<SEC-DOCUMENT>0000895419-15-000027.txt : 20150526
<SEC-HEADER>0000895419-15-000027.hdr.sgml : 20150525
<ACCEPTANCE-DATETIME>20150422161658
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000895419-15-000027
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20150422

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CREE INC
		CENTRAL INDEX KEY:			0000895419
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				561572719
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			0628

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		4600 SILICON DR
		CITY:			DURHAM
		STATE:			NC
		ZIP:			27703
		BUSINESS PHONE:		9194075300

	MAIL ADDRESS:	
		STREET 1:		4600 SILICON DR
		CITY:			DURHAM
		STATE:			NC
		ZIP:			27703-8475

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CREE RESEARCH INC /NC/
		DATE OF NAME CHANGE:	19940224
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
		<!-- Document created using Wdesk 1 -->
		<!-- Copyright 2015 Workiva -->
		<title>SECCommentLetterResponse</title>
	</head>
	<body style="font-family:Times New Roman;font-size:10pt;">
<a name="sD0267394C4EC4971BC52DD26394CAC05"></a><div></div><br><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:8pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="50%"></td><td width="50%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div><img src="logo042115a01.gif" style="height:41px;width:188px;"></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;padding-left:96px;text-indent:48px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">4600 Silicon Drive</font></div><div style="text-align:right;padding-left:96px;text-indent:48px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">&#160;Durham, NC 27703 USA                                                                                   </font></div><div style="text-align:right;padding-left:96px;text-indent:48px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Main: (919) 407-5300</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">April 22, 2015</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">VIA EDGAR AND FEDERAL EXPRESS</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">United States Securities and Exchange Commission</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Division of Corporation Finance</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">100 F Street, NE</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Washington, D.C.&#160;&#160;20549</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Attention: Brian Cascio, Accounting Branch Chief</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Re:&#160;&#160;&#160;&#160;&#160; Cree, Inc.</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Form 10-K for the Fiscal Year Ended June 29, 2014</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Filed August 27, 2014</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Form 10-Q for the Quarterly Period Ended December 28, 2014</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Filed January 21, 2015</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">File No. 000-21154</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Dear Mr. Cascio:</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Set forth below is our response to the comment of the staff of the Division of Corporation Finance of the Securities and Exchange Commission contained in the comment letter dated April 9, 2015 relating to the Form 10-K for the Fiscal Year Ended June 29, 2014 and the Form 10-Q for the Quarterly Period Ended December 28, 2014 of Cree, Inc. (the &#8220;Company&#8221;).&#160;&#160;This letter includes the comment from the letter in italics, with the Company&#8217;s response set forth immediately below.&#160;&#160;The Company has repeated the headings and paragraph numbers from the letter for your convenience.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><a name="se9af308f8ae1464686f139ef8776a70d"></a><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Form 10-Q for the Quarterly Period Ended December 28, 2014</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Item 2.  Management&#8217;s Discussion and Analysis</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Revenue, page 23</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:inherit;font-size:12pt;font-style:italic;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;">We note your discussion on page 23 that the significant decrease in LED Products revenue and significant increase in Lighting Products revenue in the six months ended December 28, 2014 was the result of overall changes in the number of units sold and lower pricing.  In light of the significant changes in segment revenues your MD&amp;A disclosure does not appear to provide investors with a thorough analysis of the underlying reasons for significant changes in financial statement line items each period.  