '4 or o 8 m ( j w a O N a) N o V < t+f M N r r O c- 3 L C ' L C N U p W 6 49 (A 1A f9 ♦A 1A V! 69 m m a p x k W W d' W C C 1H U)) 0 m w Iri 4 tri ,_ o* w E E ..co g) a)) 0)m m (y:aN C LL co LL W c _co ea m h O 7 - - CZ V 0 0 ) M m < t` io c0 c c C C O C 2 d ' .0 Y M a co 0 LO O n � O (b L O v co v co ci i5 dc0.4 W m M N- ave P M K a co C C N CO 110 N a 7 a Q Go o O uo U a) U LL v cc U N Q r' 4 4 C _ O of () • a M M d N L M c .. C d N 4- v L O W a 0 0 0 N CO 1 w CC) 45 co GOD d C d N M Q F 2 C 2 C O } R O CO C LL O M CO F- H H r •- 4- O 0 N CO v '0 m 0 N 9 N 43 1- E N rn d LL 7 m 0 7 m C 1. N M M L N In M + N O O O Q ay a7 0 p w l0 N Q C YO GO O Y O W 2 U o O O ._ c O V1 Jr. 0 0 0 0 0 0 d E co U to t0 o m co v N 0 1_ o O tn (D • - . . O O t N C a) c CD To uJnleil O N a) E � 0 E 0 E c c c d E o ai d 8 o Q tD 0 y E Q: E O. x x > c a d _ _ = lL LL R x = o 2 x LL cii CD c u) N 2 a LL D LL O LL In d 0 O N ? w = w Return (%) O S TW Fixed Income (%) CD In t i Cn N a a N 9' co m J CO 'o CO 1 -( O < 0 00 o o o o o 0 0 0 0 o co x 0 D) x 0 d O O a E ( a= ( N . g T T — 'O c0 g 8 d ' c 1 8 E m m . N o ° o C 3 m y 3 m y a° mo d) • T, X m° a O O 1 O m O 0 3 1 m m o D, w w s C 1 1 N N N ° -G O A -1 -1 D • 3 o w and o° mm N m sr • • O W 0 1 O m O' 5 . 0 — ° • f) CD CA • m c0 ea xi J x m T O N cn A cn CD N N a in m o. 03 CD O A O c 7 N - C 7 1 0 d O n to a. O W o d � • X o cn'3,c o1 C . ' w v ' ` J I cxa �i I n co m _ m' 0 N p m 0 O N 0 0 U 1 O O 0) 9 d O co N O O N N N < = p ip 7C S', o v = f N O O 7 a 0 p O co O O W co O O m N p o c 3 n O m m N N N N O CO c0 o s — o c — D. p S o W Return Percentile Rank i m m R e t urn ry.► CD O • NN tJ A N' G) UI V7 0 0, O V+ 0 73 N 8 O O co G< O O 0 O O o . ** N c T T 7 — j �l ll 0 CD N m /'y M CD CD O. d 0 0 O 1 CD ° o 0 CD o A° ° �0 3 3 0 f a m m N Z� co z- ° . 3 m m o m O g Et 0 0 °- 3 0 d 0 0 (3 N o -I 0 O c ° o ' 2 1+ 3 (D N _. O WI C) O co •D }. N co ?be:f (/1 o 73 0 N 1 til d y A N N d N Z1 (0 N O Co 0 t cn N) O . cn A cn co y w (7 m N O N O V CO O C ] ° O CO O N d O N ° 0 a O N 0 U O < W v N r M ( • O ° O N e n N N N O 3 w c G CD m m -, O W o O La R. 0 b o p c p o a O A O V 0) v v O • A 3 I' • 1 N AG ri ii A co 0 re • v 733 > > CD 111). A O N w N W N A < 0 c c O • D a 01 c . y 0 ^' 4 cn O biz v o =a ° • m'� � 3 O' w 7:1* o o zF :v /^,, A A °O =i O• �' C n 3 0 J cn O 7 C G � N WO. � N O „ N S O. (D O O o W O • j 3 XI PO N N e w 0 o 3 FD w CD f �z ;.r O ( n M • a C • '> H N rn ° • r ch 7 M 0 M M (D L 75 'c; 0 To O W O (n ` >N M > N M /\ O y M N Y M N ~ C o ( R� �o 43 d '5 N 14 O . `' t y N LO E" O U) Oi 7 CL _...U) ( l 0 ,412 1 12 m N a m am a Q a o i= m ui c o (VI N c o O O y m m w O cNi cV ✓ I- C u1 CD 0 CO co / 7 0 0 L O / m r- m c c t Y. a 1 W m CD o ( 1 > N W a) 0 0 0 0 0 S 0 0 0 p O O E V 0 m 0 01 N 1- .- O 8 m p c . O N 0 3 <H W w f» en vi w u9 ui vi (a 'fl ("Y y 0 N m 0 m U W M N CO O K 0 t W W el C7 W rn CO ).• V7 CO CO o v u i co c c m m � te rn .- E N E y mm 1 COLL 1 _ co v��i �cc n Lo ri 0 re CO m O 0 m Co Co a a m N r co G 6 0 re 0 : } N N c0 OS .`-� cr1 G c0 CD aD O V N c a N N W m N N N N C c n co O O 0 v v 3 7 CO CO - .0 i C9 .0 i • M CO N. Z r 4 ui ui o N 0 M L N N 0 i LL M 10 CO 0: O O O N E ` �� _ ■- c o E O 2 c 0ii C1 m E . N N a � } X W 0 G O Z` p Z` N F N (O c' ~ N 42. (0 0 D O G O L r a) a = o ch a 0 15 m 8 8 8 8 8 8 8 8 P a = m 0 m c ,_,_ O CD t0 O N O tV U C 7 M c 7 N C c • N N E co D co N N id d N N y i . 0 Y O N .0 YO N . T m t 7 ti C • M O C a3 I- m m N c) 0 4 c/) F- CD cc a a > ui c 1 m C To a m a o CO m c c ~ vi 0 - p0 L C C y •• £ O m LL co LL cn a U co R eturn (%) (D STW TIPS / W CD m .N. oo N ( ° °1 -< N N •' V -.I CO W -, - 1 F) 1 O n 1 O 0 ■0 o a t7 0 0 0 o a o 4 C ai a) a 0) O O o M in t4 S' -0 1 v 0 ( -I „ 1 w C v m t'n c w o C N (D V) o C 3 7 (n • w ^ . .� m m m G N M N • (13 a N < C cn c w c N co a • -, in • g 3 0 (D -I (D (D C . m co (n y V) y - O N (e - N y c V) o o N • 7 1 °i n co C N - 1 01 N m d a N N 0 0 (.) O '` 0 w 0 _. n. :‘,.. o ( C 0 0 N N d -< ( (n C m - I (D a ; d y . -, co co O 0 a. N N 'co in V C o m O V O 3 0 O C o w N c 4 7 X � e N N - 03 y 3 o m w o rn 7 C o w O C m o • o 0) c O O c S p A .. c, co W .. 