(a)
|
[Insert full text of semi-annual report here]
|
|
|
Total Return
|
Annualized Return
|
||||
Inception
|
Quarter
|
YTD
|
1 Year
|
Since Inception
|
|
Palm Valley Capital Fund
|
4/30/19
|
1.16%
|
4.79%
|
11.84%
|
11.50%
|
S&P SmallCap 600 Index
|
4.51%
|
23.56%
|
67.40%
|
18.94%
|
|
Morningstar Small Cap Index
|
4.23%
|
16.34%
|
57.79%
|
17.77%
|
Top 10 Holdings (6/30/21)
|
% Assets
|
Sprott Physical Silver Trust
|
3.56%
|
Crawford & Company (A & B)
|
3.42%
|
Cabot Oil & Gas
|
2.11%
|
Amdocs
|
2.05%
|
Osisko Gold Royalties
|
1.59%
|
Sprott Physical Gold Trust
|
1.50%
|
Natural Gas Services
|
1.48%
|
WH Group ADR
|
1.03%
|
SSR Mining
|
1.02%
|
Vidler Water Resources
|
0.81%
|
We received a few inquiries about the high turnover rate published in the Fund’s latest prospectus. Per regulatory requirements, turnover is calculated as the lesser
of purchases or sales against the average value of long-term positions, excluding cash. The turnover shown is not the turnover of the portfolio, which for us is mostly cash right now. In an extreme example, a portfolio that bought and sold
one 1% position over a year and had no other investments would show 100% turnover even though 99% of the portfolio was in cash equivalents. Moreover, the Palm Valley Capital Fund experienced inflows that were weighted toward the end of
2020. Our purchase and sales activity later in the year reflected higher dollar amounts compared to the average value of the Fund throughout the year, which also inflated our disclosed turnover rate. Despite the potentially confusing nature
of the statistic, the Fund’s equity turnover was elevated in 2020. We embrace it! We sell holdings when they reach our fair value estimates. The small cap market moved a lot in both directions last year, providing us opportunities to
deploy capital and monetize gains. In volatile markets like 2020, our turnover is probably going to be high.
|
||
Annualized Net
|
Beginning
|
Ending
|
Expenses Paid
|
|
Expense Ratio
|
Account Value
|
Account Value
|
During Period(1)
|
|
(6/30/2021)
|
(1/1/2021)
|
(6/30/2021)
|
(1/1/2021 to 6/30/2021)
|
|
Investor Class
|
||||
Actual(2)
|
1.25%
|
$1,000.00
|
$1,047.90
|
$6.35
|
Hypothetical
|
||||
(5% annual return before expenses)
|
1.25%
|
$1,000.00
|
$1,018.60
|
$6.26
|
(1)
|
Expense are equal to the Fund’s annualized expense ratio for the period multiplied by the average account value over the period, multiplied by 181/365 to reflect its six-month period.
|
(2)
|
Based on the actual returns for the period from January 1, 2021 through June 30, 2021, of 4.79% for Investor Class.
|
Sprott Physical Silver Trust
|
3.54%
|
||
Crawford & Company, Class A & B
|
3.40%
|
||
Cabot Oil & Gas Corp.
|
2.10%
|
||
Amdocs, Ltd.
|
2.04%
|
||
Osisko Gold Royalties, Ltd.
|
1.58%
|
||
Sprott Physical Gold Trust
|
1.49%
|
||
Natural Gas Services Group, Inc.
|
1.48%
|
||
WH Group Ltd.
|
1.03%
|
||
SSR Mining, Inc.
|
1.02%
|
||
Vidler Water Resources, Inc.
|
0.80%
|
(1)
|
Fund Holdings and Sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
|
Shares
|
Value
|
|||||||
COMMON STOCKS – 18.53%
|
||||||||
Agencies, Brokerages, and
|
||||||||
Other Insurance Related Activities – 3.40%
|
||||||||
Crawford & Company, Class A
|
105,905
|
$
|
960,558
|
|||||
Crawford & Company, Class B
|
52,723
|
453,418
|
||||||
1,413,976
|
||||||||
Agriculture, Construction, and Mining Machinery – 0.05%
|
||||||||
Gencor Industries, Inc. (a)
|
1,665
|
20,246
|
||||||
Computer Systems Design Services and Related Services – 2.04%
|
||||||||
Amdocs Ltd.
|
10,976
|
849,103
|
||||||
Food-Meat Products – 1.03%
|
||||||||
WH Group Ltd. – ADR
|
23,751
|
427,043
|
||||||
Metal Ore Mining – 1.58%
|
||||||||
Osisko Gold Royalties Ltd. (b)
|
48,101
|
658,984
|
||||||
Oil and Gas Extraction – 2.10%
|
||||||||
Cabot Oil & Gas Corp.