Please revise future filings to separately discuss and quantify each material factor that contributed to significant changes in individual line items in your statements of </font></div></td></tr></table><br><div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><br><div style="line-height:120%;padding-left:48px;text-align:left;"><font style="font-family:inherit;font-size:12pt;font-style:italic;">operations such as price or volume changes by type of product.  Please also discuss the underlying material causes of these factors described and any expected future impact on operating results.  For further guidance, please refer to Item 303 and the related instructions in Regulations S-K as well as SEC Interpretive Release No. 33-8350.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">RESPONSE:</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Company acknowledges the Staff&#8217;s comments and respectfully informs the Staff that it will provide the requested discussion in future filings in a manner consistent with the applicable guidance.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">****</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;In connection with the response in this letter, the Company acknowledges that:</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:inherit;font-size:12pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">the Company is responsible for the adequacy and accuracy of the disclosure in the filing;</font></div></td></tr></table><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:inherit;font-size:12pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and</font></div></td></tr></table><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:inherit;font-size:12pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">the Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If you have any questions regarding the above response, please contact me&#160;at (919) 407-5913.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:384px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Sincerely,</font></div><div style="line-height:120%;text-align:left;text-indent:384px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:384px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">CREE, INC.</font></div><div style="line-height:120%;text-align:left;text-indent:384px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:384px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-left:390px;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:39.52991452991453%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td width="100%"></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">/s/ Michael E. McDevitt</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Michael E. McDevitt</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Executive Vice President and</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Chief Financial Officer</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2</font></div><div style="line-height:120%;text-align:justify;text-indent:288px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;&#160;&#160;&#160;</font></div></div>	</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>logo042115a01.gif
<TEXT>
begin 644 logo042115a01.gif
M1TE&.#EA6@%,`'<``"'Y!`$`````+`````!:`4P`A_\`_P!6E@!2G`!7EP!9
MFP!=H@!AJ@9:F`ACG`U=F@]@FQ!CI1=EGAEFH1MHH2%LHR1PJ"%SK29MI2IR
MIRISJB]UJ3-XJSM\KCE[M3F$M3]_L$6#LDJ&M$V*MDJ,O5&+MU:.NE*4O5V3
MO%J4QF&6OF69OV.<QFF;P&R=PFNEQG.BQ7RGR'NESGVJRH*LRXFPSHVST(RU
MUI*VTI>ZU)R]UJ/!V:C%VZS(W+#+WK3-X+G1X[76Y[O1XK[4Y,78YLC;Z,;>
M[\[?ZM'@[,[G[]?D[M_I\=[G]^+L\^CP]>?W]^WR]^_T^>_W__;X^_K\_?[^
M_@``````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M``````````````````````````````````````````````C^`)\('$BPH,&#
M"!,J7,BPH<.'$"-*G$BQHL6+&`OZX-`CHT>)398H6;+DH\F3*%.J7,D2XX\)
M!";X:/EQ20\:*TA\V*#AP@4-'$2HD,$#"<VC2),J78HR",P`!![,9.JPB1`9
M'R0H&$"@J]>O!`8H>,!!!I$F%VF(6,NVK=NW<-N20(%BQ0L:.'P<6>(D(Q(5
M<0,+'DPXR,$E+@@K7CSX!E6$/IX&@/J@X^.$16APV/IUP.3/H`=P[2I61(Z2
M%$6`7<VZM6O/H@\PL$`"1H\C%HLP<,V[M^_6.`XBN?"[N/'6*RYKK$``-%0)
M4Y4///+"@E?/SK-K'SV`0PZ*))K^:Q]/?KOH\V`/6%"1`ZW$(@_$EY]/GS[7
M[P:'RZ_/O_]DKBY()Y!3^WT65727-3$#<V'Y1QY7"I!0A$3A.6CA>*,IH`$-
M[CT$7X$7AOC9?<)I`**((0(H8&0G3G:@<C]P0!J*VG4U@6,054@CBET=L($.
M$'VX(XTDYF?BD"BJJ!R+\Q$`W6,TQ-?BCA#"T)=#.B(98E<*K(`:0T)J>6&1
M!2%QI)@6*OG8#\S5%Q."1RVQP@%3:DG``2MTN%"6:%K8E0A&@1E?GPZ229"9
M=1*:G9I,$<@?5U(EI41XB=I)0(`-\:EH?UQ]H(2@E6[Z'P'XE7FFJ/,QJA23
M_KU(TQ+^JH5JYP`R9"HKJB,2<,*5F`V*:WF&#H3HK\!>2I4/;?HI4TM-H-`5
ML:`1H``/#&D*+7EWTK!0F-<Z%ZQ`PW;KK;%+!9'LA6^RY()HXKIH`6X*6=NN
M<S%-V.NMBG[[1+CS!J`J3:R*Z"I*.22`KX&K8><?5RKL>;"_YT4<\9#D(L3M
MO/KRBW'%1P7,8Z0G(7%N?SU*\%-/#CSKH+1P%B1OD\4I[&<%@1YT<;L9G[HQ
MID>9^S"VRW[DA`H-MGJ`"#;8^T030517-,DD\&K0R^-)JX(+6&>MM0N`60!5
MB@.4:M#-]!UG7`$XFGJPV<45D%S/(U,\P0\?]:#`VC=BA@+^5ZTF0#="5-<H
M@9Z8W;"!RBLW;+&O]8EV@0LM1"[YY)17;GD+*Q!1(KX$5+`"Y)>'+GH+EK7$
MHL2HIZZZQ`-;U,0'>/^=4!,K?$TR"@D%GEU4-3.TA`K^^JD!X0.1_>``/-.D
M<=DE"$B1SS*+F>Y%/-#9J@)B)^1$>-&7QSO@G#_0.T--J.:G^(O?*MK;1RW?