0 w X . o . 0 • 0 N u' w W y < Dl 0 _ .3 0 o A -o O O O A .. u LI 0 13 o C w* O p • -0 re 0 -, p C x f 3 G o C • O (O .O. 3 o O 3 w 3 w 5 a C 1 m A o m W N W 01 O o > o > R eturn (%) m • • Return Percentile Rank .< p p S 0 0) 12.. •• A U (n w 0, - p / A m O O 0 0 O 0 A Y• CO CO 0) j O N CO N 0 O K CO CO —, a d w O 0 O O O o O. l) (o C -gyp -1 3 v _I C V (12 C 13 co * co as o V1 0, c co R 1 C) M O • co — M N Fe -' .'0 6.. .� O c O) `.. m (D 3 M M3 C > ( (0 0 0 D Co O- C 3 V) O y 7 7 C>7 1 rn 7C 1 0 '< - (a0 O (p 7 ra f0 co p Cn a v 21 j O O a (D m O m n) Ip en co (0 N. O m O O • . a) ( N C�� an d o. m ,0 A 0.g W A 0 's 6 o 0 1laa O A O CT 0 3. o 0 W bp ( C e 0 0 0. O 3 1 a N N E O O O 0 0 0 x A N N - 0 0 3 0 -, O 0 - o in o 3 a O 0 Di O (0 d A o 0 3 0 n - _ o N J co ' ao0 O v.. A V O 7 p A A A <. 7 0° .. N CD �''j''� a rn O ra a v O V� S G 0 N A O a 0 _ 1 0 O .T 0 O (/, I�� ( 3 sv cu q^' N j N N N O C N O yy I....I G G o N O w N j S-I (D X) O O 4,. e O CO O W OF�h O N C x � z Wo f 0 - 1 3 - - n -I T > o O• m v y m o.' nG1 o 0 47 'o a O" • N Q 0 N D N C 6 O• _ N - N w 3 K C) c N o' TI _ T < N O ' O ?t Q T x 7D o. c O T a a co 7 0 a < 7 = CD z- 7 n x ' < n n• n O o 8 O 7- & to O O CD v 3 0 N c 0 - W c) m 3 3 = = T n m 0 m m W 0 co a 3 0 3 a o O ' O oo' 0 o c O - a rn o r G rn of m iii o) d Return :t1. w Ol ( 34 x _m o.0 m " Cu o y CD a °• b - N N co (p N (D 7 A v K N C W C x Q o o ° o ° o 0 0 0 o 0. O O 3 X j N o —I o 0 O 'moo 3 • a ` 0 co —I m -I n m O - o w v m — pp .'0 v h N 7 3 N A 1 t" A 7 ? V • co N N a p N N .� N R � c 7 0 p N A N W N V A W O CT O1 O m rn v w A n A -a O • 3 P. CT -• 0 i i 0 O tp C I C _ A W O O 7 W W A (p N N co m _s •V c a n N N : O ' p.3 • O 7 „ -< CO N v CO A v v N N O. A c Z ci c up T D w c c x, 0 0 O) N N W 01 C"' V 0' Z in L oo ° a D A O O O • CO Co CO 7 7 1 N a(] . .. co d O 7 7 7 A A c ( 0 NfO co "rr co N A W ' :e.^ 1D co CD 0 Z A CO D N N co N co 73 1 m m x x N o cn to to b w w to u' c '0 O v O V J CO d 7 a ccco 0 c w + A -J o 3 N O 7 fD CD o�0 8 0 8 8 8 8 8 8 8 c N y N co co v I 0 ■ CD O • a D Q rn E ° s - 3 3 3. m a) N o o j i a Se. co co co 0 o N v bD i s Cr, m co m o .0. N N Nap co m v 4 -- a w co D D R- • N vv 1713 —I _ m a mm 0 co ii) X N e..--1) 0 N y Q N to O o,v,cn ° 3 �m °° Na p w°' L4, 7, 01 O ^ N 07 rn f rn f ir y k 7 69 .ra X C" R � �d mod S a co at w W � c to j 7 ci CD C 0 3 0 !'.4 Z w to f t k / 2 " a a - ;n § 41 2v. � �\ �� } f § — ^ oc � co � �� = § a) 45 2 � �� . \ ILI• \ke 222 -, . a / ^ --- / o. k � (cia. A0 < ° = > - ) ` 7 o ) § A/§ 3 � � k § { - k ° k ^ ::: 5 CL g ^ c \ — — c co § k d ° ! a. 0 -L75 =r 5 g LLI 5 / k « 8 8 8 8 8 8@® § f K/ E } 69 2 3 J 49 _ La ® - 2 4 ( ( k . E . c �� } § « » ca w 2 2 za 2 co 5 {c, � �_) c � )) CO a .0 ' . I% k 0 ~ ce - " z , § _ _ NJ' Vs. ®E/ cr, • ®§ co 0. co U \ \ _ � IQ\ J 0 0 E/ • � (O r - 12 . .- 2 C n $ \' 0 @E 0 1 j \ �f \6 °2�� == j \ 0 � /ƒ �� }2 � o » \ § • � 7 } , 2 � )§w / £° 1 2 73 8 8 8 . § , 5-Z } ) k E Z \ ��N /k @ � : co o / . / \ ) 4 Q B )] 0 \§ c _ § | - o u_ o . e ) § } 6 / \ 8 \ k § k [ k \ / t k k ` \ \ \ J J ) 4 e7 $ 0 0 = 0 < $ = k ] { j § 2 k« ) :.= Ak\ o c o E2 I o <e R @ § •0 K � )� E E CL o E H 0 A --1 —T1 - -n 0 3 3 o• 0 d 3 co 0 a � m m 0 m 0 m n m n ' 5>" 'o d n; — R r Q (D a D 0 Q C a e? 3 ° 0 v 0 - c) CD K O SO 7 n p �. 7 0 co O 0 O n O L7 p 7- m to 0 _ o _ a 0 Q N Q m 3 'n O to m _- m N C1 Cl O c O w n O m T E a 7 n 7 n • W c 0 A a co, a H 0• X O > d ro co O ;sr m co Return N c is _ _ _ T s W co o. A N N N J lD N X p_ o 0 0 0 0 0 0 0 0 0 0 0 o G. c d o O d x 7 W - O - R - N Co o R• ' o o d p Cn py A Co A p • co N co C) 4f A - o w D X Q E n M A T 3 rn A o CO ^ a w N _. p s O3 -, O N (T N N � V A W m C -1 cn N N A -+ O • V A CO (II > CO A A W O 0 W w (T y 7 7 CO O R c rn ov m A =j • c c j 5 A N 0)a < V W N N (T A Z o $ D v O . ® N N W cT O• a C C V m Z O O cT O p cn 7 o, 0 0= m CO A D m N (T V (O 0o CO (o N ap W .,. 3 . O 5 -, A i0 10 1 N O N A W 3 3 -< Td -1d X co N ' N ( 0 " (n 3 -- m m 7 3 fA EA EA EA EA EA ` , W 0 N y m ( 0 0 O 0 0 O -, - ■ 3 m m V v • O, W CO 0 N N CO -, A J X X Nap o 0 0 0 O O O O O C 9 11 p p ' co 3 , O o 0 0 0 0 0 0 0 M • NO N S N W 0 3 4, m 51.9 0 3. 