|
49,983
|
872,703
|
||||||
Securities and Commodities Contracts Intermediary – 5.02%
|
||||||||
Sprott Physical Gold Trust (a)(b)
|
44,094
|
618,639
|
||||||
Sprott Physical Silver Trust (a)(b)
|
158,488
|
1,470,768
|
||||||
2,089,407
|
||||||||
Support Activities for Metal Mining – 1.02%
|
||||||||
SSR Mining, Inc. (b)
|
27,099
|
422,474
|
||||||
Support Activities for Oil & Gas Operations – 1.48%
|
||||||||
Natural Gas Services Group, Inc. (a)(b)
|
59,728
|
614,004
|
||||||
Water Sewage and Other Systems – 0.81%
|
||||||||
Vidler Water Resources, Inc. (a)
|
25,209
|
335,280
|
||||||
Total Common Stocks
|
||||||||
(Cost $6,584,008)
|
7,703,220
|
Shares
|
Value
|
|||||||
SHORT TERM INVESTMENTS – 81.25%
|
||||||||
Money Market Fund – 81.25%
|
||||||||
First American Treasury Obligations Fund, Class X 0.01% (c)(d)
|
33,784,593
|
$
|
33,784,593
|
|||||
Total Short Term Investments
|
||||||||
(Cost $33,784,593)
|
33,784,593
|
|||||||
Total Investments
|
||||||||
(Cost $40,368,601) – 99.78%
|
41,487,813
|
|||||||
Other Assets In Excess of Liabilities – 0.22%
|
91,225
|
|||||||
Total Net Assets – 100.00%
|
$
|
41,579,038
|
(a)
|
Non-income producing security.
|
(b)
|
Foreign security.
|
(c)
|
The rate quoted is the annualized seven-day effective yield as of June 30, 2021.
|
(d)
|
Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including financial statements, is available from the SEC’s EDGAR database at www.sec.gov.
|
ASSETS:
|
||||
Investments, at value (Cost $40,368,601)
|
$
|
41,487,813
|
||
Receivable for Fund shares sold
|
512,984
|
|||
Dividends and interest receivable
|
13,541
|
|||
Prepaid expenses and other receivables
|
23,401
|
|||
Total assets
|
42,037,739
|
|||
LIABILITIES:
|
||||
Payable for Fund shares redeemed
|
266,064
|
|||
Payable for investments purchased
|
140,296
|
|||
Payable for fund administration and fund accounting fees
|
14,765
|
|||
Payable to Advisor
|
10,590
|
|||
Payable for audit fees
|
8,918
|
|||
Distribution fees payable
|
8,153
|
|||
Payable for transfer agent fees and expenses
|
3,002
|
|||
Payable for compliance fees
|
1,983
|
|||
Payable for custodian fees
|
1,967
|
|||
Accrued expenses and other liabilities
|
2,963
|
|||
Total liabilities
|
458,701
|
|||
NET ASSETS
|
$
|
41,579,038
|
||
NET ASSETS CONSIST OF:
|
||||
Paid-in capital
|
$
|
38,885,867
|
||
Total distributable earnings
|
2,693,171
|
|||
Total net assets
|
$
|
41,579,038
|
||
Investor Class
|
||||
Shares
|
||||
Net assets
|
$
|
41,579,038
|
||
Shares issued and outstanding(1)
|
3,397,511
|
|||
Net asset value, offering, and redemption price per share(2)
|
$
|
12.24
|
(1)
|
Unlimited shares authorized without par value.
|
(2)
|
A redemption fee of 1.00% may be charged on shares redeemed within 30 days of purchase.
