<SEC-DOCUMENT>0001080657-12-000017.txt : 20130208
<SEC-HEADER>0001080657-12-000017.hdr.sgml : 20130208
<ACCEPTANCE-DATETIME>20120830161851
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001080657-12-000017
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20120830

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NETREIT, INC.
		CENTRAL INDEX KEY:			0001080657
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				330841255
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1282 PACIFIC OAKS PLACE
		CITY:			ESCONDIDO
		STATE:			CA
		ZIP:			92029-2900
		BUSINESS PHONE:		760-471-8536

	MAIL ADDRESS:	
		STREET 1:		1282 PACIFIC OAKS PLACE
		CITY:			ESCONDIDO
		STATE:			CA
		ZIP:			92029-2900

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NETREIT
		DATE OF NAME CHANGE:	19990225
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<html>
<head>
    <title>response_letter.htm</title>
    <!--Licensed to: NetREIT-->
    <!--Document Created using EDGARizer 2020 5.4.3.1-->
    <!--Copyright 1995 - 2009 Thomson Reuters. All rights reserved.-->
</head>
<body bgcolor="#ffffff" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><img src="response_letter0.jpg" alt="Netreit letterhead"></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">August 29, 2012</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">United States Securities and Exchange Commission</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Washington, D.C.&#160;&#160;20549</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Via Edgar</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Attn:&#160;&#160;&#160;&#160;&#160;&#160;&#160;Mr. Daniel L. Gordon, Accounting Branch Chief</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Mr. William Demarest, Staff Accountant</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Re:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;NetREIT, Inc.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>Form 10-K for the Fiscal Year Ended December 31, 2011</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>Filed March 28, 2012</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>File No. 0-53673</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Gentlemen:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Registrant requests the Accounting Staff's comments and guidance regarding Registrant&#8217;s responses below to the comments in the Staff&#8217;s letter of August 23, 2012 regarding the above-referenced filing on Form 10-K.&#160;&#160;Registrant's responses below are presented in the same numbers as the Staff&#8217;s comments in that letter.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Note 2. Significant Accounting Policies</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Acquisition of Dubose Model Home Income Funds #3 LTD, Dubose Model Home Income Fund #4 LTD, Dubose Model Home Income Fund #5 LTD and Dubose Model Home Investors Fund #113 (&#8220;MH Funds&#8221;), page F-11</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As a general observation, we believe the sellers considered selling and future holding costs in establishing a price they would accept. Had they not sold the entire lot of model homes to us in a single transaction, they might have spent considerable time and effort locating buyers for individual properties in a down market.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our footnote regarding the transaction states that the bargain purchase gain was based on an assessment of the estimated fair value of the assets acquired and liabilities assumed.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Contributing to the gain were two underlying factors. These were as follows:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="top">
<td align="right" style="WIDTH: 81pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The valuation of the real estate assets in the partnerships was based on a net realizable value concept whereas the Company valued the assets at the acquisition date in accordance with ASC 850-20-30-1 and fair values were used. We believe the difference between the two approaches accounted for at least 70% of the gain.</font></div>