0 tv 3 0 0- 0 4 p 0 0 CD A N W e 0 ) 7 rn C 3 N ap m T ' d_ o � m 5 tD (o � a .► • ( a - 0 3 O W 3 R N pD pD C) k a (D v 1° a 1 n W N A e l a Cr J x N co N N ^ O O -+ V fR O , �s m _,wtsZ N 3 ; .9 M Nap N w m W m to 3 3 J • i 0 �� ' w w j A j j~ d 3 (T N (T N (D �l A co O y (D O y O u W O w . a) < �z Wx g Ko g- 3 c c o m . o m c v o . o o G) x 0 71 0 m Q m m - m c m of — — O CD m M: 0 x X C m m m m w < m m - m 7 m 71 7 m 5i m - D m c m a) 7 0 to n m Return O m O m O 8 N N N c.!.. = 7 7 O 0 m O A O N W O A N n n N `.< 0 O O 8 O 8 O O 8 O cn M E 0) o� 1. N j cn O x cn O x j X. C1 co O C j j C O " < s 02 M N N N • m C) 0) A N C 0 W C .N.. o c0 co A N N O�j cc O m in A A A CD CD IC D 0 m n) m 7 co 2J cn fn V • • �- —I N -1 . -. -Ti Co' —1 y a O O -• 3 O) c0 12 07 O d io A w , N 73 o to 3 01 W N O N • R1 N N N A 0 A (00 O N c --'+ cn cn .CO o 7 72 * C) W 0 to O O N? O V 7 7 O 7 . �'' cn , w w N `° � D a c m. + .O. C W N W F. 0 O O co j cn N T 7 7 to Of N A v 0 N N ..a 0 A j • M i CD ' v m w 3. CO v J c 17 77 " c0 W co C j l.� cn to A 0 O 0 v0 N ' O v0 e 03 O) (n Z � rn D 3 3 7 7 W co a) co W N N N L -.to co e) 3 N 3 W co cn 7 7 " O b Z 0 co N3:0 m D N 7 . A N N V m m X O 3 O to v. (n cn fn En fA n y N y m C S o 0 0 0 0 0 3 m� N A W co co m 8 8 0 0 0 0 0 OC W N V, 7" 0 n) 0 I 0 7 r* A - V + cp NO O o \. C CD 0 7 7 x m 3 ONi O 0 m \ 03 3 7 3D 3 N N m N 0 W N A p A ( 41 7 N G A O 7 , a 0) N /D N a c O r) 0 . 0 w CD ti D 4. H O 3 O n' cn NJ - --1 - 0 7 w d F.> m 01 01 ^ 07O d 73 7 �1 ' W A O ~ ev n N N < C O O 2 CO W O m W A W co C T o o ti y ID � �z wA f w ' � C N N co re w M 7 M _ 7 CO N C) d = L N �0 ,c) 7*-- - - N (h � N f7 N 47, r m d1 U o 2 ` CIS cr M 11 r2 �M ro M �M el M 55N W E rte.+ 4- 2 O z O s- W d c 10 c. .Ti L- C N M M l'' g • Q N 0 a ll __.: . ....: . W . . . 0 . . Q.) E E' g 0 p, d a) d$ N O o. m a 0 a 0 Cr) rij O) � ccvv oa 0 C O Z C! : N r W w M O) O G V N M o _ U N N N w C - C E E as c o O ( O o V N O C C O U t N a. d c o °' ,- (DC > N I co a 'a '' C I N CO al 3 0 0 0 0 0 o O W E N N CO N N E 8) 0 O V M N O O co C) 3 M .79 4i Za di 49 W a U CO C ' L C c T) Ox Ox W co 1 i M re - ` co.- ( co ® ›- C co C C N Z 1 8 C C ..0 CO co C) d O O W = 'D CO E , E y 0 M N N N C IN ' OIC ('? RS C LL C LL R co 2 2 Co' 0 d' < Q O CD Z L(j O N 0 N O) C C i Oa- CO .2 O 7 7 - V O N › N m CO . _ N N _ M M n i3 G • N O 4 N Si In y r) '� C tra Z0 C V 0 )' O O t N O) M r a0 c.i C O N L) 0 . O tL d) ro M C �' 0 O N Ni N N a) W a . .� T - e) N > 8 t.a.! v L cc . • V O N V t N a f0 i 4:-D co 2 w > m N N Z ` Z d c+) N (D CO 2 • F N F C r C 13 p;.~ 0 N W LL N- 0 + c • of ca co Q I_ .— d co r d Q m m s O m c 7 M V 7 N W Le r ! O N 0 '0 O = N C } N M C > N .4 . 2 © a N CO 0 V Q' (O V O C E y 0 M E Y O M •:. N N N (0 N to in C 'C 10 p N E j >, a` 5 v t C C To To W (..) u ` o 0 o S o 0 o 8 8 o o a N wN� Q _, W W LL C w C C. N N (O � (O O v O C O > .i1 O N C C = p C p W 2 O O R l0 E (Limed 8 Q. 'O • CD ` 6 C IL C U C Z 2 G g x D LL .E a •• o mZ 0 AIM D 0 - > T > T • z W O• m m d co m m m m n m m • c ' m CD z m c D 3 l 0 7 3 o co m 71 7 7 O d O ° 0 i Q am 3 °' ° x N °o n q o — o O x y ° o oy .. w od E CO • ° d 0 N c 0 C'' c 0 x m 0 n v 3 7 7 y m N m Return C O p N — 8 N N N I 0 o p z Co O A co N 03 O A O a co co Z O O O 0 0 0 0 O O m Ca tD -1 + m 7 z p 7 z T N N N N .4 j a s O. m N N o m o p m m 0. r. 73 ® 0 N CO m 3 Fri co XI n 01 C71 CT 3 o o - < O O � 0 j 0 0 W 01 m 7 N 7 N N N D W 0 .•' i O i w - i �' a p c _ w 5. 