SPDR® Series Trust
One Lincoln Street
Boston, MA 02111
July 11, 2013
VIA EDGAR
U.S. Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549
Attention: Office of Filings, Information & Consumer Service
RE: | SPDR Series Trust (Registrant) |
File Nos.: 333-57793 and 811-08839
Dear Sir/Madam:
Pursuant to Rule 497 under the Securities Act of 1933, as amended, please find the XBRL-coded version of prospectus disclosure for the SPDR Russell 1000 Low Volatility ETF and the SPDR Russell 2000 Low Volatility ETF, each a series of the above-referenced Registrant. The attached XBRL-coded prospectus disclosure is based on the disclosure found in the Rule 497 filing for the Registrant on June 20, 2013 (Accession No. 0001193125-13-265957).
Any comments or questions with respect to this filing should be directed to my attention at (617) 662-3967.
Sincerely,
/s/ Mark E. Tuttle |
Mark E. Tuttle |
Assistant Secretary |
Exhibit Index
Exhibit No. |
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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 Taxonomy Extension Presentation Linkbase |
Label | Element | Value |
---|---|---|
Risk/Return: | rr_RiskReturnAbstract | |
Registrant Name | dei_EntityRegistrantName | SPDR SERIES TRUST |
Prospectus Date | rr_ProspectusDate | Jun. 20, 2013 |
Document Creation Date | dei_DocumentCreationDate | Jun. 20, 2013 |
SPDR Russell 2000 Low Volatility ETF | ||||||||||||||||||||||||
SPDR Russell 2000® Low Volatility ETF | ||||||||||||||||||||||||
INVESTMENT OBJECTIVE | ||||||||||||||||||||||||
The SPDR Russell 2000 Low Volatility ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of a small cap, low volatility index. | ||||||||||||||||||||||||
FEES AND EXPENSES OF THE FUND | ||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Shares”). “Acquired Fund Fees and Expenses” reflect the Fund’s pro rata share of the fees and expenses incurred indirectly through its ownership in other investment companies, such as business development companies (“BDCs”). BDC expenses are similar to the expenses paid by any operating company held by the Fund. They are not direct costs paid by the Fund shareholders and are not used to calculate the Fund’s net asset value. They have no impact on the costs associated with fund operations. This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund’s Shares. | ||||||||||||||||||||||||
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment): | ||||||||||||||||||||||||
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EXAMPLE: | ||||||||||||||||||||||||
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell 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 remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: | ||||||||||||||||||||||||
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PORTFOLIO TURNOVER: | ||||||||||||||||||||||||
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 annual fund operating expenses or in the example, affect the Fund’s performance. | ||||||||||||||||||||||||
THE FUND’S PRINCIPAL INVESTMENT STRATEGY | ||||||||||||||||||||||||
In seeking to track the performance of the Russell 2000® Low Volatility Index (the "Index"), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. SSgA Funds Management, Inc. ("SSgA FM" or the "Adviser"), the investment adviser to the Fund, generally expects the Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund's investment objective. Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser). The Index includes small cap U.S. equity securities, including BDCs, and is designed to deliver exposure to low volatility. Volatility is a measure of a security's variability in total returns based on its historic behavior. A low volatility index is considered to have a lower return variability than the overall market and can be used by investors to adjust volatility exposure in a portfolio. To construct the Index, the Index starts with the Russell 2000® Index, which measures the performance of the small cap segment of the U.S. equity universe. The Index selects securities generally to deliver focused exposure to low volatility securities, while minimizing exposure to non-target factors. The Index contains no more than 400 securities and is reconstituted monthly to maintain its focus on low volatility. Unlike more traditional equity market indexes which seek to track the performance of a specific segment of the equity market, the Index is intended to provide a specific factor exposure. The Index is sponsored by Frank Russell Company ("Russell" or the "Index Provider"). The Index Provider determines the composition and relative weightings of the securities in the Index and publishes information regarding the market value of the Index. As of January 31, 2013, there were approximately 165 securities in the Index. |
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PRINCIPAL RISKS OF INVESTING IN THE FUND | ||||||||||||||||||||||||