</td>
</tr></table>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="top">
<td align="right" style="WIDTH: 81pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The sellers electing the cash option to sell elected to sell at a 20% discount to value. This difference accounted for at least 20% of the gain.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">All of the Company shares sold to the public from the inception of the offering in 2006 through the close were sold at $10 per share. In 2010 alone, we issued approximately 1.6 million shares at $10 per share.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The selling partners originally invested in the three partnerships were individual investors who were independent of Larry Dubose. Mr. Dubose did not have any investment interest in any of the 3 Income Funds.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The registrant acknowledges the following:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Company is responsible for the adequacy and accuracy of the disclosure in the filing;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company may not assert staff comments as a defense in any legal proceeding initiated by the Commission or any person under the federal securities laws of the United States.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If, after review of this letter and the amended filings, you have additional comments or questions, please contact the undersigned at your convenience.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Very truly yours,</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">/s/ J. Bradford Hanson</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">J. BRADFORD HANSON</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>response_letter0.jpg
<TEXT>
begin 644 response_letter0.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_
MVP!#`0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P``1"`!-`94#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#FM<\4>)AX
MHU.VMM=U<`7DJ1Q1W<G`WD```_I4/]L>.O\`H)>(_P#O_/\`XU-;DCXK.0<$
M:K)@C_KH:--@\_\`L_S+B[;S?LN__2I.=W]G;OXN_GR_]]GVQ[5?$1H<JY4[
MHXZ=-SN[E>37?&\,;22ZKXA1%&2S7$P`_'-5/^$P\3_]#'J__@=+_P#%5H1Z
MA?:5X6U._LK^[BNO[,B;S//=N2=,8\$D<F63/J'(Z<5CQ:A#XA\-7>J2V,%M
MJ%I=P0226PV1SK(DS9,8X5@8A]W`.>E*AC*=2:A*%KA4HRBKIEC_`(3#Q/\`
M]#'J_P#X'2__`!5'_"8>)_\`H8]7_P#`Z7_XJL6BO1]G#L<_,^Y[)\%]=U?5
M?$FH1:CJM]>1I:;E2XN'D`.]1D!B>:]MKP/X$?\`(TZE_P!>7_LZU[Y7@X])
M5FD=U!^X?$%YXM\21ZC/L\0:JNV9MN+R3C!^M?5'PN\>1>.O"R7$I5=3M<17
ML8_O8X<#T;!/U!':OD66W>\UQ[:+'F37)C7<<#);`_G70^#_`!+J?PU\;^?+
M#(C0R&VO[5N"Z9PR_4$9!]1Z5QFQ]H456T[4+75=.M]0LIEFM;B,212+T92,
MBK-`!1110!\E_%?Q'KEE\3]<M[76=1@@25`D<5TZJO[M3P`<"OI?P5-)<>`_
M#LTTCR2R:9;.[NQ+,QB4DDGJ37RK\8?^2KZ__P!=4_\`1:5]3^!/^2>>&?\`
ML%6O_HI:`.@HHHH`****`"BBB@`KQKQU\<;GP?XRO]!CT**Z6U\O$S7)0MNC
M5^FTX^]C\*]EKY`^-O\`R5[7?^W?_P!)XZ`/K?3[DWNFVMV5V&>%)"H.<;@#
MC]:L5GZ%_P`B]IG_`%Z1?^@"M"@#Y(U?Q'KB:S?(FM:BJK<2``73@`;C[U3_
M`.$FU[_H-ZE_X%R?XU!K/_(<U#_KYD_]"--TK39]8U6UTZV*">YE6*,N<+DG
M`R:^D48J-VCSKNY9_P"$FU[_`*#>I?\`@7)_C1_PDVO?]!O4O_`N3_&NV_X4
M=XL_YZ:;_P!_V_\`B:CE^"/BZ-<J+"0^B7'^(%9>VP_=%\D^QS-IXY\563JT
M/B'4OEZ+)<-(OY,2*[OPU\<M3M94A\0VZ7L!(!G@4)*OO@?*WTXKS_7O".O>
M&F']K:;-;HQPLO#1D^FY<C/MG-8E5*C1JK9,2G.+/LK2=6L=<TV+4-.N$N+:
M495U_4$=B/0UROQ9N[FR^'E]/:W$L$RR1`21.589<9Y'->/_``F\7R^'O%$-
MA-(?[.U!Q%(I/"2'A7'XX!]C["O6_C'_`,DVO_\`KI#_`.C%KRW0]CB(QZ71
MTJ?/3;/GC_A)M>_Z#>I?^!<G^-'_``DVO?\`0;U+_P`"Y/\`&LNMOP]X1USQ
M5]I_L6Q^U?9MOF_O43;NSC[S#/W3T]*]B2A%7=D<BN]$0?\`"3:]_P!!O4O_
M``+D_P`:/^$FU[_H-ZE_X%R?XUT7_"H_'/\`T`__`";@_P#BZ/\`A4?CG_H!
M_P#DW!_\76?M*'=?@5RS[,YW_A)M>_Z#>I?^!<G^-'_"3:]_T&]2_P#`N3_&
MNB_X5'XY_P"@'_Y-P?\`Q='_``J/QS_T`_\`R;@_^+H]I0[K\`Y9]F>R?!^\
MN;[P%%-=W,UQ*;B4;Y7+MC/J:\J^*>N:O9_$C5H+75+Z"%/)VQQ7#JHS"A.`
M#CJ37K_PPT+4O#O@R/3]5MOL]T)Y'*;U?@GCE217B/Q<_P"2GZQ_VQ_]$QUQ
M8;EEB9VVU_-&U2ZIHYW_`(2;7O\`H-ZE_P"!<G^-?1GQ(N[FU^%=_<V]Q+#.