0 7 ^, N O O O (T W ( / 7 a (o 1.4 A co Z D D N co co 1 T CO "' _z o v 00 V z V rT , eJ z (om 5. D o 7 j 3 N A . Cr' z 0 a o5 w le NO C C../ D < CO A O 01 CA CT Z go d a rn D zs ° %3 db N 3 rn co co N N Z .3 0 it co O O � oD NaD O O 0 7 O CO D e" A ho 1110 V CO M m 41 O v O m m e, en en to fn w e+ 0 a 0 C g o' o' 0 'o ' o 3 p 8 8 8 A N A OD Z D7 m O O O O 0 0 0 0 0 0 CO CV N > -, 7 a o=° 1 �° N ' 0 z > (t1 C) CO m w p e 0 p 1 - 0 3 r m C N d co co a = C) 5 OD m x w " z p m O p-4 D 0 7 IT nVa m m O ' N �'0 m • O m — V (J1 L L il IIIII �` C1 e) W n 0 • M " N O w w ue� 1 � - (.n z m m .o om om ' 3 ^ O "' C71 N> v 7 0 w O Vt W N a -, r N c.,5"4'• A 03 4 N 7 J oo 4 J W to O N C O N 0 C) O O O y O O y 0- M ` ►� '' � w 0 w D O a N oo < � Z w mf a dmom C • C O O 3 N r N M C. O V E ~ R O 2 V o 0 ,� H ♦. O O ( 0 ( � M CO n M ( .Q L. Q _O O 0 co n co W cD - O O d 2 O O O % C 'o E t V C a) m V a) a) a) CD C C X >- X N o a) N D O { C C r C (n C - U a) U d a) ii) 0 n. ° v) ° ~ m o CO I-- 2 o) U o U v) ° Z E U a) v (n CO 6 . : o) c o) D T m • 0 a L" a" ° < Z, o E a a a) a) m a) = a) = CL c a) CD CD (0 as CO N (O C (0 m 0 a) (0 E • a a a) N CO a te ) L' cu N E ' o N • E E E E E F' C.) U E g m m at co '5 a) `m uj E o a) N c c c D c E c n -p c D c C M n n Q) H O x n M 11-- n O o K (0 o > LL W Q1 (0 O a S N CO (0 N aS • N CO CO LL co T (0 N a) TO '5 C c 2 N ` 2 2 c E E 3 o c E c Q -, m � m Omm -,,mw LL mm 0 - -,m co - O o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 L O O O 0 0 0 0 0 0 0 0 0 0 000000 O O O O O O O O O O O U) O (0 (0 (° O O O O O (n 1.6 O O (n (n O (0 (17 (n xi (0 (0 O (0 U') (° (.() O •� CO CO CO A (1•) N N ,- C N ... (0 N A- ' N , N 0) a) 0) X X X a) X ") X X a) a) a) p a) a) CD a) o a) ° ° _ -° z Z Z c c c c r c a) 0) ° 0) a) d x x a ) a ) . a) 0 x w CO 0 w m ~ W a) m a) Uj Z a) Z a ) u) m X 0 rn j m e o U 0) e w m D U o = Q a) o _ 0 m o o m Z= ° ' Q Q Q D m m e c L a) c a) — m O (n O a) O d F A is CO L L X a 7 3 (6 x a)- C x N a) 15 C a) o a) N N Cn N o ( o o E_ > C7 x E 1— 2 C E N 2 0 5 E N C E x • CL M 1- ay W o 0 0 0 (n W o a) co W 2 c 0 a) co o a • (/) c) M C LL O 00 O C LL co C C C 0' 0 d n Q (n Q co co O N (0 Q O (") (0 . < d W O (") (/) . 0 LL 0 M N to >0 LL r O O > W— — o >. >+ W => 7 LL • LL C (n (D O 0 O (a a) N a) a) (f) (0 (0 N N a3 • W O W N a) co (n Q W N a) co (0 — W a C) c N rn u) 2 . 2 2 06 CO CO CO c u) � U _m .0 y E U LY w E 0 CO 0 CO 0 (0 a -) (n co U -, U co 2 O c t c t ( n m m 2 � X m m 2 U Z LL w m m 2 z 2 ce m m 2 Z 0 F.,5 , 0 cn v i 7 vi N-0 0 n vi N n m — El o m m o m m o m o m = o o n '' a O V O O, O O m CO O O 771 V m O (n 0 0 (D 0 0 m 0 0 0 0 0 0 a m m 0 a 3 q o, v X 3 a = < x a a= x = O a a a1 a in X X X N X X X 0i S _ CD 7 5 a a CD CD X X 0 NZ V — ao CZ CZ — — -+ o 0 Cp cn 01 rn w n cn 01 c C71 (J1 CT 0 7 0 o b w o 0 0 0 o 0 o "* o o V W 0 0 0 0 0 0 0 0 Cn C D c .Z C co i O Z7 c > _ C n CJ 7 O y 0 7 -0 W w K U.' O k - C 0 m t0 w CD N U1 CD 0 0 CD c o CP c0 0 0 cs, s D V C O O 0 O — O N O cp O co T O O= ri O O 7 0 0 V O co m 3 01 O m o o 0 m 3 0 co x a 3 0 x G)< 7 x 3 C! CU C x l it CU m 0 c CD 0 m C x * m x A c M c s a 4 c CD CD x C X Tr 5 O _ 5 1 N 0 n 0 C CO o o S — — Cp 3 CD 0 o 3 0 0 0 0 0 0 0 0 0 0 0 00 Z. A e M 7 o o o o o o o o 0 0 ° o ^ 3 o Ol O v = N Q Gtl= 2, 0 0 T d 0 CC s o XI C w d c o c o '' Z w' e. a ''in' N C g Q Q Q N Q r y Q U t L N z Z z CO Z c Z >> N cr, c C U H s Z> >> Z b Z > Z '> > '47. Z> d V L Z L an to r2 N > 0 > 0 > > > o > > " N > > 0. O E V z z ' > > (7 0 O - O N o E Z £ Z to G 0 H 0 x Z • > > > > > Z > > > C O - 0 U o o Z 2 Z in a > >- > > Q Q Z . Z > a a . =° r z °> > z ° > co g a ui > z LI z - ° 0 to o N Q o n o O Z V Z -0 6 0 a u > -c) Q 0 s > > > > N } > > > > n ° a) T "° o 0 ° 0 C 0 ,> m 8 T C • a 0 > . -0 -0 c a) N 0 Q , s T c N a a) p) 0) a) co - 2 (0 L . L .02 - N 'E o >. O1 O c w a a> a) = a> a> co - o • O = T m -a a> 0) N w _@ 0 C CO . C w a) • 0) a) " o m E Y Y o= w �c a) w o in m o a m 0 Y a > E E > • m L _c E 0 0 o a> y c a C C6 C6 0 w Cl. y Y O co (0 ca o -0 O a) a) 41 N > O E d E a) a) c O O a) 0 0 a) 0) O _ (6 w a Q 6 r Q p' w C Y f0 (0 01 N y 5 p ? p `m O u> ° a> > E a> p 0 co a) o E ° - a) c a> N O o C T > T > a> r N u> -- °- co Y o E a> in ° w U (0 C a7 (n C N - C O o • a> O C > -= (0 E C O O a) a) (o ° O Q _C U E Y a) 2 a) ,_ CO 0 0 U U (CO C Ti- - a) m 0 N N 0 4) C C ° N C C • CO • _ ° m E ° L m 2 o E o w o <- N O U ` Y 0 O L -c.