0001135428-12-000509.txt : 20121018
0001135428-12-000509.hdr.sgml : 20121018
20121018150852
ACCESSION NUMBER: 0001135428-12-000509
CONFORMED SUBMISSION TYPE: 485BPOS
PUBLIC DOCUMENT COUNT: 7
FILED AS OF DATE: 20121018
DATE AS OF CHANGE: 20121018
EFFECTIVENESS DATE: 20121018
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: Advisors Inner Circle Fund II
CENTRAL INDEX KEY: 0000890540
IRS NUMBER: 233040006
STATE OF INCORPORATION: MA
FISCAL YEAR END: 0131
FILING VALUES:
FORM TYPE: 485BPOS
SEC ACT: 1933 Act
SEC FILE NUMBER: 033-50718
FILM NUMBER: 121150388
BUSINESS ADDRESS:
STREET 1: ONE FREEDOM VALLEY DRIVE
CITY: OAKS
STATE: PA
ZIP: 19456
BUSINESS PHONE: 6106761000
MAIL ADDRESS:
STREET 1: ONE FREEDOM VALLEY DRIVE
CITY: OAKS
STATE: PA
ZIP: 19456
FORMER COMPANY:
FORMER CONFORMED NAME: ARBOR FUND
DATE OF NAME CHANGE: 19920929
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: Advisors Inner Circle Fund II
CENTRAL INDEX KEY: 0000890540
IRS NUMBER: 233040006
STATE OF INCORPORATION: MA
FISCAL YEAR END: 0131
FILING VALUES:
FORM TYPE: 485BPOS
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-07102
FILM NUMBER: 121150389
BUSINESS ADDRESS:
STREET 1: ONE FREEDOM VALLEY DRIVE
CITY: OAKS
STATE: PA
ZIP: 19456
BUSINESS PHONE: 6106761000
MAIL ADDRESS:
STREET 1: ONE FREEDOM VALLEY DRIVE
CITY: OAKS
STATE: PA
ZIP: 19456
FORMER COMPANY:
FORMER CONFORMED NAME: ARBOR FUND
DATE OF NAME CHANGE: 19920929
0000890540
S000038408
Hancock Horizon Diversified Income Fund
C000118456
Institutional Class
C000118457
Class A
C000118458
Class C
485BPOS
1
hancock_485bpos.txt
AS FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ON OCTOBER 18, 2012
File No. 033-50718
File No. 811-07102
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933
POST-EFFECTIVE AMENDMENT NO. 139 /X/
AND
REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940
AMENDMENT NO. 141 /X/
THE ADVISORS' INNER CIRCLE FUND II
----------------------------------
(Exact Name of Registrant as Specified in Charter)
101 FEDERAL STREET
BOSTON, MASSACHUSETTS 02110
---------------------------
(Address of Principal Executive Offices, Zip Code)
Registrant's Telephone Number, including Area Code (800) 932-7781
--------------
Michael Beattie
c/o SEI Corporation
One Freedom Valley Drive
Oaks, Pennsylvania 19456
------------------------
(Name and Address of Agent for Service)
Copies to:
Timothy W. Levin, Esquire Dianne M. Sulzbach, Esquire
Morgan, Lewis & Bockius LLP c/o SEI Corporation
1701 Market Street One Freedom Valley Drive
Philadelphia, Pennsylvania 19103 Oaks, Pennsylvania 19456
It is proposed that this filing become effective (check appropriate box)
--------------------------------------------------------------------------------
/X/ Immediately upon filing pursuant to paragraph (b)
/ / On [date] pursuant to paragraph (b)
/ / 60 days after filing pursuant to paragraph (a)(1)
/ / 75 days after filing pursuant to paragraph (a)(2)
/ / On [date] pursuant to paragraph (a) of Rule 485
--------------------------------------------------------------------------------
EXPLANATORY NOTE
This Post-Effective Amendment No. 139 relates solely to the Hancock Horizon
Diversified Income Fund.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 (the "Securities
Act"), as amended, and the Investment Company Act of 1940, as amended, the
Registrant certifies that it meets all of the requirements for effectiveness of
this Registration Statement under Rule 485(b) under the Securities Act and has
duly caused this Post-Effective Amendment No. 139 to Registration Statement No.
033-50718 to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Oaks, Commonwealth of Pennsylvania on the 18th day of
October, 2012.
THE ADVISORS' INNER CIRCLE FUND II
By: *
-------------------------------
Michael Beattie, President
Pursuant to the requirements of the Securities Act of 1933, as amended, this
Amendment to the Registration Statement has been signed below by the following
persons in the capacities and on the date(s) indicated.
