REGISTRATION NO. 33-87498
811-08910
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 x
PRE-EFFECTIVE AMENDMENT NO. o
POST-EFFECTIVE AMENDMENT NO. 50 x
AND/OR
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 o
AMENDMENT NO. 52 x
(CHECK APPROPRIATE BOX OR BOXES.)
MILES FUNDS, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
1415 28TH STREET, SUITE 200
WEST DES MOINES, IOWA 50266
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANTS TELEPHONE NUMBER, INCLUDING AREA CODE: (515) 244-5426
GREGORY D. BOAL, PRESIDENT
MILES FUNDS, INC.
1415 28TH STREET, SUITE 200
WEST DES MOINES, IOWA 50266
(NAME AND ADDRESS OF AGENT FOR SERVICE)
COPIES OF ALL COMMUNICATIONS TO:
GWENETH K. GOSSELINK |
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JOHN C. MILES, ESQ. |
MILES FUNDS, INC. |
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CLINE, WILLIAMS, WRIGHT, JOHNSON & |
1415 28TH STREET, SUITE 200 |
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OLDFATHER, LLP |
WEST DES MOINES, IOWA 50266 |
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1900 U.S. BANKING, 233 S. 13TH STREET |
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LINCOLN, NEBRASKA 68508 |
IT IS PROPOSED THAT THIS FILING WILL BECOME EFFECTIVE ON AUGUST 2, 2018 PURSUANT TO PARAGRAPH (b) OF RULE 485 UNDER THE SECURITIES ACT OF 1933.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, and the Investment Company Act of 1940, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of West Des Moines, State of Iowa, on the 2nd day of August, 2018. The Registrant certifies that this amendment meets all the requirements for effectiveness under paragraph (b) of Rule 485.
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MILES FUNDS, INC. |
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By |
/s/ Gregory D. Boal |
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Gregory D. Boal, President |
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Pursuant to the requirements of the Securities Act of 1933, the following persons in the capacities indicated on the date indicated above have signed this Registration Statement.
SIGNATURE |
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TITLE |
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/s/Gregory D. Boal, |
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President (Chief Executive Officer) |
Gregory D. Boal |
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/s/ Amy Mitchell, |
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Treasurer (Chief Financial Officer) |
Amy Mitchell |
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/s/* |
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Director |
Debra L. Johnson |
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/s/* |
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Director |
Steven Zumbach |
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/s/* |
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Director |
David W. Miles |
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* By: |
/s/ Gweneth K. Gosselink |
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Gweneth K. Gosselink, pursuant to a power of attorney dated July 29, 2016, incorporated by reference as included with Post Effective Amendment No. 46, filed July 29, 2016.
Miles Funds, Inc.
Post-Effective Amendment No. 49
This Post-Effective Amendment is filed for the sole purpose of submitting the XBRL Interactive Data File exhibits for the Risk/Return Summaries of the above-named Fund filed as part of Post-Effective Amendment No. 50 on August 2, 2018. The exhibits filed herewith do not constitute the complete publicly filed disclosure for the Fund, and should be used in conjunction with the complete prospectuses for the Fund.
Exhibit List for Interactive Data File Submissions.