— 0) O (n w 0 p N a cc; O a a) C a) to U . U U . N 0 a) U 0 L . L . .. a) a �O 'a °_ C p1 0 a ) p N C 0 a> 0 p a) = a o = a o .0.0 a> O c E cp N N 6 O _• V 0 c () CO (6 - a) ca -o a o O L +� C -0 C -0 a) -0 -0 = C N Oa C X 0 0 . L0 . . U 0 i U ( N CD a) 0)0 • C a) ' N Q w Q T 0 a x ) 0 c 0 0 Y n p 3 E o L m Cl- > r cn ( d 0 E w x c m 0 -° o o o ° ° t o o O O O a) O L a3 y C N f0 y a) V a) L O 0 -0 3 m p m c -0 a 0 o 3 -p a 3 '� 3 a) 0) 0 0 3(0 0 co 0 .0 o o- ` m a) c o 0 0 0 a To m Y _ ° -O m x a> a) o E C 0 0 a> E 0 6 Q C 3 y O O E C w � C N -c _c > C N a7 a a> a) N 6 C 9 C 7 7 D C U 0 a 0 0 0 a T 0 E E E 0 a) p (a 2 0 • •• E L w -O E ui ° E a) t E a> 11 (6 0) a> 0 . 0) ` c a a) o(0 o 0 3( 0) 8 c 0 C 0) ° w £ 0 0 0 0 m a� . - 0 E E E co t a) pa> o >' `—° a �a> o> r o m a) CO m CO U o U _ T a Q Y o Q a Y >> o _ o m a m m° E 3 .3 °> o 0 a)" U O co U c a m o 0) 0 a) ° w CO a> a) w m a ` > c c o 0+6)0 ` a> w m a> To. 1 H F- _ U _ o '- m 0 ) (0 0) 0) 0) 0) a) co co C LL N a) N (0 T a1 @ O a) (0 N 0) C C (n a) C 0) C 0 (0 0 co co >,.. (0 L L L O w O O L O O - CO CO CO 0 L 0 CO CO CO N L CO CO p c~ I- I— F— Q~ H I— K H H Q m 2 2_I I— 2 m 2 2_1 1— 2 co 130 F - N M W N M LL x- N M 2 (Ni M 4 (O 2 N M v L.ri a 7 ,__ _ (J A W N 3 • eri 0) S N N (D N 3 (p 0 , 7 7 to N , j N -. m n N a 7 p 0 Q o CD c 3 • o O m -, (D N '° N `G () o_ �, C) S 00 co N � O A 3 Q m 7 3 m co - O C 7 a `G m N 7 ' S S N n 3 ( (D m "O 0 D) 4 O 7 co F N ( O O N N S < 7 71 'O 0 -° (1) a N D c ( c a 5 -, 7 m m c d m m _ 0) o p' -6 m — o V N O 7 O (D ) -p (D S O 4) 0) < Cr) 0 . 7 0 C-, N N p 0 S a (D O ( p m -., 0 07 t <. ' ". N (D O 0)) O Jo (D CD C Q a O CD m a 0 0 S ' 3 D) F- . 0) W m N N O co Z1 m < < \ < Z D -< m N Z o ( 0 t t < < < D 3 -< m 0 • Z 0 Z D m N Z 0 • Z C) D , 0 a_ E d tl) to 3 0 S m • 0 s 0 C1 N O 1 m 3. Z N C 7C D w O. M U7 N Q a) C) C N w ++ 0 0) O L N O U1 •.,c _ i+ CL O U w a) N CO c� c a 0 E ° m a) E a) m in J 0 a) Y CD N O Y@ a) "6 0 U 0 0 d - a) a) N L o @ @ 0_ . a c a) a > t Y o _o 2 2 0 y 7 c O m a O N p N N Ce as a) N 'O E _ C L 0 a a U) @ 0 w t 7 0 9 1- N U U V @ 0 'E N . a N J O _c ' D 0 I IP V — a) .0 N N 2 O C ) .r o 0 .0 d m n a a) ai a) -p m 0 7 N c N ` C C N a) 1.7c co N ( N a O C U E a) a) CI m m E m.� @ E a) _a _a U Y ..-. N co N N c N O x 0 a) 0 CO co O . E @ a) L ' _-' E >, @ U_ U_ 0 - -. J w 0) L .0 @ 'O 'O _ N a) 0 0 U C C p 0 co co 7 co a) m= Y c O O a) a) E E a C 0 co A O = 0 Y Y L @ co ` T CO o >, 0 a > > N F - ` U r os 4 > @ n @ a) @ •E io < -a •_E a) • E N = 3 m 7 O 2 i co 0 j - 0 C 'O L O _ 0) 9 a) N m 7 N U c 0 -6 � Q Q N N E U co U C E N O U N N 10 N L (O 0) a ) E 2 U N !A C U U N p ) p_ 0 J J 2 x 0 c Na = a 0 = a) m 2 CO O _ N _ .0 @ a 2 vi •N N _O > 45 > c y a m O a) 0 @ m > .� E m 0 7 - ) 0 a -6 @ @ N a E 7 ` 0 0 .0 E 7 _ „ m t w a) E O o o - o @ a) N 0 7 a 0 O > _ .� i N - 10 to o m > a 2 o N w = @ > c 0) 0) N N . C - a) � c - O 0 -_.. J J N . 0 a) L _„ co o .0 > N a) ° @ N a) U E N O O) Y N > 2 2 a ° E E @ m' >> E a o = c - m O m 0 8 E 0 >• a) U 2 _° O @ O N ' n E @ a a) N 0 _ > E E L _ -. N V co .. a) a E -a 0 7 _ . a) L L 6 ° t0 O a) C N y j C J ( w a C 6 D U E t t S a a) a) E o m c a m m m a n- C @ N a C y 0) N d a) a) C 0 E E 'O n N N 0 N E > c? c 0 O m m E n ° c `° o m m ` � m m a a) a t o c o J o 0 2 > ° @ 2 E a -0 a a @ c o m n c E ° a) o m a) ° o o m o N L@ N a) E ° a @ N .> a L "O > 2 P O w o w m m -c E o m = 0 c c c m m - 0 0 0 - t m o ° N o w ' o ° .c a) a`) a a) a) O a > . 0 a , p m f j N j U 0) 0) CO ° U c' o' L N J m m C c Q m ° c N c a o. m N ° aa) @ o @ `° ° co co CD 0 7r a m 0 a a .m 0 v o m . E E o 0 y °) 3 . n _ m - 0 E m a ) a) t 't as a o E 0 a) y 0 0 °) •-0 a) ° m �c -0 0 w 0 c a) n a 2 m _ - E a) a) .0 o 0 0 Y ai 0 Y y ° u m ) _ ' - -p L 13 1 m E E a) a) 0 0 _ m m ,_ r° a mQ ° p i 3 3 m 0 o _ ° N m o N aw 0 0 w ui 0 E @ ai a .0 a a {/ c E @ a) 7 U O E U C C a) @ .0 (O @ O 0 > _o a) c a) a) m a) a) @ N @ E @ 7 N ° N @ f0 E E . O ° E N m a) @ 9 co y j.) y o a @ a) a '0 0) O a6 >' O N N m d1 ° . w '.. > > co c 0 C@ .- 7 U y O .0 7 >, 2 U 0 0 a 'O _ 0 0 O O p f /) N > N T @ N U 5 CO N — co f 0 _U a) d) N - - a 0 E a a) N ° a ' c c o a a a) U E n J E E m 2 E N m rn E c E ° N E 0 E m N N ` m o r. L 2 a) m U < W C < O C < F- L an 2 < a7 1- F- 5 F- a < < < 1- F- C O O L co m O O N O O > 0 0 . 0) 0) 7 m G. a) A 5. m c 7 7 7 7 N co Q m W co d d G O. 