* Trustee October 18, 2012
-------------------------
Charles E. Carlbom
* Trustee October 18, 2012
-------------------------
John K. Darr
* Trustee October 18, 2012
-------------------------
William M. Doran
* Trustee October 18, 2012
-------------------------
Joseph T. Grause, Jr.
* Trustee October 18, 2012
-------------------------
Mitchell A. Johnson
* Trustee October 18, 2012
-------------------------
Betty L. Krikorian
* Trustee October 18, 2012
-------------------------
Robert A. Nesher
* Trustee October 18, 2012
-------------------------
Bruce Speca
* Trustee October 18, 2012
-------------------------
James M. Storey
* Trustee October 18, 2012
-------------------------
George J. Sullivan, Jr.
* President October 18, 2012
-------------------------
Michael Beattie
* Treasurer, Controller & October 18, 2012
------------------------- Chief Financial Officer
Michael Lawson
*By: /s/ Dianne M. Sulzbach
----------------------
Dianne M. Sulzbach, pursuant to Powers of Attorney dated
November 16, 2011 and November 30, 2011, incorporated
herein by reference to Exhibit (q) of Post-Effective Amendment
No. 125, filed on February 28, 2012
EXHIBIT INDEX
Exhibit Number Description
-------------- -----------
EX-101.INS XBRL Instance Document
EX-101.SCH XBRL Taxonomy Extension Schema Document
EX-101.CAL XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE XBRL Taxomony Extension Presentation Linkbase
EX-101.INS
3
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<p style="font: 10pt Courier New, Courier, Monospace; margin: 0">DIVERSIFIED INCOME FUND</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0">INVESTMENT OBJECTIVE</p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>
<p style="font: 10pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0; text-align: justify">The Diversified Income Fund (the "Fund") seeks to maximize current income, with a secondary goal of long-term capital appreciation.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0">FUND FEES AND EXPENSES</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0">This table describes the fees and expenses that you may pay if
you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest
in the future, at least $50,000 in Class A Shares of the Hancock Horizon Funds. More information about these and other discounts
is available from your financial professional and in the section "Sales Charges" on page 16 of this prospectus.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0">SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0">ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR
AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0">EXAMPLE</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0">PORTFOLIO TURNOVER</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0">The Fund pays transaction costs, such as commissions, when it
buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction
costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total
annual Fund operating expenses or in the Example, affect the Fund's performance.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0">PRINCIPAL INVESTMENT STRATEGY</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0">PRINCIPAL RISKS</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0">PERFORMANCE INFORMATION</p>
0.0070
0.0070
0.0070
0.00
0.00
0.0075
0.00
0.0025
0.0025
0.0137
0.0162
0.0237
-0.0045
-0.0045
-0.0045
0.00
0.0425
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
94
539
195
390
872
696
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0">AS WITH ALL MUTUAL FUNDS, A SHAREHOLDER IS SUBJECT TO THE RISK
THAT AN INVESTMENT IN THE FUND COULD LOSE MONEY.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0">A FUND SHARE IS NOT A BANK DEPOSIT AND IT IS NOT INSURED OR GUARANTEED
BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY GOVERNMENT AGENCY.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0">"Other Operating Expenses," "Total Other Expenses,"
and "Acquired Fund Fees and Expenses" are based on estimated amounts for the current fiscal year.</p>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact aicii_S000038408Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact aicii_S000038408Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact aicii_S000038408Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0">With a secondary goal of long-term capital appreciation.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0">May 31, 2014.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0">Once the Fund has completed a full calendar year of operations,
a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by showing the variability
of the Fund's return based on net assets and comparing the Fund's performance to a broad measure of market performance.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Fund seeks to maximize current income and, secondarily, achieve
long-term capital appreciation, by investing in a broad range of income-producing securities, including, but not limited to, common
and preferred stocks, corporate bonds, government securities, municipal bonds, real estate investment trusts ("REITs"),
master limited partnerships ("MLPs") and mortgage-backed and asset-backed securities.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">For the equity portion of the Fund's portfolio, the Fund may invest
in common and preferred stock. In addition to stocks, MLPs and REITs, the Fund may also invest in convertible securities and American
Depositary Receipts ("ADRs"), which are certificates typically issued by a bank or trust company that represent securities
issued by a foreign or domestic company. The Fund may invest in securities of companies of any market capitalization. The Adviser
may, from time to time, focus the Fund's investments on dividend-paying equity securities.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">For the fixed income portion of the Fund's portfolio, the Fund
may invest in debt instruments of any maturity or credit quality, including instruments rated below investment grade ("high
yield" or "junk" bonds). There is no limit on the amount of Fund assets that may be invested in high yield bonds.
