November 21, 2018
VIA EDGAR
Securities and Exchange Commission
100 F Street, N.E.
Washington, DC 20549
Re: | ProShares Trust (the Trust) |
(File Nos. 333-89822 and 811-21114) |
Ladies and Gentlemen:
Transmitted herewith for filing on behalf of the Trust pursuant to Rule 497 under the Securities Act of 1933, as amended, are exhibits in interactive data format on XBRL, which contain the risk return summary information of the Supplement dated November 1, 2018 for ProShares Pet Care ETF as filed under Rule 497 on November 1, 2018 (SEC Accession No. 0001193125-18-315740).
Should you have any comments or questions, please do not hesitate to contact me at (240) 497-6400.
Very truly yours,
/s/ Cheryl Ardin
Associate Counsel
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Label | Element | Value |
---|---|---|
Risk/Return: | rr_RiskReturnAbstract | |
Document Type | dei_DocumentType | 497 |
Document Period End Date | dei_DocumentPeriodEndDate | Nov. 01, 2018 |
Registrant Name | dei_EntityRegistrantName | PROSHARES TRUST |
Central Index Key | dei_EntityCentralIndexKey | 0001174610 |
Amendment Flag | dei_AmendmentFlag | false |
Document Creation Date | dei_DocumentCreationDate | Nov. 01, 2018 |
Document Effective Date | dei_DocumentEffectiveDate | Nov. 01, 2018 |
Prospectus Date | rr_ProspectusDate | Nov. 01, 2018 |
Entity Inv Company Type | dei_EntityInvCompanyType | N-1A |
ProShares Pet Care ETF | ||||||||||||||
<b>PROSHARES PET CARE ETF</b> | ||||||||||||||
<b>Investment Objective </b> | ||||||||||||||
ProShares Pet Care ETF (the “Fund”) seeks investment results, before fees and expenses, that track the performance of the FactSet Pet Care Index (the “Index”). | ||||||||||||||
<b>Fees and Expenses of the Fund </b> | ||||||||||||||
The table below describes the fees and expenses that you may pay if you buy or hold shares of the Fund. | ||||||||||||||
<b>Annual Fund Operating Expenses</b><br/> (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||||||
| ||||||||||||||
<b>Example: </b> | ||||||||||||||
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. 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 each period. 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 approximate costs would be: | ||||||||||||||
| ||||||||||||||
The Fund pays transaction and financing costs associated with the purchase and sale of securities and derivatives. In addition, investors may pay brokerage commissions on their purchases and sales of the Fund’s shares. These costs are not reflected in the table or the example above. | ||||||||||||||
<b>Portfolio Turnover </b> | ||||||||||||||
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. The Fund has not yet commenced operations as of the date of this Prospectus. Thus, no portfolio turnover information is provided for this Fund. | ||||||||||||||
<b>Principal Investment Strategies </b> | ||||||||||||||
The Fund seeks to invest substantially all of its assets in the securities included in the Index. The Index consists of U.S. and non-U.S. companies that potentially stand to benefit from interest in, and resources spent on, pet ownership. The Fund intends to hold each security in approximately the same proportion as its weighting in the Index. The Index consists primarily of companies whose principal business is pet-care related (i.e., they derive significant revenue from pet care-related products or services), as determined in accordance with the Index methodology. The Index is owned and administered by FactSet Research Systems, Inc. (the “Index Provider”). In order to be included in the Index, a company must be included in at least one of eight FactSet® Revere Business Industry Classification System sub-industries (“RBICS sub-industries”). The eight RBICS sub-industries are Pet Food Manufacturing, Pet Supplies Manufacturing, Pet and Pet Supply Stores, Veterinary Pharmaceuticals, Veterinary Diagnostics, Veterinary Product Distributors, Veterinary Services, and Internet Pet and Supply Retail. The Index also may include companies whose principal business is pet care-related, but for which an appropriate RBICS sub-industry has not yet been created. For example, the Index may include insurance companies that provide coverage for pets. Pet insurance currently is not an RBICS sub-industry. The Index will include a minimum of 21 companies. In order to be included in the Index, a company’s shares must be listed for trading on a U.S. or non-U.S. stock exchange and must meet certain market capitalization, liquidity and other requirements. The Index classifies companies into one of two tiers based on revenue generated from pet care-related products or services. Companies generating 50% or more of their revenue from pet care-related products or services comprise Tier 1; companies generating $1 billion or greater in revenue from pet care-related products or services but less than 50% of their revenue from such products or services comprise Tier 2. 82.5% of the Index is allocated to Tier 1 companies and 17.5% of the Index to Tier 2 companies. The percentage weighting of companies in each Tier is based on their respective market capitalizations. Larger companies are more heavily weighted and the weighting of any single company is capped at 10% for Tier 1 and 4.5% for Tier 2. The percentage of the Index allocated to Tier 1 and Tier 2 (i.e., 82.5% and 17.5%), along with the percentage weighting and capped amount of each company within its respective Tier, is set at the annual index reconstitution and as of each monthly rebalance date. These percentages are allowed to fluctuate between monthly rebalance dates and may be higher or lower than the indicated amounts until they are reset at the next Index rebalance date. The Index is published under the Bloomberg ticker symbol “PETCARE.” The Fund invests in securities that ProShare Advisors believes, in combination, should track the performance of the Index. Under normal circumstances, the Fund will invest at least 80% of its total assets in component securities of the Index. The Fund will invest principally in the securities set forth below.