M9//.2\2#"S+4;__]^.>OO_XO9#\1[`LC@.(:8KRJ':`&X&L5^B`2A-VL3`&:
MLQGC[#,`]BE/9V4C0?PV>)(@W$V!$70(#)Y6MA,DD&0+?(@3S->WTA6D@.:Q
M8$O<YST-<O"&&%D!"5-%`/AY:(+^3;K`EPBB.WJE\"$N6-NTTL>I"B:%AMBR
M(0ZG*)$E$,=H_F/("6Y%``<89FKA&U]#9K##)BU1@NIS(E*@6#4I4O&-#;$;
MYR3PJ8C0@&T(!*,"Q<B0$3ZP90*!X:+4V#X,-LF-<$PD0EZP-A%,A`@D8,Q:
M7#B0(D;KB`YQU@-#^$(@`HN0%^0<(A5)2H$X`01KJ]5$G-"$5KKRE;!LI=0J
M&<:($,&339H`'Y\@2&^!<H:&K&$IARDLR3PJ;,JQI($PN9`F<&]E'YAE\7")
MH5^RA(TU&B4QX2B$`W3/>P<00C)KZ1`D/'-EJD1C$Y,'3,[Y<)N*O`&[2#8!
MI5%%F2[^>D`=%=*$(L"`.=\T(R<[F482!.$'"$VH0A>*4!\009H,P>;N.N`#
MAEI4H3X(`O%00H0:V."C(`VI2$=*TI*:]*0@'6A!DKBR"^P2*?B$"@-D4(.:
MVM2F-("!"CC``*X$])`;#20UR7,`!1CUJ$A-ZE%]]-*$2#0[!TB`4J>*U`/4
MTW04.(!6M\K5KGKUJV`-JUBY6@%`"B2F4.'`$)F"5JC$;$L*,*M0#S8:L[E4
M(D\=%]L<H%*3G&YU@`VL8`<K&AM]T2`:^&G51!!4F/Y,5%R1X=B&:J>[1B2O
M-(I*7SWBL7Z5;6X'D8!B:_3.>SYV4P3@P#Z9B"H"6!8BF/W^V&8QTEG/?K9E
M"O#3`!_35E%U;K;3/"W)7ON0V`KL`<"M2&UM^]G#"F2T-=JM:9D[J@HX]UZX
M<FU3$6+<+2$7)<NE;K$FX%QT29>MPK44!Y(;W.P2MYS!1)-F3](#":37L]-[
M@GFETUOI2<M+/[QOV=[;D.ZBZ[LU^4`!H"O>JG%@(/L=9[^X<@#O1*27%"-P
M1.,K/037S;X-5E9TT(4["<]+`1^P06.QVUH-+\3`YV.O1,(;XD7%Q+D,IE=I
MT3LO`I!@K0%V[W8WEUT/^]68-0;:=1G@)\::6%RN!;)#,+PC[>*5PW8R\I$%
M3*S\#F0".3;0!Z2<%+36=36%(D#^VBY,V>VPC0`6&+*1Z,JV`C!`QA2A<8AC
M(CN";"#,+G*Q8Q>6`!&<@`2(1C0*.`!HJ'R`(E0&#0,J,(%*6_K2F+:T"%8+
M7WR)90*4SK2H+<T!>X(7)F].M:K)BY`2X,W42XGI]PQ"!!"33`'7G7*;0S,`
M%!RA",`.MK"''6PYS[E5(B"VLHF-!(CZM0,GTX"TITWM:EO[VMC.MK8O0-&$
M^/%Z>%:)K)DI$!8^B@"2)>"N1X2\)V)Y=SO>8"SG3>]ZV_O>]E9(#N9Y3$K&
MFIP&J8'U2$:S]ZS[/]9<B7%]#,]2$L%@*]/69<:]2R38FC_9,G@:TZV2A6NS
MX3A<@G7^5E9BW@)<CZWZP(K5>4R.I\3C(">EJU=6`3([1`E$6+:P<TX\BB<D