The Fund may invest in government securities, including securities issued by U.S. government-sponsored entities, U.S. agencies
and instrumentalities, foreign governments and supranational entities, and municipal bonds. In addition, the Fund may invest in
asset-backed securities, including residential and commercial mortgage-backed securities. The Adviser may, from time to time, focus
the Fund's investments on corporate debt.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Securities in the Fund's portfolio may be issued by domestic or
foreign public or private entities, and may include securities of emerging markets issuers. The Fund may invest up to 20% of its
assets in securities of emerging markets issuers. The Fund may also invest in exchange-traded funds ("ETFs"), mutual
funds and closed-end funds in seeking to achieve its investment objective.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Adviser allocates the Fund's
assets among asset classes based on, among other things, its evaluation of market conditions, asset class and/or security
values, correlation among asset classes, and the level of income production of a particular asset class or security.
Allocations may vary from time to time. There is no limit on how or the percentage of Fund assets the Adviser may allocate to
different asset classes.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">In selecting investments for the Fund,
the Adviser considers the level of income that an investment can provide to achieve the Fund's objective. In addition, a
potential investment will be evaluated in terms of its level of risk, its relative value to similar types of investments, and
its correlation to other assets within the Fund's portfolio.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Adviser may sell a security if its
relative contribution to the Fund's portfolio has diminished compared to other investment alternatives or if its risk has
increased relative to other investment alternatives.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">AS WITH ALL MUTUAL FUNDS, A
SHAREHOLDER IS SUBJECT TO THE RISK THAT AN INVESTMENT IN THE FUND COULD LOSE MONEY. A FUND SHARE IS NOT A BANK DEPOSIT AND IT
IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY GOVERNMENT AGENCY. THE PRINCIPAL RISK
FACTORS AFFECTING SHAREHOLDERS' INVESTMENTS IN THE FUND ARE SET FORTH BELOW.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Since it purchases equity securities,
the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity
market has moved in cycles, and the value of the Fund's securities may fluctuate from day to day. Individual companies may
report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities
issued by such companies may suffer a decline in response. These factors contribute to price volatility, which is the
principal risk of investing in the Fund.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The mid- and small-capitalization companies the Fund may invest
in may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these
medium- and small-sized companies may have limited product lines, markets and financial resources, and may depend upon a relatively
small management group. Therefore, mid- and small-capitalization stocks may be more volatile than those of larger companies. These
securities may be traded over-the-counter or listed on an exchange.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The prices of the Fund's fixed income
securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the
creditworthiness of individual issuers, including governments. Generally, the Fund's fixed income securities will decrease in
value if interest rates rise and vice versa, and the volatility of lower-rated securities is even greater than that of
higher-rated securities. Also, longer-term securities are generally more volatile, so the average maturity or duration of
these securities affects risk.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The credit rating or financial condition of an issuer may affect
the value of a debt security. Generally, the lower the quality rating of a security, the greater the risk that the issuer will
fail to pay interest fully and return principal in a timely manner. If an issuer defaults or becomes unable to honor its financial
obligations, the security may lose some or all of its value. The issuer of an investment grade security is more likely to pay interest
and repay principal than an issuer of a lower-rated bond. Adverse economic conditions or changing circumstances, however, may weaken
the capacity of the issuer to pay interest and repay principal.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The mortgages underlying
mortgage-backed securities may be paid off early, which makes it difficult to determine their actual maturity and therefore
difficult to calculate how they will respond to changes in interest rates. The Fund may have to re-invest prepaid amounts at
lower interest rates. This risk of prepayment is an additional risk of mortgage-backed securities.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Asset-backed securities are subject to risks similar to those
associated with mortgage-backed securities, as well as additional risks associated with the nature of the assets and the servicing
of those assets. Some asset-backed securities present credit risks that are not presented by mortgage-backed securities. This is
because certain asset-backed securities generally do not have the benefit of a security interest in collateral that is comparable
in quality to mortgage assets. Moreover, the value of the collateral may be insufficient to cover the principal amount of the obligation.