ProShare Advisors follows a passive approach to investing that is designed to track the performance of the Index. The Fund attempts to track the performance of the Index by investing all, or substantially all, of its assets in securities that make up the Index. The Fund may invest in only a representative sample of the securities in the Index and may overweight or underweight securities of the Index in relation to their composition in the Index, with the intent of obtaining exposure with aggregate characteristics similar to those of the Index. In managing the assets of the Fund, ProShare Advisors does not invest the assets of the Fund in securities based on ProShare Advisors’ view of the investment merit of a particular security or company, nor does it conduct conventional investment research or analysis. In addition, ProShare Advisors does not forecast market movement or trends. The Fund seeks to remain fully invested at all times in securities that provide exposure to the Index without regard to market conditions, trends or direction. The Fund will concentrate its investments in a particular industry or group of industries, country or region to approximately the same extent as the Index is so concentrated. As of September 30, 2018, the Index was concentrated in the pet care, health care and consumer staples industry groups and in Europe. Please see “Investment Objectives, Principal Investment Strategies and Related Risks” in the back of the Fund’s Full Prospectus for additional details. | ||||||||||||||
<b>Principal Risks </b> | ||||||||||||||
You could lose money by investing in the Fund.
| ||||||||||||||
<b>Investment Results </b> | ||||||||||||||
Performance history will be available for the Fund after it has been in operation for a full calendar year. After the Fund has a full calendar year of performance information, performance information will be shown on an annual basis. |
Label | Element | Value | ||
---|---|---|---|---|
Risk/Return: | rr_RiskReturnAbstract | |||
Registrant Name | dei_EntityRegistrantName | PROSHARES TRUST | ||
Prospectus Date | rr_ProspectusDate | Nov. 01, 2018 | ||
ProShares Pet Care ETF | ||||
Risk/Return: | rr_RiskReturnAbstract | |||
Risk/Return [Heading] | rr_RiskReturnHeading | <b>PROSHARES PET CARE ETF</b> | ||
Objective [Heading] | rr_ObjectiveHeading | <b>Investment Objective </b> | ||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | ProShares Pet Care ETF (the “Fund”) seeks investment results, before fees and expenses, that track the performance of the FactSet Pet Care Index (the “Index”). | ||
Expense [Heading] | rr_ExpenseHeading | <b>Fees and Expenses of the Fund </b> | ||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | The table below describes the fees and expenses that you may pay if you buy or hold shares of the Fund. | ||
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | <b>Annual Fund Operating Expenses</b><br/> (expenses that you pay each year as a percentage of the value of your investment) | ||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | <b>Portfolio Turnover </b> | ||
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 may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. The Fund has not yet commenced operations as of the date of this Prospectus. Thus, no portfolio turnover information is provided for this Fund. | ||
Expense Exchange Traded Fund Commissions [Text] | rr_ExpenseExchangeTradedFundCommissions | In addition, investors may pay brokerage commissions on their purchases and sales of the Fund’s shares. These costs are not reflected in the table or the example above. | ||
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 | <b>Example: </b> | ||
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 funds. 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 each period. 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 approximate costs would be: |
||
Expense Example Closing [Text Block] | rr_ExpenseExampleClosingTextBlock | The Fund pays transaction and financing costs associated with the purchase and sale of securities and derivatives. In addition, investors may pay brokerage commissions on their purchases and sales of the Fund’s shares. These costs are not reflected in the table or the example above. | ||
Strategy [Heading] | rr_StrategyHeading | <b>Principal Investment Strategies </b> | ||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund seeks to invest substantially all of its assets in the securities included in the Index. The Index consists of U.S. and non-U.S. companies that potentially stand to benefit from interest in, and resources spent on, pet ownership. The Fund intends to hold each security in approximately the same proportion as its weighting in the Index. The Index consists primarily of companies whose principal business is pet-care related (i.e., they derive significant revenue from pet care-related products or services), as determined in accordance with the Index methodology. The Index is owned and administered by FactSet Research Systems, Inc. (the “Index Provider”). In order to be included in the Index, a company must be included in at least one of eight FactSet® Revere Business Industry Classification System sub-industries (“RBICS sub-industries”). The eight RBICS sub-industries are Pet Food Manufacturing, Pet Supplies Manufacturing, Pet and Pet Supply Stores, Veterinary Pharmaceuticals, Veterinary Diagnostics, Veterinary Product Distributors, Veterinary Services, and Internet Pet and Supply Retail. The Index also may include companies whose principal business is pet care-related, but for which an appropriate RBICS sub-industry has not yet been created. For example, the Index may include insurance companies that provide coverage for pets. Pet insurance currently is not an RBICS sub-industry. The Index will include a minimum of 21 companies. In order to be included in the Index, a company’s shares must be listed for trading on a U.S. or non-U.S. stock exchange and must meet certain market capitalization, liquidity and other requirements. The Index classifies companies into one of two tiers based on revenue generated from pet care-related products or services. Companies generating 50% or more of their revenue from pet care-related products or services comprise Tier 1; companies generating $1 billion or greater in revenue from pet care-related products or services but less than 50% of their revenue from such products or services comprise Tier 2. 82.5% of the Index is allocated to Tier 1 companies and 17.5% of the Index to Tier 2 companies. The percentage weighting of companies in each Tier is based on their respective market capitalizations. Larger companies are more heavily weighted and the weighting of any single company is capped at 10% for Tier 1 and 4.5% for Tier 2. The percentage of the Index allocated to Tier 1 and Tier 2 (i.e., 82.5% and 17.5%), along with the percentage weighting and capped amount of each company within its respective Tier, is set at the annual index reconstitution and as of each monthly rebalance date. These percentages are allowed to fluctuate between monthly rebalance dates and may be higher or lower than the indicated amounts until they are reset at the next Index rebalance date. The Index is published under the Bloomberg ticker symbol “PETCARE.” The Fund invests in securities that ProShare Advisors believes, in combination, should track the performance of the Index. Under normal circumstances, the Fund will invest at least 80% of its total assets in component securities of the Index. The Fund will invest principally in the securities set forth below.