ML=N1+&Y5AF6,'D<]S7R_7U1XYTB^U[X;76FZ;!Y]Y-'!Y<>]5SB1&/+$#H#W
MK3%J,:E-^?\`D32NXR/FO_A)M>_Z#>I?^!<G^-'_``DVO?\`0;U+_P`"Y/\`
M&NB_X5'XY_Z`?_DW!_\`%T?\*C\<_P#0#_\`)N#_`.+KI]I0[K\#/EGV9SO_
M``DVO?\`0;U+_P`"Y/\`&C_A)M>_Z#>I?^!<G^-1:SHNH>']2DT[5+?R+N,`
MM'O5L`C(Y4D=#ZU0K11@U=(F[1J?\)-KW_0;U+_P+D_QH_X2;7O^@WJ7_@7)
M_C6]#\*?&MQ!'-%HNZ.10ZG[5",@C(_CJ3_A4?CG_H!_^3<'_P`76?M*'=?@
M5RS[,K:#XAUJ3[1YFL:@V-N-URYQU]Z*W='^%_C*T\[SM'V[MN/])A.<9]'H
MK&=2CS;K\"U&=C'M_P#DJLG_`&%9/_1AJ72/^87_`-N?_N)J*W_Y*K)_V%9/
M_1AJ72/^87_VY_\`N)KES#>'H:8?9E"]_P"1&U/_`+!4/\M(K`\-?\B1KG_8
M1L?_`$7=5OWO_(C:G_V"H?Y:16!X:_Y$C7/^PC8_^B[JN;"?QX^II5^!C***
M*^D/./5?@1_R-.I?]>7_`+.M>^5X'\"/^1IU+_KR_P#9UKWRO`S#^._D=]#X
M#X8L/^1RMO\`L()_Z,%>Y?'SX>_:[;_A+],@S/`H74$0??C'`D^J]#[8/\)K
MPVP_Y'*V_P"P@G_HP5]R2Q)-$\4J*\;J596&0P/!!%<1L?.7P%^(0TV]_P"$
M2U.;%I=/NL78\1RGJGT;J/\`:_WJ^D*^/?BEX%F\`^*\VGF+IETQFL903E,'
ME,^JG'X$&OH+X2^/T\<>&`MTX_M>Q"QW:_W^/ED'LV#GT(/M0!Z!1110!\<?
M&'_DJ^O_`/75/_1:5]3^!/\`DGGAG_L%6O\`Z*6OECXP_P#)5]?_`.NJ?^BT
MKZG\"?\`)//#/_8*M?\`T4M`'0452U;5K+0]*N=3U&=8+2W0O)(W8?U)Z`=S
M7S'XV^.7B#Q#<R6NA2RZ3IN=J>4<3R#U9QROT7\S0!]2RSQ0`&65(\]-[`9I
MT<B2H'C=74]"IR*^/;'X5?$#Q$/MIT:Z/F<F6^F6-F_!R&/Y5!?>"_'_`($W
M:B]AJ.GK'RUU9S;E4>K-&QP/KB@#[+HKYX^''QWNEO(-)\7RK+!(0D>HX"M&
M>@\P#@C_`&NH[YZCZ!N2SV4QA)+M&=A4]\<8H`FKY`^-O_)7M=_[=_\`TGCK
M0_L;XT_\]?%7_@?)_P#%UP?B*'6K?7;F+Q$;LZJNWSS=R%Y?NC;N)))^7;CG
MIB@#[;T+_D7M,_Z](O\`T`5H5\EVVC_&)K6%K:7Q1]G**8ME](%VXXP-_3%>
MV_!NU\5VGAV_3Q:VHM=F[S%]OF:1MFQ>A)/&<T`?/FL_\AS4/^OF3_T(UJ^`
M_P#D?M!_Z_8O_0A65K/_`"'-0_Z^9/\`T(UJ^`_^1^T'_K]B_P#0A7TD_P"&
M_0\]?$?6M%%%?-GH%>]LK;4K*:SO($GMIE*21N,AA7R/XIT8>'_%.I:4&+);
M3LL9/4H>5S[X(KZ]EEC@A>65U2)%+.['`4#DDGL*^1O&.L1Z]XOU34X<^3/.