M!\&[M5Q9V[B$=_S=]/IXS#E(1D#?J<\160()(##J2U,`!&+T.7>1[":7$YV"
M7@\9TJ.E]*7'+P@I6YC1&[+OWQ0`!=+4.D*(MC()&'NN30R[26!N=C@"L%4%
MKR+2[[1F6NY1W]Y<6`#RJ.N-NUN4?8<C#?C&*0*D$R(PX#>VXGP0N0OGBJUZ
M<)!;_OA6E3WRTK'XVB0`ZX7XP(%EX[CG#T+WZPV=H'DO/=0:W@0DD.3WP`^^
M\(=/?)+X_B(Z;#0!0&!S@_C,30P09^=/?I`<?+!5YV5QT=G^><VQ&RC>BC1G
M!2I@@?*;__SH3[_ZTT\!0%TDTKDB`:<1TH.X8<N1)\0XN0EBQ5<WOHDE0`1"
M$`0$6(`&>(`(F(!!(`1`MG`?L(`*&($22(`_<'<4T0,/4`"JYAL%T`!9)!$L
MM3*IY6^'`@-IYR8'(%>S=Q`KH'D4)'&@XB!%154T6(-'Q0"%MR_>]Q\S:(,^
MJ%0'<'DJ\1)<9D2W5UPCEV8*(`(T0`1?L@0_\`(:8#MN4G8K:!`_,'`DHU;J
M1F<;V!H#8`/'%D!?R!H%``-P4X0N`EH?<0-:V"IW\@`6,&T5T``SHG_2EW]N
MLG\$T02@1S(IV(7,=2=BJ#;410#^:)B&=A(T)K%%C88P"0.'B9@[U+=(#R-`
M@FA;A#B&FCB)`,-UWG6$$P%C2)):S?<$5^A\$'=XVW)POG4`A7@H.^A;GOB)
MZ=4Z'02*O^(D[)6*!=$$,E(H`S`#,:B)L,B)^%6+-/%\6\*(*L$#KEB*#/"!
M+E.)"/%MK3(\K:B&6W*,ACB(R@@P]N<FSK@2.1"-F:4`C.<PK,@0:*=$U(AW
MQAB+PC*+J!6.MK@R(/.+,%`7*X`",I`#+F`91-`"HD@0/*"+?4(`#;".[(A"
MQO8ZEUAR7]=CWBB+W+@E^+B,"FEC^_B+.<$`#"`",+`"!?!H3[`"!L!]#"$$
MAY.1"#/^`?&(<OIW=R.D?%J&>_.(C/V"B)?!)J'B90CQ`2@)`QIR%AV@`"P9
M42I`)X_(0\L7;F=EC0A!!"?8*D*HD_AUD?4(DWZRD1W3D2[R)`Q!E`+A`AKP
M`300!$"A=PF!`\111EL2$S*P<M/7C@W1`9>H`38'?ZC%E>!BCXKBDTO2D;B8
M$&;Y!(GQ`B2P`B>@`MGW$$H@`]9QAVEF(R[0>K:"EPPQ>71U`-12D>VRB67R
MAYYUA@+B*+OSD0N1F(GA`Q<@`3B``I$9)#2@`71R'<?S%0&0`!HP`YKI$+%R
M''QH,[OQ9B+@;+I1ALP9%O0(+G'9G!M8`"_@/,A2($YRD`*;D9@MP`%.H`$*
M@`2/Z1%+X`,J<`$.D)NO(1L3\`$P$`2GV!!J(4E"$9\$X00P0)]LH0)D]A?Z
M^9^*00)0]P2(`:`&&A@@,)-)$3!108(*00,2EP/:<@-H>`,YB!%"@!,DT`$]
MX1,;$!0HX`(U\`/VB7HF>J(8X2B'F4@BH01*8)<H&J,RZA(P48XS>J,XFJ.N
-QQ$ZVJ,^^J-,$1``.S\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