Other asset-backed securities do not have the benefit of a security interest in collateral at all.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Although the Fund's U.S. government securities are considered
to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Obligations
issued by some U.S. government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency
to borrow from the U.S. Treasury or by the agency's own resources. As a result, investments in securities issued by the government
sponsored agencies that are not backed by the U.S. Treasury are subject to higher credit risk than those that are.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">High yield, or "junk," bonds are highly speculative
securities that are usually issued by smaller, less creditworthy and/or highly leveraged (indebted) companies. Compared with investment
grade bonds, high yield bonds carry a greater degree of risk and are less likely to make payments of interest and principal. Market
developments and the financial and business conditions of the corporation issuing these securities influences their price and liquidity
more than changes in interest rates, when compared to investment grade debt securities. Insufficient liquidity in the junk bond
market may make it more difficult to dispose of junk bonds and may cause the Fund to experience sudden and substantial price declines.
A lack of reliable, objective data or market quotations may make it more difficult to value junk bonds accurately.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Investing in foreign companies poses
additional risks since political and economic events unique to a country or region will affect those markets and their
issuers. In addition, investments in foreign companies are generally denominated in a foreign currency, the value of which
may be influenced by currency exchange rates and exchange control regulations. Changes in the value of a currency compared to
the U.S. dollar may affect (positively or negatively) the value of the Fund's investments. These currency movements may occur
separately from, and in response to, events that do not otherwise affect the value of the security in the issuer's home
country. While depositary receipts provide an alternative to directly purchasing the underlying foreign securities in their
respective national markets and currencies, investments in depositary receipts continue to be subject to many of the risks
associated with investing directly in foreign securities.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Fund may invest in companies located
or doing business in emerging market countries. An "emerging market" country is any country determined by the Adviser
to have an emerging market economy, considering factors such as the country's credit rating, its political and economic stability
and the development of its financial and capital markets. Typically, emerging markets are in countries that are in the process
of industrialization, with lower gross national products than more developed countries. Investments in emerging market securities
are considered speculative and subject to heightened risks in addition to the general risks of investing in non-U.S. securities.
Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and
economies that are less developed. In addition, emerging market securities may be subject to smaller market capitalization of
securities markets, which may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment;
and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to
register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation
or confiscatory taxation, seizure, nationalization or creation of government monopolies. Moreover, the currencies of emerging
market countries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent to investments
in these currencies by the Fund. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative
effects on the economies and securities markets of certain emerging market countries.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">MLPs are limited partnerships in which the ownership units are
publicly traded. MLP units are registered with the U.S. Securities and Exchange Commission (the "SEC") and are freely
traded on a securities exchange or in the over-the-counter market. MLPs often own several properties or businesses (or own interests)
that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent
that an MLP's interests are all in a particular industry, the MLP will be negatively impacted by economic events adversely impacting
that industry. The risks of investing in a MLP are generally those involved in investing in a partnership as opposed to a corporation,
such as limited control of management, limited voting rights and tax risks. MLPs may be subject to state taxation in certain jurisdictions,
which will have the effect of reducing the amount of income paid by the MLP to its investors.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">REITs are pooled investment vehicles
that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct
ownership of real estate, such as the following: (i) declines in property values; (ii) increases in property taxes, operating
expenses, rising interest rates or competition overbuilding; (iii) zoning changes; and (iv) losses from casualty or
condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in
REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs'
operating expenses, in addition to paying Fund expenses.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">ETFs are pooled investment vehicles, such as registered investment
companies and grantor trusts, whose shares are listed and traded on U.S. stock exchanges or otherwise traded in the over-the-counter
market. To the extent the Fund invests in other investment companies, such as ETFs, closed-end funds and mutual funds, the Fund
will be subject to substantially the same risks as those associated with the direct ownership of the securities held by such other
investment companies. As a shareholder of another investment company, the Fund relies on that investment company to achieve its
investment objective. If the investment company fails to achieve its objective, the value of the Fund's investment could decline,
which could adversely affect the Fund's performance. By investing in another investment company, Fund shareholders indirectly bear
the Fund's proportionate share of the fees and expenses of the other investment company, in addition to the fees and expenses that
Fund shareholders directly bear in connection with the Fund's own operations. The Fund does not intend to invest in other investment
companies unless the Adviser believes that the potential benefits of the investment justify the payment of any additional fees
or expenses. Federal securities laws impose limitations on the Fund's ability to invest in other investment companies.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Because closed-end funds and ETFs are listed on national stock
exchanges and are traded like stocks listed on an exchange, their shares may trade at a discount or premium. Investments in closed-end
funds and ETFs are also subject to brokerage and other trading costs, which could result in greater expenses to the Fund. In addition,
because the value of closed-end funds and ETF shares depends on the demand in the market, the Adviser may not be able to liquidate
the Fund's holdings at the most optimal time, which could adversely affect Fund performance.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">Because the Fund is new, investors in the Fund bear the risk that
the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may
fail to attract sufficient assets under management to realize economies of scale, any of which could result in the Fund being liquidated
at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such liquidation could have
negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Fund is new and therefore has no
performance history. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included
that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund's return based
on net assets and comparing the Fund's performance to a broad measure of market performance.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">This Example is intended to help you compare the cost of investing
in the Fund with the cost of investing in other mutual funds.</p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">The Example assumes that you invest $10,000 in the Fund for the
time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment
has a 5% return each year and that the Fund's operating expenses (including one year of capped expenses in each period) remain
the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p>
Contingent deferred sales charge (CDSC) on certain investments of $1,000,000 or more redeemed within 18 months of purchase.