M3$2,90?*I_$`5Z67.7-+L<^(M9&*K,CJZDAE.01V-?2/Q3G:Z^$DMP_#2BW<
MCW+*:^;XXWED2.-2SN0J@=R:^DOBM;_9/A//;9SY7V=,^N'45T8JWM:?K_D9
MTOAD?-=>V?L^_P#,Q?\`;M_[5KQ.O5_@KXCT?P__`&Y_:VH0VGG^1Y7F$C=M
M\S./ID?G6N,3=&27E^9-)VFCZ`HKE_\`A8_@_P#Z&"S_`.^C_A1_PL?P?_T,
M%G_WT?\`"O$]E4_E?W'9S1[G445R_P#PL?P?_P!#!9_]]'_"G1?$+PE-*D4>
MO6C2.P55#'DGH.E'LJG\K^X.:/<Z:OE[XN?\E/UC_MC_`.B8Z^H:^7OBY_R4
M_6/^V/\`Z)CKKR[^*_3_`",L1\)Q-?:%G_QXV_\`US7^5?%]?:%G_P`>-O\`
M]<U_E6V9;1^9&'ZD]%%%>4=1\R?&/_DI5_\`]<H?_18K@Z[SXQ_\E*O_`/KE
M#_Z+%<'7T>'_`(4?1'GU/B9]E:-_R`]/_P"O:/\`]!%7:I:-_P`@/3_^O:/_
M`-!%7:^=ENSO6P4444AGRU;_`/)59/\`L*R?^C#4ND?\PO\`[<__`'$U%;_\
ME5D_["LG_HPU+I'_`#"_^W/_`-Q->CF&\/0Y\/LRA>_\B-J?_8*A_EI%8'AK
M_D2-<_["-C_Z+NJW[W_D1M3_`.P5#_+2*Z*>.TTX7=E::!(+5UO)V$-C&T;O
M;';$P);)51(^\]1N&*XZ%14ZBF^AM./-%H\[HKT6W2S^V,LGAU@B+;M_I%BB
M)^\C=CN*MD`E1MQU&<UQEO)H_B"RN[G3HYK"\M8?.FLI"9(F3<JDQR=1RP^5
M@?\`>->U2Q]*I+EV.*5"45<]#^!'_(TZE_UY?^SK7OE>!_`C_D:=2_Z\O_9U
MKWRO-S#^._D=-#X#X8L/^1RMO^P@G_HP5]SU\,6'_(Y6W_803_T8*^YZXC8Y
MOQSX/L_&_A>XTFZPDI_>6TV.8I0/E;Z=C[$U\G^'M:UCX9>.O.>)H[FSE,%Y
M;$X$J9^9?H<`@_0U]J5XK\>/A[_:VF_\)5ID&;VS3%XB#F6$?Q^Y7_T'_=%`
M'KND:K9ZYI%KJFGRB6TNHQ)&X]#V/H1T([$5=KYD^!/Q!&B:M_PC.I38T^^D
MS;.YXAG/&/8-P/KCU-?3=`'QQ\8?^2KZ_P#]=4_]%I7U/X$_Y)YX9_[!5K_Z
M*6OECXP_\E7U_P#ZZI_Z+2OJ?P)_R3SPS_V"K7_T4M`'AO[0WB^2\UR#PM;2
MXM;-5FN0#]Z9AE0?HI!^K'TKI_@=\-K6PT>W\5ZK;K+J%T-]FL@R((^S@?WF
MZY[#&.IKPKQKJ!U7QWKE[(Q*RW\N/4('(4?@`!7MEM^T9H5G:PVT'AV^6&%%
MC11,G"@8`_(4`>Z4A`92K`$$8(/>O$?^&E-'_P"A?OO^_P`E'_#2FC_]"_??
M]_DH`XWXY?#RV\+ZG!KFDP+#IM^Y22%!A89L9X'96&2!VP>@Q7IGP&\6R^(/
M!DFF7<I>[TEUA#$Y+0D?N\_3#+]%%>?^/OC3HWC7P?=Z*-$NX9I2CPS/(I$;
MJP.?RR/QJA^SQJ+6OQ"GLRW[N\LG7;GJRE6!_(-^=`'U)7R!\;?^2O:[_P!N
M_P#Z3QU]?U\@?&W_`)*]KO\`V[_^D\=`'U?H7_(O:9_UZ1?^@"M"L_0O^1>T
MS_KTB_\`0!6A0!\:ZS_R'-0_Z^9/_0C1HVIRZ+K-GJ<*(\MK,LJJ^=I(.<'%
M&L_\AS4/^OF3_P!"-4J^F23C9GG;,]7_`.%]Z]_T"M-_)_\`XJC_`(7WKW_0
M*TW\G_\`BJ\HHK'ZI1_E*]K/N=?XG^)?B/Q5;FUN[B.WLV/S6]JI16_WB22?