|
INVESTMENT INCOME:
|
||||
Dividend income (net of foreign withholding taxes of $850)
|
$
|
51,749
|
||
Interest
|
5,273
|
|||
Total investment income
|
57,022
|
|||
EXPENSES:
|
||||
Investment advisory fees (See Note 3)
|
155,589
|
|||
Fund administration and accounting fees (See Note 3)
|
50,008
|
|||
Distribution fees (See Note 5)
|
43,219
|
|||
Transfer agent fees (See Note 3)
|
18,615
|
|||
Federal and state registration fees
|
14,773
|
|||
Legal fees
|
11,797
|
|||
Audit fees
|
8,918
|
|||
Trustees’ fees (See Note 3)
|
6,465
|
|||
Compliance fees (See Note 3)
|
6,058
|
|||
Custodian fees (See Note 3)
|
4,980
|
|||
Sub-transfer agent fees
|
3,673
|
|||
Reports to shareholders
|
3,578
|
|||
Other
|
1,902
|
|||
Total expense before reimbursement
|
329,575
|
|||
Less: Expense reimbursement by Adviser (See note 3)
|
(113,480
|
)
|
||
Net expenses
|
216,095
|
|||
NET INVESTMENT LOSS
|
(159,073
|
)
|
||
REALIZED AND CHANGE IN UNREALIZED GAIN (LOSS) ON INVESTMENTS:
|
||||
Net realized gain (loss) on:
|
||||
Investments
|
1,302,691
|
|||
Foreign currency transactions
|
(10
|
)
|
||
Net realized gain (loss)
|
1,302,681
|
|||
Net change in unrealized appreciation (depreciation) on investments
|
||||
Investments
|
248,644
|
|||
Foreign currency translation
|
(10
|
)
|
||
Net change in unrealized appreciation (depreciation)
|
248,634
|
|||
Net realized and change in unrealized gain on investments
|
1,551,315
|
|||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$
|
1,392,242
|
For the
|
||||||||
Six Months Ended
|
For the
|
|||||||
June 30, 2021
|
Year Ended
|
|||||||
(Unaudited)
|
December 31, 2020
|
|||||||
OPERATIONS:
|
||||||||
Net investment loss
|
$
|
(159,073
|
)
|
$
|
(57,958
|
)
|
||
Net realized gain on investments
|
1,302,681
|
1,133,849
|
||||||
Change in unrealized appreciation on investments
|
248,634
|
851,939
|
||||||
Net increase in net assets resulting from operations
|
1,392,242
|
1,927,830
|
||||||
DISTRIBUTIONS TO SHAREHOLDERS:
|
||||||||
From distributable earnings
|
—
|
(644,269
|
)
|
|||||
CAPITAL SHARE TRANSACTIONS:
|
||||||||
Net increase in net assets resulting from capital share transactions(1)
|
15,584,236
|
18,667,229
|
||||||
NET INCREASE IN NET ASSETS
|
16,976,478
|
19,950,790
|
||||||
NET ASSETS:
|
||||||||
Beginning of period
|
24,602,560
|
4,651,770
|
||||||
End of period
|
$
|
41,579,038
|
$
|
24,602,560
|
(1)
|
A summary of capital shares is as follows:
|
For the Six Months Ended
|
||||||||||||||||
June 30, 2021
|
For the Period Ended
|
|||||||||||||||
(Unaudited)
|
December 31, 2020
|
|||||||||||||||
SHARE TRANSACTIONS:
|
||||||||||||||||
Investor Class
|
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||||
Issued
|
1,663,898
|
$
|
20,084,073
|
1,708,775
|
$
|
19,346,177
|
||||||||||
Issued to holders in
|
||||||||||||||||
reinvestment of dividends
|
—
|
—
|
51,922
|
606,446
|
||||||||||||
Redeemed
|
(372,012
|
)
|
(4,502,630
|
)
|
(117,180
|
)
|
(1,285,911
|
)
|
||||||||
Redemption fees
|
—
|
2,793
|
—
|
517
|
||||||||||||
Net increase in shares outstanding
|
1,291,886
|
$
|
15,584,236
|
1,643,517
|
$
|
18,667,229
|
For the
|
||||||||||||
Six Months Ended
|
For the
|
For the
|
||||||||||
June 30, 2021
|
Year Ended
|
Year Ended
|
||||||||||
(Unaudited)
|
December 31, 2020
|
December 31, 2019(1)
|
||||||||||
Investor Class
|
||||||||||||
PER SHARE DATA(2):
|
||||||||||||
Net asset value, beginning of period
|
$
|
11.68
|
$
|
10.07
|
$
|
10.00
|
||||||
INVESTMENT OPERATIONS:
|
||||||||||||
Net investment income (loss)(3)
|
(0.05
|
)
|
(0.06
|
)
|
0.05
|
|||||||
Net realized and unrealized gain on investments
|
0.61
|
1.99
|
0.09
|
|||||||||
Total from investment operations
|
0.56
|
1.93
|
0.14
|
|||||||||
LESS DISTRIBUTIONS FROM:
|
||||||||||||
Net investment income
|
—
|
—
|
(0.04
|
)
|
||||||||
Net realized gains
|
—
|
(0.32
|
)
|
(0.03
|
)
|
|||||||
Total distributions
|
—
|
(0.32
|
)
|
(0.07
|
)
|
|||||||
Redemption fees
|
0.00
|
(4)
|
0.00
|
(4)
|
0.00
|
(4)
|
||||||
Net asset value, end of period
|
$
|
12.24
|
$
|
11.68
|
$
|
10.07
|
||||||
TOTAL RETURN(5)
|
4.79
|
%
|
19.12
|
%
|
1.42
|
%
|
||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||
Net assets, end of period (in thousands)
|
$
|
41,579
|
$
|
24,603
|
$
|
4,652
|
||||||
Ratio of gross expenses to average net assets:
|
||||||||||||
Before expense reimbursement(6)
|
1.91
|
%
|
3.38
|
%
|
7.25
|
%
|
||||||
After expense reimbursement(6)
|
1.25
|
%
|
1.25
|
%
|
1.25
|
%
|
||||||
Ratio of net investment income (loss)
|
||||||||||||
to average net assets(6)
|
(0.92
|
)%
|
(0.51
|
)%
|
0.79
|
%
|
||||||
Portfolio turnover rate(5)(7)
|
66
|
%
|
196
|
%
|
128
|
%
|
(1)
|
Inception date of the Fund was May 1, 2019.