'n CA C N re r N m m 0 G U) = N C O ' N 0 0 m re >. C Y C N > U N Z. a co E 0 ° U W Y Y ca 0 Q a co 0 It p W m 0 0. C 0 0 ■ 4 (o D "O --1 0 S -I N * 0 N -I -0 (n - I -I D N 17 -I O D 0 -I 0 j' -I c N (a ? "O _. 0 X fn a P. _T S a 0 0 S 0 C S 7< S 0 -0 . N ' C (D Co ( S -, 7c - N < 11 N <n a < a, CD o N N 0 °' (D 0 Cr) N O M. 0_ p_ O N (D N a d a a " 5 N °° co N co 7 v7, (D p 0 0 N c ^ . N Co 0 0 0 7 0 0 0 7 d O 0 3 0 c7 (n 0 (D ] 3 0 a 0- 0 0 = N a) N O 0 N co p (D (0 0 0, 0 7_i C 7 (n 0 .< �. c < () 0 0 - 7 cD Q Q N a 3 a —5- . a 3 CD 3 3 �' °`°- 0 0 s @- O m mm (D :3 < m 7 m co 555 cr 3 � m 3 �� °v ° 3 a � - o co n) � 7 0_ M m ° D- m S0 - 0 c °o3 � 3 0m am ^ �'3 v ° 3 3 3 �m a -N'0 „N 0 0 ((0 0 ..= 7 . a 3 a) 7 w a) 0 a)) .< (D 7 co o ^, O o 0 N a 7 0 co 0 0 C co Q) . 7 c7 a 0 c7 a co '-'• ( o 'O co N 0 0 Q - O 7 �< O 0 0 O 0 3 = '' c 3 7 3 7 c0 S „ -t U co 0 7 C 7 7 7 0 p_S0 N N O 0 °' 41 -, °' N N 0 S 7 F N < N N 0 N 0 = N o ° ` 003' 00 m C 5 n. 0 07 m3 N a O a o N O 0 a n T a a co ° o< 3 O C °- (D O 0 7 0 - 0 n p 0 CO 0 a 7 0' 3 0 0 0 a) o0' m mm N p _ 3 v N 7 N m o 3�- ' m N -' "o ° 5 'o 0 7 5 0 N an - o n-0 -c 7 C ° (D Cu 0 7 (0 (n N 0 0 3 0 3 c c0 .+ "0 3 ..< o o . N O< _ ° _. 0 7 ,7 _° •N (S S N O a v -, a n 5 7 0 0 0 a a N a a a 5- CD Cr = 7 `< 0 = o v 0 7 a 0 7 0 CD 0 0 0 0 0 0 a 0 O N a . 0 a ( p (D a O p = 2 0, Q a °- ' a a 0 0 0 c) CD -. N-. o' 0° O O 0 .„ 0 Q O o Q c 7 0 N ti a) p • - `< � ...< < N - 3 C `< - 0 '< '< N S 0 0)) 6) 0 0 ci , co o < . O 7 3' C .< !+ N cn 0 a (n (n N cU 0 CO 3 ' 7 N Cu 0 0 3 3 O p S _. _ , O O ^ n N c a N " N - 0 0 0 0 W 7' c an 3 s n) N s ° D a) < < o N m m o N (D (D C co m m m N =n m 0 o ° c a� O ^ N 0 n 3 0 O (n' N 0 p N S cv 0 < co U) o-0 5 m 0 7 W 7 a (D N -. 5-' co m 07 0 co (� a _ ma o CD c 7 1. c (D 7 0 0 C ^-, CD ^• 0 , Cu 0 0 0 - . c . m (D 0 En • N S N 0 O '.< c ° 7 0 7 c n 0 3 0 0 cD (D C 3 7 0 O 0 • 0 S O ° N 0 0 . K .< O Z a o Q' 0 co 0 0 a a .- O 0 0 N ° - 0 d Cu C (D N 0 0 <° x co a) S ^ 3 a ° O 3 � ° 0 0 N' - � : _. • _. n 7 a S a co a N 0 O” 3 s p fl' co 0 0 .Zl (o 47 O 3 m co + ) a s co 0 a C �' 7 0 0 7 S o a Q ° N < al. 3 0 0 � ° o° 5 5 0 co 7 0 0 < C n N - ( 0 5 s 3 co •< 0 O ^ 0 N 0^ 0) S CD S O N N � 7 0 ^ 3 7 • X CD CI c 0, 0 � = O 0 3 7 (D 7 < O 0 0 O a 0 ^ O 0 0 °- 7 C + 0 N C O -0 5 ' o. 3 N p C N v " a 0 . in a 0 3' O 0 . (D = O a= a a 7 7 7 a co 7 d O N co O N 0 7 S 0 .< C 0 a 0 °" .< O N 0 S° N c 0 7 C 3 0 3 0 N 0 p 0 � . . < X 0 C (D 0 0 C D 0 a c m� o oNC - ' ate NS °- a m mmo 3 a-a)i co 0 CD CD N 7 0 c) c D ' N 0) 0 3 c 0 Q � 0 o c N N O �` N N 3. = O O S 7 0 N a ° - 7 ° D co = m N a ° cu a s °_ m °1 � 7 0 m o a) N a (p o v, = a m a m ° v � m N ° 0c v a o a3 a 0 - ° W CD q 0 0 cij ..< En CD v ' a O N X 7 3. C 7 3 ' Cl. O W 'it; a 0 N ( ° 7 cD -,0(00 a 7 0 7 s ° C. 2 m < 7 Q co 7 D co G) N° o 0 0 ° ( 0-o sm 7 Q 0 c `< m 3 o ( * 7 (D = * O ( 0 0 'o q,. a C N 3 a o. O O C vii (p c 0 0 0 o o o =-; o 3 c 0 N 0 0 ° Q ( p 0= a 0 a)v o aQ7<00 m03 0 Oo m ` m o c - 0 7 7 o s 7 N m c m < c v - m p a o N a O 0 3 0 _. N 5. ' a O a O N (D ^ , � ° cn (D o O _,CD (D < ^. O CD 0 ( '� 7 3 S ° mo- go_ =4 3o°b 4 0) oc a)(00m � 'N CD C7) a'� �:7 0 _ � m - A CD m a o 7 C 3 -- c °) O 7 0 o . < 0 )O 3 =m2 s o m m 0) —I 5) 0 N n o ° a <0 7 C N O o c CD m o cn a 3 O N 3 °' ° o p '< 0 O .< C N N ° co W 0 0 N O N S � 0 n (D a `< o 7 O N C p (7n c 0 0 0 EU 0 0 °' ,G a K a N ( D j O < o co N `G O ( ,- 7 0 0 0 - 3 o N S 0 0 o 0=° 7 N c N p = o -3 0 'o N (0 (0 a CD 0 Q 0 0 n N 0 0 p 0 C a) N 0 •`< 3 N 0 C o S Q cD (") O < 3 N . 0 fll O c N -co "O 0 ° (D C 0 p N a N 0 d N " ° N a ° 7 d N ( 0 - ) (D a - N 'o aT CD . N- . a Cu j' 0= 7 S O N 7 < _ 7 0_ c) O S 0 0 _ m 7 N ' S 7 . (o "° a (o 0 O CD (D -'• 0 <n' 0 D 0 O p `< N- N a) 5 0 0° 0 2 C O O N (0 5 2) 0 0 7 • c _ - C S 3 7 C 7 < 0 (7 C' 0 C 9_,.) Q 7 " C C o. (D 3 o ( D (0p (� 0 C Cr N 0 - S ( 7 n 0 a) o 0 j. S j 3' C CN » = N N 0 0 N N (D N C S c 0 N 3 0 S S 0 (0 a 0 7 '0 Cu -o O (0 0 N O 0 `G . a C CD 0 O N d N 0 m 0 O -• m 3 0 = c =^ j ° �. W 0 ° O _ N 3 0 0 . � 0 0 tT V m 3 o m 7 w te 3 5 Fs co cD 0 .+ - ( -' N 7 S 0 (D 7 l C 0 0 a o N co (0n^ N 3, O N fU S O (0 ,,--...< N N o .