MH3BN0HKTOX<?#"V\7VG]J7NIJMI'*8WMH`?,)&#AB>%!!!XSP>U5)TZ$+[(2
M4IL@^$?A";7O$\.J31$:=IT@E9R.'E'*J/7!P3[#W%>K_&/_`))M?_\`72'_
M`-&+78Z;IEEH^GPV&GVZ6]M",)&@X'^)]ZX[XQ_\DVO_`/KI#_Z,6O*==UL1
M&72Z.KDY*;1\R445Z'\+O`>E^-O[5_M*>\B^Q^3Y?V9U7._?G.Y3_=%>Q4J1
MIQ<I;')&+D[(\\HKZ&_X4/X7_P"?_6/^_P!%_P#&Z/\`A0_A?_G_`-8_[_1?
M_&ZYOK]$T]A,^>:NZ-_R'-/_`.OF/_T(5[S_`,*'\+_\_P#K'_?Z+_XW4MM\
M#_#-K=PW"7VK%XG5U#31X)!SS^[I/'4;#5"9Z97R]\7/^2GZQ_VQ_P#1,=?4
M-?+WQ<_Y*?K'_;'_`-$QUQY=_%?I_D:XCX3B:^T+/_CQM_\`KFO\J^+Z^T+/
M_CQM_P#KFO\`*MLRVC\R,/U)Z***\HZCYD^,?_)2K_\`ZY0_^BQ7!UWGQC_Y
M*5?_`/7*'_T6*X.OH\/_``H^B//J?$S[*T;_`)`>G_\`7M'_`.@BKM4M&_Y`
M>G_]>T?_`*"*NU\[+=G>M@HHHI#/E"VU&W;XN/""V_\`M>1>G?S#5_2/^87_
M`-N?_N)KF+(9^-;`?]!N3_T:U=9I-M./[+S!(,?8\_(?^H3_`('\C6U:O*K;
MFZ$0@H;&7>_\B-J?_8*A_EI%6+J5=5\8:WIL6CVDDUK'??OI/-9IF<J5`"`_
M.N"%[')S6WI&C>(-7L=.T?0%TJWNKBP$UQ)J=N)`8T@L!M`9''W@A^[U3.<B
MLJ3P9\1_$=EI-Q+XECFBU9W$$'VR1%4JK,2R!0HX0],]JQ+*EO?VMKXPM],C
MT[3Q)-#$WGV[29B*PON7#XY.>>.".*Y/P=*L*:_(_P!U=*;./^NT5=]9>%?B
M7:6MA.OB6UDCGU&3388KN9K@1RH\D;';)&RA<QMT[$<50\2/!X.MWL=9\/Z5
M<7MT\]E>S:8[VV47R9!LXV#EAR8^WYU&3C)27035U8Z3X`7L-UXLU-8RV18Y
M.1C_`):+7T+7SY\$M-AT?XK>)].MFD:"VMGC0R$%B!*N,D`#/X5]!U56K*K+
MFEN*$5%61\,6'_(Y6W_803_T8*^YZ^&+#_D<K;_L()_Z,%?<]9E!2,H=2K`%
M2,$$9!%+10!\B_%WP`_@GQ-]HLD(TB^8R6Q7I$W5H_PSD>WT->X?!SX@CQGX
M<^QWTH.LZ>H2;)YF3HLG]#[\]Q76^,/"MEXR\-76C7PPLHW12@9,4@^ZX^GZ
M@D=Z^1M.OM;^&'CW>4,5]I\QCGB)^65.Z^ZL,$'Z&@"_\8?^2KZ__P!=4_\`
M1:5]3^!/^2>>&?\`L%6O_HI:^2/B)K-IXA\=ZGJ]@Q:VNS'(F1@C]VN0?<'(
M/TKZW\"?\D\\,_\`8*M?_12T`?&VLQK'XNU".X&%6_D60'L/,.>E?5/_``I+
MX>?]"]_Y.W'_`,<KYZ^,.A2:%\3-64H1#>2?;(C_`'A)RWY-N'X5]/?#WQ%%
MXH\#:5J4<@>4P+%<#/*RJ-K@_B,_0B@#&_X4E\//^A>_\G;C_P".4?\`"DOA