"Other Operating Expenses," "Total Other Expenses," and "Acquired Fund Fees and Expenses" are based on estimated amounts for the current fiscal year.
Horizon Advisers (the "Adviser") has contractually agreed to reduce fees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses after Fee Reductions and/or Expense Reimbursements (excluding interest, taxes, Acquired Fund Fees and Expenses, brokerage commissions and extraordinary expenses (collectively, "excluded expenses")) from exceeding 0.90%, 1.15% and 1.90% of the Fund's average daily net assets of the Institutional Class, Class A and Class C Shares, respectively, until May 31, 2014. In addition, if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense caps, the Adviser may retain the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense caps to recover all or a portion of its prior fee reductions or expense reimbursements made during the preceding three-year period during which this Agreement was in place. This Agreement may be terminated: (i) by the Board, for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on May 31, 2014.
EX-101.SCH
4
aicii-20120926.xsd
0003 - Document - Document and Entity Information {Elements}
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EX-101.CAL
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aicii-20120926_cal.xml
EX-101.DEF
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aicii-20120926_def.xml
EX-101.LAB
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aicii-20120926_lab.xml
Hancock Horizon Diversified Income Fund
LegalEntity [Axis]
Institutional Class Shares
ProspectusShareClass [Axis]
Class A Shares
Class C Shares
Document And Entity Information Elements
Document Type
Document Period End Date
Registrant Name
Central Index Key
Amendment Flag
Amendment Description
Trading Symbol
Document Creation Date
Document Effective Date
Prospectus Date
Risk/Return [Heading]
Objective [Heading]
Objective, Primary [Text Block]
Objective, Secondary [Text Block]
Expense [Heading]
Expense Narrative [Text Block]
Shareholder Fees Caption [Text]
Shareholder Fees [Table]
Operating Expenses Caption [Text]
Annual Fund Operating Expenses [Table]
Expense Footnotes [Text Block]
Expenses Deferred Charges [Text Block]
Expenses Range of Exchange Fees [Text Block]
Expense Example [Heading]
Expense Example by Year [Heading]
Expense Example Narrative [Text Block]
Expense Example by, Year, Caption [Text]
Expense Example, With Redemption [Table]
Expense Example, No Redemption Narrative [Text Block]
Expense Example, No Redemption, By Year, Caption [Text]
Expense Example, No Redemption [Table]
Expense Example Footnotes [Text Block]
Expense Example Closing [Text Block]
Portfolio Turnover [Heading]
Portfolio Turnover [Text Block]
Strategy [Heading]
Strategy Narrative [Text Block]
Risk [Heading]
Risk Narrative [Text Block]
Risk Footnotes [Text Block]
Risk Closing [Text Block]
Bar Chart and Performance Table [Heading]
Performance Narrative [Text Block]
Bar Chart Narrative [Text Block]
Bar Chart [Heading]
Bar Chart [Table]
Bar Chart Footnotes [Text Block]
Bar Chart Closing [Text Block]
Performance Table Heading
Performance Table Narrative
Performance [Table]
Market Index Performance [Table]
Performance Table Footnotes
Performance Table Closing [Text Block]
Shareholder Fees Column [Text]
Maximum Cumulative Sales Charge (as a percentage of Offering Price)
Maximum Cumulative Sales Charge (as a percentage)
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)
Maximum Deferred Sales Charge (Load) (as a percentage of net asset value)
Maximum Deferred Sales Charge (as a percentage)
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions (as a percentage of offering price)
Redemption Fee (as a percentage of amount redeemed, if applicable)
Redemption Fee
Exchange Fees
Exchange Fee
Maximum Account Fee (as a percentage of Assets)
Maximum Account Fee
Shareholder Fee, Other
Operating Expenses Column [Text]
Management Fees