+ 0 a= m 3 m //1 N p 7 a 9 7 0 3 C 0 D co N 0; <° CO t 7 o CD-, C•<C S r p y 7 (p 0 0 S n C N a) o m sn) ° tv ° m N o < 0 0 2 o m 7 m � 7 Q ti o 3' 3 CD m () 0 -c 0 W s . c p - j ' c 0 CD 0. O^`GS 0 0.N c c (D n < ° �( 0 0 ° a 0 a) a) .� o -0 0 a) 7 3 X m ° ( 0'CN 0 7 ° N a a) o 5- >c 91 0 a o 0 3 Q 0 S 3 ° 7 ty 7 /� O ^ T • 7 c N 7 N c 0 (D a ^° 0) o ° ci) co �' 3 <0 N < < 3 3° - 7 0 o< 4J4J = • o a mco' a CL o ° o' v o � '� 0 - cr 0 O 7 N N D 7 3 . 7 � . = 0 S CD C 0 S 3 0 om- Nm a < m 3m 7a) o 0 Cn Z m 3 a (� ° m v 7 n C N' j CD CO co 'C C r z 3 N • LL O Tti .- co.- A L O y co co to cn 0) O N O c m a) f0 O O O N 0 M 0) 0 O a co C 4) cc • 0 o v a x z c . z 0 n 0 K K 0 Q a k cts o N -1 m O v Q o CD go CD 0 (D 3 -h O 0 = C� = m 0 r-f- _D r—q- I' 3 wCD O (0 o = D co 0 ( . m CD CD IN c 3 tn n , / _. I: \,.......„ c ,_,_ D- -i tt _ o . ,...,-,.= crik n , _ �pz, _o ;;* , ,. _. i--- !it z ■r. 1 -,) ' 7- -.) '�1 o CD D CD . 0 U) a 3 0 0 < CD p = ED �' 0 s'c C V) ' 0 CD ' O ED 2) 0 0 � * c a� a sn n = c) cc , _ ED = i 0 CU Q a v n 0 tst CD o o n 00 X CD D. C N o 5 ID C7 CD CD CD O '< O cip vi" 0 6 0 0 3 -' CD = al f D O = 0 c CD S < 3 N 0, = V) cD r* —' . .-1- ,..F n rr < 0 O Ca 0 =. `< N N cu 73 O o O * o o cia �0. N 0) m.- f D - * co n O ri v O CD ( 7,- o .-•r CD (D D n 3 a) 0 3 CD = rn O 3 9+ = 73 �. = ( ' CD g = w N 0 OD, o_ O n = N 3 13 N 0 3 Cr N• a 0 . C" 0) *a = .< CD n� /'1 yo c C1 G C g Cdr d o ul O ,, no w -• - Q 0> on -""I'' w Z 0 — • N O L L r E • a -c C. L. E E O 0 g Y c,- 0 0 0 0 0 o cD rr--- eo = O G ` O O O O O O h 0 0 N 4= • O M N O Q O O / O v N / )ar d C N o `�,...a w CO 3 re O O CO to O O CA CO CO O CO O O O 1 O CO LO CO V 0 0 0 Q LO V N CO N R 4 V N CO L r2 co c0 o _ r--- cn x m a c CO o I� co v I-- co V,— O o O N ,- 4 C o c 0 CO O O O G O N V V 4 L Lo (N N- C() = o o) To • O) In 3 IX x N O O) V CO cO o (`') CO O O O C LO M O Cri f: o lri 0 0 0 c co L o o GO m O ▪ m CO CO y co N C) CO 3 O ce 0 • 3 co p_ CA O o 2 Q �"� N .N O O o 0 0 0 E Y () @ N Lo Co O O o o O c) ,N ,- N O O o 0 0 0 G 2 y Cl CO O O CO 1.0 CO O O N p 0) U .. H H F i-- F F 2 T Q m` m 0 0 0 0 0 0 0 0 2 2 w t -D �) 0 0 0 0 0 0 0 o v) m O 2 2 CO N- o 0 Co 0 0 0 J Return ( %) c _ _ 3 O N W A U7 6) -.1 OD CO 0 N W A Ut O 'D bb O O O O O O O O O O O O O O O O1 C1 • Z. .Zl e cn • C m 3 0 A (p 7 d X X 03 ■ N 0) CD a 'O c� 7 in m x in 0 co (/) CU G° 2 io O 0 au C O N N 0 N .Z1 O O au co a '0 0 c IJ t0 0 to ° n 0 "--1111) co" co 0 0 n3 _. cn CO z m 0 y W o N0 z w o O C el m r� a f-+ P. N co c M x •t— co ci N ¢ •L e' CO N e M W b9 Q M » «A n es O O i `/ L =0 O L 0 , - j-. 1�1 L 0 E 10 rn 4) o �J C m Z , CO as c co c o c a) m r 0 Cfl co 0 co a O N M O m N f o co o x . N co .‘4'3111.1' c C O O O N N N N CO 7 O i CA S 4. l CO CO O O O O M d U a a Cr) Cl- U) M rn 'Er) x G.) N '0 O C CO a c0 U co N N N co 11 N W W a x N C a0 So O .,— T 'U CO N O M ] d CC >, co �1 - N o O O O 0 O 0 O 0 0 co 0 0 O co 0 0 0 0 0 O 0 O co O O O O O O O co co O O O O O O O O co O co O O O O O O O O O ai 0 0 O O O O O O O O O O O O O O O O O O O O O O O O 0 0 0 n O 0 O 0 O 0 O 0 O 0 0 O 0 0 0 0 0 0 0 0 0 0 0 Eft 0 O 0 O 0 O 0 O 0 O 0 O O 0 0 0 0 0 O O 0 0 0 0 0 O 4 H O O CJ O O O O O O O O O O O O O O O O O O O O (0 V N O 00 CO V N O CD CO V N O 0) (D d- N O OD CD - N y st V V CO M CO M M N N N N N (fl tip to- ER N C 3 69 69 69 69 Eft 69 69 69 (ft 69 69 Eft 69 Eft 69 Eft 69 Eft 69 U Return ( %) o (o O O O N N W W A y O (T O in O CJt O s O Ui O a o • O A O C 3 • TJ 7 o c N N CD o O O • O if> . O d co X _ 73 c CD = O L- L c) a = o_ A N • � O n • N A m O 0 N O K fll v c a o 0 C m a fl • N ° 5 °. 0 a . X 0 0 N O O O N N O N c 1 W 7 1 O eo CD co V i N N 1 A O 0 3 0 7, n� - a O N iH '74 z W�� N = M ° CA 'C ¢O C CO CO C a C c*, Q C ° O U 1° 0 L ` O O et N E O 8 2 (L C N p t CO t6 N 7 N C 7 f0 � O O. O S O 2 a x d a v 3 o d Q.' O O O O) , c1 - r O d 0 O 0 a T N N r f 1 (. •N (II 4 E N-__ O O V 0) ('V O O O O O O O O O a co a U _ V L 0 0 0 O N • _ = U o _ y y Fl < Co 0 0 0 2 0 0 c to C1 O1 a D c o N o c c m m 3 co m i u A �7C' H O O o A W N N co A 0 Crl O O O O CO Cr) V Co O O ii Z �p � (T O O O O O O O co O O co O • co O O 0 c 3 U7 O O O O O O b b b b b b O O O O O R. 3 g.. n XI c 0 0 0 W co cn O N N O 7 0. co x X c 0 0 0 N A --1 C O co Q al c y 7 0. x x N go m a rn N v a 0 o m v A O IME! O ■ L d c N c A Q c,,, N N _ 3 . O _ co -� p 0 z- _ O K �y 3 N OT in 1,,' d o nn 0 M Co 7d N V ,t• z WZ(I) za N C M x N . �`' 0 L �,,/ Y co M w rn E C,7 C ,7 o vU a> x� .