MY_T+W_D[<?\`QRO0**`//_\`A27P\_Z%[_R=N/\`XY6EH7PQ\'^&=6CU32-'
M^S7L094D^TS/@$8/#.1T/I6MXH\16?A3PW>ZS>D>5;1EE3.#(_14'N3@5QGP
M]^,-KX\U4Z6NBW=I=K$969766)5&`26X(Y(`X[T`>EU\@?&W_DKVN_\`;O\`
M^D\=?7]?('QM_P"2O:[_`-N__I/'0!]7Z%_R+VF?]>D7_H`K0K/T+_D7M,_Z
M](O_`$`5H4`?&NL_\AS4/^OF3_T(UJ^`_P#D?M!_Z_8O_0A65K/_`"'-0_Z^
M9/\`T(UJ^`_^1^T'_K]B_P#0A7TD_P"&_0\]?$?6M</\4_"G_"3^$I6@CW7]
MCF>#`Y8`?,GXC]0*[BBOGH3<)*2Z'?))JS/BBN[^%/BW_A&/%20W,FW3[_$,
MV3PC9^1_P)(/L33?BKX4_P"$9\6R26\6S3[_`#/!@<*?XT_`G/T85PU?0>[7
MI^3.#6$O0^UZX/XQ_P#)-K__`*Z0_P#HQ:/A3XM_X2;PHD-S)NU"PQ#-D\NN
M/D<_4#!]P:/C'_R3:_\`^ND/_HQ:\2G!PKJ+Z-'9)J4&T?,E>V?L^_\`,Q?]
MNW_M6O$Z]0^#WB[0_"O]M?VU??9?M/D>5^Z=]VWS,_=4X^\.OK7KXN+E1DDK
MO_@G)2:4TV?0]%<3_P`+<\#?]!S_`,E)_P#XBC_A;G@;_H.?^2D__P`17B^P
MJ_RO[F=O/'N=M17$_P#"W/`W_0<_\E)__B*/^%N>!O\`H.?^2D__`,11["K_
M`"O[F'/'N=M7R]\7/^2GZQ_VQ_\`1,=>_:'X\\->)-0-CI.I?:+D(9"GD2)\
MHP"<LH'<5X#\7/\`DI^L?]L?_1,==F`C*-9J2MI_D8UVG#0XFOM"S_X\;?\`
MZYK_`"KXOK[0L_\`CQM_^N:_RK3,MH_,G#]2>BBBO*.H^9/C'_R4J_\`^N4/
M_HL5P==Y\8_^2E7_`/URA_\`18K@Z^CP_P#"CZ(\^I\3/LK1O^0'I_\`U[1_
M^@BKM4M&_P"0'I__`%[1_P#H(J[7SLMV=ZV"BBBD,^'/$T\UMXYUF>"5XIH]
M2G9)(V*LI$C<@CH:C_X2SQ)_T,&J_P#@;)_C7TAJ/[/WA34]3N[^;4-:66YF
M>9PDT04,S$G&8^G-5O\`AG'P?_T$M<_[_P`/_P`:H`\*3QFUSIMM:ZS:W&IS
M6SR-'<R7\BN%?;E2><CY!6AX=^(%GX7UB#5-.\/#[1`&$8EOI'4;@0>#[$U[
M+_PSCX/_`.@EKG_?^'_XU1_PSCX/_P"@EKG_`'_A_P#C5`'AVH^+],U/4KJ_
MN/#[>=<W#W#A-1E50[L6)`[<DT2^-;5;"WM[7PY8^9;R/)%+>2/<["X7<=K'
M:Q^1?O!AQTKW'_AG'P?_`-!+7/\`O_#_`/&J/^&<?!__`$$M<_[_`,/_`,:H
M`X_]GN]N-1^(&N7MW*9;B>R,DCD`;F,BY/%?2%<-X(^%6A^`M3N+_2[O49I9
MX?)874B,H7<#QM1>>*[F@#X8L/\`D<K;_L()_P"C!7W/7D,/[/GA^'5([]=6
MU,R).)@I,>,ALX^[TKUZ@`HHHH`*\@^.?P]_X2#1O^$BTV#=J=@G[Y$',\`Y
M/U*\D>V>O%>OT=1S0!\`5]O^!/\`DGGAG_L%6O\`Z*6N#U3]GKPQJ.J7-Y'?