|
(2)
|
For an Investor share outstanding for the period.
|
(3)
|
Calculated based on average shares outstanding during the period.
|
(4)
|
Amount per share is less than $0.005.
|
(5)
|
Not annualized for periods less than one year.
|
(6)
|
Annualized for periods less than one year.
|
(7)
|
The portfolio turnover disclosed is for the Fund as a whole. The numerator for the portfolio turnover rate includes the lesser of purchases or sales (excluding short-term investments). The denominator includes
the average fair value of long term positions throughout the period.
|
Level 1 –
|
Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
|
Level 2 –
|
Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument
on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
|
Level 3 –
|
Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in
valuing the asset or liability, and would be based on the best information available.
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets
|
||||||||||||||||
Common Stocks(1)
|
$
|
7,703,220
|
$
|
—
|
$
|
—
|
$
|
7,703,220
|
||||||||
Short-Term Investments
|
33,784,593
|
—
|
—
|
33,784,593
|
||||||||||||
$
|
41,487,813
|
$
|
—
|
$
|
—
|
$
|
41,487,813
|
(1)
|
Please refer to the Schedule of Investments to view Common Stocks segregated by industry type.
|
Expiration
|
Amount
|
|
January 2023 – December 2024
|
$113,480
|
|
January 2022 – December 2023
|
$241,983
|
|
July 2021 – December 2022
|
$ 93,868
|
Tax cost of Investments*
|
$
|
23,700,432
|
|||
Gross unrealized appreciation
|
$
|
938,261
|
|||
Gross unrealized depreciation
|
(148,616
|
)
|
|||
Net unrealized appreciation
|
789,645
|
||||
Undistributed ordinary income
|
511,274
|
||||
Undistributed long-term capital gains
|
—
|
||||
Other accumulated gains/(losses)
|
11
|
||||
Total distributable earnings
|
$
|
1,300,930
|
Ordinary
|
Long-Term
|
|||
Income*
|
Capital Gain
|
Total
|
||
2020
|
$644,269
|
$ —
|
$644,269
|
Purchases
|
Sales
|
||
U.S. Government
|
$ —
|
$ —
|
|
Other
|
5,402,768
|
4,540,684
|
•
|
Information we receive about you on applications or other forms;
|
|
•
|
Information you give us orally; and/or
|
|
•
|
Information about your transactions with us or others
|
(b)
|
Not applicable.
|
(a)
|
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
|
(b)
|
Not applicable
|
(a)
|
The Registrant’s President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing
of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are
effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service
provider.
|
(b)
|
There were no significant changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has
materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.
|
(a)
|
(1) Any code of ethics or amendment thereto, that is subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an
exhibit. Not applicable for semi-annual reports.
|
1.
|
I have reviewed this report on Form N-CSR of Series Portfolios Trust;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if
the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over
financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the
filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and
report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: September 2, 2021
|
/s/ Ryan Roell
Ryan Roell
President
|
1.
|
I have reviewed this report on Form N-CSR of Series Portfolios Trust;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if
the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over
financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the
filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and
report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: September 2, 2021
|
/s/ Cullen Small
Cullen Small
Treasurer |
/s/ Ryan Roell
Ryan Roell
President, Series Portfolios Trust
|
/s/ Cullen Small
Cullen Small
Treasurer, Series Portfolios Trust
|
Dated: September 2, 2021
|
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