Document and Entity Information |
Total |
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Prospectus: | |
Document Type | 485BPOS |
Document Period End Date | Mar. 31, 2018 |
Registrant Name | MILES FUNDS, INC. |
Central Index Key | 0000934348 |
Amendment Flag | false |
Document Creation Date | Jul. 27, 2018 |
Document Effective Date | Jul. 27, 2018 |
Prospectus Date | Jul. 27, 2018 |
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Miles Funds, Inc. Institutional Money Market Fund | ||||||||||||||||
Miles Funds, Inc. Institutional Money Market Fund | ||||||||||||||||
OBJECTIVE OF THE FUND | ||||||||||||||||
The investment objectives of the Fund are safety of principal and liquidity, and to the extent consistent with these objectives, maximum current income. The Fund is a “government money market fund” that seeks to maintain a stable net asset value of $1.00 per share. The Fund accepts investments from all types of institutional investors, including governmental, not-for profit, and for-profit organizations (“Institutional Investors’) except any “Eligible Public Agency” of the Iowa Public Agency Investment Trust (“IPAIT”) as that term is defined in the Declaration of Trust of IPAIT. Eligible Public Agency shall mean a City, City Utility, or County which is a member in good standing in the applicable Association (i.e., the Iowa League of Cities, the Iowa Association of Municipal Utilities, or the Iowa State Association of Counties) judicial district departments of correctional services; or such other public agency or political subdivision as may be approved by the IPAIT Trustees. | ||||||||||||||||
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. | ||||||||||||||||
Shareholder Transaction Expenses (Fees paid directly from your investment) NONE | ||||||||||||||||
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage value of your investment) | ||||||||||||||||
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Expense Example | ||||||||||||||||
The Expense Example below is provided to help you compare the cost of investing in the Fund with the cost of investing in other money market funds. The Expense Example assumes that you invest $10,000 in the Fund for the periods indicated. As you pay no redemption fees or charges if you redeem your shares, the costs are the same if you do or do not redeem your shares at the end of the period. The Expense Example also assumes that your investment has a 5 percent return each year and that the Fund’s total operating expenses (not accounting for the voluntary waivers and fee reimbursements) stay the same. Your actual costs may be higher or lower, but based on these assumptions your costs would be: | ||||||||||||||||
Expense Examples | ||||||||||||||||
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Principal Investment Strategies | ||||||||||||||||
The Fund pursues its objectives by investing at least 99.5% of its total assets in cash, U.S. Treasury securities and other government securities guaranteed or issued by an agency or instrumentality of the U.S. government, and repurchase agreements that are fully collateralized by cash or government securities. In buying and selling securities for the Fund, the Adviser complies with industry-standard regulatory requirements for money market funds regarding the quality, maturity, and diversification of the Fund’s investments. The Adviser stresses maintaining a Stable $1.00 share price, liquidity and income. | ||||||||||||||||
Principal Risks | ||||||||||||||||
You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund does not intend to impose a fee upon sale of your shares or temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors, but reserves the right to change this policy, subject to providing advance notice of any such change. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the FDIC or any other government agency. The Adviser has no legal obligation to provide financial support to the Fund, and you should not expect that the Adviser will provide financial support to the Fund at any time. In addition, the Fund is subject to the following risks. Interest Rate Risk. Prices of fixed income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed income securities fall. Interest rate changes have a greater effect on the price of fixed income securities with longer maturities. Credit Risk. Credit risk is the possibility that an issuer or counterparty will default on a security or repurchase agreement by failing to pay interest or principal when due. If an issuer defaults, the Fund may lose money. Lower credit ratings correspond to higher credit risk. Government Obligations Risk. No assurance can be given that the U.S. government will provide financial support to U.S. government-sponsored agencies or instrumentalities where it is not obligated to do so by law (such as Fannie Mae and Freddie Mac). As a result, there is risk that these entities will default on a financial obligation. General Market Risk. The prices of, and the income generated by, the securities held by the Fund may decline, sometimes rapidly or unpredictably, due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; government or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations. Liquidity Risk. Liquidity risk refers to the possibility that the Trading market for a particular type of security becomes less liquid or the Fund may not be able to sell or buy a security or close out an investment contract at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. Infrequent trading of securities also may lead to an increase in their price volatility. Additionally, significant redemptions by large investors in the Fund could have a material adverse effect on the Fund’s other shareholders and the net asset value could be affected by forced selling during periods of high redemption pressures and/or illiquid markets. Transactions Risk. The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value. Repurchase Agreement Risk. There is a risk that the counter-party to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result. Management Risk. The Adviser’s judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s managers will produce the desired results. Call Risk. If the securities in which the Fund invests are redeemed by the issuer before maturity (or “called”), the Fund may have to reinvest the proceeds in securities that pay a lower interest rate, which may decrease the Fund’s yield. This will most likely happen when interest rates are declining. | ||||||||||||||||