M:A:)/(9!!"4V1YYPN5X'M7I^CZ;'HVB6&EPN[Q65M';H[XW,J*%!.._%`'"?
M&#X=MXXT".XT]5_MBPRT`)QYR'[T9/KQD9[\<9)KP+P%\0M8^&NLSPO;O+9N
M^V[L)<H0PXR,CY7'3IST/;'V+7'>,/ACX9\;$S:C:-#?8P+RV(27\>"&_$'V
MQ0!E:9\<O`FH0*\NIRV,A&3#<V[Y'XJ&7]:;JGQT\"Z=`SP:C-?R@9$5M;OD
M_BP5?UKS+Q)\!(]%5I8?$;R1XW*CV8R!G&"0_/Y5?T/]G>UO29;SQ),T*MM,
M<-H$8_1B[`?E0!POC?Q_KWQ1UFVL;>T=+828M-/@RY9SQN8_Q-^&`,^Y/T!\
M*/AVO@/0'-WL?5[W#W3J<A`/NQJ?09.3W)]`*V/"?P^\-^"XC_9%B!<,NU[J
M8[Y7'^]V'L`![5U%`!7R'\<89(OBWK#NI"RK`Z$_Q#R47/YJ1^%?7E<+\0_A
M?I/Q`BAEGF>RU&!2D5W&H;Y>NUEXW#))'((SUY-`&-X<^-/@N/PAI[W^IFVO
M(;9(YK7R)&8.J@$#`((..#GH><5U7@/QO;>/=)O=3L[66WMH+QK:,2D;G`1&
MW$#@??Z9/3K7B&C_``&34=3DMI/$;*D9Y*V7+#:#_?XZ^]>Z^"O!FG>!=";2
MM,DGDC>8SR23L"S.552>``!A1Q0!\L:S_P`AS4/^OF3_`-"-:O@/_D?M!_Z_
M8O\`T(5['=?`S0[N\FN'U340TLC2$`I@$G/]VK&C_!C1=%UFSU.'4K]Y;659
M55RFTD'.#A:]F6-HN#5^AR*C.]STJBBBO&.LY'XC>%1XK\)7%M&F;VWS/:D=
M2X'W?^!#(^N/2OE8@J2"""."#7VO7FVL_!?0=8UF[U$WE[;-<R&1HH2FT,>N
M,KW.3^->A@\5&DG&>QA5I.3NCQ?P%XI?PEXJMK\D_97_`'-TH[QD\GZ@X/X5
M[E\7I$F^&%Y+&ZO&[PLK*<A@77!!K'_X4)H/_05U+\X__B:ZNX\"6MUX%3PI
M/J-Y):IM"3L5\P*K;E7IC`Z=.E.M7HRJ1J1>SU%"$U%Q9\J45]`?\*$T'_H*
MZE^<?_Q-'_"A-!_Z"NI?G'_\377]>H]S+V$SY_HKZ`_X4)H/_05U+\X__B:/
M^%":#_T%=2_./_XFCZ]1[A["9\_T5]`?\*$T'_H*ZE^<?_Q-'_"A-!_Z"NI?
MG'_\31]>H]P]A,XGX'?\C])_UXR?^A)67\7/^2GZQ_VQ_P#1,=>S^$?A?I?@
M_66U.SOKR:4PM%MFV[<$@YX`]*K^)?A'I'B?Q!=:Q=:A?137&S<D13:-J!1C
M()Z**YUBJ?MW.^EK&GLI<G*?-5?:%G_QXV__`%S7^5>7_P#"A-!_Z"NI?G'_
M`/$UZI%&(HDC!)"*%&?:LL;7A5Y>3H51A*-[CZ***X#<^9/C'_R4J_\`^N4/
M_HL5P=?3'BCX3Z3XJUZ;5KJ_O89I552D13:-J@=P?2L?_A0F@_\`05U+\X__
M`(FO8I8RE&G&+>R.2=&3DVCTK1O^0'I__7M'_P"@BKM0VMNMI:0VR$E8HUC!
0/4@#%35Y#U9UH****0'_V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