As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.PASSIVE STRATEGY/INDEX RISK: The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund's return to be lower than if the Fund employed an active strategy. INDEX TRACKING RISK: While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund. INDEX CONSTRUCTION RISK: A stock included in the Index may not exhibit the factor trait or provide specific factor exposure for which it was selected and consequently the Fund's holdings may not exhibit a lower return variability than the overall market. EQUITY INVESTING RISK: An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. SMALL CAP RISK: Small-sized companies may be more volatile and more likely than large- and mid-capitalization companies to have relatively limited product lines, markets or financial resources, or depend on a few key employees. Returns on investments in stocks of small companies could trail the returns on investments in stocks of larger companies. LOW VOLATILITY RISK: Although subject to the risks of common stocks, low volatility stocks are seen as having a lower risk profile than the overall markets. However, a portfolio comprised of low volatility stocks may not produce investment exposure that has lower variability to changes in such stocks' price levels. CONCENTRATION RISK: The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, which may change from period to period. The Fund's assets will generally be concentrated in an industry or group of industries to the extent that the Fund's underlying Index concentrates in a particular industry or group of industries. To the extent the Fund invests a substantial portion of its assets in one or more sectors, market or economic factors impacting those sectors could have a significant effect on the value of the Fund's investments. Additionally, the Fund's performance may be more volatile when the Fund's investments are less diversified across sectors. TURNOVER RISK: The Fund may have higher portfolio turnover than a fund that seeks to track a traditionally weighted index. A high rate of portfolio turnover could produce higher trading costs and taxable distributions, which would detract from the Fund's performance. NON-DIVERSIFICATION RISK: The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund's performance may be disproportionately impacted by the performance of relatively few securities. |
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FUND PERFORMANCE | ||||||||||||||||||||||||
The Fund has not yet completed a full calendar year of investment operations and therefore does not have any 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 returns based on net assets and comparing the Fund’s performance to the Index. |
Label | Element | Value | ||||||
---|---|---|---|---|---|---|---|---|
Risk/Return: | rr_RiskReturnAbstract | |||||||
Registrant Name | dei_EntityRegistrantName | SPDR SERIES TRUST | ||||||
Prospectus Date | rr_ProspectusDate | Jun. 20, 2013 | ||||||
SPDR Russell 2000 Low Volatility ETF
|
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Risk/Return: | rr_RiskReturnAbstract | |||||||
Risk/Return [Heading] | rr_RiskReturnHeading | SPDR Russell 2000® Low Volatility ETF | ||||||
Objective [Heading] | rr_ObjectiveHeading | INVESTMENT OBJECTIVE | ||||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The SPDR Russell 2000 Low Volatility ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of a small cap, low volatility index. | ||||||
Expense [Heading] | rr_ExpenseHeading | FEES AND EXPENSES OF THE FUND | ||||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Shares”). “Acquired Fund Fees and Expenses” reflect the Fund’s pro rata share of the fees and expenses incurred indirectly through its ownership in other investment companies, such as business development companies (“BDCs”). BDC expenses are similar to the expenses paid by any operating company held by the Fund. They are not direct costs paid by the Fund shareholders and are not used to calculate the Fund’s net asset value. They have no impact on the costs associated with fund operations. This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund’s Shares. | ||||||
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment): | ||||||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | PORTFOLIO TURNOVER: | ||||||
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | 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 annual fund operating expenses or in the example, affect the Fund’s performance. | ||||||
Expense Exchange Traded Fund Commissions [Text] | rr_ExpenseExchangeTradedFundCommissions | This table and the example below do not reflect brokerage commissions you may pay on purchases and sales of the Fund’s Shares. | ||||||
Other Expenses, New Fund, Based on Estimates [Text] | rr_OtherExpensesNewFundBasedOnEstimates | “Other Expenses” are based on estimated amounts for the current fiscal year. | ||||||
Expense Example [Heading] | rr_ExpenseExampleHeading | EXAMPLE: | ||||||
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell 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 remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: | ||||||
Strategy [Heading] | rr_StrategyHeading | THE FUND’S PRINCIPAL INVESTMENT STRATEGY | ||||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | In seeking to track the performance of the Russell 2000® Low Volatility Index (the "Index"), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. SSgA Funds Management, Inc. ("SSgA FM" or the "Adviser"), the investment adviser to the Fund, generally expects the Fund to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund's investment objective. Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index. The Fund will provide shareholders with at least 60 days notice prior to any material change in this 80% investment policy. In addition, the Fund may invest in equity securities that are not included in the Index, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by the Adviser). The Index includes small cap U.S. equity securities, including BDCs, and is designed to deliver exposure to low volatility. Volatility is a measure of a security's variability in total returns based on its historic behavior. A low volatility index is considered to have a lower return variability than the overall market and can be used by investors to adjust volatility exposure in a portfolio. To construct the Index, the Index starts with the Russell 2000® Index, which measures the performance of the small cap segment of the U.S. equity universe. The Index selects securities generally to deliver focused exposure to low volatility securities, while minimizing exposure to non-target factors. The Index contains no more than 400 securities and is reconstituted monthly to maintain its focus on low volatility. Unlike more traditional equity market indexes which seek to track the performance of a specific segment of the equity market, the Index is intended to provide a specific factor exposure. The Index is sponsored by Frank Russell Company ("Russell" or the "Index Provider"). The Index Provider determines the composition and relative weightings of the securities in the Index and publishes information regarding the market value of the Index. As of January 31, 2013, there were approximately 165 securities in the Index. |