ProShare Advisors follows a passive approach to investing that is designed to track the performance of the Index. The Fund attempts to track the performance of the Index by investing all, or substantially all, of its assets in securities that make up the Index. The Fund may invest in only a representative sample of the securities in the Index and may overweight or underweight securities of the Index in relation to their composition in the Index, with the intent of obtaining exposure with aggregate characteristics similar to those of the Index. In managing the assets of the Fund, ProShare Advisors does not invest the assets of the Fund in securities based on ProShare Advisors’ view of the investment merit of a particular security or company, nor does it conduct conventional investment research or analysis. In addition, ProShare Advisors does not forecast market movement or trends. The Fund seeks to remain fully invested at all times in securities that provide exposure to the Index without regard to market conditions, trends or direction. The Fund will concentrate its investments in a particular industry or group of industries, country or region to approximately the same extent as the Index is so concentrated. As of September 30, 2018, the Index was concentrated in the pet care, health care and consumer staples industry groups and in Europe. Please see “Investment Objectives, Principal Investment Strategies and Related Risks” in the back of the Fund’s Full Prospectus for additional details. |
||
Strategy Portfolio Concentration [Text] | rr_StrategyPortfolioConcentration | The Fund will concentrate its investments in a particular industry or group of industries, country or region to approximately the same extent as the Index is so concentrated. As of September 30, 2018, the Index was concentrated in the pet care, health care and consumer staples industry groups and in Europe. | ||
Risk [Heading] | rr_RiskHeading | <b>Principal Risks </b> | ||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | You could lose money by investing in the Fund.
|
||
Risk Lose Money [Text] | rr_RiskLoseMoney | <b>You could lose money by investing in the Fund.</b> | ||
Risk Nondiversified Status [Text] | rr_RiskNondiversifiedStatus | <ul type="square"><li> <b>Non-Diversification Risk</b> — The Fund is classified as “non-diversified” under the Investment Company Act of 1940 (“1940 Act”), and has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers susceptible to a single economic, political or regulatory event. This may increase the Fund’s volatility and cause performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance. This risk may be particularly acute if the Index is comprised of a small number of securities. Notwithstanding the Fund’s status as a “non-diversified” investment company under the 1940 Act, the Fund intends to qualify as a “regulated investment company” (“RIC”) accorded special tax treatment under the Internal Revenue Code, which imposes its own diversification requirements that are less restrictive than the requirements applicable to “diversified” investment companies under the 1940 Act. </li></ul> | ||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | <b>Investment Results </b> | ||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | Performance history will be available for the Fund after it has been in operation for a full calendar year. After the Fund has a full calendar year of performance information, performance information will be shown on an annual basis. | ||
Performance One Year or Less [Text] | rr_PerformanceOneYearOrLess | After the Fund has a full calendar year of performance information, performance information will be shown on an annual basis. | ||
ProShares Pet Care ETF | ProShares Pet Care ETF | ||||
Risk/Return: | rr_RiskReturnAbstract | |||
Management Fees | rr_ManagementFeesOverAssets | 0.50% | ||
Other Expenses | rr_OtherExpensesOverAssets | none | [1] | |
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 0.50% | ||
1 Year | rr_ExpenseExampleYear01 | $ 51 | ||
3 Years | rr_ExpenseExampleYear03 | $ 160 | ||
|
Label | Element | Value |
---|---|---|
Risk/Return: | rr_RiskReturnAbstract | |
Registrant Name | dei_EntityRegistrantName | PROSHARES TRUST |
Prospectus Date | rr_ProspectusDate | Nov. 01, 2018 |
Document Creation Date | dei_DocumentCreationDate | Nov. 01, 2018 |
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