Distribution (12b-1) Fees
Distribution or Similar (Non 12b-1) Fees
Shareholder Servicing Fees
Other Operating Expenses
Component3 Other Expenses
Total Other Expenses
Acquired Fund Fees and Expenses
Total Annual Fund Operating Expenses
Less Fee Reductions and/or Expense Reimbursements
Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements
Expense Example, By Year, Column [Text]
1 YEAR
3 YEARS
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
Expense Example, No Redemption, By Year, Column [Text]
Expense Example, No Redemption, 1 Year
Expense Example, No Redemption, 3 Years
Expense Example, No Redemption, 5 Years
Expense Example, No Redemption, 10 Years
Annual Return Caption [Text]
Annual Return, Column [Text]
Annual Return, Inception Date
Annual Return 1990
Annual Return 1991
Annual Return 1992
Annual Return 1993
Annual Return 1994
Annual Return 1995
Annual Return 1996
Annual Return 1997
Annual Return 1998
Annual Return 1999
Annual Return 2000
Annual Return 2001
Annual Return 2002
Annual Return 2003
Annual Return 2004
Annual Return 2005
Annual Return 2006
Annual Return 2007
Annual Return 2008
Annual Return 2009
Annual Return 2010
Annual Return 2011
Annual Return 2012
Annual Return 2013
Annual Return 2014
Annual Return 2015
Annual Return 2016
Annual Return 2017
Annual Return 2018
Annual Return 2019
Annual Return 2020
Label
1 Year
5 Years
10 Years
Since Inception
Inception Date
Risk/Return Detail [Table]
Fee Waiver or Reimbursement over Assets, Date of Termination
Portfolio Turnover, Rate
Expense Breakpoint Discounts [Text]
Expense Breakpoint, Minimum Investment Required [Amount]
Expense Exchange Traded Fund Commissions [Text]
Expenses Represent Both Master and Feeder [Text]
Expenses Explanation of Nonrecurring Account Fee [Text]
Other Expenses, New Fund, Based on Estimates [Text]
Acquired Fund Fees and Expenses, Based on Estimates [Text]
Expenses Other Expenses Had Extraordinary Expenses Been Included [Text]
Expenses Restated to Reflect Current [Text]
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text]
Strategy Portfolio Concentration [Text]
Risk Lose Money [Text]
Risk Nondiversified Status [Text]
Risk Money Market Fund [Text]
Risk Not Insured Depository Institution [Text]
Risk Caption
Risk Column [Text]
Risk [Text]
Performance Information Illustrates Variability of Returns [Text]
Performance One Year or Less [Text]
Performance Additional Market Index [Text]
Performance Availability Phone [Text]
Performance Availability Website Address [Text]
Performance Past Does Not Indicate Future [Text]
Bar Chart Does Not Reflect Sales Loads [Text]
Bar Chart, Reason Selected Class Different from Immediately Preceding Period [Text]
Bar Chart, Returns for Class Not Offered in Prospectus [Text]
Year to Date Return, Label
Bar Chart, Year to Date Return, Date
Bar Chart, Year to Date Return
Highest Quarterly Return, Label
Highest Quarterly Return, Date
Highest Quarterly Return
Lowest Quarterly Return, Label
Lowest Quarterly Return, Date
Lowest Quarterly Return
Performance Table Does Reflect Sales Loads
Performance Table Market Index Changed
Index No Deduction for Fees, Expenses, Taxes [Text]
Performance Table Uses Highest Federal Rate
Performance Table Not Relevant to Tax Deferred
Performance Table One Class of after Tax Shown [Text]
Performance Table Explanation after Tax Higher
Performance Table Footnotes, Reason Performance Information for Class Different from Immediately Preceding Period [Text]
Caption
Column
Money Market Seven Day Yield, Caption [Text]
Money Market Seven Day Yield Column [Text]
Money Market Seven Day Yield Phone
Money Market Seven Day Yield
Money Market Seven Day Tax Equivalent Yield
Thirty Day Yield Caption
Thirty Day Yield Column [Text]
Thirty Day Yield Phone
Thirty Day Yield
Thirty Day Tax Equivalent Yield
Custom Element.
Custom Element.
Custom Element.
Custom Element.
EX-101.PRE
8
aicii-20120926_pre.xml
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