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Risk [Heading] | rr_RiskHeading | PRINCIPAL RISKS OF INVESTING IN THE FUND | ||||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund.PASSIVE STRATEGY/INDEX RISK: The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund may hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Fund's return to be lower than if the Fund employed an active strategy. INDEX TRACKING RISK: While the Adviser seeks to track the performance of the Index as closely as possible (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match or achieve a high degree of correlation with the return of the Index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, the Adviser anticipates that it may take several business days for additions and deletions to the Index to be reflected in the portfolio composition of the Fund. INDEX CONSTRUCTION RISK: A stock included in the Index may not exhibit the factor trait or provide specific factor exposure for which it was selected and consequently the Fund's holdings may not exhibit a lower return variability than the overall market. EQUITY INVESTING RISK: An investment in the Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. SMALL CAP RISK: Small-sized companies may be more volatile and more likely than large- and mid-capitalization companies to have relatively limited product lines, markets or financial resources, or depend on a few key employees. Returns on investments in stocks of small companies could trail the returns on investments in stocks of larger companies. LOW VOLATILITY RISK: Although subject to the risks of common stocks, low volatility stocks are seen as having a lower risk profile than the overall markets. However, a portfolio comprised of low volatility stocks may not produce investment exposure that has lower variability to changes in such stocks' price levels. CONCENTRATION RISK: The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, which may change from period to period. The Fund's assets will generally be concentrated in an industry or group of industries to the extent that the Fund's underlying Index concentrates in a particular industry or group of industries. To the extent the Fund invests a substantial portion of its assets in one or more sectors, market or economic factors impacting those sectors could have a significant effect on the value of the Fund's investments. Additionally, the Fund's performance may be more volatile when the Fund's investments are less diversified across sectors. TURNOVER RISK: The Fund may have higher portfolio turnover than a fund that seeks to track a traditionally weighted index. A high rate of portfolio turnover could produce higher trading costs and taxable distributions, which would detract from the Fund's performance. NON-DIVERSIFICATION RISK: The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund's performance may be disproportionately impacted by the performance of relatively few securities. |
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Risk Lose Money [Text] | rr_RiskLoseMoney | As with all investments, there are certain risks of investing in the Fund, and you could lose money on an investment in the Fund. | ||||||
Risk Nondiversified Status [Text] | rr_RiskNondiversifiedStatus | NON-DIVERSIFICATION RISK: The Fund is non-diversified and may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Fund's performance may be disproportionately impacted by the performance of relatively few securities. |
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Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | FUND PERFORMANCE | ||||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The Fund has not yet completed a full calendar year of investment operations and therefore does not have any 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 returns based on net assets and comparing the Fund’s performance to the Index. | ||||||
Performance One Year or Less [Text] | rr_PerformanceOneYearOrLess | The Fund has not yet completed a full calendar year of investment operations and therefore does not have any performance history. | ||||||
SPDR Russell 2000 Low Volatility ETF | SPDR Russell 2000 Low Volatility ETF
|
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Risk/Return: | rr_RiskReturnAbstract | |||||||
MANAGEMENT FEES | rr_ManagementFeesOverAssets | 0.25% | ||||||
DISTRIBUTION AND SERVICE (12b-1) FEES | rr_DistributionAndService12b1FeesOverAssets | none | [1] | |||||
OTHER EXPENSES | rr_OtherExpensesOverAssets | none | [2] | |||||
ACQUIRED FUND FEES AND EXPENSES | rr_AcquiredFundFeesAndExpensesOverAssets | 0.13% | [3] | |||||
TOTAL ANNUAL FUND OPERATING EXPENSES | rr_ExpensesOverAssets | 0.38% | [2],[3] | |||||
YEAR 1 | rr_ExpenseExampleYear01 | $ 39 | ||||||
YEAR 3 | rr_ExpenseExampleYear03 | $ 122 | ||||||
|
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