Performance | ||||||||||||||||
Calendar Year Chart | ||||||||||||||||
The Fund commenced operations on March 7, 2005. The total return for the quarter ended June 30, 2018 was 0.37 percent. During the period shown in the bar chart, the highest return for a quarter was 1.26 percent (quarter ending 6/30/07) and the lowest return for a quarter was 0.002 percent (quarter ending 3/31/14). | ||||||||||||||||
Average Annual Total Return as of 12/31/17 | ||||||||||||||||
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To obtain current yield information for the Fund, please call 866-720-2995. |
Label | Element | Value | ||
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Miles Funds, Inc. Institutional Money Market Fund | ||||
Risk/Return: | rr_RiskReturnAbstract | |||
Risk/Return [Heading] | rr_RiskReturnHeading | Miles Funds, Inc. Institutional Money Market Fund | ||
Objective [Heading] | rr_ObjectiveHeading | OBJECTIVE OF THE FUND | ||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The investment objectives of the Fund are safety of principal and liquidity, and to the extent consistent with these objectives, maximum current income. The Fund is a “government money market fund” that seeks to maintain a stable net asset value of $1.00 per share. The Fund accepts investments from all types of institutional investors, including governmental, not-for profit, and for-profit organizations (“Institutional Investors’) except any “Eligible Public Agency” of the Iowa Public Agency Investment Trust (“IPAIT”) as that term is defined in the Declaration of Trust of IPAIT. Eligible Public Agency shall mean a City, City Utility, or County which is a member in good standing in the applicable Association (i.e., the Iowa League of Cities, the Iowa Association of Municipal Utilities, or the Iowa State Association of Counties) judicial district departments of correctional services; or such other public agency or political subdivision as may be approved by the IPAIT Trustees. |
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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. |
||
Shareholder Fees Caption [Text] | rr_ShareholderFeesCaption | Shareholder Transaction Expenses (Fees paid directly from your investment) NONE | ||
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage value of your investment) | ||
Expense Example [Heading] | rr_ExpenseExampleHeading | Expense Example | ||
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | The Expense Example below is provided to help you compare the cost of investing in the Fund with the cost of investing in other money market funds. The Expense Example assumes that you invest $10,000 in the Fund for the periods indicated. As you pay no redemption fees or charges if you redeem your shares, the costs are the same if you do or do not redeem your shares at the end of the period. The Expense Example also assumes that your investment has a 5 percent return each year and that the Fund’s total operating expenses (not accounting for the voluntary waivers and fee reimbursements) stay the same. Your actual costs may be higher or lower, but based on these assumptions your costs would be: |
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Expense Example by, Year, Caption [Text] | rr_ExpenseExampleByYearCaption | Expense Examples | ||
Strategy [Heading] | rr_StrategyHeading | Principal Investment Strategies | ||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund pursues its objectives by investing at least 99.5% of its total assets in cash, U.S. Treasury securities and other government securities guaranteed or issued by an agency or instrumentality of the U.S. government, and repurchase agreements that are fully collateralized by cash or government securities. In buying and selling securities for the Fund, the Adviser complies with industry-standard regulatory requirements for money market funds regarding the quality, maturity, and diversification of the Fund’s investments. The Adviser stresses maintaining a Stable $1.00 share price, liquidity and income. |
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Risk [Heading] | rr_RiskHeading | Principal Risks | ||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund does not intend to impose a fee upon sale of your shares or temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors, but reserves the right to change this policy, subject to providing advance notice of any such change. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the FDIC or any other government agency. The Adviser has no legal obligation to provide financial support to the Fund, and you should not expect that the Adviser will provide financial support to the Fund at any time. In addition, the Fund is subject to the following risks. Interest Rate Risk. Prices of fixed income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed income securities fall. Interest rate changes have a greater effect on the price of fixed income securities with longer maturities. Credit Risk. Credit risk is the possibility that an issuer or counterparty will default on a security or repurchase agreement by failing to pay interest or principal when due. If an issuer defaults, the Fund may lose money. Lower credit ratings correspond to higher credit risk. Government Obligations Risk. No assurance can be given that the U.S. government will provide financial support to U.S. government-sponsored agencies or instrumentalities where it is not obligated to do so by law (such as Fannie Mae and Freddie Mac). As a result, there is risk that these entities will default on a financial obligation. General Market Risk. The prices of, and the income generated by, the securities held by the Fund may decline, sometimes rapidly or unpredictably, due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; government or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations. Liquidity Risk. Liquidity risk refers to the possibility that the Trading market for a particular type of security becomes less liquid or the Fund may not be able to sell or buy a security or close out an investment contract at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. Infrequent trading of securities also may lead to an increase in their price volatility. Additionally, significant redemptions by large investors in the Fund could have a material adverse effect on the Fund’s other shareholders and the net asset value could be affected by forced selling during periods of high redemption pressures and/or illiquid markets. Transactions Risk. The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value. Repurchase Agreement Risk. There is a risk that the counter-party to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result. Management Risk. The Adviser’s judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s managers will produce the desired results. Call Risk. If the securities in which the Fund invests are redeemed by the issuer before maturity (or “called”), the Fund may have to reinvest the proceeds in securities that pay a lower interest rate, which may decrease the Fund’s yield. This will most likely happen when interest rates are declining. |
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Risk Money Market Fund [Text] | rr_RiskMoneyMarketFund | Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. | ||
Risk Not Insured Depository Institution [Text] | rr_RiskNotInsuredDepositoryInstitution | An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the FDIC or any other government agency. | ||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance | ||
Bar Chart [Heading] | rr_BarChartHeading | Calendar Year Chart | ||
Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock | The Fund commenced operations on March 7, 2005. The total return for the quarter ended June 30, 2018 was 0.37 percent. During the period shown in the bar chart, the highest return for a quarter was 1.26 percent (quarter ending 6/30/07) and the lowest return for a quarter was 0.002 percent (quarter ending 3/31/14). |
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Year to Date Return, Label | rr_YearToDateReturnLabel | The total return for the quarter ended | ||
Bar Chart, Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Jun. 30, 2018 | ||
Bar Chart, Year to Date Return | rr_BarChartYearToDateReturn | 0.37% | ||
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | the highest return | ||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Jun. 30, 2007 | ||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 1.26% | ||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | the lowest return | ||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Mar. 31, 2014 | ||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | 0.002% | ||
Performance Table Closing [Text Block] | rr_PerformanceTableClosingTextBlock | To obtain current yield information for the Fund, please call 866-720-2995. |
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Caption | rr_AverageAnnualReturnCaption | Average Annual Total Return as of 12/31/17 | ||
Money Market Seven Day Yield Phone | rr_MoneyMarketSevenDayYieldPhone | 866-720-2995 | ||
Miles Funds, Inc. Institutional Money Market Fund | Institutional Money Market Fund | ||||
Risk/Return: | rr_RiskReturnAbstract | |||
Management Fees | rr_ManagementFeesOverAssets | 0.20% | ||
Distribution (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none | ||
Other Expenses | rr_OtherExpensesOverAssets | 0.20% | ||
Acquired funds fees and expenses | rr_AcquiredFundFeesAndExpensesOverAssets | none | ||
Total Fund Operating Expenses | rr_ExpensesOverAssets | 0.40% | ||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | $ 41 | ||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 130 | ||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 226 | ||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | $ 509 | ||
Annual Return 2008 | rr_AnnualReturn2008 | 2.29% | ||
Annual Return 2009 | rr_AnnualReturn2009 | 0.45% | ||
Annual Return 2010 | rr_AnnualReturn2010 | 0.18% | ||
Annual Return 2011 | rr_AnnualReturn2011 | 0.07% | ||
Annual Return 2012 | rr_AnnualReturn2012 | 0.03% | ||
Annual Return 2013 | rr_AnnualReturn2013 | 0.01% | ||
Annual Return 2014 | rr_AnnualReturn2014 | 0.03% | ||
Annual Return 2015 | rr_AnnualReturn2015 | 0.07% | ||
Annual Return 2016 | rr_AnnualReturn2016 | 0.13% | ||
Annual Return 2017 | rr_AnnualReturn2017 | 0.59% | ||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 0.59% | ||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 0.17% | ||
Average Annual Returns, 10 Years | rr_AverageAnnualReturnYear10 | 0.38% | ||
Average Annual Returns, Since Inception | rr_AverageAnnualReturnSinceInception | 1.26% | [1] | |
Average Annual Returns, Inception Date | rr_AverageAnnualReturnInceptionDate | Mar. 07, 2005 | ||
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Label | Element | Value |
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Risk/Return: | rr_RiskReturnAbstract | |
Prospectus Date | rr_ProspectusDate | Jul. 27, 2018 |
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