` Y C c u ‘— c,j Lo c., ( 1/444.,..... ; \' C ,' y m N CO 3 7 W C CO 7 O O cr a O • o m v 't C- O rn 1 C X 11 3 d 'O c a ro o � v o I 111111111 I � ui v 1 d I N 3 CL I I IIMIIIIIMI' "' I X N 9 C O o co O co O GI N N 3 1 Ts O O O O O O O O O O O O O O O O r• 0 0 0 0 d 0 0 o 0 O o ci 0 d o a r r-- o Lo V M N N L _ T U • o O 3 n 0 cc T , ✓ . 3 c ` o N N -0 0 o ca co 3 E N E N = N O E a U V c6 c o y 5 S ± 0 x x co N C) 0 0 j A n Q N N N N N w w w w A A A 01 01 01 0) O) N - 0 U) 0 w CO (0 N (71 co O w 6) (D N CO CO -• A V 0 w (p O n O O O O O O bb O O O O O O O O bb O O O O y 3 K N_ N 0 n n N N 0 m 3 n 73 co N N (T — O N 0 7 Q X C N N fD 3 w - w d 5 a m X N go cn 3 A a N f) co L1 O O ."0 L C 03 N N C (D W o � C) 3 00 c d co tO O o pT 3 O C) S p � as Z w 7 woo Z ] .N r x L L - r <C,,, 2 RI CU = E 0 C o (e o V 2 i O ` _� F a CO D E 2 s e- (Lj;)1 c) 0 d oci CO ca 0 c as —) v 0 ai (1) ✓ r C 0 2 0 0 v 0 N X r N- N C w O co 0 O CO O _ N 0 CO ✓ N 7 CC m III e? o _ O O x o x co c c c y o — L O (N 0 3 W Q — N R N = V y N ozi O = co - Y Q' 2 C 0 3 O o d- tO 0 0 co a v m a 0 as a 0 • 0 d 2 c.5 CL o u) �`- oo • M III x O _c x o a m N - 0 a o • U a a 7 n U N — N on N O cn N 7 O Q 7 O m cf • X o a 0 co . Q) M - T 0 O t co 3 O c o 0 o L 0 _ • V a (0 — N o p) >. n A co L 0 O W CO CO o N 0 E Y 0) • o ( p (5 • a 2 C O O O 0 O 0 O O C a C N O O O O O O ( 3 0 O O O O O O O 0 0 0 (D o r r r r 0 r r 0 M N O r N M 4 (D (D m (%) o ;ea am;de3 ;a)li d� n ( %) uiniab a6eienV U Return Percentile Rank c oo c 1 o U O CO = 0 0 0 0 0 K K a > m rn 0 N n 00 ,% 7 7 N 4 I _ co . R o `° I A c O 0 " ' I C I cn m I I I 3 o a ♦♦� 0 I' al b. a) �� 0 o ��♦ O • ' m w ` ♦ ♦ O , c N II N O y a ♦ ` N N 0 N .. , •I I = W Q) O � _ � O o W ' I I I I I 1 o ,.0 II CO }: 4,• 01 , `, s N N ♦ ∎ N O s c a o 3 ' ∎ ` c o so O 0 3 p • ; i<. r • I m 1 . o. o • I I~ W . s ``� o �s w ♦♦ 3 g ` I . ■ N W o a O i •• •I � 3 R .` O ‘ 03 ♦ ♦` A ♦ d co vi o z co O a . • • -0 -. 1 ; ° co a O v O (i N N. c io `' 1 w • I�TI = • N .�. N I N 0 ^ - i/I n co m O 4.3 ty w o p . '' Z w N tt Z M 0 = o to 7 (NI Q Q W M • hh V t 0 0 O) N O) O) QO O N 0 O N O RS co co N co o V O O N .L. /► U Q U) • (- 0 0 0 2 co (O 7) D S 0 N (L1-....00, L CO O� a z a ca CD CO C 0 +. C 0 CO 0 0 O CO U) 0 0 0 CO W N- O) CO 0 0 a v Lo O O C O N co N 0 O 0 A 4 4 • NCO o co co a r ' ,- 06 v M o X O N- 0 .- M O V N CO ,- 0 0 0 d U) TY I I to O) U) 0 Cr) N O U) O O O O r� C`) N 0 (+j N O ,— 0 0 0 0 0 o N J LO N n c` Q co U) c6 V co V O co 0 O) O ,- M N 0 0 0 > t O N co c6 W U) CO 0 0 0 o ,- 6 Q ,- 8 co co O ci r� L ,- o 0 r` c Q (O co 0 s. N C1 (A O 0 Z Z a V co o_ m0000222 .N rn 0 0 0 0 0 0 c L E Y U m N N (0 O N 0 0 0 0 0 O m 2 Y a cc O O co U) M O co o > 0 F- F- F' F- F H Y 0 0 0 0 0 0 0 0 0 us O N CO C 0 0 0 0 0 0 0 It > 2 2 co U) M U) N 0 o Micro Small Mid Large Giant 0 c = ro m a Z / a o 3 co d to w co a al n W 0 0 . , cu st) O o a • 0 1 I t�, o 1 1 i n 0 G) 0 IN Y _ o- ES 0 7. o •••• C) C3 v 0 > 3 N e• = c o s y C K c r o .. a D Q 0 D m cn D n a o m 10 m < 5 ° 3 v a m c X a D D N v � m - v v an co 3 CO 3 S O 7 al O = n Ci O 3 E. Q- 1 o..) -L w v aD 0 N N y N ry o d O O O 0 3 N 1I1 _ N N p N O_ = nK XI a N 0 w �z M za co 2 �N pa . > 0 . + o L cn '47. V L M 10 d E N M N 1...- Y� cu E , O - O O al O O NONN ( I CO 0 Q ,4; M M M `/\ 4./ C LL t O 0 CO 2 a) m C 0 C 0 t 0 o CO E — a X c co a) C co. c 2 O a w C V c L _O) Q UJ to aa) o X U y > a) - _ a = 0 cc co n @ — a. Z U m O to U) m m - a - ti E al cts co U) 8 — = = O V ••0• p c.� 0 III 0 v o i U L _` N ; Q ^ O I i_ I c CO O) > 4 O O a Z .a N 6 O 0 U n Tue!O a6Jei PIN IlewS a iAj o u) ,---) ' -N - ,-1 °D o CD -' CD � = P: = CO CD Ca c) O 0 O. 0 O � C. CL CD CD r* a _ c W C, CD U) 13 CO C) 0 u) D a a o E W Q o . n m d o -13 = n 03 o t.') o7- 3 -' (D O = -0 n 7C w o R 70 d -z wo'� �z